Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 20, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CORELOGIC, INC. | |
Entity Central Index Key | 36,047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 86,366,935 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 79,015 | $ 99,090 |
Marketable securities | 21,819 | 22,709 |
Accounts receivable (less allowance for doubtful accounts of $8,011 and $6,212 as of September 30, 2016 and December 31, 2015, respectively) | 283,145 | 240,988 |
Prepaid expenses and other current assets | 58,194 | 45,882 |
Income tax receivable | 2,753 | 37,029 |
Deferred income tax assets, current | 0 | 95,887 |
Assets of discontinued operations | 681 | 681 |
Total current assets | 445,607 | 542,266 |
Property and equipment, net | 443,589 | 375,654 |
Goodwill, net | 2,109,944 | 1,881,547 |
Other intangible assets, net | 494,758 | 352,148 |
Capitalized data and database costs, net | 333,058 | 327,841 |
Investment in affiliates, net | 65,347 | 69,205 |
Deferred income tax assets, long-term | 2,180 | 2,219 |
Restricted cash | 8,936 | 10,926 |
Other assets | 108,156 | 111,910 |
Total assets | 4,011,575 | 3,673,716 |
Current liabilities: | ||
Accounts payable and accrued expenses | 180,928 | 158,213 |
Accrued salaries and benefits | 98,389 | 117,187 |
Deferred revenue, current | 285,221 | 269,071 |
Mandatorily redeemable noncontrolling interests | 0 | 18,981 |
Current portion of long-term debt | 87,484 | 48,497 |
Liabilities of discontinued operations | 3,859 | 2,527 |
Total current liabilities | 655,881 | 614,476 |
Long-term debt, net of current | 1,527,224 | 1,288,177 |
Deferred revenue, net of current | 468,666 | 448,819 |
Deferred income tax liabilities, long term | 109,667 | 107,249 |
Other liabilities | 169,518 | 165,505 |
Total liabilities | 2,930,956 | 2,624,226 |
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; 86,362 and 88,228 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 1 | 1 |
Additional paid-in capital | 471,679 | 551,206 |
Retained earnings | 721,366 | 618,399 |
Accumulated other comprehensive loss | (112,427) | (120,116) |
Total CoreLogic stockholders' equity | 1,080,619 | 1,049,490 |
Total liabilities and equity | $ 4,011,575 | $ 3,673,716 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Allowance for doubtful accounts | $ 8,011 | $ 6,212 |
Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 180,000,000 | 180,000,000 |
Common stock, shares issued (in shares) | 86,362,000 | 88,228,000 |
Common stock, shares outstanding (in shares) | 86,362,000 | 88,228,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 523,896 | $ 386,439 | $ 1,477,644 | $ 1,137,224 |
Cost of services (excluding depreciation and amortization shown below) | 275,469 | 192,838 | 785,578 | 568,125 |
Selling, general and administrative expenses | 119,105 | 91,241 | 346,984 | 283,517 |
Depreciation and amortization | 44,498 | 36,440 | 127,433 | 109,689 |
Total operating expenses | 439,072 | 320,519 | 1,259,995 | 961,331 |
Operating income | 84,824 | 65,920 | 217,649 | 175,893 |
Interest expense: | ||||
Interest income | 736 | 645 | 1,921 | 2,985 |
Interest expense | 14,448 | 17,207 | 47,128 | 48,522 |
Total interest expense, net | (13,712) | (16,562) | (45,207) | (45,537) |
Loss on early extinguishment of debt and other, net | (19,795) | (2,448) | (17,088) | (3,494) |
Income from continuing operations before equity in earnings of affiliates and income taxes | 51,317 | 46,910 | 155,354 | 126,862 |
Provision for income taxes | 15,922 | 21,765 | 51,984 | 47,387 |
Income from continuing operations before equity in earnings of affiliates | 35,395 | 25,145 | 103,370 | 79,475 |
Equity in earnings/(losses) of affiliates, net of tax | 607 | 3,497 | 595 | 11,931 |
Net income from continuing operations | 36,002 | 28,642 | 103,965 | 91,406 |
Loss from discontinued operations, net of tax | (936) | (117) | (998) | (445) |
Net income | 35,066 | 28,525 | 102,967 | 90,961 |
Less: Net income attributable to noncontrolling interests | 0 | 357 | 0 | 823 |
Net income/(loss) attributable to CoreLogic | 35,066 | 28,168 | 102,967 | 90,138 |
Amounts attributable to Corelogic stockholders: | ||||
Net income from continuing operations | 36,002 | 28,285 | 103,965 | 90,583 |
Loss from discontinued operations, net of tax | (936) | (117) | (998) | (445) |
Net income/(loss) attributable to CoreLogic | $ 35,066 | $ 28,168 | $ 102,967 | $ 90,138 |
Basic income/(loss) per share: | ||||
Net income from continuing operations (usd per share) | $ 0.41 | $ 0.32 | $ 1.18 | $ 1.01 |
Loss from discontinued operations, net of tax (usd per share) | (0.01) | 0 | (0.01) | 0 |
Net income attributable to CoreLogic (usd per share) | 0.40 | 0.32 | 1.17 | 1.01 |
Diluted income/(loss) per share: | ||||
Net income from continuing operations (usd per share) | 0.40 | 0.31 | 1.16 | 1 |
Loss from discontinued operations, net of tax (usd per share) | (0.01) | 0 | (0.01) | 0 |
Net income attributable to CoreLogic (usd per share) | $ 0.39 | $ 0.31 | $ 1.15 | $ 1 |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 87,584 | 88,719 | 88,141 | 89,374 |
Diluted (in shares) | 89,188 | 90,154 | 89,701 | 90,741 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,066 | $ 28,525 | $ 102,967 | $ 90,961 |
Other comprehensive income/(loss) | ||||
Market value adjustments to marketable securities, net of tax | (463) | (733) | (550) | 216 |
Market value adjustments on interest rate swap, net of tax | 365 | (2,043) | (2,673) | (3,110) |
Foreign currency translation adjustments | 5,922 | (23,934) | 11,232 | (45,080) |
Supplemental benefit plans adjustments, net of tax | (107) | (98) | (320) | (293) |
Total other comprehensive income/(loss) | 5,717 | (26,808) | 7,689 | (48,267) |
Comprehensive income | 40,783 | 1,717 | 110,656 | 42,694 |
Less: Comprehensive income attributable to the noncontrolling interests | 0 | 357 | 0 | 823 |
Comprehensive income attributable to CoreLogic | $ 40,783 | $ 1,360 | $ 110,656 | $ 41,871 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 102,967 | $ 90,961 |
Less: Loss from discontinued operations, net of tax | (998) | (445) |
Net income from continuing operations | 103,965 | 91,406 |
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization | 127,433 | 109,689 |
Amortization of debt issuance costs | 4,333 | 4,936 |
Provision for bad debt and claim losses | 11,064 | 6,328 |
Share-based compensation | 29,859 | 26,419 |
Excess tax benefit related to stock options | (2,352) | (6,284) |
Equity in earnings of affiliates, net of taxes | (595) | (11,931) |
Gain on sale of property and equipment | (21) | (91) |
Deferred income tax | 10,283 | (1,713) |
Loss on early extinguishment of debt and other, net | 17,088 | 3,494 |
Change in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (36,737) | (23,570) |
Prepaid expenses and other current assets | (8,671) | 3,420 |
Accounts payable and accrued expenses | (3,393) | (8,392) |
Deferred revenue | 35,814 | 56,373 |
Income taxes | 32,981 | 2,072 |
Dividends received from investments in affiliates | 8,773 | 26,516 |
Other assets and other liabilities | (12,550) | (19,008) |
Net cash provided by operating activities - continuing operations | 317,274 | 259,664 |
Net cash used in operating activities - discontinued operations | (468) | (7,584) |
Total cash provided by operating activities | 316,806 | 252,080 |
Cash flows from investing activities: | ||
Purchase of subsidiary shares from noncontrolling interests | (18,023) | 0 |
Purchases of property and equipment | (35,156) | (30,009) |
Purchases of capitalized data and other intangible assets | (27,212) | (27,706) |
Cash paid for acquisitions, net of cash acquired | (396,816) | (119,346) |
Purchases of investments | (3,366) | (3,748) |
Proceeds from sale of property and equipment | 21 | 94 |
Proceeds from sale of investments | 2,451 | 0 |
Change in restricted cash | 1,990 | 1,496 |
Net cash used in investing activities - continuing operations | (476,111) | (179,219) |
Net cash provided by investing activities - discontinued operations | 0 | 0 |
Total cash used in investing activities | (476,111) | (179,219) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 915,000 | 114,375 |
Debt issuance costs | (6,314) | (6,452) |
Repayment of long-term debt | (647,286) | (46,999) |
Debt extinguishment premium | (14,246) | 0 |
Proceeds from issuance of shares in connection with share-based compensation | 13,119 | 19,554 |
Tax withholdings related to net share settlements | (9,544) | (14,425) |
Shares repurchased and retired | (112,961) | (97,430) |
Excess tax benefit related to stock options | 2,352 | 6,284 |
Net cash provided by/(used in) financing activities - continuing operations | 140,120 | (25,093) |
Net cash provided by financing activities - discontinued operations | 0 | 0 |
Total cash provided by/(used in) financing activities | 140,120 | (25,093) |
Effect of exchange rate on cash | (890) | 6,757 |
Net change in cash and cash equivalents | (20,075) | 54,525 |
Cash and cash equivalents at beginning of period | 99,090 | 104,677 |
Less: Change in cash and cash equivalents - discontinued operations | (468) | (7,584) |
Plus: Cash swept to discontinued operations | (468) | (8,118) |
Cash and cash equivalents at end of period | 79,015 | 158,668 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 45,075 | 40,968 |
Cash paid for income taxes | 12,633 | 40,946 |
Cash refunds from income taxes | 489 | 3,559 |
Non-cash investing activities: | ||
Capital expenditures included in accounts payable and accrued liabilities | $ 4,105 | $ 5,353 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Stockholder's Equity (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning balance, shares at Dec. 31, 2015 | 88,228 | 88,228 | |||
Beginning balance at Dec. 31, 2015 | $ 1,049,490 | $ 1 | $ 551,206 | $ 618,399 | $ (120,116) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 102,967 | 102,967 | |||
Shares issued in connection with share-based compensation (shares) | 1,033 | ||||
Shares issued in connection with share-based compensation (value) | 13,119 | 13,119 | |||
Tax withholdings related to net share settlements of restricted stock units | (9,544) | (9,544) | |||
Share-based compensation | 29,859 | 29,859 | |||
Shares repurchased and retired, shares | (2,899) | ||||
Shares repurchased and retired | (112,961) | (112,961) | |||
Other comprehensive income | $ 7,689 | 7,689 | |||
Ending balance, shares at Sep. 30, 2016 | 86,362 | 86,362 | |||
Ending balance at Sep. 30, 2016 | $ 1,080,619 | $ 1 | $ 471,679 | $ 721,366 | $ (112,427) |
Basis of Condensed Consolidated
Basis of Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
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 global property information, analytics and data-enabled solutions provider operating in North America, Western Europe and Asia Pacific. Our combined data from public, contributory and proprietary sources provides detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets we serve include real estate and mortgage finance, insurance, capital markets and the public sector. We deliver value to clients through unique data, analytics, work flow technology, advisory and managed solutions. Clients rely on us to help identify and manage growth opportunities, improve performance and mitigate risk. Our condensed consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). 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 2015 year-end condensed consolidated balance sheet was derived from the Company's audited financial statements for the year ended December 31, 2015 . Interim financial information does 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, 2015 . 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. Client Concentration We generate the majority of our revenues from clients with operations in the U.S. residential real estate, mortgage origination and mortgage servicing markets. Approximately 41.2% and 30.3% of our operating revenues for the three months ended September 30, 2016 and 2015 , respectively, and approximately 41.6% and 32.7% of our operating revenues for the nine months ended September 30, 2016 and 2015 , respectively, were generated from our top ten clients, who consist of the largest U.S. mortgage originators and servicers. Two of our clients accounted for approximately 14.6% and 11.3% of our operating revenues for the three months ended September 30, 2016 , and approximately 14.6% and 11.5% of our operating revenues for the nine months ended September 30, 2016 . No client accounted for 10.0% or more of our operating revenues for the three and nine months ended September 30, 2015 . Out-of-Period Adjustment During the first quarter of 2015, we identified an error which overstated our interest expense by $5.2 million ( $3.1 million , net of tax), reflected within continuing operations, for the year ended December 31, 2014. We recorded an out-of-period adjustment to correct the error in the quarter ended March 31, 2015, which increased basic and diluted net income per share by $0.03 . We assessed the materiality of this error and concluded the error was not material to the results of operations or financial condition for the prior annual or interim periods. Comprehensive Income Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, unrealized gains and losses on interest rate swap transactions and unrealized gains and losses on investment are recorded in other comprehensive income/(loss). The following table shows the components of accumulated other comprehensive loss, net of taxes as of September 30, 2016 and December 31, 2015 : 2016 2015 Cumulative foreign currency translation $ (103,195 ) $ (114,427 ) Cumulative supplemental benefit plans (3,860 ) (3,540 ) Net unrecognized losses on interest rate swap (5,372 ) (2,699 ) Net unrealized gains on marketable securities — 550 Accumulated other comprehensive loss $ (112,427 ) $ (120,116 ) Marketable Securities Debt securities are carried at fair value and consist primarily of investments in obligations of various corporations and mortgage-backed securities. Equity securities are carried at fair value and consist primarily of investments in marketable common and preferred stock. We classify our publicly traded debt and equity securities as available-for-sale and carry them at fair value with unrealized gains or losses classified as a component of accumulated other comprehensive loss. As of September 30, 2016 and December 31, 2015 , our marketable securities consist primarily of investments in preferred stock of $21.8 million and $22.7 million , respectively. There were no gains or losses recognized on sales of marketable securities for the three and nine months ended September 30, 2016 and 2015 . Mandatorily Redeemable Noncontrolling Interest Mandatorily redeemable noncontrolling interests for which there is a contractual requirement to purchase the interest are included as a liability of NZD $27.8 million , or $19.0 million , in our accompanying condensed consolidated balance sheet as of December 31, 2015 . In January 2016, we acquired the remaining 40.0% interest in New Zealand-based Property IQ Ltd. ("PIQ") and settled the mandatorily redeemable noncontrolling interest. As a result, there was no mandatorily redeemable noncontrolling interest balance as of September 30, 2016 . See Note 13 - Acquisitions for further discussion. Tax Escrow Disbursement Arrangements We administer tax escrow disbursements as a service to our clients in connection with our property tax processing solutions. These deposits are maintained in segregated accounts for the benefit of our clients. Tax escrow deposits totaled $1.3 billion as of September 30, 2016 and $340.3 million as of December 31, 2015 . Because these deposits are held on behalf of our clients, they are not our funds and, therefore, are not included in the accompanying condensed consolidated balance sheets. These deposits generally remain in the accounts for a period of two to five business days. We earn interest income or earnings credits from these deposits and bear the cost of bank-related fees. Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained claim reserves relating to incorrect disposition of assets of $20.0 million and $21.2 million as of September 30, 2016 and December 31, 2015 , respectively, which is reflected in our accompanying condensed consolidated balance sheets as a component of other liabilities. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on eight specific cash flow classification issues that were either unclear or where no specific guidance was provided. The specific issues include i) debt prepayment or debt extinguishment costs; ii) settlement of zero-coupon debt instruments; iii) contingent consideration payments made after a business combination; iv) proceeds from the settlement of insurance claims; v) proceeds from the settlement of company-owned life insurance; vi) distributions received from equity method investees; vii) beneficial interests in securitization transactions; and, viii) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier adoption is permitted. We have elected early adoption and the guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued guidance for accounting of credit losses affecting the impairment model for most financial assets and certain other instruments. Entities will be required to use a new forward-looking current expected credit loss model for trade and other receivables, held-to-maturity debt securities, loans and other instruments, which will generally lead to an earlier recognition of loss allowances. Entities will recognize losses on available-for-sale debt securities as allowances rather than a reduction in amortized cost of the security while the measurement process of this loss does not change. Disclosure requirements are expanded regarding an entity’s assumptions, models and methods of estimations of the allowance. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance to simplify some provisions in stock compensation accounting. The accounting for income taxes requires all excess tax benefits and tax deficiencies to be recognized through income tax expense. The statement of cash flows presentation of excess tax benefits should be classified with other income tax cash flows as an operating activity. An entity may also make an entity-wide election to either continue estimating the number of awards that are expected to vest or account for forfeitures as they occur. The requirements to qualify for equity classification permits tax withholding up to the maximum statutory tax rates in the applicable jurisdictions. Lastly, payments of cash by an employer for tax-withholding purposes, when directly withholding shares, are classified as a financing activity on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance on equity method accounting related to joint venture investments. The standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership or degree of influence related to an investment. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance on derivatives and hedging. The standard clarifies the four-step decision sequence required for assessing whether contingent put and call options that can speed up the payment for a debt instrument’s principal are clearly and closely related to the debt to which they are attached. The standard also clarifies that provided all other hedge accounting criteria continue to be met, a change in the counterparty to a derivative instrument does not in itself disqualify designation of the hedge. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance on lease accounting. The standard requires all leases in excess of 12-months to be recognized on the balance sheet as lease assets and lease liabilities. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not changed significantly from prior GAAP. For operating leases, a lessee is required to i) recognize a right-of-use asset and lease liability, initially measured at the present value of the lease payment, ii) recognize a single lease cost over the lease term generally on a straight-line basis, and iii) classify all cash payments within operating activities on the cash flow statement. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. In January 2016, the FASB issued guidance on accounting for equity investments and financial liabilities. The standard does not apply to equity method investments or investments in consolidated subsidiaries. The update provides that equity investments with readily determinable values be measured at fair value and changes in the fair value flow through net income. These changes historically have run through other comprehensive income. Equity investments without readily determinable fair values have the option to be measured at fair value or at cost adjusted for changes in observable prices minus impairment. Changes in either method are also recognized in net income. The standard requires a qualitative assessment of impairment indicators at each reporting period. For financial liabilities, entities that elect the fair value option must recognize the change in fair value attributable to instrument-specific credit risk in other comprehensive income rather than net income. Lastly, regarding deferred tax assets, the need for a valuation allowance on a deferred tax asset will need to be assessed related to available-for-sale debt securities. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2015, the FASB issued guidance which requires all deferred tax assets and liabilities, as well as any related valuation allowance, to be classified as non-current on the balance sheet. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and earlier adoption is permitted. As of March 31, 2016, we elected early adoption on a prospective basis and, as of September 30, 2016 , we presented $2.2 million of deferred income tax assets, long term and $109.7 million of deferred income tax liabilities, long term in the accompanying condensed consolidated balance sheet. |
Investments in Affiliates, Net
Investments in Affiliates, Net | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliates, Net | Investment in Affiliates, Net Investments in affiliates are accounted for under the equity method of accounting when 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. One of our subsidiaries previously owned a 50.1% interest in RELS LLC ("RELS"), a provider of appraisals and appraisal management services used in connection with mortgage loan originations. This investment contributed 80.2% and 83.5% of our total equity in earnings of affiliates, net of tax, for the three and nine months ended September 30, 2015 , respectively. We acquired the remaining interest in RELS in December 2015. See Note 13 - Acquisitions for further discussion. The following summarizes the financial information for this investment (assuming 100% ownership interest): For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2015 September 30, 2015 Statements of income Total revenues $ 62,503 $ 190,707 Expenses and other 53,442 158,509 Net income attributable to RELS LLC $ 9,061 $ 32,198 CoreLogic equity in earnings of affiliate $ 4,540 $ 16,131 We recorded equity in earnings of affiliates, net of tax of $0.6 million and $3.5 million for the three months ended September 30, 2016 and 2015 , respectively, and equity in earnings of affiliates, net of tax of $0.6 million and $11.9 million for the nine months ended September 30, 2016 and 2015 , respectively. For the three months ended September 30, 2016 and 2015 , we recorded $2.5 million and $4.8 million , respectively, of operating revenues and $2.9 million and $3.2 million , respectively, of operating expenses related to our investment in affiliates. In addition, for the nine months ended September 30, 2016 and 2015 , we recorded $7.7 million and $14.2 million , respectively, of operating revenues and $8.4 million and $9.7 million , respectively, of operating expenses related to our investment in affiliates. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net as of September 30, 2016 and December 31, 2015 consists of the following: (in thousands) 2016 2015 Land $ 7,476 $ 4,000 Buildings 6,293 111 Furniture and equipment 62,062 62,140 Capitalized software 874,871 759,925 Leasehold improvements 29,815 29,038 980,517 855,214 Less accumulated depreciation (536,928 ) (479,560 ) Property and equipment, net $ 443,589 $ 375,654 Depreciation expense for property and equipment was approximately $21.1 million and $18.8 million for the three months ended September 30, 2016 and 2015 , respectively, and $61.7 million and $56.0 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Goodwill, Net
Goodwill, Net | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Net | Goodwill, Net A reconciliation of the changes in the carrying amount of goodwill and accumulated impairment losses, by operating segment and reporting unit, for the nine months ended September 30, 2016 , is as follows: (in thousands) PI RMW Consolidated Balance as of January 1, 2016 Goodwill $ 963,680 $ 925,392 $ 1,889,072 Accumulated impairment losses (600 ) (6,925 ) (7,525 ) Goodwill, net 963,080 918,467 1,881,547 Acquisitions 219,427 — 219,427 Translation adjustments 8,970 — 8,970 Balance as of September 30, 2016 Goodwill, net $ 1,191,477 $ 918,467 $ 2,109,944 In connection with the acquisition of FNC, Inc. ("FNC"), we recorded $218.3 million of goodwill within our Property Intelligence ("PI") reporting unit for the nine months ended September 30, 2016. Further, we recorded $1.2 million of goodwill, within our PI reporting unit, related to an acquisition that was not significant. See Note 13 - Acquisitions for additional information. |
Other Intangible Assets, Net
Other Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets, Net | Other Intangible Assets, Net Other intangible assets, net consist of the following: September 30, 2016 December 31, 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Client lists $ 640,612 $ (249,639 ) $ 390,973 $ 496,192 $ (219,887 ) $ 276,305 Non-compete agreements 28,110 (10,045 ) 18,065 9,302 (7,983 ) 1,319 Trade names and licenses 121,717 (35,997 ) 85,720 102,297 (27,773 ) 74,524 $ 790,439 $ (295,681 ) $ 494,758 $ 607,791 $ (255,643 ) $ 352,148 Amortization expense for other intangible assets, net was $13.9 million and $9.4 million for the three months ended September 30, 2016 and 2015 , respectively, and $38.8 million and $28.9 million for the nine months ended September 30, 2016 and 2015 , respectively. Estimated amortization expense for other intangible assets, net is as follows: (in thousands) Remainder of 2016 $ 14,119 2017 55,986 2018 55,182 2019 52,986 2020 50,602 Thereafter 265,883 $ 494,758 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Our long-term debt consists of the following: September 30, 2016 December 31, 2015 (in thousands) Gross Debt Issuance Costs Net Gross Debt Issuance Costs Net Bank debt: Term loan facility borrowings due April 2020, weighted-average interest rate of 2.25% and 1.96% as of September 30, 2016 and December 31, 2015, respectively $ 1,315,313 $ (13,479 ) $ 1,301,834 $ 828,750 $ (9,720 ) $ 819,030 Revolving line of credit borrowings due April 2020, weighted-average interest rate of 2.24%and 1.96% as of September 30, 2016 and December 31, 2015, respectively 255,000 (5,150 ) 249,850 75,000 (6,262 ) 68,738 Notes: 7.25% senior notes due June 2021 — — — 393,000 (11,121 ) 381,879 7.55% senior debentures due April 2028 59,645 (217 ) 59,428 59,645 (231 ) 59,414 Acquisition-related note: Non-interest bearing acquisition note, $5.0 million installment due March 2016 — — — 4,924 — 4,924 Other debt: Various debt instruments with maturities through 2019 3,596 — 3,596 2,689 — 2,689 Total long-term debt 1,633,554 (18,846 ) 1,614,708 1,364,008 (27,334 ) 1,336,674 Less current portion of long-term debt 87,484 — 87,484 48,497 — 48,497 Long-term debt, net of current portion $ 1,546,070 $ (18,846 ) $ 1,527,224 $ 1,315,511 $ (27,334 ) $ 1,288,177 As of September 30, 2016 and December 31, 2015 , we have recorded $2.4 million and $3.6 million of accrued interest expense on our debt-related instruments. Senior Notes In May 2011, we issued $400.0 million aggregate principal amount of 7.25% senior notes due 2021 (the "Notes"). In July 2016, we completed the redemption of all outstanding balances under the Notes, which included a premium on debt extinguishment payment in the amount of $14.2 million for the three and nine months ended September 30, 2016 . Credit Agreement In July 2016, we amended and restated our senior secured credit facility (the "Credit Agreement") with Bank of America, N.A., as administrative agent, and other financial institutions. The Credit Agreement provides for a $1.3 billion term loan facility (the "Term Facility") and a $550.0 million revolving credit facility (the "Revolving Facility"). The Term Facility matures and the Revolving Facility expires in April 2020. 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 request that the lenders increase the Term Facility by up to $225.0 million in the aggregate; however, the lenders are not obligated to do so. The loans under the Credit Agreement bear interest, at our election, at (i) the Alternate Base Rate (as defined in the Credit Agreement) plus the Applicable Rate (as defined in the Credit Agreement) or (ii) the London interbank offering rate for Eurocurrency borrowings, adjusted for statutory reserves, plus the Applicable Rate. The initial Applicable Rate for Alternate Base Rate borrowings is 0.75% and for Adjusted Eurocurrency Rate (as defined in the Credit Agreement) borrowings is 1.75% . Starting with the full fiscal quarter after the closing date, the Applicable Rate will vary depending on our leverage ratio. The minimum Applicable Rate for Alternate Base Rate borrowings will be 0.25% and the maximum will be 1.00% . The minimum Applicable Rate for Adjusted Eurocurrency Rate borrowings will be 1.25% and the maximum will be 2.00% . The Credit Agreement also requires us to pay commitment fees for the unused portion of the Revolving Facility, which will be a minimum of 0.25% and a maximum of 0.40% , depending on our leverage ratio. The Credit Agreement provides that loans under the Term Facility must be repaid in quarterly installments, commencing in September 2016 and continuing on each three-month anniversary thereafter in an amount equal to $17.2 million for the first four quarterly payments, $34.4 million for the next four quarterly payments and $51.6 million for each quarterly payment thereafter through March 2020. The outstanding balance of the Term Facility will be due in April 2020. The Credit Agreement contains financial maintenance covenants, including a (i) maximum total leverage ratio not to exceed 4.50 to 1.00 (stepped down to 4.25 to 1.00 starting with the fiscal quarter ending June 2017, with a further step down to 3.75 to 1.00 starting with the fiscal quarter ending June 2018 and stepped down to 3.50 to 1.00 starting with the fiscal quarter ending June 2019) and (ii) a minimum interest coverage ratio of not less than 3.00 to 1.00 . See Note 13 - Acquisitions for further discussion. At September 30, 2016 , we had borrowing capacity under the Revolving Facility of $295.0 million and we were in compliance with all of our covenants under the Credit Agreement. Debt Issuance Costs In connection with the amendment and restatement of the Credit Agreement, we incurred approximately $6.3 million of debt issuance costs of which $0.3 million were expensed in the accompanying condensed consolidated statements of operations for the three and nine months ended September 30, 2016 . We capitalized the remaining $6.0 million of debt issuance costs within long-term debt, net in the accompanying condensed consolidated balance sheets, and will amortize these costs over the term of the Credit Agreement. We had unamortized costs of $14.0 million related to previously recorded debt issuance costs, which we will amortize over the term of the Credit Agreement. In connection with the redemption of the Notes in July 2016, we wrote-off $10.2 million of unamortized debt issuance costs during the three and nine months ended September 30, 2016 . For the nine months ended September 30, 2015 , we recorded $6.5 million of debt issuance costs of which $0.4 million were expensed in the accompanying condensed consolidated statements of operations and we capitalized the remaining $6.1 million of debt issuance costs within long-term debt, net in the accompanying condensed consolidated balance sheets. Further, we wrote-off $1.6 million of unamortized debt issuance costs during the nine months ended September 30, 2015 . 7.55% Senior Debentures In April 1998, we issued $100.0 million in aggregate principal amount of 7.55% senior debentures due 2028. In April 2010, in anticipation of 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 ("Separation"), we commenced a cash tender offer for these debentures and also solicited consent from the holders thereof to expressly affirm that the Separation would not conflict with the terms of the debentures. See Note 12 - Litigation and Regulatory Contingencies for further discussion on the Separation. In April 2010, we announced that valid consents were tendered representing over 50.0% of the outstanding debentures. Accordingly, we received the requisite approvals from debenture holders and amended the related indentures. The indentures governing these debentures, as amended, contain limited restrictions on the Company. Interest Rate Swaps We have entered into amortizing interest rate swaps ("Swaps") in order to convert a portion of our interest rate exposure on the Term Facility floating rate borrowings from variable to fixed. In August 2016, we entered into Swaps which became effective in September 2016 and terminate in April 2020. The Swaps entered in August 2016 are for an initial notional balance of $500.0 million , with a fixed interest rate of 1.03% , and amortize quarterly by $25.0 million through December 2018, with a notional step up of $100.0 million in March 2019, continued quarterly amortization of $25.0 million through April 2020, and a remaining notional amount of $275.0 million . In May 2014, we entered into Swaps which became effective in December 2014 and terminate in March 2019. The Swaps entered in May 2014 are for an initial notional balance of $500.0 million , with a fixed interest rate of 1.57% , and amortize quarterly by $12.5 million through December 31, 2017 and $25.0 million through December 31, 2018, with a remaining notional amount of $250.0 million . We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges resulted in a liability of $8.7 million and $4.4 million as of September 30, 2016 and December 31, 2015 , respectively, which is included in the accompanying condensed consolidated balance sheets as a component of other liabilities. Unrealized losses of $0.4 million (net of $0.2 million in deferred taxes) and unrealized losses of $2.0 million (net of $1.3 million in deferred taxes) for the three months ended September 30, 2016 and 2015 , respectively, and unrealized losses of $2.7 million (net of $1.7 million in deferred taxes) and $3.1 million (net of $1.9 million in deferred taxes) for the nine months ended September 30, 2016 and 2015 , respectively, were recognized in other comprehensive (loss)/income related to the Swaps. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for income taxes as a percentage of income from continuing operations before equity in earnings of affiliates and income taxes was 31.0% and 46.4% for the three months ended September 30, 2016 and 2015 , respectively, and 33.5% and 37.4% for the nine months ended September 30, 2016 and 2015 , respectively. For the three months ended September 30, 2016 , when compared to 2015 , the decrease in the effective income tax rate was primarily attributable to current year favorable rate reductions related to foreign tax rate differentials, permanent enactment of the federal research credit subsequent to September 30, 2015 and a reduction in the contingent consideration recorded in connection with the acquisition of FNC. The prior year rate was unfavorably impacted by unbenefited foreign losses in tax jurisdictions with tax rates lower than the U.S. and a decrease in foreign tax credits. For the nine months ended September 30, 2016 , when compared to 2015 , the decrease in the effective income tax rate was due to current year favorable rate reductions related to foreign tax rate differentials, permanent enactment of the federal research credit subsequent to September 30, 2015 and a reduction in the contingent consideration recorded in connection with the acquisition of FNC. The current year favorable rate reductions were partially offset by prior year non-recurring favorable discrete items related to release of a foreign valuation allowance and a reduction in foreign uncertain tax benefits due to statute of limitations expiration. Income taxes included in equity in earnings of affiliates were $0.5 million and $2.3 million for the three months ended September 30, 2016 and 2015 , respectively, and $0.9 million and $7.8 million for the nine months ended September 30, 2016 and 2015 , respectively. For the purpose of segment reporting, these amounts are included in corporate and therefore not reflected in our reportable segments. We are currently under examination for the years 2005 to 2011 by the U.S. federal and various state taxing authorities. It is reasonably possible the amount of unrecognized tax benefit with respect to certain unrecognized tax positions could significantly increase or decrease within the next twelve months. We estimate the unrecognized tax benefit could decrease by up to $21.5 million within the next twelve months. The estimated change is primarily related to IRS audits, subject to the FAFC indemnification, and may have minimal impact to net income. See Note 12 - Litigation and Regulatory Contingencies for further discussion on FAFC. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of net income per share: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Numerator for basic and diluted net income per share: Net income from continuing operations $ 36,002 $ 28,285 $ 103,965 $ 90,583 Loss from discontinued operations, net of tax (936 ) (117 ) (998 ) (445 ) Net income attributable to CoreLogic $ 35,066 $ 28,168 $ 102,967 $ 90,138 Denominator: Weighted-average shares for basic income per share 87,584 88,719 88,141 89,374 Dilutive effect of stock options and restricted stock units 1,604 1,435 1,560 1,367 Weighted-average shares for diluted income per share 89,188 90,154 89,701 90,741 Income per share Basic: Net income from continuing operations $ 0.41 $ 0.32 $ 1.18 $ 1.01 Loss from discontinued operations, net of tax (0.01 ) — (0.01 ) — Net income attributable to CoreLogic $ 0.40 $ 0.32 $ 1.17 $ 1.01 Diluted: Net income from continuing operations $ 0.40 $ 0.31 $ 1.16 $ 1.00 Loss from discontinued operations, net of tax (0.01 ) — (0.01 ) — Net income attributable to CoreLogic $ 0.39 $ 0.31 $ 1.15 $ 1.00 The dilutive effect of stock-based compensation awards has been calculated using the treasury-stock method. For both the three months ended September 30, 2016 and 2015 , there were no anti-dilutive common shares. For the nine months ended September 30, 2016 and 2015 , an aggregate of less than 0.1 million and 0.3 million of stock options, respectively, were excluded from the weighted-average diluted common shares outstanding due to their anti-dilutive effect. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
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. We deem the carrying value to be a reasonable estimate of fair value due to the nature of these instruments. Marketable securities Marketable securities are classified as available-for-sale securities and are valued using quoted prices in active markets. Contingent consideration The fair value of the contingent consideration was estimated using the Monte Carlo simulation model, which relies on significant assumption and estimates including discount rates and future market conditions, among others. 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 was estimated based on market-value quotes received from the counterparties to the agreements. The fair values of our financial instruments as of September 30, 2016 are presented in the following table: Fair Value Measurements Using (in thousands) Level 1 Level 2 Level 3 Fair Value Financial Assets: Cash and cash equivalents $ 79,015 $ — $ — $ 79,015 Restricted cash — 8,936 — 8,936 Marketable securities 21,819 — — 21,819 Total Financial Assets $ 100,834 $ 8,936 $ — $ 109,770 Financial Liabilities: Contingent consideration $ — $ — $ 4,900 $ 4,900 Total debt — 1,643,235 — 1,643,235 Total Financial Liabilities $ — $ 1,643,235 $ 4,900 $ 1,648,135 Derivatives: Liability for interest rate swap agreements $ — $ 8,699 $ — $ 8,699 The fair values of our financial instruments as of December 31, 2015 are presented in the following table: Fair Value Measurements Using (in thousands) Level 1 Level 2 Fair Value Financial Assets: Cash and cash equivalents $ 99,090 $ — $ 99,090 Restricted cash — 10,926 10,926 Marketable securities 22,709 — 22,709 Total Financial Assets $ 121,799 $ 10,926 $ 132,725 Financial Liabilities: Total debt $ — $ 1,315,473 $ 1,315,473 Derivatives: Liability for interest rate swap agreements $ — $ 4,370 $ 4,370 There were no transfers between Level 1, Level 2 or Level 3 securities during the three and nine months ended September 30, 2016 . In connection with the contingent consideration, we recorded gains of $4.0 million and $3.1 million in our condensed consolidated statement of operations for the three and nine months ended September 30, 2016 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We currently issue equity awards under the Amended and Restated CoreLogic, Inc. 2011 Performance Incentive Plan, which was initially approved by our stockholders at our Annual Meeting held on May 19, 2011 with an amendment and restatement approved by our stockholders at our Annual Meeting held on July 29, 2014 (the “Plan”). The Plan includes the ability to grant restricted stock unit ("RSUs"), performance-based stock units ("PBRSUs") and stock options. The Plan provides for up to 21,909,000 shares of the Company's common stock to be available for award grants. Prior to the approval of the Plan, we issued share-based awards under the CoreLogic, Inc. 2006 Incentive Plan. We primarily utilize RSUs and PBRSUs 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, 2016 and 2015 , we awarded 967,826 and 943,486 RSUs, respectively, with an estimated grant-date fair value of $33.7 million and $33.3 million , respectively. The majority of the RSU awards will vest ratably over three years from their grant date. RSU activity for the nine months ended September 30, 2016 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, 2015 1,537 $ 32.92 RSUs granted 968 $ 34.78 RSUs vested (755 ) $ 32.34 RSUs forfeited (96 ) $ 34.39 Unvested RSUs outstanding at September 30, 2016 1,654 $ 34.18 As of September 30, 2016 , there was $36.9 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 our common stock on the date of grant. Performance-Based Restricted Stock Units For the nine months ended September 30, 2016 and 2015 , we awarded 285,475 and 222,788 PBRSUs, respectively, with an estimated grant-date fair value of $10.1 million and $7.6 million , respectively. These awards are subject to service-based, performance-based and market-based vesting conditions. For the majority of the PBRSUs awarded during the nine months ended September 30, 2016 , the performance period is from January 1, 2016 to December 31, 2018 and the performance metric is adjusted earnings per share and market-based conditions. Subject to satisfaction of the performance criteria, the majority of the 2016 awards will vest on December 31, 2018. For the nine months ended September 30, 2016 , the awards included 111,598 PBRSUs issued in conjunction with acquisitions . The performance metric is total revenue with the performance period through December 31, 2018. The performance period for the PBRSUs awarded during the nine months ended September 30, 2015 is from January 1, 2015 to December 31, 2017 and the performance metric is adjusted earnings per share and market-based conditions. Subject to satisfaction of the performance criteria, the majority of the 2015 awards will vest on December 31, 2017. The fair values of the 2016 and 2015 awards were estimated using Monte-Carlo simulation with the following weighted-average assumptions: For the Nine Months Ended September 30, 2016 2015 Expected dividend yield — % — % Risk-free interest rate (1) 0.99 % 0.93 % Expected volatility (2) 25.12 % 24.01 % Average total stockholder return (2) 1.48 % 8.37 % (1) The risk-free interest rate for the periods within the contractual term of the PBRSUs is based on the U.S. Treasury yield curve in effect at the time of the grant. (2) The expected volatility and average total stockholder return are measures of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. PBRSU activity for the nine months ended September 30, 2016 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, 2015 659 $ 29.15 PBRSUs granted 285 $ 35.39 PBRSUs vested (94 ) $ 26.49 PBRSUs forfeited (112 ) $ 22.37 Unvested PBRSUs outstanding at September 30, 2016 738 $ 34.13 As of September 30, 2016 , there was $20.1 million of total unrecog n ized compensation cost related to unvested PBRSUs that is expected to be recognized over a weighted-average period of 1.9 years. The fair value of PBRSUs is based on the market value of our common stock on the date of grant. Stock Options Prior to 2015, we issued stock options as incentive compensation for certain employees. Option activity for the nine months ended September 30, 2016 is as follows: (in thousands, except weighted-average price) Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2015 1,826 $ 21.33 Options granted — $ — Options exercised (313 ) $ 21.72 Options canceled (1 ) $ 30.52 Options outstanding at September 30, 2016 1,512 $ 21.24 4.8 $ 27,152 Options vested and expected to vest at September 30, 2016 1,509 $ 21.23 4.8 $ 27,141 Options exercisable at September 30, 2016 1,440 $ 20.72 4.7 $ 26,645 As of September 30, 2016 , there was $0.3 million of total unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted-average period of 6 months . The intrinsic value of options exercised was $4.4 million and $8.8 million for the nine months ended September 30, 2016 and 2015 , respectively. This intrinsic value represents the difference between the fair market value of our 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 lesser of the closing price on the first day or 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 estimated fair value of the discount during each offering period. The following table sets forth the stock-based compensation expense recognized for the three and nine months ended September 30, 2016 and 2015 . For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 RSUs $ 6,209 $ 5,699 $ 19,757 $ 18,532 PBRSUs 3,766 1,433 8,312 5,485 Stock options 213 443 813 1,480 Employee stock purchase plan 352 305 977 922 $ 10,540 $ 7,880 $ 29,859 $ 26,419 The above includes $0.7 million and $1.3 million of stock-based compensation expense within cost of services in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2016 and 2015 , respectively, and $3.6 million and $2.7 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments Lease Commitments We lease certain office facilities, automobiles and equipment under operating leases, which, for the most part, are renewable. The majority of these leases also provide that the Company will pay insurance and taxes. Future minimum rental payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2016 are as follows: (in thousands) Remaining 2016 $ 8,216 2017 21,983 2018 21,072 2019 19,790 2020 16,862 Thereafter 82,144 $ 170,067 Total rental expenses for all operating leases and month-to-month rentals were $5.8 million and $4.6 million for the three months ended September 30, 2016 and September 30, 2015 , respectively, and $15.1 million and $13.7 million for the nine months ended September 30, 2016 and September 30, 2015 , respectively. Operational Commitments In August 2011, an affiliate of Cognizant Technology Solutions Corporation ("Cognizant") acquired CoreLogic India Global Services Private Limited, our India-based captive operations ("CoreLogic India"). The purchase price for CoreLogic India was $50.0 million in cash before working capital adjustments. As part of the transaction, we entered into a Master Professional Services Agreement ("Services Agreement") and supplement ("Supplement") with Cognizant under which Cognizant will provide a range of business process and information technology services to us. The Supplement has an initial term of seven years and we have the unilateral right to extend the term for up to three one -year periods. During the first five years of the agreement, we are subject to a net total minimum commitment of approximately $303.5 million , plus applicable inflation adjustments. In connection with the sale, we recorded $27.1 million of deferred gain on sale which was recognized to income over five years . As of September 30, 2016 , the remaining minimum commitment totaled $9.1 million . |
Litigation and Regulatory Conti
Litigation and Regulatory Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Regulatory Contingencies | Litigation and Regulatory Contingencies We have been named in various lawsuits and 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 be incurred. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. The actual outcome of such matters could differ materially from management’s estimates. We record expenses for legal fees as incurred. Separation Following 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 (the "Separation and Distribution Agreement"), 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. At September 30, 2016 , 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 our predecessor, The First American Corporation's ("FAC") 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, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions In April 2016, we completed the acquisition of FNC for up to $475.0 million , with $400.0 million in cash paid at closing, subject to certain closing adjustments, and up to $75.0 million to be paid in cash in 2018, contingent upon the achievement of certain revenue targets in fiscal 2017. We fair-valued the contingent payment using the Monte Carlo simulation model and initially recorded $8.0 million as contingent consideration. The contingent payment is fair-valued quarterly and changes are recorded within our condensed consolidated statement of operations. See Note 9 - Fair Value of Financial Instruments for further discussion. FNC is a leading provider of real estate collateral information technology and solutions that automates property appraisal ordering, tracking, documentation and review for lender compliance with government regulations and is included as a component of our PI reporting segment. The acquisition continues to expand our property valuation capabilities. 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 unobservable inputs. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded a deferred tax liability of $90.3 million , property and equipment of $79.8 million with an estimated average life of 12 years , customer lists of $141.8 million with an estimated average life of 16 years , trade names of $15.9 million with an estimated average life of 19 years , non-compete agreements of $18.8 million with an estimated average life of 5 years , other intangibles of $2.9 million with an estimated average life of 10 years and goodwill of $218.3 million . For the three months ended September 30, 2016 , goodwill was increased by approximately $6.8 million from the initial amount recorded in the second quarter of 2016, as a results of a change in purchase price allocation for certain working capital and tax adjustments. This business combination did not have a material impact on our condensed consolidated statements of operations. In January 2016, we completed the acquisition of the remaining 40% mandatorily redeemable noncontrolling interest in PIQ for NZD $27.8 million , or $19.0 million , and settled the mandatorily redeemable noncontrolling interest. PIQ is included as a component of our PI reporting segment. In December 2015, we completed the acquisition of the remaining interest in RELS for approximately $65.0 million and recorded an investment gain of approximately $34.3 million due to the step-up in fair value on the previously held 50.1% interest, which is included in gain on investment and other, net in the accompanying condensed consolidated statements of operations. RELS is included as a component of our PI reporting segment. The acquisition of RELS expands our real estate asset valuation and appraisal solutions in connection with loan originations. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including a discounted cash flow analysis, which included significant unobservable inputs. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded property and equipment of $27.0 million with an estimated average life of 10 years , customer lists of $48.4 million with an estimated average life of 10 years , other intangibles of $5.0 million with an estimated average life of 10 years and goodwill of $23.1 million , of which $11.5 million is deductible for tax purposes. This business combination did not have a material impact on our condensed consolidated statements of operations. In October 2015, we completed the acquisition of Cordell Information Pty Limited ("Cordell") for AUD $70.0 million , or $49.1 million , subject to working capital adjustments, which is included as a component of our PI reporting segment. The acquisition of Cordell further expands our property information capabilities in Australia. 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 unobservable inputs. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded property and equipment of $14.3 million with an estimated average life of 10 years , customer lists of $5.5 million with an estimated average life of 8 years , trade names of $0.6 million with an estimated average life of 4 years and goodwill of $31.9 million , which is fully deductible for tax purposes. This business combination did not have a material impact on our condensed consolidated statements of operations. In September 2015, we completed the acquisition of LandSafe Appraisal Services, Inc. for $ 122.0 million , subject to working capital adjustments, which is included as a component of our PI reporting segment. The acquisition builds on our longstanding strategic relationship with a key client and continues to expand our property valuation capabilities. 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 unobservable inputs. We recorded customer lists of $ 53.4 million with an estimated average life of 10 years , other intangibles of $4.3 million with an estimated average life of 10 years and goodwill of $64.6 million , which is fully deductible for tax purposes. This business combination did not have a material impact on our condensed consolidated statements of operations. We incurred $1.4 million and $0.6 million of acquisition-related costs within selling, general and administrative expenses on our consolidated statements of operations for the three months ended September 30, 2016 and 2015 , respectively, and $7.5 million and $1.0 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In September 2014, we completed the sale of our collateral solutions and field services businesses, which were included in the former reporting segment Asset Management and Processing Solutions ("AMPS"), for total consideration of $29.1 million , subject to working capital adjustments. In September 2012, we completed the wind down of our consumer services business and our then-owned appraisal management company business, which were included in our PI and Risk Management and Workflow ("RMW") segments, respectively. In September 2011, we closed our marketing services business, which was included in our PI segment. In December 2010, we completed the sale of our Employer and Litigation Services businesses ("ELI"). Each of these businesses is reflected in our accompanying condensed consolidated financial statements as discontinued operations. In connection with previous divestitures, we retain the prospect of contingent liabilities for indemnification obligations or breaches of representations or warranties. With respect to one such divestiture, a jury recently returned an unfavorable verdict against a discontinued operating unit that, if upheld on appeal, could result in the reasonable possibility of indemnification exposure up to $16.0 million . We do not consider this outcome to be probable and intend to vigorously assert our contractual and other rights, including to pursue an appeal to eliminate or substantially reduce any potential post-divestiture contingency. Any actual liability that comes to fruition would be reflected in our results from discontinued operations. Summarized below are certain assets and liabilities classified as discontinued operations as of September 30, 2016 and December 31, 2015 : (in thousands) As of September 30, 2016 PI RMW ELI AMPS Total Deferred income tax asset and other current assets $ 326 $ (217 ) $ — $ 572 $ 681 Accounts payable, accrued expenses and other current liabilities $ 253 $ 317 $ 948 $ 2,341 $ 3,859 As of December 31, 2015 Deferred income tax asset and other current assets $ 326 $ (217 ) $ — $ 572 $ 681 Accounts payable, accrued expenses and other current liabilities $ 250 $ 319 $ — $ 1,958 $ 2,527 Summarized below are the components of our loss from discontinued operations for the three and nine months ended September 30, 2016 and 2015 : (in thousands) For the Three Months Ended September 30, 2016 PI RMW ELI AMPS Total Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (36 ) (4 ) (948 ) (529 ) (1,517 ) Income tax benefit (14 ) (1 ) (363 ) (203 ) (581 ) Loss from discontinued operations, net of tax $ (22 ) $ (3 ) $ (585 ) $ (326 ) $ (936 ) For the Three Months Ended September 30, 2015 Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (145 ) (4 ) — (40 ) (189 ) Income tax benefit (55 ) 57 — (74 ) (72 ) Loss from discontinued operations, net of tax $ (90 ) $ (61 ) $ — $ 34 $ (117 ) (in thousands) For the Nine Months Ended September 30, 2016 PI RMW ELI AMPS Total Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (37 ) (7 ) (948 ) (624 ) (1,616 ) Income tax benefit (14 ) (3 ) (362 ) (239 ) (618 ) Loss from discontinued operations, net of tax $ (23 ) $ (4 ) $ (586 ) $ (385 ) $ (998 ) For the Nine Months Ended September 30, 2015 Operating revenue $ — $ — $ — $ 2 $ 2 Loss from discontinued operations before income taxes (522 ) (17 ) — (182 ) (721 ) Income tax benefit (155 ) (4 ) — (117 ) (276 ) Loss from discontinued operations, net of tax $ (367 ) $ (13 ) $ — $ (65 ) $ (445 ) |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have organized our reportable segments into two segments: PI and RMW. Property Intelligence . Our PI segment owns or licenses real property information, mortgage information and consumer information, which includes loan information, property sales and characteristic information, property risk and replacement cost, natural hazard data, geospatial data, parcel maps and mortgage-backed securities information. We have also developed proprietary technology and software platforms to access, automate or track our data and assist our clients with compliance regulations. We deliver this information directly to our clients in a standard format over the web, through customizable software platforms or in bulk data form. Our products and services include data licensing and analytics, data-enabled advisory services, platform solutions and valuation solutions in North America, Western Europe and Asia Pacific. The segment's primary clients are commercial banks, mortgage lenders and brokers, investment banks, fixed-income investors, real estate agents, Multiple Listing Service companies, property and casualty insurance companies, title insurance companies, government agencies and government-sponsored enterprises. The operating results of our PI segment included intercompany revenues of $1.5 million and $1.3 million for the three months ended September 30, 2016 and 2015 , and $4.2 million and $4.3 million for the nine months ended September 30, 2016 and 2015 , respectively. The segment also included intercompany expenses of $1.0 million and $1.2 million for the three months ended September 30, 2016 and 2015 , and $3.9 million and $3.6 million for the nine months ended September 30, 2016 and 2015 , respectively. Risk Management and Workflow. Our RMW segment owns or licenses real property information, mortgage information and consumer information, which includes loan information, property sales and characteristic information, natural hazard data, parcel maps, employment verification, criminal records and eviction records. We have also developed proprietary technology and software platforms to access, automate or track our data and assist our clients with compliance regulations. Our products and services include credit and screening solutions, property tax processing, flood data services and technology solutions in North America. The segment’s primary clients are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, fixed-income investors, government agencies and casualty insurance companies. The operating results of our RMW segment included intercompany revenues of $1.0 million and $1.2 million for the three months ended September 30, 2016 and 2015 , and $3.9 million and $3.6 million for the nine months ended September 30, 2016 and 2015 , respectively. The segment also included intercompany expenses of $1.5 million and $1.3 million for the three months ended September 30, 2016 and 2015 , and $4.2 million and $4.3 million for the nine months ended September 30, 2016 and 2015 , respectively. We also separately report on our corporate and eliminations. Corporate consists primarily of corporate personnel and other expenses associated with our corporate functions and facilities, investment gains and losses, equity in earnings of affiliates, net of tax, and interest expense. It is impracticable to disclose revenues from external clients for each product and service offered. Selected financial information by reportable segment is as follows: (in thousands) For the Three Months Ended September 30, 2016 Operating Revenues Depreciation and Amortization Operating Income/(Loss) Equity in Earnings/(Losses) of Affiliates, Net of Tax Net Income/(Loss) From Continuing Operations Capital Expenditures PI $ 280,620 $ 33,280 $ 28,018 $ 872 $ 28,325 $ 12,517 RMW 245,764 6,304 76,749 — 76,749 2,658 Corporate 2 4,914 (19,943 ) (265 ) (69,072 ) 1,408 Eliminations (2,490 ) — — — — — Consolidated (excluding discontinued operations) $ 523,896 $ 44,498 $ 84,824 $ 607 $ 36,002 $ 16,583 For the Three Months Ended September 30, 2015 PI $ 156,944 $ 23,052 $ 19,552 $ 5,763 $ 25,213 $ 10,303 RMW 232,050 9,525 64,104 — 64,100 3,355 Corporate — 3,863 (17,736 ) (2,266 ) (60,671 ) 3,854 Eliminations (2,555 ) — — — — — Consolidated (excluding discontinued operations) $ 386,439 $ 36,440 $ 65,920 $ 3,497 $ 28,642 $ 17,512 For the Nine Months Ended September 30, 2016 PI $ 798,741 $ 93,580 $ 78,518 $ 1,424 $ 78,122 $ 38,476 RMW 687,023 20,635 195,993 — 195,991 7,786 Corporate 5 13,218 (56,862 ) (829 ) (170,148 ) 16,106 Eliminations (8,125 ) — — — — — Consolidated (excluding discontinued operations) $ 1,477,644 $ 127,433 $ 217,649 $ 595 $ 103,965 $ 62,368 For the Nine Months Ended September 30, 2015 PI $ 471,442 $ 71,609 $ 56,229 $ 19,589 $ 75,450 $ 35,541 RMW 673,672 25,769 179,996 — 179,967 10,187 Corporate 37 12,311 (60,332 ) (7,658 ) (164,011 ) 11,987 Eliminations (7,927 ) — — — — — Consolidated (excluding discontinued operations) $ 1,137,224 $ 109,689 $ 175,893 $ 11,931 $ 91,406 $ 57,715 (in thousands) As of As of Assets September 30, 2016 December 31, 2015 PI $ 2,504,317 $ 2,058,412 RMW 1,339,912 1,316,785 Corporate 5,595,976 5,318,990 Eliminations (5,429,311 ) (5,021,152 ) Consolidated (excluding assets of discontinued operations) $ 4,010,894 $ 3,673,035 |
Basis of Condensed Consolidat23
Basis of Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Client Concentration | Client Concentration We generate the majority of our revenues from clients with operations in the U.S. residential real estate, mortgage origination and mortgage servicing markets. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in equity except those resulting from investments by owners and distributions to owners. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, unrealized gains and losses on interest rate swap transactions and unrealized gains and losses on investment are recorded in other comprehensive income/(loss). |
Marketable Securities | Marketable Securities Debt securities are carried at fair value and consist primarily of investments in obligations of various corporations and mortgage-backed securities. Equity securities are carried at fair value and consist primarily of investments in marketable common and preferred stock. We classify our publicly traded debt and equity securities as available-for-sale and carry them at fair value with unrealized gains or losses classified as a component of accumulated other comprehensive loss. |
Mandatorily Redeemable Noncontrolling Interest | Mandatorily Redeemable Noncontrolling Interest Mandatorily redeemable noncontrolling interests for which there is a contractual requirement to purchase the interest are included as a liability of NZD $27.8 million , or $19.0 million , in our accompanying condensed consolidated balance sheet as of December 31, 2015 . In January 2016, we acquired the remaining 40.0% interest in New Zealand-based Property IQ Ltd. ("PIQ") and settled the mandatorily redeemable noncontrolling interest. As a result, there was no mandatorily redeemable noncontrolling interest balance as of September 30, 2016 . See Note 13 - Acquisitions for further discussion. |
Tax Escrow Disbursement Arrangements | Tax Escrow Disbursement Arrangements We administer tax escrow disbursements as a service to our clients in connection with our property tax processing solutions. These deposits are maintained in segregated accounts for the benefit of our clients. Tax escrow deposits totaled $1.3 billion as of September 30, 2016 and $340.3 million as of December 31, 2015 . Because these deposits are held on behalf of our clients, they are not our funds and, therefore, are not included in the accompanying condensed consolidated balance sheets. These deposits generally remain in the accounts for a period of two to five business days. We earn interest income or earnings credits from these deposits and bear the cost of bank-related fees. Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained claim reserves relating to incorrect disposition of assets of $20.0 million and $21.2 million as of September 30, 2016 and December 31, 2015 , respectively, which is reflected in our accompanying condensed consolidated balance sheets as a component of other liabilities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued guidance on eight specific cash flow classification issues that were either unclear or where no specific guidance was provided. The specific issues include i) debt prepayment or debt extinguishment costs; ii) settlement of zero-coupon debt instruments; iii) contingent consideration payments made after a business combination; iv) proceeds from the settlement of insurance claims; v) proceeds from the settlement of company-owned life insurance; vi) distributions received from equity method investees; vii) beneficial interests in securitization transactions; and, viii) separately identifiable cash flows and application of the predominance principle. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier adoption is permitted. We have elected early adoption and the guidance did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued guidance for accounting of credit losses affecting the impairment model for most financial assets and certain other instruments. Entities will be required to use a new forward-looking current expected credit loss model for trade and other receivables, held-to-maturity debt securities, loans and other instruments, which will generally lead to an earlier recognition of loss allowances. Entities will recognize losses on available-for-sale debt securities as allowances rather than a reduction in amortized cost of the security while the measurement process of this loss does not change. Disclosure requirements are expanded regarding an entity’s assumptions, models and methods of estimations of the allowance. The guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance to simplify some provisions in stock compensation accounting. The accounting for income taxes requires all excess tax benefits and tax deficiencies to be recognized through income tax expense. The statement of cash flows presentation of excess tax benefits should be classified with other income tax cash flows as an operating activity. An entity may also make an entity-wide election to either continue estimating the number of awards that are expected to vest or account for forfeitures as they occur. The requirements to qualify for equity classification permits tax withholding up to the maximum statutory tax rates in the applicable jurisdictions. Lastly, payments of cash by an employer for tax-withholding purposes, when directly withholding shares, are classified as a financing activity on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance on equity method accounting related to joint venture investments. The standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership or degree of influence related to an investment. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In March 2016, the FASB issued guidance on derivatives and hedging. The standard clarifies the four-step decision sequence required for assessing whether contingent put and call options that can speed up the payment for a debt instrument’s principal are clearly and closely related to the debt to which they are attached. The standard also clarifies that provided all other hedge accounting criteria continue to be met, a change in the counterparty to a derivative instrument does not in itself disqualify designation of the hedge. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2016, the FASB issued guidance on lease accounting. The standard requires all leases in excess of 12-months to be recognized on the balance sheet as lease assets and lease liabilities. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not changed significantly from prior GAAP. For operating leases, a lessee is required to i) recognize a right-of-use asset and lease liability, initially measured at the present value of the lease payment, ii) recognize a single lease cost over the lease term generally on a straight-line basis, and iii) classify all cash payments within operating activities on the cash flow statement. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. In January 2016, the FASB issued guidance on accounting for equity investments and financial liabilities. The standard does not apply to equity method investments or investments in consolidated subsidiaries. The update provides that equity investments with readily determinable values be measured at fair value and changes in the fair value flow through net income. These changes historically have run through other comprehensive income. Equity investments without readily determinable fair values have the option to be measured at fair value or at cost adjusted for changes in observable prices minus impairment. Changes in either method are also recognized in net income. The standard requires a qualitative assessment of impairment indicators at each reporting period. For financial liabilities, entities that elect the fair value option must recognize the change in fair value attributable to instrument-specific credit risk in other comprehensive income rather than net income. Lastly, regarding deferred tax assets, the need for a valuation allowance on a deferred tax asset will need to be assessed related to available-for-sale debt securities. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier adoption is permitted but we do not anticipate electing early adoption. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In November 2015, the FASB issued guidance which requires all deferred tax assets and liabilities, as well as any related valuation allowance, to be classified as non-current on the balance sheet. The guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years and earlier adoption is permitted. |
Basis of Condensed Consolidat24
Basis of Condensed Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table shows the components of accumulated other comprehensive loss, net of taxes as of September 30, 2016 and December 31, 2015 : 2016 2015 Cumulative foreign currency translation $ (103,195 ) $ (114,427 ) Cumulative supplemental benefit plans (3,860 ) (3,540 ) Net unrecognized losses on interest rate swap (5,372 ) (2,699 ) Net unrealized gains on marketable securities — 550 Accumulated other comprehensive loss $ (112,427 ) $ (120,116 ) |
Investments in Affiliates, Net
Investments in Affiliates, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The following summarizes the financial information for this investment (assuming 100% ownership interest): For the Three Months Ended For the Nine Months Ended (in thousands) September 30, 2015 September 30, 2015 Statements of income Total revenues $ 62,503 $ 190,707 Expenses and other 53,442 158,509 Net income attributable to RELS LLC $ 9,061 $ 32,198 CoreLogic equity in earnings of affiliate $ 4,540 $ 16,131 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net as of September 30, 2016 and December 31, 2015 consists of the following: (in thousands) 2016 2015 Land $ 7,476 $ 4,000 Buildings 6,293 111 Furniture and equipment 62,062 62,140 Capitalized software 874,871 759,925 Leasehold improvements 29,815 29,038 980,517 855,214 Less accumulated depreciation (536,928 ) (479,560 ) Property and equipment, net $ 443,589 $ 375,654 |
Goodwill, Net (Tables)
Goodwill, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 operating segment and reporting unit, for the nine months ended September 30, 2016 , is as follows: (in thousands) PI RMW Consolidated Balance as of January 1, 2016 Goodwill $ 963,680 $ 925,392 $ 1,889,072 Accumulated impairment losses (600 ) (6,925 ) (7,525 ) Goodwill, net 963,080 918,467 1,881,547 Acquisitions 219,427 — 219,427 Translation adjustments 8,970 — 8,970 Balance as of September 30, 2016 Goodwill, net $ 1,191,477 $ 918,467 $ 2,109,944 |
Other Intangible Assets, Net (T
Other Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | Other intangible assets, net consist of the following: September 30, 2016 December 31, 2015 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Client lists $ 640,612 $ (249,639 ) $ 390,973 $ 496,192 $ (219,887 ) $ 276,305 Non-compete agreements 28,110 (10,045 ) 18,065 9,302 (7,983 ) 1,319 Trade names and licenses 121,717 (35,997 ) 85,720 102,297 (27,773 ) 74,524 $ 790,439 $ (295,681 ) $ 494,758 $ 607,791 $ (255,643 ) $ 352,148 |
Schedule of Expected Amortization Expense | Estimated amortization expense for other intangible assets, net is as follows: (in thousands) Remainder of 2016 $ 14,119 2017 55,986 2018 55,182 2019 52,986 2020 50,602 Thereafter 265,883 $ 494,758 |
Long-Term Debt, Net of Current
Long-Term Debt, Net of Current (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Our long-term debt consists of the following: September 30, 2016 December 31, 2015 (in thousands) Gross Debt Issuance Costs Net Gross Debt Issuance Costs Net Bank debt: Term loan facility borrowings due April 2020, weighted-average interest rate of 2.25% and 1.96% as of September 30, 2016 and December 31, 2015, respectively $ 1,315,313 $ (13,479 ) $ 1,301,834 $ 828,750 $ (9,720 ) $ 819,030 Revolving line of credit borrowings due April 2020, weighted-average interest rate of 2.24%and 1.96% as of September 30, 2016 and December 31, 2015, respectively 255,000 (5,150 ) 249,850 75,000 (6,262 ) 68,738 Notes: 7.25% senior notes due June 2021 — — — 393,000 (11,121 ) 381,879 7.55% senior debentures due April 2028 59,645 (217 ) 59,428 59,645 (231 ) 59,414 Acquisition-related note: Non-interest bearing acquisition note, $5.0 million installment due March 2016 — — — 4,924 — 4,924 Other debt: Various debt instruments with maturities through 2019 3,596 — 3,596 2,689 — 2,689 Total long-term debt 1,633,554 (18,846 ) 1,614,708 1,364,008 (27,334 ) 1,336,674 Less current portion of long-term debt 87,484 — 87,484 48,497 — 48,497 Long-term debt, net of current portion $ 1,546,070 $ (18,846 ) $ 1,527,224 $ 1,315,511 $ (27,334 ) $ 1,288,177 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following is a reconciliation of net income per share: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Numerator for basic and diluted net income per share: Net income from continuing operations $ 36,002 $ 28,285 $ 103,965 $ 90,583 Loss from discontinued operations, net of tax (936 ) (117 ) (998 ) (445 ) Net income attributable to CoreLogic $ 35,066 $ 28,168 $ 102,967 $ 90,138 Denominator: Weighted-average shares for basic income per share 87,584 88,719 88,141 89,374 Dilutive effect of stock options and restricted stock units 1,604 1,435 1,560 1,367 Weighted-average shares for diluted income per share 89,188 90,154 89,701 90,741 Income per share Basic: Net income from continuing operations $ 0.41 $ 0.32 $ 1.18 $ 1.01 Loss from discontinued operations, net of tax (0.01 ) — (0.01 ) — Net income attributable to CoreLogic $ 0.40 $ 0.32 $ 1.17 $ 1.01 Diluted: Net income from continuing operations $ 0.40 $ 0.31 $ 1.16 $ 1.00 Loss from discontinued operations, net of tax (0.01 ) — (0.01 ) — Net income attributable to CoreLogic $ 0.39 $ 0.31 $ 1.15 $ 1.00 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair values of our financial instruments as of September 30, 2016 are presented in the following table: Fair Value Measurements Using (in thousands) Level 1 Level 2 Level 3 Fair Value Financial Assets: Cash and cash equivalents $ 79,015 $ — $ — $ 79,015 Restricted cash — 8,936 — 8,936 Marketable securities 21,819 — — 21,819 Total Financial Assets $ 100,834 $ 8,936 $ — $ 109,770 Financial Liabilities: Contingent consideration $ — $ — $ 4,900 $ 4,900 Total debt — 1,643,235 — 1,643,235 Total Financial Liabilities $ — $ 1,643,235 $ 4,900 $ 1,648,135 Derivatives: Liability for interest rate swap agreements $ — $ 8,699 $ — $ 8,699 The fair values of our financial instruments as of December 31, 2015 are presented in the following table: Fair Value Measurements Using (in thousands) Level 1 Level 2 Fair Value Financial Assets: Cash and cash equivalents $ 99,090 $ — $ 99,090 Restricted cash — 10,926 10,926 Marketable securities 22,709 — 22,709 Total Financial Assets $ 121,799 $ 10,926 $ 132,725 Financial Liabilities: Total debt $ — $ 1,315,473 $ 1,315,473 Derivatives: Liability for interest rate swap agreements $ — $ 4,370 $ 4,370 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | RSU activity for the nine months ended September 30, 2016 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, 2015 1,537 $ 32.92 RSUs granted 968 $ 34.78 RSUs vested (755 ) $ 32.34 RSUs forfeited (96 ) $ 34.39 Unvested RSUs outstanding at September 30, 2016 1,654 $ 34.18 |
Schedule of Share-based Payment Award, Performance-Based Units, Valuation Assumptions | The fair values of the 2016 and 2015 awards were estimated using Monte-Carlo simulation with the following weighted-average assumptions: For the Nine Months Ended September 30, 2016 2015 Expected dividend yield — % — % Risk-free interest rate (1) 0.99 % 0.93 % Expected volatility (2) 25.12 % 24.01 % Average total stockholder return (2) 1.48 % 8.37 % (1) The risk-free interest rate for the periods within the contractual term of the PBRSUs is based on the U.S. Treasury yield curve in effect at the time of the grant. (2) The expected volatility and average total stockholder return are measures 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 Other Share-based Compensation, Activity | PBRSU activity for the nine months ended September 30, 2016 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, 2015 659 $ 29.15 PBRSUs granted 285 $ 35.39 PBRSUs vested (94 ) $ 26.49 PBRSUs forfeited (112 ) $ 22.37 Unvested PBRSUs outstanding at September 30, 2016 738 $ 34.13 |
Schedule of Share-based Compensation, Stock Options, Activity | Option activity for the nine months ended September 30, 2016 is as follows: (in thousands, except weighted-average price) Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2015 1,826 $ 21.33 Options granted — $ — Options exercised (313 ) $ 21.72 Options canceled (1 ) $ 30.52 Options outstanding at September 30, 2016 1,512 $ 21.24 4.8 $ 27,152 Options vested and expected to vest at September 30, 2016 1,509 $ 21.23 4.8 $ 27,141 Options exercisable at September 30, 2016 1,440 $ 20.72 4.7 $ 26,645 |
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, 2016 and 2015 . For the Three Months Ended For the Nine Months Ended September 30, September 30, (in thousands) 2016 2015 2016 2015 RSUs $ 6,209 $ 5,699 $ 19,757 $ 18,532 PBRSUs 3,766 1,433 8,312 5,485 Stock options 213 443 813 1,480 Employee stock purchase plan 352 305 977 922 $ 10,540 $ 7,880 $ 29,859 $ 26,419 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year as of September 30, 2016 are as follows: (in thousands) Remaining 2016 $ 8,216 2017 21,983 2018 21,072 2019 19,790 2020 16,862 Thereafter 82,144 $ 170,067 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
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, 2016 and December 31, 2015 : (in thousands) As of September 30, 2016 PI RMW ELI AMPS Total Deferred income tax asset and other current assets $ 326 $ (217 ) $ — $ 572 $ 681 Accounts payable, accrued expenses and other current liabilities $ 253 $ 317 $ 948 $ 2,341 $ 3,859 As of December 31, 2015 Deferred income tax asset and other current assets $ 326 $ (217 ) $ — $ 572 $ 681 Accounts payable, accrued expenses and other current liabilities $ 250 $ 319 $ — $ 1,958 $ 2,527 Summarized below are the components of our loss from discontinued operations for the three and nine months ended September 30, 2016 and 2015 : (in thousands) For the Three Months Ended September 30, 2016 PI RMW ELI AMPS Total Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (36 ) (4 ) (948 ) (529 ) (1,517 ) Income tax benefit (14 ) (1 ) (363 ) (203 ) (581 ) Loss from discontinued operations, net of tax $ (22 ) $ (3 ) $ (585 ) $ (326 ) $ (936 ) For the Three Months Ended September 30, 2015 Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (145 ) (4 ) — (40 ) (189 ) Income tax benefit (55 ) 57 — (74 ) (72 ) Loss from discontinued operations, net of tax $ (90 ) $ (61 ) $ — $ 34 $ (117 ) (in thousands) For the Nine Months Ended September 30, 2016 PI RMW ELI AMPS Total Operating revenue $ — $ — $ — $ — $ — Loss from discontinued operations before income taxes (37 ) (7 ) (948 ) (624 ) (1,616 ) Income tax benefit (14 ) (3 ) (362 ) (239 ) (618 ) Loss from discontinued operations, net of tax $ (23 ) $ (4 ) $ (586 ) $ (385 ) $ (998 ) For the Nine Months Ended September 30, 2015 Operating revenue $ — $ — $ — $ 2 $ 2 Loss from discontinued operations before income taxes (522 ) (17 ) — (182 ) (721 ) Income tax benefit (155 ) (4 ) — (117 ) (276 ) Loss from discontinued operations, net of tax $ (367 ) $ (13 ) $ — $ (65 ) $ (445 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 Operating Revenues Depreciation and Amortization Operating Income/(Loss) Equity in Earnings/(Losses) of Affiliates, Net of Tax Net Income/(Loss) From Continuing Operations Capital Expenditures PI $ 280,620 $ 33,280 $ 28,018 $ 872 $ 28,325 $ 12,517 RMW 245,764 6,304 76,749 — 76,749 2,658 Corporate 2 4,914 (19,943 ) (265 ) (69,072 ) 1,408 Eliminations (2,490 ) — — — — — Consolidated (excluding discontinued operations) $ 523,896 $ 44,498 $ 84,824 $ 607 $ 36,002 $ 16,583 For the Three Months Ended September 30, 2015 PI $ 156,944 $ 23,052 $ 19,552 $ 5,763 $ 25,213 $ 10,303 RMW 232,050 9,525 64,104 — 64,100 3,355 Corporate — 3,863 (17,736 ) (2,266 ) (60,671 ) 3,854 Eliminations (2,555 ) — — — — — Consolidated (excluding discontinued operations) $ 386,439 $ 36,440 $ 65,920 $ 3,497 $ 28,642 $ 17,512 For the Nine Months Ended September 30, 2016 PI $ 798,741 $ 93,580 $ 78,518 $ 1,424 $ 78,122 $ 38,476 RMW 687,023 20,635 195,993 — 195,991 7,786 Corporate 5 13,218 (56,862 ) (829 ) (170,148 ) 16,106 Eliminations (8,125 ) — — — — — Consolidated (excluding discontinued operations) $ 1,477,644 $ 127,433 $ 217,649 $ 595 $ 103,965 $ 62,368 For the Nine Months Ended September 30, 2015 PI $ 471,442 $ 71,609 $ 56,229 $ 19,589 $ 75,450 $ 35,541 RMW 673,672 25,769 179,996 — 179,967 10,187 Corporate 37 12,311 (60,332 ) (7,658 ) (164,011 ) 11,987 Eliminations (7,927 ) — — — — — Consolidated (excluding discontinued operations) $ 1,137,224 $ 109,689 $ 175,893 $ 11,931 $ 91,406 $ 57,715 (in thousands) As of As of Assets September 30, 2016 December 31, 2015 PI $ 2,504,317 $ 2,058,412 RMW 1,339,912 1,316,785 Corporate 5,595,976 5,318,990 Eliminations (5,429,311 ) (5,021,152 ) Consolidated (excluding assets of discontinued operations) $ 4,010,894 $ 3,673,035 |
Basis of Condensed Consolidat36
Basis of Condensed Consolidated Financial Statements (Details) $ / shares in Units, $ in Thousands, NZD in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016USD ($)customer$ / shares | Sep. 30, 2015customer$ / shares | Mar. 31, 2015USD ($)$ / shares | Sep. 30, 2016USD ($)customer$ / shares | Sep. 30, 2015customer$ / shares | Jan. 31, 2016USD ($) | Jan. 31, 2016NZD | Dec. 31, 2015USD ($) | Dec. 31, 2015NZD | |
Net income attributable to CoreLogic, diluted (usd per share) | $ / shares | $ 0.39 | $ 0.31 | $ 1.15 | $ 1 | |||||
Net income attributable to CoreLogic, basic (usd per share) | $ / shares | $ 0.40 | $ 0.32 | $ 1.17 | $ 1.01 | |||||
Marketable securities | $ 21,819 | $ 21,819 | $ 22,709 | ||||||
Mandatorily redeemable noncontrolling interests | 0 | 0 | 18,981 | ||||||
Escrow deposit | 1,300,000 | 1,300,000 | 340,300 | ||||||
Reserves incorrect disposition of assets | 20,000 | 20,000 | 21,200 | ||||||
Deferred income tax assets, long-term | 2,180 | 2,180 | 2,219 | ||||||
Deferred income tax liabilities, long term | $ 109,667 | $ 109,667 | 107,249 | ||||||
Minimum [Member] | |||||||||
Escrow deposits, period held by the Company (in business days) | 2 days | ||||||||
Maximum [Member] | |||||||||
Escrow deposits, period held by the Company (in business days) | 5 days | ||||||||
Restatement Adjustment [Member] | |||||||||
Interest expense | $ 5,200 | ||||||||
Interest expense, net | $ 3,100 | ||||||||
Net income attributable to CoreLogic, diluted (usd per share) | $ / shares | $ 0.03 | ||||||||
Net income attributable to CoreLogic, basic (usd per share) | $ / shares | $ 0.03 | ||||||||
PIQ Acquisition [Member] | |||||||||
Mandatorily redeemable noncontrolling interests | $ 19,000 | NZD 27.8 | $ 19,000 | NZD 27.8 | |||||
Remaining equity interest acquired | 40.00% | 40.00% | |||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Number of customers | customer | 2 | 0 | 2 | 0 | |||||
Ten Largest Clients [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Concentration risk, percentage | 41.20% | 30.30% | 41.60% | 32.70% | |||||
Client A [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Concentration risk, percentage | 14.60% | 14.60% | |||||||
Client B [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Concentration risk, percentage | 11.30% | 11.50% |
Basis of Condensed Consolidat37
Basis of Condensed Consolidated Financial Statements (AOCI Table) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cumulative foreign currency translation | $ (103,195) | $ (114,427) |
Cumulative supplemental benefit plans | (3,860) | (3,540) |
Net unrecognized losses on interest rate swap | (5,372) | (2,699) |
Net unrealized gains on marketable securities | 0 | 550 |
Accumulated other comprehensive loss | $ (112,427) | $ (120,116) |
Investments in Affiliates, Ne38
Investments in Affiliates, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||||
Equity in earnings/(losses) of affiliates, net of tax | $ 607 | $ 3,497 | $ 595 | $ 11,931 | |
Operating revenues from affiliates | 2,500 | 4,800 | |||
Operating expenses with affiliates | 2,900 | 3,200 | |||
Operating revenues | 523,896 | 386,439 | 1,477,644 | 1,137,224 | |
Operating expenses | $ 439,072 | $ 320,519 | 1,259,995 | $ 961,331 | |
Maximum [Member] | |||||
Schedule of Investments [Line Items] | |||||
Equity in earnings/(losses) of affiliates, net of tax | 600 | ||||
RELS LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in joint venture | 50.10% | ||||
Joint venture investment percentage of income in equity earnings of affiliates | 80.20% | 83.50% | |||
Ownership percentage in affiliate | 100.00% | 100.00% | |||
Joint Venture Loan Originations Products and Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Operating revenues | 7,700 | $ 14,200 | |||
Operating expenses | $ 8,400 | $ 9,700 |
Investments in Affiliates, Ne39
Investments in Affiliates, Net (Equity Method Investment Table) (Details) - RELS LLC [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Total revenues | $ 62,503 | $ 190,707 |
Expenses and other | 53,442 | 158,509 |
Net income attributable to RELS LLC | 9,061 | 32,198 |
CoreLogic equity in earnings of affiliate | $ 4,540 | $ 16,131 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 980,517 | $ 855,214 |
Less accumulated depreciation | (536,928) | (479,560) |
Property and equipment, net | 443,589 | 375,654 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 7,476 | 4,000 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,293 | 111 |
Furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 62,062 | 62,140 |
Capitalized software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 874,871 | 759,925 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 29,815 | $ 29,038 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 21.1 | $ 18.8 | $ 61.7 | $ 56 |
Goodwill, Net (Details)
Goodwill, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Apr. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 1,889,072 | ||
Accumulated impairment losses | (7,525) | ||
Goodwill, net | $ 2,109,944 | 1,881,547 | |
Acquisitions | 219,427 | ||
Translation adjustments | 8,970 | ||
Goodwill, net | 2,109,944 | 1,881,547 | |
Property Intelligence [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 963,680 | ||
Accumulated impairment losses | (600) | ||
Goodwill, net | 1,191,477 | 963,080 | |
Acquisitions | 219,427 | ||
Translation adjustments | 8,970 | ||
Goodwill, net | 1,191,477 | 963,080 | |
Risk Management and Work Flow [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 925,392 | ||
Accumulated impairment losses | (6,925) | ||
Goodwill, net | 918,467 | 918,467 | |
Acquisitions | 0 | ||
Translation adjustments | 0 | ||
Goodwill, net | 918,467 | $ 918,467 | |
FNC, Inc. [Member] | Property Intelligence [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | $ 218,300 | 218,300 | |
Insignificant acquisition [Member] | Property Intelligence [Member] | |||
Goodwill [Roll Forward] | |||
Acquisitions | $ 1,200 |
Other Intangible Assets, Net (S
Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | $ 790,439 | $ 790,439 | $ 607,791 | ||
Less accumulated amortization | (295,681) | (295,681) | (255,643) | ||
Total | 494,758 | 494,758 | 352,148 | ||
Amortization expense for finite-lived intangible assets | 13,900 | $ 9,400 | 38,800 | $ 28,900 | |
Client lists [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 640,612 | 640,612 | 496,192 | ||
Less accumulated amortization | (249,639) | (249,639) | (219,887) | ||
Total | 390,973 | 390,973 | 276,305 | ||
Non-compete agreements [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 28,110 | 28,110 | 9,302 | ||
Less accumulated amortization | (10,045) | (10,045) | (7,983) | ||
Total | 18,065 | 18,065 | 1,319 | ||
Trade names and licenses [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Other intangible assets, gross | 121,717 | 121,717 | 102,297 | ||
Less accumulated amortization | (35,997) | (35,997) | (27,773) | ||
Total | $ 85,720 | $ 85,720 | $ 74,524 |
Other Intangible Assets, Net (F
Other Intangible Assets, Net (Finite Lived Intangible Asset Future Amortization Expense) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
Remainder of 2016 | $ 14,119 | |
2,017 | 55,986 | |
2,018 | 55,182 | |
2,019 | 52,986 | |
2,020 | 50,602 | |
Thereafter | 265,883 | |
Total | $ 494,758 | $ 352,148 |
Long-Term Debt, Net of Curren45
Long-Term Debt, Net of Current (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Apr. 30, 1998 |
Debt Instrument [Line Items] | |||
Gross | $ 1,633,554 | $ 1,364,008 | |
Debt Issuance Costs | (18,846) | (27,334) | |
Net | 1,614,708 | 1,336,674 | |
Less current portion of long-term debt | 87,484 | 48,497 | |
Long-term debt, net of current portion, gross | 1,546,070 | 1,315,511 | |
Long-term debt, net of current portion, debt issuance costs | (18,846) | (27,334) | |
Long-term debt, net of current portion, net | 1,527,224 | 1,288,177 | |
Term loan facility [Member] | Term Loan Due April 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Gross | 1,315,313 | 828,750 | |
Debt Issuance Costs | (13,479) | (9,720) | |
Net | $ 1,301,834 | $ 819,030 | |
Debt instrument, weighted average interest rate | 2.25% | 1.96% | |
Line of credit [Member] | Revolving line of credit [Member] | |||
Debt Instrument [Line Items] | |||
Gross | $ 255,000 | $ 75,000 | |
Debt Issuance Costs | (5,150) | (6,262) | |
Net | $ 249,850 | $ 68,738 | |
Debt instrument, weighted average interest rate | 2.24% | 1.96% | |
Senior notes [Member] | 7.25% senior notes due June 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Gross | $ 0 | $ 393,000 | |
Debt Issuance Costs | 0 | (11,121) | |
Net | $ 0 | 381,879 | |
Debt instrument, stated interest rate percentage | 7.25% | ||
Senior notes [Member] | 7.55% senior debentures due April 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Gross | $ 59,645 | 59,645 | |
Debt Issuance Costs | (217) | (231) | |
Net | $ 59,428 | 59,414 | |
Debt instrument, stated interest rate percentage | 7.55% | 7.55% | |
Other debt [Member] | Non-interest bearing acquisition note, $5.0 million installment due March 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Gross | $ 0 | 4,924 | |
Debt Issuance Costs | 0 | 0 | |
Net | 0 | 4,924 | |
Other debt [Member] | Various debt instruments with maturities through 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Gross | 3,596 | 2,689 | |
Debt Issuance Costs | 0 | 0 | |
Net | $ 3,596 | $ 2,689 |
Long-Term Debt, Net of Curren46
Long-Term Debt, Net of Current (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2016USD ($) | Apr. 30, 2010 | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2019 | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018 | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Jul. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 30, 1998USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||
Accrued interest expense | $ 2,400,000 | $ 2,400,000 | $ 2,400,000 | $ 3,600,000 | |||||||||||||
Premium on debt extinguishment payment | (14,246,000) | $ 0 | |||||||||||||||
Debt issuance costs | 6,300,000 | 6,300,000 | $ 6,500,000 | 6,300,000 | 6,500,000 | ||||||||||||
Debt issuance costs expensed | 300,000 | 300,000 | 400,000 | 300,000 | 400,000 | ||||||||||||
Debt issuance costs capitalized | 6,000,000 | 6,000,000 | 6,100,000 | 6,000,000 | 6,100,000 | ||||||||||||
Unamortized costs related to previously recorded debt issuance costs | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||||
Unamortized debt issuance costs written off | 10,200,000 | 10,200,000 | 1,600,000 | ||||||||||||||
Market value adjustments on interest rate swap, net of tax | 365,000 | (2,043,000) | (2,673,000) | (3,110,000) | |||||||||||||
Interest Rate Swap [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Swaps notional amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||||||
Swaps fixed interest rate | 1.03% | 1.03% | 1.03% | 1.57% | |||||||||||||
Liability for interest rate swap agreements | $ 8,700,000 | $ 8,700,000 | $ 8,700,000 | $ 4,400,000 | |||||||||||||
Interest Rate Swap [Member] | Forecast [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Quarterly amortization of interest rate swap notional amount | $ 25,000,000 | $ 25,000,000 | $ 12,500,000 | ||||||||||||||
Increase in notional amount | $ 100,000,000 | ||||||||||||||||
Remaining notional amount of swaps | $ 275,000,000 | $ 250,000,000 | |||||||||||||||
Swap [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred taxes on interest rate swaps | 200,000 | $ (1,300,000) | $ (1,700,000) | $ (1,900,000) | |||||||||||||
Credit Agreement [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Revolving credit facility, commitment fee percentage | 0.25% | ||||||||||||||||
Credit Agreement [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Revolving credit facility, commitment fee percentage | 0.40% | ||||||||||||||||
Credit Agreement [Member] | Alternate Base Rate [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 0.75% | ||||||||||||||||
Credit Agreement [Member] | Alternate Base Rate [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 0.25% | ||||||||||||||||
Credit Agreement [Member] | Alternate Base Rate [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 1.00% | ||||||||||||||||
Credit Agreement [Member] | Adjusted LIBO [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 1.75% | ||||||||||||||||
Credit Agreement [Member] | Adjusted LIBO [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 1.25% | ||||||||||||||||
Credit Agreement [Member] | Adjusted LIBO [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, basis spread on variable rate | 2.00% | ||||||||||||||||
Senior notes [Member] | 7.25% senior notes due June 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | ||||||||||||||
Debt instrument, stated interest rate percentage | 7.25% | 7.25% | 7.25% | ||||||||||||||
Premium on debt extinguishment payment | $ (14,200,000) | $ (14,200,000) | |||||||||||||||
Senior notes [Member] | 7.55% senior debentures due April 2028 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||||||||
Debt instrument, stated interest rate percentage | 7.55% | 7.55% | 7.55% | 7.55% | |||||||||||||
Senior notes [Member] | 7.55% senior debentures due April 2028 [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Valid consents tendered, percentage of outstanding debentures | 50.00% | ||||||||||||||||
Term Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit agreement, potential increase to term loan and line of credit | $ 225,000,000 | ||||||||||||||||
Term Facility [Member] | Term Loan Due April 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term facility, maximum borrowing capacity | 1,300,000,000 | ||||||||||||||||
Term Facility [Member] | Term Loan Due April 2020 [Member] | Term loan facility, repayment period one [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term facility, periodic payment | $ 17,200,000 | ||||||||||||||||
Term Facility [Member] | Term Loan Due April 2020 [Member] | Term loan facility, repayment period two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term facility, periodic payment | 34,400,000 | ||||||||||||||||
Term Facility [Member] | Term Loan Due April 2020 [Member] | Term loan facility, repayment period three [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term facility, periodic payment | $ 51,600,000 | ||||||||||||||||
Line of credit [Member] | Forecast [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, debt covenants, leverage ratio | 3.5 | 3.75 | 4.25 | ||||||||||||||
Line of credit [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, debt covenants, leverage ratio | 3 | 3 | 3 | ||||||||||||||
Line of credit [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, debt covenants, leverage ratio | 4.50 | 4.50 | 4.50 | ||||||||||||||
Line of credit [Member] | Revolving Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Term facility, maximum borrowing capacity | 550,000,000 | ||||||||||||||||
Multicurrency revolving sub-facility | 100,000,000 | ||||||||||||||||
Revolving credit facility, letter of credit sub-facility | $ 50,000,000 | ||||||||||||||||
Revolving line of credit, remaining borrowing capacity | $ 295,000,000 | $ 295,000,000 | $ 295,000,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate [Abstract] | ||||
Effective income tax rate, continuing operations | 31.00% | 46.40% | 33.50% | 37.40% |
Income tax of equity in earnings of affiliates | $ 0.5 | $ 2.3 | $ 0.9 | $ 7.8 |
Unrecognized tax benefits, period decrease | $ 21.5 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Numerator for basic and diluted net (loss)/income per share: | ||||
Net income from continuing operations | $ 36,002 | $ 28,285 | $ 103,965 | $ 90,583 |
Loss from discontinued operations, net of tax | (936) | (117) | (998) | (445) |
Net income/(loss) attributable to CoreLogic | $ 35,066 | $ 28,168 | $ 102,967 | $ 90,138 |
Denominator for basic and diluted net (loss)/income per share: | ||||
Weighted-average shares for basic income per share (in shares) | 87,584 | 88,719 | 88,141 | 89,374 |
Diluted effect of stock options and restricted stock units (in shares) | 1,604 | 1,435 | 1,560 | 1,367 |
Weighted-average shares for diluted income per share (in shares) | 89,188 | 90,154 | 89,701 | 90,741 |
Earnings Per Share, Basic | ||||
Net income from continuing operations (usd per share) | $ 0.41 | $ 0.32 | $ 1.18 | $ 1.01 |
Income/(loss) from discontinued operations, net of tax (usd per share) | (0.01) | 0 | (0.01) | 0 |
Net income attributable to CoreLogic (usd per share) | 0.40 | 0.32 | 1.17 | 1.01 |
Earnings Per Share, Diluted | ||||
Net income from continuing operations (usd per share) | 0.40 | 0.31 | 1.16 | 1 |
Income/(loss) from discontinued operations, net of tax (usd per share) | (0.01) | 0 | (0.01) | 0 |
Net income attributable to CoreLogic (usd per share) | $ 0.39 | $ 0.31 | $ 1.15 | $ 1 |
Earnings Per Share (Antidilutiv
Earnings Per Share (Antidilutive Shares) (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 0.1 | 0.3 |
Fair Value of Financial Instr50
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gains recorded in connection with contingent consideration | $ 4,000 | $ 3,100 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 79,015 | 79,015 | $ 99,090 |
Restricted cash | 8,936 | 8,936 | 10,926 |
Marketable securities | 21,819 | 21,819 | 22,709 |
Total Financial Assets | 109,770 | 109,770 | 132,725 |
Contingent consideration | 4,900 | 4,900 | |
Total debt | 1,643,235 | 1,643,235 | 1,315,473 |
Total Financial Liabilities | 1,648,135 | 1,648,135 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 79,015 | 79,015 | 99,090 |
Restricted cash | 0 | 0 | 0 |
Marketable securities | 21,819 | 21,819 | 22,709 |
Total Financial Assets | 100,834 | 100,834 | 121,799 |
Contingent consideration | 0 | 0 | |
Total debt | 0 | 0 | 0 |
Total Financial Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | 0 |
Restricted cash | 8,936 | 8,936 | 10,926 |
Marketable securities | 0 | 0 | 0 |
Total Financial Assets | 8,936 | 8,936 | 10,926 |
Contingent consideration | 0 | 0 | |
Total debt | 1,643,235 | 1,643,235 | 1,315,473 |
Total Financial Liabilities | 1,643,235 | 1,643,235 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash | 0 | 0 | |
Marketable securities | 0 | 0 | |
Total Financial Assets | 0 | 0 | |
Contingent consideration | 4,900 | 4,900 | |
Total debt | 0 | 0 | |
Total Financial Liabilities | 4,900 | 4,900 | |
Interest Rate Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability for interest rate swap agreements | 8,700 | 8,700 | 4,400 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability for interest rate swap agreements | 8,699 | 8,699 | 4,370 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability for interest rate swap agreements | 0 | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability for interest rate swap agreements | 8,699 | 8,699 | $ 4,370 |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liability for interest rate swap agreements | $ 0 | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jul. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee stock purchase plan, percent of stock price at closing date | 85.00% | 85.00% | |||
Stock-based compensation expense | $ 10,540 | $ 7,880 | $ 29,859 | $ 26,419 | |
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units granted during the period (in units) | 967,826 | 943,486 | |||
Estimated grant-date fair value | $ 33,700 | $ 33,300 | |||
Award vesting period in years | 3 years | ||||
Unrecognized compensation cost | 36,900 | $ 36,900 | |||
Period of recognition for unrecognized compensation cost in years | 2 years 28 days | ||||
Stock-based compensation expense | 6,209 | 5,699 | $ 19,757 | $ 18,532 | |
PBRSU [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Units granted during the period (in units) | 285,475 | 222,788 | |||
Estimated grant-date fair value | $ 10,100 | $ 7,600 | |||
Unrecognized compensation cost | 20,100 | $ 20,100 | |||
Period of recognition for unrecognized compensation cost in years | 1 year 10 months 12 days | ||||
Number of grants issued in conjunction with acquisitions | 111,598 | ||||
Stock-based compensation expense | 3,766 | 1,433 | $ 8,312 | 5,485 | |
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | 300 | $ 300 | |||
Period of recognition for unrecognized compensation cost in years | 6 months | ||||
Intrinsic value of options exercised | $ 4,400 | 8,800 | |||
Stock-based compensation expense | 213 | 443 | 813 | 1,480 | |
CoreLogic 2011 Performance Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant (in shares) | 21,909,000 | ||||
Cost of Services [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 700 | $ 1,300 | $ 3,600 | $ 2,700 |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Shares | ||
Outstanding, Beginning of Period (in units) | 1,537,000 | |
Granted (in units) | 967,826 | 943,486 |
Vested (in units) | (755,000) | |
Forfeited (in units) | (96,000) | |
Outstanding, End of Period (in units) | 1,654,000 | |
Weighted Average Grant Date Fair Value | ||
Unvested units outstanding, Beginning Balance (usd per unit) | $ 32.92 | |
Granted (usd per unit) | 34.78 | |
Vested (usd per unit) | 32.34 | |
Forfeited (usd per unit) | 34.39 | |
Unvested units outstanding, Ending Balance (usd per unit) | $ 34.18 |
Stock-Based Compensation (PBRSU
Stock-Based Compensation (PBRSU Weighted Average Assumptions) (Details) - PBRSU [Member] | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | |
Risk-free interest rate | [1] | 0.99% | 0.93% |
Expected volatility | [2] | 25.12% | 24.01% |
Average total stockholder return | [2] | 1.48% | 8.37% |
[1] | The risk-free interest rate for the periods within the contractual term of the PBRSUs is based on the U.S. Treasury yield curve in effect at the time of the grant. | ||
[2] | The expected volatility and average total stockholder return are measures of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. |
Stock-Based Compensation (PBR54
Stock-Based Compensation (PBRSU) (Details) - PBRSU [Member] - $ / shares | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Number of Shares | |||
Number of units unvested (in units) | 738,000 | 659,000 | |
Granted (in units) | 285,475 | 222,788 | |
Vested (in units) | 94,000 | ||
Forfeited (in units) | (112,000) | ||
Weighted Average Grant Date Fair Value | |||
Unvested units outstanding, Beginning Balance (usd per unit) | $ 29.15 | ||
Granted (usd per unit) | 35.39 | ||
Vested (usd per unit) | 26.49 | ||
Forfeited (usd per unit) | 22.37 | ||
Unvested units outstanding, Ending Balance (usd per unit) | $ 34.13 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options) (Details) - Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Options outstanding, beginning balance (in shares) | shares | 1,826 |
Options granted (in shares) | shares | 0 |
Options exercised (in shares) | shares | (313) |
Options canceled (in shares) | shares | (1) |
Options outstanding, ending balance (in shares) | shares | 1,512 |
Options vested and expected to vest, outstanding (in shares) | shares | 1,509 |
Options exercisable, end of period (in shares) | shares | 1,440 |
Weighted-Average Exercise Price | |
Options outstanding, beginning balance (usd per share) | $ / shares | $ 21.33 |
Options granted (in dollars per share) | $ / shares | 0 |
Options exercised (usd per share) | $ / shares | 21.72 |
Options canceled (in dollars per share) | $ / shares | 30.52 |
Options outstanding, ending balance (usd per share) | $ / shares | 21.24 |
Options vested and expected to vest (usd per share) | $ / shares | 21.23 |
Options exercisable, end of period (usd per share) | $ / shares | $ 20.72 |
Aggregate Intrinsic Value | |
Options outstanding, Aggregate Intrinsic Value | $ | $ 27,152 |
Options vested and expected to vest, Aggregate Intrinsic Value | $ | 27,141 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 26,645 |
Weighted Average Remaining Contractual Term | |
Options outstanding, Weighted Average Remaining Contractual Term (in years) | 4 years 304 days |
Options vested and expected to vest, Weighted Average Remaining Contractual Term (in years) | 4 years 9 months 28 days |
Option exercisable, Weighted Average Remaining Contractual Term (in years) | 4 years 8 months 13 days |
Stock-Based Compensation (Compe
Stock-Based Compensation (Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 10,540 | $ 7,880 | $ 29,859 | $ 26,419 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 6,209 | 5,699 | 19,757 | 18,532 |
PBRSU [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 3,766 | 1,433 | 8,312 | 5,485 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 213 | 443 | 813 | 1,480 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 352 | $ 305 | $ 977 | $ 922 |
Commitments - Future Minimum Re
Commitments - Future Minimum Rental Payments on Operating Leases (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remaining 2,016 | $ 8,216 |
2,017 | 21,983 |
2,018 | 21,072 |
2,019 | 19,790 |
2,020 | 16,862 |
Thereafter | 82,144 |
Total future minimum rental payments for operating leases | $ 170,067 |
Commitments - Narrative (Detail
Commitments - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2011USD ($)Extensions | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Rental expense for operating leases | $ 5.8 | $ 4.6 | $ 15.1 | $ 13.7 | |
CoreLogic India [Member] | |||||
Business Acquisition [Line Items] | |||||
Supplement agreement, initial term | 7 years | ||||
Number of extensions allowed under supplement agreement | Extensions | 3 | ||||
Supplement agreement, extension period | 1 year | ||||
Period subject to minimum commitment under supplement agreement | 5 years | ||||
Deferred gain on sale | $ 27.1 | ||||
Amortization period of deferred gain on sale | 5 years | ||||
Remaining minimum commitment | $ 9.1 | $ 9.1 | |||
CoreLogic India [Member] | Business Process and Information Technology Services [Member] | |||||
Business Acquisition [Line Items] | |||||
Minimum commitment | $ 303.5 | ||||
Cognizant Technology Solutions Corporation [Member] | CoreLogic India [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price for CoreLogic India | $ 50 |
Litigation and Regulatory Con59
Litigation and Regulatory Contingencies (Details) | Sep. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency accrual | $ 0 |
Acquisitions (Details)
Acquisitions (Details) NZD in Millions, AUD in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Apr. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Oct. 31, 2015AUD | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2016NZD | Dec. 31, 2015NZD | |
Business Acquisition [Line Items] | ||||||||||||
Goodwill acquired | $ 219,427,000 | |||||||||||
Mandatorily redeemable noncontrolling interests | $ 18,981,000 | $ 0 | 0 | |||||||||
Acquisition-related costs | 1,400,000 | $ 600,000 | 7,500,000 | $ 1,000,000 | ||||||||
RELS LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Ownership percentage in joint venture | 50.10% | 50.10% | ||||||||||
Property Intelligence [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill acquired | 219,427,000 | |||||||||||
FNC, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid at closing in acquisition | $ 400,000,000 | |||||||||||
Contingent consideration | 8,000,000 | |||||||||||
Deferred tax liability acquired | 90,300,000 | |||||||||||
FNC, Inc. [Member] | Property Intelligence [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill acquired | 218,300,000 | $ 218,300,000 | ||||||||||
Goodwill increase as a result of change in purchase price allocation | $ 6,800,000 | |||||||||||
FNC, Inc. [Member] | Property and equipment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Property and equipment acquired | $ 79,800,000 | |||||||||||
Estimated average life in years | 12 years | |||||||||||
FNC, Inc. [Member] | Client lists [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 16 years | |||||||||||
Finite-lived intangible assets acquired | $ 141,800,000 | |||||||||||
FNC, Inc. [Member] | Trade names [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 19 years | |||||||||||
Finite-lived intangible assets acquired | $ 15,900,000 | |||||||||||
FNC, Inc. [Member] | Non-compete agreements [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 5 years | |||||||||||
Finite-lived intangible assets acquired | $ 18,800,000 | |||||||||||
FNC, Inc. [Member] | Other Intangible Assets [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
Finite-lived intangible assets acquired | $ 2,900,000 | |||||||||||
FNC, Inc. [Member] | Maximum [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Consideration transferred | 475,000,000 | |||||||||||
Certain closing adjustments to be paid | $ 75,000,000 | |||||||||||
PIQ Acquisition [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Remaining equity interest acquired | 40.00% | 40.00% | ||||||||||
Mandatorily redeemable noncontrolling interests | $ 19,000,000 | $ 19,000,000 | NZD 27.8 | NZD 27.8 | ||||||||
RELS LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid at closing in acquisition | 65,000,000 | |||||||||||
Property and equipment acquired | 27,000,000 | |||||||||||
Goodwill acquired | 23,100,000 | |||||||||||
Amount of goodwill deductible for tax purposes | 11,500,000 | |||||||||||
Gain/(loss) on investments and other, net | $ 34,300,000 | |||||||||||
RELS LLC [Member] | Property and equipment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
RELS LLC [Member] | Client lists [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
Finite-lived intangible assets acquired | $ 48,400,000 | |||||||||||
RELS LLC [Member] | Other Intangible Assets [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
Finite-lived intangible assets acquired | $ 5,000,000 | |||||||||||
Cordell Information Pty Ltd [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid at closing in acquisition | $ 49,100,000 | AUD 70 | ||||||||||
Property and equipment acquired | 14,300,000 | |||||||||||
Goodwill acquired | $ 31,900,000 | |||||||||||
Cordell Information Pty Ltd [Member] | Property and equipment [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | 10 years | ||||||||||
Cordell Information Pty Ltd [Member] | Client lists [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 8 years | 8 years | ||||||||||
Finite-lived intangible assets acquired | $ 5,500,000 | |||||||||||
Cordell Information Pty Ltd [Member] | Trade names [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 4 years | 4 years | ||||||||||
Finite-lived intangible assets acquired | $ 600,000 | |||||||||||
Landsafe [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid at closing in acquisition | $ 122,000,000 | |||||||||||
Goodwill acquired | $ 64,600,000 | |||||||||||
Landsafe [Member] | Client lists [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
Finite-lived intangible assets acquired | $ 53,400,000 | |||||||||||
Landsafe [Member] | Other Intangible Assets [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Estimated average life in years | 10 years | |||||||||||
Finite-lived intangible assets acquired | $ 4,300,000 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Sep. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Possible indemnification exposure, maximum | $ 16 | |
Field and Collateral [Domain] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total consideration received | $ 29.1 |
Discontinued Operations (Financ
Discontinued Operations (Financial Statement Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | $ 681 | $ 681 | $ 681 | ||
Income Statement [Abstract] | |||||
Loss from discontinued operations, net of tax | (936) | $ (117) | (998) | $ (445) | |
Discontinued Operations, Disposed of by Sale [Member] | Components Total [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | 681 | 681 | 681 | ||
Accounts payable, accrued expenses and other current liabilities | 3,859 | 3,859 | 2,527 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 2 | |
Loss from discontinued operations before income taxes | (1,517) | (189) | (1,616) | (721) | |
Income tax benefit | (581) | (72) | (618) | (276) | |
Loss from discontinued operations, net of tax | (936) | (117) | (998) | (445) | |
Discontinued Operations, Disposed of by Sale [Member] | Property Intelligence [Member] | Discontinued Operations Marketing [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | 326 | 326 | 326 | ||
Accounts payable, accrued expenses and other current liabilities | 253 | 253 | 250 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
Loss from discontinued operations before income taxes | (36) | (145) | (37) | (522) | |
Income tax benefit | (14) | (55) | (14) | (155) | |
Loss from discontinued operations, net of tax | (22) | (90) | (23) | (367) | |
Discontinued Operations, Disposed of by Sale [Member] | Risk Management and Work Flow [Member] | Discontinued Operations Appraisal [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | (217) | (217) | (217) | ||
Accounts payable, accrued expenses and other current liabilities | 317 | 317 | 319 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
Loss from discontinued operations before income taxes | (4) | (4) | (7) | (17) | |
Income tax benefit | (1) | 57 | (3) | (4) | |
Loss from discontinued operations, net of tax | (3) | (61) | (4) | (13) | |
Discontinued Operations, Disposed of by Sale [Member] | Asset Management and Processing Solutions [Member] | Asset Management and Processing Solutions [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | 572 | 572 | 572 | ||
Accounts payable, accrued expenses and other current liabilities | 2,341 | 2,341 | 1,958 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 2 | |
Loss from discontinued operations before income taxes | (529) | (40) | (624) | (182) | |
Income tax benefit | (203) | (74) | (239) | (117) | |
Loss from discontinued operations, net of tax | (326) | 34 | (385) | (65) | |
Discontinued Operations, Disposed of by Sale [Member] | Employer And Litigation Services [Member] | Discontinued Operations Appraisal [Member] | |||||
Statement of Financial Position [Abstract] | |||||
Deferred income tax asset and other current assets | 0 | 0 | 0 | ||
Accounts payable, accrued expenses and other current liabilities | 948 | 948 | $ 0 | ||
Income Statement [Abstract] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
Loss from discontinued operations before income taxes | (948) | 0 | (948) | 0 | |
Income tax benefit | (363) | 0 | (362) | 0 | |
Loss from discontinued operations, net of tax | $ (585) | $ 0 | $ (586) | $ 0 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)segment | Sep. 30, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Operating Segments [Member] | Property Intelligence [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment reporting intercompany revenue | $ 1.5 | $ 1.3 | $ 4.2 | $ 4.3 |
Segment reporting intercompany expense | 1 | 1.2 | 3.9 | 3.6 |
Operating Segments [Member] | Risk Management and Work Flow [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment reporting intercompany revenue | 1 | 1.2 | 3.9 | 3.6 |
Segment reporting intercompany expense | $ 1.5 | $ 1.3 | $ 4.2 | $ 4.3 |
Segment Information (Financial
Segment Information (Financial Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 523,896 | $ 386,439 | $ 1,477,644 | $ 1,137,224 | |
Depreciation and Amortization | 44,498 | 36,440 | 127,433 | 109,689 | |
Operating Income/(Loss) | 84,824 | 65,920 | 217,649 | 175,893 | |
Equity in Earnings/(Losses) of Affiliates, Net of Tax | 607 | 3,497 | 595 | 11,931 | |
Net Income/(Loss) From Continuing Operations | 36,002 | 28,642 | 103,965 | 91,406 | |
Capital Expenditures | 16,583 | 17,512 | 62,368 | 57,715 | |
Assets | 4,010,894 | 4,010,894 | $ 3,673,035 | ||
Operating Segments [Member] | Property Intelligence [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 280,620 | 156,944 | 798,741 | 471,442 | |
Depreciation and Amortization | 33,280 | 23,052 | 93,580 | 71,609 | |
Operating Income/(Loss) | 28,018 | 19,552 | 78,518 | 56,229 | |
Equity in Earnings/(Losses) of Affiliates, Net of Tax | 872 | 5,763 | 1,424 | 19,589 | |
Net Income/(Loss) From Continuing Operations | 28,325 | 25,213 | 78,122 | 75,450 | |
Capital Expenditures | 12,517 | 10,303 | 38,476 | 35,541 | |
Assets | 2,504,317 | 2,504,317 | 2,058,412 | ||
Operating Segments [Member] | Risk Management and Work Flow [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 245,764 | 232,050 | 687,023 | 673,672 | |
Depreciation and Amortization | 6,304 | 9,525 | 20,635 | 25,769 | |
Operating Income/(Loss) | 76,749 | 64,104 | 195,993 | 179,996 | |
Equity in Earnings/(Losses) of Affiliates, Net of Tax | 0 | 0 | 0 | 0 | |
Net Income/(Loss) From Continuing Operations | 76,749 | 64,100 | 195,991 | 179,967 | |
Capital Expenditures | 2,658 | 3,355 | 7,786 | 10,187 | |
Assets | 1,339,912 | 1,339,912 | 1,316,785 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2 | 0 | 5 | 37 | |
Depreciation and Amortization | 4,914 | 3,863 | 13,218 | 12,311 | |
Operating Income/(Loss) | (19,943) | (17,736) | (56,862) | (60,332) | |
Equity in Earnings/(Losses) of Affiliates, Net of Tax | (265) | (2,266) | (829) | (7,658) | |
Net Income/(Loss) From Continuing Operations | (69,072) | (60,671) | (170,148) | (164,011) | |
Capital Expenditures | 1,408 | 3,854 | 16,106 | 11,987 | |
Assets | 5,595,976 | 5,595,976 | 5,318,990 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (2,490) | (2,555) | (8,125) | (7,927) | |
Depreciation and Amortization | 0 | 0 | 0 | 0 | |
Operating Income/(Loss) | 0 | 0 | 0 | 0 | |
Equity in Earnings/(Losses) of Affiliates, Net of Tax | 0 | 0 | 0 | 0 | |
Net Income/(Loss) From Continuing Operations | 0 | 0 | 0 | 0 | |
Capital Expenditures | 0 | $ 0 | 0 | $ 0 | |
Assets | $ (5,429,311) | $ (5,429,311) | $ (5,021,152) |