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Segment Information | 6 Months Ended
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Jun. 30, 2023
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, New Zealand, South Korea and various other established and emerging markets. • During 2023, the Company changed the name of its specialty insurance segment to the home warranty segment. In connection with this change, the Company reclassified all current year and prior year operating results related to the Company’s property and casualty insurance business, which no longer has policies in force, to the corporate segment. The home warranty segment sells 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’s corporate segment includes its investments in venture-stage companies, operating results of the property and casualty insurance business (as noted above), certain financing facilities and corporate services that support the Company’s business operations. Selected financial information about the Company’s operations, by segment, is as follows: For the three months ended June 30, 2023:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 1,530.7 |  |  | $ | 185.7 |  |  | $ | 44.8 |  |  | $ | 74.9 |
Home Warranty |  |  | 106.5 |  |  |  | 14.3 |  |  |  | 1.1 |  |  |  | 2.3 |
Corporate and Eliminations |  |  | 9.7 |  |  |  | (21.9 | ) |  |  | 0.2 |  |  |  | — |
|  | $ | 1,646.9 |  |  | $ | 178.1 |  |  | $ | 46.1 |  |  | $ | 77.2 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income |  |  | Net investment gains |  |  | Total Revenues |
Title Insurance and Services |  | $ | 516.8 |  |  | $ | 624.7 |  |  | $ | 244.4 |  |  | $ | 141.9 |  |  | $ | 2.9 |  |  | $ | 1,530.7 |
Home Warranty |  |  | 98.5 |  |  |  | — |  |  |  | 5.9 |  |  |  | 1.4 |  |  |  | 0.7 |  |  |  | 106.5 |
Corporate and Eliminations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.0 |  |  |  | 2.7 |  |  |  | 9.7 |
|  | $ | 615.3 |  |  | $ | 624.7 |  |  | $ | 250.3 |  |  | $ | 150.3 |  |  | $ | 6.3 |  |  | $ | 1,646.9 |
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 |  | $ | 2,053.8 |  |  | $ | 240.7 |  |  | $ | 40.3 |  |  | $ | 73.8 |
Home Warranty |  |  | 102.4 |  |  |  | 8.9 |  |  |  | 1.1 |  |  |  | 0.9 |
Corporate and Eliminations |  |  | (93.7 | ) |  |  | (108.2 | ) |  |  | 0.2 |  |  |  | — |
|  | $ | 2,062.5 |  |  | $ | 141.4 |  |  | $ | 41.6 |  |  | $ | 74.7 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income (losses) |  |  | Net investment losses |  |  | Total Revenues |
Title Insurance and Services |  | $ | 792.8 |  |  | $ | 937.2 |  |  | $ | 307.2 |  |  | $ | 69.3 |  |  | $ | (52.7 | ) |  | $ | 2,053.8 |
Home Warranty |  |  | 102.1 |  |  |  | — |  |  |  | 2.7 |  |  |  | 1.2 |  |  |  | (3.6 | ) |  |  | 102.4 |
Corporate and Eliminations |  |  | 1.6 |  |  |  | — |  |  |  | 0.2 |  |  |  | (18.1 | ) |  |  | (77.4 | ) |  |  | (93.7 | )
|  | $ | 896.5 |  |  | $ | 937.2 |  |  | $ | 310.1 |  |  | $ | 52.4 |  |  | $ | (133.7 | ) |  | $ | 2,062.5 |
For the six months ended June 30, 2023:
(in millions) |  | Revenues |  |  | Income (loss) before income taxes |  |  | Depreciation and amortization |  |  | Capital expenditures |
Title Insurance and Services |  | $ | 2,879.3 |  |  | $ | 273.9 |  |  | $ | 89.0 |  |  | $ | 141.2 |
Home Warranty |  |  | 210.2 |  |  |  | 30.2 |  |  |  | 2.4 |  |  |  | 3.5 |
Corporate and Eliminations |  |  | 3.5 |  |  |  | (66.4 | ) |  |  | 0.2 |  |  |  | — |
|  | $ | 3,093.0 |  |  | $ | 237.7 |  |  | $ | 91.6 |  |  | $ | 144.7 |
(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 |  | $ | 922.4 |  |  | $ | 1,215.1 |  |  | $ | 465.9 |  |  | $ | 266.5 |  |  | $ | 9.4 |  |  | $ | 2,879.3 |
Home Warranty |  |  | 195.1 |  |  |  | — |  |  |  | 11.4 |  |  |  | 2.8 |  |  |  | 0.9 |  |  |  | 210.2 |
Corporate and Eliminations |  |  | — |  |  |  | — |  |  |  | (0.1 | ) |  |  | 15.0 |  |  |  | (11.4 | ) |  |  | 3.5 |
|  | $ | 1,117.5 |  |  | $ | 1,215.1 |  |  | $ | 477.2 |  |  | $ | 284.3 |  |  | $ | (1.1 | ) |  | $ | 3,093.0 |
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 |  | $ | 4,051.1 |  |  | $ | 460.2 |  |  | $ | 80.0 |  |  | $ | 122.6 |
Home Warranty |  |  | 205.8 |  |  |  | 24.8 |  |  |  | 2.4 |  |  |  | 1.7 |
Corporate and Eliminations |  |  | (160.7 | ) |  |  | (213.8 | ) |  |  | 0.2 |  |  |  | — |
|  | $ | 4,096.2 |  |  | $ | 271.2 |  |  | $ | 82.6 |  |  | $ | 124.3 |
(in millions) |  | Direct premiums and escrow fees |  |  | Agent premiums |  |  | Information and other |  |  | Net investment income (losses) |  |  | Net investment losses |  |  | Total Revenues |
Title Insurance and Services |  | $ | 1,458.7 |  |  | $ | 1,885.0 |  |  | $ | 608.4 |  |  | $ | 122.0 |  |  | $ | (23.0 | ) |  | $ | 4,051.1 |
Home Warranty |  |  | 203.2 |  |  |  | — |  |  |  | 5.5 |  |  |  | 2.2 |  |  |  | (5.1 | ) |  |  | 205.8 |
Corporate and Eliminations |  |  | 8.8 |  |  |  | — |  |  |  | 4.3 |  |  |  | (25.6 | ) |  |  | (148.2 | ) |  |  | (160.7 | )
|  | $ | 1,670.7 |  |  | $ | 1,885.0 |  |  | $ | 618.2 |  |  | $ | 98.6 |  |  | $ | (176.3 | ) |  | $ | 4,096.2 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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