Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 21, 2013 | |
Entity Information [Line Items] | ||
Entity Registrant Name | CORELOGIC, INC. | |
Entity Central Index Key | 36047 | |
Current Fiscal Year End Date | -19 | |
Entity Well Known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Periods Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 93,719,906 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $135,557 | $148,858 |
Marketable securities | 21,885 | 22,168 |
Accounts receivable (less allowance for doubtful accounts of $15,141 and $21,643 as of September 30, 2013 and December 31, 2012, respectively) | 270,000 | 255,148 |
Prepaid expenses and other current assets | 53,022 | 50,036 |
Income tax receivable | 0 | 14,084 |
Deferred income tax assets, current | 99,577 | 98,836 |
Assets of discontinued operations | 791 | 794 |
Total current assets | 580,832 | 589,924 |
Property and equipment, net | 193,975 | 186,617 |
Goodwill, net | 1,534,966 | 1,504,232 |
Other intangible assets, net | 183,979 | 171,584 |
Capitalized data and database costs, net | 327,843 | 322,289 |
Investment in affiliates, net | 96,764 | 94,227 |
Restricted cash | 16,390 | 22,117 |
Other assets | 149,949 | 138,837 |
Total assets | 3,084,698 | 3,029,827 |
Current liabilities: | ||
Accounts payable and accrued expenses | 183,203 | 157,190 |
Accrued salaries and benefits | 87,273 | 114,165 |
Income taxes payable | 20,796 | 0 |
Deferred revenue, current | 219,464 | 242,282 |
Current portion of long-term debt | 6,095 | 102 |
Liabilities of discontinued operations | 4,148 | 3,352 |
Total current liabilities | 520,979 | 517,091 |
Long-term debt, net of current | 783,280 | 792,324 |
Deferred revenue, net of current | 376,255 | 309,418 |
Deferred income tax liabilities, long term | 83,928 | 71,361 |
Other liabilities | 158,300 | 168,687 |
Total liabilities | 1,922,742 | 1,858,881 |
Redeemable noncontrolling interests | 10,987 | 0 |
CoreLogic stockholders' equity: | ||
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $0.00001 par value; 180,000 shares authorized; 93,717 and 97,698 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 1 | 1 |
Additional paid-in capital | 758,734 | 866,720 |
Retained earnings | 438,875 | 318,094 |
Accumulated other comprehensive loss | -46,641 | -15,514 |
Total Corelogic's stockholders' equity | 1,150,969 | 1,169,301 |
Noncontrolling interests | 0 | 1,645 |
Total equity | 1,150,969 | 1,170,946 |
Total liabilities and equity | 3,084,698 | 3,029,827 |
Total [Member] | ||
Current assets: | ||
Cash and cash equivalents | 135,557 | 148,858 |
Property and equipment, net | 193,975 | 186,617 |
Goodwill, net | 1,534,966 | 1,504,232 |
Other intangible assets, net | 183,979 | 171,584 |
Capitalized data and database costs, net | 327,843 | 322,289 |
Investment in affiliates, net | 96,764 | 94,227 |
Deferred income tax assets, long-term | 0 | 0 |
Restricted cash | 16,390 | 22,117 |
Other assets | 149,949 | 138,837 |
Total assets | 3,084,698 | 3,029,827 |
Current liabilities: | ||
Total current liabilities | 520,979 | 517,091 |
Long-term debt, net of current | 783,280 | 792,324 |
Deferred revenue, net of current | 376,255 | 309,418 |
Deferred income tax liabilities, long term | 83,928 | 71,361 |
Other liabilities | 158,300 | 168,687 |
Redeemable noncontrolling interests | 10,987 | |
CoreLogic stockholders' equity: | ||
Total Corelogic's stockholders' equity | 1,150,969 | 1,169,301 |
Noncontrolling interests | 1,645 | |
Total liabilities and equity | $3,084,698 | $3,029,827 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Current assets: | ||
Allowance for doubtful accounts | $15,141 | $21,643 |
Equity: | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 500 | 500 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 180,000 | 180,000 |
Common stock, shares issued (in shares) | 93,717 | 97,698 |
Common stock, shares outstanding (in shares) | 93,717 | 97,698 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues | $405,542 | $409,760 | $1,229,683 | $1,157,222 |
Cost of services (excluding depreciation and amortization shown below) | 213,789 | 213,008 | 651,150 | 616,397 |
Selling, General and Administrative Expense | 90,042 | 102,333 | 283,523 | 273,220 |
Depreciation and amortization | 29,695 | 33,037 | 99,333 | 93,434 |
Total operating expenses | 333,526 | 348,378 | 1,034,006 | 983,051 |
Income from continuing operations | 72,016 | 61,382 | 195,677 | 174,171 |
Interest expense: | ||||
Interest income | 1,040 | 800 | 2,495 | 2,262 |
Interest expense | 12,552 | 13,525 | 37,365 | 42,463 |
Total interest expense, net | -11,512 | -12,725 | -34,870 | -40,201 |
Gain/(loss) on investments and other, net | 7,627 | -4,254 | 10,825 | -3,865 |
Income from continuing operations before equity in earnings of affiliates and income taxes | 68,131 | 44,403 | 171,632 | 130,105 |
Provision for income taxes | 23,848 | 16,406 | 66,423 | 53,222 |
Income from continuing operations before equity in earnings of affiliates | 44,283 | 27,997 | 105,209 | 76,883 |
Equity in earnings of affiliates, net of tax | 5,716 | 8,166 | 23,848 | 29,381 |
Net income from continuing operations | 49,999 | 36,163 | 129,057 | 106,264 |
Loss from discontinued operations, net of tax | -1,240 | -10,157 | -3,205 | -18,142 |
Less: (Loss)/gain from sale of discontinued operations, net of tax | -5,052 | 12,264 | -5,052 | 9,277 |
Net income/(loss) | 43,707 | 38,270 | 120,800 | 97,399 |
Less: Net income/(loss) attributable to noncontrolling interests | 45 | -50 | 19 | -209 |
Net income attributable to CoreLogic | 43,662 | 38,320 | 120,781 | 97,608 |
Amounts attributable to Corelogic stockholders: | ||||
Net income/(loss) from continuing operations | 49,954 | 36,213 | 129,038 | 106,473 |
Loss from discontinued operations, net of tax | -1,240 | -10,157 | -3,205 | -18,142 |
Net income/(loss) attributable to CoreLogic | $43,662 | $38,320 | $120,781 | $97,608 |
Basic income/(loss) per share: | ||||
Net income/(loss) from continuing operations | $0.53 | $0.36 | $1.35 | $1.02 |
Loss from discontinued operations, net of tax | ($0.01) | ($0.10) | ($0.03) | ($0.17) |
Gain from sale of discontinued operations, net of tax | ($0.05) | $0.12 | ($0.05) | $0.09 |
Net income/(loss) attributable to Corelogic | $0.47 | $0.38 | $1.27 | $0.94 |
Diluted income/(loss) per share: | ||||
Net income/(loss) from continuing operations | $0.52 | $0.35 | $1.32 | $1.01 |
Loss from discontinued operations, net of tax | ($0.01) | ($0.10) | ($0.03) | ($0.17) |
Gain from sale of discontinued operations, net of tax | ($0.05) | $0.12 | ($0.05) | $0.09 |
Net income/(loss) attributable to Corelogic | $0.46 | $0.37 | $1.24 | $0.93 |
Weighted-average common shares outstanding: | ||||
Basic | 94,773 | 101,650 | 95,802 | 104,713 |
Diluted | 96,793 | 103,113 | 97,672 | 105,686 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $43,707 | $38,270 | $120,800 | $97,399 |
Other comprehensive income/(loss): | ||||
Unrealized (loss)/gain on marketable securities, net of tax | -336 | -419 | -175 | 680 |
Unrealized gain/(loss) on interest rate swap, net of tax | 100 | |||
Foreign currency translation adjustments | 7,644 | 5,163 | -32,289 | 6,178 |
Supplemental benefit plans gain adjustment, net of tax | 28 | 12 | 80 | 36 |
Total other comprehensive income/(loss) | 7,345 | 4,264 | -31,127 | 5,637 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 51,052 | 42,534 | 89,673 | 103,036 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 45 | -50 | 19 | -209 |
Comprehensive income attributable to CoreLogic | 51,007 | 42,584 | 89,654 | 103,245 |
Interest Rate Swap [Member] | ||||
Other comprehensive income/(loss): | ||||
Unrealized gain/(loss) on interest rate swap, net of tax | $9 | ($492) | $1,257 | ($1,257) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income/(loss) | $120,800 | $97,399 |
Less: Loss from discontinued operations, net of tax | -3,205 | -18,142 |
Less: (Loss)/gain from sale of discontinued operations, net of tax | -5,052 | 9,277 |
Net income from continuing operations | 129,057 | 106,264 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization | 99,333 | 93,434 |
Provision for bad debt and claim losses | 9,582 | 16,447 |
Share-based compensation | 20,810 | 16,211 |
Tax benefit related to stock options | -2,895 | -643 |
Equity in earnings of affiliates, net of taxes | -23,848 | -29,381 |
Loss on sale of property and equipment | 0 | 933 |
Loss on early extinguishment of debt | 0 | 326 |
Deferred income tax | 3,875 | 5,538 |
(Loss)/gain on investment and other, net | -10,825 | 3,865 |
Change in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | -9,158 | -46,358 |
Prepaid expenses and other current assets | -2,687 | -326 |
Accounts payable and accrued expenses | -11,187 | 31,725 |
Deferred revenue | 43,610 | -3,667 |
Income taxes | 13,853 | 24,683 |
Dividends received from investments in affiliates | 30,062 | 46,265 |
Other assets and other liabilities | -24,466 | -6,527 |
Net cash provided by operating activities - continuing operations | 265,116 | 258,789 |
Net cash provided by operating activities - discontinued operations | -2,408 | 9,684 |
Total cash provided by operating activities | 262,708 | 268,473 |
Cash flows from investing activities: | ||
Purchases of capitalized data and other intangible assets | -28,795 | -24,054 |
Purchases of property and equipment | -51,956 | -38,753 |
Cash paid for acquisitions, net of cash acquired | -70,904 | 111 |
Purchases of investments | -2,351 | 0 |
Proceeds from sale of subsidiary and other decreases in noncontrolling interest, net | 800 | 10,000 |
Proceeds from sale of property and equipment | 0 | 1,852 |
Proceeds from sale of investments | 0 | 8,000 |
Change in restricted cash | 5,728 | 122 |
Net cash used in investing activities - continuing operations | -147,478 | -42,722 |
Net cash used in investing activities - discontinued operations | 2,152 | -1,512 |
Total cash used in investing activities | -145,326 | -44,234 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 1,075 | 0 |
Repayment of long-term debt | -4,516 | -114,365 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | 9,624 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -6,893 | -3,015 |
Shares repurchased and retired | -133,565 | -226,629 |
Distribution to noncontrolling interests | 0 | -10 |
Tax benefit related to stock options | 2,895 | 643 |
Net cash used in financing activities - continuing operations | -129,342 | -333,752 |
Net cash provided by financing activities - discontinued operations | 0 | 3 |
Total cash used in financing activities | -129,342 | -333,749 |
Effect of exchange rate on cash | -1,341 | 0 |
Net increase in cash and cash equivalents | -13,301 | -109,510 |
Cash and cash equivalents at beginning of period | 148,858 | 259,266 |
Less: Change in cash and cash equivalents - discontinued operations | -256 | 8,175 |
Plus: Cash swept (to)/from discontinued operations | -256 | 12,971 |
Cash and cash equivalents at end of period | 135,557 | 154,552 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 26,557 | 31,853 |
Cash paid for income taxes | 62,188 | 39,029 |
Cash refunds from income taxes | $13,830 | $15,639 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2012 | $1,170,946 | $1 | $866,720 | $318,094 | ($15,514) | $1,645 |
Beginning Balance, Shares at Dec. 31, 2012 | 97,698,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income/(loss) | 120,781 | 120,781 | -26 | |||
Net Income Sse | 120,755 | |||||
Shares issued in connection with share-based compensation (shares) | 1,019,000 | |||||
Shares issued in connection with share-based compensation (value) | 11,662 | 11,662 | ||||
Tax withholdings related to net share settlements of restricted stock units | -6,893 | -6,893 | ||||
Share-based compensation | 20,810 | 20,810 | ||||
Shares repurchased and retired (shares) | -5,000,000 | |||||
Shares repurchased and retired (value) | -133,565 | -133,565 | ||||
Sale Of Subsidiary Shares To Noncontrolling Interests | -1,619 | -1,619 | ||||
Other comprehensive income | -31,127 | -31,127 | ||||
Ending Balance at Sep. 30, 2013 | $1,150,969 | $1 | $758,734 | $438,875 | ($46,641) | $0 |
Ending Balance, Shares at Sep. 30, 2013 | 93,717,000 | 93,717,000 |
Basis_of_Condensed_Consolidate
Basis of Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Condensed Consolidated Financial Statements | Basis of Condensed Consolidated Financial Statements |
CoreLogic, Inc., together with its subsidiaries (collectively "we", "us" or "our"), is a leading property information, analytics and services provider in the United States and Australia. The markets we serve include real estate and mortgage finance, insurance, capital markets, transportation and government. Our clients rely on our data and predictive decision analytics to help identify and manage growth opportunities, improve performance and mitigate risk. We are also a party to several joint ventures that provide products used in connection with loan originations, including title insurance, appraisal services and other settlement services. These joint ventures are reflected as investments in affiliates on our consolidated balance sheets and our share of the income is reflected as equity in earnings of affiliates in our consolidated statements of income. | |
Our condensed consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) including the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The 2012 year-end condensed consolidated balance sheet was derived from audited financial statements. The principles for interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2012, as amended. | |
The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods. | |
Customer Concentration | |
Wells Fargo, N.A. accounted for operating revenues of 9.9% and 15.3% for the three months ended September 30, 2013 and 2012, respectively, and 10.7% and 11.6% for the nine months ended September 30, 2013 and 2012, respectively. No other customer accounted for 10% or more of our operating revenues. | |
Revisions | |
The consolidated income statements for the three and nine months ended September 30, 2012 included within Note 18 - Guarantor Subsidiaries have been revised to correct the presentation of intercompany revenues and expenses and noncontrolling interests. See further discussion in Note 18 - Guarantor Subsidiaries. We assessed the materiality of these revisions on our prior period financial statements in accordance with the SEC's Staff Accounting Bulletin ("SAB") No. 99 and SAB No. 108, and concluded they were not material to the results of operations, cash flows or financial condition for the current and prior annual or interim period. | |
Escrow Administration Arrangements | |
We administer escrow deposits as a service to our customers in connection with our tax services business. These deposits are maintained in segregated accounts for the benefit of our customers. Escrow deposits totaled $946.7 million as of September 30, 2013 and $228.9 million as of December 31, 2012. Because these deposits are held on behalf of our customers, they are not our funds and, therefore, are not included in the accompanying consolidated balance sheets. | |
Escrow deposits are generally held by the Company for a period of two to five business days and we typically either receive earnings credits or earn interest income from these funds through a highly-rated, liquid investment, such as bank deposit products. We bear the risk of any losses on any such investment. However, we have not historically incurred any investment losses and do not anticipate incurring any future investment losses. As a result, we do not maintain any reserves for losses in value of these investments. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued updated guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss (“NOL”), a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset (“DTA”) for a NOL carryforward, a similar tax loss, or a tax credit carryforward. However, to the extent a NOL carryforward, similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction and the entity does not intend to use the DTA for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability. The updated guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2013. Management does not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
In July 2013, the FASB issued updated guidance permitting the use of the Overnight Index Swap Rate (“OIS”), to be used as a U.S. benchmark interest rate for hedge accounting in addition to the current interest rates allowed to be used. The updated guidance is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. Management does not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
In March 2013, the FASB issued updated guidance related to release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. This update clarifies that the release of cumulative translation adjustments into net income is required for both an entity ceasing to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity and when there is a loss of a controlling financial interest in a foreign entity or a step acquisition involving an equity method investment that is a foreign entity. The updated guidance is effective for annual and interim periods beginning after December 15, 2013. Management does not expect the adoption of this guidance to have a material impact on our consolidated financial statements. | |
In December 2011 and January 2013, the FASB issued updated guidance related to the presentation of offsetting (netting) assets and liabilities in the financial statements. The guidance requires the disclosure of both gross information and net information on instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. The updated guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Adoption of this guidance did not have a material impact on our consolidated financial statements. |
Investments_in_Affiliates
Investments in Affiliates | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||
Investments in Affiliates | Investment in Affiliates, net | |||||||||||||||
Investments in affiliates are accounted for under the equity method of accounting as we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment. We recorded equity in earnings of affiliates, net of tax of $5.7 million and $8.2 million for the three months ended September 30, 2013 and 2012, respectively, and $23.8 million and $29.4 million for the nine months ended September 30, 2013 and 2012, respectively. Income tax expense of $3.5 million and $5.2 million was recorded on these earnings for the three months ended September 30, 2013 and 2012, respectively, and $14.8 million and $18.7 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
One of our subsidiaries owns a 50.1% interest in RELS LLC ("RELS"), a joint venture that provides products and services used in connection with loan originations. This investment in affiliate contributed 75.8% and 78.0% of our total equity in earnings of affiliates, net of tax, for the three months ended September 30, 2013 and 2012, respectively, and 73.0% and 74.6% for the nine months ended September 30, 2013 and 2012, respectively. In February 2013, RELS sold its ownership in RESDirect, LLC ("RESDirect") to us for $4.0 million. See Note 13 - Acquisitions for additional information. Based on the terms and conditions of the RELS joint venture agreement, we have significant influence over but do not have control of, nor a majority voting interest in, the joint venture. Accordingly, this investment is accounted for under the equity method. Summarized financial information for this investment (assuming a 100% ownership interest) is as follows: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Statements of income | ||||||||||||||||
Total revenues | $ | 79,373 | $ | 112,887 | $ | 288,062 | $ | 332,601 | ||||||||
Expenses and other | 64,849 | 91,635 | 229,788 | 266,433 | ||||||||||||
Income from continuing operations before income taxes | $ | 14,524 | $ | 21,252 | $ | 58,274 | $ | 66,168 | ||||||||
Income from continuing operations, net of tax | 14,422 | 21,185 | 57,901 | 65,894 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | 7,050 | ||||||||||||
Net income attributable to RELS LLC | $ | 14,422 | $ | 21,185 | $ | 57,901 | $ | 72,944 | ||||||||
CoreLogic equity in earnings of affiliate, pre-tax | $ | 7,225 | $ | 10,614 | $ | 29,008 | $ | 36,545 | ||||||||
In September 2013, we acquired an additional 10% interest in PropertyIQ Ltd. ("PIQ"), a New Zealand joint venture, resulting in a 60% controlling interest. As we previously held a noncontrolling interest in PIQ, we recorded a gain of approximately $6.6 million during the third quarter of 2013, which is included in gain/(loss) on investments and other, net in the accompanying condensed consolidated statement of income. Prior to our acquisition of the controlling interest, we accounted for the investment in PIQ using the equity method. See Note 13 - Acquisitions for additional information. |
Marketable_Securities
Marketable Securities | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Investments, Debt and Equity Securities [Abstract] | ||||
Marketable Securities | Marketable Securities | |||
Our marketable securities consist primarily of investments in preferred stock of $21.9 million and $22.2 million as of September 30, 2013 and December 31, 2012, respectively. We classify our marketable securities as available-for-sale and carry them at fair value with unrealized gains or losses classified as a component of accumulated other comprehensive income. There were no gains or losses recognized on sales of marketable securities for the three and nine months ended September 30, 2013 and 2012. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment, Net | Property and Equipment, Net | |||||||
Property and equipment, net as of September 30, 2013 and December 31, 2012 consists of the following: | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Land | $ | 4,000 | $ | 4,000 | ||||
Buildings | 10,780 | 10,780 | ||||||
Furniture and equipment | 94,666 | 89,870 | ||||||
Capitalized software | 511,763 | 470,469 | ||||||
Leasehold improvements | 48,421 | 47,879 | ||||||
669,630 | 622,998 | |||||||
Less accumulated depreciation | (475,655 | ) | (436,381 | ) | ||||
Property and equipment, net | $ | 193,975 | $ | 186,617 | ||||
Depreciation expense for property and equipment was approximately $13.0 million and $19.0 million for the three months ended September 30, 2013 and 2012, respectively, and $50.5 million and $52.5 million for the nine months ended September 30, 2013 and 2012, respectively. See Note 10 - Fair Value of Financial Instruments for further discussion on property and equipment, net measured at fair value on a nonrecurring basis. |
Goodwill
Goodwill | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill | Goodwill, net | |||||||||||||||
A reconciliation of the changes in the carrying amount of goodwill and accumulated impairment losses, by reporting unit, for the nine months ended September 30, 2013, is as follows: | ||||||||||||||||
(in thousands) | Data and | Mortgage Origination Services | Asset Management and Processing Solutions | Consolidated | ||||||||||||
Analytics | ||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Goodwill | $ | 708,577 | $ | 653,771 | $ | 149,409 | $ | 1,511,757 | ||||||||
Accumulated impairment losses | (600 | ) | (6,925 | ) | — | (7,525 | ) | |||||||||
Goodwill, net | 707,977 | 646,846 | 149,409 | 1,504,232 | ||||||||||||
Acquisitions | 16,054 | 28,942 | — | 44,996 | ||||||||||||
Translation adjustments | (14,459 | ) | — | — | (14,459 | ) | ||||||||||
Other | 197 | — | — | 197 | ||||||||||||
Balance as of September 30, 2013 | ||||||||||||||||
Goodwill, net | $ | 709,769 | $ | 675,788 | $ | 149,409 | $ | 1,534,966 | ||||||||
For the nine months ended September 30, 2013, we recorded $0.6 million of goodwill in connection with our acquisition of Fiserv CSW, LLC (n/k/a CoreLogic Case-Shiller, LLC) ("Case-Shiller") and $15.5 million in connection with our acquisition of the controlling interest in PIQ within the data and analytics reporting unit. We recorded $28.9 million in connection with our acquisition of Bank of America's flood zone determination and tax processing services operations within the mortgage origination services reporting unit. |
Other_Intangible_Assets_Net
Other Intangible Assets, Net | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Other Intangible Assets, Net | Other Intangible Assets, net | |||||||||||||||||||||||
Other intangible assets consist of the following: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Customer lists | $ | 320,432 | $ | (159,669 | ) | $ | 160,763 | $ | 286,164 | $ | (137,782 | ) | $ | 148,382 | ||||||||||
Non-compete agreements | 9,156 | (6,331 | ) | 2,825 | 9,264 | (5,438 | ) | 3,826 | ||||||||||||||||
Trade names and licenses | 30,867 | (10,476 | ) | 20,391 | 27,853 | (8,477 | ) | 19,376 | ||||||||||||||||
$ | 360,455 | $ | (176,476 | ) | $ | 183,979 | $ | 323,281 | $ | (151,697 | ) | $ | 171,584 | |||||||||||
Amortization expense for other intangible assets was $9.1 million and $7.1 million for the three months ended September 30, 2013 and 2012, respectively, and $26.3 million and $20.5 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Estimated amortization expense for other intangible assets anticipated for the next five years is as follows: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remainder of 2013 | $ | 8,037 | ||||||||||||||||||||||
2014 | 30,385 | |||||||||||||||||||||||
2015 | 28,796 | |||||||||||||||||||||||
2016 | 22,667 | |||||||||||||||||||||||
2017 | 20,360 | |||||||||||||||||||||||
Thereafter | 73,734 | |||||||||||||||||||||||
$ | 183,979 | |||||||||||||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Our long-term debt consists of the following: | |||||||||
September 30, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Acquisition-related note: | |||||||||
Non-interest bearing acquisition note due in $5.0 million installments March 2014 and 2016 | $ | 9,143 | $ | 8,753 | |||||
Notes: | |||||||||
7.25% senior notes due June 2021 | 393,000 | 393,000 | |||||||
5.7% senior debentures due August 2014 | 825 | 825 | |||||||
7.55% senior debentures due April 2028 | 59,645 | 59,645 | |||||||
Bank debt: | |||||||||
Revolving line of credit borrowings due May 2016, weighted average interest rate of 1.9% at September 30, 2013 and December 31, 2012 | 50,000 | 50,000 | |||||||
Term loan facility borrowings through May 2016, weighted average interest rate of 2.9% at September 30, 2013 and 4.0% at December 31, 2012 | 275,625 | 280,000 | |||||||
Other debt: | |||||||||
Various interest rates with maturities through 2017 | 1,137 | 203 | |||||||
Total long-term debt | 789,375 | 792,426 | |||||||
Less current portion of long-term debt | 6,095 | 102 | |||||||
Long-term debt, net of current portion | $ | 783,280 | $ | 792,324 | |||||
Senior Notes | |||||||||
On May 20, 2011, we issued $400.0 million aggregate principal amount of 7.25% senior notes due 2021 (the "Notes"). Separate financial statements for each guarantor subsidiary are not included in this filing because each guarantor subsidiary is 100% owned and the guarantees of the Notes are joint and several and full and unconditional. The combined accounts of the guarantor subsidiaries, the combined accounts of the non-guarantor subsidiaries, the combined consolidating adjustments and eliminations and the consolidated accounts for CoreLogic, Inc. (the "Parent") for the dates and periods indicated are included in Note 18 - Guarantor Subsidiaries. The guarantees are subject to release under certain customary circumstances. The indenture governing the notes provides that the guarantees may be automatically and unconditionally released only upon the following circumstances: 1) the guarantor is sold or sells all of its assets in compliance with the terms of the indenture; 2) the guarantor is released from its guarantee obligations under the credit agreement; 3) the guarantor is properly designated as an “unrestricted subsidiary”; and 4) the requirements for legal or covenant defeasance or satisfaction and discharge have been satisfied. The maximum potential amounts that could be required to be paid under the guarantees are essentially equal to the outstanding principal and interest under the Notes. There are no significant restrictions on the ability of the Parent or any guarantor subsidiary to obtain funds from its subsidiaries by dividend or loan. The Notes bear interest at 7.25% per annum and mature on June 1, 2021. Interest is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2011. As of September 30, 2013, we were in compliance with all of our covenants under the indenture. | |||||||||
Existing Credit Agreement | |||||||||
On May 23, 2011, the Company, CoreLogic Australia Pty Limited and the guarantors named therein entered into a senior secured credit facility agreement (the "Credit Agreement") with Bank of America, N.A. as administrative agent and other financial institutions. The Credit Agreement provides for a $350.0 million five-year term loan facility (the "Term Facility") and a $550.0 million revolving credit facility (the "Revolving Facility"). The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to increase the Term Facility and Revolving Facility commitments provided that the total credit exposure under the Credit Agreement does not exceed $1.4 billion in the aggregate. For the nine months ended September 30, 2013, we prepaid $4.4 million of outstanding indebtedness under the Term Facility. This prepayment was applied to the most current portion of the term loan amortization schedule. As of September 30, 2013, we were in compliance with all of our covenants under the Credit Agreement. | |||||||||
As of September 30, 2013 and December 31, 2012, we have recorded $12.1 million and $4.1 million, respectively, of accrued interest expense. | |||||||||
Contingent Credit Agreement | |||||||||
On June 30, 2013, we entered into an agreement to acquire Marshall & Swift/Boeckh ("MSB"), a provider of residential and commercial property valuation solutions, DataQuick Information Systems, a property data and analytics information company, and the credit and flood services operations of DataQuick Lender Solutions from the Decision Insight Information Group (together known as "DataQuick"). The closing of the transaction is conditioned upon customary closing conditions, including the expiration or termination of the waiting period of the Hart-Scott-Rodino Antitrust Improvements Act of 1976. | |||||||||
In September 2013, we entered into a contingent senior secured credit facility (the "Contingent Credit Agreement") with Bank of America, N.A. as administrative agent and other financial institutions. The Contingent Credit Agreement provides for a $850.0 million five-year term loan facility (the "Contingent Term Facility") and a $550.0 million revolving credit facility (the "Contingent Revolving Facility"). The Contingent Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. Our ability to initially borrow under the Contingent Credit Agreement remains subject to the satisfaction of certain customary closing conditions, including the consummation of the MSB and DataQuick acquisition and the termination of our existing credit agreement, dated as of May 23, 2011. The Contingent Credit Agreement will terminate on December 31, 2013 if these conditions have not been satisfied on or prior to such date (or on March 31, 2014 if the termination date of the MSB and DataQuick acquisition is extended). | |||||||||
Acquisition-Related Notes | |||||||||
In March 2011, we entered into a settlement services joint venture with Speedy Title & Appraisal Review Services LLC ("STARS"). Our initial investment in STARS was $20.0 million and we also issued a note payable for an additional $15.0 million of consideration, which is non-interest bearing and due in three equal installments. As of September 30, 2013, the discounted balance outstanding under the note was $9.1 million. | |||||||||
Interest Rate Swaps | |||||||||
In June 2011, we entered into amortizing interest rate swap transactions (“Swaps”) with a termination date of May 2016. The Swaps had an initial notional value of $200.0 million, with a fixed interest rate of 1.73% and amortize quarterly by $2.5 million through September 30, 2013, $5.0 million from October 1, 2013 through September 30, 2014 and $7.5 million from October 1, 2014 through May 16, 2016, with a notional amount of $107.5 million. | |||||||||
We entered into the Swaps in order to convert a portion of our interest rate exposure on the Term Facility floating rate borrowings from variable to fixed. We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges resulted in a liability of $4.5 million and $6.5 million at September 30, 2013 and December 31, 2012, respectively, which is included in the accompanying condensed consolidated balance sheets as a component of other liabilities. | |||||||||
Unrealized gains of less than $0.1 million (net of less than $0.1 million in deferred taxes) and unrealized losses of $0.5 million (net of $0.3 million in deferred taxes) were recognized in other comprehensive income/(loss) related to the Swaps for the three months ended September 30, 2013 and 2012, respectively. In addition, unrealized gains of $1.3 million (net of $0.8 million in deferred taxes) and unrealized losses of $1.3 million (net of $0.8 million in deferred taxes) were recognized in other comprehensive income/(loss) related to the Swaps for the nine months ended September 30, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The effective income tax rate (provision for income taxes as a percentage of income from continuing operations before equity in earnings of affiliates and income taxes) was 35.0% and 36.9% for the three months ended September 30, 2013 and 2012, respectively, and 38.7% and 40.9% for the nine months ended September 30, 2013 and 2012, respectively. The change in the effective rate is primarily attributable to the impact of the effective state tax rate and research and development tax credits. | |
Income taxes included in equity in earnings of affiliates were $3.5 million and $5.2 million for the three months ended September 30, 2013 and 2012, respectively, and $14.8 million and $18.7 million for the nine months ended September 30, 2013 and 2012, respectively. For the purpose of segment reporting, these amounts are not reflected at the segment level but are recorded within corporate. | |
It is reasonably possible that the amount of the unrecognized benefit with respect to certain unrecognized tax positions could significantly increase or decrease within the next 12 months. These changes may be the result of items such as ongoing audits, competent authority proceedings related to transfer pricing, or the expiration of federal and state statutes of limitation for the assessment of taxes. The Company is currently under examination for tax years 2006 through 2011 by the U.S. and various state taxing authorities. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||
The following is a reconciliation of net income per share, using the treasury-stock method: | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Numerator for basic and diluted net income/(loss) per share: | ||||||||||||||||
Net income from continuing operations | $ | 49,954 | $ | 36,213 | $ | 129,038 | $ | 106,473 | ||||||||
Loss from discontinued operations, net of tax | (1,240 | ) | (10,157 | ) | (3,205 | ) | (18,142 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (5,052 | ) | 12,264 | (5,052 | ) | 9,277 | ||||||||||
Net income attributable to CoreLogic | $ | 43,662 | $ | 38,320 | $ | 120,781 | $ | 97,608 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares for basic income/(loss) per share | 94,773 | 101,650 | 95,802 | 104,713 | ||||||||||||
Dilutive effect of stock options and restricted stock units | 2,020 | 1,463 | 1,870 | 973 | ||||||||||||
Weighted-average shares for diluted income/(loss) per share | 96,793 | 103,113 | 97,672 | 105,686 | ||||||||||||
Income/(loss) per share | ||||||||||||||||
Basic: | ||||||||||||||||
Net income from continuing operations | $ | 0.53 | $ | 0.36 | $ | 1.35 | $ | 1.02 | ||||||||
Loss from discontinued operations, net of tax | (0.01 | ) | (0.10 | ) | (0.03 | ) | (0.17 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (0.05 | ) | 0.12 | (0.05 | ) | 0.09 | ||||||||||
Net income attributable to CoreLogic | $ | 0.47 | $ | 0.38 | $ | 1.27 | $ | 0.94 | ||||||||
Diluted: | ||||||||||||||||
Net income from continuing operations | $ | 0.52 | $ | 0.35 | $ | 1.32 | $ | 1.01 | ||||||||
Loss from discontinued operations, net of tax | (0.01 | ) | (0.10 | ) | (0.03 | ) | (0.17 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (0.05 | ) | 0.12 | (0.05 | ) | 0.09 | ||||||||||
Net income attributable to CoreLogic | $ | 0.46 | $ | 0.37 | $ | 1.24 | $ | 0.93 | ||||||||
For the three months ended September 30, 2013 and 2012, 0.6 million stock options and restricted stock units ("RSUs") and 1.0 million stock options, respectively, were excluded from the weighted average diluted common shares outstanding due to their antidilutive effect. For the nine months ended September 30, 2013 and 2012, 0.8 million and 3.7 million stock options, RSUs and performance-based restricted stock units ("PBRSUs"), respectively, were excluded from the weighted average diluted common shares outstanding due to their antidilutive effect. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||||||
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. | ||||||||||||||||||||
The market approach is applied for recurring fair value measurements and endeavors to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value balances are classified based on the observability of those inputs. | ||||||||||||||||||||
A fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Level 2 measurements utilize observable inputs in markets other than active markets. | ||||||||||||||||||||
In estimating the fair value of the financial instruments presented, we used the following methods and assumptions: | ||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||
For cash and cash equivalents, we believe that the carrying value is a reasonable estimate of fair value due to the short-term nature of the instruments. | ||||||||||||||||||||
Restricted cash | ||||||||||||||||||||
Restricted cash is comprised of certificates of deposit that are pledged for various letters of credit secured by the Company. We deem the carrying value to be a reasonable estimate of fair value due to the nature of these instruments. | ||||||||||||||||||||
Marketable securities | ||||||||||||||||||||
Equity securities are classified as available-for-sale securities and are valued using quoted prices in active markets. | ||||||||||||||||||||
Long-term debt | ||||||||||||||||||||
The fair value of long-term debt was estimated based on the current rates available to us for similar debt of the same remaining maturities and consideration of our default and credit risk. | ||||||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||
The fair value of the interest rate swap agreements were estimated based on market value quotes received from the counter parties to the agreements. | ||||||||||||||||||||
The fair values of our financial instruments as of September 30, 2013 are presented in the following table: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Fair Value | |||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 135,557 | $ | — | $ | 135,557 | ||||||||||||||
Restricted cash | — | 16,390 | 16,390 | |||||||||||||||||
Equity securities | 21,885 | — | 21,885 | |||||||||||||||||
Total Financial Assets | $ | 157,442 | $ | 16,390 | $ | 173,832 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total debt | — | 824,099 | 824,099 | |||||||||||||||||
Total Financial Liabilities | $ | — | $ | 824,099 | $ | 824,099 | ||||||||||||||
Derivatives: | ||||||||||||||||||||
Liability for interest rate swap agreements | $ | — | $ | 4,455 | $ | 4,455 | ||||||||||||||
The fair values of our financial instruments as of December 31, 2012 are presented in the following table: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Fair Value | |||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 148,858 | $ | — | $ | 148,858 | ||||||||||||||
Restricted cash | — | 22,117 | 22,117 | |||||||||||||||||
Equity securities | 22,168 | — | 22,168 | |||||||||||||||||
Total Financial Assets | $ | 171,026 | $ | 22,117 | $ | 193,143 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total debt | — | 899,258 | 899,258 | |||||||||||||||||
Total Financial Liabilities | $ | — | $ | 899,258 | $ | 899,258 | ||||||||||||||
Derivatives: | ||||||||||||||||||||
Liability for interest rate swap agreements | $ | — | $ | 6,486 | $ | 6,486 | ||||||||||||||
The following non-financial instruments were measured at fair value, on a nonrecurring basis, as of September 30, 2013 and impairment losses for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Fair Value Measurements Using | Impairment Losses | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | For the three months ended September 30, 2013 | For the nine months ended September 30, 2013 | ||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | — | $ | — | $ | 1,721 | ||||||||||
The following non-financial instruments were measured at fair value, on a nonrecurring basis, as of December 31, 2012 and impairment losses for the three and nine months ended September 30, 2012: | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Fair Value Measurements Using | Impairment Losses | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | For the three months ended September 30, 2012 | For the nine months ended September 30, 2012 | ||||||||||||||||
Assets of discontinued operations | $ | 794 | $ | — | $ | — | $ | — | $ | 15,700 | ||||||||||
Property and equipment, net | — | — | — | 8,708 | 13,744 | |||||||||||||||
Investment in affiliates, net | — | — | — | — | 1,246 | |||||||||||||||
$ | 794 | $ | — | $ | — | $ | 8,708 | $ | 30,690 | |||||||||||
We recorded non-cash impairment charges of $15.7 million for the nine months ended September 30, 2012 in our assets of discontinued operations primarily due to the disposition or wind down of our discontinued operations. See Note 15 - Discontinued Operations for further discussion. In addition, we recorded non-cash impairment charges of $8.7 million for the three months ended September 30, 2012 and $1.7 million and $13.7 million for the nine months ended September 30, 2013 and 2012, respectively, in our property and equipment, net primarily related to internally developed software. Finally, we recorded non-cash impairment charges of $1.2 million for the three and nine months ended September 30, 2012 in our investment in affiliates, net due to other than temporary loss in value from the absence of an ability to recover the carrying amount of the investment from the under-performance of an investment in affiliate and continued changes in regulatory environment. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||
We currently issue equity awards under the CoreLogic, Inc. 2011 Performance Incentive Plan (the “Plan”) which was approved by our stockholders at our Annual Meeting held on May 19, 2011. The Plan permits the grant of RSUs, PBRSUs, stock options, stock appreciation rights, stock bonuses and other forms of awards granted or denominated in our common stock, as well as cash bonus awards. The Plan was adopted, in part, to make an additional 18,000,000 shares of the Company's common stock available for award grants, so we have sufficient authority and flexibility to adequately provide for future incentives. Prior to the approval of the Plan, we issued share-based awards under the CoreLogic, Inc. 2006 Incentive Plan (the “2006 Plan”). | ||||||||||||||||
We primarily utilize RSUs, PBRSUs and stock options as our share-based compensation instruments for employees and directors. The fair value of any share-based compensation instrument grant is based on the market value of our shares on the date of grant and is recognized as compensation expense over its vesting period. | ||||||||||||||||
Restricted Stock Units | ||||||||||||||||
For the nine months ended September 30, 2013 and 2012, we awarded 703,828 and 732,820 RSUs, respectively, with an estimated grant date fair value of $18.3 million and $12.2 million, respectively. The RSU awards will vest ratably over three years. | ||||||||||||||||
RSU activity for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||
Number of | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant-Date | ||||||||||||||||
(in thousands, except weighted average fair value prices) | Shares | Fair Value | ||||||||||||||
Unvested RSUs outstanding at December 31, 2012 | 1,381 | $ | 17.5 | |||||||||||||
RSUs granted | 704 | $ | 26.02 | |||||||||||||
RSUs vested | (559 | ) | $ | 17.36 | ||||||||||||
RSUs forfeited | (87 | ) | $ | 19.09 | ||||||||||||
Unvested RSUs outstanding at September 30, 2013 | 1,439 | $ | 21.63 | |||||||||||||
As of September 30, 2013, there was $20.3 million of total unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.1 years. The fair value of RSUs is based on the market value of the Company’s common stock on the date of grant. | ||||||||||||||||
Performance-Based Restricted Stock Units | ||||||||||||||||
For the nine months ended September 30, 2013 and 2012, we awarded 408,344 and 345,348 PBRSUs, respectively, with an estimated grant date fair value of $10.6 million and $5.5 million, respectively. These awards could be subject to service-based, performance-based and market-based vesting. The performance period for the PBRSUs awarded during the nine months ended September 30, 2013 is from January 1, 2013 to December 31, 2015 and the performance metric is adjusted earnings per share and market-based conditions. Based on satisfaction of the performance criteria, the 2013 awards will vest on December 31, 2015. The fair values of the 2013 awards were estimated using Monte-Carlo simulation with the following weighted-average assumptions. | ||||||||||||||||
For the Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Expected dividend yield | — | % | ||||||||||||||
Risk-free interest rate (1) | 0.41 | % | ||||||||||||||
Expected volatility (2) | 29.87 | % | ||||||||||||||
Average total shareholder return (2) | 17.87 | % | ||||||||||||||
-1 | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||||||||||
-2 | The expected volatility and average total shareholder return is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. | |||||||||||||||
The performance period for the PBRSUs awarded during the nine months ended September 30, 2012 was from January 1, 2012 to December 31, 2012 and the performance metric was adjusted earnings per share. Based on achievement of the performance criteria, the 2012 awards were earned at 150% of target and will vest subject to continuation of employment until December 31, 2014. The fair value of the 2012 awards was based on the market value of the Company's common stock on the date of grant. | ||||||||||||||||
PBRSU activity for the nine months ended September 30, 2013, is as follows: | ||||||||||||||||
Number of | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant-Date | ||||||||||||||||
(in thousands, except weighted average fair value prices) | Shares | Fair Value | ||||||||||||||
Unvested PBRSUs outstanding at December 31, 2012 | 1,151 | $ | 17.21 | |||||||||||||
PBRSUs granted | 408 | $ | 25.97 | |||||||||||||
PBRSUs vested | (156 | ) | $ | 18.18 | ||||||||||||
PBRSUs forfeited | (138 | ) | $ | 18.26 | ||||||||||||
Unvested PBRSUs outstanding at September 30, 2013 | 1,265 | $ | 18.51 | |||||||||||||
As of September 30, 2013, there was $14.1 million of total unrecognized compensation cost related to unvested PBRSUs that is expected to be recognized over a weighted-average period of 1.8 years. The fair value of PBRSUs is based on the market value of the Company's common stock on the date of grant. | ||||||||||||||||
Stock Options | ||||||||||||||||
In 2013 and 2012, we issued stock options as incentive compensation for certain key employees. The exercise price of each stock option is the closing market price of our common stock on the date of grant. The 2013 and 2012 options will vest in three equal annual installments on the first, second and third anniversaries of grant and expire ten years after the grant date. The fair values of these stock options were estimated using the Black-Scholes valuation model with the following weighted-average assumptions: | ||||||||||||||||
For the Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Expected dividend yield | — | % | — | % | ||||||||||||
Risk-free interest rate (1) | 0.9 | % | 1 | % | ||||||||||||
Expected volatility (2) | 41.65 | % | 42.81 | % | ||||||||||||
Expected life (3) | 5.5 | 5.5 | ||||||||||||||
-1 | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||||||||||
-2 | The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data at the time of the grant. | |||||||||||||||
-3 | The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily on our historical data at the time of grant. | |||||||||||||||
For the nine months ended September 30, 2013 and 2012, we awarded 435,367 and 581,265 options, respectively, with an estimated fair value of $11.3 million and $9.3 million, respectively. Option activity for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||
(in thousands, except weighted average price) | Number of | Weighted | Weighted | Aggregate | ||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term | ||||||||||||||||
Options outstanding at December 31, 2012 | 3,765 | $ | 20.18 | |||||||||||||
Options granted | 435 | $ | 25.97 | |||||||||||||
Options exercised | (473 | ) | $ | 20.73 | ||||||||||||
Options canceled | (233 | ) | $ | 19.07 | ||||||||||||
Options outstanding at September 30, 2013 | 3,494 | $ | 20.9 | 5.2 | $ | 21,524 | ||||||||||
Options vested and expected to vest at September 30, 2013 | 3,422 | $ | 20.88 | 5.1 | $ | 21,129 | ||||||||||
Options exercisable at September 30, 2013 | 2,382 | $ | 21.26 | 3.8 | $ | 13,808 | ||||||||||
As of September 30, 2013, there was $5.6 million of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 1.9 years. | ||||||||||||||||
The intrinsic value of options exercised was $3.2 million and $2.7 million for the nine months ended September 30, 2013 and 2012, respectively. This intrinsic value represents the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price of each option. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
The employee stock purchase plan allows eligible employees to purchase our common stock at 85.0% of the closing price on the last day of each quarter. Our employee stock purchase plan was approved by our stockholders at our 2012 annual meeting of stockholders and the first offering period commenced in October 2012. We recognized an expense for the amount equal to the discount during the last offering period. | ||||||||||||||||
The following table sets forth the stock-based compensation expense recognized for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
RSUs | $ | 2,606 | $ | 2,108 | $ | 9,908 | $ | 6,896 | ||||||||
PBRSUs | 280 | 4,033 | 7,468 | 6,557 | ||||||||||||
Stock options | 857 | 1,039 | 2,985 | 2,758 | ||||||||||||
Employee stock purchase plan | 134 | — | 449 | — | ||||||||||||
$ | 3,877 | $ | 7,180 | $ | 20,810 | $ | 16,211 | |||||||||
Litigation_and_Regulatory_Cont
Litigation and Regulatory Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Litigation and Regulatory Contingencies |
We have been named in various lawsuits. Also, we may from time to time be subject to audit or investigation by governmental agencies. Currently, governmental agencies are auditing or investigating certain of our operations. | |
With respect to matters where we have determined that a loss is both probable and reasonably estimable, we have recorded a liability representing our best estimate of the financial exposure based on known facts. While the ultimate disposition of each such audit, investigation or lawsuit is not yet determinable, we do not believe that the ultimate resolution of these matters, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. In addition, we do not believe there is a reasonable possibility that a material loss exceeding amounts already accrued may have been incurred. We record expenses for legal fees as incurred. | |
FDIC | |
On May 9, 2011, the Federal Deposit Insurance Corporation (the “FDIC”), as Receiver of Washington Mutual Bank (“WaMu”), filed a complaint in the United States District Court for the Central District of California (the “Court”) against CoreLogic Valuation Services, LLC (“CVS”), as successor to eAppraiseIT, LLC (“eAppraiseIT”) and several of its current and former affiliates. | |
The FDIC complaint alleged that eAppraiseIT was grossly negligent and breached its contract with WaMu in the provision of appraisal services in 2006 and 2007 relating to 194 residential mortgage loans. On November 14, 2011, the Court granted the defendants' motion to dismiss the FDIC's gross negligence, alter ego, single business enterprise and joint venture claims, and a portion of the breach of contract claim. On November 30, 2011, the FDIC filed its first amended complaint, alleging only breach of contract claims and naming only CVS and its parent CoreLogic Real Estate Solutions, LLC f/k/a First American Real Estate Solutions, LLC as defendants. The amended complaint sought to recover losses of at least $129.0 million that the FDIC alleges WaMu suffered on loans allegedly related to these appraisal services. On February 6, 2012, the Court granted the defendants' motion to dismiss the FDIC's $16.0 million breach of contract claim related to 26 appraisal services allegedly provided before the effective date of the WaMu - eAppraiseIT Agreement. On February 16, 2012, the FDIC filed a second amended complaint reasserting that claim. On April 25, 2012, the court granted the defendants' motion to dismiss that $16.0 million claim with prejudice. On December 4, 2012, the FDIC filed its third amended complaint further reducing the total number of transactions at issue to 160 and reducing the amount of its purported losses to at least $108.0 million. On June 20, 2013, the court dismissed 14 additional transactions with prejudice pursuant to a stipulation between the parties. As a result, the number of transactions at issue has been reduced to 146 and the amount of the FDIC's purported losses has been reduced to at least $98.9 million. | |
The defendants intend to defend against the remaining claims vigorously; however, they may not be successful. At this time, we cannot predict the ultimate outcome of this claim or the potential range of damages, if any. | |
RESPA Class Action | |
On February 8, 2008, a purported class action was filed in the United States District Court for the Northern District of California, San Jose Division, against WaMu and eAppraiseIT alleging breach of contract, unjust enrichment, and violations of the Real Estate Settlement Procedures Act (“RESPA”), the California Unfair Competition Law and the California Consumers Legal Remedies Act. The complaint alleged a conspiracy between WaMu and eAppraiseIT to allow WaMu to direct appraisers to artificially inflate appraisals in order to qualify higher value loans that WaMu could then sell in the secondary market. Plaintiffs subsequently voluntarily dismissed WaMu on March 9, 2009. On August 30, 2009, the court dismissed all claims against eAppraiseIT except the RESPA claim. | |
On July 2, 2010, the court denied plaintiff's first motion for class certification. On November 19, 2010, the plaintiffs filed a renewed motion for class certification. On April 25, 2012, the court granted plaintiffs' renewed motion and certified a nationwide class of all persons who, on or after June 1, 2006, received home loans from WaMu in connection with appraisals that were obtained through eAppraiseIT. On July 12, 2012, the Ninth Circuit Court of Appeals declined to review the class certification order. | |
CVS, as the successor to eAppraiseIT, intends to defend against this claim vigorously; however, it may not be successful. At this time we cannot predict the ultimate outcome of this claim or the potential range of damages, if any. | |
FCRA Class Action | |
On June 30, 2011, a purported class action was filed in the United States District Court for the Northern District of Illinois against our subsidiary Teletrack, Inc. ("Teletrack"). The complaint alleges that Teletrack has been furnishing consumer reports to third parties who did not have a permissible purpose to obtain them in violation of the Fair Credit Reporting Act, 15 U.S.C. §1681 et seq., and seeks to recover actual, punitive and statutory damages, as well as attorney's fees, litigation expenses and costs of suit. On September 20, 2011, Teletrack filed a motion to dismiss the complaint on grounds that the plaintiffs lacked standing. That motion was denied on March 7, 2012. Teletrack denied the allegations and has been defending against this claim vigorously. On March 27, 2013, the parties reached a settlement in principle that would dismiss all claims. On May 8, 2013, a formal settlement agreement was concluded and on May 17, 2013 all claims were dismissed, with the dismissal of the individual plaintiffs' claims being with prejudice. | |
Separation | |
Following the spin-off of our financial services businesses into a new, publicly-traded, New York Stock Exchange-listed company called First American Financial Corporation (“FAFC”) in June 2010 (the “Separation”), we are responsible for a portion of FAFC's contingent and other corporate liabilities. In the Separation and Distribution Agreement we entered into in connection with the Separation, we agreed with FAFC to share equally in the cost of resolution of a small number of corporate-level lawsuits, including certain consolidated securities litigation matters from which we have since been dropped. There were no liabilities incurred in connection with the consolidated securities matters. Responsibility to manage each case has been assigned to either FAFC or us, with the managing party required to update the other party regularly and consult with the other party prior to certain important decisions, such as settlement. The managing party will also have primary responsibility for determining the ultimate total liability, if any, related to the applicable case. We will record our share of any such liability when the responsible party determines a reserve is necessary in accordance with GAAP. At September 30, 2013, no reserves were considered necessary. | |
In addition, the Separation and Distribution Agreement provides for cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of FAC's financial services business with FAFC and financial responsibility for the obligations and liabilities of FAC's information solutions business with us. Specifically, each party will, and will cause its subsidiaries and affiliates to, indemnify, defend and hold harmless the other party, its respective affiliates and subsidiaries and each of its respective officers, directors, employees and agents for any losses arising out of or otherwise in connection with the liabilities each such party assumed or retained pursuant to the Separation and Distribution Agreement; and any breach by such party of the Separation and Distribution Agreement. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions |
In September 2013, we acquired an additional 10% interest in PIQ for NZD$3.3 million or $2.6 million, resulting in a 60% controlling interest. We previously held a noncontrolling interest in the entity and as a result of the purchase of the controlling interest, we recognized a gain of approximately $6.6 million, to reflect our existing ownership interest at fair value, which is included in gain/(loss) on investments and other, net in the accompanying condensed consolidated statements of income. PIQ is included as a component of the data and analytics segment. The purchase price was preliminarily allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis which included significant unobservables. The allocation of purchase price to property and equipment, intangible assets and goodwill is subject to change based in our final determination of fair value. We recorded preliminary property and equipment of $5.1 million with an estimated average life of 10 years, preliminary intangible assets of $10.0 million with an average life of 15 years and preliminary goodwill of $15.5 million. The business combination did not have a material impact on our consolidated financial statements. | |
In July 2013, we completed our acquisition of Bank of America's flood zone determination and tax processing services operations for $62.5 million which is included as a component of the mortgage origination services segment. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis which included significant unobservables. We recorded $31.1 million of customer lists with an estimated average life of 10 years, indefinite life capitalized data and database costs of $2.5 million and goodwill of $28.9 million. The business combination did not have a material impact on our consolidated financial statements. | |
In March 2013, we completed our acquisition of Case-Shiller for $6.0 million before working capital adjustments. Case-Shiller is included as a component of the data and analytics segment. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis which included significant unobservables. We recorded $1.8 million of customer lists with an estimated average life of 10 years, $3.0 million of tradenames with an estimated average life of 10 years and goodwill of $0.6 million. The business combination did not have a material impact on our consolidated financial statements. | |
In February 2013, we completed our acquisition of RESDirect for $4.0 million from RELS. See Note 2 - Investments in Affiliates, net. RESDirect is included as a component of the mortgage origination services segment. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis which included significant unobservables. We recorded $1.5 million of customer lists with an estimated average life of 3 years. The business combination did not have a material impact on our consolidated financial statements. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interest (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Text Block] | Redeemable Noncontrolling Interest |
Noncontrolling interests that are redeemable at the option of the holder are classified as redeemable noncontrolling interests in the mezzanine section of our condensed consolidated balance sheet between liabilities and stockholders’ equity. Redeemable noncontrolling interests are reported at their estimated redemption value in each reporting period, but not less than their initial fair value. Any adjustments to the redemption value impacts retained earnings. | |
In September 2013, we acquired an additional 10% interest in PIQ for NZD$3.3 million, or $2.6 million, resulting in a 60% controlling interest. In connection with the acquisition, the seller has the right to sell their remaining noncontrolling shares in PIQ to us (the "put") and we have the right to purchase the remaining noncontrolling interest in PIQ at fair value (the "call"). As the call and put do not represent separate assets or liabilities and the exercise of the put is outside of our control, the noncontrolling interest of NZD$13.2 million, or $10.2 million, was recorded on the date of acquisition as redeemable noncontrolling interest in the accompanying condensed consolidated balance sheet. For the three and nine months ended September 30, 2013, we recognized less than $0.1 million of net income in connection with the redeemable noncontrolling interest. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||||||||||
For the three and nine months ended September 30, 2013, we recorded a $5.1 million loss in the sale of discontinued operations, net related primarily with an estimated settlement of tax contingencies. | |||||||||||||||||||||
In September 2012, we completed the wind down of our 100% owned consumer services business. As of August 31, 2012, we completed the disposition of American Driving Records within our transportation services business. In the first quarter of 2012, we recorded a pre-tax write-down of the remaining goodwill of $13.9 million in our 100% owned appraisal management company based on valuation indicators from the disposal process. For the nine months ended September 30, 2012, we recorded a gain of $9.3 million on sale of discontinued operations, net. | |||||||||||||||||||||
Summarized below are certain assets and liabilities classified as discontinued operations as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
(in thousands) | Data and Analytics | Mortgage Origination Services | Asset Management and Processing | ||||||||||||||||||
As of September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Total assets | $ | 204 | $ | 251 | $ | 336 | $ | — | $ | 791 | |||||||||||
Total liabilities | $ | 1,170 | $ | 88 | $ | 2,927 | $ | (37 | ) | $ | 4,148 | ||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total assets | $ | 204 | $ | 251 | $ | 337 | $ | 2 | $ | 794 | |||||||||||
Total liabilities | $ | 776 | $ | 691 | $ | 1,920 | $ | (35 | ) | $ | 3,352 | ||||||||||
Summarized below are the components of our income/(loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
(in thousands) | Data and Analytics | Mortgage Origination Services | Asset Management and Processing | ||||||||||||||||||
For the three months ended September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Operating revenue | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Loss from discontinued operations before income taxes | (812 | ) | — | (1,195 | ) | — | (2,007 | ) | |||||||||||||
Income tax benefit | (311 | ) | — | (456 | ) | — | (767 | ) | |||||||||||||
Loss from discontinued operations, net of tax | $ | (501 | ) | $ | — | $ | (739 | ) | $ | — | $ | (1,240 | ) | ||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue | $ | — | $ | 8,410 | $ | 6,938 | $ | 11,643 | $ | 26,991 | |||||||||||
Income/(loss) from discontinued operations before income taxes | (66 | ) | (348 | ) | (7,121 | ) | 24 | (7,511 | ) | ||||||||||||
Income tax expense/(benefit) | 3,972 | (122 | ) | (1,199 | ) | (5 | ) | 2,646 | |||||||||||||
Income/(loss) from discontinued operations, net of tax | $ | (4,038 | ) | $ | (226 | ) | $ | (5,922 | ) | $ | 29 | $ | (10,157 | ) | |||||||
Data and Analytics | Mortgage Origination Services | Asset Management and Processing | |||||||||||||||||||
For the nine months ended September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Operating revenue | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
(Loss)/income from discontinued operations before income taxes | (1,429 | ) | 196 | (3,957 | ) | — | (5,190 | ) | |||||||||||||
Income tax (benefit)/expense | (547 | ) | 75 | (1,513 | ) | — | (1,985 | ) | |||||||||||||
(Loss)/income from discontinued operations, net of tax | $ | (882 | ) | $ | 121 | $ | (2,444 | ) | $ | — | $ | (3,205 | ) | ||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue | $ | — | $ | 55,773 | $ | 25,137 | $ | 46,435 | $ | 127,345 | |||||||||||
Income/(loss) from discontinued operations before income taxes | 111 | 5,177 | (23,675 | ) | (1,707 | ) | (20,094 | ) | |||||||||||||
Income tax expense/(benefit) | 4,041 | 2,030 | (6,243 | ) | (1,780 | ) | (1,952 | ) | |||||||||||||
Income/(loss) from discontinued operations, net of tax | $ | (3,930 | ) | $ | 3,147 | $ | (17,432 | ) | $ | 73 | $ | (18,142 | ) | ||||||||
Transactions_with_FAFC
Transactions with FAFC | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | |
Transactions with FAFC | Transactions with FAFC |
On June 1, 2010, we completed the Separation through a distribution (the “Distribution”) of all of the outstanding shares of FAFC, to the holders of our common shares, par value $1.00 per share, as of May 26, 2010. After the Distribution, we retained the information solutions businesses. | |
In connection with the Separation transactions, we issued approximately $250.0 million in value, or 12,933,265 shares of our common stock, to FAFC. Based on the closing price of our stock on June 1, 2010, the value of the equity issued to FAFC was $242.6 million. As a result, we made a cash payment to FAFC of $7.4 million to arrive at the full value of $250.0 million. FAFC agreed to dispose of the shares five years after the Separation or to bear any adverse tax consequences arising out of holding the shares for longer than that period. Since the Separation, we repurchased 10,433,265 shares of our common stock that was owned by FAFC or one of its subsidiaries for an aggregate purchase price of $227.7 million. | |
In addition, we entered into various transition services agreements with FAFC effective June 1, 2010. The agreements include transitional services in the areas of information technology, tax, accounting and finance, employee benefits and internal audit. Except for the information technology services agreements, the transition services agreements were short-term in nature. For the three and nine months ended September 30, 2012, the net amount of $1.6 million and $4.9 million, respectively, was recognized as a reduction of other operating expenses in connection with the transition services agreements (reflecting services provided by us to FAFC and from FAFC to us). | |
FAFC owns two office buildings that were leased to us under the terms of certain lease agreements that expired in December 2012. Rental expense associated with these properties totaled $1.1 million and $3.3 million for the three and nine months ended September 30, 2012. | |
During the three and nine months ended September 30, 2012, we entered into commercial transactions with affiliates of FAFC. The revenue associated with these transactions, which primarily related to sales of data and other settlement services totaled $6.8 million and $14.3 million for the three and nine months ended September 30, 2012, respectively. The expenses related to these transactions, which primarily related to purchase of data and other settlement services, totaled $0.3 million and $0.9 million for the three and nine months ended September 30, 2012, respectively. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||||||
We have organized our reportable segments into the following three segments: data and analytics, mortgage origination services and asset management and processing solutions. | |||||||||||||||||||||||||
Data and Analytics. Our data and analytics segment owns or licenses data assets including loan information, criminal and eviction records, employment verification, property characteristic information and information on mortgage-backed securities. We both license our data directly to our customers and provide our customers with analytical products for risk management, collateral assessment, loan quality reviews and fraud assessment. We are also a provider of geospatial proprietary software and databases combining geographic mapping and data. Our primary customers are commercial banks, mortgage lenders and brokers, investment banks, fixed-income investors, real estate agents, property and casualty insurance companies, title insurance companies and government-sponsored enterprises. | |||||||||||||||||||||||||
Our data and analytics segment includes intercompany revenues of $2.7 million and $2.2 million for the three months ended September 30, 2013 and 2012, respectively, and $11.2 million and $8.5 million for the nine months ended September 30, 2013 and 2012, respectively. The segment also includes intercompany expenses of $3.9 million and $0.6 million for the three months ended September 30, 2013 and 2012, respectively, and $6.0 million and $2.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Mortgage Origination Services. Our mortgage origination services segment provides property tax monitoring, flood zone certification and monitoring, credit services, mortgage loan administration and production services, lending solutions and mortgage-related business process outsourcing. The segment’s primary customers are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, and government agencies. | |||||||||||||||||||||||||
Our mortgage origination services segment includes intercompany revenues of $1.7 million and $0.7 million for the three months ended September 30, 2013 and 2012, respectively, and $4.6 million and $2.1 million for the nine months ended September 30, 2013 and 2012, respectively. The segment also includes intercompany expenses of $2.6 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively, and $9.5 million and $7.8 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Asset Management and Processing Solutions. Our asset management and processing solutions segment provides mortgage default management services, loss mitigation services, property valuation, processing solutions and management services. The segment’s primary customers are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, government agencies and property and casualty insurance companies. | |||||||||||||||||||||||||
Our asset management and processing solutions segment includes intercompany revenues of $2.0 million and $0.7 million for the three months ended September 30, 2013 and 2012, respectively, and $4.2 million and $2.1 million for the nine months ended September 30, 2013 and 2012, respectively. The segment also includes intercompany expenses that were not considered significant for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Corporate consists primarily of investment gains and losses, corporate personnel and other expenses associated with our corporate functions and facilities, equity in earnings of affiliates, net of tax, and interest expense. | |||||||||||||||||||||||||
It is impracticable to disclose revenues from external customers for each product and service offered. | |||||||||||||||||||||||||
Selected financial information by reportable segment is as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended September 30, 2013 | Operating Revenues | Depreciation and Amortization | Operating Income/(Loss) | Equity in Earnings/(Loss) of Affiliates, Net of Tax | Net Income/(Loss) From Continuing Operations | Capital Expenditures | |||||||||||||||||||
Data and analytics | $ | 159,271 | $ | 19,034 | $ | 28,833 | $ | 456 | $ | 36,094 | $ | 14,338 | |||||||||||||
Mortgage origination services | 184,313 | 7,294 | 45,334 | 8,786 | 55,234 | 5,734 | |||||||||||||||||||
Asset management and processing solutions | 68,343 | 575 | 13,877 | — | 13,877 | 34 | |||||||||||||||||||
Corporate | 148 | 2,792 | (16,028 | ) | (3,526 | ) | (55,206 | ) | 7,048 | ||||||||||||||||
Eliminations | (6,533 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 405,542 | $ | 29,695 | $ | 72,016 | $ | 5,716 | $ | 49,999 | $ | 27,154 | |||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Data and analytics | $ | 154,715 | $ | 17,729 | $ | 29,325 | $ | 489 | $ | 31,287 | $ | 14,114 | |||||||||||||
Mortgage origination services | 169,357 | 6,377 | 49,970 | 12,851 | 62,736 | 3,679 | |||||||||||||||||||
Asset management and processing solutions | 89,364 | 799 | 16,722 | — | 16,792 | 1,219 | |||||||||||||||||||
Corporate | 146 | 8,132 | (34,635 | ) | (5,174 | ) | (74,652 | ) | 3,459 | ||||||||||||||||
Eliminations | (3,822 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 409,760 | $ | 33,037 | $ | 61,382 | $ | 8,166 | $ | 36,163 | $ | 22,471 | |||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Data and analytics | $ | 489,311 | $ | 57,762 | $ | 84,384 | $ | 1,639 | $ | 93,118 | $ | 41,298 | |||||||||||||
Mortgage origination services | 545,196 | 21,208 | 145,023 | 36,648 | 182,519 | 13,552 | |||||||||||||||||||
Asset management and processing solutions | 215,199 | 1,918 | 37,329 | — | 38,839 | 289 | |||||||||||||||||||
Corporate | 493 | 18,445 | (71,059 | ) | (14,439 | ) | (185,419 | ) | 25,612 | ||||||||||||||||
Eliminations | (20,516 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 1,229,683 | $ | 99,333 | $ | 195,677 | $ | 23,848 | $ | 129,057 | $ | 80,751 | |||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Data and analytics | $ | 453,666 | $ | 54,150 | $ | 85,597 | $ | 1,704 | $ | 88,062 | $ | 42,027 | |||||||||||||
Mortgage origination services | 459,170 | 20,419 | 119,093 | 46,239 | 164,872 | 12,533 | |||||||||||||||||||
Asset management and processing solutions | 257,995 | 3,406 | 46,931 | — | 47,145 | 3,103 | |||||||||||||||||||
Corporate | 488 | 15,594 | (77,585 | ) | (18,562 | ) | (193,950 | ) | 5,144 | ||||||||||||||||
Eliminations | (14,097 | ) | (135 | ) | 135 | — | 135 | — | |||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 1,157,222 | $ | 93,434 | $ | 174,171 | $ | 29,381 | $ | 106,264 | $ | 62,807 | |||||||||||||
(in thousands) | As of | As of | |||||||||||||||||||||||
Assets | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Data and analytics | $ | 1,348,608 | $ | 1,375,775 | |||||||||||||||||||||
Mortgage origination services | 1,155,484 | 1,000,382 | |||||||||||||||||||||||
Asset management and processing solutions | 192,161 | 211,515 | |||||||||||||||||||||||
Corporate | 4,464,807 | 4,344,263 | |||||||||||||||||||||||
Eliminations | (4,077,153 | ) | (3,902,902 | ) | |||||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 3,083,907 | $ | 3,029,033 | |||||||||||||||||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | |||||||||||||||||||||
Guarantor Subsidiaries | Guarantor Subsidiaries | ||||||||||||||||||||
As discussed in Note 7 - Long-Term Debt, the Notes are guaranteed on a senior unsecured basis by each of our existing and future direct and indirect subsidiaries that guarantee our Credit Agreement. These guarantees are required in support of the Notes, are coterminous with the terms of the Notes and would require performance upon certain events of default referred to in the respective guarantees. The guarantees are subject to release under certain customary circumstances. The indenture governing the notes provides that the guarantees may be automatically and unconditionally released only upon the following circumstances: 1) the guarantor is sold or sells all of its assets in compliance with the terms of the indenture; 2) the guarantor is released from its guarantee obligations under the credit agreement; 3) the guarantor is properly designated as an “unrestricted subsidiary”; and 4) the requirements for legal or covenant defeasance or satisfaction and discharge have been satisfied. | |||||||||||||||||||||
The maximum potential amounts that could be required to be paid under the guarantees are essentially equal to the outstanding principal and interest under the Notes. The following condensed consolidating financial information reflects the separate accounts of CoreLogic, Inc. (the "Parent"), the combined accounts of the guarantor subsidiaries, the combined accounts of the non-guarantor subsidiaries, the combined consolidating adjustments and eliminations and the Parent's consolidated accounts for the dates and periods indicated. | |||||||||||||||||||||
Condensed Balance Sheet | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 106,441 | $ | — | $ | 29,116 | $ | — | $ | 135,557 | |||||||||||
Other current assets | 45,699 | 375,732 | 29,276 | (5,432 | ) | 445,275 | |||||||||||||||
Property and equipment, net | 18,637 | 142,103 | 33,235 | — | 193,975 | ||||||||||||||||
Goodwill | — | 1,365,535 | 169,431 | — | 1,534,966 | ||||||||||||||||
Other identifiable intangible assets, net | 362 | 139,331 | 44,286 | — | 183,979 | ||||||||||||||||
Capitalized data and database cost, net | — | 248,084 | 79,759 | — | 327,843 | ||||||||||||||||
Investments in affiliates | — | 96,764 | — | — | 96,764 | ||||||||||||||||
Deferred income tax assets, long-term | 59,523 | — | — | (59,523 | ) | — | |||||||||||||||
Restricted cash | 14,622 | 305 | 1,463 | — | 16,390 | ||||||||||||||||
Investment in subsidiaries | 1,997,539 | — | — | (1,997,539 | ) | — | |||||||||||||||
Intercompany receivable | 60,134 | 239,118 | 9,170 | (308,422 | ) | — | |||||||||||||||
Other assets | 105,944 | 42,027 | 1,978 | — | 149,949 | ||||||||||||||||
Total assets | $ | 2,408,901 | $ | 2,648,999 | $ | 397,714 | $ | (2,370,916 | ) | $ | 3,084,698 | ||||||||||
Liabilities and equity: | |||||||||||||||||||||
Current liabilities | $ | 106,438 | $ | 385,271 | $ | 34,702 | $ | (5,432 | ) | $ | 520,979 | ||||||||||
Long-term debt, net | 778,270 | 5,010 | — | — | 783,280 | ||||||||||||||||
Deferred revenue, net of current | — | 376,255 | — | — | 376,255 | ||||||||||||||||
Deferred income taxes, long term | — | 123,618 | 19,833 | (59,523 | ) | 83,928 | |||||||||||||||
Intercompany payable | 248,288 | — | 60,134 | (308,422 | ) | — | |||||||||||||||
Other liabilities | 124,936 | 29,862 | 3,502 | — | 158,300 | ||||||||||||||||
Redeemable noncontrolling interest | — | — | 10,987 | — | 10,987 | ||||||||||||||||
Total CoreLogic stockholders' equity | 1,150,969 | 1,728,983 | 268,556 | (1,997,539 | ) | 1,150,969 | |||||||||||||||
Total liabilities and equity | $ | 2,408,901 | $ | 2,648,999 | $ | 397,714 | $ | (2,370,916 | ) | $ | 3,084,698 | ||||||||||
Condensed Balance Sheet | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 111,305 | $ | 1,812 | $ | 35,741 | $ | — | $ | 148,858 | |||||||||||
Other current assets | 59,977 | 364,178 | 17,352 | (441 | ) | 441,066 | |||||||||||||||
Property and equipment, net | 14,921 | 139,831 | 31,865 | — | 186,617 | ||||||||||||||||
Goodwill | — | 1,323,700 | 180,532 | — | 1,504,232 | ||||||||||||||||
Other identifiable intangible assets, net | — | 123,011 | 48,573 | — | 171,584 | ||||||||||||||||
Capitalized data and database cost, net | — | 238,598 | 83,691 | — | 322,289 | ||||||||||||||||
Investments in affiliates | — | 88,647 | 5,580 | — | 94,227 | ||||||||||||||||
Deferred income tax assets, long-term | 59,523 | — | — | (59,523 | ) | — | |||||||||||||||
Restricted cash | 18,299 | 305 | 3,513 | — | 22,117 | ||||||||||||||||
Investment in subsidiaries | 1,853,561 | — | — | (1,853,561 | ) | — | |||||||||||||||
Intercompany receivable | 65,885 | 125,587 | — | (191,472 | ) | — | |||||||||||||||
Other assets | 107,976 | 28,420 | 2,441 | — | 138,837 | ||||||||||||||||
Total assets | $ | 2,291,447 | $ | 2,434,089 | $ | 409,288 | $ | (2,104,997 | ) | $ | 3,029,827 | ||||||||||
Liabilities and equity: | |||||||||||||||||||||
Current liabilities | $ | 82,668 | $ | 406,890 | $ | 27,974 | $ | (441 | ) | $ | 517,091 | ||||||||||
Long-term debt, net | 783,470 | 8,854 | — | — | 792,324 | ||||||||||||||||
Deferred revenue, net of current | — | 309,418 | — | — | 309,418 | ||||||||||||||||
Deferred income taxes, long term | — | 111,051 | 19,833 | (59,523 | ) | 71,361 | |||||||||||||||
Intercompany payable | 125,587 | — | 65,885 | (191,472 | ) | — | |||||||||||||||
Other liabilities | 130,421 | 33,011 | 5,255 | — | 168,687 | ||||||||||||||||
Total CoreLogic stockholders' equity | 1,169,301 | 1,564,865 | 288,696 | (1,853,561 | ) | 1,169,301 | |||||||||||||||
Noncontrolling interests | — | — | 1,645 | — | 1,645 | ||||||||||||||||
Total liabilities and equity | $ | 2,291,447 | $ | 2,434,089 | $ | 409,288 | $ | (2,104,997 | ) | $ | 3,029,827 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 380,220 | $ | 25,322 | $ | — | $ | 405,542 | |||||||||||
Intercompany revenues | — | — | 148 | (148 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 205,776 | 8,161 | (148 | ) | 213,789 | |||||||||||||||
Selling, general and administrative expenses | 11,997 | 68,661 | 9,384 | — | 90,042 | ||||||||||||||||
Depreciation and amortization | 962 | 23,011 | 5,722 | — | 29,695 | ||||||||||||||||
Operating (loss)/income | (12,959 | ) | 82,772 | 2,203 | — | 72,016 | |||||||||||||||
Total interest (expense)/income, net | (11,547 | ) | (126 | ) | 161 | — | (11,512 | ) | |||||||||||||
(Loss)/gain on investments and other, net | (260 | ) | 1,250 | 6,637 | — | 7,627 | |||||||||||||||
(Benefit)/provision for income taxes | (10,640 | ) | 31,076 | 3,412 | — | 23,848 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 5,479 | 237 | — | 5,716 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 57,788 | — | — | (57,788 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 43,662 | 58,299 | 5,826 | (57,788 | ) | 49,999 | |||||||||||||||
Loss from discontinued operations, net of tax | — | (1,240 | ) | — | — | (1,240 | ) | ||||||||||||||
(Loss)/gain from sale of discontinued operations, net of tax | — | (6,558 | ) | 1,506 | — | (5,052 | ) | ||||||||||||||
Net income | 43,662 | 50,501 | 7,332 | (57,788 | ) | 43,707 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 45 | — | 45 | ||||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 43,662 | $ | 50,501 | $ | 7,287 | $ | (57,788 | ) | $ | 43,662 | ||||||||||
Net income | $ | 43,662 | $ | 50,501 | $ | 7,332 | $ | (57,788 | ) | $ | 43,707 | ||||||||||
Total other comprehensive income | 7,345 | — | 7,644 | (7,644 | ) | 7,345 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | $ | — | $ | — | $ | 45 | $ | — | $ | 45 | |||||||||||
Comprehensive income attributable to CoreLogic | $ | 51,007 | $ | 50,501 | $ | 14,931 | $ | (65,432 | ) | $ | 51,007 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 386,180 | $ | 23,580 | $ | — | $ | 409,760 | |||||||||||
Intercompany revenues | — | — | 146 | (146 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 203,280 | 9,874 | (146 | ) | 213,008 | |||||||||||||||
Selling, general and administrative expenses | 17,459 | 77,053 | 7,821 | — | 102,333 | ||||||||||||||||
Depreciation and amortization | 610 | 26,755 | 5,672 | — | 33,037 | ||||||||||||||||
Operating (loss)/income | (18,069 | ) | 79,092 | 359 | — | 61,382 | |||||||||||||||
Total interest expense, net | (12,035 | ) | (28 | ) | (662 | ) | — | (12,725 | ) | ||||||||||||
Gain/(loss) on investment and other, net | 1,111 | (5,598 | ) | 233 | — | (4,254 | ) | ||||||||||||||
(Benefit)/provision for income taxes | (10,228 | ) | 24,898 | 1,736 | — | 16,406 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 7,919 | 247 | — | 8,166 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 57,085 | — | — | (57,085 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 38,320 | 56,487 | (1,559 | ) | (57,085 | ) | 36,163 | ||||||||||||||
Loss from discontinued operations, net of tax | — | (10,157 | ) | — | — | (10,157 | ) | ||||||||||||||
Gain from sale of discontinued operations, net of tax | — | 11,678 | 586 | — | 12,264 | ||||||||||||||||
Net income/(loss) | 38,320 | 58,008 | (973 | ) | (57,085 | ) | 38,270 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (50 | ) | — | (50 | ) | ||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 38,320 | $ | 58,008 | $ | (923 | ) | $ | (57,085 | ) | $ | 38,320 | |||||||||
Net income/(loss) | $ | 38,320 | $ | 58,008 | $ | (973 | ) | $ | (57,085 | ) | $ | 38,270 | |||||||||
Total other comprehensive income | 4,264 | — | 5,163 | (5,163 | ) | 4,264 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (50 | ) | — | (50 | ) | ||||||||||||||
Comprehensive income attributable to CoreLogic | $ | 42,584 | $ | 58,008 | $ | 4,240 | $ | (62,248 | ) | $ | 42,584 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 1,157,347 | $ | 72,336 | $ | — | $ | 1,229,683 | |||||||||||
Intercompany revenues | — | — | 493 | (493 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 624,866 | 26,777 | (493 | ) | 651,150 | |||||||||||||||
Selling, general and administrative expenses | 49,450 | 207,979 | 26,094 | — | 283,523 | ||||||||||||||||
Depreciation and amortization | 2,655 | 79,215 | 17,463 | — | 99,333 | ||||||||||||||||
Operating (loss)/income | (52,105 | ) | 245,287 | 2,495 | — | 195,677 | |||||||||||||||
Total interest (expense)/income, net | (34,993 | ) | (336 | ) | 459 | — | (34,870 | ) | |||||||||||||
Gain on investments and other, net | 1,474 | 2,714 | 6,637 | — | 10,825 | ||||||||||||||||
(Benefit)/provision for income taxes | (30,392 | ) | 93,185 | 3,630 | — | 66,423 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 23,053 | 795 | — | 23,848 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 176,013 | — | — | (176,013 | ) | — | |||||||||||||||
Net income from continuing operations, net of tax | 120,781 | 177,533 | 6,756 | (176,013 | ) | 129,057 | |||||||||||||||
Loss from discontinued operations, net of tax | — | (3,205 | ) | — | — | (3,205 | ) | ||||||||||||||
(Loss)/gain from sale of discontinued operations, net of tax | — | (6,558 | ) | 1,506 | — | (5,052 | ) | ||||||||||||||
Net income | 120,781 | 167,770 | 8,262 | (176,013 | ) | 120,800 | |||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | 19 | — | 19 | ||||||||||||||||
Net income attributable to CoreLogic | $ | 120,781 | $ | 167,770 | $ | 8,243 | $ | (176,013 | ) | $ | 120,781 | ||||||||||
Net income | $ | 120,781 | $ | 167,770 | $ | 8,262 | $ | (176,013 | ) | $ | 120,800 | ||||||||||
Total other comprehensive loss | (31,127 | ) | — | (32,289 | ) | 32,289 | (31,127 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 19 | — | 19 | ||||||||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | 89,654 | $ | 167,770 | $ | (24,046 | ) | $ | (143,724 | ) | $ | 89,654 | |||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 1,089,324 | $ | 67,898 | $ | — | $ | 1,157,222 | |||||||||||
Intercompany revenues | — | — | 488 | (488 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 588,743 | 28,142 | (488 | ) | 616,397 | |||||||||||||||
Selling, general and administrative expenses | 48,628 | 199,184 | 25,408 | — | 273,220 | ||||||||||||||||
Depreciation and amortization | 2,137 | 73,582 | 17,715 | — | 93,434 | ||||||||||||||||
Operating (loss)/income | (50,765 | ) | 227,815 | (2,879 | ) | — | 174,171 | ||||||||||||||
Total interest (expense)/income, net | (38,034 | ) | 159 | (2,326 | ) | — | (40,201 | ) | |||||||||||||
Gain/(loss) on investments and other, net | 2,456 | (7,144 | ) | 823 | — | (3,865 | ) | ||||||||||||||
(Benefit)/provision for income taxes | (31,698 | ) | 81,263 | 3,657 | — | 53,222 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 28,490 | 891 | — | 29,381 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 152,253 | — | — | (152,253 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 97,608 | 168,057 | (7,148 | ) | (152,253 | ) | 106,264 | ||||||||||||||
Loss from discontinued operations, net of tax | — | (18,142 | ) | — | — | (18,142 | ) | ||||||||||||||
Gain on sale of discontinued operations, net of tax | — | 8,691 | 586 | — | 9,277 | ||||||||||||||||
Net income/(loss) | 97,608 | 158,606 | (6,562 | ) | (152,253 | ) | 97,399 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (209 | ) | — | (209 | ) | ||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 97,608 | $ | 158,606 | $ | (6,353 | ) | $ | (152,253 | ) | $ | 97,608 | |||||||||
Net income/(loss) | $ | 97,608 | $ | 158,606 | $ | (6,562 | ) | $ | (152,253 | ) | $ | 97,399 | |||||||||
Total other comprehensive income | 5,637 | — | 6,178 | (6,178 | ) | 5,637 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (209 | ) | — | (209 | ) | ||||||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | 103,245 | $ | 158,606 | $ | (175 | ) | $ | (158,431 | ) | $ | 103,245 | |||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash (used in)/provided by operating activities - continuing operations | $ | 234 | $ | 250,562 | $ | 14,320 | $ | — | $ | 265,116 | |||||||||||
Net cash used in operating activities - discontinued operations | — | (4,560 | ) | 2,152 | — | (2,408 | ) | ||||||||||||||
Total cash (used in)/provided by operating activities | $ | 234 | $ | 246,002 | $ | 16,472 | $ | — | $ | 262,708 | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | (6,333 | ) | (39,903 | ) | (5,720 | ) | — | (51,956 | ) | ||||||||||||
Purchases of capitalized data and other intangible assets | (362 | ) | (24,725 | ) | (3,708 | ) | — | (28,795 | ) | ||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (71,446 | ) | 542 | — | (70,904 | ) | ||||||||||||||
Purchases of investments | — | (2,351 | ) | — | — | (2,351 | ) | ||||||||||||||
Proceeds from sale of subsidiary and other increases in noncontrolling interest, net | — | 800 | — | — | 800 | ||||||||||||||||
Change in restricted cash | 3,678 | — | 2,050 | — | 5,728 | ||||||||||||||||
Net cash used in investing activities - continuing operations | (3,017 | ) | (137,625 | ) | (6,836 | ) | — | (147,478 | ) | ||||||||||||
Net cash provided by investing activities - discontinued operations | — | 2,152 | — | — | 2,152 | ||||||||||||||||
Total cash used in investing activities | $ | (3,017 | ) | $ | (135,473 | ) | $ | (6,836 | ) | $ | — | $ | (145,326 | ) | |||||||
Cash flow from financing activities: | |||||||||||||||||||||
Proceeds from long-term debt | — | 1,075 | — | — | 1,075 | ||||||||||||||||
Repayments of long-term debt | (4,375 | ) | (141 | ) | — | — | (4,516 | ) | |||||||||||||
Share repurchased and retired | (133,565 | ) | — | — | — | (133,565 | ) | ||||||||||||||
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | — | — | — | 11,662 | ||||||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (6,893 | ) | — | — | — | (6,893 | ) | ||||||||||||||
Excess tax benefit related to stock options | 2,895 | — | — | — | 2,895 | ||||||||||||||||
Intercompany payments | — | (113,531 | ) | (14,920 | ) | 128,451 | — | ||||||||||||||
Intercompany proceeds | 128,451 | — | — | (128,451 | ) | — | |||||||||||||||
Net cash used in by financing activities - continuing operations | (1,825 | ) | (112,597 | ) | (14,920 | ) | — | (129,342 | ) | ||||||||||||
Net cash provided by financing activities - discontinued operations | — | — | — | — | — | ||||||||||||||||
Total cash used in by financing activities | $ | (1,825 | ) | $ | (112,597 | ) | $ | (14,920 | ) | $ | — | $ | (129,342 | ) | |||||||
Effect of exchange rate on cash | — | — | (1,341 | ) | — | (1,341 | ) | ||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (4,608 | ) | (2,068 | ) | (6,625 | ) | — | (13,301 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 111,305 | 1,812 | 35,741 | — | 148,858 | ||||||||||||||||
Less: Change in cash and cash equivalents - discontinued operations | — | (2,408 | ) | 2,152 | — | (256 | ) | ||||||||||||||
Plus: Cash swept to discontinued operations | (256 | ) | (2,152 | ) | 2,152 | — | (256 | ) | |||||||||||||
Cash and cash equivalents at end of period | $ | 106,441 | $ | — | $ | 29,116 | $ | — | $ | 135,557 | |||||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash (used in)/provided by operating activities - continuing operations | $ | (15,160 | ) | $ | 266,105 | $ | 7,844 | $ | — | $ | 258,789 | ||||||||||
Net cash provided by operating activities - discontinued operations | — | 9,684 | — | — | 9,684 | ||||||||||||||||
Total cash (used in)/provided by operating activities | $ | (15,160 | ) | $ | 275,789 | $ | 7,844 | $ | — | $ | 268,473 | ||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | (1,407 | ) | (27,942 | ) | (9,404 | ) | — | (38,753 | ) | ||||||||||||
Purchases of capitalized data and other intangible assets | — | (21,537 | ) | (2,517 | ) | — | (24,054 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | 111 | — | — | 111 | ||||||||||||||||
Cash received from sale of discontinued operations | — | 10,000 | — | — | 10,000 | ||||||||||||||||
Proceeds from sale of property and equipment | — | 1,852 | — | — | 1,852 | ||||||||||||||||
Proceeds from sale of investments | — | 8,000 | — | — | 8,000 | ||||||||||||||||
Change in restricted cash | — | (184 | ) | 306 | — | 122 | |||||||||||||||
Net cash used in investing activities - continuing operations | (1,407 | ) | (29,700 | ) | (11,615 | ) | — | (42,722 | ) | ||||||||||||
Net cash used in by investing activities - discontinued operations | — | (2,350 | ) | 838 | — | (1,512 | ) | ||||||||||||||
Total cash used in investing activities | $ | (1,407 | ) | $ | (32,050 | ) | $ | (10,777 | ) | $ | — | $ | (44,234 | ) | |||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments of long-term debt | (103,018 | ) | (11,251 | ) | (96 | ) | — | (114,365 | ) | ||||||||||||
Share repurchased and retired | (226,629 | ) | — | — | — | (226,629 | ) | ||||||||||||||
Proceeds from issuance of stock related to stock options and employee benefit plans | 9,624 | — | — | — | 9,624 | ||||||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (3,015 | ) | — | — | — | (3,015 | ) | ||||||||||||||
Distribution to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | ||||||||||||||
Cash dividends | — | — | — | — | — | ||||||||||||||||
Excess tax benefit related to stock options | 643 | — | — | — | 643 | ||||||||||||||||
Intercompany payments | (6,949 | ) | (233,946 | ) | — | 240,895 | — | ||||||||||||||
Intercompany proceeds | 233,946 | — | 6,949 | (240,895 | ) | — | |||||||||||||||
Net cash (used in)/provided by financing activities - continuing operations | (95,398 | ) | (245,197 | ) | 6,843 | — | (333,752 | ) | |||||||||||||
Net cash provided by financing activities - discontinued operations | — | 3 | — | — | 3 | ||||||||||||||||
Total cash (used in)/provided by financing activities | $ | (95,398 | ) | $ | (245,194 | ) | $ | 6,843 | $ | — | $ | (333,749 | ) | ||||||||
Net (decrease)/increase in cash and cash equivalents | (111,965 | ) | (1,455 | ) | 3,910 | — | (109,510 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 229,871 | 9,106 | 20,289 | — | 259,266 | ||||||||||||||||
Less: Change in cash and cash equivalents - discontinued operations | — | 7,337 | 838 | — | 8,175 | ||||||||||||||||
Plus: Cash swept to discontinued operations | $ | 12,133 | $ | — | $ | 838 | $ | — | $ | 12,971 | |||||||||||
Cash and cash equivalents at end of period | $ | 130,039 | $ | 314 | $ | 24,199 | $ | — | $ | 154,552 | |||||||||||
Revisions to Condensed Consolidating Financial Information | |||||||||||||||||||||
The condensed consolidated statement of cash flows for the nine months ended September 30, 2012 have been revised to gross up intercompany revenues and expenses and to move balances related to non-controlling interests from the Parent to the non-guarantor subsidiaries. We assessed the materiality of these items on previously issued annual and interim financial statements in accordance with SEC SAB No. 99, and concluded that the errors were not material to the consolidated financial statements. The impact of these revisions to the condensed consolidating financial information for 2012 are as follows: | |||||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue, net | $ | — | $ | 148 | $ | — | $ | (148 | ) | $ | — | ||||||||||
Total operating expenses | $ | — | $ | 148 | $ | — | $ | (148 | ) | $ | — | ||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net income attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue, net | $ | — | $ | 488 | $ | — | $ | (488 | ) | $ | — | ||||||||||
Total operating expenses | $ | — | $ | 488 | $ | — | $ | (488 | ) | $ | — | ||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net income attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Net cash provided by/(used in) operating activities - continuing operations | $ | — | $ | 2,367 | $ | (2,367 | ) | $ | — | $ | — | ||||||||||
Net cash (used in)/provided by investing activities - continuing operations | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net cash (used in)/provided by financing activities - continuing operations | $ | 838 | $ | (2,367 | ) | $ | 1,529 | $ | — | $ | — | ||||||||||
Investments_in_Affiliates_Tabl
Investments in Affiliates (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||
Schedule of Equity Method Investments | Summarized financial information for this investment (assuming a 100% ownership interest) is as follows: | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Statements of income | ||||||||||||||||
Total revenues | $ | 79,373 | $ | 112,887 | $ | 288,062 | $ | 332,601 | ||||||||
Expenses and other | 64,849 | 91,635 | 229,788 | 266,433 | ||||||||||||
Income from continuing operations before income taxes | $ | 14,524 | $ | 21,252 | $ | 58,274 | $ | 66,168 | ||||||||
Income from continuing operations, net of tax | 14,422 | 21,185 | 57,901 | 65,894 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | 7,050 | ||||||||||||
Net income attributable to RELS LLC | $ | 14,422 | $ | 21,185 | $ | 57,901 | $ | 72,944 | ||||||||
CoreLogic equity in earnings of affiliate, pre-tax | $ | 7,225 | $ | 10,614 | $ | 29,008 | $ | 36,545 | ||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property and Equipment | Property and equipment, net as of September 30, 2013 and December 31, 2012 consists of the following: | |||||||
(in thousands) | 2013 | 2012 | ||||||
Land | $ | 4,000 | $ | 4,000 | ||||
Buildings | 10,780 | 10,780 | ||||||
Furniture and equipment | 94,666 | 89,870 | ||||||
Capitalized software | 511,763 | 470,469 | ||||||
Leasehold improvements | 48,421 | 47,879 | ||||||
669,630 | 622,998 | |||||||
Less accumulated depreciation | (475,655 | ) | (436,381 | ) | ||||
Property and equipment, net | $ | 193,975 | $ | 186,617 | ||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of Goodwill | A reconciliation of the changes in the carrying amount of goodwill and accumulated impairment losses, by reporting unit, for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
(in thousands) | Data and | Mortgage Origination Services | Asset Management and Processing Solutions | Consolidated | ||||||||||||
Analytics | ||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||
Goodwill | $ | 708,577 | $ | 653,771 | $ | 149,409 | $ | 1,511,757 | ||||||||
Accumulated impairment losses | (600 | ) | (6,925 | ) | — | (7,525 | ) | |||||||||
Goodwill, net | 707,977 | 646,846 | 149,409 | 1,504,232 | ||||||||||||
Acquisitions | 16,054 | 28,942 | — | 44,996 | ||||||||||||
Translation adjustments | (14,459 | ) | — | — | (14,459 | ) | ||||||||||
Other | 197 | — | — | 197 | ||||||||||||
Balance as of September 30, 2013 | ||||||||||||||||
Goodwill, net | $ | 709,769 | $ | 675,788 | $ | 149,409 | $ | 1,534,966 | ||||||||
Other_Intangible_Assets_Net_Ta
Other Intangible Assets, Net (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | Other intangible assets consist of the following: | |||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||
Customer lists | $ | 320,432 | $ | (159,669 | ) | $ | 160,763 | $ | 286,164 | $ | (137,782 | ) | $ | 148,382 | ||||||||||
Non-compete agreements | 9,156 | (6,331 | ) | 2,825 | 9,264 | (5,438 | ) | 3,826 | ||||||||||||||||
Trade names and licenses | 30,867 | (10,476 | ) | 20,391 | 27,853 | (8,477 | ) | 19,376 | ||||||||||||||||
$ | 360,455 | $ | (176,476 | ) | $ | 183,979 | $ | 323,281 | $ | (151,697 | ) | $ | 171,584 | |||||||||||
Schedule of Expected Amortization Expense | Estimated amortization expense for other intangible assets anticipated for the next five years is as follows: | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Remainder of 2013 | $ | 8,037 | ||||||||||||||||||||||
2014 | 30,385 | |||||||||||||||||||||||
2015 | 28,796 | |||||||||||||||||||||||
2016 | 22,667 | |||||||||||||||||||||||
2017 | 20,360 | |||||||||||||||||||||||
Thereafter | 73,734 | |||||||||||||||||||||||
$ | 183,979 | |||||||||||||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt Instruments | Our long-term debt consists of the following: | ||||||||
September 30, | December 31, | ||||||||
(in thousands) | 2013 | 2012 | |||||||
Acquisition-related note: | |||||||||
Non-interest bearing acquisition note due in $5.0 million installments March 2014 and 2016 | $ | 9,143 | $ | 8,753 | |||||
Notes: | |||||||||
7.25% senior notes due June 2021 | 393,000 | 393,000 | |||||||
5.7% senior debentures due August 2014 | 825 | 825 | |||||||
7.55% senior debentures due April 2028 | 59,645 | 59,645 | |||||||
Bank debt: | |||||||||
Revolving line of credit borrowings due May 2016, weighted average interest rate of 1.9% at September 30, 2013 and December 31, 2012 | 50,000 | 50,000 | |||||||
Term loan facility borrowings through May 2016, weighted average interest rate of 2.9% at September 30, 2013 and 4.0% at December 31, 2012 | 275,625 | 280,000 | |||||||
Other debt: | |||||||||
Various interest rates with maturities through 2017 | 1,137 | 203 | |||||||
Total long-term debt | 789,375 | 792,426 | |||||||
Less current portion of long-term debt | 6,095 | 102 | |||||||
Long-term debt, net of current portion | $ | 783,280 | $ | 792,324 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of net income per share, using the treasury-stock method: | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Numerator for basic and diluted net income/(loss) per share: | ||||||||||||||||
Net income from continuing operations | $ | 49,954 | $ | 36,213 | $ | 129,038 | $ | 106,473 | ||||||||
Loss from discontinued operations, net of tax | (1,240 | ) | (10,157 | ) | (3,205 | ) | (18,142 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (5,052 | ) | 12,264 | (5,052 | ) | 9,277 | ||||||||||
Net income attributable to CoreLogic | $ | 43,662 | $ | 38,320 | $ | 120,781 | $ | 97,608 | ||||||||
Denominator: | ||||||||||||||||
Weighted-average shares for basic income/(loss) per share | 94,773 | 101,650 | 95,802 | 104,713 | ||||||||||||
Dilutive effect of stock options and restricted stock units | 2,020 | 1,463 | 1,870 | 973 | ||||||||||||
Weighted-average shares for diluted income/(loss) per share | 96,793 | 103,113 | 97,672 | 105,686 | ||||||||||||
Income/(loss) per share | ||||||||||||||||
Basic: | ||||||||||||||||
Net income from continuing operations | $ | 0.53 | $ | 0.36 | $ | 1.35 | $ | 1.02 | ||||||||
Loss from discontinued operations, net of tax | (0.01 | ) | (0.10 | ) | (0.03 | ) | (0.17 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (0.05 | ) | 0.12 | (0.05 | ) | 0.09 | ||||||||||
Net income attributable to CoreLogic | $ | 0.47 | $ | 0.38 | $ | 1.27 | $ | 0.94 | ||||||||
Diluted: | ||||||||||||||||
Net income from continuing operations | $ | 0.52 | $ | 0.35 | $ | 1.32 | $ | 1.01 | ||||||||
Loss from discontinued operations, net of tax | (0.01 | ) | (0.10 | ) | (0.03 | ) | (0.17 | ) | ||||||||
(Loss)/gain from sale of discontinued operations, net of tax | (0.05 | ) | 0.12 | (0.05 | ) | 0.09 | ||||||||||
Net income attributable to CoreLogic | $ | 0.46 | $ | 0.37 | $ | 1.24 | $ | 0.93 | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following non-financial instruments were measured at fair value, on a nonrecurring basis, as of September 30, 2013 and impairment losses for the three and nine months ended September 30, 2013: | |||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||
Fair Value Measurements Using | Impairment Losses | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | For the three months ended September 30, 2013 | For the nine months ended September 30, 2013 | ||||||||||||||||
Property and equipment, net | $ | — | $ | — | $ | — | $ | — | $ | 1,721 | ||||||||||
The following non-financial instruments were measured at fair value, on a nonrecurring basis, as of December 31, 2012 and impairment losses for the three and nine months ended September 30, 2012: | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Fair Value Measurements Using | Impairment Losses | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | For the three months ended September 30, 2012 | For the nine months ended September 30, 2012 | ||||||||||||||||
Assets of discontinued operations | $ | 794 | $ | — | $ | — | $ | — | $ | 15,700 | ||||||||||
Property and equipment, net | — | — | — | 8,708 | 13,744 | |||||||||||||||
Investment in affiliates, net | — | — | — | — | 1,246 | |||||||||||||||
$ | 794 | $ | — | $ | — | $ | 8,708 | $ | 30,690 | |||||||||||
Schedule of Fair Value of Assets and Liabilities measured on a recurring basis | The fair values of our financial instruments as of September 30, 2013 are presented in the following table: | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Fair Value | |||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 135,557 | $ | — | $ | 135,557 | ||||||||||||||
Restricted cash | — | 16,390 | 16,390 | |||||||||||||||||
Equity securities | 21,885 | — | 21,885 | |||||||||||||||||
Total Financial Assets | $ | 157,442 | $ | 16,390 | $ | 173,832 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total debt | — | 824,099 | 824,099 | |||||||||||||||||
Total Financial Liabilities | $ | — | $ | 824,099 | $ | 824,099 | ||||||||||||||
Derivatives: | ||||||||||||||||||||
Liability for interest rate swap agreements | $ | — | $ | 4,455 | $ | 4,455 | ||||||||||||||
The fair values of our financial instruments as of December 31, 2012 are presented in the following table: | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Fair Value | |||||||||||||||||
Financial Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 148,858 | $ | — | $ | 148,858 | ||||||||||||||
Restricted cash | — | 22,117 | 22,117 | |||||||||||||||||
Equity securities | 22,168 | — | 22,168 | |||||||||||||||||
Total Financial Assets | $ | 171,026 | $ | 22,117 | $ | 193,143 | ||||||||||||||
Financial Liabilities: | ||||||||||||||||||||
Total debt | — | 899,258 | 899,258 | |||||||||||||||||
Total Financial Liabilities | $ | — | $ | 899,258 | $ | 899,258 | ||||||||||||||
Derivatives: | ||||||||||||||||||||
Liability for interest rate swap agreements | $ | — | $ | 6,486 | $ | 6,486 | ||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Schedule of Other Share-Based Compensation, Valuation Assumptions [Table Text Block] | The fair values of the 2013 awards were estimated using Monte-Carlo simulation with the following weighted-average assumptions. | |||||||||||||||
For the Nine Months Ended | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Expected dividend yield | — | % | ||||||||||||||
Risk-free interest rate (1) | 0.41 | % | ||||||||||||||
Expected volatility (2) | 29.87 | % | ||||||||||||||
Average total shareholder return (2) | 17.87 | % | ||||||||||||||
-1 | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||||||||||
-2 | The expected volatility and average total shareholder return is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair values of these stock options were estimated using the Black-Scholes valuation model with the following weighted-average assumptions: | |||||||||||||||
For the Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Expected dividend yield | — | % | — | % | ||||||||||||
Risk-free interest rate (1) | 0.9 | % | 1 | % | ||||||||||||
Expected volatility (2) | 41.65 | % | 42.81 | % | ||||||||||||
Expected life (3) | 5.5 | 5.5 | ||||||||||||||
-1 | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||||||||||
-2 | The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data at the time of the grant. | |||||||||||||||
-3 | The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily on our historical data at the time of grant. | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSU activity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
Number of | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant-Date | ||||||||||||||||
(in thousands, except weighted average fair value prices) | Shares | Fair Value | ||||||||||||||
Unvested RSUs outstanding at December 31, 2012 | 1,381 | $ | 17.5 | |||||||||||||
RSUs granted | 704 | $ | 26.02 | |||||||||||||
RSUs vested | (559 | ) | $ | 17.36 | ||||||||||||
RSUs forfeited | (87 | ) | $ | 19.09 | ||||||||||||
Unvested RSUs outstanding at September 30, 2013 | 1,439 | $ | 21.63 | |||||||||||||
Schedule of Other Share-based Compensation, Activity | PBRSU activity for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Number of | Weighted | |||||||||||||||
Average | ||||||||||||||||
Grant-Date | ||||||||||||||||
(in thousands, except weighted average fair value prices) | Shares | Fair Value | ||||||||||||||
Unvested PBRSUs outstanding at December 31, 2012 | 1,151 | $ | 17.21 | |||||||||||||
PBRSUs granted | 408 | $ | 25.97 | |||||||||||||
PBRSUs vested | (156 | ) | $ | 18.18 | ||||||||||||
PBRSUs forfeited | (138 | ) | $ | 18.26 | ||||||||||||
Unvested PBRSUs outstanding at September 30, 2013 | 1,265 | $ | 18.51 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | Option activity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
(in thousands, except weighted average price) | Number of | Weighted | Weighted | Aggregate | ||||||||||||
Shares | Average | Average | Intrinsic | |||||||||||||
Exercise Price | Remaining | Value | ||||||||||||||
Contractual Term | ||||||||||||||||
Options outstanding at December 31, 2012 | 3,765 | $ | 20.18 | |||||||||||||
Options granted | 435 | $ | 25.97 | |||||||||||||
Options exercised | (473 | ) | $ | 20.73 | ||||||||||||
Options canceled | (233 | ) | $ | 19.07 | ||||||||||||
Options outstanding at September 30, 2013 | 3,494 | $ | 20.9 | 5.2 | $ | 21,524 | ||||||||||
Options vested and expected to vest at September 30, 2013 | 3,422 | $ | 20.88 | 5.1 | $ | 21,129 | ||||||||||
Options exercisable at September 30, 2013 | 2,382 | $ | 21.26 | 3.8 | $ | 13,808 | ||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table sets forth the stock-based compensation expense recognized for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
RSUs | $ | 2,606 | $ | 2,108 | $ | 9,908 | $ | 6,896 | ||||||||
PBRSUs | 280 | 4,033 | 7,468 | 6,557 | ||||||||||||
Stock options | 857 | 1,039 | 2,985 | 2,758 | ||||||||||||
Employee stock purchase plan | 134 | — | 449 | — | ||||||||||||
$ | 3,877 | $ | 7,180 | $ | 20,810 | $ | 16,211 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | Summarized below are certain assets and liabilities classified as discontinued operations as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
(in thousands) | Data and Analytics | Mortgage Origination Services | Asset Management and Processing | ||||||||||||||||||
As of September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Total assets | $ | 204 | $ | 251 | $ | 336 | $ | — | $ | 791 | |||||||||||
Total liabilities | $ | 1,170 | $ | 88 | $ | 2,927 | $ | (37 | ) | $ | 4,148 | ||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total assets | $ | 204 | $ | 251 | $ | 337 | $ | 2 | $ | 794 | |||||||||||
Total liabilities | $ | 776 | $ | 691 | $ | 1,920 | $ | (35 | ) | $ | 3,352 | ||||||||||
Summarized below are the components of our income/(loss) from discontinued operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||
(in thousands) | Data and Analytics | Mortgage Origination Services | Asset Management and Processing | ||||||||||||||||||
For the three months ended September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Operating revenue | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Loss from discontinued operations before income taxes | (812 | ) | — | (1,195 | ) | — | (2,007 | ) | |||||||||||||
Income tax benefit | (311 | ) | — | (456 | ) | — | (767 | ) | |||||||||||||
Loss from discontinued operations, net of tax | $ | (501 | ) | $ | — | $ | (739 | ) | $ | — | $ | (1,240 | ) | ||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue | $ | — | $ | 8,410 | $ | 6,938 | $ | 11,643 | $ | 26,991 | |||||||||||
Income/(loss) from discontinued operations before income taxes | (66 | ) | (348 | ) | (7,121 | ) | 24 | (7,511 | ) | ||||||||||||
Income tax expense/(benefit) | 3,972 | (122 | ) | (1,199 | ) | (5 | ) | 2,646 | |||||||||||||
Income/(loss) from discontinued operations, net of tax | $ | (4,038 | ) | $ | (226 | ) | $ | (5,922 | ) | $ | 29 | $ | (10,157 | ) | |||||||
Data and Analytics | Mortgage Origination Services | Asset Management and Processing | |||||||||||||||||||
For the nine months ended September 30, 2013 | Marketing | Consumer | Appraisal | Transportation | Total | ||||||||||||||||
Operating revenue | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
(Loss)/income from discontinued operations before income taxes | (1,429 | ) | 196 | (3,957 | ) | — | (5,190 | ) | |||||||||||||
Income tax (benefit)/expense | (547 | ) | 75 | (1,513 | ) | — | (1,985 | ) | |||||||||||||
(Loss)/income from discontinued operations, net of tax | $ | (882 | ) | $ | 121 | $ | (2,444 | ) | $ | — | $ | (3,205 | ) | ||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue | $ | — | $ | 55,773 | $ | 25,137 | $ | 46,435 | $ | 127,345 | |||||||||||
Income/(loss) from discontinued operations before income taxes | 111 | 5,177 | (23,675 | ) | (1,707 | ) | (20,094 | ) | |||||||||||||
Income tax expense/(benefit) | 4,041 | 2,030 | (6,243 | ) | (1,780 | ) | (1,952 | ) | |||||||||||||
Income/(loss) from discontinued operations, net of tax | $ | (3,930 | ) | $ | 3,147 | $ | (17,432 | ) | $ | 73 | $ | (18,142 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Selected financial information by reportable segment is as follows: | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended September 30, 2013 | Operating Revenues | Depreciation and Amortization | Operating Income/(Loss) | Equity in Earnings/(Loss) of Affiliates, Net of Tax | Net Income/(Loss) From Continuing Operations | Capital Expenditures | |||||||||||||||||||
Data and analytics | $ | 159,271 | $ | 19,034 | $ | 28,833 | $ | 456 | $ | 36,094 | $ | 14,338 | |||||||||||||
Mortgage origination services | 184,313 | 7,294 | 45,334 | 8,786 | 55,234 | 5,734 | |||||||||||||||||||
Asset management and processing solutions | 68,343 | 575 | 13,877 | — | 13,877 | 34 | |||||||||||||||||||
Corporate | 148 | 2,792 | (16,028 | ) | (3,526 | ) | (55,206 | ) | 7,048 | ||||||||||||||||
Eliminations | (6,533 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 405,542 | $ | 29,695 | $ | 72,016 | $ | 5,716 | $ | 49,999 | $ | 27,154 | |||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||
Data and analytics | $ | 154,715 | $ | 17,729 | $ | 29,325 | $ | 489 | $ | 31,287 | $ | 14,114 | |||||||||||||
Mortgage origination services | 169,357 | 6,377 | 49,970 | 12,851 | 62,736 | 3,679 | |||||||||||||||||||
Asset management and processing solutions | 89,364 | 799 | 16,722 | — | 16,792 | 1,219 | |||||||||||||||||||
Corporate | 146 | 8,132 | (34,635 | ) | (5,174 | ) | (74,652 | ) | 3,459 | ||||||||||||||||
Eliminations | (3,822 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 409,760 | $ | 33,037 | $ | 61,382 | $ | 8,166 | $ | 36,163 | $ | 22,471 | |||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||
Data and analytics | $ | 489,311 | $ | 57,762 | $ | 84,384 | $ | 1,639 | $ | 93,118 | $ | 41,298 | |||||||||||||
Mortgage origination services | 545,196 | 21,208 | 145,023 | 36,648 | 182,519 | 13,552 | |||||||||||||||||||
Asset management and processing solutions | 215,199 | 1,918 | 37,329 | — | 38,839 | 289 | |||||||||||||||||||
Corporate | 493 | 18,445 | (71,059 | ) | (14,439 | ) | (185,419 | ) | 25,612 | ||||||||||||||||
Eliminations | (20,516 | ) | — | — | — | — | — | ||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 1,229,683 | $ | 99,333 | $ | 195,677 | $ | 23,848 | $ | 129,057 | $ | 80,751 | |||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Data and analytics | $ | 453,666 | $ | 54,150 | $ | 85,597 | $ | 1,704 | $ | 88,062 | $ | 42,027 | |||||||||||||
Mortgage origination services | 459,170 | 20,419 | 119,093 | 46,239 | 164,872 | 12,533 | |||||||||||||||||||
Asset management and processing solutions | 257,995 | 3,406 | 46,931 | — | 47,145 | 3,103 | |||||||||||||||||||
Corporate | 488 | 15,594 | (77,585 | ) | (18,562 | ) | (193,950 | ) | 5,144 | ||||||||||||||||
Eliminations | (14,097 | ) | (135 | ) | 135 | — | 135 | — | |||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 1,157,222 | $ | 93,434 | $ | 174,171 | $ | 29,381 | $ | 106,264 | $ | 62,807 | |||||||||||||
(in thousands) | As of | As of | |||||||||||||||||||||||
Assets | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Data and analytics | $ | 1,348,608 | $ | 1,375,775 | |||||||||||||||||||||
Mortgage origination services | 1,155,484 | 1,000,382 | |||||||||||||||||||||||
Asset management and processing solutions | 192,161 | 211,515 | |||||||||||||||||||||||
Corporate | 4,464,807 | 4,344,263 | |||||||||||||||||||||||
Eliminations | (4,077,153 | ) | (3,902,902 | ) | |||||||||||||||||||||
Consolidated (excluding discontinued operations) | $ | 3,083,907 | $ | 3,029,033 | |||||||||||||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Guarantor Subsidiaries [Abstract] | |||||||||||||||||||||
Schedule of Guarantor Obligations | The following condensed consolidating financial information reflects the separate accounts of CoreLogic, Inc. (the "Parent"), the combined accounts of the guarantor subsidiaries, the combined accounts of the non-guarantor subsidiaries, the combined consolidating adjustments and eliminations and the Parent's consolidated accounts for the dates and periods indicated. | ||||||||||||||||||||
Condensed Balance Sheet | |||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 106,441 | $ | — | $ | 29,116 | $ | — | $ | 135,557 | |||||||||||
Other current assets | 45,699 | 375,732 | 29,276 | (5,432 | ) | 445,275 | |||||||||||||||
Property and equipment, net | 18,637 | 142,103 | 33,235 | — | 193,975 | ||||||||||||||||
Goodwill | — | 1,365,535 | 169,431 | — | 1,534,966 | ||||||||||||||||
Other identifiable intangible assets, net | 362 | 139,331 | 44,286 | — | 183,979 | ||||||||||||||||
Capitalized data and database cost, net | — | 248,084 | 79,759 | — | 327,843 | ||||||||||||||||
Investments in affiliates | — | 96,764 | — | — | 96,764 | ||||||||||||||||
Deferred income tax assets, long-term | 59,523 | — | — | (59,523 | ) | — | |||||||||||||||
Restricted cash | 14,622 | 305 | 1,463 | — | 16,390 | ||||||||||||||||
Investment in subsidiaries | 1,997,539 | — | — | (1,997,539 | ) | — | |||||||||||||||
Intercompany receivable | 60,134 | 239,118 | 9,170 | (308,422 | ) | — | |||||||||||||||
Other assets | 105,944 | 42,027 | 1,978 | — | 149,949 | ||||||||||||||||
Total assets | $ | 2,408,901 | $ | 2,648,999 | $ | 397,714 | $ | (2,370,916 | ) | $ | 3,084,698 | ||||||||||
Liabilities and equity: | |||||||||||||||||||||
Current liabilities | $ | 106,438 | $ | 385,271 | $ | 34,702 | $ | (5,432 | ) | $ | 520,979 | ||||||||||
Long-term debt, net | 778,270 | 5,010 | — | — | 783,280 | ||||||||||||||||
Deferred revenue, net of current | — | 376,255 | — | — | 376,255 | ||||||||||||||||
Deferred income taxes, long term | — | 123,618 | 19,833 | (59,523 | ) | 83,928 | |||||||||||||||
Intercompany payable | 248,288 | — | 60,134 | (308,422 | ) | — | |||||||||||||||
Other liabilities | 124,936 | 29,862 | 3,502 | — | 158,300 | ||||||||||||||||
Redeemable noncontrolling interest | — | — | 10,987 | — | 10,987 | ||||||||||||||||
Total CoreLogic stockholders' equity | 1,150,969 | 1,728,983 | 268,556 | (1,997,539 | ) | 1,150,969 | |||||||||||||||
Total liabilities and equity | $ | 2,408,901 | $ | 2,648,999 | $ | 397,714 | $ | (2,370,916 | ) | $ | 3,084,698 | ||||||||||
Condensed Balance Sheet | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 111,305 | $ | 1,812 | $ | 35,741 | $ | — | $ | 148,858 | |||||||||||
Other current assets | 59,977 | 364,178 | 17,352 | (441 | ) | 441,066 | |||||||||||||||
Property and equipment, net | 14,921 | 139,831 | 31,865 | — | 186,617 | ||||||||||||||||
Goodwill | — | 1,323,700 | 180,532 | — | 1,504,232 | ||||||||||||||||
Other identifiable intangible assets, net | — | 123,011 | 48,573 | — | 171,584 | ||||||||||||||||
Capitalized data and database cost, net | — | 238,598 | 83,691 | — | 322,289 | ||||||||||||||||
Investments in affiliates | — | 88,647 | 5,580 | — | 94,227 | ||||||||||||||||
Deferred income tax assets, long-term | 59,523 | — | — | (59,523 | ) | — | |||||||||||||||
Restricted cash | 18,299 | 305 | 3,513 | — | 22,117 | ||||||||||||||||
Investment in subsidiaries | 1,853,561 | — | — | (1,853,561 | ) | — | |||||||||||||||
Intercompany receivable | 65,885 | 125,587 | — | (191,472 | ) | — | |||||||||||||||
Other assets | 107,976 | 28,420 | 2,441 | — | 138,837 | ||||||||||||||||
Total assets | $ | 2,291,447 | $ | 2,434,089 | $ | 409,288 | $ | (2,104,997 | ) | $ | 3,029,827 | ||||||||||
Liabilities and equity: | |||||||||||||||||||||
Current liabilities | $ | 82,668 | $ | 406,890 | $ | 27,974 | $ | (441 | ) | $ | 517,091 | ||||||||||
Long-term debt, net | 783,470 | 8,854 | — | — | 792,324 | ||||||||||||||||
Deferred revenue, net of current | — | 309,418 | — | — | 309,418 | ||||||||||||||||
Deferred income taxes, long term | — | 111,051 | 19,833 | (59,523 | ) | 71,361 | |||||||||||||||
Intercompany payable | 125,587 | — | 65,885 | (191,472 | ) | — | |||||||||||||||
Other liabilities | 130,421 | 33,011 | 5,255 | — | 168,687 | ||||||||||||||||
Total CoreLogic stockholders' equity | 1,169,301 | 1,564,865 | 288,696 | (1,853,561 | ) | 1,169,301 | |||||||||||||||
Noncontrolling interests | — | — | 1,645 | — | 1,645 | ||||||||||||||||
Total liabilities and equity | $ | 2,291,447 | $ | 2,434,089 | $ | 409,288 | $ | (2,104,997 | ) | $ | 3,029,827 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 380,220 | $ | 25,322 | $ | — | $ | 405,542 | |||||||||||
Intercompany revenues | — | — | 148 | (148 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 205,776 | 8,161 | (148 | ) | 213,789 | |||||||||||||||
Selling, general and administrative expenses | 11,997 | 68,661 | 9,384 | — | 90,042 | ||||||||||||||||
Depreciation and amortization | 962 | 23,011 | 5,722 | — | 29,695 | ||||||||||||||||
Operating (loss)/income | (12,959 | ) | 82,772 | 2,203 | — | 72,016 | |||||||||||||||
Total interest (expense)/income, net | (11,547 | ) | (126 | ) | 161 | — | (11,512 | ) | |||||||||||||
(Loss)/gain on investments and other, net | (260 | ) | 1,250 | 6,637 | — | 7,627 | |||||||||||||||
(Benefit)/provision for income taxes | (10,640 | ) | 31,076 | 3,412 | — | 23,848 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 5,479 | 237 | — | 5,716 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 57,788 | — | — | (57,788 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 43,662 | 58,299 | 5,826 | (57,788 | ) | 49,999 | |||||||||||||||
Loss from discontinued operations, net of tax | — | (1,240 | ) | — | — | (1,240 | ) | ||||||||||||||
(Loss)/gain from sale of discontinued operations, net of tax | — | (6,558 | ) | 1,506 | — | (5,052 | ) | ||||||||||||||
Net income | 43,662 | 50,501 | 7,332 | (57,788 | ) | 43,707 | |||||||||||||||
Less: Net income attributable to noncontrolling interest | — | — | 45 | — | 45 | ||||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 43,662 | $ | 50,501 | $ | 7,287 | $ | (57,788 | ) | $ | 43,662 | ||||||||||
Net income | $ | 43,662 | $ | 50,501 | $ | 7,332 | $ | (57,788 | ) | $ | 43,707 | ||||||||||
Total other comprehensive income | 7,345 | — | 7,644 | (7,644 | ) | 7,345 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | $ | — | $ | — | $ | 45 | $ | — | $ | 45 | |||||||||||
Comprehensive income attributable to CoreLogic | $ | 51,007 | $ | 50,501 | $ | 14,931 | $ | (65,432 | ) | $ | 51,007 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 386,180 | $ | 23,580 | $ | — | $ | 409,760 | |||||||||||
Intercompany revenues | — | — | 146 | (146 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 203,280 | 9,874 | (146 | ) | 213,008 | |||||||||||||||
Selling, general and administrative expenses | 17,459 | 77,053 | 7,821 | — | 102,333 | ||||||||||||||||
Depreciation and amortization | 610 | 26,755 | 5,672 | — | 33,037 | ||||||||||||||||
Operating (loss)/income | (18,069 | ) | 79,092 | 359 | — | 61,382 | |||||||||||||||
Total interest expense, net | (12,035 | ) | (28 | ) | (662 | ) | — | (12,725 | ) | ||||||||||||
Gain/(loss) on investment and other, net | 1,111 | (5,598 | ) | 233 | — | (4,254 | ) | ||||||||||||||
(Benefit)/provision for income taxes | (10,228 | ) | 24,898 | 1,736 | — | 16,406 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 7,919 | 247 | — | 8,166 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 57,085 | — | — | (57,085 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 38,320 | 56,487 | (1,559 | ) | (57,085 | ) | 36,163 | ||||||||||||||
Loss from discontinued operations, net of tax | — | (10,157 | ) | — | — | (10,157 | ) | ||||||||||||||
Gain from sale of discontinued operations, net of tax | — | 11,678 | 586 | — | 12,264 | ||||||||||||||||
Net income/(loss) | 38,320 | 58,008 | (973 | ) | (57,085 | ) | 38,270 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (50 | ) | — | (50 | ) | ||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 38,320 | $ | 58,008 | $ | (923 | ) | $ | (57,085 | ) | $ | 38,320 | |||||||||
Net income/(loss) | $ | 38,320 | $ | 58,008 | $ | (973 | ) | $ | (57,085 | ) | $ | 38,270 | |||||||||
Total other comprehensive income | 4,264 | — | 5,163 | (5,163 | ) | 4,264 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (50 | ) | — | (50 | ) | ||||||||||||||
Comprehensive income attributable to CoreLogic | $ | 42,584 | $ | 58,008 | $ | 4,240 | $ | (62,248 | ) | $ | 42,584 | ||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 1,157,347 | $ | 72,336 | $ | — | $ | 1,229,683 | |||||||||||
Intercompany revenues | — | — | 493 | (493 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 624,866 | 26,777 | (493 | ) | 651,150 | |||||||||||||||
Selling, general and administrative expenses | 49,450 | 207,979 | 26,094 | — | 283,523 | ||||||||||||||||
Depreciation and amortization | 2,655 | 79,215 | 17,463 | — | 99,333 | ||||||||||||||||
Operating (loss)/income | (52,105 | ) | 245,287 | 2,495 | — | 195,677 | |||||||||||||||
Total interest (expense)/income, net | (34,993 | ) | (336 | ) | 459 | — | (34,870 | ) | |||||||||||||
Gain on investments and other, net | 1,474 | 2,714 | 6,637 | — | 10,825 | ||||||||||||||||
(Benefit)/provision for income taxes | (30,392 | ) | 93,185 | 3,630 | — | 66,423 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 23,053 | 795 | — | 23,848 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 176,013 | — | — | (176,013 | ) | — | |||||||||||||||
Net income from continuing operations, net of tax | 120,781 | 177,533 | 6,756 | (176,013 | ) | 129,057 | |||||||||||||||
Loss from discontinued operations, net of tax | — | (3,205 | ) | — | — | (3,205 | ) | ||||||||||||||
(Loss)/gain from sale of discontinued operations, net of tax | — | (6,558 | ) | 1,506 | — | (5,052 | ) | ||||||||||||||
Net income | 120,781 | 167,770 | 8,262 | (176,013 | ) | 120,800 | |||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | 19 | — | 19 | ||||||||||||||||
Net income attributable to CoreLogic | $ | 120,781 | $ | 167,770 | $ | 8,243 | $ | (176,013 | ) | $ | 120,781 | ||||||||||
Net income | $ | 120,781 | $ | 167,770 | $ | 8,262 | $ | (176,013 | ) | $ | 120,800 | ||||||||||
Total other comprehensive loss | (31,127 | ) | — | (32,289 | ) | 32,289 | (31,127 | ) | |||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 19 | — | 19 | ||||||||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | 89,654 | $ | 167,770 | $ | (24,046 | ) | $ | (143,724 | ) | $ | 89,654 | |||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Operating revenues | $ | — | $ | 1,089,324 | $ | 67,898 | $ | — | $ | 1,157,222 | |||||||||||
Intercompany revenues | — | — | 488 | (488 | ) | — | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | — | 588,743 | 28,142 | (488 | ) | 616,397 | |||||||||||||||
Selling, general and administrative expenses | 48,628 | 199,184 | 25,408 | — | 273,220 | ||||||||||||||||
Depreciation and amortization | 2,137 | 73,582 | 17,715 | — | 93,434 | ||||||||||||||||
Operating (loss)/income | (50,765 | ) | 227,815 | (2,879 | ) | — | 174,171 | ||||||||||||||
Total interest (expense)/income, net | (38,034 | ) | 159 | (2,326 | ) | — | (40,201 | ) | |||||||||||||
Gain/(loss) on investments and other, net | 2,456 | (7,144 | ) | 823 | — | (3,865 | ) | ||||||||||||||
(Benefit)/provision for income taxes | (31,698 | ) | 81,263 | 3,657 | — | 53,222 | |||||||||||||||
Equity in earnings of affiliates, net of tax | — | 28,490 | 891 | — | 29,381 | ||||||||||||||||
Equity in earnings of subsidiary, net of tax | 152,253 | — | — | (152,253 | ) | — | |||||||||||||||
Net income/(loss) from continuing operations, net of tax | 97,608 | 168,057 | (7,148 | ) | (152,253 | ) | 106,264 | ||||||||||||||
Loss from discontinued operations, net of tax | — | (18,142 | ) | — | — | (18,142 | ) | ||||||||||||||
Gain on sale of discontinued operations, net of tax | — | 8,691 | 586 | — | 9,277 | ||||||||||||||||
Net income/(loss) | 97,608 | 158,606 | (6,562 | ) | (152,253 | ) | 97,399 | ||||||||||||||
Less: Net loss attributable to noncontrolling interest | — | — | (209 | ) | — | (209 | ) | ||||||||||||||
Net income/(loss) attributable to CoreLogic | $ | 97,608 | $ | 158,606 | $ | (6,353 | ) | $ | (152,253 | ) | $ | 97,608 | |||||||||
Net income/(loss) | $ | 97,608 | $ | 158,606 | $ | (6,562 | ) | $ | (152,253 | ) | $ | 97,399 | |||||||||
Total other comprehensive income | 5,637 | — | 6,178 | (6,178 | ) | 5,637 | |||||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (209 | ) | — | (209 | ) | ||||||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | 103,245 | $ | 158,606 | $ | (175 | ) | $ | (158,431 | ) | $ | 103,245 | |||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash (used in)/provided by operating activities - continuing operations | $ | 234 | $ | 250,562 | $ | 14,320 | $ | — | $ | 265,116 | |||||||||||
Net cash used in operating activities - discontinued operations | — | (4,560 | ) | 2,152 | — | (2,408 | ) | ||||||||||||||
Total cash (used in)/provided by operating activities | $ | 234 | $ | 246,002 | $ | 16,472 | $ | — | $ | 262,708 | |||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | (6,333 | ) | (39,903 | ) | (5,720 | ) | — | (51,956 | ) | ||||||||||||
Purchases of capitalized data and other intangible assets | (362 | ) | (24,725 | ) | (3,708 | ) | — | (28,795 | ) | ||||||||||||
Cash paid for acquisitions, net of cash acquired | — | (71,446 | ) | 542 | — | (70,904 | ) | ||||||||||||||
Purchases of investments | — | (2,351 | ) | — | — | (2,351 | ) | ||||||||||||||
Proceeds from sale of subsidiary and other increases in noncontrolling interest, net | — | 800 | — | — | 800 | ||||||||||||||||
Change in restricted cash | 3,678 | — | 2,050 | — | 5,728 | ||||||||||||||||
Net cash used in investing activities - continuing operations | (3,017 | ) | (137,625 | ) | (6,836 | ) | — | (147,478 | ) | ||||||||||||
Net cash provided by investing activities - discontinued operations | — | 2,152 | — | — | 2,152 | ||||||||||||||||
Total cash used in investing activities | $ | (3,017 | ) | $ | (135,473 | ) | $ | (6,836 | ) | $ | — | $ | (145,326 | ) | |||||||
Cash flow from financing activities: | |||||||||||||||||||||
Proceeds from long-term debt | — | 1,075 | — | — | 1,075 | ||||||||||||||||
Repayments of long-term debt | (4,375 | ) | (141 | ) | — | — | (4,516 | ) | |||||||||||||
Share repurchased and retired | (133,565 | ) | — | — | — | (133,565 | ) | ||||||||||||||
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | — | — | — | 11,662 | ||||||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (6,893 | ) | — | — | — | (6,893 | ) | ||||||||||||||
Excess tax benefit related to stock options | 2,895 | — | — | — | 2,895 | ||||||||||||||||
Intercompany payments | — | (113,531 | ) | (14,920 | ) | 128,451 | — | ||||||||||||||
Intercompany proceeds | 128,451 | — | — | (128,451 | ) | — | |||||||||||||||
Net cash used in by financing activities - continuing operations | (1,825 | ) | (112,597 | ) | (14,920 | ) | — | (129,342 | ) | ||||||||||||
Net cash provided by financing activities - discontinued operations | — | — | — | — | — | ||||||||||||||||
Total cash used in by financing activities | $ | (1,825 | ) | $ | (112,597 | ) | $ | (14,920 | ) | $ | — | $ | (129,342 | ) | |||||||
Effect of exchange rate on cash | — | — | (1,341 | ) | — | (1,341 | ) | ||||||||||||||
Net (decrease)/increase in cash and cash equivalents | (4,608 | ) | (2,068 | ) | (6,625 | ) | — | (13,301 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 111,305 | 1,812 | 35,741 | — | 148,858 | ||||||||||||||||
Less: Change in cash and cash equivalents - discontinued operations | — | (2,408 | ) | 2,152 | — | (256 | ) | ||||||||||||||
Plus: Cash swept to discontinued operations | (256 | ) | (2,152 | ) | 2,152 | — | (256 | ) | |||||||||||||
Cash and cash equivalents at end of period | $ | 106,441 | $ | — | $ | 29,116 | $ | — | $ | 135,557 | |||||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash (used in)/provided by operating activities - continuing operations | $ | (15,160 | ) | $ | 266,105 | $ | 7,844 | $ | — | $ | 258,789 | ||||||||||
Net cash provided by operating activities - discontinued operations | — | 9,684 | — | — | 9,684 | ||||||||||||||||
Total cash (used in)/provided by operating activities | $ | (15,160 | ) | $ | 275,789 | $ | 7,844 | $ | — | $ | 268,473 | ||||||||||
Cash flow from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | (1,407 | ) | (27,942 | ) | (9,404 | ) | — | (38,753 | ) | ||||||||||||
Purchases of capitalized data and other intangible assets | — | (21,537 | ) | (2,517 | ) | — | (24,054 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | 111 | — | — | 111 | ||||||||||||||||
Cash received from sale of discontinued operations | — | 10,000 | — | — | 10,000 | ||||||||||||||||
Proceeds from sale of property and equipment | — | 1,852 | — | — | 1,852 | ||||||||||||||||
Proceeds from sale of investments | — | 8,000 | — | — | 8,000 | ||||||||||||||||
Change in restricted cash | — | (184 | ) | 306 | — | 122 | |||||||||||||||
Net cash used in investing activities - continuing operations | (1,407 | ) | (29,700 | ) | (11,615 | ) | — | (42,722 | ) | ||||||||||||
Net cash used in by investing activities - discontinued operations | — | (2,350 | ) | 838 | — | (1,512 | ) | ||||||||||||||
Total cash used in investing activities | $ | (1,407 | ) | $ | (32,050 | ) | $ | (10,777 | ) | $ | — | $ | (44,234 | ) | |||||||
Cash flow from financing activities: | |||||||||||||||||||||
Repayments of long-term debt | (103,018 | ) | (11,251 | ) | (96 | ) | — | (114,365 | ) | ||||||||||||
Share repurchased and retired | (226,629 | ) | — | — | — | (226,629 | ) | ||||||||||||||
Proceeds from issuance of stock related to stock options and employee benefit plans | 9,624 | — | — | — | 9,624 | ||||||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (3,015 | ) | — | — | — | (3,015 | ) | ||||||||||||||
Distribution to noncontrolling interests | — | — | (10 | ) | — | (10 | ) | ||||||||||||||
Cash dividends | — | — | — | — | — | ||||||||||||||||
Excess tax benefit related to stock options | 643 | — | — | — | 643 | ||||||||||||||||
Intercompany payments | (6,949 | ) | (233,946 | ) | — | 240,895 | — | ||||||||||||||
Intercompany proceeds | 233,946 | — | 6,949 | (240,895 | ) | — | |||||||||||||||
Net cash (used in)/provided by financing activities - continuing operations | (95,398 | ) | (245,197 | ) | 6,843 | — | (333,752 | ) | |||||||||||||
Net cash provided by financing activities - discontinued operations | — | 3 | — | — | 3 | ||||||||||||||||
Total cash (used in)/provided by financing activities | $ | (95,398 | ) | $ | (245,194 | ) | $ | 6,843 | $ | — | $ | (333,749 | ) | ||||||||
Net (decrease)/increase in cash and cash equivalents | (111,965 | ) | (1,455 | ) | 3,910 | — | (109,510 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 229,871 | 9,106 | 20,289 | — | 259,266 | ||||||||||||||||
Less: Change in cash and cash equivalents - discontinued operations | — | 7,337 | 838 | — | 8,175 | ||||||||||||||||
Plus: Cash swept to discontinued operations | $ | 12,133 | $ | — | $ | 838 | $ | — | $ | 12,971 | |||||||||||
Cash and cash equivalents at end of period | $ | 130,039 | $ | 314 | $ | 24,199 | $ | — | $ | 154,552 | |||||||||||
Revisions to Condensed Consolidating Financial Information | |||||||||||||||||||||
The condensed consolidated statement of cash flows for the nine months ended September 30, 2012 have been revised to gross up intercompany revenues and expenses and to move balances related to non-controlling interests from the Parent to the non-guarantor subsidiaries. We assessed the materiality of these items on previously issued annual and interim financial statements in accordance with SEC SAB No. 99, and concluded that the errors were not material to the consolidated financial statements. The impact of these revisions to the condensed consolidating financial information for 2012 are as follows: | |||||||||||||||||||||
Increase/(Decrease) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidating/Eliminating Adjustments | Total | |||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Condensed Statement of Operations | |||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue, net | $ | — | $ | 148 | $ | — | $ | (148 | ) | $ | — | ||||||||||
Total operating expenses | $ | — | $ | 148 | $ | — | $ | (148 | ) | $ | — | ||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net income attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Operating revenue, net | $ | — | $ | 488 | $ | — | $ | (488 | ) | $ | — | ||||||||||
Total operating expenses | $ | — | $ | 488 | $ | — | $ | (488 | ) | $ | — | ||||||||||
Less: Net income/(loss) attributable to noncontrolling interests | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net income attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Comprehensive income/(loss) attributable to CoreLogic | $ | — | $ | (586 | ) | $ | 586 | $ | — | $ | — | ||||||||||
Condensed Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||
Net cash provided by/(used in) operating activities - continuing operations | $ | — | $ | 2,367 | $ | (2,367 | ) | $ | — | $ | — | ||||||||||
Net cash (used in)/provided by investing activities - continuing operations | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Net cash (used in)/provided by financing activities - continuing operations | $ | 838 | $ | (2,367 | ) | $ | 1,529 | $ | — | $ | — | ||||||||||
Basis_of_Condensed_Consolidate1
Basis of Condensed Consolidated Financial Statements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, except Per Share data, unless otherwise specified | Minimum [Member] | Maximum [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Wells Fargo [Member] | Wells Fargo [Member] | ||
Concentration Risk, Customer | 0.099 | 0.153 | 0.107 | 0.116 | ||||
Common stock, par value | $0.00 | $0.00 | ||||||
Escrow deposit | $946.70 | $228.90 | ||||||
Escrow deposits, period held by the Company (in business days) | 2 days | 5 days |
Investments_in_Affiliates_Deta
Investments in Affiliates (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Investments [Line Items] | ||||
Equity in (losses)/earnings of affiliates, net of tax | $5,716,000 | $8,166,000 | $23,848,000 | $29,381,000 |
Income tax of equity in earnings of affiliates | -3,500,000 | -5,200,000 | -14,800,000 | 18,700,000 |
Assumed ownership percentage for affiliate | 100.00% | 100.00% | ||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | 60.00% | ||
Joint Venture Loan Originations Products and Services [Member] | ||||
Schedule of Investments [Line Items] | ||||
Ownership percentage in joint venture | 50.10% | 50.10% | ||
Joint venture investment percentage of income in equity earnings of affiliates | 75.80% | 78.00% | 73.00% | 74.60% |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract] | ||||
Net revenues | 79,373,000 | 112,887,000 | 288,062,000 | 332,601,000 |
Expenses | 64,849,000 | 91,635,000 | 229,788,000 | 266,433,000 |
Equity Method Investment Summarized Financial Information Income Before Taxes | 14,524,000 | 21,252,000 | 58,274,000 | 66,168,000 |
Equity Method Investment Summarized Financial Information Income from Continuing Operations, net of taxes | 14,422,000 | 21,185,000 | 57,901,000 | 65,894,000 |
Equity Method Investment Summarized Financial Information Income from Discontinued Operations, net of Tax | 0 | 0 | 0 | 7,050,000 |
Net Income | 14,422,000 | 21,185,000 | 57,901,000 | 72,944,000 |
CoreLogic equity in earnings of affiliate, pre-tax | 7,225,000 | 10,614,000 | ||
Parent Company [Member] | Joint Venture Loan Originations Products and Services [Member] | ||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract] | ||||
CoreLogic equity in earnings of affiliate, pre-tax | 29,008,000 | 36,545,000 | ||
PIQ Acquisition [Member] | ||||
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) [Abstract] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $6,600,000 |
Marketable_Securities_Investme
Marketable Securities (Investments) (Details) (Preferred Stock [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investments in equity securities | $21.90 | $22.20 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $669,630,000 | $669,630,000 | $622,998,000 | ||
Less: accumulated depreciation | -475,655,000 | -475,655,000 | -436,381,000 | ||
Property and equipment, net | 193,975,000 | 193,975,000 | 186,617,000 | ||
Depreciation and amortization | 13,000,000 | 19,000,000 | 50,500,000 | 52,500,000 | |
Land [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 4,000,000 | 4,000,000 | 4,000,000 | ||
Buildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 10,780,000 | 10,780,000 | 10,780,000 | ||
Furniture and equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 94,666,000 | 94,666,000 | 89,870,000 | ||
Capitalized software [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 511,763,000 | 511,763,000 | 470,469,000 | ||
Leasehold improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $48,421,000 | $48,421,000 | $47,879,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Data and analytics [Member] | Data and analytics [Member] | Mortgage origination services [Member] | Mortgage origination services [Member] | Default services [Member] | Default services [Member] | Fiserv [Member] | PIQ Acquisition [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | |||
Goodwill [Line Items] | ||||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $100,000 | ($300,000) | $800,000 | ($800,000) | ||||||||||
Goodwill [Roll Forward] | ||||||||||||||
Goodwill | 1,511,757,000 | 708,577,000 | 653,771,000 | 149,409,000 | ||||||||||
Accumulated impairment losses | -7,525,000 | -600,000 | -6,925,000 | 0 | ||||||||||
Goodwill, net | 1,534,966,000 | 1,504,232,000 | 709,769,000 | 707,977,000 | 675,788,000 | 646,846,000 | 149,409,000 | 149,409,000 | 600,000 | 15,500,000 | ||||
Acquisitions | 44,996,000 | 16,054,000 | 28,942,000 | 0 | ||||||||||
Translation adjustments | -14,459,000 | -14,459,000 | 0 | 0 | ||||||||||
Goodwill, Other Changes | 197,000 | -197,000 | 0 | 0 | ||||||||||
Goodwill, net | $1,534,966,000 | $1,504,232,000 | $709,769,000 | $707,977,000 | $675,788,000 | $646,846,000 | $149,409,000 | $149,409,000 | $600,000 | $15,500,000 |
Other_Intangible_Assets_Net_Sc
Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | $360,455,000 | $360,455,000 | $323,281,000 | ||
Less accumulated amortization | -176,476,000 | -176,476,000 | -151,697,000 | ||
Total | 183,979,000 | 183,979,000 | 171,584,000 | ||
Amortization expense for finite-lived intangible assets | 9,100,000 | 7,100,000 | 26,300,000 | 20,500,000 | |
Customer Lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 320,432,000 | 320,432,000 | 286,164,000 | ||
Less accumulated amortization | -159,669,000 | -159,669,000 | -137,782,000 | ||
Total | 160,763,000 | 160,763,000 | 148,382,000 | ||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 9,156,000 | 9,156,000 | 9,264,000 | ||
Less accumulated amortization | -6,331,000 | -6,331,000 | -5,438,000 | ||
Total | 2,825,000 | 2,825,000 | 3,826,000 | ||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 30,867,000 | 30,867,000 | 27,853,000 | ||
Less accumulated amortization | -10,476,000 | -10,476,000 | -8,477,000 | ||
Total | $20,391,000 | $20,391,000 | $19,376,000 |
Other_Intangible_Assets_Net_Fi
Other Intangible Assets, Net (Finite Lived Intangible Asset Future Amortization Expense) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2013 | $8,037 | |
2014 | 30,385 | |
2015 | 28,796 | |
2016 | 22,667 | |
2017 | 20,360 | |
Thereafter | 73,734 | |
Total | $183,979 | $171,584 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 21-May-11 | 23-May-11 | 23-May-11 | Sep. 30, 2013 | 23-May-11 | Sep. 30, 2013 | 23-May-11 | Sep. 30, 2013 | 23-May-11 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
STARS [Member] | Senior Note June 2021 [Member] | Credit Agreement [Member] | Revolving Line of Credit March 2016 [Member] | Multi Currency Sub Facility [Member] | Multi Currency Sub Facility [Member] | Letter Of Credit Sub Facility [Member] | Letter Of Credit Sub Facility [Member] | Term Loan due March 2016 [Member] | Term Loan due March 2016 [Member] | Contingent Credit Agreement Term Loan Facility [Member] | Contingent Credit Agreement Revolving Facility [Domain] | Acquisition Notes [Member] | Acquisition Notes [Member] | Acquisition Notes [Member] | Acquisition Notes [Member] | Acquisition Notes [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Notes Payable to Banks [Member] | Line of Credit [Member] | Line of Credit [Member] | Bank Loans [Member] | Bank Loans [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | |||
Non Interest Bearing Acquisition Note [Member] | Non Interest Bearing Acquisition Note [Member] | Non Interest Bearing Acquisition Note [Member] | Non Interest Bearing Acquisition Note [Member] | Non Interest Bearing Acquisition Note [Member] | Senior Note June 2021 [Member] | Senior Note June 2021 [Member] | Senior Debentures August 2014 [Member] | Senior Debentures August 2014 [Member] | Senior Debentures April 2028 [Member] | Senior Debentures April 2028 [Member] | Revolving Line of Credit March 2016 [Member] | Revolving Line of Credit March 2016 [Member] | Term Loan due March 2016 [Member] | Term Loan due March 2016 [Member] | Various Interest Rate Loans [Member] | Various Interest Rate Loans [Member] | |||||||||||||||
STARS [Member] | |||||||||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||||||||
Total long-term Debt | $789,375,000 | $792,426,000 | $9,143,000 | $8,753,000 | $393,000,000 | $393,000,000 | $825,000 | $825,000 | $59,645,000 | $59,645,000 | $50,000,000 | $50,000,000 | $275,625,000 | $280,000,000 | $1,137,000 | $203,000 | |||||||||||||||
Less current portion of long-term debt | 6,095,000 | 102,000 | |||||||||||||||||||||||||||||
Long-term debt, net of current portion | 783,280,000 | 792,324,000 | |||||||||||||||||||||||||||||
Debt instrument, amount of installment | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||
Debt instrument, stated interest rate percentage | 7.25% | 7.25% | 5.70% | 7.55% | 1.90% | 2.90% | 0.00% | ||||||||||||||||||||||||
Debt instrument, face amount | 400,000,000 | 15,000,000 | |||||||||||||||||||||||||||||
Repayments of debt | 4,400,000 | ||||||||||||||||||||||||||||||
Term facility, maximum borrowing capacity | 1,400,000,000 | 550,000,000 | 100,000,000 | 100,000,000 | 50,000,000 | 50,000,000 | 350,000,000 | 850,000,000 | 550,000,000 | ||||||||||||||||||||||
Term facility, length of term | 5 years | ||||||||||||||||||||||||||||||
Accrued interest expense | 12,100,000 | 4,100,000 | |||||||||||||||||||||||||||||
Payments to acquire interest in joint venture | $20,000,000 |
LongTerm_Debt_Interest_Rate_Sw
Long-Term Debt (Interest Rate Swaps) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | September 2013 [Member] | October 2013 Thru September 2014 [Member] | October 2014 [Member] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Derivative [Line Items] | |||||||||||
Derivative, Notional Amount | $200,000,000 | ||||||||||
Derivative, Fixed Interest Rate | 1.73% | ||||||||||
Quarterly Amortization of Interest Rate Swap Notional Amount | 2,500,000 | 5,000,000 | 7,500,000 | ||||||||
Remaining Balance Of Interest Rate Swap Notional Amount | 107,500,000 | ||||||||||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | -4,455,000 | -6,486,000 | |||||||||
Unrealized gain/(loss) on interest rate swap, net of tax | 100,000 | 9,000 | -492,000 | 1,257,000 | -1,257,000 | ||||||
Deferred Taxes Pertaining To Other Comprehensive Income Relating to Swaps | ($100,000) | $300,000 | ($800,000) | $800,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Effective Income Tax Rate [Abstract] | ||||
Effective income tax rate, continuing operations | 35.00% | 36.90% | 38.70% | 40.90% |
Income tax of equity in earnings of affiliates | ($3.50) | ($5.20) | ($14.80) | $18.70 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for basic and diluted net (loss)/income per share: | ||||
Net income/(loss) from continuing operations | $49,954 | $36,213 | $129,038 | $106,473 |
Loss from discontinued operations, net of tax | -1,240 | -10,157 | -3,205 | -18,142 |
Less: (Loss)/gain from sale of discontinued operations, net of tax | -5,052 | 12,264 | -5,052 | 9,277 |
Net income attributable to CoreLogic | $43,662 | $38,320 | $120,781 | $97,608 |
Denominator for basic and diluted net (loss)/income per share: | ||||
Weighted-average shares for basic income/(loss) per share | 94,773 | 101,650 | 95,802 | 104,713 |
Diluted effect of stock options and restricted stock units | 2,020 | 1,463 | 1,870 | 973 |
Weighted-average shares for diluted income/(loss) per share | 96,793 | 103,113 | 97,672 | 105,686 |
Earnings Per Share, Basic | ||||
Net income/(loss) from continuing operations | $0.53 | $0.36 | $1.35 | $1.02 |
Gain/(loss) from discontinued operations, net of tax | ($0.01) | ($0.10) | ($0.03) | ($0.17) |
Gain from sale of discontinued operations, net of tax | ($0.05) | $0.12 | ($0.05) | $0.09 |
Net income/(loss) attributable to Corelogic | $0.47 | $0.38 | $1.27 | $0.94 |
Earnings Per Share, Diluted | ||||
Net income/(loss) from continuing operations | $0.52 | $0.35 | $1.32 | $1.01 |
Gain/(loss) from discontinued operations, net of tax | ($0.01) | ($0.10) | ($0.03) | ($0.17) |
Gain from sale of discontinued operations, net of tax | ($0.05) | $0.12 | ($0.05) | $0.09 |
Net income/(loss) attributable to Corelogic | $0.46 | $0.37 | $1.24 | $0.93 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share (Antidilutive Shares) (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.6 | 1 | 0.8 | 3.7 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Assets, Discontinued Operations [Member] | Assets, Discontinued Operations [Member] | Property and equipment [Member] | Property and equipment [Member] | Property and equipment [Member] | Property and equipment [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | Equity Method Investments [Member] | |||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | ||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||
Assets of Disposal Group, Including Discontinued Operation, Current | $791 | $794 | $794 | $0 | $0 | ||||||||||||||||||||||||||
Fair Value, Nonrecurring Basis, Asset, Gain (Loss) Included in Earnings | 8,708 | 30,690 | 0 | 15,700 | 0 | 8,708 | 1,721 | 13,744 | 1,200 | 0 | 1,246 | ||||||||||||||||||||
Equity Method Investments | 96,764 | 94,227 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Net | 183,979 | 171,584 | |||||||||||||||||||||||||||||
Property and equipment, net | 193,975 | 186,617 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 135,557 | 148,858 | 0 | 0 | 135,557 | 148,858 | |||||||||||||||||||||||||
Restricted cash | 0 | 0 | 16,390 | 22,117 | 16,390 | 22,117 | |||||||||||||||||||||||||
Equity securities | 21,885 | 22,168 | 0 | 0 | 21,885 | 22,168 | |||||||||||||||||||||||||
Total Financial Assets | 794 | 0 | 0 | 157,442 | 171,026 | 16,390 | 22,117 | 173,832 | 193,143 | ||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||||||||
Total debt | 0 | 0 | 824,099 | 899,258 | 824,099 | 899,258 | |||||||||||||||||||||||||
Total Financial Liabilities | 0 | 0 | 824,099 | 899,258 | 824,099 | 899,258 | |||||||||||||||||||||||||
Interest rate swap agreements | $0 | $0 | ($4,455) | ($6,486) | ($4,455) | $6,486 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Units and PBRSU) (Details) (USD $) | 9 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | 19-May-11 | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | PBRSU [Member] | PBRSU [Member] | CoreLogic 2011 Performance Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of additional shares available in award pool | 18,000,000 | |||||||
Stock Compensation PBRSU percent of target | 0.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Number of Shares | ||||||||
Outstanding, Beginning of Period | 1,381,000 | 1,151,000 | ||||||
Granted | 703,828 | 732,820 | 408,344 | 345,348 | ||||
Vested | -559,000 | -156,000 | ||||||
Forfeited | -87,000 | -138,000 | ||||||
Outstanding, End of Period | 1,439,000 | 1,265,000 | ||||||
Weighted Average Grant Date Fair Value | ||||||||
Weighted Average Grant Date Fair Value, Beginning Balance | $17.50 | $17.21 | ||||||
Granted, Weighted Average Grant Date Fair Value | $26.02 | $25.97 | ||||||
Vested, Weighted Average Grant Date Fair Value | $17.36 | $18.18 | ||||||
Forfeited, Weighted Average Exercise Price | $19.09 | $18.26 | ||||||
Weighted Average Grant Date Fair Value, Ending Balance | $21.63 | $18.51 | ||||||
Restricted stock units, estimated grant date fair value | $18.30 | $12.20 | $10.60 | $5.50 | ||||
Total unrecognized compensation cost related to unvested awards | $20.30 | $14.10 | ||||||
Nonvested awards, weighted average remaining period (in years) | 2 years 1 month 5 days | 1 year 10 months 4 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.41% | [1] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.87% | [2] | ||||||
Share-based Compensation Arrangement, Fair Value, Average Shareholder Return [Abstract] | 17.87% | [3] | ||||||
[1] | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||||||
[2] | The expected volatility and average total shareholder return is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. | |||||||
[3] | . |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted Average Assumptions) (Details) (Stock Options [Member]) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | ||
Risk-free interest rate | 0.90% | [1] | 1.00% | [1] |
Expected volatility | 41.65% | [2] | 42.81% | [2] |
Expected life | 5 years 5 months 19 days | [3] | 5 years 5 months 15 days | [3] |
[1] | The risk-free interest rate for the periods within the contractual term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. | |||
[2] | The expected volatility is a measure of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data at the time of the grant. | |||
[3] | The expected life is the period of time, on average, that participants are expected to hold their options before exercise based primarily onB our historical data at the time of grant. |
StockBased_Compensation_Option
Stock-Based Compensation (Options) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Employee Stock Purchase Plan | ||
Employee Stock Purchase Plan Percent of Stock Price At Closing Date | 85.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Estimated Value Granted During Period | $11,300,000 | $9,300,000 |
Number of Shares | ||
Options outstanding, beginning balance | 3,765,000 | |
Options granted | 435,367 | 581,265 |
Options exercised | -473,000 | |
Options canceled | -233,000 | |
Options outstanding, ending balance | 3,494,000 | |
Options vested and expected to vest, outstanding | 3,422,000 | |
Options exercisable, end of period | 2,382,000 | |
Weighted Average Exercise Price | ||
Options outstanding, Weighted Average Exercise Price, beginning balance | $20.18 | |
Options granted, Weighted Average Exercise Price | $25.97 | |
Options exercised, Weighted Average Exercise Price | $20.73 | |
Options canceled, Weighted Average Exercise Price | $19.07 | |
Options outstanding, Weighted Average Exercise Price, ending balance | $20.90 | |
Options vested and expected to vest, Weighted Average Exercise Price | $20.88 | |
Options exercisable, Weighted Average Exercise Price, end of period | $21.26 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 5 years 2 months 12 days | |
Options vested and expected to vest, Weighted Average Remaining Contractual Term (in years) | 5 years 1 month 22 days | |
Option exercisable, Weighted Average Remaining Contractual Term (in years) | 3 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Options outstanding, Aggregate Intrinsic Value | 21,524,000 | |
Options vested and expected to vest, Aggregate Intrinsic Value | 21,129,000 | |
Options exercisable, Aggregate Intrinsic Value | 13,808,000 | |
Unrecognized Compensation Cost | ||
Total unrecognized compensation cost related to unvested awards | 5,600,000 | |
Nonvested awards, weighted average remaining period (in years) | 1 year 10 months 12 days | |
Intrinsic value of stock options exercised | $3,200,000 | $2,700,000 |
StockBased_Compensation_Compen
Stock-Based Compensation (Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $3,877 | $7,180 | $20,810 | $16,211 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 2,606 | 2,108 | 9,908 | 6,896 |
PBRSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 280 | 4,033 | 7,468 | 6,557 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 857 | 1,039 | 2,985 | 2,758 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $134 | $0 | $449 | $0 |
Litigation_and_Regulatory_Cont1
Litigation and Regulatory Contingencies (Details) (USD $) | Sep. 30, 2013 | Dec. 04, 2012 | Jun. 20, 2013 | Sep. 30, 2012 | Apr. 25, 2012 | Feb. 06, 2012 | Nov. 01, 2011 |
Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | ||
loans | loans | Claims | loans | ||||
Loss Contingency Accrual, at Carrying Value | $0 | ||||||
Number of Residential Mortgage Loans Involved in Breach of Contract in Appraisal Services | 160 | 146 | 194 | ||||
Loss Contingency, Damages Sought, Value | 108,000,000 | 98,900,000 | 129,000,000 | ||||
Number of Mortgage claims dismissed | 14 | ||||||
Breach Of Contract Claim | $16,000,000 | ||||||
Number Of Breach Of Contract Claims Related To Appraisal Services | 26 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
PIQ Acquisition [Domain] | PIQ Acquisition [Domain] | PIQ Acquisition [Domain] | PIQ Acquisition [Domain] | BofA Flood and Tax Servicing [Member] | BofA Flood and Tax Servicing [Member] | BofA Flood and Tax Servicing [Member] | BofA Flood and Tax Servicing [Member] | Fiserv [Member] | RESDirect [Member] | Trade Names [Member] | Customer Lists [Member] | Customer Lists [Member] | Investor [Member] | Investor [Member] | New Zealand, Dollars | United States of America, Dollars | |||
Property, Plant and Equipment, Type [Domain] | Computer Software, Intangible Asset [Member] | Title Plant [Member] | Customer Lists [Member] | Fiserv [Member] | Fiserv [Member] | RESDirect [Member] | PIQ Acquisition [Domain] | PIQ Acquisition [Domain] | |||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Operating Leases, Rent Expense | $1,100,000 | $3,300,000 | |||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 60.00% | ||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 6,600,000 | ||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 62,500,000 | 6,000,000 | 4,000,000 | 3,300,000 | 2,600,000 | ||||||||||||||
Acquired finite-lived ntangible asset, weighted average useful life | 15 years | 10 years | 10 years | 10 years | 3 years | ||||||||||||||
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | 10,000,000 | 5,100,000 | 2,500,000 | 31,100,000 | 3,000,000 | 1,800,000 | 1,500,000 | ||||||||||||
Purchase price allocation, goodwill | $1,534,966,000 | $1,504,232,000 | $15,500,000 | $28,900,000 | $600,000 |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interest (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2013 | Sep. 01, 2013 | |
PIQ Acquisition [Member] | PIQ Acquisition [Member] | PIQ Acquisition [Member] | PIQ Acquisition [Member] | |||
New Zealand, Dollars | New Zealand, Dollars | United States of America, Dollars | United States of America, Dollars | |||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $3,300,000 | $2,600,000 | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 1,645,000 | 13,200,000 | 10,200,000 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $100,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Less: (Loss)/gain from sale of discontinued operations, net of tax | ($5,052,000) | $12,264,000 | ($5,052,000) | $9,277,000 | |
Income Statement [Abstract] | |||||
(Loss)/income from discontinued operations, net of tax | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 | |
Discontinued Operations Appraisal [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal group, not discontinued operation, loss on write-down of goodwill | 13,900,000 | ||||
Components Total [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Total assets | 791,000 | 791,000 | 794,000 | ||
Total liabilities | 4,148,000 | 4,148,000 | 3,352,000 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 26,991,000 | 0 | 127,345,000 | |
(Loss)/income from discontinued operation before income taxes | -2,007,000 | -7,511,000 | -5,190,000 | -20,094,000 | |
Income tax expense/(benefit) | -767,000 | 2,646,000 | -1,985,000 | -1,952,000 | |
(Loss)/income from discontinued operations, net of tax | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 | |
Data and analytics [Member] | Marketing [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Total assets | 204,000 | 204,000 | 204,000 | ||
Total liabilities | 1,170,000 | 1,170,000 | 776,000 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
(Loss)/income from discontinued operation before income taxes | -812,000 | -66,000 | -1,429,000 | 111,000 | |
Income tax expense/(benefit) | -311,000 | 3,972,000 | -547,000 | 4,041,000 | |
(Loss)/income from discontinued operations, net of tax | -501,000 | -4,038,000 | -882,000 | -3,930,000 | |
Data and analytics [Member] | Consumer [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Total assets | 251,000 | 251,000 | 251,000 | ||
Total liabilities | 88,000 | 88,000 | 691,000 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 8,410,000 | 0 | 55,773,000 | |
(Loss)/income from discontinued operation before income taxes | 0 | -348,000 | 196,000 | 5,177,000 | |
Income tax expense/(benefit) | 0 | -122,000 | 75,000 | 2,030,000 | |
(Loss)/income from discontinued operations, net of tax | 0 | -226,000 | 121,000 | 3,147,000 | |
Mortgage origination services [Member] | Discontinued Operations Appraisal [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Total assets | 336,000 | 336,000 | 337,000 | ||
Total liabilities | 2,927,000 | 2,927,000 | 1,920,000 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 6,938,000 | |||
(Loss)/income from discontinued operation before income taxes | -1,195,000 | -7,121,000 | |||
Income tax expense/(benefit) | -456,000 | -1,199,000 | |||
(Loss)/income from discontinued operations, net of tax | -739,000 | -5,922,000 | |||
Mortgage origination services [Member] | Transportation [Member] | |||||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 46,435,000 | |||
(Loss)/income from discontinued operation before income taxes | 0 | -1,707,000 | |||
Income tax expense/(benefit) | 0 | -1,780,000 | |||
(Loss)/income from discontinued operations, net of tax | 0 | 73,000 | |||
Default services [Member] | Discontinued Operations Appraisal [Member] | |||||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 25,137,000 | |||
(Loss)/income from discontinued operation before income taxes | -3,957,000 | -23,675,000 | |||
Income tax expense/(benefit) | -1,513,000 | -6,243,000 | |||
(Loss)/income from discontinued operations, net of tax | -2,444,000 | -17,432,000 | |||
Default services [Member] | Transportation [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Total assets | 0 | 0 | 2,000 | ||
Total liabilities | -37,000 | -37,000 | -35,000 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 11,643,000 | |||
(Loss)/income from discontinued operation before income taxes | 0 | 24,000 | |||
Income tax expense/(benefit) | 0 | -5,000 | |||
(Loss)/income from discontinued operations, net of tax | $0 | $29,000 |
Transactions_with_FAFC_Details
Transactions with FAFC (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 23, 2012 | Jun. 01, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 01, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | 26-May-10 | |
Common Stock [Member] | Investor [Member] | Investor [Member] | Investor [Member] | Investor [Member] | Investor [Member] | Investor [Member] | Related Parties Of FAFC [Member] | Related Parties Of FAFC [Member] | FAFC [Member] | ||||
Office_Buildings | Common Stock [Member] | ||||||||||||
Investments in and Advances to Related Parties [Line Items] | |||||||||||||
Common stock, par value | $0.00 | $0.00 | $1 | ||||||||||
Reduction in other operating expenses | $1,600,000 | $4,900,000 | |||||||||||
Separation and Distribution Agreement amount | 250,000,000 | ||||||||||||
Separation shares issued | 12,933,265 | ||||||||||||
Stock issued during period, value | 242,600,000 | ||||||||||||
Cash payment to related party | 7,400,000 | ||||||||||||
Stock repurchased during period, shares | 5,000,000 | 10,433,265 | |||||||||||
Payments to repurchase of common stock | 133,565,000 | 226,629,000 | 227,700,000 | ||||||||||
Number of office buildings | 2 | ||||||||||||
Rent expense, operating leases | 1,100,000 | 3,300,000 | |||||||||||
Revenues from transactions with related party | 6,800,000 | 14,300,000 | |||||||||||
Expenses from transactions with related party | $300,000 | $900,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | 3 | ||||
Operating Revenue | $405,542,000 | $409,760,000 | $1,229,683,000 | $1,157,222,000 | |
Depreciation and amortization | 29,695,000 | 33,037,000 | 99,333,000 | 93,434,000 | |
Income From Continuing Operations | 72,016,000 | 61,382,000 | 195,677,000 | 174,171,000 | |
Equity in Earnings of Affiliates, Net of Tax | 5,716,000 | 8,166,000 | 23,848,000 | 29,381,000 | |
Net Income From Continuing Operations | 49,999,000 | 36,163,000 | 129,057,000 | 106,264,000 | |
Capital Expenditures | 27,154,000 | 22,471,000 | 80,751,000 | 62,807,000 | |
Assets | 3,083,907,000 | 3,083,907,000 | 3,029,033,000 | ||
Data and analytics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment reporting intercompany revenue | 2,700,000 | 2,200,000 | 11,200,000 | 8,500,000 | |
Segment reporting intercompany expense | 3,900,000 | 600,000 | 6,000,000 | -2,000,000 | |
Operating Revenue | 159,271,000 | 154,715,000 | 489,311,000 | 453,666,000 | |
Depreciation and amortization | 19,034,000 | 17,729,000 | 57,762,000 | 54,150,000 | |
Income From Continuing Operations | 28,833,000 | 29,325,000 | 84,384,000 | 85,597,000 | |
Equity in Earnings of Affiliates, Net of Tax | 456,000 | 489,000 | 1,639,000 | 1,704,000 | |
Net Income From Continuing Operations | 36,094,000 | 31,287,000 | 93,118,000 | 88,062,000 | |
Capital Expenditures | 14,338,000 | 14,114,000 | 41,298,000 | 42,027,000 | |
Assets | 1,348,608,000 | 1,348,608,000 | 1,375,775,000 | ||
Mortgage origination services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment reporting intercompany revenue | 1,700,000 | 700,000 | 4,600,000 | 2,100,000 | |
Segment reporting intercompany expense | 2,600,000 | 2,000,000 | 9,500,000 | 7,800,000 | |
Operating Revenue | 184,313,000 | 169,357,000 | 545,196,000 | 459,170,000 | |
Depreciation and amortization | 7,294,000 | 6,377,000 | 21,208,000 | 20,419,000 | |
Income From Continuing Operations | 45,334,000 | 49,970,000 | 145,023,000 | 119,093,000 | |
Equity in Earnings of Affiliates, Net of Tax | 8,786,000 | 12,851,000 | 36,648,000 | 46,239,000 | |
Net Income From Continuing Operations | 55,234,000 | 62,736,000 | 182,519,000 | 164,872,000 | |
Capital Expenditures | 5,734,000 | 3,679,000 | 13,552,000 | 12,533,000 | |
Assets | 1,155,484,000 | 1,155,484,000 | 1,000,382,000 | ||
Default services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment reporting intercompany revenue | 2,000,000 | 700,000 | 4,200,000 | 2,100,000 | |
Operating Revenue | 68,343,000 | 89,364,000 | 215,199,000 | 257,995,000 | |
Depreciation and amortization | 575,000 | 799,000 | 1,918,000 | 3,406,000 | |
Income From Continuing Operations | 13,877,000 | 16,722,000 | 37,329,000 | 46,931,000 | |
Equity in Earnings of Affiliates, Net of Tax | 0 | 0 | 0 | 0 | |
Net Income From Continuing Operations | 13,877,000 | 16,792,000 | 38,839,000 | 47,145,000 | |
Capital Expenditures | 34,000 | 1,219,000 | 289,000 | 3,103,000 | |
Assets | 192,161,000 | 192,161,000 | 211,515,000 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 148,000 | 146,000 | 493,000 | 488,000 | |
Depreciation and amortization | 2,792,000 | 8,132,000 | 18,445,000 | 15,594,000 | |
Income From Continuing Operations | -16,028,000 | -34,635,000 | -71,059,000 | -77,585,000 | |
Equity in Earnings of Affiliates, Net of Tax | -3,526,000 | -5,174,000 | -14,439,000 | -18,562,000 | |
Net Income From Continuing Operations | -55,206,000 | -74,652,000 | -185,419,000 | -193,950,000 | |
Capital Expenditures | 7,048,000 | 3,459,000 | 25,612,000 | 5,144,000 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | -6,533,000 | -3,822,000 | -20,516,000 | -14,097,000 | |
Depreciation and amortization | 0 | 0 | 0 | -135,000 | |
Income From Continuing Operations | 0 | 0 | 0 | 135,000 | |
Equity in Earnings of Affiliates, Net of Tax | 0 | 0 | 0 | 0 | |
Net Income From Continuing Operations | 0 | 0 | 0 | 135,000 | |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Assets | -4,077,153,000 | -4,077,153,000 | -3,902,902,000 | ||
Corporate Level [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Assets | $4,464,807,000 | $4,464,807,000 | $4,344,263,000 |
Guarantor_Subsidiaries_Balance
Guarantor Subsidiaries (Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $135,557 | $148,858 | $154,552 | $259,266 |
Property and equipment, net | 193,975 | 186,617 | ||
Goodwill | 1,534,966 | 1,504,232 | ||
Other intangible assets, net | 183,979 | 171,584 | ||
Capitalized data and database costs, net | 327,843 | 322,289 | ||
Investment in affiliates, net | 96,764 | 94,227 | ||
Restricted cash | 16,390 | 22,117 | ||
Other assets | 149,949 | 138,837 | ||
Total assets | 3,084,698 | 3,029,827 | ||
Liabilities and Equity | ||||
Current liabilities | 520,979 | 517,091 | ||
Long-term debt, net | 783,280 | 792,324 | ||
Deferred revenue | 376,255 | 309,418 | ||
Deferred income taxes, long term | 83,928 | 71,361 | ||
Other liabilities | 158,300 | 168,687 | ||
Redeemable noncontrolling interests | 10,987 | 0 | ||
Total Corelogic's stockholders' equity | 1,150,969 | 1,169,301 | ||
Noncontrolling interests | 0 | 1,645 | ||
Total liabilities and equity | 3,084,698 | 3,029,827 | ||
Parent [Member] | ||||
Assets | ||||
Cash and cash equivalents | 106,441 | 111,305 | 130,039 | 229,871 |
Other current assets | 45,699 | 59,977 | ||
Property and equipment, net | 18,637 | 14,921 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 362 | 0 | ||
Capitalized data and database costs, net | 0 | 0 | ||
Investment in affiliates, net | 0 | 0 | ||
Deferred income tax assets, long-term | 59,523 | 59,523 | ||
Restricted cash | 14,622 | 18,299 | ||
Investments in subsidiaries | 1,997,539 | 1,853,561 | ||
Intercompany Receivable | 60,134 | 65,885 | ||
Other assets | 105,944 | 107,976 | ||
Total assets | 2,408,901 | 2,291,447 | ||
Liabilities and Equity | ||||
Current liabilities | 106,438 | 82,668 | ||
Long-term debt, net | 778,270 | 783,470 | ||
Deferred revenue | 0 | 0 | ||
Deferred income taxes, long term | 0 | 0 | ||
Intercompany Payable | 248,288 | 125,587 | ||
Other liabilities | 124,936 | 130,421 | ||
Redeemable noncontrolling interests | 0 | |||
Total Corelogic's stockholders' equity | 1,150,969 | 1,169,301 | ||
Noncontrolling interests | 0 | |||
Total liabilities and equity | 2,408,901 | 2,291,447 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 1,812 | 314 | 9,106 |
Other current assets | 375,732 | 364,178 | ||
Property and equipment, net | 142,103 | 139,831 | ||
Goodwill | 1,365,535 | 1,323,700 | ||
Other intangible assets, net | 139,331 | 123,011 | ||
Capitalized data and database costs, net | 248,084 | 238,598 | ||
Investment in affiliates, net | 96,764 | 88,647 | ||
Deferred income tax assets, long-term | 0 | 0 | ||
Restricted cash | 305 | 305 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany Receivable | 239,118 | 125,587 | ||
Other assets | 42,027 | 28,420 | ||
Total assets | 2,648,999 | 2,434,089 | ||
Liabilities and Equity | ||||
Current liabilities | 385,271 | 406,890 | ||
Long-term debt, net | 5,010 | 8,854 | ||
Deferred revenue | 376,255 | 309,418 | ||
Deferred income taxes, long term | 123,618 | 111,051 | ||
Intercompany Payable | 0 | 0 | ||
Other liabilities | 29,862 | 33,011 | ||
Redeemable noncontrolling interests | 0 | |||
Total Corelogic's stockholders' equity | 1,728,983 | 1,564,865 | ||
Noncontrolling interests | 0 | |||
Total liabilities and equity | 2,648,999 | 2,434,089 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 29,116 | 35,741 | 24,199 | 20,289 |
Other current assets | 29,276 | 17,352 | ||
Property and equipment, net | 33,235 | 31,865 | ||
Goodwill | 169,431 | 180,532 | ||
Other intangible assets, net | 44,286 | 48,573 | ||
Capitalized data and database costs, net | 79,759 | 83,691 | ||
Investment in affiliates, net | 0 | 5,580 | ||
Deferred income tax assets, long-term | 0 | 0 | ||
Restricted cash | 1,463 | 3,513 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany Receivable | 9,170 | 0 | ||
Other assets | 1,978 | 2,441 | ||
Total assets | 397,714 | 409,288 | ||
Liabilities and Equity | ||||
Current liabilities | 34,702 | 27,974 | ||
Long-term debt, net | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Deferred income taxes, long term | 19,833 | 19,833 | ||
Intercompany Payable | 60,134 | 65,885 | ||
Other liabilities | 3,502 | 5,255 | ||
Redeemable noncontrolling interests | 10,987 | |||
Total Corelogic's stockholders' equity | 268,556 | 288,696 | ||
Noncontrolling interests | 1,645 | |||
Total liabilities and equity | 397,714 | 409,288 | ||
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Other current assets | -5,432 | -441 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets, net | 0 | 0 | ||
Capitalized data and database costs, net | 0 | 0 | ||
Investment in affiliates, net | 0 | 0 | ||
Deferred income tax assets, long-term | -59,523 | -59,523 | ||
Restricted cash | 0 | 0 | ||
Investments in subsidiaries | -1,997,539 | -1,853,561 | ||
Intercompany Receivable | -308,422 | -191,472 | ||
Other assets | 0 | 0 | ||
Total assets | -2,370,916 | -2,104,997 | ||
Liabilities and Equity | ||||
Current liabilities | -5,432 | -441 | ||
Long-term debt, net | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Deferred income taxes, long term | -59,523 | -59,523 | ||
Intercompany Payable | -308,422 | -191,472 | ||
Other liabilities | 0 | 0 | ||
Redeemable noncontrolling interests | 0 | |||
Total Corelogic's stockholders' equity | -1,997,539 | -1,853,561 | ||
Noncontrolling interests | 0 | |||
Total liabilities and equity | -2,370,916 | -2,104,997 | ||
Total [Member] | ||||
Assets | ||||
Cash and cash equivalents | 135,557 | 148,858 | 154,552 | 259,266 |
Other current assets | 445,275 | 441,066 | ||
Property and equipment, net | 193,975 | 186,617 | ||
Goodwill | 1,534,966 | 1,504,232 | ||
Other intangible assets, net | 183,979 | 171,584 | ||
Capitalized data and database costs, net | 327,843 | 322,289 | ||
Investment in affiliates, net | 96,764 | 94,227 | ||
Deferred income tax assets, long-term | 0 | 0 | ||
Restricted cash | 16,390 | 22,117 | ||
Investments in subsidiaries | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Other assets | 149,949 | 138,837 | ||
Total assets | 3,084,698 | 3,029,827 | ||
Liabilities and Equity | ||||
Current liabilities | 520,979 | 517,091 | ||
Long-term debt, net | 783,280 | 792,324 | ||
Deferred revenue | 376,255 | 309,418 | ||
Deferred income taxes, long term | 83,928 | 71,361 | ||
Intercompany Payable | 0 | 0 | ||
Other liabilities | 158,300 | 168,687 | ||
Redeemable noncontrolling interests | 10,987 | |||
Total Corelogic's stockholders' equity | 1,150,969 | 1,169,301 | ||
Noncontrolling interests | 1,645 | |||
Total liabilities and equity | $3,084,698 | $3,029,827 |
Guarantor_Subsidiaries_Income_
Guarantor Subsidiaries (Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Revenue | $405,542,000 | $409,760,000 | $1,229,683,000 | $1,157,222,000 |
Cost of services (excluding depreciation and amortization shown below) | 213,789,000 | 213,008,000 | 651,150,000 | 616,397,000 |
Selling, General and Administrative Expense | 90,042,000 | 102,333,000 | 283,523,000 | 273,220,000 |
Depreciation and amortization | 29,695,000 | 33,037,000 | 99,333,000 | 93,434,000 |
(Loss)/income from continuing operations | 72,016,000 | 61,382,000 | 195,677,000 | 174,171,000 |
Interest Income (Expense), Net | -11,512,000 | -12,725,000 | -34,870,000 | -40,201,000 |
Gain/(loss) on investment and other, net | 7,627,000 | -4,254,000 | 10,825,000 | -3,865,000 |
(Benefit)/provision for income taxes | 23,848,000 | 16,406,000 | 66,423,000 | 53,222,000 |
Equity in earnings of affiliates, net of tax | 5,716,000 | 8,166,000 | 23,848,000 | 29,381,000 |
Net income from continuing operations | 49,999,000 | 36,163,000 | 129,057,000 | 106,264,000 |
Loss from discontinued operations, net of tax | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 |
Gain on sale of discontinued operations, net of tax | -5,052,000 | 12,264,000 | -5,052,000 | 9,277,000 |
Net income/(loss) | 43,707,000 | 38,270,000 | 120,800,000 | 97,399,000 |
Less: Net loss attributable to noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Net income attributable to CoreLogic | 43,662,000 | 38,320,000 | 120,781,000 | 97,608,000 |
Total other comprehensive income/(loss) | 7,345,000 | 4,264,000 | -31,127,000 | 5,637,000 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Comprehensive income attributable to CoreLogic | 51,007,000 | 42,584,000 | 89,654,000 | 103,245,000 |
Parent [Member] | ||||
Operating Revenue | 0 | 0 | 0 | 0 |
Intercompany Revenue | 0 | 0 | 0 | 0 |
Cost of services (excluding depreciation and amortization shown below) | 0 | 0 | 0 | 0 |
Selling, General and Administrative Expense | 11,997,000 | 17,459,000 | 49,450,000 | 48,628,000 |
Depreciation and amortization | 962,000 | 610,000 | 2,655,000 | 2,137,000 |
(Loss)/income from continuing operations | -12,959,000 | -18,069,000 | -52,105,000 | -50,765,000 |
Interest Expense Net | -38,034,000 | |||
Interest Income (Expense), Net | -11,547,000 | -12,035,000 | -34,993,000 | |
Gain/(loss) on investment and other, net | -260,000 | 1,111,000 | 1,474,000 | 2,456,000 |
(Benefit)/provision for income taxes | -10,640,000 | -10,228,000 | -30,392,000 | -31,698,000 |
Equity in earnings of affiliates, net of tax | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary, net of tax | 57,788,000 | 57,085,000 | 176,013,000 | 152,253,000 |
Net income from continuing operations | 43,662,000 | 38,320,000 | 120,781,000 | 97,608,000 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Gain on sale of discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income/(loss) | 43,662,000 | 38,320,000 | 120,781,000 | 97,608,000 |
Less: Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CoreLogic | 43,662,000 | 38,320,000 | 120,781,000 | 97,608,000 |
Total other comprehensive income/(loss) | 7,345,000 | 4,264,000 | -31,127,000 | 5,637,000 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to CoreLogic | 51,007,000 | 42,584,000 | 89,654,000 | 103,245,000 |
Guarantor Subsidiaries [Member] | ||||
Operating Revenue | 380,220,000 | 386,180,000 | 1,157,347,000 | 1,089,324,000 |
Intercompany Revenue | 0 | 0 | 0 | 0 |
Cost of services (excluding depreciation and amortization shown below) | 205,776,000 | 203,280,000 | 624,866,000 | 588,743,000 |
Selling, General and Administrative Expense | 68,661,000 | 77,053,000 | 207,979,000 | 199,184,000 |
Depreciation and amortization | 23,011,000 | 26,755,000 | 79,215,000 | 73,582,000 |
(Loss)/income from continuing operations | 82,772,000 | 79,092,000 | 245,287,000 | 227,815,000 |
Interest Expense Net | 159,000 | |||
Interest Income (Expense), Net | -126,000 | -28,000 | -336,000 | |
Gain/(loss) on investment and other, net | 1,250,000 | -5,598,000 | 2,714,000 | -7,144,000 |
(Benefit)/provision for income taxes | 31,076,000 | 24,898,000 | 93,185,000 | 81,263,000 |
Equity in earnings of affiliates, net of tax | 5,479,000 | 7,919,000 | 23,053,000 | 28,490,000 |
Equity in earnings of subsidiary, net of tax | 0 | 0 | 0 | 0 |
Net income from continuing operations | 58,299,000 | 56,487,000 | 177,533,000 | 168,057,000 |
Loss from discontinued operations, net of tax | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 |
Gain on sale of discontinued operations, net of tax | -6,558,000 | 11,678,000 | -6,558,000 | 8,691,000 |
Net income/(loss) | 50,501,000 | 58,008,000 | 167,770,000 | 158,606,000 |
Less: Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CoreLogic | 50,501,000 | 58,008,000 | 167,770,000 | 158,606,000 |
Total other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to CoreLogic | 50,501,000 | 58,008,000 | 167,770,000 | 158,606,000 |
Non-Guarantor Subsidiaries [Member] | ||||
Operating Revenue | 25,322,000 | 23,580,000 | 72,336,000 | 67,898,000 |
Intercompany Revenue | 148,000 | 146,000 | 493,000 | 488,000 |
Cost of services (excluding depreciation and amortization shown below) | 8,161,000 | 9,874,000 | 26,777,000 | 28,142,000 |
Selling, General and Administrative Expense | 9,384,000 | 7,821,000 | 26,094,000 | 25,408,000 |
Depreciation and amortization | 5,722,000 | 5,672,000 | 17,463,000 | 17,715,000 |
(Loss)/income from continuing operations | 2,203,000 | 359,000 | 2,495,000 | -2,879,000 |
Interest Expense Net | -2,326,000 | |||
Interest Income (Expense), Net | 161,000 | -662,000 | 459,000 | |
Gain/(loss) on investment and other, net | 6,637,000 | 233,000 | 6,637,000 | 823,000 |
(Benefit)/provision for income taxes | 3,412,000 | 1,736,000 | 3,630,000 | 3,657,000 |
Equity in earnings of affiliates, net of tax | 237,000 | 247,000 | 795,000 | 891,000 |
Equity in earnings of subsidiary, net of tax | 0 | 0 | 0 | 0 |
Net income from continuing operations | 5,826,000 | -1,559,000 | 6,756,000 | -7,148,000 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Gain on sale of discontinued operations, net of tax | 1,506,000 | 586,000 | 1,506,000 | 586,000 |
Net income/(loss) | 7,332,000 | -973,000 | 8,262,000 | -6,562,000 |
Less: Net loss attributable to noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Net income attributable to CoreLogic | 7,287,000 | -923,000 | 8,243,000 | -6,353,000 |
Total other comprehensive income/(loss) | 7,644,000 | 5,163,000 | -32,289,000 | 6,178,000 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Comprehensive income attributable to CoreLogic | 14,931,000 | 4,240,000 | -24,046,000 | -175,000 |
Consolidation, Eliminations [Member] | ||||
Operating Revenue | 0 | 0 | 0 | 0 |
Intercompany Revenue | -148,000 | -146,000 | -493,000 | -488,000 |
Cost of services (excluding depreciation and amortization shown below) | -148,000 | -146,000 | -493,000 | -488,000 |
Selling, General and Administrative Expense | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
(Loss)/income from continuing operations | 0 | 0 | 0 | 0 |
Interest Expense Net | 0 | |||
Interest Income (Expense), Net | 0 | 0 | 0 | |
Gain/(loss) on investment and other, net | 0 | 0 | 0 | 0 |
(Benefit)/provision for income taxes | 0 | 0 | 0 | 0 |
Equity in earnings of affiliates, net of tax | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary, net of tax | -57,788,000 | -57,085,000 | -176,013,000 | -152,253,000 |
Net income from continuing operations | -57,788,000 | -57,085,000 | -176,013,000 | -152,253,000 |
Loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Gain on sale of discontinued operations, net of tax | 0 | 0 | 0 | 0 |
Net income/(loss) | -57,788,000 | -57,085,000 | -176,013,000 | -152,253,000 |
Less: Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to CoreLogic | -57,788,000 | -57,085,000 | -176,013,000 | -152,253,000 |
Total other comprehensive income/(loss) | -7,644,000 | -5,163,000 | 32,289,000 | -6,178,000 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to CoreLogic | -65,432,000 | -62,248,000 | -143,724,000 | -158,431,000 |
Total [Member] | ||||
Operating Revenue | 405,542,000 | 409,760,000 | 1,229,683,000 | 1,157,222,000 |
Intercompany Revenue | 0 | 0 | 0 | 0 |
Cost of services (excluding depreciation and amortization shown below) | 213,789,000 | 213,008,000 | 651,150,000 | 616,397,000 |
Selling, General and Administrative Expense | 90,042,000 | 102,333,000 | 283,523,000 | 273,220,000 |
Depreciation and amortization | 29,695,000 | 33,037,000 | 99,333,000 | 93,434,000 |
(Loss)/income from continuing operations | 72,016,000 | 61,382,000 | 195,677,000 | 174,171,000 |
Interest Expense Net | -40,201,000 | |||
Interest Income (Expense), Net | -11,512,000 | -12,725,000 | -34,870,000 | |
Gain/(loss) on investment and other, net | 7,627,000 | -4,254,000 | 10,825,000 | -3,865,000 |
(Benefit)/provision for income taxes | 23,848,000 | 16,406,000 | 66,423,000 | 53,222,000 |
Equity in earnings of affiliates, net of tax | 5,716,000 | 8,166,000 | 23,848,000 | 29,381,000 |
Equity in earnings of subsidiary, net of tax | 0 | 0 | 0 | 0 |
Net income from continuing operations | 49,999,000 | 36,163,000 | 129,057,000 | 106,264,000 |
Loss from discontinued operations, net of tax | -1,240,000 | -10,157,000 | -3,205,000 | -18,142,000 |
Gain on sale of discontinued operations, net of tax | -5,052,000 | 12,264,000 | -5,052,000 | 9,277,000 |
Net income/(loss) | 43,707,000 | 38,270,000 | 120,800,000 | 97,399,000 |
Less: Net loss attributable to noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Net income attributable to CoreLogic | 43,662,000 | 38,320,000 | 120,781,000 | 97,608,000 |
Total other comprehensive income/(loss) | 7,345,000 | 4,264,000 | -31,127,000 | 5,637,000 |
Less: Comprehensive income/(loss) attributable to the noncontrolling interests | 45,000 | -50,000 | 19,000 | -209,000 |
Comprehensive income attributable to CoreLogic | $51,007,000 | $42,584,000 | $89,654,000 | $103,245,000 |
Guarantor_Subsidiaries_Cash_Fl
Guarantor Subsidiaries (Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | $265,116 | $258,789 |
Net cash provided by operating activities - discontinued operations | -2,408 | 9,684 |
Total cash (used in)/provided by operating activities | 262,708 | 268,473 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | -51,956 | -38,753 |
Purchases of capitalized data and other intangible assets | -28,795 | -24,054 |
Cash paid for acquisitions, net of cash acquired | -70,904 | 111 |
Purchases of investments | -2,351 | 0 |
Proceeds from sale of property and equipment | 0 | 1,852 |
Change in restricted cash | 5,728 | 122 |
Net cash used in investing activities - continuing operations | -147,478 | -42,722 |
Net cash used in investing activities - discontinued operations | 2,152 | -1,512 |
Total cash used in investing activities | -145,326 | -44,234 |
Cash Received From Sale Of Subsidiary | 800 | 10,000 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from long-term debt | 1,075 | 0 |
Repayments of long-term debt | -4,516 | -114,365 |
Share repurchased and retired | -133,565 | -226,629 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | 9,624 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -6,893 | -3,015 |
Tax benefit related to stock options | 2,895 | 643 |
Net cash used in financing activities - continuing operations | -129,342 | -333,752 |
Net cash provided by financing activities - discontinued operations | 0 | 3 |
Total cash (used in)/provided by financing activities | -129,342 | -333,749 |
Effect of exchange rate on cash | -1,341 | 0 |
Net (decrease)/increase in cash and cash equivalents | -13,301 | -109,510 |
Cash and cash equivalents at beginning of period | 148,858 | 259,266 |
Less: Change in cash and cash equivalents - discontinued operations | -256 | 8,175 |
Plus: Cash swept from discontinued operations | -256 | 12,971 |
Cash and cash equivalents at end of period | 135,557 | 154,552 |
Payments to Noncontrolling Interests | 0 | 10 |
Proceeds from Sale, Maturity and Collection of Investments | 0 | 8,000 |
Parent [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | 234 | -15,160 |
Net cash provided by operating activities - discontinued operations | 0 | 0 |
Total cash (used in)/provided by operating activities | 234 | -15,160 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | -6,333 | -1,407 |
Purchases of capitalized data and other intangible assets | -362 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 |
Purchases of investments | 0 | |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from sale of property and equipment | 0 | |
Change in restricted cash | 3,678 | 0 |
Net cash used in investing activities - continuing operations | -3,017 | -1,407 |
Net cash used in investing activities - discontinued operations | 0 | 0 |
Total cash used in investing activities | -3,017 | -1,407 |
Cash Received From Sale Of Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from long-term debt | 0 | |
Repayments of long-term debt | -4,375 | -103,018 |
Share repurchased and retired | -133,565 | -226,629 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | 9,624 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -6,893 | -3,015 |
Tax benefit related to stock options | 2,895 | 643 |
Intercompany Payments | 0 | -6,949 |
Other | 128,451 | 233,946 |
Net cash used in financing activities - continuing operations | -1,825 | -95,398 |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Total cash (used in)/provided by financing activities | -1,825 | -95,398 |
Effect of exchange rate on cash | 0 | |
Net (decrease)/increase in cash and cash equivalents | -4,608 | -111,965 |
Cash and cash equivalents at beginning of period | 111,305 | 229,871 |
Less: Change in cash and cash equivalents - discontinued operations | 0 | 0 |
Plus: Cash swept from discontinued operations | -256 | 12,133 |
Cash and cash equivalents at end of period | 106,441 | 130,039 |
Payments to Noncontrolling Interests | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Proceeds from Sale, Maturity and Collection of Investments | 0 | |
Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | 250,562 | 266,105 |
Net cash provided by operating activities - discontinued operations | -4,560 | 9,684 |
Total cash (used in)/provided by operating activities | 246,002 | 275,789 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | -39,903 | -27,942 |
Purchases of capitalized data and other intangible assets | -24,725 | -21,537 |
Cash paid for acquisitions, net of cash acquired | -71,446 | 111 |
Purchases of investments | -2,351 | |
Proceeds from Divestiture of Businesses | 800 | |
Proceeds from sale of property and equipment | 1,852 | |
Change in restricted cash | 0 | -184 |
Net cash used in investing activities - continuing operations | -137,625 | -29,700 |
Net cash used in investing activities - discontinued operations | 2,152 | -2,350 |
Total cash used in investing activities | -135,473 | -32,050 |
Cash Received From Sale Of Subsidiary | 10,000 | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from long-term debt | 1,075 | |
Repayments of long-term debt | -141 | -11,251 |
Share repurchased and retired | 0 | 0 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 0 | 0 |
Minimum tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Tax benefit related to stock options | 0 | 0 |
Intercompany Payments | -113,531 | -233,946 |
Other | 0 | 0 |
Net cash used in financing activities - continuing operations | -112,597 | -245,197 |
Net cash provided by financing activities - discontinued operations | 0 | 3 |
Total cash (used in)/provided by financing activities | -112,597 | -245,194 |
Effect of exchange rate on cash | 0 | |
Net (decrease)/increase in cash and cash equivalents | -2,068 | -1,455 |
Cash and cash equivalents at beginning of period | 1,812 | 9,106 |
Less: Change in cash and cash equivalents - discontinued operations | -2,408 | 7,337 |
Plus: Cash swept from discontinued operations | -2,152 | 0 |
Cash and cash equivalents at end of period | 0 | 314 |
Payments to Noncontrolling Interests | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Proceeds from Sale, Maturity and Collection of Investments | 8,000 | |
Non-Guarantor Subsidiaries [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | 14,320 | 7,844 |
Net cash provided by operating activities - discontinued operations | 2,152 | 0 |
Total cash (used in)/provided by operating activities | 16,472 | 7,844 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | -5,720 | -9,404 |
Purchases of capitalized data and other intangible assets | -3,708 | -2,517 |
Cash paid for acquisitions, net of cash acquired | 542 | 0 |
Purchases of investments | 0 | |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from sale of property and equipment | 0 | |
Change in restricted cash | 2,050 | 306 |
Net cash used in investing activities - continuing operations | -6,836 | -11,615 |
Net cash used in investing activities - discontinued operations | 0 | 838 |
Total cash used in investing activities | -6,836 | -10,777 |
Cash Received From Sale Of Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from long-term debt | 0 | |
Repayments of long-term debt | 0 | -96 |
Share repurchased and retired | 0 | 0 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 0 | 0 |
Minimum tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Tax benefit related to stock options | 0 | 0 |
Intercompany Payments | -14,920 | 0 |
Other | 0 | 6,949 |
Net cash used in financing activities - continuing operations | -14,920 | 6,843 |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Total cash (used in)/provided by financing activities | -14,920 | 6,843 |
Effect of exchange rate on cash | -1,341 | |
Net (decrease)/increase in cash and cash equivalents | -6,625 | 3,910 |
Cash and cash equivalents at beginning of period | 35,741 | 20,289 |
Less: Change in cash and cash equivalents - discontinued operations | 2,152 | 838 |
Plus: Cash swept from discontinued operations | 2,152 | 838 |
Cash and cash equivalents at end of period | 29,116 | 24,199 |
Payments to Noncontrolling Interests | 10 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Proceeds from Sale, Maturity and Collection of Investments | 0 | |
Consolidation, Eliminations [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | 0 | 0 |
Net cash provided by operating activities - discontinued operations | 0 | 0 |
Total cash (used in)/provided by operating activities | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | 0 | 0 |
Purchases of capitalized data and other intangible assets | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 |
Purchases of investments | 0 | |
Proceeds from Divestiture of Businesses | 0 | |
Proceeds from sale of property and equipment | 0 | |
Change in restricted cash | 0 | 0 |
Net cash used in investing activities - continuing operations | 0 | 0 |
Net cash used in investing activities - discontinued operations | 0 | 0 |
Total cash used in investing activities | 0 | 0 |
Cash Received From Sale Of Subsidiary | 0 | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Proceeds from long-term debt | 0 | |
Repayments of long-term debt | 0 | 0 |
Share repurchased and retired | 0 | 0 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 0 | 0 |
Minimum tax withholding paid on behalf of employees for restricted stock units | 0 | 0 |
Tax benefit related to stock options | 0 | 0 |
Intercompany Payments | 128,451 | 240,895 |
Other | -128,451 | -240,895 |
Net cash used in financing activities - continuing operations | 0 | 0 |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Total cash (used in)/provided by financing activities | 0 | 0 |
Effect of exchange rate on cash | 0 | |
Net (decrease)/increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Less: Change in cash and cash equivalents - discontinued operations | 0 | 0 |
Plus: Cash swept from discontinued operations | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Payments to Noncontrolling Interests | 0 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Proceeds from Sale, Maturity and Collection of Investments | 0 | |
Total [Member] | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net cash (used in)/provided by operating activities - continuing operations | 265,116 | 258,789 |
Net cash provided by operating activities - discontinued operations | -2,408 | 9,684 |
Total cash (used in)/provided by operating activities | 262,708 | 268,473 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Purchases of property and equipment | -51,956 | -38,753 |
Purchases of capitalized data and other intangible assets | -28,795 | -24,054 |
Cash paid for acquisitions, net of cash acquired | -70,904 | 111 |
Purchases of investments | -2,351 | |
Proceeds from Divestiture of Businesses | 800 | |
Proceeds from sale of property and equipment | 1,852 | |
Change in restricted cash | 5,728 | 122 |
Net cash used in investing activities - continuing operations | -147,478 | -42,722 |
Net cash used in investing activities - discontinued operations | 2,152 | -1,512 |
Total cash used in investing activities | -145,326 | -44,234 |
Cash Received From Sale Of Subsidiary | 10,000 | |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Repayments of long-term debt | -4,516 | -114,365 |
Share repurchased and retired | -133,565 | -226,629 |
Proceeds from issuance of stock related to stock options and employee benefit plans | 11,662 | 9,624 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -6,893 | -3,015 |
Tax benefit related to stock options | 2,895 | 643 |
Intercompany Payments | 0 | 0 |
Other | 0 | 0 |
Net cash used in financing activities - continuing operations | -129,342 | -333,752 |
Net cash provided by financing activities - discontinued operations | 0 | 3 |
Total cash (used in)/provided by financing activities | -129,342 | -333,749 |
Effect of exchange rate on cash | -1,341 | |
Net (decrease)/increase in cash and cash equivalents | -13,301 | -109,510 |
Cash and cash equivalents at beginning of period | 148,858 | 259,266 |
Less: Change in cash and cash equivalents - discontinued operations | -256 | 8,175 |
Plus: Cash swept from discontinued operations | -256 | |
Cash and cash equivalents at end of period | 135,557 | 154,552 |
Payments to Noncontrolling Interests | 10 | |
Payments of Ordinary Dividends, Common Stock | 0 | |
Proceeds from Sale, Maturity and Collection of Investments | $8,000 |
Guarantor_Subsidiaries_Guarant
Guarantor Subsidiaries Guarantor Reclassification (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Guarantor Obligations [Line Items] | ||||
Operating Revenue | $405,542 | $409,760 | $1,229,683 | $1,157,222 |
Operating Expenses | 333,526 | 348,378 | 1,034,006 | 983,051 |
Net income attributable to CoreLogic | 43,662 | 38,320 | 120,781 | 97,608 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 51,007 | 42,584 | 89,654 | 103,245 |
Net cash (used in)/provided by operating activities - continuing operations | 265,116 | 258,789 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -147,478 | -42,722 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -129,342 | -333,752 | ||
Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 0 | 0 | 0 | 0 |
Net income attributable to CoreLogic | -57,788 | -57,085 | -176,013 | -152,253 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -65,432 | -62,248 | -143,724 | -158,431 |
Net cash (used in)/provided by operating activities - continuing operations | 0 | 0 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | 0 | ||
Parent [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 0 | 0 | 0 | 0 |
Net income attributable to CoreLogic | 43,662 | 38,320 | 120,781 | 97,608 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 51,007 | 42,584 | 89,654 | 103,245 |
Net cash (used in)/provided by operating activities - continuing operations | 234 | -15,160 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -3,017 | -1,407 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -1,825 | -95,398 | ||
Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 380,220 | 386,180 | 1,157,347 | 1,089,324 |
Net income attributable to CoreLogic | 50,501 | 58,008 | 167,770 | 158,606 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 50,501 | 58,008 | 167,770 | 158,606 |
Net cash (used in)/provided by operating activities - continuing operations | 250,562 | 266,105 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -137,625 | -29,700 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -112,597 | -245,197 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 25,322 | 23,580 | 72,336 | 67,898 |
Net income attributable to CoreLogic | 7,287 | -923 | 8,243 | -6,353 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 14,931 | 4,240 | -24,046 | -175 |
Net cash (used in)/provided by operating activities - continuing operations | 14,320 | 7,844 | ||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | -6,836 | -11,615 | ||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -14,920 | 6,843 | ||
Reclassification [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 0 | 0 | ||
Operating Expenses | 0 | 0 | ||
Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income attributable to CoreLogic | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 0 | 0 | ||
Net cash (used in)/provided by operating activities - continuing operations | 0 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | |||
Reclassification [Member] | Consolidation, Eliminations [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | -148 | -488 | ||
Operating Expenses | -148 | -488 | ||
Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income attributable to CoreLogic | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 0 | 0 | ||
Net cash (used in)/provided by operating activities - continuing operations | 0 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 0 | |||
Reclassification [Member] | Parent [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 0 | 0 | ||
Operating Expenses | 0 | 0 | ||
Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income attributable to CoreLogic | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 0 | 0 | ||
Net cash (used in)/provided by operating activities - continuing operations | 0 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 838 | |||
Reclassification [Member] | Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 148 | 488 | ||
Operating Expenses | 148 | 488 | ||
Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income attributable to CoreLogic | -586 | -586 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -586 | -586 | ||
Net cash (used in)/provided by operating activities - continuing operations | 2,367 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | -2,367 | |||
Reclassification [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Operating Revenue | 0 | 0 | ||
Operating Expenses | 0 | 0 | ||
Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | ||
Net income attributable to CoreLogic | 586 | 586 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 586 | 586 | ||
Net cash (used in)/provided by operating activities - continuing operations | -2,367 | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | |||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $1,529 |