Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 26,448,164,972 | ||
Entity Common Stock, Shares Outstanding | 162,791,583 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 218.8 | $ 184.6 |
Accounts receivable, net | 432.4 | 441.6 |
Prepaid expenses | 81.2 | 60.9 |
Income taxes receivable | 25.4 | 25.9 |
Other current assets | 36.4 | 17.8 |
Current assets held for sale | 0 | 14.1 |
Total current assets | 794.2 | 744.9 |
Noncurrent assets: | ||
Fixed assets, net | 632.3 | 548.1 |
Operating lease right-of-use assets, net | 267.6 | 218.6 |
Intangible assets, net | 1,384.8 | 1,398.9 |
Goodwill | 4,108.1 | 3,864.3 |
Deferred income tax assets | 9.1 | 9.8 |
Other noncurrent assets | 365.7 | 159.8 |
Noncurrent assets held for sale | 0 | 110.8 |
Total assets | 7,561.8 | 7,055.2 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 406.7 | 375 |
Acquisition-related liabilities | 0.6 | 111.2 |
Short-term debt and current portion of long-term debt | 514.3 | 499.4 |
Deferred revenues | 466.7 | 440.1 |
Operating lease liabilities | 38.7 | 40.6 |
Income taxes payable | 3.8 | 6.8 |
Current liabilities held for sale | 0 | 18.7 |
Total current liabilities | 1,430.8 | 1,491.8 |
Noncurrent liabilities: | ||
Long-term debt | 2,699.6 | 2,651.6 |
Deferred income tax liabilities | 396.9 | 356 |
Operating lease liabilities | 271.6 | 208.1 |
Other noncurrent liabilities | 64.7 | 48.8 |
Noncurrent liabilities held for sale | 0 | 38.1 |
Total liabilities | 4,863.6 | 4,794.4 |
Commitments and contingencies (Note 21) | ||
Stockholders’ equity: | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 162,817,526 and 163,161,564 shares outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 2,490.9 | 2,369.1 |
Treasury stock, at cost, 381,185,512 and 380,841,474 shares, respectively | (4,179.3) | (3,849.9) |
Retained earnings | 4,762.2 | 4,228.4 |
Accumulated other comprehensive loss | (375.7) | (486.9) |
Total stockholders’ equity | 2,698.2 | 2,260.8 |
Total liabilities and stockholders’ equity | $ 7,561.8 | $ 7,055.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 544,003,038 | 544,003,038 |
Common stock outstanding (in shares) | 162,817,526 | 163,161,564 |
Treasury stock (in shares) | 381,185,512 | 380,841,474 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 2,784.6 | $ 2,607.1 | $ 2,395.1 |
Operating expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 993.9 | 976.8 | 886.2 |
Selling, general and administrative | 413.9 | 603.5 | 378.7 |
Depreciation and amortization of fixed assets | 192.2 | 185.7 | 165.3 |
Amortization of intangible assets | 165.9 | 138 | 130.8 |
Other operating (income) loss | (19.4) | 6.2 | 0 |
Total operating expenses | 1,746.5 | 1,910.2 | 1,561 |
Operating income | 1,038.1 | 696.9 | 834.1 |
Other income (expense): | |||
Investment (loss) income and others, net | (2.4) | (1.7) | 15.3 |
Interest expense | (138.2) | (126.8) | (129.7) |
Total other expense, net | (140.6) | (128.5) | (114.4) |
Total income before income taxes | 897.5 | 568.4 | 719.7 |
Provision for income taxes | (184.8) | (118.5) | (121) |
Net income | $ 712.7 | $ 449.9 | $ 598.7 |
Basic net income per share (in dollars per share) | $ 4.38 | $ 2.75 | $ 3.63 |
Diluted net income per share (in dollars per share) | $ 4.31 | $ 2.70 | $ 3.56 |
Weighted average shares outstanding: | |||
Basic (in shares) | 162,610,586 | 163,535,438 | 164,808,110 |
Diluted (in shares) | 165,320,709 | 166,560,115 | 168,297,836 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 712.7 | $ 449.9 | $ 598.7 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 107.9 | 88.4 | (154.1) |
Pension and postretirement adjustment | 3.3 | 16.6 | (24.8) |
Total other comprehensive income (loss) | 111.2 | 105 | (178.9) |
Comprehensive income | $ 823.9 | $ 554.9 | $ 419.8 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - 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, 2017 | 544,003,038 | ||||||||||||
Balance at Dec. 31, 2017 | $ 0 | $ 0 | $ 0 | $ 35.9 | $ (0.7) | $ 35.2 | $ 0.1 | $ 2,180.1 | $ (3,150.5) | $ 3,308 | $ (412.3) | $ 1,925.4 | |
Net income | 0 | 0 | 0 | 598.7 | 0 | 598.7 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (178.9) | (178.9) | |||||||
Treasury stock acquired | 0 | 0 | (438.6) | 0 | 0 | (438.6) | |||||||
Stock options exercised | 0 | 66.8 | 24 | 0 | 0 | 90.8 | |||||||
Restricted stock lapsed | 0 | (1.5) | 1.5 | 0 | 0 | 0 | |||||||
Stock-based compensation | 0 | 38.5 | 0 | 0 | 0 | 38.5 | |||||||
Net share settlement from restricted stock awards | 0 | (3.7) | 0 | 0 | 0 | (3.7) | |||||||
Other stock issuances | $ 0 | 2.8 | 0.4 | 0 | 0 | 3.2 | |||||||
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 | 449.9 | 0 | 449.9 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 105 | 105 | |||||||
Treasury stock acquired | 0 | 0 | (300) | 0 | 0 | (300) | |||||||
Stock options exercised | 0 | 46.9 | 11 | 0 | 0 | 57.9 | |||||||
Restricted stock lapsed | 0 | (1.8) | 1.8 | 0 | 0 | 0 | |||||||
Stock-based compensation | 0 | 42.7 | 0 | 0 | 0 | 42.7 | |||||||
Net share settlement from restricted stock awards | 0 | (5.5) | 0 | 0 | 0 | (5.5) | |||||||
Other stock issuances | 0 | 3.8 | 0.5 | 0 | 0 | 4.3 | |||||||
Common stock dividend | [1] | $ 0 | 0 | 0 | (164.1) | 0 | (164.1) | ||||||
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 | 712.7 | 0 | 712.7 | |||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 111.2 | 111.2 | |||||||
Treasury stock acquired | 0 | 0 | (348.8) | 0 | 0 | (348.8) | |||||||
Stock options exercised | 0 | 74.9 | 17.3 | 0 | 0 | 92.2 | |||||||
Restricted stock lapsed | 0 | (1.5) | 1.5 | 0 | 0 | 0 | |||||||
Stock-based compensation | 0 | 47.6 | 0 | 0 | 0 | 47.6 | |||||||
Net share settlement from restricted stock awards | 0 | (4.1) | 0 | 0 | 0 | (4.1) | |||||||
Other stock issuances | 0 | 4.9 | 0.6 | 0 | 0 | 5.5 | |||||||
Common stock dividend | [1] | $ 0 | 0 | 0 | (176.5) | 0 | (176.5) | ||||||
Balance (in shares) at Dec. 31, 2020 | 544,003,038 | ||||||||||||
Balance at Dec. 31, 2020 | $ 0.1 | $ 2,490.9 | $ (4,179.3) | $ 4,762.2 | $ (375.7) | $ 2,698.2 | |||||||
[1] | Refer to Note 16. Stockholders' Equity for discussion related to quarterly cash dividends declared per share |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Shares transferred from treasury stock (in shares) | 1,623,740 | 1,131,970 | 2,752,735 |
Restricted Stock [Member] | |||
Shares transferred from treasury stock (in shares) | 142,362 | 192,109 | 176,610 |
Net share settlement (in shares) | 27,890 | 40,578 | |
Treasury stock acquired (in shares) | 2,155,084 | 2,178,151 | 3,882,467 |
Net share settlement (in shares) | 27,890 | 40,578 | 35,637 |
Other stock issuances (in shares) | 44,944 | 45,226 | 44,602 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 712.7 | $ 449.9 | $ 598.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of fixed assets | 192.2 | 185.7 | 165.3 |
Amortization of intangible assets | 165.9 | 138 | 130.8 |
Amortization of debt issuance costs and original issue discount, net of original issue premium | 1.8 | 3.9 | 4.2 |
Provision for doubtful accounts | 13.1 | 7.2 | 5.6 |
Realized gain on subordinated promissory note | 0 | 0 | (12.3) |
Other operating (income) expenses | (19.4) | 6.2 | 0 |
Stock-based compensation expense | 47.6 | 42.7 | 38.5 |
Realized (gain) loss on available-for-sale securities, net | 0 | (0.9) | 0.1 |
Deferred income taxes | 31.1 | (29.3) | 18.3 |
Loss on disposal of fixed assets, net | 0.6 | 0.3 | 0.3 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | 1.8 | (70.3) | (17.4) |
Prepaid expenses and other assets | (66.5) | (19.7) | (28.2) |
Operating lease right-of-use assets, net | 43.1 | 51.3 | 0 |
Income taxes | (0.5) | 15 | (2.9) |
Acquisition-related liabilities | (77) | 70.4 | 9.7 |
Accounts payable and accrued liabilities | 24.3 | 150.9 | 58.1 |
Deferred revenues | 21.2 | 11.4 | 0.8 |
Operating lease liabilities | (29.6) | (49.5) | 0 |
Other liabilities | 5.8 | (6.9) | (35.2) |
Net cash provided by operating activities | 1,068.2 | 956.3 | 934.4 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired of $11.1 million, $10.4 million and $3.1 million, respectively | (275.8) | (699.2) | (138.2) |
Proceeds from sale of assets | 23.1 | 0 | 0 |
Investments in non-public companies | (94.8) | 0 | 0 |
Escrow funding associated with acquisitions | (9.3) | (4.5) | (14.9) |
Proceeds from subordinated promissory note | 0 | 0 | 121.4 |
Capital expenditures | (246.8) | (216.8) | (231) |
Other investing activities, net | 7.8 | (7.4) | (2.7) |
Net cash used in investing activities | (595.8) | (927.9) | (265.4) |
Cash flows from financing activities: | |||
(Repayment) proceeds of short-term debt, net | (445) | 80 | (300) |
Repayments of current portion of long-term debt | 0 | (250) | 0 |
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount | 494.8 | 619.7 | 0 |
Proceeds from issuance of short-term debt with original maturities greater than three months | 20 | 0 | 0 |
Repayment of short-term debt with original maturities greater than three months | (20) | 0 | 0 |
Payment of debt issuance costs | (5.7) | (6.3) | 0 |
Repurchases of common stock | (348.8) | (300) | (438.6) |
Net share settlement of taxes from restricted stock awards | (4.1) | (5.5) | (3.7) |
Payment of contingent liability related to acquisition | (34.2) | 0 | 0 |
Proceeds from stock options exercised | 88 | 52.4 | 87.3 |
Dividends paid | (175.8) | (163.5) | 0 |
Other financing activities, net | (14.4) | (15.9) | (14.8) |
Net cash (used in) provided by financing activities | (445.2) | 10.9 | (669.8) |
Effect of exchange rate changes | 6.7 | 6.1 | (2) |
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale | 33.9 | 45.4 | (2.8) |
Less: Increase (decrease) in cash classified within current assets held for sale | 0.3 | (0.3) | 0 |
Increase (decrease) in cash and cash equivalents | 34.2 | 45.1 | (2.8) |
Cash and cash equivalents, beginning of period | 184.6 | 139.5 | 142.3 |
Cash and cash equivalents, end of period | 218.8 | 184.6 | 139.5 |
Supplemental disclosures: | |||
Income taxes paid | 156.5 | 139.8 | 103.2 |
Interest paid | 134.3 | 119.9 | 125.2 |
Noncash investing and financing activities: | |||
Deferred tax liability established on date of acquisitions | 13 | 43.4 | 5.6 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 0 | 247.6 | 0 |
Finance lease additions | 30.9 | 20.2 | 21.3 |
Operating lease additions, net of terminations | 87.8 | 13.7 | 0 |
Tenant improvements included in Operating lease right-of-use assets, net | 0 | 1.7 | 0.3 |
Gain on sale of assets included in other current and long-term assets | 3.5 | 0 | 0 |
Fixed assets included in accounts payable and accrued liabilities | 0.8 | 1.6 | 0.3 |
Non-cash contribution of assets for a non-public company | 65.9 | 0 | 0 |
Dividend payable included in other liabilities | $ 0.7 | $ 0.6 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net of cash acquired from acquisitions | $ 11.1 | $ 10.4 | $ 3.1 |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. We are 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, we draw on numerous data assets and domain expertise to provide first We were 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 | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Our accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“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, 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 equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may first 2018, 2020 2020 Significant accounting policies include the following: (a) Intercompany Accounts and Transactions The consolidated financial statements include all of our accounts. All intercompany accounts and transactions have been eliminated. (b) Revenue Recognition The following describes our primary types of revenues and the applicable revenue recognition policies. We recognize revenues through recurring and non-recurring long-term agreements (generally one five one Hosted Subscriptions We offer two first not no not 606. The second may no not 606. Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period, which is usually for one Advisory/Consulting Services We provide certain discrete project based advisory/consulting services, which are recognized over time by measuring the progress toward complete satisfaction of the performance obligation, based on the input method of consulting hours worked; this aligns with the results achieved and value transferred to our customer. The hours consumed are most reflective of the measure of progress towards satisfying the performance obligation, as the resources hours worked directly tie to the progress of the services to be provided. In general, they are billed over the course of the project. Transactional Solutions Certain solutions are also paid for by customers on a transactional basis. We recognize these revenues as the solutions are delivered or services performed at a point in time. In general, our customers are billed monthly at the end of each month. (c) Deferred Revenues We invoice our customers in annual, quarterly, monthly, or milestone installments. Amounts billed and/or collected in advance of services being provided are recorded as “Deferred revenues” and “Other noncurrent liabilities” in our accompanying consolidated balance sheets and are recognized as the services are performed, control is transferred to customers, and the applicable revenue recognition criteria is met. (d) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally recorded at the invoiced amount. Unbilled receivables are short-term in nature and expected to be billed within one (e) Deferred Commissions We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one five December 31, 2020 (f) Fixed Assets and Finite-lived Intangible Assets Fixed assets and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Our internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350 40, Internal-use Software 350 40" 985 20, Software to be Sold, Leased, or Marketed 985 20” In accordance with ASC 360, Property, Plant & Equipment may not first (g) Leases We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. one fourteen twenty one We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset and that it has the right to control the use of such asset in determining whether the contract contains a lease. A ROU asset represents our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our operating leases do not zero (h) Fair Value of Financial and Non-financial Instruments We follow the provisions of ASC 820 10, Fair Value Measurements 820 10” 820 10 820 10 (i) Foreign Currency We have determined local currencies are the functional currencies of our foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in our accompanying consolidated statements of changes in stockholders’ equity. (j) Stock-Based Compensation We follow ASC 718, Stock Compensation 718” 718, Our nonqualified stock options have an exercise price equal to the closing price of our common stock on the grant date, with a ten no zero The fair value of our restricted stock is determined using the closing price of our common stock on the grant date. Our restricted stock is not four Performance share units (“PSU”) vest at the end of a three one third zero We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Estimated forfeiture is ultimately adjusted to actual forfeiture. Changes in the forfeiture assumptions may Excess tax benefit from exercised stock options, lapsing of restricted stock and PSUs is recorded as an income tax benefit in our accompanying consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and of the market value of restricted stock lapsed over the compensation recognized for financial reporting purposes. (k) Research and Development Costs Research and development costs, which are primarily related to personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $48.9 million, $60.0 million and $45.1 million for the years ended December 31, 2020, 2019 2018 (l) Advertising Costs Advertising costs, which are primarily associated with promoting our brand, names and solutions provided, are expensed as incurred. Such costs were $8.5 million, $10.7 million and $9.0 million for the years ended December 31, 2020, 2019 2018 (m) Income Taxes We account for income taxes under the asset and liability method under ASC 740, Income Taxes 740” Deferred tax assets are recorded to the extent these assets are more likely than not not not We follow ASC 740 10, Income Taxes 740 10” , 740 10 may not not 740 10. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in our accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on our accompanying consolidated balance sheets. (n) Earnings Per Share Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share (o) Pension and Postretirement Benefits We account for our pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits 715” 715 not December 31. (p) Product Warranty Obligations We provide warranty coverage for certain of our solutions. We recognize a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2020 2019 not In the ordinary course of business, we enter into numerous agreements that contain standard indemnities whereby we indemnify another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that we could be required to make under these indemnifications; however, we are not not (q) Loss Contingencies We accrue for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may (r) Goodwill Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of our businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not June 30 may not June 30, 2020, 2020 not (s) Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Financial Instruments—Credit Losses (Topic 326 In June 2016, No. 2016 13, 326" Topic 326 first We adopted these amendments on January 1, 2020. Refer to our accompanying consolidated statements of changes in stockholders' equity for the adjustment of the opening retained earnings and Note 7 Income Tax (Topic 740 In December 2019, No. 2019 12, No. 2019 12" The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not not Fiscal years beginning after December 15, 2020 We have decided not No. 2019 12 not may Reference Rate Reform 848 In 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. We adopted this amendment on March 12, 2020. no December 31, 2020. December 2021. |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash and cash equivalents consist of cash in banks, commercial paper, money-market funds, and other liquid instruments with original maturities of 90 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts and Nontrade Receivable [Text Block] | 4. Accounts receivable, net consisted of the following at December 31: 2020 2019 Billed receivables $ 380.5 $ 372.7 Unbilled receivables 69.6 80.6 Total receivables 450.1 453.3 Less allowance for doubtful accounts (17.7 ) (11.7 ) Accounts receivable, net $ 432.4 $ 441.6 |
Note 5 - Concentration of Credi
Note 5 - Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 5. Financial instruments that potentially expose us to credit risk consist primarily of cash and cash equivalents as well as accounts receivable, net which are generally not December 31, 2020 2019 December 31, 2020 2019 eleven ten December 31, 2020 2019 We consider the concentration of credit risk associated with our accounts receivable to be commercially reasonable and believe that such concentration does not fifty 2020 2019 34% 2018 no December 31, 2020 2019 2018 No December 31, 2020 2019 |
Note 6 - Revenues
Note 6 - Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Disaggregated revenues by type of service and by country are provided below for the years ended December 31, 2020, 2019 2018 No 10.0% December 31, 2020 2019 2018 2020 2019 2018 Insurance: Underwriting & rating $ 1,390.6 $ 1,254.3 $ 1,153.5 Claims 595.7 610.9 561.4 Total Insurance 1,986.3 1,865.2 1,714.9 Energy and Specialized Markets 641.6 563.9 504.3 Financial Services 156.7 178.0 175.9 Total revenues $ 2,784.6 $ 2,607.1 $ 2,395.1 2020 2019 2018 Revenues: United States ("U.S.") $ 2,133.6 $ 2,005.6 $ 1,849.4 United Kingdom ("U.K.") 181.6 177.3 148.2 Other countries 469.4 424.2 397.5 Total revenues $ 2,784.6 $ 2,607.1 $ 2,395.1 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 December 31, 2020 2019 no Contract liabilities are define d as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (an amount of consideration is due) from the customer. As of December 31, 2020 2019 , we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $468.2 million and $443.2 million, respectively. The $25.0 million increase in contract liabilities from December 31, 2019 to December 31, 2020 was primarily due to billings of $418.5 million that were paid in advance, partially offset by $393.5 million of revenue recognized for the year ended December 31, 2020 . Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other liabilities" in our consolidated balance sheets, respectively, as of December 31, 2020 2019 . Our 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 our deferred revenue and other liabilities, that are unsatisfied were $468.2 million and $443.2 million as of December 31, 2020 2019 , respectively. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may one December 31, 2020 2019 . We recognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer than one December 31, 2020 2019 , we had deferred commissions of $73.8 million and $63.7 million, resp |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Certain assets and liabilities are reported at fair value in our accompanying consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. To increase consistency and comparability of assets and liabilities recorded at fair value, ASC 820 10 three 820 10 820 10, Level 1 Level 2 Level 3 not The fair value 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. Our investments in registered investment companies, which are Level 1 f shares owned, were $4.1 m December 31, 2020 2019 December 31, 2020 2019 We elected not December 31, 2020 2019 2020 2019 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instrument not carried at fair value: Senior Notes (Note 15) Level 2 $ 3,140.8 $ 3,652.2 $ 2,650.4 $ 2,902.2 On February 1, 2020, December 31, 2020, third December 31, 2020, Note 11 As of December 31, 2020 2019 f $14.0 323 10 25, The Equity Method of Accounting for Investments in Common Stock 323 10 25" not December 31, 2020 2019 of $49.5 milli 323 10 25 December 31, 2020, |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 8. We have 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 our lease cost, cash paid for amounts included in our measurement of lease liabilities, ROU assets obtained, weighted-average remaining lease terms, and weighted-average discount rates for finance and operating leases for the years ended December 31, 2020 2019: 2020 2019 Lease cost: Operating lease cost (1) $ 52.2 $ 48.4 Sublease income (0.3 ) — Finance lease cost Depreciation of finance lease assets (2) 13.4 13.2 Interest on finance lease liabilities (3) 0.7 1.8 Total lease cost $ 66.0 $ 63.4 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (52.0 ) $ (48.4 ) Operating cash outflows from finance leases $ (0.7 ) $ (1.8 ) Financing cash outflows from finance leases $ (14.4 ) $ (15.1 ) Weighted-average remaining lease term - operating leases (in years) 9.3 9.4 Weighted-average remaining lease term - finance leases (in years) 2.2 2.6 Weighted-average discount rate - operating leases 3.9 % 4.0 % Weighted-average discount rate - finance leases 4.1 % 4.4 % _______________ ( 1 ( 2 Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations ( 3 The total rental expense for the year ended December 31, 2018, Our ROU assets and lease liabilities for finance leases were $27.1 million and $24.7 million, respectively, as of December 31, 2020 December 31, 2019. Note 15 Maturities of lease liabilities for the years through 2026 Years Ending Operating Leases Finance Leases 2021 $ 50.5 $ 15.0 2022 45.0 10.8 2023 42.9 0.3 2024 35.2 — 2025 31.9 — 2026 and thereafter 171.4 — Total lease payments 376.9 26.1 Less: Amount representing interest (66.6 ) (1.4 ) Present value of total lease payments $ 310.3 $ 24.7 |
Note 9 - Fixed Assets
Note 9 - Fixed Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. The following is a summary of fixed assets: Useful Life (in years) Cost Accumulated Depreciation and Amortization Net December 31, 2020 Furniture and office equipment 3 - 10 $ 273.6 $ (215.8 ) $ 57.8 Leasehold improvements Lease term 118.3 (44.7 ) 73.6 Purchased software 3 77.7 (68.6 ) 9.1 Software development costs 3 - 7 924.6 (465.3 ) 459.3 Leased equipment 3 - 4 68.3 (41.2 ) 27.1 Motor vehicles and field equipment 2 - 10 6.8 (1.4 ) 5.4 Total fixed assets $ 1,469.3 $ (837.0 ) $ 632.3 December 31, 2019 Furniture and office equipment 3 - 10 $ 268.9 $ (210.1 ) $ 58.8 Leasehold improvements Lease term 103.9 (41.7 ) 62.2 Purchased software 3 89.8 (77.7 ) 12.1 Software development costs 3 - 7 773.7 (373.7 ) 400.0 Leased equipment 3 - 4 38.5 (28.6 ) 9.9 Aircraft equipment 2 - 10 5.2 (0.1 ) 5.1 Total fixed assets $ 1,280.0 $ (731.9 ) $ 548.1 D epreciation and amortization of fixed assets for the years ended December 31, 2020, 2019 2018 were million, $185.7 million and $165.3 million, of which $120.6 million, $100.2 million and $85.4 million related to amortization of internal-use software development costs, respectively. Amortization expense related to development of software for sale in accordance with ASC 985 20 December 31, 2020, 2019 2018 , respectively. We had unamortized software development costs that had been capitalized in accordance with ASC 350 40 December 31, 2020 2019 , respectively. We had unamortized software development costs that had been capitalized in accordance with ASC 985 20 December 31, 2020 2019 , respectively. Leased assets include amounts held under finance leases for automobiles, computer software, and computer equipment. VERISK ANALYTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) |
Note 10 - Acquisitions
Note 10 - Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 10. 2020 On December 16, 2020, On September 9, 2020, third The preliminary purchase price allocation of the 2020 Franco Signor Lead Intelligence Total Cash and cash equivalents (1) $ 10.9 $ 5.9 $ 16.8 Accounts receivable 2.5 2.9 5.4 Other current assets 0.4 0.6 1.0 Fixed assets 0.4 0.7 1.1 Operating lease right-of-use assets, net 1.5 1.7 3.2 Intangible assets 59.1 64.4 123.5 Goodwill 100.3 71.4 171.7 Other assets 8.0 1.3 9.3 Total assets acquired 183.1 148.9 332.0 Current liabilities (1) (6.4 ) (1.3 ) (7.7 ) Deferred revenues (0.3 ) (2.3 ) (2.6 ) Operating lease liabilities (1.5 ) (1.7 ) (3.2 ) Deferred income tax, net (1.8 ) (11.2 ) (13.0 ) Other liabilities (8.0 ) (1.3 ) (9.3 ) Total liabilities assumed (18.0 ) (17.8 ) (35.8 ) Net assets acquired 165.1 131.1 296.2 Cash and cash equivalents (10.9 ) (5.9 ) (16.8 ) Restricted cash (1) 5.7 — 5.7 Cash acquired (5.2 ) (5.9 ) (11.1 ) Net cash purchase price $ 159.9 $ 125.2 $ 285.1 _______________ ( 1 The preliminary amounts assigned to intangible assets by type for our 2020 Weighted Average Useful Life (in years) Total Technology 11 $ 30.8 Marketing 5 2.1 Customer 11 90.6 Total intangible assets $ 123.5 The preliminary allocations of the purchase price for the 2020 may not one not not For the year ended December 31, 2020, Note 12 Our 2020 not December 31, 2020, 2019 2018, not 2019 On December 23, 2019, On December 19, 2019, On November 5, 2019, On October 10, 2019, On August 28, 2019, On July 31, 2019, December 2, 2019. February 1, 2020, Note 11 . Dispositions for further discussion. On March 29, 2019, The final purchase price allocations, inclusive of closing adjustments, of our 2019 FAST Genscape BuildFax CaaS Others Total Cash and cash equivalents $ 2.9 $ 0.2 $ 0.4 $ 3.7 $ 3.1 $ 10.3 Accounts receivable 4.7 13.6 1.8 — 3.9 24.0 Other current assets 0.4 1.4 0.1 0.7 0.6 3.2 Fixed assets 1.8 15.9 0.9 0.2 6.3 25.1 Operating lease right-of-use assets, net 1.4 7.4 0.4 — 0.5 9.7 Intangible assets 69.0 153.2 21.9 34.4 14.1 292.6 Goodwill 120.7 241.4 20.2 41.2 28.2 451.7 Other assets 0.1 — — 0.1 4.4 4.6 Total assets acquired 201.0 433.1 45.7 80.3 61.1 821.2 Current liabilities 2.4 17.4 0.9 1.3 1.3 23.3 Deferred revenues 0.3 27.3 2.4 10.1 — 40.1 Operating lease liabilities 1.4 7.4 0.4 — 0.5 9.7 Deferred income tax, net — 29.8 0.4 — 2.6 32.8 Other liabilities — — 1.0 — 5.3 6.3 Total liabilities assumed 4.1 81.9 5.1 11.4 9.7 112.2 Net assets acquired 196.9 351.2 40.6 68.9 51.4 709.0 Cash acquired (3.0 ) (0.2 ) (0.4 ) (3.7 ) (3.1 ) (10.4 ) Net cash purchase price $ 193.9 $ 351.0 $ 40.2 $ 65.2 $ 48.3 $ 698.6 The final amounts assigned to intangible assets by type for our 2019 Weighted Average Useful Life (in years) Total Technology 6 $ 81.9 Marketing 4 3.9 Customer 12 185.5 Database 10 20.7 Total intangible assets $ 292.0 For the year ended December 31, 2020, 2019 805, Business Combinations not December 31, 2019 2018. The goodwill of $307.1 million associated with the purchases of FAST, Commerce Signals, Genscape, BuildFax, PPW, Keystone, and CaaS is not December 31, 2019, Note 12 Our 2019 not December 31, 2019, 2018, 2017, not 2018 On December 14, 2018, On June 20, 2018, TM TM On February 21, 2018, On January 5, 2018, The final purchase price allocations, inclusive of closing adjustments, of our 2018 Rulebook Validus Others Total Cash and cash equivalents $ — $ 0.9 $ 2.2 $ 3.1 Accounts receivable 2.0 1.5 1.0 4.5 Current assets 0.1 6.3 0.2 6.6 Fixed assets 1.5 0.4 0.2 2.1 Intangible assets 25.1 20.9 8.4 54.4 Goodwill 58.9 24.8 15.8 99.5 Other assets 8.6 — — 8.6 Total assets acquired 96.2 54.8 27.8 178.8 Current liabilities 0.6 3.9 1.0 5.5 Deferred revenues 0.4 0.1 1.1 1.6 Deferred income taxes, net 0.1 3.6 1.5 5.2 Other liabilities 8.6 0.2 — 8.8 Total liabilities assumed 9.7 7.8 3.6 21.1 Net assets acquired 86.5 47.0 24.2 157.7 Less: Cash acquired — (0.9 ) (2.2 ) (3.1 ) Net cash purchase price $ 86.5 $ 46.1 $ 22.0 $ 154.6 The final amounts assigned to intangible assets by type for our 2018 Weighted Average Useful Life (in years) Total Technology 6 $ 30.3 Marketing 9 4.0 Customer 10 20.1 Total intangible assets $ 54.4 For the year ended December 31, 2019, 2018 805, Business Combinations not December 31, 2018 2017. The goodwill of $99.5 million associated with the purchases of Rulebook, Validus, Business Insight and Marketview is not December 31, 2018, Note 12 Our 2018 December 31, 2018 2017, not Acquisition Escrows and Related Liabilities Pursuant to the related acquisition agreements, we have funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the acquisition dates, as well as a portion of the contingent payment. During the years ended December 31, 2020 2019, December 31, 2020 2019, Our acquisitions of Emergence Network Intelligence Limited, Validus, 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. We believe that the liabilities recorded as of December 31, 2020 liabilities were $0.6 milli December 31, 2020 December 31, 2019 December 31, 2020 2019. |
Note 11 - Dispositions
Note 11 - Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 11. On February 1, 2020, third not not no December 31, 2020. On February 14, 2020, December 31, 2020. In the first 2020, March 1, 2020. December 31, 2020. |
Note 12 - Goodwill and Intangib
Note 12 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 12. We completed the required annual impairment test as of June 30, 2020, 2019 2018, June 30, 2020, no The following is a summary of the change in goodwill from December 31, 2018 December 31, 2020 Insurance Energy and specialized markets Financial services Total Goodwill at December 31, 2018 $ 833.8 $ 2,054.7 $ 473.0 $ 3,361.5 Acquisitions 161.0 288.5 4.0 453.5 Businesses held for sale and disposition (7.9 ) — (0.7 ) (8.6 ) Purchase accounting reclassifications (1.4 ) — (0.1 ) (1.5 ) Foreign currency translation adjustment 13.3 46.3 (0.2 ) 59.4 Goodwill at December 31, 2019 998.8 2,389.5 476.0 3,864.3 Acquisitions 171.7 — — 171.7 Purchase accounting reclassifications 2.1 (6.0 ) (0.2 ) (4.1 ) Current period adjustment (1) 21.4 (19.5 ) — 1.9 Foreign currency translation adjustment 14.6 59.6 0.1 74.3 Goodwill at December 31, 2020 $ 1,208.6 $ 2,423.6 $ 475.9 $ 4,108.1 ____________ ( 1 Note 19 Our intangible assets and related accumulated amortization consisted of the following: Weighted Average Useful Life Accumulated (in years) Cost Amortization Net December 31, 2020 Technology-based 7 $ 559.6 (349.5 ) $ 210.1 Marketing-related 16 275.2 (113.4 ) $ 161.8 Contract-based 6 5.0 (5.0 ) $ — Customer-related 13 1,004.3 (354.2 ) $ 650.1 Database-based 19 501.0 (138.2 ) $ 362.8 Total intangible assets $ 2,345.1 $ (960.3 ) $ 1,384.8 December 31, 2019 Technology-based 7 $ 519.2 $ (291.9 ) $ 227.3 Marketing-related 16 265.3 (94.3 ) 171.0 Contract-based 6 5.0 (5.0 ) — Customer-related 13 901.2 (278.0 ) 623.2 Database-based 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 years ended December 31, 2020, 2019 2018 2025 Years Ending Amount 2021 $ 169.9 2022 156.9 2023 144.3 2024 139.4 2025 114.7 2026 and thereafter 659.6 Total $ 1,384.8 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Domestic and foreign income before income taxes was as follows: 2020 2019 2018 U.S. $ 834.0 $ 553.9 $ 700.2 Foreign 63.5 14.5 19.5 Total income before income taxes $ 897.5 $ 568.4 $ 719.7 The components of the provision for income taxes for the years ended December 31 2020 2019 2018 Current: Federal $ 111.0 $ 109.9 $ 69.0 State and local 23.1 21.4 22.1 Foreign 18.9 14.6 11.1 Total current provision for income taxes 153.0 145.9 102.2 Deferred: Federal 22.6 (14.3 ) 27.6 State and local 7.4 (0.2 ) 2.8 Foreign 1.8 (12.9 ) (11.6 ) Total deferred provision for income taxes 31.8 (27.4 ) 18.8 Provision for income taxes $ 184.8 $ 118.5 $ 121.0 The reconciliation between our effective tax rate and the statutory tax rate is as follows for the years ended December 31: 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal tax benefit 2.7 % 2.8 % 2.8 % UK legislative rate change impact 1.5 % — % — % Foreign Derived Intangible Income (FDII) (0.8 )% (1.2 )% (0.9 )% Stock-based compensation (3.7 )% (3.0 )% (5.5 )% Earn-outs — % 2.0 % 0.1 % Other (0.1 )% (0.7 )% (0.7 )% Effective tax rate 20.6 % 20.9 % 16.8 % The decrease in the effective tax rate in 2020 2019 2020. The tax effects of significant items comprising our deferred tax assets as of December 31 2020 2019 Deferred tax assets: Employee wages, pension, and other benefits $ 7.3 $ 13.0 ASC 842/Deferred rent 10.3 7.3 Net operating loss carryover 22.7 28.8 Litigation accrual 31.3 31.2 Capital and other unrealized losses 1.6 1.7 Interest expense 44.1 33.4 Other 12.2 16.4 Total 129.5 131.8 Less valuation allowance (48.0 ) (46.5 ) Deferred tax assets 81.5 85.3 Deferred tax liabilities: Fixed assets and intangible assets (445.3 ) (411.0 ) Commissions (16.6 ) (14.3 ) Other (7.4 ) (6.2 ) Deferred tax liabilities (469.3 ) (431.5 ) Deferred tax liabilities, net $ (387.8 ) $ (346.2 ) The net deferred tax liabilities of $387.8 million consist primarily of timing differences involving depreciation and amortization. The ultimate realization of the deferred tax assets depends on our ability to generate sufficient taxable income in the future. We have provided a valuation allowance against the deferred tax assets associated with the interest expense deduction limitation in the U.K. We have also provided for a valuation allowance against the deferred tax assets associated with the net operating losses of certain subsidiaries. Our net operating loss carryforwards expire as follows: Years Ending Amount 2021 - 2028 $ 22.7 2029 - 2033 20.5 2034 - 2040 177.9 Total $ 221.1 A valuation allowance has been established based on our evaluation of the likelihood of utilizing these benefits before they expire. We have determined that the generation of future taxable income from certain subsidiaries to fully realize the deferred tax assets is uncertain. Other than these items, we have determined, based on our historical operating performance, that our taxable income will more likely than not As of December 31, 2020 not not not We follow ASC No. 740 10 not not No may not not 2020 2019 2018 Unrecognized tax benefit as of January 1 $ 11.5 $ 17.4 $ 16.3 Gross increase in tax positions in prior period 0.5 0.6 2.0 Gross decrease in tax positions in prior period (0.2 ) (3.3 ) (0.1 ) Settlements — (2.4 ) (0.3 ) Lapse of statute of limitations (1.9 ) (0.8 ) (0.5 ) Unrecognized tax benefit as of December 31 $ 9.9 $ 11.5 $ 17.4 Of the total unrecognized tax benefits as of December 31, 2020 2019 2018 The total gross amount of accrued interest and penalties for the years ended December 31, 2020 2019 2018 We do not may 2021 We are subject to tax in the U.S., various state, and foreign jurisdictions. Joined by our domestic subsidiaries, we file a consolidated income tax return. With a few exceptions, none December 31, 2020 no 2016. December 31, 2013 2018 June 30, 2021. December 31, 2016 2018. not |
Note 14 - Composition of Certai
Note 14 - Composition of Certain Financial Statement Caption | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 14. The following table presents the components of “Accounts payable and accrued liabilities” as of December 31: 2020 2019 Accounts payable and accrued liabilities: Accrued salaries, benefits and other related costs $ 158.7 $ 147.4 Legal accrual (1) 126.5 128.4 Escrow liabilities 1.5 0.2 Accrued interest 20.7 19.0 Trade accounts payable and other accrued expenses 99.3 80.0 Total accounts payable and accrued liabilities $ 406.7 $ 375.0 _______________ ( 1 Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation The following table presents the components of "Other noncurrent assets" as of December 31: 2020 2019 Other noncurrent assets: Pension benefits $ 77.3 $ 60.3 Other assets - prepaid expenses 70.6 57.0 Acquisition related escrows 18.5 10.5 Investments in non-public companies 192.6 27.1 Deposits and other 6.7 4.9 Total other noncurrent assets $ 365.7 $ 159.8 |
Note 15 - Debt
Note 15 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15. The following table presents short-term and long-term debt by issuance as of December 31: Issuance Maturity Date Date 2020 2019 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ 50.0 $ 495.0 Senior notes: 5.800 0.1 4/6/2011 5/1/2021 449.9 — Finance lease liabilities (1) Various Various 14.4 4.4 Short-term debt and current portion of long-term debt 514.3 499.4 Long-term debt: Senior notes: 3.625 10.7 5/13/2020 5/15/2050 489.3 — 4.125 12.4 13.9 3/6/2019 3/15/2029 612.4 613.9 4.000 5.4 6.7 5/15/2015 6/15/2025 894.6 893.3 5.500 4.3 4.5 5/15/2015 6/15/2045 345.7 345.5 4.125 1.1 1.6 9/12/2012 9/12/2022 348.9 348.4 5.800 0.7 4/6/2011 5/1/2021 — 449.3 Finance lease liabilities Various Various 10.3 3.3 Syndicated revolving credit facility debt issuance costs Various Various (1.6 ) (2.1 ) Long-term debt 2,699.6 2,651.6 Total debt $ 3,213.9 $ 3,151.0 _______________ ( 1 Note 8 ( 2 September 6, 2019. Accrued interest associated with our outstanding debt obligations was $ 20.7 December 31, 2020 2019 s $ 138.3 m December 31, 2020, 2019 2018 Senior Notes On May 8, 2020, 2050 "2050 2050 May 15, 2050 3.625% 2050 May 15th November 15th November 15, 2020. 2050 2050 2050 2050 December 31, 2020 December 31, 2019, unt of $3,150.0 mi Syndicated Revolving Credit Facility We have a Credit Facility with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., TD Bank, N.A., and the Northern Trust Company. Interest on borrowings under the Credit Facility is payable at an interest rate of LIBOR plus 1.0% to 1.625%, depending upon the public debt rating. A commitment fee on any unused balance is payable periodically and may 1.0. one 1.0 1.0. may December 31, 2020, December 31, 2020 2019, December 31, 2020, Debt Maturities The following table reflects our debt maturities: Years Ending Amount 2021 $ 514.4 2022 360.0 2023 0.3 2024 — 2025 900.0 2026 and thereafter 1,450.0 Total $ 3,224.7 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 16. We have 2,000,000,000 shares of authorized common stock as of December 31, 2020 2019 eleven We have 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. We did not December 31, 2020 At December 31, 2020, 2019 2018 On February 12, 2020, April 29, 2020, July 29, 2020, October 28, 2020, March 13, 2020, June 15, 2020, September 15, 2020, December 15, 2020, March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020 Share Repurchase Program Since May 2010, February 12, 2020. 2010, December 31, 2020 no 2013 "2013 2009 “2009 no may In December 2019, March 2020, June 2020, September 2020 815 40, Contracts in Entity's Own Equity 815 40" zero January 2, 2020, April 1, 2020, July 1, 2020, October 1, 2020, February 2020, June 2020, September 2020, December 2020, December 31, 2020 December 31, 2020 During the years ended December 31, 2020 2019 Treasury Stock As of December 31, 2020 December 31, 2020, 2019 2018 2013 2009 Earnings Per Share The following is a reconciliation of the numerators and denominators of our basic and diluted EPS computations for the years ended December 31: 2020 2019 2018 (In millions, except for share and per share data) Numerator used in basic and diluted EPS: Net income $ 712.7 $ 449.9 $ 598.7 Denominator: Weighted average number of common shares used in basic EPS 162,610,586 163,535,438 164,808,110 Effect of dilutive shares: Potential common stock issuable from stock options and stock awards 2,710,123 3,024,677 3,489,726 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 165,320,709 166,560,115 168,297,836 The potential shares of common stock that were excluded from diluted EPS were 513,137, 674,983 and 496,446 at December 31, 2020, 2019 2018 VERISK ANALYTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Accumulated Other Comprehensive Losses The following is a summary of accumulated other comprehensive losses as of December 31: 2020 2019 Foreign currency translation adjustment $ (292.2 ) $ (400.1 ) Pension and postretirement adjustment, net of tax (83.5 ) (86.8 ) Accumulated other comprehensive losses $ (375.7 ) $ (486.9 ) The before tax and after tax amounts of other comprehensive income (loss) for the years ended December 31, 2020, 2019 2018 Tax Benefit Before Tax (Expense) After Tax December 31, 2020 Foreign currency translation adjustment $ 107.9 $ — $ 107.9 Pension and postretirement adjustment before reclassifications 11.1 (2.9 ) 8.2 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (6.7 ) 1.8 (4.9 ) Pension and postretirement adjustment 4.4 (1.1 ) 3.3 Total other comprehensive income $ 112.3 $ (1.1 ) $ 111.2 December 31, 2019 Foreign currency translation adjustment $ 88.4 $ — $ 88.4 Pension and postretirement adjustment before reclassifications 26.7 (6.4 ) 20.3 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 21.8 (5.2 ) 16.6 Total other comprehensive income $ 110.2 $ (5.2 ) $ 105.0 December 31, 2018 Foreign currency translation adjustment $ (154.1 ) $ — $ (154.1 ) Pension and postretirement adjustment before reclassifications (36.7 ) 9.1 (27.6 ) Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) 3.7 (0.9 ) 2.8 Pension and postretirement adjustment (33.0 ) 8.2 (24.8 ) Total other comprehensive loss $ (187.1 ) $ 8.2 $ (178.9 ) _______________ ( 1 These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18 VERISK ANALYTICS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) |
Note 17 - Compensation Plans
Note 17 - Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 17. KSOP We have established the KSOP for the benefit of eligible employees in the U.S. and Puerto Rico. The KSOP includes both an employee savings component and an employee stock ownership component. The purpose of the combined plan is to enable our employees to participate in a tax-deferred savings arrangement under Internal Revenue Service Code Sections 401 401 Under the KSOP, eligible employees may 401 401 2020 2019 2018 may 2020 2019 2018 April 1, 2018 first April 1, 2018, first January 1, 2019, first 401 December 31, 2020, 2019 2018 In 2005, March 1, 2005. 1,000 December 31 four 1,000 December 31, 2020, 2019 2018 Equity Compensation Plans All of our outstanding stock options, restricted stock and PSUs are covered under our 2013 2009 2013 may one 2013 2013 1 1 1 2013 2013 1 1 1 may December 31, 2020 A summary of the status of the stock options, restricted stock and PSUs awarded under our 2013 December 31, 2020, 2019 2018 Stock Option Restricted Stock PSU Weighted Weighted Weighted Average Average Average Aggregate Grant Date Grant Date Number Exercise Intrinsic Number Fair Value Number Fair Value of Options Price Value of Shares Per Share of Shares Per Share (in millions) Outstanding at January 1, 2018 8,907,109 $ 53.31 $ 380.2 604,464 $ 78.28 — $ — Granted 958,332 $ 104.23 207,041 $ 104.34 46,705 $ 140.70 Exercised or lapsed (2,752,735 ) $ 33.00 $ 213.0 (225,205 ) $ 76.88 — $ — Canceled, expired or forfeited (292,660 ) $ 79.16 (52,965 ) $ 82.64 (4,655 ) $ 140.70 Outstanding at December 31, 2018 6,820,046 $ 67.27 $ 284.9 533,335 $ 88.55 42,050 $ 140.70 Granted 920,398 $ 135.64 167,231 $ 135.82 51,792 $ 173.59 Dividend reinvestment — $ — — $ — 550 Not applicable Exercised or lapsed (1,131,970 ) $ 51.20 $ 101.0 (242,815 ) $ 84.60 — $ — Canceled, expired or forfeited (175,660 ) $ 92.27 (29,022 ) $ 109.72 (432 ) $ 134.24 Outstanding at December 31, 2019 6,432,814 $ 79.51 $ 449.2 428,729 $ 107.96 93,960 $ 158.50 Granted 936,843 $ 159.28 163,441 $ 159.96 50,736 $ 192.93 Dividend reinvestment — $ — — $ — 913 Not applicable Exercised or lapsed (1,623,740 ) $ 56.83 $ 189.8 (178,317 ) $ 102.00 — Canceled, expired or forfeited (134,140 ) $ 125.95 (23,799 ) $ 124.40 — Outstanding at December 31, 2020 5,611,777 $ 98.28 $ 613.4 390,054 $ 131.63 145,609 $ 170.75 Exercisable at December 31, 2020 3,494,164 $ 76.84 $ 456.9 Exercisable at December 31, 2019 4,175,855 $ 65.05 $ 352.0 Nonvested at December 31, 2020 2,117,613 390,054 102,999 Expected to vest at December 31, 2020 1,900,586 354,959 268,294 (1) _______________ ( 1 Includes estimated performance achievement The fair value of our stock options granted was estimated on the date of grant using a Black-Scholes option valuation model that uses the weighted-average assumptions noted in the following table during the years ended December 31: 2020 2019 2018 Expected volatility 18.48 % 18.76 % 18.51 % Risk-free interest rate 1.51 % 2.25 % 2.53 % Expected term in years 4.3 4.4 4.4 Dividend yield 0.71 % 0.80 % — % Weighted average grant date fair value per stock option $ 25.87 $ 24.13 $ 21.48 A summary of the status of our nonvested options and changes are presented below: Number of Options Weighted Average Grant-Date Fair Value Per Share Nonvested balance at January 1, 2018 2,911,770 $ 14.86 Granted 958,332 $ 21.48 Vested (1,117,513 ) $ 14.79 Cancelled or expired (292,660 ) $ 15.33 Nonvested balance at December 31, 2018 2,459,929 $ 17.41 Granted 920,398 $ 24.13 Vested (947,708 ) $ 17.29 Cancelled or expired (175,660 ) $ 17.77 Nonvested balance at December 31, 2019 2,256,959 $ 20.17 Granted 936,843 $ 25.87 Vested (942,049 ) $ 18.30 Cancelled or expired (134,140 ) $ 22.40 Nonvested balance at December 31, 2020 2,117,613 $ 23.39 Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the quoted price of our common stock as of the reporting date. Excess tax benefits of $42.9 million, $23.2 million and $48.9 million from exercised stock options were recorded as income tax benefit in our accompanying consolidated statements of operations for the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 December 31, 2020 December 31, 2019 For the year ended December 31, 2020 2019 27,890 40,578 As of December 31, 2020 2013 December 31, 2020 2019 2018 December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 Our UK Sharesave Plan offers qualifying employees in the United Kingdom the opportunity to own shares of our common stock. Employees who elect to participate are granted stock options, of which the exercise price is equal to the adjusted closing price of our 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 December 31, 2020, 2019 2018, December 31, 2020 We also offer eligible employees the opportunity to participate in an ESPP. Under our ESPP, participating employees may may not 718, may no December 31, 2020, 2019 2018 December 31, 2020 |
Note 18 - Pension and Postretir
Note 18 - Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 18. We have a frozen qualified defined benefit pension plan for certain of our employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. Prior to the freeze, we applied a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which was credited annually based on salary rates determined by years of service, as well as the interest earned on the previous year-end cash balance. We also have a non-qualified frozen supplemental cash balance plan (“SERP”) for certain employees. Our SERP is funded from our general assets. Our Pension Plan’s funding policy is to contribute annually at an amount between the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974 2020 2021, 2020 2019 2021. We also provide certain healthcare and life insurance benefits for both 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. We do not 2021. The following table sets forth the changes in the benefit obligations and the plan assets, the funded status of the Pension Plan, SERP and Postretirement Plan, and the amounts recognized in our consolidated balance sheets at December 31: Pension Plan and SERP Postretirement Plan 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at January 1 $ 443.6 $ 407.8 $ 8.2 $ 9.7 Interest cost 12.6 15.6 0.2 0.3 Actuarial loss (gain) 32.1 48.2 (0.2 ) (0.4 ) Plan participants’ contributions — — 1.6 2.1 Benefits paid (28.4 ) (28.0 ) (2.3 ) (3.6 ) Federal subsidy on benefits paid — — — 0.1 Benefit obligation at December 31 $ 459.9 $ 443.6 $ 7.5 $ 8.2 Accumulated benefit obligation at December 31 $ 459.9 $ 443.6 Change in plan assets: Fair value of plan assets at January 1 $ 488.9 $ 421.3 $ 10.3 $ 9.7 Actual return on plan assets, net of expenses 59.6 94.9 0.3 0.6 Employer contributions, net 0.7 0.7 0.6 1.4 Plan participants’ contributions — — 1.6 2.1 Benefits paid (28.4 ) (28.0 ) (2.3 ) (3.6 ) Federal subsidies received — — — 0.1 Fair value of plan assets at December 31 $ 520.8 $ 488.9 $ 10.5 $ 10.3 Funded status at December 31 $ (60.9 ) $ (45.3 ) $ (3.0 ) $ (2.1 ) Amounts recognized in the consolidated balance sheets consist of: Pension assets, noncurrent (1) $ (74.3 ) $ (58.2 ) $ (3.0 ) $ (2.1 ) Pension, SERP and postretirement benefits, current (2) 1.0 0.8 — — Pension, SERP and postretirement benefits, noncurrent (3) 12.4 12.1 — — Total Pension, SERP and Postretirement benefits $ (60.9 ) $ (45.3 ) $ (3.0 ) $ (2.1 ) _______________ ( 1 ( 2 Included in "Accounts payable and accrued liabilities" in our accompanying consolidated balance sheets ( 3 Included in "Other liabilities" in our accompanying consolidated balance sheets The pre-tax components included within accumulated other comprehensive losses as of December 31 Pension Plan and SERP Postretirement Plan 2020 2019 2020 2019 Prior service benefit cost (credit) $ 3.0 $ 3.2 $ (0.1 ) $ (0.3 ) Actuarial losses 133.2 137.1 3.1 3.8 Accumulated other comprehensive losses, pretax $ 136.2 $ 140.3 $ 3.0 $ 3.5 The pre-tax components of net periodic benefit (credit) cost and the amounts recognized in other comprehensive loss are summarized below for the years ended December 31: Pension Plan and SERP Postretirement Plan 2020 2019 2018 2020 2019 2018 Interest cost $ 12.6 $ 15.6 $ 15.2 $ 0.2 $ 0.3 $ 0.3 Expected return on plan assets (29.9 ) (30.3 ) (32.9 ) (0.2 ) (0.2 ) (0.2 ) Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses 0.2 0.2 0.2 (0.1 ) (0.1 ) (0.1 ) Amortization of net actuarial loss reclassified from accumulated other comprehensive losses 6.3 4.5 3.2 0.3 0.3 0.4 Net periodic benefit (credit) cost (10.8 ) (10.0 ) (14.3 ) 0.2 0.3 0.4 Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses (0.2 ) (0.2 ) (0.2 ) 0.1 0.1 0.1 Amortization of actuarial loss reclassified from accumulated other comprehensive losses (0.2 ) (0.1 ) (0.1 ) — — — Net loss recognized reclassified from accumulated other comprehensive losses (6.1 ) (4.4 ) (3.1 ) (0.3 ) (0.3 ) (0.4 ) Actuarial (gain) loss 2.4 (16.4 ) 37.0 (0.3 ) (0.8 ) (0.3 ) Total recognized in other comprehensive (income) loss (4.1 ) (21.1 ) 33.6 (0.5 ) (1.0 ) (0.6 ) Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss $ (14.9 ) $ (31.1 ) $ 19.3 $ (0.3 ) $ (0.7 ) $ (0.2 ) The weighted-average assumptions used to determine benefit obligations as of December 31, 2020 2019 2020 2019 2018 Pension Plan and SERP Postretirement Plan Weighted-average assumptions used to determine benefit obligations: 2020 2019 2020 2019 Discount rate 2.49 % 3.24 % 1.50 % 2.50 % Expected return on plan assets 6.50 % 6.75 % 2.00 % 2.00 % Cash balance interest credit rate 2.57 % 2.57 % Not applicable Weighted-average assumptions used to determine net periodic benefit (credit) loss: 2020 2019 2018 2020 2019 2018 Discount rate 2.83 % 3.82 % 3.50 % 2.50 % 3.75 % 3.00 % Expected return on plan assets 6.75 % 7.00 % 7.00 % 2.00 % 2.00 % 2.00 % Cash balance interest credit rate 2.57 % 2.57 % 2.57 % Not applicable The following table presents the estimated future benefit payments for the respective plans. The future benefit payments for the Postretirement Plan are net of the federal Medicare subsidy. Pension Plan Postretirement and SERP Plan Gross Gross Medicare Net Benefit Benefit Subsidy Benefit Amount Amount Payments Amount 2021 $ 30.5 $ 1.2 $ (0.2 ) $ 1.0 2022 $ 30.1 $ 1.1 $ (0.2 ) $ 0.9 2023 $ 30.3 $ 1.0 $ (0.2 ) $ 0.8 2024 $ 29.9 $ 0.8 $ — $ 0.8 2025 $ 28.9 $ 0.7 $ — $ 0.7 2026-2030 $ 135.5 $ 2.4 $ (0.1 ) $ 2.3 The healthcare cost trend rate for 2021 2035. The subsidy benefit from the Medicare Prescription Drug, Improvement and Modernization Act of 2003 December 31, 2020 2019 2020 2019 2018, The expected return on our Pension Plan assets as of December 31, 2020 2019 first 2020, December 31, 2019. December 31, 2020 2019 The asset allocation at December 31, 2020 2019 Target Percentage of Plan Assets Asset Category Allocation 2020 2019 Equity securities 55.0 % 52.5 % 53.7 % Debt securities 45.0 % 40.0 % 37.9 % Other — % 7.5 % 8.4 % Total 100.0 % 100.0 % 100.0 % We have used the target investment allocation to derive the expected return as we believe this allocation will be retained on an ongoing basis that will be commensurate with the projected cash flows of the plan. The expected return for each investment category within the target investment allocation is developed using average historical rates of return for each targeted investment category, considering the projected cash flow of our Pension Plan. The difference between this expected return and the actual return on plan assets is generally deferred and recognized over subsequent periods through future net periodic benefit costs. We believe that the use of the average historical rates of returns is consistent with the timing and amounts of expected contributions to the plans and benefit payments to plan participants. These considerations provide the basis for reasonable assumptions with respect to the expected long-term rate of return on plan assets. We also maintain a voluntary employees beneficiary association plan (the “VEBA Plan”) under Section 501 9 December 31, 2020 2019 There were no 1, 2 3 December 31, 2020 2019 Note 7 Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2020 Equity Managed equity accounts (1) $ 206.3 $ 206.3 $ — $ — Equity — pooled separate account (2) 67.2 — 67.2 — Debt Fixed income manager — pooled separate account (2) 208.3 — 208.3 — Fixed income manager — government securities (4) 10.5 10.5 — — Others Cash — pooled separate account (2) 2.1 — 2.1 — Global real estate account (5) 36.9 — 36.9 — Total $ 531.3 $ 216.8 $ 314.5 $ — December 31, 2019 Equity Managed equity accounts (1) $ 196.1 $ 196.1 $ — $ — Equity — pooled separate account (2) 66.1 — 66.1 — Equity — partnerships (3) 0.1 — — 0.1 Debt Fixed income manager — pooled separate account (2) 185.4 — 185.4 — Fixed income manager — government securities (4) 10.3 10.3 — — Others Cash — pooled separate account (2) 3.4 — 3.4 — Global real estate account (5) 37.8 — 37.8 — Total $ 499.2 $ 206.4 $ 292.7 $ 0.1 _______________ ( 1 Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAV”) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts. ( 2 The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not ( 3 Investments for which readily determinable prices do not ( 4 The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not ( 5 The funds invested in common stocks and other equity securities issued by domestic and foreign real estate companies, including real estate investment trusts ("REIT") and similar REIT-like entities. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the funds, which is not |
Note 19 - Segment Reporting
Note 19 - Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 19. ASC 280 10, Disclosures About Segments of an Enterprise and Related Information 280 10” 280 10 280 10. Each of our reportable segments, Insurance, Energy and Specialized Markets, and Financial Services has a portion of its revenue from more than one three Note 2 Insurance: During the first 2020, first 2020, not Energy and Specialized Markets: Financial Services: The three third not not not Note 6 The following table provides our revenue and EBITDA by reportable segment for the years ended December 31, 2020 2019 2018 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,986.3 $ 641.6 $ 156.7 $ 2,784.6 $ 1,865.2 $ 563.9 $ 178.0 $ 2,607.1 $ 1,714.9 $ 504.3 $ 175.9 $ 2,395.1 Expenses: Cost of revenues (exclusive of items shown separately below) (628.4 ) (272.7 ) (92.8 ) (993.9 ) (639.9 ) (239.7 ) (97.2 ) (976.8 ) (575.6 ) (210.7 ) (99.9 ) (886.2 ) Selling, general and administrative (243.3 ) (150.9 ) (19.7 ) (413.9 ) (402.7 ) (181.1 ) (19.7 ) (603.5 ) (223.2 ) (136.7 ) (18.8 ) (378.7 ) Other operating income (loss) 15.9 — 3.5 19.4 — — (6.2 ) (6.2 ) — — — — Investment (loss) income and others, net (1.2 ) (1.2 ) — (2.4 ) 0.7 (1.9 ) (0.5 ) (1.7 ) 13.0 0.6 1.7 15.3 EBITDA $ 1,129.3 $ 216.8 $ 47.7 1,393.8 $ 823.3 $ 141.2 $ 54.4 1,018.9 $ 929.1 $ 157.5 $ 58.9 1,145.5 Depreciation and amortization of fixed assets (192.2 ) (185.7 ) (165.3 ) Amortization of intangible assets (165.9 ) (138.0 ) (130.8 ) Interest expense (138.2 ) (126.8 ) (129.7 ) Income before income taxes $ 897.5 $ 568.4 $ 719.7 Long-lived assets by country are provided below as of December 31: 2020 2019 Long-lived assets: U.S. $ 3,525.0 $ 3,162.5 U.K. 2,775.8 2,685.3 Other countries 466.8 462.5 Total long-lived assets $ 6,767.6 $ 6,310.3 |
Note 20 - Related Parties
Note 20 - Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 20. We consider our stockholders that own more than 5% 850, Related Party Disclosures December 31, 2020 2019 In addition, we had no revenues from related parties for the years ended December 31, 2020, 2019 2018 |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 21. We are 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, we are 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. November 4, 2020 December 15, 2020. December 24, 2020. February 16, 2021, $125.0 not four December 31, 2019. not $125.0 ERISA Litigation On September 24, 2020, No. 2:20 13223 401 September 24, 2014 not January 12, 2021. not ISO Claims Partners Litigation On October 23, 2020, 3:20 585 October 23, 2017; not January 28, 2021. not Jornaya Litigation On February 2, 2021 No. 3:20 09099 631 635 637 5,000 three not |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. I n December 2020, January 4, 2021, March 2021, may Note 16 . Stockholders' Equity for further discussion. On January 15, 2021, granted 706,851 stock options, 134,840 shares of restricted stock, and 59,144 performance share units to key employees. The stock options and restricted stock have a graded service vesting period of four three Note 17 . Compensation Plans for further discussion. On February 16, 2021, On February 17, 2021, March 31, 2021, March 15, 2021. |
Note 23 - Schedule II Valuation
Note 23 - Schedule II Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Valuation and Qualifying Accounts and Reserves For the Years Ended December 31, 2020, 2019 2018 (In millions) Balance at Charged to Beginning Costs and Deductions— Balance at Description of Year Expenses (1) Write-offs (2) End of Year Year ended December 31, 2020 Allowance for doubtful accounts $ 11.7 $ 13.1 $ (7.1 ) $ 17.7 Valuation allowance for income taxes $ 46.5 $ 10.7 $ (9.2 ) $ 48.0 Year ended December 31, 2019 Allowance for doubtful accounts $ 5.7 $ 7.2 $ (1.2 ) $ 11.7 Valuation allowance for income taxes $ 34.5 $ 16.7 $ (4.7 ) $ 46.5 Year ended December 31, 2018 Allowance for doubtful accounts $ 4.6 $ 5.6 $ (4.5 ) $ 5.7 Valuation allowance for income taxes $ 17.6 $ 21.2 $ (4.3 ) $ 34.5 ( 1 Primarily additional reserves for bad debts ( 2 Primarily accounts receivable balances written off, net of recoveries, the expiration of loss carryforwards and businesses held for sale |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Our accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“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, 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 equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may first 2018, 2020 2020 |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | (a) Intercompany Accounts and Transactions The consolidated financial statements include all of our accounts. All intercompany accounts and transactions have been eliminated. |
Revenue from Contract with Customer [Policy Text Block] | (b) Revenue Recognition The following describes our primary types of revenues and the applicable revenue recognition policies. We recognize revenues through recurring and non-recurring long-term agreements (generally one five one Hosted Subscriptions We offer two first not no not 606. The second may no not 606. Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period, which is usually for one Advisory/Consulting Services We provide certain discrete project based advisory/consulting services, which are recognized over time by measuring the progress toward complete satisfaction of the performance obligation, based on the input method of consulting hours worked; this aligns with the results achieved and value transferred to our customer. The hours consumed are most reflective of the measure of progress towards satisfying the performance obligation, as the resources hours worked directly tie to the progress of the services to be provided. In general, they are billed over the course of the project. Transactional Solutions Certain solutions are also paid for by customers on a transactional basis. We recognize these revenues as the solutions are delivered or services performed at a point in time. In general, our customers are billed monthly at the end of each month. (c) Deferred Revenues We invoice our customers in annual, quarterly, monthly, or milestone installments. Amounts billed and/or collected in advance of services being provided are recorded as “Deferred revenues” and “Other noncurrent liabilities” in our accompanying consolidated balance sheets and are recognized as the services are performed, control is transferred to customers, and the applicable revenue recognition criteria is met. (d) Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are generally recorded at the invoiced amount. Unbilled receivables are short-term in nature and expected to be billed within one (e) Deferred Commissions We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one five December 31, 2020 |
Property, Plant and Equipment, Policy [Policy Text Block] | (f) Fixed Assets and Finite-lived Intangible Assets Fixed assets and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. Our internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350 40, Internal-use Software 350 40" 985 20, Software to be Sold, Leased, or Marketed 985 20” In accordance with ASC 360, Property, Plant & Equipment may not first |
Lessee, Leases [Policy Text Block] | (g) Leases We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. one fourteen twenty one We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset and that it has the right to control the use of such asset in determining whether the contract contains a lease. A ROU asset represents our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our operating leases do not zero |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (h) Fair Value of Financial and Non-financial Instruments We follow the provisions of ASC 820 10, Fair Value Measurements 820 10” 820 10 820 10 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (i) Foreign Currency We have determined local currencies are the functional currencies of our foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in our accompanying consolidated statements of changes in stockholders’ equity. |
Compensation Related Costs, Policy [Policy Text Block] | (j) Stock-Based Compensation We follow ASC 718, Stock Compensation 718” 718, Our nonqualified stock options have an exercise price equal to the closing price of our common stock on the grant date, with a ten no zero The fair value of our restricted stock is determined using the closing price of our common stock on the grant date. Our restricted stock is not four Performance share units (“PSU”) vest at the end of a three one third zero We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Estimated forfeiture is ultimately adjusted to actual forfeiture. Changes in the forfeiture assumptions may Excess tax benefit from exercised stock options, lapsing of restricted stock and PSUs is recorded as an income tax benefit in our accompanying consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and of the market value of restricted stock lapsed over the compensation recognized for financial reporting purposes. |
Research, Development, and Computer Software, Policy [Policy Text Block] | (k) Research and Development Costs Research and development costs, which are primarily related to personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $48.9 million, $60.0 million and $45.1 million for the years ended December 31, 2020, 2019 2018 |
Advertising Cost [Policy Text Block] | (l) Advertising Costs Advertising costs, which are primarily associated with promoting our brand, names and solutions provided, are expensed as incurred. Such costs were $8.5 million, $10.7 million and $9.0 million for the years ended December 31, 2020, 2019 2018 |
Income Tax, Policy [Policy Text Block] | (m) Income Taxes We account for income taxes under the asset and liability method under ASC 740, Income Taxes 740” Deferred tax assets are recorded to the extent these assets are more likely than not not not We follow ASC 740 10, Income Taxes 740 10” , 740 10 may not not 740 10. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in our accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on our accompanying consolidated balance sheets. |
Earnings Per Share, Policy [Policy Text Block] | (n) Earnings Per Share Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | (o) Pension and Postretirement Benefits We account for our pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits 715” 715 not December 31. |
Standard Product Warranty, Policy [Policy Text Block] | (p) Product Warranty Obligations We provide warranty coverage for certain of our solutions. We recognize a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2020 2019 not In the ordinary course of business, we enter into numerous agreements that contain standard indemnities whereby we indemnify another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that we could be required to make under these indemnifications; however, we are not not |
Commitments and Contingencies, Policy [Policy Text Block] | (q) Loss Contingencies We accrue for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (r) Goodwill Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of our businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not June 30 may not June 30, 2020, 2020 not |
New Accounting Pronouncements, Policy [Policy Text Block] | (s) Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Financial Instruments—Credit Losses (Topic 326 In June 2016, No. 2016 13, 326" Topic 326 first We adopted these amendments on January 1, 2020. Refer to our accompanying consolidated statements of changes in stockholders' equity for the adjustment of the opening retained earnings and Note 7 Income Tax (Topic 740 In December 2019, No. 2019 12, No. 2019 12" The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not not Fiscal years beginning after December 15, 2020 We have decided not No. 2019 12 not may Reference Rate Reform 848 In 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. We adopted this amendment on March 12, 2020. no December 31, 2020. December 2021. |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2020 2019 Billed receivables $ 380.5 $ 372.7 Unbilled receivables 69.6 80.6 Total receivables 450.1 453.3 Less allowance for doubtful accounts (17.7 ) (11.7 ) Accounts receivable, net $ 432.4 $ 441.6 |
Note 6 - Revenues (Tables)
Note 6 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2020 2019 2018 Insurance: Underwriting & rating $ 1,390.6 $ 1,254.3 $ 1,153.5 Claims 595.7 610.9 561.4 Total Insurance 1,986.3 1,865.2 1,714.9 Energy and Specialized Markets 641.6 563.9 504.3 Financial Services 156.7 178.0 175.9 Total revenues $ 2,784.6 $ 2,607.1 $ 2,395.1 2020 2019 2018 Revenues: United States ("U.S.") $ 2,133.6 $ 2,005.6 $ 1,849.4 United Kingdom ("U.K.") 181.6 177.3 148.2 Other countries 469.4 424.2 397.5 Total revenues $ 2,784.6 $ 2,607.1 $ 2,395.1 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 instrument not carried at fair value: Senior Notes (Note 15) Level 2 $ 3,140.8 $ 3,652.2 $ 2,650.4 $ 2,902.2 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2020 2019 Lease cost: Operating lease cost (1) $ 52.2 $ 48.4 Sublease income (0.3 ) — Finance lease cost Depreciation of finance lease assets (2) 13.4 13.2 Interest on finance lease liabilities (3) 0.7 1.8 Total lease cost $ 66.0 $ 63.4 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (52.0 ) $ (48.4 ) Operating cash outflows from finance leases $ (0.7 ) $ (1.8 ) Financing cash outflows from finance leases $ (14.4 ) $ (15.1 ) Weighted-average remaining lease term - operating leases (in years) 9.3 9.4 Weighted-average remaining lease term - finance leases (in years) 2.2 2.6 Weighted-average discount rate - operating leases 3.9 % 4.0 % Weighted-average discount rate - finance leases 4.1 % 4.4 % |
Lessee, Lease Liability Maturity [Table Text Block] | Years Ending Operating Leases Finance Leases 2021 $ 50.5 $ 15.0 2022 45.0 10.8 2023 42.9 0.3 2024 35.2 — 2025 31.9 — 2026 and thereafter 171.4 — Total lease payments 376.9 26.1 Less: Amount representing interest (66.6 ) (1.4 ) Present value of total lease payments $ 310.3 $ 24.7 |
Note 9 - Fixed Assets (Tables)
Note 9 - Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life (in years) Cost Accumulated Depreciation and Amortization Net December 31, 2020 Furniture and office equipment 3 - 10 $ 273.6 $ (215.8 ) $ 57.8 Leasehold improvements Lease term 118.3 (44.7 ) 73.6 Purchased software 3 77.7 (68.6 ) 9.1 Software development costs 3 - 7 924.6 (465.3 ) 459.3 Leased equipment 3 - 4 68.3 (41.2 ) 27.1 Motor vehicles and field equipment 2 - 10 6.8 (1.4 ) 5.4 Total fixed assets $ 1,469.3 $ (837.0 ) $ 632.3 December 31, 2019 Furniture and office equipment 3 - 10 $ 268.9 $ (210.1 ) $ 58.8 Leasehold improvements Lease term 103.9 (41.7 ) 62.2 Purchased software 3 89.8 (77.7 ) 12.1 Software development costs 3 - 7 773.7 (373.7 ) 400.0 Leased equipment 3 - 4 38.5 (28.6 ) 9.9 Aircraft equipment 2 - 10 5.2 (0.1 ) 5.1 Total fixed assets $ 1,280.0 $ (731.9 ) $ 548.1 |
Note 10 - Acquisitions (Tables)
Note 10 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Franco Signor Lead Intelligence Total Cash and cash equivalents (1) $ 10.9 $ 5.9 $ 16.8 Accounts receivable 2.5 2.9 5.4 Other current assets 0.4 0.6 1.0 Fixed assets 0.4 0.7 1.1 Operating lease right-of-use assets, net 1.5 1.7 3.2 Intangible assets 59.1 64.4 123.5 Goodwill 100.3 71.4 171.7 Other assets 8.0 1.3 9.3 Total assets acquired 183.1 148.9 332.0 Current liabilities (1) (6.4 ) (1.3 ) (7.7 ) Deferred revenues (0.3 ) (2.3 ) (2.6 ) Operating lease liabilities (1.5 ) (1.7 ) (3.2 ) Deferred income tax, net (1.8 ) (11.2 ) (13.0 ) Other liabilities (8.0 ) (1.3 ) (9.3 ) Total liabilities assumed (18.0 ) (17.8 ) (35.8 ) Net assets acquired 165.1 131.1 296.2 Cash and cash equivalents (10.9 ) (5.9 ) (16.8 ) Restricted cash (1) 5.7 — 5.7 Cash acquired (5.2 ) (5.9 ) (11.1 ) Net cash purchase price $ 159.9 $ 125.2 $ 285.1 FAST Genscape BuildFax CaaS Others Total Cash and cash equivalents $ 2.9 $ 0.2 $ 0.4 $ 3.7 $ 3.1 $ 10.3 Accounts receivable 4.7 13.6 1.8 — 3.9 24.0 Other current assets 0.4 1.4 0.1 0.7 0.6 3.2 Fixed assets 1.8 15.9 0.9 0.2 6.3 25.1 Operating lease right-of-use assets, net 1.4 7.4 0.4 — 0.5 9.7 Intangible assets 69.0 153.2 21.9 34.4 14.1 292.6 Goodwill 120.7 241.4 20.2 41.2 28.2 451.7 Other assets 0.1 — — 0.1 4.4 4.6 Total assets acquired 201.0 433.1 45.7 80.3 61.1 821.2 Current liabilities 2.4 17.4 0.9 1.3 1.3 23.3 Deferred revenues 0.3 27.3 2.4 10.1 — 40.1 Operating lease liabilities 1.4 7.4 0.4 — 0.5 9.7 Deferred income tax, net — 29.8 0.4 — 2.6 32.8 Other liabilities — — 1.0 — 5.3 6.3 Total liabilities assumed 4.1 81.9 5.1 11.4 9.7 112.2 Net assets acquired 196.9 351.2 40.6 68.9 51.4 709.0 Cash acquired (3.0 ) (0.2 ) (0.4 ) (3.7 ) (3.1 ) (10.4 ) Net cash purchase price $ 193.9 $ 351.0 $ 40.2 $ 65.2 $ 48.3 $ 698.6 Rulebook Validus Others Total Cash and cash equivalents $ — $ 0.9 $ 2.2 $ 3.1 Accounts receivable 2.0 1.5 1.0 4.5 Current assets 0.1 6.3 0.2 6.6 Fixed assets 1.5 0.4 0.2 2.1 Intangible assets 25.1 20.9 8.4 54.4 Goodwill 58.9 24.8 15.8 99.5 Other assets 8.6 — — 8.6 Total assets acquired 96.2 54.8 27.8 178.8 Current liabilities 0.6 3.9 1.0 5.5 Deferred revenues 0.4 0.1 1.1 1.6 Deferred income taxes, net 0.1 3.6 1.5 5.2 Other liabilities 8.6 0.2 — 8.8 Total liabilities assumed 9.7 7.8 3.6 21.1 Net assets acquired 86.5 47.0 24.2 157.7 Less: Cash acquired — (0.9 ) (2.2 ) (3.1 ) Net cash purchase price $ 86.5 $ 46.1 $ 22.0 $ 154.6 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Weighted Average Useful Life (in years) Total Technology 11 $ 30.8 Marketing 5 2.1 Customer 11 90.6 Total intangible assets $ 123.5 Weighted Average Useful Life (in years) Total Technology 6 $ 81.9 Marketing 4 3.9 Customer 12 185.5 Database 10 20.7 Total intangible assets $ 292.0 Weighted Average Useful Life (in years) Total Technology 6 $ 30.3 Marketing 9 4.0 Customer 10 20.1 Total intangible assets $ 54.4 |
Note 12 - Goodwill and Intang_2
Note 12 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Insurance Energy and specialized markets Financial services Total Goodwill at December 31, 2018 $ 833.8 $ 2,054.7 $ 473.0 $ 3,361.5 Acquisitions 161.0 288.5 4.0 453.5 Businesses held for sale and disposition (7.9 ) — (0.7 ) (8.6 ) Purchase accounting reclassifications (1.4 ) — (0.1 ) (1.5 ) Foreign currency translation adjustment 13.3 46.3 (0.2 ) 59.4 Goodwill at December 31, 2019 998.8 2,389.5 476.0 3,864.3 Acquisitions 171.7 — — 171.7 Purchase accounting reclassifications 2.1 (6.0 ) (0.2 ) (4.1 ) Current period adjustment (1) 21.4 (19.5 ) — 1.9 Foreign currency translation adjustment 14.6 59.6 0.1 74.3 Goodwill at December 31, 2020 $ 1,208.6 $ 2,423.6 $ 475.9 $ 4,108.1 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Useful Life Accumulated (in years) Cost Amortization Net December 31, 2020 Technology-based 7 $ 559.6 (349.5 ) $ 210.1 Marketing-related 16 275.2 (113.4 ) $ 161.8 Contract-based 6 5.0 (5.0 ) $ — Customer-related 13 1,004.3 (354.2 ) $ 650.1 Database-based 19 501.0 (138.2 ) $ 362.8 Total intangible assets $ 2,345.1 $ (960.3 ) $ 1,384.8 December 31, 2019 Technology-based 7 $ 519.2 $ (291.9 ) $ 227.3 Marketing-related 16 265.3 (94.3 ) 171.0 Contract-based 6 5.0 (5.0 ) — Customer-related 13 901.2 (278.0 ) 623.2 Database-based 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] | Years Ending Amount 2021 $ 169.9 2022 156.9 2023 144.3 2024 139.4 2025 114.7 2026 and thereafter 659.6 Total $ 1,384.8 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2020 2019 2018 U.S. $ 834.0 $ 553.9 $ 700.2 Foreign 63.5 14.5 19.5 Total income before income taxes $ 897.5 $ 568.4 $ 719.7 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 2018 Current: Federal $ 111.0 $ 109.9 $ 69.0 State and local 23.1 21.4 22.1 Foreign 18.9 14.6 11.1 Total current provision for income taxes 153.0 145.9 102.2 Deferred: Federal 22.6 (14.3 ) 27.6 State and local 7.4 (0.2 ) 2.8 Foreign 1.8 (12.9 ) (11.6 ) Total deferred provision for income taxes 31.8 (27.4 ) 18.8 Provision for income taxes $ 184.8 $ 118.5 $ 121.0 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal tax benefit 2.7 % 2.8 % 2.8 % UK legislative rate change impact 1.5 % — % — % Foreign Derived Intangible Income (FDII) (0.8 )% (1.2 )% (0.9 )% Stock-based compensation (3.7 )% (3.0 )% (5.5 )% Earn-outs — % 2.0 % 0.1 % Other (0.1 )% (0.7 )% (0.7 )% Effective tax rate 20.6 % 20.9 % 16.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets: Employee wages, pension, and other benefits $ 7.3 $ 13.0 ASC 842/Deferred rent 10.3 7.3 Net operating loss carryover 22.7 28.8 Litigation accrual 31.3 31.2 Capital and other unrealized losses 1.6 1.7 Interest expense 44.1 33.4 Other 12.2 16.4 Total 129.5 131.8 Less valuation allowance (48.0 ) (46.5 ) Deferred tax assets 81.5 85.3 Deferred tax liabilities: Fixed assets and intangible assets (445.3 ) (411.0 ) Commissions (16.6 ) (14.3 ) Other (7.4 ) (6.2 ) Deferred tax liabilities (469.3 ) (431.5 ) Deferred tax liabilities, net $ (387.8 ) $ (346.2 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Years Ending Amount 2021 - 2028 $ 22.7 2029 - 2033 20.5 2034 - 2040 177.9 Total $ 221.1 |
Summary of Income Tax Contingencies [Table Text Block] | 2020 2019 2018 Unrecognized tax benefit as of January 1 $ 11.5 $ 17.4 $ 16.3 Gross increase in tax positions in prior period 0.5 0.6 2.0 Gross decrease in tax positions in prior period (0.2 ) (3.3 ) (0.1 ) Settlements — (2.4 ) (0.3 ) Lapse of statute of limitations (1.9 ) (0.8 ) (0.5 ) Unrecognized tax benefit as of December 31 $ 9.9 $ 11.5 $ 17.4 |
Note 14 - Composition of Cert_2
Note 14 - Composition of Certain Financial Statement Caption (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | 2020 2019 Accounts payable and accrued liabilities: Accrued salaries, benefits and other related costs $ 158.7 $ 147.4 Legal accrual (1) 126.5 128.4 Escrow liabilities 1.5 0.2 Accrued interest 20.7 19.0 Trade accounts payable and other accrued expenses 99.3 80.0 Total accounts payable and accrued liabilities $ 406.7 $ 375.0 |
Schedule of Other Assets, Noncurrent [Table Text Block] | 2020 2019 Other noncurrent assets: Pension benefits $ 77.3 $ 60.3 Other assets - prepaid expenses 70.6 57.0 Acquisition related escrows 18.5 10.5 Investments in non-public companies 192.6 27.1 Deposits and other 6.7 4.9 Total other noncurrent assets $ 365.7 $ 159.8 |
Note 15 - Debt (Tables)
Note 15 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Issuance Maturity Date Date 2020 2019 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ 50.0 $ 495.0 Senior notes: 5.800 0.1 4/6/2011 5/1/2021 449.9 — Finance lease liabilities (1) Various Various 14.4 4.4 Short-term debt and current portion of long-term debt 514.3 499.4 Long-term debt: Senior notes: 3.625 10.7 5/13/2020 5/15/2050 489.3 — 4.125 12.4 13.9 3/6/2019 3/15/2029 612.4 613.9 4.000 5.4 6.7 5/15/2015 6/15/2025 894.6 893.3 5.500 4.3 4.5 5/15/2015 6/15/2045 345.7 345.5 4.125 1.1 1.6 9/12/2012 9/12/2022 348.9 348.4 5.800 0.7 4/6/2011 5/1/2021 — 449.3 Finance lease liabilities Various Various 10.3 3.3 Syndicated revolving credit facility debt issuance costs Various Various (1.6 ) (2.1 ) Long-term debt 2,699.6 2,651.6 Total debt $ 3,213.9 $ 3,151.0 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years Ending Amount 2021 $ 514.4 2022 360.0 2023 0.3 2024 — 2025 900.0 2026 and thereafter 1,450.0 Total $ 3,224.7 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 2018 (In millions, except for share and per share data) Numerator used in basic and diluted EPS: Net income $ 712.7 $ 449.9 $ 598.7 Denominator: Weighted average number of common shares used in basic EPS 162,610,586 163,535,438 164,808,110 Effect of dilutive shares: Potential common stock issuable from stock options and stock awards 2,710,123 3,024,677 3,489,726 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 165,320,709 166,560,115 168,297,836 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 Foreign currency translation adjustment $ (292.2 ) $ (400.1 ) Pension and postretirement adjustment, net of tax (83.5 ) (86.8 ) Accumulated other comprehensive losses $ (375.7 ) $ (486.9 ) |
Comprehensive Income (Loss) [Table Text Block] | Tax Benefit Before Tax (Expense) After Tax December 31, 2020 Foreign currency translation adjustment $ 107.9 $ — $ 107.9 Pension and postretirement adjustment before reclassifications 11.1 (2.9 ) 8.2 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (6.7 ) 1.8 (4.9 ) Pension and postretirement adjustment 4.4 (1.1 ) 3.3 Total other comprehensive income $ 112.3 $ (1.1 ) $ 111.2 December 31, 2019 Foreign currency translation adjustment $ 88.4 $ — $ 88.4 Pension and postretirement adjustment before reclassifications 26.7 (6.4 ) 20.3 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 21.8 (5.2 ) 16.6 Total other comprehensive income $ 110.2 $ (5.2 ) $ 105.0 December 31, 2018 Foreign currency translation adjustment $ (154.1 ) $ — $ (154.1 ) Pension and postretirement adjustment before reclassifications (36.7 ) 9.1 (27.6 ) Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) 3.7 (0.9 ) 2.8 Pension and postretirement adjustment (33.0 ) 8.2 (24.8 ) Total other comprehensive loss $ (187.1 ) $ 8.2 $ (178.9 ) |
Note 17 - Compensation Plans (T
Note 17 - Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Restricted Stock PSU Weighted Weighted Weighted Average Average Average Aggregate Grant Date Grant Date Number Exercise Intrinsic Number Fair Value Number Fair Value of Options Price Value of Shares Per Share of Shares Per Share (in millions) Outstanding at January 1, 2018 8,907,109 $ 53.31 $ 380.2 604,464 $ 78.28 — $ — Granted 958,332 $ 104.23 207,041 $ 104.34 46,705 $ 140.70 Exercised or lapsed (2,752,735 ) $ 33.00 $ 213.0 (225,205 ) $ 76.88 — $ — Canceled, expired or forfeited (292,660 ) $ 79.16 (52,965 ) $ 82.64 (4,655 ) $ 140.70 Outstanding at December 31, 2018 6,820,046 $ 67.27 $ 284.9 533,335 $ 88.55 42,050 $ 140.70 Granted 920,398 $ 135.64 167,231 $ 135.82 51,792 $ 173.59 Dividend reinvestment — $ — — $ — 550 Not applicable Exercised or lapsed (1,131,970 ) $ 51.20 $ 101.0 (242,815 ) $ 84.60 — $ — Canceled, expired or forfeited (175,660 ) $ 92.27 (29,022 ) $ 109.72 (432 ) $ 134.24 Outstanding at December 31, 2019 6,432,814 $ 79.51 $ 449.2 428,729 $ 107.96 93,960 $ 158.50 Granted 936,843 $ 159.28 163,441 $ 159.96 50,736 $ 192.93 Dividend reinvestment — $ — — $ — 913 Not applicable Exercised or lapsed (1,623,740 ) $ 56.83 $ 189.8 (178,317 ) $ 102.00 — Canceled, expired or forfeited (134,140 ) $ 125.95 (23,799 ) $ 124.40 — Outstanding at December 31, 2020 5,611,777 $ 98.28 $ 613.4 390,054 $ 131.63 145,609 $ 170.75 Exercisable at December 31, 2020 3,494,164 $ 76.84 $ 456.9 Exercisable at December 31, 2019 4,175,855 $ 65.05 $ 352.0 Nonvested at December 31, 2020 2,117,613 390,054 102,999 Expected to vest at December 31, 2020 1,900,586 354,959 268,294 (1) |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2020 2019 2018 Expected volatility 18.48 % 18.76 % 18.51 % Risk-free interest rate 1.51 % 2.25 % 2.53 % Expected term in years 4.3 4.4 4.4 Dividend yield 0.71 % 0.80 % — % Weighted average grant date fair value per stock option $ 25.87 $ 24.13 $ 21.48 |
Schedule of Nonvested Share Activity [Table Text Block] | Number of Options Weighted Average Grant-Date Fair Value Per Share Nonvested balance at January 1, 2018 2,911,770 $ 14.86 Granted 958,332 $ 21.48 Vested (1,117,513 ) $ 14.79 Cancelled or expired (292,660 ) $ 15.33 Nonvested balance at December 31, 2018 2,459,929 $ 17.41 Granted 920,398 $ 24.13 Vested (947,708 ) $ 17.29 Cancelled or expired (175,660 ) $ 17.77 Nonvested balance at December 31, 2019 2,256,959 $ 20.17 Granted 936,843 $ 25.87 Vested (942,049 ) $ 18.30 Cancelled or expired (134,140 ) $ 22.40 Nonvested balance at December 31, 2020 2,117,613 $ 23.39 |
Note 18 - Pension and Postret_2
Note 18 - Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Plan and SERP Postretirement Plan 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at January 1 $ 443.6 $ 407.8 $ 8.2 $ 9.7 Interest cost 12.6 15.6 0.2 0.3 Actuarial loss (gain) 32.1 48.2 (0.2 ) (0.4 ) Plan participants’ contributions — — 1.6 2.1 Benefits paid (28.4 ) (28.0 ) (2.3 ) (3.6 ) Federal subsidy on benefits paid — — — 0.1 Benefit obligation at December 31 $ 459.9 $ 443.6 $ 7.5 $ 8.2 Accumulated benefit obligation at December 31 $ 459.9 $ 443.6 Change in plan assets: Fair value of plan assets at January 1 $ 488.9 $ 421.3 $ 10.3 $ 9.7 Actual return on plan assets, net of expenses 59.6 94.9 0.3 0.6 Employer contributions, net 0.7 0.7 0.6 1.4 Plan participants’ contributions — — 1.6 2.1 Benefits paid (28.4 ) (28.0 ) (2.3 ) (3.6 ) Federal subsidies received — — — 0.1 Fair value of plan assets at December 31 $ 520.8 $ 488.9 $ 10.5 $ 10.3 Funded status at December 31 $ (60.9 ) $ (45.3 ) $ (3.0 ) $ (2.1 ) Amounts recognized in the consolidated balance sheets consist of: Pension assets, noncurrent (1) $ (74.3 ) $ (58.2 ) $ (3.0 ) $ (2.1 ) Pension, SERP and postretirement benefits, current (2) 1.0 0.8 — — Pension, SERP and postretirement benefits, noncurrent (3) 12.4 12.1 — — Total Pension, SERP and Postretirement benefits $ (60.9 ) $ (45.3 ) $ (3.0 ) $ (2.1 ) |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Plan and SERP Postretirement Plan 2020 2019 2020 2019 Prior service benefit cost (credit) $ 3.0 $ 3.2 $ (0.1 ) $ (0.3 ) Actuarial losses 133.2 137.1 3.1 3.8 Accumulated other comprehensive losses, pretax $ 136.2 $ 140.3 $ 3.0 $ 3.5 Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2020 Equity Managed equity accounts (1) $ 206.3 $ 206.3 $ — $ — Equity — pooled separate account (2) 67.2 — 67.2 — Debt Fixed income manager — pooled separate account (2) 208.3 — 208.3 — Fixed income manager — government securities (4) 10.5 10.5 — — Others Cash — pooled separate account (2) 2.1 — 2.1 — Global real estate account (5) 36.9 — 36.9 — Total $ 531.3 $ 216.8 $ 314.5 $ — December 31, 2019 Equity Managed equity accounts (1) $ 196.1 $ 196.1 $ — $ — Equity — pooled separate account (2) 66.1 — 66.1 — Equity — partnerships (3) 0.1 — — 0.1 Debt Fixed income manager — pooled separate account (2) 185.4 — 185.4 — Fixed income manager — government securities (4) 10.3 10.3 — — Others Cash — pooled separate account (2) 3.4 — 3.4 — Global real estate account (5) 37.8 — 37.8 — Total $ 499.2 $ 206.4 $ 292.7 $ 0.1 |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan and SERP Postretirement Plan 2020 2019 2018 2020 2019 2018 Interest cost $ 12.6 $ 15.6 $ 15.2 $ 0.2 $ 0.3 $ 0.3 Expected return on plan assets (29.9 ) (30.3 ) (32.9 ) (0.2 ) (0.2 ) (0.2 ) Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses 0.2 0.2 0.2 (0.1 ) (0.1 ) (0.1 ) Amortization of net actuarial loss reclassified from accumulated other comprehensive losses 6.3 4.5 3.2 0.3 0.3 0.4 Net periodic benefit (credit) cost (10.8 ) (10.0 ) (14.3 ) 0.2 0.3 0.4 Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses (0.2 ) (0.2 ) (0.2 ) 0.1 0.1 0.1 Amortization of actuarial loss reclassified from accumulated other comprehensive losses (0.2 ) (0.1 ) (0.1 ) — — — Net loss recognized reclassified from accumulated other comprehensive losses (6.1 ) (4.4 ) (3.1 ) (0.3 ) (0.3 ) (0.4 ) Actuarial (gain) loss 2.4 (16.4 ) 37.0 (0.3 ) (0.8 ) (0.3 ) Total recognized in other comprehensive (income) loss (4.1 ) (21.1 ) 33.6 (0.5 ) (1.0 ) (0.6 ) Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss $ (14.9 ) $ (31.1 ) $ 19.3 $ (0.3 ) $ (0.7 ) $ (0.2 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Plan and SERP Postretirement Plan Weighted-average assumptions used to determine benefit obligations: 2020 2019 2020 2019 Discount rate 2.49 % 3.24 % 1.50 % 2.50 % Expected return on plan assets 6.50 % 6.75 % 2.00 % 2.00 % Cash balance interest credit rate 2.57 % 2.57 % Not applicable Weighted-average assumptions used to determine net periodic benefit (credit) loss: 2020 2019 2018 2020 2019 2018 Discount rate 2.83 % 3.82 % 3.50 % 2.50 % 3.75 % 3.00 % Expected return on plan assets 6.75 % 7.00 % 7.00 % 2.00 % 2.00 % 2.00 % Cash balance interest credit rate 2.57 % 2.57 % 2.57 % Not applicable |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Plan Postretirement and SERP Plan Gross Gross Medicare Net Benefit Benefit Subsidy Benefit Amount Amount Payments Amount 2021 $ 30.5 $ 1.2 $ (0.2 ) $ 1.0 2022 $ 30.1 $ 1.1 $ (0.2 ) $ 0.9 2023 $ 30.3 $ 1.0 $ (0.2 ) $ 0.8 2024 $ 29.9 $ 0.8 $ — $ 0.8 2025 $ 28.9 $ 0.7 $ — $ 0.7 2026-2030 $ 135.5 $ 2.4 $ (0.1 ) $ 2.3 |
Schedule of Allocation of Plan Assets [Table Text Block] | Target Percentage of Plan Assets Asset Category Allocation 2020 2019 Equity securities 55.0 % 52.5 % 53.7 % Debt securities 45.0 % 40.0 % 37.9 % Other — % 7.5 % 8.4 % Total 100.0 % 100.0 % 100.0 % |
Note 19 - Segment Reporting (Ta
Note 19 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 2019 2018 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,986.3 $ 641.6 $ 156.7 $ 2,784.6 $ 1,865.2 $ 563.9 $ 178.0 $ 2,607.1 $ 1,714.9 $ 504.3 $ 175.9 $ 2,395.1 Expenses: Cost of revenues (exclusive of items shown separately below) (628.4 ) (272.7 ) (92.8 ) (993.9 ) (639.9 ) (239.7 ) (97.2 ) (976.8 ) (575.6 ) (210.7 ) (99.9 ) (886.2 ) Selling, general and administrative (243.3 ) (150.9 ) (19.7 ) (413.9 ) (402.7 ) (181.1 ) (19.7 ) (603.5 ) (223.2 ) (136.7 ) (18.8 ) (378.7 ) Other operating income (loss) 15.9 — 3.5 19.4 — — (6.2 ) (6.2 ) — — — — Investment (loss) income and others, net (1.2 ) (1.2 ) — (2.4 ) 0.7 (1.9 ) (0.5 ) (1.7 ) 13.0 0.6 1.7 15.3 EBITDA $ 1,129.3 $ 216.8 $ 47.7 1,393.8 $ 823.3 $ 141.2 $ 54.4 1,018.9 $ 929.1 $ 157.5 $ 58.9 1,145.5 Depreciation and amortization of fixed assets (192.2 ) (185.7 ) (165.3 ) Amortization of intangible assets (165.9 ) (138.0 ) (130.8 ) Interest expense (138.2 ) (126.8 ) (129.7 ) Income before income taxes $ 897.5 $ 568.4 $ 719.7 |
Long-lived Assets by Geographic Areas [Table Text Block] | 2020 2019 Long-lived assets: U.S. $ 3,525.0 $ 3,162.5 U.K. 2,775.8 2,685.3 Other countries 466.8 462.5 Total long-lived assets $ 6,767.6 $ 6,310.3 |
Note 23 - Schedule II Valuati_2
Note 23 - Schedule II Valuation and Qualifying Accounts and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Balance at Charged to Beginning Costs and Deductions— Balance at Description of Year Expenses (1) Write-offs (2) End of Year Year ended December 31, 2020 Allowance for doubtful accounts $ 11.7 $ 13.1 $ (7.1 ) $ 17.7 Valuation allowance for income taxes $ 46.5 $ 10.7 $ (9.2 ) $ 48.0 Year ended December 31, 2019 Allowance for doubtful accounts $ 5.7 $ 7.2 $ (1.2 ) $ 11.7 Valuation allowance for income taxes $ 34.5 $ 16.7 $ (4.7 ) $ 46.5 Year ended December 31, 2018 Allowance for doubtful accounts $ 4.6 $ 5.6 $ (4.5 ) $ 5.7 Valuation allowance for income taxes $ 17.6 $ 21.2 $ (4.3 ) $ 34.5 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unbilled Receivables, Expected Billing Period (Year) | 1 year | ||
Operating and Financing Lease Extension Lease Term (Year) | 20 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Research and Development Expense, Total | $ 48,900 | $ 60,000 | $ 45,100 |
Advertising Expense | 8,500 | 10,700 | 9,000 |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Minimum [Member] | |||
Operating and Financing Lease Remaining Lease Term (Year) | 1 year | ||
Maximum [Member] | |||
Operating and Financing Lease Remaining Lease Term (Year) | 14 years |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables | $ 450.1 | $ 453.3 |
Less allowance for doubtful accounts | (17.7) | (11.7) |
Accounts receivable, net | 432.4 | 441.6 |
Billed Revenues [Member] | ||
Receivables | 380.5 | 372.7 |
Unbilled Revenues [Member] | ||
Receivables | $ 69.6 | $ 80.6 |
Note 5 - Concentration of Cre_2
Note 5 - Concentration of Credit Risk (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Cash, FDIC Insured Amount | $ 250 | $ 250 | |
Number Of Banks | 11 | 10 | |
Cash Balances On Deposit FDIC Insured Amount | $ 92,800 | $ 36,400 | |
Cash Deposit with Foreign Banks | $ 122,500 | $ 145,700 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Customers | 50 | 50 | 50 |
Concentration Risk, Percentage | 3.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Top Fifty Customers [Member] | |||
Concentration Risk, Percentage | 33.00% | 33.00% | 34.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Individual Customer [Member] | |||
Number of Customers | 0 | 0 | 0 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Individual Customer [Member] | |||
Number of Customers | 0 | 0 | |
Concentration Risk, Percentage | 2.00% | 3.00% |
Note 6 - Revenues (Details Text
Note 6 - Revenues (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Amount | 468,200 | $ 443,200 |
Increase (Decrease) in Contract Liabilities | 25,000 | |
Contract With Customer Liability, Billings Paid in Advance | 418,500 | |
Contract with Customer, Liability, Revenue Recognized | $ 393,500 | |
Revenue Remaining Performance Obligation, Current Percentage | 99.00% | 99.00% |
Contract with Customer, Liability, Noncurrent | $ 73,800 | $ 63,700 |
Note 6 - Revenues - Disaggregat
Note 6 - Revenues - Disaggregated Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 2,784.6 | $ 2,607.1 | $ 2,395.1 |
UNITED STATES | |||
Revenues | 2,133.6 | 2,005.6 | 1,849.4 |
UNITED KINGDOM | |||
Revenues | 181.6 | 177.3 | 148.2 |
Other Countries [Member] | |||
Revenues | 469.4 | 424.2 | 397.5 |
Insurance [Member] | |||
Revenues | 1,986.3 | 1,865.2 | 1,714.9 |
Insurance [Member] | Underwriting and Rating [Member] | |||
Revenues | 1,390.6 | 1,254.3 | 1,153.5 |
Insurance [Member] | Claims [Member] | |||
Revenues | 595.7 | 610.9 | 561.4 |
Energy and Specialized Markets [Member] | |||
Revenues | 641.6 | 563.9 | 504.3 |
Financial Services [Member] | |||
Revenues | $ 156.7 | $ 178 | $ 175.9 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Investments, Total | $ 94,800 | $ 0 | $ 0 | |
Investment in Limited Partnership Member] | ||||
Provision for Credit Loss on Investments | 0 | |||
Equity Method Investments | 49,500 | 13,100 | ||
Cost Based Investments [Member] | ||||
Investments, Total | 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 | 129,100 | |||
Provision for Credit Loss on Investments | 0 | |||
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investments, Fair Value Disclosure, Total | $ 4,100 | $ 3,600 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Senior Notes (Note 15) | $ 3,140.8 | $ 2,650.4 |
Estimate of Fair Value Measurement [Member] | ||
Senior Notes (Note 15) | $ 3,652.2 | $ 2,902.2 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | |
Lessee, Lease, Option to Extend (Year) | 20 years | ||
Operating Leases, Rent Expense, Net, Total | $ 44.9 | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 27.1 | $ 9.9 | |
Finance Lease, Liability, Total | $ 24.7 | $ 7.7 | |
Minimum [Member] | |||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Remaining Term of Contract (Year) | 14 years |
Note 8 - Leases - Lease Cost an
Note 8 - Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating lease cost | [1] | $ 52.2 | $ 48.4 |
Sublease income | (0.3) | 0 | |
Depreciation of finance lease assets | [2] | 13.4 | 13.2 |
Interest on finance lease liabilities | [3] | 0.7 | 1.8 |
Total lease cost | 66 | 63.4 | |
Operating cash outflows from operating leases | (52) | (48.4) | |
Operating cash outflows from finance leases | (0.7) | (1.8) | |
Financing cash outflows from finance leases | $ (14.4) | $ (15.1) | |
Weighted-average remaining lease term - operating leases (in years) (Year) | 9 years 3 months 18 days | 9 years 4 months 24 days | |
Weighted-average remaining lease term - finance leases (in years) (Year) | 2 years 2 months 12 days | 2 years 7 months 6 days | |
Weighted-average discount rate - operating leases | 3.90% | 4.00% | |
Weighted-average discount rate - finance leases | 4.10% | 4.40% | |
[1] | Included in "Cost of revenues" and "Selling, general and, administrative" expenses in our accompanying consolidated statements of operations | ||
[2] | Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations | ||
[3] | Included in "Interest expense" in our accompanying consolidated statements of operations |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
2021, operating leases | $ 50.5 | |
2021, finance leases | 15 | |
2022, operating leases | 45 | |
2022, finance leases | 10.8 | |
2023, operating leases | 42.9 | |
2023, finance leases | 0.3 | |
2024, operating leases | 35.2 | |
2024, finance leases | 0 | |
2025, operating leases | 31.9 | |
2025, finance leases | 0 | |
2026 and thereafter, operating leases | 171.4 | |
2026 and thereafter, finance leases | 0 | |
Total lease payments, operating leases | 376.9 | |
Total lease payments, finance leases | 26.1 | |
Less: Amount representing interest, operating leases | (66.6) | |
Less: Amount representing interest, finance leases | (1.4) | |
Present value of total lease payments, operating leases | 310.3 | |
Present value of total lease payments, finance leases | $ 24.7 | $ 7.7 |
Note 9 - Fixed Assets (Details
Note 9 - Fixed Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 192.2 | $ 185.7 | $ 165.3 |
Capitalized Computer Software, Amortization | 120.6 | 100.2 | 85.4 |
Unamortized Costs Capitalized | 53.5 | 46.7 | |
Software and Software Development Costs [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | 11.3 | 12.8 | $ 9.7 |
Unamortized Costs Capitalized | $ 405.8 | $ 353.3 |
Note 9 - Fixed Assets - Summary
Note 9 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cost | $ 1,469.3 | $ 1,280 |
Accumulated Depreciation and Amortization | (837) | (731.9) |
Net | 632.3 | 548.1 |
Furniture and Office Equipment [Member] | ||
Cost | 273.6 | 268.9 |
Accumulated Depreciation and Amortization | (215.8) | (210.1) |
Net | $ 57.8 | $ 58.8 |
Furniture and Office Equipment [Member] | Minimum [Member] | ||
Useful Life (Year) | 3 years | 3 years |
Furniture and Office Equipment [Member] | Maximum [Member] | ||
Useful Life (Year) | 10 years | 10 years |
Leasehold Improvements [Member] | ||
Cost | $ 118.3 | $ 103.9 |
Accumulated Depreciation and Amortization | (44.7) | (41.7) |
Net | $ 73.6 | $ 62.2 |
Purchased Software [Member] | ||
Useful Life (Year) | 3 years | 3 years |
Cost | $ 77.7 | $ 89.8 |
Accumulated Depreciation and Amortization | (68.6) | (77.7) |
Net | 9.1 | 12.1 |
Software Development [Member] | ||
Cost | 924.6 | 773.7 |
Accumulated Depreciation and Amortization | (465.3) | (373.7) |
Net | $ 459.3 | $ 400 |
Software Development [Member] | Minimum [Member] | ||
Useful Life (Year) | 3 years | 3 years |
Software Development [Member] | Maximum [Member] | ||
Useful Life (Year) | 7 years | 7 years |
Leased Equipment [Member] | ||
Cost | $ 68.3 | $ 38.5 |
Accumulated Depreciation and Amortization | (41.2) | (28.6) |
Net | $ 27.1 | $ 9.9 |
Leased Equipment [Member] | Minimum [Member] | ||
Useful Life (Year) | 3 years | 3 years |
Leased Equipment [Member] | Maximum [Member] | ||
Useful Life (Year) | 4 years | 4 years |
Motor Vehicles and Field Equipment [Member] | ||
Cost | $ 6.8 | |
Accumulated Depreciation and Amortization | (1.4) | |
Net | $ 5.4 | |
Motor Vehicles and Field Equipment [Member] | Minimum [Member] | ||
Useful Life (Year) | 2 years | |
Motor Vehicles and Field Equipment [Member] | Maximum [Member] | ||
Useful Life (Year) | 10 years | |
Aircraft Equipment [Member] | ||
Cost | $ 5.2 | |
Accumulated Depreciation and Amortization | (0.1) | |
Net | $ 5.1 | |
Aircraft Equipment [Member] | Minimum [Member] | ||
Useful Life (Year) | 2 years | |
Aircraft Equipment [Member] | Maximum [Member] | ||
Useful Life (Year) | 10 years |
Note 10 - Acquisitions (Details
Note 10 - Acquisitions (Details Textual) - USD ($) $ in Millions | Dec. 16, 2020 | Sep. 09, 2020 | Dec. 23, 2019 | Dec. 19, 2019 | Nov. 05, 2019 | Oct. 10, 2019 | Aug. 28, 2019 | Jul. 31, 2019 | Mar. 29, 2019 | Dec. 14, 2018 | Jun. 20, 2018 | Feb. 21, 2018 | Jan. 05, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Escrow Deposit | $ 18.5 | $ 10.5 | ||||||||||||||||
Goodwill, Ending Balance | 4,108.1 | 3,864.3 | $ 3,361.5 | |||||||||||||||
Escrow Release | 0.8 | 25.2 | ||||||||||||||||
Current Portion of Escrow | 1.7 | 0.5 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Current | 0.6 | 111.2 | ||||||||||||||||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0.2 | 0.2 | ||||||||||||||||
Selling, General and Administrative Expenses [Member] | ||||||||||||||||||
Business Combination, Acquisition Related Costs | 2.2 | 3 | ||||||||||||||||
Jornaya Acquisition [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 125.2 | |||||||||||||||||
Escrow Deposit | $ 1.3 | |||||||||||||||||
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 | 5.7 | 5.7 | [1] | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Offsetting Liability Included Within Current Liabilities | $ 5.7 | |||||||||||||||||
Goodwill, Ending Balance | 100.3 | |||||||||||||||||
2020 Acquisitions [Member] | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | [1] | 5.7 | ||||||||||||||||
Goodwill, Ending Balance | 171.7 | |||||||||||||||||
Business Acquisition, Goodwill Non-tax Deductible, Amount | $ 20.8 | |||||||||||||||||
Flexible Architecture and Simplified Technology LLC [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 193.9 | |||||||||||||||||
Escrow Deposit | $ 1.9 | |||||||||||||||||
Goodwill, Ending Balance | 120.7 | |||||||||||||||||
Commerce Signals Inc. [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 3.9 | |||||||||||||||||
Business Combination, Holdback Amount | $ 1.1 | |||||||||||||||||
Genscape, Inc. [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 351 | |||||||||||||||||
Goodwill, Ending Balance | 241.4 | |||||||||||||||||
BuildFax Inc. [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 40.2 | |||||||||||||||||
Goodwill, Ending Balance | 20.2 | |||||||||||||||||
Business Combination, Holdback Amount | $ 1 | |||||||||||||||||
Property Pres Wizard, LLC. [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 15 | |||||||||||||||||
Escrow Deposit | $ 1.5 | |||||||||||||||||
Keystone Aerial Surveys, Inc. [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 29.4 | |||||||||||||||||
Escrow Deposit | $ 2.7 | |||||||||||||||||
Content As a Service Business [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 65.2 | |||||||||||||||||
2019 Acquisitions [Member] | ||||||||||||||||||
Goodwill, Ending Balance | 451.7 | |||||||||||||||||
Business Acquisition, Goodwill Non-tax Deductible, Amount | $ 307.1 | 99.5 | ||||||||||||||||
Business Combination, Acquisition Related Costs | 1.5 | |||||||||||||||||
Rulebook [Member] | ||||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 86.5 | |||||||||||||||||
Escrow Deposit | $ 8.6 | |||||||||||||||||
Goodwill, Ending Balance | 58.9 | |||||||||||||||||
Validus-IVC Limited [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 46.1 | |||||||||||||||||
Escrow Deposit | $ 5.9 | |||||||||||||||||
Goodwill, Ending Balance | $ 24.8 | |||||||||||||||||
Business Insight Limited [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 18 | |||||||||||||||||
Marketview Limited [Member] | ||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||||||||
Business Combination, Consideration Transferred, Total | $ 4 | |||||||||||||||||
Escrow Deposit | $ 0.4 | |||||||||||||||||
[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 $5.7 million included within current liabilities. |
Note 10 - Acquisitions - Assets
Note 10 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 09, 2020 | |||
Goodwill, Ending Balance | $ 4,108.1 | $ 3,864.3 | $ 3,361.5 | |||
Cash acquired | (11.1) | (10.4) | (3.1) | |||
Net cash purchase price | 275.8 | 699.2 | 138.2 | |||
Franco Signor [Member] | ||||||
Cash and cash equivalents | [1] | 10.9 | ||||
Accounts receivable | 2.5 | |||||
Other current assets | 0.4 | |||||
Fixed assets | 0.4 | |||||
Operating lease right-of-use assets, net | 1.5 | |||||
Intangible assets | 59.1 | |||||
Goodwill, Ending Balance | 100.3 | |||||
Other assets | 8 | |||||
Total assets acquired | 183.1 | |||||
Current liabilities | [1] | (6.4) | ||||
Deferred revenues | (0.3) | |||||
Operating lease liabilities | (1.5) | |||||
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) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | 5.7 | [1] | $ 5.7 | |||
Cash acquired | (5.2) | |||||
Net cash purchase price | 159.9 | |||||
Current liabilities | [1] | 6.4 | ||||
Deferred revenues | 0.3 | |||||
Operating lease liabilities | 1.5 | |||||
Deferred income tax, net | 1.8 | |||||
Other liabilities | 8 | |||||
Total liabilities assumed | 18 | |||||
Lead Intelligence [Member] | ||||||
Cash and cash equivalents | [1] | 5.9 | ||||
Accounts receivable | 2.9 | |||||
Other current assets | 0.6 | |||||
Fixed assets | 0.7 | |||||
Operating lease right-of-use assets, net | 1.7 | |||||
Intangible assets | 64.4 | |||||
Goodwill, Ending Balance | 71.4 | |||||
Other assets | 1.3 | |||||
Total assets acquired | 148.9 | |||||
Current liabilities | [1] | (1.3) | ||||
Deferred revenues | (2.3) | |||||
Operating lease liabilities | (1.7) | |||||
Deferred income tax, net | (11.2) | |||||
Other liabilities | (1.3) | |||||
Total liabilities assumed | (17.8) | |||||
Net assets acquired | 131.1 | |||||
Cash and cash equivalents | [1] | (5.9) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | [1] | 0 | ||||
Cash acquired | (5.9) | |||||
Net cash purchase price | 125.2 | |||||
Current liabilities | [1] | 1.3 | ||||
Deferred revenues | 2.3 | |||||
Operating lease liabilities | 1.7 | |||||
Deferred income tax, net | 11.2 | |||||
Other liabilities | 1.3 | |||||
Total liabilities assumed | 17.8 | |||||
2020 Acquisitions [Member] | ||||||
Cash and cash equivalents | [1] | 16.8 | ||||
Accounts receivable | 5.4 | |||||
Other current assets | 1 | |||||
Fixed assets | 1.1 | |||||
Operating lease right-of-use assets, net | 3.2 | |||||
Intangible assets | 123.5 | |||||
Goodwill, Ending Balance | 171.7 | |||||
Other assets | 9.3 | |||||
Total assets acquired | 332 | |||||
Current liabilities | [1] | (7.7) | ||||
Deferred revenues | (2.6) | |||||
Operating lease liabilities | (3.2) | |||||
Deferred income tax, net | (13) | |||||
Other liabilities | (9.3) | |||||
Total liabilities assumed | (35.8) | |||||
Net assets acquired | 296.2 | |||||
Cash and cash equivalents | [1] | (16.8) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash | [1] | 5.7 | ||||
Cash acquired | (11.1) | |||||
Net cash purchase price | 285.1 | |||||
Current liabilities | [1] | 7.7 | ||||
Deferred revenues | 2.6 | |||||
Operating lease liabilities | 3.2 | |||||
Deferred income tax, net | 13 | |||||
Other liabilities | 9.3 | |||||
Total liabilities assumed | $ 35.8 | |||||
Flexible Architecture and Simplified Technology LLC [Member] | ||||||
Cash and cash equivalents | 2.9 | |||||
Accounts receivable | 4.7 | |||||
Other current assets | 0.4 | |||||
Fixed assets | 1.8 | |||||
Operating lease right-of-use assets, net | 1.4 | |||||
Intangible assets | 69 | |||||
Goodwill, Ending Balance | 120.7 | |||||
Other assets | 0.1 | |||||
Total assets acquired | 201 | |||||
Current liabilities | (2.4) | |||||
Deferred revenues | (0.3) | |||||
Operating lease liabilities | (1.4) | |||||
Deferred income tax, net | 0 | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | (4.1) | |||||
Net assets acquired | 196.9 | |||||
Cash and cash equivalents | (2.9) | |||||
Cash acquired | (3) | |||||
Net cash purchase price | 193.9 | |||||
Current liabilities | 2.4 | |||||
Deferred revenues | 0.3 | |||||
Operating lease liabilities | 1.4 | |||||
Deferred income tax, net | 0 | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | 4.1 | |||||
Genscape, Inc. [Member] | ||||||
Cash and cash equivalents | 0.2 | |||||
Accounts receivable | 13.6 | |||||
Other current assets | 1.4 | |||||
Fixed assets | 15.9 | |||||
Operating lease right-of-use assets, net | 7.4 | |||||
Intangible assets | 153.2 | |||||
Goodwill, Ending Balance | 241.4 | |||||
Other assets | 0 | |||||
Total assets acquired | 433.1 | |||||
Current liabilities | (17.4) | |||||
Deferred revenues | (27.3) | |||||
Operating lease liabilities | (7.4) | |||||
Deferred income tax, net | (29.8) | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | (81.9) | |||||
Net assets acquired | 351.2 | |||||
Cash and cash equivalents | (0.2) | |||||
Cash acquired | (0.2) | |||||
Net cash purchase price | 351 | |||||
Current liabilities | 17.4 | |||||
Deferred revenues | 27.3 | |||||
Operating lease liabilities | 7.4 | |||||
Deferred income tax, net | 29.8 | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | 81.9 | |||||
BuildFax Inc. [Member] | ||||||
Cash and cash equivalents | 0.4 | |||||
Accounts receivable | 1.8 | |||||
Other current assets | 0.1 | |||||
Fixed assets | 0.9 | |||||
Operating lease right-of-use assets, net | 0.4 | |||||
Intangible assets | 21.9 | |||||
Goodwill, Ending Balance | 20.2 | |||||
Other assets | 0 | |||||
Total assets acquired | 45.7 | |||||
Current liabilities | (0.9) | |||||
Deferred revenues | (2.4) | |||||
Operating lease liabilities | (0.4) | |||||
Deferred income tax, net | (0.4) | |||||
Other liabilities | (1) | |||||
Total liabilities assumed | (5.1) | |||||
Net assets acquired | 40.6 | |||||
Cash and cash equivalents | (0.4) | |||||
Cash acquired | (0.4) | |||||
Net cash purchase price | 40.2 | |||||
Current liabilities | 0.9 | |||||
Deferred revenues | 2.4 | |||||
Operating lease liabilities | 0.4 | |||||
Deferred income tax, net | 0.4 | |||||
Other liabilities | 1 | |||||
Total liabilities assumed | 5.1 | |||||
CaaS [Member] | ||||||
Cash and cash equivalents | 3.7 | |||||
Accounts receivable | 0 | |||||
Other current assets | 0.7 | |||||
Fixed assets | 0.2 | |||||
Operating lease right-of-use assets, net | 0 | |||||
Intangible assets | 34.4 | |||||
Goodwill, Ending Balance | 41.2 | |||||
Other assets | 0.1 | |||||
Total assets acquired | 80.3 | |||||
Current liabilities | (1.3) | |||||
Deferred revenues | (10.1) | |||||
Operating lease liabilities | 0 | |||||
Deferred income tax, net | 0 | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | (11.4) | |||||
Net assets acquired | 68.9 | |||||
Cash and cash equivalents | (3.7) | |||||
Cash acquired | (3.7) | |||||
Net cash purchase price | 65.2 | |||||
Current liabilities | 1.3 | |||||
Deferred revenues | 10.1 | |||||
Operating lease liabilities | 0 | |||||
Deferred income tax, net | 0 | |||||
Other liabilities | 0 | |||||
Total liabilities assumed | 11.4 | |||||
Acquisition, Others [Member] | ||||||
Cash and cash equivalents | 3.1 | 2.2 | ||||
Accounts receivable | 3.9 | 1 | ||||
Other current assets | 0.6 | 0.2 | ||||
Fixed assets | 6.3 | 0.2 | ||||
Operating lease right-of-use assets, net | 0.5 | |||||
Intangible assets | 14.1 | 8.4 | ||||
Goodwill, Ending Balance | 28.2 | 15.8 | ||||
Other assets | 4.4 | 0 | ||||
Total assets acquired | 61.1 | 27.8 | ||||
Current liabilities | (1.3) | (1) | ||||
Deferred revenues | 0 | (1.1) | ||||
Operating lease liabilities | (0.5) | |||||
Deferred income tax, net | (2.6) | (1.5) | ||||
Other liabilities | (5.3) | 0 | ||||
Total liabilities assumed | (9.7) | (3.6) | ||||
Net assets acquired | 51.4 | 24.2 | ||||
Cash and cash equivalents | (3.1) | (2.2) | ||||
Cash acquired | (3.1) | (2.2) | ||||
Net cash purchase price | 48.3 | 22 | ||||
Current liabilities | 1.3 | 1 | ||||
Deferred revenues | 0 | 1.1 | ||||
Operating lease liabilities | 0.5 | |||||
Deferred income tax, net | 2.6 | 1.5 | ||||
Other liabilities | 5.3 | 0 | ||||
Total liabilities assumed | 9.7 | 3.6 | ||||
2019 Acquisitions [Member] | ||||||
Cash and cash equivalents | 10.3 | |||||
Accounts receivable | 24 | |||||
Other current assets | 3.2 | |||||
Fixed assets | 25.1 | |||||
Operating lease right-of-use assets, net | 9.7 | |||||
Intangible assets | 292.6 | |||||
Goodwill, Ending Balance | 451.7 | |||||
Other assets | 4.6 | |||||
Total assets acquired | 821.2 | |||||
Current liabilities | (23.3) | |||||
Deferred revenues | (40.1) | |||||
Operating lease liabilities | (9.7) | |||||
Deferred income tax, net | (32.8) | |||||
Other liabilities | (6.3) | |||||
Total liabilities assumed | (112.2) | |||||
Net assets acquired | 709 | |||||
Cash and cash equivalents | (10.3) | |||||
Cash acquired | (10.4) | |||||
Net cash purchase price | 698.6 | |||||
Current liabilities | 23.3 | |||||
Deferred revenues | 40.1 | |||||
Operating lease liabilities | 9.7 | |||||
Deferred income tax, net | 32.8 | |||||
Other liabilities | 6.3 | |||||
Total liabilities assumed | $ 112.2 | |||||
Rulebook [Member] | ||||||
Cash and cash equivalents | 0 | |||||
Accounts receivable | 2 | |||||
Other current assets | 0.1 | |||||
Fixed assets | 1.5 | |||||
Intangible assets | 25.1 | |||||
Goodwill, Ending Balance | 58.9 | |||||
Other assets | 8.6 | |||||
Total assets acquired | 96.2 | |||||
Current liabilities | (0.6) | |||||
Deferred revenues | (0.4) | |||||
Deferred income tax, net | (0.1) | |||||
Other liabilities | (8.6) | |||||
Total liabilities assumed | (9.7) | |||||
Net assets acquired | 86.5 | |||||
Cash and cash equivalents | 0 | |||||
Cash acquired | 0 | |||||
Net cash purchase price | 86.5 | |||||
Current liabilities | 0.6 | |||||
Deferred revenues | 0.4 | |||||
Deferred income tax, net | 0.1 | |||||
Other liabilities | 8.6 | |||||
Total liabilities assumed | 9.7 | |||||
Validus-IVC Limited [Member] | ||||||
Cash and cash equivalents | 0.9 | |||||
Accounts receivable | 1.5 | |||||
Other current assets | 6.3 | |||||
Fixed assets | 0.4 | |||||
Intangible assets | 20.9 | |||||
Goodwill, Ending Balance | 24.8 | |||||
Other assets | 0 | |||||
Total assets acquired | 54.8 | |||||
Current liabilities | (3.9) | |||||
Deferred revenues | (0.1) | |||||
Deferred income tax, net | (3.6) | |||||
Other liabilities | (0.2) | |||||
Total liabilities assumed | (7.8) | |||||
Net assets acquired | 47 | |||||
Cash and cash equivalents | (0.9) | |||||
Cash acquired | (0.9) | |||||
Net cash purchase price | 46.1 | |||||
Current liabilities | 3.9 | |||||
Deferred revenues | 0.1 | |||||
Deferred income tax, net | 3.6 | |||||
Other liabilities | 0.2 | |||||
Total liabilities assumed | 7.8 | |||||
2018 Acquisition [Member] | ||||||
Cash and cash equivalents | 3.1 | |||||
Accounts receivable | 4.5 | |||||
Other current assets | 6.6 | |||||
Fixed assets | 2.1 | |||||
Intangible assets | 54.4 | |||||
Goodwill, Ending Balance | 99.5 | |||||
Other assets | 8.6 | |||||
Total assets acquired | 178.8 | |||||
Current liabilities | (5.5) | |||||
Deferred revenues | (1.6) | |||||
Deferred income tax, net | (5.2) | |||||
Other liabilities | (8.8) | |||||
Total liabilities assumed | (21.1) | |||||
Net assets acquired | 157.7 | |||||
Cash and cash equivalents | (3.1) | |||||
Cash acquired | (3.1) | |||||
Net cash purchase price | 154.6 | |||||
Current liabilities | 5.5 | |||||
Deferred revenues | 1.6 | |||||
Deferred income tax, net | 5.2 | |||||
Other liabilities | 8.8 | |||||
Total liabilities assumed | $ 21.1 | |||||
[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 $5.7 million included within current liabilities. |
Note 10 - Acquisitions - Amount
Note 10 - Acquisitions - Amounts Assigned to Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
2020 Acquisitions [Member] | |||
Total intangible assets | $ 123.5 | ||
2019 Acquisitions [Member] | |||
Total intangible assets | $ 292 | ||
2018 Acquisition [Member] | |||
Total intangible assets | $ 54.4 | ||
Technology [Member] | 2020 Acquisitions [Member] | |||
Weighted average useful life (Year) | 11 years | ||
Total intangible assets | $ 30.8 | ||
Technology [Member] | 2019 Acquisitions [Member] | |||
Weighted average useful life (Year) | 6 years | ||
Total intangible assets | $ 81.9 | ||
Technology [Member] | Acquisitions 2018 [Member] | |||
Weighted average useful life (Year) | 6 years | ||
Technology [Member] | 2018 Acquisition [Member] | |||
Total intangible assets | $ 30.3 | ||
Marketing [Member] | 2020 Acquisitions [Member] | |||
Weighted average useful life (Year) | 5 years | ||
Total intangible assets | $ 2.1 | ||
Marketing [Member] | 2019 Acquisitions [Member] | |||
Weighted average useful life (Year) | 4 years | ||
Total intangible assets | $ 3.9 | ||
Marketing [Member] | 2018 Acquisition [Member] | |||
Weighted average useful life (Year) | 9 years | ||
Total intangible assets | $ 4 | ||
Customer [Member] | 2020 Acquisitions [Member] | |||
Weighted average useful life (Year) | 11 years | ||
Total intangible assets | $ 90.6 | ||
Customer [Member] | 2019 Acquisitions [Member] | |||
Weighted average useful life (Year) | 12 years | ||
Total intangible assets | $ 185.5 | ||
Customer [Member] | 2018 Acquisition [Member] | |||
Weighted average useful life (Year) | 10 years | ||
Total intangible assets | $ 20.1 | ||
Database [Member] | 2019 Acquisitions [Member] | |||
Weighted average useful life (Year) | 10 years | ||
Total intangible assets | $ 20.7 |
Note 11 - Dispositions (Details
Note 11 - Dispositions (Details Textual) - USD ($) $ in Millions | Feb. 14, 2020 | Feb. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Investments, Total | $ 94.8 | $ 0 | $ 0 | ||
Background Screening Business [Member] | |||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 23.1 | ||||
Background Screening Business [Member] | Other Operating Income (Expense) [Member] | |||||
Gain (Loss) on Disposition of Business | 15.9 | ||||
Data Warehouse Business [Member] | Other Operating Income (Expense) [Member] | |||||
Gain (Loss) on Disposition of Business | $ 3.5 | ||||
Vexcel Group, Inc. [Member] | |||||
Payments to Acquire Investments, Total | $ 63.8 | ||||
Equity Securities Without Readily Determinable Fair Value, Percentage | 35.00% |
Note 12 - Goodwill and Intang_3
Note 12 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Amortization of Intangible Assets, Total | 165,900 | $ 138,000 | $ 130,800 |
Energy and Specialized Markets [Member] | |||
Goodwill, Period Increase (Decrease), Total | $ (19,500) |
Note 12 - Goodwill and Intang_4
Note 12 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Goodwill | $ 3,864.3 | $ 3,361.5 | |
Acquisitions | 171.7 | 453.5 | |
Businesses held for sale and disposition | (8.6) | ||
Purchase accounting reclassifications | (4.1) | (1.5) | |
Foreign currency translation adjustment | 74.3 | 59.4 | |
Current period adjustment (1) | [1] | 1.9 | |
Goodwill | 4,108.1 | 3,864.3 | |
Insurance [Member] | |||
Goodwill | 998.8 | 833.8 | |
Acquisitions | 171.7 | 161 | |
Businesses held for sale and disposition | (7.9) | ||
Purchase accounting reclassifications | 2.1 | (1.4) | |
Foreign currency translation adjustment | 14.6 | 13.3 | |
Current period adjustment (1) | [1] | 21.4 | |
Goodwill | 1,208.6 | 998.8 | |
Energy and Specialized Markets [Member] | |||
Goodwill | 2,389.5 | 2,054.7 | |
Acquisitions | 0 | 288.5 | |
Businesses held for sale and disposition | 0 | ||
Purchase accounting reclassifications | (6) | 0 | |
Foreign currency translation adjustment | 59.6 | 46.3 | |
Current period adjustment (1) | [1] | (19.5) | |
Goodwill | 2,423.6 | 2,389.5 | |
Financial Services [Member] | |||
Goodwill | 476 | 473 | |
Acquisitions | 0 | 4 | |
Businesses held for sale and disposition | (0.7) | ||
Purchase accounting reclassifications | (0.2) | (0.1) | |
Foreign currency translation adjustment | 0.1 | (0.2) | |
Current period adjustment (1) | [1] | 0 | |
Goodwill | $ 475.9 | $ 476 | |
[1] | Of which $19.5 million relates to a segment reclassification, refer to Note 19. Segment Reporting |
Note 12 - Goodwill and Intang_5
Note 12 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cost | $ 2,345.1 | $ 2,175.3 |
Accumulated amortization | (960.3) | (776.4) |
Net | $ 1,384.8 | $ 1,398.9 |
Technology [Member] | ||
Weighted average useful life (Year) | 7 years | 7 years |
Cost | $ 559.6 | $ 519.2 |
Accumulated amortization | (349.5) | (291.9) |
Net | $ 210.1 | $ 227.3 |
Marketing [Member] | ||
Weighted average useful life (Year) | 16 years | 16 years |
Cost | $ 275.2 | $ 265.3 |
Accumulated amortization | (113.4) | (94.3) |
Net | $ 161.8 | $ 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 | $ 1,004.3 | $ 901.2 |
Accumulated amortization | (354.2) | (278) |
Net | $ 650.1 | $ 623.2 |
Database [Member] | ||
Weighted average useful life (Year) | 19 years | 19 years |
Cost | $ 501 | $ 484.6 |
Accumulated amortization | (138.2) | (107.2) |
Net | $ 362.8 | $ 377.4 |
Note 12 - Goodwill and Intang_6
Note 12 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 169.9 | |
2022 | 156.9 | |
2023 | 144.3 | |
2024 | 139.4 | |
2025 | 114.7 | |
2026 and thereafter | 659.6 | |
Total | $ 1,384.8 | $ 1,398.9 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Liabilities, Net, Total | $ 387.8 | $ 346.2 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8.1 | 8.6 | $ 14.4 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 3.9 | $ 4.6 | $ 5.7 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 5.8 |
Note 13 - Income Taxes - Domest
Note 13 - Income Taxes - Domestic and Foreign Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | $ 834 | $ 553.9 | $ 700.2 |
Foreign | 63.5 | 14.5 | 19.5 |
Total income before income taxes | $ 897.5 | $ 568.4 | $ 719.7 |
Note 13 - Income Taxes - Provis
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 111 | $ 109.9 | $ 69 |
State and local | 23.1 | 21.4 | 22.1 |
Foreign | 18.9 | 14.6 | 11.1 |
Total current provision for income taxes | 153 | 145.9 | 102.2 |
Federal | 22.6 | (14.3) | 27.6 |
State and local | 7.4 | (0.2) | 2.8 |
Foreign | 1.8 | (12.9) | (11.6) |
Total deferred provision for income taxes | 31.8 | (27.4) | 18.8 |
Provision for income taxes | $ 184.8 | $ 118.5 | $ 121 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Tax Rate on Income from Continuing Operations (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal statutory rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal tax benefit | 2.70% | 2.80% | 2.80% |
UK legislative rate change impact | 1.50% | 0.00% | 0.00% |
Foreign Derived Intangible Income (FDII) | (0.80%) | (1.20%) | (0.90%) |
Stock-based compensation | (3.70%) | (3.00%) | (5.50%) |
Earn-outs | 0.00% | 2.00% | 0.10% |
Other | (0.10%) | (0.70%) | (0.70%) |
Effective tax rate | 20.60% | 20.90% | 16.80% |
Note 13 - Income Taxes - Summar
Note 13 - Income Taxes - Summary of Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Employee wages, pension, and other benefits | $ 7.3 | $ 13 |
ASC 842/Deferred rent | 10.3 | 7.3 |
Net operating loss carryover | 22.7 | 28.8 |
Litigation accrual | 31.3 | 31.2 |
Capital and other unrealized losses | 1.6 | 1.7 |
Interest expense | 44.1 | 33.4 |
Other | 12.2 | 16.4 |
Total | 129.5 | 131.8 |
Less valuation allowance | (48) | (46.5) |
Deferred tax assets | 81.5 | 85.3 |
Fixed assets and intangible assets | (445.3) | (411) |
Commissions | (16.6) | (14.3) |
Other | (7.4) | (6.2) |
Deferred tax liabilities | (469.3) | (431.5) |
Deferred tax liabilities, net | $ (387.8) | $ (346.2) |
Note 13 - Income Taxes - Summ_2
Note 13 - Income Taxes - Summary of Company's Net Operating Loss Carryforwards Expires (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating loss carryforwards | $ 221.1 |
Period One [Member] | |
Operating loss carryforwards | 22.7 |
Period Two [Member] | |
Operating loss carryforwards | 20.5 |
Period Three [Member] | |
Operating loss carryforwards | $ 177.9 |
Note 13 - Income Taxes - Reconc
Note 13 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized tax benefit as of January 1 | $ 11.5 | $ 17.4 | $ 16.3 |
Gross increase in tax positions in prior period | 0.5 | 0.6 | 2 |
Gross decrease in tax positions in prior period | (0.2) | (3.3) | (0.1) |
Settlements | 0 | (2.4) | (0.3) |
Lapse of statute of limitations | (1.9) | (0.8) | (0.5) |
Unrecognized tax benefit as of December 31 | $ 9.9 | $ 11.5 | $ 17.4 |
Note 14 - Composition of Cert_3
Note 14 - Composition of Certain Financial Statement Caption (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Estimated Litigation Liability, Current | [1] | $ 126.5 | $ 128.4 |
Xactware Solutions, Inc. Patent Litigation [Member] | |||
Estimated Litigation Liability, Current | $ 125 | ||
[1] | Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation of $125.0 million. |
Note 14 - Composition of Cert_4
Note 14 - Composition of Certain Financial Statement Caption - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued salaries, benefits and other related costs | $ 158.7 | $ 147.4 | |
Legal accrual (1) | [1] | 126.5 | 128.4 |
Escrow liabilities | 1.5 | 0.2 | |
Accrued interest | 20.7 | 19 | |
Trade accounts payable and other accrued expenses | 99.3 | 80 | |
Total accounts payable and accrued liabilities | $ 406.7 | $ 375 | |
[1] | Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation of $125.0 million. |
Note 14 - Composition of Cert_5
Note 14 - Composition of Certain Financial Statement Caption - Components of Other Noncurrent Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension benefits | $ 77.3 | $ 60.3 |
Other assets - prepaid expenses | 70.6 | 57 |
Acquisition related escrows | 18.5 | 10.5 |
Investments in non-public companies | 192.6 | 27.1 |
Deposits and other | 6.7 | 4.9 |
Total other noncurrent assets | $ 365.7 | $ 159.8 |
Note 15 - Debt (Details Textual
Note 15 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 08, 2020 | Aug. 15, 2019 | |
Interest Payable, Current | $ 20,700 | $ 19,000 | |||
Interest Expense Excluding Earn Out Interest | 138,300 | 125,700 | $ 128,200 | ||
Long-term Debt, Gross | 3,150,000 | 2,650,000 | |||
Letters of Credit Outstanding, Amount | 5,400 | 4,800 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||
Debt Instrument, Leverage Ratio | 3.5 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 944,600 | $ 500,200 | |||
Long-term Line of Credit, Total | 0 | ||||
Repayments of Lines of Credit | $ 50,000 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Debt Instrument, Leverage Ratio | 4 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.625% | ||||
Debt Instrument, Leverage Ratio | 4.25 | ||||
The 3.625% Senior Note [Member] | |||||
Debt Instrument, Face Amount | $ 500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |||
Debt Instrument, Unamortized Discount, Total | $ 10,700 | $ 5,200 | |||
Debt Issuance Costs, Net, Total | $ 5,700 | ||||
Commitment Fee [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.08% | ||||
Commitment Fee [Member] | Maximum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.20% |
Note 15 - Debt - Short-term and
Note 15 - Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease liabilities, current | [1] | $ 14.4 | $ 4.4 |
Short-term debt and current portion of long-term debt | 514.3 | 499.4 | |
Finance lease liabilities, noncurrent | [1] | 10.3 | 3.3 |
Syndicated revolving credit facility debt issuance costs | (1.6) | (2.1) | |
Long-term debt | 2,699.6 | 2,651.6 | |
Total debt | 3,213.9 | 3,151 | |
The 5.800% Senior Note [Member] | |||
Short-term borrowings | 449.9 | 0 | |
Long-term debt | 0 | 449.3 | |
The 3.625% Senior Note [Member] | |||
Long-term debt | 489.3 | 0 | |
The 4.125% Senior Note [Member] | |||
Long-term debt | [2] | 612.4 | 613.9 |
The 4.000% Senior Note [Member] | |||
Long-term debt | 894.6 | 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 | 348.9 | 348.4 | |
Line of Credit [Member] | |||
Syndicated revolving credit facility | $ 50 | $ 495 | |
[1] | Refer to Note 8. Leases | ||
[2] | We offered an additional issuance of these notes on September 6, 2019. |
Note 15 - Debt - Short-term a_2
Note 15 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2020 | May 08, 2020 | Dec. 31, 2019 |
The 5.800% Senior Note [Member] | |||
Interest rate | 5.80% | 5.80% | |
Unamortized premium | $ 0.1 | ||
Unamortized discount | $ 0.7 | ||
The 3.625% Senior Note [Member] | |||
Interest rate | 3.625% | 3.625% | |
Unamortized discount | $ 10.7 | $ 5.2 | |
The 4.125% Senior Note [Member] | |||
Interest rate | 4.125% | 4.125% | |
Unamortized discount | $ 12.4 | $ 13.9 | |
The 4.000% Senior Note [Member] | |||
Interest rate | 4.00% | 4.00% | |
Unamortized discount | $ 5.4 | $ 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 | $ 1.1 | $ 1.6 |
Note 15 - Debt - Debt Maturitie
Note 15 - Debt - Debt Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
2021 | $ 514.4 |
2022 | 360 |
2023 | 0.3 |
2024 | 0 |
2025 | 900 |
2026 and thereafter | 1,450 |
Total | $ 3,224.7 |
Note 16 - Stockholders' Equit_2
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2020 | Oct. 28, 2020 | Oct. 01, 2020 | Sep. 30, 2020 | Jul. 29, 2020 | Jul. 01, 2020 | Jun. 30, 2020 | Apr. 29, 2020 | Apr. 01, 2020 | Mar. 31, 2020 | Feb. 12, 2020 | Jan. 02, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, Shares Authorized (in shares) | 2,000,000,000 | 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) | $ 207.59 | $ 207.59 | $ 149.34 | $ 207.59 | $ 149.34 | $ 108.28 | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | |||||||||||||||||
Payments of Dividends, Total | $ 43.9 | $ 43.9 | $ 44 | $ 43.9 | $ 175.8 | $ 163.5 | $ 0 | ||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 1,339,462 | ||||||||||||||||||||
Treasury Stock, Shares, Ending Balance (in shares) | 381,185,512 | 381,185,512 | 380,841,474 | 381,185,512 | 380,841,474 | ||||||||||||||||
Common Stock Reissued (in shares) | 1,811,046 | 1,369,305 | 2,973,947 | ||||||||||||||||||
Common Stock, Weighted Average Price (in dollars per share) | $ 10.67 | $ 10.67 | $ 9.72 | $ 10.67 | $ 9.72 | $ 8.71 | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 513,137 | 674,983 | 496,446 | ||||||||||||||||||
May 2010 Share Repurchase Program [Member] | Common Stock [Member] | |||||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 3,800 | $ 3,800 | $ 3,800 | ||||||||||||||||||
February 2020 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 40,901 | ||||||||||||||||||||
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 | 3,521.2 | 3,521.2 | 3,521.2 | ||||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 278.8 | $ 278.8 | $ 278.8 | ||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 2,155,084 | 2,178,151 | |||||||||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 161.84 | $ 137.73 | |||||||||||||||||||
Treasury Stock, Shares, Ending Balance (in shares) | 381,185,512 | 381,185,512 | 381,185,512 | ||||||||||||||||||
December 2019 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | ||||||||||||||||||||
March 2020 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 75 | ||||||||||||||||||||
June 2020 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 61,052 | ||||||||||||||||||||
September 2020 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 41,272 | ||||||||||||||||||||
January 2, 2020 [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 267,845 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 149.34 | ||||||||||||||||||||
April 1, 2020 [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 430,477 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 139.38 | ||||||||||||||||||||
July 1, 2020 [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 235,018 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 170.20 | ||||||||||||||||||||
October 1, 2020 [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 | ||||||||||||||||||||
December 2020 Share Repurchase Program [Member] | |||||||||||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | ||||||||||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 47,042 |
Note 16 - Stockholders' Equit_3
Note 16 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 712.7 | $ 449.9 | $ 598.7 |
Weighted average number of common shares used in basic EPS (in shares) | 162,610,586 | 163,535,438 | 164,808,110 |
Potential common stock issuable from stock options and stock awards (in shares) | 2,710,123 | 3,024,677 | 3,489,726 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 165,320,709 | 166,560,115 | 168,297,836 |
Note 16 - Stockholders' Equit_4
Note 16 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign currency translation adjustment | $ (292.2) | $ (400.1) |
Pension and postretirement adjustment, net of tax | (83.5) | (86.8) |
Accumulated other comprehensive losses | $ (375.7) | $ (486.9) |
Note 16 - Stockholders' Equit_5
Note 16 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Other comprehensive income (loss), before tax | $ 112.3 | $ 110.2 | $ (187.1) | ||||
Other comprehensive income (loss), tax | (1.1) | (5.2) | 8.2 | ||||
Other comprehensive income (loss), after tax | 111.2 | 105 | (178.9) | ||||
Other comprehensive income (loss), tax | 1.1 | 5.2 | (8.2) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
Other comprehensive income (loss), before tax | 107.9 | 88.4 | (154.1) | ||||
Other comprehensive income (loss), tax | 0 | 0 | 0 | ||||
Other comprehensive income (loss), after tax | 107.9 | 88.4 | (154.1) | ||||
Other comprehensive income (loss), tax | 0 | 0 | 0 | ||||
Pension and Postretirement Adjustment [Member] | |||||||
Other comprehensive income (loss), before tax | 4.4 | 21.8 | (33) | ||||
Other comprehensive income (loss), tax | (1.1) | (5.2) | 8.2 | ||||
Other comprehensive income (loss), after tax | 3.3 | 16.6 | (24.8) | ||||
Other comprehensive income (loss), before reclassifications, before tax | 11.1 | 26.7 | (36.7) | [1] | |||
Other comprehensive income (loss), before reclassifications, tax | (2.9) | (6.4) | 9.1 | ||||
Other comprehensive income (loss), before reclassifications, after tax | 8.2 | 20.3 | (27.6) | ||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | (6.7) | [1] | (4.9) | [1] | (3.7) | ||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss), tax | [1] | 1.8 | 1.2 | (0.9) | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | (4.9) | (3.7) | (2.8) | |||
Other comprehensive income (loss), tax | 1.1 | 5.2 | (8.2) | ||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | 6.7 | [1] | 4.9 | [1] | 3.7 | ||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | $ 4.9 | $ 3.7 | $ 2.8 | |||
[1] | These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details). |
Note 17 - Compensation Plans (D
Note 17 - Compensation Plans (Details Textual) | Jan. 01, 2019 | Apr. 01, 2018 | Mar. 31, 2018 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Share-based Payment Arrangement, Expense | $ 47,600,000 | $ 42,700,000 | $ 38,500,000 | |||
Number of Service Hours | 1,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Profit Sharing Contributions | $ 0 | 0 | 0 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | 42,900,000 | 23,200,000 | 48,900,000 | |||
Proceeds from Stock Options Exercised | $ 88,000,000 | $ 52,400,000 | 87,300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years | 5 years 9 months 18 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 8 months 12 days | 4 years 7 months 6 days | ||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 4,100,000 | $ 5,500,000 | $ 3,700,000 | |||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | shares | 27,890 | 40,578 | 35,637 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 82,400,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 20,100,000 | $ 17,400,000 | $ 16,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 20.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Of Short Term Incentive Compensation Available For Payroll Deductions Maximum | 50.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award, Payroll Deductions Amount Maximum | $ 25,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 25.87 | $ 24.13 | $ 21.48 | |||
The 2013 Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 3,104,938 | |||||
ESPP [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 1,260,266 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares | 32,502 | 30,705 | 30,550 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 164.44 | $ 141.17 | $ 104.71 | |||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 0.00% | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 200.00% | |||||
Common Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 15,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Basis to Reduce for Shares Issued Subject to Option or Stock Appreciation Rights | 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Basis to Reduce for Shares Issued Subject to Awards Other Than Options or Stock Appreciation Rights | 2.5 | |||||
KSOP [Member] | ||||||
Maximum Pre Tax Employee Contribution To Saving Plan | $ 19,500 | $ 19,000 | $ 18,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Employee Contribution, Minimum Participant Age (Year) | 50 years | |||||
Additional Pre Tax Certain Eligible Employee Contribution To Saving Plan | $ 6,500 | 6,000 | 6,000 | |||
Maximum Employee Contribution As Percentage Of Compensation | 6.00% | 10.00% | ||||
Percentage Of Employer Contribution | 100.00% | 87.50% | 75.00% | |||
Employee Contribution, Percentage of Compensation | 6.00% | 6.00% | ||||
Share-based Payment Arrangement, Expense | $ 31,600,000 | 31,000,000 | 22,000,000 | |||
Number of Service Hours | 1,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 4,100,000 | $ 5,500,000 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | shares | 27,890 | 40,578 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 22,300,000 | $ 20,200,000 | 18,600,000 | |||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 8,200,000 | $ 4,200,000 | $ 1,500,000 | |||
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 454,178 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares | 8,174 | 18,713 | 19,247 | |||
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ / shares | $ 159.98 | $ 136.35 | $ 101.27 |
Note 17 - Compensation Plans -
Note 17 - Compensation Plans - Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Outstanding beginning balance, options (in shares) | 6,432,814 | 6,820,046 | 8,907,109 | |||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 79.51 | $ 67.27 | $ 53.31 | |||||
Outstanding, options, aggregate intrinsic value | $ 613.4 | $ 449.2 | $ 284.9 | $ 380.2 | ||||
Number of options, granted (in shares) | 936,843 | 920,398 | 958,332 | |||||
Granted, options, weighted average exercise price (in dollars per share) | $ 159.28 | $ 135.64 | $ 104.23 | |||||
Exercised or lapsed, options (in shares) | (1,623,740) | (1,131,970) | (2,752,735) | |||||
Exercised or lapsed, options, weighted average exercise price (in dollars per share) | $ 56.83 | $ 51.20 | $ 33 | |||||
Exercised or lapsed, options, aggregate intrinsic value | $ 189.8 | $ 101 | $ 213 | |||||
Canceled, expired or forfeited, option (in shares) | (134,140) | (175,660) | (292,660) | |||||
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) | $ 125.95 | $ 92.27 | $ 79.16 | |||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 98.28 | $ 79.51 | 67.27 | |||||
Dividend reinvestment, options (in shares) | 0 | 0 | ||||||
Dividend reinvestment, options, weighted average exercise price (in (in dollars per share) | $ 0 | $ 0 | ||||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 98.28 | $ 79.51 | $ 67.27 | $ 98.28 | $ 79.51 | $ 67.27 | $ 53.31 | |
Outstanding, option (in shares) | 5,611,777 | 6,432,814 | 6,820,046 | |||||
Exercisable, options (in shares) | 3,494,164 | 4,175,855 | ||||||
Exercisable, options, weighted average exercise price (in dollars per share) | $ 76.84 | $ 65.05 | ||||||
Exercisable, options, aggregate intrinsic value | $ 456.9 | $ 352 | ||||||
Nonvested, options (in shares) | 2,117,613 | 2,256,959 | 2,459,929 | 2,911,770 | ||||
Expected to vest, options (in shares) | 1,900,586 | |||||||
Restricted Stock [Member] | ||||||||
Outstanding beginning balance, number of shares (in shares) | 428,729 | 533,335 | 604,464 | |||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 107.96 | $ 88.55 | $ 78.28 | |||||
Granted, number of shares (in shares) | 163,441 | 167,231 | 207,041 | |||||
Granted, weighted average exercise price (in dollars per share) | $ 159.96 | $ 135.82 | $ 104.34 | |||||
Exercised or lapsed, number of shares (in shares) | (178,317) | (242,815) | (225,205) | |||||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 102 | $ 84.60 | $ 76.88 | |||||
Canceled, expired or forfeited, number of shares (in shares) | (23,799) | (29,022) | (52,965) | |||||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 124.40 | $ 109.72 | $ 82.64 | |||||
Outstanding ending balance, number of shares (in shares) | 390,054 | 428,729 | 533,335 | |||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 131.63 | $ 107.96 | $ 88.55 | |||||
Dividend reinvestment, number of shares (in shares) | 0 | 0 | ||||||
Dividend reinvestment (in dollars per share) | $ 0 | $ 0 | ||||||
Outstanding ending balance, number of shares (in shares) | 390,054 | 428,729 | 533,335 | 390,054 | 428,729 | 533,335 | 604,464 | |
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 131.63 | $ 107.96 | $ 88.55 | $ 131.63 | $ 107.96 | $ 88.55 | $ 78.28 | |
Expected, number of shares (in shares) | 354,959 | |||||||
Performance Shares [Member] | ||||||||
Outstanding beginning balance, number of shares (in shares) | 93,960 | 42,050 | 0 | |||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 158.50 | $ 140.70 | $ 0 | |||||
Granted, number of shares (in shares) | 50,736 | 51,792 | 46,705 | |||||
Granted, weighted average exercise price (in dollars per share) | $ 192.93 | $ 173.59 | $ 140.70 | |||||
Exercised or lapsed, number of shares (in shares) | 0 | 0 | 0 | |||||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 0 | |||||||
Canceled, expired or forfeited, number of shares (in shares) | 0 | (432) | (4,655) | |||||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 134.24 | $ 140.70 | ||||||
Outstanding ending balance, number of shares (in shares) | 102,999 | 93,960 | 42,050 | |||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 170.75 | $ 158.50 | $ 140.70 | |||||
Dividend reinvestment, number of shares (in shares) | 913 | 550 | ||||||
Outstanding ending balance, number of shares (in shares) | 102,999 | 93,960 | 42,050 | 102,999 | 93,960 | 42,050 | 0 | |
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 170.75 | $ 158.50 | $ 140.70 | $ 170.75 | $ 158.50 | $ 140.70 | $ 0 | |
Outstanding at December 31, 2020 (in shares) | 145,609 | |||||||
Expected, number of shares (in shares) | [1] | 268,294 | ||||||
[1] | Includes estimated performance achievement |
Note 17 - Compensation Plans _2
Note 17 - Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected volatility | 18.48% | 18.76% | 18.51% |
Risk-free interest rate | 1.51% | 2.25% | 2.53% |
Expected term in years (Year) | 4 years 3 months 18 days | 4 years 4 months 24 days | 4 years 4 months 24 days |
Dividend yield | 0.71% | 0.80% | 0.00% |
Weighted average grant date fair value per stock option (in dollars per share) | $ 25.87 | $ 24.13 | $ 21.48 |
Note 17 - Compensation Plans _3
Note 17 - Compensation Plans - Summary of Nonvested Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Nonvested balance (in shares) | 2,256,959 | 2,459,929 | 2,911,770 |
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) | $ 20.17 | $ 17.41 | $ 14.86 |
Number of options, granted (in shares) | 936,843 | 920,398 | 958,332 |
Weighted average grant date fair value per stock option (in dollars per share) | $ 25.87 | $ 24.13 | $ 21.48 |
Number of options, vested (in shares) | (942,049) | (947,708) | (1,117,513) |
Vested, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) | $ 18.30 | $ 17.29 | $ 14.79 |
Number of options, cancelled or expired (in shares) | (134,140) | (175,660) | (292,660) |
Cancelled or expired, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) | $ 22.40 | $ 17.77 | $ 15.33 |
Nonvested balance (in shares) | 2,117,613 | 2,256,959 | 2,459,929 |
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) | $ 23.39 | $ 20.17 | $ 17.41 |
Note 18 - Pension and Postret_3
Note 18 - Pension and Postretirement Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy | $ 800,000 | $ 800,000 | |
Changes In Assumed Healthcare Cost Trend Rate | 1 | ||
Defined Benefit Plan, Prescription Drug Benefit, Net Periodic Postretirement Benefit Cost, (Increase) Decrease for Subsidy | $ 58,200 | $ 48,500 | $ 51,000 |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 52.50% | 53.70% | |
Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 40.00% | 37.90% | |
Debt Securities [Member] | Veba [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | |
Foreign Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||
Foreign Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
Fixed Income Funds [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
Fixed Income Funds [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40.00% | ||
Pension Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 0 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | ||
Pension Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55.00% | 60.00% | |
Pension Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45.00% | 40.00% | |
Pension Plan And Supplemental Cash Balance Plan [Member] | |||
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy | $ 700,000 | $ 700,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1,000,000 | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 8.00% | ||
Defined Benefit Plan Ultimate Health Care Cost Decreasing Trend Rate | 4.50% | ||
Pension Plan and SERP Plan [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets | 6.50% | 6.75% |
Note 18 - Pension and Postret_4
Note 18 - Pension and Postretirement Benefits - Summary of Changes in Benefit Obligations and Plan Assets Amount Recognized (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair value of plan assets at January 1 | $ 499.2 | |||
Fair value of plan assets at December 31 | 531.3 | $ 499.2 | ||
Pension Plan and SERP Plan [Member] | ||||
Benefit obligation | 443.6 | 407.8 | ||
Interest cost | 12.6 | 15.6 | $ 15.2 | |
Actuarial loss (gain) | 32.1 | 48.2 | ||
Plan participants’ contributions | 0 | 0 | ||
Benefits paid | (28.4) | (28) | ||
Federal subsidy on benefits paid | 0 | 0 | ||
Benefit obligation | 459.9 | 443.6 | 407.8 | |
Accumulated benefit obligation at December 31 | 459.9 | 443.6 | ||
Fair value of plan assets at January 1 | 488.9 | 421.3 | ||
Actual return on plan assets, net of expenses | 59.6 | 94.9 | ||
Employer contributions, net | 0.7 | 0.7 | ||
Plan participants’ contributions | 0 | 0 | ||
Benefits paid | (28.4) | (28) | ||
Federal subsidies received | 0 | 0 | ||
Fair value of plan assets at December 31 | 520.8 | 488.9 | 421.3 | |
Funded status at December 31 | (60.9) | (45.3) | ||
Pension assets, noncurrent (1) | [1] | (74.3) | (58.2) | |
Pension, SERP and postretirement benefits, current (2) | [2] | 1 | 0.8 | |
Pension, SERP and postretirement benefits, noncurrent (3) | [3] | 12.4 | 12.1 | |
Total Pension, SERP and Postretirement benefits | (60.9) | (45.3) | ||
Other Postretirement Benefits Plan [Member] | ||||
Benefit obligation | 8.2 | 9.7 | ||
Interest cost | 0.2 | 0.3 | 0.3 | |
Actuarial loss (gain) | (0.2) | (0.4) | ||
Plan participants’ contributions | 1.6 | 2.1 | ||
Benefits paid | (2.3) | (3.6) | ||
Federal subsidy on benefits paid | 0 | 0.1 | ||
Benefit obligation | 7.5 | 8.2 | 9.7 | |
Accumulated benefit obligation at December 31 | ||||
Fair value of plan assets at January 1 | 10.3 | 9.7 | ||
Actual return on plan assets, net of expenses | 0.3 | 0.6 | ||
Employer contributions, net | 0.6 | 1.4 | ||
Plan participants’ contributions | 1.6 | 2.1 | ||
Benefits paid | (2.3) | (3.6) | ||
Federal subsidies received | 0 | 0.1 | ||
Fair value of plan assets at December 31 | 10.5 | 10.3 | $ 9.7 | |
Funded status at December 31 | (3) | (2.1) | ||
Pension assets, noncurrent (1) | [1] | (3) | (2.1) | |
Pension, SERP and postretirement benefits, current (2) | [2] | 0 | 0 | |
Pension, SERP and postretirement benefits, noncurrent (3) | [3] | 0 | 0 | |
Total Pension, SERP and Postretirement benefits | $ (3) | $ (2.1) | ||
[1] | Included in "Other assets" in our accompanying consolidated balance sheets | |||
[2] | Included in "Accounts payable and accrued liabilities" in our accompanying consolidated balance sheets | |||
[3] | Included in "Other liabilities" in our accompanying consolidated balance sheets |
Note 18 - Pension and Postret_5
Note 18 - Pension and Postretirement Benefits - Summary of Pre-tax Components of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of plan assets | $ 531.3 | $ 499.2 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 216.8 | 206.4 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 314.5 | 292.7 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0.1 | ||
Managed Equity Accounts [Member] | ||||
Fair value of plan assets | [1] | 206.3 | 196.1 | |
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [1] | 206.3 | 196.1 | |
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [1] | 0 | 0 | |
Equity - Pooled Separate Account [Member] | ||||
Fair value of plan assets | [2] | 67.2 | 66.1 | |
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [2] | 67.2 | 66.1 | |
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Fixed Income Manager - Pooled Separate Accounts [Member] | ||||
Fair value of plan assets | [2] | 208.3 | 185.4 | |
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [2] | 208.3 | 185.4 | |
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Fixed Income Manager - Government Securities [Member] | ||||
Fair value of plan assets | [3] | 10.5 | 10.3 | |
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [3] | 10.5 | 10.3 | |
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [3] | 0 | 0 | |
Cash - Pooled Separate Account [Member] | ||||
Fair value of plan assets | [2] | 2.1 | 3.4 | |
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [2] | 2.1 | 3.4 | |
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [2] | 0 | 0 | |
Global Real Estate [Member] | ||||
Fair value of plan assets | [4] | 36.9 | 37.8 | |
Global Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [4] | 0 | 0 | |
Global Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [4] | 36.9 | 37.8 | |
Global Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [4] | 0 | 0 | |
Equity - Partnerships [Member] | ||||
Fair value of plan assets | [5] | 0.1 | ||
Equity - Partnerships [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | [5] | 0 | ||
Equity - Partnerships [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | [5] | 0 | ||
Equity - Partnerships [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | [5] | 0.1 | ||
Pension Plan and SERP Plan [Member] | ||||
Prior service benefit cost (credit) | 3 | 3.2 | ||
Actuarial losses | 133.2 | 137.1 | ||
Accumulated other comprehensive losses, pretax | 136.2 | 140.3 | ||
Fair value of plan assets | 520.8 | 488.9 | $ 421.3 | |
Other Postretirement Benefits Plan [Member] | ||||
Prior service benefit cost (credit) | (0.1) | (0.3) | ||
Actuarial losses | 3.1 | 3.8 | ||
Accumulated other comprehensive losses, pretax | 3 | 3.5 | ||
Fair value of plan assets | $ 10.5 | $ 10.3 | $ 9.7 | |
[1] | Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value ("NAV") of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts. | |||
[2] | The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted. | |||
[3] | The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market. | |||
[4] | The funds invested in common stocks and other equity securities issued by domestic and foreign real estate companies, including real estate investment trusts ("REIT") and similar REIT-like entities. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the funds, which is not publicly quoted. | |||
[5] | Investments for which readily determinable prices do not exist are valued by the General Partner using either the market or income approach. In establishing the estimated fair value of investments, including those without readily determinable values, the General Partner assumes a reasonable period of time for liquidation of the investment, and takes into consideration the financial condition and operating results of the underlying portfolio company, nature of investment, restrictions on marketability, holding period, market conditions, foreign currency exposures, and other factors the General Partner deems appropriate. |
Note 18 - Pension and Postret_6
Note 18 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan and SERP Plan [Member] | |||
Interest cost | $ 12.6 | $ 15.6 | $ 15.2 |
Expected return on plan assets | (29.9) | (30.3) | (32.9) |
Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses | 0.2 | 0.2 | 0.2 |
Amortization of net actuarial loss reclassified from accumulated other comprehensive losses | 6.3 | 4.5 | 3.2 |
Net periodic benefit (credit) cost | (10.8) | (10) | (14.3) |
Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses | (0.2) | (0.2) | (0.2) |
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | (0.2) | (0.1) | (0.1) |
Net loss recognized reclassified from accumulated other comprehensive losses | (6.1) | (4.4) | (3.1) |
Actuarial (gain) loss | 2.4 | (16.4) | 37 |
Total recognized in other comprehensive (income) loss | (4.1) | (21.1) | 33.6 |
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | (14.9) | (31.1) | 19.3 |
Other Postretirement Benefits Plan [Member] | |||
Interest cost | 0.2 | 0.3 | 0.3 |
Expected return on plan assets | (0.2) | (0.2) | (0.2) |
Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses | (0.1) | (0.1) | (0.1) |
Amortization of net actuarial loss reclassified from accumulated other comprehensive losses | 0.3 | 0.3 | 0.4 |
Net periodic benefit (credit) cost | 0.2 | 0.3 | 0.4 |
Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses | 0.1 | 0.1 | 0.1 |
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | 0 | 0 | 0 |
Net loss recognized reclassified from accumulated other comprehensive losses | (0.3) | (0.3) | (0.4) |
Actuarial (gain) loss | (0.3) | (0.8) | (0.3) |
Total recognized in other comprehensive (income) loss | (0.5) | (1) | (0.6) |
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | $ (0.3) | $ (0.7) | $ (0.2) |
Note 18 - Pension and Postret_7
Note 18 - Pension and Postretirement Benefits - Summary of Weighted-average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan and SERP Plan [Member] | |||
Discount rate | 2.49% | 3.24% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets | 6.50% | 6.75% | |
Cash balance interest credit rate | 2.57% | 2.57% | |
Discount rate | 2.83% | 3.82% | 3.50% |
Expected return on plan assets | 6.75% | 7.00% | 7.00% |
Cash balance interest credit rate | 2.57% | 2.57% | 2.57% |
Other Postretirement Benefits Plan [Member] | |||
Discount rate | 1.50% | 2.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets | 2.00% | 2.00% | |
Discount rate | 2.50% | 3.75% | 3.00% |
Expected return on plan assets | 2.00% | 2.00% | 2.00% |
Note 18 - Pension and Postret_8
Note 18 - Pension and Postretirement Benefits - Summary of Estimated Future Benefit Payments for Respective Plans (Details) $ in Millions | Dec. 31, 2020USD ($) |
Pension Plan and SERP Plan [Member] | |
2021, gross benefit amount | $ 30.5 |
2022, gross benefit amount | 30.1 |
2023, gross benefit amount | 30.3 |
2024, gross benefit amount | 29.9 |
2025, gross benefit amount | 28.9 |
2026-2030, gross benefit amount | 135.5 |
Other Postretirement Benefits Plan [Member] | |
2021, gross benefit amount | 1.2 |
2021, Medicare subsidy payments | (0.2) |
2021, Net benefit amount | 1 |
2022, gross benefit amount | 1.1 |
2022, Medicare subsidy payments | (0.2) |
2022, Net benefit amount | 0.9 |
2023, gross benefit amount | 1 |
2023, Medicare subsidy payments | (0.2) |
2023, Net benefit amount | 0.8 |
2024, gross benefit amount | 0.8 |
2024, Medicare subsidy payments | 0 |
2024, Net benefit amount | 0.8 |
2025, gross benefit amount | 0.7 |
2025, Medicare subsidy payments | 0 |
2025, Net benefit amount | 0.7 |
2026-2030, gross benefit amount | 2.4 |
2026-2030, Medicare subsidy payments | (0.1) |
2026-2030, Net benefit amount | $ 2.3 |
Note 18 - Pension and Postret_9
Note 18 - Pension and Postretirement Benefits - Summary of Asset Allocation and Target Allocation (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity Securities [Member] | ||
Target Allocation | 55.00% | |
Percentage of Plan Assets | 52.50% | 53.70% |
Debt Securities [Member] | ||
Target Allocation | 45.00% | |
Percentage of Plan Assets | 40.00% | 37.90% |
Other Contract [Member] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 7.50% | 8.40% |
Note 19 - Segment Reporting - R
Note 19 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 2,784.6 | $ 2,607.1 | $ 2,395.1 |
Cost of revenues (exclusive of items shown separately below) | 993.9 | 976.8 | 886.2 |
Selling, general and administrative | 413.9 | 603.5 | 378.7 |
Other operating income (loss) | 19.4 | (6.2) | 0 |
Investment (loss) income and others, net | (2.4) | (1.7) | 15.3 |
EBITDA | 1,393.8 | 1,018.9 | 1,145.5 |
Depreciation and amortization of fixed assets | 192.2 | 185.7 | 165.3 |
Amortization of intangible assets | 165.9 | 138 | 130.8 |
Interest expense | 138.2 | 126.8 | 129.7 |
Income before income taxes | 897.5 | 568.4 | 719.7 |
Insurance [Member] | |||
Revenues | 1,986.3 | 1,865.2 | 1,714.9 |
Cost of revenues (exclusive of items shown separately below) | 628.4 | 639.9 | 575.6 |
Selling, general and administrative | 243.3 | 402.7 | 223.2 |
Other operating income (loss) | 15.9 | 0 | 0 |
Investment (loss) income and others, net | (1.2) | 0.7 | 13 |
EBITDA | 1,129.3 | 823.3 | 929.1 |
Energy and Specialized Markets [Member] | |||
Revenues | 641.6 | 563.9 | 504.3 |
Cost of revenues (exclusive of items shown separately below) | 272.7 | 239.7 | 210.7 |
Selling, general and administrative | 150.9 | 181.1 | 136.7 |
Other operating income (loss) | 0 | 0 | 0 |
Investment (loss) income and others, net | (1.2) | (1.9) | 0.6 |
EBITDA | 216.8 | 141.2 | 157.5 |
Financial Services [Member] | |||
Revenues | 156.7 | 178 | 175.9 |
Cost of revenues (exclusive of items shown separately below) | 92.8 | 97.2 | 99.9 |
Selling, general and administrative | 19.7 | 19.7 | 18.8 |
Other operating income (loss) | 3.5 | (6.2) | 0 |
Investment (loss) income and others, net | 0 | (0.5) | 1.7 |
EBITDA | $ 47.7 | $ 54.4 | $ 58.9 |
Note 19 - Segment Reporting - L
Note 19 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Total long-lived assets | $ 6,767.6 | $ 6,310.3 |
UNITED STATES | ||
Total long-lived assets | 3,525 | 3,162.5 |
UNITED KINGDOM | ||
Total long-lived assets | 2,775.8 | 2,685.3 |
Other Countries [Member] | ||
Total long-lived assets | $ 466.8 | $ 462.5 |
Note 20 - Related Parties (Deta
Note 20 - Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 | |
Percentage Of Ownership On Outstanding Common Stock Required To Become Related Party | 5.00% | ||
Revenue from Related Parties | $ 0 | $ 0 | $ 0 |
Note 21 - Commitments and Con_2
Note 21 - 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 | Feb. 16, 2021USD ($) | Sep. 25, 2019USD ($) | Jan. 29, 2019 | Oct. 08, 2015 | Dec. 31, 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 | ||||
Subsequent Event [Member] | |||||
Loss Contingency, Damages Awarded, Value | $ 375 |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Feb. 17, 2021 | Jan. 15, 2021 | Jan. 04, 2021 | Oct. 28, 2020 | Jul. 29, 2020 | Apr. 29, 2020 | Feb. 12, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 16, 2021 |
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 1,339,462 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 936,843 | 920,398 | 958,332 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | ||||||||
Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 163,441 | 167,231 | 207,041 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,736 | 51,792 | 46,705 | |||||||||
Subsequent Event [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 706,851 | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.29 | |||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 134,840 | |||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | Graded Vesting Service Period [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
Subsequent Event [Member] | Performance Shares [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 59,144 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
December 2020 Share Repurchase Program [Member] | ||||||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | |||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 47,042 | |||||||||||
December 2020 Share Repurchase Program [Member] | Subsequent Event [Member] | ||||||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 192,687 | |||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 207.59 | |||||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 40 | |||||||||||
February 2021 Share Repurchase Program [Member] | Subsequent Event [Member] | Common Stock [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 300 |
Note 23 - Schedule II Valuati_3
Note 23 - Schedule II Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance | $ 11.7 | $ 5.7 | $ 4.6 | |
Charged to Expenses / Against Revenue | [1] | 13.1 | 7.2 | 5.6 |
Deductions - Write-offs | [2] | (7.1) | (1.2) | (4.5) |
Balance | 17.7 | 11.7 | 5.7 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance | 46.5 | 34.5 | 17.6 | |
Charged to Expenses / Against Revenue | [1] | 10.7 | 16.7 | 21.2 |
Deductions - Write-offs | [2] | (9.2) | (4.7) | (4.3) |
Balance | $ 48 | $ 46.5 | $ 34.5 | |
[1] | Primarily additional reserves for bad debts | |||
[2] | Primarily accounts receivable balances written off, net of recoveries, the expiration of loss carryforwards and businesses held for sale |