Fidelity National Financial (FNF) 10-Q 30 Oct 19 2019 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2019shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-32630
Entity Registrant Name	FIDELITY NATIONAL FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1725106
Entity Address, Address Line One	601 Riverside Avenue
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32204
City Area Code	904
Local Phone Number	854-8100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
FNF Common Stock (in shares)	275,079,241
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001331875
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	FNF Common Stock, $0.0001 par value
Trading Symbol	FNF
Security Exchange Name	NYSE
5.50% Notes due September 2022
Document Information [Line Items]
Title of 12(b) Security	5.50% Notes due September 2022
Trading Symbol	FNF22
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Investments:
Fixed maturity securities available for sale, at fair value, at September 30, 2019 and December 31, 2018 includes pledged fixed maturity securities of $422 and $418, respectively, related to secured trust deposits	$ 2,092	$ 1,998
Investments in unconsolidated affiliates	139	137
Other long-term investments	149	135
Short-term investments, at September 30, 2019 and December 31, 2018 includes pledged short-term investments of $2 and $8, respectively, related to secured trust deposits	554	480
Total investments	3,902	3,549
Cash and cash equivalents, at September 30, 2019 and December 31, 2018 includes $482 and $412, respectively, of pledged cash related to secured trust deposits	1,530	1,257
Trade and notes receivables, net of allowance of $19 at September 30, 2019 and December 31, 2018, respectively	388	306
Goodwill	2,726	2,726
Prepaid expenses and other assets	455	377
Lease assets, see Note K	396
Other intangible assets, net	446	513
Title plants	405	405
Property and equipment, net	171	164
Income taxes receivable	0	4
Total assets	10,419	9,301
Liabilities:
Accounts payable and accrued liabilities	1,011	956
Notes payable	838	836
Reserve for title claim losses	1,494	1,488
Secured trust deposits	890	822
Lease liabilities, see Note K	422
Income taxes payable	5	0
Deferred tax liability	294	227
Total liabilities	4,954	4,329
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 September 30, 2019 and December 31, 2018; outstanding of 275,079,241 and 275,373,834 as of September 30, 2019 and December 31, 2018, respectively, and issued of 291,354,650 and 289,601,523 as of September 30, 2019 and December 31, 2018, respectively	0	0
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	0	0
Additional paid-in capital	4,566	4,500
Retained earnings	1,107	641
Accumulated other comprehensive earnings (loss)	46	(13)
Less: Treasury stock, 16,275,409 shares and 14,227,689 shares as of September 30, 2019 and December 31, 2018, respectively, at cost	(580)	(498)
Total Fidelity National Financial, Inc. shareholders’ equity	5,139	4,630
Non-controlling interests	(18)	(2)
Total equity	5,121	4,628
Total liabilities, redeemable non-controlling interest and equity	10,419	9,301
Preferred securities
Investments:
Securities, at fair value	284	301
Equity securities
Investments:
Securities, at fair value	$ 684	$ 498

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Pledged fixed maturity securities	$ 422	$ 418
Short term investments, secured trust deposits	2	8
Pledged cash, secured trust deposits	482	412
Trade and notes receivables, allowance	$ 19	$ 19
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)	275,079,241	275,373,834
Common stock issued (in shares)	291,354,650	289,601,523
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)	16,275,409	14,227,689
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Direct title insurance premiums	$ 660	$ 574	$ 1,725	$ 1,645
Agency title insurance premiums	827	722	2,133	2,018
Escrow, title-related and other fees	693	695	1,892	2,078
Interest and investment income	57	44	170	125
Realized gains and losses, net	4	50	187	35
Total revenues	2,241	2,085	6,107	5,901
Expenses:
Personnel costs	702	654	1,979	1,926
Agent commissions	630	554	1,630	1,546
Other operating expenses	473	477	1,226	1,406
Depreciation and amortization	44	46	132	138
Provision for title claim losses	67	58	174	165
Interest expense	12	9	36	31
Total expenses	1,928	1,798	5,177	5,212
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	313	287	930	689
Income tax expense	59	51	210	104
Earnings before equity in earnings of unconsolidated affiliates	254	236	720	585
Equity in earnings of unconsolidated affiliates	2	1	12	4
Net earnings	256	237	732	589
Less: Net earnings attributable to non-controlling interests	6	1	10	5
Net earnings attributable to common shareholders	$ 250	$ 236	$ 722	$ 584
FNF Common Stock
Earnings per share
Net earnings per share attributable to shareholders, basic (in usd per share)	$ 0.92	$ 0.86	$ 2.64	$ 2.14
Net earnings per share attributable to shareholders, diluted (in usd per share)	$ 0.90	$ 0.85	$ 2.61	$ 2.09
Weighted average shares outstanding, basic basis (in shares)	273	273	273	273
Weighted average shares outstanding, diluted basis (in shares)	277	278	277	279

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 256	$ 237	$ 732	$ 589
Other comprehensive earnings (loss):
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates	10	2	53	(13)
Unrealized gain on investments in unconsolidated affiliates	2	0	9	4
Unrealized (loss) gain on foreign currency translation	(2)	(1)	1	(4)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	0	(1)	(4)	(1)
Other comprehensive earnings (loss)	10	0	59	(14)
Comprehensive earnings	266	237	791	575
Less: Comprehensive earnings attributable to non-controlling interests	6	1	10	5
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders	$ 260	$ 236	$ 781	$ 570

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on investments and other financial instruments, tax expense (benefit)	$ 3	$ 1	$ 17	$ (4)
Unrealized gain on investments in unconsolidated affiliates tax expense	1	0	3	1
Unrealized (loss) gain foreign currency translation, tax expense (benefit)	(1)	$ (1)	1	(1)
Reclassification adjustment for change in unrealized gains and losses included in net earnings, tax benefit (less than)	$ 1		$ 1	$ 1

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Millions, $ in Millions	Total	ASU 2018-02	Common StockFNF Group Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsASU 2018-02	Accumulated Other Comprehensive Earnings (Loss)	Accumulated Other Comprehensive Earnings (Loss)ASU 2018-02	Treasury Stock	Non-controlling Interests
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			288						13
Beginning balance at Dec. 31, 2017	4,467		$ 0	$ 4,587	217		111		$ (468)	$ 20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			1
Exercise of stock options	15			15
Other comprehensive earnings — unrealized gain on investments and other financial instruments	(13)						(13)
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	4						4
Other comprehensive earnings — unrealized loss on foreign currency translation	(4)						(4)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	(1)						(1)
Equity portion of debt conversions settled in cash	(135)			(135)
Dilution resulting from subsidiary issuance of equity	4			(1)						5
Stock-based compensation	22			22
Dividends declared, per common share	(248)				(248)
Subsidiary repurchase of equity	(1)									(1)
Acquisitions of non-controlling interests	2									2
Pacific Union Sale	(25)									(25)
Subsidiary dividends declared to non-controlling interests	(7)									(7)
Net earnings	589				584					5
Ending balance (in shares) at Sep. 30, 2018			289						13
Ending balance at Sep. 30, 2018	4,688		$ 0	4,488	681		(12)		$ (468)	(1)
Beginning balance at Dec. 31, 2017	344
Ending balance at Sep. 30, 2018	344
Beginning balance (in shares) at Jun. 30, 2018			288						13
Beginning balance at Jun. 30, 2018	4,629		$ 0	4,555	529		(13)		$ (468)	26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			1
Exercise of stock options	10			10
Other comprehensive earnings — unrealized gain on investments and other financial instruments	2						2
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	0
Other comprehensive earnings — unrealized loss on foreign currency translation	(1)						(1)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	(1)						(1)
Reclassification for ASU 2018-02		$ 0				$ 1		$ (1)
Equity portion of debt conversions settled in cash	(84)			(84)
Stock-based compensation	7			7
Dividends declared, per common share	(83)				(83)
Pacific Union Sale	(25)
Subsidiary dividends declared to non-controlling interests	(3)									(3)
Net earnings	237				236					1
Ending balance (in shares) at Sep. 30, 2018			289						13
Ending balance at Sep. 30, 2018	4,688		$ 0	4,488	681		(12)		$ (468)	(1)
Beginning balance at Jun. 30, 2018	344
Ending balance at Sep. 30, 2018	344
Beginning balance (in shares) at Dec. 31, 2018			290						14
Beginning balance at Dec. 31, 2018	4,628		$ 0	4,500	641		(13)		$ (498)	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			2
Exercise of stock options	35			35
Treasury stock repurchased (in shares)									2
Treasury stock repurchased	(82)								$ (82)
Other comprehensive earnings — unrealized gain on investments and other financial instruments	53						53
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	9						9
Other comprehensive earnings — unrealized loss on foreign currency translation	1						1
Reclassification adjustments for change in unrealized gains and losses included in net earnings	(4)						(4)
Stock-based compensation	27			27
Dividends declared, per common share	(256)				(256)
Purchase of additional share in consolidated subsidiaries	(14)			4						(18)
Subsidiary dividends declared to non-controlling interests	(8)									(8)
Net earnings	732				722					10
Ending balance (in shares) at Sep. 30, 2019			292						16
Ending balance at Sep. 30, 2019	5,121		$ 0	4,566	1,107		46		$ (580)	(18)
Beginning balance at Dec. 31, 2018	344
Ending balance at Sep. 30, 2019	344
Beginning balance (in shares) at Jun. 30, 2019			290						15
Beginning balance at Jun. 30, 2019	4,952		$ 0	4,528	942		36		$ (544)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			2
Exercise of stock options	29			29
Treasury stock repurchased (in shares)									1
Treasury stock repurchased	(36)								$ (36)
Other comprehensive earnings — unrealized gain on investments and other financial instruments	10						10
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	2						2
Other comprehensive earnings — unrealized loss on foreign currency translation	(2)						(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	0
Stock-based compensation	9			9
Dividends declared, per common share	(85)				(85)
Purchase of additional share in consolidated subsidiaries	(10)									(10)
Subsidiary dividends declared to non-controlling interests	(4)									(4)
Net earnings	256				250					6
Ending balance (in shares) at Sep. 30, 2019			292						16
Ending balance at Sep. 30, 2019	5,121		$ 0	$ 4,566	$ 1,107		$ 46		$ (580)	$ (18)
Beginning balance at Jun. 30, 2019	344
Ending balance at Sep. 30, 2019	$ 344

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.31	$ 0.30	$ 0.93	$ 0.90

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net earnings	$ 732	$ 589
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	132	138
Equity in earnings of unconsolidated affiliates	(12)	(4)
Gain on sales of investments and other assets and asset impairments, net	(3)	(4)
Gain on sale of subsidiaries	0	(10)
Non-cash lease costs	110	0
Operating lease payments	(112)	0
Distributions from unconsolidated affiliates, return on investment	5	4
Stock-based compensation cost	27	22
Change in valuation of equity and preferred securities, net	(184)	(21)
Changes in assets and liabilities, net of effects from acquisitions:
Net (increase) decrease in trade receivables	(76)	8
Net increase in prepaid expenses and other assets	(83)	(14)
Net increase (decrease) in accounts payable, accrued liabilities, deferred revenue and other	101	(16)
Net increase in reserve for title claim losses	6	1
Net change in income taxes	57	(22)
Net cash provided by operating activities	700	671
Cash flows from investing activities:
Proceeds from sales of investment securities	482	422
Proceeds from calls and maturities of investment securities	173	401
Proceeds from sales of property and equipment	1	21
Fundings of Cannae Holdings Inc. note receivable	(200)	0
Proceeds from repayments of Cannae Holdings Inc. note receivable	200	0
Additions to property and equipment and capitalized software	(69)	(56)
Purchases of investment securities	(678)	(871)
Net (purchases of) proceeds from sales and maturities of short-term investment securities	(73)	15
Additional investments in unconsolidated affiliates	(25)	(62)
Distributions from unconsolidated affiliates, return of investment	37	60
Net other investing activities	(9)	(2)
Proceeds from Pacific Union Sale, net of cash transferred	0	39
Other acquisitions/disposals of businesses, net of cash acquired/disposed	0	(9)
Net cash used in investing activities	(161)	(42)
Cash flows from financing activities:
Borrowings	0	442
Debt principal payments	0	(370)
Equity portion of debt conversions paid in cash	0	(142)
Dividends paid	(254)	(246)
Subsidiary dividends paid to non-controlling interest shareholders	(8)	(7)
Exercise of stock options	35	15
Subsidiary equity repurchase	(3)	(1)
Net change in secured trust deposits	68	5
Purchase of additional share in consolidated subsidiaries	(4)	0
Payment of contingent consideration for prior period acquisitions	(19)	(13)
Purchases of treasury stock	(81)	0
Net cash used in financing activities	(266)	(317)
Net increase in cash and cash equivalents	273	312
Cash and cash equivalents at beginning of period	1,257	1,110
Cash and cash equivalents at end of period	$ 1,530	$ 1,422

Basis of Financial Statements

Basis of Financial Statements	9 Months Ended
	Sep. 30, 2019
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,” the "Company" 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, 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, recordings and reconveyances 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 operating 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 Termination of Stewart Merger Agreement and Payment of Reverse Termination Fee On March 18, 2018, we signed a merger agreement (the "Merger Agreement") to acquire Stewart Information Services Corporation ("Stewart") (NYSE: STC) (the "Stewart Merger"). On, September 9, 2019, we entered into a mutual Termination Agreement with Stewart (the “Termination Agreement”), pursuant to which the parties agreed to terminate the Merger Agreement, due to the Federal Trade Commission's issuance of an administrative complaint seeking to block the merger. In connection with the termination of the Merger Agreement, we paid to Stewart, on September 12, 2019, the Reverse Termination Fee (as defined in the Merger Agreement) consisting of $50 million in cash, which is included within other operating expenses in the Consolidated Statements of Earnings. Note Receivable from Cannae In November 2017, in conjunction with the split-off of our former portfolio company investments into a separate company, Cannae Holdings, Inc. ("Cannae"), we issued to Cannae a revolver note (the "Cannae Revolver") in the aggregate principal amount of up to $100 million . Cannae is considered a related party to FNF. The Cannae Revolver accrues interest quarterly at LIBOR plus 450 basis points and matures on the five -year anniversary from the date of issuance. 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. On February 7, 2019, Cannae borrowed $100 million from FNF under the Cannae Revolver. On June 12, 2019, Cannae repaid to FNF the entire $100 million outstanding amount under the Cannae Revolver. On July 5, 2019, Cannae borrowed $100 million from FNF under the Cannae Revolver. On September 11, 2019, Cannae repaid to FNF the entire $100 million outstanding amount under the Cannae Revolver. We account for the Cannae Revolver as a financing receivable. Interest income is recorded ratably in periods in which principal is outstanding. Uncollectible financing receivables are written off or impaired when, based on all available information, it is probable that a loss has occurred. Income Tax Income tax expense was $59 million and $51 million in the three-month periods ended September 30, 2019 and 2018 , respectively, and $210 million and $104 million in the nine -month periods ended September 30, 2019 and 2018 , respectively. Income tax expense as a percentage of earnings before income taxes was 19% and 18% in the three-month periods ended September 30, 2019 and 2018 , respectively, and 23% and 15% in the nine-month periods ended September 30, 2019 and 2018 , respectively. The increase in income tax expense as a percentage of earnings before taxes in the 2019 periods from the comparable periods in 2018 was primarily attributable to a change in tax estimate in the three months ended June 30, 2018 relating to the timing of payments for, and tax rate applicable to, our tax liability resulting from the decrease in statutory premium reserve associated with the redomestication of certain of our title underwriters. 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 instruments outstanding during the three or nine -month periods ended September 30, 2019 or September 30, 2018 . Recent Accounting Pronouncements Adopted Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard using a modified retrospective approach with a cumulative-effect adjustment to opening equity at the adoption date and include required disclosures for prior periods. We adopted Topic 842 on January 1, 2019 using a modified retrospective approach and recorded lease right-of-use assets ("Lease assets") of $421 million and liabilities for future discounted lease payment obligations ("Lease liabilities") of $437 million at the date of adoption. The adoption also resulted in a decrease of $9 million and $25 million to our Prepaid expenses and other assets and Accounts payable and accrued liabilities, respectively. There was no impact to opening equity as a result of the adoption. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note K. Leases for further discussion of our leasing arrangements and related accounting. Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). 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 finalizing the effect this new guidance will have on our Consolidated Financial Statements and related disclosures. Based on a preliminary analysis performed, the overall effect of Topic 326 is estimated not to be material to the Consolidated Financial Statements upon adoption. We do not plan to early adopt this standard.

Summary of Reserve for Claims L

Summary of Reserve for Claims Losses	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Summary of Reserve for Claims Losses	Summary of Reserve for Claim Losses A summary of the reserve for claim losses follows: Nine months ended September 30, 2019 2018 (Dollars in millions) Beginning balance $ 1,488 $ 1,490 Change in reinsurance recoverable (1 ) 1 Claim loss provision related to: Current year 174 165 Prior years — — Total title claim loss provision 174 165 Claims paid, net of recoupments related to: Current year (5 ) (3 ) Prior years (162 ) (162 ) Total title claims paid, net of recoupments (167 ) (165 ) Ending balance of claim loss reserve for title insurance $ 1,494 $ 1,491 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 % On October 22, 2019, a lawsuit was filed against Chicago Title Company and Chicago Title (collectively, the “Chicago Title Company”) styled as, Ovation Fin. Holdings 2 LLC, Ovation Fund Mgmt. II, LLC, Banc of California, N.A. v. Chicago Title Ins. Co., Chicago Title Co., Case No. 3:19-cv-02031-GPC-KSC, pending in the United States District Court for the Southern District of California. Plaintiffs allege they are investors solicited by Gina Champion-Cain to provide funds that Ms. Champion-Cain represented were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Under California state law, alcoholic beverage license applicants are required to escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs allege that the Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by the Chicago Title Company into which the investors’ funds were deposited. The investors allege they were defrauded out of more than $75 million , and also seek consequential, treble, and punitive damages. The Chicago Title Company is investigating the allegations and has not yet filed a response to the lawsuit but plans to do so on, or before the due date. No specific known claims reserve has been established as any amount of specific loss is not estimable. We continually upda te 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 additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 289 $ — $ 289 State and political subdivisions — 77 — 77 Corporate debt securities — 1,579 17 1,596 Mortgage-backed/asset-backed securities — 72 — 72 Foreign government bonds — 58 — 58 Preferred securities 18 266 — 284 Equity securities 684 — — 684 Other long-term investments — — 116 116 Total assets $ 702 $ 2,341 $ 133 $ 3,176 December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 225 $ — $ 225 State and political subdivisions — 148 — 148 Corporate debt securities — 1,486 17 1,503 Mortgage-backed/asset-backed securities — 60 — 60 Foreign government bonds — 62 — 62 Preferred securities 16 285 — 301 Equity securities 498 — — 498 Other long-term investments — — 101 101 Total assets $ 514 $ 2,266 $ 118 $ 2,898 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. Our Level 3 fair value measures for our other long term investment 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 September 30, 2019 was a range of 7.1% - 7.5% and a weighted-average of 7.2% . Based on the total fair value of our Level 3 other long-term investment as of September 30, 2019 , changes in the discount rate utilized will not result in a fair value significantly different than the amount recorded. Our Level 3 fair value measures for our corporate debt securities relate to multiple investments which are considered immaterial individually and in the aggregate. 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 nine -month periods ended September 30, 2019 and 2018. Three months ended September 30, 2019 Three months ended September 30, 2018 Other Long-Term Corporate Debt Other Long-Term Corporate Debt Investment Securities Total Investment Securities Total (In millions) (In millions) Fair value, beginning balance $ 112 $ 16 $ 128 $ 102 $ 13 $ 115 Paid-in-kind dividends (1) 2 — 2 2 — 2 Purchases — 1 1 — — — Net valuation gain included in earnings (2) 2 — 2 — — — Fair value, ending balance $ 116 $ 17 $ 133 $ 104 $ 13 $ 117 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Other Long-Term Corporate Debt Other Long-Term Corporate Debt Investment Securities Total Investment Securities Total (In millions) (In millions) Fair value, beginning balance $ 101 $ 17 $ 118 $ — $ — $ — Fair value of assets associated with the adoption of ASU 2016-01 — — — 100 — 100 Transfers from Level 2 — — — — 13 13 Transfers to Level 2 — (5 ) (5 ) — — — Paid-in-kind dividends (1) 5 1 6 5 — 5 Purchases — 6 6 — — — Sales and maturities — (1 ) (1 ) — — — Net valuation gain (loss) included in earnings (2) 10 — 10 (1 ) — (1 ) Net unrealized loss included in other comprehensive earnings (3) — (1 ) (1 ) — — — Fair value, ending balance $ 116 $ 17 $ 133 $ 104 $ 13 $ 117 _____________________________________ (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 (3) Included in Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Condensed Consolidated Statements of Comprehensive 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 three and nine months ended September 30, 2019 and three months ended 2018, respectively, transfers between Level 2 and Level 3 are not considered material. For the nine months ended September 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. Substantially all of the unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive Income relate to fixed maturity securities which are considered Level 2 fair value measures. The carrying amounts of short-term investments, accounts receivable and notes receivable approximate fair value due to their short-term nature and/or short time period since consummation. Additional information regarding the fair value of our investment portfolio is included in Note D. Investments

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The carrying amounts and fair values of our available for sale securities at September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 289 $ 280 $ 9 $ — $ 289 State and political subdivisions 77 75 2 — 77 Corporate debt securities 1,596 1,549 53 (6 ) 1,596 Mortgage-backed/asset-backed securities 72 69 3 — 72 Foreign government bonds 58 61 — (3 ) 58 Total $ 2,092 $ 2,034 $ 67 $ (9 ) $ 2,092 December 31, 2018 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 225 $ 226 $ 1 $ (2 ) $ 225 State and political subdivisions 148 147 1 — 148 Corporate debt securities 1,503 1,510 6 (13 ) 1,503 Mortgage-backed/asset-backed securities 60 59 1 — 60 Foreign government bonds 62 67 — (5 ) 62 Total $ 1,998 $ 2,009 $ 9 $ (20 ) $ 1,998 The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or accreted discount since the date of purchase. The following table presents certain information regarding contractual maturities of our fixed maturity securities at September 30, 2019 : September 30, 2019 Amortized % of Fair % of Maturity Cost Total Value Total (Dollars in millions) One year or less $ 334 16 % $ 331 16 % After one year through five years 1,160 57 1,183 57 After five years through ten years 361 18 382 18 After ten years 110 5 124 6 Mortgage-backed/asset-backed securities 69 4 72 3 Total $ 2,034 100 % $ 2,092 100 % 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 September 30, 2019 and December 31, 2018 , were as follows (in millions): September 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Corporate debt securities $ 136 $ (5 ) $ 58 $ (1 ) $ 194 $ (6 ) Foreign government bonds — — 23 (3 ) 23 (3 ) Total temporarily impaired securities $ 136 $ (5 ) $ 81 $ (4 ) $ 217 $ (9 ) December 31, 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 $ 71 $ (1 ) $ 117 $ (1 ) $ 188 $ (2 ) Corporate debt securities 661 (8 ) 301 (5 ) 962 (13 ) Foreign government bonds 52 (3 ) 10 (2 ) 62 (5 ) Total temporarily impaired securities $ 784 $ (12 ) $ 428 $ (8 ) $ 1,212 $ (20 ) We recorded no impairment charges relating to investments during the three or nine-month periods ended September 30, 2019 or during the three-month period ended September 30, 2018. We recorded $3 million of impairment charges relating to investments during the nine-month period ended September 30, 2018. Impairment in the nine-month period ended September 30, 2018 relates 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 September 30, 2019 and December 31, 2018 , 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 nine -month periods ended September 30, 2019 and 2018 , respectively: Three months ended September 30, 2019 Nine months ended September 30, 2019 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) Sales and maturities of fixed maturity securities available for sale $ 1 $ — $ 1 $ 78 $ 3 $ (1 ) $ 2 $ 450 Sales and maturities of preferred securities 1 — 1 19 1 — 1 45 Sales of equity securities 5 — 5 5 10 — 10 129 Valuation of equity securities (7 ) 161 Valuation of preferred securities 1 14 Valuation of other long term investments 2 9 Impairment of lease assets — (8 ) Other realized gains and losses, net 1 (2 ) Total $ 4 $ 102 $ 187 $ 624 Three months ended September 30, 2018 Nine months ended September 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) Sales and maturities of fixed maturity securities available for sale $ — $ — $ — $ 119 $ 4 $ (3 ) $ 1 $ 662 Sales and maturities of preferred securities — — — 6 1 — 1 52 Sales of equity securities 2 (4 ) (2 ) 89 5 (8 ) (3 ) 108 Valuation of equity securities 42 — 30 — Valuation of preferred securities — — (8 ) — Property and equipment — — 5 21 Pacific Union sale 10 53 10 53 Other realized gains and losses, net — — (1 ) — Total $ 50 $ 267 $ 35 $ 896 Investment with Related Party Included in equity securities as of September 30, 2019 and December 31, 2018 are 5,706,134 shares of Cannae common stock (NYSE: CNNE) which were purchased during the fourth quarter of 2017 in connection with the split-off of our former portfolio company investments to Cannae. The fair value of our related party investment based on quoted market prices is $157 million and $98 million as of September 30, 2019 and December 31, 2018, respectively.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consists of the following: September 30, December 31, (In millions) 4.50% Notes, net of discount $ 443 $ 442 5.50% Notes, net of discount 398 398 Revolving Credit Facility (3 ) (4 ) $ 838 $ 836 At September 30, 2019 , the estimated fair value of our unsecured notes payable was approximately $913 million , which was $63 million higher than its carrying value, excluding $12 million of net unamortized debt issuance costs and discount. The fair values of our unsecured notes payable are based on established market prices for the securities on September 30, 2019 and are considered Level 2 financial liabilities. On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the " 4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16, 2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the " 4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange. On June 25, 2013, we entered into an agreement to amend and restate our existing $800 million Second Amended and Restated Credit Agreement (the “Existing Credit Agreement”), dated as of April 16, 2012 with Bank of America, N.A., as administrative agent 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 Restated Credit Agreement are set forth in our Annual Report for the year ended December 31, 2018. As of September 30, 2019 , there was no principal outstanding, $3 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Revolving Credit Facility. On August 28, 2012, we completed an offering of $400 million in aggregate principal amount of 5.50% notes due September 2022 (the " 5.50% Notes"), pursuant to an effective registration statement previously filed with the Securities and Exchange Commission ("SEC"). The material terms of the 5.50% Notes are set forth in our Annual Report for the year ended December 31, 2018. Gross principal maturities of notes payable at September 30, 2019 are as follows (in millions): 2019 (remaining) $ — 2020 — 2021 — 2022 400 2023 — Thereafter 450 $ 850

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
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 $11 million as of September 30, 2019 and December 31, 2018 , 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, originally filed on October 27, 2003, and 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 that 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. The court also determined that a multiplier of 1.5, not treble, should be applied to the amount of damages, if any, proven by class members at trial, and that Plaintiffs should bear the responsibility of identifying class members and calculating damages. The Company sought permission from the Pennsylvania Superior Court to appeal both the liability and damage multiplier issues; however, the petition was denied. The Company has filed a petition with the Pennsylvania Supreme Court requesting consideration of the appeal on the merits, or in the alternative, an order directing the Pennsylvania Superior Court to grant interlocutory review. There has been no determination as to the size of the class. It is unknown whether plaintiffs will seek statutory or actual damages, or whether the judge will exercise discretion to award prejudgment interest or 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. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Dividends	Dividends On October 29, 2019 , our Board of Directors declared cash dividends of $ 0.33 per share, payable on December 31, 2019 , to FNF common shareholders of record as of December 17, 2019 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 : Title Corporate and Other Total (In millions) Title premiums $ 1,487 $ — $ 1,487 Other revenues 653 40 693 Revenues from external customers 2,140 40 2,180 Interest and investment income, including realized gains and losses 54 7 61 Total revenues 2,194 47 2,241 Depreciation and amortization 38 6 44 Interest expense — 12 12 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 389 (76 ) 313 Income tax expense (benefit) 94 (35 ) 59 Earnings (loss) before equity in earnings of unconsolidated affiliates 295 (41 ) 254 Equity in earnings of unconsolidated affiliates 1 1 2 Net earnings (loss) $ 296 $ (40 ) $ 256 Assets $ 9,305 $ 1,114 $ 10,419 Goodwill 2,461 265 2,726 As of and for the three months ended September 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 1,296 $ — $ 1,296 Other revenues 567 128 695 Revenues from external customers 1,863 128 1,991 Interest and investment income, including realized gains and losses 82 12 94 Total revenues 1,945 140 2,085 Depreciation and amortization 38 8 46 Interest expense — 9 9 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 311 (24 ) 287 Income tax expense (benefit) 68 (17 ) 51 Earnings (loss) before equity in earnings of unconsolidated affiliates 243 (7 ) 236 Equity in earnings of unconsolidated affiliates 1 — 1 Net earnings (loss) $ 244 $ (7 ) $ 237 Assets $ 8,591 $ 780 $ 9,371 Goodwill 2,452 267 2,719 As of and for the nine months ended September 30, 2019 : Title Corporate and Other Total (In millions) Title premiums $ 3,858 $ — $ 3,858 Other revenues 1,747 145 1,892 Revenues from external customers 5,605 145 5,750 Interest and investment income, including realized gains and losses 344 13 357 Total revenues 5,949 158 6,107 Depreciation and amortization 115 17 132 Interest expense — 36 36 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 1,068 (138 ) 930 Income tax expense (benefit) 260 (50 ) 210 Earnings (loss) before equity in earnings of unconsolidated affiliates 808 (88 ) 720 Equity in earnings of unconsolidated affiliates 11 1 12 Net earnings (loss) $ 819 $ (87 ) $ 732 Assets $ 9,305 $ 1,114 $ 10,419 Goodwill 2,461 265 2,726 As of and for the nine months ended September 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 3,663 $ — $ 3,663 Other revenues 1,683 395 2,078 Revenues from external customers 5,346 395 5,741 Interest and investment income, including realized gains and losses 147 13 160 Total revenues 5,493 408 5,901 Depreciation and amortization 116 22 138 Interest expense — 31 31 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 774 (85 ) 689 Income tax expense (benefit) 137 (33 ) 104 Earnings (loss) before equity in earnings of unconsolidated affiliates 637 (52 ) 585 Equity in earnings of unconsolidated affiliates 3 1 4 Net earnings (loss) $ 640 $ (51 ) $ 589 Assets $ 8,591 $ 780 $ 9,371 Goodwill 2,452 267 2,719 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 real estate technology subsidiaries and our remaining real estate brokerage businesses. This segment includes the results of operations of Pacific Union International, Inc. ("Pacific Union") through September 24, 2018, the date we closed on the sale of all of our equity interest in, and notes outstanding from, Pacific Union. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2019
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. Nine months ended September 30, 2019 2018 Cash paid for: Interest $ 43 $ 33 Income taxes 152 127 Non-cash investing and financing activities: Change in proceeds of sales of investments available for sale receivable in period $ (7 ) $ 1 Change in purchases of investments available for sale payable in period (8 ) (5 ) Receivable for non-cash earnout proceeds for the Pacific Union Sale — 10 Change in accrual for unsettled repurchases of formerly outstanding debt instruments — (11 ) Lease liabilities recognized in exchange for lease right-of-use assets 27 — Remeasurement of lease liabilities 57 —

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers , by applying the modified retrospective method. 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 September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (in millions) Direct title insurance premiums Direct title insurance premiums Title $ 660 $ 574 $ 1,725 $ 1,645 Agency title insurance premiums Agency title insurance premiums Title 827 722 2,133 2,018 Home warranty Escrow, title-related and other fees Title 45 46 132 137 Total revenue from insurance contracts 1,532 1,342 3,990 3,800 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 253 219 655 637 Other title-related fees and income Escrow, title-related and other fees Title 171 153 472 456 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 104 95 284 293 Real estate technology Escrow, title-related and other fees Corporate and other 26 25 77 77 Real estate brokerage Escrow, title-related and other fees Corporate and other 11 95 32 305 Other Escrow, title-related and other fees Corporate and other 3 8 36 13 Total revenue from contracts with customers 568 595 1,556 1,781 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 80 54 204 160 Interest and investment income Interest and investment income Various 57 44 170 125 Realized gains and losses, net Realized gains and losses, net Various 4 50 187 35 Total revenues Total revenues $ 2,241 $ 2,085 6,107 5,901 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. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty 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 ServiceLink, 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 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. 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. 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: September 30, 2019 December 31, 2018 (In millions) Trade receivables $ 362 $ 284 Deferred revenue (contract liabilities) 117 105 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 primarily 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 and nine months ended September 30, 2019 , we recognized $44 million and $97 million of revenue, respectively, which was included in deferred revenue at the beginning of the period.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Leases We adopted ASC Topic 842 on January 1, 2019 using a modified retrospective approach. Prior year periods continue to be reported under ASC Topic 840. See Note A Basis of Financial Statements for further discussion of the current period effects of adoption of ASU No. 2016-02 Leases (Topic 842). Right-of-use assets and lease liabilities related to operating leases under ASC Topic 842 are recorded when we are party to a contract which conveys the right for the Company to control an asset for a specified period of time. Substantially all of our operating lease arrangements relate to rented office space and real estate for our title operations. We generally are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities under ASC Topic 842 are recorded as Lease assets and Lease liabilities, respectively, on the Condensed Consolidated Balance Sheet as of September 30, 2019 . Our operating leases range in term from one to ten years . As of September 30, 2019 , the weighted-average remaining lease term of our operating leases was 4.2 years. Our lease agreements do not contain material variable lease payments, buyout options, residual value guarantees or restrictive covenants. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term by varying amounts. The exercise of lease renewal options is at our sole discretion. We do not include options to renew in our measurement of right-of-use assets and lease liabilities as they are not considered reasonably assured of exercise. Our operating lease liability is determined by discounting future lease payments using a discount rate based on the Company's incremental borrowing rate for similar collateralized borrowing. The discount rate is calculated as an average of the current yield on our unsecured notes payable and 140 basis points in excess of the current five year LIBOR swap rate. As of September 30, 2019 the weighted-average discount rate used to determine our operating lease liability was 4.33% . We do not separate lease components from non-lease components for any of our right-of-use assets. Our lease costs are included in Other operating expenses on the Condensed Consolidated Statements of Income and were $36 million and $109 million for the three and nine-month periods ended September 30, 2019 , respectively. We do not have any material short term lease costs, variable lease costs, or sublease income. Future payments under operating lease arrangements accounted for under ASC Topic 842 as of September 30, 2019 are as follows (in millions): 2019 (remaining) $ 37 2020 136 2021 109 2022 81 2023 53 Thereafter 47 Total operating lease payments, undiscounted $ 463 Less: present value discount 41 Lease liability, at present value $ 422 Future payments under operating lease arrangements accounted for under ASC Topic 840 as of December 31, 2018 are as follows (in millions): 2019 $ 145 2020 121 2021 93 2022 68 2023 41 Thereafter 28 Total future minimum operating lease payments $ 496 See Note I. Supplemental Cash Flow Information for certain information on noncash investing and financing activities related to our operating lease arrangements.

Basis of Financial Statements (

Basis of Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2019
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,” the "Company" 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, 2018 .
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard using a modified retrospective approach with a cumulative-effect adjustment to opening equity at the adoption date and include required disclosures for prior periods. We adopted Topic 842 on January 1, 2019 using a modified retrospective approach and recorded lease right-of-use assets ("Lease assets") of $421 million and liabilities for future discounted lease payment obligations ("Lease liabilities") of $437 million at the date of adoption. The adoption also resulted in a decrease of $9 million and $25 million to our Prepaid expenses and other assets and Accounts payable and accrued liabilities, respectively. There was no impact to opening equity as a result of the adoption. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note K. Leases for further discussion of our leasing arrangements and related accounting. Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). 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 finalizing the effect this new guidance will have on our Consolidated Financial Statements and related disclosures. Based on a preliminary analysis performed, the overall effect of Topic 326 is estimated not to be material to the Consolidated Financial Statements upon adoption. We do not plan to early adopt this standard. On January 1, 2018, we adopted Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers , by applying the modified retrospective method. 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. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty 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 ServiceLink, 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 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. 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. 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 Claims_2

Summary of Reserve for Claims Losses (Tables)	9 Months Ended
	Sep. 30, 2019
Insurance [Abstract]
Summary of the Reserve for Claim Losses	A summary of the reserve for claim losses follows: Nine months ended September 30, 2019 2018 (Dollars in millions) Beginning balance $ 1,488 $ 1,490 Change in reinsurance recoverable (1 ) 1 Claim loss provision related to: Current year 174 165 Prior years — — Total title claim loss provision 174 165 Claims paid, net of recoupments related to: Current year (5 ) (3 ) Prior years (162 ) (162 ) Total title claims paid, net of recoupments (167 ) (165 ) Ending balance of claim loss reserve for title insurance $ 1,494 $ 1,491 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 , respectively: September 30, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 289 $ — $ 289 State and political subdivisions — 77 — 77 Corporate debt securities — 1,579 17 1,596 Mortgage-backed/asset-backed securities — 72 — 72 Foreign government bonds — 58 — 58 Preferred securities 18 266 — 284 Equity securities 684 — — 684 Other long-term investments — — 116 116 Total assets $ 702 $ 2,341 $ 133 $ 3,176 December 31, 2018 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ — $ 225 $ — $ 225 State and political subdivisions — 148 — 148 Corporate debt securities — 1,486 17 1,503 Mortgage-backed/asset-backed securities — 60 — 60 Foreign government bonds — 62 — 62 Preferred securities 16 285 — 301 Equity securities 498 — — 498 Other long-term investments — — 101 101 Total assets $ 514 $ 2,266 $ 118 $ 2,898
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 nine -month periods ended September 30, 2019 and 2018. Three months ended September 30, 2019 Three months ended September 30, 2018 Other Long-Term Corporate Debt Other Long-Term Corporate Debt Investment Securities Total Investment Securities Total (In millions) (In millions) Fair value, beginning balance $ 112 $ 16 $ 128 $ 102 $ 13 $ 115 Paid-in-kind dividends (1) 2 — 2 2 — 2 Purchases — 1 1 — — — Net valuation gain included in earnings (2) 2 — 2 — — — Fair value, ending balance $ 116 $ 17 $ 133 $ 104 $ 13 $ 117 Nine months ended September 30, 2019 Nine months ended September 30, 2018 Other Long-Term Corporate Debt Other Long-Term Corporate Debt Investment Securities Total Investment Securities Total (In millions) (In millions) Fair value, beginning balance $ 101 $ 17 $ 118 $ — $ — $ — Fair value of assets associated with the adoption of ASU 2016-01 — — — 100 — 100 Transfers from Level 2 — — — — 13 13 Transfers to Level 2 — (5 ) (5 ) — — — Paid-in-kind dividends (1) 5 1 6 5 — 5 Purchases — 6 6 — — — Sales and maturities — (1 ) (1 ) — — — Net valuation gain (loss) included in earnings (2) 10 — 10 (1 ) — (1 ) Net unrealized loss included in other comprehensive earnings (3) — (1 ) (1 ) — — — Fair value, ending balance $ 116 $ 17 $ 133 $ 104 $ 13 $ 117 _____________________________________ (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 (3) Included in Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Condensed Consolidated Statements of Comprehensive Earnings

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018 are as follows: September 30, 2019 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 289 $ 280 $ 9 $ — $ 289 State and political subdivisions 77 75 2 — 77 Corporate debt securities 1,596 1,549 53 (6 ) 1,596 Mortgage-backed/asset-backed securities 72 69 3 — 72 Foreign government bonds 58 61 — (3 ) 58 Total $ 2,092 $ 2,034 $ 67 $ (9 ) $ 2,092 December 31, 2018 Carrying Cost Unrealized Unrealized Fair Value Basis Gains Losses Value (In millions) Fixed maturity securities available for sale: U.S. government and agencies $ 225 $ 226 $ 1 $ (2 ) $ 225 State and political subdivisions 148 147 1 — 148 Corporate debt securities 1,503 1,510 6 (13 ) 1,503 Mortgage-backed/asset-backed securities 60 59 1 — 60 Foreign government bonds 62 67 — (5 ) 62 Total $ 1,998 $ 2,009 $ 9 $ (20 ) $ 1,998
Investments Classified by Contractual Maturity Dates	The following table presents certain information regarding contractual maturities of our fixed maturity securities at September 30, 2019 : September 30, 2019 Amortized % of Fair % of Maturity Cost Total Value Total (Dollars in millions) One year or less $ 334 16 % $ 331 16 % After one year through five years 1,160 57 1,183 57 After five years through ten years 361 18 382 18 After ten years 110 5 124 6 Mortgage-backed/asset-backed securities 69 4 72 3 Total $ 2,034 100 % $ 2,092 100 %
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 September 30, 2019 and December 31, 2018 , were as follows (in millions): September 30, 2019 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Corporate debt securities $ 136 $ (5 ) $ 58 $ (1 ) $ 194 $ (6 ) Foreign government bonds — — 23 (3 ) 23 (3 ) Total temporarily impaired securities $ 136 $ (5 ) $ 81 $ (4 ) $ 217 $ (9 ) December 31, 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 $ 71 $ (1 ) $ 117 $ (1 ) $ 188 $ (2 ) Corporate debt securities 661 (8 ) 301 (5 ) 962 (13 ) Foreign government bonds 52 (3 ) 10 (2 ) 62 (5 ) Total temporarily impaired securities $ 784 $ (12 ) $ 428 $ (8 ) $ 1,212 $ (20 )
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 nine -month periods ended September 30, 2019 and 2018 , respectively: Three months ended September 30, 2019 Nine months ended September 30, 2019 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) Sales and maturities of fixed maturity securities available for sale $ 1 $ — $ 1 $ 78 $ 3 $ (1 ) $ 2 $ 450 Sales and maturities of preferred securities 1 — 1 19 1 — 1 45 Sales of equity securities 5 — 5 5 10 — 10 129 Valuation of equity securities (7 ) 161 Valuation of preferred securities 1 14 Valuation of other long term investments 2 9 Impairment of lease assets — (8 ) Other realized gains and losses, net 1 (2 ) Total $ 4 $ 102 $ 187 $ 624 Three months ended September 30, 2018 Nine months ended September 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) Sales and maturities of fixed maturity securities available for sale $ — $ — $ — $ 119 $ 4 $ (3 ) $ 1 $ 662 Sales and maturities of preferred securities — — — 6 1 — 1 52 Sales of equity securities 2 (4 ) (2 ) 89 5 (8 ) (3 ) 108 Valuation of equity securities 42 — 30 — Valuation of preferred securities — — (8 ) — Property and equipment — — 5 21 Pacific Union sale 10 53 10 53 Other realized gains and losses, net — — (1 ) — Total $ 50 $ 267 $ 35 $ 896

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consists of the following: September 30, December 31, (In millions) 4.50% Notes, net of discount $ 443 $ 442 5.50% Notes, net of discount 398 398 Revolving Credit Facility (3 ) (4 ) $ 838 $ 836
Schedule of Principal Maturities of Notes Payable	Gross principal maturities of notes payable at September 30, 2019 are as follows (in millions): 2019 (remaining) $ — 2020 — 2021 — 2022 400 2023 — Thereafter 450 $ 850

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 : Title Corporate and Other Total (In millions) Title premiums $ 1,487 $ — $ 1,487 Other revenues 653 40 693 Revenues from external customers 2,140 40 2,180 Interest and investment income, including realized gains and losses 54 7 61 Total revenues 2,194 47 2,241 Depreciation and amortization 38 6 44 Interest expense — 12 12 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 389 (76 ) 313 Income tax expense (benefit) 94 (35 ) 59 Earnings (loss) before equity in earnings of unconsolidated affiliates 295 (41 ) 254 Equity in earnings of unconsolidated affiliates 1 1 2 Net earnings (loss) $ 296 $ (40 ) $ 256 Assets $ 9,305 $ 1,114 $ 10,419 Goodwill 2,461 265 2,726 As of and for the three months ended September 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 1,296 $ — $ 1,296 Other revenues 567 128 695 Revenues from external customers 1,863 128 1,991 Interest and investment income, including realized gains and losses 82 12 94 Total revenues 1,945 140 2,085 Depreciation and amortization 38 8 46 Interest expense — 9 9 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 311 (24 ) 287 Income tax expense (benefit) 68 (17 ) 51 Earnings (loss) before equity in earnings of unconsolidated affiliates 243 (7 ) 236 Equity in earnings of unconsolidated affiliates 1 — 1 Net earnings (loss) $ 244 $ (7 ) $ 237 Assets $ 8,591 $ 780 $ 9,371 Goodwill 2,452 267 2,719 As of and for the nine months ended September 30, 2019 : Title Corporate and Other Total (In millions) Title premiums $ 3,858 $ — $ 3,858 Other revenues 1,747 145 1,892 Revenues from external customers 5,605 145 5,750 Interest and investment income, including realized gains and losses 344 13 357 Total revenues 5,949 158 6,107 Depreciation and amortization 115 17 132 Interest expense — 36 36 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 1,068 (138 ) 930 Income tax expense (benefit) 260 (50 ) 210 Earnings (loss) before equity in earnings of unconsolidated affiliates 808 (88 ) 720 Equity in earnings of unconsolidated affiliates 11 1 12 Net earnings (loss) $ 819 $ (87 ) $ 732 Assets $ 9,305 $ 1,114 $ 10,419 Goodwill 2,461 265 2,726 As of and for the nine months ended September 30, 2018 : Title Corporate and Other Total (In millions) Title premiums $ 3,663 $ — $ 3,663 Other revenues 1,683 395 2,078 Revenues from external customers 5,346 395 5,741 Interest and investment income, including realized gains and losses 147 13 160 Total revenues 5,493 408 5,901 Depreciation and amortization 116 22 138 Interest expense — 31 31 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 774 (85 ) 689 Income tax expense (benefit) 137 (33 ) 104 Earnings (loss) before equity in earnings of unconsolidated affiliates 637 (52 ) 585 Equity in earnings of unconsolidated affiliates 3 1 4 Net earnings (loss) $ 640 $ (51 ) $ 589 Assets $ 8,591 $ 780 $ 9,371 Goodwill 2,452 267 2,719

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2019
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. Nine months ended September 30, 2019 2018 Cash paid for: Interest $ 43 $ 33 Income taxes 152 127 Non-cash investing and financing activities: Change in proceeds of sales of investments available for sale receivable in period $ (7 ) $ 1 Change in purchases of investments available for sale payable in period (8 ) (5 ) Receivable for non-cash earnout proceeds for the Pacific Union Sale — 10 Change in accrual for unsettled repurchases of formerly outstanding debt instruments — (11 ) Lease liabilities recognized in exchange for lease right-of-use assets 27 — Remeasurement of lease liabilities 57 —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenue consists of: Three months ended September 30, Nine months ended September 30, 2019 2018 2019 2018 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (in millions) Direct title insurance premiums Direct title insurance premiums Title $ 660 $ 574 $ 1,725 $ 1,645 Agency title insurance premiums Agency title insurance premiums Title 827 722 2,133 2,018 Home warranty Escrow, title-related and other fees Title 45 46 132 137 Total revenue from insurance contracts 1,532 1,342 3,990 3,800 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 253 219 655 637 Other title-related fees and income Escrow, title-related and other fees Title 171 153 472 456 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 104 95 284 293 Real estate technology Escrow, title-related and other fees Corporate and other 26 25 77 77 Real estate brokerage Escrow, title-related and other fees Corporate and other 11 95 32 305 Other Escrow, title-related and other fees Corporate and other 3 8 36 13 Total revenue from contracts with customers 568 595 1,556 1,781 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 80 54 204 160 Interest and investment income Interest and investment income Various 57 44 170 125 Realized gains and losses, net Realized gains and losses, net Various 4 50 187 35 Total revenues Total revenues $ 2,241 $ 2,085 6,107 5,901
Information about Trade Receivables and Deferred Revenue	The following table provides information about trade receivables and deferred revenue: September 30, 2019 December 31, 2018 (In millions) Trade receivables $ 362 $ 284 Deferred revenue (contract liabilities) 117 105

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Future Payments Under Operating Lease Arrangements Accounted for Under ASC Topic 842	Future payments under operating lease arrangements accounted for under ASC Topic 842 as of September 30, 2019 are as follows (in millions): 2019 (remaining) $ 37 2020 136 2021 109 2022 81 2023 53 Thereafter 47 Total operating lease payments, undiscounted $ 463 Less: present value discount 41 Lease liability, at present value $ 422
Future Payments Under Operating Leases Accounted for Under ASC Topic 840	Future payments under operating lease arrangements accounted for under ASC Topic 840 as of December 31, 2018 are as follows (in millions): 2019 $ 145 2020 121 2021 93 2022 68 2023 41 Thereafter 28 Total future minimum operating lease payments $ 496

Basis of Financial Statements -

Basis of Financial Statements - Recent Developments (Details) - USD ($)	Sep. 12, 2019	Sep. 11, 2019	Jun. 12, 2019	Nov. 30, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jul. 05, 2019	Feb. 07, 2019
Business Acquisition [Line Items]
Other operating expenses					$ 473,000,000	$ 477,000,000	$ 1,226,000,000	$ 1,406,000,000
Proceeds from repayment of Cannae Holdings Inc. note receivable							$ 200,000,000	$ 0
Revolving Credit Facility
Business Acquisition [Line Items]
Revolver note issued aggregate principal (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 | Cannae Revolver | Borrowing Under Line Of Credit
Business Acquisition [Line Items]
Borrowing under Cannae Revolver									$ 100,000,000	$ 100,000,000
Proceeds from repayment of Cannae Holdings Inc. note receivable		$ 100,000,000	$ 100,000,000
Revolving Credit Facility | LIBOR
Business Acquisition [Line Items]
Basis spread on variable rate (as percent)				4.50%
Stewart Information Services Corporation
Business Acquisition [Line Items]
Other operating expenses	$ 50,000,000

Basis of Financial Statements_2

Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense	$ 59	$ 51	$ 210	$ 104
Income tax expense as a percentage of earnings before income taxes, percent	19.00%	18.00%	23.00%	15.00%

Basis of Financial Statements_3

Basis of Financial Statements - Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive instruments (in shares)	0	0	0	0

Basis of Financial Statements_4

Basis of Financial Statements - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right-of-use asset	$ 396
Lease liability	422
Prepaid expenses and other assets	(455)		$ (377)
Accounts payable and accrued expenses	$ (1,011)		$ (956)
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease right-of-use asset		$ 421
Lease liability		437
Prepaid expenses and other assets		9
Accounts payable and accrued expenses		$ 25

Summary of Reserve for Claims_3

Summary of Reserve for Claims Losses - Summary of Reserve Claims (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	$ 1,488	$ 1,490
Change in reinsurance recoverable	(1)	1
Claim loss provision related to:
Current year	174	165
Prior years	0	0
Total title claim loss provision	174	165
Claims paid, net of recoupments related to:
Current year	(5)	(3)
Prior years	(162)	(162)
Total title claims paid, net of recoupments	(167)	(165)
Ending balance of claim loss reserve for title insurance	$ 1,494	$ 1,491
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%

Summary of Reserve for Claims_4

Summary of Reserve for Claims Losses - Narrative (Details) $ in Millions	Oct. 22, 2019USD ($)
Subsequent Event | Pending Litigation | Ovation Fin. Holdings 2 LLC, Ovation Fund Mgmt. II, LLC, Banc of California, N.A. v. Chicago Title Ins. Co., Chicago Title Co., Case No. 3:19-cv-02031-GPC-KSC
Loss Contingencies [Line Items]
Alleged defrauded amount	$ 75

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	$ 2,092	$ 1,998
Total assets	3,176	2,898
U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	289	225
State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	77	148
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	1,596	1,503
Mortgage-backed/asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	72	60
Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	58	62
Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	284	301
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	684	498
Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term investments	116	101
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	702	514
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
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
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
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
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
Level 1 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	18	16
Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	684	498
Level 1 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,341	2,266
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	289	225
Level 2 | State and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	77	148
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	1,579	1,486
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	72	60
Level 2 | Foreign government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	58	62
Level 2 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	266	285
Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Level 2 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term investments	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	133	118
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
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
Level 3 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available for sale debt securities	17	17
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
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
Level 3 | Preferred securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Level 3 | Other long-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term investments	$ 116	$ 101

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		9 Months Ended
	Sep. 30, 2019USD ($)firm	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)firm	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Jan. 01, 2018USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of firms to value preferred stock and bond portfolios | firm	1		1
Number of firms utilized to value Level 3 other-long term investments | firm	1		1
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	$ 128	$ 115	$ 118	$ 0
Transfers from Level 2			0	13
Transfers to Level 2			(5)	0
Paid-in-kind dividends	2	2	6	5
Purchases	1	0	6	0
Sales and maturities			(1)	0
Net valuation gain (loss) included in earnings	2	0	10	(1)
Net unrealized loss included in other comprehensive earnings			(1)	0
Fair value, End of period	133	117	133	117
Level 3 | 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	$ 100
Level 3 | Other Long-Term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	112	102	101	0
Transfers from Level 2			0	0
Transfers to Level 2			0	0
Paid-in-kind dividends	2	2	5	5
Purchases	0	0	0	0
Sales and maturities			0	0
Net valuation gain (loss) included in earnings	2	0	10	(1)
Net unrealized loss included in other comprehensive earnings			0	0
Fair value, End of period	116	104	116	104
Level 3 | 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					0	100
Level 3 | Corporate Debt Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, Beginning of period	16	13	17	0
Transfers from Level 2			0	13
Transfers to Level 2			(5)	0
Paid-in-kind dividends	0	0	1	0
Purchases	1	0	6	0
Sales and maturities			(1)	0
Net valuation gain (loss) included in earnings	0	0	0	0
Net unrealized loss included in other comprehensive earnings			(1)	0
Fair value, End of period	$ 17	$ 13	$ 17	$ 13
Level 3 | 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	0.071		0.071
Level 3 | Measurement Input, Discount Rate | Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, discount rate	0.075		0.075
Level 3 | Measurement Input, Discount Rate | Weighted Average
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value, discount rate	0.072		0.072

Investments - Schedule of Carry

Investments - Schedule of Carrying Amount and Fair Value of Available for Sale Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fixed maturity securities available for sale:
Carrying Value	$ 2,092	$ 1,998
Cost Basis	2,034	2,009
Unrealized Gains	67	9
Unrealized Losses	(9)	(20)
U.S. government and agencies
Fixed maturity securities available for sale:
Carrying Value	289	225
Cost Basis	280	226
Unrealized Gains	9	1
Unrealized Losses	0	(2)
State and political subdivisions
Fixed maturity securities available for sale:
Carrying Value	77	148
Cost Basis	75	147
Unrealized Gains	2	1
Unrealized Losses	0	0
Corporate debt securities
Fixed maturity securities available for sale:
Carrying Value	1,596	1,503
Cost Basis	1,549	1,510
Unrealized Gains	53	6
Unrealized Losses	(6)	(13)
Mortgage-backed/asset-backed securities
Fixed maturity securities available for sale:
Carrying Value	72	60
Cost Basis	69	59
Unrealized Gains	3	1
Unrealized Losses	0	0
Foreign government bonds
Fixed maturity securities available for sale:
Carrying Value	58	62
Cost Basis	61	67
Unrealized Gains	0	0
Unrealized Losses	$ (3)	$ (5)

Investments - Maturity of Fixed

Investments - Maturity of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Amortized Cost
One year or less	$ 334
After one year through five years	1,160
After five years through ten years	361
After ten years	110
Mortgage-backed/asset-backed securities	69
Cost Basis	$ 2,034	$ 2,009
Amortized Cost, % of Total
One year or less	16.00%
After one year through five years	57.00%
After five years through ten years	18.00%
After ten years	5.00%
Mortgage-backed/asset-backed securities	4.00%
Total	100.00%
Fair Value
One year or less	$ 331
After one year through five years	1,183
After five years through ten years	382
After ten years	124
Mortgage-backed/asset-backed securities	72
Total	$ 2,092	$ 1,998
Fair Value, % of Total
One year or less	16.00%
After one year through five years	57.00%
After five years through ten years	18.00%
After ten years	6.00%
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	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months	$ 136	$ 784
12 Months or Longer	81	428
Total	217	1,212
Unrealized Losses
Less than 12 Months	(5)	(12)
12 Months or Longer	(4)	(8)
Total	(9)	(20)
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months		71
12 Months or Longer		117
Total		188
Unrealized Losses
Less than 12 Months		(1)
12 Months or Longer		(1)
Total		(2)
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months	136	661
12 Months or Longer	58	301
Total	194	962
Unrealized Losses
Less than 12 Months	(5)	(8)
12 Months or Longer	(1)	(5)
Total	(6)	(13)
Foreign government bonds
Debt Securities, Available-for-sale [Line Items]
Less than 12 Months	0	52
12 Months or Longer	23	10
Total	23	62
Unrealized Losses
Less than 12 Months	0	(3)
12 Months or Longer	(3)	(2)
Total	$ (3)	$ (5)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Impairment charges related to investments	$ 0	$ 0	$ 0	$ 3,000,000
Available-for-sale, amount held with previously recognized other than temporary impairments	$ 0		$ 0		$ 0

Investments - Realized Gains an

Investments - Realized Gains and Losses and Proceeds on Investments and Other Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property and equipment
Net Realized Gains (Losses)		$ 0		$ 5
Gross Proceeds from Sale/Maturity		0	$ 1	21
Pacific Union sale
Net Realized Gains (Losses)		10	0	10
Gross Proceeds from Sale/Maturity		53		53
Impairment of lease assets
Net Realized Gains (Losses)	$ 0		(8)
Other realized gains and losses, net
Net Realized Gains (Losses)	1	0	(2)	(1)
Gross Proceeds from Sale/Maturity		0		0
Total
Net Realized Gains (Losses)	4	50	187	35
Gross Proceeds from Sale/Maturity	102	267	624	896
Sales and maturities of fixed maturity securities available for sale
Sales and maturities of fixed maturity securities available for sale
Gross Realized Gains	1	0	3	4
Gross Realized Losses	0	0	(1)	(3)
Net Realized Gains (Losses)	1	0	2	1
Gross Proceeds from Sale/Maturity	78	119	450	662
Preferred securities
Equity Securities, FV-NI, Realized Gain (Loss) [Abstract]
Gross Realized Gains	1	0	1	1
Gross Realized Losses	0	0	0	0
Net Realized Gains (Losses)	1	0	1	1
Gross Proceeds from Sale/Maturity	19	6	45	52
Valuation Of Equity And Preferred Securities
Net Realized Gains (Losses)	1	0	14	(8)
Equity securities
Equity Securities, FV-NI, Realized Gain (Loss) [Abstract]
Gross Realized Gains	5	2	10	5
Gross Realized Losses	0	(4)	0	(8)
Net Realized Gains (Losses)	5	(2)	10	(3)
Gross Proceeds from Sale/Maturity	5	89	129	108
Valuation Of Equity And Preferred Securities
Net Realized Gains (Losses)	(7)	$ 42	161	$ 30
Other long-term investments
Valuation of other long term investments
Net Realized Gains (Losses)	$ 2		$ 9

Investments - Investments with

Investments - Investments with Related Party (Details) - Cannae - Common Stock - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Included in equity securities shares of related party (in shares)	5,706,134	5,706,134
Fair value of shares owned of related party	$ 157	$ 98

Notes Payable - Schedule of Lon

Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	May 16, 2019	Dec. 31, 2018	Aug. 13, 2018	Aug. 28, 2012
Debt Instrument [Line Items]
Notes payable	$ 838		$ 836
Unsecured notes | 4.50% Notes, net of discount
Debt Instrument [Line Items]
Stated interest rate	4.50%	4.50%		4.50%
Notes payable	$ 443		442
Unsecured notes | 5.50% Notes, net of discount
Debt Instrument [Line Items]
Stated interest rate	5.50%				5.50%
Notes payable	$ 398		398
Line of Credit | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	$ 3		$ 4

Notes Payable - Long Term Debt

Notes Payable - Long Term Debt Narrative (Details) $ in Millions	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Excess fair value over carrying value of long-term debt	$ 63
Debt issuance costs, net	12
Unsecured notes | Level 2
Debt Instrument [Line Items]
Fair value of long term debt	$ 913

Notes Payable - 4.50% Notes (De

Notes Payable - 4.50% Notes (Details) - Unsecured notes - 4.50 % Notes Due August 2028 - USD ($)	Sep. 30, 2019	May 16, 2019	Aug. 13, 2018
Debt Instrument [Line Items]
Amount of debt instrument			$ 450,000,000
Stated interest rate	4.50%	4.50%	4.50%
Price as percent of par on offering of unsecured Notes			99.252%
Annual interest rate			4.594%

Notes Payable - Existing Credit

Notes Payable - Existing Credit Agreement (Details) - USD ($)	Sep. 30, 2019	Nov. 30, 2017	Jun. 25, 2013
Debt Instrument [Line Items]
Outstanding principal	$ 850,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility		$ 100,000,000
Revolving Credit Facility | Line of Credit | Revolving Credit Facility Due April 2022
Debt Instrument [Line Items]
Line of credit facility			$ 800,000,000
Outstanding principal	0
Unamortized debt issuance costs	3,000,000
Remaining borrowing capacity	$ 800,000,000

Notes Payable - 5.50% Notes (De

Notes Payable - 5.50% Notes (Details) - Unsecured notes - 5.50% notes due September 2022 - USD ($)	Sep. 30, 2019	Aug. 28, 2012
Debt Instrument [Line Items]
Aggregate principal amount		$ 400,000,000
Stated interest rate	5.50%	5.50%

Notes Payable - Principal Matur

Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions	Sep. 30, 2019USD ($)
Maturities of Long-term Debt [Abstract]
2019 (remaining)	$ 0
2020	0
2021	0
2022	400
2023	0
Thereafter	450
Total Long Term Debt	$ 850

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Accrual for legal and regulatory matters	$ 12	$ 11

Dividends (Details)

Dividends (Details) - $ / shares	Oct. 29, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Cash dividends declared (in usd per share)		$ 0.31	$ 0.30	$ 0.93	$ 0.90
FNF Common Stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared (in usd per share)	$ 0.33

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Title premiums	$ 1,487	$ 1,296	$ 3,858	$ 3,663
Other revenues	693	695	1,892	2,078
Revenues from external customers	2,180	1,991	5,750	5,741
Interest and investment income, including realized gains and losses	61	94	357	160
Total revenues	2,241	2,085	6,107	5,901
Depreciation and amortization	44	46	132	138
Interest expense	12	9	36	31
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	313	287	930	689
Income tax expense	59	51	210	104
Earnings before equity in earnings of unconsolidated affiliates	254	236	720	585
Equity in earnings of unconsolidated affiliates	2	1	12	4
Net earnings	256	237	732	589
Assets	10,419	9,371	10,419	9,371	$ 9,301
Goodwill	2,726	2,719	2,726	2,719	$ 2,726
Corporate and Other
Segment Reporting Information [Line Items]
Title premiums	0	0	0	0
Other revenues	40	128	145	395
Revenues from external customers	40	128	145	395
Interest and investment income, including realized gains and losses	7	12	13	13
Total revenues	47	140	158	408
Depreciation and amortization	6	8	17	22
Interest expense	12	9	36	31
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	(76)	(24)	(138)	(85)
Income tax expense	(35)	(17)	(50)	(33)
Earnings before equity in earnings of unconsolidated affiliates	(41)	(7)	(88)	(52)
Equity in earnings of unconsolidated affiliates	1	0	1	1
Net earnings	(40)	(7)	(87)	(51)
Assets	1,114	780	1,114	780
Goodwill	265	267	265	267
Operating Segments | Title
Segment Reporting Information [Line Items]
Title premiums	1,487	1,296	3,858	3,663
Other revenues	653	567	1,747	1,683
Revenues from external customers	2,140	1,863	5,605	5,346
Interest and investment income, including realized gains and losses	54	82	344	147
Total revenues	2,194	1,945	5,949	5,493
Depreciation and amortization	38	38	115	116
Interest expense	0	0	0	0
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	389	311	1,068	774
Income tax expense	94	68	260	137
Earnings before equity in earnings of unconsolidated affiliates	295	243	808	637
Equity in earnings of unconsolidated affiliates	1	1	11	3
Net earnings	296	244	819	640
Assets	9,305	8,591	9,305	8,591
Goodwill	$ 2,461	$ 2,452	$ 2,461	$ 2,452

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash paid for:
Interest	$ 43	$ 33
Income taxes	152	127
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(7)	1
Change in purchases of investments available for sale payable in period	(8)	(5)
Receivable for non-cash earnout proceeds for the Pacific Union Sale	0	10
Change in accrual for unsettled repurchases of formerly outstanding debt instruments	0	(11)
Lease liabilities recognized in exchange for lease right-of-use assets	27	0
Remeasurement of lease liabilities	$ 57	$ 0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 568	$ 595	$ 1,556	$ 1,781
Interest and investment income	57	44	170	125
Realized gains and losses, net	4	50	187	35
Total revenues	2,241	2,085	6,107	5,901
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	80	54	204	160
Title | Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	660	574	1,725	1,645
Title | Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	827	722	2,133	2,018
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	45	46	132	137
Title | Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,532	1,342	3,990	3,800
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	253	219	655	637
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	171	153	472	456
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	104	95	284	293
Corporate and other
Disaggregation of Revenue [Line Items]
Total revenues	47	140	158	408
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	26	25	77	77
Corporate and other | Real estate brokerage
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	11	95	32	305
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 3	$ 8	$ 36	$ 13

Revenue Recognition - Informati

Revenue Recognition - Information about Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 362	$ 362	$ 284
Deferred revenue (contract liabilities)	117	$ 117	$ 105
Policy period		1 year
Revenue recognized	$ 44	$ 97

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2017	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)renew
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term		4 years 2 months 12 days	4 years 2 months 12 days
Options to renew | renew			1
Weighted average discount rate, percent		4.33%	4.33%
Operating lease cost | $		$ 36	$ 109
Minimum
Lessee, Lease, Description [Line Items]
Operating Leases term		1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating Leases term		10 years	10 years
LIBOR | Revolving Credit Facility
Lessee, Lease, Description [Line Items]
Basis spread on variable rate (as percent)	4.50%
Revolving Credit Facility Due April 2022 | Line of Credit | LIBOR | Revolving Credit Facility
Lessee, Lease, Description [Line Items]
Basis spread on variable rate (as percent)			1.40%

Leases - Future Payments Under

Leases - Future Payments Under Operating Leases Accounted for Under ASC Topic 842 (Details) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
2019 (remaining)	$ 37
2020	136
2021	109
2022	81
2023	53
Thereafter	47
Total operating lease payments, undiscounted	463
Less: present value discount	41
Lease liability, at present value	$ 422

Leases - Future Payments Unde_2

Leases - Future Payments Under Operating Leases Accounted for Under ASC Topic 840 (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 145
2020	121
2021	93
2022	68
2023	41
Thereafter	28
Total future minimum operating lease payments	$ 496