Segment information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment information

Segment information.In the second quarter 2014, certain title production operations performed on behalf of our direct offices and independent agents and previously reported in the mortgage services segment were aligned with the title segment. Prior quarters’ results for both title segment and mortgage services segment were restated to conform with this new reporting. The Company’s three reportable operating segments are title insurance and related services (title), mortgage services and corporate. The title segment provides services needed to transfer the title to property in a real estate transaction. These services include searching, examining, closing and insuring the condition of the title to the property.  The title segment also includes home and personal insurance services and Internal Revenue Code Section 1031 tax-deferred exchanges.

The mortgage services segment includes a diverse group of products and services provided to multiple markets.  These services include providing origination and servicing support; default and REO services; post-closing outsourcing; portfolio due diligence; mortgage compliance solutions; servicer oversight to residential mortgage lenders and servicers; technology to support the real estate transaction, and centralized title and valuation services to large lenders.

The corporate segment consists of the expenses of the parent holding company, certain other corporate overhead expenses, and the costs of its centralized support operations not otherwise allocated to the lines of business.

Selected statement of operations and comprehensive earnings (loss) information related to these segments follows:

	For the Three Months Ended   September 30,		For the Nine Months Ended   September 30,
	2014	2013	2014	2013
	($000 omitted)
Revenues:
Title	440,513	504,276	1,210,740	1,369,510
Mortgage services	63,114	28,017	124,846	99,141
Corporate	4,470	4,542	12,925	9,117
	508,097	536,835	1,348,511	1,477,768
Intersegment revenues:
Mortgage services	2,561	2,089	6,435	5,891
Corporate	733	790	2,158	2,372
	3,294	2,879	8,593	8,263
Depreciation and amortization:
Title	1,526	1,461	4,340	4,517
Mortgage services	3,149	1,022	6,128	2,819
Corporate	1,946	1,659	5,602	5,385
	6,621	4,142	16,070	12,721

Earnings (loss) before taxes and noncontrolling interests:
Title	74,921		60,320		138,372		162,455
Mortgage services	3,423		(22	)	(432	)	16,321
Corporate	(35,524	)	(30,708	)	(102,169	)	(93,177	)
	42,820		29,590		35,771		85,599

The Company does not provide asset information by reportable operating segment as it does not routinely evaluate the asset position by segment.

Revenues generated in the United States and all international operations follows:

	For the Three Months Ended   September 30,		For the Nine Months Ended   September 30,
	2014	2013	2014	2013
	($000 omitted)
United States	473,852	501,506	1,258,098	1,390,220
International	34,245	35,329	90,413	87,548
	508,097	536,835	1,348,511	1,477,768