Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FAF | |
Entity Registrant Name | First American Financial Corp | |
Entity Central Index Key | 1,472,787 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,817,359 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 1,141,915 | $ 1,006,138 |
Accounts and accrued income receivable, net | 341,395 | 299,799 |
Income taxes receivable | 11,102 | 67,970 |
Investments: | ||
Deposits with banks | 20,940 | 21,222 |
Debt securities, includes pledged securities of $100,681 and $110,647 | 4,803,484 | 4,553,363 |
Equity securities | 446,185 | 404,085 |
Other investments | 120,514 | 162,029 |
Investments, Total | 5,391,123 | 5,140,699 |
Property and equipment, net | 438,136 | 434,050 |
Title plants and other indexes | 566,599 | 564,309 |
Deferred income taxes | 20,037 | 20,037 |
Goodwill | 1,145,464 | 1,017,417 |
Other intangible assets, net | 75,126 | 78,898 |
Other assets | 216,150 | 202,460 |
Total assets | 9,347,047 | 8,831,777 |
Liabilities and Equity | ||
Deposits | 2,965,426 | 2,779,478 |
Accounts payable and accrued liabilities | 741,569 | 793,955 |
Deferred revenue | 250,917 | 228,905 |
Reserve for known and incurred but not reported claims | 1,021,648 | 1,025,863 |
Income taxes payable | 92,841 | 10,376 |
Deferred income taxes | 242,158 | 242,158 |
Notes and contracts payable | 734,091 | 736,693 |
Total liabilities | 6,048,650 | 5,817,428 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; Authorized—500 shares; Outstanding—none | ||
Common stock, $0.00001 par value; Authorized—300,000 shares; Outstanding—110,817 shares and 109,944 shares | 1 | 1 |
Additional paid-in capital | 2,226,691 | 2,191,756 |
Retained earnings | 1,128,981 | 1,046,822 |
Accumulated other comprehensive loss | (61,779) | (230,400) |
Total stockholders’ equity | 3,293,894 | 3,008,179 |
Noncontrolling interests | 4,503 | 6,170 |
Total equity | 3,298,397 | 3,014,349 |
Total liabilities and equity | $ 9,347,047 | $ 8,831,777 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Pledged securities included in debt securities | $ 100,681 | $ 110,647 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares outstanding | 110,817,000 | 109,944,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Direct premiums and escrow fees | $ 651,104 | $ 649,726 | $ 1,819,193 | $ 1,775,615 |
Agent premiums | 629,186 | 625,953 | 1,757,796 | 1,653,990 |
Information and other | 201,819 | 188,727 | 586,179 | 526,575 |
Net investment income | 44,460 | 34,422 | 117,109 | 92,717 |
Net realized investment (losses) gains | (7,001) | 9,516 | 10,763 | 22,692 |
Total revenues | 1,519,568 | 1,508,344 | 4,291,040 | 4,071,589 |
Expenses | ||||
Personnel costs | 599,380 | 438,692 | 1,458,928 | 1,239,129 |
Premiums retained by agents | 497,911 | 495,130 | 1,387,608 | 1,303,838 |
Other operating expenses | 218,959 | 219,959 | 649,182 | 622,995 |
Provision for policy losses and other claims | 120,349 | 137,015 | 333,695 | 366,473 |
Depreciation and amortization | 36,000 | 24,491 | 96,292 | 70,905 |
Premium taxes | 19,900 | 18,288 | 52,527 | 48,692 |
Interest | 9,107 | 7,838 | 26,812 | 23,427 |
Total expenses | 1,501,606 | 1,341,413 | 4,005,044 | 3,675,459 |
Income before income taxes | 17,962 | 166,931 | 285,996 | 396,130 |
Income tax (benefit) expense | (3,224) | 59,539 | 84,846 | 133,615 |
Net income | 21,186 | 107,392 | 201,150 | 262,515 |
Less: Net (loss) income attributable to noncontrolling interests | (197) | 72 | (772) | 545 |
Net income attributable to the Company | $ 21,383 | $ 107,320 | $ 201,922 | $ 261,970 |
Net income per share attributable to the Company's stockholders (Note 8): | ||||
Basic | $ 0.19 | $ 0.97 | $ 1.81 | $ 2.37 |
Diluted | 0.19 | 0.96 | 1.80 | 2.36 |
Cash dividends declared per share | $ 0.38 | $ 0.34 | $ 1.06 | $ 0.86 |
Weighted-average common shares outstanding (Note 8): | ||||
Basic | 111,799 | 110,571 | 111,578 | 110,423 |
Diluted | 112,575 | 111,251 | 112,254 | 111,006 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 21,186 | $ 107,392 | $ 201,150 | $ 262,515 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains on securities | 13,929 | 2,579 | 52,014 | 52,087 |
Foreign currency translation adjustment | 11,415 | (3,459) | 23,558 | 3,066 |
Pension benefit adjustment | 85,891 | 3,602 | 93,061 | 10,819 |
Total other comprehensive income, net of tax | 111,235 | 2,722 | 168,633 | 65,972 |
Comprehensive income | 132,421 | 110,114 | 369,783 | 328,487 |
Less: Comprehensive (loss) income attributable to noncontrolling interests | (192) | 77 | (760) | 566 |
Comprehensive income attributable to the Company | $ 132,613 | $ 110,037 | $ 370,543 | $ 327,921 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total stockholders' equity | Noncontrolling Interests |
Balance value at Dec. 31, 2016 | $ 3,014,349 | $ 1 | $ 2,191,756 | $ 1,046,822 | $ (230,400) | $ 3,008,179 | $ 6,170 |
Balance shares at Dec. 31, 2016 | 109,944 | 109,944 | |||||
Net income (loss) for nine months ended September 30, 2017 | $ 201,150 | $ 0 | 0 | 201,922 | 0 | 201,922 | (772) |
Dividends on common shares | (117,174) | 0 | 0 | (117,174) | 0 | (117,174) | 0 |
Shares issued in connection with share-based compensation plans, value | 1,195 | $ 0 | 3,784 | (2,589) | 0 | 1,195 | 0 |
Shares issued in connection with share-based compensation plans, shares | 873 | ||||||
Share-based compensation | 31,196 | $ 0 | 31,196 | 0 | 0 | 31,196 | 0 |
Net activity related to noncontrolling interests | (952) | 0 | (45) | 0 | 0 | (45) | (907) |
Other comprehensive income (Note 12) | 168,633 | 0 | 0 | 0 | 168,621 | 168,621 | 12 |
Balance value at Sep. 30, 2017 | $ 3,298,397 | $ 1 | $ 2,226,691 | $ 1,128,981 | $ (61,779) | $ 3,293,894 | $ 4,503 |
Balance shares at Sep. 30, 2017 | 110,817 | 110,817 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 201,150 | $ 262,515 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for policy losses and other claims | 333,695 | 366,473 |
Depreciation and amortization | 96,292 | 70,905 |
Amortization of premiums and accretion of discounts on debt securities, net | 25,013 | 20,267 |
Excess tax benefits from share-based compensation | 0 | (3,197) |
Net realized investment gains | (10,763) | (22,692) |
Share-based compensation | 31,196 | 28,096 |
Equity in earnings of affiliates, net | (4,550) | (5,771) |
Dividends from equity method investments | 9,593 | 7,953 |
Changes in assets and liabilities excluding effects of acquisitions and noncash transactions: | ||
Claims paid, including assets acquired, net of recoveries | (351,397) | (351,349) |
Net change in income tax accounts | 34,462 | 20,765 |
Increase in accounts and accrued income receivable | (11,907) | (43,454) |
Increase (decrease) in accounts payable and accrued liabilities | 95,383 | (99,777) |
Increase in deferred revenue | 20,313 | 23,342 |
Other, net | (12,953) | (21,857) |
Cash provided by operating activities | 455,527 | 252,219 |
Cash flows from investing activities: | ||
Net cash effect of acquisitions/dispositions | (82,993) | (73,173) |
Net decrease in deposits with banks | 1,171 | 608 |
Purchases of debt and equity securities | (1,276,401) | (1,490,824) |
Proceeds from sales of debt and equity securities | 599,365 | 494,717 |
Proceeds from maturities of debt securities | 457,334 | 744,411 |
Net change in other investments | 2,555 | 2,798 |
Capital expenditures | (103,064) | (103,735) |
Proceeds from sales of property and equipment | 9,882 | 9,218 |
Cash used for investing activities | (392,151) | (415,980) |
Cash flows from financing activities: | ||
Net change in deposits | 185,948 | 519,113 |
Net proceeds from issuance of debt | 0 | 160,000 |
Repayment of debt | (4,128) | (3,745) |
Net activity related to noncontrolling interests | (964) | (1,004) |
Excess tax benefits from share-based compensation | 0 | 3,197 |
Net proceeds (payments) in connection with share-based compensation plans | 1,195 | (754) |
Purchase of Company shares | 0 | (454) |
Cash dividends | (117,174) | (94,202) |
Cash provided by financing activities | 64,877 | 582,151 |
Effect of exchange rate changes on cash | 7,524 | (2,399) |
Net increase in cash and cash equivalents | 135,777 | 415,991 |
Cash and cash equivalents—Beginning of period | 1,006,138 | 1,027,321 |
Cash and cash equivalents—End of period | 1,141,915 | 1,443,312 |
Supplemental information: | ||
Interest | 24,619 | 21,097 |
Premium taxes | 55,233 | 54,151 |
Income taxes, less refunds of $52,828 and $2,731 | $ 50,264 | $ 112,401 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Cash Flows [Abstract] | ||
Income taxes, refunds | $ 52,828 | $ 2,731 |
Basis of Condensed Consolidated
Basis of Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2017 | |
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 (“SEC”) 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2016. 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 Adjustments During the third quarter of 2017, the Company identified certain title plant assets within its title insurance and services segment that should have been previously written off, and certain title plant imaging assets that were misclassified as title plant assets. To correct for these errors, the Company recorded adjustments to net realized investment gains, depreciation and amortization and title plants and other indexes. The impact of these adjustments included an increase to depreciation and amortization of $4.7 million, a decrease to net realized investment gains of $1.8 million and a decrease to title plant and other indexes of $6.5 million. In addition, during the third quarter of 2017, the Company recorded adjustments to correct for errors in recording certain personnel costs within its title insurance and services segment. The impact of these adjustments included an increase to personnel costs of $9.0 million, a decrease to other assets of $8.5 million and an increase in accounts payable and accrued liabilities of $0.5 million. The Company does not consider these adjustments to be material, individually or in the aggregate, to either the current period or any previously issued condensed consolidated financial statements. Recently Adopted Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued updated guidance intended to simplify and improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of such awards as either equity or liabilities and classification on the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. While the adoption of this guidance did have an impact on the Company’s effective income tax rate for 2017, it did not have a material impact on the Company’s condensed consolidated financial statements. See Note 7 Income Taxes for further discussion of the Company’s effective income tax rates. Beginning in 2017, excess tax benefits from share-based compensation are presented in the condensed consolidated statements of cash flows in cash flows from operating activities within net change in income tax accounts. In March 2016, the FASB issued updated guidance intended to simplify the accounting treatment for investments that become qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. Pending Accounting Pronouncements In May 2017, the FASB issued updated guidance intended to reduce diversity in practice by clarifying which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In March 2017, the FASB issued updated guidance to amend the amortization period for certain purchased callable debt securities held at a premium to shorten the amortization period for the premium to the earliest call date. The updated guidance is intended to more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities, and is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In March 2017, the FASB issued updated guidance intended to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost through the disaggregation of the service cost component from the other components of net benefit cost. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued updated guidance intended to simplify how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the updated guidance, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized limited to the total amount of goodwill allocated to that reporting unit. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued updated guidance to clarify the definition of a business with the objective of providing guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In November 2016, the FASB issued updated guidance intended to reduce the diversity in practice on presenting restricted cash or restricted cash equivalents in the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In October 2016, the FASB issued updated guidance intended to simplify and improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The updated guidance, which eliminates the intra-entity transfers exception, requires entities to recognize the income tax consequences of intra-entity transfers of assets, other than inventory, when the transfers occur. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In August 2016, the FASB issued updated guidance intended to eliminate the diversity in practice regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated statements of cash flows. In June 2016, the FASB issued updated guidance intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The updated guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires the consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact of the new guidance on its condensed consolidated financial statements. In February 2016, the FASB issued updated guidance that requires the rights and obligations associated with leasing arrangements be reflected on the balance sheet in order to increase transparency and comparability among organizations. Under the updated guidance, lessees will be required to recognize a right-of-use asset and a liability to make lease payments and disclose key information about leasing arrangements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. While the Company is currently evaluating the impact the new guidance will have on its condensed consolidated financial statements, the Company expects the adoption of the new guidance will result in a material increase in the assets and liabilities on its condensed consolidated balance sheets and will likely have an insignificant impact on its condensed consolidated statements of income and statements of cash flows. In January 2016, the FASB issued updated guidance intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. In addition to making other targeted improvements to current guidance, the updated guidance also requires all equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted in certain circumstances. While the Company expects the adoption of this guidance to impact its condensed consolidated statements of income, the materiality of the impact will depend upon the size of, and level of volatility experienced within, the Company’s equity portfolio. In May 2014, the FASB issued updated guidance for recognizing revenue from contracts with customers to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within and across industries, and across capital markets. The new revenue standard contains principles that an entity will apply to determine the measurement of revenue and the timing of recognition. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. Revenue from insurance contracts is not within the scope of this guidance. In August 2015, the FASB issued updated guidance which defers the effective date of this guidance by one year. In 2016, the FASB issued additional updates to the new guidance primarily to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, accounting for licenses of intellectual property, and to provide narrow-scope improvements and additional practical expedients. In February 2017, the FASB issued an additional update to the new guidance to clarify the scope of derecognition guidance for nonfinancial assets and to provide guidance for partial sales of nonfinancial assets. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption prohibited. The Company expects to adopt the new guidance under the modified retrospective approach and, except for certain disclosure requirements, does not expect the new guidance to have a material impact on its condensed consolidated financial statements. |
Escrow Deposits, Like-Kind Exch
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets | Note 2 – Escrow Deposits, Like-kind Exchange Deposits and Trust Assets The Company administers escrow deposits and trust assets as a service to its customers. Escrow deposits totaled $7.9 billion and $6.8 billion at September 30, 2017 and December 31, 2016, respectively, of which $2.8 billion and $2.6 billion, respectively, were held at the Company’s federal savings bank subsidiary, First American Trust, FSB. The escrow deposits held at First American Trust, FSB are temporarily invested in cash and cash equivalents and debt securities, with offsetting liabilities included in deposits in the accompanying condensed consolidated balance sheets. The remaining escrow deposits were held at third-party financial institutions. Trust assets held or managed by First American Trust, FSB totaled $3.5 billion and $3.2 billion at September 30, 2017 and December 31, 2016, respectively. Escrow deposits held at third-party financial institutions and trust assets are not considered assets of the Company and, therefore, are not included in the accompanying condensed consolidated balance sheets. However, the Company could be held contingently liable for the disposition of these assets. In conducting its operations, the Company often holds customers’ assets in escrow, pending completion of real estate transactions and, as a result, the Company has ongoing programs for realizing economic benefits with various financial institutions. The results from these programs are included in the condensed consolidated financial statements as income or a reduction in expense, as appropriate, 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 held by the Company totaled $2.3 billion and $2.0 billion at September 30, 2017 and December 31, 2016, 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. |
Debt and Equity Securities
Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Debt and Equity Securities | Note 3 – Debt and Equity Securities Investments in debt securities, classified as available-for-sale, are as follows: (in thousands) Amortized Gross unrealized Estimated Gains Losses September 30, 2017 U.S. Treasury bonds $ 145,396 $ 1,484 $ (1,427 ) $ 145,453 Municipal bonds 1,068,611 14,546 (10,795 ) 1,072,362 Foreign government bonds 162,550 556 (1,457 ) 161,649 Governmental agency bonds 223,546 1,063 (2,891 ) 221,718 Governmental agency mortgage-backed securities 2,238,222 4,098 (16,400 ) 2,225,920 U.S. corporate debt securities 716,299 13,400 (2,771 ) 726,928 Foreign corporate debt securities 244,777 5,201 (524 ) 249,454 $ 4,799,401 $ 40,348 $ (36,265 ) $ 4,803,484 December 31, 2016 U.S. Treasury bonds $ 155,441 $ 416 $ (4,466 ) $ 151,391 Municipal bonds 1,004,659 6,340 (26,666 ) 984,333 Foreign government bonds 141,887 600 (2,439 ) 140,048 Governmental agency bonds 197,343 691 (4,166 ) 193,868 Governmental agency mortgage-backed securities 2,187,482 2,983 (26,792 ) 2,163,673 U.S. corporate debt securities 675,683 8,282 (5,441 ) 678,524 Foreign corporate debt securities 240,526 2,490 (1,490 ) 241,526 $ 4,603,021 $ 21,802 $ (71,460 ) $ 4,553,363 Investments in equity securities, classified as available-for-sale, are as follows: Cost Gross unrealized Estimated (in thousands) Gains Losses September 30, 2017 Preferred stocks $ 19,269 $ 202 $ (944 ) $ 18,527 Common stocks 381,622 47,204 (1,168 ) 427,658 $ 400,891 $ 47,406 $ (2,112 ) $ 446,185 December 31, 2016 Preferred stocks $ 18,926 $ — $ (3,344 ) $ 15,582 Common stocks 367,169 26,034 (4,700 ) 388,503 $ 386,095 $ 26,034 $ (8,044 ) $ 404,085 Sales of debt and equity securities resulted in realized gains of $1.7 million and $8.9 million, and realized losses of $0.7 million and $0.2 million for the three months ended September 30, 2017 and 2016, respectively, and realized gains of $21.8 million and $22.1 million, and realized losses of $5.9 million and $7.2 million for the nine months ended September 30, 2017 and 2016, respectively. Gross unrealized losses on investments in debt and equity securities are as follows: Less than 12 months 12 months or longer Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2017 Debt securities: U.S. Treasury bonds $ 61,500 $ (584 ) $ 20,177 $ (843 ) $ 81,677 $ (1,427 ) Municipal bonds 124,976 (775 ) 247,001 (10,020 ) 371,977 (10,795 ) Foreign government bonds 97,341 (1,058 ) 10,471 (399 ) 107,812 (1,457 ) Governmental agency bonds 106,783 (778 ) 81,053 (2,113 ) 187,836 (2,891 ) Governmental agency mortgage-backed securities 686,814 (4,572 ) 832,251 (11,828 ) 1,519,065 (16,400 ) U.S. corporate debt securities 113,028 (1,484 ) 50,152 (1,287 ) 163,180 (2,771 ) Foreign corporate debt securities 62,671 (457 ) 3,492 (67 ) 66,163 (524 ) Total debt securities 1,253,113 (9,708 ) 1,244,597 (26,557 ) 2,497,710 (36,265 ) Equity securities 36,407 (485 ) 28,115 (1,627 ) 64,522 (2,112 ) Total $ 1,289,520 $ (10,193 ) $ 1,272,712 $ (28,184 ) $ 2,562,232 $ (38,377 ) December 31, 2016 Debt securities: U.S. Treasury bonds $ 111,748 $ (4,466 ) $ — $ — $ 111,748 $ (4,466 ) Municipal bonds 635,531 (26,317 ) 16,485 (349 ) 652,016 (26,666 ) Foreign government bonds 63,044 (2,371 ) 324 (68 ) 63,368 (2,439 ) Governmental agency bonds 148,112 (4,166 ) — — 148,112 (4,166 ) Governmental agency mortgage-backed securities 1,295,790 (19,097 ) 432,349 (7,695 ) 1,728,139 (26,792 ) U.S. corporate debt securities 193,533 (4,560 ) 24,499 (881 ) 218,032 (5,441 ) Foreign corporate debt securities 78,658 (1,150 ) 8,154 (340 ) 86,812 (1,490 ) Total debt securities 2,526,416 (62,127 ) 481,811 (9,333 ) 3,008,227 (71,460 ) Equity securities 70,261 (1,173 ) 59,019 (6,871 ) 129,280 (8,044 ) Total $ 2,596,677 $ (63,300 ) $ 540,830 $ (16,204 ) $ 3,137,507 $ (79,504 ) Investments in debt securities at September 30, 2017, by contractual maturities, are as follows: (in thousands) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 24,966 $ 48,269 $ 28,318 $ 43,843 $ 145,396 Estimated fair value $ 24,937 $ 48,104 $ 28,338 $ 44,074 $ 145,453 Municipal bonds Amortized cost $ 61,831 $ 314,910 $ 254,976 $ 436,894 $ 1,068,611 Estimated fair value $ 61,960 $ 318,703 $ 259,744 $ 431,955 $ 1,072,362 Foreign government bonds Amortized cost $ 7,772 $ 129,408 $ 9,699 $ 15,671 $ 162,550 Estimated fair value $ 7,783 $ 128,568 $ 9,864 $ 15,434 $ 161,649 Governmental agency bonds Amortized cost $ 15,430 $ 106,826 $ 55,085 $ 46,205 $ 223,546 Estimated fair value $ 15,415 $ 105,946 $ 54,607 $ 45,750 $ 221,718 U.S. corporate debt securities Amortized cost $ 29,681 $ 299,209 $ 314,805 $ 72,604 $ 716,299 Estimated fair value $ 29,800 $ 302,345 $ 319,329 $ 75,454 $ 726,928 Foreign corporate debt securities Amortized cost $ 14,843 $ 120,804 $ 93,769 $ 15,361 $ 244,777 Estimated fair value $ 14,869 $ 121,807 $ 96,350 $ 16,428 $ 249,454 Total debt securities excluding mortgage-backed securities Amortized cost $ 154,523 $ 1,019,426 $ 756,652 $ 630,578 $ 2,561,179 Estimated fair value $ 154,764 $ 1,025,473 $ 768,232 $ 629,095 $ 2,577,564 Total mortgage-backed securities Amortized cost $ 2,238,222 Estimated fair value $ 2,225,920 Total debt securities Amortized cost $ 4,799,401 Estimated fair value $ 4,803,484 Mortgage-backed securities, which include contractual terms to maturity, are not categorized by contractual maturity because borrowers may have the right to call or prepay obligations with, or without, call or prepayment penalties. The composition of the investment portfolio at September 30, 2017, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (in thousands, except percentages) Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage September 30, 2017 Debt securities: U.S. Treasury bonds $ 145,453 100.0 $ — — $ — — $ 145,453 100.0 Municipal bonds 999,995 93.2 54,521 5.1 17,846 1.7 1,072,362 100.0 Foreign government bonds 133,945 82.9 22,184 13.7 5,520 3.4 161,649 100.0 Governmental agency bonds 221,718 100.0 — — — — 221,718 100.0 Governmental agency mortgage-backed securities 2,225,920 100.0 — — — — 2,225,920 100.0 U.S. corporate debt securities 249,320 34.3 262,936 36.2 214,672 29.5 726,928 100.0 Foreign corporate debt securities 123,674 49.6 96,553 38.7 29,227 11.7 249,454 100.0 Total debt securities 4,100,025 85.3 436,194 9.1 267,265 5.6 4,803,484 100.0 Preferred stocks — — 13,616 73.5 4,911 26.5 18,527 100.0 Total $ 4,100,025 85.1 $ 449,810 9.3 $ 272,176 5.6 $ 4,822,011 100.0 As of September 30, 2017, the estimated fair value of total debt securities included $144.3 million of bank loans, of which $133.7 million was non-investment grade; $106.7 million of high yield corporate debt securities, all of which was non-investment grade; and $74.3 million of emerging market debt securities, of which $9.0 million was non-investment grade. The composition of the investment portfolio in an unrealized loss position at September 30, 2017, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (in thousands, except percentages) Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage September 30, 2017 Debt securities: U.S. Treasury bonds $ 81,677 100.0 $ — — $ — — $ 81,677 100.0 Municipal bonds 355,301 95.6 15,057 4.0 1,619 0.4 371,977 100.0 Foreign government bonds 95,300 88.4 9,663 9.0 2,849 2.6 107,812 100.0 Governmental agency bonds 187,836 100.0 — — — — 187,836 100.0 Governmental agency mortgage-backed securities 1,519,065 100.0 — — — — 1,519,065 100.0 U.S. corporate debt securities 46,440 28.5 80,803 49.5 35,937 22.0 163,180 100.0 Foreign corporate debt securities 40,649 61.4 23,108 34.9 2,406 3.7 66,163 100.0 Total debt securities 2,326,268 93.1 128,631 5.1 42,811 1.8 2,497,710 100.0 Preferred stocks — — 7,990 66.3 4,063 33.7 12,053 100.0 Total $ 2,326,268 92.7 $ 136,621 5.4 $ 46,874 1.9 $ 2,509,763 100.0 As of September 30, 2017, the estimated fair value of total debt securities in an unrealized loss position included $26.4 million of bank loans, of which $26.0 million was non-investment grade; $11.6 million of high yield corporate debt securities, all of which was non-investment grade; and $15.4 million of emerging market debt securities, of which $3.6 million was 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” category because the payments of principal and interest are guaranteed by the governmental agency that issued the security. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 4 – Goodwill A summary of the changes in the carrying amount of goodwill, by operating segment, for the nine months ended September 30, 2017, is as follows: (in thousands) Title Specialty Total Balance as of December 31, 2016 $ 970,652 $ 46,765 $ 1,017,417 Acquisitions 123,954 — 123,954 Foreign currency translation 4,391 — 4,391 Other adjustments (298 ) — (298 ) Balance as of September 30, 2017 $ 1,098,699 $ 46,765 $ 1,145,464 The Company’s four reporting units for purposes of assessing goodwill for impairment are title insurance, home warranty, property and casualty insurance and trust and other services. During the nine months ended September 30, 2017 there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount. For further discussion about the Company’s acquisitions for the three and nine months ended September 30, 2017, see Note 14 Business Combinations. |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 5 – Other Intangible Assets Other intangible assets consist of the following: (in thousands) September 30, 2017 December 31, Finite-lived intangible assets: Customer relationships $ 77,600 $ 78,542 Noncompete agreements 10,210 10,007 Trademarks 7,210 6,472 Internal-use software licenses 27,632 16,038 Patents 2,840 2,840 125,492 113,899 Accumulated amortization (67,250 ) (51,885 ) 58,242 62,014 Indefinite-lived intangible assets: Licenses 16,884 16,884 $ 75,126 $ 78,898 Amortization expense for finite-lived intangible assets was $7.0 million and $19.7 million for the three and nine months ended September 30, 2017, respectively, and $3.7 million and $9.3 million for the three and nine months ended September 30, 2016, respectively. Estimated amortization expense for finite-lived intangible assets for the next five years is as follows: Year (in thousands) Remainder of 2017 $ 7,975 2018 $ 15,920 2019 $ 9,210 2020 $ 5,221 2021 $ 2,976 2022 $ 2,380 |
Reserve for Known and Incurred
Reserve for Known and Incurred but Not Reported Claims | 9 Months Ended |
Sep. 30, 2017 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Known and Incurred but Not Reported Claims | Note 6 – Reserve for Known and Incurred But Not Reported Claims Activity in the reserve for known and incurred but not reported claims is summarized as follows: Nine months ended (in thousands) 2017 2016 Balance at beginning of period $ 1,025,863 $ 983,880 Provision related to: Current year 330,342 345,556 Prior years 3,353 20,917 333,695 366,473 Payments, net of recoveries, related to: Current year 165,914 160,693 Prior years 185,483 190,656 351,397 351,349 Other 13,487 19,036 Balance at end of period $ 1,021,648 $ 1,018,040 The provision for title insurance losses, expressed as a percentage of title insurance premiums and escrow fees, was 4.0% for the three and nine months ended September 30, 2017 compared to 5.5% for the three and nine months ended September 30, 2016. The current quarter rate of 4.0% reflects the ultimate loss rate for the current policy year and no change in the loss reserve estimates for prior policy years. The third quarter of 2016 rate of 5.5% reflected the ultimate loss rate of 5.0% for the 2016 policy year and a $5.8 million net increase in the loss reserve estimates for prior policy years. A summary of the Company’s loss reserves is as follows: (in thousands, except percentages) September 30, 2017 December 31, 2016 Known title claims $ 74,755 7.3 % $ 83,805 8.1 % Incurred but not reported claims 889,079 87.0 % 888,126 86.6 % Total title claims 963,834 94.3 % 971,931 94.7 % Non-title claims 57,814 5.7 % 53,932 5.3 % Total loss reserves $ 1,021,648 100.0 % $ 1,025,863 100.0 % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes The Company’s effective income tax rates (income tax expense as a percentage of income before income taxes) were -17.9% and 29.7% for the three and nine months ended September 30, 2017, respectively, and 35.7% and 33.7% for the three and nine months ended September 30, 2016, respectively. The Company’s effective tax rates differ from the statutory federal rate of 35% primarily due to changes in state and foreign income taxes resulting from fluctuations in the Company’s noninsurance and foreign subsidiaries’ contributions to pretax income and changes in the ratio of permanent differences to income before income taxes. The Company’s effective tax rates for 2017 also reflect state tax benefits relating to the termination of the Company’s pension plan, as well as the release of reserves relating to tax positions taken on prior year tax returns. In addition, the Company’s effective tax rates for 2017 reflect the adoption of new accounting guidance related to the accounting for share-based payment transactions, which requires, among other items, that all excess tax benefits and tax deficiencies associated with share-based payment transactions be recorded in income tax expense rather than in additional paid-in capital, as previously required. The impact to the Company of adopting this guidance was a reduction in income tax expense of $0.1 million and $2.8 million for the three and nine months ended September 30, 2017, respectively. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. The Company’s effective tax rates for 2016 also reflect the resolution of certain tax authority examinations and tax credits claimed in 2016 and in prior years. In connection with the Company’s June 2010 spin-off from its prior parent, which subsequently assumed the name CoreLogic, Inc. (“CoreLogic”), it entered into a tax sharing agreement which governs the Company’s and CoreLogic’s respective rights, responsibilities and obligations for certain tax related matters. At September 30, 2017 and December 31, 2016, the Company had a net payable to CoreLogic of $13.0 million and $16.3 million, respectively, related to tax matters prior to the spin-off. This amount is included in the Company’s condensed consolidated balance sheets in accounts payable and accrued liabilities. The decrease during the current year was primarily due to payments made for tax matters prior to the spin-off. 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 to assess the likelihood of realization include the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the deferred tax assets. The Company’s ability or failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets. Based on actual future operating results in certain jurisdictions, it is possible that the current valuation allowance positions of those jurisdictions could be adjusted in the next 12 months. As of September 30, 2017 and December 31, 2016, the liability for income taxes associated with uncertain tax positions was $12.8 million and $18.1 million, respectively. The net decrease in the liability during 2017 was primarily attributable to settlements with taxing authorities relating to tax positions taken by the Company on prior year tax returns. As of September 30, 2017 and December 31, 2016, the liability could be reduced by $5.4 million and $5.7 million, respectively, due to offsetting tax benefits associated with the correlative effects of potential adjustments, including timing adjustments and state income taxes. The net amounts of $7.4 million and $12.4 million as of September 30, 2017 and December 31, 2016, respectively, if recognized, would favorably affect the Company’s effective tax rate. The Company’s continuing practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense. As of September 30, 2017 and December 31, 2016, the Company had accrued $4.5 million and $4.1 million, respectively, of interest and penalties (net of tax benefits of $2.0 million and $1.8 million, respectively) related to uncertain tax positions. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions may significantly increase or decrease within the next 12 months. Any such change may be the result of 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 various non-U.S. jurisdictions. The primary non-federal jurisdictions are California, Canada, India and the United Kingdom. During 2016, the Company concluded U.S. federal income tax examinations for calendar years 2005 through 2013. The Company is generally no longer subject to U.S. federal, state and non-U.S. income tax examinations for years prior to 2005. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 – Earnings Per Share The computation of basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2017 2016 2017 2016 Numerator Net income attributable to the Company $ 21,383 $ 107,320 $ 201,922 $ 261,970 Denominator Basic weighted-average shares 111,799 110,571 111,578 110,423 Effect of dilutive employee stock options and 776 680 676 583 Diluted weighted-average shares 112,575 111,251 112,254 111,006 Net income per share attributable to the Company’s stockholders Basic $ 0.19 $ 0.97 $ 1.81 $ 2.37 Diluted $ 0.19 $ 0.96 $ 1.80 $ 2.36 For the three and nine months ended September 30, 2017, 1 thousand RSUs and 8 thousand RSUs, respectively, were excluded from weighted-average diluted common shares outstanding due to their antidilutive effect. For the three months ended September 30, 2016, no RSUs had an antidilutive effect on weighted-average diluted common shares outstanding, and for the nine months ended September 30, 2016, 17 thousand RSUs were excluded from weighted-average diluted common shares outstanding due to their antidilutive effect. No stock options had an antidilutive effect on weighted-average diluted common shares outstanding for either period in the current year or in the prior year. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 9 – Employee Benefit Plans Net periodic cost related to the Company’s defined benefit pension and supplemental benefit plans includes the following components: Three Months Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Expense: Service costs $ 184 $ 260 $ 551 $ 781 Interest costs 2,086 5,999 11,185 18,000 Settlement costs 152,388 — 152,388 — Expected return on plan assets — (3,083 ) (4,740 ) (9,250 ) Amortization of net actuarial loss 1,958 7,043 15,792 21,153 Amortization of prior service credit (1,045 ) (1,211 ) (3,268 ) (3,633 ) $ 155,571 $ 9,008 $ 171,908 $ 27,051 Pension termination and settlement In May 2016, the Company’s board of directors terminated the Company’s funded defined benefit pension plan known as the First American Financial Corporation Pension Plan, effective as of July 31, 2016. The pension plan was closed to new entrants effective December 31, 2001 and amended to “freeze” all benefit accruals as of April 30, 2008. Also, in May 2016, a subsidiary of the Company terminated its small regional funded defined benefit pension plan effective as of August 31, 2016. All financial impacts discussed below reflect the termination of both pension plans. The pension plans offered participants annuity payments based on a number of factors and, for certain participants, an alternative lump sum distribution option. During 2016, the Company made additional cash contributions of $84.8 million above scheduled amounts and offered lump sum distributions to certain participants. The lump sum distributions were settled through distributions of pension plan assets in the fourth quarter totaling $127.2 million for which the Company recognized $66.3 million in settlement costs. The Company made cash contributions of $34.0 million in March 2017 to fully fund its pension obligation. In July 2017, the Company completed the transfer of all remaining benefit obligations related to the pension plans to a highly rated insurance company and recognized $152.4 million in settlement costs in the condensed consolidated statements of income in the third quarter of 2017. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements Certain of the Company’s assets 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. Assets measured at fair value on a recurring basis The valuation techniques and inputs used by the Company to estimate the fair value of assets measured on a recurring basis are summarized as follows: Debt securities The fair values of debt securities were based on the market values obtained from independent pricing services that were evaluated using pricing models that vary by asset class and incorporate available trade, bid and other market information and price quotes from well-established independent broker-dealers. The independent pricing services monitor market indicators, industry and economic events, and for broker-quoted only securities, obtain quotes from market makers or broker-dealers that they recognize to be market participants. The pricing services utilize the market approach in determining the fair value of the debt securities held by the Company. The Company obtains an understanding of the valuation models and assumptions utilized by the services and has controls in place to determine that the values provided represent fair value. The Company’s validation procedures include comparing prices received from the pricing services to quotes received from other third party sources for certain securities with market prices that are readily verifiable. If the price comparison results in differences over a predefined threshold, the Company will assess the reasonableness of the changes relative to prior periods given the prevailing market conditions and assess changes in the issuers’ credit worthiness, performance of any underlying collateral and prices of the instrument relative to similar issuances. To date, the Company has not made any material adjustments to the fair value measurements provided by the pricing services. Typical inputs and assumptions to pricing models used to value the Company’s U.S. Treasury bonds, municipal bonds, foreign government bonds, governmental agency bonds, governmental agency mortgage-backed securities and U.S. and foreign corporate debt securities include, but are not limited to, benchmark yields, reported trades, broker-dealer quotes, credit spreads, credit ratings, bond insurance (if applicable), benchmark securities, bids, offers, reference data and industry and economic events. For mortgage-backed securities, inputs and assumptions may also include the structure of issuance, characteristics of the issuer, collateral attributes and prepayment speeds. Certain corporate debt securities were not actively traded and there were fewer observable inputs available requiring the use of more judgment in determining their fair values, which resulted in their classification as Level 3. Equity securities The fair values of equity securities, including preferred and common stocks, were based on quoted market prices for identical assets that are readily and regularly available in an active market. The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of September 30, 2017 and December 31, 2016: (in thousands) Total Level 1 Level 2 Level 3 September 30, 2017 Assets: Debt securities: U.S. Treasury bonds $ 145,453 $ — $ 145,453 $ — Municipal bonds 1,072,362 — 1,072,362 — Foreign government bonds 161,649 — 161,649 — Governmental agency bonds 221,718 — 221,718 — Governmental agency mortgage-backed securities 2,225,920 — 2,225,920 — U.S. corporate debt securities 726,928 — 714,419 12,509 Foreign corporate debt securities 249,454 — 248,581 873 4,803,484 — 4,790,102 13,382 Equity securities: Preferred stocks 18,527 18,527 — — Common stocks 427,658 427,658 — — 446,185 446,185 — — Total assets $ 5,249,669 $ 446,185 $ 4,790,102 $ 13,382 (in thousands) Total Level 1 Level 2 Level 3 December 31, 2016 Assets: Debt securities: U.S. Treasury bonds $ 151,391 $ — $ 151,391 $ — Municipal bonds 984,333 — 984,333 — Foreign government bonds 140,048 — 140,048 — Governmental agency bonds 193,868 — 193,868 — Governmental agency mortgage-backed securities 2,163,673 — 2,163,673 — U.S. corporate debt securities 678,524 — 631,859 46,665 Foreign corporate debt securities 241,526 — 235,258 6,268 4,553,363 — 4,500,430 52,933 Equity securities: Preferred stocks 15,582 15,582 — — Common stocks 388,503 388,503 — — 404,085 404,085 — — Total assets $ 4,957,448 $ 404,085 $ 4,500,430 $ 52,933 There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2017 and 2016. Transfers into or out of the Level 3 category occur when unobservable inputs become more or less significant to the fair value measurement. For the three and nine months ended September 30, 2017 and 2016, transfers between Level 2 and Level 3 were based on market liquidity and related transparency of pricing and associated observable inputs for certain of the Company’s corporate debt securities. The Company’s policy is to recognize transfers between levels in the fair value hierarchy at the end of the reporting period. The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended September 30, 2017 and 2016: September 30, 2017 September 30, 2016 (in thousands) U.S. corporate debt securities Foreign corporate debt securities Total U.S. corporate debt securities Foreign corporate debt securities Total Fair value at beginning of period $ 18,128 $ 1,915 $ 20,043 $ 14,493 $ 723 $ 15,216 Transfers into Level 3 3,747 573 4,320 5,968 — 5,968 Transfers out of Level 3 (6,788 ) — (6,788 ) (4,546 ) — (4,546 ) Net realized and unrealized gains (losses): Included in earnings 26 (1 ) 25 5 — 5 Included in other comprehensive income (loss) (86 ) (5 ) (91 ) 115 43 158 Purchases 901 149 1,050 1,866 1,045 2,911 Sales (1,231 ) — (1,231 ) (46 ) (50 ) (96 ) Settlements (2,188 ) (1,758 ) (3,946 ) (356 ) — (356 ) Fair value at end of period $ 12,509 $ 873 $ 13,382 $ 17,499 $ 1,761 $ 19,260 The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the nine months ended September 30, 2017 and 2016: September 30, 2017 September 30, 2016 (in thousands) U.S. corporate debt securities Foreign corporate debt securities Total U.S. corporate debt securities Foreign corporate debt securities Total Fair value at beginning of period $ 46,665 $ 6,268 $ 52,933 $ 43,567 $ 6,572 $ 50,139 Transfers into Level 3 377 198 575 269 — 269 Transfers out of Level 3 (27,066 ) (2,111 ) (29,177 ) (27,764 ) (3,822 ) (31,586 ) Net realized and unrealized gains (losses): Included in earnings 117 11 128 (88 ) (48 ) (136 ) Included in other comprehensive income (loss) (460 ) (47 ) (507 ) 1,053 88 1,141 Purchases 7,994 1,075 9,069 10,132 1,243 11,375 Sales (2,824 ) (1,954 ) (4,778 ) (4,750 ) (1,045 ) (5,795 ) Settlements (12,294 ) (2,567 ) (14,861 ) (4,920 ) (1,227 ) (6,147 ) Fair value at end of period $ 12,509 $ 873 $ 13,382 $ 17,499 $ 1,761 $ 19,260 Financial instruments not measured at fair value In estimating the fair values of its financial instruments not measured at fair value, the Company used the following methods and assumptions: Cash and cash equivalents The carrying amount for cash and cash equivalents is a reasonable estimate of fair value due to the short-term maturity of these investments. Deposits with banks The fair value of deposits with banks is estimated based on rates currently offered for deposits of similar remaining maturities, where applicable. Notes receivable, net The fair value of notes receivable, net is estimated based on current market rates being offered for notes with similar maturities and credit quality. Deposits The carrying values of escrow and other deposit accounts approximate fair value due to the short-term nature of these liabilities. Notes and contracts payable The fair value of notes and contracts payable is estimated based on current rates offered to the Company for debt of similar remaining maturities. The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of September 30, 2017 and December 31, 2016: Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 September 30, 2017 Assets: Cash and cash equivalents $ 1,141,915 $ 1,141,915 $ 1,141,915 $ — $ — Deposits with banks $ 20,940 $ 20,887 $ 265 $ 20,622 $ — Notes receivable, net $ 7,466 $ 7,297 $ — $ — $ 7,297 Liabilities: Deposits $ 2,965,426 $ 2,965,426 $ 2,965,426 $ — $ — Notes and contracts payable $ 734,091 $ 756,536 $ — $ 752,070 $ 4,466 Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 December 31, 2016 Assets: Cash and cash equivalents $ 1,006,138 $ 1,006,138 $ 1,006,138 $ — $ — Deposits with banks $ 21,222 $ 21,176 $ 1,017 $ 20,159 $ — Notes receivable, net $ 7,799 $ 7,542 $ — $ — $ 7,542 Liabilities: Deposits $ 2,779,478 $ 2,779,478 $ 2,779,478 $ — $ — Notes and contracts payable $ 736,693 $ 734,812 $ — $ 729,658 $ 5,154 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 11 – Share-Based Compensation The following table presents compensation expense associated with the Company’s share-based compensation plans: Three Months Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Expense: RSUs $ 5,866 $ 5,401 $ 28,634 $ 25,766 Stock options 69 68 203 203 Employee stock purchase plan 682 659 2,359 2,127 $ 6,617 $ 6,128 $ 31,196 $ 28,096 The following table summarizes RSU activity for the nine months ended September 30, 2017: (in thousands, except weighted-average grant-date fair value) Shares Weighted-average fair value Unvested at December 31, 2016 1,510 $ 33.38 Granted during 2017 893 $ 39.26 Vested during 2017 (957 ) $ 34.53 Forfeited during 2017 (9 ) $ 35.22 Unvested at September 30, 2017 1,437 $ 36.25 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 12 – Accumulated Other Comprehensive Income (Loss) (“AOCI”) The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Accumulated other comprehensive income (loss) Balance at December 31, 2016 $ (26,760 ) $ (63,576 ) $ (140,057 ) $ (230,393 ) Change in unrealized gains (losses) on securities 81,044 — — 81,044 Change in foreign currency translation adjustment — 23,558 — 23,558 Net actuarial loss — — (8,646 ) (8,646 ) Amortization of net actuarial loss — — 15,792 15,792 Amortization of prior service credit — — (3,268 ) (3,268 ) Settlement costs — — 152,388 152,388 Tax effect (29,030 ) — (63,205 ) (92,235 ) Balance at September 30, 2017 $ 25,254 $ (40,018 ) $ (46,996 ) $ (61,760 ) Allocated to the Company $ 25,235 $ (40,018 ) $ (46,996 ) $ (61,779 ) Allocated to noncontrolling interests 19 — — 19 Balance at September 30, 2017 $ 25,254 $ (40,018 ) $ (46,996 ) $ (61,760 ) The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2017 and 2016: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Three Months Ended September 30, 2017 Pretax change before reclassifications $ 22,833 $ 11,415 $ (8,646 ) $ 25,602 Reclassifications out of AOCI (928 ) — 153,301 152,373 Tax effect (7,976 ) — (58,764 ) (66,740 ) Total other comprehensive income (loss), net of tax $ 13,929 $ 11,415 $ 85,891 $ 111,235 Three Months Ended September 30, 2016 Pretax change before reclassifications $ 12,435 $ (3,459 ) $ — $ 8,976 Reclassifications out of AOCI (8,687 ) — 5,832 (2,855 ) Tax effect (1,169 ) — (2,230 ) (3,399 ) Total other comprehensive income (loss), net of tax $ 2,579 $ (3,459 ) $ 3,602 $ 2,722 The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2017 and 2016: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Nine Months Ended September 30, 2017 Pretax change before reclassifications $ 95,329 $ 23,558 $ (8,646 ) $ 110,241 Reclassifications out of AOCI (14,285 ) — 164,912 150,627 Tax effect (29,030 ) — (63,205 ) (92,235 ) Total other comprehensive income (loss), net of tax $ 52,014 $ 23,558 $ 93,061 $ 168,633 Nine Months Ended September 30, 2016 Pretax change before reclassifications $ 96,612 $ 3,066 $ — $ 99,678 Reclassifications out of AOCI (13,222 ) — 17,520 4,298 Tax effect (31,303 ) — (6,701 ) (38,004 ) Total other comprehensive income (loss), net of tax $ 52,087 $ 3,066 $ 10,819 $ 65,972 The following table presents the effects of the reclassifications out of AOCI on the respective line items in the condensed consolidated statements of income: Amounts reclassified from AOCI (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Affected line items in the condensed 2017 2016 2017 2016 consolidated statements of income Unrealized gains (losses) on securities: Net realized gains on $ 928 $ 8,687 $ 14,285 $ 13,707 Net realized investment (losses) gains Net other-than-temporary impairment losses — — — (485 ) Net realized investment (losses) gains Pretax total $ 928 $ 8,687 $ 14,285 $ 13,222 Tax effect $ (332 ) $ (3,261 ) $ (5,778 ) $ (5,057 ) Pension benefit adjustment: Amortization of net actuarial loss $ (1,958 ) $ (7,043 ) $ (15,792 ) $ (21,153 ) (1 ) Amortization of prior service 1,045 1,211 3,268 3,633 (1 ) Settlement costs (152,388 ) — (152,388 ) — (1 ) Pretax total $ (153,301 ) $ (5,832 ) $ (164,912 ) $ (17,520 ) Tax effect $ 62,276 $ 2,229 $ 66,702 $ 6,701 (1) These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details. |
Litigation and Regulatory Conti
Litigation and Regulatory Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Note 13 – Litigation and Regulatory Contingencies The Company and its subsidiaries are parties to a number of non-ordinary course lawsuits. These lawsuits frequently are similar in nature to other lawsuits pending against the Company’s competitors. For those non-ordinary course lawsuits where 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. For a substantial majority of these lawsuits, however, it is not possible to assess the probability of loss. Most of these lawsuits are putative class actions which require a plaintiff to satisfy a number of procedural requirements before proceeding to trial. These requirements include, among others, demonstration to a court that the law proscribes in some manner the Company’s activities, the making of factual allegations sufficient to suggest that the Company’s activities exceeded the limits of the law and a determination by the court—known as class certification—that the law permits a group of individuals to pursue the case together as a class. In certain instances the Company may also be able to compel the plaintiff to arbitrate its claim on an individual basis. If these procedural requirements are not met, either the lawsuit cannot proceed or, as is the case with class certification or compelled arbitration, the plaintiffs lose the financial incentive to proceed with the case (or the amount at issue effectively becomes de minimis). Frequently, a court’s determination as to these procedural requirements is subject to appeal to a higher court. As a result of, among other factors, ambiguities and inconsistencies in the myriad laws applicable to the Company’s business and the uniqueness of the factual issues presented in any given lawsuit, the Company often cannot determine the probability of loss until a court has finally determined that a plaintiff has satisfied applicable procedural requirements. Furthermore, because most of these lawsuits are putative class actions, it is often impossible to estimate the possible loss or a range of loss amounts, even where the Company has determined that a loss is reasonably possible. Generally class actions involve a large number of people and the effort to determine which people satisfy the requirements to become plaintiffs—or class members—is often time consuming and burdensome. Moreover, these lawsuits raise complex factual issues which result in uncertainty as to their outcome and, ultimately, make it difficult for the Company to estimate the amount of damages which a plaintiff might successfully prove. In addition, many of the Company’s businesses are regulated by various federal, state, local and foreign governmental agencies and are subject to numerous statutory guidelines. These regulations and statutory guidelines often are complex, inconsistent or ambiguous, which results in additional uncertainty as to the outcome of a given lawsuit—including the amount of damages a plaintiff might be afforded—or makes it difficult to analogize experience in one case or jurisdiction to another case or jurisdiction. Most of the non-ordinary course lawsuits to which the Company and its subsidiaries are parties challenge practices in the Company’s title insurance business, though a limited number of cases also pertain to the Company’s other businesses. These lawsuits include, among others, cases alleging, among other assertions, that the Company, one of its subsidiaries and/or one of its agents overcharged or improperly charged fees for products and services, conspired to fix prices, participated in the conveyance of illusory property interests, denied home warranty claims, improperly handled property and casualty claims, and gave items of value to brokers and others as inducements to refer business in violation of certain laws, such as consumer protection laws and laws generally prohibiting unfair business practices, and certain obligations, including • Chavez v. First American Specialty Insurance Company, filed on June 29, 2017 and pending in the Superior Court of the State of California, County of Los Angeles, • Downing v. First American Title Insurance Company, et al., filed on July 26, 2016 and pending in the United States District Court for the Northern District of Georgia, • Kaufman v. First American Financial Corporation, et al., filed on December 21, 2007 and pending in the Superior Court of the State of California, County of Los Angeles, • Lennen v. First American Financial Corporation, et al., filed on May 19, 2016 and pending in the United States District court for the Middle District of Florida, • McCormick v. First American Real Estate Services, Inc., et al., filed on December 31, 2015 and pending in the Superior Court of the State of California, County of Orange, • Sjobring v. First American Financial Corporation, et al., filed on February 25, 2005 and pending in the Superior Court of the State of California, County of Los Angeles, • Tenefufu vs. First American Specialty Insurance Company, filed on June 1, 2017, pending in the Superior Court of the State of California, County of Sacramento, • Wilmot v. First American Financial Corporation, et al., filed on April 20, 2007 and pending in the Superior Court of the State of California, County of Los Angeles, and • In re First American Home Buyers Protection Corporation, consolidated on October 9, 2014 and pending in the United States District Court for the Southern District of California. All of these lawsuits, except Kaufman and Sjobring, are putative class actions for which a class has not been certified. For the reasons described above, the Company has not yet been able to assess the probability of loss or estimate the possible loss or the range of loss or, where the Company has been able to make an estimate, the Company believes the amount is not material to the condensed consolidated financial statements as a whole. While some of the lawsuits described above may be material to the Company’s operating results in any particular period if an unfavorable outcome results, the Company does not believe that any of these lawsuits will have a material adverse effect on the Company’s overall financial condition or liquidity. The Company also is a party to non-ordinary course lawsuits other than those described above. With respect to these lawsuits, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, is not material to the condensed consolidated financial statements as a whole. The Company’s title insurance, property and casualty insurance, home warranty, banking, thrift, trust and investment advisory 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. These exams or investigations include inquiries into, among other matters, pricing and rate setting practices in the title insurance industry, competition in the title insurance industry, real estate settlement service, customer acquisition and retention practices and agency relationships. With respect to matters where the Company has determined that a loss is both probable and reasonably estimable, the Company has recorded a liability representing its best estimate of the financial exposure based on known facts. While the ultimate disposition of each such exam or investigation is not yet determinable, the Company does not believe that individually or in the aggregate they will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. 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. The Company’s Canadian operations provide certain services to lenders which it believes to be exempt from excise tax under applicable Canadian tax laws. However, in October 2014, the Canadian taxing authority provided internal guidance that the services in question should be subject to the excise tax. While discussions with the taxing authority are ongoing, the Company believes that the guidance may result in an assessment. The amount, if any, of such assessment is not currently known, and any such assessment would be subject to negotiation. In the event that the Company disagrees with the ultimate assessment, the Company intends to avail itself of avenues of appeal. While the Company believes it is reasonably likely that the Company would prevail on the merits, a loss associated with the matter is possible. In light of the foregoing, the Company is not currently able to reasonably estimate a loss or range of loss associated with the matter. While such a loss could be material to the Company’s operating results in any particular period if an unfavorable outcome results, the Company does not believe that this matter will have a material adverse effect on the Company’s overall financial condition or liquidity. The Company and its subsidiaries also are involved in numerous ongoing routine legal and regulatory proceedings related to their operations. With respect to each of these proceedings, the Company has determined either that a loss is not reasonably possible or that the estimated loss or range of loss, if any, is not material to the condensed consolidated financial statements as a whole. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Note 14 – Business Combinations During the three and nine months ended September 30, 2017, the Company completed acquisitions for an aggregate purchase price of $87.3 million and $91.1 million, respectively. The Company has recorded preliminary fair value estimates for the assets acquired and liabilities assumed, which are subject to change pending completion of the Company’s purchase price allocation. The Company allocates the purchase price of each acquisition to the assets acquired and liabilities assumed using a variety of valuation techniques, including discounted cash flow analysis. These acquisitions have been included in the Company’s title insurance and services segment. During the three and nine months ended September 30, 2016, the Company completed acquisitions for an aggregate purchase price of $56.9 million and $75.5 million, respectively. These acquisitions have been included in the Company’s title insurance and services segment. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information The Company consists of the following reportable segments and a corporate function: • The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions involving the use of real property related data designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant records and images; provides evidence of title; and provides banking, trust, document custodial and investment advisory 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 and the District of Columbia. The Company also offers title insurance and other insurance and guarantee products, as well as related settlement services in foreign countries, including Canada, the United Kingdom, Australia, South Korea and various other established and emerging markets. • The Company’s specialty insurance segment issues property and casualty insurance policies and sells home warranty products. The property and casualty insurance business provides insurance coverage to residential homeowners and renters for liability losses and typical hazards such as fire, theft, vandalism and other types of property damage. This business is licensed to issue policies in all 50 states and the District of Columbia and actively issues policies in 47 states. The majority of policy liability is in the western United States, including approximately 65% in California. In certain markets it also offers preferred risk auto insurance to better compete with other carriers offering bundled home and auto insurance. The home warranty business provides 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 39 states and the District of Columbia. The corporate function consists primarily of certain financing facilities as well as the corporate services that support the Company’s business operations. Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended September 30, 2017: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,397,262 $ 181,199 $ 34,363 $ 33,750 Specialty Insurance 118,481 6,178 1,599 2,015 Corporate 4,108 (169,415 ) 38 — Eliminations (283 ) — — — $ 1,519,568 $ 17,962 $ 36,000 $ 35,765 For the three months ended September 30, 2016: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,395,727 $ 188,706 $ 22,994 $ 41,948 Specialty Insurance 109,782 1,781 1,401 844 Corporate 2,855 (23,556 ) 96 — Eliminations (20 ) — — — $ 1,508,344 $ 166,931 $ 24,491 $ 42,792 For the nine months ended September 30, 2017: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 3,937,119 $ 476,746 $ 91,471 $ 100,059 Specialty Insurance 343,908 25,779 4,697 5,797 Corporate 10,872 (216,529 ) 124 — Eliminations (859 ) — — — $ 4,291,040 $ 285,996 $ 96,292 $ 105,856 F or the nine months ended September 30, 2016: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 3,750,118 $ 448,815 $ 66,510 $ 99,887 Specialty Insurance 317,246 18,744 4,107 3,928 Corporate 4,265 (71,429 ) 288 — Eliminations (40 ) — — — $ 4,071,589 $ 396,130 $ 70,905 $ 103,815 |
Basis of Condensed Consolidat24
Basis of Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance to amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that variable interest entity. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. In March 2016, the FASB issued updated guidance intended to simplify and improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of such awards as either equity or liabilities and classification on the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. While the adoption of this guidance did have an impact on the Company’s effective income tax rate for 2017, it did not have a material impact on the Company’s condensed consolidated financial statements. See Note 7 Income Taxes for further discussion of the Company’s effective income tax rates. Beginning in 2017, excess tax benefits from share-based compensation are presented in the condensed consolidated statements of cash flows in cash flows from operating activities within net change in income tax accounts. In March 2016, the FASB issued updated guidance intended to simplify the accounting treatment for investments that become qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2016. The adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. |
Pending Accounting Pronouncements | Pending Accounting Pronouncements In May 2017, the FASB issued updated guidance intended to reduce diversity in practice by clarifying which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In March 2017, the FASB issued updated guidance to amend the amortization period for certain purchased callable debt securities held at a premium to shorten the amortization period for the premium to the earliest call date. The updated guidance is intended to more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities, and is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In March 2017, the FASB issued updated guidance intended to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost through the disaggregation of the service cost component from the other components of net benefit cost. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued updated guidance intended to simplify how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the updated guidance, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized limited to the total amount of goodwill allocated to that reporting unit. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued updated guidance to clarify the definition of a business with the objective of providing guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In November 2016, the FASB issued updated guidance intended to reduce the diversity in practice on presenting restricted cash or restricted cash equivalents in the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In October 2016, the FASB issued updated guidance intended to simplify and improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The updated guidance, which eliminates the intra-entity transfers exception, requires entities to recognize the income tax consequences of intra-entity transfers of assets, other than inventory, when the transfers occur. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In August 2016, the FASB issued updated guidance intended to eliminate the diversity in practice regarding the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated statements of cash flows. In June 2016, the FASB issued updated guidance intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The updated guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires the consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact of the new guidance on its condensed consolidated financial statements. In February 2016, the FASB issued updated guidance that requires the rights and obligations associated with leasing arrangements be reflected on the balance sheet in order to increase transparency and comparability among organizations. Under the updated guidance, lessees will be required to recognize a right-of-use asset and a liability to make lease payments and disclose key information about leasing arrangements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. While the Company is currently evaluating the impact the new guidance will have on its condensed consolidated financial statements, the Company expects the adoption of the new guidance will result in a material increase in the assets and liabilities on its condensed consolidated balance sheets and will likely have an insignificant impact on its condensed consolidated statements of income and statements of cash flows. In January 2016, the FASB issued updated guidance intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. In addition to making other targeted improvements to current guidance, the updated guidance also requires all equity investments, except those accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with changes in the fair value recognized through net income. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted in certain circumstances. While the Company expects the adoption of this guidance to impact its condensed consolidated statements of income, the materiality of the impact will depend upon the size of, and level of volatility experienced within, the Company’s equity portfolio. In May 2014, the FASB issued updated guidance for recognizing revenue from contracts with customers to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within and across industries, and across capital markets. The new revenue standard contains principles that an entity will apply to determine the measurement of revenue and the timing of recognition. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. Revenue from insurance contracts is not within the scope of this guidance. In August 2015, the FASB issued updated guidance which defers the effective date of this guidance by one year. In 2016, the FASB issued additional updates to the new guidance primarily to clarify, among other things, the implementation guidance related to principal versus agent considerations, identifying performance obligations, accounting for licenses of intellectual property, and to provide narrow-scope improvements and additional practical expedients. In February 2017, the FASB issued an additional update to the new guidance to clarify the scope of derecognition guidance for nonfinancial assets and to provide guidance for partial sales of nonfinancial assets. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption prohibited. The Company expects to adopt the new guidance under the modified retrospective approach and, except for certain disclosure requirements, does not expect the new guidance to have a material impact on its condensed consolidated financial statements. |
Debt and Equity Securities (Tab
Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Gross Unrealized Losses on Investments in Debt and Equity Securities | Gross unrealized losses on investments in debt and equity securities are as follows: Less than 12 months 12 months or longer Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized September 30, 2017 Debt securities: U.S. Treasury bonds $ 61,500 $ (584 ) $ 20,177 $ (843 ) $ 81,677 $ (1,427 ) Municipal bonds 124,976 (775 ) 247,001 (10,020 ) 371,977 (10,795 ) Foreign government bonds 97,341 (1,058 ) 10,471 (399 ) 107,812 (1,457 ) Governmental agency bonds 106,783 (778 ) 81,053 (2,113 ) 187,836 (2,891 ) Governmental agency mortgage-backed securities 686,814 (4,572 ) 832,251 (11,828 ) 1,519,065 (16,400 ) U.S. corporate debt securities 113,028 (1,484 ) 50,152 (1,287 ) 163,180 (2,771 ) Foreign corporate debt securities 62,671 (457 ) 3,492 (67 ) 66,163 (524 ) Total debt securities 1,253,113 (9,708 ) 1,244,597 (26,557 ) 2,497,710 (36,265 ) Equity securities 36,407 (485 ) 28,115 (1,627 ) 64,522 (2,112 ) Total $ 1,289,520 $ (10,193 ) $ 1,272,712 $ (28,184 ) $ 2,562,232 $ (38,377 ) December 31, 2016 Debt securities: U.S. Treasury bonds $ 111,748 $ (4,466 ) $ — $ — $ 111,748 $ (4,466 ) Municipal bonds 635,531 (26,317 ) 16,485 (349 ) 652,016 (26,666 ) Foreign government bonds 63,044 (2,371 ) 324 (68 ) 63,368 (2,439 ) Governmental agency bonds 148,112 (4,166 ) — — 148,112 (4,166 ) Governmental agency mortgage-backed securities 1,295,790 (19,097 ) 432,349 (7,695 ) 1,728,139 (26,792 ) U.S. corporate debt securities 193,533 (4,560 ) 24,499 (881 ) 218,032 (5,441 ) Foreign corporate debt securities 78,658 (1,150 ) 8,154 (340 ) 86,812 (1,490 ) Total debt securities 2,526,416 (62,127 ) 481,811 (9,333 ) 3,008,227 (71,460 ) Equity securities 70,261 (1,173 ) 59,019 (6,871 ) 129,280 (8,044 ) Total $ 2,596,677 $ (63,300 ) $ 540,830 $ (16,204 ) $ 3,137,507 $ (79,504 ) |
Investments in Debt Securities | Investments in debt securities at September 30, 2017, by contractual maturities, are as follows: (in thousands) Due in one Due after Due after Due after Total U.S. Treasury bonds Amortized cost $ 24,966 $ 48,269 $ 28,318 $ 43,843 $ 145,396 Estimated fair value $ 24,937 $ 48,104 $ 28,338 $ 44,074 $ 145,453 Municipal bonds Amortized cost $ 61,831 $ 314,910 $ 254,976 $ 436,894 $ 1,068,611 Estimated fair value $ 61,960 $ 318,703 $ 259,744 $ 431,955 $ 1,072,362 Foreign government bonds Amortized cost $ 7,772 $ 129,408 $ 9,699 $ 15,671 $ 162,550 Estimated fair value $ 7,783 $ 128,568 $ 9,864 $ 15,434 $ 161,649 Governmental agency bonds Amortized cost $ 15,430 $ 106,826 $ 55,085 $ 46,205 $ 223,546 Estimated fair value $ 15,415 $ 105,946 $ 54,607 $ 45,750 $ 221,718 U.S. corporate debt securities Amortized cost $ 29,681 $ 299,209 $ 314,805 $ 72,604 $ 716,299 Estimated fair value $ 29,800 $ 302,345 $ 319,329 $ 75,454 $ 726,928 Foreign corporate debt securities Amortized cost $ 14,843 $ 120,804 $ 93,769 $ 15,361 $ 244,777 Estimated fair value $ 14,869 $ 121,807 $ 96,350 $ 16,428 $ 249,454 Total debt securities excluding mortgage-backed securities Amortized cost $ 154,523 $ 1,019,426 $ 756,652 $ 630,578 $ 2,561,179 Estimated fair value $ 154,764 $ 1,025,473 $ 768,232 $ 629,095 $ 2,577,564 Total mortgage-backed securities Amortized cost $ 2,238,222 Estimated fair value $ 2,225,920 Total debt securities Amortized cost $ 4,799,401 Estimated fair value $ 4,803,484 |
Composition of Investment Portfolio by Credit Rating Agencies | The composition of the investment portfolio at September 30, 2017, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (in thousands, except percentages) Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage September 30, 2017 Debt securities: U.S. Treasury bonds $ 145,453 100.0 $ — — $ — — $ 145,453 100.0 Municipal bonds 999,995 93.2 54,521 5.1 17,846 1.7 1,072,362 100.0 Foreign government bonds 133,945 82.9 22,184 13.7 5,520 3.4 161,649 100.0 Governmental agency bonds 221,718 100.0 — — — — 221,718 100.0 Governmental agency mortgage-backed securities 2,225,920 100.0 — — — — 2,225,920 100.0 U.S. corporate debt securities 249,320 34.3 262,936 36.2 214,672 29.5 726,928 100.0 Foreign corporate debt securities 123,674 49.6 96,553 38.7 29,227 11.7 249,454 100.0 Total debt securities 4,100,025 85.3 436,194 9.1 267,265 5.6 4,803,484 100.0 Preferred stocks — — 13,616 73.5 4,911 26.5 18,527 100.0 Total $ 4,100,025 85.1 $ 449,810 9.3 $ 272,176 5.6 $ 4,822,011 100.0 |
Composition of Investment Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the investment portfolio in an unrealized loss position at September 30, 2017, by credit rating, is as follows: A- or higher BBB+ to BBB- Non-Investment Grade Total (in thousands, except percentages) Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage Estimated fair value Percentage September 30, 2017 Debt securities: U.S. Treasury bonds $ 81,677 100.0 $ — — $ — — $ 81,677 100.0 Municipal bonds 355,301 95.6 15,057 4.0 1,619 0.4 371,977 100.0 Foreign government bonds 95,300 88.4 9,663 9.0 2,849 2.6 107,812 100.0 Governmental agency bonds 187,836 100.0 — — — — 187,836 100.0 Governmental agency mortgage-backed securities 1,519,065 100.0 — — — — 1,519,065 100.0 U.S. corporate debt securities 46,440 28.5 80,803 49.5 35,937 22.0 163,180 100.0 Foreign corporate debt securities 40,649 61.4 23,108 34.9 2,406 3.7 66,163 100.0 Total debt securities 2,326,268 93.1 128,631 5.1 42,811 1.8 2,497,710 100.0 Preferred stocks — — 7,990 66.3 4,063 33.7 12,053 100.0 Total $ 2,326,268 92.7 $ 136,621 5.4 $ 46,874 1.9 $ 2,509,763 100.0 |
Debt Securities | |
Investments Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows: (in thousands) Amortized Gross unrealized Estimated Gains Losses September 30, 2017 U.S. Treasury bonds $ 145,396 $ 1,484 $ (1,427 ) $ 145,453 Municipal bonds 1,068,611 14,546 (10,795 ) 1,072,362 Foreign government bonds 162,550 556 (1,457 ) 161,649 Governmental agency bonds 223,546 1,063 (2,891 ) 221,718 Governmental agency mortgage-backed securities 2,238,222 4,098 (16,400 ) 2,225,920 U.S. corporate debt securities 716,299 13,400 (2,771 ) 726,928 Foreign corporate debt securities 244,777 5,201 (524 ) 249,454 $ 4,799,401 $ 40,348 $ (36,265 ) $ 4,803,484 December 31, 2016 U.S. Treasury bonds $ 155,441 $ 416 $ (4,466 ) $ 151,391 Municipal bonds 1,004,659 6,340 (26,666 ) 984,333 Foreign government bonds 141,887 600 (2,439 ) 140,048 Governmental agency bonds 197,343 691 (4,166 ) 193,868 Governmental agency mortgage-backed securities 2,187,482 2,983 (26,792 ) 2,163,673 U.S. corporate debt securities 675,683 8,282 (5,441 ) 678,524 Foreign corporate debt securities 240,526 2,490 (1,490 ) 241,526 $ 4,603,021 $ 21,802 $ (71,460 ) $ 4,553,363 |
Equity securities | |
Investments Classified as Available-For-Sale | Investments in equity securities, classified as available-for-sale, are as follows: Cost Gross unrealized Estimated (in thousands) Gains Losses September 30, 2017 Preferred stocks $ 19,269 $ 202 $ (944 ) $ 18,527 Common stocks 381,622 47,204 (1,168 ) 427,658 $ 400,891 $ 47,406 $ (2,112 ) $ 446,185 December 31, 2016 Preferred stocks $ 18,926 $ — $ (3,344 ) $ 15,582 Common stocks 367,169 26,034 (4,700 ) 388,503 $ 386,095 $ 26,034 $ (8,044 ) $ 404,085 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Operating Segment | A summary of the changes in the carrying amount of goodwill, by operating segment, for the nine months ended September 30, 2017, is as follows: (in thousands) Title Specialty Total Balance as of December 31, 2016 $ 970,652 $ 46,765 $ 1,017,417 Acquisitions 123,954 — 123,954 Foreign currency translation 4,391 — 4,391 Other adjustments (298 ) — (298 ) Balance as of September 30, 2017 $ 1,098,699 $ 46,765 $ 1,145,464 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Intangible Assets Gross Excluding Goodwill [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets consist of the following: (in thousands) September 30, 2017 December 31, Finite-lived intangible assets: Customer relationships $ 77,600 $ 78,542 Noncompete agreements 10,210 10,007 Trademarks 7,210 6,472 Internal-use software licenses 27,632 16,038 Patents 2,840 2,840 125,492 113,899 Accumulated amortization (67,250 ) (51,885 ) 58,242 62,014 Indefinite-lived intangible assets: Licenses 16,884 16,884 $ 75,126 $ 78,898 |
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 thousands) Remainder of 2017 $ 7,975 2018 $ 15,920 2019 $ 9,210 2020 $ 5,221 2021 $ 2,976 2022 $ 2,380 |
Reserve for Known and Incurre28
Reserve for Known and Incurred but Not Reported Claims (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Insurance Loss Reserves [Abstract] | |
Activity in Reserve for Known and Incurred but Not Reported Claims | Activity in the reserve for known and incurred but not reported claims is summarized as follows: Nine months ended (in thousands) 2017 2016 Balance at beginning of period $ 1,025,863 $ 983,880 Provision related to: Current year 330,342 345,556 Prior years 3,353 20,917 333,695 366,473 Payments, net of recoveries, related to: Current year 165,914 160,693 Prior years 185,483 190,656 351,397 351,349 Other 13,487 19,036 Balance at end of period $ 1,021,648 $ 1,018,040 |
Summary of Loss Reserves | A summary of the Company’s loss reserves is as follows: (in thousands, except percentages) September 30, 2017 December 31, 2016 Known title claims $ 74,755 7.3 % $ 83,805 8.1 % Incurred but not reported claims 889,079 87.0 % 888,126 86.6 % Total title claims 963,834 94.3 % 971,931 94.7 % Non-title claims 57,814 5.7 % 53,932 5.3 % Total loss reserves $ 1,021,648 100.0 % $ 1,025,863 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The computation of basic and diluted earnings per share is as follows: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2017 2016 2017 2016 Numerator Net income attributable to the Company $ 21,383 $ 107,320 $ 201,922 $ 261,970 Denominator Basic weighted-average shares 111,799 110,571 111,578 110,423 Effect of dilutive employee stock options and 776 680 676 583 Diluted weighted-average shares 112,575 111,251 112,254 111,006 Net income per share attributable to the Company’s stockholders Basic $ 0.19 $ 0.97 $ 1.81 $ 2.37 Diluted $ 0.19 $ 0.96 $ 1.80 $ 2.36 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Cost | Net periodic cost related to the Company’s defined benefit pension and supplemental benefit plans includes the following components: Three Months Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Expense: Service costs $ 184 $ 260 $ 551 $ 781 Interest costs 2,086 5,999 11,185 18,000 Settlement costs 152,388 — 152,388 — Expected return on plan assets — (3,083 ) (4,740 ) (9,250 ) Amortization of net actuarial loss 1,958 7,043 15,792 21,153 Amortization of prior service credit (1,045 ) (1,211 ) (3,268 ) (3,633 ) $ 155,571 $ 9,008 $ 171,908 $ 27,051 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on Recurring Basis | The following tables present the fair values of the Company’s assets, measured on a recurring basis, as of September 30, 2017 and December 31, 2016: (in thousands) Total Level 1 Level 2 Level 3 September 30, 2017 Assets: Debt securities: U.S. Treasury bonds $ 145,453 $ — $ 145,453 $ — Municipal bonds 1,072,362 — 1,072,362 — Foreign government bonds 161,649 — 161,649 — Governmental agency bonds 221,718 — 221,718 — Governmental agency mortgage-backed securities 2,225,920 — 2,225,920 — U.S. corporate debt securities 726,928 — 714,419 12,509 Foreign corporate debt securities 249,454 — 248,581 873 4,803,484 — 4,790,102 13,382 Equity securities: Preferred stocks 18,527 18,527 — — Common stocks 427,658 427,658 — — 446,185 446,185 — — Total assets $ 5,249,669 $ 446,185 $ 4,790,102 $ 13,382 (in thousands) Total Level 1 Level 2 Level 3 December 31, 2016 Assets: Debt securities: U.S. Treasury bonds $ 151,391 $ — $ 151,391 $ — Municipal bonds 984,333 — 984,333 — Foreign government bonds 140,048 — 140,048 — Governmental agency bonds 193,868 — 193,868 — Governmental agency mortgage-backed securities 2,163,673 — 2,163,673 — U.S. corporate debt securities 678,524 — 631,859 46,665 Foreign corporate debt securities 241,526 — 235,258 6,268 4,553,363 — 4,500,430 52,933 Equity securities: Preferred stocks 15,582 15,582 — — Common stocks 388,503 388,503 — — 404,085 404,085 — — Total assets $ 4,957,448 $ 404,085 $ 4,500,430 $ 52,933 |
Summary of Changes in Fair Value of Level 3 Assets Measured on Recurring Basis | The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended September 30, 2017 and 2016: September 30, 2017 September 30, 2016 (in thousands) U.S. corporate debt securities Foreign corporate debt securities Total U.S. corporate debt securities Foreign corporate debt securities Total Fair value at beginning of period $ 18,128 $ 1,915 $ 20,043 $ 14,493 $ 723 $ 15,216 Transfers into Level 3 3,747 573 4,320 5,968 — 5,968 Transfers out of Level 3 (6,788 ) — (6,788 ) (4,546 ) — (4,546 ) Net realized and unrealized gains (losses): Included in earnings 26 (1 ) 25 5 — 5 Included in other comprehensive income (loss) (86 ) (5 ) (91 ) 115 43 158 Purchases 901 149 1,050 1,866 1,045 2,911 Sales (1,231 ) — (1,231 ) (46 ) (50 ) (96 ) Settlements (2,188 ) (1,758 ) (3,946 ) (356 ) — (356 ) Fair value at end of period $ 12,509 $ 873 $ 13,382 $ 17,499 $ 1,761 $ 19,260 The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the nine months ended September 30, 2017 and 2016: September 30, 2017 September 30, 2016 (in thousands) U.S. corporate debt securities Foreign corporate debt securities Total U.S. corporate debt securities Foreign corporate debt securities Total Fair value at beginning of period $ 46,665 $ 6,268 $ 52,933 $ 43,567 $ 6,572 $ 50,139 Transfers into Level 3 377 198 575 269 — 269 Transfers out of Level 3 (27,066 ) (2,111 ) (29,177 ) (27,764 ) (3,822 ) (31,586 ) Net realized and unrealized gains (losses): Included in earnings 117 11 128 (88 ) (48 ) (136 ) Included in other comprehensive income (loss) (460 ) (47 ) (507 ) 1,053 88 1,141 Purchases 7,994 1,075 9,069 10,132 1,243 11,375 Sales (2,824 ) (1,954 ) (4,778 ) (4,750 ) (1,045 ) (5,795 ) Settlements (12,294 ) (2,567 ) (14,861 ) (4,920 ) (1,227 ) (6,147 ) Fair value at end of period $ 12,509 $ 873 $ 13,382 $ 17,499 $ 1,761 $ 19,260 |
Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments not measured at fair value as of September 30, 2017 and December 31, 2016: Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 September 30, 2017 Assets: Cash and cash equivalents $ 1,141,915 $ 1,141,915 $ 1,141,915 $ — $ — Deposits with banks $ 20,940 $ 20,887 $ 265 $ 20,622 $ — Notes receivable, net $ 7,466 $ 7,297 $ — $ — $ 7,297 Liabilities: Deposits $ 2,965,426 $ 2,965,426 $ 2,965,426 $ — $ — Notes and contracts payable $ 734,091 $ 756,536 $ — $ 752,070 $ 4,466 Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 December 31, 2016 Assets: Cash and cash equivalents $ 1,006,138 $ 1,006,138 $ 1,006,138 $ — $ — Deposits with banks $ 21,222 $ 21,176 $ 1,017 $ 20,159 $ — Notes receivable, net $ 7,799 $ 7,542 $ — $ — $ 7,542 Liabilities: Deposits $ 2,779,478 $ 2,779,478 $ 2,779,478 $ — $ — Notes and contracts payable $ 736,693 $ 734,812 $ — $ 729,658 $ 5,154 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Expenses Associated with Share-Based Compensation Plans | The following table presents compensation expense associated with the Company’s share-based compensation plans: Three Months Ended Nine Months Ended (in thousands) 2017 2016 2017 2016 Expense: RSUs $ 5,866 $ 5,401 $ 28,634 $ 25,766 Stock options 69 68 203 203 Employee stock purchase plan 682 659 2,359 2,127 $ 6,617 $ 6,128 $ 31,196 $ 28,096 |
Summary of RSU Activity | The following table summarizes RSU activity for the nine months ended September 30, 2017: (in thousands, except weighted-average grant-date fair value) Shares Weighted-average fair value Unvested at December 31, 2016 1,510 $ 33.38 Granted during 2017 893 $ 39.26 Vested during 2017 (957 ) $ 34.53 Forfeited during 2017 (9 ) $ 35.22 Unvested at September 30, 2017 1,437 $ 36.25 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following table presents a summary of the changes in each component of AOCI for the nine months ended September 30, 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Accumulated other comprehensive income (loss) Balance at December 31, 2016 $ (26,760 ) $ (63,576 ) $ (140,057 ) $ (230,393 ) Change in unrealized gains (losses) on securities 81,044 — — 81,044 Change in foreign currency translation adjustment — 23,558 — 23,558 Net actuarial loss — — (8,646 ) (8,646 ) Amortization of net actuarial loss — — 15,792 15,792 Amortization of prior service credit — — (3,268 ) (3,268 ) Settlement costs — — 152,388 152,388 Tax effect (29,030 ) — (63,205 ) (92,235 ) Balance at September 30, 2017 $ 25,254 $ (40,018 ) $ (46,996 ) $ (61,760 ) Allocated to the Company $ 25,235 $ (40,018 ) $ (46,996 ) $ (61,779 ) Allocated to noncontrolling interests 19 — — 19 Balance at September 30, 2017 $ 25,254 $ (40,018 ) $ (46,996 ) $ (61,760 ) |
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2017 and 2016: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Three Months Ended September 30, 2017 Pretax change before reclassifications $ 22,833 $ 11,415 $ (8,646 ) $ 25,602 Reclassifications out of AOCI (928 ) — 153,301 152,373 Tax effect (7,976 ) — (58,764 ) (66,740 ) Total other comprehensive income (loss), net of tax $ 13,929 $ 11,415 $ 85,891 $ 111,235 Three Months Ended September 30, 2016 Pretax change before reclassifications $ 12,435 $ (3,459 ) $ — $ 8,976 Reclassifications out of AOCI (8,687 ) — 5,832 (2,855 ) Tax effect (1,169 ) — (2,230 ) (3,399 ) Total other comprehensive income (loss), net of tax $ 2,579 $ (3,459 ) $ 3,602 $ 2,722 The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2017 and 2016: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Nine Months Ended September 30, 2017 Pretax change before reclassifications $ 95,329 $ 23,558 $ (8,646 ) $ 110,241 Reclassifications out of AOCI (14,285 ) — 164,912 150,627 Tax effect (29,030 ) — (63,205 ) (92,235 ) Total other comprehensive income (loss), net of tax $ 52,014 $ 23,558 $ 93,061 $ 168,633 Nine Months Ended September 30, 2016 Pretax change before reclassifications $ 96,612 $ 3,066 $ — $ 99,678 Reclassifications out of AOCI (13,222 ) — 17,520 4,298 Tax effect (31,303 ) — (6,701 ) (38,004 ) Total other comprehensive income (loss), net of tax $ 52,087 $ 3,066 $ 10,819 $ 65,972 |
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: Amounts reclassified from AOCI (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Affected line items in the condensed 2017 2016 2017 2016 consolidated statements of income Unrealized gains (losses) on securities: Net realized gains on $ 928 $ 8,687 $ 14,285 $ 13,707 Net realized investment (losses) gains Net other-than-temporary impairment losses — — — (485 ) Net realized investment (losses) gains Pretax total $ 928 $ 8,687 $ 14,285 $ 13,222 Tax effect $ (332 ) $ (3,261 ) $ (5,778 ) $ (5,057 ) Pension benefit adjustment: Amortization of net actuarial loss $ (1,958 ) $ (7,043 ) $ (15,792 ) $ (21,153 ) (1 ) Amortization of prior service 1,045 1,211 3,268 3,633 (1 ) Settlement costs (152,388 ) — (152,388 ) — (1 ) Pretax total $ (153,301 ) $ (5,832 ) $ (164,912 ) $ (17,520 ) Tax effect $ 62,276 $ 2,229 $ 66,702 $ 6,701 (1) These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information | Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended September 30, 2017: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,397,262 $ 181,199 $ 34,363 $ 33,750 Specialty Insurance 118,481 6,178 1,599 2,015 Corporate 4,108 (169,415 ) 38 — Eliminations (283 ) — — — $ 1,519,568 $ 17,962 $ 36,000 $ 35,765 For the three months ended September 30, 2016: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 1,395,727 $ 188,706 $ 22,994 $ 41,948 Specialty Insurance 109,782 1,781 1,401 844 Corporate 2,855 (23,556 ) 96 — Eliminations (20 ) — — — $ 1,508,344 $ 166,931 $ 24,491 $ 42,792 For the nine months ended September 30, 2017: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 3,937,119 $ 476,746 $ 91,471 $ 100,059 Specialty Insurance 343,908 25,779 4,697 5,797 Corporate 10,872 (216,529 ) 124 — Eliminations (859 ) — — — $ 4,291,040 $ 285,996 $ 96,292 $ 105,856 F or the nine months ended September 30, 2016: (in thousands) Revenues Income (loss) Depreciation Capital Title Insurance and Services $ 3,750,118 $ 448,815 $ 66,510 $ 99,887 Specialty Insurance 317,246 18,744 4,107 3,928 Corporate 4,265 (71,429 ) 288 — Eliminations (40 ) — — — $ 4,071,589 $ 396,130 $ 70,905 $ 103,815 |
Basis of Condensed Consolidat35
Basis of Condensed Consolidated Financial Statements (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Basis Of Condensed Consolidated Financial Statements [Line Items] | |||||
Depreciation and amortization | $ 36,000 | $ 24,491 | $ 96,292 | $ 70,905 | |
Net realized investment gains | (7,001) | 9,516 | 10,763 | 22,692 | |
Title plants and other indexes | 566,599 | 566,599 | $ 564,309 | ||
Personnel costs | 599,380 | $ 438,692 | 1,458,928 | $ 1,239,129 | |
Other assets | 216,150 | 216,150 | 202,460 | ||
Accounts payable and accrued liabilities | 741,569 | 741,569 | $ 793,955 | ||
Out-of-Period Adjustments | |||||
Basis Of Condensed Consolidated Financial Statements [Line Items] | |||||
Depreciation and amortization | 4,700 | ||||
Net realized investment gains | (1,800) | ||||
Title plants and other indexes | (6,500) | (6,500) | |||
Other assets | (8,500) | (8,500) | |||
Accounts payable and accrued liabilities | 500 | $ 500 | |||
Out-of-Period Adjustments | Title Insurance and Services | |||||
Basis Of Condensed Consolidated Financial Statements [Line Items] | |||||
Personnel costs | $ 9,000 |
Escrow Deposits, Like-Kind Ex36
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets (Narrative) (Detail) - USD ($) $ in Billions | Sep. 30, 2017 | Dec. 31, 2016 |
Other Assets [Line Items] | ||
Escrow deposits | $ 7.9 | $ 6.8 |
Like-kind exchange funds | 2.3 | 2 |
First American Trust | ||
Other Assets [Line Items] | ||
Escrow deposits | 2.8 | 2.6 |
Trust assets | $ 3.5 | $ 3.2 |
Debt and Equity Securities (Inv
Debt and Equity Securities (Investments in Debt Securities, Classified as Available-For-Sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 4,799,401 | $ 4,603,021 |
Debt Securities, Gross unrealized gains | 40,348 | 21,802 |
Debt Securities, Gross unrealized losses | (36,265) | (71,460) |
Debt securities, Estimated fair value | 4,803,484 | 4,553,363 |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 145,396 | 155,441 |
Debt Securities, Gross unrealized gains | 1,484 | 416 |
Debt Securities, Gross unrealized losses | (1,427) | (4,466) |
Debt securities, Estimated fair value | 145,453 | 151,391 |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 1,068,611 | 1,004,659 |
Debt Securities, Gross unrealized gains | 14,546 | 6,340 |
Debt Securities, Gross unrealized losses | (10,795) | (26,666) |
Debt securities, Estimated fair value | 1,072,362 | 984,333 |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 162,550 | 141,887 |
Debt Securities, Gross unrealized gains | 556 | 600 |
Debt Securities, Gross unrealized losses | (1,457) | (2,439) |
Debt securities, Estimated fair value | 161,649 | 140,048 |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 223,546 | 197,343 |
Debt Securities, Gross unrealized gains | 1,063 | 691 |
Debt Securities, Gross unrealized losses | (2,891) | (4,166) |
Debt securities, Estimated fair value | 221,718 | 193,868 |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 2,238,222 | 2,187,482 |
Debt Securities, Gross unrealized gains | 4,098 | 2,983 |
Debt Securities, Gross unrealized losses | (16,400) | (26,792) |
Debt securities, Estimated fair value | 2,225,920 | 2,163,673 |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 716,299 | 675,683 |
Debt Securities, Gross unrealized gains | 13,400 | 8,282 |
Debt Securities, Gross unrealized losses | (2,771) | (5,441) |
Debt securities, Estimated fair value | 726,928 | 678,524 |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 244,777 | 240,526 |
Debt Securities, Gross unrealized gains | 5,201 | 2,490 |
Debt Securities, Gross unrealized losses | (524) | (1,490) |
Debt securities, Estimated fair value | $ 249,454 | $ 241,526 |
Debt and Equity Securities (I38
Debt and Equity Securities (Investments in Equity Securities, Classified as Available-For-Sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, Amortized Cost | $ 400,891 | $ 386,095 |
Equity securities, Gross unrealized gains | 47,406 | 26,034 |
Equity securities, Gross unrealized losses | (2,112) | (8,044) |
Equity securities | 446,185 | 404,085 |
Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, Amortized Cost | 19,269 | 18,926 |
Equity securities, Gross unrealized gains | 202 | 0 |
Equity securities, Gross unrealized losses | (944) | (3,344) |
Equity securities | 18,527 | 15,582 |
Common stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities, Amortized Cost | 381,622 | 367,169 |
Equity securities, Gross unrealized gains | 47,204 | 26,034 |
Equity securities, Gross unrealized losses | (1,168) | (4,700) |
Equity securities | $ 427,658 | $ 388,503 |
Debt and Equity Securities (Nar
Debt and Equity Securities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Realized gains on sales of securities | $ 1,700 | $ 8,900 | $ 21,800 | $ 22,100 | |
Realized losses on sales of securities | 700 | $ 200 | 5,900 | $ 7,200 | |
Debt securities, Estimated fair value | 4,803,484 | 4,803,484 | $ 4,553,363 | ||
Estimated fair value, Unrealized loss position | 2,562,232 | 2,562,232 | 3,137,507 | ||
Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 2,497,710 | 2,497,710 | $ 3,008,227 | ||
Bank Loans | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 144,300 | 144,300 | |||
Bank Loans | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 26,400 | 26,400 | |||
Emerging Market Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 74,300 | 74,300 | |||
Emerging Market Securities | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 15,400 | 15,400 | |||
Non-Investment Grade | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 267,265 | 267,265 | |||
Non-Investment Grade | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 42,811 | 42,811 | |||
Non-Investment Grade | Bank Loans | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 133,700 | 133,700 | |||
Non-Investment Grade | Bank Loans | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 26,000 | 26,000 | |||
Non-Investment Grade | High Yield Corporate Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 106,700 | 106,700 | |||
Non-Investment Grade | High Yield Corporate Debt Securities | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | 11,600 | 11,600 | |||
Non-Investment Grade | Emerging Market Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, Estimated fair value | 9,000 | 9,000 | |||
Non-Investment Grade | Emerging Market Securities | Debt Securities | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Estimated fair value, Unrealized loss position | $ 3,600 | $ 3,600 |
Debt and Equity Securities (Gro
Debt and Equity Securities (Gross Unrealized Losses on Investments in Debt and Equity Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | $ 1,289,520 | $ 2,596,677 |
Unrealized losses, Less than 12 months | (10,193) | (63,300) |
Estimated fair value, 12 months or longer | 1,272,712 | 540,830 |
Unrealized losses, 12 months or longer | (28,184) | (16,204) |
Estimated fair value, Total | 2,562,232 | 3,137,507 |
Unrealized losses, Total | (38,377) | (79,504) |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 1,253,113 | 2,526,416 |
Unrealized losses, Less than 12 months | (9,708) | (62,127) |
Estimated fair value, 12 months or longer | 1,244,597 | 481,811 |
Unrealized losses, 12 months or longer | (26,557) | (9,333) |
Estimated fair value, Total | 2,497,710 | 3,008,227 |
Unrealized losses, Total | (36,265) | (71,460) |
Debt Securities | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 61,500 | 111,748 |
Unrealized losses, Less than 12 months | (584) | (4,466) |
Estimated fair value, 12 months or longer | 20,177 | 0 |
Unrealized losses, 12 months or longer | (843) | 0 |
Estimated fair value, Total | 81,677 | 111,748 |
Unrealized losses, Total | (1,427) | (4,466) |
Debt Securities | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 124,976 | 635,531 |
Unrealized losses, Less than 12 months | (775) | (26,317) |
Estimated fair value, 12 months or longer | 247,001 | 16,485 |
Unrealized losses, 12 months or longer | (10,020) | (349) |
Estimated fair value, Total | 371,977 | 652,016 |
Unrealized losses, Total | (10,795) | (26,666) |
Debt Securities | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 97,341 | 63,044 |
Unrealized losses, Less than 12 months | (1,058) | (2,371) |
Estimated fair value, 12 months or longer | 10,471 | 324 |
Unrealized losses, 12 months or longer | (399) | (68) |
Estimated fair value, Total | 107,812 | 63,368 |
Unrealized losses, Total | (1,457) | (2,439) |
Debt Securities | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 106,783 | 148,112 |
Unrealized losses, Less than 12 months | (778) | (4,166) |
Estimated fair value, 12 months or longer | 81,053 | 0 |
Unrealized losses, 12 months or longer | (2,113) | 0 |
Estimated fair value, Total | 187,836 | 148,112 |
Unrealized losses, Total | (2,891) | (4,166) |
Debt Securities | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 686,814 | 1,295,790 |
Unrealized losses, Less than 12 months | (4,572) | (19,097) |
Estimated fair value, 12 months or longer | 832,251 | 432,349 |
Unrealized losses, 12 months or longer | (11,828) | (7,695) |
Estimated fair value, Total | 1,519,065 | 1,728,139 |
Unrealized losses, Total | (16,400) | (26,792) |
Debt Securities | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 113,028 | 193,533 |
Unrealized losses, Less than 12 months | (1,484) | (4,560) |
Estimated fair value, 12 months or longer | 50,152 | 24,499 |
Unrealized losses, 12 months or longer | (1,287) | (881) |
Estimated fair value, Total | 163,180 | 218,032 |
Unrealized losses, Total | (2,771) | (5,441) |
Debt Securities | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 62,671 | 78,658 |
Unrealized losses, Less than 12 months | (457) | (1,150) |
Estimated fair value, 12 months or longer | 3,492 | 8,154 |
Unrealized losses, 12 months or longer | (67) | (340) |
Estimated fair value, Total | 66,163 | 86,812 |
Unrealized losses, Total | (524) | (1,490) |
Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 36,407 | 70,261 |
Unrealized losses, Less than 12 months | (485) | (1,173) |
Estimated fair value, 12 months or longer | 28,115 | 59,019 |
Unrealized losses, 12 months or longer | (1,627) | (6,871) |
Estimated fair value, Total | 64,522 | 129,280 |
Unrealized losses, Total | $ (2,112) | $ (8,044) |
Debt and Equity Securities (I41
Debt and Equity Securities (Investments in Debt Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 4,799,401 | $ 4,603,021 |
Debt securities, Estimated fair value | 4,803,484 | 4,553,363 |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 24,966 | |
Amortized cost, Due after one through five years | 48,269 | |
Amortized cost, Due after five through ten years | 28,318 | |
Amortized cost, Due after ten years | 43,843 | |
Debt Securities, Amortized cost | 145,396 | 155,441 |
Estimated fair value, Due in one year or less | 24,937 | |
Estimated fair value, Due after one through five years | 48,104 | |
Estimated fair value, Due after five through ten years | 28,338 | |
Estimated fair value, Due after ten years | 44,074 | |
Debt securities, Estimated fair value | 145,453 | 151,391 |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 61,831 | |
Amortized cost, Due after one through five years | 314,910 | |
Amortized cost, Due after five through ten years | 254,976 | |
Amortized cost, Due after ten years | 436,894 | |
Debt Securities, Amortized cost | 1,068,611 | 1,004,659 |
Estimated fair value, Due in one year or less | 61,960 | |
Estimated fair value, Due after one through five years | 318,703 | |
Estimated fair value, Due after five through ten years | 259,744 | |
Estimated fair value, Due after ten years | 431,955 | |
Debt securities, Estimated fair value | 1,072,362 | 984,333 |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 7,772 | |
Amortized cost, Due after one through five years | 129,408 | |
Amortized cost, Due after five through ten years | 9,699 | |
Amortized cost, Due after ten years | 15,671 | |
Debt Securities, Amortized cost | 162,550 | 141,887 |
Estimated fair value, Due in one year or less | 7,783 | |
Estimated fair value, Due after one through five years | 128,568 | |
Estimated fair value, Due after five through ten years | 9,864 | |
Estimated fair value, Due after ten years | 15,434 | |
Debt securities, Estimated fair value | 161,649 | 140,048 |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 15,430 | |
Amortized cost, Due after one through five years | 106,826 | |
Amortized cost, Due after five through ten years | 55,085 | |
Amortized cost, Due after ten years | 46,205 | |
Debt Securities, Amortized cost | 223,546 | 197,343 |
Estimated fair value, Due in one year or less | 15,415 | |
Estimated fair value, Due after one through five years | 105,946 | |
Estimated fair value, Due after five through ten years | 54,607 | |
Estimated fair value, Due after ten years | 45,750 | |
Debt securities, Estimated fair value | 221,718 | 193,868 |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 29,681 | |
Amortized cost, Due after one through five years | 299,209 | |
Amortized cost, Due after five through ten years | 314,805 | |
Amortized cost, Due after ten years | 72,604 | |
Debt Securities, Amortized cost | 716,299 | 675,683 |
Estimated fair value, Due in one year or less | 29,800 | |
Estimated fair value, Due after one through five years | 302,345 | |
Estimated fair value, Due after five through ten years | 319,329 | |
Estimated fair value, Due after ten years | 75,454 | |
Debt securities, Estimated fair value | 726,928 | 678,524 |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 14,843 | |
Amortized cost, Due after one through five years | 120,804 | |
Amortized cost, Due after five through ten years | 93,769 | |
Amortized cost, Due after ten years | 15,361 | |
Debt Securities, Amortized cost | 244,777 | 240,526 |
Estimated fair value, Due in one year or less | 14,869 | |
Estimated fair value, Due after one through five years | 121,807 | |
Estimated fair value, Due after five through ten years | 96,350 | |
Estimated fair value, Due after ten years | 16,428 | |
Debt securities, Estimated fair value | 249,454 | $ 241,526 |
Debt Securities Excluding Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 154,523 | |
Amortized cost, Due after one through five years | 1,019,426 | |
Amortized cost, Due after five through ten years | 756,652 | |
Amortized cost, Due after ten years | 630,578 | |
Debt Securities, Amortized cost | 2,561,179 | |
Estimated fair value, Due in one year or less | 154,764 | |
Estimated fair value, Due after one through five years | 1,025,473 | |
Estimated fair value, Due after five through ten years | 768,232 | |
Estimated fair value, Due after ten years | 629,095 | |
Debt securities, Estimated fair value | 2,577,564 | |
Total Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 2,238,222 | |
Estimated fair value | $ 2,225,920 |
Debt and Equity Securities (Com
Debt and Equity Securities (Composition of Investment Portfolio by Credit Rating Agencies) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,803,484 | $ 4,553,363 |
Equity securities | $ 446,185 | 404,085 |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 145,453 | 151,391 |
U.S. Treasury Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1,072,362 | 984,333 |
Municipal Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 161,649 | 140,048 |
Foreign Government Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 221,718 | 193,868 |
Governmental Agency Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 2,225,920 | 2,163,673 |
Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 726,928 | 678,524 |
U.S. Corporate Debt Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 249,454 | 241,526 |
Foreign Corporate Debt Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities | $ 18,527 | $ 15,582 |
Preferred stocks | Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,100,025 | |
Investment Grade | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 85.30% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 436,194 | |
Investment Grade | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 9.10% | |
Investment Grade | U.S. Treasury Bonds | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 145,453 | |
Investment Grade | U.S. Treasury Bonds | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Investment Grade | U.S. Treasury Bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Investment Grade | U.S. Treasury Bonds | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Investment Grade | Municipal Bonds | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 999,995 | |
Investment Grade | Municipal Bonds | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 93.20% | |
Investment Grade | Municipal Bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 54,521 | |
Investment Grade | Municipal Bonds | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 5.10% | |
Investment Grade | Foreign Government Bonds | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 133,945 | |
Investment Grade | Foreign Government Bonds | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 82.90% | |
Investment Grade | Foreign Government Bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 22,184 | |
Investment Grade | Foreign Government Bonds | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 13.70% | |
Investment Grade | Governmental Agency Bonds | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 221,718 | |
Investment Grade | Governmental Agency Bonds | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Investment Grade | Governmental Agency Bonds | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Investment Grade | Governmental Agency Bonds | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 2,225,920 | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Investment Grade | U.S. Corporate Debt Securities | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 249,320 | |
Investment Grade | U.S. Corporate Debt Securities | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 34.30% | |
Investment Grade | U.S. Corporate Debt Securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 262,936 | |
Investment Grade | U.S. Corporate Debt Securities | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 36.20% | |
Investment Grade | Foreign Corporate Debt Securities | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 123,674 | |
Investment Grade | Foreign Corporate Debt Securities | A- or Higher | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 49.60% | |
Investment Grade | Foreign Corporate Debt Securities | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 96,553 | |
Investment Grade | Foreign Corporate Debt Securities | BBB+ to BBB- | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 38.70% | |
Investment Grade | Preferred stocks | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities | $ 0 | |
Investment Grade | Preferred stocks | A- or Higher | Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Investment Grade | Preferred stocks | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities | $ 13,616 | |
Investment Grade | Preferred stocks | BBB+ to BBB- | Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 73.50% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 267,265 | |
Non-Investment Grade | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 5.60% | |
Non-Investment Grade | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Non-Investment Grade | U.S. Treasury Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Non-Investment Grade | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 17,846 | |
Non-Investment Grade | Municipal Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 1.70% | |
Non-Investment Grade | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 5,520 | |
Non-Investment Grade | Foreign Government Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 3.40% | |
Non-Investment Grade | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Non-Investment Grade | Governmental Agency Bonds | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Non-Investment Grade | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Non-Investment Grade | Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 0.00% | |
Non-Investment Grade | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 214,672 | |
Non-Investment Grade | U.S. Corporate Debt Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 29.50% | |
Non-Investment Grade | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 29,227 | |
Non-Investment Grade | Foreign Corporate Debt Securities | Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 11.70% | |
Non-Investment Grade | Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities | $ 4,911 | |
Non-Investment Grade | Preferred stocks | Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of investment portfolio by credit rating agencies | 26.50% | |
Available For Sale Securities Excluding Common Stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Total | $ 4,822,011 | |
Percentage of investment portfolio by credit rating agencies | 100.00% | |
Available For Sale Securities Excluding Common Stocks | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Total | $ 4,100,025 | |
Percentage of investment portfolio by credit rating agencies | 85.10% | |
Available For Sale Securities Excluding Common Stocks | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Total | $ 449,810 | |
Percentage of investment portfolio by credit rating agencies | 9.30% | |
Available For Sale Securities Excluding Common Stocks | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Total | $ 272,176 | |
Percentage of investment portfolio by credit rating agencies | 5.60% |
Debt and Equity Securities (C43
Debt and Equity Securities (Composition of Investment Portfolio in Unrealized Loss Position by Credit Rating Agencies) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,562,232 | $ 3,137,507 |
Available For Sale Securities Excluding Common Stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,509,763 | |
Percentage of investments in unrealized loss position | 100.00% | |
Investment Grade | Available For Sale Securities Excluding Common Stocks | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,326,268 | |
Percentage of investments in unrealized loss position | 92.70% | |
Investment Grade | Available For Sale Securities Excluding Common Stocks | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 136,621 | |
Percentage of investments in unrealized loss position | 5.40% | |
Non-Investment Grade | Available For Sale Securities Excluding Common Stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 46,874 | |
Percentage of investments in unrealized loss position | 1.90% | |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,497,710 | 3,008,227 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 81,677 | 111,748 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 371,977 | 652,016 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 107,812 | 63,368 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 187,836 | 148,112 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 1,519,065 | 1,728,139 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 163,180 | 218,032 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 66,163 | 86,812 |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,326,268 | |
Percentage of investments in unrealized loss position | 93.10% | |
Debt Securities | Investment Grade | A- or Higher | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 81,677 | |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Investment Grade | A- or Higher | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 355,301 | |
Percentage of investments in unrealized loss position | 95.60% | |
Debt Securities | Investment Grade | A- or Higher | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 95,300 | |
Percentage of investments in unrealized loss position | 88.40% | |
Debt Securities | Investment Grade | A- or Higher | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 187,836 | |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Investment Grade | A- or Higher | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 1,519,065 | |
Percentage of investments in unrealized loss position | 100.00% | |
Debt Securities | Investment Grade | A- or Higher | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 46,440 | |
Percentage of investments in unrealized loss position | 28.50% | |
Debt Securities | Investment Grade | A- or Higher | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 40,649 | |
Percentage of investments in unrealized loss position | 61.40% | |
Debt Securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 128,631 | |
Percentage of investments in unrealized loss position | 5.10% | |
Debt Securities | Investment Grade | BBB+ to BBB- | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Investment Grade | BBB+ to BBB- | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 15,057 | |
Percentage of investments in unrealized loss position | 4.00% | |
Debt Securities | Investment Grade | BBB+ to BBB- | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 9,663 | |
Percentage of investments in unrealized loss position | 9.00% | |
Debt Securities | Investment Grade | BBB+ to BBB- | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Investment Grade | BBB+ to BBB- | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Investment Grade | BBB+ to BBB- | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 80,803 | |
Percentage of investments in unrealized loss position | 49.50% | |
Debt Securities | Investment Grade | BBB+ to BBB- | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 23,108 | |
Percentage of investments in unrealized loss position | 34.90% | |
Debt Securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 42,811 | |
Percentage of investments in unrealized loss position | 1.80% | |
Debt Securities | Non-Investment Grade | U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Non-Investment Grade | Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 1,619 | |
Percentage of investments in unrealized loss position | 0.40% | |
Debt Securities | Non-Investment Grade | Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,849 | |
Percentage of investments in unrealized loss position | 2.60% | |
Debt Securities | Non-Investment Grade | Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Non-Investment Grade | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Debt Securities | Non-Investment Grade | U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 35,937 | |
Percentage of investments in unrealized loss position | 22.00% | |
Debt Securities | Non-Investment Grade | Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 2,406 | |
Percentage of investments in unrealized loss position | 3.70% | |
Equity securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 64,522 | $ 129,280 |
Equity securities | Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 12,053 | |
Percentage of investments in unrealized loss position | 100.00% | |
Equity securities | Investment Grade | A- or Higher | Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 0 | |
Percentage of investments in unrealized loss position | 0.00% | |
Equity securities | Investment Grade | BBB+ to BBB- | Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 7,990 | |
Percentage of investments in unrealized loss position | 66.30% | |
Equity securities | Non-Investment Grade | Preferred stocks | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Unrealized loss position | $ 4,063 | |
Percentage of investments in unrealized loss position | 33.70% |
Goodwill (Carrying Amount of Go
Goodwill (Carrying Amount of Goodwill by Operating Segment) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 1,017,417 |
Acquisitions | 123,954 |
Foreign currency translation | 4,391 |
Other adjustments | (298) |
Ending balance | 1,145,464 |
Title Insurance and Services | |
Goodwill [Line Items] | |
Beginning balance | 970,652 |
Acquisitions | 123,954 |
Foreign currency translation | 4,391 |
Other adjustments | (298) |
Ending balance | 1,098,699 |
Specialty Insurance | |
Goodwill [Line Items] | |
Beginning balance | 46,765 |
Acquisitions | 0 |
Foreign currency translation | 0 |
Other adjustments | 0 |
Ending balance | $ 46,765 |
Goodwill (Narrative) (Detail)
Goodwill (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2017ReportingUnit | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Number of reporting units | 4 |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Customer relationships | $ 77,600 | $ 78,542 |
Noncompete agreements | 10,210 | 10,007 |
Trademarks | 7,210 | 6,472 |
Internal-use software licenses | 27,632 | 16,038 |
Patents | 2,840 | 2,840 |
Finite-lived intangible assets, gross | 125,492 | 113,899 |
Accumulated amortization | (67,250) | (51,885) |
Finite-lived intangible assets, net | 58,242 | 62,014 |
Licenses | 16,884 | 16,884 |
Other intangibles assets, net | $ 75,126 | $ 78,898 |
Other Intangible Assets (Narrat
Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Amortization expense | $ 7 | $ 3.7 | $ 19.7 | $ 9.3 |
Other Intangible Assets (Estima
Other Intangible Assets (Estimated Amortization Expense for Finite-Lived Intangible Assets) (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Remainder of 2017 | $ 7,975 |
2,018 | 15,920 |
2,019 | 9,210 |
2,020 | 5,221 |
2,021 | 2,976 |
2,022 | $ 2,380 |
Reserve for Known and Incurre49
Reserve for Known and Incurred but Not Reported Claims (Activity in Reserve for Known and Incurred but Not Reported Claims) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Balance at beginning of period | $ 1,025,863 | $ 983,880 | ||
Provision related to current year | 330,342 | 345,556 | ||
Provision related to prior years | 3,353 | 20,917 | ||
Total Provision | $ 120,349 | $ 137,015 | 333,695 | 366,473 |
Payments, net of recoveries, related to: Current year | 165,914 | 160,693 | ||
Payments, net of recoveries, related to: Prior years | 185,483 | 190,656 | ||
Total Payments, net of recoveries | 351,397 | 351,349 | ||
Other | 13,487 | 19,036 | ||
Balance at end of period | $ 1,021,648 | $ 1,018,040 | $ 1,021,648 | $ 1,018,040 |
Reserve for Known and Incurre50
Reserve for Known and Incurred but Not Reported Claims (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Insurance [Abstract] | ||||
Provision for title loss, percentage of title premiums and escrow fees | 4.00% | 5.50% | 4.00% | 5.50% |
Ultimate loss rate | 4.00% | 5.00% | ||
Estimated increase in loss reserve for prior policy years | $ 5.8 |
Reserve for Known and Incurre51
Reserve for Known and Incurred but Not Reported Claims (Summary of Loss Reserves) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Insurance [Abstract] | ||||
Known title claims, amount | $ 74,755 | $ 83,805 | ||
Incurred but not reported claims | 889,079 | 888,126 | ||
Total title claims, amount | 963,834 | 971,931 | ||
Non-title claims, amount | 57,814 | 53,932 | ||
Total loss reserves, amount | $ 1,021,648 | $ 1,025,863 | $ 1,018,040 | $ 983,880 |
Known title claims, percent | 7.30% | 8.10% | ||
Incurred but not reported claims, percent | 87.00% | 86.60% | ||
Total title claims, percent | 94.30% | 94.70% | ||
Non-title claims, percent | 5.70% | 5.30% | ||
Total loss reserves, percent | 100.00% | 100.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rates | (17.90%) | 35.70% | 29.70% | 33.70% | |
Statutory federal tax rate | 35.00% | ||||
Reduction in income tax expense | $ 0.1 | $ 2.8 | |||
Net payable related to spin-off tax liabilities | 13 | 13 | $ 16.3 | ||
Liability for income taxes associated with uncertain tax positions | 12.8 | 12.8 | 18.1 | ||
Offsetting tax benefits related to uncertain tax positions | 5.4 | 5.4 | 5.7 | ||
Uncertain tax positions, net | 7.4 | 7.4 | 12.4 | ||
Accrued interest and penalties on uncertain tax positions | $ 4.5 | 4.5 | 4.1 | ||
Other tax benefits related to interest and penalties of uncertain tax positions | $ 2 | $ 1.8 | |||
Unrecognized tax positions increase decrease, months | It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions may significantly increase or decrease within the next 12 months. Any such change may be the result of ongoing audits or the expiration of federal and state statutes of limitations for the assessment of taxes. |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to the Company | $ 21,383 | $ 107,320 | $ 201,922 | $ 261,970 |
Basic weighted-average shares | 111,799 | 110,571 | 111,578 | 110,423 |
Effect of dilutive employee stock options and restricted stock units (“RSUs”) | 776 | 680 | 676 | 583 |
Diluted weighted-average shares | 112,575 | 111,251 | 112,254 | 111,006 |
Basic | $ 0.19 | $ 0.97 | $ 1.81 | $ 2.37 |
Diluted | $ 0.19 | $ 0.96 | $ 1.80 | $ 2.36 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 1 | 0 | 8 | 17 |
Stock options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 0 | 0 | 0 | 0 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Cost) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | |||||
Service costs | $ 184 | $ 260 | $ 551 | $ 781 | |
Interest costs | 2,086 | 5,999 | 11,185 | 18,000 | |
Settlement costs | 152,388 | $ 66,300 | 0 | 152,388 | 0 |
Expected return on plan assets | 0 | (3,083) | (4,740) | (9,250) | |
Amortization of net actuarial loss | 1,958 | 7,043 | 15,792 | 21,153 | |
Amortization of prior service credit | (1,045) | (1,211) | (3,268) | (3,633) | |
Net periodic cost | $ 155,571 | $ 9,008 | $ 171,908 | $ 27,051 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Defined benefit pension plans and defined benefit postretirement plans disclosure [Abstract] | |||||||
Cash contributions for pension settlement | $ 84,800 | ||||||
Defined benefit plan, settlements benefit obligation | $ 152,388 | $ 66,300 | $ 0 | $ 152,388 | $ 0 | ||
Defined benefit plan, settlements plan assets | $ 127,200 | ||||||
Contribution for pension obligation | $ 34,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Assets Measured on Recurring Basis) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | $ 5,249,669 | $ 4,957,448 |
Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 4,803,484 | 4,553,363 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 446,185 | 404,085 |
U.S. Treasury Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 145,453 | 151,391 |
Municipal Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 1,072,362 | 984,333 |
Foreign Government Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 161,649 | 140,048 |
Governmental Agency Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 221,718 | 193,868 |
Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 2,225,920 | 2,163,673 |
U.S. Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 726,928 | 678,524 |
Foreign Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 249,454 | 241,526 |
Preferred stocks | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 18,527 | 15,582 |
Common Stock | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 427,658 | 388,503 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 446,185 | 404,085 |
Level 1 | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 446,185 | 404,085 |
Level 1 | U.S. Treasury Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Municipal Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Foreign Government Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Governmental Agency Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | U.S. Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Foreign Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 1 | Preferred stocks | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 18,527 | 15,582 |
Level 1 | Common Stock | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 427,658 | 388,503 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 4,790,102 | 4,500,430 |
Level 2 | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 4,790,102 | 4,500,430 |
Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 2 | U.S. Treasury Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 145,453 | 151,391 |
Level 2 | Municipal Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 1,072,362 | 984,333 |
Level 2 | Foreign Government Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 161,649 | 140,048 |
Level 2 | Governmental Agency Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 221,718 | 193,868 |
Level 2 | Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 2,225,920 | 2,163,673 |
Level 2 | U.S. Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 714,419 | 631,859 |
Level 2 | Foreign Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 248,581 | 235,258 |
Level 2 | Preferred stocks | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 2 | Common Stock | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 13,382 | 52,933 |
Level 3 | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 13,382 | 52,933 |
Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | U.S. Treasury Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | Municipal Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | Foreign Government Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | Governmental Agency Bonds | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | Governmental Agency Mortgage-Backed Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | U.S. Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 12,509 | 46,665 |
Level 3 | Foreign Corporate Debt Securities | Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 873 | 6,268 |
Level 3 | Preferred stocks | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | 0 | 0 |
Level 3 | Common Stock | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Available for sale securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value assets, Level 1 to Level 2 transfers amount | $ 0 | $ 0 |
Fair value assets, Level 2 to Level 1 transfers amount | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Changes in Fair Value of Level 3 Assets Measured on Recurring Basis) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | $ 20,043 | $ 15,216 | $ 52,933 | $ 50,139 |
Transfers into Level 3 | 4,320 | 5,968 | 575 | 269 |
Transfers out of Level 3 | (6,788) | (4,546) | (29,177) | (31,586) |
Included in earnings | 25 | 5 | 128 | (136) |
Included in other comprehensive income (loss) | (91) | 158 | (507) | 1,141 |
Purchases | 1,050 | 2,911 | 9,069 | 11,375 |
Sales | (1,231) | (96) | (4,778) | (5,795) |
Settlements | (3,946) | (356) | (14,861) | (6,147) |
Fair value at end of period | 13,382 | 19,260 | 13,382 | 19,260 |
U.S. Corporate Debt Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | 18,128 | 14,493 | 46,665 | 43,567 |
Transfers into Level 3 | 3,747 | 5,968 | 377 | 269 |
Transfers out of Level 3 | (6,788) | (4,546) | (27,066) | (27,764) |
Included in earnings | 26 | 5 | 117 | (88) |
Included in other comprehensive income (loss) | (86) | 115 | (460) | 1,053 |
Purchases | 901 | 1,866 | 7,994 | 10,132 |
Sales | (1,231) | (46) | (2,824) | (4,750) |
Settlements | (2,188) | (356) | (12,294) | (4,920) |
Fair value at end of period | 12,509 | 17,499 | 12,509 | 17,499 |
Foreign Corporate Debt Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | 1,915 | 723 | 6,268 | 6,572 |
Transfers into Level 3 | 573 | 0 | 198 | 0 |
Transfers out of Level 3 | 0 | 0 | (2,111) | (3,822) |
Included in earnings | (1) | 0 | 11 | (48) |
Included in other comprehensive income (loss) | (5) | 43 | (47) | 88 |
Purchases | 149 | 1,045 | 1,075 | 1,243 |
Sales | 0 | (50) | (1,954) | (1,045) |
Settlements | (1,758) | 0 | (2,567) | (1,227) |
Fair value at end of period | $ 873 | $ 1,761 | $ 873 | $ 1,761 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amounts and Estimated Fair Values of Financial Instruments Not Measured at Fair Value) (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 1,141,915 | $ 1,006,138 |
Deposits with banks | 20,940 | 21,222 |
Notes receivable, net | 7,466 | 7,799 |
Liabilities: | ||
Deposits | 2,965,426 | 2,779,478 |
Notes and contracts payable | 734,091 | 736,693 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 1,141,915 | 1,006,138 |
Deposits with banks | 20,887 | 21,176 |
Notes receivable, net | 7,297 | 7,542 |
Liabilities: | ||
Deposits | 2,965,426 | 2,779,478 |
Notes and contracts payable | 756,536 | 734,812 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 1,141,915 | 1,006,138 |
Deposits with banks | 265 | 1,017 |
Notes receivable, net | 0 | 0 |
Liabilities: | ||
Deposits | 2,965,426 | 2,779,478 |
Notes and contracts payable | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 20,622 | 20,159 |
Notes receivable, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Notes and contracts payable | 752,070 | 729,658 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 0 | 0 |
Notes receivable, net | 7,297 | 7,542 |
Liabilities: | ||
Deposits | 0 | 0 |
Notes and contracts payable | $ 4,466 | $ 5,154 |
Share-Based Compensation (Expen
Share-Based Compensation (Expenses Associated with Share-Based Compensation Plans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 6,617 | $ 6,128 | $ 31,196 | $ 28,096 |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 5,866 | 5,401 | 28,634 | 25,766 |
Stock options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 69 | 68 | 203 | 203 |
Employee stock purchase plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 682 | $ 659 | $ 2,359 | $ 2,127 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of RSU Activity) (Detail) - RSUs shares in Thousands | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
RSU, Shares | |
Unvested at December 31, 2016 | shares | 1,510 |
Granted during 2017 | shares | 893 |
Vested during 2017 | shares | (957) |
Forfeited during 2017 | shares | (9) |
Unvested at September 30, 2017 | shares | 1,437 |
RSU, Weighted-average grant-date fair value | |
Beginning Balance, Weighted-average grant-date fair value | $ / shares | $ 33.38 |
Granted, Weighted-average grant-date fair value | $ / shares | 39.26 |
Vested, Weighted-average grant-date fair value | $ / shares | 34.53 |
Forfeited, Weighted-average grant-date fair value | $ / shares | 35.22 |
Ending Balance, Weighted-average grant-date fair value | $ / shares | $ 36.25 |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Income (Loss) (AOCI) (Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | $ (230,393) | ||||
Change in unrealized gains (losses) on securities | 81,044 | ||||
Change in foreign currency translation adjustment | 23,558 | ||||
Net actuarial loss | (8,646) | ||||
Amortization of net actuarial loss | 15,792 | ||||
Amortization of prior service credit | (3,268) | ||||
Settlement costs | 152,388 | ||||
Tax effect | $ (66,740) | $ (3,399) | (92,235) | $ (38,004) | |
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (61,760) | (61,760) | |||
Allocated to the Company | (61,779) | (61,779) | $ (230,400) | ||
Allocated to noncontrolling interests | 19 | 19 | |||
Unrealized Gains (Losses) on Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | (26,760) | ||||
Change in unrealized gains (losses) on securities | 81,044 | ||||
Tax effect | (7,976) | (1,169) | (29,030) | (31,303) | |
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | 25,254 | 25,254 | |||
Allocated to the Company | 25,235 | 25,235 | |||
Allocated to noncontrolling interests | 19 | 19 | |||
Foreign Currency Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | (63,576) | ||||
Change in foreign currency translation adjustment | 23,558 | ||||
Tax effect | 0 | 0 | 0 | 0 | |
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (40,018) | (40,018) | |||
Allocated to the Company | (40,018) | (40,018) | |||
Pension Benefit Adjustment | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | (140,057) | ||||
Net actuarial loss | (8,646) | ||||
Amortization of net actuarial loss | 15,792 | ||||
Amortization of prior service credit | (3,268) | ||||
Settlement costs | 152,388 | ||||
Tax effect | (58,764) | $ (2,230) | (63,205) | $ (6,701) | |
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (46,996) | (46,996) | |||
Allocated to the Company | $ (46,996) | $ (46,996) |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income (Loss) (Other Comprehensive Income (Loss) Reclassification Adjustments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Pretax change before reclassifications | $ 25,602 | $ 8,976 | $ 110,241 | $ 99,678 |
Reclassifications out of AOCI | 152,373 | (2,855) | 150,627 | 4,298 |
Tax effect | (66,740) | (3,399) | (92,235) | (38,004) |
Total other comprehensive income, net of tax | 111,235 | 2,722 | 168,633 | 65,972 |
Unrealized Gains (Losses) on Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Pretax change before reclassifications | 22,833 | 12,435 | 95,329 | 96,612 |
Reclassifications out of AOCI | (928) | (8,687) | (14,285) | (13,222) |
Tax effect | (7,976) | (1,169) | (29,030) | (31,303) |
Total other comprehensive income, net of tax | 13,929 | 2,579 | 52,014 | 52,087 |
Foreign Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Pretax change before reclassifications | 11,415 | (3,459) | 23,558 | 3,066 |
Reclassifications out of AOCI | 0 | 0 | 0 | 0 |
Tax effect | 0 | 0 | 0 | 0 |
Total other comprehensive income, net of tax | 11,415 | (3,459) | 23,558 | 3,066 |
Pension Benefit Adjustment | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Pretax change before reclassifications | (8,646) | 0 | (8,646) | 0 |
Reclassifications out of AOCI | 153,301 | 5,832 | 164,912 | 17,520 |
Tax effect | (58,764) | (2,230) | (63,205) | (6,701) |
Total other comprehensive income, net of tax | $ 85,891 | $ 3,602 | $ 93,061 | $ 10,819 |
Accumulated Other Comprehensi65
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications out of AOCI | $ (152,373) | $ 2,855 | $ (150,627) | $ (4,298) | |
Amortization of net actuarial loss | (15,792) | ||||
Amortization of prior service credit | 3,268 | ||||
Settlement costs | (152,388) | ||||
Unrealized Gains (Losses) on Securities | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains on sales of securities | 928 | 8,687 | 14,285 | 13,707 | |
Net other-than-temporary impairment losses | (485) | ||||
Reclassifications out of AOCI | 928 | 8,687 | 14,285 | 13,222 | |
Tax effect | (332) | (3,261) | (5,778) | (5,057) | |
Pension Benefit Adjustment | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications out of AOCI | (153,301) | (5,832) | (164,912) | (17,520) | |
Tax effect | 62,276 | 2,229 | 66,702 | 6,701 | |
Amortization of net actuarial loss | [1] | (1,958) | (7,043) | (15,792) | (21,153) |
Amortization of prior service credit | [1] | 1,045 | $ 1,211 | 3,268 | $ 3,633 |
Settlement costs | [1] | $ (152,388) | $ (152,388) | ||
[1] | These components of AOCI are included in the computation of net periodic cost. See Note 9 Employee Benefit Plans for additional details. |
Business Combinations (Narrativ
Business Combinations (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||||
Acquisition purchase price | $ 87.3 | $ 56.9 | $ 91.1 | $ 75.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2017State | |
Segment Reporting Information [Line Items] | |
Number of states issues title insurance policies | 49 |
Number of states licensed to issues property and casualty insurance policies | 50 |
Number of states issues property and casualty policies | 47 |
Number of states issues home warranty contracts | 39 |
California | |
Segment Reporting Information [Line Items] | |
Policy liability percentage | 65.00% |
Segment Information (Schedule o
Segment Information (Schedule of Selected Financial Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,519,568 | $ 1,508,344 | $ 4,291,040 | $ 4,071,589 |
Income (loss) before income taxes | 17,962 | 166,931 | 285,996 | 396,130 |
Depreciation and amortization | 36,000 | 24,491 | 96,292 | 70,905 |
Capital expenditures | 35,765 | 42,792 | 105,856 | 103,815 |
Operating Segments | Title Insurance and Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,397,262 | 1,395,727 | 3,937,119 | 3,750,118 |
Income (loss) before income taxes | 181,199 | 188,706 | 476,746 | 448,815 |
Depreciation and amortization | 34,363 | 22,994 | 91,471 | 66,510 |
Capital expenditures | 33,750 | 41,948 | 100,059 | 99,887 |
Operating Segments | Specialty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 118,481 | 109,782 | 343,908 | 317,246 |
Income (loss) before income taxes | 6,178 | 1,781 | 25,779 | 18,744 |
Depreciation and amortization | 1,599 | 1,401 | 4,697 | 4,107 |
Capital expenditures | 2,015 | 844 | 5,797 | 3,928 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,108 | 2,855 | 10,872 | 4,265 |
Income (loss) before income taxes | (169,415) | (23,556) | (216,529) | (71,429) |
Depreciation and amortization | 38 | 96 | 124 | 288 |
Capital expenditures | 0 | 0 | 0 | 0 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (283) | (20) | (859) | (40) |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 |