XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.22.2

Derivative Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, and reinsurance is as follows (in millions):
| June 30, 2022 |  |  |  | December 31, 2021
Assets: |  |  |  |  |
Derivative investments: |  |  |  |  |
Call options | $ | 145 |  |  |  |  | $ | 816 |
Foreign currency forward | 1 |  |  |  |  | — |
Other long-term investments: |  |  |  |  |
Other embedded derivatives | 24 |  |  |  |  | 33 |
Prepaid expenses and other assets: |  |  |  |  |
Reinsurance related embedded derivatives | 190 |  |  |  |  | — |
| $ | 360 |  |  |  |  | $ | 849 |
Liabilities: |  |  |  |  |
Contractholder funds: |  |  |  |  |
FIA/ IUL embedded derivatives | $ | 2,941 |  |  | $ | 3,883 |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |
Reinsurance related embedded derivatives | — |  |  | 73 |  |  |
| $ | 2,941 |  |  | $ | 3,956 |  |  |
Change in Fair Value of Derivative Instruments | The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows (in millions):
| Three Months Ended |  | Six Months Ended
| June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021
Net investment gains (losses): |  |  |  |  |  |  |
Call options | $ | (395) |  |  | $ | 257 |  |  | $ | (709) |  |  | $ | 279 |
Futures contracts | (8) |  |  | 5 |  |  | (5) |  |  | 4 |
Foreign currency forwards | 9 |  |  | — |  |  | 12 |  |  | 4 |
Other derivatives and embedded derivatives | (5) |  |  | 3 |  |  | (8) |  |  | 3 |
Reinsurance related embedded derivatives | 141 |  |  | (27) |  |  | 263 |  |  | — |
Total net investment gains (losses) | $ | (258) |  |  | $ | 238 |  |  | $ | (447) |  |  | $ | 290 |
Benefits and other changes in policy reserves: |  |  |  |  |  |  |
FIA/ IUL embedded derivatives | $ | (454) |  |  | $ | 466 |  |  | $ | (942) |  |  | $ | 355 |
Exposure to Credit Loss on Call Options Held | Information regarding our exposure to credit loss on the call options we hold is presented in the following table (in millions):
|  |  | June 30, 2022
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 3,735 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
Morgan Stanley | */Aa3/A+ |  | 1,581 |  |  | 6 |  |  | 7 |  |  | — |
Barclay's Bank | A+/A1/A |  | 5,421 |  |  | 46 |  |  | 48 |  |  | — |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 3,832 |  |  | 22 |  |  | 26 |  |  | — |
Wells Fargo | A+/A1/BBB+ |  | 1,945 |  |  | 12 |  |  | 13 |  |  | — |
Goldman Sachs | A/A2/BBB+ |  | 660 |  |  | 4 |  |  | 4 |  |  | — |
Credit Suisse | A-/A1/A |  | 1,157 |  |  | 4 |  |  | 4 |  |  | — |
Truist | A+/A2/A |  | 2,476 |  |  | 21 |  |  | 22 |  |  | — |
Total |  |  | $ | 20,807 |  |  | $ | 145 |  |  | $ | 124 |  |  | $ | 30 |
|  |  | December 31, 2021
Counterparty | Credit Rating (Fitch/Moody's/S&P) (1) |  | Notional Amount |  | Fair Value |  | Collateral |  | Net Credit Risk
Merrill Lynch | AA/*/A+ |  | $ | 3,307 |  |  | $ | 128 |  |  | $ | 86 |  |  | $ | 42 |
Morgan Stanley | */Aa3/A+ |  | 2,184 |  |  | 86 |  |  | 92 |  |  | — |
Barclay's Bank | A+/A1/A |  | 5,197 |  |  | 231 |  |  | 233 |  |  | — |
Canadian Imperial Bank of Commerce | AA/Aa2/A+ |  | 2,936 |  |  | 147 |  |  | 151 |  |  | — |
Wells Fargo | A+/A1/BBB+ |  | 2,445 |  |  | 89 |  |  | 90 |  |  | — |
Goldman Sachs | A/A2/BBB+ |  | 307 |  |  | 10 |  |  | 10 |  |  | — |
Credit Suisse | A/A1/A+ |  | 1,485 |  |  | 74 |  |  | 75 |  |  | — |
Truist | A+/A2/A |  | 1,543 |  |  | 51 |  |  | 53 |  |  | — |
Total |  |  | $ | 19,404 |  |  | $ | 816 |  |  | $ | 790 |  |  | $ | 42 |
(1) An * represents credit ratings that were not available.

X
- Definition Schedule of exposure to credit loss on derivative instrument. + References No definition available. + Details
Name: | fnf_ScheduleOfExposureToCreditLossOnDerivativeInstrumentTableTableTextBlock
Namespace Prefix: | fnf_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration