Discontinued Operations (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operations Included in Discontinued Operations

A summary of the operations of FNFV included in discontinued operations is shown below:

	Three months ended March 31,
	2017
	(Unaudited)
Revenues:
Escrow, title-related and other fees	$	49
Restaurant revenue	273
Interest and investment income	1
Realized gains and losses, net	5
Total revenues	328
Expenses:
Personnel costs	46
Other operating expenses	25
Cost of restaurant revenue	236
Depreciation and amortization	16
Interest expense	4
Total expenses	327
Earnings from discontinued operations before income taxes	1
Income tax expense	(2		)
Earnings from continuing operations before equity in (losses) earnings of unconsolidated affiliates	3
Equity in (losses) earnings of unconsolidated affiliates	(4		)
Net earnings (loss) from discontinued operations	(1		)
Less: Net earnings attributable to non-controlling interests	(2		)
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	1
Cash flow from discontinued operations data:
Net cash provided by operations	$	15
Net cash used in investing activities	(27		)

A reconciliation of the operations of Black Knight to the Statement of Operations is shown below (in millions):

	Three months ended March 31,
	2017
	(Unaudited)
Revenues:
Escrow, title-related and other fees	$	248
Realized gains and losses, net	(2		)
Total revenues	246
Expenses:
Personnel costs	101
Other operating expenses	45
Depreciation and amortization	53
Interest expense	15
Total expenses	214
Earnings from discontinued operations before income taxes	32
Income tax expense	10
Net earnings from discontinued operations	22
Less: Net earnings attributable to non-controlling interests	12
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	10
Cash flow from discontinued operations data:
Net cash provided by operations	$	49
Net cash used in investing activities	(16		)

A summary of the operations of FNFV included in discontinued operations is shown below:

	Year Ended December 31,
	2017			2016			2015
Revenues:	(in millions)
Escrow, title-related and other fees	$	111		$	168		$	204
Restaurant revenue	981			1,158			1,412
Interest and investment income	5			3			2
Realized gains and losses, net	277			6			(19		)
Total revenues	1,374			1,335			1,599
Expenses:
Personnel costs	148			165			158
Other operating expenses	94			106			167
Cost of restaurant revenue	861			984			1,195
Depreciation and amortization	51			63			65
Interest expense	9			10			8
Total expenses	1,163			1,328			1,593
Earnings from discontinued operations before income taxes	211			7			6
Income tax expense (benefit)	103			(11		)	(19		)
Earnings from continuing operations before equity in (losses) earnings of unconsolidated affiliates	108			18			25
Equity in losses of unconsolidated affiliates	(12		)	(22		)	(22		)
Net earnings (loss) from discontinued operations	96			(4		)	3
Less: Net (losses) earnings attributable to non-controlling interests	(13		)	—			16
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$	109		$	(4	)	$	(13	)
Cash flow from discontinued operations data:
Net cash (used in) provided by operations	$	(134	)	$	81		$	29
Net cash (used in) provided by investing activities	(11		)	67			166

A summary of the operations of Black Knight included in discontinued operations is shown below:

	Year Ended December 31,
	2017			2016			2015
Revenues:	(in millions)
Escrow, title-related and other fees	$	745		$	963		$	874
Realized gains and losses, net	(13		)	—			(5		)
Total revenues	732			963			869
Expenses:
Personnel costs	292			393			377
Other operating expenses	145			190			156
Depreciation and amortization	154			208			195
Interest expense	42			62			49
Total expenses	633			853			777
Earnings from discontinued operations before income taxes	99			110			92
Income tax expense	40			36			35
Net earnings from discontinued operations	59			74			57
Less: Net earnings attributable to non-controlling interests	36			47			28
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	23		$	27		$	29
Cash flow from discontinued operations data:
Net cash provided by operations	$	240		$	326		$	248
Net cash used in investing activities	(46		)	(230		)	(103		)

Summary of Financial Position Included as Assets and Liabilities of Discontinued Operations

A summary of the financial position of FNFV included as assets and liabilities of discontinued operations is shown below:

	December 31, 2016
	(in millions)
Investments:
Fixed maturities available for sale, at fair value	$	25
Equity securities available for sale, at fair value	52
Investments in unconsolidated affiliates	407
Other long term investments	12
Short term investments	2
Total investments	498
Cash and cash equivalents	144
Trade and notes receivable	52
Goodwill	206
Prepaid expenses and other assets	33
Capitalized software, net	16
Deferred tax assets	58
Other intangible assets, net	200
Property and equipment, net	251
Total assets of discontinued operations	$	1,458
Accounts payable and accrued liabilities	$	214
Notes payable	233
Income taxes payable	18
Total liabilities of discontinued operations	$	465

A reconciliation of the financial position of Black Knight and FNFV to the Balance Sheet is shown below:

	December 31, 2016
	(in millions)
Assets:
Assets of discontinued operations attributable to Black Knight	$	3,761
Assets of discontinued operations attributable to FNFV	1,458
Total assets of discontinued operations	$	5,219
Liabilities:
Liabilities of discontinued operations attributable to Black Knight	$	2,173
Liabilities of discontinued operations attributable to FNFV	465
Total liabilities of discontinued operations	$	2,638

A summary of the financial position of Black Knight included as assets and liabilities of discontinued operations is shown below:

	December 31, 2016
	(in millions)
Cash and cash equivalents	$	130
Short term investments	4
Trade and notes receivable	157
Goodwill	2,304
Prepaid expenses and other assets	184
Capitalized software, net	450
Other intangible assets, net	359
Property and equipment, net	173
Total assets of discontinued operations	$	3,761
Accounts payable and accrued liabilities	$	287
Notes payable	1,526
Income taxes payable	26
Deferred tax liabilities	334
Total liabilities of discontinued operations	$	2,173

Reconciliation of Net Earnings of Discontinued Operations to the Statement of Operations

A reconciliation of the net earnings of Black Knight and FNFV to the Statement of Earnings is shown below:

	Three months ended March 31,
	2017
	(Unaudited)
Earnings from discontinued operations attributable to Black Knight	$	22
Loss from discontinued operations attributable to FNFV	(1		)
Net earnings from discontinued operations, net of tax	$	21

A reconciliation of the net earnings of Black Knight and FNFV to the Statement of Operations is shown below:

	Year Ended December 31,
	2017		2016			2015
	(in millions)
Earnings from discontinued operations attributable to Black Knight	$	59	$	74		$	57
Earnings (loss) from discontinued operations attributable to FNFV	96		(4		)	3
Total earnings from discontinued operations, net of tax	$	155	$	70		$	60