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Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | 12 Months Ended
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Dec. 31, 2023
Risks and Uncertainties [Abstract] |
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk In the normal course of business, we and certain of our subsidiaries enter into off-balance sheet credit arrangements associated with certain aspects of the title insurance business and other activities. We generate a significant amount of title insurance premiums in Texas, California, Florida, Pennsylvania and Illinois. Title insurance premiums as a percentage of the total title insurance premiums written from those five states are detailed as follows:
| 2023 |  | 2022 |  | 2021
Texas | 14.3 | % |  | 15.0 | % |  | 13.0 | %
California | 13.0 | % |  | 12.0 | % |  | 14.6 | %
Florida | 10.7 | % |  | 10.6 | % |  | 9.3 | %
Illinois | 6.0 | % |  | 5.3 | % |  | 5.1 | %
Pennsylvania | 4.9 | % |  | 5.2 | % |  | 5.1 | %
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, short-term investments, and trade receivables. We place cash equivalents and short-term investments with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Investments in commercial paper of industrial firms and financial institutions are rated investment grade by nationally recognized rating agencies. Concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up our customer base, thus spreading the trade receivables credit risk. We control credit risk through monitoring procedures.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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