Price | 57.94 | EPS | 5 | |
Shares | 114 | P/E | 11 | |
MCap | 6,590 | P/FCF | 11 | |
Net Debt | -1,711 | EBIT | 746 | |
TEV | 4,879 | TEV/EBIT | 7 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-10-22 |
10-Q | 2020-06-30 | Filed 2020-07-23 |
10-Q | 2020-03-31 | Filed 2020-04-29 |
10-K | 2019-12-31 | Filed 2020-02-18 |
10-Q | 2019-09-30 | Filed 2019-10-24 |
10-Q | 2019-06-30 | Filed 2019-07-25 |
10-Q | 2019-03-31 | Filed 2019-04-25 |
10-K | 2018-12-31 | Filed 2019-02-20 |
10-Q | 2018-09-30 | Filed 2018-10-25 |
10-Q | 2018-06-30 | Filed 2018-07-26 |
10-Q | 2018-03-31 | Filed 2018-04-26 |
10-K | 2017-12-31 | Filed 2018-02-16 |
10-Q | 2017-09-30 | Filed 2017-10-26 |
10-Q | 2017-06-30 | Filed 2017-07-27 |
10-Q | 2017-03-31 | Filed 2017-04-27 |
10-K | 2016-12-31 | Filed 2017-02-17 |
10-Q | 2016-09-30 | Filed 2016-10-20 |
10-Q | 2016-06-30 | Filed 2016-07-21 |
10-Q | 2016-03-31 | Filed 2016-04-21 |
10-K | 2015-12-31 | Filed 2016-02-19 |
10-Q | 2015-09-30 | Filed 2015-10-22 |
10-Q | 2015-06-30 | Filed 2015-07-23 |
10-Q | 2015-03-31 | Filed 2015-04-23 |
10-K | 2014-12-31 | Filed 2015-02-23 |
10-Q | 2014-09-30 | Filed 2014-10-23 |
10-Q | 2014-06-30 | Filed 2014-07-24 |
10-Q | 2014-03-31 | Filed 2014-04-24 |
10-K | 2013-12-31 | Filed 2014-02-25 |
10-Q | 2013-09-30 | Filed 2013-10-24 |
10-Q | 2013-06-30 | Filed 2013-07-25 |
10-Q | 2013-03-31 | Filed 2013-04-26 |
10-K | 2012-12-31 | Filed 2013-02-28 |
10-Q | 2012-09-30 | Filed 2012-10-26 |
10-Q | 2012-06-30 | Filed 2012-07-30 |
10-Q | 2012-03-31 | Filed 2012-05-01 |
10-K | 2011-12-31 | Filed 2012-02-27 |
10-Q | 2011-09-30 | Filed 2011-11-02 |
10-Q | 2011-06-30 | Filed 2011-08-02 |
10-Q | 2011-03-31 | Filed 2011-05-02 |
10-K | 2010-12-31 | Filed 2011-03-01 |
10-Q | 2010-09-30 | Filed 2010-11-01 |
10-Q | 2010-06-30 | Filed 2010-08-09 |
10-Q | 2010-03-31 | Filed 2010-05-28 |
8-K | 2020-10-30 | Regulation FD, Exhibits |
8-K | 2020-10-22 | Earnings, Exhibits |
8-K | 2020-07-23 | Earnings, Exhibits |
8-K | 2020-05-15 | |
8-K | 2020-05-08 | |
8-K | 2020-05-05 | |
8-K | 2020-04-23 | |
8-K | 2020-02-13 | |
8-K | 2019-10-24 | |
8-K | 2019-07-25 | |
8-K | 2019-05-28 | |
8-K | 2019-05-07 | |
8-K | 2019-04-30 | |
8-K | 2019-04-25 | |
8-K | 2019-02-14 | |
8-K | 2018-10-25 | |
8-K | 2018-07-26 | |
8-K | 2018-05-08 | |
8-K | 2018-04-26 | |
8-K | 2018-02-08 |
Part I: Financial Information |
Item 1.Financial Statements. |
Note 1 - Basis of Condensed Consolidated Financial Statements |
Note 2 - Disposition of The Property and Casualty Insurance Business |
Note 3 - Escrow Deposits, Like - Kind Exchange Deposits and Trust Assets |
Note 4 - Debt and Equity Securities |
Note 5 - Credit Losses - Financial Assets and Off - Balance Sheet Credit Exposures |
Note 6 - Goodwill |
Note 7 - Other Intangible Assets |
Note 8 - Reserve for Known and Incurred But Not Reported Claims |
Note 9 - Notes and Contracts Payable |
Note 10 - Income Taxes |
Note 11 - Earnings per Share |
Note 12 - Employee Benefit Plans |
Note 13 - Fair Value Measurements |
Note 14 - Share - Based Compensation |
Note 15 - Stockholders' Equity |
Note 16 - Accumulated Other Comprehensive Income (Loss) ("Aoci") |
Note 17 - Litigation and Regulatory Contingencies |
Note 18 - Business Combinations |
Note 19 - Segment Information |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. Controls and Procedures. |
Part Ii: Other Information |
Item 1. Legal Proceedings. |
Item 1A. Risk Factors. |
Item 6. Exhibits. |
EX-31.A | faf-ex31a_80.htm |
EX-31.B | faf-ex31b_81.htm |
EX-32.A | faf-ex32a_79.htm |
EX-32.B | faf-ex32b_78.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
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Rev, G Profit, Net Income
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Ops, Inv, Fin
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______
Commission file number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
| (Zip Code) |
(
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
On October 19, 2020 there were
FIRST AMERICAN FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
INFORMATION INCLUDED IN REPORT
PART I: FINANCIAL INFORMATION |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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PART II: OTHER INFORMATION |
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Item 1. |
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Item 1A. |
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Item 6. |
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Items 2 through 5 of Part II have been omitted because they are not applicable with respect to the current reporting period.
2
THIS QUARTERLY REPORT ON FORM 10-Q CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE STRICTLY TO HISTORICAL OR CURRENT FACTS AND MAY CONTAIN THE WORDS “BELIEVE,” “ANTICIPATE,” “EXPECT,” “INTEND,” “PLAN,” “PREDICT,” “ESTIMATE,” “PROJECT,” “WILL BE,” “WILL CONTINUE,” “WILL LIKELY RESULT,” OR OTHER SIMILAR WORDS AND PHRASES OR FUTURE OR CONDITIONAL VERBS SUCH AS “WILL,” “MAY,” “MIGHT,” “SHOULD,” “WOULD,” OR “COULD.” THESE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE OPERATIONS, PERFORMANCE, FINANCIAL CONDITION, PROSPECTS, PLANS AND STRATEGIES. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND ASSUMPTIONS THAT MAY PROVE TO BE INCORRECT.
RISKS AND UNCERTAINTIES EXIST THAT MAY CAUSE RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN THESE FORWARD-LOOKING STATEMENTS. FACTORS THAT COULD CAUSE THE ANTICIPATED RESULTS TO DIFFER FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION:
| • | INTEREST RATE FLUCTUATIONS; |
| • | CHANGES IN THE PERFORMANCE OF THE REAL ESTATE MARKETS; |
| • | VOLATILITY IN THE CAPITAL MARKETS; |
| • | UNFAVORABLE ECONOMIC CONDITIONS; |
| • | THE CORONAVIRUS PANDEMIC AND RESPONSES THERETO; |
| • | IMPAIRMENTS IN THE COMPANY’S GOODWILL OR OTHER INTANGIBLE ASSETS; |
| • | UNCERTAINTY FROM THE EXPECTED DISCONTINUANCE OF LIBOR AND TRANSITION TO ANY OTHER INTEREST RATE BENCHMARK; |
| • | FAILURES AT FINANCIAL INSTITUTIONS WHERE THE COMPANY DEPOSITS FUNDS; |
| • | REGULATORY OVERSIGHT AND CHANGES IN APPLICABLE LAWS AND GOVERNMENT REGULATIONS, INCLUDING PRIVACY AND DATA PROTECTION LAWS; |
| • | HEIGHTENED SCRUTINY BY LEGISLATORS AND REGULATORS OF THE COMPANY’S TITLE INSURANCE AND SERVICES SEGMENT AND CERTAIN OTHER OF THE COMPANY’S BUSINESSES; |
| • | USE OF SOCIAL MEDIA BY THE COMPANY AND OTHER PARTIES; |
| • | REGULATION OF TITLE INSURANCE RATES; |
| • | LIMITATIONS ON ACCESS TO PUBLIC RECORDS AND OTHER DATA; |
| • | CLIMATE CHANGE, HEALTH CRISES, SEVERE WEATHER CONDITIONS AND OTHER CATASTROPHE EVENTS; |
| • | CHANGES IN RELATIONSHIPS WITH LARGE MORTGAGE LENDERS AND GOVERNMENT-SPONSORED ENTERPRISES; |
| • | CHANGES IN MEASURES OF THE STRENGTH OF THE COMPANY’S TITLE INSURANCE UNDERWRITERS, INCLUDING RATINGS AND STATUTORY CAPITAL AND SURPLUS; |
| • | LOSSES IN THE COMPANY’S INVESTMENT PORTFOLIO; |
| • | MATERIAL VARIANCE BETWEEN ACTUAL AND EXPECTED CLAIMS EXPERIENCE; |
| • | DEFALCATIONS, INCREASED CLAIMS OR OTHER COSTS AND EXPENSES ATTRIBUTABLE TO THE COMPANY’S USE OF TITLE AGENTS; |
| • | ANY INADEQUACY IN THE COMPANY’S RISK MANAGEMENT FRAMEWORK; |
| • | SYSTEMS DAMAGE, FAILURES, INTERRUPTIONS, CYBERATTACKS AND INTRUSIONS, OR UNAUTHORIZED DATA DISCLOSURES; |
3
| • | INNOVATION EFFORTS OF THE COMPANY AND OTHER INDUSTRY PARTICIPANTS AND ANY RELATED MARKET DISRUPTION; |
| • | ERRORS AND FRAUD INVOLVING THE TRANSFER OF FUNDS; |
| • | THE COMPANY’S USE OF A GLOBAL WORKFORCE; |
| • | INABILITY OF THE COMPANY’S SUBSIDIARIES TO PAY DIVIDENDS OR REPAY FUNDS; AND |
| • | OTHER FACTORS DESCRIBED IN THIS QUARTERLY REPORT ON FORM 10-Q, INCLUDING UNDER THE CAPTION “RISK FACTORS” IN ITEM 1A OF PART II. |
THE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT CIRCUMSTANCES OR EVENTS THAT OCCUR AFTER THE DATE THE FORWARD-LOOKING STATEMENTS ARE MADE.
4
PART I: FINANCIAL INFORMATION
Item 1.Financial Statements.
FIRST AMERICAN FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
Condensed Consolidated Balance Sheets
(in thousands, except par values)
(unaudited)
| September 30, 2020 |
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| December 31, 2019 |
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Assets |
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Cash and cash equivalents | $ | |
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Accounts and accrued income receivable, less allowances of $ |
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Income taxes receivable |
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Investments: |
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Deposits with banks |
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Debt securities, includes pledged securities of $ |
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Equity securities |
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Other investments |
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Secured financings receivable |
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Property and equipment, net |
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Operating lease assets |
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Title plants and other indexes |
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Deferred income taxes |
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Goodwill |
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Other intangible assets, net |
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Assets held for sale |
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Other assets |
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Liabilities and Equity |
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Deposits | $ | |
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Accounts payable and accrued liabilities |
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Deferred revenue |
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Reserve for known and incurred but not reported claims |
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Income taxes payable |
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Deferred income taxes |
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Operating lease liabilities |
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Liabilities held for sale |
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Secured financings payable |
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Notes and contracts payable |
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Commitments and contingencies (Note 17) |
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Stockholders’ equity: |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive income (loss) |
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Total stockholders’ equity |
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Noncontrolling interests |
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Total equity |
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See notes to condensed consolidated financial statements.
5
FIRST AMERICAN FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(unaudited)
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| Three Months Ended |
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Revenues |
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Direct premiums and escrow fees |
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Agent premiums |
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Information and other |
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Net investment income |
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Net realized investment gains |
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Expenses |
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Personnel costs |
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Premiums retained by agents |
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Other operating expenses |
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Provision for policy losses and other claims |
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Depreciation and amortization |
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Impairments on assets held for sale (Note 2) |
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Premium taxes |
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Interest |
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Income before income taxes |
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Income taxes |
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Net income |
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Less: Net income attributable to noncontrolling interests |
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Net income attributable to the Company |
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Net income per share attributable to the Company's stockholders (Note 11): |
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Basic |
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Diluted |
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Cash dividends declared per share |
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Weighted-average common shares outstanding (Note 11): |
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Basic |
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Diluted |
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See notes to condensed consolidated financial statements.
6
FIRST AMERICAN FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Comprehensive Income
(in thousands)
(unaudited)
|
| Three Months Ended September 30, |
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| Nine Months Ended September 30, |
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| 2019 |
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Net income |
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Other comprehensive income (loss), net of tax: |
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Unrealized gains on debt securities |
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Unrealized (losses) gains on debt securities for which credit-related portion was recognized in earnings |
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Foreign currency translation adjustment |
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Pension benefit adjustment |
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Total other comprehensive income, net of tax |
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Comprehensive income |
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Less: Comprehensive income attributable to noncontrolling interests |
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Comprehensive income attributable to the Company |
| $ | |
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| $ | |
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See notes to condensed consolidated financial statements.
7
FIRST AMERICAN FINANCIAL CORPORATION
AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands)
(unaudited)
|
| First American Financial Corporation Stockholders |
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| Additional |
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| Noncontrolling |
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Balance at December 31, 2019 |
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| $ | ( | ) |
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Net income for three months ended March 31, 2020 |
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Dividends on common shares |
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| ( | ) |
Purchase of Company shares |
|
| ( | ) |
|
| |
|
|
| ( | ) |
|
| |
|
|
| |
|
|
| ( | ) |
|
| |
|
|
| ( | ) |
Shares issued in connection with share-based compensation |
|
| |
|
|
| |
|
|
| ( | ) |
|
| ( | ) |
|
| |
|
|
| ( | ) |
|
| |
|
|
| ( | ) |
Share-based compensation |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net activity related to noncontrolling interests |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
|
Other comprehensive loss |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| ( | ) |
|
| |
|
|
| ( | ) |
Balance at March 31, 2020 |
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| |
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