XML 53 R37.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Schedule II - Condensed Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule II - Condensed Financial Information | SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) BALANCE SHEETS
| December 31,
| 2023 |  | 2022
| (In millions, except share data)
ASSETS
Cash | $ | 397 |  |  | $ | 406 |
Short-term investments | 487 |  |  | 532 |
Other long-term investments | — |  |  | 36 |
Equity securities, at fair value | — |  |  | 1 |
Investment in unconsolidated affiliates | 3 |  |  | 3 |
Notes receivable | 268 |  |  | 303 |
Investments in and amounts due from subsidiaries | 7,949 |  |  | 7,290 |
Property and equipment, net | 3 |  |  | 2 |
Prepaid expenses and other assets | 318 |  |  | 244 |
Total assets | $ | 9,425 |  |  | $ | 8,817 |
LIABILITIES AND EQUITY
Liabilities: |  |  |
Accounts payable and other accrued liabilities | $ | 358 |  |  | $ | 291 |
Income taxes payable | — |  |  | — |
Deferred tax liability | 29 |  |  | 71 |
Notes payable | 2,126 |  |  | 2,123 |
Total liabilities | 2,513 |  |  | 2,485 |
Equity: |  |  |
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2023 and December 31, 2022; outstanding of 273,366,235 and 279,064,457 as of December 31, 2023 and December 31, 2022, respectively, and issued of 329,185,916 and 327,757,349 as of December 31, 2023 and December 31, 2022, respectively | — |  |  | — |
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none | — |  |  | — |
Additional paid-in capital | 5,913 |  |  | 5,870 |
Retained earnings | 5,244 |  |  | 5,225 |
Accumulated other comprehensive earnings | (2,119) |  |  | (2,870) |
Less: Treasury stock, 55,819,681 shares and 48,692,892 shares as of December 31, 2023 and December 31, 2022, respectively, at cost | (2,126) |  |  | (1,893) |
Total equity of Fidelity National Financial, Inc. common shareholders | 6,912 |  |  | 6,332 |
Total liabilities and equity | $ | 9,425 |  |  | $ | 8,817 |
SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF EARNINGS AND RETAINED EARNINGS
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions, except per share data)
Revenues: |  |  |  |  |
Other fees and revenue | $ | 33 |  |  | $ | (37) |  |  | $ | 24 |
Interest and investment income and realized gains | 74 |  |  | 43 |  |  | 17 |
Recognized gains and losses, net | (31) |  |  | (42) |  |  | 12 |
Total revenues | 76 |  |  | (36) |  |  | 53 |
Expenses: |  |  |  |  |
Personnel expenses | 70 |  |  | (11) |  |  | 54 |
Other operating expenses | 47 |  |  | 15 |  |  | 25 |
Interest expense | 77 |  |  | 92 |  |  | 87 |
Total expenses | 194 |  |  | 96 |  |  | 166 |
Losses before income tax benefit and equity in earnings of subsidiaries | (118) |  |  | (132) |  |  | (113) |
Income tax benefit | (29) |  |  | (33) |  |  | (27) |
Losses before equity in earnings of subsidiaries | (89) |  |  | (99) |  |  | (86) |
Equity in earnings of subsidiaries | 606 |  |  | 1,393 |  |  | 2,875 |
Earnings from continuing operations | 517 |  |  | 1,294 |  |  | 2,789 |
Equity in earnings of discontinued operations | — |  |  | — |  |  | 8 |
Net earnings attributable to Fidelity National Financial, Inc. common shareholders | $ | 517 |  |  | $ | 1,294 |  |  | $ | 2,797 |
Retained earnings, beginning of year | $ | 5,225 |  |  | $ | 4,818 |  |  | $ | 2,468 |
Dividends declared | (498) |  |  | (490) |  |  | (447) |
Distribution of F&G to FNF common shareholders | — |  |  | (397) |  |  | — |
Net earnings attributable to Fidelity National Financial, Inc. common shareholders | 517 |  |  | 1,294 |  |  | 2,797 |
Retained earnings, end of year | $ | 5,244 |  |  | $ | 5,225 |  |  | $ | 4,818 |
SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF CASH FLOWS
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Cash Flows From Operating Activities: |  |  |  |  |
Net earnings | $ | 517 |  |  | $ | 1,294 |  |  | $ | 2,797 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  |  | — |  |  | (6) |
Equity in earnings of subsidiaries | (606) |  |  | (1,393) |  |  | (2,875) |
Depreciation and amortization | 1 |  |  | 1 |  |  | 1 |
Stock-based compensation | 57 |  |  | 48 |  |  | 43 |
Net change in income taxes | (262) |  |  | 748 |  |  | 65 |
Net (increase) decrease in prepaid expenses and other assets | (72) |  |  | 41 |  |  | (14) |
Net increase in accounts payable and other accrued liabilities | 70 |  |  | (51) |  |  | 36 |
Net cash (used in) provided by operating activities | (295) |  |  | 688 |  |  | 47 |
Cash Flows From Investing Activities: |  |  |  |  |
Purchases of investments available for sale | — |  |  | — |  |  | (52) |
Net purchases of short-term investment activities | 82 |  |  | (509) |  |  | (6) |
Additions to notes receivable | (12) |  |  | (87) |  |  | (400) |
Collection of notes receivable | 47 |  |  | 79 |  |  | 120 |
Net cash provided by (used in) investing activities | 117 |  |  | (517) |  |  | (338) |
Cash Flows From Financing Activities: |  |  |  |  |
Borrowings | — |  |  | — |  |  | 449 |
Debt service payments | — |  |  | (400) |  |  | — |
Debt issuance costs | — |  |  | — |  |  | (6) |
Dividends paid | (500) |  |  | (489) |  |  | (446) |
Purchases of treasury stock | (6) |  |  | (553) |  |  | (463) |
Exercise of stock options | 15 |  |  | 39 |  |  | 48 |
Payment for shares withheld for taxes and in treasury | (17) |  |  | (15) |  |  | (17) |
Additional investments in non-controlling interests | (12) |  |  | (2) |  |  | — |
Net dividends from subsidiaries | 689 |  |  | 140 |  |  | 1,266 |
Net cash provided by (used in) financing activities | 169 |  |  | (1,280) |  |  | 831 |
Net change in cash and cash equivalents | (9) |  |  | (1,109) |  |  | 540 |
Cash at beginning of year | 406 |  |  | 1,515 |  |  | 975 |
Cash at end of year | $ | 397 |  |  | $ | 406 |  |  | $ | 1,515 |
See Notes to Financial Statements
SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) NOTES TO FINANCIAL STATEMENTS A. Summary of Significant Accounting Policies Fidelity National Financial, Inc. transacts substantially all of its business through its subsidiaries. The Parent Company Financial Statements should be read in connection with the aforementioned Consolidated Financial Statements and Notes thereto included elsewhere herein. B. Notes Payable Notes payable consist of the following:
|  | December 31,
|  | 2023 |  | 2022
|  | (In millions)
4.50% Notes, net of discount |  | $ | 446 |  |  | $ | 445 |
3.40% Notes, net of discount |  | 644 |  |  | 644 |
2.45% Notes, net of discount |  | 594 |  |  | 594 |
3.20% Notes, net of discount |  | 444 |  |  | 443 |
Revolving credit facility |  | (2) |  |  | (3) |
|  | $ | 2,126 |  |  | $ | 2,123 |
C. Supplemental Cash Flow Information
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Cash paid during the year: |  |  |  |  |
Interest paid | $ | 73 |  |  | $ | 95 |  |  | $ | 81 |
Income tax payments | 213 |  |  | 459 |  |  | 609 |
D. Cash Dividends Received We have received cash dividends from subsidiaries and affiliates o f $0.4 billion, $0.8 billion, and $0.6 billion during the years ended December 31, 2023, 2022, and 2021, respectively. E. Subsequent Events Amendment to our Revolving Credit Facility On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). For further information related to the Amended Revolving Credit Facility and the Sixth Restated Credit Agreement refer to Note G Notes Payable. Investment of $250 million in F&G On January 12, 2024, we completed a $250 million preferred stock investment in F&G. F&G will use the net proceeds from the investment to support growth of its assets under management. Under the terms of the agreement, we have agreed to invest $250 million in exchange for 5 million shares of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 per share (the "Mandatory Convertible Preferred Stock"). Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $50.00 per share. Unless earlier converted at the option of the holder, each outstanding share of the Mandatory Convertible Preferred Stock will automatically convert into shares of common stock of F&G on January 15, 2027 (the "Mandatory Conversion Date"). Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory Convertible Preferred Stock will be no more than 1.1111 shares of common stock and no less than 0.9456 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the value of F&G's common stock.

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

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration