Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001442145 | |
Entity Registrant Name | Verisk Analytics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34480 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-2994223 | |
Entity Address, Address Line One | 545 Washington Boulevard | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07310-1686 | |
City Area Code | 201 | |
Local Phone Number | 469-3000 | |
Title of 12(b) Security | Common Stock $.001 par value | |
Trading Symbol | VRSK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 162,091,206 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 390.9 | $ 218.8 |
Accounts receivable, net of allowance for doubtful accounts of $19.3 and $17.7, respectively | 519.5 | 432.4 |
Prepaid expenses | 82.9 | 81.2 |
Income taxes receivable | 0 | 25.4 |
Other current assets | 48.3 | 36.4 |
Total current assets | 1,041.6 | 794.2 |
Noncurrent assets: | ||
Fixed assets, net | 646.6 | 632.3 |
Operating lease right-of-use assets, net | 264 | 267.6 |
Intangible assets, net | 1,355.7 | 1,384.8 |
Goodwill | 4,135.6 | 4,108.1 |
Deferred income tax assets | 9 | 9.1 |
Other noncurrent assets | 358 | 365.7 |
Total assets | 7,810.5 | 7,561.8 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 380.2 | 407.3 |
Short-term debt and current portion of long-term debt | 464.8 | 514.3 |
Deferred revenues | 723.9 | 466.7 |
Operating lease liabilities | 37.5 | 38.7 |
Income taxes payable | 16.5 | 3.8 |
Total current liabilities | 1,622.9 | 1,430.8 |
Noncurrent liabilities: | ||
Long-term debt | 2,699.6 | 2,699.6 |
Deferred income tax liabilities | 399.6 | 396.9 |
Operating lease liabilities | 269.6 | 271.6 |
Other noncurrent liabilities | 47.3 | 64.7 |
Total liabilities | 5,039 | 4,863.6 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 162,466,592 and 162,817,526 shares outstanding, respectively | 0.1 | 0.1 |
Additional paid-in capital | 2,515.3 | 2,490.9 |
Treasury stock, at cost, 381,536,446 and 381,185,512 shares, respectively | (4,277) | (4,179.3) |
Retained earnings | 4,884.1 | 4,762.2 |
Accumulated other comprehensive losses | (366.2) | (375.7) |
Total Verisk stockholders' equity | 2,756.3 | 2,698.2 |
Noncontrolling interest | 15.2 | 0 |
Total stockholders’ equity | 2,771.5 | 2,698.2 |
Total liabilities and stockholders’ equity | $ 7,810.5 | $ 7,561.8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts | $ 19.3 | $ 17.7 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock issued (in shares) | 544,003,038 | 544,003,038 |
Common stock outstanding (in shares) | 162,466,592 | 162,817,526 |
Treasury stock (in shares) | 381,536,446 | 381,185,512 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 726.1 | $ 689.8 |
Operating expenses: | ||
Cost of revenues (exclusive of items shown separately below) | 262.4 | 257.7 |
Selling, general and administrative | 119.8 | 112.1 |
Depreciation and amortization of fixed assets | 48.5 | 46.1 |
Amortization of intangible assets | 45 | 41 |
Other operating income | 0 | (19.4) |
Total operating expenses | 475.7 | 437.5 |
Operating income | 250.4 | 252.3 |
Other income (expense): | ||
Investment income (loss) and others, net | 1.7 | (2.1) |
Interest expense | (35.4) | (33.5) |
Total other expense, net | (33.7) | (35.6) |
Income before income taxes | 216.7 | 216.7 |
Provision for income taxes | (48.7) | (45) |
Net income | 168 | 171.7 |
Less: Net loss attributable to noncontrolling interest | (0.6) | 0 |
Net income attributable to Verisk | $ 168.6 | $ 171.7 |
Basic net income per share attributable to Verisk (in dollars per share) | $ 1.04 | $ 1.05 |
Diluted net income per share attributable to Verisk (in dollars per share) | $ 1.03 | $ 1.04 |
Weighted-average shares outstanding: | ||
Basic (in shares) | 162,641,819 | 162,894,306 |
Diluted (in shares) | 164,436,717 | 165,724,120 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 168 | $ 171.7 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | 8.7 | (172.6) |
Pension and postretirement liability adjustment | 0.8 | 0.8 |
Other comprehensive income (loss) | 9.5 | (171.8) |
Comprehensive income (loss) | 177.5 | (0.1) |
Less: Comprehensive loss attributable to noncontrolling interest | (0.8) | 0 |
Comprehensive income (loss) attributable to Verisk | $ 178.3 | $ (0.1) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 544,003,038 | ||||||||||||||
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ 0 | $ (2.4) | $ 0 | $ 0 | $ (2.4) | $ 0.1 | $ 2,369.1 | $ (3,849.9) | $ 4,228.4 | $ (486.9) | $ 0 | $ 2,260.8 | |
Net income | 0 | 0 | 0 | 171.7 | 0 | 0 | 171.7 | ||||||||
Comprehensive loss attributable to noncontrolling interest | 0 | ||||||||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (171.8) | 0 | (171.8) | ||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (44.3) | 0 | 0 | (44.3) | |||||||
Treasury stock acquired | 0 | 0 | (173.8) | 0 | 0 | 0 | (173.8) | ||||||||
Stock options exercised | 0 | 14.8 | 4.7 | 0 | 0 | 0 | 19.5 | ||||||||
Stock-based compensation expense | 0 | 19.6 | 0 | 0 | 0 | 0 | 19.6 | ||||||||
Other stock issuances | $ 0 | 1.1 | 0.1 | 0 | 0 | 0 | 1.2 | ||||||||
Balance (in shares) at Mar. 31, 2020 | 544,003,038 | ||||||||||||||
Balance at Mar. 31, 2020 | $ 0.1 | 2,404.6 | (4,018.9) | 4,353.4 | (658.7) | 0 | 2,080.5 | ||||||||
Balance (in shares) at Dec. 31, 2020 | 544,003,038 | ||||||||||||||
Balance at Dec. 31, 2020 | $ 0.1 | 2,490.9 | (4,179.3) | 4,762.2 | (375.7) | 0 | 2,698.2 | ||||||||
Net income | 0 | 0 | 0 | 168 | 0 | 0 | 168 | ||||||||
Comprehensive loss attributable to noncontrolling interest, Impact on Equity | 0 | 0 | 0 | 0.6 | 0 | (0.2) | |||||||||
Comprehensive loss attributable to noncontrolling interest | (0.8) | (0.8) | |||||||||||||
Investment in noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 16 | 16 | ||||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 9.5 | 0 | 9.5 | ||||||||
Common stock dividend (1) | [1] | 0 | 0 | 0 | (46.7) | 0 | 0 | (46.7) | |||||||
Treasury stock acquired | 0 | 0 | (100) | 0 | 0 | 0 | (100) | ||||||||
Stock options exercised | 0 | 6.1 | 1.3 | 0 | 0 | 0 | 7.4 | ||||||||
Performance share units lapsed | 0 | (0.6) | 0.6 | 0 | 0 | 0 | 0 | ||||||||
Restricted stock lapsed | 0 | (0.3) | 0.3 | 0 | 0 | 0 | 0 | ||||||||
Stock-based compensation expense | 0 | 25.4 | 0 | 0 | 0 | 0 | 25.4 | ||||||||
Net share settlement from restricted stock awards | 0 | (7.8) | 0 | 0 | 0 | 0 | (7.8) | ||||||||
Other stock issuances | $ 0 | 1.6 | 0.1 | 0 | 0 | 0 | 1.7 | ||||||||
Balance (in shares) at Mar. 31, 2021 | 544,003,038 | ||||||||||||||
Balance at Mar. 31, 2021 | $ 0.1 | $ 2,515.3 | $ (4,277) | $ 4,884.1 | $ (366.2) | $ 15.2 | $ 2,771.5 | ||||||||
[1] | Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parentheticals) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Stock [Member] | ||
Treasury stock acquired (in shares) | 560,526 | 1,124,368 |
Net share settlement (in shares) | 37,683 | |
Shares transferred from treasury stock (in shares) | 31,311 | |
Other stock issuances (in shares) | 12,099 | 11,929 |
Share-based Payment Arrangement, Option [Member] | ||
Net share settlement (in shares) | 115,284 | |
Shares transferred from treasury stock (in shares) | 449,007 | |
Performance Shares [Member] | ||
Shares transferred from treasury stock (in shares) | 50,898 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 168 | $ 171.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of fixed assets | 48.5 | 46.1 |
Amortization of intangible assets | 45 | 41 |
Amortization of debt issuance costs and original issue discount, net of original issue premium | 0.4 | 0.3 |
Provision for doubtful accounts | 3.2 | 1.5 |
Gain on sale of assets | 0 | (19.4) |
Stock-based compensation expense | 25.4 | 19.6 |
Realized loss on available-for-sale securities, net | 0 | 0.5 |
Deferred income taxes | (0.7) | (0.1) |
Loss on disposal of fixed assets, net | 0 | 0.3 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Accounts receivable | (89.5) | (96.5) |
Prepaid expenses and other assets | (4.2) | (18.5) |
Operating lease right-of-use assets, net | 10.4 | 9.3 |
Income taxes | 38.4 | 41 |
Accounts payable and accrued liabilities | (25.9) | (61.8) |
Deferred revenues | 256.9 | 237.6 |
Operating lease liabilities | (10.1) | (10.5) |
Other liabilities | (17.1) | 0.5 |
Net cash provided by operating activities | 448.7 | 362.6 |
Cash flows from investing activities: | ||
Acquisitions and purchase of controlling interest, net of cash acquired of $3.8 and $0.0, respectively | (13.7) | 0 |
Proceeds from sale of assets | 0 | 23.1 |
Investments in nonpublic companies | 0 | (63.8) |
Capital expenditures | (59.2) | (52.9) |
Payment of contingent liability related to acquisition | (1.2) | 0 |
Other investing activities, net | 0.4 | 6.1 |
Net cash used in investing activities | (73.7) | (87.5) |
Cash flows from financing activities: | ||
Repayments of short-term debt, net | (50) | (75) |
Proceeds from issuance of short-term debt with original maturities greater than three months | 0 | 20 |
Repurchases of common stock | (100) | (173.8) |
Proceeds from stock options exercised | 7.6 | 19.2 |
Net share settlement of taxes from restricted stock and performance share awards | (7.8) | 0 |
Dividends paid | (47.1) | (43.9) |
Other financing activities, net | (1.9) | (1.9) |
Net cash used in financing activities | (199.2) | (255.4) |
Effect of exchange rate changes | (3.7) | (0.2) |
Net increase in cash and cash equivalents | 172.1 | 19.5 |
Cash and cash equivalents classified within current assets held for sale, beginning of period | 0 | 0.3 |
Cash and cash equivalents, beginning of period | 218.8 | 184.6 |
Cash and cash equivalents, end of period | 390.9 | 204.4 |
Supplemental disclosures: | ||
Income taxes paid | 10.8 | 4.1 |
Interest paid | 19.5 | 22.6 |
Noncash investing and financing activities: | ||
Deferred tax liability established on date of acquisition | 2.2 | 0 |
Finance lease additions | 2 | 1.5 |
Operating lease additions, net of terminations | 6.7 | 1.6 |
Fixed assets included in accounts payable and accrued liabilities | 0.9 | 0.7 |
Dividends included in accrued liabilities and other liabilities | 0.4 | 1 |
Gain on sale of assets included in other current and long-term assets | 0 | 3.5 |
Held for sale assets contributed to a nonpublic company | $ 0 | $ 65.9 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net of cash acquired from acquisitions | $ 3,800 | $ 0 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Verisk Analytics, Inc. and its consolidated subsidiaries (collectively "we") is a data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using various technologies to collect and analyze billions of records, we draw on numerous data assets and domain expertise to provide first We were established to serve as the parent holding company of Insurance Services Office, Inc. (“ISO”) upon the completion of the initial public offering (“IPO”), which occurred on October 9, 2009. 1971 Since January 2020, 2019 19” 19. not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Our accompanying unaudited condensed consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“U.S. GAAP”). The preparation of financial statements in conformity with these accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for stock options granted, and assets and liabilities for pension and postretirement benefits. Actual results may Our condensed consolidated financial statements as of March 31, 2021 three March 31, 2021 2020 three March 31, 2021 not three March 31, 2021 10 December 31, 2020 Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Income Tax (Topic 740 December 2019, No. 2019 12, No. 2019 12" The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not not Fiscal years beginning after December 15, 2020 We adopted this amendment on January 1, 2021. No. 2019 12 no Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715 20 August 2018, No. 2018 14, No. 2018 14" This amendment removes certain disclosures that are not 715 20 50 3 Fiscal years ending after December 15, 2020 We adopted ASU No. 2018 14 December 31, 2020 No. 2018 14 not |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Disaggregated revenues by type of service and by country are provided below for the three March 31, 2021 2020 No of the U.S. accounted for 10.0% three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Insurance: Underwriting & rating $ 377.1 $ 350.0 Claims 158.5 145.3 Total Insurance 535.6 495.3 Energy and Specialized Markets 156.2 154.2 Financial Services 34.3 40.3 Total revenues $ 726.1 $ 689.8 Three Months Ended March 31, 2021 2020 Revenues: United States ("U.S.") $ 561.1 $ 523.6 United Kingdom ("U.K.") 48.4 45.8 Other countries 116.6 120.4 Total revenues $ 726.1 $ 689.8 C ontract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of March 31, 2021 and December 31, 2020 , we had no March 31, 2021 and December 31, 2020 , we had contract liabilities of $725.1 million and $468.2 million, respectively. The $256.9 million increase in contract liabilities from December 31, 2020 to March 31, 2021 was primarily due to billings of $433.3 million that were paid in advance, partially offset by $176.4 million of revenue recognized in the three months ended March 31, 2021 . Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our condensed consolidated balance sheets, respectively, as of March 31, 2021 and December 31, 2020 . Our most significant remaining performance obligation s relate to providing customers with the right to use and update the online content over the remaining contract term. Revenues expected to be recognized in the future related to performance obligations, included within "Deferred revenues" and "Other noncurrent liabilities", that are unsatisfied were $725.1 million and $468.2 million as of March 31, 2021 and December 31, 2020 , respectively. The disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may one approximately 99% of t March 31, 2021 December 31, 2020 We rec ognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer than one March 31, 2021 and December 31, 2020 , we had deferred commissions of $79.9 million and $73.8 million, respectively, which have been |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. We have certain assets and liabilities that are reported at fair value in our accompanying condensed consolidated balance sheets. To increase consistency and comparability of assets and liabilities recorded at fair value, Accounting Standards Codification ("ASC") 820 10, Fair Value Measurements 820 10” three 820 10 820 10, Level 1 Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. Level 2 Assets or liabilities valued based on observable market data for similar instruments. Level 3 Assets or liabilities for which significant valuation assumptions are not The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued lia bilities, and short-term debt approximate their carrying amounts because of the short-term nature of these instruments. The investments in registered investment companies, which are Level 1 March 31, 2021 and December 31, 2020 , respectively. The investments in registered investment companies are valued using quoted prices in active markets multiplied by the number of shares owned and three March 31, 2021 We elected not March 31, 2021 December 31, 2020 2021 2020 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Senior notes (Note 10) Level 2 $ 3,141.1 $ 3,426.9 $ 3,140.8 $ 3,652.2 On February 1, 2020, ts related to the disposed business and cash of $63.8 million in exchange for a noncontrolling 35.0% ownership interest in a nonpublic company, Vexcel Group, Inc ("Vexcel"). As of March 31, 2021 and December 31, 2020, third three March 31, 2021 Note 7 As of March 31, 2021 December 31, 2020 whic 323 10 25, The Equity Method of Accounting for Investments in Common Stock 323 10 25" not March 31, 2021 December 31, 2020 of million a $49.5 million, respectiv 323 10 25 three March 31, 2021 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | 5. We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases 842" one thirteen twenty one The following table presents lease cost, cash paid for amounts included in the measurement of lease liabilities, ROU assets obtained, weighted-average remaining lease terms, and weighted-average discount rates for finance and operating leases for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost (1) $ 13.3 $ 12.4 Sublease income (0.4 ) — Finance lease costs Depreciation of finance lease assets (2) 3.5 1.6 Interest on finance lease liabilities (3) 0.3 0.2 Total lease cost $ 16.7 $ 14.2 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (12.5 ) $ (13.6 ) Operating cash outflows from finance leases $ (0.3 ) $ (0.2 ) Financing cash outflows from finance leases $ (1.9 ) $ (1.9 ) Weighted-average remaining lease term - operating leases (in years) 9.1 9.3 Weighted-average remaining lease term - finance leases (in years) 2.0 2.2 Weighted-average discount rate - operating leases 4.0 % 4.0 % Weighted-average discount rate - finance leases 4.1 % 3.7 % _______________ ( 1 ( 2 ( 3 Our ROU assets and lease liabilities for finance le ases were $26.8 m March 31, 2021 December 31, 2020 Note 10 Maturities of lease liabilities for the remainder of 2021 2026 March 31, 2021 Years Ending Operating Leases Finance Leases 2021 $ 37.6 $ 13.7 2022 46.5 11.8 2023 44.4 0.6 2024 36.6 0.1 2025 33.3 — 2026 and thereafter 173.3 — Total lease payments 371.7 26.2 Less: Amount representing interest (64.6 ) (1.4 ) Present value of total lease payments $ 307.1 $ 24.8 |
Note 6 - Acquisitions
Note 6 - Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 6. 2021 For the three March 31, 2021, March 2, 2021, three three The preliminary purchase price allocation of the 2021 Total Cash and cash equivalents $ 3.8 Accounts receivable 1.1 Other current assets 0.8 Fixed assets 0.1 Intangible assets 11.4 Goodwill 20.9 Total assets acquired 38.1 Current liabilities 1.0 Deferred revenues 1.4 Deferred income tax, net 2.2 Total liabilities assumed 4.6 Net assets acquired 33.5 Less: Noncontrolling interest 16.0 Less: Cash acquired 3.8 Net cash purchase price $ 13.7 The preliminary amounts assigned to intangible assets by type for the 2021 Weighted Average Useful Life (in years) Total Technology-based 4 $ 3.1 Marketing-related 5 0.6 Customer-related 12 7.7 Total intangible assets $ 11.4 The preliminary allocations of the purchase price for the 2021 2020 may not one not is not The preliminary amounts assigned to intangible assets by type for these acquisitions and purchase of controlling interest were based upon our valuation model and historical experiences with entities with similar business characteristics. For the three March 31, 2021, 2021 three March 31, 2020, 2021 three March 31, 2021 2020, not Acquisition Escrows and Related Liabilities Pursuant to the related acquisition agreements, we have funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the applicable acquisition dates. At March 31, 2021 December 31, 2020, The acquisitions of Emergence Network Intelligence Limited, Validus, Arium Limited, and Rebmark Legal Solutions Limited included acquisition-related contingent payments, for which the sellers of these acquisitions could receive additional payments by achieving the specific predetermined revenue, EBITDA, and EBITDA margin earn-out targets for exceptional performance. In addition, as a result of our acquisition of Franco Signor LLC ("Franco Signor") on September 9, 2020, March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020, |
Note 7 - Dispositions
Note 7 - Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. On February 1, 2020, third not not no three March 31, 2020. On February 14, 2020, three March 31, 2020. On March 1, 2020, three March 31, 2020. |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. The following is a summary of the change in goodwill from December 31, 2020 March 31, 2021 Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2020 $ 1,208.6 $ 2,423.6 $ 475.9 $ 4,108.1 Acquisitions 20.9 — — 20.9 Purchase accounting reclassifications 1.1 — — 1.1 Current period adjustment (1) 15.8 (15.8 ) — — Foreign currency translation adjustment 3.1 2.6 (0.2 ) 5.5 Goodwill at March 31, 2021 $ 1,249.5 $ 2,410.4 $ 475.7 $ 4,135.6 _____________ ( 1 Note 14 Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30, may not not June 30, 2020, no no three March 31, 2021 June 30, 2020. Our intangible assets and related accumulated amortization consisted of the following: Weighted Average Useful Life (in years) Cost Accumulated Amortization Net March 31, 2021 Technology-based 7 $ 563.8 $ (364.9 ) $ 198.9 Marketing-related 15 277.5 (118.3 ) 159.2 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,013.6 (373.9 ) 639.7 Database-based 18 503.9 (146.0 ) 357.9 Total intangible assets $ 2,363.8 $ (1,008.1 ) $ 1,355.7 December 31, 2020 Technology-based 7 $ 559.6 $ (349.5 ) $ 210.1 Marketing-related 16 275.2 (113.4 ) 161.8 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,004.3 (354.2 ) 650.1 Database-based 19 501.0 (138.2 ) 362.8 Total intangible assets $ 2,345.1 $ (960.3 ) $ 1,384.8 Amortization expense related to intangible assets for the three March 31, 2021 2020 2021 2027 Years Ending Amount 2021 $ 135.4 2022 157.5 2023 144.8 2024 139.1 2025 114.9 2026 110.6 2027 and thereafter 553.4 Total $ 1,355.7 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Our effective tax rate for the three March 31, 2021 was 22.5% compared to the effective tax rate for the three March 31, 2020 of 20.8%. The effective tax rate for the three months ended March 31, 2021 was higher than the effective tax rate for the three March 31, 2020 primarily due to reduced stock option exercises resulting in lower tax benefits from equity compensation in the current period versus the prior period. The impact of lower stock benefits was partially offset by non-recurring tax expense recorded in the prior period in connection with our disposition of the aerial imagery sourcing group resulting from differences in the book and tax basis of the assets and entities disposed. The difference between statutory tax rates and our effective tax rate is primarily due to tax benefits attributable to equity compensation, offset by additional state and local taxes. |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. The following table presents short-term and long-term debt by issuance as of March 31, 2021 December 31, 2020 Issuance Date Maturity Date 2021 2020 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 50.0 Senior notes: 5.800 0.0 0.1 4/6/2011 5/1/2021 450.0 449.9 Finance lease liabilities (1) Various Various 14.8 14.4 Short-term debt and current portion of long-term debt 464.8 514.3 Long-term debt: Senior notes: 3.625 10.6 10.7 5/13/2020 5/15/2050 489.4 489.3 4.125 12.0 12.4 3/6/2019 3/15/2029 612.0 612.4 4.000 5.1 5.4 5/15/2015 6/15/2025 894.9 894.6 5.500 4.3 (4.3 5/15/2015 6/15/2045 345.7 345.7 4.125 0.9 1.1 9/12/2012 9/12/2022 349.1 348.9 Finance lease liabilities (1) Various Various 10.0 10.3 Syndicated revolving credit facility debt issuance costs Various Various (1.5 ) (1.6 ) Long-term debt 2,699.6 2,699.6 Total debt $ 3,164.4 $ 3,213.9 _______________ ( 1 Note 5 As of March 31, 2021 December 31, 2020 al amount of As of March 31, 2021 may March 31, 2021 March 31, 2021 December 31, 2020 ity was $994.9 mil , net of the letters of credit of $5.1 mi |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. We have 2,000,000,000 shares of authorized common stock as of March 31, 2021 and December 31, 2020 . Our common shares have rights to any dividend declared by the board of directors (the "Board"), subject to any preferential or other rights of any outstanding preferred stock, and voting rights to elect all current members of the Board. We have 80,000,000 shares of authorized preferred stock, par value $0.001 per share. The preferred shares have preferential rights over the common shares with respect to dividends and net distribution upon liquidation. We did not March 31, 2021 . At March 31, 2021 and December 31, 2020 , the adjusted closing price of our common stock was $176.69 and $207.59 per share, respectively. On February 17, 2021, March 15, 2021. March 31, 2021 March 31, 2020 March 13, 2020. Share Repurchase Program Since May 2010, o $4,100.0 million of our common stock through our Repurchase Program, inclusive of the $300.0 million authorization approved by our Board on February 16, 2021. 2010, March 31, 2021 , we had $478.8 million no 2013 "2013 2009 “2009 no may In December 2020, Share Repurchase ("ASR") agreement to repurchase shares of our common stock for an aggregate purchase price of $50.0 million with HSBC Bank USA, N.A. The ASR agreement is accounted as a treasury stock transaction and forward stock purchase agreement indexed to our common stock. The forward stock purchase agreement is classified as an equity instrument under ASC 815 40, Contracts in Entity's Own Equity ("ASC 815 40" zero January 4, 2021, February 2021, three months ended March 31, 2021 . These repurchases of 263,474 shares for three March 31, 2021 During the three March 31, 2021 d 560,526 shares of common stock with an aggregate value of $100.0 million as part of the Repurchase Program, inclusive of the ASR, at a weighted average price of $178.40 per s Treasury Stock As of March 31, 2021 ry stock consisted of 381,536,446 shares of common stock, carried at cost. During the three months ended March 31, 2021 , we transferred 209,592 shares of common stock from the treasury shares at a weighted average treasury stock price of $11.11 per share. Earnings Per Share Basic EPS is computed by dividing net income attributable to Verisk by the weighted average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding, using the treasury stock method, if the dilutive potential common shares, including vested and nonvested stock options, nonvested restricted stock awards, nonvested restricted stock units, nonvested performance awards consisting of performance share units (“PSU”), and nonvested deferred stock units, had been issued. The following is a presentation of the numerators and denominators of the basic and diluted EPS computations for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Numerator used in basic and diluted EPS: Net income attributable to Verisk $ 168.6 $ 171.7 Denominator: Weighted average number of common shares used in basic EPS 162,641,819 162,894,306 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 1,794,898 2,829,814 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 164,436,717 165,724,120 The potential shares of common stock that were excluded from diluted E PS were 946,563 and 1,009,520 f three March 31, 2021 2020 Accumulated Other Comprehensive Losses The following is a summary of accumulated other comprehensive losses as of March 31, 2021 December 31, 2020 2021 2020 Foreign currency translation adjustment $ (283.5 ) $ (292.2 ) Pension and postretirement adjustment, net of tax (82.7 ) (83.5 ) Accumulated other comprehensive losses $ (366.2 ) $ (375.7 ) The before tax and after tax amounts of other comprehensive income (loss) for the three March 31, 2021 2020 Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended March 31, 2021 Foreign currency translation adjustment $ 8.7 $ — $ 8.7 Pension and postretirement adjustment before reclassifications 2.1 (0.5 ) 1.6 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.1 ) 0.3 (0.8 ) Pension and postretirement adjustment 1.0 (0.2 ) 0.8 Total other comprehensive income $ 9.7 $ (0.2 ) $ 9.5 For the Three Months Ended March 31, 2020 Foreign currency translation adjustment $ (172.6 ) $ — $ (172.6 ) Pension and postretirement adjustment before reclassifications 2.1 (0.6 ) 1.5 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.0 ) 0.3 (0.7 ) Pension and postretirement adjustment 1.1 (0.3 ) 0.8 Total other comprehensive loss $ (171.5 ) $ (0.3 ) $ (171.8 ) _______________ ( 1 These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in our accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 13 |
Note 12 - Equity Compensation P
Note 12 - Equity Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. All of our outstanding stock options, restricted stock awards, deferred stock units, a nd PSUs are covered under our 2013 2009 2013 may one 2013 March 31, 2021 , there were 1,937,143 shares of common stock reserved and available for future issuance under our 2013 three months ended March 31, 2021 2020 was $7.6 million and $19.2 million, respectively. We grant equity awards to our key employees. The nonqualified stock options have an exercise price equal to the adjusted closing price of our common stock on the grant date, with a ten not three one may four On January 15, 2021, four three A summary of the status of the stock options, restricted stock, and PSUs awarded under our 2013 December 31, 2020 March 31, 2021 Stock Option Restricted Stock PSU Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2020 5,611,777 $ 98.28 $ 613.4 390,054 $ 131.63 145,609 $ 170.75 Granted 709,811 $ 190.10 135,380 $ 190.10 59,144 $ 210.07 Dividend reinvestment — $ — — $ — 269 N/A Exercised or lapsed (115,284 ) $ 64.73 $ 13.5 (36,637 ) $ 158.23 (42,610 ) $ 140.70 Canceled, expired or forfeited (20,245 ) $ 136.35 (3,216 ) $ 141.28 — Outstanding at March 31, 2021 6,186,059 $ 109.31 $ 416.8 485,581 $ 145.47 162,412 $ 192.99 Exercisable at March 31, 2021 3,588,921 $ 82.06 $ 339.6 Exercisable at December 31, 2020 3,494,164 $ 76.84 $ 456.9 Nonvested at March 31, 2021 2,597,138 485,581 162,412 Expected to vest at March 31, 2021 2,296,123 432,880 115,599 (1) ( 1 Includes estimated performance achievement The fair value of the stock options granted was estimated using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table for the three March 31, 2021 2020 2021 2020 Option pricing model Black-Scholes Black-Scholes Expected volatility 23.60 % 18.17 % Risk-free interest rate 0.37 % 1.59 % Expected term in years 4.3 4.3 Dividend yield 0.63 % 0.71 % Weighted average grant date fair value per stock option $ 36.09 $ 25.49 The expected term for the stock options granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no zero Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the adjusted closing price of our common stock as of the reporting date. Excess tax benefits from exercised stock options were recorded as income tax benefit in our condensed consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and restricted stock lapsed in excess of compensation recognized for financial reporting purposes. The weighted average remaining contractual terms were 6.3 March 31, 2021 For the three ths ended March 31, 2021 , there was $128.3 million of total unrecognized compensation costs, exclusive of the impact of vesting upon retirement eligibility, related to nonvested stock-based compensation arrangements granted under our 2013 ye ars. The total grant date fair value of options vested was $6.2 million and $5.6 million during the three months ended March 31, 2021 2020 , respectively. The total grant date fair value of restricted stock vested during the three months ended March 31, 2021 2020 was $6.8 m illion and $6.1 million, respectively. The total grant date fair value of PSUs vested during the three months ended March 31, 2021 2020 was $3.1 million and $2.1 million, respectively. Our UK Sharesave Plan offers qualifying employees in the United Kingdom the opportunity to own shares of our common stock. Employees who elect to participate are granted stock options, of which the exercise price is equal to the adjusted closing price of our common stock on the grant date discounted by 5%, and enter into a savings contract, the proceeds of which are then used to exercise the options upon the three three months ended March 31, 2021 2020 , we granted no stock options under our UK Sharesave Plan. As of March 31, 2021 , there were 454,205 s hares of common stock reserved and available for future issuance under our UK Sharesave Plan. Our ESPP offers eligible employees the opportunity to purchase shares of our common stock at a discount of its fair market value at the time of purchase. During the three months ended March 31, 2021 2020 , we issued 10,137 and 9,451 share s of common stock at a weighted discounted pric e of $167.84 and $ 132.41 for the ESPP, respectively. As of March 31, 2021 , there were 1,250,129 shares of common stock reserved and available for future issuance under our ESPP. |
Note 13 - Pension and Postretir
Note 13 - Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. We maintain a frozen qualified defined benefit pension plan for certain employees through membership in our Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. We also apply a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on the interest earned on the previous year-end cash balance. We also have a frozen non-qualified supplemental cash balance plan (“SERP”) for certain employees. The SERP is funded from our general assets . first 2021, December 31, 2020. We also provide certain healthcare and life insurance benefits to certain qualifying active and retired employees. Our Postretirement Health and Life Insurance Plan (the “Postretirement Plan”), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage. The components of net periodic benefit for the three March 31 Pension Plan and SERP Postretirement Plan For the Three Months Ended March 31, 2021 2020 2021 2020 Interest cost $ 2.8 $ 3.3 $ — $ — Expected return on plan assets (8.2 ) (7.6 ) (0.1 ) — Amortization of net actuarial loss 1.0 1.0 0.1 — Net periodic benefit $ (4.4 ) $ (3.3 ) $ — $ — Employer contributions (refunds), net $ 0.2 $ 0.2 $ (0.4 ) $ (0.4 ) The expected contributions to the Pension Plan, SERP and Postretirement Plan for the year ending December 31, 2021 December 31, 2020 |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. ASC 280 10, Disclosures About Segments of an Enterprise and Related Information 280 10” 280 10 280 10. three Each of the reportable segments, Insurance, Energy and Specialized Markets, and Financial Services has a portion of its revenue from more than one three Insurance: first 2021, not Energy and Specialized Markets: Financial Services: The three third not not not Note 3 The following tables provide our revenue and EBITDA by reportable segment for the three March 31, 2021 2020 For the Three Months Ended March 31, 2021 March 31, 2020 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 535.6 $ 156.2 $ 34.3 $ 726.1 $ 495.3 $ 154.2 $ 40.3 $ 689.8 Expenses: Cost of revenues (exclusive of items shown separately below) (173.2 ) (65.0 ) (24.2 ) (262.4 ) (167.2 ) (66.6 ) (23.9 ) (257.7 ) Selling, general and administrative (74.7 ) (37.9 ) (7.2 ) (119.8 ) (69.6 ) (37.7 ) (4.8 ) (112.1 ) Other operating income — — — — 15.9 — 3.5 19.4 Investment income (loss) and others, net 1.3 0.4 — 1.7 (1.2 ) (0.5 ) (0.4 ) (2.1 ) EBITDA $ 289.0 $ 53.7 $ 2.9 345.6 $ 273.2 $ 49.4 $ 14.7 337.3 Depreciation and amortization of fixed assets (48.5 ) (46.1 ) Amortization of intangible assets (45.0 ) (41.0 ) Interest expense (35.4 ) (33.5 ) Income before income taxes $ 216.7 $ 216.7 Long-lived assets by country are provided below: March 31, 2021 December 31, 2020 Long-lived assets: U.S. $ 3,512.2 $ 3,525.0 U.K. 2,800.1 2,775.8 Other countries 456.6 466.8 Total long-lived assets $ 6,768.9 $ 6,767.6 |
Note 15 - Related Parties
Note 15 - Related Parties | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. We consider our stockholders that own more than 5.0% of the outstanding stock within the class to be related parties as defined within ASC 850, Related Party Disclosures March 31, 2021 December 31, 2020 5.0% |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. We are a party to legal proceedings with respect to a variety of matters in the ordinary course of business, including the matters described below. With respect to ongoing matters, we are unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to ongoing matters or the impact these matters may Xactware Solutions, Inc. Patent Litigation On October 8, 2015, seven 8,078,436 "436 8,170,840 "840 8,209,152 "152 8,542,880 "880 8,818,770 "770 8,823,732 "732 8,825,454 "454 November 30, 2015, 9,129,376 "376 9,135,737 "737 May 19, 2017, 880 732 436, 840, 152, 770, 454, 376 737 152 737 five six September 25, 2019, six September 26, 2019 October 18, 2019, March 2, 2020, $125.0 110% September 9, 2020, October 8, 2020. November 4, 2020 December 15, 2020. December 24, 2020. February 16, 2021, $125.0 not four March 17, 2021, March 30, 2021, April 22, 2021. 2019, December 31, 2019. not $125.0 April 15, 2021, ERISA Litigation On September 24, 2020, No. 2:20 13223 401 September 24, 2014 not January 12, 2021, April 13, 2021. not ISO Claims Partners Litigation On October 23, 2020, 3:20 585 October 23, 2017; not January 28, 2021. not Jornaya Litigation On February 2, 2021 No. 3:20 09099 631 635 637 5,000 three April 13, 2021, On December 10, 2020, No. 2020 03695. 18 5701 not February 16, 2021, April 19, 2021. not Financial Services Government Inquiry We are cooperating with an inquiry by the United States Attorney’s Office for the Eastern District of Virginia related to government contracts within our financial services segment. The inquiry is at an early stage, we have voluntarily produced documents, and we cannot anticipate the timing, outcome or possible impact of the inquiry, financial or otherwise. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. In March 2021, onal ASR agreement with Citibank, N.A. to repurchase shares of our common stock for an aggregate purchase price of $125.0 million. Upon payment of the aggregate purchase price on April 1, 2021, June 2021, may Note 11 On May 3, 2021, ************** |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Standard Description Effective Date Effect on Consolidated Financial Statements or Other Significant Matters Income Tax (Topic 740 December 2019, No. 2019 12, No. 2019 12" The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not not Fiscal years beginning after December 15, 2020 We adopted this amendment on January 1, 2021. No. 2019 12 no Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715 20 August 2018, No. 2018 14, No. 2018 14" This amendment removes certain disclosures that are not 715 20 50 3 Fiscal years ending after December 15, 2020 We adopted ASU No. 2018 14 December 31, 2020 No. 2018 14 not |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 2020 Insurance: Underwriting & rating $ 377.1 $ 350.0 Claims 158.5 145.3 Total Insurance 535.6 495.3 Energy and Specialized Markets 156.2 154.2 Financial Services 34.3 40.3 Total revenues $ 726.1 $ 689.8 Three Months Ended March 31, 2021 2020 Revenues: United States ("U.S.") $ 561.1 $ 523.6 United Kingdom ("U.K.") 48.4 45.8 Other countries 116.6 120.4 Total revenues $ 726.1 $ 689.8 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | 2021 2020 Fair Value Carrying Estimated Carrying Estimated Hierarchy Value Fair Value Value Fair Value Financial instruments not carried at fair value: Senior notes (Note 10) Level 2 $ 3,141.1 $ 3,426.9 $ 3,140.8 $ 3,652.2 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Lease cost: Operating lease cost (1) $ 13.3 $ 12.4 Sublease income (0.4 ) — Finance lease costs Depreciation of finance lease assets (2) 3.5 1.6 Interest on finance lease liabilities (3) 0.3 0.2 Total lease cost $ 16.7 $ 14.2 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash outflows from operating leases $ (12.5 ) $ (13.6 ) Operating cash outflows from finance leases $ (0.3 ) $ (0.2 ) Financing cash outflows from finance leases $ (1.9 ) $ (1.9 ) Weighted-average remaining lease term - operating leases (in years) 9.1 9.3 Weighted-average remaining lease term - finance leases (in years) 2.0 2.2 Weighted-average discount rate - operating leases 4.0 % 4.0 % Weighted-average discount rate - finance leases 4.1 % 3.7 % |
Lessee, Lease Liability Maturity [Table Text Block] | March 31, 2021 Years Ending Operating Leases Finance Leases 2021 $ 37.6 $ 13.7 2022 46.5 11.8 2023 44.4 0.6 2024 36.6 0.1 2025 33.3 — 2026 and thereafter 173.3 — Total lease payments 371.7 26.2 Less: Amount representing interest (64.6 ) (1.4 ) Present value of total lease payments $ 307.1 $ 24.8 |
Note 6 - Acquisitions (Tables)
Note 6 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Total Cash and cash equivalents $ 3.8 Accounts receivable 1.1 Other current assets 0.8 Fixed assets 0.1 Intangible assets 11.4 Goodwill 20.9 Total assets acquired 38.1 Current liabilities 1.0 Deferred revenues 1.4 Deferred income tax, net 2.2 Total liabilities assumed 4.6 Net assets acquired 33.5 Less: Noncontrolling interest 16.0 Less: Cash acquired 3.8 Net cash purchase price $ 13.7 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Weighted Average Useful Life (in years) Total Technology-based 4 $ 3.1 Marketing-related 5 0.6 Customer-related 12 7.7 Total intangible assets $ 11.4 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Insurance Energy and Specialized Markets Financial Services Total Goodwill at December 31, 2020 $ 1,208.6 $ 2,423.6 $ 475.9 $ 4,108.1 Acquisitions 20.9 — — 20.9 Purchase accounting reclassifications 1.1 — — 1.1 Current period adjustment (1) 15.8 (15.8 ) — — Foreign currency translation adjustment 3.1 2.6 (0.2 ) 5.5 Goodwill at March 31, 2021 $ 1,249.5 $ 2,410.4 $ 475.7 $ 4,135.6 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Useful Life (in years) Cost Accumulated Amortization Net March 31, 2021 Technology-based 7 $ 563.8 $ (364.9 ) $ 198.9 Marketing-related 15 277.5 (118.3 ) 159.2 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,013.6 (373.9 ) 639.7 Database-based 18 503.9 (146.0 ) 357.9 Total intangible assets $ 2,363.8 $ (1,008.1 ) $ 1,355.7 December 31, 2020 Technology-based 7 $ 559.6 $ (349.5 ) $ 210.1 Marketing-related 16 275.2 (113.4 ) 161.8 Contract-based 6 5.0 (5.0 ) — Customer-related 13 1,004.3 (354.2 ) 650.1 Database-based 19 501.0 (138.2 ) 362.8 Total intangible assets $ 2,345.1 $ (960.3 ) $ 1,384.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years Ending Amount 2021 $ 135.4 2022 157.5 2023 144.8 2024 139.1 2025 114.9 2026 110.6 2027 and thereafter 553.4 Total $ 1,355.7 |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Issuance Date Maturity Date 2021 2020 Short-term debt and current portion of long-term debt: Syndicated revolving credit facility Various Various $ — $ 50.0 Senior notes: 5.800 0.0 0.1 4/6/2011 5/1/2021 450.0 449.9 Finance lease liabilities (1) Various Various 14.8 14.4 Short-term debt and current portion of long-term debt 464.8 514.3 Long-term debt: Senior notes: 3.625 10.6 10.7 5/13/2020 5/15/2050 489.4 489.3 4.125 12.0 12.4 3/6/2019 3/15/2029 612.0 612.4 4.000 5.1 5.4 5/15/2015 6/15/2025 894.9 894.6 5.500 4.3 (4.3 5/15/2015 6/15/2045 345.7 345.7 4.125 0.9 1.1 9/12/2012 9/12/2022 349.1 348.9 Finance lease liabilities (1) Various Various 10.0 10.3 Syndicated revolving credit facility debt issuance costs Various Various (1.5 ) (1.6 ) Long-term debt 2,699.6 2,699.6 Total debt $ 3,164.4 $ 3,213.9 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Numerator used in basic and diluted EPS: Net income attributable to Verisk $ 168.6 $ 171.7 Denominator: Weighted average number of common shares used in basic EPS 162,641,819 162,894,306 Effect of dilutive shares: Potential common shares issuable from stock options and stock awards 1,794,898 2,829,814 Weighted average number of common shares and dilutive potential common shares used in diluted EPS 164,436,717 165,724,120 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2021 2020 Foreign currency translation adjustment $ (283.5 ) $ (292.2 ) Pension and postretirement adjustment, net of tax (82.7 ) (83.5 ) Accumulated other comprehensive losses $ (366.2 ) $ (375.7 ) |
Comprehensive Income (Loss) [Table Text Block] | Before Tax Tax (Expense) Benefit After Tax For the Three Months Ended March 31, 2021 Foreign currency translation adjustment $ 8.7 $ — $ 8.7 Pension and postretirement adjustment before reclassifications 2.1 (0.5 ) 1.6 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.1 ) 0.3 (0.8 ) Pension and postretirement adjustment 1.0 (0.2 ) 0.8 Total other comprehensive income $ 9.7 $ (0.2 ) $ 9.5 For the Three Months Ended March 31, 2020 Foreign currency translation adjustment $ (172.6 ) $ — $ (172.6 ) Pension and postretirement adjustment before reclassifications 2.1 (0.6 ) 1.5 Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1) (1.0 ) 0.3 (0.7 ) Pension and postretirement adjustment 1.1 (0.3 ) 0.8 Total other comprehensive loss $ (171.5 ) $ (0.3 ) $ (171.8 ) |
Note 12 - Equity Compensation_2
Note 12 - Equity Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Option Restricted Stock PSU Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share (in millions) Outstanding at December 31, 2020 5,611,777 $ 98.28 $ 613.4 390,054 $ 131.63 145,609 $ 170.75 Granted 709,811 $ 190.10 135,380 $ 190.10 59,144 $ 210.07 Dividend reinvestment — $ — — $ — 269 N/A Exercised or lapsed (115,284 ) $ 64.73 $ 13.5 (36,637 ) $ 158.23 (42,610 ) $ 140.70 Canceled, expired or forfeited (20,245 ) $ 136.35 (3,216 ) $ 141.28 — Outstanding at March 31, 2021 6,186,059 $ 109.31 $ 416.8 485,581 $ 145.47 162,412 $ 192.99 Exercisable at March 31, 2021 3,588,921 $ 82.06 $ 339.6 Exercisable at December 31, 2020 3,494,164 $ 76.84 $ 456.9 Nonvested at March 31, 2021 2,597,138 485,581 162,412 Expected to vest at March 31, 2021 2,296,123 432,880 115,599 (1) |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2021 2020 Option pricing model Black-Scholes Black-Scholes Expected volatility 23.60 % 18.17 % Risk-free interest rate 0.37 % 1.59 % Expected term in years 4.3 4.3 Dividend yield 0.63 % 0.71 % Weighted average grant date fair value per stock option $ 36.09 $ 25.49 |
Note 13 - Pension and Postret_2
Note 13 - Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan and SERP Postretirement Plan For the Three Months Ended March 31, 2021 2020 2021 2020 Interest cost $ 2.8 $ 3.3 $ — $ — Expected return on plan assets (8.2 ) (7.6 ) (0.1 ) — Amortization of net actuarial loss 1.0 1.0 0.1 — Net periodic benefit $ (4.4 ) $ (3.3 ) $ — $ — Employer contributions (refunds), net $ 0.2 $ 0.2 $ (0.4 ) $ (0.4 ) |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended March 31, 2021 March 31, 2020 Insurance Energy and Specialized Markets Financial Services Total Insurance Energy and Specialized Markets Financial Services Total Revenues $ 535.6 $ 156.2 $ 34.3 $ 726.1 $ 495.3 $ 154.2 $ 40.3 $ 689.8 Expenses: Cost of revenues (exclusive of items shown separately below) (173.2 ) (65.0 ) (24.2 ) (262.4 ) (167.2 ) (66.6 ) (23.9 ) (257.7 ) Selling, general and administrative (74.7 ) (37.9 ) (7.2 ) (119.8 ) (69.6 ) (37.7 ) (4.8 ) (112.1 ) Other operating income — — — — 15.9 — 3.5 19.4 Investment income (loss) and others, net 1.3 0.4 — 1.7 (1.2 ) (0.5 ) (0.4 ) (2.1 ) EBITDA $ 289.0 $ 53.7 $ 2.9 345.6 $ 273.2 $ 49.4 $ 14.7 337.3 Depreciation and amortization of fixed assets (48.5 ) (46.1 ) Amortization of intangible assets (45.0 ) (41.0 ) Interest expense (35.4 ) (33.5 ) Income before income taxes $ 216.7 $ 216.7 |
Long-lived Assets by Geographic Areas [Table Text Block] | March 31, 2021 December 31, 2020 Long-lived assets: U.S. $ 3,512.2 $ 3,525.0 U.K. 2,800.1 2,775.8 Other countries 456.6 466.8 Total long-lived assets $ 6,768.9 $ 6,767.6 |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Amount | 725,100 | $ 468,200 |
Increase (Decrease) in Contract Liabilities | 256,900 | |
Contract With Customer Liability, Billings Paid in Advance | 433,300 | |
Contract with Customer, Liability, Revenue Recognized | $ 176,400 | |
Revenue Remaining Performance Obligation, Current Percentage | 99.00% | 99.00% |
Contract with Customer, Liability, Noncurrent | $ 79,900 | $ 73,800 |
Note 3 - Revenues - Disaggregat
Note 3 - Revenues - Disaggregated Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 726.1 | $ 689.8 |
UNITED STATES | ||
Revenues | 561.1 | 523.6 |
UNITED KINGDOM | ||
Revenues | 48.4 | 45.8 |
Other Countries [Member] | ||
Revenues | 116.6 | 120.4 |
Insurance [Member] | ||
Revenues | 535.6 | 495.3 |
Insurance [Member] | Underwriting and Rating [Member] | ||
Revenues | 377.1 | 350 |
Insurance [Member] | Claims [Member] | ||
Revenues | 158.5 | 145.3 |
Energy and Specialized Markets [Member] | ||
Revenues | 156.2 | 154.2 |
Financial Services [Member] | ||
Revenues | $ 34.3 | $ 40.3 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Payments to Acquire Investments, Total | $ 0 | $ 63,800 | ||
Investment in Limited Partnership Member] | ||||
Provision for Credit Loss on Investments | 0 | |||
Equity Method Investments | 49,900 | $ 49,500 | ||
Cost Based Investments [Member] | ||||
Investments, Total | 14,000 | 14,000 | ||
Vexcel Group, Inc. [Member] | ||||
Payments to Acquire Investments, Total | $ 63,800 | |||
Equity Securities Without Readily Determinable Fair Value, Percentage | 35.00% | |||
Equity Securities without Readily Determinable Fair Value, Amount | 129,100 | 129,100 | ||
Provision for Credit Loss on Investments | 0 | |||
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||||
Investments, Fair Value Disclosure, Total | $ 4,300 | $ 4,100 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Senior notes (Note 10) | $ 3,141.1 | $ 3,140.8 |
Estimate of Fair Value Measurement [Member] | ||
Senior notes (Note 10) | $ 3,426.9 | $ 3,652.2 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Option to Extend (Year) | 20 years | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 26.8 | $ 27.1 |
Finance Lease, Liability, Total | $ 24.8 | $ 24.7 |
Minimum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Remaining Term of Contract (Year) | 13 years |
Note 5 - Leases - Lease Cost an
Note 5 - Leases - Lease Cost and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Operating lease cost | [1] | $ 13.3 | $ 12.4 |
Sublease income | (0.4) | 0 | |
Depreciation of finance lease assets | [2] | 3.5 | 1.6 |
Interest on finance lease liabilities | [3] | 0.3 | 0.2 |
Total lease cost | 16.7 | 14.2 | |
Operating cash outflows from operating leases | (12.5) | (13.6) | |
Operating cash outflows from finance leases | (0.3) | (0.2) | |
Financing cash outflows from finance leases | $ (1.9) | $ (1.9) | |
Weighted-average remaining lease term - operating leases (in years) (Year) | 9 years 1 month 6 days | 9 years 3 months 18 days | |
Weighted-average remaining lease term - finance leases (in years) (Year) | 2 years | 2 years 2 months 12 days | |
Weighted-average discount rate - operating leases | 4.00% | 4.00% | |
Weighted-average discount rate - finance leases | 4.10% | 3.70% | |
[1] | Included in "Cost of revenues" and "Selling, general and, administrative" expenses in our accompanying consolidated statements of operations | ||
[2] | Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations | ||
[3] | Included in "Interest expense" in our accompanying consolidated statements of operations |
Note 5 - Leases - Maturities of
Note 5 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
2021, operating leases | $ 37.6 | |
2021, finance leases | 13.7 | |
2022, operating leases | 46.5 | |
2022, finance leases | 11.8 | |
2023, operating leases | 44.4 | |
2023, finance leases | 0.6 | |
2024, operating leases | 36.6 | |
2024, finance leases | 0.1 | |
2025, operating leases | 33.3 | |
2025, finance leases | 0 | |
2026 and thereafter, operating leases | 173.3 | |
2026 and thereafter, finance leases | 0 | |
Total lease payments, operating leases | 371.7 | |
Total lease payments, finance leases | 26.2 | |
Less: Amount representing interest, operating leases | (64.6) | |
Less: Amount representing interest, finance leases | (1.4) | |
Present value of total lease payments, operating leases | 307.1 | |
Present value of total lease payments, finance leases | $ 24.8 | $ 24.7 |
Note 6 - Acquisitions (Details
Note 6 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Mar. 02, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2024 | Dec. 31, 2020 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 13,700 | $ 0 | |||
Goodwill, Ending Balance | 4,135,600 | $ 4,108,100 | |||
Business Combination, Acquisition Related Costs | 500 | $ 0 | |||
Current Portion of Escrow | 19,100 | 1,700 | |||
Escrow Deposit | 1,300 | 18,500 | |||
Business Combination, Contingent Consideration, Liability, Current | 300 | 600 | |||
Business Combination, Contingent Consideration, Liability, Noncurrent | 0 | $ 200 | |||
The 2021 Acquisitions [Member] | |||||
Business Combination, Consideration Transferred, Total | 13,700 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 13,700 | ||||
Goodwill, Ending Balance | $ 20,900 | ||||
Whitespace Software Limited [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 12,800 | ||||
Goodwill, Ending Balance | 20,900 | ||||
Business Acquisition, Goodwill Non-tax Deductible, Amount | $ 20,000 | ||||
Whitespace Software Limited [Member] | Forecast [Member] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 49.00% |
Note 6 - Acquisitions - Assets
Note 6 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 4,135,600 | $ 4,108,100 | |
Net of cash acquired from acquisitions | 3,800 | $ 0 | |
Payments to Acquire Businesses, Net of Cash Acquired, Total | 13,700 | $ 0 | |
The 2021 Acquisitions [Member] | |||
Cash and cash equivalents | 3,800 | ||
Accounts receivable | 1,100 | ||
Other current assets | 800 | ||
Fixed assets | 100 | ||
Intangible assets | 11,400 | ||
Goodwill, Ending Balance | 20,900 | ||
Total assets acquired | 38,100 | ||
Current liabilities | 1,000 | ||
Deferred revenues | 1,400 | ||
Deferred income tax, net | 2,200 | ||
Total liabilities assumed | 4,600 | ||
Net assets acquired | 33,500 | ||
Less: Noncontrolling interest | 16,000 | ||
Net of cash acquired from acquisitions | 3,800 | ||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 13,700 |
Note 6 - Acquisitions - Amounts
Note 6 - Acquisitions - Amounts Assigned to Intangible Assets (Details) - The 2021 Acquisitions [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Total intangible assets | $ 11.4 |
Technology [Member] | |
Weighted average useful life (Year) | 4 years |
Total intangible assets | $ 3.1 |
Marketing [Member] | |
Weighted average useful life (Year) | 5 years |
Total intangible assets | $ 0.6 |
Customer [Member] | |
Weighted average useful life (Year) | 12 years |
Total intangible assets | $ 7.7 |
Note 7 - Dispositions (Details
Note 7 - Dispositions (Details Textual) - USD ($) $ in Millions | Feb. 14, 2020 | Feb. 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Payments to Acquire Investments, Total | $ 0 | $ 63.8 | ||
Background Screening Business [Member] | ||||
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total | $ 23.1 | |||
Background Screening Business [Member] | Other Operating Income (Expense) [Member] | ||||
Gain (Loss) on Disposition of Business | 15.9 | |||
Data Warehouse Business [Member] | Other Operating Income (Expense) [Member] | ||||
Gain (Loss) on Disposition of Business | $ 3.5 | |||
Vexcel Group, Inc. [Member] | ||||
Payments to Acquire Investments, Total | $ 63.8 | |||
Equity Securities Without Readily Determinable Fair Value, Percentage | 35.00% |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill, Impairment Loss | $ 0 | |
Amortization of Intangible Assets, Total | 45,000 | $ 41,000 |
Energy and Specialized Markets [Member] | ||
Goodwill, Period Increase (Decrease), Total | $ 15,800 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Goodwill | $ 4,108.1 | |
Acquisitions | 20.9 | |
Purchase accounting reclassifications | 1.1 | |
Current period adjustment (1) | 0 | [1] |
Foreign currency translation adjustment | 5.5 | |
Goodwill | 4,135.6 | |
Insurance [Member] | ||
Goodwill | 1,208.6 | |
Acquisitions | 20.9 | |
Purchase accounting reclassifications | 1.1 | |
Current period adjustment (1) | 15.8 | [1] |
Foreign currency translation adjustment | 3.1 | |
Goodwill | 1,249.5 | |
Energy and Specialized Markets [Member] | ||
Goodwill | 2,423.6 | |
Acquisitions | 0 | |
Purchase accounting reclassifications | 0 | |
Current period adjustment (1) | (15.8) | [1] |
Foreign currency translation adjustment | 2.6 | |
Goodwill | 2,410.4 | |
Financial Services [Member] | ||
Goodwill | 475.9 | |
Acquisitions | 0 | |
Purchase accounting reclassifications | 0 | |
Current period adjustment (1) | 0 | [1] |
Foreign currency translation adjustment | (0.2) | |
Goodwill | $ 475.7 | |
[1] | Of which $15.8 million relates to a segment reclassification, refer to Note 14. Segment Reporting |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cost | $ 2,363.8 | $ 2,345.1 | |
Accumulated amortization | (1,008.1) | (960.3) | |
Net | $ 1,355.7 | 1,384.8 | |
Technology [Member] | |||
Weighted average useful life (Year) | 7 years | 7 years | |
Cost | $ 563.8 | 559.6 | |
Accumulated amortization | (364.9) | (349.5) | |
Net | $ 198.9 | 210.1 | |
Marketing [Member] | |||
Weighted average useful life (Year) | 15 years | 16 years | |
Cost | $ 277.5 | 275.2 | |
Accumulated amortization | (118.3) | (113.4) | |
Net | $ 159.2 | 161.8 | |
Contract-based [Member] | |||
Weighted average useful life (Year) | 6 years | 6 years | |
Cost | $ 5 | 5 | |
Accumulated amortization | (5) | (5) | |
Net | $ 0 | 0 | |
Customer [Member] | |||
Weighted average useful life (Year) | 13 years | 13 years | |
Cost | $ 1,013.6 | 1,004.3 | |
Accumulated amortization | (373.9) | (354.2) | |
Net | $ 639.7 | 650.1 | |
Database [Member] | |||
Weighted average useful life (Year) | 18 years | 19 years | |
Cost | $ 503.9 | 501 | |
Accumulated amortization | (146) | (138.2) | |
Net | $ 357.9 | $ 362.8 |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
2021 | $ 135.4 | |
2022 | 157.5 | |
2023 | 144.8 | |
2024 | 139.1 | |
2025 | 114.9 | |
2026 | 110.6 | |
2027 and thereafter | 553.4 | |
Total | $ 1,355.7 | $ 1,384.8 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.50% | 20.80% |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Gross | $ 3,150 | |
Letters of Credit Outstanding, Amount | $ 5.1 | 5.4 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 994.9 | $ 944.6 |
Note 10 - Debt - Short-term and
Note 10 - Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Finance lease liabilities, current | [1] | $ 14.8 | $ 14.4 |
Short-term debt and current portion of long-term debt | 464.8 | 514.3 | |
Finance lease liabilities, noncurrent | [1] | 10 | 10.3 |
Syndicated revolving credit facility debt issuance costs | (1.5) | (1.6) | |
Long-term debt | 2,699.6 | 2,699.6 | |
Total debt | 3,164.4 | 3,213.9 | |
The 5.800% Senior Note [Member] | |||
Long-term debt | 450 | 449.9 | |
The 3.625% Senior Note [Member] | |||
Long-term debt | 489.4 | 489.3 | |
The 4.125% Senior Note [Member] | |||
Long-term debt | 612 | 612.4 | |
The 4.000% Senior Note [Member] | |||
Long-term debt | 894.9 | 894.6 | |
The 5.500% Senior Note [Member] | |||
Long-term debt | 345.7 | 345.7 | |
The 4.125% Senior Note - Further Issuance [Member] | |||
Long-term debt | 349.1 | 348.9 | |
Line of Credit [Member] | |||
Syndicated revolving credit facility | $ 0 | $ 50 | |
[1] | Refer to Note 5. Leases |
Note 10 - Debt - Short-term a_2
Note 10 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
The 5.800% Senior Note [Member] | ||
Interest rate | 5.80% | 5.80% |
Unamortized discount | $ 0 | $ 100 |
The 3.625% Senior Note [Member] | ||
Interest rate | 3.625% | 3.625% |
Unamortized discount | $ 10,600 | $ 10,700 |
The 4.125% Senior Note [Member] | ||
Interest rate | 4.125% | 4.125% |
Unamortized discount | $ 12,000 | $ 12,400 |
The 4.000% Senior Note [Member] | ||
Interest rate | 4.00% | 4.00% |
Unamortized discount | $ 5,100 | $ 5,400 |
The 5.500% Senior Note [Member] | ||
Interest rate | 5.50% | 5.50% |
Unamortized discount | $ 4,300 | $ 4,300 |
The 4.125% Senior Note - Further Issuance [Member] | ||
Interest rate | 4.125% | 4.125% |
Unamortized discount | $ 900 | $ 1,100 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Mar. 31, 2021 | Feb. 17, 2021 | Jan. 04, 2021 | Mar. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 16, 2021 |
Common Stock, Shares Authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||
Preferred Stock, Shares Authorized (in shares) | 80,000,000 | 80,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 | |||||||
Share Price (in dollars per share) | $ 176.69 | $ 207.59 | $ 176.69 | ||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.29 | $ 0.27 | |||||||
Payments of Dividends, Total | $ 47.1 | $ 43.9 | $ 47.1 | $ 43.9 | |||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 263,474 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 100 | $ 173.8 | |||||||
Treasury Stock, Shares, Ending Balance (in shares) | 381,536,446 | 381,185,512 | 381,536,446 | ||||||
Common Stock Reissued (in shares) | 209,592 | ||||||||
Common Stock, Weighted Average Price (in dollars per share) | $ 11.11 | $ 11.11 | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 946,563 | 1,009,520 | |||||||
Common Stock [Member] | |||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | |||||||
Share Repurchase Programs [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 4,100 | 4,100 | |||||||
Treasury Stock, Cumulative Value Acquired, Cost Method | 3,621.2 | 3,621.2 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 478.8 | $ 478.8 | |||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 560,526 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 100 | ||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 178.40 | ||||||||
February 2021 Share Repurchase Program [Member] | Common Stock [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||||||
December 2020 Share Repurchase Program [Member] | |||||||||
Accelerated Share Repurchases, Purchase Price | $ 50 | ||||||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 192,687 | 70,787 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 207.59 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income attributable to Verisk | $ 168.6 | $ 171.7 |
Weighted average number of common shares used in basic EPS (in shares) | 162,641,819 | 162,894,306 |
Potential common shares issuable from stock options and stock awards (in shares) | 1,794,898 | 2,829,814 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) | 164,436,717 | 165,724,120 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Foreign currency translation adjustment | $ (283.5) | $ (292.2) |
Pension and postretirement adjustment, net of tax | (82.7) | (83.5) |
Accumulated other comprehensive losses | $ (366.2) | $ (375.7) |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Other comprehensive income (loss), before tax | $ 9.7 | $ (171.5) | |
Other comprehensive income (loss), tax | (0.2) | (0.3) | |
Other comprehensive income (loss), after tax | 9.5 | (171.8) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Other comprehensive income (loss), before tax | 8.7 | (172.6) | |
Other comprehensive income (loss), tax | 0 | 0 | |
Other comprehensive income (loss), after tax | 8.7 | (172.6) | |
Pension and Postretirement Adjustment [Member] | |||
Other comprehensive income (loss), before tax | 1 | 1.1 | |
Other comprehensive income (loss), tax | (0.2) | (0.3) | |
Other comprehensive income (loss), after tax | 0.8 | 0.8 | |
Other comprehensive income (loss), before reclassifications, before tax | 2.1 | 2.1 | |
Other comprehensive income (loss), before reclassifications, tax | (0.5) | (0.6) | |
Other comprehensive income (loss), before reclassifications, after tax | 1.6 | 1.5 | |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax | [1] | (1.1) | (1) |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss), tax | [1] | 0.3 | 0.3 |
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax | [1] | $ (0.8) | $ (0.7) |
[1] | These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying condensed consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 13. Pension and Postretirement Benefits for additional details). |
Note 12 - Equity Compensation_3
Note 12 - Equity Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Proceeds from Stock Options Exercised | $ 7.6 | $ 19.2 | |
Nonqualified Stock Option, Contractual Term (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 706,507 | 709,811 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 4 years 9 months 18 days | ||
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements | $ 128.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 6.2 | 5.6 | |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in shares) | 1 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 59,144 | 59,144 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.1 | 2.1 | |
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels | 200.00% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 134,777 | 135,380 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 6.8 | $ 6.1 | |
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 454,205 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 5.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | 0 | |
Employee Stock Purchase Plan [Member] | US ESPP [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,250,129 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 10,137 | 9,451 | |
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ 167.84 | $ 132.41 | |
The 2013 Incentive Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,937,143 |
Note 12 - Equity Compensation_4
Note 12 - Equity Compensation Plans - Summary of Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Outstanding beginning balance, options (in shares) | 5,611,777 | ||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 98.28 | ||||
Outstanding, options, aggregate intrinsic value | $ 416.8 | $ 613.4 | |||
Granted, options (in shares) | 706,507 | 709,811 | |||
Granted, options, weighted average exercise price (in dollars per share) | $ 190.10 | ||||
Dividend reinvestment, options (in shares) | 0 | ||||
Dividend reinvestment, options, weighted average exercise price (in (in dollars per share) | $ 0 | ||||
Exercised or lapsed, options (in shares) | (115,284) | ||||
Exercised or lapsed, options, weighted average exercise price (in dollars per share) | $ 64.73 | ||||
Exercised or lapsed, options, aggregate intrinsic value | $ 13.5 | ||||
Canceled, expired or forfeited, option (in shares) | (20,245) | ||||
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) | $ 136.35 | ||||
Outstanding, option (in shares) | 6,186,059 | ||||
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) | $ 109.31 | ||||
Exercisable, options (in shares) | 3,588,921 | 3,494,164 | |||
Exercisable, options, weighted average exercise price (in dollars per share) | $ 82.06 | $ 76.84 | |||
Exercisable, options, aggregate intrinsic value | $ 339.6 | $ 456.9 | |||
Nonvested, options (in shares) | 2,597,138 | ||||
Expected to vest, options (in shares) | 2,296,123 | ||||
Restricted Stock [Member] | |||||
Outstanding beginning balance, number of shares (in shares) | 390,054 | ||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 131.63 | ||||
Granted, number of shares (in shares) | 134,777 | 135,380 | |||
Granted, weighted average exercise price (in dollars per share) | $ 190.10 | ||||
Dividend reinvestment, number of shares (in shares) | 0 | ||||
Dividend reinvestment (in dollars per share) | $ 0 | ||||
Exercised or lapsed, number of shares (in shares) | (36,637) | ||||
Exercised or lapsed, weighted average exercise price (in dollars per share) | $ 158.23 | ||||
Canceled, expired or forfeited, number of shares (in shares) | (3,216) | ||||
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) | $ 141.28 | ||||
Outstanding ending balance, number of shares (in shares) | 485,581 | ||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 145.47 | ||||
Nonvested, number of shares (in shares) | 485,581 | 485,581 | 390,054 | ||
Expected, number of shares (in shares) | 432,880 | ||||
Performance Shares [Member] | |||||
Outstanding beginning balance, number of shares (in shares) | 145,609 | ||||
Outstanding beginning balance, weighted average exercise price (in dollars per share) | $ 170.75 | ||||
Granted, number of shares (in shares) | 59,144 | 59,144 | |||
Granted, weighted average exercise price (in dollars per share) | $ 210.07 | ||||
Dividend reinvestment, number of shares (in shares) | 269 | ||||
Exercised or lapsed, number of shares (in shares) | (42,610) | ||||
Canceled, expired or forfeited, number of shares (in shares) | 0 | ||||
Outstanding ending balance, number of shares (in shares) | 162,412 | ||||
Outstanding ending balance, weighted average exercise price (in dollars per share) | $ 192.99 | ||||
Nonvested, number of shares (in shares) | 162,412 | 162,412 | 145,609 | ||
Expected, number of shares (in shares) | [1] | 115,599 | |||
[1] | Includes estimated performance achievement |
Note 12 - Equity Compensation_5
Note 12 - Equity Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Expected volatility | 23.60% | 18.17% |
Risk-free interest rate | 0.37% | 1.59% |
Expected term in years (Year) | 4 years 3 months 18 days | 4 years 3 months 18 days |
Dividend yield | 0.63% | 0.71% |
Weighted average grant date fair value per stock option (in dollars per share) | $ 36.09 | $ 25.49 |
Note 13 - Pension and Postret_3
Note 13 - Pension and Postretirement Benefits (Details Textual) | Mar. 31, 2021 | Dec. 31, 2020 |
Equity Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | 55.00% |
Debt Securities [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | 45.00% |
Note 13 - Pension and Postret_4
Note 13 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan and SERP Plan [Member] | ||
Interest cost | $ 2.8 | $ 3.3 |
Expected return on plan assets | (8.2) | (7.6) |
Amortization of net actuarial loss | 1 | 1 |
Net periodic benefit | (4.4) | (3.3) |
Employer contributions (refunds), net | 0.2 | 0.2 |
Other Postretirement Benefits Plan [Member] | ||
Interest cost | 0 | 0 |
Expected return on plan assets | (0.1) | 0 |
Amortization of net actuarial loss | 0.1 | 0 |
Net periodic benefit | 0 | 0 |
Employer contributions (refunds), net | $ (0.4) | $ (0.4) |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Operating Segments | 3 |
Note 14 - Segment Reporting - R
Note 14 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 726.1 | $ 689.8 |
Cost of revenues (exclusive of items shown separately below) | 262.4 | 257.7 |
Selling, general and administrative | 119.8 | 112.1 |
Other operating income | 0 | 19.4 |
Investment income (loss) and others, net | 1.7 | (2.1) |
EBITDA | 345.6 | 337.3 |
Depreciation and amortization of fixed assets | 48.5 | 46.1 |
Amortization of intangible assets | 45 | 41 |
Interest expense | 35.4 | 33.5 |
Income before income taxes | 216.7 | 216.7 |
Insurance [Member] | ||
Revenues | 535.6 | 495.3 |
Cost of revenues (exclusive of items shown separately below) | 173.2 | 167.2 |
Selling, general and administrative | 74.7 | 69.6 |
Other operating income | 0 | 15.9 |
Investment income (loss) and others, net | 1.3 | (1.2) |
EBITDA | 289 | 273.2 |
Energy and Specialized Markets [Member] | ||
Revenues | 156.2 | 154.2 |
Cost of revenues (exclusive of items shown separately below) | 65 | 66.6 |
Selling, general and administrative | 37.9 | 37.7 |
Other operating income | 0 | 0 |
Investment income (loss) and others, net | 0.4 | (0.5) |
EBITDA | 53.7 | 49.4 |
Financial Services [Member] | ||
Revenues | 34.3 | 40.3 |
Cost of revenues (exclusive of items shown separately below) | 24.2 | 23.9 |
Selling, general and administrative | 7.2 | 4.8 |
Other operating income | 0 | 3.5 |
Investment income (loss) and others, net | 0 | (0.4) |
EBITDA | $ 2.9 | $ 14.7 |
Note 14 - Segment Reporting - L
Note 14 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Total long-lived assets | $ 6,768.9 | $ 6,767.6 |
UNITED STATES | ||
Total long-lived assets | 3,512.2 | 3,525 |
UNITED KINGDOM | ||
Total long-lived assets | 2,800.1 | 2,775.8 |
Other Countries [Member] | ||
Total long-lived assets | $ 456.6 | $ 466.8 |
Note 15 - Related Parties (Deta
Note 15 - Related Parties (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Percentage Of Ownership On Outstanding Common Stock Required To Become Related Party | 5.00% | |
Related Party Transaction, Amounts of Transaction | $ 0 | $ 0 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) $ in Millions | Feb. 16, 2021USD ($) | Sep. 25, 2019USD ($) | Jan. 29, 2019 | Oct. 08, 2015 | Apr. 15, 2021USD ($) | Dec. 10, 2020USD ($) | Mar. 02, 2020USD ($) | Dec. 31, 2019USD ($) |
Eagle View Technologies, Inc. and Pictometry International Group, Inc. v. Xactware Solutions, Inc. and Verisk Analytics, Inc. [Member] | ||||||||
Loss Contingency, Patents Allegedly Infringed, Number | 5 | 7 | ||||||
Loss Contingency, Pending Claims, Number, Ending Balance | 6 | |||||||
Loss Contingency, Damages Sought, Value | $ 125 | |||||||
Loss Contingency, Bond Secured | $ 137.5 | |||||||
Loss Contingency, Damages Awarded, Value | $ 375 | |||||||
Loss Contingency Accrual, Ending Balance | $ 125 | |||||||
Eagle View Technologies, Inc. and Pictometry International Group, Inc. v. Xactware Solutions, Inc. and Verisk Analytics, Inc. [Member] | Subsequent Event [Member] | ||||||||
Loss Contingency, Bond Secured | $ 305 | |||||||
Erica Jackson in the Court of Common Pleas of Lackawanna County, Pennsylvania against Lead Intelligence, Inc. [Member] | ||||||||
Loss Contingency, Damages Per Day, Liquidated Damages | $ 100 | |||||||
Loss Contingency, Damages Per Day, Punitive Damages | $ 1,000 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | May 01, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 263,474 | |||
The 5.800% Senior Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | 5.80% | ||
Subsequent Event [Member] | The 5.800% Senior Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |||
Repayments of Debt | $ 450 | |||
Repayments of Debt, Paid With Borrowings | $ 250 | |||
Additional ASR Agreement With Citibank, N.A. [Member] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 125 | |||
Additional ASR Agreement With Citibank, N.A. [Member] | Subsequent Event [Member] | ||||
Accelerated Share Repurchases, Initial Price, Shares (in shares) | 565,963 | |||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 176.69 | |||
Accelerated Share Repurchases, Purchase Price | $ 100 |