Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 | 103,723,643 | |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 1,506.4 | $ 3,605.3 |
Accounts and accrued income receivable, less allowance for credit losses of $20.8 and $21.8 | 365.7 | 509.4 |
Income taxes receivable | 71.1 | 75.7 |
Investments: | ||
Deposits with banks | 77.1 | 55.8 |
Debt securities (amortized cost of $7,859.0 and $7,895.2; pledged of $89.9 and $107.0) | 7,054.4 | 7,157.5 |
Equity securities | 733 | 735.6 |
Investments, Total | 7,864.5 | 7,948.9 |
Secured financings receivable | 831.4 | 636.5 |
Property and equipment, net | 765.6 | 749.6 |
Operating lease assets | 218.4 | 229.3 |
Title plants and other indexes | 656.2 | 652.4 |
Deferred income taxes | 50.1 | 50.1 |
Goodwill | 1,807.3 | 1,807.5 |
Other intangible assets, net | 147.6 | 153.8 |
Other assets | 413.5 | 384.3 |
Total assets | 14,697.8 | 16,802.8 |
Liabilities and Equity | ||
Deposits | 5,303.2 | 7,308 |
Accounts payable and accrued liabilities | 745 | 879.5 |
Deferred revenue | 183 | 196.8 |
Reserve for known and incurred but not reported claims | 1,261.6 | 1,282.4 |
Income taxes payable | 15.3 | 15.9 |
Deferred income taxes | 63.6 | 63.6 |
Operating lease liabilities | 235.4 | 246.6 |
Secured financings payable | 688.8 | 553.3 |
Notes and contracts payable | 1,396 | 1,393.9 |
Total liabilities | 9,891.9 | 11,940 |
Commitments and contingencies (Note 16) | ||
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-103.7 shares and 103.1 shares | 0 | 0 |
Additional paid-in capital | 1,806 | 1,793.3 |
Retained earnings | 3,701.6 | 3,710.6 |
Accumulated other comprehensive loss | (720.5) | (655.8) |
Total stockholders’ equity | 4,787.1 | 4,848.1 |
Noncontrolling interests | 18.8 | 14.7 |
Total equity | 4,805.9 | 4,862.8 |
Total liabilities and equity | $ 14,697.8 | $ 16,802.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts and accrued income receivable, allowances | $ 20.8 | $ 21.8 |
Pledged securities included in debt securities | 89.9 | 107 |
Debt securities, amortized cost | $ 7,859 | $ 7,895.2 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 0.5 | 0.5 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 300 | 300 |
Common stock, shares outstanding | 103.7 | 103.1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Direct premiums and escrow fees | $ 500.9 | $ 502.2 |
Agent premiums | 563.8 | 590.4 |
Information and other | 223 | 226.9 |
Net investment income | 127.9 | 134 |
Net investment gains (losses) (realized of $(3.4) and $(4.5)) | 9 | (7.4) |
Total revenues | 1,424.6 | 1,446.1 |
Expenses | ||
Personnel costs | 484.9 | 487.6 |
Premiums retained by agents | 447.8 | 469 |
Other operating expenses | 265.8 | 258.5 |
Provision for policy losses and other claims | 69.5 | 82.3 |
Depreciation and amortization | 50.1 | 45.5 |
Premium taxes | 13.9 | 14.5 |
Interest | 34.3 | 29.1 |
Total expenses | 1,366.3 | 1,386.5 |
Income before income taxes | 58.3 | 59.6 |
Income taxes | 11.6 | 13.6 |
Net income | 46.7 | 46 |
Less: Net income attributable to noncontrolling interests | 0 | 0.1 |
Net income attributable to the Company | $ 46.7 | $ 45.9 |
Net income per share attributable to the Company's stockholders (Note 10): | ||
Basic | $ 0.45 | $ 0.44 |
Diluted | 0.45 | 0.44 |
Cash dividends per share | $ 0.53 | $ 0.52 |
Weighted-average common shares outstanding (Note 10): | ||
Basic | 104.1 | 104.5 |
Diluted | 104.4 | 104.8 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Realized (losses) gains of net investment | $ (3.4) | $ (4.5) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 46.7 | $ 46 |
Other comprehensive income (loss), net of tax: | ||
Unrealized (losses) gains on debt securities | (50.6) | 110.1 |
Foreign currency translation adjustment | (14.5) | 2.6 |
Pension benefit adjustment | 0.4 | 0.3 |
Total other comprehensive income, net of tax | (64.7) | 113 |
Comprehensive (loss) income | (18) | 159 |
Less: Comprehensive income attributable to noncontrolling interests | 0 | 0.1 |
Comprehensive (loss) income attributable to the Company | $ (18) | $ 158.9 |
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 Interests |
Balance at Dec. 31, 2022 | $ 4,681.2 | $ 0 | $ 1,812.4 | $ 3,714.3 | $ (868.9) | $ 4,657.8 | $ 23.4 |
Balance, Shares at Dec. 31, 2022 | 103.2 | ||||||
Net 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 | 4,771.9 | $ 0 | 1,800.1 | 3,705.3 | (755.9) | 4,749.5 | 22.4 |
Balance, Shares at Mar. 31, 2023 | 103.3 | ||||||
Balance at Dec. 31, 2023 | $ 4,862.8 | $ 0 | 1,793.3 | 3,710.6 | (655.8) | 4,848.1 | 14.7 |
Balance, Shares at Dec. 31, 2023 | 103.1 | 103.1 | |||||
Net income | $ 46.7 | $ 0 | 0 | 46.7 | 0 | 46.7 | 0 |
Dividends on common shares | (54.9) | 0 | 0 | (54.9) | 0 | (54.9) | 0 |
Repurchases of Company shares | (3.5) | $ 0 | (3.5) | 0 | 0 | (3.5) | 0 |
Repurchases of Company shares, shares | (0.1) | ||||||
Shares issued in connection with share-based compensation | (8) | $ 0 | (7.2) | (0.8) | 0 | (8) | 0 |
Shares issued in connection with share-based compensation, shares | 0.7 | ||||||
Share-based compensation | 23.4 | $ 0 | 23.4 | 0 | 0 | 23.4 | 0 |
Net activity related to noncontrolling interests | 4.1 | 0 | 0 | 0 | 0 | 0 | 4.1 |
Other comprehensive income (loss) | (64.7) | 0 | 0 | 0 | (64.7) | (64.7) | 0 |
Balance at Mar. 31, 2024 | $ 4,805.9 | $ 0 | $ 1,806 | $ 3,701.6 | $ (720.5) | $ 4,787.1 | $ 18.8 |
Balance, Shares at Mar. 31, 2024 | 103.7 | 103.7 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 46.7 | $ 46 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for policy losses and other claims | 69.5 | 82.3 |
Depreciation and amortization | 50.1 | 45.5 |
Amortization of premiums and accretion of discounts on debt securities, net | 2.1 | 1.6 |
Net investment (gains) losses | (9) | 7.4 |
Share-based compensation | 23.4 | 23 |
Equity in earnings of affiliates, net | (1.1) | (0.5) |
Dividends from equity method investments | 0.8 | 1.6 |
Changes in assets and liabilities excluding effects of acquisitions and noncash transactions: | ||
Claims paid, including assets acquired, net of recoveries | (91.6) | (95.2) |
Net change in income tax accounts | 20.9 | 11.7 |
Decrease in accounts and accrued income receivable | 160.2 | 12.7 |
Decrease in accounts payable and accrued liabilities | (143.7) | (202.9) |
Decrease in deferred revenue | (13.8) | (12.8) |
Other, net | (45.2) | (12.7) |
Cash provided by (used for) operating activities | 69.3 | (92.3) |
Cash flows from investing activities: | ||
Acquisitions/dispositions, net of cash acquired/divested | (3.5) | (4.9) |
Net (increase) decrease in deposits with banks | (23.3) | 9.3 |
Purchases of debt securities | (332.5) | (246.3) |
Proceeds from sales of debt securities | 224.5 | 715.5 |
Proceeds from maturities of debt securities | 132.8 | 210.5 |
Purchases of equity securities | (31.6) | (34.2) |
Proceeds from sales of equity securities | 44.2 | 11.1 |
Net change in other investments | (1.6) | (0.8) |
Advances under secured financing agreements | (4,792.6) | (2,778.4) |
Collections of secured financings receivable | 4,601 | 2,606 |
Capital expenditures | (51.7) | (63.1) |
Proceeds from sales of property and equipment | 0.1 | |
Proceeds from insurance settlement | 2.9 | 2.1 |
Cash (used for) provided by investing activities | (231.4) | 426.9 |
Cash flows from financing activities: | ||
Net change in deposits | (2,004.8) | 630.2 |
Borrowings under secured financing agreements | 4,732.8 | 2,749.4 |
Repayments of secured financings payable | (4,597.3) | (2,612.8) |
Repayment of senior unsecured notes | (250) | |
Repayments of other notes and contracts payable | (0.6) | (1.8) |
Net activity related to noncontrolling interests | 4.1 | (1.1) |
Net payments in connection with share-based compensation | (8) | (6) |
Repurchases of Company shares | (3.5) | (30.4) |
Payments of cash dividends | (54.9) | (53.8) |
Cash (used for) provided by financing activities | (1,932.2) | 423.7 |
Effect of exchange rate changes on cash | (4.6) | 1.6 |
Net (decrease) increase in cash and cash equivalents | (2,098.9) | 759.9 |
Cash and cash equivalents—Beginning of period | 3,605.3 | 1,223.5 |
Cash and cash equivalents—End of period | 1,506.4 | 1,983.4 |
Supplemental information: | ||
Interest | 36.2 | 25.9 |
Premium taxes | 19.5 | 30.6 |
Income taxes paid | 3.4 | 1.9 |
Income tax refunds | $ (12.7) | $ (0.2) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 46.7 | $ 45.9 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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. Out-of-period adjustment During the three months ended March 31, 2024, the Company identified certain uncollectible balances related to fees within its title insurance and services segment, which primarily related to reporting periods in 2023 and prior, that should have been previously written off. To correct for this error, the Company recorded an adjustment in the current quarter, which increased other operating expenses and increased accounts payable and accrued liabilities by $ 6.2 million. Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“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 clarified 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 were required about the nature of the restrictions and their remaining duration. The updated guidance, which was adopted on January 1, 2024, had no impact on the Company's condensed consolidated financial statements. Pending Accounting Pronouncements In December 2023, the FASB issued updated guidance intended to enhance the transparency and decision usefulness of income tax disclosures. The updated guidance requires disclosure of specific categories and greater disaggregation of information included in the rate reconciliation and additional disclosures related to income taxes paid. The updated guidance is effective for annual reporting periods beginning after December 15, 2024. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact its condensed consolidated financial statements. In November 2023, the FASB issued updated guidance intended to improve financial reporting by requiring disclosure of incremental segment information to enable investors to develop more decision-useful financial analyses. The updated guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The updated guidance is effective for annual reporting periods beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update are required to applied retrospectively to all periods presented in the financial statements. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In August 2023, the 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. |
Trust Assets, Escrow and Other
Trust Assets, Escrow and Other Deposits | 3 Months Ended |
Mar. 31, 2024 | |
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 as a service to customers in its direct title operations. Escrow deposits totaled $ 8.9 billion and $ 10.6 billion at March 31, 2024 and December 31, 2023, respectively, of which $ 4.3 billion and $ 6.3 billion, respectively, were held at First American Trust, FSB (“FA Trust”). The remaining deposits were held at third-party financial institutions. Escrow 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. Trust assets administered by FA Trust totaled $ 4.6 billion and $ 4.4 billion at March 31, 2024 and December 31, 2023, respectively, of which $ 127.4 million and $ 197.1 million, respectively, were held at FA Trust. The remaining trust assets were held at third-party financial institutions. Trust assets, which are administered by FA Trust and held at third-party institutions, are fiduciary client assets and are not considered assets of the Company and, therefore, are not included in the accompanying condensed consolidated balance sheets. The Company could be held contingently liable if FA Trust were to breach any of its fiduciary duties. 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 $ 1.7 billion and $ 1.8 billion at March 31, 2024 and December 31, 2023, 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 $ 1.0 billion and $ 830.5 million at March 31, 2024 and December 31, 2023, respectively, of which $ 623.2 million and $ 485.7 million, 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 | 3 Months Ended |
Mar. 31, 2024 | |
Debt Securities, Available-for-Sale [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 March 31, 2024 U.S. Treasury bonds $ 163.1 $ — $ ( 5.9 ) $ 157.2 Municipal bonds 1,381.2 7.1 ( 139.0 ) 1,249.3 Foreign government bonds 209.9 0.2 ( 10.7 ) 199.4 Governmental agency bonds 214.3 — ( 13.9 ) 200.4 Governmental agency mortgage-backed securities 4,316.7 2.2 ( 573.0 ) 3,745.9 U.S. corporate debt securities 1,075.4 4.4 ( 58.6 ) 1,021.2 Foreign corporate debt securities 498.4 4.0 ( 21.4 ) 481.0 $ 7,859.0 $ 17.9 $ ( 822.5 ) $ 7,054.4 December 31, 2023 U.S. Treasury bonds $ 203.3 $ 0.5 $ ( 4.5 ) $ 199.3 Municipal bonds 1,373.7 8.8 ( 136.7 ) 1,245.8 Foreign government bonds 228.4 1.4 ( 10.5 ) 219.3 Governmental agency bonds 207.7 0.2 ( 12.5 ) 195.4 Governmental agency mortgage-backed securities 4,396.2 6.3 ( 526.8 ) 3,875.7 U.S. corporate debt securities 1,007.0 6.6 ( 55.2 ) 958.4 Foreign corporate debt securities 478.9 5.8 ( 21.1 ) 463.6 $ 7,895.2 $ 29.6 $ ( 767.3 ) $ 7,157.5 Sales of debt securities resulted in realized gains of $ 0.8 million and $ 5.5 million, realized losses of $ 4.2 million and $ 10.0 million and proceeds of $ 224.5 million and $ 715.5 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024 U.S. Treasury bonds $ 101.2 $ ( 1.3 ) $ 50.4 $ ( 4.6 ) $ 151.6 $ ( 5.9 ) Municipal bonds 133.1 ( 1.5 ) 970.8 ( 137.5 ) 1,103.9 ( 139.0 ) Foreign government bonds 68.3 ( 0.2 ) 96.1 ( 10.5 ) 164.4 ( 10.7 ) Governmental agency bonds 83.0 ( 0.6 ) 117.4 ( 13.3 ) 200.4 ( 13.9 ) Governmental agency mortgage-backed 490.3 ( 15.4 ) 3,103.7 ( 557.6 ) 3,594.0 ( 573.0 ) U.S. corporate debt securities 127.1 ( 1.6 ) 598.1 ( 57.0 ) 725.2 ( 58.6 ) Foreign corporate debt securities 64.8 ( 0.6 ) 257.7 ( 20.8 ) 322.5 ( 21.4 ) $ 1,067.8 $ ( 21.2 ) $ 5,194.2 $ ( 801.3 ) $ 6,262.0 $ ( 822.5 ) December 31, 2023 U.S. Treasury bonds $ 8.2 $ ( 0.1 ) $ 55.4 $ ( 4.4 ) $ 63.6 $ ( 4.5 ) Municipal bonds 107.4 ( 0.9 ) 956.8 ( 135.8 ) 1,064.2 ( 136.7 ) Foreign government bonds 33.3 ( 0.1 ) 101.4 ( 10.4 ) 134.7 ( 10.5 ) Governmental agency bonds 0.4 — 118.9 ( 12.5 ) 119.3 ( 12.5 ) Governmental agency mortgage-backed 338.3 ( 6.6 ) 3,225.3 ( 520.2 ) 3,563.6 ( 526.8 ) U.S. corporate debt securities 45.1 ( 0.4 ) 602.5 ( 54.8 ) 647.6 ( 55.2 ) Foreign corporate debt securities 19.3 ( 0.1 ) 267.3 ( 21.0 ) 286.6 ( 21.1 ) $ 552.0 $ ( 8.2 ) $ 5,327.6 $ ( 759.1 ) $ 5,879.6 $ ( 767.3 ) 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 March 31, 2024. As of March 31, 2024, 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 March 31, 2024, by contractual maturities, are as follows: (in millions) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 5.7 $ 136.9 $ 0.4 $ 20.1 $ 163.1 Estimated fair value $ 5.7 $ 132.1 $ 0.3 $ 19.1 $ 157.2 Municipal bonds Amortized cost 12.6 382.4 478.4 507.8 1,381.2 Estimated fair value 12.5 351.1 413.1 472.6 1,249.3 Foreign government bonds Amortized cost 31.2 104.5 67.5 6.7 209.9 Estimated fair value 31.0 103.8 58.6 6.0 199.4 Governmental agency bonds Amortized cost — 166.6 1.6 46.1 214.3 Estimated fair value — 161.6 1.5 37.3 200.4 U.S. corporate debt securities Amortized cost 13.9 732.1 245.6 83.8 1,075.4 Estimated fair value 13.8 693.1 239.8 74.5 1,021.2 Foreign corporate debt securities Amortized cost 31.9 313.5 121.2 31.8 498.4 Estimated fair value 31.3 302.6 118.5 28.6 481.0 Total debt securities (excluding mortgage-backed Amortized cost $ 95.3 $ 1,836.0 $ 914.7 $ 696.3 $ 3,542.3 Estimated fair value $ 94.3 $ 1,744.3 $ 831.8 $ 638.1 $ 3,308.5 Total mortgage-backed securities Amortized cost 4,316.7 Estimated fair value 3,745.9 Total debt securities Amortized cost $ 7,859.0 Estimated fair value $ 7,054.4 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 March 31, 2024, 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 $ 157.2 100.0 % $ — — % $ — — % $ 157.2 Municipal bonds 1,223.0 97.9 24.6 2.0 1.7 0.1 1,249.3 Foreign government bonds 193.9 97.2 4.7 2.4 0.8 0.4 199.4 Governmental agency bonds 200.4 100.0 — — — — 200.4 Governmental agency mortgage- 3,745.9 100.0 — — — — 3,745.9 U.S. corporate debt securities 492.0 48.1 380.5 37.3 148.7 14.6 1,021.2 Foreign corporate debt securities 251.9 52.3 193.2 40.2 35.9 7.5 481.0 $ 6,264.3 88.8 % $ 603.0 8.5 % $ 187.1 2.7 % $ 7,054.4 Included in debt securities at March 31, 2024, were bank loans totaling $ 122.3 million, of which $ 109.0 million were non-investment grade; high yield corporate debt securities totaling $ 71.2 million, all of which were non-investment grade; and emerging market debt securities totaling $ 39.4 million, of which $ 5.2 million were non-investment grade. The composition of the debt securities portfolio in an unrealized loss position at March 31, 2024, 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 $ 151.6 100.0 % $ — — % $ — — % $ 151.6 Municipal bonds 1,084.3 98.3 19.3 1.7 0.3 — 1,103.9 Foreign government bonds 162.3 98.7 1.3 0.8 0.8 0.5 164.4 Governmental agency bonds 200.4 100.0 — — — — 200.4 Governmental agency mortgage- 3,594.0 100.0 — — — — 3,594.0 U.S. corporate debt securities 394.5 54.4 273.8 37.8 56.9 7.8 725.2 Foreign corporate debt securities 188.3 58.4 116.2 36.0 18.0 5.6 322.5 $ 5,775.4 92.2 % $ 410.6 6.6 % $ 76.0 1.2 % $ 6,262.0 Debt securities in an unrealized loss position at March 31, 2024, included bank loans totaling $ 25.1 million, of which $ 23.3 million were non-investment grade; high yield corporate debt securities totaling $ 47.5 million, all of which were non-investment grade; and emerging market debt securities totaling $ 32.7 million, of which $ 4.9 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 | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities | Note 4 – Equity Securities Investments in equity securities, by accounting classification, are summarized as follows: (in millions) March 31, December 31, Marketable equity securities $ 415.0 $ 436.9 Non-marketable equity securities 226.1 224.1 Equity method investments 91.9 74.6 $ 733.0 $ 735.6 Investments in marketable equity securities are summarized as follows: (in millions) Cost Unrealized losses Estimated March 31, 2024 Common stocks $ 409.8 $ ( 8.8 ) $ 401.0 Preferred stocks 15.3 ( 1.3 ) 14.0 $ 425.1 $ ( 10.1 ) $ 415.0 December 31, 2023 Common stocks $ 429.4 $ ( 4.9 ) $ 424.5 Preferred stocks 15.7 ( 3.3 ) 12.4 $ 445.1 $ ( 8.2 ) $ 436.9 Net gains of $ 10.9 million and $ 12.4 million resulting from changes in the fair values of marketable equity securities were recognized for the three months ended March 31, 2024 and 2023, respectively, which included net unrealized gains of $ 10.5 million and $ 11.7 million on securities still held at March 31, 2024 and 2023, respectively. Included in net gains for the three months ended March 31, 2024 were unrealized losses of $ 11.0 million related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. A summary of the changes in the carrying amounts of non-marketable equity securities, which primarily relate to the Company's venture investment portfolio, for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended (in millions) 2024 2023 Carrying amount, beginning of period $ 224.1 $ 395.8 Net additions 1.8 6.1 Gross unrealized gains 0.2 — Gross unrealized losses and impairments — ( 17.2 ) Carrying amount, end of period $ 226.1 $ 384.7 Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at March 31, 2024 and December 31, 2023, are as follows: (in millions) March 31, December 31, Cumulative gross unrealized gains $ 243.5 $ 243.3 Cumulative gross unrealized losses and impairments $ 322.4 $ 322.4 |
Allowance for Credit Losses _ A
Allowance for Credit Losses – Accounts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
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 (in millions) 2024 2023 Balance at beginning of period $ 21.8 $ 21.3 Provision for expected credit losses 0.8 0.7 Write-offs/recoveries ( 1.8 ) ( 1.4 ) Balance at end of period $ 20.8 $ 20.6 |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024, is as follows: (in millions) Title Home Total Balance at beginning of period $ 1,766.6 $ 40.9 $ 1,807.5 Acquisitions 1.3 — 1.3 Foreign currency translation ( 1.5 ) — ( 1.5 ) Balance at end of period $ 1,766.4 $ 40.9 $ 1,807.3 |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 7 – Other Intangible Assets Other intangible assets are summarized as follows: (in millions) March 31, December 31, Finite-lived intangible assets: Customer relationships $ 192.3 $ 191.4 Noncompete agreements 10.8 28.2 Trademarks 70.6 70.6 Internal-use software licenses 17.2 16.5 Patents 2.8 2.8 293.7 309.5 Accumulated amortization ( 163.0 ) ( 172.6 ) 130.7 136.9 Indefinite-lived intangible assets: Licenses 16.9 16.9 $ 147.6 $ 153.8 Amortization expense for finite-lived intangible assets was $ 12.3 million and $ 13.5 million for the three months ended March 31, 2024 and 2023, respectively. Estimated amortization expense for finite-lived intangible assets for the next five years is as follows: Year (in millions) Remainder of 2024 $ 30.1 2025 $ 28.0 2026 $ 26.4 2027 $ 11.8 2028 $ 7.3 2029 $ 5.3 |
Reserve for Known and Incurred
Reserve for Known and Incurred but Not Reported Claims | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended (in millions) 2024 2023 Balance at beginning of period $ 1,282.4 $ 1,325.3 Provision related to: Current year 77.0 83.1 Prior years ( 7.5 ) ( 0.8 ) 69.5 82.3 Payments, net of recoveries, related to: Current year 30.6 31.1 Prior years 61.0 64.1 91.6 95.2 Other 1.3 2.1 Balance at end of period $ 1,261.6 $ 1,314.5 The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 3.0 % and 3.5 % for the three months ended March 31, 2024 and 2023, respectively. The 3.0 % loss provision rate in the current year reflects an ultimate loss rate of 3.75 % for the 2024 policy year and reserve releases of 0.75 %, or $ 7.3 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2024. The 3.5 % loss provision rate for the three months ended March 31, 2023 reflected an ultimate loss rate of 3.75 % for the 2023 policy year and reserve releases of 0.25 %, or $ 2.5 million for prior policy years, all based on title insurance premiums and escrow fees for the three months ended March 31, 2023. A summary of the Company’s loss reserves is as follows: (dollars in millions) March 31, 2024 December 31, 2023 Known title claims $ 61.6 4.9 % $ 55.5 4.3 % Incurred but not reported claims 1,162.5 92.1 % 1,186.5 92.5 % Total title claims 1,224.1 97.0 % 1,242.0 96.8 % Non-title claims 37.5 3.0 % 40.4 3.2 % Total loss reserves $ 1,261.6 100.0 % $ 1,282.4 100.0 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes The Company’s effective income tax rates (income tax expense as a percentage of income before income taxes) were 19.9 % and 22.8 % for the three months ended March 31, 2024 and 2023, 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. In addition, the effective income tax rate for 2024 reflects tax credits claimed in the current year and benefits of a state tax matter from prior years. 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. As of March 31, 2024 and December 31, 2023, the Company carried a valuation allowance of $ 13.7 million. 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 March 31, 2024 and December 31, 2023, the liability for income taxes associated with uncertain tax positions was $ 13.5 million and $ 12.4 million, respectively. The net increase in the liability during 2024 was primarily attributable to positions taken on the Company’s tax returns for current year. The liabilities as of March 31, 2024 and December 31, 2023 could be reduced by $ 0.9 million and $ 0.8 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024, 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. Effective in calendar year 2024, the Company is subject to international anti-base erosion rules that assess a minimum tax rate of 15 % in the jurisdictions in which it operates. Commonly known as “Pillar II,” these rules apply to large multinational enterprises and are designed to address the tax challenges arising from the globalization and digitalization of the economy. The Company has calculated the minimum tax on a jurisdiction-by-jurisdiction basis and has determined that the resulting tax is immaterial to its financial results. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10 – Earnings Per Share The computation of basic and diluted earnings per share is as follows: Three Months Ended (in millions, except per share amounts) 2024 2023 Numerator Net income attributable to the Company $ 46.7 $ 45.9 Denominator Basic weighted-average shares 104.1 104.5 Effect of dilutive restricted stock units (“RSUs”) and performance restricted 0.3 0.3 Diluted weighted-average shares 104.4 104.8 Net income per share attributable to the Company’s stockholders Basic 0.45 $ 0.44 Diluted 0.45 $ 0.44 For the three months ended March 31, 2024, 85 thousand RSUs were excluded from diluted weighted-average common shares outstanding due to their antidilutive effect. For the three months ended March 31, 2023, 333 thousand RSUs and 37 thousand PRSUs were excluded from diluted weighted-average common shares outstanding due to their antidilutive effect. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11 – Employee Benefit Plans Net periodic benefit costs related to the Company’s unfunded supplemental benefit pension plans are summarized as follows: Three Months Ended (in millions) 2024 2023 Expense: Interest costs $ 2.4 $ 2.5 Amortization of net actuarial loss 0.6 0.5 $ 3.0 $ 3.0 The Company contributed $ 3.8 million to its unfunded supplemental benefit pension plans during the three months ended March 31, 2024 and expects to contribute an additional $ 12.4 million during the remainder of 2024. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12 – 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 March 31, 2024 and December 31, 2023: (in millions) Total Level 1 Level 2 Level 3 March 31, 2024 Debt securities: U.S. Treasury bonds $ 157.2 $ — $ 157.2 $ — Municipal bonds 1,249.3 — 1,249.3 — Foreign government bonds 199.4 — 199.4 — Governmental agency bonds 200.4 — 200.4 — Governmental agency mortgage-backed securities 3,745.9 — 3,745.9 — U.S. corporate debt securities 1,021.2 — 1,021.2 — Foreign corporate debt securities 481.0 — 481.0 — 7,054.4 — 7,054.4 — Equity securities: Common stocks 401.0 401.0 — — Preferred stocks 14.0 14.0 — — 415.0 415.0 — — Mortgage loans held for sale 13.0 — 11.7 1.3 Total $ 7,482.4 $ 415.0 $ 7,066.1 $ 1.3 (in millions) Total Level 1 Level 2 Level 3 December 31, 2023 Debt securities: U.S. Treasury bonds $ 199.3 $ — $ 199.3 $ — Municipal bonds 1,245.8 — 1,245.8 — Foreign government bonds 219.3 — 219.3 — Governmental agency bonds 195.4 — 195.4 — Governmental agency mortgage-backed securities 3,875.7 — 3,875.7 — U.S. corporate debt securities 958.4 — 958.4 — Foreign corporate debt securities 463.6 — 463.6 — 7,157.5 — 7,157.5 — Equity securities: Common stocks 424.5 424.5 — — Preferred stocks 12.4 12.4 — — 436.9 436.9 — — Mortgage loans held for sale 13.1 — 11.8 1.3 Total $ 7,607.5 $ 436.9 $ 7,169.3 $ 1.3 The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of March 31, 2024 and December 31, 2023: Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 March 31, 2024 Assets: Cash and cash equivalents $ 1,506.4 $ 1,506.4 $ 1,506.4 $ — $ — Deposits with banks $ 77.1 $ 77.0 $ 20.1 $ 56.9 $ — Notes receivable, net $ 23.8 $ 24.6 $ — $ — $ 24.6 Secured financings receivable $ 831.4 $ 831.4 $ — $ 831.4 $ — Liabilities: Secured financings payable $ 688.8 $ 688.8 $ — $ 688.8 $ — Notes and contracts payable $ 1,396.0 $ 1,226.3 $ — $ 1,220.5 $ 5.8 Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 December 31, 2023 Assets: Cash and cash equivalents $ 3,605.3 $ 3,605.3 $ 3,605.3 $ — $ — Deposits with banks $ 55.8 $ 55.6 $ 4.0 $ 51.6 $ — Notes receivable, net $ 22.4 $ 23.2 $ — $ — $ 23.2 Secured financings receivable $ 636.5 $ 636.5 $ — $ 636.5 $ — Liabilities: Secured financings payable $ 553.3 $ 553.3 $ — $ 553.3 $ — Notes and contracts payable $ 1,393.9 $ 1,219.6 $ — $ 1,215.4 $ 4.2 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Note 13 – Share-Based Compensation The following table summarizes the costs associated with the Company’s share-based compensation plans: Three Months Ended (in millions) 2024 2023 Expense: RSUs $ 18.9 $ 19.0 PRSUs 2.4 1.8 Employee stock purchase plan 2.1 2.2 $ 23.4 $ 23.0 The following table summarizes RSU and PRSU activity for the three months ended March 31, 2024: (in millions, except weighted-average grant-date fair value) Shares Weighted-average Unvested at December 31, 2023 1.0 $ 64.19 Granted during 2024 0.6 $ 58.92 Vested during 2024 ( 0.6 ) $ 60.84 Unvested at March 31, 2024 1.0 $ 62.77 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 14 – Stockholders’ Equity The Company maintains a stock repurchase plan with authorization up to $ 400.0 million, of which $ 210.4 million remained as of March 31, 2024. 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 three months ended March 31, 2024, the Company repurchased and retired 59 thousand shares of its common stock for a total purchase price of $ 3.5 million and, as of March 31, 2024, repurchased and retired 3.6 million shares of its common stock under the current authorization for a total purchase price of $ 189.6 million. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 15 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) The following table presents a summary of the changes in each component of AOCI for the three months ended March 31, 2024: (in millions) Unrealized Foreign Pension Accumulated Balance at December 31, 2023 $ ( 553.6 ) $ ( 64.9 ) $ ( 37.3 ) $ ( 655.8 ) Change in unrealized losses on debt securities ( 66.9 ) — — ( 66.9 ) Change in foreign currency translation adjustment — ( 14.9 ) — ( 14.9 ) Amortization of net actuarial loss — — 0.6 0.6 Tax effect 16.3 0.4 ( 0.2 ) 16.5 Balance at March 31, 2024 $ ( 604.2 ) $ ( 79.4 ) $ ( 36.9 ) $ ( 720.5 ) The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2024 and 2023: (in millions) Unrealized Foreign Pension Total Three Months Ended March 31, 2024 Pretax change before reclassifications $ ( 70.3 ) $ ( 14.9 ) $ — $ ( 85.2 ) Reclassifications out of AOCI 3.4 — 0.6 4.0 Tax effect 16.3 0.4 ( 0.2 ) 16.5 Total other comprehensive (loss) income, net of tax $ ( 50.6 ) $ ( 14.5 ) $ 0.4 $ ( 64.7 ) Three Months Ended March 31, 2023 Pretax change before reclassifications $ 142.0 $ 2.6 $ — $ 144.6 Reclassifications out of AOCI 4.5 — 0.5 5.0 Tax effect ( 36.4 ) — ( 0.2 ) ( 36.6 ) Total other comprehensive income, net of tax $ 110.1 $ 2.6 $ 0.3 $ 113.0 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 (in millions) 2024 2023 Affected line items Unrealized gains (losses) on debt securities: Net realized losses on sales of debt securities $ ( 3.4 ) $ ( 4.5 ) Net investment gains (losses) Tax effect $ 0.8 $ 1.1 Pension benefit adjustment (1): Amortization of net actuarial loss $ ( 0.6 ) $ ( 0.5 ) Other operating expenses Tax effect $ 0.2 $ 0.2 (1) Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details. |
Litigation and Regulatory Conti
Litigation and Regulatory Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Note 16 – Litigation and Regulatory Contingencies The Company and its subsidiaries are parties to lawsuits and are also involved in 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, 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. The Company does not believe that any 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 | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 17 – Segment Information The Company consists of the following reportable segments: • The 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 document generation 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. • 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 36 states and the District of Columbia . • The corporate segment includes investments in venture-stage companies, 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 March 31, 2024: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,319.8 $ 72.7 $ 48.8 $ 59.6 Home Warranty 105.2 20.3 1.3 1.9 Corporate and Eliminations ( 0.4 ) ( 34.7 ) — — $ 1,424.6 $ 58.3 $ 50.1 $ 61.5 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 403.2 $ 563.8 $ 217.2 $ 116.7 $ 18.9 $ 1,319.8 Home Warranty 97.7 — 5.9 0.9 0.7 105.2 Corporate and Eliminations — — ( 0.1 ) 10.3 ( 10.6 ) ( 0.4 ) $ 500.9 $ 563.8 $ 223.0 $ 127.9 $ 9.0 $ 1,424.6 For the three months ended March 31, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,348.6 $ 88.2 $ 44.2 $ 66.3 Home Warranty 103.7 15.9 1.3 1.2 Corporate and Eliminations ( 6.2 ) ( 44.5 ) — — $ 1,446.1 $ 59.6 $ 45.5 $ 67.5 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 405.6 $ 590.4 $ 221.5 $ 124.6 $ 6.5 $ 1,348.6 Home Warranty 96.6 — 5.5 1.4 0.2 103.7 Corporate and Eliminations — — ( 0.1 ) 8.0 ( 14.1 ) ( 6.2 ) $ 502.2 $ 590.4 $ 226.9 $ 134.0 $ ( 7.4 ) $ 1,446.1 |
Basis of Condensed Consolidat_2
Basis of Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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. Out-of-period adjustment During the three months ended March 31, 2024, the Company identified certain uncollectible balances related to fees within its title insurance and services segment, which primarily related to reporting periods in 2023 and prior, that should have been previously written off. To correct for this error, the Company recorded an adjustment in the current quarter, which increased other operating expenses and increased accounts payable and accrued liabilities by $ 6.2 million. |
Recently Adopted/Pending Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“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 clarified 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 were required about the nature of the restrictions and their remaining duration. The updated guidance, which was adopted on January 1, 2024, had no impact on the Company's condensed consolidated financial statements. Pending Accounting Pronouncements In December 2023, the FASB issued updated guidance intended to enhance the transparency and decision usefulness of income tax disclosures. The updated guidance requires disclosure of specific categories and greater disaggregation of information included in the rate reconciliation and additional disclosures related to income taxes paid. The updated guidance is effective for annual reporting periods beginning after December 15, 2024. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact its condensed consolidated financial statements. In November 2023, the FASB issued updated guidance intended to improve financial reporting by requiring disclosure of incremental segment information to enable investors to develop more decision-useful financial analyses. The updated guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The updated guidance is effective for annual reporting periods beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update are required to applied retrospectively to all periods presented in the financial statements. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In August 2023, the 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. |
Debt Securities (Tables)
Debt Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 U.S. Treasury bonds $ 163.1 $ — $ ( 5.9 ) $ 157.2 Municipal bonds 1,381.2 7.1 ( 139.0 ) 1,249.3 Foreign government bonds 209.9 0.2 ( 10.7 ) 199.4 Governmental agency bonds 214.3 — ( 13.9 ) 200.4 Governmental agency mortgage-backed securities 4,316.7 2.2 ( 573.0 ) 3,745.9 U.S. corporate debt securities 1,075.4 4.4 ( 58.6 ) 1,021.2 Foreign corporate debt securities 498.4 4.0 ( 21.4 ) 481.0 $ 7,859.0 $ 17.9 $ ( 822.5 ) $ 7,054.4 December 31, 2023 U.S. Treasury bonds $ 203.3 $ 0.5 $ ( 4.5 ) $ 199.3 Municipal bonds 1,373.7 8.8 ( 136.7 ) 1,245.8 Foreign government bonds 228.4 1.4 ( 10.5 ) 219.3 Governmental agency bonds 207.7 0.2 ( 12.5 ) 195.4 Governmental agency mortgage-backed securities 4,396.2 6.3 ( 526.8 ) 3,875.7 U.S. corporate debt securities 1,007.0 6.6 ( 55.2 ) 958.4 Foreign corporate debt securities 478.9 5.8 ( 21.1 ) 463.6 $ 7,895.2 $ 29.6 $ ( 767.3 ) $ 7,157.5 |
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 March 31, 2024 U.S. Treasury bonds $ 101.2 $ ( 1.3 ) $ 50.4 $ ( 4.6 ) $ 151.6 $ ( 5.9 ) Municipal bonds 133.1 ( 1.5 ) 970.8 ( 137.5 ) 1,103.9 ( 139.0 ) Foreign government bonds 68.3 ( 0.2 ) 96.1 ( 10.5 ) 164.4 ( 10.7 ) Governmental agency bonds 83.0 ( 0.6 ) 117.4 ( 13.3 ) 200.4 ( 13.9 ) Governmental agency mortgage-backed 490.3 ( 15.4 ) 3,103.7 ( 557.6 ) 3,594.0 ( 573.0 ) U.S. corporate debt securities 127.1 ( 1.6 ) 598.1 ( 57.0 ) 725.2 ( 58.6 ) Foreign corporate debt securities 64.8 ( 0.6 ) 257.7 ( 20.8 ) 322.5 ( 21.4 ) $ 1,067.8 $ ( 21.2 ) $ 5,194.2 $ ( 801.3 ) $ 6,262.0 $ ( 822.5 ) December 31, 2023 U.S. Treasury bonds $ 8.2 $ ( 0.1 ) $ 55.4 $ ( 4.4 ) $ 63.6 $ ( 4.5 ) Municipal bonds 107.4 ( 0.9 ) 956.8 ( 135.8 ) 1,064.2 ( 136.7 ) Foreign government bonds 33.3 ( 0.1 ) 101.4 ( 10.4 ) 134.7 ( 10.5 ) Governmental agency bonds 0.4 — 118.9 ( 12.5 ) 119.3 ( 12.5 ) Governmental agency mortgage-backed 338.3 ( 6.6 ) 3,225.3 ( 520.2 ) 3,563.6 ( 526.8 ) U.S. corporate debt securities 45.1 ( 0.4 ) 602.5 ( 54.8 ) 647.6 ( 55.2 ) Foreign corporate debt securities 19.3 ( 0.1 ) 267.3 ( 21.0 ) 286.6 ( 21.1 ) $ 552.0 $ ( 8.2 ) $ 5,327.6 $ ( 759.1 ) $ 5,879.6 $ ( 767.3 ) |
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at March 31, 2024, by contractual maturities, are as follows: (in millions) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 5.7 $ 136.9 $ 0.4 $ 20.1 $ 163.1 Estimated fair value $ 5.7 $ 132.1 $ 0.3 $ 19.1 $ 157.2 Municipal bonds Amortized cost 12.6 382.4 478.4 507.8 1,381.2 Estimated fair value 12.5 351.1 413.1 472.6 1,249.3 Foreign government bonds Amortized cost 31.2 104.5 67.5 6.7 209.9 Estimated fair value 31.0 103.8 58.6 6.0 199.4 Governmental agency bonds Amortized cost — 166.6 1.6 46.1 214.3 Estimated fair value — 161.6 1.5 37.3 200.4 U.S. corporate debt securities Amortized cost 13.9 732.1 245.6 83.8 1,075.4 Estimated fair value 13.8 693.1 239.8 74.5 1,021.2 Foreign corporate debt securities Amortized cost 31.9 313.5 121.2 31.8 498.4 Estimated fair value 31.3 302.6 118.5 28.6 481.0 Total debt securities (excluding mortgage-backed Amortized cost $ 95.3 $ 1,836.0 $ 914.7 $ 696.3 $ 3,542.3 Estimated fair value $ 94.3 $ 1,744.3 $ 831.8 $ 638.1 $ 3,308.5 Total mortgage-backed securities Amortized cost 4,316.7 Estimated fair value 3,745.9 Total debt securities Amortized cost $ 7,859.0 Estimated fair value $ 7,054.4 |
Composition of Debt Securities Portfolio by Credit Rating Agencies | The composition of the debt securities portfolio at March 31, 2024, 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 $ 157.2 100.0 % $ — — % $ — — % $ 157.2 Municipal bonds 1,223.0 97.9 24.6 2.0 1.7 0.1 1,249.3 Foreign government bonds 193.9 97.2 4.7 2.4 0.8 0.4 199.4 Governmental agency bonds 200.4 100.0 — — — — 200.4 Governmental agency mortgage- 3,745.9 100.0 — — — — 3,745.9 U.S. corporate debt securities 492.0 48.1 380.5 37.3 148.7 14.6 1,021.2 Foreign corporate debt securities 251.9 52.3 193.2 40.2 35.9 7.5 481.0 $ 6,264.3 88.8 % $ 603.0 8.5 % $ 187.1 2.7 % $ 7,054.4 |
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 March 31, 2024, 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 $ 151.6 100.0 % $ — — % $ — — % $ 151.6 Municipal bonds 1,084.3 98.3 19.3 1.7 0.3 — 1,103.9 Foreign government bonds 162.3 98.7 1.3 0.8 0.8 0.5 164.4 Governmental agency bonds 200.4 100.0 — — — — 200.4 Governmental agency mortgage- 3,594.0 100.0 — — — — 3,594.0 U.S. corporate debt securities 394.5 54.4 273.8 37.8 56.9 7.8 725.2 Foreign corporate debt securities 188.3 58.4 116.2 36.0 18.0 5.6 322.5 $ 5,775.4 92.2 % $ 410.6 6.6 % $ 76.0 1.2 % $ 6,262.0 |
Equity Securities (Tables)
Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investments in Equity Securities, by Accounting Classification | Investments in equity securities, by accounting classification, are summarized as follows: (in millions) March 31, December 31, Marketable equity securities $ 415.0 $ 436.9 Non-marketable equity securities 226.1 224.1 Equity method investments 91.9 74.6 $ 733.0 $ 735.6 |
Summary of Investments in Marketable Equity Securities | Investments in marketable equity securities are summarized as follows: (in millions) Cost Unrealized losses Estimated March 31, 2024 Common stocks $ 409.8 $ ( 8.8 ) $ 401.0 Preferred stocks 15.3 ( 1.3 ) 14.0 $ 425.1 $ ( 10.1 ) $ 415.0 December 31, 2023 Common stocks $ 429.4 $ ( 4.9 ) $ 424.5 Preferred stocks 15.7 ( 3.3 ) 12.4 $ 445.1 $ ( 8.2 ) $ 436.9 Net gains of $ 10.9 million and $ 12.4 million resulting from changes in the fair values of marketable equity securities were recognized for the three months ended March 31, 2024 and 2023, respectively, which included net unrealized gains of $ 10.5 million and $ 11.7 million on securities still held at March 31, 2024 and 2023, respectively. Included in net gains for the three months ended March 31, 2024 were unrealized losses of $ 11.0 million related to the Company's investment in Offerpad Solutions Inc. ("Offerpad"), a tech-enabled real estate company. |
Summary of Changes in Carrying Amounts of Non-Marketable Equity Securities | A summary of the changes in the carrying amounts of non-marketable equity securities, which primarily relate to the Company's venture investment portfolio, for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended (in millions) 2024 2023 Carrying amount, beginning of period $ 224.1 $ 395.8 Net additions 1.8 6.1 Gross unrealized gains 0.2 — Gross unrealized losses and impairments — ( 17.2 ) Carrying amount, end of period $ 226.1 $ 384.7 |
Summary of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairments | Cumulative gross unrealized gains and cumulative gross unrealized losses and impairments related to non-marketable equity securities at March 31, 2024 and December 31, 2023, are as follows: (in millions) March 31, December 31, Cumulative gross unrealized gains $ 243.5 $ 243.3 Cumulative gross unrealized losses and impairments $ 322.4 $ 322.4 |
Allowance for Credit Losses __2
Allowance for Credit Losses – Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (in millions) 2024 2023 Balance at beginning of period $ 21.8 $ 21.3 Provision for expected credit losses 0.8 0.7 Write-offs/recoveries ( 1.8 ) ( 1.4 ) Balance at end of period $ 20.8 $ 20.6 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024, is as follows: (in millions) Title Home Total Balance at beginning of period $ 1,766.6 $ 40.9 $ 1,807.5 Acquisitions 1.3 — 1.3 Foreign currency translation ( 1.5 ) — ( 1.5 ) Balance at end of period $ 1,766.4 $ 40.9 $ 1,807.3 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Gross (Excluding Goodwill) [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets are summarized as follows: (in millions) March 31, December 31, Finite-lived intangible assets: Customer relationships $ 192.3 $ 191.4 Noncompete agreements 10.8 28.2 Trademarks 70.6 70.6 Internal-use software licenses 17.2 16.5 Patents 2.8 2.8 293.7 309.5 Accumulated amortization ( 163.0 ) ( 172.6 ) 130.7 136.9 Indefinite-lived intangible assets: Licenses 16.9 16.9 $ 147.6 $ 153.8 |
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 2024 $ 30.1 2025 $ 28.0 2026 $ 26.4 2027 $ 11.8 2028 $ 7.3 2029 $ 5.3 |
Reserve for Known and Incurre_2
Reserve for Known and Incurred but Not Reported Claims (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended (in millions) 2024 2023 Balance at beginning of period $ 1,282.4 $ 1,325.3 Provision related to: Current year 77.0 83.1 Prior years ( 7.5 ) ( 0.8 ) 69.5 82.3 Payments, net of recoveries, related to: Current year 30.6 31.1 Prior years 61.0 64.1 91.6 95.2 Other 1.3 2.1 Balance at end of period $ 1,261.6 $ 1,314.5 A summary of the Company’s loss reserves is as follows: (dollars in millions) March 31, 2024 December 31, 2023 Known title claims $ 61.6 4.9 % $ 55.5 4.3 % Incurred but not reported claims 1,162.5 92.1 % 1,186.5 92.5 % Total title claims 1,224.1 97.0 % 1,242.0 96.8 % Non-title claims 37.5 3.0 % 40.4 3.2 % Total loss reserves $ 1,261.6 100.0 % $ 1,282.4 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The computation of basic and diluted earnings per share is as follows: Three Months Ended (in millions, except per share amounts) 2024 2023 Numerator Net income attributable to the Company $ 46.7 $ 45.9 Denominator Basic weighted-average shares 104.1 104.5 Effect of dilutive restricted stock units (“RSUs”) and performance restricted 0.3 0.3 Diluted weighted-average shares 104.4 104.8 Net income per share attributable to the Company’s stockholders Basic 0.45 $ 0.44 Diluted 0.45 $ 0.44 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (in millions) 2024 2023 Expense: Interest costs $ 2.4 $ 2.5 Amortization of net actuarial loss 0.6 0.5 $ 3.0 $ 3.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023: (in millions) Total Level 1 Level 2 Level 3 March 31, 2024 Debt securities: U.S. Treasury bonds $ 157.2 $ — $ 157.2 $ — Municipal bonds 1,249.3 — 1,249.3 — Foreign government bonds 199.4 — 199.4 — Governmental agency bonds 200.4 — 200.4 — Governmental agency mortgage-backed securities 3,745.9 — 3,745.9 — U.S. corporate debt securities 1,021.2 — 1,021.2 — Foreign corporate debt securities 481.0 — 481.0 — 7,054.4 — 7,054.4 — Equity securities: Common stocks 401.0 401.0 — — Preferred stocks 14.0 14.0 — — 415.0 415.0 — — Mortgage loans held for sale 13.0 — 11.7 1.3 Total $ 7,482.4 $ 415.0 $ 7,066.1 $ 1.3 (in millions) Total Level 1 Level 2 Level 3 December 31, 2023 Debt securities: U.S. Treasury bonds $ 199.3 $ — $ 199.3 $ — Municipal bonds 1,245.8 — 1,245.8 — Foreign government bonds 219.3 — 219.3 — Governmental agency bonds 195.4 — 195.4 — Governmental agency mortgage-backed securities 3,875.7 — 3,875.7 — U.S. corporate debt securities 958.4 — 958.4 — Foreign corporate debt securities 463.6 — 463.6 — 7,157.5 — 7,157.5 — Equity securities: Common stocks 424.5 424.5 — — Preferred stocks 12.4 12.4 — — 436.9 436.9 — — Mortgage loans held for sale 13.1 — 11.8 1.3 Total $ 7,607.5 $ 436.9 $ 7,169.3 $ 1.3 |
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 March 31, 2024 and December 31, 2023: Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 March 31, 2024 Assets: Cash and cash equivalents $ 1,506.4 $ 1,506.4 $ 1,506.4 $ — $ — Deposits with banks $ 77.1 $ 77.0 $ 20.1 $ 56.9 $ — Notes receivable, net $ 23.8 $ 24.6 $ — $ — $ 24.6 Secured financings receivable $ 831.4 $ 831.4 $ — $ 831.4 $ — Liabilities: Secured financings payable $ 688.8 $ 688.8 $ — $ 688.8 $ — Notes and contracts payable $ 1,396.0 $ 1,226.3 $ — $ 1,220.5 $ 5.8 Carrying Estimated fair value (in millions) Amount Total Level 1 Level 2 Level 3 December 31, 2023 Assets: Cash and cash equivalents $ 3,605.3 $ 3,605.3 $ 3,605.3 $ — $ — Deposits with banks $ 55.8 $ 55.6 $ 4.0 $ 51.6 $ — Notes receivable, net $ 22.4 $ 23.2 $ — $ — $ 23.2 Secured financings receivable $ 636.5 $ 636.5 $ — $ 636.5 $ — Liabilities: Secured financings payable $ 553.3 $ 553.3 $ — $ 553.3 $ — Notes and contracts payable $ 1,393.9 $ 1,219.6 $ — $ 1,215.4 $ 4.2 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (in millions) 2024 2023 Expense: RSUs $ 18.9 $ 19.0 PRSUs 2.4 1.8 Employee stock purchase plan 2.1 2.2 $ 23.4 $ 23.0 |
Summary of RSU and PSRU Activity | The following table summarizes RSU and PRSU activity for the three months ended March 31, 2024: (in millions, except weighted-average grant-date fair value) Shares Weighted-average Unvested at December 31, 2023 1.0 $ 64.19 Granted during 2024 0.6 $ 58.92 Vested during 2024 ( 0.6 ) $ 60.84 Unvested at March 31, 2024 1.0 $ 62.77 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024: (in millions) Unrealized Foreign Pension Accumulated Balance at December 31, 2023 $ ( 553.6 ) $ ( 64.9 ) $ ( 37.3 ) $ ( 655.8 ) Change in unrealized losses on debt securities ( 66.9 ) — — ( 66.9 ) Change in foreign currency translation adjustment — ( 14.9 ) — ( 14.9 ) Amortization of net actuarial loss — — 0.6 0.6 Tax effect 16.3 0.4 ( 0.2 ) 16.5 Balance at March 31, 2024 $ ( 604.2 ) $ ( 79.4 ) $ ( 36.9 ) $ ( 720.5 ) |
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended March 31, 2024 and 2023: (in millions) Unrealized Foreign Pension Total Three Months Ended March 31, 2024 Pretax change before reclassifications $ ( 70.3 ) $ ( 14.9 ) $ — $ ( 85.2 ) Reclassifications out of AOCI 3.4 — 0.6 4.0 Tax effect 16.3 0.4 ( 0.2 ) 16.5 Total other comprehensive (loss) income, net of tax $ ( 50.6 ) $ ( 14.5 ) $ 0.4 $ ( 64.7 ) Three Months Ended March 31, 2023 Pretax change before reclassifications $ 142.0 $ 2.6 $ — $ 144.6 Reclassifications out of AOCI 4.5 — 0.5 5.0 Tax effect ( 36.4 ) — ( 0.2 ) ( 36.6 ) Total other comprehensive income, net of tax $ 110.1 $ 2.6 $ 0.3 $ 113.0 |
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 (in millions) 2024 2023 Affected line items Unrealized gains (losses) on debt securities: Net realized losses on sales of debt securities $ ( 3.4 ) $ ( 4.5 ) Net investment gains (losses) Tax effect $ 0.8 $ 1.1 Pension benefit adjustment (1): Amortization of net actuarial loss $ ( 0.6 ) $ ( 0.5 ) Other operating expenses Tax effect $ 0.2 $ 0.2 (1) Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,319.8 $ 72.7 $ 48.8 $ 59.6 Home Warranty 105.2 20.3 1.3 1.9 Corporate and Eliminations ( 0.4 ) ( 34.7 ) — — $ 1,424.6 $ 58.3 $ 50.1 $ 61.5 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 403.2 $ 563.8 $ 217.2 $ 116.7 $ 18.9 $ 1,319.8 Home Warranty 97.7 — 5.9 0.9 0.7 105.2 Corporate and Eliminations — — ( 0.1 ) 10.3 ( 10.6 ) ( 0.4 ) $ 500.9 $ 563.8 $ 223.0 $ 127.9 $ 9.0 $ 1,424.6 For the three months ended March 31, 2023: (in millions) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,348.6 $ 88.2 $ 44.2 $ 66.3 Home Warranty 103.7 15.9 1.3 1.2 Corporate and Eliminations ( 6.2 ) ( 44.5 ) — — $ 1,446.1 $ 59.6 $ 45.5 $ 67.5 (in millions) Direct Agent Information Net Net Total Title Insurance and Services $ 405.6 $ 590.4 $ 221.5 $ 124.6 $ 6.5 $ 1,348.6 Home Warranty 96.6 — 5.5 1.4 0.2 103.7 Corporate and Eliminations — — ( 0.1 ) 8.0 ( 14.1 ) ( 6.2 ) $ 502.2 $ 590.4 $ 226.9 $ 134.0 $ ( 7.4 ) $ 1,446.1 |
Basis of Condensed Consolidat_3
Basis of Condensed Consolidated Financial Statements (Narrative) (Details) - Out-of-period Adjustment $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Accounts Payable and Accrued Liabilities | |
Basis Of Condensed Consolidated Financial Statements [Line Items] | |
Increase in other operating expenses and increased accounts payable and accrued liabilities | $ 6.2 |
Increased Other Operating Expense | |
Basis Of Condensed Consolidated Financial Statements [Line Items] | |
Increase in other operating expenses and increased accounts payable and accrued liabilities | $ 6.2 |
Trust Assets, Escrow and Othe_2
Trust Assets, Escrow and Other Deposits (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Line Items] | ||
Escrow deposits | $ 8,900 | $ 10,600 |
Assets held-in-trust | 4,600 | 4,400 |
Like-kind exchange funds | 1,700 | 1,800 |
Cash deposits | 1,000 | 830.5 |
First American Trust | ||
Other Assets [Line Items] | ||
Escrow deposits | 4,300 | 6,300 |
Assets held-in-trust | 127.4 | 197.1 |
Cash deposits | $ 623.2 | $ 485.7 |
Debt Securities (Investments in
Debt Securities (Investments in Debt Securities, Classified as Available-For-Sale) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 7,859 | $ 7,895.2 |
Debt Securities, Gross unrealized gains | 17.9 | 29.6 |
Debt Securities, Gross unrealized losses | (822.5) | (767.3) |
Debt securities, Estimated fair value | 7,054.4 | 7,157.5 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 163.1 | 203.3 |
Debt Securities, Gross unrealized gains | 0 | 0.5 |
Debt Securities, Gross unrealized losses | (5.9) | (4.5) |
Debt securities, Estimated fair value | 157.2 | 199.3 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 1,381.2 | 1,373.7 |
Debt Securities, Gross unrealized gains | 7.1 | 8.8 |
Debt Securities, Gross unrealized losses | (139) | (136.7) |
Debt securities, Estimated fair value | 1,249.3 | 1,245.8 |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 209.9 | 228.4 |
Debt Securities, Gross unrealized gains | 0.2 | 1.4 |
Debt Securities, Gross unrealized losses | (10.7) | (10.5) |
Debt securities, Estimated fair value | 199.4 | 219.3 |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 214.3 | 207.7 |
Debt Securities, Gross unrealized gains | 0 | 0.2 |
Debt Securities, Gross unrealized losses | (13.9) | (12.5) |
Debt securities, Estimated fair value | 200.4 | 195.4 |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 4,316.7 | 4,396.2 |
Debt Securities, Gross unrealized gains | 2.2 | 6.3 |
Debt Securities, Gross unrealized losses | (573) | (526.8) |
Debt securities, Estimated fair value | 3,745.9 | 3,875.7 |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 1,075.4 | 1,007 |
Debt Securities, Gross unrealized gains | 4.4 | 6.6 |
Debt Securities, Gross unrealized losses | (58.6) | (55.2) |
Debt securities, Estimated fair value | 1,021.2 | 958.4 |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 498.4 | 478.9 |
Debt Securities, Gross unrealized gains | 4 | 5.8 |
Debt Securities, Gross unrealized losses | (21.4) | (21.1) |
Debt securities, Estimated fair value | $ 481 | $ 463.6 |
Debt Securities (Sales of Debt
Debt Securities (Sales of Debt Securities) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized losses on sales of debt securities | $ 4.2 | $ 10 |
Realized gains on sales of debt securities | 0.8 | 5.5 |
Proceeds from sales of debt securities | $ 224.5 | $ 715.5 |
Debt Securities (Gross Unrealiz
Debt Securities (Gross Unrealized Losses on Investments in Debt Securities) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | $ 1,067.8 | $ 552 |
Unrealized losses, Less than 12 months | (21.2) | (8.2) |
Estimated fair value, 12 months or longer | 5,194.2 | 5,327.6 |
Unrealized losses, 12 months or longer | (801.3) | (759.1) |
Estimated fair value, Total | 6,262 | 5,879.6 |
Unrealized losses, Total | (822.5) | (767.3) |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 101.2 | 8.2 |
Unrealized losses, Less than 12 months | (1.3) | (0.1) |
Estimated fair value, 12 months or longer | 50.4 | 55.4 |
Unrealized losses, 12 months or longer | (4.6) | (4.4) |
Estimated fair value, Total | 151.6 | 63.6 |
Unrealized losses, Total | (5.9) | (4.5) |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 133.1 | 107.4 |
Unrealized losses, Less than 12 months | (1.5) | (0.9) |
Estimated fair value, 12 months or longer | 970.8 | 956.8 |
Unrealized losses, 12 months or longer | (137.5) | (135.8) |
Estimated fair value, Total | 1,103.9 | 1,064.2 |
Unrealized losses, Total | (139) | (136.7) |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 68.3 | 33.3 |
Unrealized losses, Less than 12 months | (0.2) | (0.1) |
Estimated fair value, 12 months or longer | 96.1 | 101.4 |
Unrealized losses, 12 months or longer | (10.5) | (10.4) |
Estimated fair value, Total | 164.4 | 134.7 |
Unrealized losses, Total | (10.7) | (10.5) |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 83 | 0.4 |
Unrealized losses, Less than 12 months | (0.6) | 0 |
Estimated fair value, 12 months or longer | 117.4 | 118.9 |
Unrealized losses, 12 months or longer | (13.3) | (12.5) |
Estimated fair value, Total | 200.4 | 119.3 |
Unrealized losses, Total | (13.9) | (12.5) |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 490.3 | 338.3 |
Unrealized losses, Less than 12 months | (15.4) | (6.6) |
Estimated fair value, 12 months or longer | 3,103.7 | 3,225.3 |
Unrealized losses, 12 months or longer | (557.6) | (520.2) |
Estimated fair value, Total | 3,594 | 3,563.6 |
Unrealized losses, Total | (573) | (526.8) |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 127.1 | 45.1 |
Unrealized losses, Less than 12 months | (1.6) | (0.4) |
Estimated fair value, 12 months or longer | 598.1 | 602.5 |
Unrealized losses, 12 months or longer | (57) | (54.8) |
Estimated fair value, Total | 725.2 | 647.6 |
Unrealized losses, Total | (58.6) | (55.2) |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 64.8 | 19.3 |
Unrealized losses, Less than 12 months | (0.6) | (0.1) |
Estimated fair value, 12 months or longer | 257.7 | 267.3 |
Unrealized losses, 12 months or longer | (20.8) | (21) |
Estimated fair value, Total | 322.5 | 286.6 |
Unrealized losses, Total | $ (21.4) | $ (21.1) |
Debt Securities (Investments _2
Debt Securities (Investments in Debt Securities by Contractual Maturity) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 7,859 | $ 7,895.2 |
Debt securities, Estimated fair value | 7,054.4 | 7,157.5 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 5.7 | |
Amortized cost, Due after one through five years | 136.9 | |
Amortized cost, Due after five through ten years | 0.4 | |
Amortized cost, Due after ten years | 20.1 | |
Debt Securities, Amortized cost | 163.1 | 203.3 |
Estimated fair value, Due in one year or less | 5.7 | |
Estimated fair value, Due after one through five years | 132.1 | |
Estimated fair value, Due after five through ten years | 0.3 | |
Estimated fair value, Due after ten years | 19.1 | |
Debt securities, Estimated fair value | 157.2 | 199.3 |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 12.6 | |
Amortized cost, Due after one through five years | 382.4 | |
Amortized cost, Due after five through ten years | 478.4 | |
Amortized cost, Due after ten years | 507.8 | |
Debt Securities, Amortized cost | 1,381.2 | 1,373.7 |
Estimated fair value, Due in one year or less | 12.5 | |
Estimated fair value, Due after one through five years | 351.1 | |
Estimated fair value, Due after five through ten years | 413.1 | |
Estimated fair value, Due after ten years | 472.6 | |
Debt securities, Estimated fair value | 1,249.3 | 1,245.8 |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 31.2 | |
Amortized cost, Due after one through five years | 104.5 | |
Amortized cost, Due after five through ten years | 67.5 | |
Amortized cost, Due after ten years | 6.7 | |
Debt Securities, Amortized cost | 209.9 | 228.4 |
Estimated fair value, Due in one year or less | 31 | |
Estimated fair value, Due after one through five years | 103.8 | |
Estimated fair value, Due after five through ten years | 58.6 | |
Estimated fair value, Due after ten years | 6 | |
Debt securities, Estimated fair value | 199.4 | 219.3 |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 0 | |
Amortized cost, Due after one through five years | 166.6 | |
Amortized cost, Due after five through ten years | 1.6 | |
Amortized cost, Due after ten years | 46.1 | |
Debt Securities, Amortized cost | 214.3 | 207.7 |
Estimated fair value, Due in one year or less | 0 | |
Estimated fair value, Due after one through five years | 161.6 | |
Estimated fair value, Due after five through ten years | 1.5 | |
Estimated fair value, Due after ten years | 37.3 | |
Debt securities, Estimated fair value | 200.4 | 195.4 |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 13.9 | |
Amortized cost, Due after one through five years | 732.1 | |
Amortized cost, Due after five through ten years | 245.6 | |
Amortized cost, Due after ten years | 83.8 | |
Debt Securities, Amortized cost | 1,075.4 | 1,007 |
Estimated fair value, Due in one year or less | 13.8 | |
Estimated fair value, Due after one through five years | 693.1 | |
Estimated fair value, Due after five through ten years | 239.8 | |
Estimated fair value, Due after ten years | 74.5 | |
Debt securities, Estimated fair value | 1,021.2 | 958.4 |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 31.9 | |
Amortized cost, Due after one through five years | 313.5 | |
Amortized cost, Due after five through ten years | 121.2 | |
Amortized cost, Due after ten years | 31.8 | |
Debt Securities, Amortized cost | 498.4 | 478.9 |
Estimated fair value, Due in one year or less | 31.3 | |
Estimated fair value, Due after one through five years | 302.6 | |
Estimated fair value, Due after five through ten years | 118.5 | |
Estimated fair value, Due after ten years | 28.6 | |
Debt securities, Estimated fair value | 481 | $ 463.6 |
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 | 95.3 | |
Amortized cost, Due after one through five years | 1,836 | |
Amortized cost, Due after five through ten years | 914.7 | |
Amortized cost, Due after ten years | 696.3 | |
Debt Securities, Amortized cost | 3,542.3 | |
Estimated fair value, Due in one year or less | 94.3 | |
Estimated fair value, Due after one through five years | 1,744.3 | |
Estimated fair value, Due after five through ten years | 831.8 | |
Estimated fair value, Due after ten years | 638.1 | |
Debt securities, Estimated fair value | 3,308.5 | |
Total Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 4,316.7 | |
Estimated fair value | $ 3,745.9 |
Debt Securities (Composition of
Debt Securities (Composition of Debt Securities Portfolio by Credit Rating Agencies) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 7,054.4 | $ 7,157.5 |
Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 6,264.3 | |
Percentage of debt securities by credit rating agencies | 88.80% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 603 | |
Percentage of debt securities by credit rating agencies | 8.50% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 187.1 | |
Percentage of debt securities by credit rating agencies | 2.70% | |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 157.2 | 199.3 |
U.S. Treasury bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 157.2 | |
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 | $ 1,249.3 | 1,245.8 |
Municipal bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1,223 | |
Percentage of debt securities by credit rating agencies | 97.90% | |
Municipal bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 24.6 | |
Percentage of debt securities by credit rating agencies | 2% | |
Municipal bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1.7 | |
Percentage of debt securities by credit rating agencies | 0.10% | |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 199.4 | 219.3 |
Foreign government bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 193.9 | |
Percentage of debt securities by credit rating agencies | 97.20% | |
Foreign government bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4.7 | |
Percentage of debt securities by credit rating agencies | 2.40% | |
Foreign government bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0.8 | |
Percentage of debt securities by credit rating agencies | 0.40% | |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 200.4 | 195.4 |
Governmental agency bonds | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 200.4 | |
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 | $ 3,745.9 | 3,875.7 |
Governmental agency mortgage-backed securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 3,745.9 | |
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 | $ 1,021.2 | 958.4 |
U.S. corporate debt securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 492 | |
Percentage of debt securities by credit rating agencies | 48.10% | |
U.S. corporate debt securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 380.5 | |
Percentage of debt securities by credit rating agencies | 37.30% | |
U.S. corporate debt securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 148.7 | |
Percentage of debt securities by credit rating agencies | 14.60% | |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 481 | $ 463.6 |
Foreign corporate debt securities | Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 251.9 | |
Percentage of debt securities by credit rating agencies | 52.30% | |
Foreign corporate debt securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 193.2 | |
Percentage of debt securities by credit rating agencies | 40.20% | |
Foreign corporate debt securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 35.9 | |
Percentage of debt securities by credit rating agencies | 7.50% |
Debt Securities (Composition _2
Debt Securities (Composition of Debt Securities Portfolio by Credit Rating Agencies) (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 7,054.4 | $ 7,157.5 |
Estimated fair value of debt securities, Unrealized loss position | 6,262 | $ 5,879.6 |
Bank Loans | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 122.3 | |
Estimated fair value of debt securities, Unrealized loss position | 25.1 | |
Emerging Market Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 39.4 | |
Estimated fair value of debt securities, Unrealized loss position | 32.7 | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 187.1 | |
Estimated fair value of debt securities, Unrealized loss position | 76 | |
Non-Investment Grade | Bank Loans | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 109 | |
Estimated fair value of debt securities, Unrealized loss position | 23.3 | |
Non-Investment Grade | High Yield Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 71.2 | |
Estimated fair value of debt securities, Unrealized loss position | 47.5 | |
Non-Investment Grade | Emerging Market Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | 5.2 | |
Estimated fair value of debt securities, Unrealized loss position | $ 4.9 |
Debt Securities (Composition _3
Debt Securities (Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 6,262 | $ 5,879.6 |
U.S. Treasury bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 151.6 | |
Municipal bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 1,103.9 | |
Foreign government bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 164.4 | |
Governmental agency bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 200.4 | |
Governmental agency mortgage-backed securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 3,594 | |
U.S. corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 725.2 | |
Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | 322.5 | |
Investment Grade | A- or higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 5,775.4 | |
Percentage of debt securities in unrealized loss position | 92.20% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 410.6 | |
Percentage of debt securities in unrealized loss position | 6.60% | |
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 | $ 151.6 | |
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 | $ 1,084.3 | |
Percentage of debt securities in unrealized loss position | 98.30% | |
Investment Grade | Municipal bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 19.3 | |
Percentage of debt securities in unrealized loss position | 1.70% | |
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 | $ 162.3 | |
Percentage of debt securities in unrealized loss position | 98.70% | |
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 | $ 1.3 | |
Percentage of debt securities in unrealized loss position | 0.80% | |
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 | $ 200.4 | |
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 | $ 3,594 | |
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 | $ 394.5 | |
Percentage of debt securities in unrealized loss position | 54.40% | |
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 | $ 273.8 | |
Percentage of debt securities in unrealized loss position | 37.80% | |
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 | $ 188.3 | |
Percentage of debt securities in unrealized loss position | 58.40% | |
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 | $ 116.2 | |
Percentage of debt securities in unrealized loss position | 36% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 76 | |
Percentage of debt securities in unrealized loss position | 1.20% | |
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 | $ 0.8 | |
Percentage of debt securities in unrealized loss position | 0.50% | |
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 | $ 56.9 | |
Percentage of debt securities in unrealized loss position | 7.80% | |
Non-Investment Grade | Foreign corporate debt securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 18 | |
Percentage of debt securities in unrealized loss position | 5.60% |
Equity Securities - (Summary of
Equity Securities - (Summary of Investments in Equity Securities, by Classification) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable equity securities | $ 415 | $ 436.9 |
Non-marketable equity securities | 226.1 | 224.1 |
Equity method investments | 91.9 | 74.6 |
Equity Securities | $ 733 | $ 735.6 |
Equity Securities - (Summary _2
Equity Securities - (Summary of Investments in Marketable Equity Securities) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | $ 425.1 | $ 445.1 |
Equity securities, Unrealized losses | (10.1) | (8.2) |
Equity securities, Estimated fair value | 415 | 436.9 |
Common Stock | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | 409.8 | 429.4 |
Equity securities, Unrealized losses | (8.8) | (4.9) |
Equity securities, Estimated fair value | 401 | 424.5 |
Preferred Stock | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | 15.3 | 15.7 |
Equity securities, Unrealized losses | (1.3) | (3.3) |
Equity securities, Estimated fair value | $ 14 | $ 12.4 |
Equity Securities (Narrative) (
Equity Securities (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Investments [Line Items] | ||
Realized and unrealized net gains (losses) on equity securities | $ 10.9 | $ 12.4 |
Net unrealized gains on equity securities | 10.5 | 11.7 |
Cash proceeds from sale of equity securities | 44.2 | $ 11.1 |
Common Stock | Offerpad Inc [Member] | ||
Schedule Of Investments [Line Items] | ||
Net unrealized gains on equity securities | $ 11 |
Equity Securities - (Summary _3
Equity Securities - (Summary of Changes in Carrying Amounts of Non Marketable Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Carrying amount, beginning of period | $ 224.1 | |
Carrying amount, end of period | 226.1 | |
Non Marketable Equity Securities | ||
Equity Securities Without Readily Determinable Fair Value [Line Items] | ||
Carrying amount, beginning of period | 224.1 | $ 395.8 |
Net additions | 1.8 | 6.1 |
Gross unrealized gains | 0.2 | 0 |
Gross unrealized losses and impairments | 0 | (17.2) |
Carrying amount, end of period | $ 226.1 | $ 384.7 |
Equity Securities - (Summary _4
Equity Securities - (Summary of Cumulative Gross Unrealized Gains and Cumulative Gross Unrealized Losses and Impairments) (Details) - Non Marketable Equity Securities - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Equity Securities without Readily Determinable Fair Value [Line Items] | ||
Cumulative gross unrealized gains | $ 243.5 | $ 243.3 |
Cumulative gross unrealized losses and impairments | $ 322.4 | $ 322.4 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 21.8 | $ 21.3 |
Provision for expected credit losses | 0.8 | 0.7 |
Write-offs/recoveries | (1.8) | (1.4) |
Balance at end of period | $ 20.8 | $ 20.6 |
Goodwill (Carrying Amount of Go
Goodwill (Carrying Amount of Goodwill by Reportable Segment) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Line Items] | |
Balance at beginning of period | $ 1,807.5 |
Acquisitions | 1.3 |
Foreign currency translation | (1.5) |
Balance at end of period | 1,807.3 |
Title Insurance and Services | |
Goodwill [Line Items] | |
Balance at beginning of period | 1,766.6 |
Acquisitions | 1.3 |
Foreign currency translation | (1.5) |
Balance at end of period | 1,766.4 |
Home Warranty | |
Goodwill [Line Items] | |
Balance at beginning of period | 40.9 |
Acquisitions | 0 |
Foreign currency translation | 0 |
Balance at end of period | $ 40.9 |
Other Intangible Assets - Sched
Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Customer relationships | $ 192.3 | $ 191.4 |
Noncompete agreements | 10.8 | 28.2 |
Trademarks | 70.6 | 70.6 |
Internal-use software licenses | 17.2 | 16.5 |
Patents | 2.8 | 2.8 |
Finite-lived intangible assets, gross | 293.7 | 309.5 |
Accumulated amortization | (163) | (172.6) |
Finite-lived intangible assets, net | 130.7 | 136.9 |
Licenses | 16.9 | 16.9 |
Other intangibles assets, net | $ 147.6 | $ 153.8 |
Other Intangible Assets - Narra
Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Amortization expense | $ 12.3 | $ 13.5 |
Other Intangible Assets - Estim
Other Intangible Assets - Estimated Amortization Expense for Finite-Lived Intangible Assets (Detail) $ in Millions | Mar. 31, 2024 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Remainder of 2024 | $ 30.1 |
2025 | 28 |
2026 | 26.4 |
2027 | 11.8 |
2028 | 7.3 |
2029 | $ 5.3 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance at beginning of period | $ 1,282.4 | $ 1,325.3 |
Provision related to current year | 77 | 83.1 |
Provision related to prior years | (7.5) | (0.8) |
Total Provision | 69.5 | 82.3 |
Payments, net of recoveries, related to: Current year | 30.6 | 31.1 |
Payments, net of recoveries, related to: Prior years | 61 | 64.1 |
Total Payments, net of recoveries | 91.6 | 95.2 |
Other | 1.3 | 2.1 |
Balance at end of period | $ 1,261.6 | $ 1,314.5 |
Reserve for Known and Incurre_4
Reserve for Known and Incurred but Not Reported Claims (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Insurance [Abstract] | ||
Provision for title loss, percentage of title premiums and escrow fees | 3% | 3.50% |
Ultimate loss rate | 3.75% | 3.75% |
Percentage reserve releases for prior policy years | 0.75% | 0.25% |
Reserve releases for prior policy years | $ 7.3 | $ 2.5 |
Reserve for Known and Incurre_5
Reserve for Known and Incurred but Not Reported Claims (Summary of Loss Reserves) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Insurance [Abstract] | ||||
Known title claims, amount | $ 61.6 | $ 55.5 | ||
Incurred but not reported claims, amount | 1,162.5 | 1,186.5 | ||
Total title claims, amount | 1,224.1 | 1,242 | ||
Non-title claims, amount | 37.5 | 40.4 | ||
Total loss reserves, amount | $ 1,261.6 | $ 1,282.4 | $ 1,314.5 | $ 1,325.3 |
Known title claims, percent | 4.90% | 4.30% | ||
Incurred but not reported claims, percent | 92.10% | 92.50% | ||
Total title claims, percent | 97% | 96.80% | ||
Non-title claims, percent | 3% | 3.20% | ||
Total loss reserves, percent | 100% | 100% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rates | 19.90% | 22.80% | |
Deferred tax asset valuation allowance | $ 13.7 | $ 13.7 | |
Liability for income taxes associated with uncertain tax positions | 13.5 | 12.4 | |
Offsetting tax benefits related to uncertain tax positions | $ 0.9 | $ 0.8 | |
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 tax rate in jurisdictions which it operates percentage subject to international anti-base erosion rules | 15% |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Line Items] | ||
Net income attributable to the Company | $ 46.7 | $ 45.9 |
Basic weighted-average shares | 104.1 | 104.5 |
Diluted weighted-average shares | 104.4 | 104.8 |
Basic | $ 0.45 | $ 0.44 |
Diluted | $ 0.45 | $ 0.44 |
RSUs and PRSUs | ||
Earnings Per Share [Line Items] | ||
Effect of dilutive restricted stock units ("RSUs") and performance restricted stock units ("PRSUs") | 0.3 | 0.3 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 85 | 333 |
PRSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 37 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest costs | $ 2.4 | $ 2.5 |
Amortization of net actuarial loss | 0.6 | 0.5 |
Net periodic costs | $ 3 | $ 3 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - Unfunded Supplemental Benefit Plans $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Contribution for pension obligation | $ 3.8 |
Cash contribution to plans during the remainder | $ 12.4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | $ 7,054.4 | $ 7,157.5 |
Equity securities, estimated fair value | 415 | 436.9 |
Mortgage loans held for sale | 13 | 13.1 |
Total assets | 7,482.4 | 7,607.5 |
U.S. Treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 157.2 | 199.3 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,249.3 | 1,245.8 |
Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 199.4 | 219.3 |
Governmental agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 200.4 | 195.4 |
Governmental agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 3,745.9 | 3,875.7 |
U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,021.2 | 958.4 |
Foreign corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 481 | 463.6 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 401 | 424.5 |
Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 14 | 12.4 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Equity securities, estimated fair value | 415 | 436.9 |
Mortgage loans held for sale | 0 | 0 |
Total assets | 415 | 436.9 |
Level 1 | U.S. Treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Governmental agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Governmental agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Foreign corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 1 | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 401 | 424.5 |
Level 1 | Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 14 | 12.4 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 7,054.4 | 7,157.5 |
Equity securities, estimated fair value | 0 | 0 |
Mortgage loans held for sale | 11.7 | 11.8 |
Total assets | 7,066.1 | 7,169.3 |
Level 2 | U.S. Treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 157.2 | 199.3 |
Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,249.3 | 1,245.8 |
Level 2 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 199.4 | 219.3 |
Level 2 | Governmental agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 200.4 | 195.4 |
Level 2 | Governmental agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 3,745.9 | 3,875.7 |
Level 2 | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,021.2 | 958.4 |
Level 2 | Foreign corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 481 | 463.6 |
Level 2 | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 2 | Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Equity securities, estimated fair value | 0 | 0 |
Mortgage loans held for sale | 1.3 | 1.3 |
Total assets | 1.3 | 1.3 |
Level 3 | U.S. Treasury bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Governmental agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Governmental agency mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | U.S. corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Foreign corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Level 3 | Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Level 3 | Preferred Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring 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 | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 1,506.4 | $ 3,605.3 |
Deposits with banks | 77.1 | 55.8 |
Notes receivable, net | 23.8 | 22.4 |
Secured financings receivable | 831.4 | 636.5 |
Liabilities: | ||
Secured financings payable | 688.8 | 553.3 |
Notes and contracts payable | 1,396 | 1,393.9 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 1,506.4 | 3,605.3 |
Deposits with banks | 77 | 55.6 |
Notes receivable, net | 24.6 | 23.2 |
Secured financings receivable | 831.4 | 636.5 |
Liabilities: | ||
Secured financings payable | 688.8 | 553.3 |
Notes and contracts payable | 1,226.3 | 1,219.6 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 1,506.4 | 3,605.3 |
Deposits with banks | 20.1 | 4 |
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 | 56.9 | 51.6 |
Notes receivable, net | 0 | 0 |
Secured financings receivable | 831.4 | 636.5 |
Liabilities: | ||
Secured financings payable | 688.8 | 553.3 |
Notes and contracts payable | 1,220.5 | 1,215.4 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 0 | 0 |
Notes receivable, net | 24.6 | 23.2 |
Secured financings receivable | 0 | 0 |
Liabilities: | ||
Secured financings payable | 0 | 0 |
Notes and contracts payable | $ 5.8 | $ 4.2 |
Share-Based Compensation (Costs
Share-Based Compensation (Costs Associated with Share-Based Compensation Plans) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 23.4 | $ 23 |
RSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 18.9 | 19 |
PRSUs | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 2.4 | 1.8 |
Employee Stock Purchase Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 2.1 | $ 2.2 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of RSU/PRSU Activity) (Detail) - RSUs and PRSUs shares in Millions | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at December 31, 2023 | shares | 1 |
Granted during 2024 | shares | 0.6 |
Vested during 2024 | shares | (0.6) |
Unvested at March 31, 2024 | shares | 1 |
RSUs and PRSUs | |
RSU/PRSU, Weighted-average grant-date fair value | |
Unvested at December 31, 2023 | $ / shares | $ 64.19 |
Granted during 2024 | $ / shares | 58.92 |
Vested during 2024 | $ / shares | 60.84 |
Unvested at March 31, 2024 | $ / shares | $ 62.77 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Detail) shares in Thousands, $ in Millions | 3 Months Ended | 41 Months Ended |
Mar. 31, 2024 USD ($) shares | Mar. 31, 2024 USD ($) shares | |
Equity [Abstract] | ||
Remaining authorized amount under stock repurchase program | $ 210.4 | $ 210.4 |
Common stock repurchased, shares | shares | 59 | 3,600 |
Purchase of Company, value | $ 3.5 | $ 189.6 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss), net of tax, Beginning Balance | $ (655.8) | |
Change in unrealized losses on debt securities | (66.9) | |
Change in foreign currency translation adjustment | (14.9) | |
Amortization of net actuarial loss | 0.6 | |
Tax effect | 16.5 | $ (36.6) |
Accumulated other comprehensive income (loss), net of tax, Ending Balance | (720.5) | |
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 | (553.6) | |
Change in unrealized losses on debt securities | (66.9) | |
Tax effect | 16.3 | (36.4) |
Accumulated other comprehensive income (loss), debt securities, available-for-sale, adjustment, after tax, Ending Balance | (604.2) | |
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 | (64.9) | |
Change in foreign currency translation adjustment | (14.9) | |
Tax effect | 0.4 | $ 0 |
Accumulated other comprehensive income (loss), foreign currency translation adjustment, net of tax, Ending Balance | (79.4) | |
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 | (37.3) | |
Amortization of net actuarial loss | 0.6 | |
Tax effect | (0.2) | |
Accumulated other comprehensive (income) Loss, defined benefit plan, after Tax, Ending Balance | $ (36.9) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Other Comprehensive Income (Loss) Reclassification Adjustments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Pretax change before reclassifications | $ (85.2) | $ 144.6 |
Reclassifications out of AOCI | 4 | 5 |
Tax effect | 16.5 | (36.6) |
Total other comprehensive income, net of tax | (64.7) | 113 |
Unrealized Gains (Losses) on Debt Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Pretax change before reclassifications | (70.3) | 142 |
Reclassifications out of AOCI | 3.4 | 4.5 |
Tax effect | 16.3 | (36.4) |
Total other comprehensive income, net of tax | (50.6) | 110.1 |
Foreign Currency Translation Adjustment | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Pretax change before reclassifications | (14.9) | 2.6 |
Reclassifications out of AOCI | 0 | 0 |
Tax effect | 0.4 | 0 |
Total other comprehensive income, net of tax | (14.5) | 2.6 |
Pension Benefit Adjustment | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Pretax change before reclassifications | 0 | 0 |
Reclassifications out of AOCI | 0.6 | 0.5 |
Tax effect | (0.2) | (0.2) |
Total other comprehensive income, net of tax | $ 0.4 | $ 0.3 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of net actuarial loss | $ (0.6) | ||
Unrealized Gains (Losses) on Debt Securities | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net realized losses on sales of debt securities | (3.4) | $ (4.5) | |
Tax effect | 0.8 | 1.1 | |
Pension Benefit Adjustment | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of net actuarial loss | [1] | (0.6) | (0.5) |
Tax effect | [1] | $ 0.2 | $ 0.2 |
[1] Amounts are components of net periodic cost. See Note 11 Employee Benefit Plans for additional details. |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2024 State | |
Segment Reporting Information [Line Items] | |
Number of states issues title insurance policies | 49 |
Number of states issues home warranty contracts | 36 |
Segment Information (Schedule o
Segment Information (Schedule of Selected Financial Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,424.6 | $ 1,446.1 |
Income (loss) before income taxes | 58.3 | 59.6 |
Depreciation and amortization | 50.1 | 45.5 |
Capital expenditures | 61.5 | 67.5 |
Direct premiums and escrow fees | 500.9 | 502.2 |
Agent premiums | 563.8 | 590.4 |
Information and other | 223 | 226.9 |
Net investment income (loss) | 127.9 | 134 |
Realized (losses) gains of net investment | (3.4) | (4.5) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,424.6 | 1,446.1 |
Direct premiums and escrow fees | 500.9 | 502.2 |
Agent premiums | 563.8 | 590.4 |
Information and other | 223 | 226.9 |
Net investment income (loss) | 127.9 | 134 |
Realized (losses) gains of net investment | 9 | (7.4) |
Operating Segments | Title Insurance and Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,319.8 | 1,348.6 |
Income (loss) before income taxes | 72.7 | 88.2 |
Depreciation and amortization | 48.8 | 44.2 |
Capital expenditures | 59.6 | 66.3 |
Direct premiums and escrow fees | 403.2 | 405.6 |
Agent premiums | 563.8 | 590.4 |
Information and other | 217.2 | 221.5 |
Net investment income (loss) | 116.7 | 124.6 |
Realized (losses) gains of net investment | 18.9 | 6.5 |
Operating Segments | Home Warranty | ||
Segment Reporting Information [Line Items] | ||
Revenues | 105.2 | 103.7 |
Income (loss) before income taxes | 20.3 | 15.9 |
Depreciation and amortization | 1.3 | 1.3 |
Capital expenditures | 1.9 | 1.2 |
Direct premiums and escrow fees | 97.7 | 96.6 |
Agent premiums | 0 | 0 |
Information and other | 5.9 | 5.5 |
Net investment income (loss) | 0.9 | 1.4 |
Realized (losses) gains of net investment | 0.7 | 0.2 |
Operating Segments | Corporate and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (0.4) | (6.2) |
Income (loss) before income taxes | (34.7) | (44.5) |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | 0 |
Direct premiums and escrow fees | 0 | 0 |
Agent premiums | 0 | 0 |
Information and other | (0.1) | (0.1) |
Net investment income (loss) | 10.3 | 8 |
Realized (losses) gains of net investment | $ (10.6) | $ (14.1) |