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Segment Information | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Information | Note 18 – Segment Information The Company consists of the following reportable segments:
| • | The Company’s title insurance and services segment issues title insurance policies on residential and commercial property in the United States and offers similar or related products and services internationally. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; provides products, services and solutions designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant data and records; provides appraisals and other valuation-related products and services; provides lien release, document custodial and default-related products and services; provides warehouse lending services; subservices mortgage loans; and provides banking, trust and wealth management services. The Company, through its principal title insurance subsidiary and such subsidiary’s affiliates, transacts its title insurance business through a network of direct operations and agents. Through this network, the Company issues policies in the 49 states that permit the issuance of title insurance policies, the District of Columbia and certain United States territories. The Company also offers title insurance, closing services and similar or related products and services, either directly or through third parties in other countries, including Canada, the United Kingdom, Australia, South Korea and various other established and emerging markets.
| • | The Company’s specialty insurance segment sells home warranty products including residential service contracts that cover residential systems, such as heating and air conditioning systems, and certain appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 35 states and the District of Columbia.
The Company is continuing its wind-down of the property and casualty insurance business through the transfer and non-renewal of policies and expects the transfers to be completed by the end of the third quarter of 2022.
| • | The Company’s corporate segment, which was expanded in 2021 to include its investments in venture-stage companies, also includes certain financing facilities and corporate services that support the Company’s business operations. In connection with the expansion, the Company reclassified $44 million and $86 million in net investment gains during the three and six months ended June 30, 2021, respectively, previously reported in the title insurance and services segment to the corporate segment.
Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended June 30, 2022:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 2,053 |  |  | $ | 240 |  |  | $ | 41 |  |  | $ | 74 |
Specialty Insurance |  |  | 104 |  |  |  | 4 |  |  |  | 1 |  |  |  | — |
Corporate |  |  | (95 | ) |  |  | (103 | ) |  |  | — |  |  |  | — |
|  | $ | 2,062 |  |  | $ | 141 |  |  | $ | 42 |  |  | $ | 74 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains (losses) |  |  | Total Revenues |
Title Insurance and Services |  | $ | 793 |  |  | $ | 937 |  |  | $ | 305 |  |  | $ | 70 |  |  | $ | (52 | ) |  | $ | 2,053 |
Specialty Insurance |  |  | 104 |  |  |  | — |  |  |  | 3 |  |  |  | 1 |  |  |  | (4 | ) |  |  | 104 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (18 | ) |  |  | (77 | ) |  |  | (95 | )
|  | $ | 897 |  |  | $ | 937 |  |  | $ | 308 |  |  | $ | 53 |  |  | $ | (133 | ) |  | $ | 2,062 |
For the three months ended June 30, 2021:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 2,064 |  |  | $ | 358 |  |  | $ | 40 |  |  | $ | 37 |
Specialty Insurance |  |  | 152 |  |  |  | 20 |  |  |  | 1 |  |  |  | 1 |
Corporate |  |  | 51 |  |  |  | 21 |  |  |  | — |  |  |  | — |
Eliminations |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 2,266 |  |  | $ | 399 |  |  | $ | 41 |  |  | $ | 38 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains (losses) |  |  | Total Revenues |
Title Insurance and Services |  | $ | 787 |  |  | $ | 905 |  |  | $ | 299 |  |  | $ | 47 |  |  | $ | 26 |  |  | $ | 2,064 |
Specialty Insurance |  |  | 130 |  |  |  | — |  |  |  | 4 |  |  |  | 2 |  |  |  | 16 |  |  |  | 152 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 44 |  |  |  | 51 |
|  | $ | 917 |  |  | $ | 905 |  |  | $ | 303 |  |  | $ | 56 |  |  | $ | 86 |  |  | $ | 2,267 |
For the six months ended June 30, 2022:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 4,051 |  |  | $ | 461 |  |  | $ | 81 |  |  | $ | 123 |
Specialty Insurance |  |  | 219 |  |  |  | 16 |  |  |  | 2 |  |  |  | 1 |
Corporate |  |  | (174 | ) |  |  | (206 | ) |  |  | — |  |  |  | — |
|  | $ | 4,096 |  |  | $ | 271 |  |  | $ | 83 |  |  | $ | 124 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains (losses) |  |  | Total Revenues |
Title Insurance and Services |  | $ | 1,459 |  |  | $ | 1,885 |  |  | $ | 607 |  |  | $ | 122 |  |  | $ | (22 | ) |  | $ | 4,051 |
Specialty Insurance |  |  | 212 |  |  |  | — |  |  |  | 10 |  |  |  | 3 |  |  |  | (6 | ) |  |  | 219 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | (148 | ) |  |  | (174 | )
|  | $ | 1,671 |  |  | $ | 1,885 |  |  | $ | 617 |  |  | $ | 99 |  |  | $ | (176 | ) |  | $ | 4,096 |
For the six months ended June 30, 2021:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 3,908 |  |  | $ | 638 |  |  | $ | 76 |  |  | $ | 67 |
Specialty Insurance |  |  | 288 |  |  |  | 26 |  |  |  | 3 |  |  |  | 2 |
Corporate |  |  | 98 |  |  |  | 41 |  |  |  | — |  |  |  | — |
Eliminations |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 4,292 |  |  | $ | 705 |  |  | $ | 79 |  |  | $ | 69 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains (losses) |  |  | Total Revenues |
Title Insurance and Services |  | $ | 1,445 |  |  | $ | 1,750 |  |  | $ | 575 |  |  | $ | 90 |  |  | $ | 48 |  |  | $ | 3,908 |
Specialty Insurance |  |  | 258 |  |  |  | — |  |  |  | 7 |  |  |  | 4 |  |  |  | 19 |  |  |  | 288 |
Corporate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 86 |  |  |  | 98 |
|  | $ | 1,703 |  |  | $ | 1,750 |  |  | $ | 582 |  |  | $ | 106 |  |  | $ | 153 |  |  | $ | 4,294 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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