$ITIC
INVESTORS TITLE CO

2023 Q3 Form 10-Q Financial Statement

#000072085823000020 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $61.41M $58.31M $83.07M
YoY Change -25.68% -29.8% -2.22%
Cost Of Revenue $1.838M $991.0K $1.310M
YoY Change -6.51% -24.35% -8.77%
Gross Profit $59.57M $57.32M $81.76M
YoY Change -26.15% -29.89% -2.11%
Gross Profit Margin 97.01% 98.3% 98.42%
Selling, General & Admin $23.21M $23.00M $25.19M
YoY Change -10.25% -8.68% 31.69%
% of Gross Profit 38.96% 40.13% 30.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.020M $993.0K $908.0K
YoY Change 15.38% 9.36% 53.12%
% of Gross Profit 1.71% 1.73% 1.11%
Operating Expenses $52.80M $48.47M $67.95M
YoY Change -22.25% -28.67% 13.87%
Operating Profit $6.772M $8.855M $13.82M
YoY Change -46.92% -35.9% -42.08%
Interest Expense -$10.00K -$6.000K -$12.17M
YoY Change -99.78% -99.95% -352.06%
% of Operating Profit -0.15% -0.07% -88.11%
Other Income/Expense, Net
YoY Change
Pretax Income $8.610M $9.846M $2.953M
YoY Change -14.65% 233.42% -88.32%
Income Tax $1.526M $2.261M $674.0K
% Of Pretax Income 17.72% 22.96% 22.82%
Net Earnings $7.084M $7.585M $2.279M
YoY Change -10.48% 232.82% -88.48%
Net Earnings / Revenue 11.54% 13.01% 2.74%
Basic Earnings Per Share $3.75 $4.00 $1.20
Diluted Earnings Per Share $3.75 $4.00 $1.200M
COMMON SHARES
Basic Shares Outstanding 1.891M shares 1.898M shares 1.897M shares
Diluted Shares Outstanding 1.891M shares 1.896M shares 1.899M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $30.41M $26.18M $35.49M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $22.09M $21.20M $22.26M
YoY Change -3.4% -4.77% 48.29%
Goodwill $9.600M $9.600M
YoY Change
Intangibles
YoY Change
Long-Term Investments $220.6M $227.2M $207.3M
YoY Change 5.84% 9.59% -5.07%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $331.9M $330.5M $325.2M
YoY Change -0.27% 1.63% 2.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.70M $33.92M $40.04M
YoY Change -26.8% -15.29% 15.32%
Accrued Expenses $6.100M $6.411M $6.704M
YoY Change -4.52% -4.37% 91.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $115.0K
YoY Change
Total Short-Term Liabilities $37.90M $41.04M $46.75M
YoY Change -21.58% -12.22% 22.27%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $523.0K $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $500.0K $523.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.90M $41.04M $46.75M
Total Long-Term Liabilities $500.0K $523.0K $0.00
Total Liabilities $79.25M $83.23M $92.01M
YoY Change -15.48% -9.55% 8.25%
SHAREHOLDERS EQUITY
Retained Earnings $253.4M $247.1M
YoY Change
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.7M $247.3M $233.2M
YoY Change
Total Liabilities & Shareholders Equity $331.9M $330.5M $325.2M
YoY Change -0.27% 1.63% 2.6%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $7.084M $7.585M $2.279M
YoY Change -10.48% 232.82% -88.48%
Depreciation, Depletion And Amortization $1.020M $993.0K $908.0K
YoY Change 15.38% 9.36% 53.12%
Cash From Operating Activities $710.0K $5.667M $6.945M
YoY Change -94.09% -18.4% -15.8%
INVESTING ACTIVITIES
Capital Expenditures $1.600M $2.716M -$1.544M
YoY Change -204.71% -275.91% -65.3%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$4.490M -$6.353M
YoY Change -265.38% -29.32% -211.69%
Cash From Investing Activities $4.400M -$7.206M -$7.897M
YoY Change -185.34% -8.75% -737.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -870.0K -1.832M -872.0K
YoY Change -9.28% 110.09% -0.46%
NET CHANGE
Cash From Operating Activities 710.0K 5.667M 6.945M
Cash From Investing Activities 4.400M -7.206M -7.897M
Cash From Financing Activities -870.0K -1.832M -872.0K
Net Change In Cash 4.240M -3.371M -1.824M
YoY Change -28.06% 84.81% -121.18%
FREE CASH FLOW
Cash From Operating Activities $710.0K $5.667M $6.945M
Capital Expenditures $1.600M $2.716M -$1.544M
Free Cash Flow -$890.0K $2.951M $8.489M
YoY Change -106.57% -65.24% -33.15%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – Certain amounts have been reclassified for consistency with the current period presentation. The reclassifications were between revenue lines of the unaudited Consolidated Statements of Operations. These reclassifications are not considered an accounting change and had no effect on the reported results of operations.</span>
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – Certain amounts have been reclassified for consistency with the current period presentation. The reclassifications were between revenue lines of the unaudited Consolidated Statements of Operations. These reclassifications are not considered an accounting change and had no effect on the reported results of operations.</span>
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates and Assumptions</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – The preparation of the Company’s unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.</span>
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ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity in the reserve for claims for the six-month period ended June 30, 2023 and the year ended December 31, 2022 are summarized as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.872%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.568%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"> (in thousands)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">June 30, 2023</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, beginning of period</span></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">37,192</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,754 </span></td><td style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provision charged to operations</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,059</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,255 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments of claims, net of recoveries</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2,386)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,817)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:18pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Balance, end of period</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">36,865</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,192 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:2pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2023Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
3034000 usd
CY2023Q2 itic Liability For Title Claims And Claims Adjustment Expense Known Claims Percentage
LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaimsPercentage
0.082
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Reported Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedClaimsAmount
3250000 usd
CY2022Q4 itic Liability For Title Claims And Claims Adjustment Expense Known Claims Percentage
LiabilityForTitleClaimsAndClaimsAdjustmentExpenseKnownClaimsPercentage
0.087
CY2023Q2 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
33831000 usd
CY2023Q2 itic Liability For Title Claims And Claims Adjustment Expense Incurred But Not Reported Percentage
LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedPercentage
0.918
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Incurred But Not Reported Ibnr Claims Amount
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedIBNRClaimsAmount
33942000 usd
CY2022Q4 itic Liability For Title Claims And Claims Adjustment Expense Incurred But Not Reported Percentage
LiabilityForTitleClaimsAndClaimsAdjustmentExpenseIncurredButNotReportedPercentage
0.913
CY2023Q2 us-gaap Liability For Title Claims And Claims Adjustment Expense
LiabilityForTitleClaimsAndClaimsAdjustmentExpense
36865000 usd
CY2023Q2 itic Liability For Unpaid Claims And Claims Adjustment Expense Reported And Incurred But Not Reported Claims Percentage
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedAndIncurredButNotReportedClaimsPercentage
1.000
CY2022Q4 us-gaap Liability For Title Claims And Claims Adjustment Expense
LiabilityForTitleClaimsAndClaimsAdjustmentExpense
37192000 usd
CY2022Q4 itic Liability For Unpaid Claims And Claims Adjustment Expense Reported And Incurred But Not Reported Claims Percentage
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseReportedAndIncurredButNotReportedClaimsPercentage
1.000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
7585000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
2279000 usd
us-gaap Net Income Loss
NetIncomeLoss
8766000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1895000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1897000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1896000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1896000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1899000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1896000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.00
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.62
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.00
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.62
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24000 shares
itic Number Of Stock Options Or Sars Granted Where Exercise Price Was Less Than Market Price On Date Of Grant
NumberOfStockOptionsOrSarsGrantedWhereExercisePriceWasLessThanMarketPriceOnDateOfGrant
0 shares
itic Number Of Stock Options Or Sars Granted Where Exercise Price Was Less Than Market Price On Date Of Grant
NumberOfStockOptionsOrSarsGrantedWhereExercisePriceWasLessThanMarketPriceOnDateOfGrant
0 shares
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q2 itic Insurance And Other Services Revenue
InsuranceAndOtherServicesRevenue
53424000 usd
CY2023Q2 itic Investment Income
InvestmentIncome
4890000 usd
CY2023Q2 us-gaap Revenues
Revenues
58314000 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
48468000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
9846000 usd
CY2023Q2 us-gaap Assets
Assets
330481000 usd
CY2022Q2 itic Insurance And Other Services Revenue
InsuranceAndOtherServicesRevenue
79019000 usd
CY2022Q2 itic Investment Income
InvestmentIncome
-8117000 usd
CY2022Q2 us-gaap Revenues
Revenues
70902000 usd
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
67949000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2953000 usd
CY2022Q2 us-gaap Assets
Assets
325192000 usd
itic Insurance And Other Services Revenue
InsuranceAndOtherServicesRevenue
101497000 usd
itic Investment Income
InvestmentIncome
8160000 usd
us-gaap Revenues
Revenues
109657000 usd
us-gaap Operating Expenses
OperatingExpenses
98250000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11407000 usd
CY2023Q2 us-gaap Assets
Assets
330481000 usd
itic Insurance And Other Services Revenue
InsuranceAndOtherServicesRevenue
149933000 usd
us-gaap Revenues
Revenues
139900000 usd
us-gaap Operating Expenses
OperatingExpenses
129154000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10746000 usd
CY2022Q2 us-gaap Assets
Assets
325192000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
8902000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
830000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
1058000 usd
CY2023Q2 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities
15100000 usd
CY2022Q4 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities
15000000.0 usd
CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 usd
CY2022Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 usd
CY2023Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
10000 usd
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
8000 usd
CY2023Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
7000 usd
CY2022Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
4000 usd
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3000 usd
CY2022Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
4000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
17422000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
17422000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
31178000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
31070000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
8993000 usd
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
58423000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58452000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
83 segment
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
51 segment
CY2023Q2 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
46000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
46000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
202000 usd
CY2022Q2 us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
189000 usd
us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
323000 usd
us-gaap Equity Securities Fv Ni Realized Loss
EquitySecuritiesFvNiRealizedLoss
189000 usd
CY2023Q2 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
30000 usd
CY2022Q2 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
127000 usd
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
112000 usd
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
127000 usd
CY2023Q2 itic Debt And Equity Securities Realized Loss
DebtAndEquitySecuritiesRealizedLoss
232000 usd
CY2022Q2 itic Debt And Equity Securities Realized Loss
DebtAndEquitySecuritiesRealizedLoss
362000 usd
itic Debt And Equity Securities Realized Loss
DebtAndEquitySecuritiesRealizedLoss
435000 usd
itic Debt And Equity Securities Realized Loss
DebtAndEquitySecuritiesRealizedLoss
362000 usd
CY2023Q2 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
5985000 usd
CY2022Q2 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
2447000 usd
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
13265000 usd
us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
4194000 usd
CY2023Q2 itic Losseson Other Assetsand Investments
LossesonOtherAssetsandInvestments
69000 usd
CY2022Q2 itic Losseson Other Assetsand Investments
LossesonOtherAssetsandInvestments
409000 usd
itic Losseson Other Assetsand Investments
LossesonOtherAssetsandInvestments
116000 usd
itic Losseson Other Assetsand Investments
LossesonOtherAssetsandInvestments
409000 usd
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-116000 usd
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
-409000 usd
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
13149000 usd
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
3785000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-11614000 usd
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-18087000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
1535000 usd
us-gaap Gain Loss On Investments
GainLossOnInvestments
-14302000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58452000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
53989000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
26184000 usd
CY2023Q2 itic Accrued Dividends And Interest Estimated Fair Value
AccruedDividendsAndInterestEstimatedFairValue
949000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
34081000 usd
CY2023Q2 us-gaap Short Term Investments
ShortTermInvestments
114857000 usd
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
176071000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
35311000 usd
CY2022Q4 itic Accrued Dividends And Interest Estimated Fair Value
AccruedDividendsAndInterestEstimatedFairValue
872000 usd
CY2022Q4 us-gaap Equity Securities Fv Ni
EquitySecuritiesFvNi
51691000 usd
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
103649000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
191523000 usd
CY2022 us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss
0 usd
us-gaap Impaired Assets To Be Disposed Of By Method Other Than Sale Amount Of Impairment Loss
ImpairedAssetsToBeDisposedOfByMethodOtherThanSaleAmountOfImpairmentLoss
0 usd
CY2023Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
9300000 usd
CY2023Q2 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
2476000 usd
CY2023Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
11776000 usd
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
8915000 usd
CY2022Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
1921000 usd
CY2022Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
10836000 usd
CY2022Q4 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
8898000 usd
CY2023Q2 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
3155000 usd
CY2023Q2 itic Like Kind Exchange Deposits And Reverse Exchange Property
LikeKindExchangeDepositsAndReverseExchangeProperty
232200000 usd
CY2022Q4 itic Like Kind Exchange Deposits And Reverse Exchange Property
LikeKindExchangeDepositsAndReverseExchangeProperty
432000000 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 usd
CY2023Q2 us-gaap Finite Lived Customer Relationships Gross
FiniteLivedCustomerRelationshipsGross
8898000 usd
CY2022Q4 us-gaap Finite Lived Noncompete Agreements Gross
FiniteLivedNoncompeteAgreementsGross
3155000 usd
CY2023Q2 itic Finite And Indefinite Lived Trade Names
FiniteAndIndefiniteLivedTradeNames
747000 usd
CY2022Q4 itic Finite And Indefinite Lived Trade Names
FiniteAndIndefiniteLivedTradeNames
747000 usd
CY2023Q2 itic Finite And Indefinite Lived Intangible Assets Gross
FiniteAndIndefiniteLivedIntangibleAssetsGross
12800000 usd
CY2022Q4 itic Finite And Indefinite Lived Intangible Assets Gross
FiniteAndIndefiniteLivedIntangibleAssetsGross
12800000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5498000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4814000 usd
CY2023Q2 itic Finite And Indefinite Lived Intangible Assets Net
FiniteAndIndefiniteLivedIntangibleAssetsNet
7302000 usd
CY2022Q4 itic Finite And Indefinite Lived Intangible Assets Net
FiniteAndIndefiniteLivedIntangibleAssetsNet
7986000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
677000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1178000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1095000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1095000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
679000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2391000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7115000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
9600000 usd
CY2023Q2 itic Title Plants
TitlePlants
1500000 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18136000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16535000 usd
us-gaap Revenues
Revenues
109657000 usd
us-gaap Revenues
Revenues
139900000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1393000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1179000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
108000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
6000 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18000 usd
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
46000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
70000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
113000 usd
us-gaap Lease Cost
LeaseCost
1584000 usd
us-gaap Lease Cost
LeaseCost
1292000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
us-gaap Sublease Income
SubleaseIncome
0 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1209000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1693000 usd
CY2023Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
115000 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
218000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5202000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4401000 usd
CY2023Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
523000 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
527000 usd
CY2023Q2 itic Lease Liability
LeaseLiability
7049000 usd
CY2022Q4 itic Lease Liability
LeaseLiability
6839000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1320000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
121000 usd
CY2023Q2 itic Lessee Lease Liability Payments Remainder Of Fiscal Year
LesseeLeaseLiabilityPaymentsRemainderOfFiscalYear
1441000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2197000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
202000 usd
CY2023Q2 itic Lessee Lease Liability Payments Due Next Twelve Months
LesseeLeaseLiabilityPaymentsDueNextTwelveMonths
2399000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1684000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
171000 usd
CY2023Q2 itic Lessee Lease Liability Payments Due Year Two
LesseeLeaseLiabilityPaymentsDueYearTwo
1855000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1067000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
134000 usd
CY2023Q2 itic Lessee Lease Liability Payments Due Year Three
LesseeLeaseLiabilityPaymentsDueYearThree
1201000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
337000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
51000 usd
CY2023Q2 itic Lessee Lease Liability Payments Due Year Four
LesseeLeaseLiabilityPaymentsDueYearFour
388000 usd
CY2023Q2 itic Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
214000 usd
CY2023Q2 itic Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
0 usd
CY2023Q2 itic Lessee Lease Liability Payments Due After Year Four
LesseeLeaseLiabilityPaymentsDueAfterYearFour
214000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6819000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
679000 usd
CY2023Q2 itic Lessee Lease Liability Payments Due
LesseeLeaseLiabilityPaymentsDue
7498000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
408000 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
41000 usd
CY2023Q2 itic Lessee Lease Liability Undiscounted Excess Amount
LesseeLeaseLiabilityUndiscountedExcessAmount
449000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6411000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
638000 usd
CY2023Q2 itic Lease Liability
LeaseLiability
7049000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M14D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y5M4D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M20D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.039
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.037

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