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FAF First American Financial Corporation

Annual report

	December 31,
	2024		2023
ASSETS
Cash and cash equivalents	$	1,718.1	$	3,605.3
Accounts and accrued income receivable, less allowances for credit losses of $21.5 and $21.8		374.8		509.4
Income taxes receivable		61.3		75.7
Investments:
Deposits with banks		85.4		55.8
Debt securities (amortized cost of $7,730.9 and $7,895.2; pledged of $92.4 and $107.0)		7,265.9		7,157.5
Equity securities		691.3		735.6
		8,042.6		7,948.9
Secured financings receivable		690.0		636.5
Property and equipment, net		745.1		749.6
Operating lease assets		214.7		229.3
Title plants and other indexes		673.9		652.4
Deferred income taxes		43.8		50.1
Goodwill		1,804.3		1,807.5
Other intangible assets, net		125.2		153.8
Other assets		414.8		384.3
	$	14,908.6	$	16,802.8
LIABILITIES AND EQUITY
Deposits	$	5,048.1	$	7,308.0
Accounts payable and accrued liabilities:
Accounts payable		66.7		63.3
Personnel costs		278.1		256.6
Pension costs and other retirement plans		425.2		399.2
Other		173.3		160.4
		943.3		879.5
Deferred revenue		210.4		196.8
Reserve for known and incurred but not reported claims		1,193.4		1,282.4
Income taxes payable		27.0		15.9
Deferred income taxes		139.1		63.6
Operating lease liabilities		229.9		246.6
Secured financings payable		643.8		553.3
Notes and contracts payable		1,546.6		1,393.9
		9,981.6		11,940.0
Commitments and contingencies (Note 21)
Stockholders’ equity:
Preferred stock, $0.00001 par value; Authorized—0.5 shares; Outstanding—none		—		—
Common stock, $0.00001 par value; Authorized—300.0 shares;
Outstanding—103.0 shares and 103.1 shares		—		—
Additional paid-in capital		1,787.6		1,793.3
Retained earnings		3,617.3		3,710.6
Accumulated other comprehensive loss		(496.4)		(655.8)
Total stockholders’ equity		4,908.5		4,848.1
Noncontrolling interests		18.5		14.7
Total equity		4,927.0		4,862.8
	$	14,908.6	$	16,802.8

	December 31,
	2024		2023		2022
	(in millions)
Balance at beginning of year	$	1,186.5	$	1,207.2	$	1,143.5
Provision related to:
Current year		172.9		161.5		248.4
Prior years		(34.6)		(21.6)		—
		138.3		139.9		248.4
Provision transferred to known title claims related to:
Current year		38.6		24.6		28.4
Prior years		166.3		138.9		144.0
		204.9		163.5		172.4
Other		(10.5)		2.9		(12.3)
Balance at end of year	$	1,109.4	$	1,186.5	$	1,207.2

Average annual percentage payout of incurred claims by age (unaudited)
Years	1		2
Annual payout	90.8	%	9.2	%

	December 31,
	2024		2023
	(in millions)
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	196.0	$	196.4
Service costs		0.1		0.1
Interest costs		9.6		10.2
Actuarial (gain) loss		(5.3)		4.8
Benefits paid		(15.3)		(15.5)
Projected benefit obligation at end of year		185.1		196.0
Change in plan assets:
Contributions		15.3		15.5
Benefits paid		(15.3)		(15.5)
Fair value of plan assets at end of year		—		—
Reconciliation of funded status:
Unfunded status of the plans	$	185.1	$	196.0
Amounts recognized in the consolidated balance sheet:
Accrued benefit liability	$	185.1	$	196.0
Amounts recognized in accumulated other comprehensive income/loss:
Unrecognized net actuarial loss	$	43.3	$	50.9
	$	43.3	$	50.9
Accumulated benefit obligation at end of year	$	185.1	$	196.0

	Year ended December 31,
	2024			2023			2022
Discount rates:
Projected benefit obligation		5.21	%		5.56	%		2.89	%
Service cost		5.40	%		5.75	%		3.29	%
Interest cost		5.15	%		5.45	%		2.37	%

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