Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $.001 par value | |
Trading Symbol | VRSK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 144,791,178 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 231.9 | $ 112.5 |
Accounts receivable, net of allowance for doubtful accounts of $14.6 and $14.3, respectively | 433.3 | 290.1 |
Prepaid expenses | 80.1 | 83.7 |
Income taxes receivable | 0 | 44.2 |
Other current assets | 45.5 | 32 |
Current assets held-for-sale | 0 | 362.6 |
Total current assets | 790.8 | 925.1 |
Noncurrent assets: | ||
Fixed assets, net | 561.1 | 541.5 |
Operating lease right-of-use assets, net | 202.5 | 182 |
Intangible assets, net | 505.9 | 504.8 |
Goodwill | 1,705.5 | 1,676 |
Deferred income tax assets | 32.4 | 31.7 |
Other noncurrent assets | 391.8 | 371.4 |
Noncurrent assets held-for-sale | 0 | 2,728.6 |
Total assets | 4,190 | 6,961.1 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 257.4 | 292.8 |
Short-term debt and current portion of long-term debt | 2.6 | 1,392.9 |
Deferred revenues | 549.5 | 321.7 |
Operating lease liabilities | 36 | 29.5 |
Income taxes payable | 44.6 | 0 |
Current liabilities held-for-sale | 0 | 282.3 |
Total current liabilities | 890.1 | 2,319.2 |
Noncurrent liabilities: | ||
Long-term debt | 2,837.9 | 2,343.2 |
Deferred income tax liabilities | 141.4 | 145.6 |
Operating lease liabilities | 204 | 189.9 |
Other noncurrent liabilities | 37 | 17.9 |
Noncurrent liabilities held-for-sale | 0 | 177.6 |
Total liabilities | 4,110.4 | 5,193.4 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 144,551,559 and 154,701,136 shares outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 2,315.5 | 2,720.8 |
Treasury stock, at cost, 399,451,479 and 389,301,902 shares, respectively | (8,283.3) | (6,239.5) |
Retained earnings | 6,006.7 | 5,999.1 |
Accumulated other comprehensive losses | 29.4 | (731.2) |
Total Verisk stockholders' equity | 68.4 | 1,749.3 |
Noncontrolling interests | 11.2 | 18.4 |
Total stockholders’ equity | 79.6 | 1,767.7 |
Total liabilities and stockholders’ equity | $ 4,190 | $ 6,961.1 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 14.6 | $ 14.3 |
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) | 144,551,559 | 154,701,136 |
Treasury stock (in shares) | 399,451,479 | 389,301,902 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 651.6 | $ 643.6 |
Operating expenses (income): | ||
Cost of revenues (exclusive of items shown separately below) | 216.2 | 228.7 |
Selling, general and administrative | 79 | 107.9 |
Depreciation and amortization of fixed assets | 44.6 | 40.1 |
Amortization of intangible assets | 17.7 | 21.2 |
Other operating income, net | 0 | (377.1) |
Total operating expenses, net | 357.5 | 20.8 |
Operating income | 294.1 | 622.8 |
Other expense: | ||
Investment loss and others, net | (1.1) | (1.9) |
Interest expense, net | (26.4) | (31.3) |
Total other expense, net | (27.5) | (33.2) |
Income from continuing operations before income taxes | 266.6 | 589.6 |
Provision for income taxes | (72.2) | (102.6) |
Income from continuing operations | 194.4 | 487 |
(Loss) income from discontinued operations, net of tax expense of $1.1, and $2.4, respectively (Note 7) | (138) | 18.8 |
Net income | 56.4 | 505.8 |
Less: Net income attributable to noncontrolling interests | (0.1) | (0.1) |
Net income attributable to Verisk | $ 56.3 | $ 505.7 |
Income from continuing operations (in dollars per share) | $ 1.28 | $ 3.03 |
(Loss) income from discontinued operations (in dollars per share) | (0.91) | 0.12 |
Basic net income per share attributable to Verisk: (in dollars per share) | 0.37 | 3.15 |
Income from continuing operations (in dollars per share) | 1.27 | 3.01 |
(Loss) income from discontinued operations (in dollars per share) | (0.90) | 0.12 |
Diluted net income per share attributable to Verisk: (in dollars per share) | $ 0.37 | $ 3.13 |
Weighted-average shares outstanding: | ||
Basic (in shares) | 152,032,255 | 160,680,955 |
Diluted (in shares) | 152,709,319 | 161,638,617 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
(Loss) Income from discontinued operations, tax | $ 1.1 | $ 2.4 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income | $ (56.4) | $ (505.8) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 759.2 | (71.6) |
Pension and postretirement liability adjustment | 0.7 | 0.6 |
Total other comprehensive income (loss) | 759.9 | (71) |
Comprehensive income | 816.3 | 434.8 |
Less: Comprehensive income attributable to noncontrolling interests | 0.7 | 0.5 |
Comprehensive income attributable to Verisk | $ 817 | $ 435.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Share-Based Payment Arrangement, Option [Member] Common Stock [Member] | Share-Based Payment Arrangement, Option [Member] Additional Paid-in Capital [Member] | Share-Based Payment Arrangement, Option [Member] Treasury Stock, Common [Member] | Share-Based Payment Arrangement, Option [Member] Retained Earnings [Member] | Share-Based Payment Arrangement, Option [Member] AOCI Attributable to Parent [Member] | Share-Based Payment Arrangement, Option [Member] Parent [Member] | Share-Based Payment Arrangement, Option [Member] Noncontrolling Interest [Member] | Share-Based Payment Arrangement, Option [Member] | Restricted Stock [Member] Common Stock [Member] | Restricted Stock [Member] Additional Paid-in Capital [Member] | Restricted Stock [Member] Treasury Stock, Common [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] | Performance Shares [Member] Common Stock [Member] | Performance Shares [Member] Additional Paid-in Capital [Member] | Performance Shares [Member] Treasury Stock, Common [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] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
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 | 505.7 | 0 | 505.7 | 0.1 | 505.8 | |||||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (70.4) | (70.4) | (0.6) | (71) | |||||||||||||||||||||||||
Investment in noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | (8.2) | (8.2) | |||||||||||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (49.2) | 0 | (49.2) | 0 | (49.2) | ||||||||||||||||||||||||
Treasury stock acquired | 0 | 0 | (571.3) | 0 | 0 | (571.3) | 0 | (571.3) | |||||||||||||||||||||||||
Stock options exercised | 0 | 14.4 | 2.2 | 0 | 0 | 16.6 | 0 | 16.6 | |||||||||||||||||||||||||
PSUs lapsed | $ 0 | $ 0.6 | $ (0.6) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
Restricted stock ("RSA") lapsed | $ 0 | $ 0.6 | $ (0.6) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
Stock-based compensation expense | 0 | 20.5 | 0 | 0 | 0 | 20.5 | 0 | 20.5 | |||||||||||||||||||||||||
Net share settlement from RSA | 0 | (11.3) | 0 | 0 | 0 | (11.3) | 0 | (11.3) | |||||||||||||||||||||||||
Other stock issuances | $ 0 | 1.4 | 0.1 | 0 | 0 | 1.5 | 0 | 1.5 | |||||||||||||||||||||||||
PSUs lapsed | $ 0 | $ (0.6) | $ 0.6 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
RSAs lapsed | 0 | (0.6) | 0.6 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 544,003,038 | ||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 0.1 | 2,720.8 | (6,239.5) | 5,999.1 | (731.2) | 1,749.3 | 18.4 | 1,767.7 | |||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 56.3 | 56.3 | 0.1 | 56.4 | ||||||||||||||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 759.9 | 759.9 | (0.7) | 759.2 | |||||||||||||||||||||||||
Investment in noncontrolling interests | 0 | (3.9) | 0 | 0 | 0.7 | (3.2) | (6.6) | (9.8) | |||||||||||||||||||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (48.7) | 0 | (48.7) | 0 | (48.7) | ||||||||||||||||||||||||
Treasury stock acquired | 0 | 37.5 | (2,557.9) | 0 | 0 | (2,520.4) | 0 | (2,520.4) | |||||||||||||||||||||||||
Share repurchases via accelerated share repurchase program not yet settled | 0 | (500.3) | 500.3 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Stock options exercised | $ 0 | $ 50.7 | $ 11.8 | $ 0 | $ 0 | $ 62.5 | $ 0 | $ 62.5 | |||||||||||||||||||||||||
PSUs lapsed | 0 | (0.4) | 0.4 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Restricted stock ("RSA") lapsed | 0 | (1.4) | 1.4 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Stock-based compensation expense | 0 | 23.9 | 0 | 0 | 0 | 23.9 | 0 | 23.9 | |||||||||||||||||||||||||
Net share settlement from RSA | 0 | (12.3) | 0 | 0 | 0 | (12.3) | 0 | (12.3) | |||||||||||||||||||||||||
Other stock issuances | 0 | 0.9 | 0.2 | 0 | 0 | 1.1 | 0 | 1.1 | |||||||||||||||||||||||||
PSUs lapsed | $ 0 | 0.4 | (0.4) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
RSAs lapsed | $ 0 | $ 1.4 | $ (1.4) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 544,003,038 | ||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 0.1 | $ 2,315.5 | $ (8,283.3) | $ 6,006.7 | $ 29.4 | $ 68.4 | $ 11.2 | $ 79.6 | |||||||||||||||||||||||||
[1]Refer to Note 16. Stockholders' Equity for discussion related to quarterly cash dividends declared per share |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Option [Member] | ||
Net share settlement (in shares) | 631,334 | |
Shares transferred from treasury stock (in shares) | 164,742 | |
Restricted Stock [Member] | ||
Net share settlement (in shares) | 53,180 | |
Shares transferred from treasury stock (in shares) | 85,922 | 47,191 |
Other stock issuances (in shares) | 9,696 | |
Performance Shares [Member] | ||
Shares transferred from treasury stock (in shares) | 48,449 | |
Treasury stock acquired (in shares) | 10,902,788 | 3,052,561 |
Net share settlement (in shares) | 67,807 | |
Shares transferred from treasury stock (in shares) | 27,771 | |
Other stock issuances (in shares) | 8,184 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 56.4 | $ 505.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed assets | 44.6 | 49.6 |
Amortization of intangible assets | 17.7 | 44.6 |
Amortization of debt issuance costs and original issue discount, net of original issue premium | 0.1 | 0.3 |
Provision for doubtful accounts | 2.6 | 1.7 |
Loss (gain) on sale of assets | 128.4 | (450.8) |
Stock-based compensation expense | 23.9 | 20.5 |
Impairment of long-lived assets | 0 | 73.7 |
Deferred income taxes | (19) | (37.1) |
Loss on disposal of fixed assets | (0.1) | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (185.4) | (133.1) |
Prepaid expenses and other assets | (32.9) | 1.4 |
Operating lease right-of-use assets, net | 2.9 | 10.4 |
Income taxes | 82.2 | 131 |
Accounts payable and accrued liabilities | (32.4) | (70) |
Deferred revenues | 261.3 | 266.1 |
Operating lease liabilities | (2.6) | (10.3) |
Other liabilities | 17.6 | (4.2) |
Net cash provided by operating activities | 365.3 | 399.6 |
Cash flows from investing activities: | ||
Acquisitions and purchase of additional controlling interest, net of cash acquired of $1.0 and $17.4 respectively | (37.2) | (445.4) |
Proceeds from sale of assets | 3,066.4 | 575 |
Investments in nonpublic companies | (0.8) | (41) |
Capital expenditures | (61.2) | (60) |
Escrow funding associated with acquisitions | 0 | (2.3) |
Other investing activities, net | (0.1) | 0 |
Net cash provided by investing activities | 2,967.1 | 26.3 |
Cash flows from financing activities: | ||
(Repayment) proceeds from short-term debt | 1,265 | (200) |
Proceeds from issuance of long-term debt, net of original issue discount | 495.2 | 0 |
Payment of debt issuance costs | (5.5) | 0 |
Proceeds from issuance of short-term debt with original maturities less than three months | 0 | 125 |
Repayment of short-term debt with original maturities greater than three months | (125) | 0 |
Repurchases of common stock | (2,000) | (571.3) |
Share repurchases not yet settled | (500) | 0 |
Proceeds from stock options exercised | 58.4 | 15.8 |
Net share settlement of taxes from restricted stock and performance share awards | (12.3) | (11.3) |
Dividends paid | (49.2) | (49.4) |
Other financing activities, net | (1.6) | (2.4) |
Net cash used in financing activities | (3,405) | (293.6) |
Effect of exchange rate changes | 11.8 | (6.6) |
Net (decrease) increase in cash and cash equivalents | (60.8) | 125.7 |
Cash and cash equivalents, beginning of period | 292.7 | 280.3 |
Cash and cash equivalents, end of period | 231.9 | 406 |
Supplemental disclosures: | ||
Income taxes paid | 10 | 11.7 |
Interest paid | 16.3 | 21.1 |
Noncash investing and financing activities: | ||
Deferred tax liability established on date of acquisition | 3.1 | 16.1 |
Net assets sold as part of disposition | 3,211.8 | 124.2 |
Finance lease additions | 6.2 | 2.1 |
Operating lease additions, net | 26.3 | 1.7 |
Fixed assets included in accounts payable and accrued liabilities | $ 0.2 | $ 0.3 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net of cash acquired from acquisitions | $ 1 | $ 17.4 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Verisk Analytics, Inc. is a strategic data analytics and technology partner to the global insurance industry. We empower clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, ESG (environmental, social, and governmental) and political issues. Through advanced data analytics, software, scientific research, and deep industry knowledge, we help build global resilience for individuals, communities and businesses. We trade under the ticker symbol "VRSK" on the Nasdaq Global Select Market. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 three March 31, 2023 2022 three March 31, 2023 not three March 31, 2023 10 December 31, 2022 On October 28, 2022, 205 20, Discontinued Operations 205 20” fourth 2022 205 20. February 1, 2023, Note 7 s Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Leases (Topic 842 March 2023, No. 2023 08, No. 2023 01" This update amends the accounting for leasehold improvements in common-control arrangements for all entities. The amendment requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. ASU No. 2023 01 December 15, 2023, The adoption of this guidance is not |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022 No of the U.S. accounted for 10.0% three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Insurance: Underwriting & rating $ 460.5 $ 416.0 Claims 191.1 170.4 Total Insurance 651.6 586.4 Energy and Specialized Markets — 22.4 Financial Services — 34.8 Total revenues $ 651.6 $ 643.6 Three Months Ended March 31, 2023 2022 Revenues: United States $ 551.8 $ 534.7 United Kingdom 46.9 45.1 Other countries 52.9 63.8 Total revenues $ 651.6 $ 643.6 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 March 31, 2023 and December 31, 2022 , 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 March 31, 2023 and December 31, 2022 , 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 $549.5 million and $321.7 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 March 31, 2023 and December 31, 2022 . The following is a summary of the change in contract liabilities from December 31, 2022 through March 31, 2023 : Amount Contract Liabilities at December 31, 2022 $ 321.7 Revenue (651.6 ) Acquisitions 0.1 Foreign currency translation adjustment 2.7 Billings 876.6 Contract Liabilities at March 31, 2023 $ 549.5 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 March 31, 2023 and December 31, 2022 . 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 March 31, 2023 and December 31, 2022 , we had deferred commissions of $75.6 million and $69.7 million, respectively, 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 $3.4 million and $4.0 million as of March 31, 2023 and December 31, 2022 , 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 March 31, 2023 December 31, 2022 2023 2022 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 $ 2,832.4 $ 2,677.0 $ 2,342.6 $ 2,113.3 As of March 31, 2023 and December 31, 2022 , we had securities without readily determinable market values of $208.0 million and $201.5 million, respectively, which were accounted for at cost. We do not not March 31, 2023 and December 31, 2022 , we also had investments in private companies of $29.1 million and $28.3 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 March 31, 2023 , there was no provision for credit losses related to these investments. |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
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 one two The following table presents the consolidated lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Lease cost: Operating lease cost (1) $ 9.0 $ 13.3 Sublease income (0.4 ) (0.5 ) Finance lease costs Depreciation of finance lease assets (2) 3.7 3.3 Interest on finance lease liabilities (3) 0.1 0.2 Total lease cost $ 12.4 $ 16.3 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (9.0 ) $ (12.9 ) Operating cash outflows from finance leases $ (0.1 ) $ (0.2 ) Financing cash outflows from finance leases $ (1.6 ) $ (2.4 ) _______________ ( 1 ( 2 ( 3 The following table presents weighted-average remaining lease terms and weighted-average discount rates for the consolidated finance and operating leases as of March 31, 2023 2022 March 31, 2023 2022 Weighted-average remaining lease term - operating leases (in years) 8.5 8.4 Weighted-average remaining lease term - finance leases (in years) 4.0 1.5 Weighted-average discount rate - operating leases 3.9 % 3.7 % Weighted-average discount rate - finance leases 3.3 % 3.7 % Our ROU assets and lease liabilities for finance le ases were $13.0 million and $8.7 million, respectively, as of March 31, 2023 . Our ROU assets and lease liabilities for finance leases were $10.7 million and $4.2 million, r December 31, 2022 Note 10 Maturities of lease liabilities for the remainder of 2023 2028 March 31, 2023 Years Ending Operating Leases Finance Leases 2023 $ 32.7 $ 2.9 2024 40.4 2.1 2025 39.5 1.5 2026 36.6 1.1 2027 34.1 1.0 2028 and thereafter 105.1 0.7 Total lease payments 288.4 9.3 Less: Amount representing interest (48.4 ) (0.6 ) Present value of total lease payments $ 240.0 $ 8.7 |
Note 6 - Acquisitions
Note 6 - Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. 2023 On February 1, 2023 , for a net cash purchase price of $28.3 million excluding working capital adjustments, of which $4.2 million represents indemnity escrows. Mavera, a Sweden-based InsurTech firm with a regional presence and established customer base for its personal injury claims management platform, has become a part of the claims category within our Insurance segment. Mavera will support our expansion in continental Europe and our continued growth as a technology and analytics partner to the global insurance industry. For the three March 31, 2023 and 2022 2023 three March 31, 2023 2022 , and therefore, supplemental information disclosure on an unaudited pro forma basis is not Acquisition Escrows and Related Liabilities Pursuant to the related acquisition agreements, we have funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the applicable acquisition dates. At March 31, 2023 and December 31, 2022 , there were no As of March 31, 2023 , the acquisitions of 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/or EBITDA margin earn-out targets for exceptional performance. We believe that the liabilities recorded as of March 31, 2023 and December 31, 2022 reflect the best estimate of acquisition-related contingent payments. The associated current portion of contingent payments were $15.0 million and $29.9 million as of March 31, 2023 and December 31, 2022 , respectively. The associated noncurrent portion of contingent payments were $1.6 million and $0.0 million as of March 31, 2023 and December 31, 2022 , respectively. |
Note 7 - Dispositions and Disco
Note 7 - Dispositions and Discontinued Operations | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. Discontinued Operations: On February 1, 2023 , The Energy business, which was part of our Energy and Specialized Markets segment, was classified as discontinued operations per ASC 205 20, Discontinued Operations December 31, 2022. February 1, 2023, not The following table presents financial results from discontinued operations, net of income taxes in our consolidated statement of income for the periods indicated: For the Three Months Ended March 31, 2023 2022 Revenues $ 46.8 $ 131.9 Operating expenses: Cost of revenues (exclusive of items shown separately below) 18.3 51.9 Selling, general and administrative 33.0 27.3 Depreciation and amortization of fixed assets - 9.5 Amortization of intangible assets - 23.4 Other operating loss, net 128.4 - Total operating expenses 179.7 112.1 Operating (loss) income (132.9 ) 19.8 Other income (expense): Investment (loss) income and others, net (4.0 ) 1.4 (Loss) income from discontinued operations before income taxes (136.9 ) 21.2 Income tax benefit expense (1.1 ) (2.4 ) (Loss) income from discontinued operations, net of income taxes $ (138.0 ) $ 18.8 The following table presents the aggregate carrying amounts of the held for sale assets and liabilities of the Energy business prior to the disposition on February 1, 2023 December 31, 2022: February 1, 2023 December 31, 2022 Cash and cash equivalents $ 86.3 $ 180.2 Accounts receivable, net 187.1 150.8 Prepaid expenses 17.6 17.8 Other current assets 13.8 13.8 Total current assets: 304.8 362.6 Fixed assets, net 165.2 157.1 Operating lease right-of-use assets, net 29.7 29.8 Intangible assets, net 625.9 616.9 Goodwill 2,165.7 2,136.3 Other noncurrent assets 18.9 16.3 Total noncurrent assets 3,005.4 2,956.4 Total assets held for sale: 3,310.2 3,319.0 Net impairment of asset group (1) (227.8 ) (227.8 ) Total assets held for sale, net $ 3,082.4 $ 3,091.2 Accounts payable and accrued liabilities $ 77.6 $ 68.6 Operating lease liabilities 7.6 6.9 Deferred revenues 207.4 176.6 Income taxes payable 13.6 30.2 Current liabilities held-for-sale: 306.2 282.3 Deferred income tax liabilities 146.2 144.1 Noncurrent lease liabilities 30.0 30.8 Other noncurrent liabilities 2.5 2.7 Noncurrent liabilities held-for-sale 178.7 177.6 Total liabilities held for sale $ 484.9 $ 459.9 ( 1 ) $303.7 $75.9 205 20, Discontinued Operations The consolidated statements of cash flows have not For the Three Months Ended March 31, 2023 2022 Significant non-cash operating activities: Depreciation and amortization of fixed assets $ - $ 9.5 Amortization of intangible assets - 23.4 Impairment loss - - Operating lease right-of-use assets, net 0.1 0.8 Investing activities: Capital expenditures (6.5 ) (12.8 ) Fixed assets included in accounts payable and accrued liabilities - 5.0 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 March 31, 2023 Amount Goodwill at December 31, 2022 $ 1,676.0 Acquisitions(1) 18.3 Purchase accounting reclassifications (0.1 ) Foreign currency translation adjustment 11.3 Goodwill at March 31, 2023 $ 1,705.5 _______________ ( 1 Note 6 Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, may not not June 30, 2022, not Impairments to long-lived assets for the three March 31, 2023 2022 were $0.0 million and $73.7 million, respectively, and are included within "Other operating loss (income), net" in our condensed consolidated statements of operations. Our intangible assets and related accumulated amortization consisted of the following: Weighted Average Useful Life (in years) Cost Accumulated Amortization Net March 31, 2023 Technology-based 8 $ 361.5 $ (237.2 ) $ 124.3 Marketing-related 6 41.9 (36.4 ) 5.5 Contract-based 6 5.0 (5.0 ) — Customer-related 13 524.8 (157.4 ) 367.4 Database-based 8 15.1 (6.4 ) 8.7 Total intangible assets $ 948.3 $ (442.4 ) $ 505.9 December 31, 2022 Technology-based 8 $ 355.1 $ (229.3 ) $ 125.8 Marketing-related 6 41.3 (35.5 ) 5.8 Contract-based 6 5.0 (5.0 ) — Customer-related 13 510.7 (146.7 ) 364.0 Database-based 8 15.0 (5.8 ) 9.2 Total intangible assets $ 927.1 $ (422.3 ) $ 504.8 Amortization expense related to intangible assets for the three March 31, 2023 2022 was $17.7 million and $21.2 million, respectively. Estimated amortization expense for the remainder of 2023 and the years through 2028 Years Ending Amount 2023 $ 53.5 2024 68.9 2025 60.0 2026 58.1 2027 50.6 2028 and thereafter 214.8 Total $ 505.9 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Our effective tax rate for the three March 31, 2023 three March 31, 2022 three March 31, 2023 three March 31, 2022 2022 three March 31, 2023 |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The following table presents short-term and long-term debt by issuance as of March 31, 2023 December 31, 2022 Issuance Date Maturity Date 2023 2022 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 990.0 Bilateral revolving credit facility Various Various — 275.0 Bilateral term loan facility Various Various — 125.0 Finance lease liabilities (1) Various Various 2.6 2.9 Short-term debt and current portion of long-term debt 2.6 1,392.9 Long-term debt: Senior notes: 3.625 9.9 10.0 5/13/2020 5/15/2050 490.1 490.0 4.125 9.0 9.4 3/6/2019 3/15/2029 609.0 609.4 4.00 2.6 2.8 5/15/2015 6/15/2025 897.4 897.2 5.500 3.9 4.0 5/15/2015 6/15/2045 346.1 346.0 5.750 10.2 0 3/3/2023 4/1/2033 489.8 — Finance lease liabilities (1) Various Various 6.1 1.3 Syndicated revolving credit facility debt issuance costs Various Various (0.6 ) (0.7 ) Long-term debt 2,837.9 2,343.2 Total debt $ 2,840.5 $ 3,736.1 _______________ ( 1 Note 5 Senior Notes As of March 31, 2023 and December 31, 2022 , we had senior notes with an aggregate principal amount of $2,850.0 million and $2,350.0 million outstanding, respectively, and were in compliance with our financial and other covenants. On March 3, 2023, 2033 "2033 2033 April 1, 2033 April 1st October 1st October 1, 2023. 2033 2033 2033 2033 Credit Facilities We have a with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company. The Syndicated Revolving Credit Facility may March 31, 2023 , we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of March 31, 2023 and December 31, 2022 , the available capacity under the Syndicated Revolving Credit Facility was $995.5 million and $5.6 million, net of the letters of credit of $4.5 million and $4.4 million, respectively. We also maintain a $125.0 million Bilateral Term Loan Facility and a $275.0 million Bilateral Revolving Credit Facility (together the "Bilateral Credit Facilities") with maturity dates of September 9, 2023 October 2, 2023, one may March 31, 2023, no |
Note 11- Stockholders' Equity
Note 11- Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 11. We have 2,000,000,000 shares of authorized common stock as of March 31, 2023 and December 31, 2022 . 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. On February 14, 2023, March 15, 2023. three March 31, 2023 2022 and recorded as a reduction to retained earnings, respectively. Share Repurchase Program In December 2022, 815 40, Contracts in Entity's Own Equity ("ASC 815 40" zero December 14, 2022, February 2023, . These repurchases of 1,415,711 shares resulted in a reduction of outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS"). In March 2023, Upon payment of the aggregate purchase price on March 7, 2023, fourth 2023, may three March 31, 2023. During the three months ended March 31, 2023 , we repurchased 10,902,788 shares of common stock with an aggregate value of $2,057,551,138 billion as part of the Repurchase Program, inclusive of the ASR agreements, at a weighted average price of $188.72 per share. We utilized cash received from the sale of our Energy business. As of March 31, 2023, February 1, 2023. The Inflation Reduction Act of 2022, August 16, 2022, 1% December 31, 2022. first 2023, March 31, 2023. Treasury Stock As of March 31, 2023 , our treasury stock consisted of 399,451,479 shares of common stock, carried at cost. During the three months ended March 31, 2023 , we transferred 753,211 shares of common stock from the treasury shares at a weighted average treasury stock price of $18.27 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 March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Numerator used in basic and diluted EPS: Income from continuing operations $ 194.3 $ 486.9 Income from discontinued operations, net of tax (138.0 ) 18.8 Net income attributable to Verisk $ 56.3 $ 505.7 Denominator: Weighted average number of common shares used in basic EPS 152,032,255 160,680,955 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 677,064 957,662 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 152,709,319 161,638,617 The potential shares of common stock that were excluded from diluted EPS were 1,399,406 and 1,405,680 for the three March 31, 2023 2022 , Accumulated Other Comprehensive Income (Loss) The following is a summary of accumulated other comprehensive income (loss) as of March 31, 2023 December 31, 2022 2023 2022 Foreign currency translation adjustment $ 123.0 $ (636.9 ) Pension and postretirement adjustment, net of tax (93.6 ) (94.3 ) Accumulated other comprehensive income (loss) $ 29.4 $ (731.2 ) The before-tax and after-tax amounts of other comprehensive income (loss) income for the three March 31, 2023 2022 Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended March 31, 2023 Foreign currency translation adjustment attributable to Verisk $ 59.3 $ — $ 59.3 Foreign currency translation adjustment attributable to noncontrolling interests (0.7 ) — (0.7 ) Cumulative translation adjustment recognized upon deconsolidation of the Energy business 700.6 — 700.6 Foreign currency translation adjustment 759.2 — 759.2 Pension and postretirement adjustment before reclassifications 2.5 0.1 2.6 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.5 ) (0.4 ) (1.9 ) Pension and postretirement adjustment 1.0 (0.3 ) 0.7 Total other comprehensive income $ 760.2 $ (0.3 ) $ 759.9 For the Three Months Ended March 31, 2022 Foreign currency translation adjustment $ (71.0 ) $ — $ (71.0 ) Foreign currency translation adjustment attributable to noncontrolling interests (0.6 ) — (0.6 ) Foreign currency translation adjustment (71.6 ) — (71.6 ) Pension and postretirement adjustment before reclassifications 1.3 (0.2 ) 1.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.7 ) 0.2 (0.5 ) Pension and postretirement adjustment 0.6 — 0.6 Total other comprehensive loss $ (71.0 ) $ — $ (71.0 ) ___________ ( 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 , there were shares of common stock reserved and available for future issuance under our 2021 three months ended March 31, 2023 2022 was $58.4 million and $15.8 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 2023, nonqualified stock options, 177,619 shares of restricted stock, and 48,486 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, 2022 March 31, 2023 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 Outstanding at December 31, 2022 4,023,816 $ 132.90 $ 193.3 307,575 $ 182.07 199,494 $ 195.34 Granted 205,034 $ 183.95 177,619 $ 183.95 48,486 $ 212.86 Dividend reinvestment — $ — — $ — 347 N/A Exercised or lapsed (631,334 ) $ 98.98 $ 53.7 (138,026 ) $ 184.19 (45,997 ) $ 192.93 Canceled, expired or forfeited (69,503 ) $ 177.69 (14,001 ) $ 179.44 (18,487 ) $ 205.58 Outstanding at March 31, 2023 3,528,013 $ 141.05 $ 182.2 333,167 $ 182.30 183,843 $ 199.70 Exercisable at March 31, 2023 2,563,823 $ 126.11 $ 170.1 Exercisable at December 31, 2022 2,702,075 $ 110.02 $ 182.6 Nonvested at March 31, 2023 964,190 333,167 183,843 Expected to vest at March 31, 2023 810,495 289,530 143,939 (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 three March 31, 2023 2022 2023 2022 Option pricing model Black-Scholes Black-Scholes Expected volatility 27.36 % 25.27 % Risk-free interest rate 3.74 % 1.43 % Expected term in years 4.0 4.2 Dividend yield 0.66 % 0.60 % Weighted average grant date fair value per stock option $ 47.69 $ 42.18 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 6.15 years and 5.43 years for the outstanding and exercisable stock options, respectively, as of March 31, 2023 . For the three months ended March 31, 2023 , there was $123.7 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 three months ended March 31, 2023 2022 , we did not March 31, 2023 , there were 453,890 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 three months ended March 31, 2023 2022 , we issued 5,661 and 7,734 share s of common stock at a weighted discounted pric e of $182.24 and $204.38 for the ESPP, respectively. As of March 31, 2023 , there were 1,190,233 shares of common stock reserved and available for future issuance under our ESPP. |
Note 13 - Pension and Postretir
Note 13 - Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2023 | |
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 2023, December 31, 2022. The components of net periodic (benefit) cost for the three March 31, 2023 2022 Pension Plan and SERP Postretirement Plan For the Three Months Ended March 31, 2023 2022 2023 2022 Interest cost $ 4.3 $ 2.8 $ — $ 0.1 Expected return on plan assets (6.2 ) (8.2 ) — (0.1 ) Amortization of prior service cost — 0.1 — — Amortization of net actuarial loss 1.5 0.5 — 0.1 Net periodic (benefit) cost $ (0.4 ) $ (4.8 ) $ — $ 0.1 Employer contributions, net $ 1.0 $ 0.2 $ 0.6 $ 0.3 The expected contributions to the Pension Plan, SERP, and Postretirement Plan for the year ending December 31, 2023 December 31, 2022 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. ASC 280 10, Disclosures About Segments of an Enterprise and Related Information 280 10” 280 10 280 10. Each of the reportable segments, Insurance, Energy and Specialized Markets, and Financial Services, has a portion of its revenue from more than one three Insurance: Energy and Specialized Markets: March 11, 2022, 3E October 28, 2022, 205 20 fourth 2022 February 1, 2023, Financial Services: April 8, 2022, As of February 1, 2023, one one third not not not 6. The following tables provide our revenue and EBITDA by reportable segment for the three March 31, 2023 2022 For the Three Months Ended March 31, 2023 March 31, 2022 Insurance Energy and Specialized Markets Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 651.6 $ — $ 651.6 $ 586.4 $ 22.4 $ 34.8 $ 643.6 Expenses: Cost of revenues (exclusive of items shown separately below) (216.2 ) — (216.2 ) (193.8 ) (13.3 ) (21.6 ) (228.7 ) Selling, general and administrative (79.0 ) — (79.0 ) (90.0 ) (10.6 ) (7.3 ) (107.9 ) Other operating income, net — — — — 450.8 (73.7 ) 377.1 Investment loss and others, net (1.1 ) — (1.1 ) (1.1 ) (0.8 ) — (1.9 ) EBITDA from discontinued operations of the Energy business — (136.9 ) (136.9 ) — 54.1 — 54.1 EBITDA $ 355.3 $ (136.9 ) 218.4 $ 301.5 $ 502.6 $ (67.8 ) 736.3 EBITDA from discontinued operations of the Energy business 136.9 (54.1 ) Depreciation and amortization of fixed assets (44.6 ) (40.1 ) Amortization of intangible assets (17.7 ) (21.2 ) Interest expense (26.4 ) (31.3 ) Income before income taxes $ 266.6 $ 589.6 Long-lived assets by country are provided below: March 31, 2023 December 31, 2022 Long-lived assets: U.S. $ 2,358.2 $ 2,876.5 U.K. 600.5 2,428.9 Other countries 440.5 730.6 Total long-lived assets $ 3,399.2 $ 6,036.0 |
Note 15 - Related Parties
Note 15 - Related Parties | 3 Months Ended |
Mar. 31, 2023 | |
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 three March 31, 2023 2022 no 5.0% |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. ERISA Litigation On September 24, 2020, No. 2:20 13223 401 September 24, 2014 not January 12, 2021, April 13, 2021. May 5, 2023 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, Data Privacy Litigation On January 30, 2023, Ahringer et al. v. LoanDepot, Inc. and Verisk Analytics, Inc. d/b/a Jornaya No.: 8:23 00186. April 13, 2023. 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. January 27, 2023. February 28, 2023. April 13, 2023. not On December 15, 2021, Cantinieri v. Verisk Analytics Inc., et al. No. 2:21 6911. April 22, 2022. March 30, not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. On April 20, 2023, $49.5 $3.8 On April 5, 2023, not April 5, 2028. may 1.0. 1.0 no 1.0 no may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
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 Leases (Topic 842 March 2023, No. 2023 08, No. 2023 01" This update amends the accounting for leasehold improvements in common-control arrangements for all entities. The amendment requires a lessee in a common-control lease arrangement to amortize leasehold improvements that it owns over the improvements’ useful life to the common control group, regardless of the lease term, if the lessee continues to control the use of the underlying asset through a lease. ASU No. 2023 01 December 15, 2023, The adoption of this guidance is not |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 2022 Insurance: Underwriting & rating $ 460.5 $ 416.0 Claims 191.1 170.4 Total Insurance 651.6 586.4 Energy and Specialized Markets — 22.4 Financial Services — 34.8 Total revenues $ 651.6 $ 643.6 Three Months Ended March 31, 2023 2022 Revenues: United States $ 551.8 $ 534.7 United Kingdom 46.9 45.1 Other countries 52.9 63.8 Total revenues $ 651.6 $ 643.6 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Amount Contract Liabilities at December 31, 2022 $ 321.7 Revenue (651.6 ) Acquisitions 0.1 Foreign currency translation adjustment 2.7 Billings 876.6 Contract Liabilities at March 31, 2023 $ 549.5 |
Note 4 - Investments and Fair_2
Note 4 - Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2023 2022 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 $ 2,832.4 $ 2,677.0 $ 2,342.6 $ 2,113.3 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 Lease cost: Operating lease cost (1) $ 9.0 $ 13.3 Sublease income (0.4 ) (0.5 ) Finance lease costs Depreciation of finance lease assets (2) 3.7 3.3 Interest on finance lease liabilities (3) 0.1 0.2 Total lease cost $ 12.4 $ 16.3 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (9.0 ) $ (12.9 ) Operating cash outflows from finance leases $ (0.1 ) $ (0.2 ) Financing cash outflows from finance leases $ (1.6 ) $ (2.4 ) |
Schedule of Weighted Average Number of Shares [Table Text Block] | March 31, 2023 2022 Weighted-average remaining lease term - operating leases (in years) 8.5 8.4 Weighted-average remaining lease term - finance leases (in years) 4.0 1.5 Weighted-average discount rate - operating leases 3.9 % 3.7 % Weighted-average discount rate - finance leases 3.3 % 3.7 % |
Lessee, Lease Liability Maturity [Table Text Block] | March 31, 2023 Years Ending Operating Leases Finance Leases 2023 $ 32.7 $ 2.9 2024 40.4 2.1 2025 39.5 1.5 2026 36.6 1.1 2027 34.1 1.0 2028 and thereafter 105.1 0.7 Total lease payments 288.4 9.3 Less: Amount representing interest (48.4 ) (0.6 ) Present value of total lease payments $ 240.0 $ 8.7 |
Note 7 - Dispositions and Dis_2
Note 7 - Dispositions and Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the Three Months Ended March 31, 2023 2022 Revenues $ 46.8 $ 131.9 Operating expenses: Cost of revenues (exclusive of items shown separately below) 18.3 51.9 Selling, general and administrative 33.0 27.3 Depreciation and amortization of fixed assets - 9.5 Amortization of intangible assets - 23.4 Other operating loss, net 128.4 - Total operating expenses 179.7 112.1 Operating (loss) income (132.9 ) 19.8 Other income (expense): Investment (loss) income and others, net (4.0 ) 1.4 (Loss) income from discontinued operations before income taxes (136.9 ) 21.2 Income tax benefit expense (1.1 ) (2.4 ) (Loss) income from discontinued operations, net of income taxes $ (138.0 ) $ 18.8 February 1, 2023 December 31, 2022 Cash and cash equivalents $ 86.3 $ 180.2 Accounts receivable, net 187.1 150.8 Prepaid expenses 17.6 17.8 Other current assets 13.8 13.8 Total current assets: 304.8 362.6 Fixed assets, net 165.2 157.1 Operating lease right-of-use assets, net 29.7 29.8 Intangible assets, net 625.9 616.9 Goodwill 2,165.7 2,136.3 Other noncurrent assets 18.9 16.3 Total noncurrent assets 3,005.4 2,956.4 Total assets held for sale: 3,310.2 3,319.0 Net impairment of asset group (1) (227.8 ) (227.8 ) Total assets held for sale, net $ 3,082.4 $ 3,091.2 Accounts payable and accrued liabilities $ 77.6 $ 68.6 Operating lease liabilities 7.6 6.9 Deferred revenues 207.4 176.6 Income taxes payable 13.6 30.2 Current liabilities held-for-sale: 306.2 282.3 Deferred income tax liabilities 146.2 144.1 Noncurrent lease liabilities 30.0 30.8 Other noncurrent liabilities 2.5 2.7 Noncurrent liabilities held-for-sale 178.7 177.6 Total liabilities held for sale $ 484.9 $ 459.9 For the Three Months Ended March 31, 2023 2022 Significant non-cash operating activities: Depreciation and amortization of fixed assets $ - $ 9.5 Amortization of intangible assets - 23.4 Impairment loss - - Operating lease right-of-use assets, net 0.1 0.8 Investing activities: Capital expenditures (6.5 ) (12.8 ) Fixed assets included in accounts payable and accrued liabilities - 5.0 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Amount Goodwill at December 31, 2022 $ 1,676.0 Acquisitions(1) 18.3 Purchase accounting reclassifications (0.1 ) Foreign currency translation adjustment 11.3 Goodwill at March 31, 2023 $ 1,705.5 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Useful Life (in years) Cost Accumulated Amortization Net March 31, 2023 Technology-based 8 $ 361.5 $ (237.2 ) $ 124.3 Marketing-related 6 41.9 (36.4 ) 5.5 Contract-based 6 5.0 (5.0 ) — Customer-related 13 524.8 (157.4 ) 367.4 Database-based 8 15.1 (6.4 ) 8.7 Total intangible assets $ 948.3 $ (442.4 ) $ 505.9 December 31, 2022 Technology-based 8 $ 355.1 $ (229.3 ) $ 125.8 Marketing-related 6 41.3 (35.5 ) 5.8 Contract-based 6 5.0 (5.0 ) — Customer-related 13 510.7 (146.7 ) 364.0 Database-based 8 15.0 (5.8 ) 9.2 Total intangible assets $ 927.1 $ (422.3 ) $ 504.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending Amount 2023 $ 53.5 2024 68.9 2025 60.0 2026 58.1 2027 50.6 2028 and thereafter 214.8 Total $ 505.9 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Issuance Date Maturity Date 2023 2022 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 990.0 Bilateral revolving credit facility Various Various — 275.0 Bilateral term loan facility Various Various — 125.0 Finance lease liabilities (1) Various Various 2.6 2.9 Short-term debt and current portion of long-term debt 2.6 1,392.9 Long-term debt: Senior notes: 3.625 9.9 10.0 5/13/2020 5/15/2050 490.1 490.0 4.125 9.0 9.4 3/6/2019 3/15/2029 609.0 609.4 4.00 2.6 2.8 5/15/2015 6/15/2025 897.4 897.2 5.500 3.9 4.0 5/15/2015 6/15/2045 346.1 346.0 5.750 10.2 0 3/3/2023 4/1/2033 489.8 — Finance lease liabilities (1) Various Various 6.1 1.3 Syndicated revolving credit facility debt issuance costs Various Various (0.6 ) (0.7 ) Long-term debt 2,837.9 2,343.2 Total debt $ 2,840.5 $ 3,736.1 |
Note 11- Stockholders' Equity (
Note 11- Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 Numerator used in basic and diluted EPS: Income from continuing operations $ 194.3 $ 486.9 Income from discontinued operations, net of tax (138.0 ) 18.8 Net income attributable to Verisk $ 56.3 $ 505.7 Denominator: Weighted average number of common shares used in basic EPS 152,032,255 160,680,955 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 677,064 957,662 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 152,709,319 161,638,617 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2023 2022 Foreign currency translation adjustment $ 123.0 $ (636.9 ) Pension and postretirement adjustment, net of tax (93.6 ) (94.3 ) Accumulated other comprehensive income (loss) $ 29.4 $ (731.2 ) |
Comprehensive Income (Loss) [Table Text Block] | Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended March 31, 2023 Foreign currency translation adjustment attributable to Verisk $ 59.3 $ — $ 59.3 Foreign currency translation adjustment attributable to noncontrolling interests (0.7 ) — (0.7 ) Cumulative translation adjustment recognized upon deconsolidation of the Energy business 700.6 — 700.6 Foreign currency translation adjustment 759.2 — 759.2 Pension and postretirement adjustment before reclassifications 2.5 0.1 2.6 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.5 ) (0.4 ) (1.9 ) Pension and postretirement adjustment 1.0 (0.3 ) 0.7 Total other comprehensive income $ 760.2 $ (0.3 ) $ 759.9 For the Three Months Ended March 31, 2022 Foreign currency translation adjustment $ (71.0 ) $ — $ (71.0 ) Foreign currency translation adjustment attributable to noncontrolling interests (0.6 ) — (0.6 ) Foreign currency translation adjustment (71.6 ) — (71.6 ) Pension and postretirement adjustment before reclassifications 1.3 (0.2 ) 1.1 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (0.7 ) 0.2 (0.5 ) Pension and postretirement adjustment 0.6 — 0.6 Total other comprehensive loss $ (71.0 ) $ — $ (71.0 ) |
Note 12 - Equity Compensation_2
Note 12 - Equity Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Outstanding at December 31, 2022 4,023,816 $ 132.90 $ 193.3 307,575 $ 182.07 199,494 $ 195.34 Granted 205,034 $ 183.95 177,619 $ 183.95 48,486 $ 212.86 Dividend reinvestment — $ — — $ — 347 N/A Exercised or lapsed (631,334 ) $ 98.98 $ 53.7 (138,026 ) $ 184.19 (45,997 ) $ 192.93 Canceled, expired or forfeited (69,503 ) $ 177.69 (14,001 ) $ 179.44 (18,487 ) $ 205.58 Outstanding at March 31, 2023 3,528,013 $ 141.05 $ 182.2 333,167 $ 182.30 183,843 $ 199.70 Exercisable at March 31, 2023 2,563,823 $ 126.11 $ 170.1 Exercisable at December 31, 2022 2,702,075 $ 110.02 $ 182.6 Nonvested at March 31, 2023 964,190 333,167 183,843 Expected to vest at March 31, 2023 810,495 289,530 143,939 (1) |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 Option pricing model Black-Scholes Black-Scholes Expected volatility 27.36 % 25.27 % Risk-free interest rate 3.74 % 1.43 % Expected term in years 4.0 4.2 Dividend yield 0.66 % 0.60 % Weighted average grant date fair value per stock option $ 47.69 $ 42.18 |
Note 13 - Pension and Postret_2
Note 13 - Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan and SERP Postretirement Plan For the Three Months Ended March 31, 2023 2022 2023 2022 Interest cost $ 4.3 $ 2.8 $ — $ 0.1 Expected return on plan assets (6.2 ) (8.2 ) — (0.1 ) Amortization of prior service cost — 0.1 — — Amortization of net actuarial loss 1.5 0.5 — 0.1 Net periodic (benefit) cost $ (0.4 ) $ (4.8 ) $ — $ 0.1 Employer contributions, net $ 1.0 $ 0.2 $ 0.6 $ 0.3 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended March 31, 2023 March 31, 2022 Insurance Energy and Specialized Markets Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 651.6 $ — $ 651.6 $ 586.4 $ 22.4 $ 34.8 $ 643.6 Expenses: Cost of revenues (exclusive of items shown separately below) (216.2 ) — (216.2 ) (193.8 ) (13.3 ) (21.6 ) (228.7 ) Selling, general and administrative (79.0 ) — (79.0 ) (90.0 ) (10.6 ) (7.3 ) (107.9 ) Other operating income, net — — — — 450.8 (73.7 ) 377.1 Investment loss and others, net (1.1 ) — (1.1 ) (1.1 ) (0.8 ) — (1.9 ) EBITDA from discontinued operations of the Energy business — (136.9 ) (136.9 ) — 54.1 — 54.1 EBITDA $ 355.3 $ (136.9 ) 218.4 $ 301.5 $ 502.6 $ (67.8 ) 736.3 EBITDA from discontinued operations of the Energy business 136.9 (54.1 ) Depreciation and amortization of fixed assets (44.6 ) (40.1 ) Amortization of intangible assets (17.7 ) (21.2 ) Interest expense (26.4 ) (31.3 ) Income before income taxes $ 266.6 $ 589.6 |
Long-Lived Assets by Geographic Areas [Table Text Block] | March 31, 2023 December 31, 2022 Long-lived assets: U.S. $ 2,358.2 $ 2,876.5 U.K. 600.5 2,428.9 Other countries 440.5 730.6 Total long-lived assets $ 3,399.2 $ 6,036.0 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Amount | $ 549,500 | $ 321,700 |
Revenue Remaining Performance Obligation, Current Percentage | 99% | 98% |
Contract with Customer, Liability, Noncurrent | $ 75,600 | $ 69,700 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregated Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 651.6 | $ 643.6 |
UNITED STATES | ||
Revenues | 551.8 | 534.7 |
UNITED KINGDOM | ||
Revenues | 46.9 | 45.1 |
Other Countries [Member] | ||
Revenues | 52.9 | 63.8 |
Insurance [Member] | ||
Revenues | 651.6 | 586.4 |
Insurance [Member] | Underwriting and Rating [Member] | ||
Revenues | 460.5 | 416 |
Insurance [Member] | Claims [Member] | ||
Revenues | 191.1 | 170.4 |
Energy and Specialized Markets [Member] | ||
Revenues | 0 | 22.4 |
Financial Services [Member] | ||
Revenues | $ 0 | $ 34.8 |
Note 3 - Revenues - Summary of
Note 3 - Revenues - Summary of Change in Contract Liabilities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Contract Liabilities | $ 321.7 |
Revenue | (651.6) |
Acquisitions | 0.1 |
Foreign currency translation adjustment, contract with customer | 2.7 |
Billings | 876.6 |
Contract Liabilities | $ 549.5 |
Note 4 - Investments and Fair_3
Note 4 - Investments and Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Equity Securities without Readily Determinable Fair Value, Amount | $ 208,000 | $ 201,500 |
Equity Method Investments | 29,100 | 28,300 |
Provision for Credit Loss on Investments | 0 | |
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Investments, Fair Value Disclosure | $ 3,400 | $ 4,000 |
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 | Mar. 31, 2023 | Mar. 31, 2022 |
Reported Value Measurement [Member] | ||
Senior notes (Note 10) | $ 2,832.4 | $ 2,342.6 |
Estimate of Fair Value Measurement [Member] | ||
Senior notes (Note 10) | $ 2,677 | $ 2,113.3 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Finance Lease, Liability | $ 8.7 | |
Fixed Assets, Net [Member] | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 13 | $ 10.7 |
Short-term Debt and Current Portion of Long-term Debt and Long-term Debt [Member] | ||
Finance Lease, Liability | $ 8.7 | $ 4.2 |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating lease cost | [1] | $ 9 | $ 13.3 |
Sublease income | (0.4) | (0.5) | |
Depreciation of finance lease assets | [2] | 3.7 | 3.3 |
Interest on finance lease liabilities | [3] | 0.1 | 0.2 |
Total lease cost | 12.4 | 16.3 | |
Operating cash outflows from operating leases | (9) | (12.9) | |
Operating cash outflows from finance leases | (0.1) | (0.2) | |
Financing cash outflows from finance leases | $ (1.6) | $ (2.4) | |
[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) | Mar. 31, 2023 | Mar. 31, 2022 |
Weighted-average remaining lease term - operating leases (in years) (Year) | 8 years 6 months | 8 years 4 months 24 days |
Weighted-average remaining lease term - finance leases (in years) (Year) | 4 years | 1 year 6 months |
Weighted-average discount rate - operating leases | 3.90% | 3.70% |
Weighted-average discount rate - finance leases | 3.30% | 3.70% |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) $ in Millions | Mar. 31, 2023 USD ($) |
2023, operating leases | $ 32.7 |
2023, finance lease | 2.9 |
2024, operating leases | 40.4 |
2024, finance lease | 2.1 |
2025, operating leases | 39.5 |
2025, finance lease | 1.5 |
2026, operating leases | 36.6 |
2026, finance lease | 1.1 |
2027, operating leases | 34.1 |
2027, finance lease | 1 |
2028 and thereafter, operating leases | 105.1 |
2028 and thereafter, finance lease | 0.7 |
Total lease payments, operating leases | 288.4 |
Total lease payments, finance leases | 9.3 |
Less: Amount representing interest, operating leases | (48.4) |
Less: Amount representing interest, finance leases | (0.6) |
Present value of total lease payments, operating leases | 240 |
Present value of total lease payments, finance leases | $ 8.7 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||||
Feb. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Mar. 01, 2022 | |
Business Combination, Acquisition Related Costs | $ 1,000 | $ 1,400 | |||
Business Combination, Contingent Consideration, Liability, Current | 15,000 | $ 29,900 | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 1,600 | $ 0 | |||
Mavera [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | ||||
Business Combination, Consideration Transferred | $ 28,300 | ||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | $ 4,200 |
Note 7 - Dispositions and Dis_3
Note 7 - Dispositions and Discontinued Operations (Details Textual) - Energy Business [Member] $ in Millions | Feb. 01, 2023 USD ($) |
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations [Member] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 3,066.4 |
Disposal Group, Including Discontinued Operation, Base Purchase Price | 3,100 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |
Disposal Group, Including Discontinued Operation, Contingent Cash Consideration | 200 |
Disposal Group, Including Discontinued Operation, Impairment | 303.7 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (128.4) |
Note 7 - Dispositions and Dis_4
Note 7 - Dispositions and Discontinued Operations - Divestitures and Business Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Feb. 01, 2023 | Dec. 31, 2022 | |
Total current assets: | $ 0 | $ 362.6 | ||
Total noncurrent assets | 0 | 2,728.6 | ||
Current liabilities held-for-sale: | 0 | 282.3 | ||
Noncurrent liabilities held-for-sale | 0 | 177.6 | ||
Environmental Health and Safety Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Cash and cash equivalents | $ 86.3 | |||
Accounts receivable, net | 187.1 | |||
Prepaid expenses | 17.6 | |||
Other current assets | 13.8 | |||
Total current assets: | 304.8 | |||
Fixed assets, net | 165.2 | |||
Operating lease right-of-use assets, net | 29.7 | |||
Intangible assets, net | 625.9 | |||
Goodwill | 2,165.7 | |||
Other noncurrent assets | 18.9 | |||
Total noncurrent assets | 3,005.4 | |||
Total assets held for sale: | 3,310.2 | |||
Net impairment of asset group(1) | (227.8) | |||
Total assets held for sale, net | 3,082.4 | |||
Accounts payable and accrued liabilities | 77.6 | |||
Operating lease liabilities | 7.6 | |||
Deferred revenues | 207.4 | |||
Income taxes payable | 13.6 | |||
Current liabilities held-for-sale: | 306.2 | |||
Deferred income tax liabilities | 146.2 | |||
Noncurrent lease liabilities | 30 | |||
Other noncurrent liabilities | 2.5 | |||
Noncurrent liabilities held-for-sale | 178.7 | |||
Total liabilities held for sale | $ 484.9 | |||
Verisk Financial Services [Member] | Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] | ||||
Cash and cash equivalents | 180.2 | |||
Accounts receivable, net | 150.8 | |||
Prepaid expenses | 17.8 | |||
Other current assets | 13.8 | |||
Total current assets: | 362.6 | |||
Fixed assets, net | 157.1 | |||
Operating lease right-of-use assets, net | 29.8 | |||
Intangible assets, net | 616.9 | |||
Goodwill | 2,136.3 | |||
Other noncurrent assets | 16.3 | |||
Total noncurrent assets | 2,956.4 | |||
Total assets held for sale: | 3,319 | |||
Net impairment of asset group(1) | (227.8) | |||
Total assets held for sale, net | 3,091.2 | |||
Accounts payable and accrued liabilities | 68.6 | |||
Operating lease liabilities | 6.9 | |||
Deferred revenues | 176.6 | |||
Income taxes payable | 30.2 | |||
Current liabilities held-for-sale: | 282.3 | |||
Deferred income tax liabilities | 144.1 | |||
Noncurrent lease liabilities | 30.8 | |||
Other noncurrent liabilities | 2.7 | |||
Noncurrent liabilities held-for-sale | 177.6 | |||
Total liabilities held for sale | $ 459.9 | |||
Energy Business [Member] | Discontinued Operations, Held-for-Sale [Member] | ||||
Revenues | 46.8 | $ 131.9 | ||
Cost of revenues (exclusive of items shown separately below) | 18.3 | 51.9 | ||
Selling, general and administrative | 33 | 27.3 | ||
Depreciation and amortization of fixed assets | 0 | 9.5 | ||
Amortization of intangible assets | 0 | 23.4 | ||
Other operating loss, net | 128.4 | 0 | ||
Total operating expenses | 179.7 | 112.1 | ||
Operating (loss) income | (132.9) | 19.8 | ||
Investment (loss) income and others, net | (4) | 1.4 | ||
(Loss) income from discontinued operations before income taxes | (136.9) | 21.2 | ||
Income tax benefit expense | (1.1) | (2.4) | ||
(Loss) income from discontinued operations, net of income taxes | (138) | 18.8 | ||
Depreciation and amortization of fixed assets | 0 | 9.5 | ||
Amortization of intangible assets | 0 | 23.4 | ||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | ||
Operating lease right-of-use assets, net | 0.1 | 0.8 | ||
Capital expenditures | (6.5) | (12.8) | ||
Fixed assets included in accounts payable and accrued liabilities | $ 0 | $ 5 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Amortization of Intangible Assets | $ 17,700 | $ 21,200 |
Other Operating Income (Expense) [Member] | ||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 73,700 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Goodwill | $ 1,676 | |
Goodwill | 1,705.5 | |
Insurance [Member] | ||
Goodwill | 1,676 | |
Acquisitions(1) | 18.3 | [1] |
Purchase accounting reclassifications | (0.1) | |
Foreign currency translation adjustment | 11.3 | |
Goodwill | $ 1,705.5 | |
[1]This adjustment relates to a segment reclassification; refer to Note 19. Segment Reporting |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Cost | $ 948.3 | $ 927.1 |
Accumulated amortization | (442.4) | (422.3) |
Net | $ 505.9 | $ 504.8 |
Technology-Based Intangible Assets [Member] | ||
Weighted average useful life (Year) | 8 years | 8 years |
Cost | $ 361.5 | $ 355.1 |
Accumulated amortization | (237.2) | (229.3) |
Net | $ 124.3 | $ 125.8 |
Marketing-Related Intangible Assets [Member] | ||
Weighted average useful life (Year) | 6 years | 6 years |
Cost | $ 41.9 | $ 41.3 |
Accumulated amortization | (36.4) | (35.5) |
Net | $ 5.5 | $ 5.8 |
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 | $ 524.8 | $ 510.7 |
Accumulated amortization | (157.4) | (146.7) |
Net | $ 367.4 | $ 364 |
Database [Member] | ||
Weighted average useful life (Year) | 8 years | 8 years |
Cost | $ 15.1 | $ 15 |
Accumulated amortization | (6.4) | (5.8) |
Net | $ 8.7 | $ 9.2 |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
2023 | $ 53.5 | |
2024 | 68.9 | |
2025 | 60 | |
2026 | 58.1 | |
2027 | 50.6 | |
2028 and thereafter | 214.8 | |
Total | $ 505.9 | $ 504.8 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 27.10% | 17.40% |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) | Sep. 09, 2022 | Mar. 31, 2023 | Mar. 03, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Mar. 11, 2022 |
Letters of Credit Outstanding, Amount | $ 4,500,000 | $ 4,400,000 | ||||
Bilateral Term Loan Agreement [Member] | BSBY Margin [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||
Bilateral Term Loan Agreement [Member] | ||||||
Debt Instrument, Face Amount | $ 125,000,000 | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 995,500,000 | 5,600,000 | ||||
Revolving Credit Facility [Member] | Bilateral Term Loan Agreement [Member] | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 275,000,000 | |||||
Senior Notes [Member] | ||||||
Long-Term Debt, Gross | $ 2,850 | $ 500,000,000 | $ 2,350,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||
Debt Instrument, Unamortized Discount, Current | $ 4,700,000 | |||||
Debt Issuance Costs, Gross | $ 5,500,000 |
Note 10 - Debt - Short-term and
Note 10 - Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Unamortized discount | $ 2.6 | $ 1,392.9 | |
Syndicated revolving credit facility debt issuance costs | (0.6) | (0.7) | |
Long-term debt | 2,837.9 | 2,343.2 | |
Total debt | 2,840.5 | 3,736.1 | |
The 3.625% Senior Note [Member] | |||
Long-term debt | 490.1 | 490 | |
The 4.125% Senior Note [Member] | |||
Long-term debt | 609 | 609.4 | |
The 4.000% Senior Note [Member] | |||
Long-term debt | 897.4 | 897.2 | |
The 5.500% Senior Note [Member] | |||
Long-term debt | 346.1 | 346 | |
The 5.750% Senior Notes [Member] | |||
Long-term debt | 489.8 | 0 | |
Short-term Debt and Current Portion of Long-term Debt [Member] | |||
Finance lease liabilities, current | [1] | 2.6 | 2.9 |
Long-Term Debt [Member] | |||
Finance lease liabilities, noncurrent | [1] | 6.1 | 1.3 |
Line of Credit [Member] | |||
Syndicated revolving credit facility | 0 | 990 | |
Term Loan Facility [Member] | |||
Short term debt | 0 | 275 | |
Bilateral Term Loan Agreement [Member] | |||
Short term debt | $ 0 | $ 125 | |
[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 Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
The 3.625% Senior Note [Member] | ||
Interest rate | 3.625% | 3.625% |
Unamortized discount | $ 9,900 | $ 10,000 |
The 4.125% Senior Note [Member] | ||
Interest rate | 4.125% | 4.125% |
Unamortized discount (premium) | $ 9,000 | $ 9,400 |
The 4.000% Senior Note [Member] | ||
Interest rate | 4% | 4% |
Unamortized discount | $ 2,600 | $ 2,800 |
The 5.500% Senior Note [Member] | ||
Interest rate | 5.50% | 5.50% |
Unamortized discount | $ 3,900 | $ 4,000 |
The 5.750% Senior Notes [Member] | ||
Interest rate | 5.75% | 5.75% |
Unamortized discount | $ 10,200 | $ 0 |
Note 11- Stockholders' Equity_2
Note 11- Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 14, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Mar. 07, 2023 | Nov. 08, 2022 | |
Common Stock, Shares Authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||
Share Price (in dollars per share) | $ 176.42 | $ 191.86 | $ 176.42 | |||||
Preferred Stock, Shares Authorized (in shares) | 80,000,000 | 80,000,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | 0 | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.34 | |||||||
Payments of Dividends | $ 49,200,000 | $ 49,400,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 10,902,788 | 3,052,561 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,520,400,000 | $ 571,300,000 | ||||||
Treasury Stock, Common, Shares (in shares) | 389,301,902 | 399,451,479 | 389,301,902 | |||||
Common Stock Reissued (in shares) | 753,211 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 18.27 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,399,406 | 1,405,680 | ||||||
Accelerated Share Repurcahse ("ASR") Agreement [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 250,000,000 | $ 250,000,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 1,168,224 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 182.01 | |||||||
Share Repurchase Programs [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 80,000,000,000 | |||||||
Treasury Stock, Shares, Acquired (in shares) | 247,487 | 10,902,788 | 1,415,711 | |||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 176.68 | $ 188.72 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 941,300,000 | |||||||
Sales and Excise Tax Payable | 19,100,000 | |||||||
Additional ASR Agreement [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 2,500,000,000 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 187.70 | |||||||
Treasury Stock, Shares, Acquired, Initial Delivery (in shares) | 10,655,301 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,057,551,138 | |||||||
Additonal Repurchase Authorization Shares Upon Sale of Energy Business [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000,000,000 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income from continuing operations | $ 194.3 | $ 486.9 |
Income from discontinued operations, net of tax | (138) | 18.8 |
Net income attributable to Verisk | $ 56.3 | $ 505.7 |
Weighted average number of common shares used in basic EPS (in shares) | 152,032,255 | 160,680,955 |
Potential common shares issuable from stock options and stock awards (in shares) | 677,064 | 957,662 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 152,709,319 | 161,638,617 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Foreign currency translation adjustment | $ 123 | $ (636.9) |
Pension and postretirement adjustment, net of tax | (93.6) | (94.3) |
Accumulated other comprehensive income (loss) | $ 29.4 | $ (731.2) |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Foreign currency translation adjustment attributable to Verisk, before tax | $ 59.3 | $ (71) | |
Foreign currency translation adjustment attributable to Verisk, tax | 0 | ||
Foreign currency translation adjustment attributable to Verisk, after tax | 59.3 | (71) | |
Foreign currency translation adjustment attributable to noncontrolling interests, before tax | (0.7) | (0.6) | |
Foreign currency translation adjustment attributable to noncontrolling interests, tax | 0 | 0 | |
Foreign currency translation adjustment attributable to noncontrolling interests, after tax | (0.7) | (0.6) | |
Cumulative translation adjustment recognized upon deconsolidation, before tax | 700.6 | ||
Cumulative translation adjustment recognized upon deconsolidation , tax | 0 | ||
Cumulative translation adjustment recognized upon deconsolidation, after tax | 700.6 | ||
Foreign currency translation adjustment, before tax | 759.2 | (71.6) | |
Foreign currency translation adjustment, tax | 0 | 0 | |
Foreign currency translation adjustment, after tax | 759.2 | (71.6) | |
Total other comprehensive income, before tax | 760.2 | (71) | |
Total other comprehensive income, tax | (0.3) | 0 | |
Total other comprehensive income, after tax | 759.9 | (71) | |
Total other comprehensive loss, before tax | 760.2 | (71) | |
Total other comprehensive loss, tax | (0.3) | 0 | |
Pension and Postretirement Adjustment [Member] | |||
Other comprehensive income (loss), before reclassifications, before tax | 2.5 | 1.3 | |
Other comprehensive income (loss), before reclassifications, tax | 0.1 | (0.2) | |
Other comprehensive income (loss), before reclassifications, after tax | 2.6 | 1.1 | |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | [1] | (1.5) | (0.7) |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss), tax | [1] | (0.4) | 0.2 |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | (1.9) | (0.5) |
Other comprehensive income (loss), before tax | 1 | 0.6 | |
Other comprehensive income (loss), tax | (0.3) | 0 | |
Other comprehensive income (loss), after tax | $ 0.7 | $ 0.6 | |
[1]These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details). |
Note 12 - Equity Compensation_3
Note 12 - Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds from Stock Options Exercised | $ 58.4 | $ 15.8 | |
Nonqualified Stock Option, Contractual Term (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 205,034 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 1 month 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 5 months 4 days | ||
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements | $ 123.7 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 9 days | ||
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) | 48,486 | ||
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) | 48,486 | ||
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 Option [Member] | Key Employees [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 205,034 | ||
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) | 177,619 | ||
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) | 177,619 | ||
TSR Based PSUs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 29,783 | ||
ROIC Based PSUs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 18,703 | ||
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 453,890 | ||
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) | 5,661 | 7,734 | |
Employee Stock Purchase Plan [Member] | US ESPP [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,190,233 | ||
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ 182.24 | $ 204.38 | |
The 2021 Incentive Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 13,273,953 |
Note 12 - Compensation Plans -
Note 12 - Compensation Plans - Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Outstanding beginning balance, options (in shares) | 4,023,816 | ||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 132.90 | ||
Outstanding, options, aggregate intrinsic value | $ 182.2 | $ 193.3 | |
Granted, options (in shares) | 205,034 | ||
Granted, options, weighted average exercise price (in dollars per share) | $ 183.95 | ||
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) | (631,334) | ||
Exercised or lapsed, options, weighted average exercise price (in dollars per share) | $ 98.98 | ||
Exercised or lapsed, options, aggregate intrinsic value | $ 53.7 | ||
Canceled, expired or forfeited, option (in shares) | (69,503) | ||
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) | $ 177.69 | ||
Outstanding, option (in shares) | 3,528,013 | 4,023,816 | |
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 141.05 | $ 132.90 | |
Exercisable, options (in shares) | 2,563,823 | 2,702,075 | |
Exercisable, options, weighted average exercise price (in dollars per share) | $ 126.11 | $ 110.02 | |
Exercisable, options, aggregate intrinsic value | $ 170.1 | $ 182.6 | |
Nonvested, options (in shares) | 964,190 | ||
Expected to vest, options (in shares) | 810,495 | ||
Restricted Stock [Member] | |||
Outstanding beginning balance, number of shares (in shares) | 307,575 | ||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 182.07 | ||
Granted, number of shares (in shares) | 177,619 | ||
Granted, weighted average exercise price (in dollars per share) | $ 183.95 | ||
Dividend reinvestment, number of shares (in shares) | 0 | ||
Dividend reinvestment (in dollars per share) | $ 0 | ||
Exercised or lapsed, number of shares (in shares) | (138,026) | ||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 184.19 | ||
Canceled, expired or forfeited, number of shares (in shares) | (14,001) | ||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 179.44 | ||
Outstanding ending balance, number of shares (in shares) | 333,167 | 307,575 | |
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 182.30 | $ 182.07 | |
Nonvested, number of shares (in shares) | 333,167 | 307,575 | |
Expected, number of shares (in shares) | 289,530 | ||
Performance Shares [Member] | |||
Outstanding beginning balance, number of shares (in shares) | 199,494 | ||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 195.34 | ||
Granted, number of shares (in shares) | 48,486 | ||
Granted, weighted average exercise price (in dollars per share) | $ 212.86 | ||
Dividend reinvestment, number of shares (in shares) | 347 | ||
Exercised or lapsed, number of shares (in shares) | (45,997) | ||
Canceled, expired or forfeited, number of shares (in shares) | (18,487) | ||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 205.58 | ||
Outstanding ending balance, number of shares (in shares) | 183,843 | 199,494 | |
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 199.70 | $ 195.34 | |
Nonvested, number of shares (in shares) | 183,843 | 199,494 | |
Expected, number of shares (in shares) | [1] | 143,939 | |
[1]Includes estimated performance achievement |
Note 12 - Compensation Plans _2
Note 12 - Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Expected volatility | 27.36% | 25.27% |
Risk-free interest rate | 3.74% | 1.43% |
Expected term in years (Year) | 4 years | 4 years 2 months 12 days |
Dividend yield | 0.66% | 0.60% |
Weighted average grant date fair value per stock option (in dollars per share) | $ 47.69 | $ 42.18 |
Note 13 - Pension and Postret_3
Note 13 - Pension and Postretirement Benefits (Details Textual) | Mar. 31, 2023 | Mar. 31, 2022 |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 40% | 45% |
Debt Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 60% | 55% |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Plan and SERP Plan [Member] | ||
Interest cost | $ 4.3 | $ 2.8 |
Expected return on plan assets | (6.2) | (8.2) |
Amortization of prior service cost | 0 | 0.1 |
Amortization of net actuarial loss | 1.5 | 0.5 |
Net periodic (benefit) cost | (0.4) | (4.8) |
Employer contributions, net | 1 | 0.2 |
Other Postretirement Benefits Plan [Member] | ||
Interest cost | 0 | 0.1 |
Expected return on plan assets | 0 | (0.1) |
Amortization of prior service cost | 0 | 0 |
Amortization of net actuarial loss | 0 | 0.1 |
Net periodic (benefit) cost | 0 | 0.1 |
Employer contributions, net | $ 0.6 | $ 0.3 |
Note 14 - Segment Reporting - R
Note 14 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 651.6 | $ 643.6 |
Cost of revenues (exclusive of items shown separately below) | (216.2) | (228.7) |
Selling, general and administrative | (79) | (107.9) |
Other operating income, net | 0 | 377.1 |
Investment loss and others, net | (1.1) | (1.9) |
EBITDA from discontinued operations of the Energy business | (136.9) | 54.1 |
EBITDA | 218.4 | 736.3 |
EBITDA from discontinued operations of the Energy business | 136.9 | (54.1) |
Depreciation and amortization of fixed assets | (44.6) | (40.1) |
Amortization of intangible assets | (17.7) | (21.2) |
Interest expense | (26.4) | (31.3) |
Income before income taxes | 266.6 | 589.6 |
Insurance [Member] | ||
Revenues | 651.6 | 586.4 |
Cost of revenues (exclusive of items shown separately below) | (216.2) | (193.8) |
Selling, general and administrative | (79) | (90) |
Other operating income, net | 0 | 0 |
Investment loss and others, net | (1.1) | (1.1) |
EBITDA from discontinued operations of the Energy business | 0 | 0 |
EBITDA | 355.3 | 301.5 |
EBITDA from discontinued operations of the Energy business | 0 | 0 |
Energy and Specialized Markets [Member] | ||
Revenues | 0 | 22.4 |
Cost of revenues (exclusive of items shown separately below) | 0 | (13.3) |
Selling, general and administrative | 0 | (10.6) |
Other operating income, net | 0 | 450.8 |
Investment loss and others, net | 0 | (0.8) |
EBITDA from discontinued operations of the Energy business | (136.9) | 54.1 |
EBITDA | (136.9) | 502.6 |
EBITDA from discontinued operations of the Energy business | 136.9 | (54.1) |
Financial Services [Member] | ||
Revenues | $ 0 | 34.8 |
Cost of revenues (exclusive of items shown separately below) | (21.6) | |
Selling, general and administrative | (7.3) | |
Other operating income, net | (73.7) | |
Investment loss and others, net | 0 | |
EBITDA from discontinued operations of the Energy business | 0 | |
EBITDA | (67.8) | |
EBITDA from discontinued operations of the Energy business | $ 0 |
Note 14 - Segment Reporting - L
Note 14 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Total long-lived assets | $ 3,399.2 | $ 6,036 |
UNITED STATES | ||
Total long-lived assets | 2,358.2 | 2,876.5 |
UNITED KINGDOM | ||
Total long-lived assets | 600.5 | 2,428.9 |
Other Countries [Member] | ||
Total long-lived assets | $ 440.5 | $ 730.6 |
Note 15 - Related Parties (Deta
Note 15 - Related Parties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Percentage Of Ownership On Outstanding Common Stock Required To Become Related Party | 5% | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) - USD ($) | Jan. 30, 2023 | Jun. 27, 2022 |
Ahringer et al. v. LoanDepot, Inc. and Verisk Analytics [Member] | ||
Loss Contingency, Aggregate Claims of Proposed Class | $ 5,000,000 | |
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) | Apr. 20, 2023 USD ($) | Apr. 05, 2023 USD ($) | Apr. 05, 2023 USD ($) | Apr. 02, 2023 | Dec. 31, 2022 USD ($) |
Subsequent Event [Member] | Krug Sachverständigen GmbH [Member] | |||||
Business Combination, Consideration Transferred | $ 49,500,000 | ||||
Business Combination, Consideration Transferred, Indemnity Escrows | $ 3,800,000 | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.08% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000,000 | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | $ 1,000 | |||
Debt Instrument, Leverage Ratio | 3.75 | 3.75 | |||
Debt Instrument, Covenant, Leverage Ratio, First Request Increase | 4.50% | 4.50% | |||
Debt Instrument, Covenant, Leverage Ratio, Second Request Increase | 4.25% | 4.25% | |||
Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | $ 1,500,000 | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member] | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.175% | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% |