XML 47 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Schedule II Fidelity National Financial, Inc. (Parent Company)
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule II Fidelity National Financial, Inc. (Parent Company)
SCHEDULE II
FIDELITY NATIONAL FINANCIAL, INC.
(Parent Company)

BALANCE SHEETS
 
December 31,
 
2017
 
2016
 
(In millions, except share data)
ASSETS
Cash
$
230

 
$
246

Short term investments
85

 
1

Equity securities available for sale, at fair value
1

 
—

Investment in unconsolidated affiliates
13

 
7

Notes receivable
576

 
622

Investments in and amounts due from subsidiaries
4,672

 
4,253

Property and equipment, net
4

 
4

Prepaid expenses and other assets
1

 
3

Investments in discontinued subsidiaries
—

 
2,581

Total assets
$
5,582

 
$
7,717

LIABILITIES AND EQUITY
Liabilities:
 

 
 

Accounts payable and other accrued liabilities
$
72

 
$
42

Income taxes payable
137

 
65

Deferred tax liability
169

 
629

Notes payable
757

 
985

Total liabilities
1,135

 
1,721

Equity:
 

 
 

FNF Group common stock, $0.0001 par value; authorized 487,000,000 shares as of December 31, 2017 and 2016; outstanding of 274,431,737 and 272,205,261 as of December 31, 2017 and 2016, respectively; and issued of 287,718,304 and 285,041,900 as of December 31, 2017 and 2016, respectively
—

 
—

FNFV Group common stock, $0.0001 par value; authorized 113,000,000 shares as of December 31, 2016, outstanding of 66,416,822 as of December 31, 2016, and issued of 80,581,675 as of December 31, 2016, see Note G
—

 
—

Additional paid-in capital
4,587

 
4,848

Retained earnings
217

 
1,784

Accumulated other comprehensive loss
111

 
(13
)
Less: Treasury stock, 13,286,567 shares and 27,001,492 shares as of December 31, 2017 and 2016, respectively, at cost
(468
)
 
(623
)
Total equity of Fidelity National Financial, Inc. common shareholders
4,447

 
5,996

Total liabilities and equity
$
5,582

 
$
7,717


See Notes to Financial Statements
SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.
(Parent Company)

STATEMENTS OF EARNINGS AND RETAINED EARNINGS
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In millions, except per share data)
Revenues:
 

 
 

 
 

Other fees and revenue
$
1

 
$
4

 
$
3

Interest and investment income and realized gains
24

 
24

 
86

Total revenues
25

 
28

 
89

Expenses:
 

 
 

 
 

Personnel expenses
32

 
26

 
28

Other operating expenses
8

 
6

 
1

Interest expense
48

 
64

 
74

Total expenses
88

 
96

 
103

Losses before income tax benefit and equity in earnings of subsidiaries
(63
)
 
(68
)
 
(14
)
Income tax benefit
(17
)
 
(24
)
 
(5
)
Losses before equity in earnings of subsidiaries
(46
)
 
(44
)
 
(9
)
Equity in earnings of subsidiaries
685

 
671

 
520

Earnings from continuing operations
639

 
627

 
511

Equity in earnings of discontinued operations
132

 
23

 
16

Net earnings attributable to Fidelity National Financial, Inc. common shareholders
$
771

 
$
650

 
$
527

 
 
 
 
 
 
Retained earnings, beginning of year
$
1,784

 
$
1,374

 
$
1,150

Dividends declared
(279
)
 
(240
)
 
(222
)
Distribution of Black Knight to FNF common shareholders
(823
)
 
—

 
—

Redemption of FNFV tracking stock and distribution of Cannae Holdings, Inc. common stock to holders of FNFV tracking stock
(1,236
)
 
—

 
—

Distribution of J. Alexander's to FNFV Group common shareholders
—

 
—

 
(81
)
Net earnings attributable to Fidelity National Financial, Inc. common shareholders
771

 
650

 
527

Retained earnings, end of year
$
217

 
$
1,784

 
$
1,374


See Notes to Financial Statements
SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.
(Parent Company)
 STATEMENTS OF CASH FLOWS
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In millions)
Cash Flows From Operating Activities:
 

 
 

 
 

Net earnings
$
771

 
$
650

 
$
527

Adjustments to reconcile net earnings to net cash provided by operating activities:
 
 
 
 
 
Equity in earnings of unconsolidated affiliates
—

 
(2
)
 
—

Impairment of assets
—

 
3

 
—

Equity in earnings of subsidiaries
(817
)
 
(694
)
 
(536
)
Depreciation and amortization
—

 
1

 
2

Stock-based compensation
34

 
36

 
38

Net change in income taxes
(130
)
 
29

 
17

Net decrease (increase) in prepaid expenses and other assets
18

 
26

 
(25
)
Net increase (decrease) in accounts payable and other accrued liabilities
17

 
(13
)
 
2

Net cash (used in) provided by operating activities
(107
)
 
36

 
25

Cash Flows From Investing Activities:
 

 
 

 
 

Purchases of investments available for sale
(1
)
 
—

 
—

Net (purchases of) proceeds from short-term investment activities
(84
)
 
162

 
(163
)
Additions to notes receivable
(13
)
 
(24
)
 
(28
)
Collection of notes receivable
49

 
22

 
1,542

Distributions from unconsolidated affiliates
1

 
2

 
—

Additional investments in unconsolidated affiliates
(2
)
 
(8
)
 
—

Net cash (used in) provided by investing activities
(50
)
 
154

 
1,351

Cash Flows From Financing Activities:
 

 
 

 
 

Borrowings
296

 
—

 
—

Debt service payments
(530
)
 
(2
)
 
(1,100
)
Equity portion of debt conversions paid in cash
(317
)
 
(2
)
 
—

Dividends paid
(278
)
 
(240
)
 
(220
)
Purchases of treasury stock
(23
)
 
(268
)
 
(506
)
Exercise of stock options
31

 
19

 
26

Payment for shares withheld for taxes and in treasury
(18
)
 
(9
)
 
(13
)
Cash transferred in the Black Knight spin-off
(87
)
 
—

 
—

Cash transferred in the FNFV split-off
(22
)
 
—

 
—

Other financing activity
(1
)
 
—

 
(15
)
Net dividends from subsidiaries
1,090

 
265

 
594

Net cash provided by (used in) financing activities
141

 
(237
)
 
(1,234
)
Net change in cash and cash equivalents
(16
)
 
(47
)
 
142

Cash at beginning of year
246

 
293

 
151

Cash at end of year
$
230

 
$
246

 
$
293

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,
 
 
2017
 
2016
 
 
(In millions)
Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022
 
$
397

 
$
397

Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018
 
65

 
291

Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017
 
—

 
300

Revolving Credit Facility, unsecured, unused portion of $500 at December 31, 2017, due April 2022 with interest payable monthly at LIBOR + 1.40% (2.76% at December 31, 2017)
 
295

 
(3
)
 
 
$
757

 
$
985

C.
Supplemental Cash Flow Information
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In millions)
Cash paid during the year:
 

 
 

 
 

Interest paid
$
54

 
$
63

 
$
72

Income tax payments
528

 
367

 
250

D.
Cash Dividends Received
We have received cash dividends from subsidiaries and affiliates of $0.8 billion, $0.4 billion, and $0.2 billion during the years ended December 31, 2017, 2016, and 2015, respectively.