Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 111,787,641 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 2,205,319 | $ 1,387,226 |
Accounts and accrued income receivable, net | 362,614 | 311,084 |
Income taxes receivable | 49,031 | 38,673 |
Investments: | ||
Deposits with banks | 37,547 | 41,335 |
Debt securities, includes pledged securities of $107,288 and $108,427 | 5,529,860 | 4,752,684 |
Equity securities | 447,749 | 466,516 |
Other investments | 123,652 | 117,768 |
Investments, Total | 6,138,808 | 5,378,303 |
Secured financings receivable | 86,509 | 0 |
Property and equipment, net | 457,545 | 439,569 |
Title plants and other indexes | 575,431 | 568,452 |
Deferred income taxes | 22,803 | 22,803 |
Goodwill | 1,145,086 | 1,113,005 |
Other intangible assets, net | 111,647 | 99,913 |
Other assets | 225,334 | 214,194 |
Total assets | 11,380,127 | 9,573,222 |
Liabilities and Equity | ||
Deposits | 4,548,635 | 3,070,566 |
Accounts payable and accrued liabilities | 826,729 | 793,157 |
Deferred revenue | 255,324 | 240,822 |
Reserve for known and incurred but not reported claims | 1,026,959 | 1,028,933 |
Income taxes payable | 5,416 | 4,602 |
Deferred income taxes | 219,307 | 219,307 |
Secured financings payable | 86,501 | 0 |
Notes and contracts payable | 735,258 | 732,810 |
Total liabilities | 7,704,129 | 6,090,197 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value; Authorized—500 shares; Outstanding—none | 0 | 0 |
Common stock, $0.00001 par value; Authorized—300,000 shares; Outstanding—111,787 shares and 110,925 shares | 1 | 1 |
Additional paid-in capital | 2,266,830 | 2,236,351 |
Retained earnings | 1,600,296 | 1,311,112 |
Accumulated other comprehensive loss | (192,912) | (67,509) |
Total stockholders’ equity | 3,674,215 | 3,479,955 |
Noncontrolling interests | 1,783 | 3,070 |
Total equity | 3,675,998 | 3,483,025 |
Total liabilities and equity | $ 11,380,127 | $ 9,573,222 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Pledged securities included in debt securities | $ 107,288 | $ 108,427 |
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 | 111,787,000 | 110,925,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Direct premiums and escrow fees | $ 649,375 | $ 651,104 | $ 1,854,835 | $ 1,819,193 |
Agent premiums | 615,113 | 629,186 | 1,701,831 | 1,757,796 |
Information and other | 198,680 | 201,819 | 596,090 | 586,179 |
Net investment income | 67,874 | 44,460 | 167,000 | 117,109 |
Net realized investment gains (losses) | 11,144 | (7,001) | 10,975 | 10,763 |
Total revenues | 1,542,186 | 1,519,568 | 4,330,731 | 4,291,040 |
Expenses | ||||
Personnel costs | 449,839 | 443,992 | 1,312,455 | 1,287,570 |
Premiums retained by agents | 485,621 | 497,911 | 1,341,808 | 1,387,608 |
Other operating expenses | 227,670 | 374,347 | 675,085 | 820,540 |
Provision for policy losses and other claims | 122,196 | 120,349 | 336,395 | 333,695 |
Depreciation and amortization | 31,729 | 36,000 | 92,534 | 96,292 |
Premium taxes | 18,774 | 19,900 | 51,837 | 52,527 |
Interest | 10,770 | 9,107 | 29,997 | 26,812 |
Total expenses | 1,346,599 | 1,501,606 | 3,840,111 | 4,005,044 |
Income before income taxes | 195,587 | 17,962 | 490,620 | 285,996 |
Income tax expense (benefit) | 44,126 | (3,224) | 107,896 | 84,846 |
Net income | 151,461 | 21,186 | 382,724 | 201,150 |
Less: Net loss attributable to noncontrolling interests | (19) | (197) | (123) | (772) |
Net income attributable to the Company | $ 151,480 | $ 21,383 | $ 382,847 | $ 201,922 |
Net income per share attributable to the Company's stockholders (Note 9): | ||||
Basic | $ 1.34 | $ 0.19 | $ 3.40 | $ 1.81 |
Diluted | 1.34 | 0.19 | 3.38 | 1.80 |
Cash dividends declared per share | $ 0.42 | $ 0.38 | $ 1.18 | $ 1.06 |
Weighted-average common shares outstanding (Note 9): | ||||
Basic | 112,722 | 111,799 | 112,541 | 111,578 |
Diluted | 113,365 | 112,575 | 113,213 | 112,254 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 151,461 | $ 21,186 | $ 382,724 | $ 201,150 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (losses) gains on securities | (14,662) | 13,929 | (73,933) | 52,014 |
Foreign currency translation adjustment | 3,001 | 11,415 | (11,296) | 23,558 |
Pension benefit adjustment | 118 | 85,891 | 357 | 93,061 |
Total other comprehensive income (loss), net of tax | (11,543) | 111,235 | (84,872) | 168,633 |
Comprehensive income | 139,918 | 132,421 | 297,852 | 369,783 |
Less: Comprehensive loss attributable to noncontrolling interests | (19) | (192) | (142) | (760) |
Comprehensive income attributable to the Company | $ 139,937 | $ 132,613 | $ 297,994 | $ 370,543 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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 | |||||||
Net income (loss) | 58,069 | 58,282 | 58,282 | (213) | ||||
Dividends on common shares | (37,495) | (37,495) | (37,495) | |||||
Shares issued in connection with share-based compensation, value | (5,947) | (5,078) | (869) | (5,947) | ||||
Shares issued in connection with share-based compensation, shares | 584 | |||||||
Share-based compensation | 17,032 | 17,032 | 17,032 | |||||
Net activity related to noncontrolling interests | (841) | (841) | ||||||
Other comprehensive income (loss) | 32,418 | 32,411 | 32,411 | 7 | ||||
Balance value at Mar. 31, 2017 | 3,077,585 | $ 1 | 2,203,710 | 1,066,740 | (197,989) | 3,072,462 | 5,123 | |
Balance shares at Mar. 31, 2017 | 110,528 | |||||||
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 | |||||||
Net income (loss) | 201,150 | |||||||
Other comprehensive income (loss) | 168,633 | |||||||
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 | |||||||
Balance value at Mar. 31, 2017 | 3,077,585 | $ 1 | 2,203,710 | 1,066,740 | (197,989) | 3,072,462 | 5,123 | |
Balance shares at Mar. 31, 2017 | 110,528 | |||||||
Net income (loss) | 121,895 | 122,257 | 122,257 | (362) | ||||
Dividends on common shares | (37,604) | (37,604) | (37,604) | |||||
Shares issued in connection with share-based compensation, value | 3,780 | 4,591 | (811) | 3,780 | ||||
Shares issued in connection with share-based compensation, shares | 193 | |||||||
Share-based compensation | 7,548 | 7,548 | 7,548 | |||||
Net activity related to noncontrolling interests | (26) | (26) | ||||||
Other comprehensive income (loss) | 24,980 | 24,980 | 24,980 | |||||
Balance value at Jun. 30, 2017 | 3,198,158 | $ 1 | 2,215,849 | 1,150,582 | (173,009) | 3,193,423 | 4,735 | |
Balance shares at Jun. 30, 2017 | 110,721 | |||||||
Net income (loss) | 21,186 | 21,383 | 21,383 | (197) | ||||
Dividends on common shares | (42,075) | (42,075) | (42,075) | |||||
Shares issued in connection with share-based compensation, value | 3,362 | 4,271 | (909) | 3,362 | ||||
Shares issued in connection with share-based compensation, shares | 96 | |||||||
Share-based compensation | 6,616 | 6,616 | 6,616 | |||||
Net activity related to noncontrolling interests | (85) | (45) | (45) | (40) | ||||
Other comprehensive income (loss) | 111,235 | 111,230 | 111,230 | 5 | ||||
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 | |||||||
Balance value at Dec. 31, 2017 | $ 3,483,025 | $ 1 | 2,236,351 | 1,311,112 | (67,509) | 3,479,955 | 3,070 | |
Balance shares at Dec. 31, 2017 | 110,925 | 110,925 | ||||||
Cumulative-effect adjustment (Note 1) | Accounting Standards Update 2016-01 | 40,550 | (40,550) | ||||||
Net income (loss) | $ 76,172 | 76,227 | 76,227 | (55) | ||||
Dividends on common shares | (42,330) | (42,330) | (42,330) | |||||
Shares issued in connection with share-based compensation, value | (12,606) | (11,759) | (847) | (12,606) | ||||
Shares issued in connection with share-based compensation, shares | 620 | |||||||
Share-based compensation | 19,509 | 19,509 | 19,509 | |||||
Net activity related to noncontrolling interests | (901) | 189 | 189 | (1,090) | ||||
Other comprehensive income (loss) | (50,428) | (50,409) | (50,409) | (19) | ||||
Balance value at Mar. 31, 2018 | 3,472,441 | $ 1 | 2,244,290 | 1,384,712 | (158,468) | 3,470,535 | 1,906 | |
Balance shares at Mar. 31, 2018 | 111,545 | |||||||
Balance value at Dec. 31, 2017 | $ 3,483,025 | $ 1 | 2,236,351 | 1,311,112 | (67,509) | 3,479,955 | 3,070 | |
Balance shares at Dec. 31, 2017 | 110,925 | 110,925 | ||||||
Cumulative-effect adjustment (Note 1) | Accounting Standards Update 2016-01 | [1] | (40,550) | ||||||
Net income (loss) | $ 382,724 | |||||||
Other comprehensive income (loss) | (84,872) | |||||||
Balance value at Sep. 30, 2018 | $ 3,675,998 | $ 1 | 2,266,830 | 1,600,296 | (192,912) | 3,674,215 | 1,783 | |
Balance shares at Sep. 30, 2018 | 111,787 | 111,787 | ||||||
Balance value at Mar. 31, 2018 | $ 3,472,441 | $ 1 | 2,244,290 | 1,384,712 | (158,468) | 3,470,535 | 1,906 | |
Balance shares at Mar. 31, 2018 | 111,545 | |||||||
Net income (loss) | 155,091 | 155,140 | 155,140 | (49) | ||||
Dividends on common shares | (42,387) | (42,387) | (42,387) | |||||
Shares issued in connection with share-based compensation, value | 1,377 | 2,204 | (827) | 1,377 | ||||
Shares issued in connection with share-based compensation, shares | 113 | |||||||
Share-based compensation | 7,626 | 7,626 | 7,626 | |||||
Net activity related to noncontrolling interests | (25) | 133 | 133 | (158) | ||||
Other comprehensive income (loss) | (22,901) | (22,901) | (22,901) | |||||
Balance value at Jun. 30, 2018 | 3,571,222 | $ 1 | 2,254,253 | 1,496,638 | (181,369) | 3,569,523 | 1,699 | |
Balance shares at Jun. 30, 2018 | 111,658 | |||||||
Net income (loss) | 151,461 | 151,480 | 151,480 | (19) | ||||
Dividends on common shares | (46,912) | (46,912) | (46,912) | |||||
Shares issued in connection with share-based compensation, value | 4,556 | 5,466 | (910) | 4,556 | ||||
Shares issued in connection with share-based compensation, shares | 129 | |||||||
Share-based compensation | 7,241 | 7,241 | 7,241 | |||||
Net activity related to noncontrolling interests | (27) | (130) | (130) | 103 | ||||
Other comprehensive income (loss) | (11,543) | (11,543) | (11,543) | |||||
Balance value at Sep. 30, 2018 | $ 3,675,998 | $ 1 | $ 2,266,830 | $ 1,600,296 | $ (192,912) | $ 3,674,215 | $ 1,783 | |
Balance shares at Sep. 30, 2018 | 111,787 | 111,787 | ||||||
[1] | The Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities upon adoption of new accounting guidance on January 1, 2018. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 382,724 | $ 201,150 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for policy losses and other claims | 336,395 | 333,695 |
Depreciation and amortization | 92,534 | 96,292 |
Amortization of premiums and accretion of discounts on debt securities, net | 20,521 | 25,013 |
Net realized investment gains | (10,975) | (10,763) |
Share-based compensation | 34,376 | 31,196 |
Equity in earnings of affiliates, net | (2,255) | (4,550) |
Dividends from equity method investments | 3,419 | 9,593 |
Changes in assets and liabilities excluding effects of acquisitions and noncash transactions: | ||
Claims paid, including assets acquired, net of recoveries | (333,970) | (351,397) |
Net change in income tax accounts | 12,301 | 34,462 |
Increase in accounts and accrued income receivable | (51,150) | (11,907) |
(Decrease) increase in accounts payable and accrued liabilities | (11,806) | 95,383 |
Increase in deferred revenue | 14,678 | 20,313 |
Other, net | (1,931) | (12,953) |
Cash provided by operating activities | 484,861 | 455,527 |
Cash flows from investing activities: | ||
Net cash effect of acquisitions/dispositions | (73,757) | (82,993) |
Net decrease in deposits with banks | 2,462 | 1,171 |
Purchases of debt and equity securities | (1,924,260) | (1,276,401) |
Proceeds from sales of debt and equity securities | 660,548 | 599,365 |
Proceeds from maturities of debt securities | 429,287 | 457,334 |
Net change in other investments | (6,612) | 2,555 |
Advances under secured financing agreements | (1,537,657) | 0 |
Collections of secured financings receivable | 1,520,911 | 0 |
Capital expenditures | (87,319) | (103,064) |
Proceeds from sales of property and equipment | 1,670 | 9,882 |
Cash used for investing activities | (1,014,727) | (392,151) |
Cash flows from financing activities: | ||
Net change in deposits | 1,478,069 | 185,948 |
Borrowings under secured financing agreements | 1,537,593 | 0 |
Repayments of secured financings payable | (1,520,855) | 0 |
Repayments of notes and contracts payable | (4,111) | (4,128) |
Net activity related to noncontrolling interests | (945) | (964) |
Net (payments) proceeds in connection with share-based compensation plans | (6,673) | 1,195 |
Payments of cash dividends | (131,629) | (117,174) |
Cash provided by financing activities | 1,351,449 | 64,877 |
Effect of exchange rate changes on cash | (3,490) | 7,524 |
Net increase in cash and cash equivalents | 818,093 | 135,777 |
Cash and cash equivalents—Beginning of period | 1,387,226 | 1,006,138 |
Cash and cash equivalents—End of period | 2,205,319 | 1,141,915 |
Supplemental information: | ||
Interest | 28,030 | 24,619 |
Premium taxes | 56,396 | 55,233 |
Income taxes, less refunds of $1,047 and $52,828 | $ 95,041 | $ 50,264 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Cash Flows [Abstract] | ||
Income taxes, refunds | $ 1,047 | $ 52,828 |
Basis of Condensed Consolidated
Basis of Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017. 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. Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“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 adoption of this guidance had no impact on the Company’s 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 adopted this change in accounting principle at the beginning of 2018 and applied the change retrospectively to the prior year. As a result, other components of net benefit cost totaling $155.4 million and $171.4 million were reclassified from personnel costs to other operating expenses on the condensed consolidated statements of income for the three and nine months ended September 30, 2017, respectively. See Note 10 Employee Benefit Plans for further information on the Company’s net periodic pension costs. 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 adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued updated guidance intended to reduce the diversity in practice on presenting restricted cash and 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 adoption of this guidance had no impact on the Company’s 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 adoption of this guidance had no impact on the Company’s 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 adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. 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. The Company adopted this guidance at the beginning of 2018 and recognized cumulative net unrealized gains, net of taxes, of $40.6 million related to its investments in equity securities, previously classified as available-for-sale, through a cumulative-effect adjustment to retained earnings. Changes in the fair values of these investments are reflected in net realized investment gains/losses on the Company’s condensed consolidated statements of income. See Note 4 Debt and Equity Securities for further discussion of the Company’s investments in equity securities. 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. The Company elected to adopt the new guidance under the modified retrospective approach, which, except for the disclosure requirements, did not have a material impact on its condensed consolidated financial statements. See Note 2 Adoption of Revenue Guidance for further information about the Company’s revenues within the scope of the new guidance. Pending Accounting Pronouncements In August 2018, the FASB issued updated guidance that is intended to reduce potential diversity in practice in accounting for the costs of implementing cloud computing arrangements (i.e., hosting arrangements) that are service contracts. The updated guidance aligns the requirements for capitalizing implementation costs for these arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. 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 this guidance on its condensed consolidated financial statements. In August 2018, the FASB issued updated guidance as part of its disclosure framework project intended to improve the effectiveness of disclosures in the notes to the financial statements. The updated guidance eliminates, adds and modifies certain disclosure requirements related to fair value measurements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In 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 will 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 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 this 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 required to be adopted using a modified retrospective transition approach. In July 2018, the FASB issued additional updates to the new guidance which allows for the initial application of the guidance at the adoption date and for the recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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. |
Adoption of Revenue Guidance
Adoption of Revenue Guidance | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Adoption of Revenue Guidance | Note 2 – Adoption of Revenue Guidance The Company’s information and other revenues and escrow fees are within the scope of the new accounting guidance related to the recognition of revenue from contracts with customers, which the Company adopted effective January 1, 2018. Under the new guidance, revenue is recognized when control of the promised goods or services is transferred to the customer and in an amount that reflects the consideration the Company expects to be entitled to in exchange for these goods or services. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. For those products and services where the Company’s performance obligation is satisfied at a point in time and for which there is no ongoing obligation, revenue is recognized upon delivery. For those products and services where the Company satisfies its performance obligation over time as the product or service is being transferred to the customer, revenue is generally recognized using the output method as the products or services are delivered. The Company has elected to apply the optional exemptions allowed under the new guidance whereby the Company is not required to disclose either the transaction price allocated to performance obligations that are unsatisfied as of the end of the period or an explanation as to when the Company expects to recognize the related revenue. Such contracts generally include performance obligations that are contingent upon the closing of a real estate transaction or include variable consideration based on order volumes, and have remaining contract terms of generally less than three years. The Company is eligible to apply the optional exemptions to its remaining performance obligations due to 1) the performance obligation is part of a contract that has an original duration of one year or less, 2) the associated revenue being recognized is based on the Company’s right to invoice for the value of the product or service delivered, 3) the associated variable consideration is being allocated entirely to wholly unsatisfied performance obligations or 4) immateriality. The Company has also elected to apply the practical expedient allowed under the new guidance whereby it can disregard the impact to the transaction price of the effects of a significant financing component for arrangements where the Company expects the period between delivery of the product or service and customer payment to be one year or less. In addition, the Company has elected to apply the practical expedient whereby it can recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period for the asset that the Company otherwise would have recognized is one year or less. The Company records a contract asset, and recognizes revenue, upon delivery of certain products related to the closing of a real property transaction where the Company’s right to payment is subject to the closing of the real estate transaction. The Company records a contract liability for payments received in advance of revenue recognition for certain products or services. Contract assets and liabilities were not material at September 30, 2018. Revenues recognized during the three and nine months ended September 30, 2018 that were included in contract liabilities at the beginning of the period were not material. For information about the Company’s revenues disaggregated by reportable segment see Note 16 Segment Information. |
Escrow Deposits, Like-Kind Exch
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets | Note 3 – 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 $8.9 billion and $7.5 billion at September 30, 2018 and December 31, 2017, respectively, of which $4.4 billion and $2.9 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 $3.8 billion and $3.7 billion at September 30, 2018 and December 31, 2017, 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 $2.6 billion at September 30, 2018 and December 31, 2017. 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, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Debt and Equity Securities | Note 4 – 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, 2018 U.S. Treasury bonds $ 204,854 $ 135 $ (5,033 ) $ 199,956 Municipal bonds 1,093,531 3,630 (22,973 ) 1,074,188 Foreign government bonds 156,289 231 (2,518 ) 154,002 Governmental agency bonds 334,690 284 (8,425 ) 326,549 Governmental agency mortgage-backed securities 2,786,111 2,422 (49,763 ) 2,738,770 U.S. corporate debt securities 773,189 2,763 (12,147 ) 763,805 Foreign corporate debt securities 275,290 1,020 (3,720 ) 272,590 $ 5,623,954 $ 10,485 $ (104,579 ) $ 5,529,860 December 31, 2017 U.S. Treasury bonds $ 173,049 $ 2,199 $ (1,250 ) $ 173,998 Municipal bonds 1,031,146 12,185 (7,394 ) 1,035,937 Foreign government bonds 170,220 489 (1,221 ) 169,488 Governmental agency bonds 212,731 1,061 (2,322 ) 211,470 Governmental agency mortgage-backed securities 2,172,377 3,168 (16,588 ) 2,158,957 U.S. corporate debt securities 734,409 11,768 (2,962 ) 743,215 Foreign corporate debt securities 256,430 4,145 (956 ) 259,619 $ 4,750,362 $ 35,015 $ (32,693 ) $ 4,752,684 Sales of debt securities resulted in realized gains of $0.6 million and $1.9 million, realized losses of $3.1 million and $6.9 million, and proceeds of $183.1 million and $525.4 million for the three and nine months ended September 30, 2018, respectively, and realized gains of $0.9 million and $3.9 million, realized losses of $0.4 million and $4.0 million, and proceeds of $63.7 million and $357.7 million for the three and nine months ended September 30, 2017, respectively. Gross unrealized losses on investments in debt securities are as follows: Less than 12 months 12 months or longer Total (in thousands) Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses September 30, 2018 U.S. Treasury bonds $ 138,105 $ (2,976 ) $ 49,131 $ (2,057 ) $ 187,236 $ (5,033 ) Municipal bonds 508,857 (7,747 ) 296,302 (15,226 ) 805,159 (22,973 ) Foreign government bonds 101,286 (1,250 ) 33,004 (1,268 ) 134,290 (2,518 ) Governmental agency bonds 183,040 (3,260 ) 136,979 (5,165 ) 320,019 (8,425 ) Governmental agency mortgage-backed securities 1,367,730 (21,748 ) 877,474 (28,015 ) 2,245,204 (49,763 ) U.S. corporate debt securities 442,049 (7,825 ) 86,252 (4,322 ) 528,301 (12,147 ) Foreign corporate debt securities 152,560 (2,546 ) 39,727 (1,174 ) 192,287 (3,720 ) $ 2,893,627 $ (47,352 ) $ 1,518,869 $ (57,227 ) $ 4,412,496 $ (104,579 ) December 31, 2017 U.S. Treasury bonds $ 78,605 $ (511 ) $ 37,498 $ (739 ) $ 116,103 $ (1,250 ) Municipal bonds 279,292 (1,714 ) 226,895 (5,680 ) 506,187 (7,394 ) Foreign government bonds 98,942 (972 ) 6,678 (249 ) 105,620 (1,221 ) Governmental agency bonds 55,707 (409 ) 93,737 (1,913 ) 149,444 (2,322 ) Governmental agency mortgage-backed securities 671,871 (4,868 ) 774,959 (11,720 ) 1,446,830 (16,588 ) U.S. corporate debt securities 171,817 (1,568 ) 60,724 (1,394 ) 232,541 (2,962 ) Foreign corporate debt securities 81,525 (821 ) 5,697 (135 ) 87,222 (956 ) $ 1,437,759 $ (10,863 ) $ 1,206,188 $ (21,830 ) $ 2,643,947 $ (32,693 ) Based on the Company’s review of its debt securities in an unrealized loss position at September 30, 2018, it determined that the losses were primarily the result of changes in interest rates, which were considered to be temporary, rather than a deterioration in credit quality. The Company does not intend to sell and it is not more likely than not that the Company will be required to sell these securities prior to recovering their amortized cost. As such, the Company does not consider these securities to be other-than-temporarily impaired at September 30, 2018. Investments in debt securities at September 30, 2018, by contractual maturities, are as follows: (in thousands) Due in one year or less Due after one through five years Due after five through ten years Due after ten years Total U.S. Treasury bonds Amortized cost $ 27,440 $ 63,667 $ 51,675 $ 62,072 $ 204,854 Estimated fair value $ 27,200 $ 62,757 $ 50,409 $ 59,590 $ 199,956 Municipal bonds Amortized cost $ 84,445 $ 273,965 $ 305,452 $ 429,669 $ 1,093,531 Estimated fair value $ 84,352 $ 272,119 $ 300,956 $ 416,761 $ 1,074,188 Foreign government bonds Amortized cost $ 19,036 $ 109,717 $ 11,715 $ 15,821 $ 156,289 Estimated fair value $ 19,002 $ 108,840 $ 11,505 $ 14,655 $ 154,002 Governmental agency bonds Amortized cost $ 33,161 $ 119,472 $ 127,656 $ 54,401 $ 334,690 Estimated fair value $ 33,115 $ 116,611 $ 125,714 $ 51,109 $ 326,549 U.S. corporate debt securities Amortized cost $ 31,337 $ 368,851 $ 329,269 $ 43,732 $ 773,189 Estimated fair value $ 31,258 $ 364,834 $ 324,843 $ 42,870 $ 763,805 Foreign corporate debt securities Amortized cost $ 26,278 $ 157,324 $ 83,175 $ 8,513 $ 275,290 Estimated fair value $ 26,241 $ 155,799 $ 82,037 $ 8,513 $ 272,590 Total debt securities excluding mortgage-backed securities Amortized cost $ 221,697 $ 1,092,996 $ 908,942 $ 614,208 $ 2,837,843 Estimated fair value $ 221,168 $ 1,080,960 $ 895,464 $ 593,498 $ 2,791,090 Total mortgage-backed securities Amortized cost $ 2,786,111 Estimated fair value $ 2,738,770 Total debt securities Amortized cost $ 5,623,954 Estimated fair value $ 5,529,860 Mortgage-backed securities, which include contractual terms to maturity, are not categorized by contractual maturity as borrowers may have the right to call or prepay obligations with, or without, call or prepayment penalties. Investments in equity securities are as follows: (in thousands) Cost Estimated fair value September 30, 2018 Preferred stocks $ 18,616 $ 18,432 Common stocks 373,543 429,317 $ 392,159 $ 447,749 December 31, 2017 Preferred stocks $ 19,233 $ 18,990 Common stocks 394,439 447,526 $ 413,672 $ 466,516 The Company adopted new accounting guidance on January 1, 2018, which requires investments in equity securities with readily determinable fair values to be measured at fair value with changes in fair value recognized through net income. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. Net gains (realized and unrealized) of $14.2 million and $16.0 million were recognized for the three and nine months ended September 30, 2018, respectively, as a result of changes in the fair values of equity securities. Included in net gains during the three and nine months ended September 30, 2018, were net unrealized gains of $14.1 million and $15.9 million, respectively, related to equity securities still held at September 30, 2018. For the three and nine months ended September 30, 2017, sales of equity securities resulted in realized gains of $0.7 million and $17.9 million and realized losses of $0.3 million and $2.0 million, respectively. The composition of the investment portfolio at September 30, 2018, 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 Debt securities: U.S. Treasury bonds $ 199,956 100.0 $ — — $ — — $ 199,956 100.0 Municipal bonds 997,639 92.9 52,149 4.9 24,400 2.2 1,074,188 100.0 Foreign government bonds 125,378 81.4 23,757 15.4 4,867 3.2 154,002 100.0 Governmental agency bonds 326,549 100.0 — — — — 326,549 100.0 Governmental agency mortgage-backed securities 2,738,770 100.0 — — — — 2,738,770 100.0 U.S. corporate debt securities 303,068 39.7 248,671 32.6 212,066 27.7 763,805 100.0 Foreign corporate debt securities 123,299 45.2 112,708 41.3 36,583 13.5 272,590 100.0 Total debt securities 4,814,659 87.1 437,285 7.9 277,916 5.0 5,529,860 100.0 Preferred stocks 58 0.3 16,017 86.9 2,357 12.8 18,432 100.0 Total $ 4,814,717 86.8 $ 453,302 8.2 $ 280,273 5.0 $ 5,548,292 100.0 As of September 30, 2018, the estimated fair value of total debt securities included $157.1 million of bank loans, of which $146.3 million was non-investment grade; $95.6 million of high yield corporate debt securities, all of which was non-investment grade; and $86.3 million of emerging market debt securities, of which $11.6 million was non-investment grade. The composition of the debt securities portfolio in an unrealized loss position at September 30, 2018, 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 U.S. Treasury bonds $ 187,236 100.0 $ — — $ — — $ 187,236 100.0 Municipal bonds 757,128 94.0 34,436 4.3 13,595 1.7 805,159 100.0 Foreign government bonds 106,665 79.5 22,758 16.9 4,867 3.6 134,290 100.0 Governmental agency bonds 320,019 100.0 — — — — 320,019 100.0 Governmental agency mortgage-backed securities 2,245,204 100.0 — — — — 2,245,204 100.0 U.S. corporate debt securities 260,752 49.3 193,826 36.7 73,723 14.0 528,301 100.0 Foreign corporate debt securities 82,630 43.0 89,010 46.3 20,647 10.7 192,287 100.0 Total $ 3,959,634 89.7 $ 340,030 7.7 $ 112,832 2.6 $ 4,412,496 100.0 As of September 30, 2018, the estimated fair value of total debt securities in an unrealized loss position included $28.9 million of bank loans, of which $28.5 million was non-investment grade; $60.6 million of high yield corporate debt securities, all of which was non-investment grade; and $72.9 million of emerging market debt securities, of which $10.1 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, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 5 – Goodwill A summary of the changes in the carrying amount of goodwill, by operating segment, for the nine months ended September 30, 2018, is as follows: (in thousands) Title Insurance and Services Specialty Insurance Total Balance at December 31, 2017 $ 1,066,240 $ 46,765 $ 1,113,005 Acquisitions 34,261 — 34,261 Foreign currency translation (2,180 ) — (2,180 ) Balance at September 30, 2018 $ 1,098,321 $ 46,765 $ 1,145,086 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, 2018, there were no triggering events that would more likely than not reduce the fair value of any reporting unit below its carrying amount. |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Note 6 – Other Intangible Assets Other intangible assets consist of the following: (in thousands) September 30, 2018 December 31, 2017 Finite-lived intangible assets: Customer relationships $ 116,030 $ 106,086 Noncompete agreements 12,965 11,509 Trademarks 10,016 9,229 Internal-use software licenses 25,779 28,956 Patents 2,840 2,840 167,630 158,620 Accumulated amortization (72,867 ) (75,591 ) 94,763 83,029 Indefinite-lived intangible assets: Licenses 16,884 16,884 $ 111,647 $ 99,913 Amortization expense for finite-lived intangible assets was $7.9 million and $22.0 million for the three and nine months ended September 30, 2018, respectively, and $7.0 million and $19.7 million for the three and nine months ended September 30, 2017, respectively. Estimated amortization expense for finite-lived intangible assets for the next five years is as follows: Year (in thousands) Remainder of 2018 $ 7,700 2019 $ 21,707 2020 $ 13,392 2021 $ 10,479 2022 $ 10,030 2023 $ 9,755 |
Reserve for Known and Incurred
Reserve for Known and Incurred but Not Reported Claims | 9 Months Ended |
Sep. 30, 2018 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Known and Incurred but Not Reported Claims | Note 7 – 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 September 30, (in thousands) 2018 2017 Balance at beginning of period $ 1,028,933 $ 1,025,863 Provision related to: Current year 328,326 330,342 Prior years 8,069 3,353 336,395 333,695 Payments, net of recoveries, related to: Current year 167,802 165,914 Prior years 166,168 185,483 333,970 351,397 Other (4,399 ) 13,487 Balance at end of period $ 1,026,959 $ 1,021,648 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, 2018 and 2017. 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 4.0% rate for the third quarter of 2017 reflected the ultimate loss rate for the 2017 policy year and no change 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, 2018 December 31, 2017 Known title claims $ 81,212 7.9 % $ 83,094 8.1 % Incurred but not reported claims 881,071 85.8 % 875,724 85.1 % Total title claims 962,283 93.7 % 958,818 93.2 % Non-title claims 64,676 6.3 % 70,115 6.8 % Total loss reserves $ 1,026,959 100.0 % $ 1,028,933 100.0 % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes On December 22, 2017, comprehensive tax reform legislation known as the Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act amended the Internal Revenue Code to reduce U.S. tax rates and modify policies, credits and deductions for individuals and businesses. Also, on December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118, which provided for a one-year measurement period that allows businesses time to evaluate the financial statement implications of the Tax Reform Act. The measurement period allows businesses to gather the information necessary to prepare and analyze the tax accounting effects of the Tax Reform Act on financial statements issued during the measurement period. The ultimate impact of the Tax Reform Act on the Company’s financial statements may differ, perhaps materially, from the amounts originally estimated due to further refinement of the Company’s calculations, changes in interpretations and assumptions the Company has made, guidance that may be issued by taxing authorities and regulatory bodies, and actions the Company may take as a result of the Tax Reform Act. The Company anticipates completing its tax accounting for the Tax Reform Act during the measurement period, and will record and disclose any adjustments made to its initial estimates during that time frame. The Company’s effective income tax rates (income tax expense as a percentage of income before income taxes) were 22.6% and 22.0% for the three and nine months ended September 30, 2018, respectively, and -17.9% and 29.7% for the three and nine months ended September 30, 2017, respectively. The Company’s effective tax rates differ from the statutory federal rates of 21% and 35% for 2018 and 2017, respectively, due to state and foreign income taxes incurred, as well as permanent differences between financial statement income and amounts reported for income tax purposes, including the recognition of excess tax benefits or tax deficiencies associated with share-based payment transactions through income tax expense. The 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 connection with the Company’s June 2010 spin-off from its prior parent, the Company entered into a tax sharing agreement which governs the Company’s and its prior parent’s respective rights, responsibilities and obligations for certain tax related matters. At September 30, 2018 and December 31, 2017, the Company had a net payable to its prior parent of $15.5 million and $15.0 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 increase during the current year was primarily the result of an additional accrual 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, 2018 and December 31, 2017, the liability for income taxes associated with uncertain tax positions was $13.1 million and $12.8 million, respectively. As of September 30, 2018 and December 31, 2017, the liability could be reduced by $3.7 million due to offsetting tax benefits associated with the correlative effects of potential adjustments, including timing adjustments and state income taxes. The net amounts of $9.4 million and $9.1 million as of September 30, 2018 and December 31, 2017, 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, 2018 and December 31, 2017, the Company had accrued $5.7 million and $5.3 million, respectively, of interest and penalties (net of tax benefits of $1.5 million and $1.4 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 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. As of September 30, 2018, the Company had concluded U.S. federal income tax examinations through 2015 and is generally no longer subject to state and non-U.S. income tax examinations for years prior to 2005. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9 – Earnings Per Share The computation of basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator Net income attributable to the Company $ 151,480 $ 21,383 $ 382,847 $ 201,922 Denominator Basic weighted-average shares 112,722 111,799 112,541 111,578 Effect of dilutive employee stock options and 643 776 672 676 Diluted weighted-average shares 113,365 112,575 113,213 112,254 Net income per share attributable to the Company’s stockholders Basic $ 1.34 $ 0.19 $ 3.40 $ 1.81 Diluted $ 1.34 $ 0.19 $ 3.38 $ 1.80 For the three and nine months ended September 30, 2018, no RSUs had an antidilutive effect on weighted-average diluted common shares outstanding, and for the three and nine months ended September 30, 2017, 1 thousand RSUs and 8 thousand RSUs, respectively, were excluded from the 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, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 10 – 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 September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Expense: Service costs $ 130 $ 184 $ 390 $ 551 Interest costs 2,018 2,086 6,054 11,185 Expected return on plan assets — — — (4,740 ) Amortization of net actuarial loss 1,205 1,958 3,615 15,792 Amortization of prior service credit (1,045 ) (1,045 ) (3,135 ) (3,268 ) Settlement costs — 152,388 — 152,388 $ 2,308 $ 155,571 $ 6,924 $ 171,908 The Company adopted new accounting guidance which requires the components of net periodic cost, other than the service cost component, to be included in other operating expenses in the Company’s condensed consolidated statements of income. The change was applied retrospectively to the prior year, which resulted in a reclass of $155.4 million and $171.4 million from personnel costs to other operating expenses for the three and nine months ended September 30, 2017, respectively. For further information about the new guidance see Note 1 Basis of Condensed Consolidated Financial Statements. Prior year net periodic cost includes costs related to the Company’s previously terminated defined benefit pension plans, for which the Company has no remaining obligation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 – 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 values 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 values. 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. 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, 2018 and December 31, 2017: (in thousands) Total Level 1 Level 2 Level 3 September 30, 2018 Debt securities: U.S. Treasury bonds $ 199,956 $ — $ 199,956 $ — Municipal bonds 1,074,188 — 1,074,188 — Foreign government bonds 154,002 — 154,002 — Governmental agency bonds 326,549 — 326,549 — Governmental agency mortgage-backed securities 2,738,770 — 2,738,770 — U.S. corporate debt securities 763,805 — 763,805 — Foreign corporate debt securities 272,590 — 272,590 — 5,529,860 — 5,529,860 — Equity securities: Preferred stocks 18,432 18,432 — — Common stocks 429,317 429,317 — — 447,749 447,749 — — Total assets $ 5,977,609 $ 447,749 $ 5,529,860 $ — (in thousands) Total Level 1 Level 2 Level 3 December 31, 2017 Debt securities: U.S. Treasury bonds $ 173,998 $ — $ 173,998 $ — Municipal bonds 1,035,937 — 1,035,937 — Foreign government bonds 169,488 — 169,488 — Governmental agency bonds 211,470 — 211,470 — Governmental agency mortgage-backed securities 2,158,957 — 2,158,957 — U.S. corporate debt securities 743,215 — 700,347 42,868 Foreign corporate debt securities 259,619 — 257,953 1,666 4,752,684 — 4,708,150 44,534 Equity securities: Preferred stocks 18,990 18,990 — — Common stocks 447,526 447,526 — — 466,516 466,516 — — Total assets $ 5,219,200 $ 466,516 $ 4,708,150 $ 44,534 There were no transfers between Levels 1 and 2 during the three and nine months ended September 30, 2018 and 2017. Transfers into or out of the Level 3 category occur when unobservable inputs become more or less significant to the fair value measurement. 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 for the three months ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 (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 $ 13,113 $ 1,601 $ 14,714 $ 18,128 $ 1,915 $ 20,043 Transfers into Level 3 — — — 3,747 573 4,320 Transfers out of Level 3 (10,081 ) (1,609 ) (11,690 ) (6,788 ) — (6,788 ) Net realized and unrealized gains (losses): Included in earnings 11 — 11 26 (1 ) 25 Included in other comprehensive income (loss) 31 11 42 (86 ) (5 ) (91 ) Purchases — — — 901 149 1,050 Sales (1,280 ) — (1,280 ) (1,231 ) — (1,231 ) Settlements (1,794 ) (3 ) (1,797 ) (2,188 ) (1,758 ) (3,946 ) Fair value at end of period $ — $ — $ — $ 12,509 $ 873 $ 13,382 The following table presents a summary of the changes in the fair values of Level 3 assets for the nine months ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 (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 $ 42,868 $ 1,666 $ 44,534 $ 46,665 $ 6,268 $ 52,933 Transfers into Level 3 — — — 377 198 575 Transfers out of Level 3 (25,089 ) (788 ) (25,877 ) (27,066 ) (2,111 ) (29,177 ) Net realized and unrealized gains (losses): Included in earnings (194 ) 3 (191 ) 117 11 128 Included in other comprehensive income (loss) (156 ) (6 ) (162 ) (460 ) (47 ) (507 ) Purchases — — — 7,994 1,075 9,069 Sales (8,838 ) (349 ) (9,187 ) (2,824 ) (1,954 ) (4,778 ) Settlements (8,591 ) (526 ) (9,117 ) (12,294 ) (2,567 ) (14,861 ) Fair value at end of period $ — $ — $ — $ 12,509 $ 873 $ 13,382 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 approximates 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. Secured financings receivable The carrying amount of secured financings receivable approximates fair value due to the short-term nature of these assets. Deposits The carrying values of escrow and other deposit accounts approximate fair value due to the short-term nature of these liabilities. Secured financings payable The carrying amount of secured financings payable approximates 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, 2018 and December 31, 2017: Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 September 30, 2018 Assets: Cash and cash equivalents $ 2,205,319 $ 2,205,319 $ 2,205,319 $ — $ — Deposits with banks $ 37,547 $ 37,370 $ 4,801 $ 32,569 $ — Notes receivable, net $ 13,410 $ 12,416 $ — $ — $ 12,416 Secured financings receivable $ 86,509 $ 86,509 $ — $ 86,509 $ — Liabilities: Deposits $ 4,548,635 $ 4,548,635 $ 4,548,635 $ — $ — Secured financings payable $ 86,501 $ 86,501 $ — $ 86,501 $ — Notes and contracts payable $ 735,258 $ 736,806 $ — $ 728,476 $ 8,330 Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 December 31, 2017 Assets: Cash and cash equivalents $ 1,387,226 $ 1,387,226 $ 1,387,226 $ — $ — Deposits with banks $ 41,335 $ 41,259 $ 6,846 $ 34,413 $ — Notes receivable, net $ 7,066 $ 6,798 $ — $ — $ 6,798 Liabilities: Deposits $ 3,070,566 $ 3,070,566 $ 3,070,566 $ — $ — Notes and contracts payable $ 732,810 $ 755,670 $ — $ 751,827 $ 3,843 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 12 – Share-Based Compensation The following table presents costs associated with the Company’s share-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Expense: RSUs $ 6,392 $ 5,865 $ 31,570 $ 28,634 Stock options — 69 — 203 Employee stock purchase plan 849 682 2,806 2,359 $ 7,241 $ 6,616 $ 34,376 $ 31,196 The following table summarizes RSU activity for the nine months ended September 30, 2018: (in thousands, except weighted-average grant-date fair value) Shares Weighted-average grant-date fair value Unvested at December 31, 2017 1,411 $ 36.66 Granted during 2018 741 $ 55.65 Vested during 2018 (869 ) $ 41.34 Forfeited during 2018 (34 ) $ 44.93 Unvested at September 30, 2018 1,249 $ 44.43 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) ("AOCI") | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) ("AOCI") | Note 13 – 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, 2018: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Accumulated other comprehensive income (loss) Balance at December 31, 2017 $ 36,803 $ (38,832 ) $ (65,460 ) $ (67,489 ) Cumulative-effect adjustment, net of taxes (1) (40,550 ) — — (40,550 ) Change in unrealized gains (losses) on debt securities (96,416 ) — — (96,416 ) Change in foreign currency translation adjustment — (11,856 ) — (11,856 ) Amortization of net actuarial loss — — 3,615 3,615 Amortization of prior service credit — — (3,135 ) (3,135 ) Tax effect 22,483 560 (123 ) 22,920 Balance at September $ (77,680 ) $ (50,128 ) $ (65,103 ) $ (192,911 ) Allocated to the Company $ (77,681 ) $ (50,128 ) $ (65,103 ) $ (192,912 ) Allocated to noncontrolling interests 1 — — 1 Balance at September $ (77,680 ) $ (50,128 ) $ (65,103 ) $ (192,911 ) (1) The Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities upon adoption of new accounting guidance on January 1, 2018. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. The following table presents the other comprehensive income (loss) reclassification adjustments for the three months ended September 30, 2018 and 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Three Months Ended September 30 Pretax change before reclassifications $ (21,879 ) $ 2,441 $ — $ (19,438 ) Reclassifications out of AOCI 2,522 — 160 2,682 Tax effect 4,695 560 (42 ) 5,213 Total other comprehensive income (loss), net of tax $ (14,662 ) $ 3,001 $ 118 $ (11,543 ) Three Months Ended September 30 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 The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2018 and 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Nine Months Ended September 30, 2018 Pretax change before reclassifications $ (101,173 ) $ (11,856 ) $ — $ (113,029 ) Reclassifications out of AOCI 4,757 — 480 5,237 Tax effect 22,483 560 (123 ) 22,920 Total other comprehensive income (loss), net of tax $ (73,933 ) $ (11,296 ) $ 357 $ (84,872 ) 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 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 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Affected line items Unrealized gains (losses) on securities: Net realized gains (losses) on sales of securities (1) $ (2,522 ) $ 928 $ (4,757 ) $ 14,285 Net realized investment gains (losses) Pretax total $ (2,522 ) $ 928 $ (4,757 ) $ 14,285 Tax effect $ 612 $ (332 ) $ 1,109 $ (5,778 ) Pension benefit adjustment (2): Amortization of net actuarial loss $ (1,205 ) $ (1,958 ) $ (3,615 ) $ (15,792 ) Other operating expenses Amortization of prior service credit 1,045 1,045 3,135 3,268 Other operating expenses Settlement costs — (152,388 ) — (152,388 ) Other operating expenses Pretax total $ (160 ) $ (153,301 ) $ (480 ) $ (164,912 ) Tax effect $ 42 $ 62,276 $ 123 $ 66,702 (1) The current year net realized losses related to sales of debt securities and the prior year net realized gains related to sales of debt and equity securities. (2) These components of AOCI are components of net periodic cost. See Note 10 Employee Benefit Plans for additional details. |
Litigation and Regulatory Conti
Litigation and Regulatory Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Note 14 – 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 or one of its subsidiaries engaged in improper debt collection practices, improperly charged fees for products and services, participated in the conveyance of illusory property interests, improperly handled property and casualty claims and gave items of value to builders 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: • Bartine v. First American Title Insurance Company, et al., filed on August 17, 2018 and pending in the United States District Court for the Middle District of Florida, • 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, • 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, • Tenefufu vs. First American Specialty Insurance Company, filed on June 1, 2017 and pending in the Superior Court of the State of California, County of Sacramento, and • 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. All of these lawsuits 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 wealth management businesses are regulated by various federal, state and local governmental agencies. Many of the Company’s other businesses operate within statutory guidelines. Consequently, the Company may from time to time be subject to examination or investigation by such governmental agencies. Currently, governmental agencies are examining or investigating certain of the Company’s operations. 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, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Note 15 – Business Combinations During the nine months ended September 30, 2018, the Company completed acquisitions for an aggregate purchase price of $77.7 million. For acquisitions in which the Company has not completed its purchase price allocation, preliminary fair value estimates for the assets acquired and liabilities assumed have been recorded. 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. Current year acquisitions included the purchase of a small, specialized warehouse lender that provides financing for correspondent mortgage lenders. The business has itself secured warehouse lending facilities with several banking institutions. The mortgage loans are generally sold by the correspondent mortgage lenders to investors within 30 days and more typically in less than 10 days. The assets acquired included secured financings receivable from correspondent mortgage lenders of $69.6 million and liabilities assumed included secured financings payable of $69.8 million. The combined capacity for the warehouse lending facilities totals $123.0 million with one additional warehouse lending facility having no stated capacity. Interest rates for the warehouse lending facilities range from 3.50% to the current prime lending rate as published by The Wall Street Journal. At September 30, 2018, outstanding borrowings under the facilities totaled $86.5 million. 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. These acquisitions have been included in the Company’s title insurance and services segment. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16 – 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; and provides appraisals and other valuation-related products and services, lien release and document custodial services, default-related products and services, evidence of title, warehouse lending, and banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies and the District of Columbia. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, 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 62% 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, 2018: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures Title Insurance and Services $ 1,413,841 $ 206,539 $ 29,978 $ 28,342 Specialty Insurance 124,179 6,201 1,713 2,403 Corporate 4,461 (17,153 ) 38 — Eliminations (295 ) — — — $ 1,542,186 $ 195,587 $ 31,729 $ 30,745 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 532,769 $ 615,113 $ 195,963 $ 60,871 $ 9,125 $ 1,413,841 Specialty Insurance 116,606 — 2,981 2,573 2,019 124,179 $ 649,375 $ 615,113 $ 198,944 $ 63,444 $ 11,144 $ 1,538,020 For the three months ended September 30, 2017: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures 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 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 538,063 $ 629,186 $ 199,271 $ 37,901 $ (7,159 ) $ 1,397,262 Specialty Insurance 113,041 — 2,814 2,468 158 118,481 $ 651,104 $ 629,186 $ 202,085 $ 40,369 $ (7,001 ) $ 1,515,743 For the nine months ended September 30, 2018: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures Title Insurance and Services $ 3,968,347 $ 518,565 $ 87,438 $ 84,296 Specialty Insurance 357,750 26,220 4,981 9,981 Corporate 5,488 (54,165 ) 115 — Eliminations (854 ) — — — $ 4,330,731 $ 490,620 $ 92,534 $ 94,277 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 1,515,537 $ 1,701,831 $ 588,079 $ 154,009 $ 8,891 $ 3,968,347 Specialty Insurance 339,298 — 8,807 7,561 2,084 357,750 $ 1,854,835 $ 1,701,831 $ 596,886 $ 161,570 $ 10,975 $ 4,326,097 For the nine months ended September 30, 2017: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures 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 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 1,492,258 $ 1,757,796 $ 578,549 $ 99,181 $ 9,335 $ 3,937,119 Specialty Insurance 326,935 — 8,427 7,118 1,428 343,908 $ 1,819,193 $ 1,757,796 $ 586,976 $ 106,299 $ 10,763 $ 4,281,027 |
Basis of Condensed Consolidat_2
Basis of Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (“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 adoption of this guidance had no impact on the Company’s 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 adopted this change in accounting principle at the beginning of 2018 and applied the change retrospectively to the prior year. As a result, other components of net benefit cost totaling $155.4 million and $171.4 million were reclassified from personnel costs to other operating expenses on the condensed consolidated statements of income for the three and nine months ended September 30, 2017, respectively. See Note 10 Employee Benefit Plans for further information on the Company’s net periodic pension costs. 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 adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. In November 2016, the FASB issued updated guidance intended to reduce the diversity in practice on presenting restricted cash and 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 adoption of this guidance had no impact on the Company’s 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 adoption of this guidance had no impact on the Company’s 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 adoption of this guidance had no impact on the Company’s condensed consolidated financial statements. 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. The Company adopted this guidance at the beginning of 2018 and recognized cumulative net unrealized gains, net of taxes, of $40.6 million related to its investments in equity securities, previously classified as available-for-sale, through a cumulative-effect adjustment to retained earnings. Changes in the fair values of these investments are reflected in net realized investment gains/losses on the Company’s condensed consolidated statements of income. See Note 4 Debt and Equity Securities for further discussion of the Company’s investments in equity securities. 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. The Company elected to adopt the new guidance under the modified retrospective approach, which, except for the disclosure requirements, did not have a material impact on its condensed consolidated financial statements. See Note 2 Adoption of Revenue Guidance for further information about the Company’s revenues within the scope of the new guidance. |
Pending Accounting Pronouncements | Pending Accounting Pronouncements In August 2018, the FASB issued updated guidance that is intended to reduce potential diversity in practice in accounting for the costs of implementing cloud computing arrangements (i.e., hosting arrangements) that are service contracts. The updated guidance aligns the requirements for capitalizing implementation costs for these arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. 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 this guidance on its condensed consolidated financial statements. In August 2018, the FASB issued updated guidance as part of its disclosure framework project intended to improve the effectiveness of disclosures in the notes to the financial statements. The updated guidance eliminates, adds and modifies certain disclosure requirements related to fair value measurements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Except for the disclosure requirements, the Company does not expect the adoption of this guidance to have a material impact on its condensed consolidated financial statements. In 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 will 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 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 this 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 required to be adopted using a modified retrospective transition approach. In July 2018, the FASB issued additional updates to the new guidance which allows for the initial application of the guidance at the adoption date and for the recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. 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. |
Debt and Equity Securities (Tab
Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments in Debt Securities, Classified as Available-For-Sale | Investments in debt securities, classified as available-for-sale, are as follows: (in thousands) Amortized Gross unrealized Estimated Gains Losses September 30, 2018 U.S. Treasury bonds $ 204,854 $ 135 $ (5,033 ) $ 199,956 Municipal bonds 1,093,531 3,630 (22,973 ) 1,074,188 Foreign government bonds 156,289 231 (2,518 ) 154,002 Governmental agency bonds 334,690 284 (8,425 ) 326,549 Governmental agency mortgage-backed securities 2,786,111 2,422 (49,763 ) 2,738,770 U.S. corporate debt securities 773,189 2,763 (12,147 ) 763,805 Foreign corporate debt securities 275,290 1,020 (3,720 ) 272,590 $ 5,623,954 $ 10,485 $ (104,579 ) $ 5,529,860 December 31, 2017 U.S. Treasury bonds $ 173,049 $ 2,199 $ (1,250 ) $ 173,998 Municipal bonds 1,031,146 12,185 (7,394 ) 1,035,937 Foreign government bonds 170,220 489 (1,221 ) 169,488 Governmental agency bonds 212,731 1,061 (2,322 ) 211,470 Governmental agency mortgage-backed securities 2,172,377 3,168 (16,588 ) 2,158,957 U.S. corporate debt securities 734,409 11,768 (2,962 ) 743,215 Foreign corporate debt securities 256,430 4,145 (956 ) 259,619 $ 4,750,362 $ 35,015 $ (32,693 ) $ 4,752,684 |
Gross Unrealized Losses on Investments in Debt Securities | Gross unrealized losses on investments in debt securities are as follows: Less than 12 months 12 months or longer Total (in thousands) Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses September 30, 2018 U.S. Treasury bonds $ 138,105 $ (2,976 ) $ 49,131 $ (2,057 ) $ 187,236 $ (5,033 ) Municipal bonds 508,857 (7,747 ) 296,302 (15,226 ) 805,159 (22,973 ) Foreign government bonds 101,286 (1,250 ) 33,004 (1,268 ) 134,290 (2,518 ) Governmental agency bonds 183,040 (3,260 ) 136,979 (5,165 ) 320,019 (8,425 ) Governmental agency mortgage-backed securities 1,367,730 (21,748 ) 877,474 (28,015 ) 2,245,204 (49,763 ) U.S. corporate debt securities 442,049 (7,825 ) 86,252 (4,322 ) 528,301 (12,147 ) Foreign corporate debt securities 152,560 (2,546 ) 39,727 (1,174 ) 192,287 (3,720 ) $ 2,893,627 $ (47,352 ) $ 1,518,869 $ (57,227 ) $ 4,412,496 $ (104,579 ) December 31, 2017 U.S. Treasury bonds $ 78,605 $ (511 ) $ 37,498 $ (739 ) $ 116,103 $ (1,250 ) Municipal bonds 279,292 (1,714 ) 226,895 (5,680 ) 506,187 (7,394 ) Foreign government bonds 98,942 (972 ) 6,678 (249 ) 105,620 (1,221 ) Governmental agency bonds 55,707 (409 ) 93,737 (1,913 ) 149,444 (2,322 ) Governmental agency mortgage-backed securities 671,871 (4,868 ) 774,959 (11,720 ) 1,446,830 (16,588 ) U.S. corporate debt securities 171,817 (1,568 ) 60,724 (1,394 ) 232,541 (2,962 ) Foreign corporate debt securities 81,525 (821 ) 5,697 (135 ) 87,222 (956 ) $ 1,437,759 $ (10,863 ) $ 1,206,188 $ (21,830 ) $ 2,643,947 $ (32,693 ) |
Investments in Debt Securities by Contractual Maturity | Investments in debt securities at September 30, 2018, by contractual maturities, are as follows: (in thousands) Due in one year or less Due after one through five years Due after five through ten years Due after ten years Total U.S. Treasury bonds Amortized cost $ 27,440 $ 63,667 $ 51,675 $ 62,072 $ 204,854 Estimated fair value $ 27,200 $ 62,757 $ 50,409 $ 59,590 $ 199,956 Municipal bonds Amortized cost $ 84,445 $ 273,965 $ 305,452 $ 429,669 $ 1,093,531 Estimated fair value $ 84,352 $ 272,119 $ 300,956 $ 416,761 $ 1,074,188 Foreign government bonds Amortized cost $ 19,036 $ 109,717 $ 11,715 $ 15,821 $ 156,289 Estimated fair value $ 19,002 $ 108,840 $ 11,505 $ 14,655 $ 154,002 Governmental agency bonds Amortized cost $ 33,161 $ 119,472 $ 127,656 $ 54,401 $ 334,690 Estimated fair value $ 33,115 $ 116,611 $ 125,714 $ 51,109 $ 326,549 U.S. corporate debt securities Amortized cost $ 31,337 $ 368,851 $ 329,269 $ 43,732 $ 773,189 Estimated fair value $ 31,258 $ 364,834 $ 324,843 $ 42,870 $ 763,805 Foreign corporate debt securities Amortized cost $ 26,278 $ 157,324 $ 83,175 $ 8,513 $ 275,290 Estimated fair value $ 26,241 $ 155,799 $ 82,037 $ 8,513 $ 272,590 Total debt securities excluding mortgage-backed securities Amortized cost $ 221,697 $ 1,092,996 $ 908,942 $ 614,208 $ 2,837,843 Estimated fair value $ 221,168 $ 1,080,960 $ 895,464 $ 593,498 $ 2,791,090 Total mortgage-backed securities Amortized cost $ 2,786,111 Estimated fair value $ 2,738,770 Total debt securities Amortized cost $ 5,623,954 Estimated fair value $ 5,529,860 |
Investments in Equity Securities | Investments in equity securities are as follows: (in thousands) Cost Estimated fair value September 30, 2018 Preferred stocks $ 18,616 $ 18,432 Common stocks 373,543 429,317 $ 392,159 $ 447,749 December 31, 2017 Preferred stocks $ 19,233 $ 18,990 Common stocks 394,439 447,526 $ 413,672 $ 466,516 |
Composition of Investment Portfolio by Credit Rating Agencies | The composition of the investment portfolio at September 30, 2018, 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 Debt securities: U.S. Treasury bonds $ 199,956 100.0 $ — — $ — — $ 199,956 100.0 Municipal bonds 997,639 92.9 52,149 4.9 24,400 2.2 1,074,188 100.0 Foreign government bonds 125,378 81.4 23,757 15.4 4,867 3.2 154,002 100.0 Governmental agency bonds 326,549 100.0 — — — — 326,549 100.0 Governmental agency mortgage-backed securities 2,738,770 100.0 — — — — 2,738,770 100.0 U.S. corporate debt securities 303,068 39.7 248,671 32.6 212,066 27.7 763,805 100.0 Foreign corporate debt securities 123,299 45.2 112,708 41.3 36,583 13.5 272,590 100.0 Total debt securities 4,814,659 87.1 437,285 7.9 277,916 5.0 5,529,860 100.0 Preferred stocks 58 0.3 16,017 86.9 2,357 12.8 18,432 100.0 Total $ 4,814,717 86.8 $ 453,302 8.2 $ 280,273 5.0 $ 5,548,292 100.0 |
Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies | The composition of the debt securities portfolio in an unrealized loss position at September 30, 2018, 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 U.S. Treasury bonds $ 187,236 100.0 $ — — $ — — $ 187,236 100.0 Municipal bonds 757,128 94.0 34,436 4.3 13,595 1.7 805,159 100.0 Foreign government bonds 106,665 79.5 22,758 16.9 4,867 3.6 134,290 100.0 Governmental agency bonds 320,019 100.0 — — — — 320,019 100.0 Governmental agency mortgage-backed securities 2,245,204 100.0 — — — — 2,245,204 100.0 U.S. corporate debt securities 260,752 49.3 193,826 36.7 73,723 14.0 528,301 100.0 Foreign corporate debt securities 82,630 43.0 89,010 46.3 20,647 10.7 192,287 100.0 Total $ 3,959,634 89.7 $ 340,030 7.7 $ 112,832 2.6 $ 4,412,496 100.0 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018, is as follows: (in thousands) Title Insurance and Services Specialty Insurance Total Balance at December 31, 2017 $ 1,066,240 $ 46,765 $ 1,113,005 Acquisitions 34,261 — 34,261 Foreign currency translation (2,180 ) — (2,180 ) Balance at September 30, 2018 $ 1,098,321 $ 46,765 $ 1,145,086 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Intangible Assets Gross Excluding Goodwill [Abstract] | |
Schedule of Other Intangible Assets | Other intangible assets consist of the following: (in thousands) September 30, 2018 December 31, 2017 Finite-lived intangible assets: Customer relationships $ 116,030 $ 106,086 Noncompete agreements 12,965 11,509 Trademarks 10,016 9,229 Internal-use software licenses 25,779 28,956 Patents 2,840 2,840 167,630 158,620 Accumulated amortization (72,867 ) (75,591 ) 94,763 83,029 Indefinite-lived intangible assets: Licenses 16,884 16,884 $ 111,647 $ 99,913 |
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 2018 $ 7,700 2019 $ 21,707 2020 $ 13,392 2021 $ 10,479 2022 $ 10,030 2023 $ 9,755 |
Reserve for Known and Incurre_2
Reserve for Known and Incurred but Not Reported Claims (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, (in thousands) 2018 2017 Balance at beginning of period $ 1,028,933 $ 1,025,863 Provision related to: Current year 328,326 330,342 Prior years 8,069 3,353 336,395 333,695 Payments, net of recoveries, related to: Current year 167,802 165,914 Prior years 166,168 185,483 333,970 351,397 Other (4,399 ) 13,487 Balance at end of period $ 1,026,959 $ 1,021,648 |
Summary of Loss Reserves | A summary of the Company’s loss reserves is as follows: (in thousands, except percentages) September 30, 2018 December 31, 2017 Known title claims $ 81,212 7.9 % $ 83,094 8.1 % Incurred but not reported claims 881,071 85.8 % 875,724 85.1 % Total title claims 962,283 93.7 % 958,818 93.2 % Non-title claims 64,676 6.3 % 70,115 6.8 % Total loss reserves $ 1,026,959 100.0 % $ 1,028,933 100.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The computation of basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2018 2017 2018 2017 Numerator Net income attributable to the Company $ 151,480 $ 21,383 $ 382,847 $ 201,922 Denominator Basic weighted-average shares 112,722 111,799 112,541 111,578 Effect of dilutive employee stock options and 643 776 672 676 Diluted weighted-average shares 113,365 112,575 113,213 112,254 Net income per share attributable to the Company’s stockholders Basic $ 1.34 $ 0.19 $ 3.40 $ 1.81 Diluted $ 1.34 $ 0.19 $ 3.38 $ 1.80 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Expense: Service costs $ 130 $ 184 $ 390 $ 551 Interest costs 2,018 2,086 6,054 11,185 Expected return on plan assets — — — (4,740 ) Amortization of net actuarial loss 1,205 1,958 3,615 15,792 Amortization of prior service credit (1,045 ) (1,045 ) (3,135 ) (3,268 ) Settlement costs — 152,388 — 152,388 $ 2,308 $ 155,571 $ 6,924 $ 171,908 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 and December 31, 2017: (in thousands) Total Level 1 Level 2 Level 3 September 30, 2018 Debt securities: U.S. Treasury bonds $ 199,956 $ — $ 199,956 $ — Municipal bonds 1,074,188 — 1,074,188 — Foreign government bonds 154,002 — 154,002 — Governmental agency bonds 326,549 — 326,549 — Governmental agency mortgage-backed securities 2,738,770 — 2,738,770 — U.S. corporate debt securities 763,805 — 763,805 — Foreign corporate debt securities 272,590 — 272,590 — 5,529,860 — 5,529,860 — Equity securities: Preferred stocks 18,432 18,432 — — Common stocks 429,317 429,317 — — 447,749 447,749 — — Total assets $ 5,977,609 $ 447,749 $ 5,529,860 $ — (in thousands) Total Level 1 Level 2 Level 3 December 31, 2017 Debt securities: U.S. Treasury bonds $ 173,998 $ — $ 173,998 $ — Municipal bonds 1,035,937 — 1,035,937 — Foreign government bonds 169,488 — 169,488 — Governmental agency bonds 211,470 — 211,470 — Governmental agency mortgage-backed securities 2,158,957 — 2,158,957 — U.S. corporate debt securities 743,215 — 700,347 42,868 Foreign corporate debt securities 259,619 — 257,953 1,666 4,752,684 — 4,708,150 44,534 Equity securities: Preferred stocks 18,990 18,990 — — Common stocks 447,526 447,526 — — 466,516 466,516 — — Total assets $ 5,219,200 $ 466,516 $ 4,708,150 $ 44,534 |
Summary of Changes in Fair Value of Level 3 Assets | The following table presents a summary of the changes in the fair values of Level 3 assets for the three months ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 (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 $ 13,113 $ 1,601 $ 14,714 $ 18,128 $ 1,915 $ 20,043 Transfers into Level 3 — — — 3,747 573 4,320 Transfers out of Level 3 (10,081 ) (1,609 ) (11,690 ) (6,788 ) — (6,788 ) Net realized and unrealized gains (losses): Included in earnings 11 — 11 26 (1 ) 25 Included in other comprehensive income (loss) 31 11 42 (86 ) (5 ) (91 ) Purchases — — — 901 149 1,050 Sales (1,280 ) — (1,280 ) (1,231 ) — (1,231 ) Settlements (1,794 ) (3 ) (1,797 ) (2,188 ) (1,758 ) (3,946 ) Fair value at end of period $ — $ — $ — $ 12,509 $ 873 $ 13,382 The following table presents a summary of the changes in the fair values of Level 3 assets for the nine months ended September 30, 2018 and 2017: September 30, 2018 September 30, 2017 (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 $ 42,868 $ 1,666 $ 44,534 $ 46,665 $ 6,268 $ 52,933 Transfers into Level 3 — — — 377 198 575 Transfers out of Level 3 (25,089 ) (788 ) (25,877 ) (27,066 ) (2,111 ) (29,177 ) Net realized and unrealized gains (losses): Included in earnings (194 ) 3 (191 ) 117 11 128 Included in other comprehensive income (loss) (156 ) (6 ) (162 ) (460 ) (47 ) (507 ) Purchases — — — 7,994 1,075 9,069 Sales (8,838 ) (349 ) (9,187 ) (2,824 ) (1,954 ) (4,778 ) Settlements (8,591 ) (526 ) (9,117 ) (12,294 ) (2,567 ) (14,861 ) Fair value at end of period $ — $ — $ — $ 12,509 $ 873 $ 13,382 |
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, 2018 and December 31, 2017: Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 September 30, 2018 Assets: Cash and cash equivalents $ 2,205,319 $ 2,205,319 $ 2,205,319 $ — $ — Deposits with banks $ 37,547 $ 37,370 $ 4,801 $ 32,569 $ — Notes receivable, net $ 13,410 $ 12,416 $ — $ — $ 12,416 Secured financings receivable $ 86,509 $ 86,509 $ — $ 86,509 $ — Liabilities: Deposits $ 4,548,635 $ 4,548,635 $ 4,548,635 $ — $ — Secured financings payable $ 86,501 $ 86,501 $ — $ 86,501 $ — Notes and contracts payable $ 735,258 $ 736,806 $ — $ 728,476 $ 8,330 Carrying Estimated fair value (in thousands) Amount Total Level 1 Level 2 Level 3 December 31, 2017 Assets: Cash and cash equivalents $ 1,387,226 $ 1,387,226 $ 1,387,226 $ — $ — Deposits with banks $ 41,335 $ 41,259 $ 6,846 $ 34,413 $ — Notes receivable, net $ 7,066 $ 6,798 $ — $ — $ 6,798 Liabilities: Deposits $ 3,070,566 $ 3,070,566 $ 3,070,566 $ — $ — Notes and contracts payable $ 732,810 $ 755,670 $ — $ 751,827 $ 3,843 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Costs Associated with Share-Based Compensation Plans | The following table presents costs associated with the Company’s share-based compensation plans: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Expense: RSUs $ 6,392 $ 5,865 $ 31,570 $ 28,634 Stock options — 69 — 203 Employee stock purchase plan 849 682 2,806 2,359 $ 7,241 $ 6,616 $ 34,376 $ 31,196 |
Summary of RSU Activity | The following table summarizes RSU activity for the nine months ended September 30, 2018: (in thousands, except weighted-average grant-date fair value) Shares Weighted-average grant-date fair value Unvested at December 31, 2017 1,411 $ 36.66 Granted during 2018 741 $ 55.65 Vested during 2018 (869 ) $ 41.34 Forfeited during 2018 (34 ) $ 44.93 Unvested at September 30, 2018 1,249 $ 44.43 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Accumulated other comprehensive income (loss) Balance at December 31, 2017 $ 36,803 $ (38,832 ) $ (65,460 ) $ (67,489 ) Cumulative-effect adjustment, net of taxes (1) (40,550 ) — — (40,550 ) Change in unrealized gains (losses) on debt securities (96,416 ) — — (96,416 ) Change in foreign currency translation adjustment — (11,856 ) — (11,856 ) Amortization of net actuarial loss — — 3,615 3,615 Amortization of prior service credit — — (3,135 ) (3,135 ) Tax effect 22,483 560 (123 ) 22,920 Balance at September $ (77,680 ) $ (50,128 ) $ (65,103 ) $ (192,911 ) Allocated to the Company $ (77,681 ) $ (50,128 ) $ (65,103 ) $ (192,912 ) Allocated to noncontrolling interests 1 — — 1 Balance at September $ (77,680 ) $ (50,128 ) $ (65,103 ) $ (192,911 ) (1) The Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities upon adoption of new accounting guidance on January 1, 2018. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. |
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, 2018 and 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Three Months Ended September 30 Pretax change before reclassifications $ (21,879 ) $ 2,441 $ — $ (19,438 ) Reclassifications out of AOCI 2,522 — 160 2,682 Tax effect 4,695 560 (42 ) 5,213 Total other comprehensive income (loss), net of tax $ (14,662 ) $ 3,001 $ 118 $ (11,543 ) Three Months Ended September 30 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 The following table presents the other comprehensive income (loss) reclassification adjustments for the nine months ended September 30, 2018 and 2017: (in thousands) Unrealized gains (losses) on securities Foreign currency translation adjustment Pension benefit adjustment Total other comprehensive income (loss) Nine Months Ended September 30, 2018 Pretax change before reclassifications $ (101,173 ) $ (11,856 ) $ — $ (113,029 ) Reclassifications out of AOCI 4,757 — 480 5,237 Tax effect 22,483 560 (123 ) 22,920 Total other comprehensive income (loss), net of tax $ (73,933 ) $ (11,296 ) $ 357 $ (84,872 ) 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 |
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 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2018 2017 2018 2017 Affected line items Unrealized gains (losses) on securities: Net realized gains (losses) on sales of securities (1) $ (2,522 ) $ 928 $ (4,757 ) $ 14,285 Net realized investment gains (losses) Pretax total $ (2,522 ) $ 928 $ (4,757 ) $ 14,285 Tax effect $ 612 $ (332 ) $ 1,109 $ (5,778 ) Pension benefit adjustment (2): Amortization of net actuarial loss $ (1,205 ) $ (1,958 ) $ (3,615 ) $ (15,792 ) Other operating expenses Amortization of prior service credit 1,045 1,045 3,135 3,268 Other operating expenses Settlement costs — (152,388 ) — (152,388 ) Other operating expenses Pretax total $ (160 ) $ (153,301 ) $ (480 ) $ (164,912 ) Tax effect $ 42 $ 62,276 $ 123 $ 66,702 (1) The current year net realized losses related to sales of debt securities and the prior year net realized gains related to sales of debt and equity securities. (2) These components of AOCI are components of net periodic cost. See Note 10 Employee Benefit Plans for additional details. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures Title Insurance and Services $ 1,413,841 $ 206,539 $ 29,978 $ 28,342 Specialty Insurance 124,179 6,201 1,713 2,403 Corporate 4,461 (17,153 ) 38 — Eliminations (295 ) — — — $ 1,542,186 $ 195,587 $ 31,729 $ 30,745 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 532,769 $ 615,113 $ 195,963 $ 60,871 $ 9,125 $ 1,413,841 Specialty Insurance 116,606 — 2,981 2,573 2,019 124,179 $ 649,375 $ 615,113 $ 198,944 $ 63,444 $ 11,144 $ 1,538,020 For the three months ended September 30, 2017: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures 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 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 538,063 $ 629,186 $ 199,271 $ 37,901 $ (7,159 ) $ 1,397,262 Specialty Insurance 113,041 — 2,814 2,468 158 118,481 $ 651,104 $ 629,186 $ 202,085 $ 40,369 $ (7,001 ) $ 1,515,743 For the nine months ended September 30, 2018: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures Title Insurance and Services $ 3,968,347 $ 518,565 $ 87,438 $ 84,296 Specialty Insurance 357,750 26,220 4,981 9,981 Corporate 5,488 (54,165 ) 115 — Eliminations (854 ) — — — $ 4,330,731 $ 490,620 $ 92,534 $ 94,277 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 1,515,537 $ 1,701,831 $ 588,079 $ 154,009 $ 8,891 $ 3,968,347 Specialty Insurance 339,298 — 8,807 7,561 2,084 357,750 $ 1,854,835 $ 1,701,831 $ 596,886 $ 161,570 $ 10,975 $ 4,326,097 For the nine months ended September 30, 2017: (in thousands) Revenues Income (loss) before income taxes Depreciation and amortization Capital expenditures 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 (in thousands) Direct premiums and escrow fees Agent premiums Information and other Net investment income Net realized investment gains (losses) Total Revenues Title Insurance and Services $ 1,492,258 $ 1,757,796 $ 578,549 $ 99,181 $ 9,335 $ 3,937,119 Specialty Insurance 326,935 — 8,427 7,118 1,428 343,908 $ 1,819,193 $ 1,757,796 $ 586,976 $ 106,299 $ 10,763 $ 4,281,027 |
Basis of Condensed Consolidat_3
Basis of Condensed Consolidated Financial Statements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | |
Accounting Standards Update 2017-07 | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Prior period reclassification of non-service cost components from Personnel costs to Other operating expenses | $ 155.4 | $ 171.4 | |
Accounting Standards Update 2016-01 | Retained Earnings | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Cumulative-effect adjustment to retained earnings | $ 40.6 |
Adoption of Revenue Guidance (N
Adoption of Revenue Guidance (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Performance obligation contract original term | The performance obligation is part of a contract that has an original duration of one year or less |
Expected term of delivery of product or service and customer payment | The Company expects the period between delivery of the product or service and customer payment to be one year or less. |
Maximum | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Remaining contract term | 3 years |
Escrow Deposits, Like-Kind Ex_2
Escrow Deposits, Like-Kind Exchange Deposits and Trust Assets (Narrative) (Detail) - USD ($) $ in Billions | Sep. 30, 2018 | Dec. 31, 2017 |
Other Assets [Line Items] | ||
Escrow deposits | $ 8.9 | $ 7.5 |
Like-kind exchange funds | 2.6 | 2.6 |
First American Trust | ||
Other Assets [Line Items] | ||
Escrow deposits | 4.4 | 2.9 |
Assets held-in-trust | $ 3.8 | $ 3.7 |
Debt and Equity Securities (Inv
Debt and Equity Securities (Investments in Debt Securities, Classified as Available-For-Sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 5,623,954 | $ 4,750,362 |
Debt Securities, Gross unrealized gains | 10,485 | 35,015 |
Debt Securities, Gross unrealized losses | (104,579) | (32,693) |
Debt securities, Estimated fair value | 5,529,860 | 4,752,684 |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 204,854 | 173,049 |
Debt Securities, Gross unrealized gains | 135 | 2,199 |
Debt Securities, Gross unrealized losses | (5,033) | (1,250) |
Debt securities, Estimated fair value | 199,956 | 173,998 |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 1,093,531 | 1,031,146 |
Debt Securities, Gross unrealized gains | 3,630 | 12,185 |
Debt Securities, Gross unrealized losses | (22,973) | (7,394) |
Debt securities, Estimated fair value | 1,074,188 | 1,035,937 |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 156,289 | 170,220 |
Debt Securities, Gross unrealized gains | 231 | 489 |
Debt Securities, Gross unrealized losses | (2,518) | (1,221) |
Debt securities, Estimated fair value | 154,002 | 169,488 |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 334,690 | 212,731 |
Debt Securities, Gross unrealized gains | 284 | 1,061 |
Debt Securities, Gross unrealized losses | (8,425) | (2,322) |
Debt securities, Estimated fair value | 326,549 | 211,470 |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 2,786,111 | 2,172,377 |
Debt Securities, Gross unrealized gains | 2,422 | 3,168 |
Debt Securities, Gross unrealized losses | (49,763) | (16,588) |
Debt securities, Estimated fair value | 2,738,770 | 2,158,957 |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 773,189 | 734,409 |
Debt Securities, Gross unrealized gains | 2,763 | 11,768 |
Debt Securities, Gross unrealized losses | (12,147) | (2,962) |
Debt securities, Estimated fair value | 763,805 | 743,215 |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | 275,290 | 256,430 |
Debt Securities, Gross unrealized gains | 1,020 | 4,145 |
Debt Securities, Gross unrealized losses | (3,720) | (956) |
Debt securities, Estimated fair value | $ 272,590 | $ 259,619 |
Debt and Equity Securities (Nar
Debt and Equity Securities (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule Of Debt and Equity Securities [Line Items] | |||||
Realized gains on sales of debt securities | $ 600 | $ 900 | $ 1,900 | $ 3,900 | |
Realized losses on sales of debt securities | 3,100 | 400 | 6,900 | 4,000 | |
Proceeds from sale of debt securities | 183,100 | 63,700 | 525,400 | 357,700 | |
Realized and unrealized net gains on sales of equity securities | 14,200 | 700 | 16,000 | 17,900 | |
Net unrealized gains on equity securities | 14,100 | 15,900 | |||
Realized losses on sales of equity securities | $ 300 | $ 2,000 | |||
Debt securities, Estimated fair value | 5,529,860 | 5,529,860 | $ 4,752,684 | ||
Estimated fair value of debt securities, Unrealized loss position | 4,412,496 | 4,412,496 | $ 2,643,947 | ||
Bank Loans | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 157,100 | 157,100 | |||
Estimated fair value of debt securities, Unrealized loss position | 28,900 | 28,900 | |||
Emerging Market Securities | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 86,300 | 86,300 | |||
Estimated fair value of debt securities, Unrealized loss position | 72,900 | 72,900 | |||
Non-Investment Grade | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 277,916 | 277,916 | |||
Estimated fair value of debt securities, Unrealized loss position | 112,832 | 112,832 | |||
Non-Investment Grade | Bank Loans | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 146,300 | 146,300 | |||
Estimated fair value of debt securities, Unrealized loss position | 28,500 | 28,500 | |||
Non-Investment Grade | High Yield Corporate Debt Securities | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 95,600 | 95,600 | |||
Estimated fair value of debt securities, Unrealized loss position | 60,600 | 60,600 | |||
Non-Investment Grade | Emerging Market Securities | |||||
Schedule Of Debt and Equity Securities [Line Items] | |||||
Debt securities, Estimated fair value | 11,600 | 11,600 | |||
Estimated fair value of debt securities, Unrealized loss position | $ 10,100 | $ 10,100 |
Debt and Equity Securities (Gro
Debt and Equity Securities (Gross Unrealized Losses on Investments in Debt Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | $ 2,893,627 | $ 1,437,759 |
Unrealized losses, Less than 12 months | (47,352) | (10,863) |
Estimated fair value, 12 months or longer | 1,518,869 | 1,206,188 |
Unrealized losses, 12 months or longer | (57,227) | (21,830) |
Estimated fair value, Total | 4,412,496 | 2,643,947 |
Unrealized losses, Total | (104,579) | (32,693) |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 138,105 | 78,605 |
Unrealized losses, Less than 12 months | (2,976) | (511) |
Estimated fair value, 12 months or longer | 49,131 | 37,498 |
Unrealized losses, 12 months or longer | (2,057) | (739) |
Estimated fair value, Total | 187,236 | 116,103 |
Unrealized losses, Total | (5,033) | (1,250) |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 508,857 | 279,292 |
Unrealized losses, Less than 12 months | (7,747) | (1,714) |
Estimated fair value, 12 months or longer | 296,302 | 226,895 |
Unrealized losses, 12 months or longer | (15,226) | (5,680) |
Estimated fair value, Total | 805,159 | 506,187 |
Unrealized losses, Total | (22,973) | (7,394) |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 101,286 | 98,942 |
Unrealized losses, Less than 12 months | (1,250) | (972) |
Estimated fair value, 12 months or longer | 33,004 | 6,678 |
Unrealized losses, 12 months or longer | (1,268) | (249) |
Estimated fair value, Total | 134,290 | 105,620 |
Unrealized losses, Total | (2,518) | (1,221) |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 183,040 | 55,707 |
Unrealized losses, Less than 12 months | (3,260) | (409) |
Estimated fair value, 12 months or longer | 136,979 | 93,737 |
Unrealized losses, 12 months or longer | (5,165) | (1,913) |
Estimated fair value, Total | 320,019 | 149,444 |
Unrealized losses, Total | (8,425) | (2,322) |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 1,367,730 | 671,871 |
Unrealized losses, Less than 12 months | (21,748) | (4,868) |
Estimated fair value, 12 months or longer | 877,474 | 774,959 |
Unrealized losses, 12 months or longer | (28,015) | (11,720) |
Estimated fair value, Total | 2,245,204 | 1,446,830 |
Unrealized losses, Total | (49,763) | (16,588) |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 442,049 | 171,817 |
Unrealized losses, Less than 12 months | (7,825) | (1,568) |
Estimated fair value, 12 months or longer | 86,252 | 60,724 |
Unrealized losses, 12 months or longer | (4,322) | (1,394) |
Estimated fair value, Total | 528,301 | 232,541 |
Unrealized losses, Total | (12,147) | (2,962) |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value, Less than 12 months | 152,560 | 81,525 |
Unrealized losses, Less than 12 months | (2,546) | (821) |
Estimated fair value, 12 months or longer | 39,727 | 5,697 |
Unrealized losses, 12 months or longer | (1,174) | (135) |
Estimated fair value, Total | 192,287 | 87,222 |
Unrealized losses, Total | $ (3,720) | $ (956) |
Debt and Equity Securities (I_2
Debt and Equity Securities (Investments in Debt Securities by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Securities, Amortized cost | $ 5,623,954 | $ 4,750,362 |
Debt securities, Estimated fair value | 5,529,860 | 4,752,684 |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 27,440 | |
Amortized cost, Due after one through five years | 63,667 | |
Amortized cost, Due after five through ten years | 51,675 | |
Amortized cost, Due after ten years | 62,072 | |
Debt Securities, Amortized cost | 204,854 | 173,049 |
Estimated fair value, Due in one year or less | 27,200 | |
Estimated fair value, Due after one through five years | 62,757 | |
Estimated fair value, Due after five through ten years | 50,409 | |
Estimated fair value, Due after ten years | 59,590 | |
Debt securities, Estimated fair value | 199,956 | 173,998 |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 84,445 | |
Amortized cost, Due after one through five years | 273,965 | |
Amortized cost, Due after five through ten years | 305,452 | |
Amortized cost, Due after ten years | 429,669 | |
Debt Securities, Amortized cost | 1,093,531 | 1,031,146 |
Estimated fair value, Due in one year or less | 84,352 | |
Estimated fair value, Due after one through five years | 272,119 | |
Estimated fair value, Due after five through ten years | 300,956 | |
Estimated fair value, Due after ten years | 416,761 | |
Debt securities, Estimated fair value | 1,074,188 | 1,035,937 |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 19,036 | |
Amortized cost, Due after one through five years | 109,717 | |
Amortized cost, Due after five through ten years | 11,715 | |
Amortized cost, Due after ten years | 15,821 | |
Debt Securities, Amortized cost | 156,289 | 170,220 |
Estimated fair value, Due in one year or less | 19,002 | |
Estimated fair value, Due after one through five years | 108,840 | |
Estimated fair value, Due after five through ten years | 11,505 | |
Estimated fair value, Due after ten years | 14,655 | |
Debt securities, Estimated fair value | 154,002 | 169,488 |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 33,161 | |
Amortized cost, Due after one through five years | 119,472 | |
Amortized cost, Due after five through ten years | 127,656 | |
Amortized cost, Due after ten years | 54,401 | |
Debt Securities, Amortized cost | 334,690 | 212,731 |
Estimated fair value, Due in one year or less | 33,115 | |
Estimated fair value, Due after one through five years | 116,611 | |
Estimated fair value, Due after five through ten years | 125,714 | |
Estimated fair value, Due after ten years | 51,109 | |
Debt securities, Estimated fair value | 326,549 | 211,470 |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 31,337 | |
Amortized cost, Due after one through five years | 368,851 | |
Amortized cost, Due after five through ten years | 329,269 | |
Amortized cost, Due after ten years | 43,732 | |
Debt Securities, Amortized cost | 773,189 | 734,409 |
Estimated fair value, Due in one year or less | 31,258 | |
Estimated fair value, Due after one through five years | 364,834 | |
Estimated fair value, Due after five through ten years | 324,843 | |
Estimated fair value, Due after ten years | 42,870 | |
Debt securities, Estimated fair value | 763,805 | 743,215 |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 26,278 | |
Amortized cost, Due after one through five years | 157,324 | |
Amortized cost, Due after five through ten years | 83,175 | |
Amortized cost, Due after ten years | 8,513 | |
Debt Securities, Amortized cost | 275,290 | 256,430 |
Estimated fair value, Due in one year or less | 26,241 | |
Estimated fair value, Due after one through five years | 155,799 | |
Estimated fair value, Due after five through ten years | 82,037 | |
Estimated fair value, Due after ten years | 8,513 | |
Debt securities, Estimated fair value | 272,590 | $ 259,619 |
Debt Securities Excluding Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, Due in one year or less | 221,697 | |
Amortized cost, Due after one through five years | 1,092,996 | |
Amortized cost, Due after five through ten years | 908,942 | |
Amortized cost, Due after ten years | 614,208 | |
Debt Securities, Amortized cost | 2,837,843 | |
Estimated fair value, Due in one year or less | 221,168 | |
Estimated fair value, Due after one through five years | 1,080,960 | |
Estimated fair value, Due after five through ten years | 895,464 | |
Estimated fair value, Due after ten years | 593,498 | |
Debt securities, Estimated fair value | 2,791,090 | |
Total Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 2,786,111 | |
Estimated fair value | $ 2,738,770 |
Debt and Equity Securities (I_3
Debt and Equity Securities (Investments in Equity Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt And Equity Securities F V N I [Line Items] | ||
Equity securities, Cost | $ 392,159 | $ 413,672 |
Equity securities, Estimated fair value | 447,749 | 466,516 |
Preferred stocks | ||
Debt And Equity Securities F V N I [Line Items] | ||
Equity securities, Cost | 18,616 | 19,233 |
Equity securities, Estimated fair value | 18,432 | 18,990 |
Common stocks | ||
Debt And Equity Securities F V N I [Line Items] | ||
Equity securities, Cost | 373,543 | 394,439 |
Equity securities, Estimated fair value | $ 429,317 | $ 447,526 |
Debt and Equity Securities (Com
Debt and Equity Securities (Composition of Investment Portfolio by Credit Rating Agencies) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 5,529,860 | $ 4,752,684 |
Equity securities, Estimated fair value | 447,749 | 466,516 |
Estimated fair value, Total | $ 5,548,292 | |
Percentage of debt securities by credit rating agencies | 100.00% | |
Percentage of investment portfolio by credit rating agencies | 100.00% | |
U.S. Treasury Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 199,956 | 173,998 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Municipal Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 1,074,188 | 1,035,937 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Foreign Government Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 154,002 | 169,488 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Governmental Agency Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 326,549 | 211,470 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 2,738,770 | 2,158,957 |
Percentage of debt securities by credit rating agencies | 100.00% | |
U.S. Corporate Debt Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 763,805 | 743,215 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Foreign Corporate Debt Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 272,590 | 259,619 |
Percentage of debt securities by credit rating agencies | 100.00% | |
Preferred stocks | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Equity securities, Estimated fair value | $ 18,432 | $ 18,990 |
Percentage of equity securities by credit rating agencies | 100.00% | |
Investment Grade | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,814,659 | |
Estimated fair value, Total | $ 4,814,717 | |
Percentage of debt securities by credit rating agencies | 87.10% | |
Percentage of investment portfolio by credit rating agencies | 86.80% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 437,285 | |
Estimated fair value, Total | $ 453,302 | |
Percentage of debt securities by credit rating agencies | 7.90% | |
Percentage of investment portfolio by credit rating agencies | 8.20% | |
Investment Grade | U.S. Treasury Bonds | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 199,956 | |
Percentage of debt securities by credit rating agencies | 100.00% | |
Investment Grade | U.S. Treasury Bonds | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Investment Grade | Municipal Bonds | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 997,639 | |
Percentage of debt securities by credit rating agencies | 92.90% | |
Investment Grade | Municipal Bonds | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 52,149 | |
Percentage of debt securities by credit rating agencies | 4.90% | |
Investment Grade | Foreign Government Bonds | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 125,378 | |
Percentage of debt securities by credit rating agencies | 81.40% | |
Investment Grade | Foreign Government Bonds | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 23,757 | |
Percentage of debt securities by credit rating agencies | 15.40% | |
Investment Grade | Governmental Agency Bonds | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 326,549 | |
Percentage of debt securities by credit rating agencies | 100.00% | |
Investment Grade | Governmental Agency Bonds | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 2,738,770 | |
Percentage of debt securities by credit rating agencies | 100.00% | |
Investment Grade | Governmental Agency Mortgage-Backed Securities | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Investment Grade | U.S. Corporate Debt Securities | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 303,068 | |
Percentage of debt securities by credit rating agencies | 39.70% | |
Investment Grade | U.S. Corporate Debt Securities | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 248,671 | |
Percentage of debt securities by credit rating agencies | 32.60% | |
Investment Grade | Foreign Corporate Debt Securities | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 123,299 | |
Percentage of debt securities by credit rating agencies | 45.20% | |
Investment Grade | Foreign Corporate Debt Securities | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 112,708 | |
Percentage of debt securities by credit rating agencies | 41.30% | |
Investment Grade | Preferred stocks | A- or Higher | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Equity securities, Estimated fair value | $ 58 | |
Percentage of equity securities by credit rating agencies | 0.30% | |
Investment Grade | Preferred stocks | BBB+ to BBB- | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Equity securities, Estimated fair value | $ 16,017 | |
Percentage of equity securities by credit rating agencies | 86.90% | |
Non-Investment Grade | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 277,916 | |
Estimated fair value, Total | $ 280,273 | |
Percentage of debt securities by credit rating agencies | 5.00% | |
Percentage of investment portfolio by credit rating agencies | 5.00% | |
Non-Investment Grade | U.S. Treasury Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Non-Investment Grade | Municipal Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 24,400 | |
Percentage of debt securities by credit rating agencies | 2.20% | |
Non-Investment Grade | Foreign Government Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 4,867 | |
Percentage of debt securities by credit rating agencies | 3.20% | |
Non-Investment Grade | Governmental Agency Bonds | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Non-Investment Grade | Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 0 | |
Percentage of debt securities by credit rating agencies | 0.00% | |
Non-Investment Grade | U.S. Corporate Debt Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 212,066 | |
Percentage of debt securities by credit rating agencies | 27.70% | |
Non-Investment Grade | Foreign Corporate Debt Securities | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Debt securities, Estimated fair value | $ 36,583 | |
Percentage of debt securities by credit rating agencies | 13.50% | |
Non-Investment Grade | Preferred stocks | ||
Schedule Of Debt and Equity Securities [Line Items] | ||
Equity securities, Estimated fair value | $ 2,357 | |
Percentage of equity securities by credit rating agencies | 12.80% |
Debt and Equity Securities (C_2
Debt and Equity Securities (Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 4,412,496 | $ 2,643,947 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 3,959,634 | |
Percentage of debt securities in unrealized loss position | 89.70% | |
Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 340,030 | |
Percentage of debt securities in unrealized loss position | 7.70% | |
Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 112,832 | |
Percentage of debt securities in unrealized loss position | 2.60% | |
U.S. Treasury Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 187,236 | 116,103 |
Percentage of debt securities in unrealized loss position | 100.00% | |
U.S. Treasury Bonds | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 187,236 | |
Percentage of debt securities in unrealized loss position | 100.00% | |
U.S. Treasury Bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
U.S. Treasury Bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
Municipal Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 805,159 | 506,187 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Municipal Bonds | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 757,128 | |
Percentage of debt securities in unrealized loss position | 94.00% | |
Municipal Bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 34,436 | |
Percentage of debt securities in unrealized loss position | 4.30% | |
Municipal Bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 13,595 | |
Percentage of debt securities in unrealized loss position | 1.70% | |
Foreign Government Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 134,290 | 105,620 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Foreign Government Bonds | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 106,665 | |
Percentage of debt securities in unrealized loss position | 79.50% | |
Foreign Government Bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 22,758 | |
Percentage of debt securities in unrealized loss position | 16.90% | |
Foreign Government Bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 4,867 | |
Percentage of debt securities in unrealized loss position | 3.60% | |
Governmental Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 320,019 | 149,444 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Governmental Agency Bonds | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 320,019 | |
Percentage of debt securities in unrealized loss position | 100.00% | |
Governmental Agency Bonds | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
Governmental Agency Bonds | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
Governmental Agency Mortgage-Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 2,245,204 | 1,446,830 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Governmental Agency Mortgage-Backed Securities | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 2,245,204 | |
Percentage of debt securities in unrealized loss position | 100.00% | |
Governmental Agency Mortgage-Backed Securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
Governmental Agency Mortgage-Backed Securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 0 | |
Percentage of debt securities in unrealized loss position | 0.00% | |
U.S. Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 528,301 | 232,541 |
Percentage of debt securities in unrealized loss position | 100.00% | |
U.S. Corporate Debt Securities | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 260,752 | |
Percentage of debt securities in unrealized loss position | 49.30% | |
U.S. Corporate Debt Securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 193,826 | |
Percentage of debt securities in unrealized loss position | 36.70% | |
U.S. Corporate Debt Securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 73,723 | |
Percentage of debt securities in unrealized loss position | 14.00% | |
Foreign Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 192,287 | $ 87,222 |
Percentage of debt securities in unrealized loss position | 100.00% | |
Foreign Corporate Debt Securities | Investment Grade | A- or Higher | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 82,630 | |
Percentage of debt securities in unrealized loss position | 43.00% | |
Foreign Corporate Debt Securities | Investment Grade | BBB+ to BBB- | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 89,010 | |
Percentage of debt securities in unrealized loss position | 46.30% | |
Foreign Corporate Debt Securities | Non-Investment Grade | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated fair value of debt securities, Unrealized loss position | $ 20,647 | |
Percentage of debt securities in unrealized loss position | 10.70% |
Goodwill (Carrying Amount of Go
Goodwill (Carrying Amount of Goodwill by Operating Segment) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 1,113,005 |
Acquisitions | 34,261 |
Foreign currency translation | (2,180) |
Ending balance | 1,145,086 |
Title Insurance and Services | |
Goodwill [Line Items] | |
Beginning balance | 1,066,240 |
Acquisitions | 34,261 |
Foreign currency translation | (2,180) |
Ending balance | 1,098,321 |
Specialty Insurance | |
Goodwill [Line Items] | |
Beginning balance | 46,765 |
Acquisitions | 0 |
Foreign currency translation | 0 |
Ending balance | $ 46,765 |
Goodwill (Narrative) (Detail)
Goodwill (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2018ReportingUnit | |
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, 2018 | Dec. 31, 2017 |
Intangible Assets Net Excluding Goodwill [Abstract] | ||
Customer relationships | $ 116,030 | $ 106,086 |
Noncompete agreements | 12,965 | 11,509 |
Trademarks | 10,016 | 9,229 |
Internal-use software licenses | 25,779 | 28,956 |
Patents | 2,840 | 2,840 |
Finite-lived intangible assets, gross | 167,630 | 158,620 |
Accumulated amortization | (72,867) | (75,591) |
Finite-lived intangible assets, net | 94,763 | 83,029 |
Licenses | 16,884 | 16,884 |
Other intangibles assets, net | $ 111,647 | $ 99,913 |
Other Intangible Assets (Narrat
Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Amortization expense | $ 7.9 | $ 7 | $ 22 | $ 19.7 |
Other Intangible Assets (Estima
Other Intangible Assets (Estimated Amortization Expense for Finite-Lived Intangible Assets) (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Remainder of 2018 | $ 7,700 |
2,019 | 21,707 |
2,020 | 13,392 |
2,021 | 10,479 |
2,022 | 10,030 |
2,023 | $ 9,755 |
Reserve for Known and Incurre_3
Reserve for Known and Incurred but Not Reported Claims (Activity in Reserve for Known and Incurred but Not Reported Claims) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||||
Balance at beginning of period | $ 1,028,933 | $ 1,025,863 | ||
Provision related to current year | 328,326 | 330,342 | ||
Provision related to prior years | 8,069 | 3,353 | ||
Total Provision | $ 122,196 | $ 120,349 | 336,395 | 333,695 |
Payments, net of recoveries, related to: Current year | 167,802 | 165,914 | ||
Payments, net of recoveries, related to: Prior years | 166,168 | 185,483 | ||
Total Payments, net of recoveries | 333,970 | 351,397 | ||
Other | (4,399) | 13,487 | ||
Balance at end of period | $ 1,026,959 | $ 1,021,648 | $ 1,026,959 | $ 1,021,648 |
Reserve for Known and Incurre_4
Reserve for Known and Incurred but Not Reported Claims (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Insurance [Abstract] | ||||
Provision for title loss, percentage of title premiums and escrow fees | 4.00% | 4.00% | 4.00% | 4.00% |
Ultimate loss rate | 4.00% | 4.00% | ||
Estimated increase in loss reserve for prior policy years | $ 0 | $ 0 |
Reserve for Known and Incurre_5
Reserve for Known and Incurred but Not Reported Claims (Summary of Loss Reserves) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Insurance [Abstract] | ||||
Known title claims, amount | $ 81,212 | $ 83,094 | ||
Incurred but not reported claims, amount | 881,071 | 875,724 | ||
Total title claims, amount | 962,283 | 958,818 | ||
Non-title claims, amount | 64,676 | 70,115 | ||
Total loss reserves, amount | $ 1,026,959 | $ 1,028,933 | $ 1,021,648 | $ 1,025,863 |
Known title claims, percent | 7.90% | 8.10% | ||
Incurred but not reported claims, percent | 85.80% | 85.10% | ||
Total title claims, percent | 93.70% | 93.20% | ||
Non-title claims, percent | 6.30% | 6.80% | ||
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rates | 22.60% | (17.90%) | 22.00% | 29.70% | |
Statutory federal tax rate | 21.00% | 35.00% | |||
Net payable related to spin-off tax liabilities | $ 15.5 | $ 15.5 | $ 15 | ||
Liability for income taxes associated with uncertain tax positions | 13.1 | 13.1 | 12.8 | ||
Offsetting tax benefits related to uncertain tax positions | 3.7 | 3.7 | 3.7 | ||
Uncertain tax positions, net | 9.4 | 9.4 | 9.1 | ||
Accrued interest and penalties on uncertain tax positions | $ 5.7 | 5.7 | 5.3 | ||
Other tax benefits related to interest and penalties of uncertain tax positions | $ 1.5 | $ 1.4 | |||
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 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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to the Company | $ 151,480 | $ 21,383 | $ 382,847 | $ 201,922 |
Basic weighted-average shares | 112,722 | 111,799 | 112,541 | 111,578 |
Effect of dilutive employee stock options and restricted stock units (“RSUs”) | 643 | 776 | 672 | 676 |
Diluted weighted-average shares | 113,365 | 112,575 | 113,213 | 112,254 |
Basic | $ 1.34 | $ 0.19 | $ 3.40 | $ 1.81 |
Diluted | $ 1.34 | $ 0.19 | $ 3.38 | $ 1.80 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the weighted-average diluted common shares outstanding | 0 | 1 | 0 | 8 |
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 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Cost) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Net Periodic Benefit Cost [Abstract] | ||||
Service costs | $ 130 | $ 184 | $ 390 | $ 551 |
Interest costs | 2,018 | 2,086 | 6,054 | 11,185 |
Expected return on plan assets | 0 | 0 | 0 | (4,740) |
Amortization of net actuarial loss | 1,205 | 1,958 | 3,615 | 15,792 |
Amortization of prior service credit | (1,045) | (1,045) | (3,135) | (3,268) |
Settlement costs | 0 | 152,388 | 0 | 152,388 |
Net periodic cost | $ 2,308 | $ 155,571 | $ 6,924 | $ 171,908 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Accounting Standards Update 2017-07 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior period reclassification of non-service cost components from Personnel costs to Other operating expenses | $ 155.4 | $ 171.4 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value of Assets Measured on Recurring Basis) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | $ 5,529,860 | $ 4,752,684 |
Equity securities, estimated fair value | 447,749 | 466,516 |
Debt and Equity securities, estimated fair value | 5,977,609 | 5,219,200 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Equity securities, estimated fair value | 447,749 | 466,516 |
Debt and Equity securities, estimated fair value | 447,749 | 466,516 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 5,529,860 | 4,708,150 |
Equity securities, estimated fair value | 0 | 0 |
Debt and Equity securities, estimated fair value | 5,529,860 | 4,708,150 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 44,534 |
Equity securities, estimated fair value | 0 | 0 |
Debt and Equity securities, estimated fair value | 0 | 44,534 |
U.S. Treasury Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 199,956 | 173,998 |
U.S. Treasury Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
U.S. Treasury Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 199,956 | 173,998 |
U.S. Treasury Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,074,188 | 1,035,937 |
Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 1,074,188 | 1,035,937 |
Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Foreign Government Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 154,002 | 169,488 |
Foreign Government Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Foreign Government Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 154,002 | 169,488 |
Foreign Government Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Governmental Agency Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 326,549 | 211,470 |
Governmental Agency Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Governmental Agency Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 326,549 | 211,470 |
Governmental Agency Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Governmental Agency Mortgage-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 2,738,770 | 2,158,957 |
Governmental Agency Mortgage-Backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Governmental Agency Mortgage-Backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 2,738,770 | 2,158,957 |
Governmental Agency Mortgage-Backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
U.S. Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 763,805 | 743,215 |
U.S. Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
U.S. Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 763,805 | 700,347 |
U.S. Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 42,868 |
Foreign Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 272,590 | 259,619 |
Foreign Corporate Debt Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 0 |
Foreign Corporate Debt Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 272,590 | 257,953 |
Foreign Corporate Debt Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Debt securities, estimated fair value | 0 | 1,666 |
Preferred stocks | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 18,432 | 18,990 |
Preferred stocks | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 18,432 | 18,990 |
Preferred stocks | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Preferred stocks | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Common Stock | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 429,317 | 447,526 |
Common Stock | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 429,317 | 447,526 |
Common Stock | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | 0 | 0 |
Common Stock | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Equity securities, estimated fair value | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
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) (Detail) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | $ 14,714 | $ 20,043 | $ 44,534 | $ 52,933 |
Transfers into Level 3 | 0 | 4,320 | 0 | 575 |
Transfers out of Level 3 | (11,690) | (6,788) | (25,877) | (29,177) |
Included in earnings | 11 | 25 | (191) | 128 |
Included in other comprehensive income (loss) | 42 | (91) | (162) | (507) |
Purchases | 0 | 1,050 | 0 | 9,069 |
Sales | (1,280) | (1,231) | (9,187) | (4,778) |
Settlements | (1,797) | (3,946) | (9,117) | (14,861) |
Fair value at end of period | 0 | 13,382 | 0 | 13,382 |
U.S. Corporate Debt Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | 13,113 | 18,128 | 42,868 | 46,665 |
Transfers into Level 3 | 0 | 3,747 | 0 | 377 |
Transfers out of Level 3 | (10,081) | (6,788) | (25,089) | (27,066) |
Included in earnings | 11 | 26 | (194) | 117 |
Included in other comprehensive income (loss) | 31 | (86) | (156) | (460) |
Purchases | 0 | 901 | 0 | 7,994 |
Sales | (1,280) | (1,231) | (8,838) | (2,824) |
Settlements | (1,794) | (2,188) | (8,591) | (12,294) |
Fair value at end of period | 0 | 12,509 | 0 | 12,509 |
Foreign Corporate Debt Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value at beginning of period | 1,601 | 1,915 | 1,666 | 6,268 |
Transfers into Level 3 | 0 | 573 | 0 | 198 |
Transfers out of Level 3 | (1,609) | 0 | (788) | (2,111) |
Included in earnings | 0 | (1) | 3 | 11 |
Included in other comprehensive income (loss) | 11 | (5) | (6) | (47) |
Purchases | 0 | 149 | 0 | 1,075 |
Sales | 0 | 0 | (349) | (1,954) |
Settlements | (3) | (1,758) | (526) | (2,567) |
Fair value at end of period | $ 0 | $ 873 | $ 0 | $ 873 |
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, 2018 | Dec. 31, 2017 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 2,205,319 | $ 1,387,226 |
Deposits with banks | 37,547 | 41,335 |
Notes receivable, net | 13,410 | 7,066 |
Secured financings receivable | 86,509 | |
Liabilities: | ||
Deposits | 4,548,635 | 3,070,566 |
Secured financings payable | 86,501 | |
Notes and contracts payable | 735,258 | 732,810 |
Estimated Fair Value | ||
Assets: | ||
Cash and cash equivalents | 2,205,319 | 1,387,226 |
Deposits with banks | 37,370 | 41,259 |
Notes receivable, net | 12,416 | 6,798 |
Secured financings receivable | 86,509 | |
Liabilities: | ||
Deposits | 4,548,635 | 3,070,566 |
Secured financings payable | 86,501 | |
Notes and contracts payable | 736,806 | 755,670 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 2,205,319 | 1,387,226 |
Deposits with banks | 4,801 | 6,846 |
Notes receivable, net | 0 | 0 |
Secured financings receivable | 0 | |
Liabilities: | ||
Deposits | 4,548,635 | 3,070,566 |
Secured financings payable | 0 | |
Notes and contracts payable | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 32,569 | 34,413 |
Notes receivable, net | 0 | 0 |
Secured financings receivable | 86,509 | |
Liabilities: | ||
Deposits | 0 | 0 |
Secured financings payable | 86,501 | |
Notes and contracts payable | 728,476 | 751,827 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Deposits with banks | 0 | 0 |
Notes receivable, net | 12,416 | 6,798 |
Secured financings receivable | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Secured financings payable | 0 | |
Notes and contracts payable | $ 8,330 | $ 3,843 |
Share-Based Compensation (Costs
Share-Based Compensation (Costs Associated with Share-Based Compensation Plans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 7,241 | $ 6,616 | $ 34,376 | $ 31,196 |
RSUs | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 6,392 | 5,865 | 31,570 | 28,634 |
Stock options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | 0 | 69 | 0 | 203 |
Employee stock purchase plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 849 | $ 682 | $ 2,806 | $ 2,359 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of RSU Activity) (Detail) - RSUs shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
RSU, Shares | |
Unvested at December 31, 2017 | shares | 1,411 |
Granted during 2018 | shares | 741 |
Vested during 2018 | shares | (869) |
Forfeited during 2018 | shares | (34) |
Unvested at September 30, 2018 | shares | 1,249 |
RSU, Weighted-average grant-date fair value | |
Unvested at December 31, 2017 | $ / shares | $ 36.66 |
Granted during 2018 | $ / shares | 55.65 |
Vested during 2018 | $ / shares | 41.34 |
Forfeited during 2018 | $ / shares | 44.93 |
Unvested at September 30, 2018 | $ / shares | $ 44.43 |
Accumulated Other Comprehensi_3
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, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | $ (67,489) | $ (67,489) | ||||||
Change in unrealized gains (losses) on debt securities | (96,416) | |||||||
Change in foreign currency translation adjustment | (11,856) | |||||||
Amortization of net actuarial loss | 3,615 | |||||||
Amortization of prior service credit | (3,135) | |||||||
Tax effect | $ 5,213 | $ (66,740) | 22,920 | $ (92,235) | ||||
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (192,911) | (192,911) | ||||||
Allocated to the Company | (192,912) | (192,912) | $ (67,509) | |||||
Allocated to noncontrolling interests | 1 | 1 | ||||||
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 | 36,803 | 36,803 | ||||||
Cumulative-effect adjustment, net of taxes | [1] | (40,550) | ||||||
Change in unrealized gains (losses) on debt securities | (96,416) | |||||||
Tax effect | 4,695 | (7,976) | 22,483 | (29,030) | ||||
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (77,680) | (77,680) | ||||||
Allocated to the Company | (77,681) | (77,681) | ||||||
Allocated to noncontrolling interests | 1 | 1 | ||||||
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 | (38,832) | (38,832) | ||||||
Change in foreign currency translation adjustment | (11,856) | |||||||
Tax effect | 560 | 0 | 560 | 0 | ||||
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (50,128) | (50,128) | ||||||
Allocated to the Company | (50,128) | (50,128) | ||||||
Allocated to noncontrolling interests | 0 | 0 | ||||||
Pension Benefit Adjustment | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Accumulated other comprehensive income (loss) including non-controlling interest, Beginning Balance | (65,460) | (65,460) | ||||||
Amortization of net actuarial loss | 3,615 | |||||||
Amortization of prior service credit | (3,135) | |||||||
Tax effect | (42) | $ (58,764) | (123) | $ (63,205) | ||||
Accumulated other comprehensive income (loss) including non-controlling interest, Ending Balance | (65,103) | (65,103) | ||||||
Allocated to the Company | (65,103) | (65,103) | ||||||
Allocated to noncontrolling interests | $ 0 | 0 | ||||||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2016-01 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Cumulative-effect adjustment, net of taxes | $ (40,550) | $ (40,550) | [1] | |||||
[1] | The Company recognized a cumulative-effect adjustment to retained earnings for cumulative net unrealized gains related to its investments in equity securities upon adoption of new accounting guidance on January 1, 2018. See Note 1 Basis of Condensed Consolidated Financial Statements for further discussion of the new guidance. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Other Comprehensive Income (Loss) Reclassification Adjustments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pretax change before reclassifications | $ (19,438) | $ 25,602 | $ (113,029) | $ 110,241 | ||||
Reclassifications out of AOCI | 2,682 | 152,373 | 5,237 | 150,627 | ||||
Tax effect | 5,213 | (66,740) | 22,920 | (92,235) | ||||
Total other comprehensive income (loss), net of tax | (11,543) | $ (22,901) | $ (50,428) | 111,235 | $ 24,980 | $ 32,418 | (84,872) | 168,633 |
Unrealized Gains (Losses) on Securities | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pretax change before reclassifications | (21,879) | 22,833 | (101,173) | 95,329 | ||||
Reclassifications out of AOCI | 2,522 | (928) | 4,757 | (14,285) | ||||
Tax effect | 4,695 | (7,976) | 22,483 | (29,030) | ||||
Total other comprehensive income (loss), net of tax | (14,662) | 13,929 | (73,933) | 52,014 | ||||
Foreign Currency Translation Adjustment | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pretax change before reclassifications | 2,441 | 11,415 | (11,856) | 23,558 | ||||
Reclassifications out of AOCI | 0 | 0 | 0 | 0 | ||||
Tax effect | 560 | 0 | 560 | 0 | ||||
Total other comprehensive income (loss), net of tax | 3,001 | 11,415 | (11,296) | 23,558 | ||||
Pension Benefit Adjustment | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||
Pretax change before reclassifications | 0 | (8,646) | 0 | (8,646) | ||||
Reclassifications out of AOCI | 160 | 153,301 | 480 | 164,912 | ||||
Tax effect | (42) | (58,764) | (123) | (63,205) | ||||
Total other comprehensive income (loss), net of tax | $ 118 | $ 85,891 | $ 357 | $ 93,061 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Reclassifications Out of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications out of AOCI | $ (2,682) | $ (152,373) | $ (5,237) | $ (150,627) | |
Amortization of net actuarial loss | (3,615) | ||||
Amortization of prior service credit | 3,135 | ||||
Unrealized Gains (Losses) on Securities | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Net realized gains (losses) on sales of securities | [1] | (2,522) | 928 | (4,757) | 14,285 |
Reclassifications out of AOCI | (2,522) | 928 | (4,757) | 14,285 | |
Tax effect | 612 | (332) | 1,109 | (5,778) | |
Pension Benefit Adjustment | |||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassifications out of AOCI | [2] | (160) | (153,301) | (480) | (164,912) |
Tax effect | [2] | 42 | 62,276 | 123 | 66,702 |
Amortization of net actuarial loss | [2] | (1,205) | (1,958) | (3,615) | (15,792) |
Amortization of prior service credit | [2] | 1,045 | 1,045 | 3,135 | 3,268 |
Settlement costs | [2] | $ 0 | $ (152,388) | $ 0 | $ (152,388) |
[1] | The current year net realized losses related to sales of debt securities and the prior year net realized gains related to sales of debt and equity securities. | ||||
[2] | These components of AOCI are components of net periodic cost. See Note 10 Employee Benefit Plans for additional details. |
Business Combinations (Narrativ
Business Combinations (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisition purchase price | $ 87,300,000 | $ 77,700,000 | $ 91,100,000 | |
Specialized Warehouse Lender | ||||
Business Acquisition [Line Items] | ||||
Period of mortgage loan sold description | The mortgage loans are generally sold by the correspondent mortgage lenders to investors within 30 days and more typically in less than 10 days. | |||
Assets acquired included secured financings receivable from correspondent mortgage lenders | $ 69,600,000 | $ 69,600,000 | ||
Liabilities assumed included secured financings payable | 69,800,000 | 69,800,000 | ||
Combined capacity for warehouse lending facilities | 123,000,000 | 123,000,000 | ||
Warehouse lending facilities outstanding borrowings | $ 86,500,000 | $ 86,500,000 | ||
Maximum | Specialized Warehouse Lender | ||||
Business Acquisition [Line Items] | ||||
Period of mortgage loan sold | 10 days | |||
Minimum | Specialized Warehouse Lender | ||||
Business Acquisition [Line Items] | ||||
Interest rate | 3.50% |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2018State | |
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 | 62.00% |
Segment Information (Schedule o
Segment Information (Schedule of Selected Financial Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,542,186 | $ 1,519,568 | $ 4,330,731 | $ 4,291,040 |
Income (loss) before income taxes | 195,587 | 17,962 | 490,620 | 285,996 |
Depreciation and amortization | 31,729 | 36,000 | 92,534 | 96,292 |
Capital expenditures | 30,745 | 35,765 | 94,277 | 105,856 |
Direct premiums and escrow fees | 649,375 | 651,104 | 1,854,835 | 1,819,193 |
Agent premiums | 615,113 | 629,186 | 1,701,831 | 1,757,796 |
Information and other | 198,680 | 201,819 | 596,090 | 586,179 |
Net investment income | 67,874 | 44,460 | 167,000 | 117,109 |
Net realized investment gains (losses) | 11,144 | (7,001) | 10,975 | 10,763 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,538,020 | 1,515,743 | 4,326,097 | 4,281,027 |
Direct premiums and escrow fees | 649,375 | 651,104 | 1,854,835 | 1,819,193 |
Agent premiums | 615,113 | 629,186 | 1,701,831 | 1,757,796 |
Information and other | 198,944 | 202,085 | 596,886 | 586,976 |
Net investment income | 63,444 | 40,369 | 161,570 | 106,299 |
Net realized investment gains (losses) | 11,144 | (7,001) | 10,975 | 10,763 |
Operating Segments | Title Insurance and Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,413,841 | 1,397,262 | 3,968,347 | 3,937,119 |
Income (loss) before income taxes | 206,539 | 181,199 | 518,565 | 476,746 |
Depreciation and amortization | 29,978 | 34,363 | 87,438 | 91,471 |
Capital expenditures | 28,342 | 33,750 | 84,296 | 100,059 |
Direct premiums and escrow fees | 532,769 | 538,063 | 1,515,537 | 1,492,258 |
Agent premiums | 615,113 | 629,186 | 1,701,831 | 1,757,796 |
Information and other | 195,963 | 199,271 | 588,079 | 578,549 |
Net investment income | 60,871 | 37,901 | 154,009 | 99,181 |
Net realized investment gains (losses) | 9,125 | (7,159) | 8,891 | 9,335 |
Operating Segments | Specialty Insurance | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 124,179 | 118,481 | 357,750 | 343,908 |
Income (loss) before income taxes | 6,201 | 6,178 | 26,220 | 25,779 |
Depreciation and amortization | 1,713 | 1,599 | 4,981 | 4,697 |
Capital expenditures | 2,403 | 2,015 | 9,981 | 5,797 |
Direct premiums and escrow fees | 116,606 | 113,041 | 339,298 | 326,935 |
Agent premiums | 0 | 0 | 0 | 0 |
Information and other | 2,981 | 2,814 | 8,807 | 8,427 |
Net investment income | 2,573 | 2,468 | 7,561 | 7,118 |
Net realized investment gains (losses) | 2,019 | 158 | 2,084 | 1,428 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,461 | 4,108 | 5,488 | 10,872 |
Income (loss) before income taxes | (17,153) | (169,415) | (54,165) | (216,529) |
Depreciation and amortization | 38 | 38 | 115 | 124 |
Capital expenditures | 0 | 0 | 0 | 0 |
Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (295) | (283) | (854) | (859) |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 |