Segment Financial Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Financial Information

NOTE 21.    Segment Financial Information:

The Company consists of the following reportable segments and a corporate function:

· 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 involving the use of real property related data designed to mitigate risk or otherwise facilitate real estate transactions; maintains, manages and provides access to title plant records and images; and provides banking, trust and investment advisory 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 and the District of Columbia. The Company also offers title insurance and other insurance and guarantee products, as well as related settlement services in foreign countries, including Canada, the United Kingdom, Australia and various other established and emerging markets.

· The Company’s specialty insurance segment issues property and casualty insurance policies and sells home warranty products. The property and casualty insurance business provides insurance coverage to residential homeowners and renters for liability losses and typical hazards such as fire, theft, vandalism and other types of property damage. This business is licensed to issue policies in all 50 states and the District of Columbia and actively issues policies in 46 states. In certain markets it also offers preferred risk auto insurance to better compete with other carriers offering bundled home and auto insurance. The home warranty business provides residential service contracts that cover residential systems, such as heating and air conditioning systems, and appliances against failures that occur as the result of normal usage during the coverage period. This business currently operates in 39 states and the District of Columbia.

The corporate function consists primarily of certain financing facilities as well as the corporate services that support the Company’s business operations. Eliminations consist of inter-segment revenues and related expenses included in the results of the operating segments.

Selected financial information about the Company’s operations, by segment, for the years ended December 31, 2015, 2014 and 2013, is as follows:

	Revenues			Depreciation and amortization		Equity in earnings of affiliates, net			Income (loss) before income taxes			Assets			Investments in equity method affiliates		Capital expenditures
	(in thousands)
2015
Title Insurance and Services	$	4,788,110		$	80,359	$	7,800		$	489,954		$	7,296,766		$	108,574	$	122,707
Specialty Insurance		393,757			4,775		—			39,519			510,915			—		4,837
Corporate		(5,955	)		462		—			(96,708	)		448,993			—		22
Eliminations		(456	)		—		—			—			(2,323	)		—		—
	$	5,175,456		$	85,596	$	7,800		$	432,765		$	8,254,351		$	108,574	$	127,566
2014
Title Insurance and Services	$	4,304,428		$	77,820	$	(16,545	)	$	373,024		$	6,767,245		$	106,083	$	95,949
Specialty Insurance		368,666			4,978		—			52,974			506,242			—		3,412
Corporate		6,415			2,799		—			(75,438	)		464,980			—		—
Eliminations		(1,560	)		—		—			—			(72,367	)		—		—
	$	4,677,949		$	85,597	$	(16,545	)	$	350,560		$	7,666,100		$	106,083	$	99,361
2013
Title Insurance and Services	$	4,606,088		$	66,956	$	7,387		$	350,165		$	5,751,632		$	124,921	$	83,469
Specialty Insurance		339,613			4,865		—			42,132			499,788			—		3,673
Corporate		13,008			3,095		(2,071	)		(81,589	)		369,385			101		—
Eliminations		(2,632	)		—		—			—			(61,622	)		—		—
	$	4,956,077		$	74,916	$	5,316		$	310,708		$	6,559,183		$	125,022	$	87,142

Revenues from external customers allocated between domestic and foreign operations, by segment, for the years ended December 31, 2015, 2014 and 2013, are as follows:

	Year Ended December 31,
	2015				2014				2013
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
	(in thousands)
Title Insurance and Services	$	4,480,230	$	307,453	$	3,977,498	$	325,393	$	4,283,067	$	320,413
Specialty Insurance		393,757		—		368,666		—		339,613		—
	$	4,873,987	$	307,453	$	4,346,164	$	325,393	$	4,622,680	$	320,413

Long-lived assets allocated between domestic and foreign operations, by segment, as of December 31, 2015, 2014 and 2013, are as follows:

	December 31,
	2015				2014				2013
	Domestic		Foreign		Domestic		Foreign		Domestic		Foreign
	(in thousands)
Title Insurance and Services	$	952,651	$	35,375	$	908,885	$	46,514	$	863,884	$	49,239
Specialty Insurance		51,920		—		50,611		—		50,674		—
	$	1,004,571	$	35,375	$	959,496	$	46,514	$	914,558	$	49,239