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Accumulated Other Comprehensive Income (Loss) ("AOCI") (Tables) | 12 Months Ended
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Dec. 31, 2022
Accumulated Other Comprehensive Income Other Comprehensive Income [Abstract] |
Components of Accumulated Other Comprehensive Income (Loss) | The following table presents a summary of the changes in each component of AOCI for the years ended December 31, 2022, 2021 and 2020:
|  | First American Financial Corporation |
(in millions) |  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Accumulated other comprehensive income (loss) |
Balance at December 31, 2019 |  | $ | 84 |  |  | $ | (52 | ) |  | $ | (73 | ) |  | $ | (41 | )
Change in unrealized gains (losses) on debt securities |  |  | 116 |  |  |  | — |  |  |  | — |  |  |  | 116 |
Change in unrealized gains (losses) on debt securities for which credit-related portion was recognized in earnings |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Change in foreign currency translation adjustment |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 14 |
Net actuarial loss |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | (31 | )
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |
Amortization of prior service credit |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | (3 | )
Tax effect |  |  | (29 | ) |  |  | — |  |  |  | 8 |  |  |  | (21 | )
Balance at December 31, 2020 |  |  | 172 |  |  |  | (38 | ) |  |  | (94 | ) |  |  | 40 |
Change in unrealized gains (losses) on debt securities |  |  | (189 | ) |  |  | — |  |  |  | — |  |  |  | (189 | )
Change in foreign currency translation adjustment |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Net actuarial gain |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 11 |
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 7 |
Amortization of prior service credit |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Tax effect |  |  | 46 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 42 |
Balance at December 31, 2021 |  |  | 29 |  |  |  | (39 | ) |  |  | (82 | ) |  |  | (92 | )
Change in unrealized gains (losses) on debt securities |  |  | (1,045 | ) |  |  | — |  |  |  | — |  |  |  | (1,045 | )
Change in foreign currency translation adjustment |  |  | — |  |  |  | (43 | ) |  |  | — |  |  |  | (43 | )
Net actuarial gain |  |  | — |  |  |  | — |  |  |  | 57 |  |  |  | 57 |
Amortization of net actuarial loss |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Tax effect |  |  | 264 |  |  |  | 1 |  |  |  | (16 | ) |  |  | 249 |
Balance at December 31, 2022 |  | $ | (752 | ) |  | $ | (81 | ) |  | $ | (35 | ) |  | $ | (868 | )
Adjustments for Reclassification of Other Comprehensive Income (Loss) | The following table presents the other comprehensive income (loss) reclassification adjustments for the years ended December 31, 2022, 2021 and 2020:
|  | Unrealized gains (losses) on debt securities |  |  | Foreign currency translation adjustment |  |  | Pension benefit adjustment |  |  | Total other comprehensive income (loss) |
|  | (in millions) |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (1,182 | ) |  | $ | (43 | ) |  | $ | 57 |  |  | $ | (1,168 | )
Reclassifications out of AOCI |  |  | 137 |  |  |  | — |  |  |  | 6 |  |  |  | 143 |
Tax effect |  |  | 264 |  |  |  | 1 |  |  |  | (16 | ) |  |  | 249 |
Total other comprehensive income (loss), net of tax |  | $ | (781 | ) |  | $ | (42 | ) |  | $ | 47 |  |  | $ | (776 | )
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | (169 | ) |  | $ | (2 | ) |  | $ | 11 |  |  | $ | (160 | )
Reclassifications out of AOCI |  |  | (20 | ) |  |  | — |  |  |  | 6 |  |  |  | (14 | )
Tax effect |  |  | 46 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 42 |
Total other comprehensive income (loss), net of tax |  | $ | (143 | ) |  | $ | (1 | ) |  | $ | 12 |  |  | $ | (132 | )
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Pretax change before reclassifications |  | $ | 125 |  |  | $ | 14 |  |  | $ | (31 | ) |  | $ | 108 |
Reclassifications out of AOCI |  |  | (8 | ) |  |  | — |  |  |  | 2 |  |  |  | (6 | )
Tax effect |  |  | (29 | ) |  |  | — |  |  |  | 8 |  |  |  | (21 | )
Total other comprehensive income (loss), net of tax |  | $ | 88 |  |  | $ | 14 |  |  | $ | (21 | ) |  | $ | 81 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table presents the effects of the reclassifications out of AOCI on the respective line items in the consolidated statements of income:
|  | Year ended December 31, |  |  |
(in millions) |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Affected line items
Unrealized gains (losses) on debt securities: |  |  |  |  |  |  |  |  |  |  |
Net realized (losses) gains on sales of debt securities |  | $ | (137 | ) |  | $ | 20 |  |  | $ | 15 |  |  | Net investment (losses) gains
Credit losses recognized on debt securities |  |  | — |  |  |  | — |  |  |  | (7 | ) |  | Net investment (losses) gains
Pretax total |  | $ | (137 | ) |  | $ | 20 |  |  | $ | 8 |  |  |
Tax effect |  | $ | 35 |  |  | $ | (5 | ) |  | $ | (2 | ) |  |
Pension benefit adjustment (1): |  |  |  |  |  |  |  |  |  |  |
Amortization of net actuarial loss |  | $ | (6 | ) |  | $ | (7 | ) |  | $ | (5 | ) |  | Other operating expenses
Amortization of prior service credit |  |  | — |  |  |  | 1 |  |  |  | 3 |  |  | Other operating expenses
Pretax total |  | $ | (6 | ) |  | $ | (6 | ) |  | $ | (2 | ) |  |
Tax effect |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  |

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