Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001442145 | |
Entity Registrant Name | Verisk Analytics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34480 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-2994223 | |
Entity Address, Address Line One | 545 Washington Boulevard | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07310-1686 | |
City Area Code | 201 | |
Local Phone Number | 469-3000 | |
Title of 12(b) Security | Common Stock $.001 par value | |
Trading Symbol | VRSK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 162,589,797 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 221.8 | $ 184.6 |
Accounts receivable, net of allowance for doubtful accounts of $16.1 and $11.7, respectively | 433.4 | 441.6 |
Prepaid expenses | 82.3 | 60.9 |
Income taxes receivable | 26 | 25.9 |
Other current assets | 36.2 | 17.8 |
Current assets held for sale | 0 | 14.1 |
Total current assets | 799.7 | 744.9 |
Noncurrent assets: | ||
Fixed assets, net | 606.4 | 548.1 |
Operating lease right-of-use assets, net | 237.8 | 218.6 |
Intangible assets, net | 1,316.3 | 1,398.9 |
Goodwill | 3,924.9 | 3,864.3 |
Deferred income tax assets | 9.5 | 9.8 |
Other noncurrent assets | 325 | 159.8 |
Noncurrent assets held for sale | 0 | 110.8 |
Total assets | 7,219.6 | 7,055.2 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 369.3 | 375 |
Acquisition-related liabilities | 12.7 | 111.2 |
Short-term debt and current portion of long-term debt | 460.4 | 499.4 |
Deferred revenues | 531.7 | 440.1 |
Operating lease liabilities | 39.2 | 40.6 |
Income taxes payable | 9.6 | 6.8 |
Current liabilities held for sale | 0 | 18.7 |
Total current liabilities | 1,422.9 | 1,491.8 |
Noncurrent liabilities: | ||
Long-term debt | 2,698.9 | 2,651.6 |
Deferred income tax liabilities | 369.2 | 356 |
Operating lease liabilities | 240.2 | 208.1 |
Other liabilities | 67.1 | 48.8 |
Noncurrent liabilities held for sale | 0 | 38.1 |
Total liabilities | 4,798.3 | 4,794.4 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 162,751,449 and 163,161,564 shares outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 2,464.6 | 2,369.1 |
Treasury stock, at cost, 381,251,589 and 380,841,474 shares, respectively | (4,132.9) | (3,849.9) |
Retained earnings | 4,630.4 | 4,228.4 |
Accumulated other comprehensive losses | (540.9) | (486.9) |
Total stockholders’ equity | 2,421.3 | 2,260.8 |
Total liabilities and stockholders’ equity | $ 7,219.6 | $ 7,055.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 16.1 | $ 11.7 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 544,003,038 | 544,003,038 |
Common stock, shares outstanding (in shares) | 162,751,449 | 163,161,564 |
Treasury stock, shares (in shares) | 381,251,589 | 380,841,474 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 702.7 | $ 652.7 | $ 2,071.2 | $ 1,930.3 |
Operating expenses: | ||||
Cost of revenues (exclusive of items shown separately below) | 240 | 242.9 | 733.4 | 717 |
Selling, general and administrative | 96.4 | 255 | 304.8 | 478.7 |
Depreciation and amortization of fixed assets | 49.4 | 45.8 | 141.3 | 138 |
Amortization of intangible assets | 41.5 | 33.3 | 123.6 | 100.1 |
Other operating loss (income) | 0 | 6.2 | (19.4) | 6.2 |
Total operating expenses | 427.3 | 583.2 | 1,283.7 | 1,440 |
Operating income | 275.4 | 69.5 | 787.5 | 490.3 |
Other income (expense): | ||||
Investment (loss) income and others, net | (0.1) | 0.7 | (3.1) | (0.3) |
Interest expense | (35.3) | (31.3) | (102.9) | (93.7) |
Total other expense, net | (35.4) | (30.6) | (106) | (94) |
Income before income taxes | 240 | 38.9 | 681.5 | 396.3 |
Provision for income taxes | (54.2) | (6) | (145) | (78.6) |
Net income | $ 185.8 | $ 32.9 | $ 536.5 | $ 317.7 |
Basic net income per share (in dollars per share) | $ 1.14 | $ 0.20 | $ 3.30 | $ 1.94 |
Diluted net income per share (in dollars per share) | $ 1.12 | $ 0.20 | $ 3.24 | $ 1.91 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 162,502,191 | 163,580,563 | 162,589,473 | 163,617,580 |
Diluted (in shares) | 165,731,226 | 166,779,618 | 165,519,899 | 166,673,946 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 185.8 | $ 32.9 | $ 536.5 | $ 317.7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 115 | (87.3) | (57.7) | (89.7) |
Pension and postretirement liability adjustment | 1.3 | 1.1 | 3.7 | 3.2 |
Total other comprehensive income (loss) | 116.3 | (86.2) | (54) | (86.5) |
Comprehensive income (loss) | $ 302.1 | $ (53.3) | $ 482.5 | $ 231.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2018 | 544,003,038 | ||||||||||||
Balance at Dec. 31, 2018 | $ 0.1 | $ 2,283 | $ (3,563.2) | $ 3,942.6 | $ (591.9) | $ 2,070.6 | |||||||
Net income | 0 | 0 | 0 | 317.7 | 0 | 317.7 | |||||||
Common stock dividend | 0 | 0 | 0 | (123.7) | 0 | (123.7) | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (86.5) | (86.5) | |||||||
Treasury stock acquired | 0 | 0 | (200) | 0 | 0 | (200) | |||||||
Stock options exercised | 0 | 41.8 | 9.3 | 0 | 0 | 51.1 | |||||||
Restricted stock lapsed | 0 | (1.6) | 1.6 | 0 | 0 | 0 | |||||||
Stock-based compensation expense | 0 | 36.4 | 0 | 0 | 0 | 36.4 | |||||||
Net share settlement from restricted stock awards | 0 | (5.1) | 0 | 0 | 0 | (5.1) | |||||||
Other stock issuances | $ 0 | 2.8 | 0.4 | 0 | 0 | 3.2 | |||||||
Balance (in shares) at Sep. 30, 2019 | 544,003,038 | ||||||||||||
Balance at Sep. 30, 2019 | $ 0.1 | 2,357.3 | (3,751.9) | 4,136.6 | (678.4) | 2,063.7 | |||||||
Balance (in shares) at Jun. 30, 2019 | 544,003,038 | ||||||||||||
Balance at Jun. 30, 2019 | $ 0.1 | 2,336.9 | (3,679.4) | 4,145.3 | (592.2) | 2,210.7 | |||||||
Net income | 0 | 0 | 0 | 32.9 | 0 | 32.9 | |||||||
Common stock dividend | [1] | 0 | 0 | 0 | (41.6) | 0 | (41.6) | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (86.2) | (86.2) | |||||||
Treasury stock acquired | 0 | 0 | (75) | 0 | 0 | (75) | |||||||
Stock options exercised | 0 | 10.6 | 2.4 | 0 | 0 | 13 | |||||||
Restricted stock lapsed | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation expense | 0 | 8.8 | 0 | 0 | 0 | 8.8 | |||||||
Net share settlement from restricted stock awards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other stock issuances | $ 0 | 1 | 0.1 | 0 | 0 | 1.1 | |||||||
Balance (in shares) at Sep. 30, 2019 | 544,003,038 | ||||||||||||
Balance at Sep. 30, 2019 | $ 0.1 | 2,357.3 | (3,751.9) | 4,136.6 | (678.4) | 2,063.7 | |||||||
Balance (in shares) at Dec. 31, 2019 | 544,003,038 | ||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (2.4) | $ 0 | $ (2.4) | $ 0.1 | 2,369.1 | (3,849.9) | 4,228.4 | (486.9) | 2,260.8 | |
Net income | 0 | 0 | 0 | 536.5 | 0 | 536.5 | |||||||
Common stock dividend | 0 | 0 | 0 | (132.1) | 0 | (132.1) | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (54) | (54) | |||||||
Treasury stock acquired | 0 | 0 | (298.8) | 0 | 0 | (298.8) | |||||||
Stock options exercised | 0 | 57.9 | 13.9 | 0 | 0 | 71.8 | |||||||
Restricted stock lapsed | 0 | (1.5) | 1.5 | 0 | 0 | 0 | |||||||
Stock-based compensation expense | 0 | 39.1 | 0 | 0 | 0 | 39.1 | |||||||
Net share settlement from restricted stock awards | 0 | (3.5) | 0 | 0 | 0 | (3.5) | |||||||
Other stock issuances | $ 0 | 3.5 | 0.4 | 0 | 0 | 3.9 | |||||||
Balance (in shares) at Sep. 30, 2020 | 544,003,038 | ||||||||||||
Balance at Sep. 30, 2020 | $ 0.1 | 2,464.6 | (4,132.9) | 4,630.4 | (540.9) | 2,421.3 | |||||||
Balance (in shares) at Jun. 30, 2020 | 544,003,038 | ||||||||||||
Balance at Jun. 30, 2020 | $ 0.1 | 2,432.8 | (4,088.4) | 4,488.8 | (657.2) | 2,176.1 | |||||||
Net income | 0 | 0 | 0 | 185.8 | 0 | 185.8 | |||||||
Common stock dividend | [1] | 0 | 0 | 0 | (44.2) | 0 | (44.2) | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 116.3 | 116.3 | |||||||
Treasury stock acquired | 0 | 0 | (50) | 0 | 0 | (50) | |||||||
Stock options exercised | 0 | 20.7 | 5.3 | 0 | 0 | 26 | |||||||
Restricted stock lapsed | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Stock-based compensation expense | 0 | 10 | 0 | 0 | 0 | 10 | |||||||
Net share settlement from restricted stock awards | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Other stock issuances | $ 0 | 1.1 | 0.2 | 0 | 0 | 1.3 | |||||||
Balance (in shares) at Sep. 30, 2020 | 544,003,038 | ||||||||||||
Balance at Sep. 30, 2020 | $ 0.1 | $ 2,464.6 | $ (4,132.9) | $ 4,630.4 | $ (540.9) | $ 2,421.3 | |||||||
[1] | Refer to Note 10. Stockholders' Equity for discussion related to quarterly cash dividends declared per share |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity Option [Member] | ||||
Shares transferred from treasury stock (in shares) | 492,135 | 252,172 | 1,308,469 | 970,348 |
Restricted Stock [Member] | ||||
Shares transferred from treasury stock (in shares) | 1,721 | 1,636 | 137,811 | 163,989 |
Treasury stock acquired, shares (in shares) | 276,290 | 490,716 | 1,892,187 | 1,488,779 |
Net share settlement (in shares) | 288 | 240 | 25,187 | 37,875 |
Other stock issuances, shares (in shares) | 13,637 | 13,657 | 35,792 | 35,562 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||||
Net income | $ 185.8 | $ 32.9 | $ 536.5 | $ 317.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization of fixed assets | 49.4 | 45.8 | 141.3 | 138 |
Amortization of intangible assets | 41.5 | 33.3 | 123.6 | 100.1 |
Amortization of debt issuance costs and original issue discount, net of original issue premium | 0.5 | 1.6 | 1.3 | 3.5 |
Provision for doubtful accounts | 1.4 | 1.8 | 6.8 | 5.1 |
Loss (gain) on sale of assets | 0 | 6.2 | (19.4) | 6.2 |
Stock-based compensation | 10 | 8.8 | 39.1 | 36.4 |
Realized gain on available-for-sale securities, net | 0 | (0.1) | 0 | (0.7) |
Deferred income taxes | 12.4 | (27.4) | 10.9 | (27.4) |
Loss on disposal of fixed assets, net | 0.1 | 0 | 0.5 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ||||
Accounts receivable | 26.8 | 35.2 | (3.6) | (54.5) |
Prepaid expenses and other assets | (8.3) | (9.2) | (62.1) | (19.9) |
Operating lease right-of-use assets, net | 9.3 | 9.9 | 28.6 | 28.5 |
Income taxes | (63.3) | 2.7 | 3.3 | 13.9 |
Acquisition-related liabilities | (0.1) | 44.9 | (63.4) | 40.5 |
Accounts payable and accrued liabilities | 39.3 | 138.7 | (12.1) | 152.7 |
Deferred revenues | (90.5) | (95.3) | 94.3 | 71.5 |
Operating lease liabilities | (8.7) | (8.7) | (16.6) | (27.2) |
Other liabilities | 1.5 | (7.5) | 10.2 | (4.5) |
Net cash provided by operating activities | 207.1 | 213.6 | 819.2 | 779.9 |
Cash flows from investing activities: | ||||
Acquisitions, net of cash acquired of $5.2 and $3.1 and $5.2 and $6.8, respectively | (151.9) | (40.4) | (151.9) | (109.5) |
Escrow funding associated with acquisitions | (8) | (4.5) | (8) | (4.5) |
Proceeds from sale of assets | 0 | 0 | 23.1 | 0 |
Purchase of investments in a nonpublic company | 0 | 0 | (63.8) | 0 |
Capital expenditures | (64.8) | (60.7) | (174.4) | (152.8) |
Other investing activities, net | 5.7 | (0.8) | 10.3 | (7.7) |
Net cash used in investing activities | (219) | (106.4) | (364.7) | (274.5) |
Cash flows from financing activities: | ||||
Repayments of short-term debt, net | 0 | (60) | (495) | (405) |
Proceeds from issuance of short-term debt with original maturities greater than three months | 0 | 0 | 20 | 0 |
Repayments of short-term debt with original maturities greater than three months | 0 | 0 | (20) | 0 |
Repayments of current portion of long-term debt | 0 | 0 | 0 | (250) |
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount | 0 | 221.8 | 494.8 | 619.7 |
Payment of debt issuance costs | (0.1) | (1.2) | (5.7) | (5.3) |
Repurchases of common stock | (50) | (75) | (298.8) | (200) |
Proceeds from stock options exercised | 26 | 13.5 | 68.3 | 45.8 |
Net share settlement from restricted stock awards | 0 | 0 | (3.5) | (5.1) |
Dividends paid | (43.9) | (40.8) | (131.8) | (122.7) |
Payment of contingent liability related to acquisitions | 0 | 0 | (34.2) | 0 |
Other financing activities, net | (8.5) | (6.9) | (13) | (12.2) |
Net cash (used in) provided by financing activities | (76.5) | 51.4 | (418.9) | (334.8) |
Effect of exchange rate changes | 0.8 | (0.1) | 1.3 | 1.7 |
(Decrease) increase in cash and cash equivalents | (87.6) | 158.5 | 36.9 | 172.3 |
Cash and cash equivalents classified within current assets held for sale, beginning of period | 0 | 0 | 0.3 | 0 |
Cash and cash equivalents, beginning of period | 309.4 | 153.3 | 184.6 | 139.5 |
Cash and cash equivalents, end of period | 221.8 | 311.8 | 221.8 | 311.8 |
Supplemental disclosures: | ||||
Income taxes paid | 107.1 | 37.5 | 132.8 | 98.9 |
Interest paid | 19.2 | 16.5 | 82.9 | 77.1 |
Noncash investing and financing activities: | ||||
Debt issuance costs included in accounts payable and accrued liabilities | 0.1 | 1.3 | 0 | 1.3 |
Deferred tax liability established on date of acquisition | 1.8 | 2.9 | 1.8 | 2.8 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 0 | 0 | 247.6 |
Finance lease obligations | 23.8 | 9.8 | 25.4 | 19.2 |
Operating lease additions, net of terminations | 2.3 | 2 | 47.5 | 3.3 |
Tenant improvements included in Operating lease right-of-use assets, net | 0.1 | 0.9 | 0.1 | 1.6 |
Fixed assets included in accounts payable and accrued liabilities | 1.1 | 0.5 | 1.1 | 0.5 |
Dividend payable included in other liabilities | 0.1 | 0.8 | 0.5 | 1 |
Gain on sale of assets included in other current and long-term assets | 0 | 0 | 3.5 | 0 |
Held for sale assets contributed to a nonpublic company | $ 0 | $ 0 | $ 65.9 | $ 0 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net cash acquired from acquisitions | $ 5.2 | $ 3.1 | $ 5.2 | $ 6.8 |
Note 1 - Organization
Note 1 - Organization | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Verisk Analytics, Inc. and its consolidated subsidiaries (“Verisk” or the “Company”) is a data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using various technologies to collect and analyze billions of records, Verisk draws on numerous data assets and domain expertise to provide first Verisk was established to serve as the parent holding company of Insurance Services Office, Inc. (“ISO”) upon completion of the initial public offering (“IPO”), which occurred on October 9, 2009. 1971 Since January 2020 2019 19” 19. not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”). The preparation of financial statements in conformity with these accounting principles requires management 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 financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill, the realization of deferred tax assets and liabilities, acquisition related liabilities, fair value of stock-based compensation for stock options granted, and assets and liabilities for pension and postretirement benefits. Actual results may The condensed consolidated financial statements as of September 30, 2020 three nine September 30, 2020 2019 three nine September 30, 2020 not three nine September 30, 2020 10 December 31, 2019 2019 2020 Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Financial Instruments—Credit Losses (Topic 326 June 2016, No. 2016 13, 326" Topic 326 first The Company adopted these amendments on January 1, 2020. Refer to the accompanying condensed consolidated statements of changes in stockholders' equity for the adjustment of the opening retained earnings and Note 4. Reference Rate Reform (Topic 848 March 2020, No. 2020 04, No. 2020 04" The amendment in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment in this update applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendment does not December 31, 2022, December 31, 2022, The amendment in this update is effective for all entities as of March 12, 2020 December 31, 2022. The Company adopted this amendment on March 12, 2020. no nine September 30, 2020. December 2021. |
Note 3 - Revenues
Note 3 - Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Disaggregated revenues by type of service and by country are provided below for the three nine September 30, 2020 2019 No of the U.S. accounted for 10.0% three nine September 30, 2020 2019 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Insurance: Underwriting & rating $ 347.9 $ 312.5 $ 1,035.5 $ 933.1 Claims 150.7 156.5 438.9 460.4 Total Insurance 498.6 469.0 1,474.4 1,393.5 Energy and Specialized Markets 163.8 140.3 478.2 406.1 Financial Services 40.3 43.4 118.6 130.7 Total revenues $ 702.7 $ 652.7 $ 2,071.2 $ 1,930.3 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: U.S. $ 537.6 $ 515.9 $ 1,584.2 $ 1,489.8 U.K. 46.2 42.0 136.0 130.5 Other countries 118.9 94.8 351.0 310.0 Total revenues $ 702.7 $ 652.7 $ 2,071.2 $ 1,930.3 Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of September 30, 2020 December 31, 2019 no September 30, 2020 December 31, 2019 bilities of $533.8 mi December 31, 2019 September 30, 2020 of $405.6 m fset by $315.0 m nine September 30, 2020 September 30, 2020 December 31, 2019 The Company’s most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Revenues expected to be recognized in the future related to performance obligations, included within deferred revenues and other liabilities, that are unsatisfied were $533.8 443.2 September 30, 2020 December 31, 2019 may one approximately 98% and 99% of t September 30, 2020 December 31, 2019 The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects the benefits of those costs to be longer than one September 30, 2020 December 31, 2019 $71.0 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Certain assets and liabilities of the Company are reported at fair value in the accompanying condensed consolidated balance sheets. To increase consistency and comparability of assets and liabilities recorded at fair value, Accounting Standards Codification ("ASC") 820 10, Fair Value Measurements 820 10” three 820 10 820 10, Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. Level 2 Assets or liabilities valued based on observable market data for similar instruments. Level 3 Assets or liabilities for which significant valuation assumptions are not The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term debt approximate their carrying amounts because of the short-term nature of these instruments. The investments in registered investment companies, which are Level 1 ere $3.7 m September 30, 2020 December 31, 2019 three nine September 30, 2020 The Company elected not September 30, 2020 December 31, 2019 2020 2019 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Current portion of long-term debt and long-term debt excluding finance lease liabilities and syndicated revolving credit facility debt issuance costs Level 2 $ 3,140.4 $ 3,642.2 $ 2,650.4 $ 2,902.2 On February 1, 2020, September 30, 2020 vestment of $129.7 m 820 10. third three nine September 30, 2020 Note 7 As of September 30, 2020 December 31, 2019 whic 323 10 25, The Equity Method of Accounting for Investments in Common Stock 323 10 25" not September 30, 2020 December 31, 2019 rship of $14.9 million a $13.1 million, respectiv 323 10 25 three nine September 30, 2020 |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. The Company has operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. one fourteen twenty one The following table presents lease cost, cash paid for amounts included in the measurement of lease liabilities, ROU assets obtained, weighted-average remaining lease terms, and weighted-average discount rates for finance and operating leases for the three nine September 30, 2020 2019 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease cost: Operating lease cost (1) $ 13.4 $ 11.8 $ 38.7 $ 35.9 Finance lease costs Depreciation of finance lease assets (2) 3.1 4.0 6.2 10.1 Interest on finance lease liabilities (3) 0.2 0.4 0.5 1.2 Total lease cost $ 16.7 $ 16.2 $ 45.4 $ 47.2 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (13.4 ) $ (10.8 ) $ (39.0 ) $ (34.4 ) Operating cash outflows from finance leases $ (0.2 ) $ (0.4 ) $ (0.5 ) $ (1.2 ) Financing cash outflows from finance leases $ (8.6 ) $ (6.9 ) $ (13.0 ) $ (11.4 ) Weighted-average remaining lease term in years - operating leases 9.3 9.5 9.3 9.5 Weighted-average remaining lease term in years - finance leases 2.6 2.8 2.6 2.8 Weighted-average discount rate - operating leases 4.1 % 3.9 % 4.1 % 3.9 % Weighted-average discount rate - finance leases 4.0 % 4.5 % 4.0 % 4.5 % _______________ ( 1 ( 2 ( 3 The ROU assets and lease liabilities for finance le ases were $29.1 m September 30, 2020 December 31, 2019 Note 10 Maturities of lease liabilities for the remainder of 2020 2025 September 30, 2020 Years Ending Operating Leases Finance Leases 2020 $ 13.1 $ 0.7 2021 47.6 11.3 2022 43.4 9.7 2023 38.3 0.2 2024 29.1 — 2025 and thereafter 170.3 — Total lease payments 341.8 21.9 Less: Amount representing interest (62.4 ) (1.3 ) Present value of total lease payments $ 279.4 $ 20.6 |
Note 6 - Acquisitions
Note 6 - Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. 2020 On September 9, 2020, nco Signor LLC ("Franco Signor"), for a net cash purchase price of $159.9 million, of which $8.0 million represents indemnity escrows. Franco Signor is a Medicare Secondary Payer compliance solutions provider to large employers, insurers and third Franco Signor has become part of the claim The preliminary purchase price allocation of the 2020 Franco Signor Cash and cash equivalents (1) $ 10.9 Accounts receivable 2.6 Other current assets 0.5 Fixed assets 0.5 Operating lease right-of-use assets, net 1.5 Intangible assets 59.2 Goodwill 99.9 Other assets 8.0 Total assets acquired 183.1 Current liabilities (1) (6.4 ) Deferred revenues (0.4 ) Operating lease liabilities (1.4 ) Deferred income tax, net (1.8 ) Other liabilities (8.0 ) Total liabilities assumed (18.0 ) Net assets acquired 165.1 Cash and cash equivalents (10.9 ) Restricted cash (1) 5.7 Cash acquired (5.2 ) Net cash purchase price $ 159.9 _______________ ( 1 Within cash and cash equivalents, there is $5.7 million of restricted cash related to Franco Signor's professional administrative services for Medicare Set Asides, with an offsetting liability of $5.7 million included within current liabilities. The preliminary amounts assigned to intangible assets by type for the 2020 Weighted Average Useful Life in Years Total Technology 6 $ 2.1 Marketing 5 1.2 Customer 11 55.9 Total intangible assets $ 59.2 The preliminary allocations of the purchase price for the 2020 2019 may not one not is not The preliminary amounts assigned to intangible assets by type for these acquisitions were based upon the Company's valuation model and historical experiences with entities with similar business characteristics. For the nine September 30, 2020, during the measurement periods in accordance with ASC 805, Business Combinations not three nine September 30, 2020 2019. For the three nine September 30, 2020, 2020 three nine September 30, 2019, The acquisition of Franco Signor was immaterial to the Company's condensed consolidated financial statements for the three nine September 30, 2020 2019, not Acquisition Escrows and Related Liabilities Pursuant to the related acquisition agreements, the Company has funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the applicable acquisition date. At September 30, 2020 December 31, 2019, The acquisitions of Power Advocate, Inc., Healix International Holdings Limited, Emergence Network Intelligence Limited, Validus-IVC Limited, Arium Limited, and Rebmark Legal Solutions Limited include acquisition related contingencies, for which the sellers of these acquisitions could receive additional payments by achieving the specific predetermined revenue, EBITDA, and EBITDA margin earn-out targets for exceptional performance. The Company believes that the liabilities recorded as of September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019, nine September 30, 2020. September 30, 2020 December 31, 2019. |
Note 7 - Dispositions
Note 7 - Dispositions | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. In the third 2019, three nine September 30, 2019. In the fourth 2019 December 31, 2019 On February 1, 2020, third not not 820 10. no nine September 30, 2020 On February 14, 2020, nine September 30, 2020 In the first 2020, March 1, 2020. nine September 30, 2020 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. The following is a summary of the change in goodwill from December 31, 2019 September 30, 2020 Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2019 $ 998.8 $ 2,389.5 $ 476.0 $ 3,864.3 Current year acquisition 99.9 — — 99.9 Purchase accounting reclassifications 3.1 (1.2 ) (0.2 ) 1.7 Current period adjustment (1) 21.4 (19.5 ) — 1.9 Foreign currency translation (9.6 ) (32.9 ) (0.4 ) (42.9 ) Goodwill at September 30, 2020 $ 1,113.6 $ 2,335.9 $ 475.4 $ 3,924.9 _____________ ( 1 Note 14 Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, may not not June 30, 2020, no three September 30, 2020 June 30, 2020 The Company’s intangible assets and related accumulated amortization consisted of the following: Weighted Average Useful Life in Years Cost Accumulated Amortization Net September 30, 2020 Technology 7 $ 519.8 $ (330.2 ) $ 189.6 Marketing 16 261.6 (105.4 ) 156.2 Contract 6 5.0 (5.0 ) — Customer 13 947.8 (328.2 ) 619.6 Database 19 475.4 (124.5 ) 350.9 Total intangible assets $ 2,209.6 $ (893.3 ) $ 1,316.3 December 31, 2019 Technology 7 $ 519.2 $ (291.9 ) $ 227.3 Marketing 16 265.3 (94.3 ) 171.0 Contract 6 5.0 (5.0 ) — Customer 13 901.2 (278.0 ) 623.2 Database 19 484.6 (107.2 ) 377.4 Total intangible assets $ 2,175.3 $ (776.4 ) $ 1,398.9 Amortization expense related to intangible assets for the three September 30, 2020 2019 nine September 30, 2020 2019 2020 2025 Year Amount 2020 $42.3 2021 158.4 2022 146.8 2023 134.7 2024 129.9 2025 and thereafter 704.2 $ 1,316.3 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The Company’s effective tax rate for the three nine September 30, 2020 was 22.6% and 21.3% compared to the effective tax rate for the three nine September 30, 2019 of 15.5% and 19.8%. The effective tax rate for the three September 30, 2020 was higher than the September 30, 2019 effective tax rate primarily due to lower impact of tax benefits from equity compensation in the current period versus the prior period, the deferred tax impact of the tax rate increase in the United Kingdom that took place and was recorded in the current period, and favorable audit settlement benefits recognized in the prior period. These increases were partially offset by lower nondeductible earn-out expenses in the current period versus the prior period. The effective tax rate for the nine months ended September 30, 2020 was higher than the September 30, 2019 effective tax rate primarily due to the deferred tax impact of the tax rate increase in the United Kingdom that took place in and was recorded in the current period, favorable audit settlement benefits recognized in the prior period, and the tax expense recorded in the current period in connection with the Company’s disposition of its aerial imagery sourcing business resulting from differences in the book and tax basis of the assets and entities disposed of. These increases were partially offset by lower nondeductible earn-out expenses in the current period versus the prior period. The difference between statutory tax rates and the Company’s effective tax rate is primarily due to tax benefits attributable to equity compensation, offset by additional state and local taxes. |
Note 10 - Debt
Note 10 - Debt | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The following table presents short-term and long-term debt by issuance as of September 30, 2020 December 31, 2019 Issuance Date Maturity Date 2020 2019 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 495.0 Senior notes: 5.800 0.3 4/6/2011 5/1/2021 449.7 — Finance lease liabilities (1) Various Various 10.7 4.4 Short-term debt and current portion of long-term debt 460.4 499.4 Long-term debt: Senior notes: 3.625 10.9 5/13/2020 5/15/2050 489.1 — 4.125 12.8 13.9 3/6/2019 3/15/2029 612.8 613.9 4.000 5.7 6.7 5/15/2015 6/15/2025 894.3 893.3 5.500 4.3 4.5 5/15/2015 6/15/2045 345.7 345.5 4.125 1.2 1.6 9/12/2012 9/12/2022 348.8 348.4 5.800 0.7 4/6/2011 5/1/2021 — 449.3 Finance lease liabilities (1) Various Various 9.9 3.3 Syndicated revolving credit facility debt issuance costs Various Various (1.7 ) (2.1 ) Long-term debt 2,698.9 2,651.6 Total debt $ 3,159.3 $ 3,151.0 _______________ ( 1 Note 5 On May 8, 2020, 2050 "2050 2050 May 15, 2050 3.625% 2050 May 15th November 15th November 15, 2020. 2050 2050 2050 2050 September 30, 2020 December 31, 2019 al amount of $3,150.0 millio As of September 30, 2020 may September 30, 2020 September 30, 2020 December 31, 2019 ity was $994.8 mil , net of the letters of credit of $5.2 mi |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. The Company has 2,000,000,000 shares of authorized common stock as of September 30, 2020 December 31, 2019 The Company has 80,000,000 shares of authorized preferred stock, par value $0.001 per share. The preferred shares have preferential rights over the common shares with respect to dividends and net distribution upon liquidation. The Company did not September 30, 2020 September 30, 2020 December 31, 2019 On February 12, 2020, April 29, 2020 July 29, 2020, March 13, 2020, June 15, 2020 September 15, 2020, March 31, 2020, June 30, 2020 September 30, 2020 The Company paid a cash dividend of $40.9 million, $41.0 million and $ million on March 29, 2019, June 28, 2019 September 30, 2019 March 15, 2019, June 14, 2019 September 13, 2019, Share Repurchase Program Since May 2010, February 12, 2020. 2010, September 30, 2020 no 2013 "2013 2009 “2009 no may In December 2019, March 2020 June 2020, 815 40, Contracts in Entity's Own Equity 815 40" zero January 2, 2020, April 1, 2020 July 1, 2020, February 2020, June 2020 September 2020, nine September 30, 2020 nine September 30, 2020 During the nine September 30, 2020 Treasury Stock As of September 30, 2020 nine September 30, 2020 Earnings Per Share Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding, using the treasury stock method, if the dilutive potential common shares, including vested and nonvested stock options, nonvested restricted stock awards, nonvested restricted stock units, nonvested performance awards consisting of performance share units (“PSU”), and nonvested deferred stock units, had been issued. The following is a presentation of the numerators and denominators of the basic and diluted EPS computations for the three nine September 30, 2020 2019 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator used in basic and diluted EPS: Net income $ 185.8 $ 32.9 $ 536.5 $ 317.7 Denominator: Weighted average number of common shares used in basic EPS 162,502,191 163,580,563 162,589,473 163,617,580 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 3,229,035 3,199,055 2,930,426 3,056,366 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 165,731,226 166,779,618 165,519,899 166,673,946 The potential shares of common stock that were excluded from diluted EPS were 40,741 and 870,606 for the three September 30, 2020 2019 nine September 30, 2020 2019 Accumulated Other Comprehensive Losses The following is a summary of accumulated other comprehensive losses as of September 30, 2020 December 31, 2019 2020 2019 Foreign currency translation adjustment $ (457.8 ) $ (400.1 ) Pension and postretirement adjustment, net of tax (83.1 ) (86.8 ) Accumulated other comprehensive losses $ (540.9 ) $ (486.9 ) The before tax and after tax amounts of other comprehensive income (loss) for the three nine September 30, 2020 2019 Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended September 30, 2020 Foreign currency translation adjustment $ 115.0 $ — $ 115.0 Pension and postretirement adjustment before reclassifications 3.5 (0.8 ) 2.7 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.8 ) 0.4 (1.4 ) Pension and postretirement adjustment 1.7 (0.4 ) 1.3 Total other comprehensive income $ 116.7 $ (0.4 ) $ 116.3 For the Three Months Ended September 30, 2019 Foreign currency translation adjustment $ (87.3 ) $ — $ (87.3 ) Pension and postretirement adjustment before reclassifications 2.0 (0.3 ) 1.7 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.8 ) 0.2 (0.6 ) Pension and postretirement adjustment 1.2 (0.1 ) 1.1 Total other comprehensive loss $ (86.1 ) $ (0.1 ) $ (86.2 ) Before Tax Tax (Expense) Benefit After Tax For the Nine Months Ended September 30, 2020 Foreign currency translation adjustment $ (57.7 ) $ — $ (57.7 ) Pension and postretirement adjustment before reclassifications 9.7 (2.3 ) 7.4 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (4.9 ) 1.2 (3.7 ) Pension and postretirement adjustment 4.8 (1.1 ) 3.7 Total other comprehensive loss $ (52.9 ) $ (1.1 ) $ (54.0 ) For the Nine Months Ended September 30, 2019 Foreign currency translation adjustment $ (89.7 ) $ — $ (89.7 ) Pension and postretirement adjustment before reclassifications 7.7 (1.6 ) 6.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (3.8 ) 0.9 (2.9 ) Pension and postretirement adjustment 3.9 (0.7 ) 3.2 Total other comprehensive loss $ (85.8 ) $ (0.7 ) $ (86.5 ) _______________ ( 1 These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in the accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 13 |
Note 12 - Equity Compensation P
Note 12 - Equity Compensation Plans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. All of the Company’s outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under the 2013 2009 2013 may one 2013 September 30, 2020 e were 3,099,195 2013 nine September 30, 2020 2019 The Company grants equity awards to key employees of the Company. The nonqualified stock options have an exercise price equal to the adjusted closing price of the Company’s common stock on the grant date, with a ten not three may four On January 15, 2020, 882,749 four four 50,736 three July 1, 2020, one twelve A summary of the status of the stock options, restricted stock, and PSUs awarded under the 2013 December 31, 2019 September 30, 2020 Stock Option Restricted Stock PSU Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2019 6,432,814 $ 79.51 $ 449.2 428,729 $ 107.96 93,960 $ 158.50 Granted 924,810 $ 158.94 159,328 $ 159.30 50,736 $ 192.93 Dividend reinvestment — $ — — $ — 713 N/A Exercised or lapsed (1,308,469 ) $ 54.86 $ 148.4 (169,101 ) $ 99.91 — Canceled, expired or forfeited (114,597 ) $ 123.00 (20,341 ) $ 121.60 — Outstanding at September 30, 2020 5,934,558 $ 96.48 $ 527.2 398,615 $ 130.77 145,409 $ 170.75 Exercisable at September 30, 2020 3,799,648 $ 75.69 $ 416.5 Exercisable at December 31, 2019 4,175,855 $ 65.05 $ 352.0 Nonvested at September 30, 2020 2,134,910 398,615 145,409 Expected to vest at September 30, 2020 1,880,444 351,554 269,001 (1) ( 1 Includes estimated performance achievement The fair value of the stock options granted was estimated using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table for the nine September 30, 2020 2019 2020 2019 Option pricing model Black-Scholes Black-Scholes Expected volatility 18.41 % 18.76 % Risk-free interest rate 1.53 % 2.27 % Expected term in years 4.3 4.4 Dividend yield 0.71 % 0.80 % Weighted average grant date fair value per stock option $25.77 $24.09 The expected term for the stock options granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no zero Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the adjusted closing price of Verisk common stock as of the reporting date. Excess tax benefits from exercised stock options were recorded as income tax benefit in the condensed consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and restricted stock lapsed in excess of compensation recognized for financial reporting purposes. The weighted average remaining contractual terms were 6.1 September 30, 2020 For the nine s ended September 30, 2020 , there was $94.3 million of total unrecognized compensation costs, exclusive of the impact of vesting upon retirement eligibility, related to nonvested stock-based compensation arrangements granted under the 2013 ye nine September 30, 2020 2019 nine September 30, 2020 2019 $ 17.1 m nine September 30, 2020 2019 The Company’s UK Sharesave Plan offers qualifying employees in the United Kingdom the opportunity to own shares of the Company’s common stock. Employees who elect to participate are granted stock options, of which the exercise price is equal to the adjusted closing price of the Company’s common stock on the grant date discounted by 5%, and enter into a savings contract, the proceeds of which are then used to exercise the options upon the three nine September 30, 2020 2019 September 30, 2020 ere 453,866 s hares of common stock r The Company’s ESPP offers eligible employees the opportunity to purchase shares of the Company’s common stock at a discount of its fair market value at the time of purchase. During the nine September 30, 2020 2019 y issued 25,312 and 23,321 share e of $155.14 and $ September 30, 2020 |
Note 13 - Pension and Postretir
Note 13 - Pension and Postretirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. The Company maintains a frozen qualified defined benefit pension plan for certain of its employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. The Company also applies a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. The Company also has a frozen non-qualified supplemental cash balance plan (“SERP”) for certain employees. The SERP is funded from the general assets of the Company. During the first 2020 December 31, 2019 The Company also provides certain healthcare and life insurance benefits to certain qualifying active and retired employees. The Postretirement Health and Life Insurance Plan (the “Postretirement Plan”), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage. The components of net periodic (benefit) cost for the three nine September 30, Pension Plan and SERP Postretirement Plan For the Three Months Ended September 30, 2020 2019 2020 2019 Interest cost $ 2.9 $ 3.4 $ — $ — Expected return on plan assets (7.9 ) (7.1 ) (0.1 ) — Amortization of net actuarial loss 1.7 0.7 0.1 0.1 Net periodic (benefit) cost $ (3.3 ) $ (3.0 ) $ — $ 0.1 Employer contributions, net $ 0.2 $ 0.2 $ 0.1 $ (0.1 ) Pension Plan and SERP Postretirement Plan For the Nine Months Ended September 30, 2020 2019 2020 2019 Interest cost $ 9.8 $ 11.8 $ 0.1 $ 0.2 Expected return on plan assets (22.3 ) (22.6 ) (0.2 ) (0.1 ) Amortization of prior service cost (credit) 0.1 0.1 (0.1 ) (0.1 ) Amortization of net actuarial loss 4.6 3.5 0.3 0.3 Net periodic (benefit) cost $ (7.8 ) $ (7.2 ) $ 0.1 $ 0.3 Employer contributions, net $ 0.6 $ 0.6 $ 0.9 $ (0.4 ) The expected contributions to the Pension Plan, SERP and Postretirement Plan for the year ending December 31, 2020 December 31, 2019 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. ASC 280 10, Disclosures About Segments of an Enterprise and Related Information 280 10” 280 10 280 10. Each of the reportable segments, Insurance, Energy and Specialized Markets, and Financial Services has a portion of its revenue from more than one three Insurance: first 2020 first 2020 not Energy and Specialized Markets: Financial Services: The three third not not not Note 3 The following tables provide the Company’s revenue and EBITDA by reportable segment for the three nine September 30, 2020 2019 For the Three Months Ended September 30, 2020 September 30, 2019 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 498.6 $ 163.8 $ 40.3 $ 702.7 $ 469.0 $ 140.3 $ 43.4 $ 652.7 Expenses: Cost of revenues (exclusive of items shown separately below) (151.0 ) (64.5 ) (24.5 ) (240.0 ) (160.7 ) (57.9 ) (24.3 ) (242.9 ) Selling, general and administrative (55.8 ) (36.2 ) (4.4 ) (96.4 ) (196.7 ) (53.5 ) (4.8 ) (255.0 ) Other operating (loss) income — — — — — — (6.2 ) (6.2 ) Investment (loss) income and others, net (0.3 ) (0.1 ) 0.3 (0.1 ) (0.5 ) 1.2 — 0.7 EBITDA $ 291.5 $ 63.0 $ 11.7 366.2 $ 111.1 $ 30.1 $ 8.1 149.3 Depreciation and amortization of fixed assets (49.4 ) (45.8 ) Amortization of intangible assets (41.5 ) (33.3 ) Interest expense (35.3 ) (31.3 ) Income before income taxes $ 240.0 $ 38.9 For the Nine Months Ended September 30, 2020 September 30, 2019 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,474.4 $ 478.2 $ 118.6 $ 2,071.2 $ 1,393.5 $ 406.1 $ 130.7 $ 1,930.3 Expenses: Cost of revenues (exclusive of items shown separately below) (461.7 ) (200.9 ) (70.8 ) (733.4 ) (474.0 ) (169.8 ) (73.2 ) (717.0 ) Selling, general and administrative (180.8 ) (110.5 ) (13.5 ) (304.8 ) (333.8 ) (129.2 ) (15.7 ) (478.7 ) Other operating (loss) income 15.9 — 3.5 19.4 — — (6.2 ) (6.2 ) Investment (loss) income and others, net (1.6 ) (1.3 ) (0.2 ) (3.1 ) (0.6 ) 0.5 (0.2 ) (0.3 ) EBITDA $ 846.2 $ 165.5 $ 37.6 1,049.3 $ 585.1 $ 107.6 $ 35.4 728.1 Depreciation and amortization of fixed assets (141.3 ) (138.0 ) Amortization of intangible assets (123.6 ) (100.1 ) Interest expense (102.9 ) (93.7 ) Income before income taxes $ 681.5 $ 396.3 Long-lived assets by country are provided below: September 30, 2020 December 31, 2019 Long-lived assets: U.S. $ 3,395.3 $ 3,162.5 U.K. 2,574.2 2,685.3 Other countries 450.4 462.5 Total long-lived assets $ 6,419.9 $ 6,310.3 |
Note 15 - Related Parties
Note 15 - Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. The Company considers its stockholders that own more than 5.0% 850, Related Party Disclosures September 30, 2020 December 31, 2019 5.0% |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. The Company is a party to legal proceedings with respect to a variety of matters in the ordinary course of business, including the matters described below. With respect to ongoing matters, the Company is unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to ongoing matters or the impact these matters may Xactware Solutions, Inc. Patent Litigation On October 8, 2015, seven 8,078,436 "436 8,170,840 "840 8,209,152 "152 8,542,880 "880 8,818,770 "770 8,823,732 "732 8,825,454 "454 November 30, 2015, 9,129,376 "376 9,135,737 "737 May 19, 2017, 880 732 436, 840, 152, 770, 454, 376 737 152 737 five six September 25, 2019, six September 26, 2019 October 18, 2019, September 9, 2020, October 8, 2020. three nine September 30, 2019. not $125.0 ERISA Litigation On September 24, 2020, No. 2:20 13223 401 September 24, 2014 not not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. In September 2020, October 1, 2020, December 2020, may Note 11 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Financial Instruments—Credit Losses (Topic 326 June 2016, No. 2016 13, 326" Topic 326 first The Company adopted these amendments on January 1, 2020. Refer to the accompanying condensed consolidated statements of changes in stockholders' equity for the adjustment of the opening retained earnings and Note 4. Reference Rate Reform (Topic 848 March 2020, No. 2020 04, No. 2020 04" The amendment in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendment in this update applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendment does not December 31, 2022, December 31, 2022, The amendment in this update is effective for all entities as of March 12, 2020 December 31, 2022. The Company adopted this amendment on March 12, 2020. no nine September 30, 2020. December 2021. |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Insurance: Underwriting & rating $ 347.9 $ 312.5 $ 1,035.5 $ 933.1 Claims 150.7 156.5 438.9 460.4 Total Insurance 498.6 469.0 1,474.4 1,393.5 Energy and Specialized Markets 163.8 140.3 478.2 406.1 Financial Services 40.3 43.4 118.6 130.7 Total revenues $ 702.7 $ 652.7 $ 2,071.2 $ 1,930.3 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues: U.S. $ 537.6 $ 515.9 $ 1,584.2 $ 1,489.8 U.K. 46.2 42.0 136.0 130.5 Other countries 118.9 94.8 351.0 310.0 Total revenues $ 702.7 $ 652.7 $ 2,071.2 $ 1,930.3 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2020 2019 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Current portion of long-term debt and long-term debt excluding finance lease liabilities and syndicated revolving credit facility debt issuance costs Level 2 $ 3,140.4 $ 3,642.2 $ 2,650.4 $ 2,902.2 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease cost: Operating lease cost (1) $ 13.4 $ 11.8 $ 38.7 $ 35.9 Finance lease costs Depreciation of finance lease assets (2) 3.1 4.0 6.2 10.1 Interest on finance lease liabilities (3) 0.2 0.4 0.5 1.2 Total lease cost $ 16.7 $ 16.2 $ 45.4 $ 47.2 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (13.4 ) $ (10.8 ) $ (39.0 ) $ (34.4 ) Operating cash outflows from finance leases $ (0.2 ) $ (0.4 ) $ (0.5 ) $ (1.2 ) Financing cash outflows from finance leases $ (8.6 ) $ (6.9 ) $ (13.0 ) $ (11.4 ) Weighted-average remaining lease term in years - operating leases 9.3 9.5 9.3 9.5 Weighted-average remaining lease term in years - finance leases 2.6 2.8 2.6 2.8 Weighted-average discount rate - operating leases 4.1 % 3.9 % 4.1 % 3.9 % Weighted-average discount rate - finance leases 4.0 % 4.5 % 4.0 % 4.5 % |
Lessee, Lease Liability Maturity [Table Text Block] | September 30, 2020 Years Ending Operating Leases Finance Leases 2020 $ 13.1 $ 0.7 2021 47.6 11.3 2022 43.4 9.7 2023 38.3 0.2 2024 29.1 — 2025 and thereafter 170.3 — Total lease payments 341.8 21.9 Less: Amount representing interest (62.4 ) (1.3 ) Present value of total lease payments $ 279.4 $ 20.6 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Franco Signor Cash and cash equivalents (1) $ 10.9 Accounts receivable 2.6 Other current assets 0.5 Fixed assets 0.5 Operating lease right-of-use assets, net 1.5 Intangible assets 59.2 Goodwill 99.9 Other assets 8.0 Total assets acquired 183.1 Current liabilities (1) (6.4 ) Deferred revenues (0.4 ) Operating lease liabilities (1.4 ) Deferred income tax, net (1.8 ) Other liabilities (8.0 ) Total liabilities assumed (18.0 ) Net assets acquired 165.1 Cash and cash equivalents (10.9 ) Restricted cash (1) 5.7 Cash acquired (5.2 ) Net cash purchase price $ 159.9 Weighted Average Useful Life in Years Total Technology 6 $ 2.1 Marketing 5 1.2 Customer 11 55.9 Total intangible assets $ 59.2 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2019 $ 998.8 $ 2,389.5 $ 476.0 $ 3,864.3 Current year acquisition 99.9 — — 99.9 Purchase accounting reclassifications 3.1 (1.2 ) (0.2 ) 1.7 Current period adjustment (1) 21.4 (19.5 ) — 1.9 Foreign currency translation (9.6 ) (32.9 ) (0.4 ) (42.9 ) Goodwill at September 30, 2020 $ 1,113.6 $ 2,335.9 $ 475.4 $ 3,924.9 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Useful Life in Years Cost Accumulated Amortization Net September 30, 2020 Technology 7 $ 519.8 $ (330.2 ) $ 189.6 Marketing 16 261.6 (105.4 ) 156.2 Contract 6 5.0 (5.0 ) — Customer 13 947.8 (328.2 ) 619.6 Database 19 475.4 (124.5 ) 350.9 Total intangible assets $ 2,209.6 $ (893.3 ) $ 1,316.3 December 31, 2019 Technology 7 $ 519.2 $ (291.9 ) $ 227.3 Marketing 16 265.3 (94.3 ) 171.0 Contract 6 5.0 (5.0 ) — Customer 13 901.2 (278.0 ) 623.2 Database 19 484.6 (107.2 ) 377.4 Total intangible assets $ 2,175.3 $ (776.4 ) $ 1,398.9 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2020 $42.3 2021 158.4 2022 146.8 2023 134.7 2024 129.9 2025 and thereafter 704.2 $ 1,316.3 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Issuance Date Maturity Date 2020 2019 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 495.0 Senior notes: 5.800 0.3 4/6/2011 5/1/2021 449.7 — Finance lease liabilities (1) Various Various 10.7 4.4 Short-term debt and current portion of long-term debt 460.4 499.4 Long-term debt: Senior notes: 3.625 10.9 5/13/2020 5/15/2050 489.1 — 4.125 12.8 13.9 3/6/2019 3/15/2029 612.8 613.9 4.000 5.7 6.7 5/15/2015 6/15/2025 894.3 893.3 5.500 4.3 4.5 5/15/2015 6/15/2045 345.7 345.5 4.125 1.2 1.6 9/12/2012 9/12/2022 348.8 348.4 5.800 0.7 4/6/2011 5/1/2021 — 449.3 Finance lease liabilities (1) Various Various 9.9 3.3 Syndicated revolving credit facility debt issuance costs Various Various (1.7 ) (2.1 ) Long-term debt 2,698.9 2,651.6 Total debt $ 3,159.3 $ 3,151.0 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator used in basic and diluted EPS: Net income $ 185.8 $ 32.9 $ 536.5 $ 317.7 Denominator: Weighted average number of common shares used in basic EPS 162,502,191 163,580,563 162,589,473 163,617,580 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 3,229,035 3,199,055 2,930,426 3,056,366 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 165,731,226 166,779,618 165,519,899 166,673,946 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 Foreign currency translation adjustment $ (457.8 ) $ (400.1 ) Pension and postretirement adjustment, net of tax (83.1 ) (86.8 ) Accumulated other comprehensive losses $ (540.9 ) $ (486.9 ) |
Comprehensive Income (Loss) [Table Text Block] | Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended September 30, 2020 Foreign currency translation adjustment $ 115.0 $ — $ 115.0 Pension and postretirement adjustment before reclassifications 3.5 (0.8 ) 2.7 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.8 ) 0.4 (1.4 ) Pension and postretirement adjustment 1.7 (0.4 ) 1.3 Total other comprehensive income $ 116.7 $ (0.4 ) $ 116.3 For the Three Months Ended September 30, 2019 Foreign currency translation adjustment $ (87.3 ) $ — $ (87.3 ) Pension and postretirement adjustment before reclassifications 2.0 (0.3 ) 1.7 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.8 ) 0.2 (0.6 ) Pension and postretirement adjustment 1.2 (0.1 ) 1.1 Total other comprehensive loss $ (86.1 ) $ (0.1 ) $ (86.2 ) Before Tax Tax (Expense) Benefit After Tax For the Nine Months Ended September 30, 2020 Foreign currency translation adjustment $ (57.7 ) $ — $ (57.7 ) Pension and postretirement adjustment before reclassifications 9.7 (2.3 ) 7.4 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (4.9 ) 1.2 (3.7 ) Pension and postretirement adjustment 4.8 (1.1 ) 3.7 Total other comprehensive loss $ (52.9 ) $ (1.1 ) $ (54.0 ) For the Nine Months Ended September 30, 2019 Foreign currency translation adjustment $ (89.7 ) $ — $ (89.7 ) Pension and postretirement adjustment before reclassifications 7.7 (1.6 ) 6.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (3.8 ) 0.9 (2.9 ) Pension and postretirement adjustment 3.9 (0.7 ) 3.2 Total other comprehensive loss $ (85.8 ) $ (0.7 ) $ (86.5 ) |
Note 12 - Equity Compensation_2
Note 12 - Equity Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Restricted Stock PSU Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2019 6,432,814 $ 79.51 $ 449.2 428,729 $ 107.96 93,960 $ 158.50 Granted 924,810 $ 158.94 159,328 $ 159.30 50,736 $ 192.93 Dividend reinvestment — $ — — $ — 713 N/A Exercised or lapsed (1,308,469 ) $ 54.86 $ 148.4 (169,101 ) $ 99.91 — Canceled, expired or forfeited (114,597 ) $ 123.00 (20,341 ) $ 121.60 — Outstanding at September 30, 2020 5,934,558 $ 96.48 $ 527.2 398,615 $ 130.77 145,409 $ 170.75 Exercisable at September 30, 2020 3,799,648 $ 75.69 $ 416.5 Exercisable at December 31, 2019 4,175,855 $ 65.05 $ 352.0 Nonvested at September 30, 2020 2,134,910 398,615 145,409 Expected to vest at September 30, 2020 1,880,444 351,554 269,001 (1) |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 Option pricing model Black-Scholes Black-Scholes Expected volatility 18.41 % 18.76 % Risk-free interest rate 1.53 % 2.27 % Expected term in years 4.3 4.4 Dividend yield 0.71 % 0.80 % Weighted average grant date fair value per stock option $25.77 $24.09 |
Note 13 - Pension and Postret_2
Note 13 - Pension and Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan and SERP Postretirement Plan For the Three Months Ended September 30, 2020 2019 2020 2019 Interest cost $ 2.9 $ 3.4 $ — $ — Expected return on plan assets (7.9 ) (7.1 ) (0.1 ) — Amortization of net actuarial loss 1.7 0.7 0.1 0.1 Net periodic (benefit) cost $ (3.3 ) $ (3.0 ) $ — $ 0.1 Employer contributions, net $ 0.2 $ 0.2 $ 0.1 $ (0.1 ) Pension Plan and SERP Postretirement Plan For the Nine Months Ended September 30, 2020 2019 2020 2019 Interest cost $ 9.8 $ 11.8 $ 0.1 $ 0.2 Expected return on plan assets (22.3 ) (22.6 ) (0.2 ) (0.1 ) Amortization of prior service cost (credit) 0.1 0.1 (0.1 ) (0.1 ) Amortization of net actuarial loss 4.6 3.5 0.3 0.3 Net periodic (benefit) cost $ (7.8 ) $ (7.2 ) $ 0.1 $ 0.3 Employer contributions, net $ 0.6 $ 0.6 $ 0.9 $ (0.4 ) |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended September 30, 2020 September 30, 2019 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 498.6 $ 163.8 $ 40.3 $ 702.7 $ 469.0 $ 140.3 $ 43.4 $ 652.7 Expenses: Cost of revenues (exclusive of items shown separately below) (151.0 ) (64.5 ) (24.5 ) (240.0 ) (160.7 ) (57.9 ) (24.3 ) (242.9 ) Selling, general and administrative (55.8 ) (36.2 ) (4.4 ) (96.4 ) (196.7 ) (53.5 ) (4.8 ) (255.0 ) Other operating (loss) income — — — — — — (6.2 ) (6.2 ) Investment (loss) income and others, net (0.3 ) (0.1 ) 0.3 (0.1 ) (0.5 ) 1.2 — 0.7 EBITDA $ 291.5 $ 63.0 $ 11.7 366.2 $ 111.1 $ 30.1 $ 8.1 149.3 Depreciation and amortization of fixed assets (49.4 ) (45.8 ) Amortization of intangible assets (41.5 ) (33.3 ) Interest expense (35.3 ) (31.3 ) Income before income taxes $ 240.0 $ 38.9 For the Nine Months Ended September 30, 2020 September 30, 2019 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,474.4 $ 478.2 $ 118.6 $ 2,071.2 $ 1,393.5 $ 406.1 $ 130.7 $ 1,930.3 Expenses: Cost of revenues (exclusive of items shown separately below) (461.7 ) (200.9 ) (70.8 ) (733.4 ) (474.0 ) (169.8 ) (73.2 ) (717.0 ) Selling, general and administrative (180.8 ) (110.5 ) (13.5 ) (304.8 ) (333.8 ) (129.2 ) (15.7 ) (478.7 ) Other operating (loss) income 15.9 — 3.5 19.4 — — (6.2 ) (6.2 ) Investment (loss) income and others, net (1.6 ) (1.3 ) (0.2 ) (3.1 ) (0.6 ) 0.5 (0.2 ) (0.3 ) EBITDA $ 846.2 $ 165.5 $ 37.6 1,049.3 $ 585.1 $ 107.6 $ 35.4 728.1 Depreciation and amortization of fixed assets (141.3 ) (138.0 ) Amortization of intangible assets (123.6 ) (100.1 ) Interest expense (102.9 ) (93.7 ) Income before income taxes $ 681.5 $ 396.3 |
Long-lived Assets by Geographic Areas [Table Text Block] | September 30, 2020 December 31, 2019 Long-lived assets: U.S. $ 3,395.3 $ 3,162.5 U.K. 2,574.2 2,685.3 Other countries 450.4 462.5 Total long-lived assets $ 6,419.9 $ 6,310.3 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Revenue, Remaining Performance Obligation, Amount | $ 533.8 | $ 443.2 |
Increase (Decrease) in Contract Liabilities | 90.6 | |
Contract With Customer Liability, Billings Paid in Advance | 405.6 | |
Contract with Customer, Liability, Revenue Recognized | $ 315 | |
Revenue Remaining Performance Obligation, Current Percentage | 98.00% | 99.00% |
Contract with Customer, Liability, Noncurrent | $ 71 | $ 63.7 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregated Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 702.7 | $ 652.7 | $ 2,071.2 | $ 1,930.3 |
UNITED STATES | ||||
Revenues | 537.6 | 515.9 | 1,584.2 | 1,489.8 |
UNITED KINGDOM | ||||
Revenues | 46.2 | 42 | 136 | 130.5 |
Other Countries [Member] | ||||
Revenues | 118.9 | 94.8 | 351 | 310 |
Insurance [Member] | ||||
Revenues | 498.6 | 469 | 1,474.4 | 1,393.5 |
Insurance [Member] | Underwriting and Rating [Member] | ||||
Revenues | 347.9 | 312.5 | 1,035.5 | 933.1 |
Insurance [Member] | Claims [Member] | ||||
Revenues | 150.7 | 156.5 | 438.9 | 460.4 |
Energy and Specialized Markets [Member] | ||||
Revenues | 163.8 | 140.3 | 478.2 | 406.1 |
Financial Services [Member] | ||||
Revenues | $ 40.3 | $ 43.4 | $ 118.6 | $ 130.7 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Payments to Acquire Investments, Total | $ 0 | $ 0 | $ 63,800 | $ 0 | ||
Investment in Limited Partnership Member] | ||||||
Provision for Credit Loss on Investments | 0 | 0 | ||||
Equity Method Investments | 14,900 | 14,900 | $ 13,100 | |||
Cost Based Investments [Member] | ||||||
Investments, Total | 14,000 | 14,000 | 14,000 | |||
Vexcel Group, Inc. [Member] | ||||||
Payments to Acquire Investments, Total | $ 63,800 | |||||
Equity Securities Without Readily Determinable Fair Value, Percentage | 35.00% | |||||
Equity Securities without Readily Determinable Fair Value, Amount | 129,700 | 129,700 | ||||
Provision for Credit Loss on Investments | 0 | 0 | ||||
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||||
Investments, Fair Value Disclosure, Total | $ 3,700 | $ 3,700 | $ 3,600 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Current portion of long-term debt and long-term debt excluding finance lease liabilities and syndicated revolving credit facility debt issuance costs | $ 3,140.4 | $ 2,650.4 |
Estimate of Fair Value Measurement [Member] | ||
Current portion of long-term debt and long-term debt excluding finance lease liabilities and syndicated revolving credit facility debt issuance costs | $ 3,642.2 | $ 2,902.2 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Option to Extend (Year) | 20 years | |
Lessee, Lease, Option to Terminate (Year) | 1 year | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 29.1 | $ 9.9 |
Finance Lease, Liability, Total | $ 20.6 | $ 7.7 |
Minimum [Member] | ||
Lessee, Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Term of Contract (Year) | 14 years |
Note 5 - Leases - Lease Cost an
Note 5 - Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Operating lease cost (1) | [1] | $ 13.4 | $ 11.8 | $ 38.7 | $ 35.9 |
Depreciation of finance lease assets (2) | [2] | 3.1 | 4 | 6.2 | 10.1 |
Interest on finance lease liabilities (3) | [3] | 0.2 | 0.4 | 0.5 | 1.2 |
Total lease cost | 16.7 | 16.2 | 45.4 | 47.2 | |
Operating cash outflows from operating leases | (13.4) | (10.8) | (39) | (34.4) | |
Operating cash outflows from finance leases | (0.2) | (0.4) | (0.5) | (1.2) | |
Financing cash outflows from finance leases | $ (8.6) | $ (6.9) | $ (13) | $ (11.4) | |
Weighted-average remaining lease term in years - operating leases (Year) | 9 years 3 months 18 days | 9 years 6 months | 9 years 3 months 18 days | 9 years 6 months | |
Weighted-average remaining lease term in years - finance leases (Year) | 2 years 7 months 6 days | 2 years 9 months 18 days | 2 years 7 months 6 days | 2 years 9 months 18 days | |
Weighted-average discount rate - operating leases | 4.10% | 3.90% | 4.10% | 3.90% | |
Weighted-average discount rate - finance leases | 4.00% | 4.50% | 4.00% | 4.50% | |
[1] | Included in "Cost of revenues" and "Selling, general and administrative" expenses in the accompanying condensed consolidated statements of operations | ||||
[2] | Included in "Depreciation and amortization of fixed assets" in the accompanying condensed consolidated statements of operations | ||||
[3] | Included in "Interest expense" in the accompanying condensed consolidated statements of operations |
Note 5 - Leases - Maturities (D
Note 5 - Leases - Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
2020, operating leases | $ 13.1 | |
2020, finance leases | 0.7 | |
2021, operating leases | 47.6 | |
2021, finance leases | 11.3 | |
2022, operating leases | 43.4 | |
2022, finance leases | 9.7 | |
2023, operating leases | 38.3 | |
2023, finance leases | 0.2 | |
2024, operating leases | 29.1 | |
2024, finance leases | 0 | |
2025 and thereafter, operating leases | 170.3 | |
2025 and thereafter, finance leases | 0 | |
Total lease payments, operating leases | 341.8 | |
Total lease payments, finance leases | 21.9 | |
Less: Amount representing interest, operating leases | (62.4) | |
Less: Amount representing interest, finance leases | (1.3) | |
Present value of total lease payments, operating leases | 279.4 | |
Present value of total lease payments, finance leases | $ 20.6 | $ 7.7 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Millions | Sep. 09, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Escrow Deposit | $ 16.8 | $ 16.8 | $ 10.5 | ||||
Goodwill, Ending Balance | 3,924.9 | 3,924.9 | 3,864.3 | ||||
Current Portion of Escrow | 1.7 | 1.7 | 0.5 | ||||
Payment for Contingent Consideration Liability, Financing Activities | 0 | $ 0 | 34.2 | $ 0 | |||
Franco Signor [Member] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Business Combination, Consideration Transferred, Total | $ 159.9 | ||||||
Escrow Deposit | 8 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | [1] | 5.7 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Offsetting Liability Included Within Current Liabilities | 5.7 | ||||||
Goodwill, Ending Balance | 99.9 | ||||||
Business Acquisition, Goodwill Non-tax Deductible, Amount | $ 22.8 | ||||||
Business Combination, Acquisition Related Costs | 0.5 | 0.5 | |||||
The 2019 Acquisitions [Member] | |||||||
Business Combination, Acquisition Related Costs | $ 0.3 | $ 1.6 | |||||
Healix International Holdings Limited and Rebmark Legal Solutions Limited [Member] | |||||||
Business Combination, Contingent Consideration, Liability, Current | 12.6 | 12.6 | 111.2 | ||||
Payment for Contingent Consideration Liability, Financing Activities | 98.6 | ||||||
Business Combination, Acquisition Related Liability, Current | $ 0.2 | $ 0.2 | $ 0.2 | ||||
[1] | Within cash and cash equivalents, there is $5.7 million of restricted cash related to Franco Signor's professional administrative services for Medicare Set Asides, with an offsetting liability of $5.7 million included within current liabilities. |
Note 6 - Acquisitions - Assets
Note 6 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 09, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill, Ending Balance | $ 3,924.9 | $ 3,924.9 | $ 3,864.3 | ||||
Cash acquired | (5.2) | $ (3.1) | (5.2) | $ (6.8) | |||
Net cash purchase price | $ (151.9) | $ (40.4) | (151.9) | $ (109.5) | |||
Total intangible assets | $ 59.2 | ||||||
Technology [Member] | |||||||
Weighted average useful life (Year) | 6 years | ||||||
Total intangible assets | $ 2.1 | ||||||
Marketing [Member] | |||||||
Weighted average useful life (Year) | 5 years | ||||||
Total intangible assets | $ 1.2 | ||||||
Customer [Member] | |||||||
Weighted average useful life (Year) | 11 years | ||||||
Total intangible assets | $ 55.9 | ||||||
Franco Signor [Member] | |||||||
Cash and cash equivalents (1) | [1] | $ 10.9 | |||||
Accounts receivable | 2.6 | ||||||
Other current assets | 0.5 | ||||||
Fixed assets | 0.5 | ||||||
Operating lease right-of-use assets, net | 1.5 | ||||||
Intangible assets | 59.2 | ||||||
Goodwill, Ending Balance | 99.9 | ||||||
Other assets | 8 | ||||||
Total assets acquired | 183.1 | ||||||
Current liabilities (1) | [1] | (6.4) | |||||
Deferred revenues | (0.4) | ||||||
Operating lease liabilities | (1.4) | ||||||
Deferred income tax, net | (1.8) | ||||||
Other liabilities | (8) | ||||||
Total liabilities assumed | (18) | ||||||
Net assets acquired | 165.1 | ||||||
Cash and cash equivalents | [1] | (10.9) | |||||
Restricted cash (1) | [1] | 5.7 | |||||
Cash acquired | (5.2) | ||||||
Net cash purchase price | $ (159.9) | ||||||
[1] | Within cash and cash equivalents, there is $5.7 million of restricted cash related to Franco Signor's professional administrative services for Medicare Set Asides, with an offsetting liability of $5.7 million included within current liabilities. |
Note 7 - Dispositions (Details
Note 7 - Dispositions (Details Textual) - USD ($) $ in Millions | Mar. 01, 2020 | Feb. 14, 2020 | Feb. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Payments to Acquire Investments, Total | $ 0 | $ 0 | $ 63.8 | $ 0 | |||
Background Screening Business [Member] | |||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 23.1 | ||||||
Vexcel Group, Inc. [Member] | |||||||
Payments to Acquire Investments, Total | $ 63.8 | ||||||
Equity Securities Without Readily Determinable Fair Value, Percentage | 35.00% | ||||||
Other Operating Income (Expense) [Member] | Background Screening Business [Member] | |||||||
Gain (Loss) on Disposition of Business | $ 15.9 | ||||||
Other Operating Income (Expense) [Member] | Financial Services Segment [Member] | |||||||
Gain (Loss) on Disposition of Business | $ 3.5 | ||||||
Retail Analytics Solutions [Member] | |||||||
Proceeds from Divestiture of Businesses | 2 | ||||||
Disposal Group, Not Discontinued Operation, Contingent and Indemnity Escrow | 0.4 | ||||||
Retail Analytics Solutions [Member] | Other Operating Income (Expense) [Member] | |||||||
Gain (Loss) on Disposition of Business | $ (6.2) |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Goodwill, Period Increase (Decrease), Total | [1] | $ 1,900 | ||||
Goodwill, Impairment Loss | $ 0 | |||||
Amortization of Intangible Assets, Total | $ 41,500 | $ 33,300 | 123,600 | $ 100,100 | ||
Energy and Specialized Markets [Member] | ||||||
Goodwill, Period Increase (Decrease), Total | [1] | $ (19,500) | ||||
[1] | Of which $19.5 million relates to a segment reclassification, refer to Note 13. Segment Reporting |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Goodwill | $ 3,864.3 | |
Current year acquisition | 99.9 | |
Purchase accounting reclassifications | 1.7 | |
Current period adjustment (1) | 1.9 | [1] |
Foreign currency translation | (42.9) | |
Goodwill | 3,924.9 | |
Insurance [Member] | ||
Goodwill | 998.8 | |
Current year acquisition | 99.9 | |
Purchase accounting reclassifications | 3.1 | |
Current period adjustment (1) | 21.4 | [1] |
Foreign currency translation | (9.6) | |
Goodwill | 1,113.6 | |
Energy and Specialized Markets [Member] | ||
Goodwill | 2,389.5 | |
Current year acquisition | 0 | |
Purchase accounting reclassifications | (1.2) | |
Current period adjustment (1) | (19.5) | [1] |
Foreign currency translation | (32.9) | |
Goodwill | 2,335.9 | |
Financial Services [Member] | ||
Goodwill | 476 | |
Current year acquisition | 0 | |
Purchase accounting reclassifications | (0.2) | |
Current period adjustment (1) | 0 | [1] |
Foreign currency translation | (0.4) | |
Goodwill | $ 475.4 | |
[1] | Of which $19.5 million relates to a segment reclassification, refer to Note 13. Segment Reporting |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Cost | $ 2,209.6 | $ 2,175.3 |
Accumulated amortization | (893.3) | (776.4) |
Net | $ 1,316.3 | $ 1,398.9 |
Technology [Member] | ||
Weighted average useful life (Year) | 7 years | 7 years |
Cost | $ 519.8 | $ 519.2 |
Accumulated amortization | (330.2) | (291.9) |
Net | $ 189.6 | $ 227.3 |
Marketing [Member] | ||
Weighted average useful life (Year) | 16 years | 16 years |
Cost | $ 261.6 | $ 265.3 |
Accumulated amortization | (105.4) | (94.3) |
Net | $ 156.2 | $ 171 |
Contract-based [Member] | ||
Weighted average useful life (Year) | 6 years | 6 years |
Cost | $ 5 | $ 5 |
Accumulated amortization | (5) | (5) |
Net | $ 0 | $ 0 |
Customer [Member] | ||
Weighted average useful life (Year) | 13 years | 13 years |
Cost | $ 947.8 | $ 901.2 |
Accumulated amortization | (328.2) | (278) |
Net | $ 619.6 | $ 623.2 |
Database [Member] | ||
Weighted average useful life (Year) | 19 years | 19 years |
Cost | $ 475.4 | $ 484.6 |
Accumulated amortization | (124.5) | (107.2) |
Net | $ 350.9 | $ 377.4 |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
2020 | $ 42.3 | |
2021 | 158.4 | |
2022 | 146.8 | |
2023 | 134.7 | |
2024 | 129.9 | |
2025 and thereafter | 704.2 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 1,316.3 | $ 1,398.9 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.60% | 15.50% | 21.30% | 19.80% |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | May 08, 2020 | Dec. 31, 2019 |
Long-term Debt, Gross | $ 3,150 | $ 2,650 | |
Letters of Credit Outstanding, Amount | 5.2 | 4.8 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 994.8 | $ 500.2 | |
The 3.625% Senior Note [Member] | |||
Debt Instrument, Face Amount | $ 500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |
Debt Instrument, Unamortized Discount, Total | $ 5.2 | ||
Debt Issuance Costs, Net, Total | $ 5.7 |
Note 10 - Debt - Short-term and
Note 10 - Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Finance lease liabilities, current | [1] | $ 10.7 | $ 4.4 |
Short-term debt and current portion of long-term debt | 460.4 | 499.4 | |
Finance lease liabilities, noncurrent | [1] | 9.9 | 3.3 |
Syndicated revolving credit facility debt issuance costs | (1.7) | (2.1) | |
Long-term debt | 2,698.9 | 2,651.6 | |
Total debt | 3,159.3 | 3,151 | |
The 5.800% Senior Note [Member] | |||
Short-term borrowings | 449.7 | 0 | |
Long-term debt | 0 | 449.3 | |
The 3.625% Senior Note [Member] | |||
Long-term debt | 489.1 | 0 | |
The 4.125% Senior Note [Member] | |||
Long-term debt | 612.8 | 613.9 | |
The 4.000% Senior Note [Member] | |||
Long-term debt | 894.3 | 893.3 | |
The 5.500% Senior Note [Member] | |||
Long-term debt | 345.7 | 345.5 | |
The 4.125% Senior Note Maturing September 12, 2022 [Member] | |||
Long-term debt | 348.8 | 348.4 | |
Line of Credit [Member] | |||
Syndicated revolving credit facility | $ 0 | $ 495 | |
[1] | Refer to Note 5. Leases |
Note 10 - Debt - Short-term a_2
Note 10 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2020 | May 08, 2020 | Dec. 31, 2019 |
The 5.800% Senior Note [Member] | |||
Interest rate | 5.80% | 5.80% | |
Unamortized discount | $ 0.3 | $ 0.7 | |
The 3.625% Senior Note [Member] | |||
Interest rate | 3.625% | 3.625% | |
Unamortized discount | $ 5.2 | ||
Unamortized premium | $ 10.9 | ||
The 4.125% Senior Note [Member] | |||
Interest rate | 4.125% | 4.125% | |
Unamortized premium | $ 12.8 | $ 13.9 | |
The 4.000% Senior Note [Member] | |||
Interest rate | 4.00% | 4.00% | |
Unamortized discount | $ 5.7 | $ 6.7 | |
The 5.500% Senior Note [Member] | |||
Interest rate | 5.50% | 5.50% | |
Unamortized discount | $ 4.3 | $ 4.5 | |
The 4.125% Senior Note Maturing September 12, 2022 [Member] | |||
Interest rate | 4.125% | 4.125% | |
Unamortized discount | $ 1.2 | $ 1.6 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Sep. 15, 2020 | Jul. 29, 2020 | Jul. 01, 2020 | Jun. 15, 2020 | Apr. 29, 2020 | Apr. 01, 2020 | Mar. 31, 2020 | Feb. 12, 2020 | Jan. 02, 2020 | Sep. 30, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jul. 30, 2020 |
Common Stock, Shares Authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 80,000,000 | 80,000,000 | 80,000,000 | |||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | 0 | |||||||||||||||||||
Share Price (in dollars per share) | $ 185.31 | $ 148.61 | $ 185.31 | $ 185.31 | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.25 | $ 0.25 | $ 0.25 | ||||||||||||||||
Payments of Dividends, Total | $ 43.9 | $ 44 | $ 43.9 | $ 40.8 | $ 41 | $ 40.9 | $ 43.9 | $ 40.8 | $ 131.8 | $ 122.7 | ||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 1,076,565 | |||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50 | $ 75 | $ 298.8 | $ 200 | ||||||||||||||||||
Treasury Stock, Shares, Ending Balance (in shares) | 381,251,589 | 380,841,474 | 381,251,589 | 381,251,589 | ||||||||||||||||||
Common Stock Reissued (in shares) | 1,482,072 | |||||||||||||||||||||
Common Stock, Weighted Average Price (in dollars per share) | $ 10.61 | $ 10.61 | $ 10.61 | |||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 40,741 | 870,606 | 675,324 | 606,100 | ||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
May 2010 Share Repurchase Program [Member] | Common Stock [Member] | ||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,800 | |||||||||||||||||||||
February 2020 Share Repurchase Program [Member] | Common Stock [Member] | ||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 500 | |||||||||||||||||||||
Share Repurchase Programs [Member] | ||||||||||||||||||||||
Treasury Stock, Cumulative Value Acquired, Cost Method | $ 3,471.2 | 3,471.2 | 3,471.2 | |||||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 328.8 | $ 328.8 | $ 328.8 | |||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 1,892,187 | |||||||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 298.8 | |||||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 157.90 | |||||||||||||||||||||
December 2019 Share Repurchase Program [Member] | ||||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 267,845 | 40,901 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 149.34 | |||||||||||||||||||||
March 2020 Share Repurchase Program [Member] | ||||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 75 | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 235,018 | 430,477 | 61,052 | |||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 139.38 | |||||||||||||||||||||
June 2020 Share Repurchase Program [Member] | ||||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | $ 50 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 41,272 | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 170.20 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 185.8 | $ 32.9 | $ 536.5 | $ 317.7 |
Weighted-average shares outstanding: | ||||
Weighted average number of common shares used in basic EPS (in shares) | 162,502,191 | 163,580,563 | 162,589,473 | 163,617,580 |
Effect of dilutive shares: | ||||
Potential common shares issuable from stock options and stock awards (in shares) | 3,229,035 | 3,199,055 | 2,930,426 | 3,056,366 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 165,731,226 | 166,779,618 | 165,519,899 | 166,673,946 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Foreign currency translation adjustment | $ (457.8) | $ (400.1) |
Pension and postretirement adjustment, net of tax | (83.1) | (86.8) |
Accumulated other comprehensive losses | $ (540.9) | $ (486.9) |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Other comprehensive income (loss), before tax | $ 116.7 | $ (86.1) | $ (52.9) | $ (85.8) | |
Other comprehensive income (loss), tax | (0.4) | (0.1) | (1.1) | (0.7) | |
Other comprehensive income (loss), after tax | 116.3 | (86.2) | (54) | (86.5) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Other comprehensive income (loss), before tax | 115 | (87.3) | (57.7) | (89.7) | |
Other comprehensive income (loss), tax | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), after tax | 115 | (87.3) | (57.7) | (89.7) | |
Pension and Postretirement Adjustment [Member] | |||||
Other comprehensive income (loss), before tax | 1.7 | 1.2 | 4.8 | 3.9 | |
Other comprehensive income (loss), tax | (0.4) | (0.1) | (1.1) | (0.7) | |
Other comprehensive income (loss), after tax | 1.3 | 1.1 | 3.7 | 3.2 | |
Other comprehensive income (loss), before reclassifications, before tax | 3.5 | 2 | 9.7 | 7.7 | |
Other comprehensive income (loss), before reclassifications, tax | (0.8) | (0.3) | (2.3) | (1.6) | |
Other comprehensive income (loss), before reclassifications, after tax | 2.7 | 1.7 | 7.4 | 6.1 | |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | [1] | (1.8) | (0.8) | (4.9) | (3.8) |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss)es, tax | [1] | 0.4 | 0.2 | 1.2 | 0.9 |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | $ (1.4) | $ (0.6) | $ (3.7) | $ (2.9) |
[1] | These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in the accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 12. Pension and Postretirement Benefits for additional details). |
Note 12 - Equity Compensation_3
Note 12 - Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jul. 01, 2020 | Jan. 15, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Proceeds from Stock Options Exercised | $ 26 | $ 13.5 | $ 68.3 | $ 45.8 | ||
Nonqualified Stock Option, Contractual Term (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 882,749 | 924,810 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 4,080 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 1 month 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 9 months 18 days | |||||
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements | $ 94.3 | $ 94.3 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 15.2 | 13 | ||||
Share-based Payment Arrangement, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 3,570 | |||||
Share-based Payment Arrangement, Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 12 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 12,090 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in shares) | 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,736 | 50,736 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6.2 | 3 | ||||
Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 0.00% | |||||
Performance Shares [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 200.00% | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 148,658 | 159,328 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 17.1 | $ 15.3 | ||||
Restricted Stock [Member] | Graded Vesting Service Period [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 141,725 | |||||
Restricted Stock [Member] | Cliff Vesting Period [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 6,933 | |||||
Deferred Stock Units [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 7,180 | |||||
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 453,866 | 453,866 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 8,174 | 18,713 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | |||||
Employee Stock Purchase Plan [Member] | US ESPP [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,267,456 | 1,267,456 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 25,312 | 23,321 | ||||
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ 155.14 | $ 138.02 | $ 155.14 | $ 138.02 | ||
The 2013 Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,099,195 | 3,099,195 |
Note 12 - Equity Compensation_4
Note 12 - Equity Compensation Plans - Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Outstanding beginning balance, options (in shares) | 6,432,814 | ||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 79.51 | ||||
Outstanding, options, aggregate intrinsic value | $ 527.2 | $ 449.2 | |||
Granted, options (in shares) | 882,749 | 924,810 | |||
Granted, options, weighted average exercise price (in dollars per share) | $ 158.94 | ||||
Dividend reinvestment, options (in shares) | 0 | ||||
Dividend reinvestment, options, weighted average exercise price (in dollars per share) | $ 0 | ||||
Exercised or lapsed, options (in shares) | (1,308,469) | ||||
Exercised or lapsed, options, weighted average exercise price (in dollars per share) | $ 54.86 | ||||
Exercised or lapsed | $ 148.4 | ||||
Canceled, expired or forfeited, options (in shares) | (114,597) | ||||
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) | $ 123 | ||||
Outstanding ending balance, options (in shares) | 5,934,558 | ||||
Outstanding ending balance, options, weighted average exercise price (in dollars per share) | $ 96.48 | ||||
Exercisable, options (in shares) | 3,799,648 | 4,175,855 | |||
Exercisable, options, weighted average exercise price (in dollars per share) | $ 75.69 | $ 65.05 | |||
Exercisable, options, aggregate intrinsic value | $ 416.5 | $ 352 | |||
Nonvested, options (in shares) | 2,134,910 | ||||
Expected to vest, options (in shares) | 1,880,444 | ||||
Restricted Stock [Member] | |||||
Outstanding beginning balance, number of shares (in shares) | 428,729 | ||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 107.96 | ||||
Granted, number of shares (in shares) | 148,658 | 159,328 | |||
Granted, weighted average exercise price (in dollars per share) | $ 159.30 | ||||
Dividend reinvestment, number of shares (in shares) | 0 | ||||
Dividend reinvestment, weighted average exercise price (in dollars per share) | $ 0 | ||||
Exercised or lapsed, number of shares (in shares) | (169,101) | ||||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 99.91 | ||||
Canceled, expired or forfeited, number of shares (in shares) | (20,341) | ||||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 121.60 | ||||
Outstanding ending balance, number of shares (in shares) | 398,615 | ||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 130.77 | ||||
Nonvested, number of shares (in shares) | 398,615 | 398,615 | 428,729 | ||
Expected, number of shares (in shares) | 351,554 | ||||
Performance Shares [Member] | |||||
Outstanding beginning balance, number of shares (in shares) | 93,960 | ||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 158.50 | ||||
Granted, number of shares (in shares) | 50,736 | 50,736 | |||
Granted, weighted average exercise price (in dollars per share) | $ 192.93 | ||||
Dividend reinvestment, number of shares (in shares) | 713 | ||||
Exercised or lapsed, number of shares (in shares) | 0 | ||||
Canceled, expired or forfeited, number of shares (in shares) | 0 | ||||
Outstanding ending balance, number of shares (in shares) | 145,409 | ||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 170.75 | ||||
Nonvested, number of shares (in shares) | 145,409 | 145,409 | 93,960 | ||
Expected, number of shares (in shares) | [1] | 269,001 | |||
[1] | Includes estimated performance achievement |
Note 12 - Equity Compensation_5
Note 12 - Equity Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Expected volatility | 18.41% | 18.76% |
Risk-free interest rate | 1.53% | 2.27% |
Expected term in years (Year) | 4 years 3 months 18 days | 4 years 4 months 24 days |
Dividend yield | 0.71% | 0.80% |
Weighted average grant date fair value per stock option (in dollars per share) | $ 25.77 | $ 24.09 |
Note 13 - Pension and Postret_3
Note 13 - Pension and Postretirement Benefits (Details Textual) | Sep. 30, 2020 | Dec. 31, 2019 |
Defined Benefit Plan, Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 60.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 40.00% |
Note 13 - Pension and Postret_4
Note 13 - Pension and Postretirement Benefits - Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plan and SERP [Member] | ||||
Interest cost | $ 2.9 | $ 3.4 | $ 9.8 | $ 11.8 |
Expected return on plan assets | (7.9) | (7.1) | (22.3) | (22.6) |
Amortization of net actuarial loss | 1.7 | 0.7 | 4.6 | 3.5 |
Net periodic (benefit) cost | (3.3) | (3) | (7.8) | (7.2) |
Employer contributions, net | 0.2 | 0.2 | 0.6 | 0.6 |
Amortization of prior service cost (credit) | 0.1 | 0.1 | ||
Other Postretirement Benefits Plan [Member] | ||||
Interest cost | 0 | 0 | 0.1 | 0.2 |
Expected return on plan assets | (0.1) | 0 | (0.2) | (0.1) |
Amortization of net actuarial loss | 0.1 | 0.1 | 0.3 | 0.3 |
Net periodic (benefit) cost | 0 | 0.1 | 0.1 | 0.3 |
Employer contributions, net | $ 0.1 | $ (0.1) | 0.9 | (0.4) |
Amortization of prior service cost (credit) | $ (0.1) | $ (0.1) |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 9 Months Ended |
Sep. 30, 2020 | |
Number of Operating Segments | 3 |
Note 14 - Segment Reporting - R
Note 14 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues | $ 702.7 | $ 652.7 | $ 2,071.2 | $ 1,930.3 |
Cost of revenues (exclusive of items shown separately below) | 240 | 242.9 | 733.4 | 717 |
Selling, general and administrative | 96.4 | 255 | 304.8 | 478.7 |
Other operating (loss) income | 0 | (6.2) | 19.4 | (6.2) |
Investment (loss) income and others, net | (0.1) | 0.7 | (3.1) | (0.3) |
EBITDA | 366.2 | 149.3 | 1,049.3 | 728.1 |
Depreciation and amortization of fixed assets | 49.4 | 45.8 | 141.3 | 138 |
Amortization of intangible assets | 41.5 | 33.3 | 123.6 | 100.1 |
Interest expense | 35.3 | 31.3 | 102.9 | 93.7 |
Income before income taxes | 240 | 38.9 | 681.5 | 396.3 |
Insurance [Member] | ||||
Revenues | 498.6 | 469 | 1,474.4 | 1,393.5 |
Cost of revenues (exclusive of items shown separately below) | 151 | 160.7 | 461.7 | 474 |
Selling, general and administrative | 55.8 | 196.7 | 180.8 | 333.8 |
Other operating (loss) income | 15.9 | |||
Investment (loss) income and others, net | (0.3) | (0.5) | (1.6) | (0.6) |
EBITDA | 291.5 | 111.1 | 846.2 | 585.1 |
Energy and Specialized Markets [Member] | ||||
Revenues | 163.8 | 140.3 | 478.2 | 406.1 |
Cost of revenues (exclusive of items shown separately below) | 64.5 | 57.9 | 200.9 | 169.8 |
Selling, general and administrative | 36.2 | 53.5 | 110.5 | 129.2 |
Investment (loss) income and others, net | (0.1) | 1.2 | (1.3) | 0.5 |
EBITDA | 63 | 30.1 | 165.5 | 107.6 |
Financial Services [Member] | ||||
Revenues | 40.3 | 43.4 | 118.6 | 130.7 |
Cost of revenues (exclusive of items shown separately below) | 24.5 | 24.3 | 70.8 | 73.2 |
Selling, general and administrative | 4.4 | 4.8 | 13.5 | 15.7 |
Other operating (loss) income | (6.2) | 3.5 | (6.2) | |
Investment (loss) income and others, net | 0.3 | 0 | (0.2) | (0.2) |
EBITDA | $ 11.7 | $ 8.1 | $ 37.6 | $ 35.4 |
Note 14 - Segment Reporting - L
Note 14 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Total long-lived assets | $ 6,419.9 | $ 6,310.3 |
UNITED STATES | ||
Total long-lived assets | 3,395.3 | 3,162.5 |
UNITED KINGDOM | ||
Total long-lived assets | 2,574.2 | 2,685.3 |
Other Countries [Member] | ||
Total long-lived assets | $ 450.4 | $ 462.5 |
Note 15 - Related Parties (Deta
Note 15 - Related Parties (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - Eagle View Technologies, Inc. and Pictometry International Group, Inc. v. Xactware Solutions, Inc. and Verisk Analytics, Inc. [Member] $ in Millions | Sep. 25, 2019USD ($) | Jan. 29, 2019 | Oct. 08, 2015 | Sep. 30, 2020USD ($) | Dec. 10, 2019USD ($) |
Loss Contingency, Patents Allegedly Infringed, Number | 5 | 7 | |||
Loss Contingency, Pending Claims, Number, Ending Balance | 6 | ||||
Loss Contingency, Damages Sought, Value | $ 125 | ||||
Loss Contingency Accrual, Ending Balance | $ 125 | $ 125 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Oct. 01, 2020 | Jul. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 |
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 1,076,565 | ||||
Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 1 year | ||||
June 2020 Share Repurchase Program [Member] | |||||
Accelerated Share Repurchases, Purchase Price | $ 50 | $ 50 | |||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 41,272 | ||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 170.20 | ||||
June 2020 Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 215,855 | ||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 185.31 | ||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 40 |