Fidelity National Financial (FNF) 10-Q 6 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Fidelity National Financial, Inc.
Entity Central Index Key	1,331,875
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
FNF Common Stock		274,903,852

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Investments:
Fixed maturity securities available for sale, at fair value, at June 30, 2018 and December 31, 2017 includes pledged fixed maturity securities of $418 and $364, respectively, related to secured trust deposits	$ 1,781	$ 1,816
Investments in unconsolidated affiliates	144	150
Other long-term investments	136	110
Short-term investments, at December 31, 2017 includes short-term investments of $3 related to secured trust deposits	255	295
Total investments	3,277	3,371
Cash and cash equivalents, at June 30, 2018 and December 31, 2017 includes $493 and $475, respectively, of pledged cash related to secured trust deposits	1,320	1,110
Trade and notes receivables, net of allowance of $18, at June 30, 2018 and December 31, 2017	338	317
Goodwill	2,764	2,746
Prepaid expenses and other assets	416	398
Other intangible assets, net	564	618
Title plants	398	398
Property and equipment, net	177	193
Total assets	9,254	9,151
Liabilities:
Accounts payable and accrued liabilities	912	955
Notes payable	734	759
Reserve for title claim losses	1,487	1,490
Customer Advances and Deposits	897	830
Secured trust deposits	108	107
Income taxes payable	15	137
Deferred tax liability	236	169
Total liabilities	4,281	4,340
Commitments and Contingencies:
Redeemable non-controlling interest by 21% minority holder of ServiceLink Holdings, LLC	344	344
Equity:
FNF common stock, $0.0001 par value; authorized 487,000,000 shares as of June 30, 2018 and December 31, 2017; outstanding of 274,709,481 and 274,431,737 as of June 30, 2018 and December 31, 2017, respectively, and issued of 287,998,983 and 287,718,304 as of June 30, 2018 and December 31, 2017, respectively	0	0
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	0	0
Additional paid-in capital	4,555	4,587
Retained earnings	529	217
Accumulated other comprehensive (loss) earnings	(13)	111
Less: Treasury stock, 13,289,502 shares and 13,286,567 shares as of June 30, 2018 and December 31, 2017, respectively, at cost	(468)	(468)
Total Fidelity National Financial, Inc. shareholders’ equity	4,603	4,447
Non-controlling interests	26	20
Total equity	4,629	4,467
Total liabilities, redeemable non-controlling interest and equity	9,254	9,151
Preferred securities
Investments:
Available for sale, at fair value	291	319
Equity securities
Investments:
Available for sale, at fair value	$ 670	$ 681

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Pledged fixed maturity securities	$ 418	$ 364
Short term investments, secured trust deposits		3
Pledged cash, secured trust deposits	493	475
Trade and notes receivables, allowance	$ 18	$ 18
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	487,000,000	487,000,000
Common stock outstanding (in shares)	274,709,481	274,431,737
Common stock issued (in shares)	287,998,983	287,718,304
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Treasury stock, at cost (in shares)	13,289,502	13,286,567
ServiceLink Holdings, LLC
Ownership interest	21.00%	21.00%

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Direct title insurance premiums	$ 599	$ 575	$ 1,071	$ 1,040
Agency title insurance premiums	732	726	1,296	1,309
Escrow, title-related and other fees	763	720	1,381	1,291
Interest and investment income	45	33	83	61
Realized gains and losses, net	(16)	5	(15)	1
Total revenues	2,123	2,059	3,816	3,702
Expenses:
Personnel costs	665	626	1,272	1,195
Agent commissions	561	558	992	1,004
Other operating expenses	506	479	929	868
Depreciation and amortization	45	44	92	87
Provision for title claim losses	60	65	107	117
Interest expense	11	13	22	29
Total expenses	1,848	1,785	3,414	3,300
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	275	274	402	402
Income tax expense	22	101	53	170
Earnings from continuing operations before equity in earnings of unconsolidated affiliates	253	173	349	232
Equity in earnings of unconsolidated affiliates	1	3	3	4
Net earnings from continuing operations	254	176	352	236
Net earnings (loss) from discontinued operations	0	126	0	147
Net earnings	254	302	352	383
Less: Net earnings attributable to non-controlling interests	3	6	4	15
Net earnings attributable to common shareholders	251	296	348	368
Amounts attributable to Fidelity National Financial, Inc. common shareholders
Net earnings from continuing operations attributable to FNF common shareholders	251	176	348	237
Net (loss) earnings from discontinued operations attributable to FNF common shareholders	0	(1)	0	9
Net earnings attributable to common shareholders	$ 251	$ 296	$ 348	$ 368
Diluted
Net earnings from continuing operations attributable to FNF common shareholders (in usd per share)	$ 0.90	$ 0.63	$ 1.25	$ 0.85
Net earnings from discontinued operations attributable to FNF common shareholders (in usd per share)	$ 0	$ 0	$ 0	$ 0.03
FNF Common Stock
Expenses:
Net earnings attributable to common shareholders	$ 251	$ 175	$ 348	$ 246
Amounts attributable to Fidelity National Financial, Inc. common shareholders
Net earnings attributable to common shareholders	$ 251	$ 175	$ 348	$ 246
Basic
Net earnings from continuing operations attributable to FNF common shareholders (in usd per share)	$ 0.92	$ 0.65	$ 1.27	$ 0.88
Net earnings from discontinued operations attributable to FNF common shareholders (in usd per share)	0	0	0	0.03
Net earnings per share attributable to shareholders (in usd per share)	0.92	0.65	1.27	0.91
Diluted
Net earnings per share attributable to shareholders (in usd per share)	$ 0.90	$ 0.63	$ 1.25	$ 0.88
Weighted average shares outstanding, basic basis (in shares)	273	271	273	271
Weighted average shares outstanding, diluted basis (in shares)	278	277	279	278
Cash dividends paid per share FNF common stock (in usd per share)	$ 0.3	$ 0.25	$ 0.6	$ 0.5
FNFV Group Common Stock
Amounts attributable to Fidelity National Financial, Inc. common shareholders
Net (loss) earnings from discontinued operations attributable to FNF common shareholders		$ 121		$ 122
Basic
Net earnings per share attributable to shareholders (in usd per share)		$ 1.83		$ 1.85
Diluted
Net earnings per share attributable to shareholders (in usd per share)		$ 1.81		$ 1.79
Weighted average shares outstanding, basic basis (in shares)		66		66
Weighted average shares outstanding, diluted basis (in shares)		67		68

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net earnings		$ 254	$ 302	$ 352	$ 383
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates	[1]	(6)	13	(15)	25
Unrealized gain on investments in unconsolidated affiliates	[2]	1	4	4	11
Unrealized (loss) gain on foreign currency translation	[3]	(1)	4	(2)	6
Reclassification adjustments for change in unrealized gains and losses included in net earnings	[4]	1	(1)	(1)	2
Other comprehensive (loss) earnings		(5)	20	(14)	44
Comprehensive earnings		249	322	338	427
Less: Comprehensive earnings attributable to non-controlling interests		3	9	4	17
Comprehensive earnings attributable to Fidelity National Financial Inc. Common Shareholders		246	313	334	410
FNF Common Stock
Other comprehensive (loss) earnings:
Comprehensive earnings attributable to Fidelity National Financial Inc. Common Shareholders		246	190	334	287
FNFV Group Common Stock
Other comprehensive (loss) earnings:
Comprehensive earnings attributable to Fidelity National Financial Inc. Common Shareholders			$ 123		$ 123
[1]	Net of income tax (benefit) expense of $(2) million and $8 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $(5) million and $16 million for the six-month periods ended June 30, 2018 and 2017, respectively.
[2]	Net of income tax expense of less than $1 million and $3 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $1 million and $7 million for the six-month periods ended June 30, 2018 and 2017, respectively.
[3]	Net of income tax (benefit) expense of less than $(1) million and $3 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $(1) million and $3 million for the six-month periods ended June 30, 2018 and 2017, respectively.
[4]	Net of income tax expense (benefit) of less than $1 million and $(1) million for the three-month periods ended June 30, 2018 and 2017, respectively, and less than $(1) million and $1 million for the six-month periods ended June 30, 2018 and 2017, respectively.

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on investments and other financial instruments, tax (benefit) expense	$ (2)	$ 8	$ (5)	$ 16
Unrealized gain on investments in unconsolidated affiliates tax expense	1	3	1	7
Unrealized (loss) gain foreign currency translation, tax (benefit) expense (less than)	(1)	3	(1)	3
Reclassification adjustment for change in unrealized gains and losses included in net earnings, tax expense (benefit)	$ 1	$ (1)	$ (1)	$ 1

Condensed Consolidated Stateme7

Condensed Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions	Total		Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock	Non-controlling Interests	FNF Group Common StockCommon Stock	FNFV Group Common StockCommon Stock
Beginning balance (in shares) at Dec. 31, 2016						27		285	81
Beginning balance at Dec. 31, 2016	$ 6,898		$ 4,848	$ 1,784	$ (13)	$ (623)	$ 902	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)								1
Exercise of stock options	16		16
Treasury stock repurchased (in shares)						1
Treasury stock repurchased	20					$ 20
Other comprehensive earnings — unrealized losses on investments and other financial instruments	27				25		2
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	11	[1]			11
Other comprehensive earnings — unrealized losses on foreign currency translation	6	[2]			6
Reclassification adjustments for change in unrealized gains and losses included in net earnings	2	[3]			2
Equity portion of debt conversions settled in cash	(244)		(244)
Black Knight repurchases of BKFS stock	(47)						(47)
Stock-based compensation	24		17				7
Dividends declared	(136)			(136)
Subsidiary equity repurchase	(6)						(6)
Acquisitions of non-controlling interests	9						9
Subsidiary dividends declared to non-controlling interests	(4)						(4)
Net earnings	383			368			15
Ending balance (in shares) at Jun. 30, 2017						28		286	81
Ending balance at Jun. 30, 2017	6,919		4,637	2,016	31	$ (643)	878	$ 0	$ 0
Beginning balance at Dec. 31, 2016	344
Ending balance at Jun. 30, 2017	344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for cumulative effect for adoption of ASU 2016-01 | ASU 2016-01	19			128	(109)
Beginning balance (in shares) at Dec. 31, 2017						13		288	0
Beginning balance at Dec. 31, 2017	4,467		4,587	217	111	$ (468)	20	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	6		6
Other comprehensive earnings — unrealized losses on investments and other financial instruments	(15)				(15)
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	4	[1]			4
Other comprehensive earnings — unrealized losses on foreign currency translation	(2)	[2]			(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	(1)	[3]			(1)
Stock-based compensation	15		15
Dilution resulting from subsidiary equity issuance	2		(2)				4
Dividends declared	(165)			(165)
Subsidiary equity repurchase	(1)						(1)
Acquisitions of non-controlling interests	3						3
Equity portion of debt conversions settled in cash	(51)		(51)
Subsidiary dividends declared to non-controlling interests	(4)						(4)
Net earnings	352			348			4
Ending balance (in shares) at Jun. 30, 2018						13		288	0
Ending balance at Jun. 30, 2018	4,629		$ 4,555	$ 529	$ (13)	$ (468)	$ 26	$ 0	$ 0
Beginning balance at Dec. 31, 2017	344
Ending balance at Jun. 30, 2018	$ 344
[1]	Net of income tax expense of less than $1 million and $3 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $1 million and $7 million for the six-month periods ended June 30, 2018 and 2017, respectively.
[2]	Net of income tax (benefit) expense of less than $(1) million and $3 million for the three-month periods ended June 30, 2018 and 2017, respectively, and $(1) million and $3 million for the six-month periods ended June 30, 2018 and 2017, respectively.
[3]	Net of income tax expense (benefit) of less than $1 million and $(1) million for the three-month periods ended June 30, 2018 and 2017, respectively, and less than $(1) million and $1 million for the six-month periods ended June 30, 2018 and 2017, respectively.

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net earnings	$ 352	$ 383
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	92	222
Equity in (earnings) losses of unconsolidated affiliates	(3)	4
(Gain) loss on sales of investments and other assets, net	(5)	12
Gain on sale of OneDigital	0	(269)
Impairment of assets	0	2
Distributions from unconsolidated affiliates, return on investment	3	0
Stock-based compensation cost	15	24
Change in valuation of equity and preferred securities available for sale, net	21	0
Changes in assets and liabilities, net of effects from acquisitions:
Net increase in trade receivables	(21)	(30)
Net increase in prepaid expenses and other assets	(19)	(65)
Net decrease in accounts payable, accrued liabilities, deferred revenue and other	(25)	(98)
Net (decrease) increase in reserve for title claim losses	(3)	5
Net change in income taxes	(57)	101
Net cash provided by operating activities	350	291
Cash flows from investing activities:
Proceeds from sales of investment securities	309	200
Proceeds from calls and maturities of investment securities	304	283
Proceeds from sales of property and equipment	21	0
Proceeds from the sale of cost method and other investments	0	14
Additions to property and equipment and capitalized software	(39)	(88)
Purchases of investment securities	(579)	(199)
Net proceeds from (purchases of) short-term investment securities	40	(45)
Purchases of other long-term investments	0	(2)
Additional investments in unconsolidated affiliates	(34)	(47)
Distributions from unconsolidated affiliates, return of investment	42	44
Net other investing activities	(4)	(4)
Proceeds from the sale of OneDigital	0	326
Other acquisitions/disposals of businesses, net of cash acquired	(6)	(83)
Net cash provided by investing activities	54	399
Cash flows from financing activities:
Borrowings	0	759
Debt service payments	(30)	(922)
Black Knight treasury stock repurchases of BKFS stock	0	(47)
Equity portion of debt conversions paid in cash	(58)	(243)
Dividends paid	(164)	(136)
Subsidiary dividends paid to non-controlling interest shareholders	(4)	(4)
Exercise of stock options	6	16
Subsidiary equity repurchase	(1)	0
Net change in secured trust deposits	67	32
Payment of contingent consideration for prior period acquisitions	(10)	(11)
Purchases of treasury stock	0	(16)
Net cash used in financing activities	(194)	(572)
Net increase in cash and cash equivalents	210	118
Cash and cash equivalents at beginning of period	1,110	1,323
Cash and cash equivalents at end of period	$ 1,320	$ 1,441

Basis of Financial Statements

Basis of Financial Statements	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	Basis of Financial Statements The financial information in this report presented for interim periods is unaudited and 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. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2017 . Certain reclassifications have been made in the 2017 Condensed Consolidated Financial Statements to conform to classifications used in 2018. Description of the Business We are a leading provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees and home warranty products and (ii) technology and transaction services to the real estate and mortgage industries. FNF is one of the nation’s largest title insurance companies and operates through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. For information about our reportable segments refer to Note H Segment Information . Recent Developments Pending Acquisition of Stewart On March 18, 2018, we signed a merger agreement (the "Merger Agreement") to acquire Stewart Information Services Corporation ("Stewart") (NYSE: STC) (the "Stewart Merger"), pursuant to which each share of Stewart common stock issued and outstanding immediately prior to the effective time of the Stewart Merger (other than shares owned by Stewart, its subsidiaries, FNF or the wholly-owned subsidiaries of FNF party to the Merger Agreement and shares in respect of which appraisal rights have been properly exercised and perfected under Delaware law), will be converted into the right to receive, at the election of the holder of such share, (i) $50.00 in cash, (ii) 1.2850 shares of FNF common stock, or (iii) $25.00 in cash and 0.6425 shares of FNF common stock, subject to potential adjustment (as described below) and proration to the extent the option to receive cash or the option to receive stock is oversubscribed. FNF currently intends to fund the $1.2 billion purchase price through a combination of cash on hand at FNF and the issuance of FNF common stock to Stewart stockholders and will be paid 50% in cash and 50% in FNF common stock. Including the assumption of $109 million of Stewart debt, our pro forma debt to total capital ratio is expected to be no more than approximately 20% at the close of the transaction. Under the terms of the Merger Agreement, if the combined company is required to divest assets or businesses for which 2017 annual revenues exceed $75 million , up to a cap of $225 million , in order to receive required regulatory approvals, the purchase price will be adjusted down on a pro-rata basis to a minimum purchase price of $45.50 per share of common stock of Stewart. If the Stewart Merger is not completed for failure to obtain the required regulatory approvals, we are required to pay a reverse break-up fee of $50 million to Stewart. On May 30, 2018, we filed a preliminary registration statement on Form S-4 with the U.S. Securities and Exchange Commission (the "SEC"). On May 31, 2018, we received a request for additional information and documentary material, often referred to as a “Second Request,” from the United States Federal Trade Commission (the “FTC”) in connection with the FTC’s Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) regulatory review of the Stewart Merger. On July 12, 2018, we filed amendment number one to our preliminary registration statement on Form S-4 with the SEC. On July 26, 2018, we filed amendment number two to our preliminary registration statement on Form S-4 with the SEC and it was declared effective by the SEC on August 1, 2018. On August 1, 2018, Stewart filed its definitive proxy statement with the SEC and mailed the proxy statement to its stockholders. The special meeting of Stewart stockholders to vote on the Stewart Merger is scheduled for September 5, 2018. The closing of the Stewart Merger is subject to certain closing conditions, including Stewart stockholder approval, federal and state regulatory approvals and the satisfaction of other customary closing conditions. Closing of the Stewart Merger is expected in the first or second quarter of 2019. Other Developments On May 22, 2018, Janet Kerr resigned from our Board of Directors (the "Board") due to personal reasons. In May 2018, after discussion among the Board, it was decided that Willie D. Davis would not be nominated for re-election at the annual meeting of FNF's shareholders. In order for the Board to continue to benefit from Mr. Davis' valuable insight and diverse point of view, Mr. Davis has been appointed by the board to serve as Director Emeritus for a three-year term beginning immediately following our 2018 annual meeting of shareholders. 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 in a given period by the weighted average number of common shares outstanding during such 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 stock options, shares of restricted stock, convertible debt instruments and certain other convertible share based payments 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 or other instruments which provide the ability 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 outstanding during the three- or six-month periods ended June 30, 2018 or June 30, 2017 . Income Tax On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Reform Act”). Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21% and limited or eliminated certain deductions. Our effective tax rate was 8.0% and 36.9% in the three months ended June 30, 2018 and 2017, respectively, and 13.2% and 42.3% in the six months ended June 30, 2018 and 2017, respectively. The decrease in both periods is primarily attributable to the decreased federal tax rate associated with the passage of the Tax Reform Act and to a change in tax estimate in the three-month period ended June 30, 2018 regarding the timing of payments for, and tax rate applicable to, our tax liability resulting from the decrease in our statutory premium reserves associated with the redomestication of certain of our title insurance underwriters in 2017. The decrease in the six-month period was also attributable to increased tax expense of $21 million in the 2017 period resulting from a change in judgment of the tax deductibility of legal settlements finalized in the period. SEC Staff Accounting Bulletin No. 118 ("SAB 118"), has provided guidance for companies that have not completed their accounting for the income tax effects of the Tax Reform Act in the period of enactment, allowing for a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts. As of June 30, 2018 , we have not completed our accounting for the tax effects of the enactment of the Tax Reform Act; however, we have made a reasonable estimate of the effects on our deferred tax balances. In other cases, we have not been able to make a reasonable estimate and will continue to analyze the Tax Reform Act in order to finalize any related impacts within the measurement period. Areas of continued analysis with respect to the Tax Reform Act include the tax deductibility of certain executive compensation and final tax return to provision adjustments. Discontinued Operations On November 17, 2017, we completed our previously announced split-off (the “FNFV Split-Off”) of our former wholly-owned subsidiary Cannae Holdings, Inc. (“Cannae”) which consisted of the businesses, assets and liabilities formerly attributed to our FNF Ventures ("FNFV") Group including Ceridian Holding, LLC, American Blue Ribbon Holdings, LLC and T-System Holding LLC. The FNFV Split-Off was accomplished by the Company's redemption (the “Redemption”) of all of the outstanding shares of FNFV Group common stock, par value $0.0001 per share (“FNFV common stock”) for outstanding shares of common stock of Cannae, par value $0.0001 per share (“Cannae common stock”), amounting to a redemption of each outstanding share of FNFV common stock for one share of Cannae common stock, as of November 17, 2017. As a result of the FNFV Split-Off, Cannae is a separate, publicly traded company (NYSE: CNNE) as of November 20, 2017. All of the Company’s core title insurance, real estate, technology and mortgage related businesses, assets and liabilities currently attributed to the Company’s FNF common stock that are not held by Cannae remain with the Company. As a result of the FNFV Split-Off, the financial results of FNFV Group have been reclassified to discontinued operations for the three and six months ended June 30, 2017 . On September 29, 2017 we completed our tax-free distribution to FNF shareholders of all 83.3 million shares of New BKH Corp. ("New BKH") common stock that we previously owned (the “BK Distribution”). Immediately following the BK Distribution, New BKH and Black Knight Financial Services, Inc. ("Black Knight") engaged in a series of transactions resulting in the formation of a new publicly traded holding company, Black Knight, Inc. ("New Black Knight"). Holders of FNF common stock received approximately 0.30663 shares of New Black Knight common stock for every one share of FNF common stock held at the close of business on September 20, 2017, the record date for the BK Distribution. New Black Knight's common stock is now listed under the symbol “BKI” on the New York Stock Exchange. The BK Distribution was generally tax-free to FNF shareholders for U.S. federal income tax purposes, except to the extent of any cash received in lieu of New Black Knight's fractional shares. As a result of the BK Distribution, the financial results of Black Knight have been reclassified to discontinued operations for the three and six months ended June 30, 2017 . See Note K. Discontinued Operations for further details of the results of FNFV and Black Knight. Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued 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. ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations was issued by FASB in March 2016 to clarify the principal versus agent considerations within ASU 2014-09. ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing was issued by the FASB in April 2016 to clarify how to determine whether goods and services are separately identifiable and thus accounted for as separate performance obligations. ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients was issued by the FASB in May 2016 to clarify certain terms from the aforementioned updates and to add practical expedients for contracts at various stages of completion. ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , was issued by the FASB in December 2016 which includes thirteen technical corrections and improvements affecting narrow aspects of the guidance issued in ASU 2014-09. We adopted these revenue standards on January 1, 2018 using the modified retrospective approach. As there was no material impact to our historical revenue recognition, we did not record a cumulative-effect adjustment to the opening balance of retained earnings in the current year. See Note J. Revenue Recognition for further discussion of our revenue. Other Adopted Pronouncements In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The primary amendments required by the ASU include: requiring equity investments with readily determinable fair values to be measured at fair value through net income rather than through other comprehensive income; allowing entities with equity investments without readily determinable fair values to report the investments at cost, adjusted for changes in observable prices, less impairment; requiring entities that elect the fair value option for financial liabilities to report the change in fair value attributable to instrument-specific credit risk in other comprehensive income; and clarifying that entities should assess the need for a valuation allowance on a deferred tax asset related to available-for-sale debt securities in combination with other deferred tax assets. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU requires a cumulative-effect adjustment of the balance sheet as of the beginning of the year of adoption. Early adoption of the ASU is not permitted, except for the provision related to financial liabilities for which the fair value option has been elected. We adopted this new guidance on January 1, 2018, which resulted in the reclassification of our unrealized gains and losses on our equity and preferred securities available for sale previously included in accumulated other comprehensive income to beginning retained earnings. Changes in the fair value of our investments in equity and preferred securities subsequent to January 1, 2018 are now included in our earnings from continuing operations. We reclassified a total of $109 million from Accumulated other comprehensive income to beginning Retained earnings as of January 1, 2018. The total cumulative effect on opening equity, including an increase in Retained earnings of $19 million attributable to an increase in value of certain Other long term investments resulting from recording at fair value, was an increase in Retained earnings of $128 million and decrease in Accumulated other comprehensive income of $109 million . In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. GAAP previously did not include specific guidance on the cash flow classification and presentation of changes in restricted cash. The Company previously excluded cash pledged related to secured trust deposits, which generally meets the definition of restricted cash, from the reconciliation of beginning-of-period to end-of-period total amounts shown on the statement of cash flows. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The ASU requires retrospective application to all prior periods presented upon adoption. We adopted this ASU on January 1, 2018. The adoption of this ASU resulted in the following retrospective changes to our Statement of Cash Flows for the six months ended June 30, 2017 : an increase in the net change in cash and cash equivalents of $206 million due to the inclusion of the change in our cash pledged against secured trust deposits, an increase in investing cash inflow of $174 million related to the movement of cash paid for investments pledged against secured trust deposits from operating to investing activities, and a decrease in financing cash outflow of $32 million related to the movement of the change in secured trust deposits from operating to financing activities. In February 2018, the FASB issued ASU No. 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Tax Reform. We adopted this ASU on April 1, 2018. Adoption of this ASU resulted in the reclassification of $1 million from Accumulated other comprehensive loss to Retained earnings in the three months ended June 30, 2018. Other Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities resulting from applying the fair value measurement, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. This update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the standard is permitted. The ASU requires a modified retrospective approach to transitioning which allows for the use of practical expedients to effectively account for leases commenced prior to the effective date in accordance with previous GAAP, except that lessees were required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard prospectively with a cumulative-effect adjustment to opening equity and include required disclosures for prior periods. We have identified a vendor with software suited to track and account for leases under the new standard and are in process of transitioning our lease accounting within the software. We anticipate this standard will have a material impact on our consolidated balance sheets. However, while we are still in the preliminary stages of our analysis, we do not anticipate that adoption of this ASU will have a material impact on our consolidated income statements. While we are continuing to assess all potential impacts of the standard, we currently believe the most significant impact relates to our accounting for leased office space. We plan to adopt this standard on January 1, 2019 and to use the package of practical expedients available upon adoption. Other In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of fixed maturity securities available for sale. This update is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We are still evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures and have not yet concluded on its effects. We do not plan to early adopt the standard. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The guidance simplifies the measurement of goodwill impairment by removing step 2 of the goodwill impairment test, which requires the determination of the fair value of individual assets and liabilities of a reporting unit. The new guidance requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying value exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments should be applied on a prospective basis. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. We are currently evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures and have not yet concluded on its effects.

Summary of Reserve for Claims L

Summary of Reserve for Claims Losses	6 Months Ended
	Jun. 30, 2018
Insurance [Abstract]
Summary of Reserve for Claims Losses	Summary of Reserve for Claim Losses A summary of the reserve for claim losses follows: Six months ended June 30, 2018 2017 (Dollars in millions) Beginning balance $ 1,490 $ 1,487 Change in reinsurance recoverable — (4 ) Claim loss provision related to: Current year 107 113 Prior years — 4 Total title claim loss provision 107 117 Claims paid, net of recoupments related to: Current year (3 ) (2 ) Prior years (107 ) (106 ) Total title claims paid, net of recoupments (110 ) (108 ) Ending balance of claim loss reserve for title insurance $ 1,487 $ 1,492 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 5.0 % We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors. Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, it is possible that our recorded reserves may fall outside a reasonable range of our actuary's central estimate, which may require additional reserve adjustments in future periods.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [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, 2018 and December 31, 2017 , respectively: June 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 245 $ — $ 245 State and political subdivisions — 196 — 196 Corporate debt securities — 1,217 13 1,230 Mortgage-backed/asset-backed securities — 51 — 51 Foreign government bonds — 59 — 59 Preferred securities 18 273 — 291 Equity securities 669 1 — 670 Other long-term investments — — 102 102 Total assets $ 687 $ 2,042 $ 115 $ 2,844 December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 195 $ — $ 195 State and political subdivisions — 391 — 391 Corporate debt securities — 1,117 — 1,117 Mortgage-backed/asset-backed securities — 56 — 56 Foreign government bonds — 57 — 57 Preferred securities 23 296 — 319 Equity securities 681 — — 681 Total assets $ 704 $ 2,112 $ — $ 2,816 Our Level 2 fair value measures for preferred securities and fixed maturity securities available for sale are provided by a third-party pricing service. We utilize one firm for our preferred stock and our bond portfolios . The pricing service is a leading global provider of financial market data, analytics and related services to financial institutions. 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, or any other feature which may influence its risk and thus marketability, as well as relative credit information and relevant sector news. • Foreign government bonds: These securities are valued based on a discounted cash flow model incorporating observable market inputs such as available broker quotes and yields of comparable securities. • Mortgage-backed/asset-backed securities: These securities are comprised of commercial mortgage-backed securities, agency mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities. They are valued based on available trade information, dealer quotes, cash flows, relevant indices and market data for similar assets in active markets. • Preferred securities: Preferred securities are valued by calculating the appropriate spread over a comparable U.S. Treasury security. Inputs include benchmark quotes and other relevant market data. In conjunction with our adoption of ASU No. 2016-01, beginning January 1, 2018, we began recording certain equity investments included in other long term investments at fair value which were previously accounted for as cost method investments. See discussion of Recent Accounting Pronouncements in Note A. Basis of Financial Statements for further information on the impact of the adoption of ASU No. 2016-01. Our Level 3 fair value measures for other long term investments are provided by a third-party pricing service. We utilize one firm to value our Level 3 other long term investment. The pricing service is a leading global provider of financial market data, analytics and related services to financial institutions. We utilize the income approach and a discounted cash flow analysis in determining the fair value of our Level 3 other long term investment. The primary unobservable input utilized in this pricing methodology is the discount rate used which is determined based on underwriting yield, credit spreads, yields on benchmark indices, and comparable public company debt. The discount rate used in our determination of the fair value of our Level 3 other long term investment as of June 30, 2018 was 8.0% - 8.2% . Based on the total fair value of our Level 3 other long term investment as of June 30, 2018 , changes in the discount rate utilized will not result in a fair value significantly different than the amount recorded. The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three and six months ended June 30, 2018 . Three months ended June 30, 2018 Other long-term Corporate debt investments securities Total (In millions) Fair value, March 31, 2018 $ 101 $ 13 $ 114 Paid-in-kind dividends (1) 2 — 2 Net valuation loss included in earnings (2) (1 ) — (1 ) Fair value, June 30, 2018 $ 102 $ 13 $ 115 Six months ended June 30, 2018 Other long-term Corporate debt investments securities Total (In millions) Fair value, December 31, 2017 $ — $ — $ — Fair value of assets associated with the adoption of ASU 2016-01 100 — 100 Transfers from Level 2 — 13 13 Paid-in-kind dividends (1) 3 — 3 Net valuation loss included in earnings (2) (1 ) — (1 ) Fair value, June 30, 2018 $ 102 $ 13 $ 115 _____________________________________ (1) Included in Interest and investment income on the Condensed Consolidated Statements of Earnings (2) Included in Realized gains and losses, net on the Condensed Consolidated Statements of Earnings Transfers into or out of the Level 3 fair value category occur when unobservable inputs become more or less significant to the fair value measurement or upon a change in valuation technique. For the six months ended June 30, 2018, transfers between Level 2 and Level 3 were based on changes in significance of unobservable inputs used associated with a change in the valuation technique used for certain of the Company’s corporate debt securities and are not considered material to the Company's financial position or results of operations. There were no transfers between Level 2 and Level 3 in the three months ended June 30, 2018. The Company’s policy is to recognize transfers between levels in the fair value hierarchy at the end of the reporting period. As of December 31, 2017 and June 30, 2017, we held no material assets or liabilities measured at fair value using Level 3 inputs. 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

Investments	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The carrying amounts and fair values of our available for sale securities at June 30, 2018 and December 31, 2017 are as follows: June 30, 2018 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 245 $ 248 $ — $ (3 ) $ 245 State and political subdivisions 196 194 2 — 196 Corporate debt securities 1,230 1,238 4 (12 ) 1,230 Mortgage-backed/asset-backed securities 51 51 1 (1 ) 51 Foreign government bonds 59 62 — (3 ) 59 Total $ 1,781 $ 1,793 $ 7 $ (19 ) $ 1,781 December 31, 2017 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 195 $ 196 $ — $ (1 ) $ 195 State and political subdivisions 391 387 4 — 391 Corporate debt securities 1,117 1,110 11 (4 ) 1,117 Mortgage-backed/asset-backed securities 56 55 1 — 56 Foreign government bonds 57 58 1 (2 ) 57 Preferred securities 319 307 12 — 319 Equity securities 681 517 172 (8 ) 681 Total $ 2,816 $ 2,630 $ 201 $ (15 ) $ 2,816 The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or accreted discount since the date of purchase. In conjunction with our adoption of ASU No. 2016-01, beginning January 1, 2018, unrealized gains and losses on equity and preferred securities are included in Realized gains and losses, net on the Condensed Consolidated Statement of Earnings. Accordingly, they are excluded from the table as of June 30, 2018 above. Refer to discussion under Recent Accounting Pronouncements included in Note A. Basis of Financial Statements for further discussion of the effects of the adoption of ASU 2016-01. The following table presents certain information regarding contractual maturities of our fixed maturity securities at June 30, 2018 : June 30, 2018 Amortized % of Fair % of Maturity Cost Total Value Total (Dollars in millions) One year or less $ 397 22 % $ 395 22 % After one year through five years 1,220 68 1,210 68 After five years through ten years 120 7 120 7 After ten years 5 — 5 — Mortgage-backed/asset-backed securities 51 3 51 3 Total $ 1,793 100 % $ 1,781 100 % 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. Because of the potential for prepayment on mortgage-backed and asset-backed securities, they are not categorized by contractual maturity. 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, 2018 and December 31, 2017 , were as follows (in millions): June 30, 2018 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agencies $ 212 $ (3 ) $ — $ — $ 212 $ (3 ) Corporate debt securities 909 (10 ) 47 (2 ) 956 (12 ) Foreign government bonds 41 (2 ) 7 (1 ) 48 (3 ) Mortgage-backed/asset-backed securities 28 (1 ) — — 28 (1 ) Total temporarily impaired securities $ 1,190 $ (16 ) $ 54 $ (3 ) $ 1,244 $ (19 ) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agencies $ 149 $ (1 ) $ — $ — $ 149 $ (1 ) Corporate debt securities 464 (3 ) 51 (1 ) 515 (4 ) Foreign government bonds — — 10 (2 ) 10 (2 ) Equity securities 121 (7 ) 5 (1 ) 126 (8 ) Total temporarily impaired securities $ 734 $ (11 ) $ 66 $ (4 ) $ 800 $ (15 ) We recorded $3 million of impairment charges relating to investments during the three and six-month periods ended June 30, 2018 . We recorded $1 million in impairment charges relating to investments during the three and six-month periods ended June 30, 2017 . Impairment in these periods relate to fixed maturity securities of investees entering Chapter 11 bankruptcy which exhibited decreasing fair market values and from which we are uncertain of our ability to recover our initial investment. As of June 30, 2018 , we held $1 million of investment securities for which an other-than-temporary impairment had been previously recognized. As of December 31, 2017 , we held no investment securities for which an other-than-temporary impairment had been previously recognized. It is possible that future events may lead us to recognize 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 tables present 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 ended June 30, 2018 and 2017 , respectively: Three months ended June 30, 2018 Six months ended June 30, 2018 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 (In millions) (In millions) Fixed maturity securities available for sale $ 1 $ (3 ) $ (2 ) $ 245 $ 4 $ (3 ) $ 1 $ 543 Preferred stock 1 — 1 46 1 — 1 46 Equity securities 3 (4 ) (1 ) 19 3 (4 ) (1 ) 19 Valuation losses on equity securities (8 ) — (12 ) — Valuation losses on preferred securities (5 ) — (8 ) — Property and equipment — — 5 21 Other realized gains and losses, net (1 ) — (1 ) — Total $ (16 ) $ 310 $ (15 ) $ 629 Three months ended June 30, 2017 Six months ended June 30, 2017 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 (In millions) (In millions) Fixed maturity securities available for sale $ 1 $ (2 ) $ (1 ) $ 203 $ 4 $ (5 ) $ (1 ) $ 440 Preferred stock available for sale — — — 10 — — — — 10 Other long-term investments 9 14 9 14 Loss on debt redemptions (3 ) — (5 ) — Other assets — — (2 ) — Total $ 5 $ 227 $ 1 $ 464

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consists of the following: June 30, December 31, (In millions) Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022 $ 398 $ 397 Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018 40 65 Revolving Credit Facility, unsecured, unused portion of $500, due April 2022 with interest payable monthly at LIBOR + 1.40% (3.75% at June 30, 2018) 295 295 Other 1 2 $ 734 $ 759 At June 30, 2018 , the estimated fair value of our long-term debt was approximately $844 million , which was $103 million higher than its carrying value, excluding $7 million of net unamortized debt issuance costs and premium/discount. The fair value of our unsecured notes payable was $543 million as of June 30, 2018 . The fair values of our unsecured notes payable are based on established market prices for the securities on June 30, 2018 and are considered Level 2 financial liabilities. The carrying value of the Revolving Credit Facility approximates fair value at June 30, 2018 , as it is a variable rate instrument with a short reset period (monthly) which reflects current market rates. The revolving credit facilities are considered Level 2 financial liabilities. 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”). On April 27, 2017, the Existing Credit Agreement was amended (the "Restated Credit Agreement").The material terms of the Revolving Credit Facility are set forth in our Annual Report for the year ended December 31, 2017. As of June 30, 2018 , there was $295 million outstanding, net of $5 million of unamortized debt issuance costs, and $500 million of remaining borrowing capacity under the Revolving Credit Facility. 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 SEC. The material terms of the 5.50% notes are set forth in our Annual Report for the year ended December 31, 2017. 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 material terms of the Notes are set forth in our Annual Report for the year ended December 31, 2017. Beginning October 1, 2013, these notes are convertible under the 130% Sale Price Condition described in our Annual Report. During the six months ended June 30, 2018 , we repurchased Notes, and Notes were converted by holders, with aggregate principal of $29 million for $86 million . Upon maturity of the Notes in August 2018, we expect to settle in cash and pay approximately $118 million based on stock prices and conversion rates as of June 30, 2018. Gross principal maturities of notes payable at June 30, 2018 are as follows (in millions): 2018 (remaining) $ 40 2019 — 2020 1 2021 — 2022 700 Thereafter — $ 741

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [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 operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, 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 companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business. 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 in which 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 $12 million and $2 million as of June 30, 2018 and December 31, 2017 , respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings 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. In a class action captioned Patterson, et al. v. Fidelity National Title Insurance Company, et al. , Case No. GD 03-021176, pending in the Court of Common Pleas of Allegheny County, Pennsylvania, plaintiffs allege the named Company underwriters violated Pennsylvania’s Unfair Trade Practices and Consumer Protection Law (“UTPCPL”) by failing to provide premium discounts in accordance with filed rates in refinancing transactions. Contrary to rulings in similar federal court cases that considered the rate rule and agreed with the Company’s position, the court held that the rate rule should be interpreted such that an institutional mortgage in the public record is a “proxy” for prior title insurance entitling a consumer to a discount rate when refinancing when there is a mortgage of record within the number of years required by the rate rule. The rate rule requires sufficient evidence of a prior policy, and because not all institutional mortgages were insured, the Company’s position is that a recorded first mortgage alone does not constitute sufficient evidence of an earlier policy entitling consumers to a discounted rate. The court certified the class refusing to follow prior Pennsylvania Supreme Court and appellate court decisions holding that the UTPCPL requires proof of reliance, an individual issue which precludes certification. After notice to the class, plaintiffs moved for partial summary judgment on liability, and defendants moved for summary judgment. On June 27, 2018, the court entered an order granting plaintiffs’ motion for partial summary judgment on liability, and denying the Company’s motion finding that the Company failed to advise it’s agents how to interpret the rate rule so that it would be uniformly applied, thereby having engaged in “deceptive conduct.” The Company plans to seek interlocutory review of the summary judgment order or appeal after entry of judgment. There has been no determination as to the size of the class. It is unknown whether plaintiffs will seek statutory or actual damages, whether the judge will exercise discretion to award treble damages or award prejudgment interest, or what plaintiffs’ counsel will seek as reasonable attorneys’ fees. Accordingly, damages are not reasonably estimable at this time. We will continue to vigorously defend this matter, and we do not believe the result will have a material adverse effect on our financial condition. From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities which may require us to pay fines or claims or take other actions. Operating Leases Future minimum operating lease payments are as follows (in millions): 2018 (remaining) $ 77 2019 140 2020 111 2021 83 2022 56 Thereafter 53 Total future minimum operating lease payments $ 520

Dividends

Dividends	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Dividends	Dividends On July 17, 2018 , our Board of Directors declared cash dividends of $ 0.30 per share, payable on September 28, 2018 , to FNF common shareholders of record as of September 14, 2018 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended June 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 1,331 $ — $ 1,331 Other revenues 602 161 763 Revenues from external customers 1,933 161 2,094 Interest and investment income, including realized gains and losses 29 — 29 Total revenues 1,962 161 2,123 Depreciation and amortization 38 7 45 Interest expense — 11 11 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 301 (26 ) 275 Income tax expense (benefit) 29 (7 ) 22 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 272 (19 ) 253 Equity in earnings of unconsolidated affiliates 1 — 1 Earnings (loss) from continuing operations $ 273 $ (19 ) $ 254 Assets $ 8,540 $ 714 $ 9,254 Goodwill 2,447 317 2,764 As of and for the three months ended June 30, 2017 : Title Corporate and Other Total (In millions) Title premiums $ 1,301 $ — $ 1,301 Other revenues 575 145 720 Revenues from external customers 1,876 145 2,021 Interest and investment income, including realized gains and losses 41 (3 ) 38 Total revenues 1,917 142 2,059 Depreciation and amortization 39 5 44 Interest expense — 13 13 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 294 (20 ) 274 Income tax expense (benefit) 114 (13 ) 101 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 180 (7 ) 173 Equity in earnings of unconsolidated affiliates 2 1 3 Earnings (loss) from continuing operations $ 182 $ (6 ) $ 176 Assets $ 8,516 $ 5,686 $ 14,202 Goodwill 2,383 215 2,598 As of and for the six months ended June 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 2,367 $ — $ 2,367 Other revenues 1,118 263 1,381 Revenues from external customers 3,485 263 3,748 Interest and investment income, including realized gains and losses 67 1 68 Total revenues 3,552 264 3,816 Depreciation and amortization 78 14 92 Interest expense — 22 22 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 464 (62 ) 402 Income tax expense (benefit) 69 (16 ) 53 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 395 (46 ) 349 Equity in earnings of unconsolidated affiliates 2 1 3 Earnings (loss) from continuing operations $ 397 $ (45 ) $ 352 Assets $ 8,540 $ 714 $ 9,254 Goodwill 2,447 317 2,764 As of and for the six months ended June 30, 2017 : Title Corporate and Other Total (In millions) Title premiums $ 2,349 $ — $ 2,349 Other revenues 1,071 220 1,291 Revenues from external customers 3,420 220 3,640 Interest and investment income, including realized gains and losses 67 (5 ) 62 Total revenues 3,487 215 3,702 Depreciation and amortization 77 10 87 Interest expense — 29 29 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 445 (43 ) 402 Income tax expense (benefit) 192 (22 ) 170 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 253 (21 ) 232 Equity in earnings of unconsolidated affiliates 4 — 4 Earnings (loss) from continuing operations $ 257 $ (21 ) $ 236 Assets $ 8,516 $ 5,686 $ 14,202 Goodwill 2,383 215 2,598 The activities in our segments include the following: • 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 trust activities, trustee sales guarantees, and home warranty products. This segment also includes our transaction services business, which includes other title-related services used in the production and management of mortgage loans, including mortgage loans that experience default. • Corporate and Other. This segment consists of the operations of the parent holding company, our various real estate brokerage businesses, and our real estate technology subsidiaries. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment, as well as the assets of discontinued operations of Black Knight and FNFV as of June 30, 2017 .

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities. Six months ended June 30, 2018 2017 Cash paid for: Interest $ 18 $ 69 Income taxes 112 202 Non-cash investing and financing activities: Investing activities: Change in proceeds of sales of investments available for sale receivable in period $ 5 $ 3 Change in purchases of investments available for sale payable in period — (1 ) Financing activities: Change in treasury stock purchases payable in period $ — $ 4 Change in accrual for unsettled debt service payments related to the Notes (4 ) 1 Change in accrual for the equity portion of unsettled repurchases of the Notes (7 ) 1 Debt extinguished through the sale of OneDigital — 151

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have an impact on the recognition of our primary sources of revenue, direct and agency title premiums, as those revenue streams are subject to the accounting and reporting requirements under ASC Topic 944. Timing of recognition of substantially all of our remaining revenue was also not impacted and we therefore did not record any cumulative effect adjustment to opening equity. Disaggregation of Revenue Our revenue consists of: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (in millions) Title insurance premiums Direct title insurance premiums; Title $ 1,331 $ 1,301 $ 2,367 $ 2,349 Home warranty Escrow, title-related and other fees Title 46 42 91 83 Total revenue from insurance contracts 1,377 1,343 2,458 2,432 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 235 220 418 394 Other title-related fees and income Escrow, title-related and other fees Title 165 162 305 300 Real estate brokerage Escrow, title-related and other fees Corporate and other 134 131 210 188 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 103 108 198 214 Real estate technology Escrow, title-related and other fees Corporate and other 27 15 52 31 Other Escrow, title-related and other fees Corporate and other — — 1 2 Total revenue from contracts with customers 664 636 1,184 1,129 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 53 42 106 79 Interest and investment income Interest and investment income Various 45 33 83 61 Realized gains and losses, net Realized gains and losses, net Various (16 ) 5 (15 ) 1 Total revenues Total revenues 2,123 2,059 3,816 3,702 Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete and the agent has been invoiced. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Contracts are one year in length and revenue is recognized ratably over the term of the contract. Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from our ServiceLink subsidiary, excluding its title premiums, escrow fees, and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Real estate brokerage revenues are primarily comprised of commission revenues earned in association with the facilitation of real estate transactions and are recognized upon closing of the sale of the underlying real estate transaction. Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided. Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860. Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Contract Balances The following table provides information about trade receivables and deferred revenue: June 30, 2018 December 31, 2017 (In millions) Trade receivables $ 314 $ 292 Deferred revenue (contract liabilities) 108 107 Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is one year. The unrecognized portion is recorded as deferred revenue in accounts payable and other accrued liabilities in the Condensed Consolidated Balance Sheets. During the three months ended June 30, 2018 , we recognized $45 million of revenue which was included in deferred revenue at the beginning of the period.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations Black Knight As a result of the BK Distribution, we have reclassified the financial results of Black Knight to discontinued operations in our Condensed Consolidated Statements of Earnings for the three and six -months ended June 30, 2017 . We retained no ownership in Black Knight. Subsequent to the BK Distribution, Black Knight is considered a related party to FNF. We have various agreements with Black Knight to provide technology, data and analytics services, as well as corporate shared services and information technology. We are also a party to certain other agreements under which we incur other expenses or receive revenues from Black Knight. We expect to continue utilizing Black Knight to provide technology and data and analytics services for the foreseeable future. The cash inflows and outflows from and to Black Knight as well as revenues and expenses included in continuing operations in the six months ended June 30, 2018 which were previously eliminated in our condensed consolidated financial statements as intra-entity transactions are not material to our results of operations. A summary of the operations of Black Knight included in discontinued operations is shown below (in millions): Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Revenues: Escrow, title-related and other fees $ 246 $ 494 Realized gains and losses, net (17 ) (19 ) Total revenues 229 475 Expenses: Personnel costs 97 197 Other operating expenses 51 96 Depreciation and amortization 50 103 Interest expense 13 29 Total expenses 211 425 Earnings from discontinued operations before income taxes 18 50 Income tax expense 12 22 Net earnings from discontinued operations 6 28 Less: Net earnings attributable to non-controlling interests 7 19 Net (loss) earnings attributable to Fidelity National Financial, Inc. common shareholders $ (1 ) $ 9 Cash flow from discontinued operations data: Net cash provided by operations $ 74 $ 123 Net cash used in investing activities (15 ) (31 ) FNFV As a result of the FNFV Split-Off we have reclassified the financial results of FNFV Group to discontinued operations for the three and six months ended June 30, 2017 in our Condensed Consolidated Statements of Earnings. Subsequent to the FNFV Split-Off, Cannae is considered a related party to FNF. The cash inflows and outflows from and to Cannae as well as revenues and expenses included in continuing operations in the six months ended June 30, 2017 which were previously eliminated in our condensed consolidated financial statements as intra-entity transactions, are not material to our results of operations. In conjunction with the FNFV Split-Off, FNTIC, Chicago Title, and Commonwealth Title contributed an aggregate of $100 million to Cannae in exchange for 5,706,134 shares of Cannae common stock. As of June 30, 2018 , we own approximately 7.9% of Cannae's outstanding common equity. In addition, we issued to Cannae a revolver note (the "Cannae Revolver") in the aggregate principal amount of up to $100 million , which accrues interest at LIBOR plus 450 basis points and matures on the five -year anniversary of the date of the Cannae Revolver. The maturity date is automatically extended for additional five -year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion. As of June 30, 2018 , there is no outstanding balance under the Cannae Revolver. In connection with the FNFV Split-Off, the following material agreements were entered into by and between the Company and Cannae (the “Split-Off Agreements”): • a Reorganization Agreement, dated as of November 17, 2017, by and between the Company and Cannae, which provides for, among other things, the principal corporate transactions required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between the Company and Cannae with respect to and resulting from the Split-Off; • a Tax Matters Agreement, dated as of November 17, 2017, by and between the Company and Cannae, which governs the Company’s and Cannae’s respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters; and • a Voting Agreement, dated as of November 17, 2017, by and between the Company and Cannae, pursuant to which the Company agrees to appear or cause all shares of Cannae common stock that the Company or its subsidiaries, as applicable, own after the Split-Off to be counted as present at any meeting of the stockholders of Cannae for the purpose of establishing a quorum, and agrees to vote all of such shares of Cannae common stock (or cause them to be voted) in the same manner as, and in the same proportion to, all shares voted by holders of Cannae common stock (other than the Company and its subsidiaries). A summary of the operations of FNFV included in discontinued operations is shown below (in millions): Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Revenues: Escrow, title-related and other fees $ 42 $ 91 Restaurant revenue 288 561 Interest and investment income 1 2 Realized gains and losses, net 268 273 Total revenues 599 927 Expenses: Personnel costs 65 111 Other operating expenses 29 54 Cost of restaurant revenue 249 485 Depreciation and amortization 16 32 Interest expense 3 7 Total expenses 362 689 Earnings from discontinued operations before income taxes 237 238 Income tax expense 113 111 Earnings from continuing operations before equity in losses of unconsolidated affiliates 124 127 Equity in losses of unconsolidated affiliates (4 ) (8 ) Net earnings from discontinued operations 120 119 Less: Net loss attributable to non-controlling interests (1 ) (3 ) Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 121 $ 122 Cash flow from discontinued operations data: Net cash used in operations $ (113 ) $ (98 ) Net cash provided by investing activities 125 98 Reconciliation to Consolidated Financial Statements A reconciliation of the net earnings of Black Knight and FNFV to the Statement of Earnings is shown below: Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Earnings from discontinued operations attributable to Black Knight $ 6 $ 28 Earnings from discontinued operations attributable to FNFV 120 119 Net earnings from discontinued operations, net of tax $ 126 $ 147

Basis of Financial Statements (

Basis of Financial Statements (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	The financial information in this report presented for interim periods is unaudited and 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. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature.
Earnings Per Share	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 in a given period by the weighted average number of common shares outstanding during such 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 stock options, shares of restricted stock, convertible debt instruments and certain other convertible share based payments 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 or other instruments which provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board ("FASB") issued 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. ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations was issued by FASB in March 2016 to clarify the principal versus agent considerations within ASU 2014-09. ASU 2016-10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing was issued by the FASB in April 2016 to clarify how to determine whether goods and services are separately identifiable and thus accounted for as separate performance obligations. ASU 2016-12 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients was issued by the FASB in May 2016 to clarify certain terms from the aforementioned updates and to add practical expedients for contracts at various stages of completion. ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , was issued by the FASB in December 2016 which includes thirteen technical corrections and improvements affecting narrow aspects of the guidance issued in ASU 2014-09. We adopted these revenue standards on January 1, 2018 using the modified retrospective approach. As there was no material impact to our historical revenue recognition, we did not record a cumulative-effect adjustment to the opening balance of retained earnings in the current year. See Note J. Revenue Recognition for further discussion of our revenue. Other Adopted Pronouncements In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . The primary amendments required by the ASU include: requiring equity investments with readily determinable fair values to be measured at fair value through net income rather than through other comprehensive income; allowing entities with equity investments without readily determinable fair values to report the investments at cost, adjusted for changes in observable prices, less impairment; requiring entities that elect the fair value option for financial liabilities to report the change in fair value attributable to instrument-specific credit risk in other comprehensive income; and clarifying that entities should assess the need for a valuation allowance on a deferred tax asset related to available-for-sale debt securities in combination with other deferred tax assets. The amendments in this ASU are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The ASU requires a cumulative-effect adjustment of the balance sheet as of the beginning of the year of adoption. Early adoption of the ASU is not permitted, except for the provision related to financial liabilities for which the fair value option has been elected. We adopted this new guidance on January 1, 2018, which resulted in the reclassification of our unrealized gains and losses on our equity and preferred securities available for sale previously included in accumulated other comprehensive income to beginning retained earnings. Changes in the fair value of our investments in equity and preferred securities subsequent to January 1, 2018 are now included in our earnings from continuing operations. We reclassified a total of $109 million from Accumulated other comprehensive income to beginning Retained earnings as of January 1, 2018. The total cumulative effect on opening equity, including an increase in Retained earnings of $19 million attributable to an increase in value of certain Other long term investments resulting from recording at fair value, was an increase in Retained earnings of $128 million and decrease in Accumulated other comprehensive income of $109 million . In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. GAAP previously did not include specific guidance on the cash flow classification and presentation of changes in restricted cash. The Company previously excluded cash pledged related to secured trust deposits, which generally meets the definition of restricted cash, from the reconciliation of beginning-of-period to end-of-period total amounts shown on the statement of cash flows. This update is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The ASU requires retrospective application to all prior periods presented upon adoption. We adopted this ASU on January 1, 2018. The adoption of this ASU resulted in the following retrospective changes to our Statement of Cash Flows for the six months ended June 30, 2017 : an increase in the net change in cash and cash equivalents of $206 million due to the inclusion of the change in our cash pledged against secured trust deposits, an increase in investing cash inflow of $174 million related to the movement of cash paid for investments pledged against secured trust deposits from operating to investing activities, and a decrease in financing cash outflow of $32 million related to the movement of the change in secured trust deposits from operating to financing activities. In February 2018, the FASB issued ASU No. 2018-02 Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in this ASU allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Tax Reform. We adopted this ASU on April 1, 2018. Adoption of this ASU resulted in the reclassification of $1 million from Accumulated other comprehensive loss to Retained earnings in the three months ended June 30, 2018. Other Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities resulting from applying the fair value measurement, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. This update is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the standard is permitted. The ASU requires a modified retrospective approach to transitioning which allows for the use of practical expedients to effectively account for leases commenced prior to the effective date in accordance with previous GAAP, except that lessees were required to recognize a right-of-use asset and a lease liability for all operating leases at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under previous GAAP. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard prospectively with a cumulative-effect adjustment to opening equity and include required disclosures for prior periods. We have identified a vendor with software suited to track and account for leases under the new standard and are in process of transitioning our lease accounting within the software. We anticipate this standard will have a material impact on our consolidated balance sheets. However, while we are still in the preliminary stages of our analysis, we do not anticipate that adoption of this ASU will have a material impact on our consolidated income statements. While we are continuing to assess all potential impacts of the standard, we currently believe the most significant impact relates to our accounting for leased office space. We plan to adopt this standard on January 1, 2019 and to use the package of practical expedients available upon adoption. Other In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of fixed maturity securities available for sale. This update is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We are still evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures and have not yet concluded on its effects. We do not plan to early adopt the standard. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The guidance simplifies the measurement of goodwill impairment by removing step 2 of the goodwill impairment test, which requires the determination of the fair value of individual assets and liabilities of a reporting unit. The new guidance requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying value exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendments should be applied on a prospective basis. The new standard is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. We are currently evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures and have not yet concluded on its effects. On January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have an impact on the recognition of our primary sources of revenue, direct and agency title premiums, as those revenue streams are subject to the accounting and reporting requirements under ASC Topic 944. Timing of recognition of substantially all of our remaining revenue was also not impacted and we therefore did not record any cumulative effect adjustment to opening equity.
Insurance Premiums Revenue Recognition	Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete and the agent has been invoiced. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Contracts are one year in length and revenue is recognized ratably over the term of the contract.
Revenue Recognition, Services, Real Estate Transactions	Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from our ServiceLink subsidiary, excluding its title premiums, escrow fees, and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Real estate brokerage revenues are primarily comprised of commission revenues earned in association with the facilitation of real estate transactions and are recognized upon closing of the sale of the underlying real estate transaction. Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided. Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.
Revenue Recognition, Other	Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Summary of Reserve for Claims21

Summary of Reserve for Claims Losses (Tables)	6 Months Ended
	Jun. 30, 2018
Insurance [Abstract]
Summary of the Reserve for Claim Losses	A summary of the reserve for claim losses follows: Six months ended June 30, 2018 2017 (Dollars in millions) Beginning balance $ 1,490 $ 1,487 Change in reinsurance recoverable — (4 ) Claim loss provision related to: Current year 107 113 Prior years — 4 Total title claim loss provision 107 117 Claims paid, net of recoupments related to: Current year (3 ) (2 ) Prior years (107 ) (106 ) Total title claims paid, net of recoupments (110 ) (108 ) Ending balance of claim loss reserve for title insurance $ 1,487 $ 1,492 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 5.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	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, 2018 and December 31, 2017 , respectively: June 30, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 245 $ — $ 245 State and political subdivisions — 196 — 196 Corporate debt securities — 1,217 13 1,230 Mortgage-backed/asset-backed securities — 51 — 51 Foreign government bonds — 59 — 59 Preferred securities 18 273 — 291 Equity securities 669 1 — 670 Other long-term investments — — 102 102 Total assets $ 687 $ 2,042 $ 115 $ 2,844 December 31, 2017 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 195 $ — $ 195 State and political subdivisions — 391 — 391 Corporate debt securities — 1,117 — 1,117 Mortgage-backed/asset-backed securities — 56 — 56 Foreign government bonds — 57 — 57 Preferred securities 23 296 — 319 Equity securities 681 — — 681 Total assets $ 704 $ 2,112 $ — $ 2,816
Fair Values of Level 3 Assets Measured on Recurring Basis	The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three and six months ended June 30, 2018 . Three months ended June 30, 2018 Other long-term Corporate debt investments securities Total (In millions) Fair value, March 31, 2018 $ 101 $ 13 $ 114 Paid-in-kind dividends (1) 2 — 2 Net valuation loss included in earnings (2) (1 ) — (1 ) Fair value, June 30, 2018 $ 102 $ 13 $ 115 Six months ended June 30, 2018 Other long-term Corporate debt investments securities Total (In millions) Fair value, December 31, 2017 $ — $ — $ — Fair value of assets associated with the adoption of ASU 2016-01 100 — 100 Transfers from Level 2 — 13 13 Paid-in-kind dividends (1) 3 — 3 Net valuation loss included in earnings (2) (1 ) — (1 ) Fair value, June 30, 2018 $ 102 $ 13 $ 115 _____________________________________ (1) Included in Interest and investment income on the Condensed Consolidated Statements of Earnings (2) Included in Realized gains and losses, net on the Condensed Consolidated Statements of Earnings

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of Carrying Amount and Fair Value of Available-for-sale Securities	The carrying amounts and fair values of our available for sale securities at June 30, 2018 and December 31, 2017 are as follows: June 30, 2018 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 245 $ 248 $ — $ (3 ) $ 245 State and political subdivisions 196 194 2 — 196 Corporate debt securities 1,230 1,238 4 (12 ) 1,230 Mortgage-backed/asset-backed securities 51 51 1 (1 ) 51 Foreign government bonds 59 62 — (3 ) 59 Total $ 1,781 $ 1,793 $ 7 $ (19 ) $ 1,781 December 31, 2017 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 195 $ 196 $ — $ (1 ) $ 195 State and political subdivisions 391 387 4 — 391 Corporate debt securities 1,117 1,110 11 (4 ) 1,117 Mortgage-backed/asset-backed securities 56 55 1 — 56 Foreign government bonds 57 58 1 (2 ) 57 Preferred securities 319 307 12 — 319 Equity securities 681 517 172 (8 ) 681 Total $ 2,816 $ 2,630 $ 201 $ (15 ) $ 2,816
Investments Classified by Contractual Maturity Dates	The following table presents certain information regarding contractual maturities of our fixed maturity securities at June 30, 2018 : June 30, 2018 Amortized % of Fair % of Maturity Cost Total Value Total (Dollars in millions) One year or less $ 397 22 % $ 395 22 % After one year through five years 1,220 68 1,210 68 After five years through ten years 120 7 120 7 After ten years 5 — 5 — Mortgage-backed/asset-backed securities 51 3 51 3 Total $ 1,793 100 % $ 1,781 100 %
Schedule of Temporary Impairment Losses, Investments	Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 , were as follows (in millions): June 30, 2018 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agencies $ 212 $ (3 ) $ — $ — $ 212 $ (3 ) Corporate debt securities 909 (10 ) 47 (2 ) 956 (12 ) Foreign government bonds 41 (2 ) 7 (1 ) 48 (3 ) Mortgage-backed/asset-backed securities 28 (1 ) — — 28 (1 ) Total temporarily impaired securities $ 1,190 $ (16 ) $ 54 $ (3 ) $ 1,244 $ (19 ) December 31, 2017 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses U.S. government and agencies $ 149 $ (1 ) $ — $ — $ 149 $ (1 ) Corporate debt securities 464 (3 ) 51 (1 ) 515 (4 ) Foreign government bonds — — 10 (2 ) 10 (2 ) Equity securities 121 (7 ) 5 (1 ) 126 (8 ) Total temporarily impaired securities $ 734 $ (11 ) $ 66 $ (4 ) $ 800 $ (15 )
Realized Gains and Losses and Proceeds From Sales on Investments and Other Assets	The following tables present 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 ended June 30, 2018 and 2017 , respectively: Three months ended June 30, 2018 Six months ended June 30, 2018 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 (In millions) (In millions) Fixed maturity securities available for sale $ 1 $ (3 ) $ (2 ) $ 245 $ 4 $ (3 ) $ 1 $ 543 Preferred stock 1 — 1 46 1 — 1 46 Equity securities 3 (4 ) (1 ) 19 3 (4 ) (1 ) 19 Valuation losses on equity securities (8 ) — (12 ) — Valuation losses on preferred securities (5 ) — (8 ) — Property and equipment — — 5 21 Other realized gains and losses, net (1 ) — (1 ) — Total $ (16 ) $ 310 $ (15 ) $ 629 Three months ended June 30, 2017 Six months ended June 30, 2017 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 (In millions) (In millions) Fixed maturity securities available for sale $ 1 $ (2 ) $ (1 ) $ 203 $ 4 $ (5 ) $ (1 ) $ 440 Preferred stock available for sale — — — 10 — — — — 10 Other long-term investments 9 14 9 14 Loss on debt redemptions (3 ) — (5 ) — Other assets — — (2 ) — Total $ 5 $ 227 $ 1 $ 464

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consists of the following: June 30, December 31, (In millions) Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022 $ 398 $ 397 Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018 40 65 Revolving Credit Facility, unsecured, unused portion of $500, due April 2022 with interest payable monthly at LIBOR + 1.40% (3.75% at June 30, 2018) 295 295 Other 1 2 $ 734 $ 759
Schedule of Principal Maturities of Notes Payable	Gross principal maturities of notes payable at June 30, 2018 are as follows (in millions): 2018 (remaining) $ 40 2019 — 2020 1 2021 — 2022 700 Thereafter — $ 741

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Operating Lease Payments	Future minimum operating lease payments are as follows (in millions): 2018 (remaining) $ 77 2019 140 2020 111 2021 83 2022 56 Thereafter 53 Total future minimum operating lease payments $ 520

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Information	Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended June 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 1,331 $ — $ 1,331 Other revenues 602 161 763 Revenues from external customers 1,933 161 2,094 Interest and investment income, including realized gains and losses 29 — 29 Total revenues 1,962 161 2,123 Depreciation and amortization 38 7 45 Interest expense — 11 11 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 301 (26 ) 275 Income tax expense (benefit) 29 (7 ) 22 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 272 (19 ) 253 Equity in earnings of unconsolidated affiliates 1 — 1 Earnings (loss) from continuing operations $ 273 $ (19 ) $ 254 Assets $ 8,540 $ 714 $ 9,254 Goodwill 2,447 317 2,764 As of and for the three months ended June 30, 2017 : Title Corporate and Other Total (In millions) Title premiums $ 1,301 $ — $ 1,301 Other revenues 575 145 720 Revenues from external customers 1,876 145 2,021 Interest and investment income, including realized gains and losses 41 (3 ) 38 Total revenues 1,917 142 2,059 Depreciation and amortization 39 5 44 Interest expense — 13 13 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 294 (20 ) 274 Income tax expense (benefit) 114 (13 ) 101 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 180 (7 ) 173 Equity in earnings of unconsolidated affiliates 2 1 3 Earnings (loss) from continuing operations $ 182 $ (6 ) $ 176 Assets $ 8,516 $ 5,686 $ 14,202 Goodwill 2,383 215 2,598 As of and for the six months ended June 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 2,367 $ — $ 2,367 Other revenues 1,118 263 1,381 Revenues from external customers 3,485 263 3,748 Interest and investment income, including realized gains and losses 67 1 68 Total revenues 3,552 264 3,816 Depreciation and amortization 78 14 92 Interest expense — 22 22 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 464 (62 ) 402 Income tax expense (benefit) 69 (16 ) 53 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 395 (46 ) 349 Equity in earnings of unconsolidated affiliates 2 1 3 Earnings (loss) from continuing operations $ 397 $ (45 ) $ 352 Assets $ 8,540 $ 714 $ 9,254 Goodwill 2,447 317 2,764 As of and for the six months ended June 30, 2017 : Title Corporate and Other Total (In millions) Title premiums $ 2,349 $ — $ 2,349 Other revenues 1,071 220 1,291 Revenues from external customers 3,420 220 3,640 Interest and investment income, including realized gains and losses 67 (5 ) 62 Total revenues 3,487 215 3,702 Depreciation and amortization 77 10 87 Interest expense — 29 29 Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates 445 (43 ) 402 Income tax expense (benefit) 192 (22 ) 170 Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates 253 (21 ) 232 Equity in earnings of unconsolidated affiliates 4 — 4 Earnings (loss) from continuing operations $ 257 $ (21 ) $ 236 Assets $ 8,516 $ 5,686 $ 14,202 Goodwill 2,383 215 2,598

Supplemental Cash Flow Inform27

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow information	The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities. Six months ended June 30, 2018 2017 Cash paid for: Interest $ 18 $ 69 Income taxes 112 202 Non-cash investing and financing activities: Investing activities: Change in proceeds of sales of investments available for sale receivable in period $ 5 $ 3 Change in purchases of investments available for sale payable in period — (1 ) Financing activities: Change in treasury stock purchases payable in period $ — $ 4 Change in accrual for unsettled debt service payments related to the Notes (4 ) 1 Change in accrual for the equity portion of unsettled repurchases of the Notes (7 ) 1 Debt extinguished through the sale of OneDigital — 151

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenue consists of: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (in millions) Title insurance premiums Direct title insurance premiums; Title $ 1,331 $ 1,301 $ 2,367 $ 2,349 Home warranty Escrow, title-related and other fees Title 46 42 91 83 Total revenue from insurance contracts 1,377 1,343 2,458 2,432 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 235 220 418 394 Other title-related fees and income Escrow, title-related and other fees Title 165 162 305 300 Real estate brokerage Escrow, title-related and other fees Corporate and other 134 131 210 188 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 103 108 198 214 Real estate technology Escrow, title-related and other fees Corporate and other 27 15 52 31 Other Escrow, title-related and other fees Corporate and other — — 1 2 Total revenue from contracts with customers 664 636 1,184 1,129 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 53 42 106 79 Interest and investment income Interest and investment income Various 45 33 83 61 Realized gains and losses, net Realized gains and losses, net Various (16 ) 5 (15 ) 1 Total revenues Total revenues 2,123 2,059 3,816 3,702
Information about Receivables and Deferred Revenue	The following table provides information about trade receivables and deferred revenue: June 30, 2018 December 31, 2017 (In millions) Trade receivables $ 314 $ 292 Deferred revenue (contract liabilities) 108 107

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
Summary of Operations Included in Discontinued Operations	A summary of the operations of FNFV included in discontinued operations is shown below (in millions): Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Revenues: Escrow, title-related and other fees $ 42 $ 91 Restaurant revenue 288 561 Interest and investment income 1 2 Realized gains and losses, net 268 273 Total revenues 599 927 Expenses: Personnel costs 65 111 Other operating expenses 29 54 Cost of restaurant revenue 249 485 Depreciation and amortization 16 32 Interest expense 3 7 Total expenses 362 689 Earnings from discontinued operations before income taxes 237 238 Income tax expense 113 111 Earnings from continuing operations before equity in losses of unconsolidated affiliates 124 127 Equity in losses of unconsolidated affiliates (4 ) (8 ) Net earnings from discontinued operations 120 119 Less: Net loss attributable to non-controlling interests (1 ) (3 ) Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 121 $ 122 Cash flow from discontinued operations data: Net cash used in operations $ (113 ) $ (98 ) Net cash provided by investing activities 125 98 A summary of the operations of Black Knight included in discontinued operations is shown below (in millions): Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Revenues: Escrow, title-related and other fees $ 246 $ 494 Realized gains and losses, net (17 ) (19 ) Total revenues 229 475 Expenses: Personnel costs 97 197 Other operating expenses 51 96 Depreciation and amortization 50 103 Interest expense 13 29 Total expenses 211 425 Earnings from discontinued operations before income taxes 18 50 Income tax expense 12 22 Net earnings from discontinued operations 6 28 Less: Net earnings attributable to non-controlling interests 7 19 Net (loss) earnings attributable to Fidelity National Financial, Inc. common shareholders $ (1 ) $ 9 Cash flow from discontinued operations data: Net cash provided by operations $ 74 $ 123 Net cash used in investing activities (15 ) (31 )
Reconciliation of Net Earnings of Discontinued Operations to the Statement of Operations	A reconciliation of the net earnings of Black Knight and FNFV to the Statement of Earnings is shown below: Three months ended June 30, Six months ended June 30, 2017 2017 (Unaudited) Earnings from discontinued operations attributable to Black Knight $ 6 $ 28 Earnings from discontinued operations attributable to FNFV 120 119 Net earnings from discontinued operations, net of tax $ 126 $ 147

Basis of Financial Statements -

Basis of Financial Statements - Recent Developments (Details) - Stewart Information Services Corporation $ / shares in Units, $ in Millions	Mar. 18, 2018USD ($)$ / shares
Business Acquisition [Line Items]
Consideration for acquisition	$ 1,200
Consideration to be paid in cash, as percentage	50.00%
Consideration transferred, net debt assumed	$ 109
Proforma debt to capital (no more than)	0.20
Terms, Merger Agreement, required to divest assets or businesses, revenue (if exceeds)	$ 75
Terms, Merger Agreement, required to divest assets or businesses, revenue cap	225
Reverse break-up fee if Merger not completed	$ 50
Maximum
Business Acquisition [Line Items]
Consideration, per share of common stock (in dollars per share) | $ / shares	$ 50
Acquisition, stock exchange ratio	0.6425
Minimum
Business Acquisition [Line Items]
Consideration, per share of common stock (in dollars per share) | $ / shares	$ 25
Acquisition, stock exchange ratio	1.2850
Purchase price adjusted down on a pro-rata basis to a minimum purchase price (in dollars per share) | $ / shares	$ 45.50
Common Stock
Business Acquisition [Line Items]
Consideration to be paid in stock, as percentage	50.00%

Basis of Financial Statements31

Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive options (in shares)	0	0	0

Basis of Financial Statements32

Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effective tax rate, percent	8.00%	36.90%	13.20%	42.30%
Tax Cuts And Jobs Act Of 2017, change in judgment, tax deductibility of legal settlements, income tax expense					$ 21

Basis of Financial Statements33

Basis of Financial Statements - Discontinued Operations (Details) shares in Millions	Nov. 17, 2017$ / shares	Sep. 29, 2017shares	Jun. 30, 2018$ / shares	Dec. 31, 2017$ / shares
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock, par value (in usd per share)	$ 0.0001		$ 0.0001	$ 0.0001
FNFV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock, par value (in usd per share)	$ 0.0001
Number of shares of newly formed entity received for each outstanding share redeemed (in shares)	1
BK Distribution | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Common stock shares of subsidiary, transferred to shareholders | shares		83.3
Acquisition, stock exchange ratio		0.30663

Basis of Financial Statements34

Basis of Financial Statements - Other Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other long-term investments	$ 136	$ 136		$ 110
Increase in cash from investing activities		54	$ 399
Decrease in financing outflow		(194)	(572)
Movement of cash pledged, from operating activities		$ 350	291
ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on opening retained earning				(19)
Other long-term investments				(19)
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in net change in cash and cash equivalents			206
Increase in cash from investing activities			174
Decrease in financing outflow			32
ASU 2016-18, movement of cash paid for investments pledged against secured trust deposits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Movement of cash pledged, from operating activities			(174)
ASU 2016-18, movement of the change in secured trust deposits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Movement of cash pledged, from operating activities			$ (32)
Accumulated Other Comprehensive Income | ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification adjustment for stranded tax effects, Tax Reform Act	(1)
Accumulated Other Comprehensive Income | ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on opening retained earning				109
Retained Earnings | ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification adjustment for stranded tax effects, Tax Reform Act	$ 1
Retained Earnings | ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment on opening retained earning				$ (128)

Summary of Reserve for Claims35

Summary of Reserve for Claims Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 1,490	$ 1,487
Change in reinsurance recoverable	0	(4)
Claim loss provision related to:
Current year	107	113
Prior years	0	4
Total title claim loss provision	107	117
Claims paid, net of recoupments related to:
Current year	(3)	(2)
Prior years	(107)	(106)
Total title claims paid, net of recoupments	(110)	(108)
Ending balance of claim loss reserve for title insurance	$ 1,487	$ 1,492
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	5.00%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured on a Recurring Basis (Details)	Jun. 30, 2018USD ($)firm	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	$ 1,781,000,000	$ 1,816,000,000
Number of firms utilized | firm	1
U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	$ 245,000,000	195,000,000
State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	196,000,000	391,000,000
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	1,230,000,000	1,117,000,000
Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	51,000,000	56,000,000
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	59,000,000	57,000,000
Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	291,000,000	319,000,000
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	670,000,000	681,000,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held at fair value		0	$ 0
Liabilities held at fair value	0	0
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,844,000,000	2,816,000,000
Fair Value, Measurements, Recurring | U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	245,000,000	195,000,000
Fair Value, Measurements, Recurring | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	196,000,000	391,000,000
Fair Value, Measurements, Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	1,230,000,000	1,117,000,000
Fair Value, Measurements, Recurring | Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	51,000,000	56,000,000
Fair Value, Measurements, Recurring | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	59,000,000	57,000,000
Fair Value, Measurements, Recurring | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	291,000,000	319,000,000
Fair Value, Measurements, Recurring | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	670,000,000	681,000,000
Fair Value, Measurements, Recurring | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	102,000,000
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	687,000,000	704,000,000
Fair Value, Measurements, Recurring | Level 1 | U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 1 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	18,000,000	23,000,000
Fair Value, Measurements, Recurring | Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	669,000,000	681,000,000
Fair Value, Measurements, Recurring | Level 1 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,042,000,000	2,112,000,000
Fair Value, Measurements, Recurring | Level 2 | U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	245,000,000	195,000,000
Fair Value, Measurements, Recurring | Level 2 | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	196,000,000	391,000,000
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	1,217,000,000	1,117,000,000
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	51,000,000	56,000,000
Fair Value, Measurements, Recurring | Level 2 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	59,000,000	57,000,000
Fair Value, Measurements, Recurring | Level 2 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	273,000,000	296,000,000
Fair Value, Measurements, Recurring | Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	1,000,000	0
Fair Value, Measurements, Recurring | Level 2 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	115,000,000	0
Fair Value, Measurements, Recurring | Level 3 | U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	13,000,000	0
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	0	0
Fair Value, Measurements, Recurring | Level 3 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Fair Value, Measurements, Recurring | Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	$ 0
Fair Value, Measurements, Recurring | Level 3 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	$ 102,000,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Assets Measured on a Recurring Basis (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)firm	Jun. 30, 2018USD ($)firm
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of firms utilized | firm	1	1
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	$ 114	$ 0
Transfers from Level 2		13
Paid-in-kind dividends	2	3
Net valuation loss included in earnings	(1)	(1)
Fair value, End of period	115	115
Level 3 | Fair Value, Measurements, Recurring | ASU 2016-01
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of assets associated with the adoption of ASU 2016-01	100	100
Level 3 | Fair Value, Measurements, Recurring | Other long-term investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	101	0
Transfers from Level 2		0
Paid-in-kind dividends	2	3
Net valuation loss included in earnings	(1)	(1)
Fair value, End of period	102	102
Level 3 | Fair Value, Measurements, Recurring | Other long-term investments | ASU 2016-01
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of assets associated with the adoption of ASU 2016-01	100	100
Level 3 | Fair Value, Measurements, Recurring | Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	13	0
Transfers from Level 2		13
Paid-in-kind dividends	0	0
Net valuation loss included in earnings	0	0
Fair value, End of period	13	13
Level 3 | Fair Value, Measurements, Recurring | Corporate debt securities | ASU 2016-01
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value of assets associated with the adoption of ASU 2016-01	$ 0	$ 0
Level 3 | Measurement Input, Discount Rate | Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, discount rate	0.080	0.080
Level 3 | Measurement Input, Discount Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, discount rate	0.082	0.082

Investments - Schedule of Carry

Investments - Schedule of Carrying Amount and Fair Value of Available for Sale Securities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Fixed maturity securities available for sale:
Carrying Value	$ 1,781	$ 1,816
Cost Basis, debt securities	1,793
Unrealized Gains, debt securities	7
Unrealized Losses, debt securities	(19)
Available-for-sale securities:
Total, Carrying Value		2,816
Total Cost Basis		2,630
Total, Unrealized Gains		201
Total, Unrealized Losses		(15)
U.S. government and agencies
Fixed maturity securities available for sale:
Carrying Value	245	195
Cost Basis, debt securities	248	196
Unrealized Gains, debt securities	0	0
Unrealized Losses, debt securities	(3)	(1)
State and political subdivisions
Fixed maturity securities available for sale:
Carrying Value	196	391
Cost Basis, debt securities	194	387
Unrealized Gains, debt securities	2	4
Unrealized Losses, debt securities	0	0
Corporate debt securities
Fixed maturity securities available for sale:
Carrying Value	1,230	1,117
Cost Basis, debt securities	1,238	1,110
Unrealized Gains, debt securities	4	11
Unrealized Losses, debt securities	(12)	(4)
Mortgage-backed/asset-backed securities
Fixed maturity securities available for sale:
Carrying Value	51	56
Cost Basis, debt securities	51	55
Unrealized Gains, debt securities	1	1
Unrealized Losses, debt securities	(1)	0
Foreign government bonds
Fixed maturity securities available for sale:
Carrying Value	59	57
Cost Basis, debt securities	62	58
Unrealized Gains, debt securities	0	1
Unrealized Losses, debt securities	$ (3)	(2)
Preferred securities
Available for sale equity securities:
Carrying Value		319
Cost Basis, equity securities		307
Unrealized Gains, equity securities		12
Unrealized Losses, equity securities		0
Equity securities
Available for sale equity securities:
Carrying Value		681
Cost Basis, equity securities		517
Unrealized Gains, equity securities		172
Unrealized Losses, equity securities		$ (8)

Investments - Maturity of Fixed

Investments - Maturity of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Amortized Cost
One year or less	$ 397
After one year through five years	1,220
After five years through ten years	120
After ten years	5
Mortgage-backed/asset-backed securities	51
Cost Basis, debt securities	$ 1,793
Amortized Cost, % of Total
One year or less	22.00%
After one year through five years	68.00%
After five years through ten years	7.00%
After ten years	0.00%
Mortgage-backed/asset-backed securities	3.00%
Total	100.00%
Fair Value
One year or less	$ 395
After one year through five years	1,210
After five years through ten years	120
After ten years	5
Mortgage-backed/asset-backed securities	51
Total	$ 1,781	$ 1,816
Fair Value, % of Total
One year or less	22.00%
After one year through five years	68.00%
After five years through ten years	7.00%
After ten years	0.00%
Mortgage-backed/asset-backed securities	3.00%
Total	100.00%

Investments - Securities in a C

Investments - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Fair Value
Less than 12 Months	$ 1,190
12 Months or Longer	54
Total	1,244
Less than 12 Months		$ 734
12 Months or Longer		66
Total		800
Unrealized Losses
Less than 12 Months	16
12 Months or Longer	(3)
Total	19
Less than 12 Months		11
12 Months or Longer		(4)
Total		(15)
U.S. government and agencies
Fair Value
Less than 12 Months	212
12 Months or Longer	0
Total	212
Less than 12 Months		149
12 Months or Longer		0
Total		149
Unrealized Losses
Less than 12 Months	3
12 Months or Longer	0
Total	3
Less than 12 Months		1
12 Months or Longer		0
Total		(1)
Corporate debt securities
Fair Value
Less than 12 Months	909
12 Months or Longer	47
Total	956
Less than 12 Months		464
12 Months or Longer		51
Total		515
Unrealized Losses
Less than 12 Months	10
12 Months or Longer	(2)
Total	12
Less than 12 Months		3
12 Months or Longer		(1)
Total		(4)
Foreign government bonds
Fair Value
Less than 12 Months	41
12 Months or Longer	7
Total	48
Less than 12 Months		0
12 Months or Longer		10
Total		10
Unrealized Losses
Less than 12 Months	2
12 Months or Longer	(1)
Total	3
Less than 12 Months		0
12 Months or Longer		(2)
Total		(2)
Mortgage-backed/asset-backed securities
Fair Value
Less than 12 Months	28
12 Months or Longer	0
Total	28
Unrealized Losses
Less than 12 Months	1
12 Months or Longer	0
Total	$ 1
Equity securities
Fair Value
Less than 12 Months		121
12 Months or Longer		5
Total		126
Unrealized Losses
Less than 12 Months		7
12 Months or Longer		(1)
Total		$ (8)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Impairment charges related to investments	$ 3,000,000	$ 1,000,000	$ 3,000,000	$ 0
Available-for-sale, amount held with previously recognized other than temporary impairments	$ 1,000,000		$ 1,000,000		$ 0

Investments - Realized Gains an

Investments - Realized Gains and Losses and Proceeds on Investments and Other Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Property and equipment
Net Realized Gains (Losses)	$ 0		$ 5
Gross Proceeds from Sale/Maturity	0		21	$ 0
Other long-term investments
Net Realized Gains (Losses)		$ 9		9
Gross Proceeds from Sale/Maturity		14		14
Loss on debt redemptions
Net Realized Gains (Losses)		(3)			$ (5)
Gross Proceeds from Sale/Maturity		0		0
Other realized gains and losses, net
Net Realized Gains (Losses)	(1)	0	(1)	(2)
Gross Proceeds from Sale/Maturity	0	0	0	0
Total
Net Realized Gains (Losses)	(16)	5	(15)	1
Gross Proceeds from Sale/Maturity	310	227	629	464
Fixed maturity securities available for sale
Fixed maturity securities available for sale
Gross Realized Gains	1	1	4	4
Gross Realized Losses	(3)	(2)	(3)	(5)
Net Realized Gains (Losses)	(2)	(1)	1	(1)
Gross Proceeds from Sale/Maturity	245	203	543	440
Preferred securities
Equity Securities, FV-NI, Realized Gain (Loss) [Abstract]
Gross Realized Gains	1	0	1	0
Gross Realized Losses	0	0	0	0
Net Realized Gains (Losses)	1	0	1	0
Valuation losses	(5)		(8)
Gross Proceeds from Sale/Maturity	46	$ 10	46	$ 10
Equity securities
Equity Securities, FV-NI, Realized Gain (Loss) [Abstract]
Gross Realized Gains	3		3
Gross Realized Losses	(4)		(4)
Net Realized Gains (Losses)	(1)		(1)
Valuation losses	(8)		(12)
Gross Proceeds from Sale/Maturity	$ 19		$ 19

Notes Payable - Schedule of Lon

Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Nov. 17, 2017	Jun. 30, 2018	Dec. 31, 2017	Aug. 28, 2012	Aug. 02, 2011
Debt Instrument [Line Items]
Notes payable		$ 734	$ 759
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	4.50%
Unsecured notes | Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022
Debt Instrument [Line Items]
Notes payable		$ 398	397
Stated interest rate		5.50%		5.50%
Convertible Notes | Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018
Debt Instrument [Line Items]
Notes payable		$ 40	65
Stated interest rate		4.25%			4.25%
Line of Credit | Revolving Credit Facility, unsecured, unused portion of $500, due April 2022 with interest payable monthly at LIBOR 1.40% (3.75% at June 30, 2018) | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable		$ 295	295
Unused portion		$ 500
Line of Credit | Revolving Credit Facility, unsecured, unused portion of $500, due April 2022 with interest payable monthly at LIBOR 1.40% (3.75% at June 30, 2018) | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.40%
Line of credit facility, interest rate at period end		3.75%
Other
Debt Instrument [Line Items]
Notes payable		$ 1	$ 2

Notes Payable - Long Term Debt

Notes Payable - Long Term Debt Narrative (Details) $ in Millions	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Fair value of long term debt	$ 844
Excess fair value over carrying value of long-term debt	103
Debt issuance costs, net	7
Level 2 | Unsecured notes
Debt Instrument [Line Items]
Fair value of long term debt	$ 543

Notes Payable - Existing Credit

Notes Payable - Existing Credit Agreement (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017	Nov. 17, 2017	Jun. 25, 2013
Debt Instrument [Line Items]
Notes payable	$ 734,000,000	$ 759,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility			$ 100,000,000
Revolving Credit Facility | Line of Credit | Revolving Credit Facility, unsecured, unused portion of $500, due April 2022 with interest payable monthly at LIBOR 1.40% (3.75% at June 30, 2018)
Debt Instrument [Line Items]
Line of credit facility				$ 800,000,000
Notes payable	295,000,000	$ 295,000,000
Unamortized debt issuance costs	5,000,000
Remaining borrowing capacity	$ 500,000,000

Notes Payable - 5.50% Notes (De

Notes Payable - 5.50% Notes (Details) - Unsecured notes - 5.50% notes due September 2022 - USD ($)	Jun. 30, 2018	Aug. 28, 2012
Debt Instrument [Line Items]
Aggregate principal amount		$ 400,000,000
Stated interest rate	5.50%	5.50%

Notes Payable - 4.25% Notes (De

Notes Payable - 4.25% Notes (Details) - USD ($)	Oct. 01, 2013	Aug. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Aug. 02, 2011
Debt Instrument [Line Items]
Expected payment of notes			$ 30,000,000	$ 922,000,000
Convertible Notes | 4.25% convertible senior notes due August 2018
Debt Instrument [Line Items]
Stated interest rate			4.25%		4.25%
Aggregate principal amount					$ 300,000,000
If-converted percentage in excess of price	130.00%
Repurchased note face amount			$ 29,000,000
Amount of debt repurchased			$ 86,000,000
Scenario, Forecast | Convertible Notes | 4.25% convertible senior notes due August 2018
Debt Instrument [Line Items]
Expected payment of notes		$ 118,000,000

Notes Payable - Principal Matur

Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions	Jun. 30, 2018USD ($)
Maturities of Long-term Debt [Abstract]
2018 (remaining)	$ 40
2,019	0
2,020	1
2,021	0
2,022	700
Thereafter	0
Total Long Term Debt	$ 741

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Accrual for legal and regulatory matters	$ 12	$ 2

Commitments and Contingencies50

Commitments and Contingencies - Schedule of Future Minimum Operating Lease Commitments (Details) $ in Millions	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018 (remaining)	$ 77
2,019	140
2,020	111
2,021	83
2,022	56
Thereafter	53
Total future minimum operating lease payments	$ 520

Dividends (Details)

Dividends (Details)	Jul. 17, 2018$ / shares
FNF Common Stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in usd per share)	$ 0.3

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 664	$ 636	$ 1,184	$ 1,129
Title premiums	1,331	1,301	2,367	2,349
Other revenues	763	720	1,381	1,291
Revenues from external customers	2,094	2,021	3,748	3,640
Interest and investment income, including realized gains and losses	29	38	68	62
Total revenues	2,123	2,059	3,816	3,702
Depreciation and amortization	45	44	92	87
Interest expense	11	13	22	29
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	275	274	402	402
Income tax expense (benefit)	22	101	53	170
Earnings from continuing operations before equity in earnings of unconsolidated affiliates	253	173	349	232
Equity in earnings of unconsolidated affiliates	1	3	3	4
Net earnings from continuing operations	254	176	352	236
Assets	9,254	14,202	9,254	14,202	$ 9,151
Goodwill	2,764	2,598	2,764	2,598	$ 2,746
Corporate and other
Segment Reporting Information [Line Items]
Title premiums	0	0	0	0
Other revenues	161	145	263	220
Revenues from external customers	161	145	263	220
Interest and investment income, including realized gains and losses	0	(3)	1	(5)
Total revenues	161	142	264	215
Depreciation and amortization	7	5	14	10
Interest expense	11	13	22	29
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	(26)	(20)	(62)	(43)
Income tax expense (benefit)	(7)	(13)	(16)	(22)
Earnings from continuing operations before equity in earnings of unconsolidated affiliates	(19)	(7)	(46)	(21)
Equity in earnings of unconsolidated affiliates	0	1	1	0
Net earnings from continuing operations	(19)	(6)	(45)	(21)
Assets	714	5,686	714	5,686
Goodwill	317	215	317	215
Operating Segments | Title
Segment Reporting Information [Line Items]
Revenue from contract with customer		1,301	2,367	2,349
Title premiums	1,331	1,301
Other revenues	602	575	1,118	1,071
Revenues from external customers	1,933	1,876	3,485	3,420
Interest and investment income, including realized gains and losses	29	41	67	67
Total revenues	1,962	1,917	3,552	3,487
Depreciation and amortization	38	39	78	77
Interest expense	0	0	0	0
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	301	294	464	445
Income tax expense (benefit)	29	114	69	192
Earnings from continuing operations before equity in earnings of unconsolidated affiliates	272	180	395	253
Equity in earnings of unconsolidated affiliates	1	2	2	4
Net earnings from continuing operations	273	182	397	257
Assets	8,540	8,516	8,540	8,516
Goodwill	$ 2,447	$ 2,383	$ 2,447	$ 2,383

Supplemental Cash Flow Inform53

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash paid for:
Interest	$ 18	$ 69
Income taxes	112	202
Investing activities:
Change in proceeds of sales of investments available for sale receivable in period	5	3
Change in purchases of investments available for sale payable in period	0	(1)
Financing activities:
Change in treasury stock purchases payable in period	0	4
Change in accrual for unsettled debt service payments related to the Notes	(4)	1
Change in accrual for the equity portion of unsettled repurchases of the Notes	(7)	1
Debt extinguished through the sale of OneDigital	$ 0	$ 151

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 664	$ 636	$ 1,184	$ 1,129
Realized gains and losses, net	(16)	5	(15)	1
Interest and investment income	45	33	83	61
Realized gains and losses, net	(16)	5	(15)	1
Total revenues	2,123	2,059	3,816	3,702
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	53	42	106	79
Title | Title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,331
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	46	42	91	83
Title | Insurance Contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,377	1,343	2,458	2,432
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	235	220	418	394
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	165	162	305	300
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	103	108	198	214
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	161	142	264	215
Corporate and other | Real estate brokerage
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	134	131	210	188
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	27	15	52	31
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 0	$ 0	$ 1	$ 2

Revenue Recognition - Informati

Revenue Recognition - Information about Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 314	$ 292
Deferred revenue (contract liabilities)	$ 108	$ 107
Policy period	1 year
Revenue recognized	$ 45

Discontinued Operations - Recon

Discontinued Operations - Reconciliation of Operations of Black Knight to the Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Expenses:
Net earnings from discontinued operations	$ 0	$ 126	$ 0	$ 147
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$ 0	(1)	$ 0	9
Black Knight Financial Services, Inc. | Discontinued Operations
Revenues:
Escrow, title-related and other fees		246		494
Realized gains and losses, net		(17)		(19)
Total revenues		229		475
Expenses:
Personnel costs		97		197
Other operating expenses		51		96
Depreciation and amortization		50		103
Interest expense		13		29
Total expenses		211		425
Earnings from discontinued operations before income taxes		18		50
Income tax expense		12		22
Net earnings from discontinued operations		6		28
Less: Net earnings attributable to non-controlling interests		7		19
Net earnings attributable to Fidelity National Financial, Inc. common shareholders		(1)		9
Cash flow from discontinued operations data:
Net cash provided by operations		74		123
Net cash used in investing activities		$ (15)		$ (31)

Discontinued Operations - FNFV

Discontinued Operations - FNFV (Details) - USD ($)	Nov. 17, 2017	Nov. 16, 2017	Jun. 30, 2018
Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount (up to)	$ 100,000,000
Matures on anniversary of the date of the revolver note (in years)	5 years
Automatic extension for additional term (in years)	5 years
Revolving Credit Facility | LIBOR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Basis spread on variable rate (as percent)	4.50%
FNFV | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration to Cannae in exchange transaction		$ 100,000,000
Shares issued in exchange (in shares)		5,706,134
Outstanding common equity owned			7.90%

Discontinued Operations - Summa

Discontinued Operations - Summary of Operations of Disposal Group Included in Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Expenses:
Earnings from continuing operations before equity in earnings of unconsolidated affiliates	$ 253	$ 173	$ 349	$ 232
Equity in losses of unconsolidated affiliates	1	3	3	4
Net earnings from discontinued operations	0	126	0	147
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$ 0	(1)	$ 0	9
FNFV | Discontinued Operations
Revenues:
Escrow, title-related and other fees		42		91
Restaurant revenue		288		561
Interest and investment income		1		2
Realized gains and losses, net		268		273
Total revenues		599		927
Expenses:
Personnel costs		65		111
Other operating expenses		29		54
Cost of restaurant revenue		249		485
Depreciation and amortization		16		32
Interest expense		3		7
Total expenses		362		689
Earnings from discontinued operations before income taxes		237		238
Income tax expense		113		111
Earnings from continuing operations before equity in earnings of unconsolidated affiliates		124		127
Equity in losses of unconsolidated affiliates		(4)		(8)
Net earnings from discontinued operations		120		119
Less: Net loss attributable to non-controlling interests		(1)		(3)
Net earnings attributable to Fidelity National Financial, Inc. common shareholders		121		122
Cash flow from discontinued operations data:
Net cash used in operations		(113)		(98)
Net cash provided by investing activities		$ 125		$ 98

Discontinued Operations - Rec59

Discontinued Operations - Reconciliation of Net Earnings of Discontinued Operations to the Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations	$ 0	$ 126	$ 0	$ 147
Black Knight Financial Services, Inc. | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations		6		28
FNFV | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings from discontinued operations		$ 120		$ 119