$FAF
First American Financial Corp

2012 Form 10-K Financial Statement

#000119312513084593 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $4.542B $996.6M $965.0M
YoY Change 18.88% -2.75% -3.84%
Cost Of Revenue $397.7M $112.2M
YoY Change -5.34%
Gross Profit $4.144B $852.8M
YoY Change 21.87%
Gross Profit Margin 91.24% 88.38%
Selling, General & Admin $1.335B $309.7M $292.0M
YoY Change 12.51% -4.06% -5.1%
% of Gross Profit 32.21% 34.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $19.90M $19.00M
YoY Change -2.47% -6.13% 0.0%
% of Gross Profit 1.81% 2.23%
Operating Expenses $4.065B $927.5M $900.0K
YoY Change 253981.25% -1.89% -99.9%
Operating Profit $78.80M $851.9M
YoY Change -97.68%
Interest Expense $9.066M -$3.000M $3.220M
YoY Change -24.86% -36.17% -178.54%
% of Operating Profit 11.5% 0.38%
Other Income/Expense, Net
YoY Change
Pretax Income $467.4M $66.12M $38.41M
YoY Change 258.73% -11.35% -31.39%
Income Tax $165.7M $25.70M $17.12M
% Of Pretax Income 35.45% 38.87% 44.56%
Net Earnings $301.0M $40.23M $21.04M
YoY Change 284.59% -14.58% -36.49%
Net Earnings / Revenue 6.63% 4.04% 2.18%
Basic Earnings Per Share $2.83 $0.38 $0.20
Diluted Earnings Per Share $2.77 $0.38 $0.20
COMMON SHARES
Basic Shares Outstanding 106.3M 105.4M shares
Diluted Shares Outstanding 108.5M 107.0M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $627.0M $444.7M $631.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.00M $12.00M $11.00M
YoY Change 16.67% -45.45%
LONG-TERM ASSETS
Property, Plant & Equipment $343.0M $337.6M $331.0M
YoY Change 1.48% -2.43% -2.36%
Goodwill $818.4M
YoY Change
Intangibles $59.99M
YoY Change
Long-Term Investments $3.221B $136.7M $2.716B
YoY Change 15.78% -95.16% 1.95%
Other Assets $0.00 $40.00M $76.00M
YoY Change -100.0% -58.76% -5.0%
Total Long-Term Assets $6.037B $5.350B $5.545B
YoY Change 12.84% -7.75%
TOTAL ASSETS
Total Short-Term Assets $14.00M $12.00M $11.00M
Total Long-Term Assets $6.037B $5.350B $5.545B
Total Assets $6.051B $5.362B $5.556B
YoY Change 12.85% -7.89% -2.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $728.0M $668.0M
YoY Change 78.0% -4.16%
Accrued Expenses $176.0M
YoY Change 28.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $204.0M $728.0M $668.0M
YoY Change 23.64% 25.52% -6.96%
LONG-TERM LIABILITIES
Long-Term Debt $230.0M $300.0M $279.0M
YoY Change -23.33% 2.04% -6.06%
Other Long-Term Liabilities $840.0M $192.0M $210.0M
YoY Change 11.26% -47.11% 33.76%
Total Long-Term Liabilities $1.070B $492.0M $489.0M
YoY Change 1.42% -25.11% 7.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.0M $728.0M $668.0M
Total Long-Term Liabilities $1.070B $492.0M $489.0M
Total Liabilities $3.703B $3.327B $3.580B
YoY Change 11.07% -13.4% -4.74%
SHAREHOLDERS EQUITY
Retained Earnings $124.8M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.348B $2.029B $1.976B
YoY Change
Total Liabilities & Shareholders Equity $6.051B $5.362B $5.556B
YoY Change 12.85% -7.9% -2.29%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $301.0M $40.23M $21.04M
YoY Change 284.59% -14.58% -36.49%
Depreciation, Depletion And Amortization $75.00M $19.90M $19.00M
YoY Change -2.47% -6.13% 0.0%
Cash From Operating Activities $429.7M $101.0M $64.80M
YoY Change 214.38% -22.37% -1.07%
INVESTING ACTIVITIES
Capital Expenditures -$83.90M -$22.40M -$19.00M
YoY Change 20.2% -45.37% 15.85%
Acquisitions $32.48M
YoY Change 1100.15%
Other Investing Activities -$333.8M -$25.10M $161.6M
YoY Change -695.01% -81.76% -397.06%
Cash From Investing Activities -$417.7M -$47.40M $142.5M
YoY Change 2959.13% -73.49% -301.56%
FINANCING ACTIVITIES
Cash Dividend Paid $44.71M
YoY Change 77.29%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $510.5M
YoY Change 2108.52%
Cash From Financing Activities 213.7M -257.0M -168.9M
YoY Change -151.11% -844.93% -239.7%
NET CHANGE
Cash From Operating Activities 429.7M 101.0M 64.80M
Cash From Investing Activities -417.7M -47.40M 142.5M
Cash From Financing Activities 213.7M -257.0M -168.9M
Net Change In Cash 225.7M -203.4M 38.40M
YoY Change -176.48% 1332.39% -66.81%
FREE CASH FLOW
Cash From Operating Activities $429.7M $101.0M $64.80M
Capital Expenditures -$83.90M -$22.40M -$19.00M
Free Cash Flow $513.6M $123.4M $83.80M
YoY Change 148.74% -27.88% 2.32%

Facts In Submission

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CY2010 faf Premiums Earned Net And Escrow Fee Revenue
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1663498000
CY2010 faf Premium Taxes
PremiumTaxes
37780000
CY2010 faf Pension Benefit Adjustment Pretax Change In Connection With Separation
PensionBenefitAdjustmentPretaxChangeInConnectionWithSeparation
36752000
CY2010 faf Payments Related To Shares Issued In Connection With Restricted Stock Unit Option And Benefit Plans
PaymentsRelatedToSharesIssuedInConnectionWithRestrictedStockUnitOptionAndBenefitPlans
2430000
CY2010 faf Payments To Acquire Productive Assets Including Noncash Component
PaymentsToAcquireProductiveAssetsIncludingNoncashComponent
88725000
CY2010 faf Total Net Other Than Temporary Impairment Otti Losses Recognized In Earnings
TotalNetOtherThanTemporaryImpairmentOttiLossesRecognizedInEarnings
8023000
CY2010 faf Supplementary Insurance Information Premium And Escrow Fees
SupplementaryInsuranceInformationPremiumAndEscrowFees
3181202000
CY2010 faf Supplementary Insurance Information Provision For Loss
SupplementaryInsuranceInformationProvisionForLoss
320874000
CY2010 faf Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount Other
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIbnrClaimsAmountOther
15832000
CY2010 faf Investment Income Equity In Earnings
InvestmentIncomeEquityInEarnings
8376000
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 dei Trading Symbol
TradingSymbol
FAF
CY2010 faf Investment Income Interest On Cash Equivalents Deposits Saving Loans Banks
InvestmentIncomeInterestOnCashEquivalentsDepositsSavingLoansBanks
8505000
CY2010 faf Investment Income Interest On Debt Securities
InvestmentIncomeInterestOnDebtSecurities
48127000
CY2010 faf Investment Income Interest On Loans Receivable
InvestmentIncomeInterestOnLoansReceivable
10995000
CY2010 faf Investment Income Interest On Other Long Term Investments
InvestmentIncomeInterestOnOtherLongTermInvestments
5568000
CY2010 faf Interest Income On Non Accrual Loans That Would Have Been Recognized If All Of Such Loans Had Been Current In Accordance With Their Original Terms
InterestIncomeOnNonAccrualLoansThatWouldHaveBeenRecognizedIfAllOfSuchLoansHadBeenCurrentInAccordanceWithTheirOriginalTerms
113000
CY2010 faf Claims Paid Including Assets Acquired Net Of Recoveries
ClaimsPaidIncludingAssetsAcquiredNetOfRecoveries
456225000
CY2010 faf Change In Capital Loss Valuation Allowance
ChangeInCapitalLossValuationAllowance
-14683000
CY2010 faf Current Year Payments Related To Specialty Insurance Segment
CurrentYearPaymentsRelatedToSpecialtyInsuranceSegment
123600000
CY2010 faf Cash Distribution To Former Parent Upon Separation
CashDistributionToFormerParentUponSeparation
130000000
CY2010 faf Cash Paid For Premium Taxes
CashPaidForPremiumTaxes
41060000
CY2010 faf Accumulated Other Comprehensive Income Loss Change In Connection With Separation
AccumulatedOtherComprehensiveIncomeLossChangeInConnectionWithSeparation
-36752000
CY2010 faf Ultimate Loss Rate Percentage
UltimateLossRatePercentage
0.049 pure
CY2010 faf Percentage Of Title Premiums And Escrow Fees
PercentageOfTitlePremiumsAndEscrowFees
0.062 pure
CY2010 faf Projected Ultimate Loss Ratio Percentage
ProjectedUltimateLossRatioPercentage
0.047 pure
CY2010 faf Premiums Assumed And Ceded In Connection With Reinsurance Percentage Of Premium And Escrow Fees
PremiumsAssumedAndCededInConnectionWithReinsurancePercentageOfPremiumAndEscrowFees
0.010 pure
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
354430000
CY2011 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
4585000
CY2011 us-gaap Defined Benefit Plan Amortization Of Net Gains Losses
DefinedBenefitPlanAmortizationOfNetGainsLosses
27047000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
2100000
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-6000
CY2011 us-gaap Pension Expense
PensionExpense
54990000
CY2011 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
23117000
CY2011 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-6013000
CY2011 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2706000
CY2011 us-gaap Profit Loss
ProfitLoss
78579000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26103000
CY2011 us-gaap Income Taxes Paid
IncomeTaxesPaid
23862000
CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
12034000
CY2011 us-gaap Increase Decrease In Demand Deposits
IncreaseDecreaseInDemandDeposits
-389320000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
128200000
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105197000 shares
CY2011 us-gaap Supplementary Insurance Information Amortization Of Deferred Policy Acquisition Costs
SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts
-1161000
CY2011 us-gaap Defined Benefit Plan Amortization Of Net Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
4385000
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
149004000
CY2011 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-12942000
CY2011 us-gaap Income Tax Effects Allocated Directly To Equity Employee Stock Options
IncomeTaxEffectsAllocatedDirectlyToEquityEmployeeStockOptions
1100000
CY2011 us-gaap Investment Income Net
InvestmentIncomeNet
82153000
CY2011 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.397 pure
CY2011 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10907000
CY2011 us-gaap Insurance Commissions
InsuranceCommissions
1195282000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-4784000
CY2011 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6167000
CY2011 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
11991000
CY2011 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
CY2011 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
4156000
CY2011 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
420136000
CY2011 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
335000
CY2011 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
335000
CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
1401000
CY2011 us-gaap Interest Paid
InterestPaid
12631000
CY2011 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
39665000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
645000
CY2011 us-gaap Statutory Accounting Practices Prescribed Practice Amount
StatutoryAccountingPracticesPrescribedPracticeAmount
10100000
CY2011 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
11400000
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
14981000
CY2011 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2502000
CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1717000 shares
CY2011 us-gaap Depreciation And Amortization
DepreciationAndAmortization
76889000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-310447000
CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-11733000
CY2011 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-1267000
CY2011 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
5354000
CY2011 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
672095000
CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
2000
CY2011 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-5367000
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
14981000
CY2011 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
IncomeTaxReconciliationNondeductibleExpenseMealsAndEntertainment
2245000
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaims
420136000
CY2011 us-gaap Dividends Common Stock
DividendsCommonStock
24784000
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-28373000
CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
CY2011 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
761878000
CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-8025000
CY2011 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
76889000
CY2011 us-gaap Income Tax Reconciliation Deductions Dividends
IncomeTaxReconciliationDeductionsDividends
140000
CY2011 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
761878000
CY2011 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
62150000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
CY2011 us-gaap Net Income Loss
NetIncomeLoss
78276000
CY2011 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
2678000
CY2011 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-2781000
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
503434000
CY2011 us-gaap Costs And Expenses
CostsAndExpenses
3690281000
CY2011 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
233000
CY2012 faf Cash Paid For Premium Taxes
CashPaidForPremiumTaxes
45375000
CY2011 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-10436000
CY2011 us-gaap Minority Interest Increase From Stock Issuance
MinorityInterestIncreaseFromStockIssuance
436000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51714000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
2200000
CY2011 us-gaap Supplementary Insurance Information Net Investment Income
SupplementaryInsuranceInformationNetInvestmentIncome
72971000
CY2011 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-2854000
CY2011 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2208000
CY2011 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8099000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
9945000
CY2011 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
15316000
CY2011 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.0651 pure
CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1145000
CY2011 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-8600000
CY2011 faf Prior Year Payments Related To Specialty Insurance Segment
PriorYearPaymentsRelatedToSpecialtyInsuranceSegment
20500000
CY2011 faf Premiums Earned By Agents Net
PremiumsEarnedByAgentsNet
1491943000
CY2011 faf Premiums Earned Net And Escrow Fee Revenue
PremiumsEarnedNetAndEscrowFeeRevenue
1634177000
CY2011 faf Premium Taxes
PremiumTaxes
45663000
CY2011 faf Payments Related To Shares Issued In Connection With Restricted Stock Unit Option And Benefit Plans
PaymentsRelatedToSharesIssuedInConnectionWithRestrictedStockUnitOptionAndBenefitPlans
1152000
CY2011 faf Payments To Acquire Productive Assets Including Noncash Component
PaymentsToAcquireProductiveAssetsIncludingNoncashComponent
75373000
CY2011 faf Total Net Other Than Temporary Impairment Otti Losses Recognized In Earnings
TotalNetOtherThanTemporaryImpairmentOttiLossesRecognizedInEarnings
9068000
CY2011 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
111268000
CY2011 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.24
CY2011 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2502000
CY2011 us-gaap Restricted Stock Expense
RestrictedStockExpense
14203000
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106914000 shares
CY2011 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-418164000
CY2011 us-gaap Supplementary Insurance Information Premiums Written
SupplementaryInsuranceInformationPremiumsWritten
275044000
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2011 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
12400000
CY2011 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2167000
CY2011 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
49973000
CY2011 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
322009000
CY2011 us-gaap Statutory Accounting Practices Statutory Net Income Amount
StatutoryAccountingPracticesStatutoryNetIncomeAmount
-92300000
CY2011 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
6200000
CY2011 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-23095000
CY2011 us-gaap Operating Expenses
OperatingExpenses
1600000
CY2011 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
-9068000
CY2011 us-gaap Revenues
Revenues
3820574000
CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-20059000
CY2011 us-gaap Payments Of Dividends
PaymentsOfDividends
25216000
CY2011 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
303000
CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-32073000
CY2011 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
69797000
CY2011 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
9000
CY2011 us-gaap Investment Income Dividend
InvestmentIncomeDividend
2896000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
78104000
CY2011 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13900000
CY2011 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationEmployeeStockPurchaseProgramRequisiteServicePeriodRecognition
-769000
CY2011 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
4156000
CY2011 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9345000
CY2011 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
69302000
CY2011 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
3 Business
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
136674000
CY2011 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeNetOfTax
11000000
CY2011 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
30152000
CY2011 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsCurrentYear
308868000
CY2011 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterest
-3573000
CY2011 us-gaap Participating Securities Distributed And Undistributed Earnings
ParticipatingSecuritiesDistributedAndUndistributedEarnings
172000
CY2011 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-6167000
CY2011 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
1005804000
CY2011 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
13926000
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14981000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
130293000
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1400000 shares
CY2011 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-37959000
CY2011 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-11737000
CY2011 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
4200000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
2480000
CY2011 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
102600000
CY2011 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
1740000
CY2011 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1178368000
CY2011 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
50206000
CY2011 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1400000
CY2011 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-114000
CY2011 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
3711000
CY2011 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-168837000
CY2011 us-gaap Interest Expense
InterestExpense
12065000
CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsAdditionalCreditLosses
7667000
CY2011 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-12316000
CY2011 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
21856000
CY2011 us-gaap Income Tax Effects Allocated Directly To Equity Other
IncomeTaxEffectsAllocatedDirectlyToEquityOther
5200000
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-177459000
CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2499000
CY2011 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
191000
CY2011 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
4793000
CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
2012000
CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
45603000
CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
1145000
CY2011 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
1400000
CY2011 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
24185000
CY2011 faf Supplementary Insurance Information Deferred Revenues
SupplementaryInsuranceInformationDeferredRevenues
155626000
CY2011 faf Supplementary Insurance Information Premium And Escrow Fees
SupplementaryInsuranceInformationPremiumAndEscrowFees
3126120000
CY2011 faf Supplementary Insurance Information Provision For Loss
SupplementaryInsuranceInformationProvisionForLoss
420136000
CY2011 faf Unrealized Gain Loss On Securities For Which Credit Related Portion Was Recognized In Earnings
UnrealizedGainLossOnSecuritiesForWhichCreditRelatedPortionWasRecognizedInEarnings
2144000
CY2011 faf Increase Decrease In Deposits With Banks
IncreaseDecreaseInDepositsWithBanks
3773000
CY2011 faf Increase Decrease In Due To Due From Former Parent
IncreaseDecreaseInDueToDueFromFormerParent
18595000
CY2011 faf Information And Other Fees Earned
InformationAndOtherFeesEarned
621483000
CY2011 faf Impairment Losses On Other Long Term Investments Related To Notes Receivable
ImpairmentLossesOnOtherLongTermInvestmentsRelatedToNotesReceivable
2300000
CY2011 faf Income Tax Reconciliation Change In Liability For Tax Positions
IncomeTaxReconciliationChangeInLiabilityForTaxPositions
-2548000
CY2011 faf Non Cash Capital Distributions To Contributions From Former Parent
NonCashCapitalDistributionsToContributionsFromFormerParent
5164000
CY2011 faf Net Decrease Increase In Other Long Term Investments
NetDecreaseIncreaseInOtherLongTermInvestments
3860000
CY2011 faf Net Decrease In Loans Receivable After Originations And Others
NetDecreaseInLoansReceivableAfterOriginationsAndOthers
35869000
CY2011 faf Offsetting Tax Benefits To Liability For Income Taxes Associated With Uncertain Tax Positions
OffsettingTaxBenefitsToLiabilityForIncomeTaxesAssociatedWithUncertainTaxPositions
2900000
CY2011 faf Origination And Purchase Of Loans And Participations
OriginationAndPurchaseOfLoansAndParticipations
13534000
CY2011 faf Other Comprehensive Income Loss For Write Down Of Securities Before Tax Portion In Other Than Temporary Impairments For Which Credit Related Portion Was Recognized In Earnings
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3573000
CY2011 faf Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Excluding Separation Impact
OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseExcludingSeparationImpact
-28373000
CY2011 faf Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount Other
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIbnrClaimsAmountOther
-10264000
CY2011 faf Investment Income Equity In Earnings
InvestmentIncomeEquityInEarnings
8099000
CY2011 faf Investment Income Interest On Cash Equivalents Deposits Saving Loans Banks
InvestmentIncomeInterestOnCashEquivalentsDepositsSavingLoansBanks
6602000
CY2011 faf Investment Income Interest On Debt Securities
InvestmentIncomeInterestOnDebtSecurities
47337000
CY2011 faf Investment Income Interest On Loans Receivable
InvestmentIncomeInterestOnLoansReceivable
10172000
CY2011 faf Investment Income Interest On Other Long Term Investments
InvestmentIncomeInterestOnOtherLongTermInvestments
1693000
CY2011 faf Interest Income On Non Accrual Loans That Would Have Been Recognized If All Of Such Loans Had Been Current In Accordance With Their Original Terms
InterestIncomeOnNonAccrualLoansThatWouldHaveBeenRecognizedIfAllOfSuchLoansHadBeenCurrentInAccordanceWithTheirOriginalTerms
163000
CY2011 faf Claims Paid Including Assets Acquired Net Of Recoveries
ClaimsPaidIncludingAssetsAcquiredNetOfRecoveries
503434000
CY2011 faf Contingently Liable For Guarantees Of Indebtedness Owed By Affiliates And Third Parties
ContingentlyLiableForGuaranteesOfIndebtednessOwedByAffiliatesAndThirdParties
24200000
CY2011 faf Contribution From Former Parent On Spin
ContributionFromFormerParentOnSpin
5164000
CY2011 faf Current Year Payments Related To Specialty Insurance Segment
CurrentYearPaymentsRelatedToSpecialtyInsuranceSegment
135100000
CY2011 faf Cash Dividends Received From Subsidiary
CashDividendsReceivedFromSubsidiary
75600000
CY2011 faf Cash Paid For Premium Taxes
CashPaidForPremiumTaxes
38136000
CY2011 faf Ultimate Loss Rate Percentage
UltimateLossRatePercentage
0.056 pure
CY2011 faf Percentage Of Title Premiums And Escrow Fees
PercentageOfTitlePremiumsAndEscrowFees
0.095 pure
CY2011 faf Projected Ultimate Loss Ratio Percentage
ProjectedUltimateLossRatioPercentage
0.050 pure
CY2011 faf Premiums Assumed And Ceded In Connection With Reinsurance Percentage Of Premium And Escrow Fees
PremiumsAssumedAndCededInConnectionWithReinsurancePercentageOfPremiumAndEscrowFees
0.010 pure
CY2011 faf Current Year Rate Expected Ultimate Loss Percentage
CurrentYearRateExpectedUltimateLossPercentage
0.095 pure
CY2011 faf Increased Or Decreased In Diluted Net Income Per Share
IncreasedOrDecreasedInDilutedNetIncomePerShare
0.02
CY2011 faf Common Shares Sold By Fatico
CommonSharesSoldByFatico
4000000 shares
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0001472787
CY2012 dei Entity Registrant Name
EntityRegistrantName
First American Financial Corp
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P1Y10M24D
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears
285848000
CY2012 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
-200000000
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
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931000 shares
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
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111000
CY2012 us-gaap Defined Benefit Plan Amortization Of Net Gains Losses
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28368000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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17800000
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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-10000
CY2012 us-gaap Pension Expense
PensionExpense
77154000
CY2012 us-gaap Income Tax Effects Allocated Directly To Equity Employee Stock Options
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2400000
CY2012 us-gaap Investment Income Net
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88181000
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.354 pure
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
510544000
CY2012 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
14516000
CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
32476000
CY2012 us-gaap Profit Loss
ProfitLoss
301728000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
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-434590000
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
87324000
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
13571000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.24
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.44
CY2012 us-gaap Increase Decrease In Demand Deposits
IncreaseDecreaseInDemandDeposits
317957000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
449600000
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106307000 shares
CY2012 us-gaap Supplementary Insurance Information Amortization Of Deferred Policy Acquisition Costs
SupplementaryInsuranceInformationAmortizationOfDeferredPolicyAcquisitionCosts
1066000
CY2012 us-gaap Defined Benefit Plan Amortization Of Net Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfNetPriorServiceCostCredit
4385000
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear
160138000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y10M24D
CY2012 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-13939000
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
14844000
CY2012 us-gaap Insurance Commissions
InsuranceCommissions
1370193000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-6645000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
14.55
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
5131000
CY2012 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
11585000
CY2012 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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CY2012 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
3402000
CY2012 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
397717000
CY2012 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
913000
CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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913000
CY2012 us-gaap Interest Paid
InterestPaid
8909000
CY2012 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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39210000
CY2012 us-gaap Reclassifications
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Reclassification</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Certain 2010 and 2011 amounts have been reclassified to conform to the 2012 presentation.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">During the first quarter of 2012, the Company changed the allocation of certain expenses within its reportable segments and corporate division to reflect the performance of the Company&#x2019;s reportable segments as reported to the chief operating decision maker. The expenses that were impacted as a result of the change in allocation include shared services expenses, benefit plan expense and interest expense. Prior year segment data has been conformed to the current presentation. For the years ended December&#xA0;31, 2011 and 2010, income before income taxes for the Company&#x2019;s reportable segments was impacted as follows: increases of $14.9 million and $25.1 million, respectively, to the title insurance and services segment, increases of $0.7 million and $0.9 million, respectively, to the specialty insurance segment, and decreases of $15.6 million and $26.0 million, respectively, to the corporate division.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The consolidated statements of cash flows for the years ended December&#xA0;31, 2011 and 2010 were corrected to reflect adjustments that increased cash provided by operating activities and decreased the effect of exchange rate changes on cash by $2.9 million and $1.5 million, respectively.&#xA0;In addition, for the years ended December 31, 2011 and 2010 an adjustment was made to correct the classification of net purchase of subsidiary shares from /other decreases in noncontrolling interests which decreased cash used for investing activities and increased cash used for financing activities by $4.2 million in 2011, and in 2010, decreased cash used for investing activities and decreased cash provided by financing activities by $3.6 million. These adjustments had no impact on the net change in cash and cash equivalents and were not considered material, individually or in the aggregate, to previously issued financial statements.</font></p> </div>
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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7100000
CY2012 us-gaap Statutory Accounting Practices Prescribed Practice Amount
StatutoryAccountingPracticesPrescribedPracticeAmount
19000000
CY2012 us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
4800000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
14839000
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2235000 shares
CY2012 us-gaap Depreciation And Amortization
DepreciationAndAmortization
74950000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
208909000
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
52409000
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
15229000
CY2012 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
147500000
CY2012 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
10465000
CY2012 us-gaap Proceeds From Sale Of Available For Sale Securities
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954626000
CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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9449000
CY2012 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
29398000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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14839000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Meals And Entertainment
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2414000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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20.11
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims
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397717000
CY2012 us-gaap Dividends Common Stock
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37612000
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OtherComprehensiveIncomeLossNetOfTax
26907000
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.83
CY2012 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><b>NOTE 1. &#xA0;&#xA0;&#xA0;&#xA0;Description of the Company:</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">First American Financial Corporation (the &#x201C;Company&#x201D;), through its subsidiaries, is engaged in the business of providing financial services. The Company consists of the following reportable segments and a corporate function:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;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 escrow and closing services; accommodates tax-deferred exchanges of real estate; 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&#x2019;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.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;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 actively issues policies in 43 states. In its largest market, California, 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 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.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The corporate division consists of certain financing facilities as well as the corporate services that support the Company&#x2019;s business operations.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><b><i>Spin-off</i></b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company became a publicly traded company following its spin-off from its prior parent, The First American Corporation (&#x201C;TFAC&#x201D;) on June&#xA0;1, 2010 (the &#x201C;Separation&#x201D;). On that date, TFAC distributed all of the Company&#x2019;s outstanding shares to the record date shareholders of TFAC on a one-for-one basis (the &#x201C;Distribution&#x201D;). After the Distribution, the Company owns TFAC&#x2019;s financial services businesses and TFAC, which reincorporated and assumed the name CoreLogic, Inc. (&#x201C;CoreLogic&#x201D;), continues to own its information solutions businesses. The Company&#x2019;s common stock trades on the New York Stock Exchange under the &#x201C;FAF&#x201D; ticker symbol and CoreLogic&#x2019;s common stock trades on the New York Stock Exchange under the ticker symbol &#x201C;CLGX.&#x201D;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">To effect the Separation, TFAC and the Company entered into a Separation and Distribution Agreement (the &#x201C;Separation and Distribution Agreement&#x201D;) that governs the rights and obligations of the Company and CoreLogic regarding the Distribution. It also governs the relationship between the Company and CoreLogic subsequent to the completion of the Separation and provides for the allocation between the Company and CoreLogic of TFAC&#x2019;s assets and liabilities. The Separation and Distribution Agreement identifies assets, liabilities and contracts that were allocated between CoreLogic and the Company as part of the Separation and describes the transfers, assumptions and assignments of these assets, liabilities and contracts. In particular, the Separation and Distribution Agreement provides that, subject to the terms and conditions contained therein:</font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">All of the assets and liabilities primarily related to the Company&#x2019;s business&#x2014;primarily the business and operations of TFAC&#x2019;s title insurance and services segment and specialty insurance segment&#x2014;have been retained by or transferred to the Company;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">All of the assets and liabilities primarily related to CoreLogic&#x2019;s business&#x2014;primarily the business and operations of TFAC&#x2019;s data and analytic solutions, information and outsourcing solutions and risk mitigation and business solutions segments&#x2014;have been retained by or transferred to CoreLogic;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">On the record date for the Distribution, TFAC issued to the Company and its principal title insurance subsidiary, First American Title Insurance Company (&#x201C;FATICO&#x201D;), a number of shares of its common stock that resulted in the Company and FATICO collectively owning 12.9&#xA0;million shares of CoreLogic&#x2019;s common stock immediately following the Separation, all of which have subsequently been sold. See Note 19 Transactions with CoreLogic/TFAC to the consolidated financial statements for further discussion of the CoreLogic stock;</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td width="4%"><font size="1">&#xA0;</font></td> <td valign="top" width="2%" align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#x2022;</font></td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p align="left"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company effectively assumed $200.0 million of the outstanding liability for indebtedness under TFAC&#x2019;s senior secured credit facility through the Company&#x2019;s borrowing and transferring to CoreLogic of $200.0 million under the Company&#x2019;s credit facility in connection with the Separation. See Note 10 Notes and Contracts Payable to the consolidated financial statements for further discussion of the Company&#x2019;s credit facility.</font></p> </td> </tr> </table> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Separation resulted in a net distribution from the Company to TFAC of $151.4 million. In connection with such distribution, the Company assumed $22.1 million of accumulated other comprehensive loss, net of tax, which was primarily related to the Company&#x2019;s assumption of the unfunded portion of the defined benefit pension obligation associated with participants who were employees of the businesses retained by CoreLogic. See Note 14 Employee Benefit Plans to the consolidated financial statements for additional discussion of the defined benefit pension plan.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><b>Significant Accounting Policies:</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Principles of Consolidation</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The consolidated financial statements have been prepared in accordance with generally accepted accounting principles and reflect the consolidated operations of the Company as a separate, stand-alone publicly traded company subsequent to June&#xA0;1, 2010. The consolidated financial statements include the accounts of First American Financial Corporation and all controlled subsidiaries. All significant intercompany transactions and balances have been eliminated. Investments in which the Company exercises significant influence, but does not control and is not the primary beneficiary, are accounted for using the equity method. Investments in which the Company does not exercise significant influence over the investee are accounted for under the cost method.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Principles of Combination and Basis of Presentation</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;s historical financial statements prior to June&#xA0;1, 2010 have been prepared in accordance with generally accepted accounting principles and have been derived from the consolidated financial statements of TFAC and represent carve-out stand-alone combined financial statements. The combined financial statements prior to June&#xA0;1, 2010 include items attributable to the Company and allocations of general corporate expenses from TFAC.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;s historical financial statements prior to June&#xA0;1, 2010 include assets, liabilities, revenues and expenses directly attributable to the Company&#x2019;s operations. The Company&#x2019;s historical financial statements prior to June&#xA0;1, 2010 reflect allocations of corporate expenses from TFAC for certain functions provided by TFAC, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, communications, compliance, facilities, procurement, employee benefits, and share-based compensation. These expenses have been allocated to the Company on the basis of direct usage when identifiable, with the remainder allocated on the basis of net revenue, domestic headcount or assets or a combination of such drivers. The Company considers the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. The Company&#x2019;s historical financial statements prior to June&#xA0;1, 2010 do not reflect the debt or interest expense it might have incurred if it had been a stand-alone entity. In addition, the Company expects to incur other expenses, not reflected in its historical financial statements prior to June&#xA0;1, 2010, as a result of being a separate publicly traded company. As a result, the Company&#x2019;s historical financial statements prior to June&#xA0;1, 2010 do not necessarily reflect what its financial position or results of operations would have been if it had been operated as a stand-alone public entity during the periods covered prior to June&#xA0;1, 2010, and may not be indicative of the Company&#x2019;s future results of operations and financial position.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Reclassification</font></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font size="1">&#xA0;</font></font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Certain 2010 and 2011 amounts have been reclassified to conform to the 2012 presentation.</font></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font size="1">&#xA0;</font></font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">During the first quarter of 2012, the Company changed the allocation of certain expenses within its reportable segments and corporate division to reflect the performance of the Company&#x2019;s reportable segments as reported to the chief operating decision maker. The expenses that were impacted as a result of the change in allocation include shared services expenses, benefit plan expense and interest expense. Prior year segment data has been conformed to the current presentation. For the years ended December&#xA0;31, 2011 and 2010, income before income taxes for the Company&#x2019;s reportable segments was impacted as follows: increases of $14.9 million and $25.1 million, respectively, to the title insurance and services segment, increases of $0.7 million and $0.9 million, respectively, to the specialty insurance segment, and decreases of $15.6 million and $26.0 million, respectively, to the corporate division.</font></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font size="1">&#xA0;</font></font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The consolidated statements of cash flows for the years ended December&#xA0;31, 2011 and 2010 were corrected to reflect adjustments that increased cash provided by operating activities and decreased the effect of exchange rate changes on cash by $2.9 million and $1.5 million, respectively.&#xA0;In addition, for the years ended December 31, 2011 and 2010 an adjustment was made to correct the classification of net purchase of subsidiary shares from /other decreases in noncontrolling interests which decreased cash used for investing activities and increased cash used for financing activities by $4.2 million in 2011, and in 2010, decreased cash used for investing activities and decreased cash provided by financing activities by $3.6 million. These adjustments had no impact on the net change in cash and cash equivalents and were not considered material, individually or in the aggregate, to previously issued financial statements.</font></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Use of estimates</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the statements. Actual results could differ from the estimates and assumptions used.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Cash and cash equivalents</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company considers cash equivalents to be all short-term investments that have an initial maturity of 90 days or less and are not restricted for statutory deposit or premium reserve requirements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Accounts and accrued income receivable</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Accounts and accrued income receivable are generally due within thirty days and are recorded net of an allowance for doubtful accounts. We consider accounts outstanding longer than the contractual payment terms as past due. We determine our allowance by considering a number of factors, including the length of time trade accounts receivable are past due, previous loss history, a specific customer&#x2019;s ability to pay its obligations to us, and the condition of the general economy and industry as a whole. Amounts are charged off in the period they are deemed to be uncollectible.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Investments</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Deposits with savings and loan associations and banks are short-term investments with initial maturities of generally more than 90 days.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Debt securities are carried at fair value and consist primarily of investments in obligations of the United States Treasury, various corporations, certain state and political subdivisions and mortgage-backed securities.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company maintains investments in debt securities in accordance with certain statutory requirements for the funding of statutory premium reserves and state deposits. At December&#xA0;31, 2012 and 2011, the fair value of such investments totaled $105.8 million and $149.9 million, respectively. See Note 2 Statutory Restrictions on Investments and Stockholders&#x2019; Equity to the consolidated financial statements for additional discussion of the Company&#x2019;s statutory restrictions.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Equity securities are carried at fair value and consist primarily of investments in exchange traded funds, mutual funds and marketable common and preferred stocks of corporate entities.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company classifies its publicly traded debt and equity securities as available-for-sale and carries them at fair value with unrealized gains or losses classified as a component of accumulated other comprehensive loss. See Note 3 Debt and Equity Securities to the consolidated financial statements for additional discussion of the Company&#x2019;s accounting policies pertaining to its debt and equity securities, including other-than-temporary impairment and fair value measurement.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Other long-term investments consist primarily of investments in affiliates, which are accounted for under the equity method of accounting or the cost method of accounting, investments in real estate and notes receivable. For the year ended December&#xA0;31, 2012, the Company recognized $7.8 million of impairment losses on other long-term investments, including $7.1 million related to investments in affiliates and $0.7&#xA0;million related to notes receivable. For the year ended December&#xA0;31, 2011, the Company recognized $8.6 million of impairment losses on other long-term investments, including $6.3&#xA0;million related to investments in affiliates and $2.3&#xA0;million related to notes receivable. For the year ended December&#xA0;31, 2010, the Company recognized $3.9 million of impairment losses on other long-term investments, including $3.2 million related to a note receivable and $0.7 million related to other investments. In making the determination as to whether an individual investment was impaired, the Company assessed the then-current and expected financial condition of each relevant entity, including, but not limited to, the anticipated ability of the entity to make its contractually required payments to the Company (with respect to debt obligations to us), the results of valuation work performed with respect to the entity, the entity&#x2019;s anticipated ability to generate sufficient cash flows and the market conditions in the industry in which the entity was operating.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Loss reserves are established for notes receivable based upon an estimate of probable losses for the individual notes. A loss reserve is established on an individual note when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the note. The loss reserve is based upon the Company&#x2019;s assessment of the borrower&#x2019;s overall financial condition, resources and payment record; and, if appropriate, the realizable value of any collateral. These estimates consider all available evidence including the expected future cash flows, estimated fair value of collateral on secured notes, general economic conditions and trends, and other relevant factors, as appropriate. Notes are placed on non-accrual status when management determines that the collectibility of contractual amounts is not reasonably assured.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Loans receivable</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The performance of the Company&#x2019;s loan portfolio is evaluated on an ongoing basis by management. Loans receivable are impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans receivable are measured at the present value of expected future cash flows discounted at the loan&#x2019;s effective interest rate. As a practical expedient, the loan may be valued based on its observable market price or the fair value of the collateral, if the loan is collateral-dependent. No indications of material impairment of loans receivable were identified during the three-year period ended December&#xA0;31, 2012.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Loans, including impaired loans, are generally classified as non-accrual if they miss more than three contractual payments, which usually represent past due between 60 to 90 days or more. The Company&#x2019;s general policy is to reverse from income previously accrued but unpaid interest. While a loan is classified under non-accrual status and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Income on such loans is subsequently recognized only to the extent that cash is received and future collection of principal is probable. Loans may be returned to accrual status when all principal and interest amounts contractually due (including arrearages) are reasonably assured of repayment within an acceptable period of time. Interest income on non-accrual loans that would have been recognized during the years ended December&#xA0;31, 2012, 2011 and 2010, if all of such loans had been current in accordance with their original terms, totaled&#xA0;$138 thousand, $163 thousand, and $113 thousand, respectively.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The allowance for loan losses is established through charges to earnings in the form of a provision for loan losses. Loan losses are charged to, and recoveries are credited to, the allowance for loan losses. The provision for loan losses is determined after considering various factors, such as loan loss experience, maturity of the portfolio, size of the portfolio, borrower credit history, the existing allowance for loan losses, current charges and recoveries to the allowance for loan losses, the overall quality of the loan portfolio, and current economic conditions, as determined by management, regulatory agencies and independent credit review specialists. While many of these factors are essentially a matter of judgment and may not be reduced to a mathematical formula, the Company believes that, in light of the collateral securing its loan portfolio, the current allowance for loan losses is an adequate allowance against probable losses incurred as of December&#xA0;31, 2012.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The adequacy of the allowance for loan losses is based on formula allocations and specific allocations. Formula allocations are made on a percentage basis, which is dependent on the underlying collateral, the type of loan and general economic conditions. Specific allocations are made as problem or potential problem loans are identified and are based upon an evaluation by management of the status of such loans. Specific allocations may be revised from time to time as the status of problem or potential problem loans changes.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Property and equipment</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Property and equipment includes computer software acquired or developed for internal use and for use with the Company&#x2019;s products. Software development costs, which include capitalized interest costs and certain payroll-related costs of employees directly associated with developing software, in addition to incremental payments to third parties, are capitalized from the time technological feasibility is established until the software is ready for use.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Depreciation on buildings and on furniture and equipment is computed using the straight-line method over estimated useful lives of 16 to 40 years and 3 to 10 years, respectively. Capitalized software costs are amortized using the straight-line method over estimated useful lives of 3 to 15 years. Leasehold improvements are amortized over useful lives that are consistent with the lease term.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Title plants and other indexes</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Title plants and other indexes includes title plants of $520.7 million and capitalized real estate data, net of $1.0 million at December&#xA0;31, 2012 and title plants of $512.6 million and capitalized real estate data, net of $1.4 million at December&#xA0;31, 2011. Title plants are carried at original cost, with the costs of daily maintenance (updating) charged to expense as incurred. Because properly maintained title plants have indefinite lives and do not diminish in value with the passage of time, no provision has been made for depreciation or amortization. The Company analyzes its title plants at least annually for impairment. This analysis includes, but is not limited to, the effects of obsolescence, duplication, demand and other economic factors. Capitalized real estate data is amortized using the straight-line method over estimated useful lives of 5 to 15 years.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Goodwill</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company is required to perform an annual goodwill impairment assessment for each reporting unit. The Company&#x2019;s four reporting units are title insurance, home warranty, property and casualty insurance and trust and other services. The Company has elected to perform this annual assessment in the fourth quarter of each fiscal year or sooner if circumstances indicate possible impairment. Based on current guidance, the Company has the option to perform a qualitative assessment to determine if the fair value is more likely than not (i.e. a likelihood of greater than 50%) less than the carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test, or may choose to forego the qualitative assessment and perform the quantitative impairment test. The qualitative factors considered in this assessment may include macroeconomic conditions, industry and market considerations, overall financial performance as well as other relevant events and circumstances as determined by the Company. The Company evaluates the weight of each factor to determine whether it is more likely than not that impairment may exist. If the results of the qualitative assessment indicate the more likely than not threshold was not met, the Company may choose not to perform the quantitative impairment test. If however, the more likely than not threshold is met, the Company performs the quantitative test as required and discussed below.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Management&#x2019;s quantitative impairment testing process includes two steps. The first step (&#x201C;Step 1&#x201D;) compares the fair value of each reporting unit to its carrying amount. The fair value of each reporting unit is determined by using discounted cash flow analysis and market approach valuations. If the fair value of the reporting unit exceeds its carrying amount, the goodwill is not considered impaired and no additional analysis is required. However, if the carrying amount is greater than the fair value, a second step (&#x201C;Step 2&#x201D;) must be completed to determine if the fair value of the goodwill exceeds the carrying amount of goodwill.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Step 2 involves calculating an implied fair value of goodwill for each reporting unit for which the first step indicated impairment. The implied fair value of goodwill is determined in a manner similar to the amount of goodwill calculated in a business combination, by measuring the excess of the estimated fair value of the reporting unit, as determined in the first step, over the aggregate estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment loss is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit, and the loss establishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The quantitative impairment test for goodwill utilizes a variety of valuation techniques, all of which require the Company to make estimates and judgments. Fair value is determined by employing an expected present value technique, which utilizes multiple cash flow scenarios that reflect a range of possible outcomes and an appropriate discount rate. The use of comparative market multiples (the &#x201C;market approach&#x201D;) compares the reporting unit to other comparable companies (if such comparables are present in the marketplace) based on valuation multiples to arrive at a fair value. The Company also uses certain of these valuation techniques in accounting for business combinations, primarily in the determination of the fair value of acquired assets and liabilities. In assessing the fair value, the Company utilizes the results of the valuations (including the market approach to the extent comparables are available) and considers the range of fair values determined under all methods and the extent to which the fair value exceeds the carrying amount of the equity or asset.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The valuation of each reporting unit includes the use of assumptions and estimates of many critical factors, including revenue growth rates and operating margins, discount rates and future market conditions, determination of market multiples and the establishment of a control premium, among others. Forecasts of future operations are based, in part, on operating results and the Company&#x2019;s expectations as to future market conditions. These types of analyses contain uncertainties because they require the Company to make assumptions and to apply judgments to estimate industry economic factors and the profitability of future business strategies. However, if actual results are not consistent with the Company&#x2019;s estimates and assumptions, the Company may be exposed to future impairment losses that could be material.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Other intangible assets</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;s intangible assets consist of covenants not to compete, customer lists, trademarks, patents and licenses. Each of these intangible assets, excluding licenses, is amortized on a straight-line basis over their useful lives ranging from 2 to 20 years and is subject to impairment tests when there is an indication of a triggering event or abandonment. Licenses are an intangible asset with an indefinite life and are therefore not amortized but rather tested for impairment by comparing the fair value of the license with its carrying value at least annually and when an indicator of potential impairment has occurred.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Long-lived assets</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Long-lived assets held and used include property and equipment, capitalized software and other intangible assets with a finite life. Management uses estimated future cash flows (undiscounted and excluding interest) to measure the recoverability of long-lived assets held and used whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. If the undiscounted cash flow analysis indicates a long-lived asset is not recoverable, the impairment loss recorded is the excess of the carrying amount of the asset over its fair value.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In addition, the Company carries long-lived assets held for sale at the lower of cost or market as of the date that certain criteria have been met. As of December&#xA0;31, 2012 and 2011 the Company had no material long-lived assets classified as held for sale.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Reserve for known and incurred but not reported claims</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company provides for title insurance losses by a charge to expense when the related premium revenue is recognized. The amount charged to expense is generally determined by applying a rate (the loss provision rate) to total title insurance premiums and escrow fees. The Company&#x2019;s management estimates the loss provision rate at the beginning of each year and reassesses the rate quarterly to ensure that the resulting incurred but not reported (&#x201C;IBNR&#x201D;) loss reserve and known claims reserve included in the Company&#x2019;s consolidated balance sheets together reflect management&#x2019;s best estimate of the total costs required to settle all IBNR and known claims. If the ending IBNR reserve is not considered adequate, an adjustment is recorded.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The process of assessing the loss provision rate and the resulting IBNR reserve involves evaluation of the results of both an in-house actuarial review and independent actuarial analysis. The Company&#x2019;s in-house actuary performs a reserve analysis utilizing generally accepted actuarial methods that incorporate cumulative historical claims experience and information provided by in-house claims and operations personnel. Current economic and business trends are also reviewed and used in the reserve analysis. These include real estate and mortgage markets conditions, changes in residential and commercial real estate values, and changes in the levels of defaults and foreclosures that may affect claims levels and patterns of emergence, as well as any company-specific factors that may be relevant to past and future claims experience. Results from the analysis include, but are not limited to, a range of IBNR reserve estimates and a single point estimate for IBNR as of the balance sheet date.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">For recent policy years at early stages of development (generally the last three years), IBNR is estimated using a combination of expected loss rate and multiplicative loss development factor calculations. For more mature policy years (generally, policy years aged more than three years), IBNR generally is estimated using multiplicative loss development factor calculations. The expected loss rate method estimates IBNR by applying an expected loss rate to total title insurance premiums and escrow fees, and adjusting for policy year maturity using the estimated loss development patterns. Multiplicative loss development factor calculations estimate IBNR by applying factors derived from loss development patterns to losses realized to date. The expected loss rate and loss development patterns are based on historical experience and the relationship of the history to the applicable policy years.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company utilizes an independent third party actuary who produces a report with estimates and projections of the same financial items described above. The third party actuary&#x2019;s analysis uses generally accepted actuarial methods that may in whole or in part be different from those used by the Company&#x2019;s in-house actuary. The third party actuary&#x2019;s report is used to assess the reasonableness of the Company&#x2019;s in-house analysis.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;s management uses the IBNR point estimate from the Company&#x2019;s in-house actuary&#x2019;s analysis and other relevant information it may have concerning claims to determine what it considers to be the best estimate of the total amount required for the IBNR reserve.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Title insurance policies are long-duration contracts with the majority of the claims reported to the Company within the first few years following the issuance of the policy. Generally, 75 to 85 percent of claim amounts become known in the first six years of the policy life, and the majority of IBNR reserves relate to the six most recent policy years. A material change in expected ultimate losses and corresponding loss rates for policy years older than six years, while possible, is not considered reasonably likely by the Company. However, changes in expected ultimate losses and corresponding loss rates for recent policy years are considered likely and could result in a material adjustment to the IBNR reserves. Based on historical experience, the Company believes that a 50 basis point change to one or more of the loss rates for the most recent policy years, positive or negative, is reasonably likely given the long duration nature of a title insurance policy. If the expected ultimate losses for each of the last six policy years increased or decreased by 50 basis points, the resulting impact on the IBNR reserve would be an increase or decrease, as the case may be, of $110.5 million. The estimates made by management in determining the appropriate level of IBNR reserves could ultimately prove to be materially different from actual claims experience.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company provides for property and casualty insurance losses when the insured event occurs. The Company provides for claims losses relating to its home warranty business based on the average cost per claim as applied to the total of new claims incurred. The average cost per home warranty claim is calculated using the average of the most recent 12 months of claims experience.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Invested Equity</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Invested equity refers to the net assets of the Company which reflects TFAC&#x2019;s investment in the Company prior to the Separation and excludes noncontrolling interests.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Revenues</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Title premiums on policies issued directly by the Company are recognized on the effective date of the title policy and escrow fees are recorded upon close of the escrow. Revenues from title policies issued by independent agents are recorded when notice of issuance is received from the agent, which is generally when cash payment is received by the Company. Revenues earned by the Company&#x2019;s title plant management business are recognized at the time of delivery, as the Company has no significant ongoing obligation after delivery.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Direct premiums of the Company&#x2019;s specialty insurance segment include revenues from home warranty contracts which are generally recognized ratably over the 12-month duration of the contracts, and revenues from property and casualty insurance policies which are also recognized ratably over the 12-month duration of the policies.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Interest on loans receivable is recognized on the outstanding principal balance on the accrual basis. Revenues earned by the other products in the Company&#x2019;s trust and banking operations are recognized at the time of delivery, as the Company has no significant ongoing obligation after delivery.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Premium taxes</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Title insurance, property and casualty insurance and home warranty companies, like other types of insurers, are generally not subject to state income or franchise taxes. However, in lieu thereof, most states impose a tax based primarily on insurance premiums written. This premium tax is reported as a separate line item in the consolidated statements of income in order to provide a more meaningful disclosure of the taxation of the Company.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Legal fees</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company records legal fees in other operating expenses in the period incurred.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Income taxes</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company evaluates the need to establish a valuation allowance for deferred tax assets based upon the amount of existing temporary differences, the period in which they are expected to be recovered and expected levels of taxable income. A valuation allowance to reduce deferred tax assets is established when it is considered more likely than not that some or all of the deferred tax assets will not be realized.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company recognizes the effect of income tax positions only if sustaining those positions is considered more likely than not. Changes in recognition or measurement of uncertain tax positions are reflected in the period in which a change in judgment occurs. The Company recognizes interest and penalties, if any, related to uncertain tax positions in tax expense.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Share-based compensation</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in the Company&#x2019;s financial statements over the requisite service period of the award using the straight-line method for awards that contain only a service condition and the graded vesting method for awards that contain a performance or market condition. The share-based compensation expense recognized is based on the number of shares ultimately expected to vest, net of forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company&#x2019;s primary means of providing share-based compensation is through the granting of restricted stock units (&#x201C;RSUs&#x201D;). RSUs granted generally have graded vesting and include a service condition; and for certain key employees and executives, may also include either a performance or market condition. RSUs receive dividend equivalents in the form of RSUs having the same vesting requirements as the RSUs initially granted.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">As of December&#xA0;31, 2012, all stock options issued under the Company&#x2019;s plans are vested and no share-based compensation expense related to such stock options remains to be recognized.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In addition, the Company has an employee stock purchase plan that allows eligible employees to purchase common stock of the Company at 85.0% of the closing price on the last day of each month. The Company recognizes an expense in the amount equal to the discount.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Earnings per share</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Basic earnings per share is computed by dividing net income available to the Company&#x2019;s stockholders by the weighted-average number of common shares outstanding. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except that the weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if dilutive stock options had been exercised and RSUs were vested. The dilutive effect of stock options and unvested RSUs is computed using the treasury stock method, which assumes any proceeds that could be obtained upon the exercise of stock options and vesting of RSUs would be used to purchase common shares at the average market price for the period. The assumed proceeds include the purchase price the grantee pays, the hypothetical windfall tax benefit that the Company receives upon assumed exercise or vesting and the hypothetical average unrecognized compensation expense for the period. The Company calculates the assumed proceeds from excess tax benefits based on the &#x201C;as-if&#x201D; deferred tax assets calculated under share based compensation standards.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Certain unvested RSUs contain nonforfeitable rights to dividends as they are eligible to participate in undistributed earnings without meeting service condition requirements. These awards are considered participating securities under the guidance which requires the use of the two-class method when computing basic and diluted earnings per share. The two-class method reduces earnings allocated to common stockholders by dividends and undistributed earnings allocated to participating securities.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Per share information for 2010 was computed using the number of shares of common stock outstanding immediately following the Separation, as if such shares were outstanding for the entire period.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Employee benefit plans</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company recognizes the overfunded or underfunded status of defined benefit postretirement plans as an asset or liability on its consolidated balance sheets and recognizes changes in the funded status in the year in which changes occur, through accumulated other comprehensive loss. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation (the projected benefit obligation for pension plans and the accumulated postretirement benefit obligation for the other postretirement plans). Actuarial gains and losses and prior service costs and credits that have not been recognized as a component of net periodic benefit cost previously are recorded as a component of accumulated other comprehensive loss. Plan assets and obligations are measured as of December&#xA0;31.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company informally funds its nonqualified deferred compensation plan through tax-advantaged investments known as variable universal life insurance. The Company&#x2019;s deferred compensation plan assets are included as a component of other assets and the Company&#x2019;s deferred compensation plan liability is included as a component of pension costs and other retirement plans on the consolidated balance sheets. The income earned on the Company&#x2019;s deferred compensation plan assets is included as a component of investment income and the income earned by the deferred compensation plan participants is included as a component of personnel costs on the consolidated statements of income.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Foreign currency</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company operates in foreign countries, including Canada, the United Kingdom and various other established and emerging markets. The functional currencies of the Company&#x2019;s foreign subsidiaries are generally their respective local currencies. The financial statements of the foreign subsidiaries are translated into U.S. dollars as follows: assets and liabilities at the exchange rate as of the balance sheet date, equity at the historical rates of exchange, and income and expense amounts at average rates prevailing throughout the period. Translation adjustments resulting from the translation of the subsidiaries&#x2019; accounts are included in accumulated other comprehensive loss as a separate component of stockholders&#x2019; equity. Gains and losses resulting from foreign currency transactions are included within other operating expenses.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Reinsurance</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company assumes and cedes large title insurance risks through reinsurance. Additionally, the Company&#x2019;s property and casualty insurance business uses reinsurance to limit risk associated with natural disasters such as windstorms, winter storms, wildfires and earthquakes. In reinsurance arrangements, the primary insurer retains a certain amount of risk under a policy and cedes the remainder of the risk under the policy to the reinsurer. The primary insurer pays the reinsurer a premium in exchange for accepting this risk of loss. The primary insurer generally remains liable to its insured for the total risk, but is reinsured under the terms of the reinsurance agreement. The amount of premiums assumed and ceded is recorded as a component of direct premiums and escrow fees on the Company&#x2019;s income statement. The total amount of premiums assumed and ceded in connection with reinsurance was less than 1.0% of consolidated premium and escrow fees for each of the three years ended December&#xA0;31, 2012. Payments and recoveries on reinsured losses for the Company&#x2019;s title insurance and property and casualty businesses were immaterial during the three years ended December&#xA0;31, 2012.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Escrow deposits and trust assets</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company administers escrow deposits and trust assets as a service to its customers. Escrow deposits totaled $4.2 billion and $3.1 billion at December&#xA0;31, 2012 and 2011, respectively, of which $1.2 billion and $0.9 billion, respectively, were held at the Company&#x2019;s federal savings bank subsidiary, First American Trust, FSB. The escrow deposits held at First American Trust, FSB, are included in the accompanying consolidated balance sheets in cash and cash equivalents and debt and equity securities, with offsetting liabilities included in deposits. The remaining escrow deposits were held at third-party financial institutions.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Trust assets totaled $2.8 billion at December&#xA0;31, 2012 and 2011, and were held or managed by First American Trust, FSB. Escrow deposits held at third-party financial institutions and trust assets are not considered assets of the Company and, therefore, are not included in the accompanying consolidated balance sheets. However, the Company could be held contingently liable for the disposition of these assets.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In conducting its operations, the Company often holds customers&#x2019; assets in escrow, pending completion of real estate transactions. As a result of holding these customers&#x2019; assets in escrow, the Company has ongoing programs for realizing economic benefits, including investment programs, borrowing agreements, and vendor services arrangements with various financial institutions. The effects of these programs are included in the consolidated financial statements as income or a reduction in expense, as appropriate, based on the nature of the arrangement and benefit received.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 2%"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><i>Like-kind exchanges</i></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">The Company facilitates tax-deferred property exchanges for customers pursuant to Section&#xA0;1031 of the Internal Revenue Code and tax-deferred reverse exchanges pursuant to Revenue Procedure 2000-37. As a facilitator and intermediary, the Company holds the proceeds from sales transactions and takes temporary title to property identified by the customer to be acquired with such proceeds. Upon the completion of such exchange, the identified property is transferred to the customer or, if the exchange does not take place, an amount equal to the sales proceeds or, in the case of a reverse exchange, title to the property held by the Company is transferred to the customer. Like-kind exchange funds held by the Company totaled $1.4 billion and $0.6 billion at December&#xA0;31, 2012 and 2011, respectively. The like-kind exchange deposits were held at third-party financial institutions and, due to the structure utilized to facilitate these transactions, the proceeds and property are not considered assets of the Company and, therefore, are not included in the accompanying consolidated balance sheets. All such amounts are placed in deposit accounts insured, up to applicable limits, by the Federal Deposit Insurance Corporation. The Company could be held contingently liable to the customer for the transfers of property, disbursements of proceeds and the return on the proceeds.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><b>Recently Adopted Accounting Pronouncements:</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In October 2010, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued updated guidance related to accounting for costs associated with acquiring or renewing insurance contracts. The updated guidance modifies the definition of the types of costs incurred by insurance entities that can be capitalized in the acquisition of new and renewal contracts. Under the updated guidance only costs based on successful efforts (that is, acquiring a new or renewal contract) including direct-response advertising costs are eligible for capitalization. The updated guidance is effective for the interim and annual periods beginning after December&#xA0;15, 2011. The adoption of the guidance, on a prospective basis, did not have a material impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In May 2011, the FASB issued updated guidance that is intended to improve the comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. generally accepted accounting principles and International Financial Reporting Standards. The amendments are of two types: (i)&#xA0;those that clarify the FASB&#x2019;s intent about the application of existing fair value measurement and disclosure requirements and (ii)&#xA0;those that change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The updated guidance is effective for interim and annual periods beginning after December&#xA0;15, 2011. Except for the disclosure requirements, the adoption of the guidance had no impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In June 2011, the FASB issued updated guidance that is intended to increase the prominence of other comprehensive income in financial statements. The updated guidance eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders&#x2019; equity, and requires either consecutive presentation of the statement of net income and other comprehensive income or in a single continuous statement of comprehensive income. The updated guidance is effective for interim and annual reporting periods beginning after December&#xA0;15, 2011. The adoption of the guidance had no impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2"><b>Pending Accounting Pronouncements:</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: -6px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In February 2013, the FASB issued updated guidance requiring entities to present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If the component is not required to be reclassified to net income in its entirety, entities would instead cross reference to the related footnote for additional information. The updated guidance is effective prospectively for interim and annual reporting periods beginning after December&#xA0;15, 2012, with early adoption permitted. Except for the disclosure requirements, management does not expect the adoption of this guidance to have a material impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In July 2012, the FASB issued updated guidance that is intended to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets, other than goodwill, by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The updated guidance permits entities to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with current guidance. The updated guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September&#xA0;15, 2012, with early adoption permitted. Management did not early adopt this guidance and does not expect this guidance to have a material impact on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1">&#xA0;</font></p> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">In December 2011, the FASB issued updated guidance requiring entities to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The updated guidance is effective for interim and annual reporting periods beginning on or after January&#xA0;1, 2013. Management does not expect the adoption of this guidance to have a material impact on the Company&#x2019;s consolidated financial statements.</font></p> </div>
CY2012 us-gaap Supplementary Insurance Information Other Operating Expense
SupplementaryInsuranceInformationOtherOperatingExpense
836319000
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y10M24D
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-9048000
CY2012 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
74950000
CY2012 us-gaap Income Tax Reconciliation Deductions Dividends
IncomeTaxReconciliationDeductionsDividends
995000
CY2012 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
836319000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
59946000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
CY2012 us-gaap Net Income Loss
NetIncomeLoss
301041000
CY2012 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
23382000
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-4128000
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaid
445986000
CY2012 us-gaap Costs And Expenses
CostsAndExpenses
4074415000
CY2012 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
691000
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.77
CY2012 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims Prior Years
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredClaimsPriorYears
73807000
CY2012 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="80%" align="center"> <tr> <td width="55%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="1"><b>December&#xA0;31,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="1"><b>2010</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="10" align="center"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="1"><b>(in thousands)</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Balance at beginning of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">1,014,676</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">1,108,238</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">1,227,757</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Provision related to:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Current year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">323,910</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">308,868</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">289,220</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Prior years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">73,807</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">111,268</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">31,654</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">397,717</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">420,136</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">320,874</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Payments, net of recoveries, related to:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Current year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">160,138</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">149,004</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">136,445</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Prior years</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">285,848</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">354,430</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">319,780</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">445,986</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">503,434</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">456,225</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Other</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">10,055</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">(10,264</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">15,832</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">Balance at end of year</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">976,462</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">1,014,676</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">1,108,238</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" color="#303F57" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> </div>
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CommonStockDividendsPerShareDeclared
0.36
CY2012 us-gaap Revenues
Revenues
4541821000
CY2012 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-22619000
CY2012 us-gaap Restricted Stock Expense
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13953000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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108542000 shares
CY2012 us-gaap Pension Contributions
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29300000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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200000
CY2012 us-gaap Minority Interest Increase From Stock Issuance
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22000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
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213719000
CY2012 us-gaap Supplementary Insurance Information Premiums Written
SupplementaryInsuranceInformationPremiumsWritten
299071000
CY2012 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5300000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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9.53
CY2012 us-gaap Available For Sale Securities Gross Realized Gains
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70100000
CY2012 us-gaap Defined Benefit Plan Service Cost
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1712000
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327944000
CY2012 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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491674000
CY2012 us-gaap Statutory Accounting Practices Statutory Net Income Amount
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-301900000
CY2012 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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30500000
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UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000
CY2012 us-gaap Current Federal Tax Expense Benefit
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82269000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
940000 shares
CY2012 us-gaap Income Tax Reconciliation Tax Credits Foreign
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2921000
CY2012 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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-3564000
CY2012 us-gaap Income Tax Expense Benefit
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165678000
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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105000
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15040000
CY2012 us-gaap Payments Of Dividends
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44705000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
65000 shares
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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687000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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826000 shares
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71980000
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83892000
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5388000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
2300000
CY2012 us-gaap Supplementary Insurance Information Net Investment Income
SupplementaryInsuranceInformationNetInvestmentIncome
145153000
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13664000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
5553000
CY2012 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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15553000
CY2012 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.0631 pure
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2372000
CY2012 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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-7800000
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
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300359000
CY2012 us-gaap Amortization Of Intangible Assets
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12000000
CY2012 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Employee Stock Purchase Program Requisite Service Period Recognition
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-886000
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105732000
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-6502000
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ParticipatingSecuritiesDistributedAndUndistributedEarnings
682000
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5131000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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35000 shares
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1796314000
CY2012 us-gaap Stock Repurchased During Period Shares
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0 shares
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8234000
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14839000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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467406000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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700000 shares
CY2012 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
34921000
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DeferredForeignIncomeTaxExpenseBenefit
-407000
CY2012 us-gaap Payments To Acquire Additional Interest In Subsidiaries
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3400000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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6316000
CY2012 us-gaap Lease And Rental Expense
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96800000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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1434000
CY2012 us-gaap Labor And Related Expense
LaborAndRelatedExpense
1334866000
CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
328635000
CY2012 us-gaap Use Of Estimates
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CY2012 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
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