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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2010	Jan. 31, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	Fidelity National Financial, Inc.
Entity Central Index Key	0001331875
Document Type	10-K
Document Period End Date	Dec. 31, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 2,814,002,098
Entity Common Stock, Shares Outstanding		223,725,673

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2010	Dec. 31, 2009
Investments:
Fixed maturities available for sale, at fair value, at December 31, 2010 and 2009, includes pledged fixed maturities of $251.9 and $249.5, respectively, related to secured trust deposits and $9.1 and $25.6, respectively, related to the securities lending program	$ 3,494.3	$ 3,524.2
Equity securities, at fair value	75.2	92.5
Investments in unconsolidated affiliates	527.7	617.1
Other long-term investments	132.7	103.5
Short-term investments, at December 31, 2010 and 2009, includes $0.2 and $39.2, respectively, of pledged short-term investments related to secured trust deposits	128.6	348.1
Total investments	4,358.5	4,685.4
Cash and cash equivalents, at December 31, 2010 and 2009, includes pledged cash of $146.2 and $96.8, respectively, related to secured trust deposits and $9.4 and $26.5, respectively, related to the securities lending program	580.8	202.1
Trade and notes receivables, net of allowance of $28.8 and $29.5 at December 31, 2010 and 2009, respectively	270.7	254.1
Goodwill	1,470.7	1,455.2
Prepaid expenses and other assets	389.1	332.0
Capitalized software, net	44.0	56.0
Other intangible assets, net	155.2	166.9
Title plants	390.8	407.5
Property and equipment, net	179.9	189.8
Income taxes receivable	15.7	56.5
Deferred tax assets	32.1	128.9
Total assets	7,887.5	7,934.4
Liabilities:
Accounts payable and accrued liabilities, at December 31, 2010 and 2009, includes $9.4 and $26.5, respectively, of security loans related to the securities lending program	700.3	696.0
Accounts payable to related parties	8.3	6.9
Deferred revenue	121.4	110.0
Notes payable	952.0	861.9
Reserve for claim losses	2,272.7	2,541.4
Secured trust deposits	388.4	373.3
Total liabilities	4,443.1	4,589.5
Equity:
Common stock, Class A, $0.0001 par value; authorized, 600,000,000 shares as of December 31, 2010 and 2009; issued 252,184,269 shares and 249,713,996 shares at December 31, 2010 and 2009, respectively	0.0	0.0
Preferred stock, $0.0001 par value; authorized, 50,000,000 shares; issued and outstanding, none	0.0	0.0
Additional paid-in capital	3,745.0	3,712.1
Retained earnings (deficit)	110.3	(102.4)
Accumulated other comprehensive earnings	12.6	35.6
Less treasury stock, 28,435,980 shares and 19,496,888 shares as of December 31, 2010 and 2009, respectively, at cost	(440.8)	(319.4)
Total Fidelity National Financial, Inc. shareholders' equity	3,427.1	3,325.9
Noncontrolling interests	17.3	19.0
Total equity	3,444.4	3,344.9
Total liabilities and equity	$ 7,887.5	$ 7,934.4

Consolidated Statements of Operations - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Revenues:
Direct title insurance premiums	$ 1,404,500,000	$ 1,475,300,000	$ 1,140,300,000
Agency title insurance premiums	2,236,700,000	2,452,300,000	1,554,700,000
Escrow, title-related and other fees	1,326,300,000	1,352,900,000	1,071,300,000
Specialty insurance	391,600,000	366,000,000	373,400,000
Interest and investment income	144,500,000	154,500,000	134,000,000
Realized gains and losses, net	236,700,000	27,400,000	(22,500,000)
Total Revenues	5,740,300,000	5,828,400,000	4,251,200,000
Expenses:
Personnel costs	1,610,100,000	1,649,800,000	1,322,000,000
Other operating expenses	1,269,600,000	1,343,500,000	1,179,800,000
Agent commissions	1,758,700,000	1,951,700,000	1,218,000,000
Depreciation and amortization	90,400,000	109,200,000	122,100,000
Provision for claim losses	402,900,000	392,600,000	630,400,000
Interest expense	46,200,000	36,700,000	58,600,000
Total Expenses	5,177,900,000	5,483,500,000	4,530,900,000
Earnings (loss) from continuing operations before income tax expense (benefit) and equity in loss of unconsolidated affiliates	562,400,000	344,900,000	(279,700,000)
Income tax expense (benefit) on continuing operations	185,600,000	106,800,000	(119,900,000)
Earnings (loss) from continuing operations before equity in loss of unconsolidated affiliates	376,800,000	238,100,000	(159,800,000)
Equity in loss of unconsolidated affiliates	(1,200,000)	(11,700,000)	(13,400,000)
Net earnings (loss) from continuing operations	375,600,000	226,400,000	(173,200,000)
Net loss from discontinued operations, net of tax		(1,900,000)	(10,000,000)
Net earnings (loss)	375,600,000	224,500,000	(183,200,000)
Less: Net earnings (loss) attributable to noncontrolling interests	5,500,000	2,200,000	(4,200,000)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$ 370,100,000	$ 222,300,000	$ (179,000,000)
Basic
Net earnings (loss) from continuing operations attributable to Fidelity National Financial, Inc. common shareholders	$ 1.64	$ 1	$ (0.83)
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders		(0.01)	(0.02)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$ 1.64	$ 0.99	$ (0.85)
Weighted average shares outstanding, basic basis	226.2	224.7	210.0
Diluted
Net earnings (loss) from continuing operations attributable to Fidelity National Financial, Inc. common shareholders	$ 1.61	$ 0.98	$ (0.83)
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders		(0.01)	(0.02)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$ 1.61	$ 0.97	$ (0.85)
Weighted average shares outstanding, diluted basis	229.3	228.5	210.0
Dividends per share	$ 0.69	$ 0.6	$ 1.05
Amounts attributable to Fidelity National Financial, Inc., common shareholders:
Net earnings (loss) from continuing operations, net of tax, attributable to Fidelity National Financial, Inc. common shareholders	370,100,000	224,100,000	(173,700,000)
Net loss from discontinued operations, net of tax, attributable to Fidelity National Financial, Inc. common shareholders		(1,800,000)	(5,300,000)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$ 370,100,000	$ 222,300,000	$ (179,000,000)

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Statement [Line Items]
Beginning Balance	$ 3,344.9	$ 2,856.8	$ 3,297.1
Equity offering		331.4
Acquisition of LandAmerica title insurance subsidiaries			50.0
Exercise of stock options	4.8	19.4	5.3
Treasury Stock repurchased	(117.6)	(74.9)	(45.9)
Tax benefit associated with the exercise of stock options	3.0	2.4	0.3
Other comprehensive earnings - unrealized gain (loss) on investments and other financial instruments	(37.0)	118.5	(4.5)
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates	7.0	(5.0)	(45.1)
Other comprehensive earnings - unrealized gain (loss) on foreign currency	0.1	11.1	(7.6)
Other comprehensive earnings - minimum pension liability adjustment	6.9	2.8	(17.9)
Stock-based compensation	25.1	33.7	32.7
De-consolidation of previous majority-owned subsidiary		(31.2)	6.0
Shares withheld for taxes and in treasury	(3.8)	(5.6)	(3.7)
Contributions to noncontrolling interests	0.6
Purchase of noncontrolling interest	(0.4)
Dividends declared	(157.4)	(135.8)	(223.1)
Subsidiary dividends paid to noncontrolling interests	(7.4)	(3.2)	(3.6)
Net earnings (loss)	375.6	224.5	(183.2)
Ending Balance	3,444.4	3,344.9	2,856.8
Common Stock
Statement [Line Items]
Beginning Balance	$ 0.0	$ 0.0	$ 0.0
Beginning Balance, Shares	249.7	228.4	223.1
Equity offering, Shares		18.2
Acquisition of LandAmerica title insurance subsidiaries, Shares			3.2
Exercise of stock options, Shares	0.9	2.1	0.7
Issuance of restricted stock	1.6	1.0	1.4
Ending Balance	$ 0.0	$ 0.0	$ 0.0
Ending Balance, Shares	252.2	249.7	228.4
Additional Paid-In Capital
Statement [Line Items]
Beginning Balance	$ 3,712.1	$ 3,325.2	$ 3,236.9
Equity offering		331.4
Acquisition of LandAmerica title insurance subsidiaries			50.0
Exercise of stock options	4.8	19.4	5.3
Tax benefit associated with the exercise of stock options	3.0	2.4	0.3
Stock-based compensation	25.1	33.7	32.7
Ending Balance	3,745.0	3,712.1	3,325.2
Retained Earnings (Deficit)
Statement [Line Items]
Beginning Balance	(102.4)	(188.9)	213.2
Dividends declared	(157.4)	(135.8)	(223.1)
Net earnings (loss)	370.1	222.3	(179.0)
Ending Balance	110.3	(102.4)	(188.9)
Accumulated Other Comprehensive Earnings (Loss)
Statement [Line Items]
Beginning Balance	35.6	(91.8)	(16.7)
Other comprehensive earnings - unrealized gain (loss) on investments and other financial instruments	(37.0)	118.5	(4.5)
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates	7.0	(5.0)	(45.1)
Other comprehensive earnings - unrealized gain (loss) on foreign currency	0.1	11.1	(7.6)
Other comprehensive earnings - minimum pension liability adjustment	6.9	2.8	(17.9)
Ending Balance	12.6	35.6	(91.8)
Treasury Stock
Statement [Line Items]
Beginning Balance	$ (319.4)	$ (238.9)	$ (189.3)
Beginning Balance, Shares	19.5	13.5	10.0
Treasury Stock repurchased	$ (117.6)	$ (74.9)	$ (45.9)
Treasury Stock repurchased, Shares	8.7	5.6	3.2
Shares withheld for taxes and in treasury	$ (3.8)	$ (5.6)	$ (3.7)
Shares withheld for taxes and in treasury, Shares	0.3	0.4	0.3
Ending Balance	$ (440.8)	$ (319.4)	$ (238.9)
Ending Balance, Shares	28.5	19.5	13.5
Noncontrolling Interests
Statement [Line Items]
Beginning Balance	$ 19.0	$ 51.2	$ 53.0
De-consolidation of previous majority-owned subsidiary		(31.2)	6.0
Contributions to noncontrolling interests	0.6
Purchase of noncontrolling interest	(0.4)
Subsidiary dividends paid to noncontrolling interests	(7.4)	(3.2)	(3.6)
Net earnings (loss)	5.5	2.2	(4.2)
Ending Balance	$ 17.3	$ 19.0	$ 51.2

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Cash Flows [Abstract]
Net earnings (loss)	$ 375.6	$ 224.5	$ (183.2)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	90.4	127.6	142.8
Equity in loss of unconsolidated affiliates	1.2	11.7	13.4
(Gain) loss on sales of investments and other assets, net	(138.3)	(23.1)	22.2
Gain on sale of investment in Sedgwick CMS	(98.4)
Stock-based compensation cost	25.1	33.7	32.7
Tax benefit associated with the exercise of stock options	(3.0)	(2.4)	(0.3)
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease (increase) in pledged cash, pledged investments and secured trust deposits	10.6	5.9	(0.7)
Net (increase) decrease in trade receivables	(28.2)	48.6	27.6
Net decrease (increase) in prepaid expenses and other assets	19.1	32.3	(65.2)
Net increase (decrease) in accounts payable, accrued liabilities, deferred revenue and other	36.9	(80.9)	(115.6)
Net (decrease) increase in reserve for claim losses	(268.7)	(135.9)	202.9
Net increase (decrease) in income taxes	160.2	138.3	(72.0)
Net cash provided by operating activities	182.5	380.3	4.6
Cash Flows From Investing Activities:
Proceeds from sales of investment securities available for sale	1,006.3	849.0	632.6
Proceeds from maturities of investment securities available for sale	402.4	341.1	292.1
Proceeds from sales of assets	20.1	53.8	3.7
Additions to property and equipment	(44.4)	(50.8)	(84.2)
Additions to capitalized software	(9.5)	(7.1)	(17.1)
Purchases of investment securities available for sale	(1,394.3)	(1,838.5)	(570.7)
Purchases of other long-term investments	(3.6)	(75.0)
Net proceeds from (purchases of) short-term investment activities	219.4	369.8	(185.6)
(Contributions to) distributions from investments in unconsolidated affiliates	(28.3)	3.6
Net other investing activities	(18.6)	(15.8)	(6.4)
Proceeds from the sale of Sedgwick CMS	193.6		53.9
Proceeds from the sale of FN Capital		49.2
Acquisitions/disposals of businesses, net of cash acquired	(10.4)	(47.9)	(143.2)
Net cash provided by (used in) investing activities	332.7	(368.6)	(24.9)
Cash Flows From Financing Activities:
Equity offering		331.4
Borrowings	600.3	147.0	380.4
Debt service payments	(510.1)	(398.4)	(263.5)
Debt issuance costs	(2.3)
Dividends paid	(156.6)	(135.8)	(223.1)
Subsidiary dividends paid to noncontrolling interest shareholders	(7.4)	(3.2)	(3.6)
Exercise of stock options	4.8	19.4	5.3
Tax benefit associated with the exercise of stock options	3.0	2.4	0.3
Purchases of treasury stock	(117.6)	(74.9)	(45.9)
Net cash used in financing activities	(185.9)	(112.1)	(150.1)
Net increase (decrease) in cash and cash equivalents, excluding pledged cash related to secured trust deposits	329.3	(100.4)	(170.4)
Cash and cash equivalents, excluding pledged cash related to secured trust deposits, at beginning of year	105.3	205.7	376.1
Cash and cash equivalents, excluding pledged cash related to secured trust deposits, at end of year	$ 434.6	$ 105.3	$ 205.7

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2010

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note A. Summary of Significant Accounting Policies

The following describes the significant accounting policies of Fidelity National Financial, Inc. and its subsidiaries (collectively, “We,” “Us,” “Our,” or “FNF”) which have been followed in preparing the accompanying Consolidated Financial Statements.

Description of Business

We are a holding company that through our subsidiaries provides title insurance, mortgage services, specialty insurance and information services. We are the nation’s largest title insurance company through our title insurance underwriters — Fidelity National Title, Chicago Title, Commonwealth Land Title, and Alamo Title — which collectively issued more title insurance policies in 2009 than any other title company in the United States. We also provide flood insurance, personal lines insurance, and home warranty insurance through our specialty insurance subsidiaries. We own a minority interest in Ceridian Corporation (“Ceridian”), a leading provider of global human resources, payroll, benefits and payment solutions. We also own a minority interest in Remy International, Inc. (“Remy”), a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles.

During 2010, we completed a project to reduce the number of our title insurance underwriters. Our remaining four principal title insurance underwriters are Fidelity National Title, Chicago Title, Commonwealth Land Title, and Alamo Title. Security Union Title and Ticor Title were merged into Chicago Title. Lawyers Title was merged into Fidelity National Title.

We currently have three reporting segments as follows:

	•		Fidelity National Title Group. 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 collection and trust activities, trustee’s sales guarantees, recordings and reconveyances.

	•		Specialty Insurance. This segment consists of certain subsidiaries that issue flood, home warranty, homeowners’, automobile and other personal lines insurance policies.

	•		Corporate and Other. This segment consists of the operations of the parent holding company, certain other unallocated corporate overhead expenses, other smaller operations, and our share in the operations of certain investments in minority-owned affiliates, including Ceridian and Remy.

Principles of Consolidation and Basis of Presentation

The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States and include our accounts as well as our wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method until such time that they become wholly or majority-owned. Earnings attributable to noncontrolling interests are recorded on the Consolidated Statement of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period.

Sale of Sedgwick CMS

Discontinued Operations

On September 25, 2009, we closed on the sale of Fidelity National Capital, Inc. (“FN Capital”), a wholly-owned financing and leasing subsidiary, to Winthrop Resources Corporation. Accordingly, the sale and results of FN Capital for periods prior to the sale are reflected in the financial statements as discontinued operations for all periods presented. Net proceeds to FNF from the sale of FN Capital were $49.2 million. We recorded a pre-tax loss on the sale of $3.4 million ($2.2 million after tax). Total revenues from FN Capital included in discontinued operations were $29.3 million and $32.1 million for the years ended December 31, 2009 and 2008, respectively. Pre-tax (loss) income included in discontinued operations was $(2.1) million and $3.4 million for the years ended December 31, 2009, and 2008, respectively.

In February 2009, we transferred our ownership interest in FNRES Holdings, Inc. (“FNRES”) to Lender Processing Services, Inc. (“LPS”), a related party at the time, in exchange for all of the outstanding shares of Investment Property Exchange Services, Inc. (“IPEX”), a company that facilitates real estate exchanges under Section 1031 of the Internal Revenue Code. The purchase price of IPEX was approximately $43.0 million, which was the fair value of FNF’s 61% holdings in FNRES. The results of operations of FNRES are reflected as discontinued operations in the Consolidated Statements of Operations for all periods presented. Discontinued operations included revenues from FNRES operations of $3.5 million and $45.8 million for the years ending December 31, 2009 and 2008, respectively. Discontinued operations included pre-tax losses related to FNRES operations of $0.5 million and $19.0 million in years ending December 31, 2009, and 2008, respectively.

Investments

Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Fixed maturity securities which may be sold prior to maturity to support our investment strategies are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are based on quoted market prices. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accreted using the interest method and is recorded as an adjustment to interest and investment income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Changes in prepayment assumptions are accounted for prospectively.

Equity securities are considered to be available for sale and carried at fair value as of the balance sheet dates. Fair values are based on quoted market prices.

Investments in unconsolidated affiliates are recorded using the equity method of accounting (see note D).

Other long-term investments consist primarily of structured notes, and are carried at fair value as of the balance sheet dates. Fair values are based on exit prices obtained from a broker-dealer.

Short-term investments, which consist primarily of securities purchased under agreements to resell, commercial paper and money market instruments, which have an original maturity of one year or less, are carried at amortized cost, which approximates fair value.

Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on fixed maturity and equity securities which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on fixed maturity or equity securities are deemed other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are deemed other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include: (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss.

Cash and Cash Equivalents

Highly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value.

Fair Value of Financial Instruments

The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity.

Trade and Notes Receivables

The carrying values reported in the Consolidated Balance Sheets for trade and notes receivables approximate their fair value.

Goodwill

Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are tested for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we perform an annual goodwill impairment test based on an analysis of the discounted future cash flows generated by the underlying assets.

We completed annual goodwill impairment tests in the fourth quarter of each respective year using a September 30 measurement date and as a result no goodwill impairments have been recorded. For the years ended December 31, 2010 and 2009, we determined fair values substantially exceeded carrying values.

Capitalized Software

Capitalized software includes software acquired in business acquisitions, purchased software and internally developed capitalized software. Purchased software is recorded at cost and amortized using the straight-line method over a three-year period and software acquired in a business acquisition is recorded at its fair value upon acquisition and amortized using straight-line and accelerated methods over its estimated useful life. After the technological feasibility of software to be developed internally has been established, or at the beginning of application development, software development costs, which include salaries and related payroll costs and costs of independent contractors incurred during development, are capitalized. Research and development costs incurred prior to the establishment of technological feasibility, or prior to software development, are expensed as incurred. For internally developed software, software development costs are amortized on a product by product basis commencing on the date of general release of the products, generally the greater of (1) the straight-line method over its estimated useful life, which ranges from three to seven years or (2) the ratio of current revenues to total anticipated revenue over estimated useful life.

At December 31, 2010, capitalized software was $191.7 million, less accumulated amortization of $147.7 million. At December 31, 2009, capitalized software was $181.9 million, less accumulated amortization of $125.9 million.

Amortization expense relating to computer software was $24.4 million, $25.9 million, and $27.4 million for the years ended December 31, 2010, 2009, and 2008, respectively.

Other Intangible Assets

We have other intangible assets, not including software, which consist primarily of customer relationships and contracts and trademarks which are generally recorded in connection with acquisitions at their fair value. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Customer relationships are amortized over their estimated useful lives using an accelerated method which takes into consideration expected customer attrition rates over a ten-year period. Contractual relationships are generally amortized over their contractual life. Trademarks are considered intangible assets with indefinite lives and are reviewed for impairment at least annually.

During 2008, we determined that the carrying value of certain of our intangible assets, software and license fees may not be recoverable and recorded impairment expense of $8.5 million, relating to the impairment of these assets. This expense amount was included in other operating expenses in the Consolidated Statement of Operations for the year ended December 31, 2008. We recorded no impairment expense in 2010 or 2009.

Title Plants

Title plants are recorded at the cost incurred to construct or obtain and organize historical title information to the point it can be used to perform title searches. Costs incurred to maintain, update and operate title plants are expensed as incurred. Title plants are not amortized as they are considered to have an indefinite life if maintained. Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold. Sales of title plant copies are reported at the amount received. No cost is allocated to the sale of copies of title plants unless the carrying value of the title plant is diminished or impaired. Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. We reviewed title plants for impairment and in the years ending December 31, 2010 and December 31, 2009 identified and recorded impairment expense of $4.3 million and $2.2 million, respectively.

Property and Equipment

Property and equipment are recorded at cost, less depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty years for buildings and three to seven years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.

Reserve for Claim Losses

Our reserve for claim losses includes known claims for title and specialty insurance as well as losses we expect to incur, net of recoupments. Each known claim is reserved based on our review as to the estimated amount of the claim and the costs required to settle the claim. Reserves for claims which are incurred but not reported are established at the time premium revenue is recognized based on historical loss experience and also takes into consideration other factors, including industry trends, claim loss history, current legal environment, geographic considerations and type of policy written. For specialty insurance, reserve for claims incurred but not reported are estimated based on historical loss experience.

The reserve for claim losses also includes reserves for losses arising from the escrow, closing and disbursement functions due to fraud or operational error.

If a loss is related to a policy issued by an independent agent, we may proceed against the independent agent pursuant to the terms of the agency agreement. In any event, we may proceed against third parties who are responsible for any loss under the title insurance policy under rights of subrogation.

Secured Trust Deposits

In the state of Illinois, a trust company is permitted to commingle and invest customers’ assets with its own assets, pending completion of real estate transactions. Accordingly, our Consolidated Balance Sheets reflect a secured trust deposit liability of $388.4 million and $373.3 million at December 31, 2010 and 2009, respectively, representing customers’ assets held by us and corresponding assets including cash and investments pledged as security for those trust balances.

Income Taxes

We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted.

Reinsurance

In a limited number of situations, we limit our maximum loss exposure by reinsuring certain risks with other insurers. We also earn a small amount of additional income, which is reflected in our direct premiums, by assuming reinsurance for certain risks of other insurers. We cede a portion of certain policy and other liabilities under agent fidelity, excess of loss and case-by-case reinsurance agreements. Reinsurance agreements provide that in the event of a loss (including costs, attorneys’ fees and expenses) exceeding the retained amounts, the reinsurer is liable for the excess amount assumed. However, the ceding company remains primarily liable in the event the reinsurer does not meet its contractual obligations.

Revenue Recognition

Fidelity National Title Group. Our direct title insurance premiums and escrow, title-related and other fees are recognized as revenue at the time of closing of the related transaction as the earnings process is then considered complete, whereas premium revenues from agency operations and agency commissions include an accrual based on estimates using historical information of the volume of transactions that have closed in a particular period for which premiums have not yet been reported to us. The accrual for agency premiums is necessary because of the lag between the closing of these transactions and the reporting of these policies to us by the agent. Historically, the time lag between the closing of these transactions by our agents and the reporting of these policies, or premiums, to us has been up to 15 months, with 60-70% reported within three months following closing, an additional 20-30% reported within the next three months and the remainder within seven to fifteen months. In addition to accruing these earned but unreported agency premiums, we also accrue agent commission expense, which was 78.6%, 79.6% and 78.3% of agent premiums earned in 2010, 2009 and 2008, respectively. We also record provision for claim losses at our average provision rate at the time we record the accrual for the premiums, which was 6.8%, 7.3% and 8.5% for 2010, 2009 and 2008, respectively, and accruals for premium taxes and other expenses relating to our premium accrual. The resulting impact to pretax earnings in any period is less than 10% of the accrued premium amount. The impact of the change in the accrual for agency premiums and related expenses for the years ended December 31, 2010, 2009 and 2008 on our pretax earnings was an increase (decrease) of $10.7 million, $(3.4) million and $(6.4) million, respectively, excluding an adjustment recorded in 2008 relating to a change in our estimation process, which resulted in a decrease of $11.8 million in our pretax earnings for 2008. The amount due from our agents relating to this accrual, i.e. the agent premium less their contractual retained commission, was approximately $112.1 million and $88.1 million at December 31, 2010 and 2009, respectively, which represents agency premiums of approximately $546.0 million and $425.4 million at December 31, 2010 and 2009, respectively, and agent commissions of $433.9 million and $337.3 million at December 31, 2010 and 2009, respectively.

During the second half of 2008, we re-evaluated and refined the method that we used to estimate this accrual, which resulted in a reduction in 2008 revenue from agency title insurance premiums of $138.5 million compared to the revenues that would have been accrued under our prior method. During 2008, due to the real estate market’s continued slow down and the fact that mortgage originations and refinancing transactions were decreasing in volume, we increased our scrutiny on unprofitable, low-remitting and high-claims agent relationships resulting in a significant reduction in the number of agents with which we continued to conduct business. As a result of the reduction in transaction volumes due to both the economy and the terminated agents, we reviewed and refined the process we used to estimate agency premium accruals relying more on remittance patterns of our agents over the previous 15 months and less on the historical trends of our direct operations. The impact of this adjustment was a decrease of $11.8 million in 2008 pretax earnings and $7.6 million in 2008 net income, or approximately $0.04 per share, compared to the amounts that would have been recorded under our prior method. The impact of the adjustment on pretax earnings of only $11.8 million is due to the expense accruals noted above. We believe that this adjustment is properly reflected as a change in accounting estimate in 2008.

Specialty Insurance. Revenues from home warranty and personal lines insurance policies are recognized over the life of the policy, which is one year. The unrecognized portion is recorded as deferred revenue. Revenues and commissions related to the sale of flood insurance are recognized when the policy is reported.

Earnings Per Share

Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common stockholders by the sum of the weighted average number of common shares outstanding and the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be anti-dilutive. We have granted certain options, warrants and restricted stock which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

The following table presents the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2010		2009			2008
	(In millions, except per share data)
Basic and diluted net earnings (loss) from continuing operations attributable to FNF common shareholders	$	370.1	$	224.1		$	(173.7	)
Basic and diluted net loss from discontinued operations attributable to FNF common shareholders		—		(1.8	)		(5.3	)

Basic and diluted net earnings (loss) attributable to FNF common shareholders	$	370.1	$	222.3		$	(179.0	)

Weighted average shares outstanding during the period, basic basis		226.2		224.7			210.0
Plus: Common stock equivalent shares assumed from conversion of options		3.1		3.8			—

Weighted average shares outstanding during the period, diluted basis		229.3		228.5			210.0

Basic net earnings (loss) per share from continuing operations attributable to FNF common shareholders	$	1.64	$	1.00		$	(0.83	)
Basic net loss from discontinued operations attributable to FNF common shareholders		—		(0.01	)		(0.02	)

Basic earnings (loss) per share attributable to FNF common shareholders	$	1.64	$	0.99		$	(0.85	)

Diluted net earnings (loss) per share from continuing operations attributable to FNF common shareholders	$	1.61	$	0.98		$	(0.83	)
Diluted net loss from discontinued operations attributable to FNF common shareholders		—		(0.01	)		(0.02	)

Diluted earnings (loss) per share attributable to FNF common shareholders	$	1.61	$	0.97		$	(0.85	)

For the years ended December 31, 2010, 2009, and 2008, options to purchase 12.6 million shares, 10.2 million shares and 23.2 million shares, respectively, of our common stock were excluded from the computation of diluted earnings per share because they were anti-dilutive.

Transactions with Related Parties

We have historically conducted business with FIS and its subsidiaries. On July 2, 2008, FIS completed the spin-off of its lender processing services segment into a separate publicly traded company, LPS. As part of the spin-off of LPS, a number of the agreements that were previously between FNF and FIS were amended and renegotiated to reflect the revised relationships between FNF and FIS and the new relationships between FNF and LPS. Effective March 15, 2009, William P. Foley, II, retired from his position as an officer and director of LPS. Prior to March 15, 2009, Mr. Foley was the Chairman of the Board of LPS. Also at that time, Daniel D. (Ron) Lane and Cary H. Thompson, retired from the LPS Board of Directors. As a result, as of March 15, 2009, LPS is no longer a related party and activity between FNF and LPS subsequent to that date is not included in our disclosures of transactions with related parties.

Agreements with FIS

A summary of the agreements that were in effect with FIS through December 31, 2010, is as follows:

	•		Technology (“IT”) and data processing services from FIS. These agreements govern IT support services provided to us by FIS, primarily consisting of infrastructure support and data center management. Subject to certain early termination provisions (including the payment of minimum monthly service and termination fees), the agreement expires on or about June 30, 2013 with an option to renew for one or two additional years.

	•		Administrative corporate support and cost-sharing services to and from FIS. We have provided certain administrative corporate support services such as corporate aviation and other administrative support services to FIS.

	•		Real estate management, real estate lease and equipment lease agreements. Included in our revenues are amounts received related to leases of certain equipment to FIS and the sublease of certain office space, furniture and furnishings to FIS. A majority of the leases of equipment to FIS were between FN Capital and FIS and the related receipts are no longer revenue to us subsequent to the sale of FN Capital on September 25, 2009.

A detail of related party items between us and FIS that were included in revenues and expenses for the periods presented is as follows:


	Year Ended December 31,
	2010		2009		2008
	(In millions)
Rental revenue	$	0.8	$	15.8	$	25.5
Corporate services and cost-sharing		3.7		2.1		(4.1	)

Total revenues	$	4.5	$	17.9	$	21.4

Data processing costs	$	48.1	$	47.4	$	42.6

We believe the amounts we earned or were charged under each of the foregoing arrangements are fair and reasonable. The information technology infrastructure support and data center management services provided to us are priced within the range of prices that FIS offers to its unaffiliated third party customers for the same types of services. However, the amounts FNF earned or was charged under these arrangements were not negotiated at arm’s-length, and may not represent the terms that we might have obtained from an unrelated third party. The net amounts due to FIS as a result of these agreements were $8.3 million and $6.9 million as of December 31, 2010 and 2009, respectively.

On October 1, 2009, pursuant to an investment agreement between us and FIS dated March 31, 2009 (the “Investment Agreement”), we invested a total of $50.0 million in FIS common stock in connection with a merger between FIS and Metavante Technologies, Inc. Under the terms of the Investment Agreement, we purchased 3,215,434 shares of FIS’s common stock at a price of $15.55 per share. Additionally, we received a transaction fee of $1.5 million from FIS. During the third quarter of 2010, we sold 1,611,574 shares as part of a tender offer by FIS at $29.00 per share for a realized gain of $21.7 million. The fair value of this investment is $43.9 million and $75.4 million as of December 31, 2010 and 2009, respectively, and is recorded in equity securities. Changes in fair value of the FIS stock are recorded as other comprehensive earnings.

Agreements with LPS

As noted above, prior to March 15, 2009, LPS was a related party to us. Agreements with LPS for title agency and other services were in effect at that time. As a result of related party transactions, as of December 31, 2008, we owed $3.1 million to LPS. A detail of related party revenues and expenses between FNF and LPS are as follows and include results of transactions prior to July 2, 2008, when LPS was a subsidiary of FIS. For the year ended December 31, 2008, we recorded agency title premiums of $212.3 million and $84.2 million for the period from January 1 through March 15, 2009. We recorded agency title commissions of $187.9 million for the year ended December 31, 2008 and $73.8 million for the period from January 1 through March 15, 2009. We recorded other revenue of $8.4 million for the year ended December 31, 2008 and $4.9 million for the period from January 1 through March 15, 2009. Other operating expenses relating to agreements with LPS were $66.5 million for the year ended December 31, 2008 and $18.9 million for the period from January 1 through March 15, 2009.

Stock-Based Compensation Plans

We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period.

Foreign Currency Translation

The functional currency for our foreign operations is either the U.S. Dollar or the local currency. For foreign operations where the local currency is the functional currency, the translation of foreign currencies into U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The unrealized gains and losses resulting from the translation are included in accumulated other comprehensive earnings in the Consolidated Statements of Equity and are excluded from net earnings. Gains or losses resulting from foreign currency transactions are included in realized gains and losses and are insignificant in 2010, 2009, and 2008.

Management Estimates

The preparation of these Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Certain Reclassifications

Certain reclassifications have been made in the 2009 and 2008 Consolidated Financial Statements to conform to the classifications used in 2010.

Fair Value Measurements

12 Months Ended

Dec. 31, 2010

Fair Value Measurements [Abstract]

Fair Value Measurements

Note C. Fair Value Measurements

The fair value hierarchy established by the accounting standards on fair value measurements includes three levels which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access.

Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable.

The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2010 and 2009, respectively:


	December 31, 2010
	Level 1		Level 2		Level 3		Total
			(In millions)
Fixed-maturity securities (available for sale):
U.S. government and agencies	$	—	$	313.5	$	—	$	313.5
State and political subdivisions		—		1,374.0		—		1,374.0
Corporate debt securities		—		1,532.7		—		1,532.7
Foreign government bonds		—		80.6		—		80.6
Mortgage-backed/asset-backed securities		—		184.0		—		184.0
Other fixed-maturity		—		—		9.5		9.5
Equity securities available for sale		75.2		—		—		75.2
Other long-term investments		—		—		90.1		90.1

Total	$	75.2	$	3,484.8	$	99.6	$	3,659.6


	December 31, 2009
	Level 1		Level 2		Level 3		Total
			(In millions)
Fixed-maturity securities (available for sale):
U.S. government and agencies	$	—	$	409.2	$	—	$	409.2
State and political subdivisions		—		1,339.4		—		1,339.4
Corporate debt securities		—		1,379.1		—		1,379.1
Foreign government bonds		—		38.8		—		38.8
Mortgage-backed/asset-backed securities		—		312.5		—		312.5
Other fixed-maturity		—		—		45.2		45.2
Equity securities available for sale		92.5		—		—		92.5
Other long-term investments		—		—		78.7		78.7

Total	$	92.5	$	3,479.0	$	123.9	$	3,695.4

Our Level 2 fair value measures for fixed-maturities available for sale are provided by third-party pricing services. We utilize one firm for our taxable bond portfolio and another for our tax-exempt bonds and municipal bond portfolio. These pricing services are leading global providers of financial market data, analytics and related services to financial institutions. We only rely on one price for each instrument to determine the carrying amount of the assets on our balance sheet. The inputs utilized in these pricing methodologies include observable measures such as benchmark yields, reported trades, broker dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. We review the pricing methodologies for all of our Level 2 securities to ensure that we concur with their pricing methodologies and compare the resulting prices to other publicly available measures of fair value. The pricing methodologies used by the relevant third party pricing services are:

U.S. government and agencies: These securities are valued based on data obtained for similar securities in active markets and from inter-dealer brokers.

State and political subdivisions: These securities are valued based on data obtained for similar securities in active markets and from inter-dealer brokers. Factors considered include relevant trade information, dealer quotes and other relevant market data.

Corporate debt securities: These securities are valued based on dealer quotes and related market trading activity. Factors considered include the bond’s yield, its terms and conditions, or any other feature which may influence its risk and thus marketability, as well as relative credit information and relevant sector news.

Foreign government bonds: These securities are valued based on a discounted cash flow model incorporating observable market inputs such as available broker quotes and yields of comparable securities.

Mortgage-backed/asset-backed securities: These securities are comprised of commercial mortgage-backed securities, agency mortgage-backed securities, collaterized mortgage obligation, and asset-backed securities. They are valued based on available trade information, dealer quotes, cash flows, relevant indices and market data for similar assets in active markets.

Our Level 3 investments consist of auction rate securities which were included in the assets of the LFG Underwriters that were acquired on December 22, 2008, and structured notes that were purchased in the third quarter of 2009. The auction rate securities are classified in other fixed-maturity investments and had a par value of $14.1 million and fair value of $9.5 million at December 31, 2010 and a par value of $69.7 million and fair value of $45.2 million at December 31, 2009. These securities represent less than one percent of our total investment portfolio. There is no active market for the auction rate securities and they are valued using models with significant non-observable inputs. Fair values for these securities are provided by a third-party pricing service using a proprietary valuation model which considers factors such as time to maturity, interest rates, credit-worthiness of the issuer, trading characteristics, and available market data for similar securities. The structured notes had a par value of $75.0 million and fair value of $90.1 million at December 31, 2010 and a par value of $75.0 million and fair value of $78.7 million at December 31, 2009. The structured notes are held for general investment purposes and represent less than two percent of our total investment portfolio. The structured notes are classified as other long-term investments and are measured in their entirety at fair value with changes in fair value recognized in earnings. The fair value of these instruments are the product of a proprietary valuation model utilized by the trading desk of the broker-dealer and contain assumptions relating to volatility, the level of interest rates, and the underlying value of the indexes, exchange-traded funds, and foreign currencies. We review the pricing methodologies for our Level 3 investments to ensure that they are reasonable and believe they represent an exit price as of December 31, 2010.

The following table presents the changes in our investments that are classified as Level 3 for the year ended December 31, 2010 (in millions).


Balance, December 31, 2008	$	32.0
Purchases		75.0
Proceeds received upon call/sales		(13.7	)
Realized gain		12.1
Net change included in other comprehensive earnings		18.5

Balance, December 31, 2009		123.9
Proceeds received upon call/sales		(34.9	)
Realized gain		24.8
Net change included in other comprehensive earnings		(14.2	)

Balance, December 31, 2010	$	99.6

The carrying amounts of accounts receivable and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note I.

Additional information regarding the fair value of our investment portfolio is included in Note D.

Investments

12 Months Ended

Dec. 31, 2010

Investments [Abstract]

Investments

Note D. Investments

The carrying amounts and fair values of our fixed maturity securities at December 31, 2010 and 2009 are as follows:


	December 31, 2010
	Carrying		Amortized		Unrealized		Unrealized			Fair
	Value		Cost		Gains		Losses			Value
	(Dollars in millions)
Fixed maturity investments (available for sale):
U.S. government and agencies	$	313.5	$	303.8	$	11.8	$	(2.1	)	$	313.5
States and political subdivisions		1,374.0		1,343.3		37.9		(7.2	)		1,374.0
Corporate debt securities		1,532.7		1,469.6		69.4		(6.3	)		1,532.7
Foreign government bonds		80.6		78.7		2.3		(0.4	)		80.6
Mortgage-backed/asset-backed securities		184.0		176.8		7.2		—			184.0
Other		9.5		5.0		4.5		—			9.5

	$	3,494.3	$	3,377.2	$	133.1	$	(16.0	)	$	3,494.3


	December 31, 2009
	Carrying		Amortized		Unrealized		Unrealized			Fair
	Value		Cost		Gains		Losses			Value
	(Dollars in millions)
Fixed maturity investments (available for sale):
U.S. government and agencies	$	409.2	$	397.5	$	14.4	$	(2.7	)	$	409.2
States and political subdivisions		1,339.4		1,294.2		46.6		(1.4	)		1,339.4
Corporate debt securities		1,379.1		1,300.4		84.0		(5.3	)		1,379.1
Foreign government bonds		38.8		37.6		1.3		(0.1	)		38.8
Mortgage-backed/asset-backed securities		312.5		298.5		14.4		(0.4	)		312.5
Other		45.2		26.4		18.8		—			45.2

	$	3,524.2	$	3,354.6	$	179.5	$	(9.9	)	$	3,524.2

The majority of our mortgage-backed and asset-backed securities were acquired as a result of the acquisition of the LFG Underwriters on December 22, 2008. At December 31, 2010 all of our mortgage-backed and asset-backed securities are rated AAA. The mortgage-backed and asset-backed securities are made up of $141.7 million of agency mortgage-backed securities, $0.2 million of collateralized mortgage obligations, $16.0 million of commercial mortgage-backed securities, and $26.1 million in asset-backed securities.

The change in net unrealized gains and losses on fixed maturities for the years ended December 31, 2010, 2009, and 2008 was $(52.5) million, $150.0 million, and $(1.3) million, respectively.

The following table presents certain information regarding contractual maturities of our fixed maturity securities at December 31, 2010:


	December 31, 2010
	Amortized		% of			Fair		% of
Maturity	Cost		Total			Value		Total
	(Dollars in millions)
One year or less	$	297.0		8.8	%	$	300.5		8.6	%
After one year through five years		1,398.1		41.4			1,473.0		42.2
After five years through ten years		1,350.5		40.0			1,375.7		39.4
After ten years		154.8		4.6			161.1		4.6
Mortgage-backed/asset-backed securities		176.8		5.2			184.0		5.2

	$	3,377.2		100.0	%	$	3,494.3		100.0	%

Subject to call	$	634.4		18.8	%	$	654.6		18.7	%

Fixed maturity securities valued at approximately $185.4 million and $185.9 million were on deposit with various governmental authorities at December 31, 2010 and 2009, respectively, as required by law.

Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Equity securities at December 31, 2010 and 2009 consisted of investments at a cost basis of $51.1 million and $64.6 million, respectively, and fair value of $75.2 million and $92.5 million, respectively. The carrying value of our investment in equity securities is fair value. The balance of equity securities is primarily composed of an investment in FIS stock, which we purchased on October 1, 2009 for $50.0 million, pursuant to an investment agreement between us and FIS dated March 31, 2009 in connection with a merger between FIS and Metavante Technologies, Inc. During the third quarter of 2010, we sold 1,611,574 shares as part of a tender offer by FIS at $29.00 per share for a realized gain of $21.7 million. The fair value of this investment is $43.9 million and $75.4 million as of December 31, 2010 and 2009, respectively. As of December 31, 2010, gross unrealized gains and gross unrealized losses on equity securities were $24.4 million and $0.3 million, respectively. As of December 31, 2009, gross unrealized gains and gross unrealized losses on equity securities were $28.4 million and $0.5 million, respectively. The change in unrealized gains (losses) on equity securities for the years ended December 31, 2010, 2009 and 2008 was a net (decrease) increase of $(3.8) million, $36.2 million, and $(5.5) million, respectively. There were no significant investments in banks, trust and insurance companies at December 31, 2010 or 2009.

Interest and investment income consists of the following:


	Year Ended December 31,
	2010		2009		2008
	(Dollars in millions)
Cash and cash equivalents	$	0.4	$	0.4	$	1.2
Fixed maturity securities		137.9		143.8		106.2
Equity securities		1.8		0.6		2.8
Short-term investments		0.6		3.3		11.5
Other		3.8		6.4		12.3

Total	$	144.5	$	154.5	$	134.0

We lend fixed maturity and equity securities to financial institutions in short-term security lending transactions. Our security lending policy requires that the cash received as collateral be 102% or more of the fair value of the loaned securities. At December 31, 2010 and 2009, we had security loans outstanding with fair values of $9.1 million and $25.6 million, respectively. Securities loaned under such transactions may be sold or re-pledged by the transferee. We were liable for cash collateral under our control of $9.4 million and $26.5 million at December 31, 2010 and 2009, respectively, which has been included in cash and cash equivalents and in accounts payable and accrued liabilities.

Net realized gains (losses) related to investments were $127.8 million, $22.8 million, and $(49.4) million for the years ended December 31, 2010, 2009 and 2008, respectively. Net realized gains related to other assets were $108.9 million, $4.6 million, and $26.9 million for the years ended December 31, 2010, 2009, and 2008, respectively, including a $98.4 million gain on the sale of our investment in Sedgwick during 2010.

During the years ended December 31, 2010, 2009 and 2008, gross realized gains on sales of fixed maturity securities considered available for sale were $91.6 million, $38.1 million, and $13.1 million, respectively; gross realized losses were $2.0 million, $2.8 million, and $9.8 million, respectively. Gross proceeds from the sale and maturity of fixed maturity securities considered available for sale amounted to $1,348.8 million, $1,130.1 million, and $845.3 million during the years ended December 31, 2010, 2009 and 2008, respectively.

During the years ended December 31, 2010, 2009 and 2008, gross realized gains on sales of equity securities considered available for sale were $26.3 million, $5.3 million, and $5.9 million, respectively; gross realized losses were $21.5 million, and $4.9 million, in 2009 and 2008, respectively. There were no realized losses during the year ending December 31, 2010. Gross proceeds from the sale of equity securities amounted to $59.9 million, $60.0 million, and $79.4 million during the years ended December 31, 2010, 2009 and 2008, respectively.

Included in our other long-term investments are fixed-maturity structured notes purchased in the third quarter of 2009. The structured notes are carried at fair value (see note C) and changes in the fair value of these structured notes are recorded as realized gains and losses in the Statement of Operations. The carrying value of the structured notes was $90.1 million and $78.7 million as of December 31, 2010 and 2009, respectively, and we recorded a net gain of $11.4 million and $3.7 million related to the structured notes in the years ended December 31, 2010 and 2009, respectively.

Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2010 and 2009 were as follows (in millions):

2010


	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. government and agencies	$	54.3	$	(2.0	)	$	0.4	$	(0.1	)	$	54.7	$	(2.1	)
States and political subdivisions		255.2		(7.2	)		—		—			255.2		(7.2	)
Corporate debt securities		251.4		(6.3	)		—		—			251.4		(6.3	)
Foreign government bonds		10.8		(0.4	)		—		—			10.8		(0.4	)
Equity securities		—		—			1.8		(0.3	)		1.8		(0.3	)

Total temporarily impaired securities	$	571.7	$	(15.9	)	$	2.2	$	(0.4	)	$	573.9	$	(16.3	)

2009


	Less than 12 Months					12 Months or Longer					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
U.S. government and agencies	$	58.5	$	(0.7	)	$	33.9	$	(2.0	)	$	92.4	$	(2.7	)
States and political subdivisions		100.0		(1.1	)		8.0		(0.3	)		108.0		(1.4	)
Corporate debt securities		147.7		(3.3	)		42.8		(2.0	)		190.5		(5.3	)
Foreign government bonds		1.9		(0.1	)		—		—			1.9		(0.1	)
Mortgage-backed/asset-backed securities		32.8		(0.3	)		1.1		(0.1	)		33.9		(0.4	)
Equity securities		—		—			5.6		(0.5	)		5.6		(0.5	)

Total temporarily impaired securities	$	340.9	$	(5.5	)	$	91.4	$	(4.9	)	$	432.3	$	(10.4	)

A substantial portion of our unrealized losses relate to debt securities. These unrealized losses were primarily caused by widening credit spreads that we consider to be temporary rather than changes in credit quality. We expect to recover the entire amortized cost basis of our temporarily impaired fixed maturity securities as we do not intend to sell these securities and we do not believe that we will be required to sell the fixed maturity securities before recovery of the cost basis. The unrealized losses relating to equity securities were caused by market changes that we consider to be temporary and are not concentrated in a particular sector or an individual security. For these reasons, we do not consider these securities other-than-temporarily impaired at December 31, 2010. It is reasonably possible that declines in fair value below cost not considered other-than-temporary in the current period could be considered to be other-than-temporary in a future period and earnings would be reduced to the extent of the impairment.

During 2009 and 2008, we incurred impairment charges relating to investments that were determined to be other-than-temporarily impaired, which resulted in charges of $6.9 million and $59.0 million, respectively. Impairment charges in 2009 related to equity securities that were deemed other-than-temporarily impaired. The impairment charges in 2008 included $25.4 million related to fixed maturity securities, $30.1 million related to equity securities, and $3.5 million related to other investments that were deemed other-than-temporarily impaired. The impairment charges relating to the fixed maturity securities primarily related to our conclusion that the credit risk relating to the holdings was high and thus the assets are likely other-than-temporarily impaired. The impairment charges relating to the equity securities were based on the duration and severity of the unrealized loss and our inability to reasonably predict the time to recover if the investment continued to be held.

In April 2009, the FASB updated their guidance on recognition of other-than-temporary impairments on investments, specifically on debt and equity securities for which changes in fair value are not regularly recognized in earnings. In accordance with the updated guidance, we determined that a total of $1.3 million in other-than-temporary impairments on fixed maturity securities had previously been recognized in relation to investments held at April 1, 2009, all of which were related to credit losses. We further concluded that no cumulative effect adjustment was necessary as a result of implementing the updated guidance as all of the securities for which an other-than-temporary impairment had previously been recognized were sold within three months of the updated guidance. As of December 31, 2010 and 2009, we held no investments for which an other-than-temporary impairment had been previously recognized.

Investments in unconsolidated affiliates are recorded using the equity method of accounting and, as of December 31, 2010 and 2009, consisted of (in millions):


	Ownership at
	December 31,
	2010			2010		2009
Ceridian		33	%	$	367.2	$	386.8
Sedgwick		—			—		121.0
Remy		46	%		108.7		69.1
Other		various			51.8		40.2

Total				$	527.7	$	617.1

On May 28, 2010, we completed the sale of our 32% interest in Sedgwick, our minority-owned affiliate that provides claims management services to large corporate and public sector entities, to a group of private equity funds. We received approximately $225.6 million in proceeds, of which $32.0 million was held in an indemnity escrow for our ownership interest, resulting in a pre-tax gain of approximately $98.4 million.

In addition to our equity method investment in Remy, included in our fixed maturity securities available for sale are $54.8 million and $4.1 million of Remy’s bonds as of December 31, 2010 and 2009, respectively. On December 17, 2010, as part of a credit refinancing, Remy called these bonds at 109 percent of par, payable January 14, 2011. We received the proceeds and will recognize a gain of $8.5 million in the first quarter of 2011. During 2010, we also purchased $29.7 million of Remy’s term loan, which is included in our fixed maturity securities available for sale. On January 21, 2011, as part of a Common Stock Rights Offering (“the Offering”) to all Remy common shareholders, we purchased an additional 9.9 million shares of Remy common stock in exchange for tendering our 42,359 shares of Remy preferred stock held and cash of $26.0 million. Following the Offering and preferred stock conversion, we own 14.8 million shares of Remy common stock, representing a 47% ownership interest.

During the years ended December 31, 2010, 2009, and 2008, we recorded an aggregate of $1.2 million, $11.7 million, and $13.4 million, respectively, in equity in losses of unconsolidated affiliates. We account for our equity in Ceridian and Remy on a three-month and one-month lag, respectively. Accordingly, our net earnings for the year ended December 31, 2010, includes our equity in Ceridian’s earnings for the period from September 30, 2009 through September 30, 2010 and our net earnings for the year ended December 31, 2009, includes our equity in Ceridian’s earnings for the period from September 30, 2008 through September 30, 2009. Our net earnings for the year ended December 31, 2010, includes our equity in Remy’s earnings for the period from November 30, 2009 through November 30, 2010 and our net earnings for the year ended December 31, 2009, includes our equity in Remy’s earnings for the period from November 30, 2008 through November 30, 2009. In addition, we record our share of the other comprehensive income (loss) of unconsolidated affiliates. As of December 31, 2010, included within the statement of equity, we had recorded accumulated other comprehensive losses of $53.8 million and $14.8 million related to our investments in Ceridian and Remy, respectively, and $0.1 million related to our other investments in unconsolidated affiliates.

Summarized financial information for the periods included in our financials for Ceridian is presented below.


	September 30, 2010		September 30, 2009
	(In millions)		(In millions)
Total current assets	$	1,080.3	$	978.5
Goodwill and other intangible assets, net		4,700.6		4,683.4
Other assets		4,859.2		3,461.9

Total assets	$	10,640.1	$	9,123.8

Current liabilities	$	799.5	$	695.0
Long-term obligations, less current portion		3,492.5		3,485.2
Other long-term liabilities		5,222.2		3,755.0

Total liabilities		9,514.2		7,935.2
Equity		1,125.9		1,188.6

Total liabilities and equity	$	10,640.1	$	9,123.8


	Period from			Period from
	September 30, 2009,			September 30, 2008,
	through			through
	September 30, 2010			September 30, 2009
	(In millions)			(In millions)
Total revenues	$	1,472.4		$	1,474.5
Loss before income taxes		(129.4	)		(159.7	)
Net loss		(101.0	)		(106.2	)

Notes payable

12 Months Ended

Dec. 31, 2010

Notes payable [Abstract]

Notes payable

Note I. Notes Payable

Notes payable consists of the following:


	December 31,
	2010		2009
	(Dollars in millions)
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017	$	299.7	$	—
Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013		236.2		245.2
Unsecured notes, net of discount, interest payable semi-annually at 7.30%, due August 2011		165.6		165.5
Syndicated credit agreement, unsecured, unused portion of $701.2 million at December 31, 2010, composed of $6.9 million due October 2011 with interest payable monthly at LIBOR plus 0.475% (0.74% at December 31, 2010) and $243.1 million due March 2013 with interest payable monthly at LIBOR plus 1.50% (1.76% at December 31, 2010)		250.0		400.0
Subordinated note payable to LFG Liquidation Trust, interest payable annually		—		50.0
Other		0.5		1.2

	$	952.0	$	861.9

At December 31, 2010, the estimated fair value of our outstanding notes payable was approximately $957.6 million or $5.6 million higher than its carrying value. The carrying value of our notes payable was approximately $849.1 million or $12.8 million lower than its estimated fair value at December 31, 2009. The fair values of our unsecured notes payable are based on established market prices for the securities on December 31, 2010 and 2009. The fair value of our syndicated credit agreement is estimated using a discounted cash flow analysis based on current market interest rates and comparison of interest rates being paid to our current incremental borrowing rates for similar types of borrowing arrangements.

On May 5, 2010, we completed an offering of $300.0 million in aggregate principal amount of our 6.60% notes due May 2017 (the “notes”), pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The notes were priced at 99.897% of par to yield 6.61% annual interest. As such we recorded a discount of $0.3 million, which is netted against the $300.0 million aggregate principal amount of notes. The discount is amortized to May 2017 when the notes mature. We received net proceeds of $297.3 million, after expenses, which were used to repay outstanding borrowings under our credit agreement. Interest is payable semi-annually. These notes contain customary covenants and events of default for investment grade public debt. These events of default include a cross default provision, with respect to any other debt of the Company in an aggregate amount exceeding $100 million for all such debt, arising from (i) failure to make a principal payment when due or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity.

Effective March 5, 2010, we entered into an agreement to amend and extend our credit agreement dated September 12, 2006 (the “Credit Agreement”) with Bank of America, N.A. as administrative agent and swing line lender (the “Administrative Agent”), and the other financial institutions party thereto, and an agreement to change the aggregate size of the credit facility under the Credit Agreement. These agreements reduced the total size of the credit facility from $1.1 billion to $951.2 million, with an option to increase the size of the credit facility to $1.1 billion, and created a new tranche, representing $925.0 million of the total credit facility, with an extended maturity date of March 5, 2013. Pricing for the new tranche is based on an applicable margin between 110 basis points to 190 basis points over LIBOR, depending on the senior debt ratings of FNF, and is at 150 basis points over LIBOR as of December 31, 2010. The Credit Agreement remains subject to affirmative, negative and financial covenants customary for financings of this type, including, among other things, limits on the creation of liens, sales of assets, the incurrence of indebtedness, restricted payments, transactions with affiliates, and certain amendments. The Credit Agreement prohibits us from paying dividends to our stockholders if an event of default has occurred and is continuing or would result therefrom. The Credit Agreement requires us to maintain certain financial ratios and levels of capitalization. The Credit Agreement includes customary events of default for facilities of this type (with customary grace periods, as applicable). These events of default include a cross-default provision that, subject to limited exceptions, permits the lenders to declare the Credit Agreement in default if: (i) (A) we fail to make any payment after the applicable grace period under any indebtedness with a principal amount (including undrawn committed amounts) in excess of 3% of our net worth, as defined in the Credit Agreement, or (B) we fail to perform any other term under any such indebtedness, or any other event occurs, as a result of which the holders thereof may cause it to become due and payable prior to its maturity; or (ii) certain termination events occur under significant interest rate, equity or other swap contracts. The Credit Agreement provides that, upon the occurrence of an event of default, the interest rate on all outstanding obligations will be increased and payments of all outstanding loans may be accelerated and/or the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts payable under the Credit Agreement shall automatically become immediately due and payable, and the lenders’ commitments will automatically terminate.

On December 22, 2008, in connection with the acquisition of the LFG Underwriters, we entered into a $50 million subordinated note payable to LFG, due December 2013, with interest of 2.36% payable annually. On March 1, 2010, we paid approximately $49 million to the LFG Liquidation Trust in full satisfaction of this obligation.

The $236.2 million aggregate principal amount of 5.25% notes due March 2013 and the $165.6 million aggregate principal amount of 7.30% notes due August 2011 contain customary covenants and events of default for investment grade public debt. The indenture governing the 7.30% notes and the 5.25% notes also contains customary events of default. These events of default include a cross default provision, with respect to any other debt of the Company in an aggregate amount exceeding $20 million for all such debt, arising from (i) failure to make a principal payment when due or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity. The available capacity under our Credit Agreement as of December 31. 2010 would be more than enough to repay the $165.6 million aggregate principal amount of our 7.30% notes due in August 2011.

On April 14, 2009, we received $331.4 million in net proceeds from our offering of a total of 18,170,000 shares of our common stock. The proceeds were partially used to repay $135 million in borrowings under our $1.1 billion revolving credit facility. In addition, we used the proceeds to purchase $67.8 million in par value of our 7.30% notes due in 2011 for an aggregate purchase price of $68.7 million, including accrued interest of $1.2 million, and $3.0 million in par value of our 5.25% notes due in 2013 for an aggregate purchase price of $2.8 million. In the third and fourth quarters of 2009, one of our subsidiaries purchased $7.8 million in par value of our 7.30% notes for a total purchase price of $8.0 million.

Principal maturities of notes payable at December 31, 2010 are as follows (in millions):


2011	$	172.7
2012		0.3
2013		479.3
2014		—
2015		—
Thereafter		299.7

	$	952.0

Summary of Reserve for Claim Losses

12 Months Ended

Dec. 31, 2010

Summary of Reserve For Claim Losses [Abstract]

Summary of Reserve for Claim Losses

Note K. Summary of Reserve for Claim Losses

A summary of the reserve for claim losses for title and specialty insurance follows:


	Year Ended December 31,
	2010			2009			2008
	(In millions)
Beginning balance	$	2,541.4		$	2,738.6		$	1,419.9
Reserves assumed/transferred (1)		—			(3.1	)		1,115.8
Claim loss provision related to:
Current year		372.1			423.0			377.9
Prior years		30.8			(93.6	)		252.5

Total claim loss provision		402.9			329.4			630.4
Claims paid, net of recoupments related to:
Current year		(113.9	)		(109.6	)		(119.4	)
Prior years		(557.7	)		(413.9	)		(308.1	)

Total claims paid, net of recoupments		(671.6	)		(523.5	)		(427.5	)

Ending balance	$	2,272.7		$	2,541.4		$	2,738.6

Ending balance of claim loss reserves for title insurance only	$	2,210.9		$	2,488.8		$	2,679.0

Provision for title insurance claim losses as a percentage of title insurance premiums only		6.8	%		5.1	%		18.2	%

(1)

In 2008, we assumed an estimated $1,115.8 million in additional reserves for claim losses with the acquisition of the LFG Underwriters. During 2009 we completed our evaluation of the fair value of this claims reserve as of the acquisition date and adjusted the balance by $3.1 million to reflect our best estimate of the fair value of the liability.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. A substantial portion of our reserve for claim losses is attributable to title insurance operations. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors. Due to the uncertainty inherent in the process and to the judgment used by management the ultimate liability may be greater or less than our current reserves. As a result of continued volatility experienced during 2010 in claim development on policy years 2005 — 2007, we believe there is an increased level of uncertainty attributable to these policy years.

During the year ended December 31, 2009, we released excess title reserves of $74.4 million in addition to recording an average 7.3% provision for claims losses. The release of excess reserves was due to analysis of the reserve position in light of consistently lower claim payments since 2008. During the year ended December 31, 2008, we recorded a charge to the provision for title claim losses of $261.6 million resulting from adverse claim loss development on prior policy years. This charge was in addition to the provision for title insurance claim losses of 8.5% for 2008. Because reported and paid claims continued to exceed expected claims in these years, we modified our actuarial model in 2008 to more heavily weight the three most recent full years’ data on loss experience and to incorporate that data into the assumptions and factors that determine ultimate expected loss experience for all prior calendar years. In response to the favorable development on recent year claims, the average title loss provision rate decreased in 2009 and 2010.

Beginning in 2007, we began making payments on a group of related claims alleging negligence and fraud related to issuing title insurance policies and closing escrow transactions. We believed that we had the ability to recoup all of these payments, subject to a $10 million retention, from various insurance policies. Through December 31, 2007, we had paid approximately $51.9 million in claims, had received cash recoupment from insurance carriers of approximately $15.5 million and had an insurance recoverable of $31.4 million included in the Consolidated Balance Sheet. Through March 31, 2008, we had paid an additional $79.3 million in claims, had received an additional $27.5 million in cash recoupment from insurance carriers and had an insurance recoverable of $78.2 million included in the Consolidated Balance Sheet. During the remainder of 2008 and through the third quarter of 2009 there were approximately $8.2 million in claims payments and approximately $3.2 million in insurance recoveries resulting in an $83.2 million insurance recoverable included in the Consolidated Balance Sheet at that time. During September and October 2009, there were developments, including two court rulings, relating to coverages under certain insurance policies that caused us to reevaluate our position on maintaining a recorded insurance recoverable. The fact that we received an adverse ruling in our case against the insurer on our Comprehensive General Liability policy together with a reevaluation of our position by new legal counsel, caused us to reverse $63.2 million of the receivable, recorded as a charge to the provision for claim losses, during the quarter ended September 30, 2009. We also received a favorable summary judgment relating to an insurance providers’ duty to defend the Company under our Miscellaneous Professional Liability policy. In light of these developments, we did not believe it appropriate to carry more than the anticipated $20 million recovery for compensatory damages on the Miscellaneous Professional Liability policy as a receivable as of September 30, 2009. During the quarter ended December 31, 2009, the Company paid an additional $8.8 million in respect of these claims and received payments of $11.8 million relating to the Miscellaneous Professional Liability Policy and continued to negotiate with the carrier who had been found to act in bad faith under the terms of that policy. As of December 31, 2009, we carried an $8.2 million receivable related to these coverages. During the first quarter of 2010, we reached a settlement agreement with the same carrier for an additional $16.2 million, representing the remaining $8.2 million receivable and $8 million in compensatory damages. The $16.2 million settlement amount was received in February 2010.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note L. Commitments and Contingencies

Legal and Regulatory Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. This customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. Additionally, like other insurance companies, our ordinary course litigation includes a number of class action and purported class action lawsuits which make allegations related to aspects of our insurance operations. We believe that no actions, other than the matter discussed below, depart from customary litigation incidental to our business.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings where it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and which represents our best estimate has been recorded. None of the amounts we have currently recorded is considered to be individually or in the aggregate significant to our financial condition. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending cases is generally not yet determinable. While some of these matters could be material to our operating results for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

On November 24, 2010, plaintiffs filed a class action in the United States District court, Northern District of California, Oakland Division titled Vivian Hays, et al. vs. Commonwealth Land Title Insurance Company, Lawyers Title Insurance Company, and Does 1-20. Plaintiffs seek to represent a class of all persons who deposited their exchange funds with LandAmerica 1031 Exchange Service (“LES”) and were not able to use them in their contemplated exchanges due to the alleged illiquidity of LES caused by the collapse of the auction rate security market in early 2008. Plaintiffs allege Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation (which was merged into Fidelity National Title Insurance Company) knew of the problems at LES and had an obligation of disclosure to exchangers, but did not disclose and instead recommended exchangers use LES in order to fund prior exchangers’ transactions with money from new exchangers. Plaintiffs have sued our subsidiaries Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation for negligence, breach of fiduciary duty, constructive fraud and aiding and abetting LES. Plaintiffs ask for compensatory and punitive damages, prejudgment interest and reasonable attorney’s fees. We have employed counsel and intend to vigorously defend the action. The case did not include a statement as to the amount of damages demanded, but instead included a demand for damages in an amount to be proved at trial. Due to the early stage of this case, it is not possible to make meaningful estimates of the amount or range of loss, if any, that could result from this case at this time.

Various governmental entities are studying the title insurance product, market, pricing, business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. We receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies from time to time about various matters relating to our business. Sometimes these take the form of civil investigative subpoenas or market conduct examinations. We attempt to cooperate with all such inquiries. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities which require us to pay money or take other actions.

Escrow Balances

In conducting our operations, we routinely hold customers’ assets in escrow, pending completion of real estate transactions. Certain of these amounts are maintained in segregated bank accounts and have not been included in the accompanying Consolidated Balance Sheets. We have a contingent liability relating to proper disposition of these balances for our customers, which amounted to $4.6 billion at December 31, 2010. As a result of holding these customers’ assets in escrow, we have ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks. There were no investments or loans outstanding as of December 31, 2010 and 2009 related to these arrangements.

Operating Leases

Future minimum operating lease payments are as follows (dollars in millions):


2011	$	117.2
2012		85.0
2013		52.1
2014		33.4
2015		17.6
Thereafter		88.2

Total future minimum operating lease payments	$	393.5

Rent expense incurred under operating leases during the years ended December 31, 2010, 2009 and 2008 was $137.2 million, $153.1 million, and $138.0 million, respectively. Rent expense in 2010, 2009, and 2008 includes abandoned lease charges related to office closures of $11.7 million, $7.4 million, and $23.4 million, respectively.

We are party to an off-balance sheet financing arrangement (commonly referred to as a “synthetic lease”). The owner/lessor in this arrangement acquired land and various real property improvements associated with new construction of an office building in Jacksonville, Florida, that are part of FNF’s corporate campus and headquarters. The lease expires on June 28, 2011, with renewal subject to consent of the lessor and the lenders. The lessor is a third-party limited liability company. The synthetic lease facility provides for amounts up to $75.0 million. As of December 31, 2010, the full $75.0 million had been drawn on the facility to finance land costs and related fees and expenses and the outstanding balance was $70.1 million. The lease includes guarantees by us of up to 86.7% of the outstanding lease balance, and options to purchase the facilities at the outstanding lease balance. The guarantee becomes effective if we decline to purchase the facilities at the end of the lease and also decline to renew the lease. In February 2011, we started the process of renewing the lease. The lessor financed the acquisition of the facilities through funding provided by third-party financial institutions. We have no affiliation or relationship with the lessor or any of its employees, directors or affiliates, and transactions with the lessor are limited to the operating lease agreements and the associated rent expense that have been included in other operating expenses in the Consolidated Statements of Operations. We do not believe the lessor is a variable interest entity, as defined in the FASB standard on consolidation of variable interest entities.

Regulation and Equity	12 Months Ended
Regulation and Equity	Dec. 31, 2010
Regulation and Equity [Abstract]
Regulation and Equity	Note M. Regulation and Equity Our insurance subsidiaries, including title insurers, property and casualty insurers, underwritten title companies and insurance agencies, are subject to extensive regulation under applicable state laws. Each of the insurance underwriters is subject to a holding company act in its state of domicile which regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates. The laws of most states in which we transact business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules. Since we are governed by both state and federal governments and the applicable insurance laws and regulations are constantly subject to change, it is not possible to predict the potential effects on our insurance operations, particularly the Fidelity National Title Group segment, of any laws or regulations that may become more restrictive in the future or if new restrictive laws will be enacted. Pursuant to statutory accounting requirements of the various states in which our insurers are domiciled, these insurers must defer a portion of premiums earned as an unearned premium reserve for the protection of policyholders and must maintain qualified assets in an amount equal to the statutory requirements. The level of unearned premium reserve required to be maintained at any time is determined by statutory formula based upon either the age, number of policies and dollar amount of policy liabilities underwritten, or the age and dollar amount of statutory premiums written. As of December 31, 2010, the combined statutory unearned premium reserve required and reported for our title insurers was $1,994.0 million. In addition to statutory unearned premium reserves, each of our insurers maintains reserves for known claims and surplus funds for policyholder protection and business operations. Each of our insurance subsidiaries is regulated by the insurance regulatory authority in its respective state of domicile, as well as that of each state in which it is licensed. The insurance commissioners of their respective states of domicile are the primary regulators of our title insurance subsidiaries. Each of the insurers is subject to periodic regulatory financial examination by regulatory authorities, and certain of these examinations are currently ongoing. Our insurance subsidiaries are subject to regulations that restrict their ability to pay dividends or make other distributions of cash or property to their immediate parent company without prior approval from the Department of Insurance of their respective states of domicile. As of December 31, 2010, $2,825.9 million of our net assets are restricted from dividend payments without prior approval from the Departments of Insurance. During 2011, our title insurers can pay or make distributions to us of approximately $76.1 million, without prior approval. The combined statutory capital and surplus of our title insurers was $1,129.5 million and $988.2 million as of December 31, 2010 and 2009, respectively. The combined statutory net (losses) earnings of our title insurance subsidiaries were $(46.6) million, $237.2, and $(170.5) million for the years ended December 31, 2010, 2009, and 2008, respectively. Statutory-basis financial statements are prepared in accordance with accounting practices prescribed or permitted by the various state insurance regulatory authorities. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by each of the states that regulate us. Each of the states have adopted a material prescribed accounting practice that differs from that found in NAIC SAP. Specifically, the timing of amounts added or released from the statutory unearned premium reserve under NAIC SAP differs from the states’ required practice. Statutory surplus at December 31, 2010 and 2009, respectively, was lower by approximately $288.1 million and $245.3 million than if we had reported such amounts in accordance with NAIC SAP. As a condition to continued authority to underwrite policies in the states in which our insurers conduct their business, the insurers are required to pay certain fees and file information regarding their officers, directors and financial condition. In addition, our escrow and trust business is subject to regulation by various state banking authorities. Pursuant to statutory requirements of the various states in which our insurers are domiciled, such insurers must maintain certain levels of minimum capital and surplus. Each of our insurers has complied with the minimum statutory requirements as of December 31, 2010. Our underwritten title companies are also subject to certain regulation by insurance regulatory or banking authorities, primarily relating to minimum net worth. Minimum net worth requirements for each underwritten title company are as follows: $7.5 million for Fidelity National Title Company, $2.5 million for Fidelity National Title Company of California, $3.0 million for Chicago Title Company, and $0.4 million for Ticor Title Company of California, Commonwealth Land Title Company, and Lawyers Title Company. These underwritten title companies are in compliance with all of their respective minimum net worth requirements at December 31, 2010. On April 14, 2009, we offered 15,800,000 shares of our common stock at an offering price of $19.00 per share, pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The underwriters were granted and chose to exercise an option to purchase additional shares equal to 15% of the offering, or 2,370,000 shares, at the offering price. A total of 18,170,000 shares were issued on April 20, 2009, for net proceeds of approximately $331.4 million. The proceeds were used as follows: $135.0 million to repay borrowings under our $1.1 billion revolving credit facility, $71.5 million to repurchase our public bonds, $50.8 million to repurchase shares of our common stock, $25.0 million as part of a $57.1 million capital infusion into Lawyers Title and Commonwealth Land Title, and the remainder for general corporate purposes. On October 25, 2006, the Board of Directors approved a three-year stock repurchase program under which we can repurchase up to 25 million shares of our common stock. We may make repurchases from time to time in the open market, in block purchases or in privately negotiated transactions, depending on market conditions and other factors. Since the original commencement of the plan adopted in October 2006, and through September 2009, we repurchased a total of 17,161,120 shares for $286.2 million, or an average of $16.68 per share. This includes 4,320,750 shares repurchased in 2009 for $57.1 million, or an average of $13.21 per share and 3,165,470 shares repurchased in 2008 for $46.0 million, or $14.53 per share. On July 21, 2009, the Board of Directors approved a new three-year stock repurchase program under which we can repurchase up to 15 million shares through July 31, 2012. We began repurchasing shares under this program in October 2009, and we repurchased a total of 1,294,400 shares for $17.9 million, or an average of $13.83 per share in 2009 and 8,664,262 shares for $117.6 million, or an average of $13.57 per share in 2010, including 859,866 shares purchased on January 4, 2010 for $11.6 million from the administrator of two of our former subsidiaries’ employee benefit plans. Because we were actively repurchasing shares of our stock on the open market as part of the stock repurchase plan, we agreed to purchase the shares from the administrator at a price of $13.46 per share, the market price at the time of purchase. Subsequent to year-end we repurchased a total of 560,150 shares for $7.8 million or an average of $13.92 per share through market close on February 22, 2011. Since the original commencement of the plan adopted July 21, 2009, we have repurchased a total of 10,518,812 shares for $143.3 million, or an average of $13.62 per share. On January 27, 2011, our Board of Directors approved an increase in the number of shares that may be repurchased under the program, resulting in 10,000,000 shares in the aggregate remaining that may be purchased under the plan.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2010

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note N. Employee Benefit Plans

Stock Purchase Plan

During the three-year period ended December 31, 2010, our eligible employees could voluntarily participate in employee stock purchase plans (“ESPPs”) sponsored by us and our subsidiaries. Pursuant to the ESPPs, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. We contribute varying amounts as specified in the ESPPs.

We contributed $11.9 million, $11.4 million, and $15.2 million to the ESPPs in the years ended December 31, 2010, 2009, and 2008, respectively, in accordance with the employer’s matching contribution.

401(k) Profit Sharing Plan

During the three-year period ended December 31, 2010, we have offered our employees the opportunity to participate in 401(k) profit sharing plans (the “401(k) Plans”), qualified voluntary contributory savings plans which are available to substantially all of our employees. Eligible employees may contribute up to 40% of their pretax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code. There was no employer match for the years ended December 31, 2010, 2009, and 2008.

Stock Option Plans

In 2005, we established the FNT 2005 Omnibus Incentive Plan (the “Omnibus Plan”) authorizing the issuance of up to 8 million shares of common stock, subject to the terms of the Omnibus Plan. On October 23, 2006, the stockholders of FNT approved an amendment to increase the number of shares available for issuance under the Omnibus Plan by 15.5 million shares. The increase was in part to provide capacity for options and restricted stock to be issued to replace Old FNF options and restricted stock. On May 29, 2008, the stockholders of FNF approved an amendment to further increase the number of shares for issuance under the Ominbus Plan by 11.0 million shares. The primary purpose of the increase was to assure that we had adequate means to provide equity incentive compensation to our employees on a going-forward basis. The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2010, there were 2,666,901 shares of restricted stock and 21,826,954 stock options outstanding under this plan. Awards granted are determined and approved by the Compensation Committee of the Board of Directors. Options vest over a 3 to 4 year period, and the exercise price for options granted equals the market price of the underlying stock on the grant date. A grant of approximately 0.8 million shares was made to various employees and directors in 2010 and vests according to certain time based and operating performance criteria. A grant of 1.5 million shares made to the Chairman in 2009 contains time based and market based criteria for vesting purposes.

Stock option transactions under the Omnibus Plan for 2008, 2009, and 2010 are as follows:


				Weighted
				Average
	Options			Exercise Price		Exercisable
Balance, December 31, 2007		18,008,834		$	14.57		9,904,089
Granted		6,162,942			7.09
Exercised		(775,092	)		6.93
Cancelled		(177,401	)		17.70

Balance, December 31, 2008		23,219,283		$	12.82		11,971,263
Granted		2,533,250			15.30
Exercised		(2,118,631	)		9.17
Cancelled		(395,256	)		14.89

Balance, December 31, 2009		23,238,646		$	13.39		14,119,807
Granted		150,000			13.65
Exercised		(933,575	)		5.10
Cancelled		(628,117	)		21.23

Balance, December 31, 2010		21,826,954		$	13.52		16,241,130

Restricted stock transactions under the Omnibus Plan in 2008, 2009, and 2010 are as follows:


				Weighted
				Average
				Grant Date
	Shares			Fair Value
Balance, December 31, 2007		2,076,052		$	16.82
Granted		1,370,358			11.46
Cancelled		(28,973	)		16.98
Vested		(1,165,137	)		19.54

Balance, December 31, 2008		2,252,300		$	12.71
Granted		1,044,000			14.06
Cancelled		(23,833	)		17.61
Vested		(1,303,927	)		17.32

Balance, December 31, 2009		1,968,540		$	13.10
Granted		1,600,820			13.73
Cancelled		(5,471	)		13.33
Vested		(896,988	)		13.92

Balance, December 31, 2010		2,666,901		$	13.20

The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2010:


	Options Outstanding								Options Exercisable
			Weighted								Weighted
			Average		Weighted						Average		Weighted
			Remaining		Average						Remaining		Average
Range of	Number of		Contractual		Exercise		Intrinsic		Number of		Contractual		Exercise		Intrinsic
Exercise Prices	Options		Life		Price		Value		Options		Life		Price		Value
							(In millions)								(In millions)
$0.00 — $7.09		6,331,397		5.38	$	6.89	$	43.0		4,332,216		5.18	$	6.80	$	29.8
$7.10 — $13.64		6,880,179		3.98		13.19		3.4		5,578,356		3.77		13.09		3.3
$13.65 — $14.06		1,129,250		5.98		14.05		—		344,430		5.98		14.06		—
$14.07 — $16.16		1,500,000		8.05		16.16		—		—		—		—		—
$16.17 — $20.60		2,691,335		2.21		17.08		—		2,691,335		2.21		17.08		—
$20.61 — $21.90		1,680,793		4.81		21.89		—		1,680,793		4.81		21.89		—
$21.91 — $23.44		1,614,000		5.96		23.42		—		1,614,000		5.96		23.42		—

		21,826,954		4.76	$	13.52	$	46.4		16,241,130		4.26	$	14.03	$	33.1

We account for stock-based compensation plans in accordance with the FASB standard on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period. Net earnings reflects stock-based compensation expense amounts of $25.1 million, $33.7 million, and $32.7 million, for the years ended December 31, 2010, 2009, and 2008, respectively, which are included in personnel costs in the reported financial results of each period.

The risk free interest rates used in the calculation of compensation cost are the rates that correspond to the weighted average expected life of an option. The volatility was estimated based on the historical volatility of FNF’s stock price over a term equal to the weighted average expected life of the options. For options granted in the years ended December 31, 2010, 2009, and 2008, we used risk free interest rates of 2.0%, 2.5%, and 2.5%, respectively; volatility factors for the expected market price of the common stock of 57%, 53%, and 40%, respectively; expected dividend yields of 5.0%, 3.9%, and 4.0%, respectively; and weighted average expected lives of 4.4 years, 4.8 years, and 5.0 years, respectively. The weighted average fair value of each option granted in the years ended December 31, 2010, 2009, and 2008, were $4.57, $5.32, and $1.87, respectively.

At December 31, 2010, the total unrecognized compensation cost related to non-vested stock option grants and restricted stock grants is $45.5 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.58 years.

Pension Plans

In connection with the Chicago Title merger, we assumed Chicago Title’s noncontributory defined contribution plan and noncontributory defined benefit pension plan (the “Pension Plan”). The Pension Plan covers certain Chicago Title employees. The benefits are based on years of service and the employee’s average monthly compensation in the highest 60 consecutive calendar months during the 120 months ending at retirement or termination. Effective December 31, 2000, the Pension Plan was frozen and there will be no future credit given for years of service or changes in salary. The accumulated benefit obligation is the same as the projected benefit obligation due to the pension plan being frozen as of December 31, 2000. Pursuant to the FASB standard on employers’ accounting for defined benefit pension and other post retirement plans, the measurement date is December 31.

The net pension liability included in accounts payable and accrued liabilities as of December 31, 2010, and 2009 is $22.0 million and $27.6 million, respectively. The discount rate used to determine the benefit obligation as of the years ending December 31, 2010 and 2009 was 5.04% and 5.61%, respectively. As of the years ending December 31, 2010 and 2009 the net benefit obligation was $158.1 million and $152.2 million, respectively, and the fair value of plan assets was $136.1 million and $124.6 million, respectively. The net periodic expense included in the results of operations relating to these plans was $7.4 million, $5.6 million, and $3.8 million for the years ending December 31, 2010, 2009, and 2008, respectively.

Postretirement and Other Nonqualified Employee Benefit Plans

We assumed certain health care and life insurance benefits for retired Chicago Title employees in connection with the Chicago Title merger. Beginning on January 1, 2001, these benefits were offered to all employees who met specific eligibility requirements. Additionally, in connection with the acquisition of the LFG Underwriters, we assumed certain of the LFG Underwriters nonqualified benefit plans, which provide various postretirement benefits to certain executives and retirees. The costs of these benefit plans are accrued during the periods the employees render service. We are both self-insured and fully insured for postretirement health care and life insurance benefit plans, and the plans are not funded. The health care plans provide for insurance benefits after retirement and are generally contributory, with contributions adjusted annually. Postretirement life insurance benefits are primarily contributory, with coverage amounts declining with increases in a retiree’s age. The aggregate benefit obligation for these plans was $26.0 million and $35.9 million at December 31, 2010 and 2009, respectively. The net (benefit) costs included in the results of operations relating to these plans were $(1.3) million, $1.7 million, and $1.5 million for the years ending December 31, 2010, 2009, and 2008, respectively.

Parent Company Financial Statements

12 Months Ended

Dec. 31, 2010

Parent Company Financial Statements [Abstarct]

Fidelity National Financial, Inc. (Parent Company Financial Statements)

BALANCE SHEETS


	December 31,
	2010			2009
	(In millions,
	except share data)
ASSETS
Cash	$	—		$	—
Investment securities available for sale, at fair value		135.1			65.8
Investment in unconsolidated affiliates		367.2			507.8
Income taxes receivable		15.7			56.5
Deferred tax assets		32.1			128.9
Investments in and amounts due from subsidiaries		3,831.6			3,455.7
Property and equipment, net		10.3			9.5
Prepaid expenses and other assets		34.1			6.3
Other intangibles, net		8.7			5.8

Total assets	$	4,434.8		$	4,236.3

LIABILITIES AND EQUITY
Liabilities:
Accounts payable and accrued liabilities	$	38.9		$	30.7
Notes payable		951.5			860.7

		990.4			891.4
Equity:
Common stock, Class A, $0.0001 par value; authorized 600,000,000 shares at December 31, 2010 and 2009; issued 252,184,269 shares and 249,713,996 shares at December 31, 2010 and 2009, respectively		—			—
Preferred stock, $0.0001 par value; authorized 50,000,000 shares, issued and outstanding, none		—			—
Additional paid-in capital		3,745.0			3,712.1
Retained earnings (deficit)		110.3			(102.4	)
Accumulated other comprehensive earnings		12.6			35.6
Less treasury stock, 28,435,980 shares and 19,496,888 shares at December 31, 2010 and December 31, 2009, respectively, at cost		(440.8	)		(319.4	)

Total equity of Fidelity National Financial, Inc. common shareholders		3,427.1			3,325.9
Noncontrolling interests		17.3			19.0

Total equity		3,444.4			3,344.9

Total liabilities and equity	$	4,434.8		$	4,236.3

See Notes to Financial Statements and Accompanying Report of Independent Registered Public Accounting Firm

STATEMENTS OF OPERATIONS AND RETAINED EARNINGS


	Year Ended December 31,
	2010			2009			2008
	(In millions, except per share data)
Revenues:
Other fees and revenue	$	4.3		$	4.6		$	3.6
Interest and investment income (loss) and realized gains (losses)		97.2			(7.2	)		14.7

Total revenues (loss)		101.5			(2.6	)		18.3

Expenses:
Personnel expenses		23.9			19.9			14.9
Other operating expenses		12.6			12.2			20.3
Interest expense		47.5			38.6			54.1

Total expenses		84.0			70.7			89.3

Earnings (loss) before income tax expense (benefit) and equity in earnings (loss) of subsidiaries		17.5			(73.3	)		(71.0	)
Income tax expense (benefit)		5.8			(22.7	)		(30.2	)

Earnings (loss) before equity in earnings (loss) of subsidiaries		11.7			(50.6	)		(40.8	)
Equity in earnings (loss) of subsidiaries		363.9			275.1			(142.4	)

Earnings (loss) before earnings (loss) attributable to noncontrolling interest		375.6			224.5			(183.2	)
Earnings (loss) attributable to noncontrolling interest		5.5			2.2			(4.2	)

Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$	370.1		$	222.3		$	(179.0	)

Basic earnings (loss) per share	$	1.64		$	0.99		$	(0.85	)

Weighted average shares outstanding, basic basis		226.2			224.7			210.0

Diluted earnings (loss) per share	$	1.61		$	0.97		$	(0.85	)

Weighted average shares outstanding, diluted basis		229.3			228.5			210.0

Retained (deficit) earnings, beginning of year	$	(102.4	)	$	(188.9	)	$	213.2
Dividends declared		(157.4	)		(135.8	)		(223.1	)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders		370.1			222.3			(179.0	)

Retained earnings (deficit), end of year	$	110.3		$	(102.4	)	$	(188.9	)

See Notes to Financial Statements and
Accompanying Report of Independent Registered Public Accounting Firm

STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2010			2009			2008
	(In millions)
Cash Flows From Operating Activities:
Net earnings (loss)	$	375.6		$	224.5		$	(183.2	)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of subsidiaries		(363.9	)		(275.1	)		142.4
Losses (gains) on sales of investments and other assets		(97.5	)		4.8			2.5
Stock-based compensation cost		25.1			33.7			32.7
Tax benefit associated with the exercise of stock options		(3.0	)		(2.4	)		(0.3	)
Net increase (decrease) in income taxes		159.1			138.3			(72.0	)
Net decrease (increase) in prepaid expenses and other assets		1.3			7.0			(9.8	)
Net increase (decrease) in accounts payable and other accrued liabilities		18.4			(6.3	)		(32.9	)

Net cash provided by (used in) operating activities		115.1			124.5			(120.6	)

Cash Flows From Investing Activities:
Net (proceeds) purchases of investments available for sale		(11.1	)		1.9			13.4
Net additions to investments in subsidiaries		—			57.5			—
Net (purchases) proceeds from short-term investing activities		(59.1	)		50.3			(89.8	)
Net (purchases) sales of property, equipment and other assets		(2.3	)		1.4			(1.3	)
Proceeds from the sale of Sedgwick CMS		193.6			—			53.9

Net cash provided by (used in) investing activities		121.1			111.1			(23.8	)

Cash Flows From Financing Activities:
Borrowings		600.0			—			170.0
Equity offering		—			331.4			—
Debt service payments		(509.2	)		(264.9	)		(120.0	)
Debt issuance costs		(2.3	)		—			—
Dividends paid		(156.6	)		(135.8	)		(223.1	)
Purchases of treasury stock		(117.6	)		(74.9	)		(45.9	)
Exercise of stock options		4.8			19.4			5.3
Tax benefit associated with the exercise of stock options		3.0			2.4			0.3
Net (payments) borrowings and dividends from subsidiaries		(58.3	)		(113.2	)		357.8

Net cash (used in) provided by financing activities		(236.2	)		(235.6	)		144.4

Net change in cash and cash equivalents		—			—			—
Cash at beginning of year		—			—			—

Cash at end of year	$	—		$	—		$	—

See Notes to Financial Statements and
See Accompanying Report of Independent Registered Public Accounting Firm

NOTES TO FINANCIAL STATEMENTS

A. Summary of Significant Accounting Policies

Fidelity National Financial, Inc. transacts substantially all of its business through its subsidiaries. The Parent Company Financial Statements should be read in connection with the aforementioned Consolidated Financial Statements and Notes thereto included elsewhere herein. Certain reclassifications have been made in the 2009 presentation to conform to the classifications used in 2010.

B. Notes Payable

Notes payable consist of the following:


	December 31,
	2010		2009
	(Dollars in millions)
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017	$	299.7	$	—
Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013		236.2		245.2
Unsecured notes, net of discount, interest payable semi-annually at 7.30%, due August 2011		165.6		165.5
Syndicated credit agreement, unsecured, unused portion of $701.2 million at December 31, 2010, composed of $6.9 million due October 2011 with interest payable monthly at LIBOR plus 0.475% (0.74% at December 31, 2010) and $243.1 million due March 2013 with interest payable monthly at LIBOR plus 1.50% (1.76% at December 31, 2010)		250.0		400.0
Subordinated note payable to LFG Liquidation Trust, interest payable annually		—		50.0

	$	951.5	$	860.7

C. Supplemental Cash Flow Information


	Year Ended December 31,
	2010		2009			2008
	(Dollars in millions)
Cash paid (received) during the year:
Interest paid	$	49.2	$	40.6		$	50.3
Income tax payments (refunds)		33.8		(2.5	)		(37.4	)

On December 22, 2008 we, along with two of our subsidiaries, Chicago Title Insurance Company and Fidelity National Title Insurance Company (“FNTIC’’), completed the acquisition of certain title insurance subsidiaries from LandAmerica Financial Group, Inc. (“LFG”). The purchase price of one of these subsidiaries, Lawyers Title Insurance Corporation (“Lawyers”), included a $50 million subordinated note from us, which was paid in full during 2010 (see note B), and $50 million of our common stock (3,176,620 shares valued at $15.74 per share at the time of closing). Immediately subsequent to the acquisition, we contributed our ownership interest in Lawyers to FNTIC.

D. Cash Dividends Received

We have received cash dividends from subsidiaries and affiliates of $0.3 billion, $0.2 billion, and $0.2 billion during the years ended December 31, 2010, 2009, and 2008, respectively.

See Accompanying Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2010	Dec. 31, 2009
Investments:
Pledged fixed maturity securities, secured trust deposits	$ 251,900,000	$ 249,500,000
Pledged fixed maturity securities, securities lending program	9,100,000	25,600,000
Pledged short-term investments, secured trust deposits	200,000	39,200,000
Pledged cash, secured trust deposits	146,200,000	96,800,000
Pledged cash, securities lending program	9,400,000	26,500,000
Trade and notes receivables, allowance	28,800,000	29,500,000
Liabilities:
Security loans, securities lending program	9,400,000	26,500,000
Equity:
Common stock, Class A, par value	$ 0.0001	$ 0.0001
Common stock, Class A, shares authorized	600,000,000	600,000,000
Common stock, Class A, shares issued	252,184,269	249,713,996
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, at cost, shares	28,435,980	19,496,888

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Comprehensive Earnings [Abstract]
Net earnings (loss)	$ 375.6	$ 224.5	$ (183.2)
Other comprehensive earnings (loss):
Unrealized (loss) gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)	(71.5)	123.4	(37.6)
Unrealized gain (loss) relating to investments in unconsolidated affiliates	7.0	(5.0)	(45.1)
Unrealized gain (loss) on foreign currency translation	0.1	11.1	(7.6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	34.5	(4.9)	33.1
Minimum pension liability adjustment	6.9	2.8	(17.9)
Other comprehensive (loss) earnings	(23.0)	127.4	(75.1)
Comprehensive earnings (loss)	352.6	351.9	(258.3)
Less: Comprehensive earnings (loss) attributable to noncontrolling interests	5.5	2.2	(4.2)
Comprehensive earnings (loss) attributable to Fidelity National Financial Inc. common shareholders	$ 347.1	$ 349.7	$ (254.1)

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2010
Acquisitions [Abstract]
Acquisitions	Note B. Acquisitions The results of operations and financial position of the entities acquired during any year are included in the Consolidated Financial Statements from and after the date of acquisition. Based on our valuation, any differences between the fair value of the identifiable assets and liabilities and the purchase price paid are recorded as goodwill. The only significant acquisitions in the three years ended December 31, 2010, were the acquisitions of certain underwriters from LandAmerica Financial Group, Inc. (“LFG”) in 2008. On December 22, 2008, we completed the acquisition of LFG’s two principal title insurance underwriters, Commonwealth Land Title Insurance Company (“Commonwealth”) and Lawyers Title Insurance Corporation (“Lawyers”), as well as United Capital Title Insurance Company (“United”) (collectively, the “LFG Underwriters”). The total purchase price for the LFG Underwriters was $258.9 million, net of cash acquired of $5.9 million, and was comprised of $153.9 million paid by two of our title insurance underwriters, Fidelity National Title Insurance Company and Chicago Title Insurance Company, a $50.0 million subordinated note, which was paid in full during 2010, $50.0 million in FNF common stock (3,176,620 shares valued at $15.74 per share at the time of closing) and $5.0 million in transaction costs.

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2010
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	Note R. Recent Accounting Pronouncements In December 2010, the FASB updated ASC Topic 805, to clarify disclosure requirements related to comparative financial statements presented as a result of a business combination. This update is effective prospectively for business combinations occurring during the first annual reporting period beginning on or after December 15, 2010. We do not expect this update to have a material impact on our financial condition or results of operations. In December 2010, the FASB updated ASC Topic 350, expanding requirements over goodwill impairment testing. Under the modified guidance, all companies must assess the existence and extent of impairment on all reporting units whose carrying amounts are zero or negative considering both quantitative and qualitative factors. This update is effective for interim and annual periods beginning after December 15, 2010. We do not expect this update to have a material impact on our financial condition or results of operations. In January 2010, the FASB updated ASC Topic 820, to require additional disclosures about fair value measurements regarding transfers between fair value categories as well as purchases, sales, issuances and settlements related to fair value measurements of financial instruments with non-observable inputs. This update is effective for interim and annual periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements of financial instruments with non-observable inputs, which are effective for years beginning after December 15, 2010. These additional disclosure requirements required for the year ended December 31, 2010 have not impacted our disclosures on fair value measurements. We do not expect the update effective for the year ending December 31, 2011 to have a material impact on our financial condition or results of operations.