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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/15/21 Fidelity National Financial, Inc. 424B2 1:1.4M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 424B2 Prospectus - Primary Offering or Shelf Securities HTML 362K
tm2127512-2_424b2 - none - 7.1562945s |
CALCULATION OF REGISTRATION FEE
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Title of Each Class of Securities to Be Registered
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Maximum
Aggregate Offering Price |
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Amount of
Registration Fee(1) |
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3.200% Senior Notes due 2051
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| | | $ | 450,000,000 | | | | | $ | 49,095 | | |
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Per Note
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Total
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Public offering price(1)
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| | | | 99.770% | | | | | $ | 448,965,000 | | |
Underwriting discount
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| | | | 0.875% | | | | | $ | 3,937,500 | | |
Proceeds, before expenses, to us
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| | | | 98.895% | | | | | $ | 445,027,500 | | |
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Page
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| | | | S-ii | | | |
| | | | S-iii | | | |
| | | | S-1 | | | |
| | | | S-2 | | | |
| | | | S-4 | | | |
| | | | S-6 | | | |
| | | | S-9 | | | |
| | | | S-10 | | | |
| | | | S-11 | | | |
| | | | S-19 | | | |
| | | | S-23 | | | |
| | | | S-29 | | | |
| | | | S-30 | | | |
| | | | S-30 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 14 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 17 | | |
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Six Months
Ended June 30, |
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Year Ended December 31,
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2020
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2020
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2019
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2018
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(dollars in millions)
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Operating Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
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| | | $ | 6,954 | | | | | $ | 4,032 | | | | | $ | 10,788 | | | | | $ | 8,469 | | | | | $ | 7,594 | | |
Expenses
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Personnel costs
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| | | | 1,702 | | | | | | 1,306 | | | | | | 2,951 | | | | | | 2,696 | | | | | | 2,538 | | |
Agent commissions
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| | | | 1,777 | | | | | | 1,158 | | | | | | 2,749 | | | | | | 2,258 | | | | | | 2,059 | | |
Other operating expenses
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| | | | 934 | | | | | | 857 | | | | | | 1,759 | | | | | | 1,681 | | | | | | 1,801 | | |
Benefits and other changes in policy reserves
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| | | | 549 | | | | | | 155 | | | | | | 866 | | | | | | — | | | | | | — | | |
Depreciation and amortization
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| | | | 288 | | | | | | 89 | | | | | | 296 | | | | | | 178 | | | | | | 182 | | |
Provision for title claim losses
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| | | | 178 | | | | | | 119 | | | | | | 283 | | | | | | 240 | | | | | | 221 | | |
Interest expense
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| | | | 56 | | | | | | 33 | | | | | | 90 | | | | | | 47 | | | | | | 43 | | |
Total expenses:
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| | | | 5,484 | | | | | | 3,717 | | | | | | 8,994 | | | | | | 7,100 | | | | | | 6,844 | | |
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates
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| | | | 1,470 | | | | | | 315 | | | | | | 1,784 | | | | | | 1,369 | | | | | | 750 | | |
Income tax expense on continuing operations
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| | | | 342 | | | | | | 61 | | | | | | 322 | | | | | | 308 | | | | | | 120 | | |
Earnings before equity in earnings of unconsolidated affiliates
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| | | | 1,128 | | | | | | 254 | | | | | | 1,462 | | | | | | 1,061 | | | | | | 630 | | |
Equity in earnings of unconsolidated affiliates
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| | | | 27 | | | | | | 2 | | | | | | 15 | | | | | | 15 | | | | | | 5 | | |
Earnings from continuing operations, net of tax
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| | | | 1,155 | | | | | | 256 | | | | | | 1,477 | | | | | | 1,076 | | | | | | 635 | | |
Earnings from discontinued operations, net of tax
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| | | | 11 | | | | | | 5 | | | | | | (25) | | | | | | — | | | | | | — | | |
Net earnings
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| | | | 1,166 | | | | | | 261 | | | | | | 1,452 | | | | | | 1,076 | | | | | | 635 | | |
Less: net earnings attributable to non-controlling interests
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| | | | 9 | | | | | | 13 | | | | | | 25 | | | | | | 14 | | | | | | 7 | | |
Net earnings attributable to FNF common shareholders
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| | | $ | 1,157 | | | | | $ | 248 | | | | | $ | 1,427 | | | | | $ | 1,062 | | | | | $ | 628 | | |
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Six Months
Ended June 30, |
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Year Ended December 31,
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2020
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2020
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2019
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2018
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(dollars in millions)
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Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments(1) | | | | $ | 38,497 | | | | | $ | 30,968 | | | | | $ | 35,047 | | | | | $ | 4,384 | | | | | $ | 3,549 | | |
Cash and cash equivalents(2)
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| | | | 3,471 | | | | | | 2,353 | | | | | | 2,719 | | | | | | 1,376 | | | | | | 1,257 | | |
Total assets
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| | | | 54,520 | | | | | | 48,001 | | | | | | 50,455 | | | | | | 10,677 | | | | | | 9,301 | | |
Notes payable
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| | | | 2,663 | | | | | | 2,430 | | | | | | 2,662 | | | | | | 838 | | | | | | 836 | | |
Reserve for title claim losses
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| | | | 1,677 | | | | | | 1,528 | | | | | | 1,623 | | | | | | 1,509 | | | | | | 1,488 | | |
Redeemable non-controlling interest by 21% minority holder of ServiceLink
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| | | | — | | | | | | 344 | | | | | | — | | | | | | 344 | | | | | | 344 | | |
Total equity
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| | | | 8,888 | | | | | | 6,349 | | | | | | 8,392 | | | | | | 5,365 | | | | | | 4,628 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Orders opened by direct title operations (in 000’s)
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| | | | 1,465 | | | | | | 1,375 | | | | | | 2,950 | | | | | | 2,066 | | | | | | 1,818 | | |
Orders closed by direct title operations (in 000’s)
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| | | | 1,165 | | | | | | 864 | | | | | | 2,052 | | | | | | 1,448 | | | | | | 1,315 | | |
Provision for title insurance claim losses as a percent of
title insurance premiums |
| | | | 4.5% | | | | | | 4.5% | | | | | | 4.5% | | | | | | 4.5% | | | | | | 4.5% | | |
Title related revenue(3): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Percentage direct operations
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| | | | 58.9% | | | | | | 61.8% | | | | | | 61.4% | | | | | | 62.6% | | | | | | 64.3% | | |
Percentage agency operations
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| | | | 41.1% | | | | | | 38.2% | | | | | | 38.6% | | | | | | 37.4% | | | | | | 35.7% | | |
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As of June 30, 2021
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Actual
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As Adjusted
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(in millions)
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Cash and cash equivalents(1)(2)
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| | | $ | 3,471 | | | | | $ | 3,915 | | |
Long-term debt: | | | | | | | | | | | | | |
4.50% Senior Notes due August 2028, net of discount
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| | | | 444 | | | | | | 444 | | |
5.50% Senior Notes due September 2022, net of discount
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| | | | 399 | | | | | | 399 | | |
3.40% Senior Notes due June 2030, net of discount
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| | | | 643 | | | | | | 643 | | |
5.50% F&G Notes due 2025
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| | | | 589 | | | | | | 589 | | |
2.450% Senior Notes due 2031, net of discount
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| | | | 593 | | | | | | 593 | | |
3.200% Senior Notes due 2051, offered hereby(3)
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| | | | — | | | | | | 450 | | |
Revolving credit agreement
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| | | | (5) | | | | | | (5) | | |
Total long-term debt
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| | | | 2,663 | | | | | | 3,113 | | |
Stockholders’ equity: | | | | | | | | | | | | | |
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of June 30, 2021; outstanding of 285,689,238 as of June 30, 2021, and issued of 323,664,713 as of June 30, 2021
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| | | | — | | | | | | — | | |
Preferred stock, $0.0001 par value; authorized 50,000,000 shares, issued and outstanding, none
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| | | | — | | | | | | — | | |
Additional paid-in capital
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| | | | 5,771 | | | | | | 5,771 | | |
Retained earnings
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| | | | 3,343 | | | | | | 3,343 | | |
Accumulated other comprehensive earnings
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| | | | 1,094 | | | | | | 1,094 | | |
Less: treasury stock, 37,975,475 shares as of June 30, 2021, at cost
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| | | | (1,362) | | | | | | (1,362) | | |
Total capitalization
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| | | $ | 11,509 | | | | | $ | 11,959 | | |
Underwriter
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Principal
Amount of Notes |
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BofA Securities, Inc.
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| | | $ | 180,000,000 | | |
J.P. Morgan Securities LLC
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| | | | 180,000,000 | | |
Citigroup Global Markets Inc.
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| | | | 22,500,000 | | |
Stephens Inc.
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| | | | 22,500,000 | | |
U.S. Bancorp Investments, Inc.
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| | | | 22,500,000 | | |
Wells Fargo Securities, LLC
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| | | | 22,500,000 | | |
Total
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| | | $ | 450,000,000 | | |
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This ‘424B2’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/17/22 | ||||
12/31/21 | 10-K, 10-K/A, 11-K, 13F-HR, 4 | |||
9/17/21 | 8-K | |||
Filed on: | 9/15/21 | |||
9/14/21 | 424B5, FWP | |||
6/30/21 | 10-Q, 13F-HR, 4 | |||
12/31/20 | 10-K, 11-K, 13F-HR, 4 | |||
6/30/20 | 10-Q, 13F-HR, 4 | |||
6/8/20 | 8-K, S-3ASR | |||
6/1/20 | 4, 425, 8-K, S-3ASR, S-8, SC 13D/A | |||
4/24/20 | 425, CORRESP, S-4/A | |||
3/31/20 | 10-Q, 13F-HR, 4 | |||
2/7/20 | 425, 8-K, SC 13D, SC 13D/A | |||
12/31/19 | 10-K, 11-K, 13F-HR, 4 | |||
12/31/18 | 10-K, 11-K, 13F-HR, 4 | |||
12/31/17 | 10-K, 10-K/A, 11-K, 13F-HR, 5 | |||
12/1/17 | ||||
11/30/17 | ||||
10/1/17 | ||||
9/30/17 | 10-Q, 13F-HR, 4 | |||
5/5/10 | 8-K | |||
1/6/06 | 8-K | |||
12/8/05 | S-4/A | |||
List all Filings |