Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 23, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FAF | |
Entity Registrant Name | FIRST AMERICAN FINANCIAL CORPORATION | |
Entity Central Index Key | 0001472787 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 103,181,278 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-34580 | |
Entity Tax Identification Number | 26-1911571 | |
Entity Address, Address Line One | 1 First American Way | |
Entity Address, City or Town | Santa Ana | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92707-5913 | |
City Area Code | 714 | |
Local Phone Number | 250-3000 | |
Title of 12(b) Security | Common stock, $0.00001 par value | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 1,579.1 | $ 1,223.5 |
Accounts and accrued income receivable, less allowance for credit losses of $20.5 and $21.3 | 389.3 | 367.1 |
Income taxes receivable | 32.8 | 22 |
Investments: | ||
Deposits with banks | 55.3 | 63.4 |
Debt securities (amortized cost of $8,414.7 and $9,169.6; pledged of $98.8 and $86.0) | 7,227.2 | 8,169.6 |
Equity securities | 708.7 | 754.2 |
Investments, Total | 7,991.2 | 8,987.2 |
Secured financings receivable | 655.5 | 422.7 |
Property and equipment, net | 730.9 | 636.9 |
Operating lease assets | 237 | 248 |
Title plants and other indexes | 647.8 | 639.8 |
Deferred income taxes | 54.5 | 54.5 |
Goodwill | 1,800.1 | 1,798.2 |
Other intangible assets, net | 162.4 | 193.8 |
Other assets | 397 | 361.6 |
Total assets | 14,677.6 | 14,955.3 |
Liabilities and Equity | ||
Deposits | 5,613.1 | 5,519.7 |
Accounts payable and accrued liabilities | 810.9 | 915 |
Deferred revenue | 207.7 | 196.9 |
Reserve for known and incurred but not reported claims | 1,299.5 | 1,325.3 |
Income taxes payable | 8.2 | 10 |
Deferred income taxes | 18.8 | 18.8 |
Operating lease liabilities | 254.8 | 269.3 |
Secured financings payable | 530.4 | 366.3 |
Notes and contracts payable | 1,392.2 | 1,645.8 |
Total liabilities | 10,135.6 | 10,267.1 |
Commitments and contingencies (Note 17) | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; Authorized—0.5 shares; Outstanding—none | 0 | 0 |
Common stock, $0.00001 par value; Authorized-300.0 shares; Outstanding-103.3 shares and 103.2 shares | 0 | 0 |
Additional paid-in capital | 1,797.8 | 1,812.4 |
Retained earnings | 3,739 | 3,721.3 |
Accumulated other comprehensive loss | (1,009.6) | (868.9) |
Total stockholders’ equity | 4,527.2 | 4,664.8 |
Noncontrolling interests | 14.8 | 23.4 |
Total equity | 4,542 | 4,688.2 |
Total liabilities and equity | $ 14,677.6 | $ 14,955.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts and accrued income receivable, allowances | $ 20.5 | $ 21.3 |
Pledged securities included in debt securities | 98.8 | 86 |
Debt securities, amortized costs | $ 8,414.7 | $ 9,169.6 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares outstanding | 103,300,000 | 103,200,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues | |||||
Direct premiums and escrow fees | $ 595.5 | $ 757.8 | $ 1,713 | $ 2,428.5 | |
Agent premiums | 664.5 | 909.7 | 1,879.6 | 2,794.7 | |
Information and other | 245.7 | 282.3 | 722.9 | 900.5 | |
Net investment income | 139.1 | 100.6 | 423.4 | 199.2 | |
Net investment gains (losses) (realized of $(5.1), $(50.1), $(12.4), $(6.6)) | (163.6) | (226.1) | (164.7) | (402.4) | |
Total revenues | 1,481.2 | 1,824.3 | 4,574.2 | 5,920.5 | |
Expenses | |||||
Personnel costs | 485.8 | 569.8 | 1,487.9 | 1,789.8 | |
Premiums retained by agents | 531.4 | 724.8 | 1,496.8 | 2,230.8 | |
Other operating expenses | 273.8 | 312.1 | 804.8 | 992.8 | |
Provision for policy losses and other claims | 91.1 | 131.5 | 262.9 | 380.4 | |
Depreciation and amortization | 47.3 | 41.4 | 138.9 | 124 | |
Premium taxes | 17.7 | 23.9 | 47.7 | 71.3 | |
Interest | 35.8 | 24 | 99.2 | 63.4 | |
Total expenses | 1,482.9 | 1,827.5 | 4,338.2 | 5,652.5 | |
(Loss) income before income taxes | (1.7) | (3.2) | 236 | 268 | |
Income tax (benefit) expense | (0.5) | (5.6) | 54.8 | 57.3 | |
Net (loss) income | (1.2) | 2.4 | 181.2 | 210.7 | |
Less: Net income (loss) attributable to noncontrolling interests | 0.5 | 0.4 | (1.5) | 2 | |
Net (loss) income attributable to the Company | $ (1.7) | $ 2 | $ 182.7 | $ 208.7 | |
Net (loss) income per share attributable to the Company's stockholders (Note 11): | |||||
Basic | [1] | $ (0.02) | $ 0.02 | $ 1.75 | $ 1.94 |
Diluted | [1] | (0.02) | 0.02 | 1.75 | 1.93 |
Cash dividends per share | $ 0.53 | $ 0.52 | $ 1.57 | $ 1.54 | |
Weighted-average common shares outstanding (Note 11): | |||||
Basic | 104.2 | 105.3 | 104.4 | 107.8 | |
Diluted | 104.2 | 105.5 | 104.7 | 108.1 | |
[1] Net income (loss) per share may not recalculate due to rounding . |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Realized losses | $ (5.1) | $ (50.1) | $ (12.4) | $ (6.6) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (1.2) | $ 2.4 | $ 181.2 | $ 210.7 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized losses on debt securities | (171.6) | (262.7) | (141.2) | (901.1) |
Foreign currency translation adjustment | (14.4) | (35.8) | (0.6) | (58) |
Pension benefit adjustment | 0.4 | 1.1 | 1.1 | 3.3 |
Total other comprehensive (loss) income, net of tax | (185.6) | (297.4) | (140.7) | (955.8) |
Comprehensive (loss) income | (186.8) | (295) | 40.5 | (745.1) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0.5 | 0.4 | (1.5) | 2 |
Comprehensive (loss) income attributable to the Company | $ (187.3) | $ (295.4) | $ 42 | $ (747.1) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total stockholders' equity | Noncontrolling Interest |
Balance at Dec. 31, 2021 | $ 5,782.8 | $ 0 | $ 2,179.2 | $ 3,679.9 | $ (92.4) | $ 5,766.7 | $ 16.1 |
Balance, Shares at Dec. 31, 2021 | 109.7 | ||||||
Net (loss) income | 98.1 | $ 0 | 0 | 97.9 | 0 | 97.9 | 0.2 |
Dividends on common shares | (55.7) | 0 | 0 | (55.7) | 0 | (55.7) | 0 |
Repurchases of Company shares | (108) | $ 0 | (108) | 0 | 0 | (108) | 0 |
Repurchases of Company shares, shares | (1.6) | ||||||
Shares issued in connection with share-based compensation | (12.5) | $ 0 | (11.6) | (0.9) | 0 | (12.5) | 0 |
Shares issued in connection with share-based compensation, shares | 0.6 | ||||||
Share-based compensation | 43.3 | $ 0 | 43.3 | 0 | 0 | 43.3 | 0 |
Net activity related to noncontrolling interests | (0.6) | 0 | 0 | 0 | 0 | 0 | (0.6) |
Other comprehensive income (loss) | (368.2) | 0 | 0 | 0 | (368.2) | (368.2) | 0 |
Balance at Mar. 31, 2022 | 5,379.2 | $ 0 | 2,102.9 | 3,721.2 | (460.6) | 5,363.5 | 15.7 |
Balance, Shares at Mar. 31, 2022 | 108.7 | ||||||
Balance at Dec. 31, 2021 | 5,782.8 | $ 0 | 2,179.2 | 3,679.9 | (92.4) | 5,766.7 | 16.1 |
Balance, Shares at Dec. 31, 2021 | 109.7 | ||||||
Net (loss) income | 210.7 | ||||||
Other comprehensive income (loss) | (955.8) | ||||||
Balance at Sep. 30, 2022 | 4,530.9 | $ 0 | 1,834.2 | 3,721.8 | (1,048.2) | 4,507.8 | 23.1 |
Balance, Shares at Sep. 30, 2022 | 103.8 | ||||||
Balance at Mar. 31, 2022 | 5,379.2 | $ 0 | 2,102.9 | 3,721.2 | (460.6) | 5,363.5 | 15.7 |
Balance, Shares at Mar. 31, 2022 | 108.7 | ||||||
Net (loss) income | 110.2 | $ 0 | 0 | 108.8 | 0 | 108.8 | 1.4 |
Dividends on common shares | (54) | 0 | 0 | (54) | 0 | (54) | 0 |
Repurchases of Company shares | (226.8) | $ 0 | (226.8) | 0 | 0 | (226.8) | 0 |
Repurchases of Company shares, shares | (3.9) | ||||||
Shares issued in connection with share-based compensation | 5.6 | $ 0 | 6.7 | (1.1) | 0 | 5.6 | 0 |
Shares issued in connection with share-based compensation, shares | 0.2 | ||||||
Share-based compensation | 8.7 | $ 0 | 8.7 | 0 | 0 | 8.7 | 0 |
Net activity related to noncontrolling interests | 0.3 | 0 | 0 | 0 | 0 | 0 | 0.3 |
Other comprehensive income (loss) | (290.2) | 0 | 0 | 0 | (290.2) | (290.2) | 0 |
Balance at Jun. 30, 2022 | 4,933 | $ 0 | 1,891.5 | 3,774.9 | (750.8) | 4,915.6 | 17.4 |
Balance, Shares at Jun. 30, 2022 | 105 | ||||||
Net (loss) income | 2.4 | $ 0 | 0 | 2 | 0 | 2 | 0.4 |
Dividends on common shares | (54) | 0 | 0 | (54) | 0 | (54) | 0 |
Repurchases of Company shares | (71.9) | $ 0 | (71.9) | 0 | 0 | (71.9) | 0 |
Repurchases of Company shares, shares | (1.3) | ||||||
Shares issued in connection with share-based compensation | 5.3 | $ 0 | 6.4 | (1.1) | 0 | 5.3 | 0 |
Shares issued in connection with share-based compensation, shares | 0.1 | ||||||
Share-based compensation | 8.2 | $ 0 | 8.2 | 0 | 0 | 8.2 | 0 |
Net activity related to noncontrolling interests | 5.3 | 0 | 0 | 0 | 0 | 0 | 5.3 |
Other comprehensive income (loss) | (297.4) | 0 | 0 | 0 | (297.4) | (297.4) | 0 |
Balance at Sep. 30, 2022 | 4,530.9 | $ 0 | 1,834.2 | 3,721.8 | (1,048.2) | 4,507.8 | 23.1 |
Balance, Shares at Sep. 30, 2022 | 103.8 | ||||||
Balance at Dec. 31, 2022 | $ 4,688.2 | $ 0 | 1,812.4 | 3,721.3 | (868.9) | 4,664.8 | 23.4 |
Balance, Shares at Dec. 31, 2022 | 103.2 | 103.2 | |||||
Net (loss) income | $ 46 | $ 0 | 0 | 45.9 | 0 | 45.9 | 0.1 |
Dividends on common shares | (53.8) | 0 | 0 | (53.8) | 0 | (53.8) | 0 |
Repurchases of Company shares | (30.4) | $ 0 | (30.4) | 0 | 0 | (30.4) | 0 |
Repurchases of Company shares, shares | (0.6) | ||||||
Shares issued in connection with share-based compensation | (6) | $ 0 | (4.9) | (1.1) | 0 | (6) | 0 |
Shares issued in connection with share-based compensation, shares | 0.7 | ||||||
Share-based compensation | 23 | $ 0 | 23 | 0 | 0 | 23 | 0 |
Net activity related to noncontrolling interests | (1.1) | 0 | 0 | 0 | 0 | 0 | (1.1) |
Other comprehensive income (loss) | 113 | 0 | 0 | 0 | 113 | 113 | 0 |
Balance at Mar. 31, 2023 | 4,778.9 | $ 0 | 1,800.1 | 3,712.3 | (755.9) | 4,756.5 | 22.4 |
Balance, Shares at Mar. 31, 2023 | 103.3 | ||||||
Balance at Dec. 31, 2022 | $ 4,688.2 | $ 0 | 1,812.4 | 3,721.3 | (868.9) | 4,664.8 | 23.4 |
Balance, Shares at Dec. 31, 2022 | 103.2 | 103.2 | |||||
Net (loss) income | $ 181.2 | ||||||
Other comprehensive income (loss) | (140.7) | ||||||
Balance at Sep. 30, 2023 | $ 4,542 | $ 0 | 1,797.8 | 3,739 | (1,009.6) | 4,527.2 | 14.8 |
Balance, Shares at Sep. 30, 2023 | 103.3 | 103.3 | |||||
Balance at Mar. 31, 2023 | $ 4,778.9 | $ 0 | 1,800.1 | 3,712.3 | (755.9) | 4,756.5 | 22.4 |
Balance, Shares at Mar. 31, 2023 | 103.3 | ||||||
Net (loss) income | 136.4 | $ 0 | 0 | 138.5 | 0 | 138.5 | (2.1) |
Dividends on common shares | (53.6) | 0 | 0 | (53.6) | 0 | (53.6) | 0 |
Repurchases of Company shares | (15.3) | $ 0 | (15.3) | 0 | 0 | (15.3) | 0 |
Repurchases of Company shares, shares | (0.2) | ||||||
Shares issued in connection with share-based compensation | 5 | $ 0 | 6 | (1) | 0 | 5 | 0 |
Shares issued in connection with share-based compensation, shares | 0.1 | ||||||
Share-based compensation | 9 | $ 0 | 9 | 0 | 0 | 9 | 0 |
Net activity related to noncontrolling interests | (5.4) | 0 | 0.4 | 0 | 0 | 0.4 | (5.8) |
Other comprehensive income (loss) | (68.1) | 0 | 0 | 0 | (68.1) | (68.1) | 0 |
Balance at Jun. 30, 2023 | 4,786.9 | $ 0 | 1,800.2 | 3,796.2 | (824) | 4,772.4 | 14.5 |
Balance, Shares at Jun. 30, 2023 | 103.2 | ||||||
Net (loss) income | (1.2) | $ 0 | 0 | (1.7) | 0 | (1.7) | 0.5 |
Dividends on common shares | (54.7) | 0 | 0 | (54.7) | 0 | (54.7) | 0 |
Repurchases of Company shares | (9.3) | $ 0 | (9.3) | 0 | 0 | (9.3) | 0 |
Repurchases of Company shares, shares | (0.2) | ||||||
Shares issued in connection with share-based compensation | (2.8) | $ 0 | (2) | (0.8) | 0 | (2.8) | 0 |
Shares issued in connection with share-based compensation, shares | 0.3 | ||||||
Share-based compensation | 8.9 | $ 0 | 8.9 | 0 | 0 | 8.9 | 0 |
Net activity related to noncontrolling interests | (0.2) | 0 | 0 | 0 | 0 | 0 | (0.2) |
Other comprehensive income (loss) | (185.6) | 0 | 0 | 0 | (185.6) | (185.6) | 0 |
Balance at Sep. 30, 2023 | $ 4,542 | $ 0 | $ 1,797.8 | $ 3,739 | $ (1,009.6) | $ 4,527.2 | $ 14.8 |
Balance, Shares at Sep. 30, 2023 | 103.3 | 103.3 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 181.2 | $ 210.7 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for policy losses and other claims | 262.9 | 380.4 |
Depreciation and amortization | 138.9 | 124 |
Amortization of premiums and accretion of discounts on debt securities, net | 5.6 | 18.3 |
Net investment losses | 164.7 | 402.4 |
Share-based compensation | 40.9 | 60.2 |
Equity in earnings of affiliates, net | (4) | (10) |
Dividends from equity method investments | 5 | 9.1 |
Changes in assets and liabilities excluding effects of acquisitions and noncash transactions: | ||
Claims paid, including assets acquired, net of recoveries | (289.1) | (337.7) |
Net change in income tax accounts | 33 | (114.4) |
(Increase) decrease in accounts and accrued income receivable | (16.7) | 45.5 |
Decrease in accounts payable and accrued liabilities | (113.2) | (274.4) |
Increase (decrease) in deferred revenue | 10.9 | (10.4) |
Other, net | (24.1) | 28.5 |
Cash provided by operating activities | 396 | 532.2 |
Cash flows from investing activities: | ||
Acquisitions/dispositions, net of cash acquired/divested | (19.1) | (277.5) |
Net decrease (increase) in deposits with banks | 6.1 | (8.4) |
Purchases of debt securities | (994.4) | (1,989.4) |
Proceeds from sales of debt securities | 1,081.7 | 1,062.8 |
Proceeds from maturities of debt securities | 659.3 | 951.2 |
Purchases of equity securities | (164) | (136.8) |
Proceeds from sales of equity securities | 61.1 | 230.8 |
Net change in other investments | (10.8) | (3.6) |
Advances under secured financing agreements | (10,109.3) | (13,051.4) |
Collections of secured financings receivable | 9,877.3 | 13,146.8 |
Capital expenditures | (205.3) | (189.3) |
Proceeds from sales of property and equipment | 0.1 | 6.8 |
Proceeds from insurance settlement | 2.1 | 2.9 |
Cash provided by (used for) investing activities | 184.8 | (255.1) |
Cash flows from financing activities: | ||
Net change in deposits | 93.4 | 1,659.8 |
Borrowings under secured financing agreements | 10,069.4 | 12,858.9 |
Repayments of secured financings payable | (9,905.3) | (13,065.1) |
Repayment of senior unsecured notes | (250) | |
Repayments of other notes and contracts payable | (4.9) | (5.1) |
Net activity related to noncontrolling interests | (6.6) | (1.5) |
Net payments in connection with share-based compensation | (3.8) | (1.6) |
Repurchases of Company shares | (55) | (406.7) |
Payments of cash dividends | (162.1) | (163.7) |
Cash (used for) provided by financing activities | (224.9) | 875 |
Effect of exchange rate changes on cash | (0.3) | (18.9) |
Net increase in cash and cash equivalents | 355.6 | 1,133.2 |
Cash and cash equivalents—Beginning of period | 1,223.5 | 1,228 |
Cash and cash equivalents—End of period | 1,579.1 | 2,361.2 |
Supplemental information: | ||
Interest | 88.9 | 58.6 |
Premium taxes | 71 | 96.8 |
Income taxes | $ 22.1 | $ 171 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (1.7) | $ 2 | $ 182.7 | $ 208.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Condensed Consolidated
Basis of Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Condensed Consolidated Financial Statements | Note 1 – Basis of Condensed Consolidated Financial Statements Basis of Presentation The condensed consolidated financial information included in this report has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Securities and Exchange Commission Regulation S-X. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the First American Financial Corporation (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the consolidated results for the interim periods. All material intercompany transactions and balances have been eliminated upon consolidation. Pending Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance that is intended to provide decision-useful information to investors and reduce diversity in practice in accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The updated guidance will require joint ventures to recognize and initially measure their assets and liabilities at fair value, with certain exceptions to fair value measurement consistent with business combination guidance. The updated guidance is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In September 2022, the FASB issued updated guidance intended to increase the comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The updated guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, as a result, should not be considered in measuring fair value. In addition, new disclosures are required about the nature of the restrictions and their remaining duration. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2023. The Company does not expect the adoption of this guidance to impact its condensed consolidated financial statements. |
Trust Assets, Escrow and Other
Trust Assets, Escrow and Other Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Trust Assets, Escrow and Other Deposits | Note 2 –Trust Assets, Escrow and Other Deposits The Company administers escrow deposits and trust assets as a service to its direct customers. Escrow deposits totaled $ 9.2 billion and $ 10.0 billion at September 30, 2023 and December 31, 2022, respectively, of which $ 4.5 billion and $ 4.6 billion, respectively, were held at First American Trust, FSB (“FA Trust”). The remaining deposits were held at third-party financial institutions. Trust assets held or managed by FA Trust totaled $ 4.3 billion and $ 4.1 billion at September 30, 2023 and December 31, 2022, respectively. Escrow deposits held at third-party financial institutions and trust assets are not considered assets of the Company and, therefore, are not included in the accompanying condensed consolidated balance sheets. All such amounts are placed in deposit accounts insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Company could be held contingently liable for the disposition of these assets. In conducting its operations, the Company often holds customers’ assets in escrow, pending completion of real estate transactions and, as a result, the Company has ongoing programs for realizing economic benefits with various financial institutions. The results from these programs are included as income or a reduction in expense, as appropriate, in the condensed consolidated statements of income based on the nature of the arrangement and benefit received. The Company facilitates tax-deferred property exchanges for customers pursuant to Section 1031 of the Internal Revenue Code and tax-deferred reverse exchanges pursuant to Revenue Procedure 2000-37. As a facilitator and intermediary, the Company holds the proceeds from sales transactions and takes temporary title to property identified by the customer to be acquired with such proceeds. Upon the completion of each such exchange, the identified property is transferred to the customer or, if the exchange does not take place, an amount equal to the sales proceeds or, in the case of a reverse exchange, title to the property held by the Company is transferred to the customer. Like-kind exchange funds administered by the Company totaled $ 2.4 billion and $ 2.8 billion at September 30, 2023 and December 31, 2022, respectively. The like-kind exchange deposits are held at third-party financial institutions and, due to the structure utilized to facilitate these transactions, the proceeds and property are not considered assets of the Company and, therefore, are not included in the accompanying condensed consolidated balance sheets. All such amounts are placed in deposit accounts insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Company could be held contingently liable to the customer for the transfers of property, disbursements of proceeds and the returns on such proceeds. In conducting its residential mortgage loan subservicing operations, the Company administers cash deposits on behalf of its clients. Cash deposits totaled $ 1.3 billion and $ 1.1 billion at September 30, 2023 and December 31, 2022, respectively, of which $ 0.8 billion and $ 0.7 billion, respectively, were held at FA Trust. The remaining deposits were held at third-party financial institutions. Cash deposits held at third-party financial institutions are not considered assets of the Company and, therefore, are not included in the accompanying condensed consolidated balance sheets. All such amounts are placed in deposit accounts insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Company could be held contingently liable for the disposition of these assets. In connection with certain accounts, the Company has ongoing programs for realizing economic benefits with various financial institutions whereby it earns economic benefits either as income or as a reduction in expense. Deposit balances held at FA Trust are temporarily invested in cash and cash equivalents and debt securities, with offsetting liabilities included in deposits in the accompanying condensed consolidated balance sheets. |
Debt Securities
Debt Securities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Securities [Abstract] | |
Debt Securities | Note 3 – Debt Securities Investments in debt securities, classified as available-for-sale, are as follows: Amortized Gross unrealized Estimated (in millions) cost Gains Losses fair value September 30, 2023 U.S. Treasury bonds $ 136.1 $ — $ ( 8.0 ) $ 128.1 Municipal bonds 1,403.0 0.9 ( 207.8 ) 1,196.1 Foreign government bonds 224.0 — ( 17.1 ) 206.9 Governmental agency bonds 237.7 — ( 20.2 ) 217.5 Governmental agency mortgage-backed securities 4,987.1 0.1 ( 816.8 ) 4,170.4 U.S. corporate debt securities 965.0 0.6 ( 85.5 ) 880.1 Foreign corporate debt securities 461.8 0.8 ( 34.5 ) 428.1 $ 8,414.7 $ 2.4 $ ( 1,189.9 ) $ 7,227.2 December 31, 2022 U.S. Treasury bonds $ 308.5 $ 1.4 $ ( 7.1 ) $ 302.8 Municipal bonds 1,670.6 3.2 ( 195.1 ) 1,478.7 Foreign government bonds 208.0 0.1 ( 14.4 ) 193.7 Governmental agency bonds 247.9 — ( 19.3 ) 228.6 Governmental agency mortgage-backed securities 5,253.4 1.7 ( 652.7 ) 4,602.4 U.S. corporate debt securities 1,004.4 1.5 ( 84.5 ) 921.4 Foreign corporate debt securities 476.8 1.6 ( 36.4 ) 442.0 $ 9,169.6 $ 9.5 $ ( 1,009.5 ) $ 8,169.6 Sales of debt securities resulted in realized gains of $ 0.1 million and $ 6.4 million, realized losses of $ 5.2 million and $ 18.8 million and proceeds of $ 178.7 million and $ 1.1 billion for the three and nine months ended September 30, 2023, respectively. Sales of debt securities resulted in realized gains of $ 0.3 million and $ 4.3 million, realized losses of $ 50.4 million and $ 62.0 million and proceeds of $ 605.4 million and $ 1.1 billion for the three and nine months ended September 30, 2022, respectively. Investments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows: Less than 12 months 12 months or longer Total (in millions) Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2023 U.S. Treasury bonds $ 72.5 $ ( 2.0 ) $ 55.5 $ ( 6.0 ) $ 128.0 $ ( 8.0 ) Municipal bonds 237.3 ( 11.8 ) 926.5 ( 196.0 ) 1,163.8 ( 207.8 ) Foreign government bonds 103.7 ( 1.3 ) 97.3 ( 15.8 ) 201.0 ( 17.1 ) Governmental agency bonds 74.6 ( 1.7 ) 142.9 ( 18.5 ) 217.5 ( 20.2 ) Governmental agency mortgage-backed 641.3 ( 37.5 ) 3,516.5 ( 779.3 ) 4,157.8 ( 816.8 ) U.S. corporate debt securities 196.7 ( 6.5 ) 593.0 ( 79.0 ) 789.7 ( 85.5 ) Foreign corporate debt securities 107.4 ( 3.5 ) 263.9 ( 31.0 ) 371.3 ( 34.5 ) $ 1,433.5 $ ( 64.3 ) $ 5,595.6 $ ( 1,125.6 ) $ 7,029.1 $ ( 1,189.9 ) December 31, 2022 U.S. Treasury bonds $ 108.0 $ ( 1.4 ) $ 49.5 $ ( 5.7 ) $ 157.5 $ ( 7.1 ) Municipal bonds 813.4 ( 55.8 ) 540.0 ( 139.3 ) 1,353.4 ( 195.1 ) Foreign government bonds 142.1 ( 5.9 ) 45.7 ( 8.5 ) 187.8 ( 14.4 ) Governmental agency bonds 172.7 ( 8.2 ) 55.8 ( 11.1 ) 228.5 ( 19.3 ) Governmental agency mortgage-backed 1,859.6 ( 141.4 ) 2,626.8 ( 511.3 ) 4,486.4 ( 652.7 ) U.S. corporate debt securities 528.3 ( 38.2 ) 325.2 ( 46.3 ) 853.5 ( 84.5 ) Foreign corporate debt securities 241.6 ( 17.5 ) 137.1 ( 18.9 ) 378.7 ( 36.4 ) $ 3,865.7 $ ( 268.4 ) $ 3,780.1 $ ( 741.1 ) $ 7,645.8 $ ( 1,009.5 ) Based on the Company’s review of its debt securities in an unrealized loss position it determined that the losses were due to non-credit factors and, therefore, it does not consider these securities to be credit impaired at September 30, 2023. As of September 30, 2023, the Company did not intend to sell any debt securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell any debt securities before recovery of their amortized cost basis. In determining credit losses on its debt securities in an unrealized loss position, the Company considers certain factors that may include, among others, severity of the unrealized loss, security type, industry sector, credit rating, yield to maturity, profitability and stock performance. Investments in debt securities at September 30, 2023, by contractual maturities, are as follows: (in millions) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 6.4 $ 124.7 $ 0.4 $ 4.6 $ 136.1 Estimated fair value $ 6.3 $ 117.7 $ 0.3 $ 3.8 $ 128.1 Municipal bonds Amortized cost 9.9 325.9 527.4 539.8 1,403.0 Estimated fair value 9.8 291.6 435.4 459.3 1,196.1 Foreign government bonds Amortized cost 41.6 105.5 67.6 9.3 224.0 Estimated fair value 41.3 102.8 55.4 7.4 206.9 Governmental agency bonds Amortized cost 25.0 154.4 6.7 51.6 237.7 Estimated fair value 24.9 147.0 5.9 39.7 217.5 U.S. corporate debt securities Amortized cost 10.6 690.9 199.2 64.3 965.0 Estimated fair value 10.3 634.5 185.4 49.9 880.1 Foreign corporate debt securities Amortized cost 13.2 297.9 115.8 34.9 461.8 Estimated fair value 12.9 278.2 107.8 29.2 428.1 Total debt securities (excluding mortgage-backed Amortized cost $ 106.7 $ 1,699.3 $ 917.1 $ 704.5 $ 3,427.6 Estimated fair value $ 105.5 $ 1,571.8 $ 790.2 $ 589.3 $ 3,056.8 Total mortgage-backed securities Amortized cost 4,987.1 Estimated fair value 4,170.4 Total debt securities Amortized cost $ 8,414.7 Estimated fair value $ 7,227.2 Mortgage-backed securities, which include contractual terms to maturity, are not categorized by contractual maturity as borrowers may have the right to call or prepay obligations with, or without, call or prepayment penalties. The composition of the debt securities portfolio at September 30, 2023, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (dollars in millions) Estimated Percentage Estimated Percentage Estimated Percentage Estimated U.S. Treasury bonds $ 128.1 100.0 % $ — — % $ — — % $ 128.1 Municipal bonds 1,164.9 97.4 30.9 2.6 0.3 — 1,196.1 Foreign government bonds 201.8 97.6 4.4 2.1 0.7 0.3 206.9 Governmental agency bonds 217.5 100.0 — — — — 217.5 Governmental agency mortgage- 4,170.4 100.0 — — — — 4,170.4 U.S. corporate debt securities 422.5 48.0 317.3 36.1 140.3 15.9 880.1 Foreign corporate debt securities 214.2 50.0 177.7 41.5 36.2 8.5 428.1 $ 6,519.4 90.2 % $ 530.3 7.3 % $ 177.5 2.5 % $ 7,227.2 Included in debt securities at September 30, 2023, were bank loans totaling $ 132.9 million, of which $ 124.2 million were non-investment grade; high yield corporate debt securities totaling $ 50.5 million, all of which were non-investment grade; and emerging market debt securities totaling $ 39.1 million, of which $ 2.5 million were non-investment grade. The composition of the debt securities portfolio in an unrealized loss position at September 30, 2023, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (dollars in millions) Estimated Percentage Estimated Percentage Estimated Percentage Estimated U.S. Treasury bonds $ 128.0 100.0 % $ — — % $ — — % $ 128.0 Municipal bonds 1,135.1 97.6 28.4 2.4 0.3 — 1,163.8 Foreign government bonds 195.9 97.5 4.4 2.2 0.7 0.3 201.0 Governmental agency bonds 217.5 100.0 — — — — 217.5 Governmental agency mortgage- 4,157.8 100.0 — — — — 4,157.8 U.S. corporate debt securities 413.5 52.4 302.5 38.3 73.7 9.3 789.7 Foreign corporate debt securities 197.8 53.3 150.3 40.5 23.2 6.2 371.3 $ 6,445.6 91.7 % $ 485.6 6.9 % $ 97.9 1.4 % $ 7,029.1 Debt securities in an unrealized loss position at September 30, 2023, included bank loans totaling $ 50.3 million, of which $ 48.7 million were non-investment grade; high yield corporate debt securities totaling $ 46.7 million, all of which were non-investment grade; and emerging market debt securities totaling $ 38.8 million, of which $ 2.2 million were non-investment grade. The credit ratings in the above tables reflect published ratings obtained from globally recognized securities rating agencies. If a security was rated differently among the rating agencies, the lowest rating was selected. Governmental agency mortgage-backed securities are not rated by any of the ratings agencies; however, these securities have been included in the above table in the “A- or higher” rating category because the payments of principal and interest are guaranteed by the governmental agency that issued the security. |
Equity Securities
Equity Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities | Note 4 – Equity Securities Investments in equity securities, by classification, are summarized as follows: (in millions) September 30, December 31, Marketable equity securities $ 407.3 $ 279.5 Non-marketable equity securities 226.7 395.8 Equity method investments 74.7 78.9 $ 708.7 $ 754.2 Investments in marketable equity securities are summarized as follows: (in millions) Cost Unrealized losses Estimated September 30, 2023 Common stocks $ 432.0 $ ( 36.0 ) $ 396.0 Preferred stocks 15.3 ( 4.0 ) 11.3 $ 447.3 $ ( 40.0 ) $ 407.3 December 31, 2022 Common stocks $ 323.7 $ ( 55.6 ) $ 268.1 Preferred stocks 15.3 ( 3.9 ) 11.4 $ 339.0 $ ( 59.5 ) $ 279.5 Net losses of $ 29.4 million and net gains of $ 20.5 million resulting from changes in the fair values of marketable equity securities were recognized for the three and nine months ended September 30, 2023, respectively, which included net unrealized losses of $ 32.2 million and net unrealized gains of $ 19.0 million on securities still held at September 30, 2023, respectively. Included in net losses/gains during the three and nine months ended September 30, 2023, were unrealized losses of $ 16.4 million and unrealized gains of $ 10.2 million, respectively, related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. Net losses of $ 49.8 million and $ 255.4 million resulting from changes in the fair values of marketable equity securities were recognized for the three and nine months ended September 30, 2022, respectively, which included net unrealized losses of $ 33.2 million and $ 231.4 million on securities still held at September 30, 2022, respectively. Included in net investment losses during the three and nine months ended September 30, 2022, were unrealized losses of $ 31.2 million and $ 166.8 million, respectively, related to the Company’s investment in Offerpad. During the nine months ended September 30, 2023, the Company paid $ 25.0 million to purchase additional shares of Offerpad common stock. The cost and fair values of the Company’s investment in Offerpad at September 30, 2023 and December 31, 2022, totaled $ 110.0 million and $ 50.0 million and $ 85.0 million and $ 14.8 million, respectively. Investments in non-marketable equity securities are summarized as follows: (in millions) Cost Unrealized (losses) gains Carrying amount September 30, 2023 $ 300.1 $ ( 73.4 ) $ 226.7 December 31, 2022 $ 307.2 $ 88.6 $ 395.8 The Company recognized unrealized losses and impairment charges totaling $ 122.4 million and $ 162.0 million for the three and nine months ended September 30, 2023, respectively, and unrealized losses and impairment charges totaling $ 119.9 million and $ 116.4 million during the three and nine months ended September 30, 2022, respectively, related to its investments in private venture-stage companies. All such unrealized losses related to securities still held at September 30, 2023 and 2022. Cumulative unrealized losses and impairment charges and cumulative unrealized gains related to the Company's non-marketable equity securities totaled $ 315.2 million and $ 241.8 million, respectively, at September 30, 2023, and $ 153.2 million and $ 241.8 million, respectively, at December 31, 2022. Also, during the nine months ended September 30, 2022, the Company realized a gain of $ 51.1 million and cash proceeds of $ 63.0 million related to the sale of an investment in a title insurance business. |
Allowance for Credit Losses _ A
Allowance for Credit Losses – Accounts Receivable | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses – Accounts Receivable | Note 5 – Allowance for Credit Losses – Accounts Receivable Activity in the allowance for credit losses on accounts receivable is summarized as follows: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 20.9 $ 16.1 $ 21.3 $ 14.0 Provision for expected credit losses 1.6 3.0 4.4 8.4 Write-offs/recoveries ( 2.0 ) 0.1 ( 5.2 ) ( 3.2 ) Balance at end of period $ 20.5 $ 19.2 $ 20.5 $ 19.2 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6 – Goodwill A summary of the changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2023, is as follows: (in millions) Title Home Total Balance at beginning of period $ 1,757.3 $ 40.9 $ 1,798.2 Acquisitions 2.6 — 2.6 Dispositions ( 0.9 ) — ( 0.9 ) Foreign currency translation 0.2 — 0.2 Balance at end of period $ 1,759.2 $ 40.9 $ 1,800.1 The Company did no t record any goodwill impairment losses during the nine months ended September 30, 2023. |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 7 – Other Intangible Assets Other intangible assets are summarized as follows: (in millions) September 30, December 31, Finite-lived intangible assets: Customer relationships $ 190.9 $ 191.0 Noncompete agreements 28.7 33.8 Trademarks 70.6 70.6 Internal-use software licenses 17.1 24.0 Patents 2.8 2.8 310.1 322.2 Accumulated amortization ( 164.6 ) ( 145.3 ) 145.5 176.9 Indefinite-lived intangible assets: Licenses 16.9 16.9 $ 162.4 $ 193.8 Amortization expense for finite-lived intangible assets was $ 12.9 million and $ 39.0 million for the three and nine months ended September 30, 2023, respectively, and $ 11.7 million and $ 40.5 million for the three and nine months ended September 30, 2022, respectively. Estimated amortization expense for finite-lived intangible assets for the next five years is as follows: Year (in millions) Remainder of 2023 $ 11.9 2024 $ 35.4 2025 $ 26.7 2026 $ 25.9 2027 $ 11.4 2028 $ 7.1 |
Reserve for Known and Incurred
Reserve for Known and Incurred but Not Reported Claims | 9 Months Ended |
Sep. 30, 2023 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Known and Incurred but Not Reported Claims | Note 8 – Reserve for Known and Incurred But Not Reported Claims Activity in the reserve for known and incurred but not reported claims is summarized as follows: Nine Months Ended (in millions) 2023 2022 Balance at beginning of period $ 1,325.3 $ 1,283.8 Provision related to: Current year 273.7 364.6 Prior years ( 10.8 ) 15.8 262.9 380.4 Payments, net of recoveries, related to: Current year 142.1 166.2 Prior years 147.0 171.5 289.1 337.7 Other 0.4 ( 12.5 ) Balance at end of period $ 1,299.5 $ 1,314.0 The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0 % and 3.33 % for the three and nine months ended September 30, 2023, respectively, and 4.0 % for the three and nine months ended September 30, 2022. The 3.0 % and 3.33 % loss rates in the current year reflect an ultimate loss rate of 3.75 % for the current policy year and reserve releases of 0.75 %, or $ 8.6 million and 0.42 %, or $ 14.0 million for prior policy years, all based on current year title insurance premiums and escrow fees for the three and nine months ended September 30, 2023, respectively. The 4.0 % rate for the respective periods of the prior year reflected the ultimate loss rate for the 2022 policy year and no change in loss reserve estimates for prior policy years. A summary of the Company’s loss reserves is as follows: (dollars in millions) September 30, 2023 December 31, 2022 Known title claims $ 60.8 4.7 % $ 62.1 4.7 % Incurred but not reported claims 1,193.2 91.8 % 1,207.2 91.1 % Total title claims 1,254.0 96.5 % 1,269.3 95.8 % Non-title claims 45.5 3.5 % 56.0 4.2 % Total loss reserves $ 1,299.5 100.0 % $ 1,325.3 100.0 % |
Notes and Contracts Payable
Notes and Contracts Payable | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes and Contracts Payable | Note 9 – Notes and Contracts Payable In May 2023, the Company entered into a senior unsecured credit agreement with JPMorgan Chase Bank, N.A., in its capacity as administrative agent, and the lenders party thereto that provides for a $ 900.0 million revolving credit facility. The credit agreement includes an expansion option that permits the Company, subject to satisfaction of certain conditions, to increase the revolving commitments and/or add term loan tranches in an aggregate amount not to exceed $ 450.0 million. The obligations of the Company under the credit agreement are neither secured nor guaranteed. Proceeds from borrowings made from time to time under the credit agreement may be used for general corporate purposes. Unless terminated earlier, the credit agreement will terminate on May 17, 2028 . Upon entry into the credit agreement, the previous $ 700.0 million senior unsecured credit agreement was terminated. At September 30, 2023, the Company had no outstanding borrowings under the facility. At the Company’s election, borrowings of revolving loans under the credit agreement bear interest at (a) the Alternate Base Rate plus the applicable spread, (b) the Adjusted Term SOFR Rate plus the applicable spread, or (c) the Adjusted Daily Simple SOFR plus the applicable spread (in each case as defined in the credit agreement). The Company may select interest periods of one, three or six months for Adjusted Term SOFR Rate borrowings of loans. The applicable spread varies depending upon the Debt Rating assigned by Moody’s Investor Service, Inc., Standard & Poor's Rating Services and/or Fitch Ratings Inc. The minimum applicable spread for Alternate Base Rate borrowings is 0.125 % and the maximum is 0.75 %. The minimum applicable spread for Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR borrowings is 1.125 % and the maximum is 1.75 %. The Alternate Base Rate is subject to a floor of 1.00 % and the Adjusted Term SOFR Rate and the Adjusted Daily Simple SOFR are each subject to a floor of 0.00 %. The rate of interest on any term loans incurred in connection with the expansion option will be established at or about the time such loans are made and may differ from the rate of interest on revolving loans. The credit agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the lenders may accelerate the loans. Upon the occurrence of certain insolvency and bankruptcy events of default the loans will automatically accelerate. As of September 30, 2023, the Company was in compliance with the financial covenants under the credit agreement. On February 1, 2023, the Company repaid its $ 250.0 million 4.30 % senior unsecured notes, upon maturity, through available cash at the holding company. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10 – Income Taxes The Company’s effective income tax rates (income tax expense as a percentage of income before income taxes) were 29.4 % and 23.2 % for the three and nine months ended September 30, 2023, respectively, and 174.2 % and 21.4 % for the three and nine months ended September 30, 2022, respectively. The effective income tax rates differ from the federal statutory rate as a result of state and foreign income taxes for which the Company is liable, as well as permanent differences between amounts reported for financial statement purposes and amounts reported for income tax purposes, including the recognition of excess tax benefits or tax deficiencies associated with share-based payment transactions through income tax expense. The effective income tax rates also reflect the impact on pretax earnings from losses and impairments on equity investments. The Company evaluates the realizability of its deferred tax assets by assessing the valuation allowance and makes adjustments to the allowance as necessary. The factors used in assessing the likelihood of realization include forecasts of future taxable income and available tax planning strategies that could be implemented. The Company’s ability to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of its deferred tax assets. Based on future operating results in certain jurisdictions, it is possible that the current valuation allowance positions of those jurisdictions could be adjusted during the next 12 months. As of September 30, 2023 and December 31, 2022, the liabilities for income taxes associated with uncertain tax positions were $ 1.0 million and $ 3.2 million, respectively. The net decrease in the liability during 2023 was primarily attributable to the settlement of a foreign tax matter for prior years. The liabilities as of September 30, 2023 and December 31, 2022 could be reduced by $ 0.2 million and $ 2.2 million, respectively, due to offsetting tax benefits associated with the correlative effects of potential adjustments, including timing adjustments, and state income taxes. The net liability, if recognized, would favorably affect the Company’s effective income tax rate. The Company’s continuing practice is to recognize interest and penalties related to uncertain tax positions in income tax expense. Accrued interest and penalties, net of tax benefits, related to uncertain tax positions were not material as of September 30, 2023 and, as of December 31, 2022. It is reasonably possible that the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions may increase or decrease within the next 12 months. Any such change may be the result of either ongoing audits or the expiration of federal and state statutes of limitations for the assessment of taxes . The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in various non-U.S. jurisdictions. The primary non-federal jurisdictions are California, Canada, India and the United Kingdom. As of September 30, 2023, the Company is generally no longer subject to income tax examinations for U.S. federal, state and non-U.S. jurisdictions for years prior to 2020, 2019 and 2014, respectively. The Inflation Reduction Act, which was signed into law on August 16, 2022, included various tax provisions that were effective for tax years beginning on or after January 1, 2023, including a 15 % minimum income tax on certain large corporations and a 1 % excise tax on corporate stock repurchases. These tax law changes did not have a material impact on the Company’s condensed consolidated financial statements as of September 30, 2023. |
Earnings (Losses) Per Share
Earnings (Losses) Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Losses) Per Share | Note 11 – Earnings (Losses) Per Share The computation of basic and diluted earnings (losses) per share is as follows: Three Months Ended Nine Months Ended (in millions, except per share amounts) 2023 2022 2023 2022 Numerator Net (loss) income attributable to the Company $ ( 1.7 ) $ 2.0 $ 182.7 $ 208.7 Denominator Basic weighted-average shares 104.2 105.3 104.4 107.8 Effect of dilutive restricted stock units (“RSUs”) — 0.2 0.3 0.3 Diluted weighted-average shares 104.2 105.5 104.7 108.1 Net (loss) income per share attributable to the Company’s Basic $ ( 0.02 ) $ 0.02 $ 1.75 $ 1.94 Diluted $ ( 0.02 ) $ 0.02 $ 1.75 $ 1.93 (1) Net income (loss) per share may not recalculate due to rounding . For the three and nine months ended September 30, 2023, 288 thousand and 15 thousand RSUs and 39 thousand and 14 thousand performance restricted stock units (“PRSUs”), respectively, were excluded from diluted weighted-average common shares outstanding due to their antidilutive effect. For the three and nine months ended September 30, 2022, 272 thousand and 24 thousand RSUs, respectively, were excluded from diluted weighted-average common shares outstanding due to their antidilutive effect. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12 – Employee Benefit Plans Net periodic benefit costs related to the Company’s unfunded supplemental benefit pension plans are summarized as follows: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Expense: Service costs $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest costs 2.5 1.5 7.6 4.5 Amortization of net actuarial loss 0.4 1.4 1.5 4.3 Amortization of prior service cost — — — 0.2 $ 3.0 $ 3.0 $ 9.2 $ 9.1 The Company contributed $ 11.7 million to its unfunded supplemental benefit pension plans during the nine months ended September 30, 2023 and expects to contribute an additional $ 4.0 million during the remainder of 2023. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13 – Fair Value Measurements Certain of the Company’s assets and liabilities are carried at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company categorizes its assets and liabilities carried at fair value using a three-level hierarchy for fair value measurements that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the Company (observable inputs) and the Company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. The hierarchy level assigned to the assets and liabilities is based on management’s assessment of the transparency and reliability of the inputs used to estimate the fair values at the measurement date. The three hierarchy levels are defined as follows: Level 1—Valuations based on unadjusted quoted market prices in active markets for identical assets or liabilities. Level 2—Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets or liabilities at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement and involve management judgment. If the inputs used to measure fair value fall into different levels of the fair value hierarchy, the hierarchy level assigned is based upon the lowest level of input that is significant to the fair value measurement. The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of September 30, 2023 and December 31, 2022: (in millions) Total Level 1 Level 2 Level 3 September 30, 2023 Debt securities: U.S. Treasury bonds $ 128.1 $ — $ 128.1 $ — Municipal bonds 1,196.1 — 1,196.1 — Foreign government bonds 206.9 — 206.9 — Governmental agency bonds 217.5 — 217.5 — Governmental agency mortgage-backed securities 4,170.4 — 4,170.4 — U.S. corporate debt securities 880.1 — 880.1 — Foreign corporate debt securities 428.1 — 428.1 — 7,227.2 — 7,227.2 — Equity securities: Common stocks 396.0 396.0 — — Preferred stocks 11.3 11.3 — — 407.3 407.3 — — Mortgage loans held for sale 13.1 — 11.9 1.2 Total $ 7,647.6 $ 407.3 $ 7,239.1 $ 1.2 (in millions) Total Level 1 Level 2 Level 3 December 31, 2022 Debt securities: U.S. Treasury bonds $ 302.8 $ — $ 302.8 $ — Municipal bonds 1,478.7 — 1,478.7 — Foreign government bonds 193.7 — 193.7 — Governmental agency bonds 228.6 — 228.6 — Governmental agency mortgage-backed securities 4,602.4 — 4,602.4 — U.S. corporate debt securities 921.4 — 921.4 — Foreign corporate debt securities 442.0 — 442.0 — 8,169.6 — 8,169.6 — Equity securities: Common stocks 268.1 268.1 — — Preferred stocks 11.4 11.4 — — 279.5 279.5 — — Mortgage loans held for sale 15.9 — 13.9 2.0 Total $ 8,465.0 $ 279.5 $ 8,183.5 $ 2.0 The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of September 30, 2023 and December 31, 2022: Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 September 30, 2023 Assets: Cash and cash equivalents $ 1,579.1 $ 1,579.1 $ 1,579.1 $ — $ — Deposits with banks $ 55.3 $ 55.0 $ 2.5 $ 52.5 $ — Notes receivable, net $ 21.4 $ 21.8 $ — $ — $ 21.8 Secured financings receivable $ 655.5 $ 655.5 $ — $ 655.5 $ — Liabilities: Secured financings payable $ 530.4 $ 530.4 $ — $ 530.4 $ — Notes and contracts payable $ 1,392.2 $ 1,160.2 $ — $ 1,158.2 $ 2.0 Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 December 31, 2022 Assets: Cash and cash equivalents $ 1,223.5 $ 1,223.5 $ 1,223.5 $ — $ — Deposits with banks $ 63.4 $ 62.7 $ 8.5 $ 54.2 $ — Notes receivable, net $ 10.7 $ 10.6 $ — $ — $ 10.6 Secured financings receivable $ 422.7 $ 422.7 $ — $ 422.7 $ — Liabilities: Secured financings payable $ 366.3 $ 366.3 $ — $ 366.3 $ — Notes and contracts payable $ 1,645.8 $ 1,404.4 $ — $ 1,400.6 $ 3.8 Assets measured at fair value on a non-recurring basis During the nine months ended September 30, 2023, the Company recognized impairment charges totaling $ 157.9 million related to its non-marketable equity securities, all of which related to investments in private venture-stage companies. The impairment charges reflect declines in fair value below carrying amount for certain investments based on either Level 2 observable price changes or Level 3 unobservable inputs such as market data for comparable companies and revenue and cash flow estimates, among others. At September 30, 2023, the fair values of the Company's non-marketable equity securities remeasured during the nine months ended September 30, 2023 based on Level 2 observable price changes totaled $ 44.7 million and using Level 3 unobservable inputs totaled $ 35.1 million. See Note 4 Equity Securities for further information on the Company’s non-marketable equity securities. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 14 – Share-Based Compensation The following table summarizes the costs associated with the Company’s share-based compensation plans: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Expense: RSUs $ 6.5 $ 6.3 $ 32.3 $ 52.0 PRSUs 1.0 0.2 3.5 2.7 Employee stock purchase plan 1.4 1.7 5.1 5.5 $ 8.9 $ 8.2 $ 40.9 $ 60.2 The following table summarizes RSU and PRSU activity for the nine months ended September 30, 2023: (in millions, except weighted-average grant-date fair value) Shares Weighted-average Unvested at December 31, 2022 0.9 $ 63.01 Granted during 2023 0.8 $ 63.23 Vested during 2023 ( 0.7 ) $ 62.44 Unvested at September 30, 2023 1.0 $ 63.62 In March 2023, the Company’s board of directors approved an amendment and restatement of the Company's 2020 Incentive Compensation Plan (the “Incentive Compensation Plan”), effective May 9, 2023. The Incentive Compensation Plan, increases the maximum number of shares of Company common stock available for grant from 4.3 million to 6.5 million. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 15 – Stockholders’ Equity The Company maintains a stock repurchase plan with authorization up to $ 400.0 million, of which $ 231.5 million remained as of September 30, 2023. Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions. During the nine months ended September 30, 2023, the Company repurchased and retired 1.0 million shares of its common stock for a total purchase price of $ 55.0 million and, as of September 30, 2023, repurchased and retired 3.2 million shares of its common stock under the current authorization for a total purchase price of $ 168.5 million. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 16 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2023: (in millions) Unrealized Foreign Pension Accumulated Balance at December 31, 2022 $ ( 751.6 ) $ ( 82.1 ) $ ( 35.2 ) $ ( 868.9 ) Change in unrealized losses on debt securities ( 187.5 ) — — ( 187.5 ) Change in foreign currency translation adjustment — ( 0.6 ) — ( 0.6 ) Amortization of net actuarial loss — — 1.5 1.5 Tax effect 46.3 — ( 0.4 ) 45.9 Balance at September 30, 2023 $ ( 892.8 ) $ ( 82.7 ) $ ( 34.1 ) $ ( 1,009.6 ) The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2023 and 2022: (in millions) Unrealized Foreign Pension Total Three Months Ended September 30, 2023 Pretax change before reclassifications $ ( 233.6 ) $ ( 14.7 ) $ — $ ( 248.3 ) Reclassifications out of AOCI 5.1 — 0.4 5.5 Tax effect 56.9 0.3 — 57.2 Total other comprehensive (loss) income, net of tax $ ( 171.6 ) $ ( 14.4 ) $ 0.4 $ ( 185.6 ) Three Months Ended September 30, 2022 Pretax change before reclassifications $ ( 403.6 ) $ ( 36.6 ) $ — $ ( 440.2 ) Reclassifications out of AOCI 50.1 — 1.4 51.5 Tax effect 90.8 0.8 ( 0.3 ) 91.3 Total other comprehensive (loss) income, net of tax $ ( 262.7 ) $ ( 35.8 ) $ 1.1 $ ( 297.4 ) The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2023 and 2022: (in millions) Unrealized Foreign Pension Total Nine Months Ended September 30, 2023 Pretax change before reclassifications $ ( 199.9 ) $ ( 0.6 ) $ — $ ( 200.5 ) Reclassifications out of AOCI 12.4 — 1.5 13.9 Tax effect 46.3 — ( 0.4 ) 45.9 Total other comprehensive (loss) income, net of tax $ ( 141.2 ) $ ( 0.6 ) $ 1.1 $ ( 140.7 ) Nine Months Ended September 30, 2022 Pretax change before reclassifications $ ( 1,263.0 ) $ ( 59.4 ) $ — $ ( 1,322.4 ) Reclassifications out of AOCI 57.7 — 4.5 62.2 Tax effect 304.2 1.4 ( 1.2 ) 304.4 Total other comprehensive (loss) income, net of tax $ ( 901.1 ) $ ( 58.0 ) $ 3.3 $ ( 955.8 ) The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Affected line items Unrealized gains (losses) on debt securities: Net realized losses on sales $ ( 5.1 ) $ ( 50.1 ) $ ( 12.4 ) $ ( 57.7 ) Net investment losses Tax effect $ 1.2 $ 12.9 $ 3.1 $ 14.6 Pension benefit adjustment (1): Amortization of net actuarial loss $ ( 0.4 ) $ ( 1.4 ) $ ( 1.5 ) $ ( 4.3 ) Other operating expenses Amortization of prior service cost — — — ( 0.2 ) Other operating expenses Pretax total $ ( 0.4 ) $ ( 1.4 ) $ ( 1.5 ) $ ( 4.5 ) Tax effect $ — $ 0.4 $ 0.4 $ 1.2 (1) Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details. |
Litigation and Regulatory Conti
Litigation and Regulatory Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Note 17 – Litigation and Regulatory Contingencies The Company and its subsidiaries are parties to a number of lawsuits and are also involved in numerous ongoing routine legal and regulatory proceedings related to their operations. These lawsuits and proceedings frequently are similar in nature to other lawsuits and proceedings pending against the Company’s competitors. When the Company has determined that a loss is both probable and reasonably estimable, a liability representing the best estimate of the Company’s financial exposure based on known facts has been recorded. Actual losses may materially differ from the amounts recorded. With respect to the Company’s outstanding ordinary course lawsuits and proceedings, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s ordinary course lawsuits include putative or purported class action lawsuits, which challenge practices in the Company’s title insurance and services and home warranty businesses. The Company’s title insurance, property and casualty insurance, home warranty, mortgage servicing and subservicing, banking, thrift, trust and wealth management businesses are regulated by various federal, state and local governmental agencies. Many of the Company’s other businesses operate within statutory guidelines. Consequently, the Company may from time to time be subject to examination or investigation by such governmental agencies. Currently, governmental agencies are examining or investigating certain of the Company’s operations. Exams and investigations by governmental agencies include an investigation initiated in connection with the information security incident that occurred during the second quarter of 2019 by the New York Department of Financial Services. The New York Department of Financial Services has alleged violations of its cyber security requirements for financial services companies and filed a statement of charges on July 22, 2020, as amended on March 10, 2021, and the previously scheduled administrative hearing has been postponed and not rescheduled. While the ultimate disposition of the New York Department of Financial Services matter is not yet determinable, the Company does not believe that it or any of the other pending examinations or investigations will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. Some of these exams or investigations could, however, result in changes to the Company’s business practices which could ultimately have a material adverse impact on the Company’s financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 18 – Segment Information The Company consists of the following reportable segments: • The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, New Zealand, South Korea and various other established and emerging markets. • During 2023, the Company changed the name of its specialty insurance segment to the home warranty segment. In connection with this change, the Company reclassified all current year and prior year operating results related to the Company’s property and casualty insurance business, which no longer has policies in force, to the corporate segment. The home warranty segment sells products including residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 35 states and the District of Columbia . • The Company’s corporate segment includes its investments in venture-stage companies, operating results of the property and casualty insurance business (as noted above), certain financing facilities and corporate services that support the Company’s business operations. Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended September 30, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,524.4 $ 160.3 $ 46.2 $ 69.5 Home Warranty 108.2 9.4 1.2 2.1 Corporate and Eliminations ( 151.4 ) ( 171.4 ) ( 0.1 ) — $ 1,481.2 $ ( 1.7 ) $ 47.3 $ 71.6 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 493.7 $ 664.5 $ 240.1 $ 141.7 $ ( 15.6 ) $ 1,524.4 Home Warranty 101.8 — 5.5 1.6 ( 0.7 ) 108.2 Corporate and Eliminations — — 0.1 ( 4.2 ) ( 147.3 ) ( 151.4 ) $ 595.5 $ 664.5 $ 245.7 $ 139.1 $ ( 163.6 ) $ 1,481.2 For the three months ended September 30, 2022: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,883.0 $ 184.6 $ 40.2 $ 69.0 Home Warranty 104.9 4.2 1.4 0.9 Corporate and Eliminations ( 163.6 ) ( 192.0 ) ( 0.2 ) — $ 1,824.3 $ ( 3.2 ) $ 41.4 $ 69.9 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 655.7 $ 909.7 $ 279.4 $ 105.2 $ ( 67.0 ) $ 1,883.0 Home Warranty 102.2 — 2.9 1.4 ( 1.6 ) 104.9 Corporate and Eliminations ( 0.1 ) — — ( 6.0 ) ( 157.5 ) ( 163.6 ) $ 757.8 $ 909.7 $ 282.3 $ 100.6 $ ( 226.1 ) $ 1,824.3 For the nine months ended September 30, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 4,403.7 $ 434.2 $ 135.2 $ 210.7 Home Warranty 318.4 39.6 3.6 5.6 Corporate and Eliminations ( 147.9 ) ( 237.8 ) 0.1 — $ 4,574.2 $ 236.0 $ 138.9 $ 216.3 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 1,416.1 $ 1,879.6 $ 706.0 $ 408.2 $ ( 6.2 ) $ 4,403.7 Home Warranty 296.9 — 16.9 4.4 0.2 318.4 Corporate and Eliminations — — — 10.8 ( 158.7 ) ( 147.9 ) $ 1,713.0 $ 1,879.6 $ 722.9 $ 423.4 $ ( 164.7 ) $ 4,574.2 For the nine months ended September 30, 2022: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 5,934.1 $ 644.8 $ 120.2 $ 191.6 Home Warranty 310.7 29.0 3.8 2.6 Corporate and Eliminations ( 324.3 ) ( 405.8 ) — — $ 5,920.5 $ 268.0 $ 124.0 $ 194.2 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 2,114.4 $ 2,794.7 $ 887.8 $ 227.2 $ ( 90.0 ) $ 5,934.1 Home Warranty 305.4 — 8.4 3.6 ( 6.7 ) 310.7 Corporate and Eliminations 8.7 — 4.3 ( 31.6 ) ( 305.7 ) ( 324.3 ) $ 2,428.5 $ 2,794.7 $ 900.5 $ 199.2 $ ( 402.4 ) $ 5,920.5 |
Basis of Condensed Consolidat_2
Basis of Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial information included in this report has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Securities and Exchange Commission Regulation S-X. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the First American Financial Corporation (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the consolidated results for the interim periods. All material intercompany transactions and balances have been eliminated upon consolidation. |
Pending Accounting Pronouncements | Pending Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued updated guidance that is intended to provide decision-useful information to investors and reduce diversity in practice in accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The updated guidance will require joint ventures to recognize and initially measure their assets and liabilities at fair value, with certain exceptions to fair value measurement consistent with business combination guidance. The updated guidance is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In September 2022, the FASB issued updated guidance intended to increase the comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The updated guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, as a result, should not be considered in measuring fair value. In addition, new disclosures are required about the nature of the restrictions and their remaining duration. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2023. The Company does not expect the adoption of this guidance to impact its condensed consolidated financial statements. |
Debt Securities (Tables)
Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows: Amortized Gross unrealized Estimated (in millions) cost Gains Losses fair value September 30, 2023 U.S. Treasury bonds $ 136.1 $ — $ ( 8.0 ) $ 128.1 Municipal bonds 1,403.0 0.9 ( 207.8 ) 1,196.1 Foreign government bonds 224.0 — ( 17.1 ) 206.9 Governmental agency bonds 237.7 — ( 20.2 ) 217.5 Governmental agency mortgage-backed securities 4,987.1 0.1 ( 816.8 ) 4,170.4 U.S. corporate debt securities 965.0 0.6 ( 85.5 ) 880.1 Foreign corporate debt securities 461.8 0.8 ( 34.5 ) 428.1 $ 8,414.7 $ 2.4 $ ( 1,189.9 ) $ 7,227.2 December 31, 2022 U.S. Treasury bonds $ 308.5 $ 1.4 $ ( 7.1 ) $ 302.8 Municipal bonds 1,670.6 3.2 ( 195.1 ) 1,478.7 Foreign government bonds 208.0 0.1 ( 14.4 ) 193.7 Governmental agency bonds 247.9 — ( 19.3 ) 228.6 Governmental agency mortgage-backed securities 5,253.4 1.7 ( 652.7 ) 4,602.4 U.S. corporate debt securities 1,004.4 1.5 ( 84.5 ) 921.4 Foreign corporate debt securities 476.8 1.6 ( 36.4 ) 442.0 $ 9,169.6 $ 9.5 $ ( 1,009.5 ) $ 8,169.6 |
Gross Unrealized Losses on Investments in Debt Securities | Investments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows: Less than 12 months 12 months or longer Total (in millions) Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2023 U.S. Treasury bonds $ 72.5 $ ( 2.0 ) $ 55.5 $ ( 6.0 ) $ 128.0 $ ( 8.0 ) Municipal bonds 237.3 ( 11.8 ) 926.5 ( 196.0 ) 1,163.8 ( 207.8 ) Foreign government bonds 103.7 ( 1.3 ) 97.3 ( 15.8 ) 201.0 ( 17.1 ) Governmental agency bonds 74.6 ( 1.7 ) 142.9 ( 18.5 ) 217.5 ( 20.2 ) Governmental agency mortgage-backed 641.3 ( 37.5 ) 3,516.5 ( 779.3 ) 4,157.8 ( 816.8 ) U.S. corporate debt securities 196.7 ( 6.5 ) 593.0 ( 79.0 ) 789.7 ( 85.5 ) Foreign corporate debt securities 107.4 ( 3.5 ) 263.9 ( 31.0 ) 371.3 ( 34.5 ) $ 1,433.5 $ ( 64.3 ) $ 5,595.6 $ ( 1,125.6 ) $ 7,029.1 $ ( 1,189.9 ) December 31, 2022 U.S. Treasury bonds $ 108.0 $ ( 1.4 ) $ 49.5 $ ( 5.7 ) $ 157.5 $ ( 7.1 ) Municipal bonds 813.4 ( 55.8 ) 540.0 ( 139.3 ) 1,353.4 ( 195.1 ) Foreign government bonds 142.1 ( 5.9 ) 45.7 ( 8.5 ) 187.8 ( 14.4 ) Governmental agency bonds 172.7 ( 8.2 ) 55.8 ( 11.1 ) 228.5 ( 19.3 ) Governmental agency mortgage-backed 1,859.6 ( 141.4 ) 2,626.8 ( 511.3 ) 4,486.4 ( 652.7 ) U.S. corporate debt securities 528.3 ( 38.2 ) 325.2 ( 46.3 ) 853.5 ( 84.5 ) Foreign corporate debt securities 241.6 ( 17.5 ) 137.1 ( 18.9 ) 378.7 ( 36.4 ) $ 3,865.7 $ ( 268.4 ) $ 3,780.1 $ ( 741.1 ) $ 7,645.8 $ ( 1,009.5 ) |
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at September 30, 2023, by contractual maturities, are as follows: (in millions) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 6.4 $ 124.7 $ 0.4 $ 4.6 $ 136.1 Estimated fair value $ 6.3 $ 117.7 $ 0.3 $ 3.8 $ 128.1 Municipal bonds Amortized cost 9.9 325.9 527.4 539.8 1,403.0 Estimated fair value 9.8 291.6 435.4 459.3 1,196.1 Foreign government bonds Amortized cost 41.6 105.5 67.6 9.3 224.0 Estimated fair value 41.3 102.8 55.4 7.4 206.9 Governmental agency bonds Amortized cost 25.0 154.4 6.7 51.6 237.7 Estimated fair value 24.9 147.0 5.9 39.7 217.5 U.S. corporate debt securities Amortized cost 10.6 690.9 199.2 64.3 965.0 Estimated fair value 10.3 634.5 185.4 49.9 880.1 Foreign corporate debt securities Amortized cost 13.2 297.9 115.8 34.9 461.8 Estimated fair value 12.9 278.2 107.8 29.2 428.1 Total debt securities (excluding mortgage-backed Amortized cost $ 106.7 $ 1,699.3 $ 917.1 $ 704.5 $ 3,427.6 Estimated fair value $ 105.5 $ 1,571.8 $ 790.2 $ 589.3 $ 3,056.8 Total mortgage-backed securities Amortized cost 4,987.1 Estimated fair value 4,170.4 Total debt securities Amortized cost $ 8,414.7 Estimated fair value $ 7,227.2 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at September 30, 2023, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (dollars in millions) Estimated Percentage Estimated Percentage Estimated Percentage Estimated U.S. Treasury bonds $ 128.1 100.0 % $ — — % $ — — % $ 128.1 Municipal bonds 1,164.9 97.4 30.9 2.6 0.3 — 1,196.1 Foreign government bonds 201.8 97.6 4.4 2.1 0.7 0.3 206.9 Governmental agency bonds 217.5 100.0 — — — — 217.5 Governmental agency mortgage- 4,170.4 100.0 — — — — 4,170.4 U.S. corporate debt securities 422.5 48.0 317.3 36.1 140.3 15.9 880.1 Foreign corporate debt securities 214.2 50.0 177.7 41.5 36.2 8.5 428.1 $ 6,519.4 90.2 % $ 530.3 7.3 % $ 177.5 2.5 % $ 7,227.2 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at September 30, 2023, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (dollars in millions) Estimated Percentage Estimated Percentage Estimated Percentage Estimated U.S. Treasury bonds $ 128.0 100.0 % $ — — % $ — — % $ 128.0 Municipal bonds 1,135.1 97.6 28.4 2.4 0.3 — 1,163.8 Foreign government bonds 195.9 97.5 4.4 2.2 0.7 0.3 201.0 Governmental agency bonds 217.5 100.0 — — — — 217.5 Governmental agency mortgage- 4,157.8 100.0 — — — — 4,157.8 U.S. corporate debt securities 413.5 52.4 302.5 38.3 73.7 9.3 789.7 Foreign corporate debt securities 197.8 53.3 150.3 40.5 23.2 6.2 371.3 $ 6,445.6 91.7 % $ 485.6 6.9 % $ 97.9 1.4 % $ 7,029.1 |
Equity Securities (Tables)
Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments in Equity Securities, by Accounting Classification | Investments in equity securities, by classification, are summarized as follows: (in millions) September 30, December 31, Marketable equity securities $ 407.3 $ 279.5 Non-marketable equity securities 226.7 395.8 Equity method investments 74.7 78.9 $ 708.7 $ 754.2 |
Summary of Investments in Marketable Equity Securities | Investments in marketable equity securities are summarized as follows: (in millions) Cost Unrealized losses Estimated September 30, 2023 Common stocks $ 432.0 $ ( 36.0 ) $ 396.0 Preferred stocks 15.3 ( 4.0 ) 11.3 $ 447.3 $ ( 40.0 ) $ 407.3 December 31, 2022 Common stocks $ 323.7 $ ( 55.6 ) $ 268.1 Preferred stocks 15.3 ( 3.9 ) 11.4 $ 339.0 $ ( 59.5 ) $ 279.5 |
Summary of Investments in Non-Marketable Equity Securities | Investments in non-marketable equity securities are summarized as follows: (in millions) Cost Unrealized (losses) gains Carrying amount September 30, 2023 $ 300.1 $ ( 73.4 ) $ 226.7 December 31, 2022 $ 307.2 $ 88.6 $ 395.8 |
Allowance for Credit Losses __2
Allowance for Credit Losses – Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Summary of Allowance for Credit Losses on Accounts Receivables | Activity in the allowance for credit losses on accounts receivable is summarized as follows: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Balance at beginning of period $ 20.9 $ 16.1 $ 21.3 $ 14.0 Provision for expected credit losses 1.6 3.0 4.4 8.4 Write-offs/recoveries ( 2.0 ) 0.1 ( 5.2 ) ( 3.2 ) Balance at end of period $ 20.5 $ 19.2 $ 20.5 $ 19.2 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Reportable Segment | A summary of the changes in the carrying amount of goodwill, by reportable segment, for the nine months ended September 30, 2023, is as follows: (in millions) Title Home Total Balance at beginning of period $ 1,757.3 $ 40.9 $ 1,798.2 Acquisitions 2.6 — 2.6 Dispositions ( 0.9 ) — ( 0.9 ) Foreign currency translation 0.2 — 0.2 Balance at end of period $ 1,759.2 $ 40.9 $ 1,800.1 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Schedule Of Other Intangible Assets | Other intangible assets are summarized as follows: (in millions) September 30, December 31, Finite-lived intangible assets: Customer relationships $ 190.9 $ 191.0 Noncompete agreements 28.7 33.8 Trademarks 70.6 70.6 Internal-use software licenses 17.1 24.0 Patents 2.8 2.8 310.1 322.2 Accumulated amortization ( 164.6 ) ( 145.3 ) 145.5 176.9 Indefinite-lived intangible assets: Licenses 16.9 16.9 $ 162.4 $ 193.8 |
Estimated Amortization Expense for Finite-Lived Intangible Assets | Estimated amortization expense for finite-lived intangible assets for the next five years is as follows: Year (in millions) Remainder of 2023 $ 11.9 2024 $ 35.4 2025 $ 26.7 2026 $ 25.9 2027 $ 11.4 2028 $ 7.1 |
Reserve for Known and Incurre_2
Reserve for Known and Incurred but Not Reported Claims (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance Loss Reserves [Abstract] | |
Activity in Reserve for Known and Incurred but Not Reported Claims | Activity in the reserve for known and incurred but not reported claims is summarized as follows: Nine Months Ended (in millions) 2023 2022 Balance at beginning of period $ 1,325.3 $ 1,283.8 Provision related to: Current year 273.7 364.6 Prior years ( 10.8 ) 15.8 262.9 380.4 Payments, net of recoveries, related to: Current year 142.1 166.2 Prior years 147.0 171.5 289.1 337.7 Other 0.4 ( 12.5 ) Balance at end of period $ 1,299.5 $ 1,314.0 A summary of the Company’s loss reserves is as follows: (dollars in millions) September 30, 2023 December 31, 2022 Known title claims $ 60.8 4.7 % $ 62.1 4.7 % Incurred but not reported claims 1,193.2 91.8 % 1,207.2 91.1 % Total title claims 1,254.0 96.5 % 1,269.3 95.8 % Non-title claims 45.5 3.5 % 56.0 4.2 % Total loss reserves $ 1,299.5 100.0 % $ 1,325.3 100.0 % |
Earnings (Losses) Per Share (Ta
Earnings (Losses) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Losses) Per Share | The computation of basic and diluted earnings (losses) per share is as follows: Three Months Ended Nine Months Ended (in millions, except per share amounts) 2023 2022 2023 2022 Numerator Net (loss) income attributable to the Company $ ( 1.7 ) $ 2.0 $ 182.7 $ 208.7 Denominator Basic weighted-average shares 104.2 105.3 104.4 107.8 Effect of dilutive restricted stock units (“RSUs”) — 0.2 0.3 0.3 Diluted weighted-average shares 104.2 105.5 104.7 108.1 Net (loss) income per share attributable to the Company’s Basic $ ( 0.02 ) $ 0.02 $ 1.75 $ 1.94 Diluted $ ( 0.02 ) $ 0.02 $ 1.75 $ 1.93 (1) Net income (loss) per share may not recalculate due to rounding . |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Costs | Net periodic benefit costs related to the Company’s unfunded supplemental benefit pension plans are summarized as follows: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Expense: Service costs $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest costs 2.5 1.5 7.6 4.5 Amortization of net actuarial loss 0.4 1.4 1.5 4.3 Amortization of prior service cost — — — 0.2 $ 3.0 $ 3.0 $ 9.2 $ 9.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of September 30, 2023 and December 31, 2022: (in millions) Total Level 1 Level 2 Level 3 September 30, 2023 Debt securities: U.S. Treasury bonds $ 128.1 $ — $ 128.1 $ — Municipal bonds 1,196.1 — 1,196.1 — Foreign government bonds 206.9 — 206.9 — Governmental agency bonds 217.5 — 217.5 — Governmental agency mortgage-backed securities 4,170.4 — 4,170.4 — U.S. corporate debt securities 880.1 — 880.1 — Foreign corporate debt securities 428.1 — 428.1 — 7,227.2 — 7,227.2 — Equity securities: Common stocks 396.0 396.0 — — Preferred stocks 11.3 11.3 — — 407.3 407.3 — — Mortgage loans held for sale 13.1 — 11.9 1.2 Total $ 7,647.6 $ 407.3 $ 7,239.1 $ 1.2 (in millions) Total Level 1 Level 2 Level 3 December 31, 2022 Debt securities: U.S. Treasury bonds $ 302.8 $ — $ 302.8 $ — Municipal bonds 1,478.7 — 1,478.7 — Foreign government bonds 193.7 — 193.7 — Governmental agency bonds 228.6 — 228.6 — Governmental agency mortgage-backed securities 4,602.4 — 4,602.4 — U.S. corporate debt securities 921.4 — 921.4 — Foreign corporate debt securities 442.0 — 442.0 — 8,169.6 — 8,169.6 — Equity securities: Common stocks 268.1 268.1 — — Preferred stocks 11.4 11.4 — — 279.5 279.5 — — Mortgage loans held for sale 15.9 — 13.9 2.0 Total $ 8,465.0 $ 279.5 $ 8,183.5 $ 2.0 |
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of September 30, 2023 and December 31, 2022: Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 September 30, 2023 Assets: Cash and cash equivalents $ 1,579.1 $ 1,579.1 $ 1,579.1 $ — $ — Deposits with banks $ 55.3 $ 55.0 $ 2.5 $ 52.5 $ — Notes receivable, net $ 21.4 $ 21.8 $ — $ — $ 21.8 Secured financings receivable $ 655.5 $ 655.5 $ — $ 655.5 $ — Liabilities: Secured financings payable $ 530.4 $ 530.4 $ — $ 530.4 $ — Notes and contracts payable $ 1,392.2 $ 1,160.2 $ — $ 1,158.2 $ 2.0 Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 December 31, 2022 Assets: Cash and cash equivalents $ 1,223.5 $ 1,223.5 $ 1,223.5 $ — $ — Deposits with banks $ 63.4 $ 62.7 $ 8.5 $ 54.2 $ — Notes receivable, net $ 10.7 $ 10.6 $ — $ — $ 10.6 Secured financings receivable $ 422.7 $ 422.7 $ — $ 422.7 $ — Liabilities: Secured financings payable $ 366.3 $ 366.3 $ — $ 366.3 $ — Notes and contracts payable $ 1,645.8 $ 1,404.4 $ — $ 1,400.6 $ 3.8 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Costs Associated with Share-Based Compensation Plans | The following table summarizes the costs associated with the Company’s share-based compensation plans: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Expense: RSUs $ 6.5 $ 6.3 $ 32.3 $ 52.0 PRSUs 1.0 0.2 3.5 2.7 Employee stock purchase plan 1.4 1.7 5.1 5.5 $ 8.9 $ 8.2 $ 40.9 $ 60.2 |
Summary of RSU Activity | The following table summarizes RSU and PRSU activity for the nine months ended September 30, 2023: (in millions, except weighted-average grant-date fair value) Shares Weighted-average Unvested at December 31, 2022 0.9 $ 63.01 Granted during 2023 0.8 $ 63.23 Vested during 2023 ( 0.7 ) $ 62.44 Unvested at September 30, 2023 1.0 $ 63.62 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2023: (in millions) Unrealized Foreign Pension Accumulated Balance at December 31, 2022 $ ( 751.6 ) $ ( 82.1 ) $ ( 35.2 ) $ ( 868.9 ) Change in unrealized losses on debt securities ( 187.5 ) — — ( 187.5 ) Change in foreign currency translation adjustment — ( 0.6 ) — ( 0.6 ) Amortization of net actuarial loss — — 1.5 1.5 Tax effect 46.3 — ( 0.4 ) 45.9 Balance at September 30, 2023 $ ( 892.8 ) $ ( 82.7 ) $ ( 34.1 ) $ ( 1,009.6 ) |
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2023 and 2022: (in millions) Unrealized Foreign Pension Total Three Months Ended September 30, 2023 Pretax change before reclassifications $ ( 233.6 ) $ ( 14.7 ) $ — $ ( 248.3 ) Reclassifications out of AOCI 5.1 — 0.4 5.5 Tax effect 56.9 0.3 — 57.2 Total other comprehensive (loss) income, net of tax $ ( 171.6 ) $ ( 14.4 ) $ 0.4 $ ( 185.6 ) Three Months Ended September 30, 2022 Pretax change before reclassifications $ ( 403.6 ) $ ( 36.6 ) $ — $ ( 440.2 ) Reclassifications out of AOCI 50.1 — 1.4 51.5 Tax effect 90.8 0.8 ( 0.3 ) 91.3 Total other comprehensive (loss) income, net of tax $ ( 262.7 ) $ ( 35.8 ) $ 1.1 $ ( 297.4 ) The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2023 and 2022: (in millions) Unrealized Foreign Pension Total Nine Months Ended September 30, 2023 Pretax change before reclassifications $ ( 199.9 ) $ ( 0.6 ) $ — $ ( 200.5 ) Reclassifications out of AOCI 12.4 — 1.5 13.9 Tax effect 46.3 — ( 0.4 ) 45.9 Total other comprehensive (loss) income, net of tax $ ( 141.2 ) $ ( 0.6 ) $ 1.1 $ ( 140.7 ) Nine Months Ended September 30, 2022 Pretax change before reclassifications $ ( 1,263.0 ) $ ( 59.4 ) $ — $ ( 1,322.4 ) Reclassifications out of AOCI 57.7 — 4.5 62.2 Tax effect 304.2 1.4 ( 1.2 ) 304.4 Total other comprehensive (loss) income, net of tax $ ( 901.1 ) $ ( 58.0 ) $ 3.3 $ ( 955.8 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income: Three Months Ended Nine Months Ended (in millions) 2023 2022 2023 2022 Affected line items Unrealized gains (losses) on debt securities: Net realized losses on sales $ ( 5.1 ) $ ( 50.1 ) $ ( 12.4 ) $ ( 57.7 ) Net investment losses Tax effect $ 1.2 $ 12.9 $ 3.1 $ 14.6 Pension benefit adjustment (1): Amortization of net actuarial loss $ ( 0.4 ) $ ( 1.4 ) $ ( 1.5 ) $ ( 4.3 ) Other operating expenses Amortization of prior service cost — — — ( 0.2 ) Other operating expenses Pretax total $ ( 0.4 ) $ ( 1.4 ) $ ( 1.5 ) $ ( 4.5 ) Tax effect $ — $ 0.4 $ 0.4 $ 1.2 (1) Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information | Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended September 30, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,524.4 $ 160.3 $ 46.2 $ 69.5 Home Warranty 108.2 9.4 1.2 2.1 Corporate and Eliminations ( 151.4 ) ( 171.4 ) ( 0.1 ) — $ 1,481.2 $ ( 1.7 ) $ 47.3 $ 71.6 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 493.7 $ 664.5 $ 240.1 $ 141.7 $ ( 15.6 ) $ 1,524.4 Home Warranty 101.8 — 5.5 1.6 ( 0.7 ) 108.2 Corporate and Eliminations — — 0.1 ( 4.2 ) ( 147.3 ) ( 151.4 ) $ 595.5 $ 664.5 $ 245.7 $ 139.1 $ ( 163.6 ) $ 1,481.2 For the three months ended September 30, 2022: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,883.0 $ 184.6 $ 40.2 $ 69.0 Home Warranty 104.9 4.2 1.4 0.9 Corporate and Eliminations ( 163.6 ) ( 192.0 ) ( 0.2 ) — $ 1,824.3 $ ( 3.2 ) $ 41.4 $ 69.9 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 655.7 $ 909.7 $ 279.4 $ 105.2 $ ( 67.0 ) $ 1,883.0 Home Warranty 102.2 — 2.9 1.4 ( 1.6 ) 104.9 Corporate and Eliminations ( 0.1 ) — — ( 6.0 ) ( 157.5 ) ( 163.6 ) $ 757.8 $ 909.7 $ 282.3 $ 100.6 $ ( 226.1 ) $ 1,824.3 For the nine months ended September 30, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 4,403.7 $ 434.2 $ 135.2 $ 210.7 Home Warranty 318.4 39.6 3.6 5.6 Corporate and Eliminations ( 147.9 ) ( 237.8 ) 0.1 — $ 4,574.2 $ 236.0 $ 138.9 $ 216.3 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 1,416.1 $ 1,879.6 $ 706.0 $ 408.2 $ ( 6.2 ) $ 4,403.7 Home Warranty 296.9 — 16.9 4.4 0.2 318.4 Corporate and Eliminations — — — 10.8 ( 158.7 ) ( 147.9 ) $ 1,713.0 $ 1,879.6 $ 722.9 $ 423.4 $ ( 164.7 ) $ 4,574.2 For the nine months ended September 30, 2022: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 5,934.1 $ 644.8 $ 120.2 $ 191.6 Home Warranty 310.7 29.0 3.8 2.6 Corporate and Eliminations ( 324.3 ) ( 405.8 ) — — $ 5,920.5 $ 268.0 $ 124.0 $ 194.2 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 2,114.4 $ 2,794.7 $ 887.8 $ 227.2 $ ( 90.0 ) $ 5,934.1 Home Warranty 305.4 — 8.4 3.6 ( 6.7 ) 310.7 Corporate and Eliminations 8.7 — 4.3 ( 31.6 ) ( 305.7 ) ( 324.3 ) $ 2,428.5 $ 2,794.7 $ 900.5 $ 199.2 $ ( 402.4 ) $ 5,920.5 |
Trust Assets, Escrow and Othe_2
Trust Assets, Escrow and Other Deposits (Narrative) (Detail) - USD ($) $ in Billions | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Line Items] | ||
Escrow deposits | $ 9.2 | $ 10 |
Like-kind exchange funds | 2.4 | 2.8 |
Cash deposits | 1.3 | 1.1 |
First American Trust | ||
Other Assets [Line Items] | ||
Escrow deposits | 4.5 | 4.6 |
Assets held-in-trust | 4.3 | 4.1 |
Cash deposits | $ 0.8 | $ 0.7 |
Debt Securities (Investments in
Debt Securities (Investments in Debt Securities, Classified as Available-For-Sale) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 8,414.7 | $ 9,169.6 |
Debt Securities, Gross unrealized gains | 2.4 | 9.5 |
Debt Securities, Gross unrealized losses | (1,189.9) | (1,009.5) |
Debt securities, Estimated fair value | 7,227.2 | 8,169.6 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 136.1 | 308.5 |
Debt Securities, Gross unrealized gains | 0 | 1.4 |
Debt Securities, Gross unrealized losses | (8) | (7.1) |
Debt securities, Estimated fair value | 128.1 | 302.8 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 1,403 | 1,670.6 |
Debt Securities, Gross unrealized gains | 0.9 | 3.2 |
Debt Securities, Gross unrealized losses | (207.8) | (195.1) |
Debt securities, Estimated fair value | 1,196.1 | 1,478.7 |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 224 | 208 |
Debt Securities, Gross unrealized gains | 0 | 0.1 |
Debt Securities, Gross unrealized losses | (17.1) | (14.4) |
Debt securities, Estimated fair value | 206.9 | 193.7 |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 237.7 | 247.9 |
Debt Securities, Gross unrealized gains | 0 | 0 |
Debt Securities, Gross unrealized losses | (20.2) | (19.3) |
Debt securities, Estimated fair value | 217.5 | 228.6 |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 4,987.1 | 5,253.4 |
Debt Securities, Gross unrealized gains | 0.1 | 1.7 |
Debt Securities, Gross unrealized losses | (816.8) | (652.7) |
Debt securities, Estimated fair value | 4,170.4 | 4,602.4 |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 965 | 1,004.4 |
Debt Securities, Gross unrealized gains | 0.6 | 1.5 |
Debt Securities, Gross unrealized losses | (85.5) | (84.5) |
Debt securities, Estimated fair value | 880.1 | 921.4 |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 461.8 | 476.8 |
Debt Securities, Gross unrealized gains | 0.8 | 1.6 |
Debt Securities, Gross unrealized losses | (34.5) | (36.4) |
Debt securities, Estimated fair value | $ 428.1 | $ 442 |
Debt Securities (Sales of Debt
Debt Securities (Sales of Debt Securities) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized losses on sales of debt securities | $ 5.2 | $ 50.4 | $ 18.8 | $ 62 |
Realized gains on sales of debt securities | 0.1 | 0.3 | 6.4 | 4.3 |
Proceeds from sales of debt securities | $ 178.7 | $ 605.4 | $ 1,081.7 | $ 1,062.8 |
Debt Securities (Gross Unrealiz
Debt Securities (Gross Unrealized Losses on Investments in Debt Securities) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | $ 1,433.5 | $ 3,865.7 |
Unrealized losses, Less than 12 months | (64.3) | (268.4) |
Estimated fair value, 12 months or longer | 5,595.6 | 3,780.1 |
Unrealized losses, 12 months or longer | (1,125.6) | (741.1) |
Estimated fair value, Total | 7,029.1 | 7,645.8 |
Unrealized losses, Total | (1,189.9) | (1,009.5) |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 72.5 | 108 |
Unrealized losses, Less than 12 months | (2) | (1.4) |
Estimated fair value, 12 months or longer | 55.5 | 49.5 |
Unrealized losses, 12 months or longer | (6) | (5.7) |
Estimated fair value, Total | 128 | 157.5 |
Unrealized losses, Total | (8) | (7.1) |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 237.3 | 813.4 |
Unrealized losses, Less than 12 months | (11.8) | (55.8) |
Estimated fair value, 12 months or longer | 926.5 | 540 |
Unrealized losses, 12 months or longer | (196) | (139.3) |
Estimated fair value, Total | 1,163.8 | 1,353.4 |
Unrealized losses, Total | (207.8) | (195.1) |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 103.7 | 142.1 |
Unrealized losses, Less than 12 months | (1.3) | (5.9) |
Estimated fair value, 12 months or longer | 97.3 | 45.7 |
Unrealized losses, 12 months or longer | (15.8) | (8.5) |
Estimated fair value, Total | 201 | 187.8 |
Unrealized losses, Total | (17.1) | (14.4) |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 74.6 | 172.7 |
Unrealized losses, Less than 12 months | (1.7) | (8.2) |
Estimated fair value, 12 months or longer | 142.9 | 55.8 |
Unrealized losses, 12 months or longer | (18.5) | (11.1) |
Estimated fair value, Total | 217.5 | 228.5 |
Unrealized losses, Total | (20.2) | (19.3) |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 641.3 | 1,859.6 |
Unrealized losses, Less than 12 months | (37.5) | (141.4) |
Estimated fair value, 12 months or longer | 3,516.5 | 2,626.8 |
Unrealized losses, 12 months or longer | (779.3) | (511.3) |
Estimated fair value, Total | 4,157.8 | 4,486.4 |
Unrealized losses, Total | (816.8) | (652.7) |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 196.7 | 528.3 |
Unrealized losses, Less than 12 months | (6.5) | (38.2) |
Estimated fair value, 12 months or longer | 593 | 325.2 |
Unrealized losses, 12 months or longer | (79) | (46.3) |
Estimated fair value, Total | 789.7 | 853.5 |
Unrealized losses, Total | (85.5) | (84.5) |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 107.4 | 241.6 |
Unrealized losses, Less than 12 months | (3.5) | (17.5) |
Estimated fair value, 12 months or longer | 263.9 | 137.1 |
Unrealized losses, 12 months or longer | (31) | (18.9) |
Estimated fair value, Total | 371.3 | 378.7 |
Unrealized losses, Total | $ (34.5) | $ (36.4) |
Debt Securities (Investments _2
Debt Securities (Investments in Debt Securities by Contractual Maturity) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 8,414.7 | $ 9,169.6 |
Debt securities, Estimated fair value | 7,227.2 | 8,169.6 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 6.4 | |
Amortized cost, Due after one through five years | 124.7 | |
Amortized cost, Due after five through ten years | 0.4 | |
Amortized cost, Due after ten years | 4.6 | |
Debt Securities, Amortized cost | 136.1 | 308.5 |
Estimated fair value, Due in one year or less | 6.3 | |
Estimated fair value, Due after one through five years | 117.7 | |
Estimated fair value, Due after five through ten years | 0.3 | |
Estimated fair value, Due after ten years | 3.8 | |
Debt securities, Estimated fair value | 128.1 | 302.8 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 9.9 | |
Amortized cost, Due after one through five years | 325.9 | |
Amortized cost, Due after five through ten years | 527.4 | |
Amortized cost, Due after ten years | 539.8 | |
Debt Securities, Amortized cost | 1,403 | 1,670.6 |
Estimated fair value, Due in one year or less | 9.8 | |
Estimated fair value, Due after one through five years | 291.6 | |
Estimated fair value, Due after five through ten years | 435.4 | |
Estimated fair value, Due after ten years | 459.3 | |
Debt securities, Estimated fair value | 1,196.1 | 1,478.7 |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 41.6 | |
Amortized cost, Due after one through five years | 105.5 | |
Amortized cost, Due after five through ten years | 67.6 | |
Amortized cost, Due after ten years | 9.3 | |
Debt Securities, Amortized cost | 224 | 208 |
Estimated fair value, Due in one year or less | 41.3 | |
Estimated fair value, Due after one through five years | 102.8 | |
Estimated fair value, Due after five through ten years | 55.4 | |
Estimated fair value, Due after ten years | 7.4 | |
Debt securities, Estimated fair value | 206.9 | 193.7 |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 25 | |
Amortized cost, Due after one through five years | 154.4 | |
Amortized cost, Due after five through ten years | 6.7 | |
Amortized cost, Due after ten years | 51.6 | |
Debt Securities, Amortized cost | 237.7 | 247.9 |
Estimated fair value, Due in one year or less | 24.9 | |
Estimated fair value, Due after one through five years | 147 | |
Estimated fair value, Due after five through ten years | 5.9 | |
Estimated fair value, Due after ten years | 39.7 | |
Debt securities, Estimated fair value | 217.5 | 228.6 |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 10.6 | |
Amortized cost, Due after one through five years | 690.9 | |
Amortized cost, Due after five through ten years | 199.2 | |
Amortized cost, Due after ten years | 64.3 | |
Debt Securities, Amortized cost | 965 | 1,004.4 |
Estimated fair value, Due in one year or less | 10.3 | |
Estimated fair value, Due after one through five years | 634.5 | |
Estimated fair value, Due after five through ten years | 185.4 | |
Estimated fair value, Due after ten years | 49.9 | |
Debt securities, Estimated fair value | 880.1 | 921.4 |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 13.2 | |
Amortized cost, Due after one through five years | 297.9 | |
Amortized cost, Due after five through ten years | 115.8 | |
Amortized cost, Due after ten years | 34.9 | |
Debt Securities, Amortized cost | 461.8 | 476.8 |
Estimated fair value, Due in one year or less | 12.9 | |
Estimated fair value, Due after one through five years | 278.2 | |
Estimated fair value, Due after five through ten years | 107.8 | |
Estimated fair value, Due after ten years | 29.2 | |
Debt securities, Estimated fair value | 428.1 | $ 442 |
Aggregate Debt Securities Excluding Mortgage Backed And Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 106.7 | |
Amortized cost, Due after one through five years | 1,699.3 | |
Amortized cost, Due after five through ten years | 917.1 | |
Amortized cost, Due after ten years | 704.5 | |
Debt Securities, Amortized cost | 3,427.6 | |
Estimated fair value, Due in one year or less | 105.5 | |
Estimated fair value, Due after one through five years | 1,571.8 | |
Estimated fair value, Due after five through ten years | 790.2 | |
Estimated fair value, Due after ten years | 589.3 | |
Debt securities, Estimated fair value | 3,056.8 | |
Collateralized Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 4,987.1 | |
Estimated fair value | $ 4,170.4 |
Debt Securities (Composition of
Debt Securities (Composition of Debt Securities Portfolio by Credit Rating Agencies) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 7,227.2 | $ 8,169.6 |
Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 6,519.4 | |
Percentage of debt securities by credit rating agencies | 90.20% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 530.3 | |
Percentage of debt securities by credit rating agencies | 7.30% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 177.5 | |
Percentage of debt securities by credit rating agencies | 2.50% | |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 128.1 | 302.8 |
U.S. Treasury bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 128.1 | |
Percentage of debt securities by credit rating agencies | 100% | |
U.S. Treasury bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
U.S. Treasury bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1,196.1 | 1,478.7 |
Municipal bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1,164.9 | |
Percentage of debt securities by credit rating agencies | 97.40% | |
Municipal bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 30.9 | |
Percentage of debt securities by credit rating agencies | 2.60% | |
Municipal bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0.3 | |
Percentage of debt securities by credit rating agencies | 0% | |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 206.9 | 193.7 |
Foreign government bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 201.8 | |
Percentage of debt securities by credit rating agencies | 97.60% | |
Foreign government bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4.4 | |
Percentage of debt securities by credit rating agencies | 2.10% | |
Foreign government bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0.7 | |
Percentage of debt securities by credit rating agencies | 0.30% | |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 217.5 | 228.6 |
Governmental agency bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 217.5 | |
Percentage of debt securities by credit rating agencies | 100% | |
Governmental agency bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
Governmental agency bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,170.4 | 4,602.4 |
Governmental agency mortgage-backed securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,170.4 | |
Percentage of debt securities by credit rating agencies | 100% | |
Governmental agency mortgage-backed securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
Governmental agency mortgage-backed securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0% | |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 880.1 | 921.4 |
U.S. corporate debt securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 422.5 | |
Percentage of debt securities by credit rating agencies | 48% | |
U.S. corporate debt securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 317.3 | |
Percentage of debt securities by credit rating agencies | 36.10% | |
U.S. corporate debt securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 140.3 | |
Percentage of debt securities by credit rating agencies | 15.90% | |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 428.1 | $ 442 |
Foreign corporate debt securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 214.2 | |
Percentage of debt securities by credit rating agencies | 50% | |
Foreign corporate debt securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 177.7 | |
Percentage of debt securities by credit rating agencies | 41.50% | |
Foreign corporate debt securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 36.2 | |
Percentage of debt securities by credit rating agencies | 8.50% |
Debt Securities (Composition _2
Debt Securities (Composition of Debt Securities Portfolio by Credit Rating Agencies) (Narrative) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 7,227.2 | $ 8,169.6 |
Estimated fair value of debt securities, Unrealized loss position | 7,029.1 | $ 7,645.8 |
Bank Loans | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 132.9 | |
Estimated fair value of debt securities, Unrealized loss position | 50.3 | |
Emerging Market Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 39.1 | |
Estimated fair value of debt securities, Unrealized loss position | 38.8 | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 177.5 | |
Estimated fair value of debt securities, Unrealized loss position | 97.9 | |
Non-Investment Grade | Bank Loans | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 124.2 | |
Estimated fair value of debt securities, Unrealized loss position | 48.7 | |
Non-Investment Grade | High Yield Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 50.5 | |
Estimated fair value of debt securities, Unrealized loss position | 46.7 | |
Non-Investment Grade | Emerging Market Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 2.5 | |
Estimated fair value of debt securities, Unrealized loss position | $ 2.2 |
Debt Securities (Composition _3
Debt Securities (Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 7,029.1 | $ 7,645.8 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 128 | |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 1,163.8 | |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 201 | |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 217.5 | |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 4,157.8 | |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 789.7 | |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 371.3 | |
Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 6,445.6 | |
Percentage of debt securities in unrealized loss position | 91.70% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 485.6 | |
Percentage of debt securities in unrealized loss position | 6.90% | |
Investment Grade | U.S. Treasury bonds | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 128 | |
Percentage of debt securities in unrealized loss position | 100% | |
Investment Grade | U.S. Treasury bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Investment Grade | Municipal bonds | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 1,135.1 | |
Percentage of debt securities in unrealized loss position | 97.60% | |
Investment Grade | Municipal bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 28.4 | |
Percentage of debt securities in unrealized loss position | 2.40% | |
Investment Grade | Foreign government bonds | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 195.9 | |
Percentage of debt securities in unrealized loss position | 97.50% | |
Investment Grade | Foreign government bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 4.4 | |
Percentage of debt securities in unrealized loss position | 2.20% | |
Investment Grade | Governmental agency bonds | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 217.5 | |
Percentage of debt securities in unrealized loss position | 100% | |
Investment Grade | Governmental agency bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Investment Grade | Governmental agency mortgage-backed securities | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 4,157.8 | |
Percentage of debt securities in unrealized loss position | 100% | |
Investment Grade | Governmental agency mortgage-backed securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Investment Grade | U.S. corporate debt securities | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 413.5 | |
Percentage of debt securities in unrealized loss position | 52.40% | |
Investment Grade | U.S. corporate debt securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 302.5 | |
Percentage of debt securities in unrealized loss position | 38.30% | |
Investment Grade | Foreign corporate debt securities | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 197.8 | |
Percentage of debt securities in unrealized loss position | 53.30% | |
Investment Grade | Foreign corporate debt securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 150.3 | |
Percentage of debt securities in unrealized loss position | 40.50% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 97.9 | |
Percentage of debt securities in unrealized loss position | 1.40% | |
Non-Investment Grade | U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Non-Investment Grade | Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0.3 | |
Percentage of debt securities in unrealized loss position | 0% | |
Non-Investment Grade | Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0.7 | |
Percentage of debt securities in unrealized loss position | 0.30% | |
Non-Investment Grade | Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Non-Investment Grade | Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0% | |
Non-Investment Grade | U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 73.7 | |
Percentage of debt securities in unrealized loss position | 9.30% | |
Non-Investment Grade | Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 23.2 | |
Percentage of debt securities in unrealized loss position | 6.20% |
Equity Securities - (Summary of
Equity Securities - (Summary of Investments in Equity Securities, by Classification) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable equity securities | $ 407.3 | $ 279.5 |
Non-marketable equity securities | 226.7 | 395.8 |
Equity Method Investments | 74.7 | 78.9 |
Equity Securities | $ 708.7 | $ 754.2 |
Equity Securities - (Summary _2
Equity Securities - (Summary of Investments in Marketable Equity Securities) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | $ 447.3 | $ 339 |
Equity securities, Unrealized losses | (40) | (59.5) |
Equity securities, Estimated fair value | 407.3 | 279.5 |
Common Stock | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | 432 | 323.7 |
Equity securities, Unrealized losses | (36) | (55.6) |
Equity securities, Estimated fair value | 396 | 268.1 |
Preferred Stock | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | 15.3 | 15.3 |
Equity securities, Unrealized losses | (4) | (3.9) |
Equity securities, Estimated fair value | $ 11.3 | $ 11.4 |
Equity Securities (Narrative) (
Equity Securities (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | |||||
Net (losses) gains on equity securities | $ (29.4) | $ (49.8) | $ 20.5 | $ (255.4) | |
Net unrealized gains (losses) on equity securities | (32.2) | (33.2) | 19 | (231.4) | |
Cash proceeds from sale of equity securities | 61.1 | 230.8 | |||
Offerpad Inc [Member] | |||||
Schedule Of Investments [Line Items] | |||||
Payment to purchase additional shares of common stock | 25 | ||||
Investment cost | 110 | 110 | $ 85 | ||
Investment fair value | 50 | 50 | 14.8 | ||
Non Marketable Equity Securities | |||||
Schedule Of Investments [Line Items] | |||||
Unrealized losses on equity securities | 122.4 | 119.9 | |||
Unrealized losses on equity securities | 162 | 116.4 | |||
Cumulative unrealized gains | 241.8 | 241.8 | 241.8 | ||
Cumulative unrealized losses | 315.2 | 315.2 | $ 153.2 | ||
Investment In Insurance Business | |||||
Schedule Of Investments [Line Items] | |||||
Realized gain on securities | 51.1 | ||||
Cash proceeds from sale of equity securities | 63 | ||||
Common Stock | Offerpad Inc [Member] | |||||
Schedule Of Investments [Line Items] | |||||
Net unrealized gains (losses) on equity securities | $ (16.4) | $ (31.2) | $ 10.2 | $ (166.8) |
Equity Securities - (Summary _3
Equity Securities - (Summary of Investments in Non Marketable Equity Securities) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Carrying amount | $ 226.7 | $ 395.8 |
Non Marketable Equity Securities | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Cost | 300.1 | 307.2 |
Unrealized (losses) gains | (73.4) | 88.6 |
Carrying amount | $ 226.7 | $ 395.8 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Allowance for Credit Losses on Accounts Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 20.9 | $ 16.1 | $ 21.3 | $ 14 |
Provision for expected credit losses | 1.6 | 3 | 4.4 | 8.4 |
Write-offs/recoveries | (2) | 0.1 | (5.2) | (3.2) |
Balance at end of period | $ 20.5 | $ 19.2 | $ 20.5 | $ 19.2 |
Goodwill (Carrying Amount of Go
Goodwill (Carrying Amount of Goodwill by Reportable Segment) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 1,798.2 |
Acquisitions | 2.6 |
Dispositions | (0.9) |
Foreign currency translation | 0.2 |
Balance at end of period | 1,800.1 |
Title Insurance and Services | |
Goodwill [Line Items] | |
Balance at beginning of period | 1,757.3 |
Acquisitions | 2.6 |
Dispositions | (0.9) |
Foreign currency translation | 0.2 |
Balance at end of period | 1,759.2 |
Home Warranty | |
Goodwill [Line Items] | |
Balance at beginning of period | 40.9 |
Acquisitions | 0 |
Dispositions | 0 |
Foreign currency translation | 0 |
Balance at end of period | $ 40.9 |
Goodwill (Narrative) (Detail)
Goodwill (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impairment losses | $ 0 |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Customer relationships | $ 190.9 | $ 191 |
Noncompete agreements | 28.7 | 33.8 |
Trademarks | 70.6 | 70.6 |
Internal-use software licenses | 17.1 | 24 |
Patents | 2.8 | 2.8 |
Finite-Lived Intangible Assets, Gross | 310.1 | 322.2 |
Accumulated amortization | (164.6) | (145.3) |
Finite-Lived Intangible Assets, Net | 145.5 | 176.9 |
Licenses | 16.9 | 16.9 |
Intangible Assets, Net (Excluding Goodwill) | $ 162.4 | $ 193.8 |
Other Intangible Assets (Narrat
Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense | $ 12.9 | $ 11.7 | $ 39 | $ 40.5 |
Other Intangible Assets (Estima
Other Intangible Assets (Estimated Amortization Expense for Finite-Lived Intangible Assets) (Detail) $ in Millions | Sep. 30, 2023 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Remainder of 2023 | $ 11.9 |
2024 | 35.4 |
2025 | 26.7 |
2026 | 25.9 |
2027 | 11.4 |
2028 | $ 7.1 |
Reserve for Known and Incurre_3
Reserve for Known and Incurred but Not Reported Claims (Activity in Reserve for Known and Incurred but Not Reported Claims) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Balance at beginning of period | $ 1,325.3 | $ 1,283.8 | ||
Provision related to current year | 273.7 | 364.6 | ||
Provision related to prior years | (10.8) | 15.8 | ||
Total Provision | $ 91.1 | $ 131.5 | 262.9 | 380.4 |
Payments, net of recoveries, related to: Current year | 142.1 | 166.2 | ||
Payments, net of recoveries, related to: Prior years | 147 | 171.5 | ||
Total Payments, net of recoveries | 289.1 | 337.7 | ||
Other | 0.4 | (12.5) | ||
Balance at end of period | $ 1,299.5 | $ 1,314 | $ 1,299.5 | $ 1,314 |
Reserve for Known and Incurre_4
Reserve for Known and Incurred but Not Reported Claims (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Insurance [Abstract] | ||||
Provision for title loss, percentage of title premiums and escrow fees | 3% | 4% | 3.33% | 4% |
Ultimate loss rate | 3.75% | |||
Estimated increase in loss reserve for prior policy years | $ 0 | |||
Percentage reserve releases for prior policy years | 0.75% | 0.42% | ||
Reserve releases for prior policy years | $ 8.6 | $ 14 |
Reserve for Known and Incurre_5
Reserve for Known and Incurred but Not Reported Claims (Summary of Loss Reserves) (Detail) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Insurance [Abstract] | ||||
Known title claims, amount | $ 60.8 | $ 62.1 | ||
Incurred but not reported claims, amount | 1,193.2 | 1,207.2 | ||
Total title claims, amount | 1,254 | 1,269.3 | ||
Non-title claims, amount | 45.5 | 56 | ||
Total loss reserves, amount | $ 1,299.5 | $ 1,325.3 | $ 1,314 | $ 1,283.8 |
Known title claims, percent | 4.70% | 4.70% | ||
Incurred but not reported claims, percent | 91.80% | 91.10% | ||
Total title claims, percent | 96.50% | 95.80% | ||
Non-title claims, percent | 3.50% | 4.20% | ||
Total loss reserves, percent | 100% | 100% |
Notes and Contracts Payable (Na
Notes and Contracts Payable (Narrative) (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Feb. 01, 2023 | May 31, 2023 | Sep. 30, 2023 | Apr. 30, 2023 | |
Debt Instrument [Line Items] | ||||
Line Of Credit Facility Maximum Increase In Revolving Credit Expansion Option | $ 450,000,000 | |||
Long-term Line of Credit | $ 0 | |||
Revolving loans, interest rate description | At the Company’s election, borrowings of revolving loans under the credit agreement bear interest at (a) the Alternate Base Rate plus the applicable spread, (b) the Adjusted Term SOFR Rate plus the applicable spread, or (c) the Adjusted Daily Simple SOFR plus the applicable spread (in each case as defined in the credit agreement). The Company may select interest periods of one, three or six months for Adjusted Term SOFR Rate borrowings of loans. The applicable spread varies depending upon the Debt Rating assigned by Moody’s Investor Service, Inc., Standard & Poor's Rating Services and/or Fitch Ratings Inc. The minimum applicable spread for Alternate Base Rate borrowings is 0.125% and the maximum is 0.75%. The minimum applicable spread for Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR borrowings is 1.125% and the maximum is 1.75%. The Alternate Base Rate is subject to a floor of 1.00% and the Adjusted Term SOFR Rate and the Adjusted Daily Simple SOFR are each subject to a floor of 0.00%. The rate of interest on any term loans incurred in connection with the expansion option will be established at or about the time such loans are made and may differ from the rate of interest on revolving loans. | |||
Line of Credit Facility, Covenant Compliance | The credit agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the lenders may accelerate the loans. Upon the occurrence of certain insolvency and bankruptcy events of default the loans will automatically accelerate. As of September 30, 2023, the Company was in compliance with the financial covenants under the credit agreement. | |||
2.40% unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Debt repaid | $ 250,000,000 | |||
Fixed interest rate | 4.30% | |||
Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0% | |||
Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | |||
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||
JPMorgan Chase Bank, N.A | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | $ 700,000,000 | ||
Line of Credit Facility, Expiration Date | May 17, 2028 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rates | 29.40% | 174.20% | 23.20% | 21.40% | |
Liabilities for income taxes associated with uncertain tax positions | $ 1 | $ 1 | $ 3.2 | ||
Offsetting Tax Benefits To Liabilities For Income Taxes Associated With Uncertain Tax Positions | $ 0.2 | $ 0.2 | $ 2.2 | ||
Unrecognized tax positions increase decrease, months | It is reasonably possible that the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions may increase or decrease within the next 12 months. Any such change may be the result of either ongoing audits or the expiration of federal and state statutes of limitations for the assessment of taxes | ||||
Minimum income tax on certain large corporations percentage as part of Inflation Reduction Act | 15% | ||||
Excise tax percentage on corporate stock repurchases as part of Inflation Reduction Act | 1% |
Earnings (Losses) Per Share (Sc
Earnings (Losses) Per Share (Schedule of Earnings (Losses) Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Earnings Per Share [Abstract] | |||||
Net (loss) income attributable to the Company | $ (1.7) | $ 2 | $ 182.7 | $ 208.7 | |
Basic weighted-average shares | 104.2 | 105.3 | 104.4 | 107.8 | |
Effect of dilutive restricted stock units (“RSUs”) | 0 | 0.2 | 0.3 | 0.3 | |
Diluted weighted-average shares | 104.2 | 105.5 | 104.7 | 108.1 | |
Basic | [1] | $ (0.02) | $ 0.02 | $ 1.75 | $ 1.94 |
Diluted | [1] | $ (0.02) | $ 0.02 | $ 1.75 | $ 1.93 |
[1] Net income (loss) per share may not recalculate due to rounding . |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 288 | 272 | 15 | 24 |
PRSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 39 | 14 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service costs | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Interest costs | 2.5 | 1.5 | 7.6 | 4.5 |
Amortization of net actuarial loss | 0.4 | 1.4 | 1.5 | 4.3 |
Amortization of prior service cost | 0 | 0 | 0 | 0.2 |
Net periodic costs | $ 3 | $ 3 | $ 9.2 | $ 9.1 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - Unfunded Supplemental Benefit Plans $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contribution for pension obligation | $ 11.7 |
Cash contribution to plans during the remainder | $ 4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | $ 7,227.2 | $ 8,169.6 |
Equity securities, estimated fair value | 407.3 | 279.5 |
Mortgage loans held for sale | 13.1 | 15.9 |
Total assets | 7,647.6 | 8,465 |
U.S. Treasury bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 128.1 | 302.8 |
Municipal bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 1,196.1 | 1,478.7 |
Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 206.9 | 193.7 |
Governmental agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 217.5 | 228.6 |
Governmental agency mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 4,170.4 | 4,602.4 |
U.S. corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 880.1 | 921.4 |
Foreign corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 428.1 | 442 |
Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 396 | 268.1 |
Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 11.3 | 11.4 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Equity securities, estimated fair value | 407.3 | 279.5 |
Mortgage loans held for sale | 0 | 0 |
Total assets | 407.3 | 279.5 |
Level 1 | U.S. Treasury bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Municipal bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Governmental agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Governmental agency mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | U.S. corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Foreign corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 1 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 396 | 268.1 |
Level 1 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 11.3 | 11.4 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 7,227.2 | 8,169.6 |
Equity securities, estimated fair value | 0 | 0 |
Mortgage loans held for sale | 11.9 | 13.9 |
Total assets | 7,239.1 | 8,183.5 |
Level 2 | U.S. Treasury bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 128.1 | 302.8 |
Level 2 | Municipal bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 1,196.1 | 1,478.7 |
Level 2 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 206.9 | 193.7 |
Level 2 | Governmental agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 217.5 | 228.6 |
Level 2 | Governmental agency mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 4,170.4 | 4,602.4 |
Level 2 | U.S. corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 880.1 | 921.4 |
Level 2 | Foreign corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 428.1 | 442 |
Level 2 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 2 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Equity securities, estimated fair value | 0 | 0 |
Mortgage loans held for sale | 1.2 | 2 |
Total assets | 1.2 | 2 |
Level 3 | U.S. Treasury bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Municipal bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Foreign government bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Governmental agency bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Governmental agency mortgage-backed securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | U.S. corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Foreign corporate debt securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Debt securities, Estimated fair value | 0 | 0 |
Level 3 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 3 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Equity securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 1,579.1 | $ 1,223.5 |
Deposits with banks | 55.3 | 63.4 |
Notes receivable, net | 21.4 | 10.7 |
Secured financings receivable | 655.5 | 422.7 |
Liabilities: | ||
Secured financings payable | 530.4 | 366.3 |
Notes and contracts payable | 1,392.2 | 1,645.8 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 1,579.1 | 1,223.5 |
Deposits with banks | 55 | 62.7 |
Notes receivable, net | 21.8 | 10.6 |
Secured financings receivable | 655.5 | 422.7 |
Liabilities: | ||
Secured financings payable | 530.4 | 366.3 |
Notes and contracts payable | 1,160.2 | 1,404.4 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 1,579.1 | 1,223.5 |
Deposits with banks | 2.5 | 8.5 |
Notes receivable, net | 0 | 0 |
Secured financings receivable | 0 | 0 |
Liabilities: | ||
Secured financings payable | 0 | 0 |
Notes and contracts payable | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 52.5 | 54.2 |
Notes receivable, net | 0 | 0 |
Secured financings receivable | 655.5 | 422.7 |
Liabilities: | ||
Secured financings payable | 530.4 | 366.3 |
Notes and contracts payable | 1,158.2 | 1,400.6 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 0 | 0 |
Notes receivable, net | 21.8 | 10.6 |
Secured financings receivable | 0 | 0 |
Liabilities: | ||
Secured financings payable | 0 | 0 |
Notes and contracts payable | $ 2 | $ 3.8 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities | $ 226.7 | $ 395.8 |
Non Marketable Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charges on equity securities | 157.9 | |
Non-marketable equity securities | 226.7 | $ 395.8 |
Non Marketable Equity Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities | 44.7 | |
Non Marketable Equity Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-marketable equity securities | $ 35.1 |
Share-Based Compensation (Costs
Share-Based Compensation (Costs Associated with Share-Based Compensation Plans) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 8.9 | $ 8.2 | $ 40.9 | $ 60.2 |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 6.5 | 6.3 | 32.3 | 52 |
PRSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 1 | 0.2 | 3.5 | 2.7 |
Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 1.4 | $ 1.7 | $ 5.1 | $ 5.5 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of RSU/PRSU Activity) (Detail) - RSUs and PRSUs - RSUs and PRSUs shares in Millions | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
RSU, Shares | |
Unvested at December 31, 2022 | shares | 0.9 |
Granted during 2023 | shares | 0.8 |
Vested during 2023 | shares | (0.7) |
Unvested at September 30, 2023 | shares | 1 |
RSU/PRSU, Weighted-average grant-date fair value | |
Unvested at December 31, 2022 | $ / shares | $ 63.01 |
Granted during 2023 | $ / shares | 63.23 |
Vested during 2023 | $ / shares | 62.44 |
Unvested at September 30, 2023 | $ / shares | $ 63.62 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Detail) shares in Millions | Mar. 31, 2023 shares |
Incentive Compensation Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock that will be made available for sale, in shares | 4.3 |
Amended Incentive Compensation Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock that will be made available for sale, in shares | 6.5 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) shares in Millions, $ in Millions | 9 Months Ended | 13 Months Ended |
Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 USD ($) shares | |
Equity [Abstract] | ||
Remaining authorized amount under stock repurchase program | $ 231.5 | $ 231.5 |
Common stock repurchased, shares | shares | 1 | 3.2 |
Purchase of Company, value | $ 55 | $ 168.5 |
Maximum | ||
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 400 | $ 400 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (AOCI) (Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), net of tax, Beginning Balance | $ (868.9) | |||
Change in unrealized losses on debt securities | (187.5) | |||
Change in foreign currency translation adjustment | (0.6) | |||
Amortization of net actuarial loss | 1.5 | |||
Tax effect | $ 57.2 | $ 91.3 | 45.9 | $ 304.4 |
Accumulated other comprehensive income (loss), net of tax, Ending Balance | (1,009.6) | (1,009.6) | ||
Unrealized Gains (Losses) on Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), debt securities, available-for-sale, adjustment, after tax, Beginning Balance | (751.6) | |||
Change in unrealized losses on debt securities | (187.5) | |||
Tax effect | 56.9 | 90.8 | 46.3 | 304.2 |
Accumulated other comprehensive income (loss), debt securities, available-for-sale, adjustment, after tax, Ending Balance | (892.8) | (892.8) | ||
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, Beginning Balance | (82.1) | |||
Change in foreign currency translation adjustment | (0.6) | |||
Tax effect | 0.3 | $ 0.8 | 0 | $ 1.4 |
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, Ending Balance | (82.7) | (82.7) | ||
Pension Benefit Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive (income) Loss, defined benefit plan, after Tax, Beginning Balance | (35.2) | |||
Amortization of net actuarial loss | 1.5 | |||
Tax effect | (0.4) | |||
Accumulated other comprehensive (income) Loss, defined benefit plan, after Tax, Ending Balance | $ (34.1) | $ (34.1) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Other Comprehensive Income (Loss) Reclassification Adjustments) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Pretax change before reclassifications | $ (248.3) | $ (440.2) | $ (200.5) | $ (1,322.4) | |||||
Reclassifications out of AOCI | 5.5 | 51.5 | 13.9 | 62.2 | |||||
Tax effect | 57.2 | 91.3 | 45.9 | 304.4 | |||||
Total other comprehensive (loss) income, net of tax | (185.6) | $ (68.1) | $ 113 | (297.4) | $ (290.2) | $ (368.2) | (140.7) | (955.8) | |
Unrealized Gains (Losses) on Debt Securities | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Pretax change before reclassifications | (233.6) | (403.6) | (199.9) | (1,263) | |||||
Reclassifications out of AOCI | 5.1 | 50.1 | 12.4 | 57.7 | |||||
Tax effect | 56.9 | 90.8 | 46.3 | 304.2 | |||||
Total other comprehensive (loss) income, net of tax | (171.6) | (262.7) | (141.2) | (901.1) | |||||
Foreign Currency Translation Adjustment | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Pretax change before reclassifications | (14.7) | (36.6) | (0.6) | (59.4) | |||||
Reclassifications out of AOCI | 0 | 0 | 0 | 0 | |||||
Tax effect | 0.3 | 0.8 | 0 | 1.4 | |||||
Total other comprehensive (loss) income, net of tax | (14.4) | (35.8) | (0.6) | (58) | |||||
Pension Benefit Adjustment | |||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||||
Pretax change before reclassifications | 0 | 0 | 0 | 0 | |||||
Reclassifications out of AOCI | [1] | 0.4 | 1.4 | 1.5 | 4.5 | ||||
Tax effect | 0 | (0.3) | (0.4) | (1.2) | |||||
Total other comprehensive (loss) income, net of tax | $ 0.4 | $ 1.1 | $ 1.1 | $ 3.3 | |||||
[1] Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details. |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of AOCI) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of net actuarial loss | $ (1.5) | ||||
Pretax total | $ (5.5) | $ (51.5) | (13.9) | $ (62.2) | |
Unrealized Gains (Losses) on Securities | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized losses on sales of debt securities | (5.1) | (50.1) | (12.4) | (57.7) | |
Tax effect | 1.2 | 12.9 | 3.1 | 14.6 | |
Pension Benefit Adjustment | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of net actuarial loss | [1] | (0.4) | (1.4) | (1.5) | (4.3) |
Amortization of prior service cost | [1] | 0 | 0 | 0 | (0.2) |
Pretax total | [1] | (0.4) | (1.4) | (1.5) | (4.5) |
Tax effect | [1] | $ 0 | $ 0.4 | $ 0.4 | $ 1.2 |
[1] Amounts are components of net periodic cost. See Note 12 Employee Benefit Plans for additional details. |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2023 State | |
Segment Reporting Information [Line Items] | |
Number of states issues title insurance policies | 49 |
Number of states issues home warranty contracts | 35 |
Segment Information (Schedule o
Segment Information (Schedule of Selected Financial Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,481.2 | $ 1,824.3 | $ 4,574.2 | $ 5,920.5 |
Income (loss) before income taxes | (1.7) | (3.2) | 236 | 268 |
Depreciation and amortization | 47.3 | 41.4 | 138.9 | 124 |
Capital expenditures | 71.6 | 69.9 | 216.3 | 194.2 |
Direct premiums and escrow fees | 595.5 | 757.8 | 1,713 | 2,428.5 |
Agent premiums | 664.5 | 909.7 | 1,879.6 | 2,794.7 |
Information and other | 245.7 | 282.3 | 722.9 | 900.5 |
Net investment income (loss) | 139.1 | 100.6 | 423.4 | 199.2 |
Net investment (losses) gains | (5.1) | (50.1) | (12.4) | (6.6) |
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,481.2 | 1,824.3 | 4,574.2 | 5,920.5 |
Direct premiums and escrow fees | 0 | 757.8 | 1,713 | 2,428.5 |
Agent premiums | 664.5 | 909.7 | 1,879.6 | 2,794.7 |
Information and other | 245.7 | 282.3 | 722.9 | 900.5 |
Net investment income (loss) | 139.1 | 100.6 | 423.4 | 199.2 |
Net investment (losses) gains | 163.6 | (226.1) | (164.7) | (402.4) |
Operating Segment | Title Insurance and Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,524.4 | 1,883 | 4,403.7 | 5,934.1 |
Income (loss) before income taxes | 160.3 | 184.6 | 434.2 | 644.8 |
Depreciation and amortization | 46.2 | 40.2 | 135.2 | 120.2 |
Capital expenditures | 69.5 | 69 | 210.7 | 191.6 |
Direct premiums and escrow fees | 493.7 | 655.7 | 1,416.1 | 2,114.4 |
Agent premiums | 664.5 | 909.7 | 1,879.6 | 2,794.7 |
Information and other | 240.1 | 279.4 | 706 | 887.8 |
Net investment income (loss) | 141.7 | 105.2 | 408.2 | 227.2 |
Net investment (losses) gains | (15.6) | (67) | (6.2) | (90) |
Operating Segment | Home Warranty | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 108.2 | 104.9 | 318.4 | 310.7 |
Income (loss) before income taxes | 9.4 | 4.2 | 39.6 | 29 |
Depreciation and amortization | 1.2 | 1.4 | 3.6 | 3.8 |
Capital expenditures | 2.1 | 0.9 | 5.6 | 2.6 |
Direct premiums and escrow fees | 101.8 | 102.2 | 296.9 | 305.4 |
Agent premiums | 0 | 0 | 0 | 0 |
Information and other | 5.5 | 2.9 | 16.9 | 8.4 |
Net investment income (loss) | 1.6 | 1.4 | 4.4 | 3.6 |
Net investment (losses) gains | (0.7) | (1.6) | 0.2 | (6.7) |
Operating Segment | Corporate and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (151.4) | (163.6) | (147.9) | (324.3) |
Income (loss) before income taxes | (171.4) | (192) | (237.8) | (405.8) |
Depreciation and amortization | (0.1) | (0.2) | 0.1 | 0 |
Capital expenditures | 0 | 0 | 0 | 0 |
Direct premiums and escrow fees | 0 | (0.1) | 0 | 8.7 |
Agent premiums | 0 | 0 | 0 | 0 |
Information and other | 0.1 | 0 | 0 | 4.3 |
Net investment income (loss) | (4.2) | (6) | 10.8 | (31.6) |
Net investment (losses) gains | $ (147.3) | $ (157.5) | $ (158.7) | $ (305.7) |