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Schedule II - Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets | 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 |
Statement of Earnings and Retained Earnings | 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 |
Statements Of Cash Flows | 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 of Notes Payable | Notes payable consists of the following:
|  | December 31, 2023 |  | December 31, 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 |  |  | 444 |
Revolving Credit Facility |  | (2) |  |  | (3) |
F&G Credit Agreement |  | 362 |  |  | 547 |
5.50% F&G Notes, net of discount |  | 561 |  |  | 567 |
7.40% F&G Notes, net of discount |  | 495 |  |  | — |
7.95% F&G Notes, net of discount |  | 336 |  |  | — |
Other |  | 7 |  |  | — |
|  | $ | 3,887 |  |  | $ | 3,238 |
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 |
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities.
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Cash paid for: |  | (In millions)
Interest |  | $ | 157 |  |  | $ | 125 |  |  | $ | 112 |
Income taxes |  | 216 |  |  | 387 |  |  | 653 |
Deferred sales inducements |  | 168 |  |  | 87 |  |  | 90 |
Non-cash investing and financing activities: |  |  |  |  |  |
Distribution of 15% of the common stock of F&G |  | $ | — |  |  | $ | 421 |  |  | $ | — |
Investments received from pension risk transfer premiums |  | 464 |  |  | — |  |  | 316 |
Change in proceeds of sales of investments available for sale receivable in period |  | 32 |  |  | 96 |  |  | (160) |
Change in purchases of investments available for sale payable in period |  | 20 |  |  | (25) |  |  | 18 |
Lease liabilities recognized in exchange for lease right-of-use assets |  | 40 |  |  | 70 |  |  | 47 |
Remeasurement of lease liabilities |  | 75 |  |  | 60 |  |  | 87 |
Liabilities assumed in connection with acquisitions |  |  |  |  |  |
Fair value of assets acquired |  | 304 |  |  | 266 |  |  | 85 |
Less: Total Purchase price |  | 299 |  |  | 180 |  |  | 59 |
Liabilities and noncontrolling interests assumed |  | $ | 5 |  |  | $ | 86 |  |  | $ | 26 |
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 |

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