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