| Segment Information |
Segment Information On January 2, 2014, we acquired LPS. As a result we created a new segment in 2014, Black Knight, which contains the technology, data and analytics operations of the former LPS company. We have combined the acquired transaction services business of LPS with our existing ServiceLink operations which reside in the Title segment. During the fourth quarter of 2015, we determined that Pacific Union International, Inc. ("Pacific Union"), a luxury real estate broker based in California in which we acquired a controlling stake in December 2014, better aligned with the businesses within our FNF Core Corporate and Other segment. Because of the timing of the acquisition, we did not record any of the results of the operations of Pacific Union in 2014. Pacific Union's Total assets of $48 million and Goodwill of $40 million as of December 31, 2014 were previously included in the Title segment, but have been reclassified to the FNF Core Corporate and Other segment in the tables below. Summarized financial information concerning our reportable segments is shown in the following tables. There are several intercompany corporate related arrangements between our various FNF Core businesses. The effects of these arrangements including intercompany notes and related interest and any other non-operational intercompany revenues and expenses have been eliminated in the segment presentations below.
As of and for the year ended December 31, 2016: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Title | | Black Knight | | FNF Core Corporate and Other | | Total FNF Core | | Restaurant Group | | FNFV Corporate and Other | | Total FNFV | | Total | | (In millions) | Title premiums | $ | 4,723 |
| | $ | — |
| | $ | — |
| | $ | 4,723 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 4,723 |
| Other revenues | 2,128 |
| | 1,026 |
| | 224 |
| | 3,378 |
| | — |
| | 168 |
| | 168 |
| | 3,546 |
| Restaurant revenues | — |
| | — |
| | — |
| | — |
| | 1,158 |
| | — |
| | 1,158 |
| | 1,158 |
| Revenues from external customers | 6,851 |
| | 1,026 |
| | 224 |
| | 8,101 |
| | 1,158 |
| | 168 |
| | 1,326 |
| | 9,427 |
| Interest and investment income (loss), including realized gains and losses | 127 |
| | — |
| | (9 | ) | | 118 |
| | (6 | ) | | 15 |
| | 9 |
| | 127 |
| Total revenues | 6,978 |
| | 1,026 |
| | 215 |
| | 8,219 |
| | 1,152 |
| | 183 |
| | 1,335 |
| | 9,554 |
| Depreciation and amortization | 148 |
| | 208 |
| | 13 |
| | 369 |
| | 42 |
| | 20 |
| | 62 |
| | 431 |
| Interest expense | — |
| | 64 |
| | 62 |
| | 126 |
| | 5 |
| | 5 |
| | 10 |
| | 136 |
| Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 1,025 |
| | 161 |
| | (122 | ) | | 1,064 |
| | 1 |
| | 7 |
| | 8 |
| | 1,072 |
| Income tax expense (benefit) | 386 |
| | 52 |
| | (55 | ) | | 383 |
| | 1 |
| | (12 | ) | | (11 | ) | | 372 |
| Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 639 |
| | 109 |
| | (67 | ) | | 681 |
| | — |
| | 19 |
| | 19 |
| | 700 |
| Equity in earnings (loss) of unconsolidated affiliates | 13 |
| | — |
| | 2 |
| | 15 |
| | — |
| | (23 | ) | | (23 | ) | | (8 | ) | Earnings (loss) from continuing operations | $ | 652 |
| | $ | 109 |
| | $ | (65 | ) | | $ | 696 |
| | $ | — |
| | $ | (4 | ) | | $ | (4 | ) | | $ | 692 |
| Assets | $ | 8,756 |
| | $ | 3,758 |
| | $ | 549 |
| | $ | 13,063 |
| | $ | 486 |
| | $ | 914 |
| | $ | 1,400 |
| | $ | 14,463 |
| Goodwill | 2,345 |
| | 2,304 |
| | 210 |
| | 4,859 |
| | 102 |
| | 104 |
| | 206 |
| | 5,065 |
|
As of and for the year ended December 31, 2015: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Title | | Black Knight | | FNF Core Corporate and Other | | Total FNF Core | | Restaurant Group | | FNFV Corporate and Other | | Total FNFV | | Total | | (In millions) | Title premiums | $ | 4,286 |
| | $ | — |
| | $ | — |
| | $ | 4,286 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 4,286 |
| Other revenues | 2,005 |
| | 931 |
| | 185 |
| | 3,121 |
| | — |
| | 203 |
| | 203 |
| | 3,324 |
| Restaurant revenues | — |
| | — |
| | — |
| | — |
| | 1,412 |
| | — |
| | 1,412 |
| | 1,412 |
| Revenues from external customers | 6,291 |
| | 931 |
| | 185 |
| | 7,407 |
| | 1,412 |
| | 203 |
| | 1,615 |
| | 9,022 |
| Interest and investment income (loss), including realized gains and losses | 137 |
| | (5 | ) | | (5 | ) | | 127 |
| | (19 | ) | | 2 |
| | (17 | ) | | 110 |
| Total revenues | 6,428 |
| | 926 |
| | 180 |
| | 7,534 |
| | 1,393 |
| | 205 |
| | 1,598 |
| | 9,132 |
| Depreciation and amortization | 144 |
| | 194 |
| | 7 |
| | 345 |
| | 49 |
| | 16 |
| | 65 |
| | 410 |
| Interest expense | — |
| | 50 |
| | 72 |
| | 122 |
| | 6 |
| | 3 |
| | 9 |
| | 131 |
| Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 836 |
| | 139 |
| | (113 | ) | | 862 |
| | 7 |
| | (2 | ) | | 5 |
| | 867 |
| Income tax expense (benefit) | 305 |
| | 35 |
| | (30 | ) | | 310 |
| | (2 | ) | | (18 | ) | | (20 | ) | | 290 |
| Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 531 |
| | 104 |
| | (83 | ) | | 552 |
| | 9 |
| | 16 |
| | 25 |
| | 577 |
| Equity in earnings (loss) of unconsolidated affiliates | 6 |
| | — |
| | — |
| | 6 |
| | — |
| | (22 | ) | | (22 | ) | | (16 | ) | Earnings (loss) from continuing operations | $ | 537 |
| | $ | 104 |
| | $ | (83 | ) | | $ | 558 |
| | $ | 9 |
| | $ | (6 | ) | | $ | 3 |
| | $ | 561 |
| Assets | $ | 8,533 |
| | $ | 3,703 |
| | $ | 266 |
| | $ | 12,502 |
| | $ | 508 |
| | $ | 921 |
| | $ | 1,429 |
| | $ | 13,931 |
| Goodwill | 2,303 |
| | 2,220 |
| | 45 |
| | 4,568 |
| | 103 |
| | 85 |
| | 188 |
| | 4,756 |
|
As of and for the year ended December 31, 2014: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Title | | BKFS | | FNF Core Corporate and Other | | Total FNF Core | | Restaurant Group | | FNFV Corporate and Other | | Total FNFV | | Total | | (In millions) | Title premiums | $ | 3,671 |
| | $ | — |
| | $ | — |
| | $ | 3,671 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 3,671 |
| Other revenues | 1,855 |
| | 852 |
| | (13 | ) | | 2,694 |
| | — |
| | 110 |
| | 110 |
| | 2,804 |
| Restaurant revenues | — |
| | — |
| | — |
| | — |
| | 1,436 |
| | — |
| | 1,436 |
| | 1,436 |
| Revenues from external customers | 5,526 |
| | 852 |
| | (13 | ) | | 6,365 |
| | 1,436 |
| | 110 |
| | 1,546 |
| | 7,911 |
| Interest and investment income (loss), including realized gains and losses | 118 |
| | — |
| | 7 |
| | 125 |
| | (13 | ) | | 1 |
| | (12 | ) | | 113 |
| Total revenues | 5,644 |
| | 852 |
| | (6 | ) | | 6,490 |
| | 1,423 |
| | 111 |
| | 1,534 |
| | 8,024 |
| Depreciation and amortization | 145 |
| | 188 |
| | 3 |
| | 336 |
| | 52 |
| | 15 |
| | 67 |
| | 403 |
| Interest expense | — |
| | 31 |
| | 91 |
| | 122 |
| | 8 |
| | (3 | ) | | 5 |
| | 127 |
| Earnings (loss) from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates | 534 |
| | (15 | ) | | (113 | ) | | 406 |
| | 13 |
| | (27 | ) | | (14 | ) | | 392 |
| Income tax expense (benefit) | 192 |
| | (7 | ) | | (23 | ) | | 162 |
| | 1 |
| | 149 |
| | 150 |
| | 312 |
| Earnings (loss) from continuing operations, before equity in earnings of unconsolidated affiliates | 342 |
| | (8 | ) | | (90 | ) | | 244 |
| | 12 |
| | (176 | ) | | (164 | ) | | 80 |
| Equity in earnings (loss) of unconsolidated affiliates | 4 |
| | — |
| | — |
| | 4 |
| | — |
| | 428 |
| | 428 |
| | 432 |
| Earnings (loss) from continuing operations | $ | 346 |
| | $ | (8 | ) | | $ | (90 | ) | | $ | 248 |
| | $ | 12 |
| | $ | 252 |
| | $ | 264 |
| | $ | 512 |
| Assets | $ | 8,250 |
| | $ | 3,598 |
| | $ | 78 |
| | $ | 11,926 |
| | $ | 658 |
| | $ | 1,261 |
| | $ | 1,919 |
| | $ | 13,845 |
| Goodwill | 2,249 |
| | 2,219 |
| | 43 |
| | 4,511 |
| | 119 |
| | 87 |
| | 206 |
| | 4,717 |
|
The activities in our segments include the following: FNF Core Operations | | • | Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty products. This segment also includes our transaction services business, which includes other title-related services used in the production and management of mortgage loans, including mortgage loans that experience default. |
| | • | Black Knight. This segment consists of the operations of Black Knight, which, through leading software systems and information solutions, provides mission critical technology and data and analytics services that facilitate and automate many of the business processes across the life cycle of a mortgage. |
| | • | FNF Group Corporate and Other. This segment consists of the operations of the parent holding company, certain other unallocated corporate overhead expenses, and other real estate operations. |
FNFV | | • | Restaurant Group. This segment consists of the operations of ABRH, in which we have a 55% ownership interest. ABRH and its affiliates are the owners and operators of the O'Charley's, Ninety Nine Restaurants, Village Inn, Bakers Square, and Legendary Baking restaurant and food service concepts. This segment also included the results of operations of J. Alexander's, Inc. ("J. Alexander's") through the date which it was distributed to FNFV shareholders, September 28, 2015, and the Max & Erma's concept, which was sold pursuant to an Asset Purchase Agreement on January 25, 2016. |
| | • | FNFV Corporate and Other. This segment primarily consists of our share in the operations of certain equity investments, including Ceridian, as well as consolidated investments, including OneDigital, in which we own 96%, and other smaller investments which are not title-related. |
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