Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-34480 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-2994223 | |
Entity Address, Address Line One | 545 Washington Boulevard | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07310-1686 | |
City Area Code | 201 | |
Local Phone Number | 469-3000 | |
Title of 12(b) Security | Common Stock $.001 par value | |
Trading Symbol | VRSK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 156,959,955 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 480.7 | $ 280.3 |
Accounts receivable, net of allowance for doubtful accounts of $18.3 and $21.3, respectively | 488.9 | 446.3 |
Prepaid expenses | 108.2 | 102.6 |
Income taxes receivable | 64.7 | 36.7 |
Other current assets | 44.1 | 36.7 |
Total current assets | 1,186.6 | 902.6 |
Noncurrent assets: | ||
Fixed assets, net | 646.9 | 658.2 |
Operating lease right-of-use assets, net | 226.2 | 253.1 |
Intangible assets, net | 1,183.4 | 1,225.9 |
Goodwill | 3,820.4 | 4,331.2 |
Deferred income tax assets | 4.5 | 6.6 |
Other noncurrent assets | 440.9 | 430.5 |
Total assets | 7,508.9 | 7,808.1 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 276.2 | 320.7 |
Short-term debt and current portion of long-term debt | 1,136.3 | 971.3 |
Deferred revenues | 659.6 | 501 |
Operating lease liabilities | 36.3 | 41.2 |
Income taxes payable | 4.1 | 9 |
Total current liabilities | 2,112.5 | 1,843.2 |
Noncurrent liabilities: | ||
Long-term debt | 2,342.9 | 2,342.8 |
Deferred income tax liabilities | 410.1 | 470.5 |
Operating lease liabilities | 231 | 254.7 |
Other noncurrent liabilities | 42.4 | 54.4 |
Total liabilities | 5,138.9 | 4,965.6 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 158,257,098 and 161,651,639 shares outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 2,707.1 | 2,608.7 |
Treasury stock, at cost, 385,745,940 and 382,351,399 shares, respectively | (5,517.4) | (4,638.1) |
Retained earnings | 5,845.5 | 5,240.4 |
Accumulated other comprehensive losses | (683.4) | (394.6) |
Total Verisk stockholders' equity | 2,351.9 | 2,816.5 |
Noncontrolling interests | 18.1 | 26 |
Total stockholders’ equity | 2,370 | 2,842.5 |
Total liabilities and stockholders’ equity | $ 7,508.9 | $ 7,808.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 18.3 | $ 21.3 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
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) | 158,257,098 | 161,651,639 |
Treasury stock (in shares) | 385,745,940 | 382,351,399 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 746.3 | $ 747.5 | $ 1,521.8 | $ 1,473.6 |
Operating expenses (income): | ||||
Cost of revenues (exclusive of items shown separately below) | 246.1 | 264.9 | 526.6 | 527.3 |
Selling, general and administrative | 125.9 | 111.4 | 261.2 | 231.2 |
Depreciation and amortization of fixed assets | 49.8 | 53.3 | 99.4 | 101.8 |
Amortization of intangible assets | 39.8 | 50.5 | 84.4 | 95.5 |
Other operating loss (income), net | 15.6 | 0 | (361.5) | 0 |
Total operating expenses, net | 477.2 | 480.1 | 610.1 | 955.8 |
Operating income | 269.1 | 267.4 | 911.7 | 517.8 |
Other income (expense): | ||||
Investment income (loss) | 4.7 | (0.5) | 4.3 | 1.2 |
Interest expense | (31.8) | (31.5) | (63.1) | (66.9) |
Total other expense, net | (27.1) | (32) | (58.8) | (65.7) |
Income before income taxes | 242 | 235.4 | 852.9 | 452.1 |
Provision for income taxes | (44.2) | (83.8) | (149.3) | (132.5) |
Net income | 197.8 | 151.6 | 703.6 | 319.6 |
Less: Net (income) loss attributable to noncontrolling interests | (0.1) | 2.4 | (0.2) | 3 |
Net income attributable to Verisk | $ 197.7 | $ 154 | $ 703.4 | $ 322.6 |
Basic net income per share attributable to Verisk (in dollars per share) | $ 1.25 | $ 0.95 | $ 4.41 | $ 1.99 |
Diluted net income per share attributable to Verisk (in dollars per share) | $ 1.24 | $ 0.94 | $ 4.39 | $ 1.97 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 157,972,755 | 162,007,784 | 159,326,855 | 162,324,802 |
Diluted (in shares) | 159,123,563 | 163,046,538 | 160,381,090 | 163,741,628 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income | $ 197.8 | $ 151.6 | $ 703.6 | $ 319.6 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | (219.7) | 16.5 | (291.3) | 25.2 |
Pension and postretirement liability adjustment | 0.4 | 0.8 | 1 | 1.6 |
Total other comprehensive (loss) income | (219.3) | 17.3 | (290.3) | 26.8 |
Comprehensive income | (21.5) | 168.9 | 413.3 | 346.4 |
Less: Comprehensive loss attributable to noncontrolling interests | 0.8 | 2.3 | 1.3 | 3.1 |
Comprehensive (loss) income attributable to Verisk | $ (20.7) | $ 171.2 | $ 414.6 | $ 349.5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] Treasury Stock [Member] | Performance Shares [Member] Retained Earnings [Member] | Performance Shares [Member] AOCI Attributable to Parent [Member] | Performance Shares [Member] Parent [Member] | Performance Shares [Member] Noncontrolling Interest [Member] | Performance Shares [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Additional Paid-in Capital [Member] | Restricted Stock [Member] Treasury Stock [Member] | Restricted Stock [Member] Retained Earnings [Member] | Restricted Stock [Member] AOCI Attributable to Parent [Member] | Restricted Stock [Member] Parent [Member] | Restricted Stock [Member] Noncontrolling Interest [Member] | Restricted Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
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 | $ 0 | $ 2,698.2 | |||||||||||||||||
Net income | 0 | 0 | 0 | 319.6 | 0 | 319.6 | 0 | 319.6 | |||||||||||||||||
Investment in noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 19.8 | 19.8 | |||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (93.8) | 0 | (93.8) | 0 | (93.8) | ||||||||||||||||
Treasury stock acquired | 0 | 0 | (250) | 0 | 0 | (250) | 0 | (250) | |||||||||||||||||
Stock options exercised | 0 | 17.9 | 3.4 | 0 | 0 | 21.3 | 0 | 21.3 | |||||||||||||||||
Restricted stock lapsed | $ 0 | $ (2.1) | $ 2.1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Stock-based compensation expense | 0 | 36.2 | 0 | 0 | 0 | 36.2 | 0 | 36.2 | |||||||||||||||||
Net share settlement from restricted stock awards | 0 | (11) | 0 | 0 | 0 | (11) | 0 | (11) | |||||||||||||||||
Other stock issuances | 0 | 3 | 0.2 | 0 | 0 | 3.2 | 0 | 3.2 | |||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 3 | 0 | 3 | (3.1) | (0.1) | |||||||||||||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 26.8 | 26.8 | 0 | 26.8 | |||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 544,003,038 | ||||||||||||||||||||||||
Balance at Jun. 30, 2021 | $ 0.1 | 2,534.9 | (4,423.6) | 4,991 | (348.9) | 2,753.5 | 16.7 | 2,770.2 | |||||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 544,003,038 | ||||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 0.1 | 2,515.3 | (4,277) | 4,884.1 | (366.2) | 2,756.3 | 15.2 | 2,771.5 | |||||||||||||||||
Net income | 0 | 0 | 0 | 151.6 | 0 | 151.6 | 0 | 151.6 | |||||||||||||||||
Investment in noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 3.8 | 3.8 | |||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (47.1) | 0 | (47.1) | 0 | (47.1) | ||||||||||||||||
Treasury stock acquired | 0 | 0 | (150) | 0 | 0 | (150) | 0 | (150) | |||||||||||||||||
Stock options exercised | 0 | 11.8 | 2.1 | 0 | 0 | 13.9 | 0 | 13.9 | |||||||||||||||||
Performance share units lapsed | 0 | (1.2) | 1.2 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Stock-based compensation expense | 0 | 10.8 | 0 | 0 | 0 | 10.8 | 0 | 10.8 | |||||||||||||||||
Net share settlement from restricted stock awards | 0 | (3.2) | 0 | 0 | 0 | (3.2) | 0 | (3.2) | |||||||||||||||||
Other stock issuances | 0 | 1.4 | 0.1 | 0 | 0 | 1.5 | 0 | 1.5 | |||||||||||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | 0 | 0 | 2.4 | 0 | 2.4 | (2.3) | 0.1 | |||||||||||||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 17.3 | 17.3 | 0 | 17.3 | |||||||||||||||||
Balance (in shares) at Jun. 30, 2021 | 544,003,038 | ||||||||||||||||||||||||
Balance at Jun. 30, 2021 | $ 0.1 | 2,534.9 | (4,423.6) | 4,991 | (348.9) | 2,753.5 | 16.7 | 2,770.2 | |||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 544,003,038 | ||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 0.1 | 2,608.7 | (4,638.1) | 5,240.4 | (394.6) | 2,816.5 | 26 | 2,842.5 | |||||||||||||||||
Net income | 0 | 0 | 0 | 703.4 | 0 | 703.4 | 0.2 | 703.6 | |||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (288.2) | (288.2) | (1.5) | (289.7) | |||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (98.3) | 0 | (98.3) | 0 | (98.3) | ||||||||||||||||
Treasury stock acquired | 0 | 0 | (896.3) | 0 | 0 | (896.3) | 0 | (896.3) | |||||||||||||||||
Stock options exercised | 0 | 80.1 | 14.5 | 0 | 0 | 94.6 | 0 | 94.6 | |||||||||||||||||
Performance share units lapsed | $ 0 | $ (0.6) | $ 0.6 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Restricted stock lapsed | 0 | (1.6) | 1.6 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
Stock-based compensation expense | 0 | 38.9 | 0 | 0 | 0 | 38.9 | 0 | 38.9 | |||||||||||||||||
Net share settlement from restricted stock awards | 0 | (20) | 0 | 0 | 0 | (20) | 0 | (20) | |||||||||||||||||
Other stock issuances | 0 | 2.6 | 0.3 | 0 | 0 | 2.9 | 0 | 2.9 | |||||||||||||||||
Other comprehensive income | (290.3) | ||||||||||||||||||||||||
Investment in noncontrolling interests | $ 0 | (1) | 0 | 0 | (0.6) | (1.6) | (6.6) | (8.2) | |||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 544,003,038 | ||||||||||||||||||||||||
Balance at Jun. 30, 2022 | $ 0.1 | 2,707.1 | (5,517.4) | 5,845.5 | (683.4) | 2,351.9 | 18.1 | 2,370 | |||||||||||||||||
Balance (in shares) at Mar. 31, 2022 | 544,003,038 | ||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 0.1 | 2,632.5 | (5,205.9) | 5,696.9 | (465) | 2,658.6 | 17.3 | 2,675.9 | |||||||||||||||||
Net income | 0 | 0 | 0 | 197.7 | 0 | 197.7 | 0.1 | 197.8 | |||||||||||||||||
Other comprehensive loss | 0 | 0 | 0 | 0 | (217.8) | (217.8) | (0.9) | (218.7) | |||||||||||||||||
Investment in noncontrolling interests | 0 | (1) | 0 | 0 | (0.6) | (1.6) | 1.6 | 0 | |||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (49.1) | 0 | (49.1) | 0 | (49.1) | ||||||||||||||||
Treasury stock acquired | 0 | 0 | (325) | 0 | 0 | (325) | 0 | (325) | |||||||||||||||||
Stock options exercised | 0 | 65.7 | 12.3 | 0 | 0 | 78 | 0 | 78 | |||||||||||||||||
Performance share units lapsed | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Restricted stock lapsed | $ 0 | $ (1) | $ 1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Stock-based compensation expense | 0 | 18.4 | 0 | 0 | 0 | 18.4 | 0 | 18.4 | |||||||||||||||||
Net share settlement from restricted stock awards | 0 | (8.7) | 0 | 0 | 0 | (8.7) | 0 | (8.7) | |||||||||||||||||
Other stock issuances | $ 0 | 1.2 | 0.2 | 0 | 0 | 1.4 | 0 | 1.4 | |||||||||||||||||
Other comprehensive income | (219.3) | ||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2022 | 544,003,038 | ||||||||||||||||||||||||
Balance at Jun. 30, 2022 | $ 0.1 | $ 2,707.1 | $ (5,517.4) | $ 5,845.5 | $ (683.4) | $ 2,351.9 | $ 18.1 | $ 2,370 | |||||||||||||||||
[1]Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Net share settlement (in shares) | 869,336 | 1,034,078 | ||
Shares transferred from treasury stock (in shares) | 182,877 | 298,161 | ||
Performance Shares [Member] | ||||
Shares transferred from treasury stock (in shares) | 1,354 | 49,803 | ||
Restricted Stock [Member] | ||||
Net share settlement (in shares) | 42,394 | 18,133 | 95,574 | 55,816 |
Shares transferred from treasury stock (in shares) | 68,098 | 99,321 | 115,289 | 181,530 |
Other stock issuances (in shares) | 10,303 | 11,541 | 19,999 | |
Treasury stock acquired (in shares) | 1,561,149 | 834,012 | 4,613,710 | 1,394,538 |
Shares transferred from treasury stock (in shares) | 1,219,169 | |||
Other stock issuances (in shares) | 23,640 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||||
Net income | $ 197,800 | $ 151,600 | $ 703,600 | $ 319,600 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization of fixed assets | 49,800 | 53,300 | 99,400 | 101,800 |
Amortization of intangible assets | 39,800 | 50,500 | 84,400 | 95,500 |
Amortization of debt issuance costs and original issue discount, net of original issue premium | 400 | 300 | 700 | 700 |
Provision for doubtful accounts | 1,200 | 5,500 | 2,900 | 8,700 |
Loss (gain) on sale of assets | 15,600 | 0 | (435,200) | 0 |
Stock-based compensation expense | 18,400 | 10,800 | 38,900 | 36,200 |
Impairment of long-lived assets | 0 | 0 | 73,700 | 0 |
Deferred income taxes | (12,300) | 33,300 | (49,400) | 32,600 |
Loss on disposal of fixed assets | 700 | 0 | 700 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ||||
Accounts receivable | 29,800 | 48,500 | (103,300) | (41,000) |
Prepaid expenses and other assets | (18,900) | (18,900) | (17,500) | (23,100) |
Operating lease right-of-use assets, net | 8,300 | 10,600 | 18,700 | 21,000 |
Income taxes | (153,600) | (37,800) | (22,600) | 600 |
Accounts payable and accrued liabilities | 6,400 | 5,900 | (63,600) | (20,000) |
Deferred revenues | (38,400) | (69,200) | 227,700 | 187,700 |
Operating lease liabilities | (9,900) | (10,400) | (20,200) | (20,500) |
Other liabilities | (4,900) | (800) | (9,100) | (17,900) |
Net cash provided by operating activities | 130,200 | 233,200 | 529,800 | 681,900 |
Cash flows from investing activities: | ||||
Acquisitions and purchase of additional controlling interest, net of cash acquired of $17.4 and $1.9; $17.4 and $5.7 respectively | (3,500) | (17,800) | (448,900) | (31,500) |
Proceeds from sale of assets | 498,300 | 0 | 1,073,300 | 0 |
Investments in nonpublic companies | (800) | (15,100) | (41,800) | (15,100) |
Capital expenditures | (69,200) | (62,500) | (129,200) | (121,700) |
Escrow funding associated with acquisitions | 0 | (4,800) | (2,300) | (4,800) |
Payment of contingent liability related to acquisition | 0 | 0 | 0 | (1,200) |
Other investing activities, net | 0 | 400 | 0 | 800 |
Net cash provided by (used in) investing activities | 424,800 | (99,800) | 451,100 | (173,500) |
Cash flows from financing activities: | ||||
(Repayments of) proceeds from short-term debt | (160,000) | 390,000 | 40,000 | 340,000 |
Repayment of current portion of long-term-debt | 0 | (450,000) | 0 | (450,000) |
Proceeds from issuance of short-term debt with original maturities less than three months | 0 | 0 | 125,000 | 0 |
Repurchases of common stock | (325,000) | (150,000) | (896,300) | (250,000) |
Proceeds from stock options exercised | 77,200 | 13,400 | 93,000 | 21,000 |
Net share settlement of taxes from restricted stock and performance share awards | (8,700) | (3,200) | (20,000) | (11,000) |
Dividends paid | (49,200) | (47,100) | (98,600) | (94,200) |
Other financing activities, net | (1,700) | (1,800) | (4,100) | (3,700) |
Net cash used in financing activities | (467,400) | (248,700) | (761,000) | (447,900) |
Effect of exchange rate changes | (12,900) | 700 | (19,500) | (3,000) |
Net increase (decrease) in cash and cash equivalents | 74,700 | (114,600) | 200,400 | 57,500 |
Cash and cash equivalents, beginning of period | 406,000 | 390,900 | 280,300 | 218,800 |
Cash and cash equivalents, end of period | 480,700 | 276,300 | 480,700 | 276,300 |
Supplemental disclosures: | ||||
Income taxes paid | 210,100 | 88,100 | 221,800 | 98,900 |
Interest paid | 39,500 | 50,200 | 60,600 | 69,700 |
Noncash investing and financing activities: | ||||
Deferred tax liability established on date of acquisition | 400 | 2,200 | 16,500 | 4,400 |
Net assets sold as part of the disposition | 495,900 | 0 | 607,400 | 0 |
Finance lease additions | 1,400 | 600 | 3,500 | 2,600 |
Operating lease additions, net | 6,600 | 2,700 | 8,300 | 9,400 |
Fixed assets included in accounts payable and accrued liabilities | $ 0 | $ 1,400 | $ 0 | $ 1,400 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net of cash acquired from acquisitions | $ 17.4 | $ 1.9 | $ 17.4 | $ 5.7 |
Note 1 - Organization
Note 1 - Organization | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Verisk Analytics, Inc. is a data analytics provider serving customers in insurance and energy. Using various technologies to collect and analyze billions of records, we draw on numerous data assets and domain expertise to provide first |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Our accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. ("U.S. GAAP"). The preparation of financial statements in conformity with these accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill and intangibles, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for stock options and performance share units granted, and assets and liabilities for pension and postretirement benefits. Actual results may Our condensed consolidated financial statements as of June 30, 2022 three six June 30, 2022 2021 three six June 30, 2022 not three six June 30, 2022 10 December 31, 2021 Our operating segments have historically been Insurance, Energy and Specialized Markets, and Financial Services. On March 11, 2022 April 8, 2022, Note 7 2022, Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Business Combinations (Topic 805 October 2021, No. 2021 08, No. 2021 08" This amendment requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. 606 606 606, Fiscal years beginning after December 15, 2022 We elected to early adopt ASU No. 2021 08 January 1, 2022 No. 2021 08 not |
Note 3 - Revenues
Note 3 - Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Disaggregated revenues by type of service and by country are provided below for the three six June 30, 2022 2021 No of the U.S. accounted for 10.0% three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Insurance: Underwriting & rating $ 437.8 $ 388.4 $ 853.8 $ 765.5 Claims 172.2 161.6 342.6 320.1 Total Insurance 610.0 550.0 1,196.4 1,085.6 Energy and Specialized Markets 133.5 162.3 287.8 318.5 Financial Services 2.8 35.2 37.6 69.5 Total revenues $ 746.3 $ 747.5 $ 1,521.8 $ 1,473.6 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: United States $ 590.5 $ 568.8 $ 1,184.9 $ 1,129.9 United Kingdom 51.2 50.3 104.2 98.7 Other countries 104.6 128.4 232.7 245.0 Total revenues $ 746.3 $ 747.5 $ 1,521.8 $ 1,473.6 C ontract 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 June 30, 2022 and December 31, 2021 , we had no contract assets. Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. As of June 30, 2022 and December 31, 2021 , 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 $661.0 million and $504.8 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our condensed consolidated balance sheets, respectively, as of June 30, 2022 and December 31, 2021 . The following is a summary of the change in contract liabilities from December 31, 2021 through June 30, 2022 : Contract Liabilities at December 31, 2021 $ 504.8 Revenue (1,521.8 ) Acquisitions 3.4 Dispositions (61.0 ) Billings 1,735.6 Contract Liabilities at June 30, 2022 $ 661.0 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. 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 June 30, 2022 and December 31, 2021 . 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 June 30, 2022 and December 31, 2021 , we had deferred commissions of $86.8 million, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying condensed consolidated balance sheets. |
Note 4 - Investments and Fair V
Note 4 - Investments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. We have certain assets and liabilities that are reported at fair value in our accompanying condensed consolidated balance sheets. To increase consistency and comparability of assets and liabilities recorded at fair value, Accounting Standards Codification ("ASC") 820 10, Fair Value Measurements 820 10" three 820 10 820 10, Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. Level 2 Assets or liabilities valued based on observable market data for similar instruments. Level 3 Assets or liabilities for which significant valuation assumptions are not The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued lia bilities, 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 June 30, 2022 and December 31, 2021 , respectively. Our investments in registered investment companies are valued using quoted prices in active markets multiplied by the number of shares owned and We elected not June 30, 2022 December 31, 2021 2022 2021 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Senior notes (Note 10) Level 2 $ 2,692.4 $ 2,562.1 $ 2,692.0 $ 3,017.4 On March 23, 2022, June 30, 2022 and December 31, 2021 , we had an investment of $181.1 million and $144.1 million, respectively, related to such interest. The value of our investment is based on management's estimates with the assistance of valuations performed by third As of June 30, 2022 and December 31, 2021 , we had securities without readily determinable market values, inclusive of Vexcel, of $199.4 million and $161.6 million, respectively, which were accounted for at cost. We do not not June 30, 2022 and December 31, 2021 , we also had investments in private companies of $28.3 million and $54.6 million, respectively, accounted for in accordance with ASC 323 10 25, The Equity Method of Accounting for Investments in Common Stock ("ASC 323 10 25" three six June 30, 2022 , there was no provision for credit losses related to these investments. |
Note 5 - Leases
Note 5 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases 842" 2033 may three The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three March 31, 2022 2021, Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost: Operating lease cost (1) $ 11.9 $ 13.1 $ 25.2 $ 26.4 Sublease income (0.5 ) (0.4 ) (1.1 ) (0.8 ) Finance lease costs Depreciation of finance lease assets (2) 3.2 3.3 6.5 6.8 Interest on finance lease liabilities (3) 0.2 0.1 0.4 0.4 Total lease cost $ 14.8 $ 16.1 $ 31.0 $ 32.8 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (12.3 ) $ (12.9 ) $ (25.2 ) $ (25.4 ) Operating cash outflows from finance leases $ (0.2 ) $ (0.1 ) $ (0.4 ) $ (0.5 ) Financing cash outflows from finance leases $ (1.7 ) $ (1.8 ) $ (4.1 ) $ (3.7 ) _______________ ( 1 ( 2 ( 3 The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases as of June 30, 2022 2021 June 30, 2022 2021 Weighted-average remaining lease term - operating leases (in years) 8.6 8.9 Weighted-average remaining lease term - finance leases (in years) 1.3 1.8 Weighted-average discount rate - operating leases 3.8 % 3.9 % Weighted-average discount rate - finance leases 3.7 % 4.1 % Our ROU assets and lease liabilities for finance le ases were $15.7 million and $12.7 million, respectively, as of June 30, 2022 . Our ROU assets and lease liabilities for finance leases were $19.0 million and $13.5 million, r December 31, 2021 Note 10 Maturities of lease liabilities for the remainder of 2022 2027 June 30, 2022 Years Ending Operating Leases Finance Leases 2022 $ 23.7 $ 11.7 2023 44.7 1.6 2024 37.3 0.6 2025 34.0 0.1 2026 30.9 — 2027 and thereafter 147.2 — Total lease payments 317.8 14.0 Less: Amount representing interest (50.5 ) (1.3 ) Present value of total lease payments $ 267.3 $ 12.7 |
Note 6 - Acquisitions
Note 6 - Acquisitions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. 2022 On March 1, 2022, On February 11, 2022, The "Other" column includes other immaterial acquisitions that have occurred during the period. The preliminary purchase price allocation of the 2022 Opta Infutor Other Total Cash and cash equivalents $ 0.4 $ 17.0 $ — $ 17.4 Accounts receivable 5.2 10.7 — 15.9 Other current assets 1.3 3.8 0.1 5.2 Fixed assets 1.5 0.9 0.3 2.7 Operating lease right-of-use assets, net 1.0 2.3 — 3.3 Intangible assets 83.4 83.4 2.3 169.1 Goodwill 146.4 140.4 3.0 289.8 Other noncurrent assets 0.1 0.1 — 0.2 Total assets acquired 239.3 258.6 5.7 503.6 Accounts payable and accrued liabilities 4.2 14.5 0.1 18.8 Deferred revenues 0.2 3.1 0.1 3.4 Operating lease liabilities 1.1 3.3 — 4.4 Deferred income tax, net 15.9 — 0.6 16.5 Other noncurrent liabilities — — 0.1 0.1 Total liabilities assumed 21.4 20.9 0.9 43.2 Net assets acquired 217.9 237.7 4.8 460.4 Less: Cash acquired 0.4 17.0 — 17.4 Net cash purchase price $ 217.5 $ 220.7 $ 4.8 $ 443.0 The preliminary amounts assigned to intangible assets by type for the 2022 Weighted Average Useful Life (in years) Total Technology-based 6 $ 48.5 Marketing-related 4 2.0 Customer-related 13 118.6 Total intangible assets $ 169.1 The preliminary allocations of the purchase price for the 2022 2021 may not one not million in goodwill associated with our acquisitions, $150.0 million is not For the three six June 30, 2022 , we incurred transaction costs of $0.3 million and $1.6 million, respectively. The transaction costs were included within "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations. The 2022 three six June 30, 2022 2021 , and therefore, supplemental information disclosure on an unaudited pro forma basis is not On March 22, 2022, two two 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 applicable acquisition dates. At June 30, 2022 and December 31, 2021 , the current portion of the escrows amounted to $9.2 million and $10.6 million, respectively, and the noncurrent portion of the escrows amounted to $0.0 million and $4.7 million, respectively. The current and noncurrent portions of the escrows have been included in "Other current assets" and "Other noncurrent assets" in our accompanying condensed consolidated balance sheets, respectively. The acquisitions of Rebmark Legal Solutions Limited, ACTINEO GmbH, Data Driven Safety, LLC, and Infutor Data Solutions, LLC included acquisition-related contingent payments, 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 June 30, 2022 and December 31, 2021 reflect the best estimate of acquisition-related contingent payments. The associated current portion of contingent payments were $8.8 million and $0.5 million as of June 30, 2022 and December 31, 2021 , respectively. The associated noncurrent portion of contingent payments were $21.9 million and $21.7 million as of June 30, 2022 and December 31, 2021 , respectively. |
Note 7 - Dispositions
Note 7 - Dispositions | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. 2022 On March 11, 2022, "3E six June 30, 2022 March 11, 2022, 205 20, Discontinued Operations not not On April 8, 2022, first second 2022, 205 20, Discontinued Operations not not six June 30, 2022 The major classes of assets and liabilities disposed of, reflected in our condensed consolidated balance sheets as of March 11, 2022 April 8, 2022, 3E Company Environmental, Ecological and Engineering Verisk Financial Services Total Cash and cash equivalents $ 12.7 $ 9.3 $ 22.0 Accounts receivable, net of allowance for doubtful accounts 24.4 36.2 60.6 Prepaid expenses 3.5 3.2 6.7 Other current assets 0.4 1.0 1.4 Current assets 41.0 49.7 90.7 Fixed assets, net 16.4 3.5 19.9 Operating lease right-of-use assets, net 6.4 1.4 7.8 Intangible assets, net 24.2 5.3 29.5 Goodwill 116.5 473.2 589.7 Other noncurrent assets 4.8 7.0 11.8 Noncurrent assets 168.3 490.4 658.7 Total assets 209.3 540.1 749.4 Accounts payable and accrued liabilities $ 9.6 $ 12.9 $ 22.5 Deferred revenues 54.1 6.9 61.0 Operating lease liabilities 1.7 3.4 5.1 Income taxes payable 11.9 (1.7 ) 10.2 Current liabilities 77.3 21.5 98.8 Deferred income tax liabilities (0.8 ) 8.3 7.5 Operating lease liabilities 6.1 5.1 11.2 Other noncurrent liabilities 2.5 — 2.5 Noncurrent liabilities 7.8 13.4 21.2 Total liabilities 85.1 34.9 120.0 Net assets sold as part of dispositions 124.2 505.2 629.4 Less: Cash sold 12.7 9.3 22.0 Net assets sold as part of dispositions, net of cash sold $ 111.5 $ 495.9 $ 607.4 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. The following is a summary of the change in goodwill from December 31, 2021 June 30, 2022 Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2021 $ 1,454.8 $ 2,401.0 $ 475.4 $ 4,331.2 Acquisitions(1) 289.8 — — 289.8 Purchase accounting reclassifications 0.2 0.1 — 0.3 Dispositions(2) — (116.5 ) (473.2 ) (589.7 ) Impairment charge — — (1.7 ) (1.7 ) Foreign currency translation adjustment (57.8 ) (151.2 ) (0.5 ) (209.5 ) Goodwill at June 30, 2022 $ 1,687.0 $ 2,133.4 $ — $ 3,820.4 _______________ ( 1 Note 6 ( 2 Note 7 Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, may not not June 30, 2022, not 20%, one There were no impairments to long lived assets for the three June 30, 2022 2021. six June 30, 2022 2021, $0.0 first 2022, Our intangible assets and related accumulated amortization consisted of the following: Weighted Average Useful Life (in years) Cost Accumulated Amortization Net June 30, 2022 Technology-based 7 $ 544.8 $ (363.8 ) $ 181.0 Marketing-related 15 229.8 (105.6 ) 124.2 Contract-based 6 5.0 (5.0 ) — Customer-related 13 914.0 (294.4 ) 619.6 Database-based 18 402.0 (143.4 ) 258.6 Total intangible assets $ 2,095.6 $ (912.2 ) $ 1,183.4 December 31, 2021 Technology-based 7 $ 576.4 $ (403.3 ) $ 173.1 Marketing-related 15 274.1 (129.6 ) 144.5 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,015.4 (426.5 ) 588.9 Database-based 18 484.2 (164.8 ) 319.4 Total intangible assets $ 2,355.1 $ (1,129.2 ) $ 1,225.9 Amortization expense re lated to intangible assets for the three June 30, 2022 2021 was $39.8 million and $50.5 million, respectively. lated to intangible assets for the six June 30, 2022 2021 was $84.4 million and $95.5 million, respectively. Estimated amortization expense for the remainder of 2022 and the years through 2027 Years Ending Amount 2022 $ 74.1 2023 145.0 2024 139.2 2025 115.6 2026 111.9 2027 and thereafter 597.6 Total $ 1,183.4 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Our effective tax rate for the three six June 30, 2022 three six June 30, 2021 three six June 30, 2022 three six June 30, 2021 six June 30, 2022 |
Note 10 - Debt
Note 10 - Debt | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The following table presents short-term and long-term debt by issuance as of June 30, 2022 December 31, 2021 Issuance Date Maturity Date 2022 2021 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ 650.0 $ 610.0 Term loan facility 6/13/2022 7/12/2022 125.0 — Senior notes: 4.125 0.1 0.4 9/12/2012 9/12/2022 349.9 349.6 Finance lease liabilities (1) Various Various 11.4 11.7 Short-term debt and current portion of long-term debt 1,136.3 971.3 Long-term debt: Senior notes: 3.625 10.1 10.3 5/13/2020 5/15/2050 489.9 489.7 4.125 10.1 10.9 3/6/2019 3/15/2029 610.1 610.9 4.000 3.5 4.1 5/15/2015 6/15/2025 896.5 895.9 5.500 4.0 4.1 5/15/2015 6/15/2045 346.0 345.9 Finance lease liabilities (1) Various Various 1.3 1.6 Syndicated revolving credit facility debt issuance costs Various Various (0.9 ) (1.2 ) Long-term debt 2,342.9 2,342.8 Total debt $ 3,479.2 $ 3,314.1 _______________ ( 1 Note 5 As of June 30, 2022 and December 31, 2021 , we had senior notes with an aggregate principal amount of $2,700.0 million outstanding and were in compliance with our financial and other debt covenants. As of June 30, 2022 , we had a $1,000.0 million committed senior unsecured Credit Facility (the "Credit Facility") 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., First Commercial Bank, Ltd., Los Angeles Branch, TD Bank, N.A., and the Northern Trust Company. The Credit Facility may June 30, 2022 , we were in compliance with all financial and other debt covenants under the Credit Facility. As of June 30, 2022 and December 31, 2021 , the available capacity under the Credit Facility was $345.1 million and $384.9 million, net of the letters of credit of $4.9 million and $5.1 million, respectively. Subsequent to June 30, 2022 , we have made repayments of $100.0 million under the Credit Facility. On March 11, 2022, 100bps one 1 3 September 12, 2022. may |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. We have 2,000,000,000 shares of authorized common stock as of June 30, 2022 and December 31, 2021 . Our common shares have rights to any dividend declared by the board of directors (the "Board"), subject to any preferential or other rights of any outstanding preferred stock, and voting rights to elect all current members of the Board. At June 30, 2022 and December 31, 2021, 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 June 30, 2022 and December 31, 2021. On February 16, 2022 April 27, 2022, March 15, 2022 June 15, 2022. million and $94.2 million were paid during the six June 30, 2022 2021 and recorded as a reduction to retained earnings, respectively. Share Repurchase Program In December 2021 March 2022, 815 40, Contracts in Entity's Own Equity ("ASC 815 40" zero January 4, 2022 April 1, 2022, February 2022 May 2022, six months ended June 30, 2022 . These repurchases of 2,063,828 shares for the six months ended June 30, 2022 resulted in a reduction of outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS"). During the six months ended June 30, 2022 , we repurchased 4,613,710 shares of common stock with an aggregate value of $896.3 million as part of the Repurchase Program, inclusive of the ASR, at a weighted average price of $194.28 per share. We utilized cash from operations and borrowings from our Credit Facility to fund these repurchases. June 30, 2022, February 16, 2022. In June 2022, July 1, 2022, September 2022, may Treasury Stock As of June 30, 2022 , our treasury stock consisted of 385,745,940 shares of common stock, carried at cost. During the six months ended June 30, 2022 , we transferred 1,219,169 shares of common stock from the treasury shares at a weighted average treasury stock price of $13.95 per share. Earnings Per Share Basic EPS is computed by dividing net income attributable to Verisk by the weighted average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding, using the treasury stock method, if the dilutive potential common shares, including vested and nonvested stock options, nonvested restricted stock awards, nonvested restricted stock units, nonvested performance awards consisting of performance share units ("PSU"), and nonvested deferred stock units, had been issued. The following is a presentation of the numerators and denominators of the basic and diluted EPS computations for the three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator used in basic and diluted EPS: Net income attributable to Verisk $ 197.7 $ 154.0 $ 703.4 $ 322.6 Denominator: Weighted average number of common shares used in basic EPS 157,972,755 162,007,784 159,326,855 162,324,802 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 1,150,808 1,038,754 1,054,235 1,416,826 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 159,123,563 163,046,538 160,381,090 163,741,628 The potential shares of common stock that were excluded from diluted EPS were 1,369,746 and 785,547 for the three June 30, 2022 2021 , and 1,387,713 and 866,055 for the six June 30, 2022 2021 Accumulated Other Comprehensive Losses The following is a summary of accumulated other comprehensive losses as of June 30, 2022 December 31, 2021 2022 2021 Foreign currency translation adjustment $ (627.8 ) $ (338.0 ) Pension and postretirement adjustment, net of tax (55.6 ) (56.6 ) Accumulated other comprehensive losses $ (683.4 ) $ (394.6 ) The before tax and after tax amounts of other comprehensive (loss) income for the three six June 30, 2022 2021 Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended June 30, 2022 Foreign currency translation adjustment attributable to Verisk $ (218.8 ) $ — $ (218.8 ) Foreign currency translation adjustment attributable to noncontrolling interests (0.9 ) — (0.9 ) Foreign currency translation adjustment (219.7 ) — (219.7 ) Pension and postretirement adjustment before reclassifications 1.4 (0.5 ) 0.9 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.8 ) 0.3 (0.5 ) Pension and postretirement adjustment 0.6 (0.2 ) 0.4 Total other comprehensive loss $ (219.1 ) $ (0.2 ) $ (219.3 ) For the Three Months Ended June 30, 2021 Foreign currency translation adjustment $ 16.5 $ — $ 16.5 Pension and postretirement adjustment before reclassifications 2.0 (0.6 ) 1.4 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.9 ) 0.3 (0.6 ) Pension and postretirement adjustment 1.1 (0.3 ) 0.8 Total other comprehensive income $ 17.6 $ (0.3 ) $ 17.3 Before Tax Tax (Expense) Benefit After Tax For the Six Months Ended June 30, 2022 Foreign currency translation adjustment attributable to Verisk $ (289.8 ) $ — $ (289.8 ) Foreign currency translation adjustment attributable to noncontrolling interests (1.5 ) — (1.5 ) Foreign currency translation adjustment (291.3 ) — (291.3 ) Pension and postretirement adjustment before reclassifications 2.7 (0.7 ) 2.0 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.5 ) 0.5 (1.0 ) Pension and postretirement adjustment 1.2 (0.2 ) 1.0 Total other comprehensive loss $ (290.1 ) $ (0.2 ) $ (290.3 ) For the Six Months Ended June 30, 2021 Foreign currency translation adjustment $ 25.2 $ — $ 25.2 Pension and postretirement adjustment before reclassifications 4.1 (1.0 ) 3.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (2.0 ) 0.5 (1.5 ) Pension and postretirement adjustment 2.1 (0.5 ) 1.6 Total other comprehensive income $ 27.3 $ (0.5 ) $ 26.8 ___________ ( 1 These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 13 |
Note 12 - Equity Compensation P
Note 12 - Equity Compensation Plans | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. All of our outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under our 2021 2013 2009 2021 may one 2021 June 30, 2022 , there were 13,873,004 shares of common stock reserved and available for future issuance under our 2021 six months ended June 30, 2022 2021 was $93.0 million and $21.0 million , respectively. We grant equity awards to our key employees. The nonqualified stock options have an exercise price equal to the adjusted closing price of our common stock on the grant date, with a ten not three one may four In January 2022, 608,895 nonqualified stock options, 130,555 shares of restricted stock, and 74,887 PSUs to key employees. The nonqualified stock options and restricted stock have a graded service vesting period of four 500 three may A summary of the status of the stock options, restricted stock, and PSUs awarded under our 2021, 2013, 2009 December 31, 2021 June 30, 2022 Stock Option Restricted Stock PSU Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2021 5,067,098 $ 115.73 $ 572.6 351,504 $ 161.33 163,123 $ 192.99 Granted 624,627 $ 197.57 166,740 $ 197.19 111,333 $ 168.63 Dividend reinvestment — $ — — $ — 686 N/A Exercised or lapsed (1,034,078 ) $ 91.43 $ 95.3 (185,930 ) $ 155.34 (54,927 ) $ 174.42 Canceled, expired or forfeited (159,665 ) $ 180.79 (26,579 ) $ 181.24 (21,406 ) $ 202.55 Outstanding at June 30, 2022 4,497,982 $ 130.36 $ 192.2 305,735 $ 182.80 198,809 $ 195.31 Exercisable at June 30, 2022 3,079,765 $ 107.89 $ 200.8 Exercisable at December 31, 2021 3,173,592 $ 89.14 $ 443.0 Nonvested at June 30, 2022 1,418,217 305,735 198,809 Expected to vest at June 30, 2022 1,220,990 265,922 31,542 (1) ( 1 Includes estimated performance achievement The fair value of the stock options granted was estimated using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table for the six June 30, 2022 2021 2022 2021 Option pricing model Black-Scholes Black-Scholes Expected volatility 25.29 % 23.61 % Risk-free interest rate 1.47 % 0.37 % Expected term in years 4.2 4.3 Dividend yield 0.60 % 0.63 % Weighted average grant date fair value per stock option $ 42.18 $ 36.28 The expected term for the stock options granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no zero Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the adjusted closing price of our common stock as of the reporting date. Excess tax benefits from exercised stock options were recorded as income tax benefit in our condensed consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and restricted stock lapsed in excess of compensation recognized for financial reporting purposes. The weighted average remaining contractual terms were 6.3 years and 5.3 years for the outstanding and exercisable stock options, respectively, as of June 30, 2022 . For the six months ended June 30, 2022 , there was $121.3 million of total unrecognized compensation costs, exclusive of the impact of vesting upon retirement eligibility, related to nonvested stock-based compensation arrangements granted under our 2021 2013 ye ars. Our U.K. 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 average of the closing price on the five three six months ended June 30, 2022 2021 , we granted no June 30, 2022 , there were 453,094 s hares of common stock reserved and available for future issuance under our U.K. Sharesave Plan . Our ESPP offers eligible employees the opportunity to purchase shares of our common stock at a discount of its fair market value at the time of purchase. During the six months ended June 30, 2022 2021 , we issued 15,776 and 19,716 share s of common stock at a weighted discounted pric e of $184.01 and $166.93 for the ESPP, respectively. As of June 30, 2022 , there were 1,210,516 shares of common stock reserved and available for future issuance under our ESPP. |
Note 13 - Pension and Postretir
Note 13 - Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. We maintain a f rozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the "Pension Plan"), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan ("SERP") for certain employees. The SERP is funded from our general assets . During the first 2022, December 31, 2021. The components of net periodic (benefit) cost for the three six June 30, 2022 2021 Pension Plan and SERP Postretirement Plan For the Three Months Ended June 30, 2022 2021 2022 2021 Interest cost $ 3.5 $ 2.8 $ 0.1 $ 0.1 Expected return on plan assets (7.6 ) (8.2 ) (0.1 ) — Amortization of prior service cost (credit) — 0.1 — (0.1 ) Amortization of net actuarial loss 0.7 0.9 0.1 — Net periodic (benefit) cost $ (3.4 ) $ (4.4 ) $ 0.1 $ — Employer contributions, net $ 0.2 $ 0.2 $ 0.4 $ 0.8 Pension Plan and SERP Postretirement Plan For the Six Months Ended June 30, 2022 2021 2022 2021 Interest cost $ 6.3 $ 5.6 $ 0.2 $ 0.1 Expected return on plan assets (15.8 ) (16.4 ) (0.2 ) (0.1 ) Amortization of prior service cost (credit) 0.1 0.1 — (0.1 ) Amortization of net actuarial loss 1.2 1.9 0.2 0.1 Net periodic (benefit) cost $ (8.2 ) $ (8.8 ) $ 0.2 $ — Employer contributions, net $ 0.4 $ 0.4 $ 0.7 $ 0.4 The expected contributions to the Pension Plan, SERP, and Postretirement Plan for the year ending December 31, 2022 December 31, 2021 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. ASC 280 10, Disclosures About Segments of an Enterprise and Related Information 280 10" 280 10 280 10. March 11, 2022, April 8, 2022, Note 7 2022, Each of the reportable segments, Insurance, Energy and Specialized Markets, and Financial Services, has a portion of its revenue from more than one three Insurance: Energy and Specialized Markets: first 2022, Note 7 Financial Services: April 8, 2022, Note 7 The three third not not not Note 3 The following tables provide our revenue and EBITDA by reportable segment for the three six June 30, 2022 2021 For the Three Months Ended June 30, 2022 June 30, 2021 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 610.0 $ 133.5 $ 2.8 $ 746.3 $ 550.0 $ 162.3 $ 35.2 $ 747.5 Expenses: Cost of revenues (exclusive of items shown separately below) (190.7 ) (53.4 ) (2.0 ) (246.1 ) (172.8 ) (67.2 ) (24.9 ) (264.9 ) Selling, general and administrative (86.9 ) (39.1 ) 0.1 (125.9 ) (66.7 ) (36.9 ) (7.8 ) (111.4 ) Other operating income (loss) — 2.6 (18.2 ) (15.6 ) — — — — Investment income (loss) 1.5 3.5 (0.3 ) 4.7 0.2 (0.6 ) (0.1 ) (0.5 ) EBITDA $ 333.9 $ 47.1 $ (17.6 ) 363.4 $ 310.7 $ 57.6 $ 2.4 370.7 Depreciation and amortization of fixed assets (49.8 ) (53.3 ) Amortization of intangible assets (39.8 ) (50.5 ) Interest expense (31.8 ) (31.5 ) Income before income taxes $ 242.0 $ 235.4 For the Six Months Ended June 30, 2022 June 30, 2021 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,196.4 $ 287.8 $ 37.6 $ 1,521.8 $ 1,085.6 $ 318.5 $ 69.5 $ 1,473.6 Expenses: Cost of revenues (exclusive of items shown separately below) (384.5 ) (118.5 ) (23.6 ) (526.6 ) (346.0 ) (132.2 ) (49.1 ) (527.3 ) Selling, general and administrative (176.9 ) (77.1 ) (7.2 ) (261.2 ) (141.4 ) (74.8 ) (15.0 ) (231.2 ) Other operating income (loss) — 453.4 (91.9 ) 361.5 — — — — Investment income (loss) 1.2 3.4 (0.3 ) 4.3 1.5 (0.2 ) (0.1 ) 1.2 EBITDA $ 636.2 $ 549.0 $ (85.4 ) 1,099.8 $ 599.7 $ 111.3 $ 5.3 716.3 Depreciation and amortization of fixed assets (99.4 ) (101.8 ) Amortization of intangible assets (84.4 ) (95.5 ) Interest expense (63.1 ) (66.9 ) Income before income taxes $ 852.9 $ 452.1 Long-lived assets by country are provided below: June 30, 2022 December 31, 2021 Long-lived assets: U.S. $ 3,166.7 $ 3,527.6 U.K. 2,421.1 2,754.0 Other countries 734.5 623.9 Total long-lived assets $ 6,322.3 $ 6,905.5 |
Note 15 - Related Parties
Note 15 - Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. We consider our stockholders that own more than 5.0% of the outstanding stock within the class to be related parties as defined within ASC 850, Related Party Disclosures six June 30, 2022 2021 5.0% |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. 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 ERISA Litigation On September 24, 2020, No. 2:20 13223 401 September 24, 2014 not January 12, 2021, April 13, 2021. not Financial Services Government Inquiry We continue to cooperate with a civil inquiry by the Department of Justice related to government contracts within our former Financial Services segment, which was sold to TransUnion in April 2022. March 2022, Breach of Contract Litigation On April 2, 2021, January 7, 2022. May 26, 2022, no June 13, 2022. Data Privacy Litigation On December 10, 2020, No. 2020 03695. 18 5701 not February 16, 2021, September 30, 2021, October 8, 2021, not not On December 15, 2021, Cantinieri v. Verisk Analytics Inc., et al. No. 2:21 6911. April 22, 2022. June 15, 2022, not On June 27, 2022, Williams v. DDR Media, LLC and Lead Intelligence, Inc. d/b/a Jornaya No. 3:22 03789. 631 scrappyrent2 17200 et seq. not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. On July 29, 2022, July 29, 2022, $100.0 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Business Combinations (Topic 805 October 2021, No. 2021 08, No. 2021 08" This amendment requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. 606 606 606, Fiscal years beginning after December 15, 2022 We elected to early adopt ASU No. 2021 08 January 1, 2022 No. 2021 08 not |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Insurance: Underwriting & rating $ 437.8 $ 388.4 $ 853.8 $ 765.5 Claims 172.2 161.6 342.6 320.1 Total Insurance 610.0 550.0 1,196.4 1,085.6 Energy and Specialized Markets 133.5 162.3 287.8 318.5 Financial Services 2.8 35.2 37.6 69.5 Total revenues $ 746.3 $ 747.5 $ 1,521.8 $ 1,473.6 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues: United States $ 590.5 $ 568.8 $ 1,184.9 $ 1,129.9 United Kingdom 51.2 50.3 104.2 98.7 Other countries 104.6 128.4 232.7 245.0 Total revenues $ 746.3 $ 747.5 $ 1,521.8 $ 1,473.6 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Liabilities at December 31, 2021 $ 504.8 Revenue (1,521.8 ) Acquisitions 3.4 Dispositions (61.0 ) Billings 1,735.6 Contract Liabilities at June 30, 2022 $ 661.0 |
Note 4 - Investments and Fair_2
Note 4 - Investments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2022 2021 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Senior notes (Note 10) Level 2 $ 2,692.4 $ 2,562.1 $ 2,692.0 $ 3,017.4 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Lease cost: Operating lease cost (1) $ 11.9 $ 13.1 $ 25.2 $ 26.4 Sublease income (0.5 ) (0.4 ) (1.1 ) (0.8 ) Finance lease costs Depreciation of finance lease assets (2) 3.2 3.3 6.5 6.8 Interest on finance lease liabilities (3) 0.2 0.1 0.4 0.4 Total lease cost $ 14.8 $ 16.1 $ 31.0 $ 32.8 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (12.3 ) $ (12.9 ) $ (25.2 ) $ (25.4 ) Operating cash outflows from finance leases $ (0.2 ) $ (0.1 ) $ (0.4 ) $ (0.5 ) Financing cash outflows from finance leases $ (1.7 ) $ (1.8 ) $ (4.1 ) $ (3.7 ) |
Schedule of Weighted Average Number of Shares [Table Text Block] | June 30, 2022 2021 Weighted-average remaining lease term - operating leases (in years) 8.6 8.9 Weighted-average remaining lease term - finance leases (in years) 1.3 1.8 Weighted-average discount rate - operating leases 3.8 % 3.9 % Weighted-average discount rate - finance leases 3.7 % 4.1 % |
Lessee, Lease Liability Maturity [Table Text Block] | June 30, 2022 Years Ending Operating Leases Finance Leases 2022 $ 23.7 $ 11.7 2023 44.7 1.6 2024 37.3 0.6 2025 34.0 0.1 2026 30.9 — 2027 and thereafter 147.2 — Total lease payments 317.8 14.0 Less: Amount representing interest (50.5 ) (1.3 ) Present value of total lease payments $ 267.3 $ 12.7 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Opta Infutor Other Total Cash and cash equivalents $ 0.4 $ 17.0 $ — $ 17.4 Accounts receivable 5.2 10.7 — 15.9 Other current assets 1.3 3.8 0.1 5.2 Fixed assets 1.5 0.9 0.3 2.7 Operating lease right-of-use assets, net 1.0 2.3 — 3.3 Intangible assets 83.4 83.4 2.3 169.1 Goodwill 146.4 140.4 3.0 289.8 Other noncurrent assets 0.1 0.1 — 0.2 Total assets acquired 239.3 258.6 5.7 503.6 Accounts payable and accrued liabilities 4.2 14.5 0.1 18.8 Deferred revenues 0.2 3.1 0.1 3.4 Operating lease liabilities 1.1 3.3 — 4.4 Deferred income tax, net 15.9 — 0.6 16.5 Other noncurrent liabilities — — 0.1 0.1 Total liabilities assumed 21.4 20.9 0.9 43.2 Net assets acquired 217.9 237.7 4.8 460.4 Less: Cash acquired 0.4 17.0 — 17.4 Net cash purchase price $ 217.5 $ 220.7 $ 4.8 $ 443.0 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Weighted Average Useful Life (in years) Total Technology-based 6 $ 48.5 Marketing-related 4 2.0 Customer-related 13 118.6 Total intangible assets $ 169.1 |
Note 7 - Dispositions (Tables)
Note 7 - Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 3E Company Environmental, Ecological and Engineering Verisk Financial Services Total Cash and cash equivalents $ 12.7 $ 9.3 $ 22.0 Accounts receivable, net of allowance for doubtful accounts 24.4 36.2 60.6 Prepaid expenses 3.5 3.2 6.7 Other current assets 0.4 1.0 1.4 Current assets 41.0 49.7 90.7 Fixed assets, net 16.4 3.5 19.9 Operating lease right-of-use assets, net 6.4 1.4 7.8 Intangible assets, net 24.2 5.3 29.5 Goodwill 116.5 473.2 589.7 Other noncurrent assets 4.8 7.0 11.8 Noncurrent assets 168.3 490.4 658.7 Total assets 209.3 540.1 749.4 Accounts payable and accrued liabilities $ 9.6 $ 12.9 $ 22.5 Deferred revenues 54.1 6.9 61.0 Operating lease liabilities 1.7 3.4 5.1 Income taxes payable 11.9 (1.7 ) 10.2 Current liabilities 77.3 21.5 98.8 Deferred income tax liabilities (0.8 ) 8.3 7.5 Operating lease liabilities 6.1 5.1 11.2 Other noncurrent liabilities 2.5 — 2.5 Noncurrent liabilities 7.8 13.4 21.2 Total liabilities 85.1 34.9 120.0 Net assets sold as part of dispositions 124.2 505.2 629.4 Less: Cash sold 12.7 9.3 22.0 Net assets sold as part of dispositions, net of cash sold $ 111.5 $ 495.9 $ 607.4 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2021 $ 1,454.8 $ 2,401.0 $ 475.4 $ 4,331.2 Acquisitions(1) 289.8 — — 289.8 Purchase accounting reclassifications 0.2 0.1 — 0.3 Dispositions(2) — (116.5 ) (473.2 ) (589.7 ) Impairment charge — — (1.7 ) (1.7 ) Foreign currency translation adjustment (57.8 ) (151.2 ) (0.5 ) (209.5 ) Goodwill at June 30, 2022 $ 1,687.0 $ 2,133.4 $ — $ 3,820.4 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Useful Life (in years) Cost Accumulated Amortization Net June 30, 2022 Technology-based 7 $ 544.8 $ (363.8 ) $ 181.0 Marketing-related 15 229.8 (105.6 ) 124.2 Contract-based 6 5.0 (5.0 ) — Customer-related 13 914.0 (294.4 ) 619.6 Database-based 18 402.0 (143.4 ) 258.6 Total intangible assets $ 2,095.6 $ (912.2 ) $ 1,183.4 December 31, 2021 Technology-based 7 $ 576.4 $ (403.3 ) $ 173.1 Marketing-related 15 274.1 (129.6 ) 144.5 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,015.4 (426.5 ) 588.9 Database-based 18 484.2 (164.8 ) 319.4 Total intangible assets $ 2,355.1 $ (1,129.2 ) $ 1,225.9 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending Amount 2022 $ 74.1 2023 145.0 2024 139.2 2025 115.6 2026 111.9 2027 and thereafter 597.6 Total $ 1,183.4 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Issuance Date Maturity Date 2022 2021 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ 650.0 $ 610.0 Term loan facility 6/13/2022 7/12/2022 125.0 — Senior notes: 4.125 0.1 0.4 9/12/2012 9/12/2022 349.9 349.6 Finance lease liabilities (1) Various Various 11.4 11.7 Short-term debt and current portion of long-term debt 1,136.3 971.3 Long-term debt: Senior notes: 3.625 10.1 10.3 5/13/2020 5/15/2050 489.9 489.7 4.125 10.1 10.9 3/6/2019 3/15/2029 610.1 610.9 4.000 3.5 4.1 5/15/2015 6/15/2025 896.5 895.9 5.500 4.0 4.1 5/15/2015 6/15/2045 346.0 345.9 Finance lease liabilities (1) Various Various 1.3 1.6 Syndicated revolving credit facility debt issuance costs Various Various (0.9 ) (1.2 ) Long-term debt 2,342.9 2,342.8 Total debt $ 3,479.2 $ 3,314.1 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator used in basic and diluted EPS: Net income attributable to Verisk $ 197.7 $ 154.0 $ 703.4 $ 322.6 Denominator: Weighted average number of common shares used in basic EPS 157,972,755 162,007,784 159,326,855 162,324,802 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 1,150,808 1,038,754 1,054,235 1,416,826 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 159,123,563 163,046,538 160,381,090 163,741,628 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2022 2021 Foreign currency translation adjustment $ (627.8 ) $ (338.0 ) Pension and postretirement adjustment, net of tax (55.6 ) (56.6 ) Accumulated other comprehensive losses $ (683.4 ) $ (394.6 ) |
Comprehensive Income (Loss) [Table Text Block] | Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended June 30, 2022 Foreign currency translation adjustment attributable to Verisk $ (218.8 ) $ — $ (218.8 ) Foreign currency translation adjustment attributable to noncontrolling interests (0.9 ) — (0.9 ) Foreign currency translation adjustment (219.7 ) — (219.7 ) Pension and postretirement adjustment before reclassifications 1.4 (0.5 ) 0.9 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.8 ) 0.3 (0.5 ) Pension and postretirement adjustment 0.6 (0.2 ) 0.4 Total other comprehensive loss $ (219.1 ) $ (0.2 ) $ (219.3 ) For the Three Months Ended June 30, 2021 Foreign currency translation adjustment $ 16.5 $ — $ 16.5 Pension and postretirement adjustment before reclassifications 2.0 (0.6 ) 1.4 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.9 ) 0.3 (0.6 ) Pension and postretirement adjustment 1.1 (0.3 ) 0.8 Total other comprehensive income $ 17.6 $ (0.3 ) $ 17.3 Before Tax Tax (Expense) Benefit After Tax For the Six Months Ended June 30, 2022 Foreign currency translation adjustment attributable to Verisk $ (289.8 ) $ — $ (289.8 ) Foreign currency translation adjustment attributable to noncontrolling interests (1.5 ) — (1.5 ) Foreign currency translation adjustment (291.3 ) — (291.3 ) Pension and postretirement adjustment before reclassifications 2.7 (0.7 ) 2.0 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.5 ) 0.5 (1.0 ) Pension and postretirement adjustment 1.2 (0.2 ) 1.0 Total other comprehensive loss $ (290.1 ) $ (0.2 ) $ (290.3 ) For the Six Months Ended June 30, 2021 Foreign currency translation adjustment $ 25.2 $ — $ 25.2 Pension and postretirement adjustment before reclassifications 4.1 (1.0 ) 3.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (2.0 ) 0.5 (1.5 ) Pension and postretirement adjustment 2.1 (0.5 ) 1.6 Total other comprehensive income $ 27.3 $ (0.5 ) $ 26.8 |
Note 12 - Equity Compensation_2
Note 12 - Equity Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Restricted Stock PSU Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2021 5,067,098 $ 115.73 $ 572.6 351,504 $ 161.33 163,123 $ 192.99 Granted 624,627 $ 197.57 166,740 $ 197.19 111,333 $ 168.63 Dividend reinvestment — $ — — $ — 686 N/A Exercised or lapsed (1,034,078 ) $ 91.43 $ 95.3 (185,930 ) $ 155.34 (54,927 ) $ 174.42 Canceled, expired or forfeited (159,665 ) $ 180.79 (26,579 ) $ 181.24 (21,406 ) $ 202.55 Outstanding at June 30, 2022 4,497,982 $ 130.36 $ 192.2 305,735 $ 182.80 198,809 $ 195.31 Exercisable at June 30, 2022 3,079,765 $ 107.89 $ 200.8 Exercisable at December 31, 2021 3,173,592 $ 89.14 $ 443.0 Nonvested at June 30, 2022 1,418,217 305,735 198,809 Expected to vest at June 30, 2022 1,220,990 265,922 31,542 (1) |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 Option pricing model Black-Scholes Black-Scholes Expected volatility 25.29 % 23.61 % Risk-free interest rate 1.47 % 0.37 % Expected term in years 4.2 4.3 Dividend yield 0.60 % 0.63 % Weighted average grant date fair value per stock option $ 42.18 $ 36.28 |
Note 13 - Pension and Postret_2
Note 13 - Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan and SERP Postretirement Plan For the Three Months Ended June 30, 2022 2021 2022 2021 Interest cost $ 3.5 $ 2.8 $ 0.1 $ 0.1 Expected return on plan assets (7.6 ) (8.2 ) (0.1 ) — Amortization of prior service cost (credit) — 0.1 — (0.1 ) Amortization of net actuarial loss 0.7 0.9 0.1 — Net periodic (benefit) cost $ (3.4 ) $ (4.4 ) $ 0.1 $ — Employer contributions, net $ 0.2 $ 0.2 $ 0.4 $ 0.8 Pension Plan and SERP Postretirement Plan For the Six Months Ended June 30, 2022 2021 2022 2021 Interest cost $ 6.3 $ 5.6 $ 0.2 $ 0.1 Expected return on plan assets (15.8 ) (16.4 ) (0.2 ) (0.1 ) Amortization of prior service cost (credit) 0.1 0.1 — (0.1 ) Amortization of net actuarial loss 1.2 1.9 0.2 0.1 Net periodic (benefit) cost $ (8.2 ) $ (8.8 ) $ 0.2 $ — Employer contributions, net $ 0.4 $ 0.4 $ 0.7 $ 0.4 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended June 30, 2022 June 30, 2021 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 610.0 $ 133.5 $ 2.8 $ 746.3 $ 550.0 $ 162.3 $ 35.2 $ 747.5 Expenses: Cost of revenues (exclusive of items shown separately below) (190.7 ) (53.4 ) (2.0 ) (246.1 ) (172.8 ) (67.2 ) (24.9 ) (264.9 ) Selling, general and administrative (86.9 ) (39.1 ) 0.1 (125.9 ) (66.7 ) (36.9 ) (7.8 ) (111.4 ) Other operating income (loss) — 2.6 (18.2 ) (15.6 ) — — — — Investment income (loss) 1.5 3.5 (0.3 ) 4.7 0.2 (0.6 ) (0.1 ) (0.5 ) EBITDA $ 333.9 $ 47.1 $ (17.6 ) 363.4 $ 310.7 $ 57.6 $ 2.4 370.7 Depreciation and amortization of fixed assets (49.8 ) (53.3 ) Amortization of intangible assets (39.8 ) (50.5 ) Interest expense (31.8 ) (31.5 ) Income before income taxes $ 242.0 $ 235.4 For the Six Months Ended June 30, 2022 June 30, 2021 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 1,196.4 $ 287.8 $ 37.6 $ 1,521.8 $ 1,085.6 $ 318.5 $ 69.5 $ 1,473.6 Expenses: Cost of revenues (exclusive of items shown separately below) (384.5 ) (118.5 ) (23.6 ) (526.6 ) (346.0 ) (132.2 ) (49.1 ) (527.3 ) Selling, general and administrative (176.9 ) (77.1 ) (7.2 ) (261.2 ) (141.4 ) (74.8 ) (15.0 ) (231.2 ) Other operating income (loss) — 453.4 (91.9 ) 361.5 — — — — Investment income (loss) 1.2 3.4 (0.3 ) 4.3 1.5 (0.2 ) (0.1 ) 1.2 EBITDA $ 636.2 $ 549.0 $ (85.4 ) 1,099.8 $ 599.7 $ 111.3 $ 5.3 716.3 Depreciation and amortization of fixed assets (99.4 ) (101.8 ) Amortization of intangible assets (84.4 ) (95.5 ) Interest expense (63.1 ) (66.9 ) Income before income taxes $ 852.9 $ 452.1 |
Long-Lived Assets by Geographic Areas [Table Text Block] | June 30, 2022 December 31, 2021 Long-lived assets: U.S. $ 3,166.7 $ 3,527.6 U.K. 2,421.1 2,754.0 Other countries 734.5 623.9 Total long-lived assets $ 6,322.3 $ 6,905.5 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Amount | $ 504,800 | 661,000 |
Revenue Remaining Performance Obligation, Current Percentage | 97% | |
Contract with Customer, Liability, Noncurrent | $ 86,800 | $ 86,800 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregated Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 746.3 | $ 747.5 | $ 1,521.8 | $ 1,473.6 |
UNITED STATES | ||||
Revenues | 590.5 | 568.8 | 1,184.9 | 1,129.9 |
UNITED KINGDOM | ||||
Revenues | 51.2 | 50.3 | 104.2 | 98.7 |
Other Countries [Member] | ||||
Revenues | 104.6 | 128.4 | 232.7 | 245 |
Insurance [Member] | ||||
Revenues | 610 | 550 | 1,196.4 | 1,085.6 |
Insurance [Member] | Underwriting and Rating [Member] | ||||
Revenues | 437.8 | 388.4 | 853.8 | 765.5 |
Insurance [Member] | Claims [Member] | ||||
Revenues | 172.2 | 161.6 | 342.6 | 320.1 |
Energy and Specialized Markets [Member] | ||||
Revenues | 133.5 | 162.3 | 287.8 | 318.5 |
Financial Services [Member] | ||||
Revenues | $ 2.8 | $ 35.2 | $ 37.6 | $ 69.5 |
Note 3 - Revenues - Summary of
Note 3 - Revenues - Summary of Change in Contract Liabilities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Contract Liabilities | $ 504.8 |
Revenue | (1,521.8) |
Acquisitions | 3.4 |
Dispositions | (61) |
Billings | 1,735.6 |
Contract Liabilities | $ 661 |
Note 4 - Investments and Fair_3
Note 4 - Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 23, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 199,400 | $ 199,400 | $ 161,600 | |
Equity Method Investments | 28,300 | 28,300 | 54,600 | |
Provision for Credit Loss on Investments | 0 | 0 | ||
Vexcel Group, Inc. [Member] | ||||
Payments to Acquire Equity Securities, FV-NI | $ 37,000 | |||
Ownership Percentage, Acquired | 4.60% | |||
Equity Securities Without Readily Determinable Market Values, Ownership Percentage | 43.30% | |||
Equity Securities without Readily Determinable Fair Value, Amount | 181,100 | 181,100 | 144,100 | |
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investments, Fair Value Disclosure, Total | $ 3,900 | $ 3,900 | $ 5,000 |
Note 4 - Investments and Fair_4
Note 4 - Investments and Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement [Member] | ||
Senior notes (Note 10) | $ 2,692.4 | $ 2,692 |
Estimate of Fair Value Measurement [Member] | ||
Senior notes (Note 10) | $ 2,562.1 | $ 3,017.4 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Finance Lease, Liability, Total | $ 12.7 | |
Fixed Assets, Net [Member] | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 15.7 | $ 19 |
Short-term Debt and Current Portion of Long-term Debt and Long-term Debt [Member] | ||
Finance Lease, Liability, Total | $ 12.7 | $ 13.5 |
First Option to Extend Corporate Headquarters [Member] | ||
Lessee, Leases, Number of Extensions | 1 | |
Lessee, Lease, Extension Lease Term (Year) | 10 years | |
Second Option to Extend Corporate Headquarters [Member] | ||
Lessee, Leases, Number of Extensions | 2 | |
Lessee, Lease, Extension Lease Term (Year) | 5 years |
Note 5 - Leases - Lease Cost an
Note 5 - Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Operating lease cost | [1] | $ 11.9 | $ 13.1 | $ 25.2 | $ 26.4 |
Sublease income | (0.5) | (0.4) | (1.1) | (0.8) | |
Depreciation of finance lease assets | [2] | 3.2 | 3.3 | 6.5 | 6.8 |
Interest on finance lease liabilities | [3] | 0.2 | 0.1 | 0.4 | 0.4 |
Total lease cost | 14.8 | 16.1 | 31 | 32.8 | |
Operating cash outflows from operating leases | (12.3) | (12.9) | (25.2) | (25.4) | |
Operating cash outflows from finance leases | (0.2) | (0.1) | (0.4) | (0.5) | |
Financing cash outflows from finance leases | $ (1.7) | $ (1.8) | $ (4.1) | $ (3.7) | |
[1]Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations[2]Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations[3]Included in "Interest expense" in our accompanying condensed consolidated statements of operations |
Note 5 - Leases - Weighted-aver
Note 5 - Leases - Weighted-average Remaining Lease Terms and Weighted-average Discount Rates (Details) | Jun. 30, 2022 | Jun. 30, 2021 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 8 years 7 months 6 days | 8 years 10 months 24 days |
Weighted-average remaining lease term - finance leases (in years) (Year) | 1 year 3 months 18 days | 1 year 9 months 18 days |
Weighted-average discount rate - operating leases | 3.80% | 3.90% |
Weighted-average discount rate - finance leases | 3.70% | 4.10% |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Millions | Jun. 30, 2022 USD ($) |
2022, operating leases | $ 23.7 |
2022, finance lease | 11.7 |
2023, operating leases | 44.7 |
2023, finance lease | 1.6 |
2024, operating leases | 37.3 |
2024, finance lease | 0.6 |
2025, operating leases | 34 |
2025, finance lease | 0.1 |
2026, operating leases | 30.9 |
2026, finance lease | 0 |
2027 and thereafter, operating leases | 147.2 |
2027 and thereafter, finance lease | 0 |
Total lease payments, operating leases | 317.8 |
Total lease payments, finance leases | 14 |
Less: Amount representing interest, operating leases | (50.5) |
Less: Amount representing interest, finance leases | (1.3) |
Present value of total lease payments, operating leases | 267.3 |
Present value of total lease payments, finance leases | $ 12.7 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Mar. 22, 2022 | Mar. 01, 2022 | Feb. 11, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Mar. 22, 2024 | Dec. 31, 2021 | ||
Goodwill, Acquired During Period | [1] | $ 289,800 | ||||||
Business Acquisition, Goodwill Non-tax Deductible, Amount | $ 150,000 | 150,000 | ||||||
Business Combination, Acquisition Related Costs | 300 | 1,600 | ||||||
Current Portion of Escrow | 9,200 | 9,200 | $ 10,600 | |||||
Escrow Deposit | 0 | 0 | 4,700 | |||||
Business Combination, Contingent Consideration, Liability, Current | 8,800 | 8,800 | 500 | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 21,900 | 21,900 | $ 21,700 | |||||
Opta Information Intelligence Corp. [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Business Combination, Consideration Transferred, Total | $ 217,600 | |||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 800 | |||||||
Infutor Data Solutions, LLC [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Business Combination, Consideration Transferred, Total | $ 220,700 | |||||||
Business Combination, Working Capital Escrow | 1,500 | |||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 25,000 | |||||||
Goodwill, Acquired During Period | $ 289,800 | |||||||
Whitespace Software Limited [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 16% | |||||||
Business Combination, Consideration Transferred, Total | $ 8,200 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 67% | |||||||
Whitespace Software Limited [Member] | Forecast [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 33% | |||||||
[1]See Note 6. Acquisitions for more information. |
Note 6 - Acquisitions - Assets
Note 6 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Goodwill | $ 3,820.4 | $ 3,820.4 | $ 4,331.2 | ||
Less: Cash acquired | 17.4 | $ 1.9 | 17.4 | $ 5.7 | |
Net cash purchase price | 3.5 | $ 17.8 | 448.9 | $ 31.5 | |
Opta Information Intelligence Corp. [Member] | |||||
Cash and cash equivalents | 0.4 | 0.4 | |||
Accounts receivable | 5.2 | 5.2 | |||
Other current assets | 1.3 | 1.3 | |||
Fixed assets | 1.5 | 1.5 | |||
Operating lease right-of-use assets, net | 1 | 1 | |||
Intangible assets | 83.4 | 83.4 | |||
Goodwill | 146.4 | 146.4 | |||
Other noncurrent assets | 0.1 | 0.1 | |||
Total assets acquired | 239.3 | 239.3 | |||
Accounts payable and accrued liabilities | 4.2 | 4.2 | |||
Deferred revenues | 0.2 | 0.2 | |||
Operating lease liabilities | 1.1 | 1.1 | |||
Deferred income tax, net | 15.9 | 15.9 | |||
Other noncurrent liabilities | 0 | 0 | |||
Total liabilities assumed | 21.4 | 21.4 | |||
Net assets acquired | 217.9 | 217.9 | |||
Less: Cash acquired | 0.4 | ||||
Net cash purchase price | 217.5 | ||||
Infutor Data Solutions, LLC [Member] | |||||
Cash and cash equivalents | 17 | 17 | |||
Accounts receivable | 10.7 | 10.7 | |||
Other current assets | 3.8 | 3.8 | |||
Fixed assets | 0.9 | 0.9 | |||
Operating lease right-of-use assets, net | 2.3 | 2.3 | |||
Intangible assets | 83.4 | 83.4 | |||
Goodwill | 140.4 | 140.4 | |||
Other noncurrent assets | 0.1 | 0.1 | |||
Total assets acquired | 258.6 | 258.6 | |||
Accounts payable and accrued liabilities | 14.5 | 14.5 | |||
Deferred revenues | 3.1 | 3.1 | |||
Operating lease liabilities | 3.3 | 3.3 | |||
Deferred income tax, net | 0 | 0 | |||
Other noncurrent liabilities | 0 | 0 | |||
Total liabilities assumed | 20.9 | 20.9 | |||
Net assets acquired | 237.7 | 237.7 | |||
Less: Cash acquired | 17 | ||||
Net cash purchase price | 220.7 | ||||
Acquisition, Others [Member] | |||||
Cash and cash equivalents | 0 | 0 | |||
Accounts receivable | 0 | 0 | |||
Other current assets | 0.1 | 0.1 | |||
Fixed assets | 0.3 | 0.3 | |||
Operating lease right-of-use assets, net | 0 | 0 | |||
Intangible assets | 2.3 | 2.3 | |||
Goodwill | 3 | 3 | |||
Other noncurrent assets | 0 | 0 | |||
Total assets acquired | 5.7 | 5.7 | |||
Accounts payable and accrued liabilities | 0.1 | 0.1 | |||
Deferred revenues | 0.1 | 0.1 | |||
Operating lease liabilities | 0 | 0 | |||
Deferred income tax, net | 0.6 | 0.6 | |||
Other noncurrent liabilities | 0.1 | 0.1 | |||
Total liabilities assumed | 0.9 | 0.9 | |||
Net assets acquired | 4.8 | 4.8 | |||
Less: Cash acquired | 0 | ||||
Net cash purchase price | 4.8 | ||||
2022 Acquisition [Member] | |||||
Cash and cash equivalents | 17.4 | 17.4 | |||
Accounts receivable | 15.9 | 15.9 | |||
Other current assets | 5.2 | 5.2 | |||
Fixed assets | 2.7 | 2.7 | |||
Operating lease right-of-use assets, net | 3.3 | 3.3 | |||
Intangible assets | 169.1 | 169.1 | |||
Goodwill | 289.8 | 289.8 | |||
Other noncurrent assets | 0.2 | 0.2 | |||
Total assets acquired | 503.6 | 503.6 | |||
Accounts payable and accrued liabilities | 18.8 | 18.8 | |||
Deferred revenues | 3.4 | 3.4 | |||
Operating lease liabilities | 4.4 | 4.4 | |||
Deferred income tax, net | 16.5 | 16.5 | |||
Other noncurrent liabilities | 0.1 | 0.1 | |||
Total liabilities assumed | 43.2 | 43.2 | |||
Net assets acquired | $ 460.4 | 460.4 | |||
Less: Cash acquired | 17.4 | ||||
Net cash purchase price | $ 443 |
Note 6 - Acquisitions - Amounts
Note 6 - Acquisitions - Amounts Assigned to Intangible Assets (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Total intangible assets | $ 169.1 |
Technology-Based Intangible Assets [Member] | |
Weighted average useful life (Year) | 6 years |
Total intangible assets | $ 48.5 |
Marketing-Related Intangible Assets [Member] | |
Weighted average useful life (Year) | 4 years |
Total intangible assets | $ 2 |
Customer-Related Intangible Assets [Member] | |
Weighted average useful life (Year) | 13 years |
Total intangible assets | $ 118.6 |
Note 7 - Dispositions (Details
Note 7 - Dispositions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 08, 2022 | Mar. 11, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 629.4 | |||
Other Operating Income (Expense) [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 73.7 | |||
Environmental Health and Safety Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 124.2 | $ 575 | ||
Environmental Health and Safety Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | Other Operating Income (Expense) [Member] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 450.8 | |||
Verisk Financial Services [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 505.2 | |||
Verisk Financial Services [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 498.3 | |||
Disposal Group, Including Discontinued Operation, Revenue | $ 37.6 | |||
Verisk Financial Services [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Operating Income (Expense) [Member] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 15.6 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 73.7 |
Note 7 - Dispositions - Divesti
Note 7 - Dispositions - Divestitures and Business Held for Sale (Details) - USD ($) $ in Millions | Apr. 08, 2022 | Mar. 11, 2022 |
Cash and cash equivalents | $ 22 | |
Accounts receivable, net of allowance for doubtful accounts | 60.6 | |
Prepaid expenses | 6.7 | |
Other current assets | 1.4 | |
Current assets | 90.7 | |
Fixed assets, net | 19.9 | |
Operating lease right-of-use assets, net | 7.8 | |
Intangible assets, net | 29.5 | |
Goodwill | 589.7 | |
Other noncurrent assets | 11.8 | |
Noncurrent assets | 658.7 | |
Total assets | 749.4 | |
Accounts payable and accrued liabilities | 22.5 | |
Deferred revenues | 61 | |
Operating lease liabilities | 5.1 | |
Income taxes payable | 10.2 | |
Current liabilities | 98.8 | |
Deferred income tax liabilities | 7.5 | |
Operating lease liabilities | 11.2 | |
Other noncurrent liabilities | 2.5 | |
Noncurrent liabilities | 21.2 | |
Total liabilities | 120 | |
Net assets sold as part of dispositions | 629.4 | |
Less: Cash sold | 22 | |
Net assets sold as part of dispositions, net of cash sold | 607.4 | |
Environmental Health and Safety Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Cash and cash equivalents | 12.7 | |
Accounts receivable, net of allowance for doubtful accounts | 24.4 | |
Prepaid expenses | 3.5 | |
Other current assets | 0.4 | |
Current assets | 41 | |
Fixed assets, net | 16.4 | |
Operating lease right-of-use assets, net | 6.4 | |
Intangible assets, net | 24.2 | |
Goodwill | 116.5 | |
Other noncurrent assets | 4.8 | |
Noncurrent assets | 168.3 | |
Total assets | 209.3 | |
Accounts payable and accrued liabilities | 9.6 | |
Deferred revenues | 54.1 | |
Operating lease liabilities | 1.7 | |
Income taxes payable | 11.9 | |
Current liabilities | 77.3 | |
Deferred income tax liabilities | (0.8) | |
Operating lease liabilities | 6.1 | |
Other noncurrent liabilities | 2.5 | |
Noncurrent liabilities | 7.8 | |
Total liabilities | 85.1 | |
Net assets sold as part of dispositions | 124.2 | $ 575 |
Less: Cash sold | 12.7 | |
Net assets sold as part of dispositions, net of cash sold | 111.5 | |
Verisk Financial Services [Member] | ||
Net assets sold as part of dispositions | 505.2 | |
Less: Cash sold | 9.3 | |
Net assets sold as part of dispositions, net of cash sold | 495.9 | |
Verisk Financial Services [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Cash and cash equivalents | 9.3 | |
Accounts receivable, net of allowance for doubtful accounts | 36.2 | |
Prepaid expenses | 3.2 | |
Other current assets | 1 | |
Current assets | 49.7 | |
Fixed assets, net | 3.5 | |
Operating lease right-of-use assets, net | 1.4 | |
Intangible assets, net | 5.3 | |
Goodwill | 473.2 | |
Other noncurrent assets | 7 | |
Noncurrent assets | 490.4 | |
Total assets | 540.1 | |
Accounts payable and accrued liabilities | 12.9 | |
Deferred revenues | 6.9 | |
Operating lease liabilities | 3.4 | |
Income taxes payable | (1.7) | |
Current liabilities | 21.5 | |
Deferred income tax liabilities | 8.3 | |
Operating lease liabilities | 5.1 | |
Other noncurrent liabilities | 0 | |
Noncurrent liabilities | 13.4 | |
Total liabilities | 34.9 | |
Net assets sold as part of dispositions | $ 498.3 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | $ 73,700 | $ 0 | |
Amortization of Intangible Assets | $ 39,800 | $ 50,500 | $ 84,400 | $ 95,500 | |
Other Operating Income (Expense) [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 73,700 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) | ||
Goodwill | $ 4,331.2 | |
Goodwill, Acquired During Period | 289.8 | [1] |
Purchase accounting reclassifications | 0.3 | |
Dispositions(2) | (589.7) | [2] |
Impairment charge | (1.7) | |
Foreign currency translation adjustment | (209.5) | |
Goodwill | 3,820.4 | |
Insurance [Member] | ||
Goodwill | 1,454.8 | |
Goodwill, Acquired During Period | 289.8 | [1] |
Purchase accounting reclassifications | 0.2 | |
Dispositions(2) | 0 | [2] |
Impairment charge | 0 | |
Foreign currency translation adjustment | (57.8) | |
Goodwill | 1,687 | |
Energy and Specialized Markets [Member] | ||
Goodwill | 2,401 | |
Goodwill, Acquired During Period | 0 | [1] |
Purchase accounting reclassifications | 0.1 | |
Dispositions(2) | (116.5) | [2] |
Impairment charge | 0 | |
Foreign currency translation adjustment | (151.2) | |
Goodwill | 2,133.4 | |
Financial Services [Member] | ||
Goodwill | 475.4 | |
Goodwill, Acquired During Period | 0 | [1] |
Purchase accounting reclassifications | 0 | |
Dispositions(2) | (473.2) | [2] |
Impairment charge | (1.7) | |
Foreign currency translation adjustment | (0.5) | |
Goodwill | $ 0 | |
[1]See Note 6. Acquisitions for more information.[2]See Note 7. Dispositions for more information. |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Cost | $ 2,095.6 | $ 2,355.1 |
Accumulated amortization | (912.2) | (1,129.2) |
Net | $ 1,183.4 | $ 1,225.9 |
Technology-Based Intangible Assets [Member] | ||
Weighted average useful life (Year) | 7 years | 7 years |
Cost | $ 544.8 | $ 576.4 |
Accumulated amortization | (363.8) | (403.3) |
Net | $ 181 | $ 173.1 |
Marketing-Related Intangible Assets [Member] | ||
Weighted average useful life (Year) | 15 years | 15 years |
Cost | $ 229.8 | $ 274.1 |
Accumulated amortization | (105.6) | (129.6) |
Net | $ 124.2 | $ 144.5 |
Contract-Based Intangible Assets [Member] | ||
Weighted average useful life (Year) | 6 years | 6 years |
Cost | $ 5 | $ 5 |
Accumulated amortization | (5) | (5) |
Net | $ 0 | $ 0 |
Customer-Related Intangible Assets [Member] | ||
Weighted average useful life (Year) | 13 years | 13 years |
Cost | $ 914 | $ 1,015.4 |
Accumulated amortization | (294.4) | (426.5) |
Net | $ 619.6 | $ 588.9 |
Database [Member] | ||
Weighted average useful life (Year) | 18 years | 18 years |
Cost | $ 402 | $ 484.2 |
Accumulated amortization | (143.4) | (164.8) |
Net | $ 258.6 | $ 319.4 |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
2022 | $ 74.1 | |
2023 | 145 | |
2024 | 139.2 | |
2025 | 115.6 | |
2026 | 111.9 | |
2027 and thereafter | 597.6 | |
Total | $ 1,183.4 | $ 1,225.9 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 18.30% | 35.60% | 17.50% | 29.30% |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | 1 Months Ended | ||||
Jul. 29, 2022 | Aug. 02, 2022 | Jun. 30, 2022 | Mar. 11, 2022 | Dec. 31, 2021 | |
Letters of Credit Outstanding, Amount | $ 4.9 | $ 5.1 | |||
Bilateral Term Loan Agreement [Member] | |||||
Debt Instrument, Face Amount | $ 125 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 345.1 | 384.9 | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 445.1 | ||||
Repayments of Debt | $ 100 | $ 100 | |||
Senior Notes [Member] | |||||
Long-Term Debt, Gross | $ 2,700 | $ 2,700 |
Note 10 - Debt - Short-term and
Note 10 - Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Unamortized discount | $ 1,136.3 | $ 971.3 | |
Syndicated revolving credit facility debt issuance costs | (0.9) | (1.2) | |
Long-term debt | 2,342.9 | 2,342.8 | |
Total debt | $ 3,479.2 | $ 3,314.1 | |
The 3.625% Senior Note [Member] | |||
Interest rate | 3.625% | 3.625% | |
Long-term debt | $ 489.9 | $ 489.7 | |
The 4.125% Senior Note [Member] | |||
Interest rate | 4.125% | 4.125% | |
Long-term debt | $ 610.1 | $ 610.9 | |
The 4.000% Senior Note [Member] | |||
Interest rate | 4% | 4% | |
Long-term debt | $ 896.5 | $ 895.9 | |
The 5.500% Senior Note [Member] | |||
Interest rate | 5.50% | 5.50% | |
Long-term debt | $ 346 | $ 345.9 | |
Short-term Debt and Current Portion of Long-term Debt [Member] | |||
Finance lease liabilities, current | [1] | 11.4 | 11.7 |
Long-Term Debt [Member] | |||
Finance lease liabilities, noncurrent | [1] | $ 1.3 | $ 1.6 |
The 4.125% Senior Note [Member] | |||
Interest rate | 4.125% | 4.125% | |
Long-term debt | $ 349.9 | $ 349.6 | |
Line of Credit [Member] | |||
Syndicated revolving credit facility | 650 | 610 | |
Term Loan Facility [Member] | |||
Term loan facility | $ 125 | $ 0 | |
[1]Refer to Note 5. Leases |
Note 10 - Debt - Short-term a_2
Note 10 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
The 3.625% Senior Note [Member] | ||
Interest rate | 3.625% | 3.625% |
Unamortized discount | $ 10.1 | $ 10.3 |
The 4.125% Senior Note [Member] | ||
Interest rate | 4.125% | 4.125% |
Unamortized discount (premium) | $ 10.1 | $ 10.9 |
The 4.000% Senior Note [Member] | ||
Interest rate | 4% | 4% |
Unamortized discount | $ 3.5 | $ 4.1 |
The 5.500% Senior Note [Member] | ||
Interest rate | 5.50% | 5.50% |
Unamortized discount | $ 4 | $ 4.1 |
The 4.125% Senior Note [Member] | ||
Interest rate | 4.125% | 4.125% |
Unamortized discount | $ 0.1 | $ 0.4 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Apr. 27, 2022 | Apr. 01, 2022 | Feb. 16, 2022 | Jan. 04, 2022 | Jun. 30, 2022 | May 31, 2022 | Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Common Stock, Shares Authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||||||
Share Price (in dollars per share) | $ 173.09 | $ 173.09 | $ 173.09 | $ 227.90 | |||||||||
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 (in shares) | 0 | 0 | 0 | 0 | |||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.31 | $ 0.31 | |||||||||||
Payments of Ordinary Dividends, Common Stock | $ 98.6 | $ 94.2 | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,561,149 | 834,012 | 4,613,710 | 1,394,538 | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 325 | $ 150 | $ 896.3 | $ 250 | |||||||||
Treasury Stock, Shares, Total (in shares) | 385,745,940 | 385,745,940 | 385,745,940 | 382,351,399 | |||||||||
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares) | 1,219,169 | ||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 13.95 | $ 13.95 | $ 13.95 | ||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,369,746 | 785,547 | 1,387,713 | 866,055 | |||||||||
Additional ASR Agreement With Citibank, N.A. [Member] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 325 | $ 100 | |||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,211,387 | 360,913 | 349,762 | 141,766 | 2,063,828 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 208.18 | $ 198.93 | |||||||||||
Accelerated Share Repurcahse ("ASR") Agreement with Morgan Stanley [Member] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 300 | $ 300 | $ 300 | ||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,386,562 | 4,613,710 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 173.09 | $ 194.28 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 240 | $ 896.3 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 707.5 | $ 707.5 | $ 707.5 | ||||||||||
February 16, 2022 Share Repurchase Program [Member] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income attributable to Verisk | $ 197.7 | $ 154 | $ 703.4 | $ 322.6 |
Weighted average number of common shares used in basic EPS (in shares) | 157,972,755 | 162,007,784 | 159,326,855 | 162,324,802 |
Potential common shares issuable from stock options and stock awards (in shares) | 1,150,808 | 1,038,754 | 1,054,235 | 1,416,826 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 159,123,563 | 163,046,538 | 160,381,090 | 163,741,628 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Foreign currency translation adjustment | $ (627.8) | $ (338) |
Pension and postretirement adjustment, net of tax | (55.6) | (56.6) |
Accumulated other comprehensive losses | $ (683.4) | $ (394.6) |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Foreign currency translation adjustment attributable to Verisk, before tax | $ (218.8) | $ (289.8) | |||
Foreign currency translation adjustment attributable to Verisk, tax | 0 | 0 | |||
Foreign currency translation adjustment attributable to Verisk, after tax | (218.8) | (289.8) | |||
Foreign currency translation adjustment attributable to noncontrolling interests, before tax | (0.9) | (1.5) | |||
Foreign currency translation adjustment attributable to noncontrolling interests, tax | 0 | 0 | |||
Foreign currency translation adjustment attributable to noncontrolling interests, after tax | (0.9) | (1.5) | |||
Foreign currency translation adjustment, before tax | (219.7) | $ 16.5 | (291.3) | $ 25.2 | |
Foreign currency translation adjustment, tax | 0 | 0 | 0 | 0 | |
Foreign currency translation adjustment, after tax | (219.7) | 16.5 | (291.3) | 25.2 | |
Other comprehensive income | (219.3) | 17.3 | (290.3) | 26.8 | |
Total other comprehensive income, before tax | (219.1) | 17.6 | (290.1) | 27.3 | |
Total other comprehensive income, tax | (0.2) | (0.3) | (0.2) | (0.5) | |
Other comprehensive income (loss), after tax | (219.3) | 17.3 | (290.3) | 26.8 | |
Pension and Postretirement Adjustment [Member] | |||||
Other comprehensive income (loss), before reclassifications, before tax | 1.4 | 2 | 2.7 | 4.1 | |
Other comprehensive income (loss), before reclassifications, tax | (0.5) | (0.6) | (0.7) | (1) | |
Other comprehensive income (loss), before reclassifications, after tax | 0.9 | 1.4 | 2 | 3.1 | |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | [1] | (0.8) | (0.9) | (1.5) | (2) |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss), tax | [1] | 0.3 | 0.3 | 0.5 | 0.5 |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | (0.5) | (0.6) | (1) | (1.5) |
Other comprehensive income (loss), before tax | 0.6 | 1.1 | 1.2 | 2.1 | |
Other comprehensive income (loss), tax | (0.2) | (0.3) | (0.2) | (0.5) | |
Other comprehensive income | $ 0.4 | ||||
Other comprehensive income (loss), after tax | $ 0.8 | $ 1 | $ 1.6 | ||
[1]These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 13. Pension and Postretirement Benefits for additional details). |
Note 12 - Equity Compensation_3
Note 12 - Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Proceeds from Stock Options Exercised | $ 77.2 | $ 13.4 | $ 93 | $ 21 | |
Nonqualified Stock Option, Contractual Term (Year) | 10 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 624,627 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 3 months 18 days | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 3 months 18 days | ||||
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements | $ 121.3 | $ 121.3 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months | ||||
Minimum [Member] | |||||
Performance Share Units, Percnetage of Target Levels | 0% | ||||
Maximum [Member] | |||||
Performance Share Units, Percnetage of Target Levels | 200% | ||||
Performance Shares [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in shares) | 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 100% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 111,333 | ||||
Performance Shares [Member] | Key Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 74,887 | ||||
Performance Shares [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 0% | ||||
Performance Shares [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 200% | ||||
Nonqualified Stock Options [Member] | Key Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 608,895 | ||||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 166,740 | ||||
Restricted Stock [Member] | Key Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 130,555 | ||||
TSR Based PSUs [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,533 | ||||
ROIC Based PSUs [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,354 | ||||
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 453,094 | 453,094 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 15,776 | 19,716 | |||
Employee Stock Purchase Plan [Member] | US ESPP [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,210,516 | 1,210,516 | |||
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ 184.01 | $ 166.93 | $ 184.01 | $ 166.93 | |
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||||
The 2021 Incentive Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 13,873,004 | 13,873,004 |
Note 12 - Equity Compensation_4
Note 12 - Equity Compensation Plans - Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Outstanding beginning balance, options (in shares) | 5,067,098 | ||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 115.73 | ||
Outstanding, options, aggregate intrinsic value | $ 572.6 | ||
Granted, options (in shares) | 624,627 | ||
Granted, options, weighted average exercise price (in dollars per share) | $ 197.57 | ||
Dividend reinvestment, options (in shares) | 0 | ||
Dividend reinvestment, options, weighted average exercise price (in (in dollars per share) | $ 0 | ||
Exercised or lapsed, options (in shares) | (1,034,078) | ||
Exercised or lapsed, options, weighted average exercise price (in dollars per share) | $ 91.43 | ||
Exercised or lapsed, options, aggregate intrinsic value | $ 95.3 | ||
Canceled, expired or forfeited, option (in shares) | (159,665) | ||
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) | $ 180.79 | ||
Outstanding, option (in shares) | 4,497,982 | ||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 130.36 | ||
Outstanding, options, aggregate intrinsic value | $ 192.2 | ||
Exercisable, options (in shares) | 3,079,765 | 3,173,592 | |
Exercisable, options, weighted average exercise price (in dollars per share) | $ 107.89 | $ 89.14 | |
Exercisable, options, aggregate intrinsic value | $ 200.8 | $ 443 | |
Nonvested, options (in shares) | 1,418,217 | ||
Expected to vest, options (in shares) | 1,220,990 | ||
Restricted Stock [Member] | |||
Outstanding beginning balance, number of shares (in shares) | 351,504 | ||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 161.33 | ||
Granted, number of shares (in shares) | 166,740 | ||
Granted, weighted average exercise price (in dollars per share) | $ 197.19 | ||
Dividend reinvestment, number of shares (in shares) | 0 | ||
Exercised or lapsed, number of shares (in shares) | (185,930) | ||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 155.34 | ||
Canceled, expired or forfeited, number of shares (in shares) | (26,579) | ||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 181.24 | ||
Outstanding ending balance, number of shares (in shares) | 305,735 | ||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 182.80 | ||
Nonvested, number of shares (in shares) | 305,735 | 351,504 | |
Expected, number of shares (in shares) | 265,922 | ||
Performance Shares [Member] | |||
Outstanding beginning balance, number of shares (in shares) | 163,123 | ||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 192.99 | ||
Granted, number of shares (in shares) | 111,333 | ||
Granted, weighted average exercise price (in dollars per share) | $ 168.63 | ||
Dividend reinvestment, number of shares (in shares) | 686 | ||
Exercised or lapsed, number of shares (in shares) | (54,927) | ||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 174.42 | ||
Canceled, expired or forfeited, number of shares (in shares) | (21,406) | ||
Outstanding ending balance, number of shares (in shares) | 198,809 | ||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 195.31 | ||
Nonvested, number of shares (in shares) | 198,809 | 163,123 | |
Expected, number of shares (in shares) | [1] | 31,542 | |
[1]Includes estimated performance achievement |
Note 12 - Equity Compensation_5
Note 12 - Equity Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expected volatility | 25.29% | 23.61% |
Risk-free interest rate | 1.47% | 0.37% |
Expected term in years (Year) | 4 years 2 months 12 days | 4 years 3 months 18 days |
Dividend yield | 0.60% | 0.63% |
Weighted average grant date fair value per stock option (in dollars per share) | $ 42.18 | $ 36.28 |
Note 13 - Pension and Postret_3
Note 13 - Pension and Postretirement Benefits (Details Textual) | Mar. 31, 2022 | Dec. 31, 2021 |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 45% | 50% |
Debt Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 55% | 50% |
Note 13 - Pension and Postret_4
Note 13 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension Plan and SERP Plan [Member] | ||||
Interest cost | $ 3.5 | $ 2.8 | $ 6.3 | $ 5.6 |
Expected return on plan assets | (7.6) | (8.2) | (15.8) | (16.4) |
Amortization of prior service cost (credit) | 0 | 0.1 | 0.1 | 0.1 |
Amortization of net actuarial loss | 0.7 | 0.9 | 1.2 | 1.9 |
Net periodic (benefit) cost | (3.4) | (4.4) | (8.2) | (8.8) |
Employer contributions, net | 0.2 | 0.2 | 0.4 | 0.4 |
Other Postretirement Benefits Plan [Member] | ||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.1 |
Expected return on plan assets | (0.1) | 0 | (0.2) | (0.1) |
Amortization of prior service cost (credit) | 0 | (0.1) | 0 | (0.1) |
Amortization of net actuarial loss | 0.1 | 0 | 0.2 | 0.1 |
Net periodic (benefit) cost | 0.1 | 0 | 0.2 | 0 |
Employer contributions, net | $ 0.4 | $ 0.8 | $ 0.7 | $ 0.4 |
Note 14 - Segment Reporting - R
Note 14 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 746.3 | $ 747.5 | $ 1,521.8 | $ 1,473.6 |
Cost of revenues (exclusive of items shown separately below) | 246.1 | 264.9 | 526.6 | 527.3 |
Selling, general and administrative | 125.9 | 111.4 | 261.2 | 231.2 |
Other operating income (loss) | (15.6) | 0 | 361.5 | 0 |
Investment income (loss) | 4.7 | (0.5) | 4.3 | 1.2 |
EBITDA | 363.4 | 370.7 | 1,099.8 | 716.3 |
Depreciation and amortization of fixed assets | 49.8 | 53.3 | 99.4 | 101.8 |
Amortization of intangible assets | 39.8 | 50.5 | 84.4 | 95.5 |
Interest expense | 31.8 | 31.5 | 63.1 | 66.9 |
Income before income taxes | 242 | 235.4 | 852.9 | 452.1 |
Insurance [Member] | ||||
Revenues | 610 | 550 | 1,196.4 | 1,085.6 |
Cost of revenues (exclusive of items shown separately below) | 190.7 | 172.8 | 384.5 | 346 |
Selling, general and administrative | 86.9 | 66.7 | 176.9 | 141.4 |
Other operating income (loss) | 0 | 0 | 0 | 0 |
Investment income (loss) | 1.5 | 0.2 | 1.2 | 1.5 |
EBITDA | 333.9 | 310.7 | 636.2 | 599.7 |
Energy and Specialized Markets [Member] | ||||
Revenues | 133.5 | 162.3 | 287.8 | 318.5 |
Cost of revenues (exclusive of items shown separately below) | 53.4 | 67.2 | 118.5 | 132.2 |
Selling, general and administrative | 39.1 | 36.9 | 77.1 | 74.8 |
Other operating income (loss) | 2.6 | 0 | 453.4 | 0 |
Investment income (loss) | 3.5 | (0.6) | 3.4 | (0.2) |
EBITDA | 47.1 | 57.6 | 549 | 111.3 |
Financial Services [Member] | ||||
Revenues | 2.8 | 35.2 | 37.6 | 69.5 |
Cost of revenues (exclusive of items shown separately below) | 2 | 24.9 | 23.6 | 49.1 |
Selling, general and administrative | (0.1) | 7.8 | 7.2 | 15 |
Other operating income (loss) | (18.2) | 0 | (91.9) | 0 |
Investment income (loss) | (0.3) | (0.1) | (0.3) | (0.1) |
EBITDA | $ (17.6) | $ 2.4 | $ (85.4) | $ 5.3 |
Note 14 - Segment Reporting - L
Note 14 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Total long-lived assets | $ 6,322.3 | $ 6,905.5 |
UNITED STATES | ||
Total long-lived assets | 3,166.7 | 3,527.6 |
UNITED KINGDOM | ||
Total long-lived assets | 2,421.1 | 2,754 |
Other Countries [Member] | ||
Total long-lived assets | $ 734.5 | $ 623.9 |
Note 15 - Related Parties (Deta
Note 15 - Related Parties (Details Textual) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Percentage Of Ownership On Outstanding Common Stock Required To Become Related Party | 5% |
Related Party Transaction, Amounts of Transaction | $ 0 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | Jun. 27, 2022 | Dec. 10, 2020 |
Erica Jackson in the Court of Common Pleas of Lackawanna County, Pennsylvania against Lead Intelligence, Inc. [Member] | ||
Loss Contingency, Damages Per Day, Liquidated Damages | $ 100 | |
Loss Contingency, Damages Per Day, Punitive Damages | $ 1,000 | |
Williams v. DDR Merida, LLC and Lead Intelligence, Inc. [Member] | ||
Loss Contingency, Damages Per Violation | $ 5,000 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Millions | 1 Months Ended | ||||
Jul. 29, 2022 | Aug. 02, 2022 | Jul. 28, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 345.1 | $ 384.9 | |||
Subsequent Event [Member] | |||||
Repayments of Debt | $ 100 | $ 100 | |||
Long-Term Debt, Total | $ 650 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 445.1 |