Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 28, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'VRSK | ' | ' |
Entity Registrant Name | 'Verisk Analytics, Inc. | ' | ' |
Entity Central Index Key | '0001442145 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 166,835,574 | ' |
Entity Public Float | ' | ' | $8,981,907,417 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | |
Cash and cash equivalents | $165,801 | $89,819 | |
Available-for-sale securities | 3,911 | 4,883 | |
Accounts receivable, net | 158,547 | 178,430 | |
Prepaid expenses | 25,657 | 21,946 | |
Deferred income taxes, net | 5,077 | 10,397 | |
Income taxes receivable | 67,346 | 45,975 | |
Other current assets | 34,681 | 39,109 | |
Current assets held-for-sale | 13,825 | 0 | |
Total current assets | 474,845 | 390,559 | |
Noncurrent assets: | ' | ' | |
Intangible assets, net | 233,373 | 154,084 | |
Intangible assets, net | 447,618 | 520,935 | |
Goodwill | 1,181,681 | [1] | 1,247,459 |
Pension assets | 60,955 | 0 | |
Other assets | 20,034 | 47,299 | |
Noncurrent assets held-for-sale | 85,945 | 0 | |
Total assets | 2,504,451 | 2,360,336 | |
Current liabilities: | ' | ' | |
Accounts payable and accrued liabilities | 188,264 | 187,648 | |
Short-term debt and current portion of long-term debt | 4,448 | 195,263 | |
Pension and postretirement benefits, current | 2,437 | 1,734 | |
Fees received in advance | 226,581 | 200,705 | |
Current liabilities held-for-sale | 9,449 | 0 | |
Total current liabilities | 431,179 | 585,350 | |
Noncurrent liabilities: | ' | ' | |
Long-term debt | 1,271,439 | 1,266,162 | |
Pension benefits | 13,007 | 38,655 | |
Postretirement benefits | 2,061 | 2,627 | |
Deferred income taxes, net | 198,604 | 133,761 | |
Other liabilities | 36,043 | 78,190 | |
Noncurrent liabilities held-for-sale | 4,529 | 0 | |
Total liabilities | 1,956,862 | 2,104,745 | |
Commitments and contingencies | ' | ' | |
Stockholders’ equity: | ' | ' | |
Unearned KSOP contributions | -306 | -483 | |
Additional paid-in capital | 1,202,106 | 1,044,746 | |
Treasury stock, at cost, 376,545,111 and 376,275,965 shares, respectively | -1,864,967 | -1,605,376 | |
Retained earnings | 1,254,107 | 905,727 | |
Accumulated other comprehensive losses | -43,488 | -89,160 | |
Total stockholders’ equity | 547,589 | 255,591 | |
Total liabilities and stockholders’ equity | 2,504,451 | 2,360,336 | |
Verisk Class A [Member] | ' | ' | |
Stockholders’ equity: | ' | ' | |
Verisk Class A common stock, $.001 par value; 1,200,000,000 shares authorized; 544,003,038 shares issued and 167,457,927 and 167,727,073 outstanding, respectively | $137 | $137 | |
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2011. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Verisk Class A [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
common stock authorized, shares | 1,200,000,000 | 1,200,000,000 |
Common stock issued, shares | 544,003,038 | 544,003,038 |
Common stock outstanding, shares | 167,457,927 | 167,727,073 |
Treasury stock, shares | 376,545,111 | 376,275,965 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues (including amounts from related parties of $13,882, in 2011, Note 19) | $1,595,703 | $1,407,848 | $1,191,393 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 622,523 | 516,708 | 440,979 |
Selling, general and administrative | 228,982 | 220,068 | 199,495 |
Depreciation and amortization of fixed assets | 66,190 | 46,637 | 40,135 |
Amortization of intangible assets | 63,741 | 52,207 | 32,985 |
Acquisition related liabilities adjustment | 0 | 0 | -3,364 |
Total expenses | 981,436 | 835,620 | 710,230 |
Operating income | 614,267 | 572,228 | 481,163 |
Other income (expense): | ' | ' | ' |
Investment income | 701 | 438 | 193 |
Realized (loss) gain on available-for-sale securities, net | -92 | -332 | 686 |
Interest expense | -76,136 | -72,508 | -53,847 |
Total other expense, net | -75,527 | -72,402 | -52,968 |
Income before income taxes | 538,740 | 499,826 | 428,195 |
Provision for income taxes | -196,426 | -182,363 | -165,739 |
Income from continuing operations | 342,314 | 317,463 | 262,456 |
Income from discontinued operations, net of tax of $4,753, $7,703 and $11,924, respectively (Note 10) | 6,066 | 11,679 | 20,302 |
Net income | $348,380 | $329,142 | $282,758 |
Basic net income per share: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $2.04 | $1.91 | $1.58 |
Income from discontinued operations (in dollars per share) | $0.03 | $0.07 | $0.12 |
Basic net income per share (in dollars per share) | $2.07 | $1.98 | $1.70 |
Diluted net income per share: | ' | ' | ' |
Income from continuing operations (in dollars per share) | $1.99 | $1.85 | $1.51 |
Income from discontinued operations (in dollars per share) | $0.03 | $0.07 | $0.12 |
Diluted net income per share (in dollars per share) | $2.02 | $1.92 | $1.63 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 168,031,412 | 165,890,258 | 166,015,238 |
Diluted (in shares) | 172,276,360 | 171,709,518 | 173,325,110 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues amounts from related parties | $0 | $0 | $13,882 |
Income from discontinued operations, tax | $4,753 | $7,703 | $11,924 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $348,380 | $329,142 | $282,758 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain | -840 | 15 | -183 |
Unrealized holding loss on available-for-sale securities | -147 | -197 | -456 |
Pension and postretirement adjustment | 46,659 | -10,691 | -21,845 |
Total other comprehensive income (loss) | 45,672 | -10,873 | -22,484 |
Comprehensive income | $394,052 | $318,269 | $260,274 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Verisk Class A [Member] | Verisk Class B [Member] | Verisk Class B [Member] | Par Value [Member] | Unearned KSOP Contributions [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | Class B-1 [Member] | Class B-2 [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2010 | ($114,442) | ' | ' | ' | $135 | ($988) | $754,708 | ($1,106,321) | $293,827 | ($55,803) |
Balance, shares at Dec. 31, 2010 | ' | 150,179,126 | 198,327,962 | 193,665,008 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 282,758 | ' | ' | ' | ' | ' | ' | ' | 282,758 | ' |
Other comprehensive loss | -22,484 | ' | ' | ' | ' | ' | ' | ' | ' | -22,484 |
Conversion of Class B-1 common stock | ' | -198,327,962 | -198,327,962 | ' | ' | ' | ' | ' | ' | ' |
Conversion of Class B-2 common stock | ' | -193,665,008 | ' | -193,665,008 | ' | ' | ' | ' | ' | ' |
Treasury stock acquired - Class A | -380,710 | ' | ' | ' | ' | ' | ' | -380,710 | ' | ' |
KSOP shares earned | 12,615 | ' | ' | ' | ' | 297 | 12,318 | ' | ' | ' |
Stock options exercised, including tax benefit | 101,031 | ' | ' | ' | 2 | ' | 85,051 | 15,978 | ' | ' |
Stock options exercised, including tax benefit (in shares) | 5,543,866 | 1,830,942 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 22,656 | ' | ' | ' | ' | ' | 22,656 | ' | ' | ' |
Other stock issuances | 86 | ' | ' | ' | ' | ' | 75 | 11 | ' | ' |
Balance at Dec. 31, 2011 | -98,490 | ' | ' | ' | 137 | -691 | 874,808 | -1,471,042 | 576,585 | -78,287 |
Balance, shares at Dec. 31, 2011 | ' | 544,003,038 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 329,142 | ' | ' | ' | ' | ' | ' | ' | 329,142 | ' |
Other comprehensive loss | -10,873 | ' | ' | ' | ' | ' | ' | ' | ' | -10,873 |
Treasury stock acquired - Class A | -162,586 | ' | ' | ' | ' | ' | ' | -162,586 | ' | ' |
KSOP shares earned | 13,111 | ' | ' | ' | ' | 208 | 12,903 | ' | ' | ' |
Stock options exercised, including tax benefit | 159,863 | ' | ' | ' | 0 | ' | 131,824 | 28,039 | ' | ' |
Stock options exercised, including tax benefit (in shares) | 6,880,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock lapsed, including tax benefit | 201 | ' | ' | ' | ' | ' | 34 | 167 | ' | ' |
Employee stock purchase plan | 294 | ' | ' | ' | ' | ' | 268 | 26 | ' | ' |
Stock based compensation | 24,696 | ' | ' | ' | ' | ' | 24,696 | ' | ' | ' |
Other stock issuances | 233 | ' | ' | ' | ' | ' | 213 | 20 | ' | ' |
Balance at Dec. 31, 2012 | 255,591 | ' | ' | ' | 137 | -483 | 1,044,746 | -1,605,376 | 905,727 | -89,160 |
Balance, shares at Dec. 31, 2012 | ' | 544,003,038 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 348,380 | ' | ' | ' | ' | ' | ' | ' | 348,380 | ' |
Other comprehensive loss | 45,672 | ' | ' | ' | ' | ' | ' | ' | ' | 45,672 |
Treasury stock acquired - Class A | -278,938 | ' | ' | ' | ' | ' | ' | -278,938 | ' | ' |
KSOP shares earned | 14,930 | ' | ' | ' | ' | 177 | 14,753 | ' | ' | ' |
Stock options exercised, including tax benefit | 137,759 | ' | ' | ' | ' | ' | 119,236 | 18,523 | ' | ' |
Stock options exercised, including tax benefit (in shares) | 4,076,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock lapsed, including tax benefit | 991 | ' | ' | ' | ' | ' | 333 | 658 | ' | ' |
Employee stock purchase plan | 1,662 | ' | ' | ' | ' | ' | 1,533 | 129 | ' | ' |
Stock based compensation | 21,087 | ' | ' | ' | ' | ' | 21,087 | ' | ' | ' |
Other stock issuances | 455 | ' | ' | ' | ' | ' | 418 | 37 | ' | ' |
Balance at Dec. 31, 2013 | $547,589 | ' | ' | ' | $137 | ($306) | $1,202,106 | ($1,864,967) | $1,254,107 | ($43,488) |
Balance, shares at Dec. 31, 2013 | ' | 544,003,038 | 0 | 0 | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Treasury stock, shares acquired | 4,532,552 | 3,491,591 | ' |
Tax benefit of stock options exercised | $57,065 | $88,185 | $57,684 |
Shares reissued from treasury stock | 4,076,750 | 6,880,678 | 3,716,165 |
Other stock issuances, shares | 8,109 | 4,777 | ' |
Restricted Stock [Member] | ' | ' | ' |
Tax benefit of stock options exercised | $991 | $202 | ' |
Shares reissued from treasury stock | 150,668 | 41,908 | ' |
Employee stock purchase plan [Member] | ' | ' | ' |
Shares reissued from treasury stock | 27,879 | 6,074 | ' |
Verisk Class A [Member] | ' | ' | ' |
Treasury stock, shares acquired | 4,532,552 | 3,491,591 | 11,326,624 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $348,380 | $329,142 | $282,758 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of fixed assets | 70,279 | 50,624 | 43,827 |
Amortization of intangible assets | 64,299 | 53,575 | 34,792 |
Amortization of debt issuance costs and original issue discount | 2,713 | 2,337 | 1,655 |
Allowance for doubtful accounts | 2,482 | 1,065 | 1,278 |
KSOP compensation expense | 14,930 | 13,111 | 12,615 |
Stock based compensation | 21,087 | 24,696 | 22,656 |
Noncash charges associated with performance based appreciation awards | 0 | 0 | 585 |
Acquisition related liabilities adjustment | 0 | 0 | -3,364 |
Realized loss (gain) on securities, net | 92 | 332 | -686 |
Deferred income taxes | 44,140 | 63,261 | 21,321 |
Loss on disposal of fixed assets | 628 | 597 | 868 |
Excess tax benefits from exercised stock options | -109,946 | -60,672 | -53,195 |
Other operating activities, net | 448 | 265 | 132 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Accounts receivable | 2,106 | -6,425 | -25,926 |
Prepaid expenses and other assets | -2,386 | 550 | -2,720 |
Income taxes | 39,661 | 83,711 | 46,959 |
Accounts payable and accrued liabilities | 34,022 | 11,256 | 15,468 |
Fees received in advance | 26,970 | 20,493 | 12,373 |
Pension and postretirement benefits | -11,392 | -105,829 | -13,599 |
Other liabilities | -41,593 | -13,860 | -22,076 |
Net cash provided by operating activities | 506,920 | 468,229 | 375,721 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired of $0, $36,113 and $590, respectively | -983 | -769,513 | -121,721 |
Purchase of non-controlling interest in non-public companies | 0 | -2,250 | 0 |
Earnout payments | 0 | -250 | -3,500 |
Escrow funding associated with acquisitions | 0 | -38,800 | -19,560 |
Proceeds from release of acquisition related escrows | 280 | 1,455 | 0 |
Purchases of fixed assets | -145,976 | -74,373 | -59,829 |
Purchases of available-for-sale securities | -5,870 | -1,784 | -1,549 |
Proceeds from sales and maturities of available-for-sale securities | 7,484 | 1,932 | 1,730 |
Other investing activities, net | -561 | 0 | 300 |
Net cash used in investing activities | -145,626 | -883,583 | -204,129 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | 0 | 347,224 | 696,559 |
Repayment of current portion of long-term debt | -180,000 | 0 | -125,000 |
Repayment of short-term debt refinanced on a long-term basis | 0 | -347,224 | -440,000 |
Proceeds from issuance of short-term debt with original maturities greater than three months | 0 | 0 | 120,000 |
(Repayment) proceeds from short-term debt, net | -10,000 | 357,224 | 10,000 |
Payment of debt issuance costs | -605 | -3,905 | -7,835 |
Excess tax benefits from exercised stock options | 109,946 | 60,672 | 53,195 |
Proceeds from stock options exercised | 80,368 | 68,388 | 43,345 |
Other financing activities, net | -6,770 | -6,549 | -3,268 |
Net cash (used in) provided by financing activities | -284,472 | 313,555 | -34,780 |
Effect of exchange rate changes | -840 | 15 | -183 |
Increase (decrease) in cash and cash equivalents | 75,982 | -101,784 | 136,629 |
Cash and cash equivalents, beginning of period | 89,819 | 191,603 | 54,974 |
Cash and cash equivalents, end of period | 165,801 | 89,819 | 191,603 |
Supplemental disclosures: | ' | ' | ' |
Taxes paid | 126,846 | 47,516 | 117,717 |
Interest paid | 75,084 | 60,977 | 48,158 |
Non-cash investing and financing activities: | ' | ' | ' |
Deferred tax (liability) asset established on the date of acquisitions | -1,187 | -80,979 | 1,324 |
Capital lease obligations | 10,512 | 3,869 | 7,248 |
Capital expenditures included in accounts payable and accrued liabilities | 5,960 | 4,946 | 3,437 |
Increase in goodwill due to acquisition related escrow distributions | 0 | 5,934 | 0 |
Increase in goodwill due to accrual of acquisition related liabilities | 0 | 0 | 250 |
Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Repayment of current portion of long-term debt | -180,000 | ' | ' |
Repurchases of Class A common stock | -277,411 | -162,275 | -381,776 |
Non-cash investing and financing activities: | ' | ' | ' |
Repurchases of Class A common stock included in accounts payable and accrued liabilities | $3,038 | $1,511 | $1,200 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash acquired from acquisitions | $0 | $36,113 | $590 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization | ' |
Organization: | |
Verisk Analytics, Inc. and its consolidated subsidiaries (“Verisk” or the “Company”) enable risk-bearing businesses to better understand and manage their risks. The Company provides its customers proprietary data that, combined with analytic methods, create embedded decision support solutions. The Company is one of the largest aggregators and providers of data pertaining to property and casualty (“P&C”) insurance risks in the United States of America (“U.S.”). The Company offers solutions for detecting fraud in the U.S. P&C insurance, financial and healthcare industries and sophisticated methods to predict and quantify loss in diverse contexts ranging from natural catastrophes to supply chain to health insurance. The Company provides solutions, including data, statistical models or tailored analytics, all designed to allow clients to make more logical decisions. | |
Verisk was established to serve as the parent holding company of Insurance Services Office, Inc. (“ISO”) upon completion of the initial public offering (“IPO”), which occurred on October 9, 2009. ISO was formed in 1971 as an advisory and rating organization for the P&C insurance industry to provide statistical and actuarial services, to develop insurance programs and to assist insurance companies in meeting state regulatory requirements. For over the past decade, the Company broadened its data assets, entered new markets, placed a greater emphasis on analytics, and pursued strategic acquisitions. Verisk trades under the ticker symbol “VRSK” on the NASDAQ Global Select Market. |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Summary of Significant Accounting Policies | ' |
Basis of Presentation and Summary of Significant Accounting Policies: | |
The accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“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, acquisition related liabilities, fair value of stock based compensation, assets and liabilities for pension and postretirement benefits, and the estimate for the allowance for doubtful accounts. Actual results may ultimately differ from those estimates. As of December 31, 2013, the Company's mortgage services business qualified as assets held-for-sale. Accordingly, the respective assets and liabilities have been classified as held-for-sale in the consolidated balance sheet at December 31, 2013. In addition, the results of operations for the Company's mortgage services business are reported as a discontinued operation for the years presented herein (See Note 10). | |
Significant accounting policies include the following: | |
(a) Intercompany Accounts and Transactions | |
The consolidated financial statements include the accounts of Verisk. All intercompany accounts and transactions have been eliminated. | |
(b) Revenue Recognition | |
The following describes the Company’s primary types of revenues and the applicable revenue recognition policies. The Company’s revenues are primarily derived from sales of services and revenue is recognized as services are performed and information is delivered to customers. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, fees and/or price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized net of applicable sales tax withholdings. | |
Industry-Standard Insurance Programs | |
Industry-standard insurance programs, statistical agent and data services and actuarial services are sold to participating insurance company customers under annual agreements covering a calendar year where the price is determined at the inception of the agreement. In accordance with Accounting Standards Codification (“ASC”) 605, Revenue Recognition, the Company recognizes revenue ratably over the term of these annual agreements, as services are performed and continuous access to information is provided over the entire term of the agreements. | |
Property-Specific Rating and Underwriting Information | |
The Company provides property-specific rating information through reports issued for specific commercial properties, for which revenue is recognized when the report is delivered to the customer, provided that all other revenue recognition criteria are met. | |
In addition, the Company provides hosting or software solutions that provide continuous access to information about the properties being insured and underwriting information in the form of standard policy forms to be used by customers. As the customer has a contractual right to take possession of the software without significant penalty, revenues from these arrangements are recognized ratably over the contract period from the time when the customer had access to the solution in accordance with ASC 985-605, Software Revenue Recognition (“ASC 985-605”). The Company recognizes software license revenue when the arrangement does not require significant production, customization or modification of the software and the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred, fees are fixed or determinable, and collections are probable. These software arrangements include post-contract customer support (“PCS”). The Company recognizes software license revenue ratably over the duration of the annual license term as vendor specific objective evidence (“VSOE”) of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. | |
Insurance | |
Insurance services primarily consist of term-based software licenses. These software arrangements include PCS, which includes unspecified upgrades on a when-and-if available basis. The Company recognizes software license revenue ratably over the duration of the annual license term as VSOE of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. In certain instances, the customers are billed for access on a monthly basis for the term-based software licenses and the Company recognizes revenue accordingly. | |
There are also services within insurance, which are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
Financial Services | |
Financial services include various types of services to customers. The Company primarily recognizes revenue ratably for these services over the term of the agreements, as services are performed and continuous service is provided over the entire term of the agreements. In addition, there are certain services which are comprised of transaction-based fees; in these instances, revenue is recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
Healthcare | |
The Company provides software hosting arrangements to customers whereby the customer does not have the right to take possession of the software. As these arrangements include PCS throughout the hosting term, revenues from these multiple element arrangements are recognized in accordance with ASC 605-25, Revenue Recognition — Multiple Element Arrangements (“ASC 605-25”). The Company recognizes revenue ratably over the duration of the license term, which ranges from one to five years, since the contractual elements do not have stand alone value. | |
There are also services within healthcare, which are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
Specialized Markets | |
Specialized markets consist of term-based software licenses. These software arrangements include PCS, which includes unspecified upgrades on a when-and-if available basis. The Company recognizes software license revenue ratably over the duration of the annual license term as VSOE of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. In certain instances, the customers are billed for access on a monthly basis for the term-based software licenses and the Company recognizes revenue accordingly. In addition, specialized markets are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
The Company services long-term contract arrangements with certain customers. For these arrangements, revenue is recognized in accordance with ASC 605-35, Revenue Recognition — Construction-Type and Production-Type Contracts (“ASC 605-35”), using the percentage-of-completion method, which requires the use of estimates. In such instances, management is required to estimate the input measures, based on hours incurred to date compared to total estimated hours of the project, with consideration also given to output measures, such as contract milestones, when applicable. Adjustments to estimates are made in the period in which the facts requiring such revisions become known. Accordingly, recognized revenues and profits are subject to revisions as the contract progresses to completion. The Company considers the contract substantially complete when there is compliance with all performance specifications and there are no remaining costs or potential risk. | |
(c) Fees Received in Advance | |
The Company invoices its customers in annual, quarterly, monthly or milestone installments. Amounts billed and collected in advance of contract terms are recorded as “Fees received in advance” in the accompanying consolidated balance sheets and are recognized as the services are performed and the applicable revenue recognition criteria are met. | |
(d) Fixed Assets and Finite-lived Intangible Assets | |
Property and equipment, internal-use software and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. | |
The Company’s internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350-40, Internal-use Software. The Company also capitalizes software development costs upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold, Leased, or Marketed (“ASC 985-20”). Software development costs are amortized on a straight-line basis over a three-year period, which management believes represents the useful life of these capitalized costs. | |
In accordance with ASC 360, Property, Plant & Equipment, whenever events or changes in circumstances indicate that the carrying amount of long-lived assets and finite-lived intangible assets may not be recoverable, the Company reviews its long-lived assets and finite-lived intangible assets for impairment by first comparing the carrying value of the assets to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the carrying value exceeds the sum of the assets’ undiscounted cash flows, the Company estimates and recognizes an impairment loss by taking the difference between the carrying value and fair value of the assets. | |
(e) Assets Held-for-Sale | |
The Company classifies its long-lived assets as held-for-sale when management commits to a plan to sell the assets, the assets are ready for immediate sale in their present condition, an active program to locate buyers has been initiated, the sale of the assets is probable and expected to be completed within one year, the assets are marketed at reasonable prices in relation to their fair value and it is unlikely that significant changes will be made to the plan to sell the assets. The Company measures the value of long-lived assets held for sale at the lower of the carrying amount or fair value, less cost to sell. | |
(f) Capital and Operating Leases | |
The Company leases various property, plant and equipment. Leased property is accounted for under ASC 840, Leases (“ASC 840”). Accordingly, leased property that meets certain criteria is capitalized and the present value of the related lease payments is recorded as a liability. Amortization of assets accounted for as capital leases is computed utilizing the straight-line method over the shorter of the remaining lease term or the estimated useful life (principally 3 to 4 years for computer equipment and automobiles). | |
All other leases are accounted for as operating leases. Rent expense for operating leases, which may have rent escalation provisions or rent holidays, is recorded on a straight-line basis over the non-cancelable lease period in accordance with ASC 840. The initial lease term generally includes the build-out period, where no rent payments are typically due under the terms of the lease. The difference between rent expensed and rent paid is recorded as deferred rent. Construction allowances received from landlords are recorded as a deferred rent credit and amortized to rent expense over the term of the lease. | |
(g) Investments | |
The Company’s investments at December 31, 2013 and 2012 included registered investment companies and equity investments in non-public companies. The Company accounts for short-term investments in accordance with ASC 320, Investments-Debt and Equity Securities (“ASC 320”). | |
There were no investments classified as trading securities at December 31, 2013 or 2012. All investments with readily determinable market values are classified as available-for-sale. While these investments are not held with the specific intention to sell them, they may be sold to support the Company’s investment strategies. All available-for-sale investments are carried at fair value. The cost of all available-for-sale investments sold is based on the specific identification method, with the exception of mutual fund-based investments, which is based on the weighted average cost method. Dividend income is accrued on the ex-dividend date. | |
The Company performs reviews of its investment portfolio when individual holdings have experienced a decline in fair value below their respective cost. The Company considers a number of factors in the evaluation of whether a decline in value is other-than-temporary including: (a) the financial condition and near term prospects of the issuer; (b) the Company’s ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value; and (c) the period and degree to which the market value has been below cost. Where the decline is deemed to be other-than-temporary, a charge is recorded to “Realized (loss) gain on available-for-sale securities, net” in the accompanying consolidated statements of operations, and a new cost basis is established for the investment. | |
The Company’s equity investments in non-public companies are included in “Other assets” in the accompanying consolidated balance sheets. Those securities are carried at cost, as the Company owns less than 20% of the stock and does not otherwise have the ability to exercise significant influence. These securities are written down to their estimated realizable value when management considers there is an other-than-temporary decline in value based on financial information received and the business prospects of the entity. | |
(h) Fair Value of Financial Instruments | |
The Company follows the provisions of ASC 820-10, Fair Value Measurements (“ASC 820-10”), which defines fair value, establishes a framework for measuring fair value under U.S. GAAP and expands fair value measurement disclosures. The Company follows the provisions of ASC 820-10 for its financial assets and liabilities recognized or disclosed at fair value on a recurring basis. The Company follows the provisions of ASC 820-10 for its non-financial assets and liabilities recognized or disclosed at fair value. | |
(i) Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable is generally recorded at the invoiced amount. The allowance for doubtful accounts is estimated based on an analysis of the aging of the accounts receivable, historical write-offs, customer payment patterns, individual customer creditworthiness, current economic trends, and/or establishment of specific reserves for customers in adverse financial condition. The Company assesses the adequacy of the allowance for doubtful accounts on a quarterly basis. | |
(j) Foreign Currency | |
The Company has determined local currencies are the functional currencies of the foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in the accompanying consolidated statements of changes in stockholders’ equity (deficit). | |
(k) Stock Based Compensation | |
The Company follows ASC 718, Stock Compensation (“ASC 718”). Under ASC 718, stock based compensation cost is measured at the grant date, based on the fair value of the awards granted, and is recognized as expense over the requisite service period. | |
Other equity awards, including restricted stock, are valued at the closing price of the Company’s Class A common stock on the grant date. Restricted stock generally has a service vesting period of four years and the Company recognizes the expense ratably over this service vesting period. | |
The Company estimates expected forfeitures of equity awards at the date of grant and recognizes compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Changes in the forfeiture assumptions may impact the total amount of expense ultimately recognized, as well as the timing of expense recognized over the requisite service period. | |
(l) Research and Development Costs | |
Research and development costs, which are primarily related to the personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $21,426, $18,386 and $15,393 for the years ended December 31, 2013, 2012 and 2011, respectively, and were included in the accompanying consolidated statements of operations. | |
(m) Advertising Costs | |
Advertising costs, which are primarily associated with promoting the Company’s brand, names and solutions provided, are expensed as incurred. Such costs were $8,457, $6,166 and $5,777 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
(n) Income Taxes | |
The Company accounts for income taxes under the asset and liability method under ASC 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |
Deferred tax assets are recorded to the extent these assets are more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances are recognized to reduce deferred tax assets if it is determined to be more likely than not that all or some of the potential deferred tax assets will not be realized. | |
The Company follows ASC 740-10, Income Taxes (“ASC 740-10”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized based on the technical merits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. Income tax positions must meet a more likely than not recognition threshold at the effective date to be recognized upon the adoption of ASC 740-10 and in subsequent periods. This standard also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on the accompanying consolidated balance sheets. | |
(o) Earnings Per Share | |
Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive common stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if the Company’s dilutive outstanding stock options and stock awards were issued. | |
(p) Pension and Postretirement Benefits | |
The Company accounts for its pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits (“ASC 715”). ASC 715 requires the recognition of the funded status of a benefit plan in the balance sheet, the recognition in other comprehensive income of gains or losses and prior service costs or credits arising during the period, but which are not included as components of periodic benefit cost, and the measurement of defined benefit plan assets and obligations as of the balance sheet date. The Company utilizes a valuation date of December 31. | |
(q) Product Warranty Obligations | |
The Company provides warranty coverage for certain of its solutions. The Company recognizes a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2013 and 2012, product warranty obligations were not material. | |
In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that the Company could be required to make under these indemnifications; however, the Company is not able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. | |
(r) Loss Contingencies | |
The Company accrues for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made. | |
(s) Goodwill | |
Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30 or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The Company completed the required annual impairment test as of June 30, 2013, which resulted in no impairment of goodwill in 2013. This test compares the carrying value of each reporting unit to its fair value. If the fair value of the reporting unit exceeds the carrying value of the net assets, including goodwill assigned to that reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then the Company will determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment loss is recorded for the difference between the carrying amount and the implied fair value of the goodwill. | |
(t) Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU No. 2013-02”). Under ASU No. 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component, either on the face of the financial statement where net income is presented or in the notes thereto. ASU No. 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. ASU 2013-02 was adopted by the Company on January 1, 2013. The Company elected to present the information as a separate disclosure in the notes to the consolidated financial statements. Refer to Note 15. Stockholders' Equity (Deficit) for further discussion. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU No. 2013-04”). Under ASU No. 2013-04, an entity is required to measure and disclose the amounts and nature of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU No. 2013-04 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU 2013-04 will not have a material impact on the Company’s consolidated financial statements as the long-term debt resulting from joint and several liability arrangements has been measured on a gross basis and disclosed in Note 14. Other obligations resulting from joint and several liability arrangements, such as contingencies, retirement benefits and income taxes, are excluded from the scope of this ASU. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU No. 2013-05”). Under ASU No. 2013-05, an entity is required to release any related cumulative translation adjustment into net income upon cessation to have a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU 2013-05 is not expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU No. 2013-11”). Under ASU No. 2013-11, an unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with the exception that these unrecognized tax benefits are not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or the tax law. An additional exception applies when the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability and should not be combined with deferred tax assets. ASU No. 2013-11 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2013 | |
Concentration Of Credit Risk Disclosure [Abstract] | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk: | |
Financial instruments that potentially expose the Company to credit risk consist primarily of cash and cash equivalents, available for sale securities and accounts receivable, which are generally not collateralized. The Company maintains, in cash and cash equivalents, higher credit quality financial institutions in order to limit the amount of credit exposure. The total cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) to a maximum amount of $250 per bank at December 31, 2013 and 2012. At December 31, 2013 and 2012, the Company had cash balances on deposit that exceeded the balance insured by the FDIC limit by approximately $138,028 and $63,495 with six and five banks, respectively. At December 31, 2013 and 2012, the Company also had cash on deposit with foreign banks of approximately $26,228 and $25,015, respectively. | |
The Company considers the concentration of credit risk associated with its trade accounts receivable to be commercially reasonable and believes that such concentration does not result in the significant risk of near-term severe adverse impacts. The Company’s top fifty customers represent approximately 38% of revenues for 2013, 38% for 2012 and 40% for 2011 with no individual customer accounting for more than 3% of revenues during the years ended December 31, 2013, 2012 and 2011. No individual customer comprised more than 5% of accounts receivable at December 31, 2013 and 4% at December 31, 2012. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents: | |
Cash and cash equivalents consist of cash in banks, commercial paper, money-market funds, and other liquid instruments with original maturities of 90 days or less at the time of purchase. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable: | ||||||||
Accounts receivable consisted of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Billed receivables | $ | 143,059 | $ | 165,174 | ||||
Unbilled receivables | 19,903 | 18,009 | ||||||
Total receivables | 162,962 | 183,183 | ||||||
Less allowance for doubtful accounts | (4,415 | ) | (4,753 | ) | ||||
Accounts receivable, net | $ | 158,547 | $ | 178,430 | ||||
Investments
Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments: | ||||||||||||||||
Available-for-sale securities consisted of the following: | ||||||||||||||||
Adjusted | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gain | Loss | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Registered investment companies | $ | 4,098 | $ | — | $ | (187 | ) | $ | 3,911 | |||||||
31-Dec-12 | ||||||||||||||||
Registered investment companies | $ | 4,830 | $ | 53 | $ | — | $ | 4,883 | ||||||||
In addition to the available-for-sale securities above, the Company has equity investments in non-public companies in which the Company acquired non-controlling interests and for which no readily determinable market value exists. These securities were accounted for under the cost method in accordance with ASC 323-10-25, The Equity Method of Accounting for Investments in Common Stock. At December 31, 2013 and 2012, the carrying value of such securities was $3,602 and $5,015, respectively, and has been included in “Other assets” in the accompanying consolidated balance sheets. | ||||||||||||||||
Realized (loss) gain on securities, net, including write downs related to other-than-temporary impairments of available-for-sale securities and other assets, was as follows for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Gross realized gain on sale of registered investment securities | $ | 966 | $ | 420 | $ | 803 | ||||||||||
Other-than-temporary impairment of registered investment securities | (84 | ) | (74 | ) | (117 | ) | ||||||||||
Other-than-temporary impairment of non-controlling interest in non-public companies | (974 | ) | (678 | ) | — | |||||||||||
Realized (loss) gain on securities, net | $ | (92 | ) | $ | (332 | ) | $ | 686 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements: | ||||||||||||||||
Certain assets and liabilities of the Company are reported at fair value in the accompanying consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. To increase consistency and comparability of assets and liabilities recorded at fair value, ASC 820-10 establishes a three-level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. ASC 820-10 requires disclosures detailing the extent to which companies’ measure assets and liabilities at fair value, the methods and assumptions used to measure fair value and the effect of fair value measurements on earnings. In accordance with ASC 820-10, the Company applied the following fair value hierarchy: | ||||||||||||||||
Level 1 — Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. | ||||||||||||||||
Level 2 — Assets and liabilities valued based on observable market data for similar instruments. | ||||||||||||||||
Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. | ||||||||||||||||
The following table provides information for such assets and liabilities as of December 31, 2013 and 2012. The fair values of cash and cash equivalents (other than money-market funds which are recorded on a reported net asset value basis disclosed below), accounts receivable, accounts payable and accrued liabilities, acquisition related liabilities prior to the adoption of ASC 805, Business Combinations (“ASC 805”), short-term debt, and short-term debt expected to be refinanced approximate their carrying amounts because of the short-term nature of these instruments. | ||||||||||||||||
The following table summarizes fair value measurements by level for cash equivalents and registered investment companies that were measured at fair value on a recurring basis: | ||||||||||||||||
Total | Quoted Prices | Significant | ||||||||||||||
in Active Markets | Other | |||||||||||||||
for Identical | Observable | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 889 | $ | — | $ | 889 | ||||||||||
Registered investment companies(1) | $ | 3,911 | $ | 3,911 | $ | — | ||||||||||
31-Dec-12 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 760 | $ | — | $ | 760 | ||||||||||
Registered investment companies(1) | $ | 4,883 | $ | 4,883 | $ | — | ||||||||||
-1 | Registered investment companies are classified as available-for-sale securities and are valued using quoted prices in active markets multiplied by the number of shares owned. | |||||||||||||||
The Company has not elected to carry its long-term debt at fair value. The carrying value of the long-term debt represents amortized cost. The Company assesses the fair value of its long-term debt based on quoted market prices if available, and if not, an estimate of interest rates available to the Company for debt with similar features, the Company’s current credit rating and spreads applicable to the Company. The fair value of the long-term debt would be a Level 2 liability if the long-term debt was measured at fair value on the consolidated balance sheets. The following table summarizes the carrying value and estimated fair value of the long-term debt as of December 31, 2013 and 2012 respectively: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial instrument not carried at fair value: | ||||||||||||||||
Long-term debt excluding capitalized leases | $ | 1,265,129 | $ | 1,335,844 | $ | 1,454,409 | $ | 1,575,950 | ||||||||
Fixed_Assets
Fixed Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Fixed Assets | ' | |||||||||||||
Fixed Assets | ||||||||||||||
The following is a summary of fixed assets: | ||||||||||||||
Useful Life | Cost | Accumulated | Net | |||||||||||
Depreciation and | ||||||||||||||
Amortization | ||||||||||||||
31-Dec-13 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 179,564 | $ | (105,262 | ) | $ | 74,302 | ||||||
Leasehold improvements | Lease term | 38,796 | (22,022 | ) | 16,774 | |||||||||
Purchased software | 3 years | 89,064 | (65,753 | ) | 23,311 | |||||||||
Software development costs | 3 years | 201,192 | (91,656 | ) | 109,536 | |||||||||
Leased equipment | 3-4 years | 33,956 | (24,506 | ) | 9,450 | |||||||||
Total fixed assets | $ | 542,572 | $ | (309,199 | ) | $ | 233,373 | |||||||
31-Dec-12 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 137,578 | $ | (89,153 | ) | $ | 48,425 | ||||||
Leasehold improvements | Lease term | 34,844 | (20,198 | ) | 14,646 | |||||||||
Purchased software | 3 years | 70,155 | (53,575 | ) | 16,580 | |||||||||
Software development costs | 3 years | 161,338 | (90,840 | ) | 70,498 | |||||||||
Leased equipment | 3-4 years | 26,150 | (22,215 | ) | 3,935 | |||||||||
Total fixed assets | $ | 430,065 | $ | (275,981 | ) | $ | 154,084 | |||||||
Depreciation and amortization of fixed assets for the years ended December 31, 2013, 2012 and 2011 were $66,190, $46,637 and $40,135, of which $12,806, $8,935 and $7,940 related to amortization of internal-use software development costs, respectively. Amortization expense related to development of software for sale in accordance with ASC 985-20 was $3,623 for the year ended December 31, 2013. There was no amortization expense related to development of software for sale during the years ended December 31, 2012 and 2011 as these projects were in process. The Company had unamortized software development costs that had been capitalized in accordance with ASC 985-20 of $29,149 and $24,004 as of December 31, 2013 and 2012, respectively. Leased equipment includes amounts held under capital leases for automobiles, computer software and computer equipment. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquisitions: | ||||||||||||||||
2012 Acquisitions | ||||||||||||||||
On December 20, 2012, the Company acquired the net assets of Insurance Risk Management Solutions (“IRMS”). IRMS provided integrated property risk assessment technology underlying one of the Company’s geographic information system (“GIS”) underwriting solutions. At the end of 2012, the long-term contract with IRMS was expiring and precipitated a change in the business relationship. Instead of continuing forward with a new service agreement, the Company acquired IRMS as this will enable the Company to better manage, enhance and continue to use the solutions as part of its Risk Assessment segment. The Company paid a net cash purchase price of $26,422 and funded $1,000 of indemnity escrows. The preliminary purchase price allocation of the acquisition is presented as “Others” in the table below. | ||||||||||||||||
On August 31, 2012, the Company acquired Argus Information & Advisory Services, LLC (“Argus”), a provider of information, competitive benchmarking, scoring solutions, analytics, and customized services to financial institutions and regulators in North America, Latin America, and Europe, for a net cash purchase price of approximately $404,995 and funded $20,000 of indemnity escrows. Argus leverages its comprehensive payment data sets and provides proprietary solutions to a client base that includes credit and debit card issuers, retail banks and other consumer financial services providers, payment processors, insurance companies, and other industry stakeholders. Within the Company’s Decision Analytics segment, this acquisition enhances the Company’s position as a provider of data, analytics, and decision-support solutions to financial institutions globally. | ||||||||||||||||
On July 2, 2012, the Company acquired the net assets of Aspect Loss Prevention, LLC (“ALP”), a provider of loss prevention and analytic solutions to the retail, entertainment, and food industries, for a net cash purchase price of approximately $6,917 and funded $800 of indemnity escrows. Within the Company’s Decision Analytics segment, ALP further advances the Company’s position as a provider of data, crime analytics, and decision-support solutions. The purchase price allocation of the acquisition is presented as “Others” in the table below. | ||||||||||||||||
On March 30, 2012, the Company acquired 100% of the stock of MediConnect Global, Inc. (“MediConnect”), a service provider of medical record retrieval, digitization, coding, extraction, and analysis, for a net cash purchase price of approximately $331,405 and funded $17,000 of indemnity escrows. Within the Company’s Decision Analytics segment, MediConnect further supports the Company’s objective as the leading provider of data, analytics, and decision-support solutions to the healthcare and property casualty industry. | ||||||||||||||||
The preliminary purchase price allocations of the acquisitions resulted in the following: | ||||||||||||||||
MediConnect | Argus | Others | Total | |||||||||||||
Accounts receivable | $ | 7,077 | $ | 12,165 | $ | 489 | $ | 19,731 | ||||||||
Current assets | 17,238 | 568 | 68 | 17,874 | ||||||||||||
Fixed assets | 1,075 | 4,994 | 76 | 6,145 | ||||||||||||
Intangible assets | 159,506 | 179,316 | 9,264 | 348,086 | ||||||||||||
Goodwill | 222,976 | 277,857 | 29,875 | 530,708 | ||||||||||||
Other assets | 5,087 | 20,000 | 1,801 | 26,888 | ||||||||||||
Total assets acquired | 412,959 | 494,900 | 41,573 | 949,432 | ||||||||||||
Current liabilities | 15,007 | 9,661 | 4,625 | 29,293 | ||||||||||||
Deferred income taxes | 40,836 | 40,244 | — | 81,080 | ||||||||||||
Other liabilities | 8,711 | 20,000 | 1,809 | 30,520 | ||||||||||||
Total liabilities assumed | 64,554 | 69,905 | 6,434 | 140,893 | ||||||||||||
Net assets acquired | $ | 348,405 | $ | 424,995 | $ | 35,139 | $ | 808,539 | ||||||||
Current assets and current liabilities primarily consisted of MediConnect’s indemnity escrow of $12,000. Other assets and other liabilities primarily consisted of $26,800 of indemnity escrows for MediConnect, ALP, Argus and IRMS. | ||||||||||||||||
The amounts assigned to intangible assets by type for the acquisitions are summarized in the table below: | ||||||||||||||||
Weighted | Total | |||||||||||||||
Average | ||||||||||||||||
Useful Life | ||||||||||||||||
Technology-based | 10 years | $ | 77,936 | |||||||||||||
Marketing-related | 5 years | 30,331 | ||||||||||||||
Customer-related | 13 years | 239,819 | ||||||||||||||
Total intangible assets | 11 years | $ | 348,086 | |||||||||||||
The goodwill associated with the stock purchase of MediConnect is not deductible for tax purposes; whereas the goodwill associated with the asset purchases of ALP and IRMS is deductible for tax purposes. The goodwill associated with the acquisition of Argus is partially deductible for income tax purposes as approximately 46% of the net cash purchase price represented an asset purchase. For the year ended December 31, 2012, the Company incurred transaction costs related to these acquisitions of $1,874 included within “Selling, general and administrative” expenses in the accompanying consolidated statements of operations. In accordance with ASC 805, the allocations of the purchase prices for MediConnect, ALP, Argus and IRMS were revised during the measurement period. Refer to Note 11. Goodwill and Intangible Assets for further discussion. | ||||||||||||||||
Supplemental information on an unaudited pro forma basis is presented below as if the acquisitions of MediConnect and Argus occurred at the beginning of the year 2011. The pro forma information for the years ended December 31, 2012 and 2011 presented below is based on estimates and assumptions, which the Company believes are reasonable and not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had these acquisitions been completed at the beginning of 2011. The unaudited pro forma information includes intangible asset amortization charges and incremental borrowing costs as a result of the acquisitions, net of related tax, estimated using the Company’s effective tax rate for continuing operations for the years ended December 31: | ||||||||||||||||
2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||
Pro forma revenues | $ | 1,462,677 | $ | 1,297,134 | ||||||||||||
Pro forma net income | $ | 321,140 | $ | 262,765 | ||||||||||||
Pro forma basic income per share | $ | 1.94 | $ | 1.58 | ||||||||||||
Pro forma diluted income per share | $ | 1.87 | $ | 1.52 | ||||||||||||
2011 Acquisitions | ||||||||||||||||
On June 17, 2011, the Company acquired the net assets of Health Risk Partners, LLC (“HRP”), a provider of solutions to optimize revenue, ensure compliance and improve quality of care for Medicare Advantage and Medicaid health plans, for a net cash purchase price of approximately $46,400 and funded $3,000 of indemnity escrows and $10,000 of contingency escrows. Within the Company’s Decision Analytics segment, this acquisition further advances the Company’s position as a major provider of data, analytics, and decision-support solutions to the healthcare market. | ||||||||||||||||
On April 27, 2011, the Company acquired 100% of the stock of Bloodhound Technologies, Inc. (“Bloodhound”), a provider of real-time preadjudication medical claims editing, for a net cash purchase price of approximately $75,321 and funded $6,560 of indemnity escrows. Within the Company’s Decision Analytics segment, Bloodhound addresses the need of healthcare payers to control fraud and waste in a real-time claims-processing environment, and these capabilities align with the Company’s existing fraud identification tools in the healthcare market. | ||||||||||||||||
The goodwill associated with Bloodhound is not deductible for tax purposes; whereas the goodwill associated with HRP is deductible for tax purposes as this was an asset purchase rather than a stock purchase. For the year ended December 31, 2011, the Company incurred transaction costs related to these acquisitions of $979, respectively, included within “Selling, general and administrative” expenses in the accompanying consolidated statements of operations. In accordance with ASC 805, the allocations of the purchase prices for HRP and Bloodhound were revised during the measurement period. Refer to Note 11. Goodwill and Intangible Assets for further discussion. | ||||||||||||||||
Acquisition Escrows | ||||||||||||||||
Pursuant to the related acquisition agreements, the Company has funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the acquisition dates, as well as a portion of the contingent payments. At December 31, 2013 and 2012, the current portion of the escrows amounted to $27,967 and $29,277, and the noncurrent portion of the escrow amounted to $0 and $26,803, respectively. The current and noncurrent portions of the escrows have been included in “Other current assets” and “Other assets” in the accompanying consolidated balance sheets, respectively. | ||||||||||||||||
During the year ended December 31, 2012, the Company released $5,934 of indemnity escrows related to the Xactware, Inc. (“Xactware”) acquisition. Xactware was acquired in 2006 and therefore, accounted for under the transition provisions of FAS No. 141(R). As such, the release of the indemnity escrows was recorded as an increase in goodwill. | ||||||||||||||||
During the year ended December 31, 2011, the Company released $135 of indemnity escrows to sellers related to the Enabl-u Technology Corporation (“Enabl-u”) acquisition. In accordance with ASC 805, the escrows related to the Enabl-u acquisition was recorded within goodwill at the time of acquisition, as that escrow was expected to be released to the sellers. The release of $135 related to Enabl-u was recorded as a reduction of other current assets and a corresponding reduction in accounts payable and accrued liabilities. | ||||||||||||||||
Acquisition Related Liabilities | ||||||||||||||||
Based on the results of operations for the year ended December 31, 2011 for Atmospheric and Environmental Research, Inc. (“AER”), the Company recorded acquisition related liabilities and goodwill of $250, which was paid in 2012. As of December 31, 2010, the Company recorded acquisition related liabilities and goodwill of $3,500, which was paid in April 2011. AER was acquired in 2008 and therefore, accounted for under the transition provisions of FAS No.141(R). | ||||||||||||||||
During the second quarter of 2011, the Company reevaluated the probability of D2Hawkeye, Inc. (“D2”) and SA achieving the specific predetermined EBITDA and revenue earnout targets for exceptional performance in fiscal year 2011 and reversed its contingent consideration related to these acquisitions. These reversals resulted in a reduction of $3,364 contingent consideration and a decrease of $3,364 “Acquisition related liabilities adjustment” in the accompanying consolidated statements of operations for the year ended December 31, 2011. The sellers of D2 and SA will not receive any acquisition contingent payments. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
Discontinued Operations: | ||||||||||||
In February 2014, the Company entered into an agreement for the sale of 100% of the stock of the Company’s mortgage services business, Interthinx, which is a guarantor subsidiary, in exchange for a purchase price of $155,000. The cash to be received will be adjusted subsequent to close to reflect final balances of certain working capital accounts and other closing adjustments. The transaction is subject to customary closing conditions, including receipt of certain regulatory reviews, and is expected to close by March 31, 2014. Results of operations for the mortgage services business are reported as a discontinued operation for the year ended December 31, 2013 and for all prior periods presented. Refer to Note 18. Segment Reporting for further discussion. | ||||||||||||
The mortgage services business meets the criteria for being reported as a discontinued operation and has been segregated from continuing operations. The following table summarizes the results from the discontinued operation for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues from discontinued operations | $ | 109,151 | $ | 126,472 | $ | 140,447 | ||||||
Income from discontinued operations before income taxes | 10,819 | 19,382 | 32,226 | |||||||||
Provision for income taxes | (4,753 | ) | (7,703 | ) | (11,924 | ) | ||||||
Income from discontinued operations, net of tax | $ | 6,066 | $ | 11,679 | $ | 20,302 | ||||||
The following table summarizes the assets held-for-sale and the liabilities held-for-sale as of December 31: | ||||||||||||
2013 | ||||||||||||
Accounts receivable, net | $ | 15,295 | ||||||||||
Income taxes payable | (3,005 | ) | ||||||||||
Other current assets | 1,535 | |||||||||||
Total current assets held-for-sale | $ | 13,825 | ||||||||||
Fixed assets, net | $ | 7,670 | ||||||||||
Intangible assets, net | 9,018 | |||||||||||
Goodwill | 69,207 | |||||||||||
Other assets | 50 | |||||||||||
Total noncurrent assets held-for-sale | $ | 85,945 | ||||||||||
Accounts payable and accrued liabilities | $ | 8,272 | ||||||||||
Fees received in advance | 1,177 | |||||||||||
Total current liabilities held-for-sale | $ | 9,449 | ||||||||||
Deferred income taxes, net | $ | 3,975 | ||||||||||
Other liabilities | 554 | |||||||||||
Total noncurrent liabilities held-for-sale | $ | 4,529 | ||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets: | ||||||||||||||
Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. The Company completed the required annual impairment test as of June 30, 2013, 2012 and 2011, which resulted in no impairment of goodwill. Based on the results of the impairment assessment as of June 30, 2013, the Company determined that the fair value of its reporting units exceeded their respective carrying value. There were no goodwill impairment indicators after the date of the last annual impairment test. | ||||||||||||||
The following is a summary of the change in goodwill from December 31, 2011 through December 31, 2013, both in total and as allocated to the Company’s operating segments: | ||||||||||||||
Risk | Decision | Total | ||||||||||||
Assessment | Analytics | |||||||||||||
Goodwill at December 31, 2011 (1) | $ | 27,908 | $ | 682,036 | $ | 709,944 | ||||||||
Current year acquisitions | 26,647 | 465,261 | 491,908 | |||||||||||
Purchase accounting reclassifications | — | 873 | 873 | |||||||||||
Acquisition related escrow funding | 1,000 | 37,800 | 38,800 | |||||||||||
Finalization of acquisition related escrows | — | 5,934 | 5,934 | |||||||||||
Goodwill at December 31, 2012 (1) | 55,555 | 1,191,904 | 1,247,459 | |||||||||||
Current year acquisitions | — | 705 | 705 | |||||||||||
Purchase accounting reclassifications | — | 2,724 | 2,724 | |||||||||||
Discontinued operations (Note 10) | — | (69,207 | ) | (69,207 | ) | |||||||||
Goodwill at December 31, 2013 (1) | $ | 55,555 | $ | 1,126,126 | $ | 1,181,681 | ||||||||
-1 | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2011. | |||||||||||||
During the year ended December 31, 2013, the Company finalized the purchase accounting for the acquisitions of MediConnect, ALP and Argus , which resulted in an increase in goodwill of $2,724, an increase in fixed assets of $316, an increase in current liabilities of $1,548, an increase in deferred tax liabilities of $1,187, and a cash distribution to Argus of $305 related to the finalization of working capital. The impact of the finalization of the purchase accounting for these acquisitions were not material to the consolidated statements of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||
During the year ended December 31, 2012, the Company finalized the purchase accounting for the acquisitions of HRP and Bloodhound. The Company’s purchase accounting reclassifications primarily related to the finalization of HRP and Bloodhound, which resulted in an increase in goodwill of $836, and an increase in liabilities of $1,233, an increase in other assets of $882, and a decrease in fixed assets of $226. The impact of these adjustments on the consolidated statements of operations for the years ended December 31, 2012 and 2011 was immaterial. | ||||||||||||||
The Company’s intangible assets and related accumulated amortization consisted of the following: | ||||||||||||||
Weighted | Cost | Accumulated | Net | |||||||||||
Average | Amortization | |||||||||||||
Useful Life | ||||||||||||||
31-Dec-13 | ||||||||||||||
Technology-based | 8 years | $ | 294,940 | $ | (180,581 | ) | $ | 114,359 | ||||||
Marketing-related | 5 years | 71,047 | (44,274 | ) | 26,773 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 388,505 | (82,019 | ) | 306,486 | |||||||||
Total intangible assets | $ | 761,047 | $ | (313,429 | ) | $ | 447,618 | |||||||
Weighted | Cost | Accumulated | Net | |||||||||||
Average | Amortization | |||||||||||||
Useful Life | ||||||||||||||
31-Dec-12 | ||||||||||||||
Technology-based | 8 years | $ | 313,590 | $ | (177,929 | ) | $ | 135,661 | ||||||
Marketing-related | 5 years | 79,101 | (41,079 | ) | 38,022 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 413,043 | (65,791 | ) | 347,252 | |||||||||
Total intangible assets | $ | 812,289 | $ | (291,354 | ) | $ | 520,935 | |||||||
Amortization expense related to intangible assets for the years ended December 31, 2013, 2012 and 2011, was approximately $63,741, $52,207, and $32,985, respectively. Estimated amortization expense in future periods through 2019 and thereafter for intangible assets subject to amortization is as follows: | ||||||||||||||
Year | Amount | |||||||||||||
2014 | $ | 56,630 | ||||||||||||
2015 | 50,714 | |||||||||||||
2016 | 48,883 | |||||||||||||
2017 | 47,980 | |||||||||||||
2018 | 47,234 | |||||||||||||
2019 and thereafter | 196,177 | |||||||||||||
Total | $ | 447,618 | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes: | ||||||||||||
The components of the provision for income taxes from continuing operations for the years ended December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal and foreign | $ | 135,215 | $ | 111,713 | $ | 122,872 | ||||||
State and local | 18,764 | 8,442 | 20,523 | |||||||||
153,979 | 120,155 | 143,395 | ||||||||||
Deferred: | ||||||||||||
Federal and foreign | 38,160 | 56,036 | 14,027 | |||||||||
State and local | 4,287 | 6,172 | 8,317 | |||||||||
42,447 | 62,208 | 22,344 | ||||||||||
Provision for income taxes | $ | 196,426 | $ | 182,363 | $ | 165,739 | ||||||
The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate is as follows for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.6 | % | 1.7 | % | 4 | % | ||||||
Non-deductible KSOP expenses | 0.9 | % | 0.9 | % | 1 | % | ||||||
Other | (2.0 | )% | (1.1 | )% | (1.3 | )% | ||||||
Effective tax rate for continuing operations | 36.5 | % | 36.5 | % | 38.7 | % | ||||||
The decrease in the effective tax rate in 2012 compared to 2011 was due to benefits resulting from the successful execution of tax planning strategies. | ||||||||||||
The tax effects of significant items comprising the Company’s deferred tax assets as of December 31 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred income tax asset: | ||||||||||||
Employee wages and other benefits | $ | 26,113 | $ | 50,133 | ||||||||
Deferred revenue | 1,835 | 2,705 | ||||||||||
Deferred rent | 4,342 | 4,944 | ||||||||||
Net operating loss carryover | 8,247 | 17,088 | ||||||||||
State tax adjustments | 1,639 | 3,626 | ||||||||||
Capital and other unrealized losses | 3,301 | 3,240 | ||||||||||
Other | 6,720 | 6,279 | ||||||||||
Total | 52,197 | 88,015 | ||||||||||
Less valuation allowance | (741 | ) | (595 | ) | ||||||||
Deferred income tax asset | 51,456 | 87,420 | ||||||||||
Deferred income tax liability: | ||||||||||||
Fixed assets and intangible assets | (223,639 | ) | (206,553 | ) | ||||||||
Pension, postretirement and other | (21,344 | ) | (4,231 | ) | ||||||||
Deferred income tax liability | (244,983 | ) | (210,784 | ) | ||||||||
Deferred income tax liability, net | $ | (193,527 | ) | $ | (123,364 | ) | ||||||
The deferred income liability has been classified in “Deferred income taxes, net” in the accompanying consolidated balance sheets as of December 31, as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred income tax asset, net | $ | 5,077 | $ | 10,397 | ||||||||
Non-current deferred income tax liability, net | (198,604 | ) | (133,761 | ) | ||||||||
Deferred income tax liability, net | $ | (193,527 | ) | $ | (123,364 | ) | ||||||
As a result of certain realization requirements of ASC 718, the table of net deferred tax assets shown above does not include certain deferred tax assets that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. Equity will increase by $1,854 if and when such deferred tax assets are ultimately realized. The Company uses tax law ordering for purposes of determining when excess tax benefits have been realized. | ||||||||||||
For the year ended December 31, 2013, deferred income tax liabilities, net of $70,163 were recorded primarily attributable to timing differences involving pensions, depreciation and amortization. For the year ended December 31, 2012, deferred income tax liabilities, net in the amount of $40,836 and $40,244 were recorded in connection with the acquisitions of MediConnect and Argus, respectively. Other increases in deferred tax liabilities in 2012 of $56.7 million were primarily due to increased contributions to the pension and post retirement plans in the current period as well as the other timing differences attributable to depreciation and amortization. | ||||||||||||
The ultimate realization of the deferred tax assets depends on the Company’s ability to generate sufficient taxable income in the future. The Company has provided for a valuation allowance against the deferred tax assets associated with the net operating losses of certain subsidiaries. The Company’s net operating loss carryforwards expire as follows: | ||||||||||||
Years | Amount | |||||||||||
2014-2021 | $ | 12,916 | ||||||||||
2022-2026 | 14,345 | |||||||||||
2027-2033 | 52,478 | |||||||||||
$ | 79,739 | |||||||||||
A valuation allowance has been established based on the Company’s evaluation of the likelihood of utilizing these benefits before they expire. The Company has determined that the generation of future taxable income from certain subsidiaries to fully realize the deferred tax assets is uncertain. Other than these items, the Company has determined, based on the Company’s historical operating performance, that taxable income of the Company will more likely than not be sufficient to fully realize the deferred tax assets. | ||||||||||||
It is the practice of the Company to permanently reinvest the undistributed earnings of its foreign subsidiaries in those operations. As of December 31, 2013, the Company has not made a provision for U.S. or additional foreign withholdings taxes on approximately $7,993 of the unremitted earnings. The Company does not rely on these unremitted earnings as a source of funds for its domestic business as it expects to have sufficient cash flow in the U.S. to fund its U.S. operational and strategic needs. Consequently, the Company has not provided for U.S. federal or state income taxes or associated withholding taxes on these undistributed foreign earnings. | ||||||||||||
The Company follows ASC 740-10, which prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. For each tax position, the Company must determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is then measured to determine the amount of benefit to recognize within the financial statements. No benefits may be recognized for tax positions that do not meet the more likely than not threshold. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefit at January 1 | $ | 17,883 | $ | 17,877 | $ | 23,080 | ||||||
Gross increase in tax positions in prior period | 541 | 911 | 3,684 | |||||||||
Gross decrease in tax positions in prior period | (4,241 | ) | (1,494 | ) | (1,753 | ) | ||||||
Gross increase in tax positions in current period | — | — | 281 | |||||||||
Gross increase in tax positions from stock acquisitions | — | 3,304 | 97 | |||||||||
Gross decrease in tax positions from stock acquisitions | — | — | (20 | ) | ||||||||
Settlements | (390 | ) | (1,770 | ) | (1,477 | ) | ||||||
Lapse of statute of limitations | (4,269 | ) | (945 | ) | (6,015 | ) | ||||||
Unrecognized tax benefit at December 31 | $ | 9,524 | $ | 17,883 | $ | 17,877 | ||||||
Of the total unrecognized tax benefits at December 31, 2013, 2012 and 2011, $4,658, $10,103 and $9,939, respectively, represent the amounts that, if recognized, would have a favorable effect on the Company’s effective tax rate in any future periods. | ||||||||||||
The total gross amount of accrued interest and penalties at December 31, 2013, 2012 and 2011 was $2,619, $3,728 and $4,690, respectively. The Company’s practice is to recognize interest and penalties associated with income taxes as a component of “Provision for income taxes” in the accompanying consolidated statements of operations. | ||||||||||||
The Company does not expect a significant increase in unrecognized benefits related to federal, foreign, or state tax exposures within the coming year. In addition, the Company believes that it is reasonably possible that approximately $3,862 of its currently remaining unrecognized tax positions, each of which is individually insignificant, may be recognized by the end of 2014 as a result of a combination of audit settlements and lapses of statute of limitations, net of additional uncertain tax positions. | ||||||||||||
The Company is subject to tax in the U.S. and in various state and foreign jurisdictions. The Company joined by its domestic subsidiaries, files a consolidated income tax return for the Federal income tax purposes. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for tax years before 2010. The Internal Revenue Service completed an audit for the 2009 period with no changes. |
Composition_of_Certain_Financi
Composition of Certain Financial Statement Captions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Composition Of Certain Financial Statement Captions Disclosure [Abstract] | ' | |||||||
Composition of Certain Financial Statement Captions | ' | |||||||
Composition of Certain Financial Statement Captions: | ||||||||
The following table presents the components of “Other current assets”, “Accounts payable and accrued liabilities” and “Other liabilities” as of December 31: | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Acquisition related escrows | $ | 27,967 | $ | 29,277 | ||||
Other current assets | 6,714 | 9,832 | ||||||
Total other current assets | $ | 34,681 | $ | 39,109 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accrued salaries, benefits and other related costs | $ | 79,372 | $ | 78,979 | ||||
Escrow liabilities | 27,918 | 28,954 | ||||||
Other current liabilities | 80,974 | 79,715 | ||||||
Total accounts payable and accrued liabilities | $ | 188,264 | $ | 187,648 | ||||
Other liabilities: | ||||||||
Unrecognized tax benefits, including interest and penalty | $ | 12,143 | $ | 21,611 | ||||
Deferred rent | 12,219 | 12,919 | ||||||
Other liabilities | 11,681 | 43,660 | ||||||
Total other liabilities | $ | 36,043 | $ | 78,190 | ||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Debt | ' | |||||||||||
Debt: | ||||||||||||
The following table presents short-term and long-term debt by issuance as of December 31: | ||||||||||||
Issuance | Maturity | 2013 | 2012 | |||||||||
Date | Date | |||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Syndicated revolving credit facility | Various | Various | $ | — | $ | 10,000 | ||||||
Prudential shelf notes: | ||||||||||||
6.13% Series G shelf notes | 8/8/06 | 8/8/13 | — | 75,000 | ||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/13 | — | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/13 | — | 15,000 | ||||||||
Principal shelf notes: | ||||||||||||
6.16% Series B shelf notes | 8/8/06 | 8/8/13 | — | 25,000 | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/13 | — | 17,500 | ||||||||
Aviva Investors shelf notes: | ||||||||||||
6.46% Series A shelf notes | 4/27/09 | 4/27/13 | — | 30,000 | ||||||||
Capital lease obligations | Various | Various | 4,448 | 5,263 | ||||||||
Short-term debt and current portion of long-term debt | 4,448 | 195,263 | ||||||||||
Long-term debt: | ||||||||||||
Senior notes: | ||||||||||||
4.125% senior notes, less unamortized discount of $2,415 and $2,692 as of December 31, 2013 and 2012, respectively | 9/12/12 | 9/12/22 | 347,585 | 347,308 | ||||||||
4.875% senior notes, less unamortized discount of $1,699, and $2,037 as of December 31, 2013 and 2012, respectively | 12/8/11 | 1/15/19 | 248,301 | 247,963 | ||||||||
5.80% senior notes, less unamortized discount of $757 and $862 as of December 31, 2013 and 2012, respectively | 4/6/11 | 5/1/21 | 449,243 | 449,138 | ||||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | 17,500 | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | 85,000 | 85,000 | ||||||||
6.85% Series J shelf notes | 6/15/09 | 6/15/16 | 50,000 | 50,000 | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/15 | 17,500 | 17,500 | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | 50,000 | 50,000 | ||||||||
Capital lease obligations | Various | Various | 6,310 | 1,753 | ||||||||
Long-term debt | 1,271,439 | 1,266,162 | ||||||||||
Total debt | $ | 1,275,887 | $ | 1,461,425 | ||||||||
Accrued interest associated with the Company’s outstanding debt obligations was $16,150 and $17,811 as of December 31, 2013 and 2012, respectively, and included in “Accounts payable and accrued liabilities” within the accompanying consolidated balance sheets. Interest expense associated with the Company’s outstanding debt obligations was $73,068, $69,892 and $51,915 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Senior Notes | ||||||||||||
On September 12, 2012, the Company completed an issuance of senior notes in the aggregate principal amount of $350,000. These senior notes are due on September 12, 2022 and accrue interest at a rate of 4.125% per annum. Interest is payable semi-annually on March 12 and September 12 of each year. | ||||||||||||
On December 8, 2011, the Company completed an issuance of senior notes in the aggregate principal amount of $250,000. These senior notes are due on January 15, 2019 and accrue interest at a rate of 4.875% per annum. Interest is payable semi-annually on January 15th and July 15th of each year. | ||||||||||||
On April 6, 2011, the Company completed an issuance of senior notes in the aggregate principal amount of $450,000. These senior notes are due on May 1, 2021 and accrue interest at a rate of 5.80% per annum. Interest is payable semi-annually on May 1st and November 1st of each year. | ||||||||||||
Verisk Analytics, Inc. (the "Parent Company") issued senior notes that are fully and unconditionally guaranteed, jointly and severally, on an unsecured and unsubordinated basis by ISO, the principal operating subsidiary and certain subsidiaries that guarantee the syndicated revolving credit facility or any amendment, refinancing or replacement thereof (See Note 21. Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries for further information). The debt issuance costs are amortized from the date of issuance to the maturity date. The senior notes rank equally with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness. However, the senior notes are subordinated to the indebtedness of any of the subsidiaries that do not guarantee the senior notes and are effectively subordinated to any future secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees of the senior notes rank equally and ratably in right of payment with all other existing and future unsecured and unsubordinated indebtedness of the guarantors, and senior in right of payment to all future subordinated indebtedness of the guarantors. Because the guarantees of the senior notes are not secured, such guarantees are effectively subordinated to any existing and future secured indebtedness of the applicable guarantor to the extent of the value of the collateral securing that indebtedness. Upon a change of control event, the holders of the senior notes have the right to require the Company to repurchase all or any part of such holder’s senior notes at a purchase price in cash equal to 101% of the principal amount of the senior notes plus accrued and unpaid interest, if any, to the date of repurchase. The indenture governing the senior notes restricts the Company’s ability and its subsidiaries’ ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of the Company's assets, or merge with or into, any other person or entity. | ||||||||||||
Prudential Master Shelf Agreement | ||||||||||||
The Company had an uncommitted master shelf agreement with Prudential Capital Group that expired on August 30, 2013. The Company did not extend this agreement. As of December 31, 2013 and 2012, $152,500 and $260,000 was outstanding under this agreement, respectively. During the year ended December 31, 2013, the Company repaid $107,500 of its outstanding borrowings under this agreement that had matured during the year. Prudential Shelf Notes contain covenants that, among other things, require the Company to maintain certain leverage and interest coverage ratios. | ||||||||||||
Principal Master Shelf Agreement | ||||||||||||
The Company had an uncommitted master shelf agreement with Principal Global Investors, LLC that expired on July 10, 2009. The Company did not extend this agreement. During the year ended December 31, 2013, the Company repaid the remaining $25,000 of outstanding borrowings under this agreement that matured in August 2013. | ||||||||||||
New York Life Master Shelf Agreement | ||||||||||||
The Company had an uncommitted master shelf agreement with New York Life that expired on March 16, 2013. The Company did not extend this agreement. As of December 31, 2013 and 2012, $67,500 and $85,000 was outstanding under this agreement, respectively. During the year ended December 31, 2013, the Company repaid $17,500 of its outstanding borrowings under this agreement that matured in October 2013. New York Life Shelf Notes contain covenants that, among other things, require the Company to maintain certain leverage and interest coverage ratios. | ||||||||||||
Aviva Master Shelf Agreement | ||||||||||||
The Company had an uncommitted master shelf agreement with Aviva Investors North America, Inc that expired on December 10, 2011. During the year ended December 31, 2013, the Company repaid the remaining $30,000 of outstanding borrowings under this agreement that matured in April 2013. | ||||||||||||
Syndicated Revolving Credit Facility | ||||||||||||
The Company has a committed senior unsecured Syndicated Revolving Credit Facility (the “Credit Facility”) with Bank of America N.A., JPMorgan Chase Bank N.A., Wells Fargo Bank N.A., SunTrust Bank, RBS Citizens N.A., Morgan Stanley Bank N.A., TD Bank N.A., Royal Bank of Canada, The Northern Trust Company, and HSBC Bank USA, N.A. On October 25, 2013, the Company amended its Credit Facility to increase the borrowing capacity from $850,000 to $975,000 and extend the maturity date from October 24, 2017 to October 24, 2018. The Company amortizes all one-time fees and third party costs associated with the execution and amendment of this Credit Facility though the maturity date. Interest is payable at maturity at a rate of LIBOR plus 1.125% to 1.875%, depending upon the result of certain ratios defined in the credit agreement. The Credit Facility contains certain customary financial and other covenants that, among other things, require the Company to maintain certain leverage and interest coverage ratios. Verisk and ISO are co-borrowers under the Credit Facility. | ||||||||||||
As of December 31, 2013, the Company has an available borrowing capacity, net of outstanding letters of credit, of $973,069 under the Credit Facility. Borrowings may be used for general corporate purposes, including working capital and capital expenditures, acquisitions and share repurchase programs. As of December 31, 2013 and 2012, the Company had $0 and $10,000, outstanding borrowings under the Credit Facility, respectively. | ||||||||||||
Debt Maturities | ||||||||||||
The following table reflects the Company’s debt maturities: | ||||||||||||
Year | Amount | |||||||||||
2014 | $ | 4,448 | ||||||||||
2015 | 173,896 | |||||||||||
2016 | 51,996 | |||||||||||
2017 | 238 | |||||||||||
2018 | 53 | |||||||||||
2019 and thereafter | 1,050,127 | |||||||||||
$ | 1,280,758 | |||||||||||
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Stockholders' Equity (Deficit) | ' | |||||||||||
Stockholders’ Equity (Deficit): | ||||||||||||
The Company authorized 1,200,000,000 shares of Verisk Class A common stock. The Verisk Class A common shares have rights to any dividend declared by the board of directors, subject to any preferential or other rights of any outstanding preferred stock, and voting rights to elect all eleven members of the board of directors. On November 18, 1996, the Company authorized 1,000,000,000 ISO Class B shares and issued 500,225,000 shares. On October 6, 2009, the Company completed a corporate reorganization whereby the ISO Class B common stock and treasury stock was converted to Verisk Class B common stock on a one-for-one-basis. All Verisk Class B shares sold into the IPO were converted to Verisk Class A common stock on a one-for-one basis. In addition, the Verisk Class B common stock authorized was reduced to 800,000,000 shares, sub-divided into 400,000,000 shares of Class B-1 and 400,000,000 of Class B-2. Each share of Class B-1 common stock converted automatically, without any action by the stockholder, into one share of Verisk Class A common stock on April 6, 2011. Each share of Class B-2 common stock converted automatically, without any action by the stockholder, into one share of Verisk Class A common stock on October 6, 2011. The Class B shares had the same rights as Verisk Class A shares with respect to dividends and economic ownership, but had voting rights to elect three of the eleven directors. Upon the conversion of Verisk Class B common stock to Class A common stock, the Company’s common stock consisted only of Class A common stock. | ||||||||||||
The Company authorized 80,000,000 shares of preferred stock, par value $0.001 per shares. The preferred shares have preferential rights over the Verisk Class A, Class B-1 and Class B-2 common shares with respect to dividends and net distribution upon liquidation. The Company did not issue any preferred shares from the reorganization date through December 31, 2013. | ||||||||||||
Share Repurchase Program | ||||||||||||
The Company has authorized repurchases of up to $1,200,000 of its common stock through its share repurchase program (the "Repurchase Program") and as of December 31, 2013, the Company had $165,253 available to repurchase shares. The Company has no obligation to repurchase stock under this program and intends to use this authorization as a means of offsetting dilution from the issuance of shares under the KSOP, the Verisk 2013 Equity Incentive Plan (the "2013 Incentive Plan"), the Verisk 2009 Equity Incentive Plan (the “2009 Incentive Plan”), and the ISO 1996 Incentive Plan (the “1996 Incentive Plan”), while providing flexibility to repurchase additional shares if warranted. This authorization has no expiration date and may be increased, reduced, suspended, or terminated at any time. Repurchased shares will be recorded as treasury stock and will be available for future issuance as part of the Repurchase Program. | ||||||||||||
During the years ended December 31, 2013 and 2012, 4,532,552 and 3,491,591 shares of Verisk Class A common stock were repurchased by the Company as part of this program at a weighted average price of $61.54 and $46.57 per share, respectively. The Company utilized cash from operations and the proceeds from its senior notes to fund these repurchases. As treasury stock purchases are recorded based on trade date, the Company has included $3,038 and $1,511 in “Accounts payable and accrued liabilities” in the accompanying consolidated balance sheets for those purchases that have not settled as of December 31, 2013 and 2012, respectively. | ||||||||||||
Treasury Stock | ||||||||||||
As of December 31, 2013, the Company’s treasury stock consisted of 376,545,111 shares of Verisk Class A common stock. During the year ended December 31, 2013 and 2012, the Company reissued 4,263,406 and 6,933,437 shares of Class A common stock, under the 2013 Incentive Plan, 2009 Incentive Plan and the 1996 Incentive Plan, from the treasury shares at a weighted average price of $4.54 and $4.07 per share, respectively. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per common share is computed by dividing income available to common stockholders 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 stock options and nonvested restricted stock, had been issued. | ||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands, except for share and per share data) | ||||||||||||
Numerator used in basic and diluted EPS: | ||||||||||||
Net income | $ | 348,380 | $ | 329,142 | $ | 282,758 | ||||||
Denominator: | ||||||||||||
Weighted average number of common shares used in basic EPS | 168,031,412 | 165,890,258 | 166,015,238 | |||||||||
Effect of dilutive shares: | ||||||||||||
Potential Class A common stock issuable from stock options and stock awards | 4,244,948 | 5,819,260 | 7,309,872 | |||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 172,276,360 | 171,709,518 | 173,325,110 | |||||||||
Basic net income per share: | ||||||||||||
Income from continuing operations | $ | 2.04 | $ | 1.91 | $ | 1.58 | ||||||
Income from discontinued operations | 0.03 | 0.07 | 0.12 | |||||||||
Basic net income per share | $ | 2.07 | $ | 1.98 | $ | 1.7 | ||||||
Diluted net income per share: | ||||||||||||
Income from continuing operations | $ | 1.99 | $ | 1.85 | $ | 1.51 | ||||||
Income from discontinued operations | 0.03 | 0.07 | 0.12 | |||||||||
Diluted net income per share | $ | 2.02 | $ | 1.92 | $ | 1.63 | ||||||
The potential shares of common stock that were excluded from diluted EPS were 822,410, 919,816 and 1,506,440 at December 31, 2013, 2012 and 2011, respectively, because the effect of including those potential shares was anti-dilutive. | ||||||||||||
Accumulated Other Comprehensive Losses | ||||||||||||
The following is a summary of accumulated other comprehensive losses as of December 31: | ||||||||||||
2013 | 2012 | |||||||||||
Unrealized foreign currency losses | $ | (1,800 | ) | $ | (960 | ) | ||||||
Unrealized (losses) gains on available-for-sale securities, net of tax | (75 | ) | 72 | |||||||||
Pension and postretirement adjustment, net of tax | (41,613 | ) | (88,272 | ) | ||||||||
Accumulated other comprehensive losses | $ | (43,488 | ) | $ | (89,160 | ) | ||||||
The before tax and after tax amounts of other comprehensive income for the years ended December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||
Before Tax | Tax Benefit | After Tax | ||||||||||
(Expense) | ||||||||||||
December 31, 2013 | ||||||||||||
Unrealized foreign currency loss | $ | (840 | ) | $ | — | $ | (840 | ) | ||||
Unrealized loss on available-for-sale securities before reclassifications | (1,122 | ) | 433 | (689 | ) | |||||||
Amount reclassified from accumulated other comprehensive loss (1) | 882 | (340 | ) | 542 | ||||||||
Unrealized loss on available-for-sale securities | (240 | ) | 93 | (147 | ) | |||||||
Pension and postretirement adjustment before reclassifications | 80,773 | (30,611 | ) | 50,162 | ||||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (5,699 | ) | 2,196 | (3,503 | ) | |||||||
Pension and postretirement adjustment | 75,074 | (28,415 | ) | 46,659 | ||||||||
Total other comprehensive income | $ | 73,994 | $ | (28,322 | ) | $ | 45,672 | |||||
December 31, 2012 | ||||||||||||
Unrealized foreign currency gain | $ | 15 | $ | — | $ | 15 | ||||||
Unrealized loss on available-for-sale securities before reclassifications | (727 | ) | 316 | (411 | ) | |||||||
Amount reclassified from accumulated other comprehensive loss (1) | 346 | (132 | ) | 214 | ||||||||
Unrealized loss on available-for-sale securities | (381 | ) | 184 | (197 | ) | |||||||
Pension and postretirement adjustment before reclassifications | (13,082 | ) | 4,865 | (8,217 | ) | |||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (4,001 | ) | 1,527 | (2,474 | ) | |||||||
Pension and postretirement adjustment | (17,083 | ) | 6,392 | (10,691 | ) | |||||||
Total other comprehensive loss | $ | (17,449 | ) | $ | 6,576 | $ | (10,873 | ) | ||||
December 31, 2011 | ||||||||||||
Unrealized foreign currency loss | $ | (183 | ) | $ | — | $ | (183 | ) | ||||
Unrealized loss on available-for-sale securities before reclassifications | (1,493 | ) | 614 | (879 | ) | |||||||
Amount reclassified from accumulated other comprehensive loss (1) | 686 | (263 | ) | 423 | ||||||||
Unrealized loss on available-for-sale securities | (807 | ) | 351 | (456 | ) | |||||||
Pension and postretirement adjustment before reclassifications | (25,346 | ) | 6,631 | (18,715 | ) | |||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (5,071 | ) | 1,941 | (3,130 | ) | |||||||
Pension and postretirement adjustment | (30,417 | ) | 8,572 | (21,845 | ) | |||||||
Total other comprehensive loss | $ | (31,407 | ) | $ | 8,923 | $ | (22,484 | ) | ||||
(1) This accumulated other comprehensive income (loss) component, before tax, is included under “Realized (loss) gain on available-for-sale securities, net” in the accompanying consolidated statements of operations. | ||||||||||||
(2) These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in the accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Compensation_Plans
Compensation Plans | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Compensation Plans | ' | |||||||||||
Compensation Plans: | ||||||||||||
KSOP | ||||||||||||
The Company has established the KSOP for the benefit of eligible employees in the U.S. and Puerto Rico. The KSOP includes both an employee savings component and an employee stock ownership component. The purpose of the combined plan is to enable the Company’s employees to participate in a tax-deferred savings arrangement under Internal Revenue Service Code Sections 401(a) and 401(k) (the “Code”), and to provide employee equity participation in the Company through the employee stock ownership plan (“ESOP”) accounts. | ||||||||||||
Under the KSOP, eligible employees may make pre-tax and after-tax cash contributions as a percentage of their compensation, subject to certain limitations under the applicable provisions of the Code. The maximum pre-tax contribution that can be made to the 401(k) account as determined under the provisions of Code Section 401(g) is $18, $17 and $17 for 2013, 2012 and 2011, respectively. Certain eligible participants (age 50 and older) may contribute an additional $6 on a pre-tax basis for 2013, 2012 and 2011. After-tax contributions are limited to 10% of a participant’s compensation. The Company provides quarterly matching contributions in Verisk Class A common stock. The quarterly matching contributions are primarily equal to 75% of the first 6% of the participant’s contribution. | ||||||||||||
The Company established the ESOP component as a funding vehicle for the KSOP. This leveraged ESOP acquired 57,190,000 shares of the Company’s Class A common stock at a cost of approximately $33,170 ($0.58 per share) in January 1997. The ESOP borrowed $33,170 from an unrelated third party to finance the purchase of the KSOP shares. The common shares were pledged as collateral for its debt. The Company made annual cash contributions to the KSOP equal to the ESOP’s debt service. As the debt was repaid, shares were released from collateral and allocated to active employees in proportion to their annual salaries in relation to total participant salaries. The Company accounts for its ESOP in accordance with ASC 718-40, Employee Stock Ownership Plans (“ASC 718-40”) and ASC 480-10, Distinguishing Liabilities from Equity (“ASC 480-10”). As shares were committed to be released from collateral, the Company reported compensation expense at the then-current fair value of the shares, and the shares became outstanding for EPS computations. | ||||||||||||
In December 2004, the Company repaid the ESOP loan and issued a new loan agreement between the Company and the KSOP, thereby extending the allocation of the remaining unreleased shares as of July 1, 2004 through 2013. As part of this new loan agreement, the Company is required to contribute $8,000 to the ESOP by 2016, earlier payment is at the Company’s discretion. On April 20, 2013, the ESOP refinanced its intercompany loan between the Company and the KSOP, thereby extending the allocation of the remaining unreleased shares through 2016. As part of this new loan agreement, the Company is required to contribute an additional $9,000, plus interest, of cash or shares to the ESOP by 2016. Earlier contribution is at the Company's discretion. As the intercompany ESOP loan is repaid, a percentage of the ESOP loan collateral will be released and allocated to active participants in proportion to their annual salaries in relation to total participant salaries. As of December 31, 2013, the intercompany ESOP loan collateral consisted of 394,598 shares of Verisk Class A common stock valued at $65.72 per share. As of December 31, 2013, the Company had 14,137,294 allocated ESOP shares. | ||||||||||||
In 2005, the Company established the ISO Profit Sharing Plan (the “Profit Sharing Plan”), a defined contribution plan, to replace the qualified pension plan for all eligible employees hired on or after March 1, 2005. The Profit Sharing Plan is a component of the KSOP. Eligible employees participated in the Profit Sharing Plan if they completed 1,000 hours of service each plan year and were employed on December 31 of that year. The Company can make a discretionary contribution to the Profit Sharing Plan based on the annual performance of the Company. Participants vest once they have completed four years and 1,000 hours of service. For fiscal years 2013 and 2012, there were no profit sharing contributions allocated. In 2011, the profit sharing contribution was funded using Class A common stock. | ||||||||||||
At December 31, 2013, 2012 and 2011, the fair value of Verisk Class A common stock was $65.72, $50.97, and $40.13 per share, respectively. KSOP compensation expense for 2013, 2012 and 2011 was approximately $14,930, $13,111 and $12,615, respectively. | ||||||||||||
Equity Compensation Plans | ||||||||||||
All of the Company’s outstanding stock options and restricted stock are covered under the 2013 Incentive Plan, 2009 Incentive Plan or the 1996 Incentive Plan. Awards under the 2013 Incentive Plan may include one or more of the following types: (i) stock options (both nonqualified and incentive stock options), (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards, and (vii) cash. Employees, directors and consultants are eligible for awards under the 2013 Incentive Plan. The Company issued common stock under these plans from the Company's treasury shares. On May 15, 2013, the Company’s shareholders approved the 2013 Incentive Plan. The number of shares of Class A common stock available for issuance under the 2013 Incentive Plan is 15,700,000 and such amount shall be reduced on a 1-for-1 basis for every share issued that is subject to an option or stock appreciation right and on a 2.5-for-1 basis for every share issued that is subject to an award other than an option or stock appreciation right. Shares that were subject to an award under the 2013 Incentive Plan that become forfeited, expired or otherwise terminated shall again be available for issuance under the 2013 Incentive Plan on a 1-for-1 basis if the shares were subject to options or stock appreciation rights, and on an 2.5-for-1 basis if the shares were subject to awards other than options or stock appreciation rights. As of December 31, 2013, there were 14,365,793 shares of Class A common stock reserved and available for future issuance. Cash received from stock option exercises for the years ended December 31, 2013, 2012 and 2011 was $80,368, $68,388 and $43,345, respectively. | ||||||||||||
In 2013, the Company granted 806,512 nonqualified stock options to key employees. The nonqualified stock options have an exercise price equal to the closing price of the Company’s Class A common stock on the grant date, with a ten-year contractual term and a service vesting period of four years. In addition, the Company granted 209,292 shares of restricted stock and 574 shares of Class A common stock to key employees. The restricted stock is valued at the closing price of the Company’s Class A common stock on the date of grant and has a service vesting period of four years. The Company recognizes the expense of the restricted stock ratably over the periods in which the restrictions lapse. The restricted stock is not assignable or transferrable until it becomes vested. Also in 2013, the Company granted 27,494 nonqualified stock options that were immediately vested, 54,032 nonqualified stock options with a one-year service vesting period, 7,535 shares of Class A common stock, and 32,382 deferred stock units to the directors of the Company. The nonqualified stock options have an exercise price equal to the closing price of the Company’s Class A common stock on the grant date and a ten-year contractual term. | ||||||||||||
The fair value of the stock options granted was estimated on the date of grant using a Black-Scholes option valuation model that uses the weighted-average assumptions noted in the following table during the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Option pricing model | Black-Scholes | Black-Scholes | Black-Scholes | |||||||||
Expected volatility | 29.27 | % | 32.22 | % | 30.44 | % | ||||||
Risk-free interest rate | 0.7 | % | 0.9 | % | 2.21 | % | ||||||
Expected term in years | 4.5 | 4.7 | 5.1 | |||||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted average grant date fair value per stock option | $ | 15.58 | $ | 13.59 | $ | 10.42 | ||||||
The expected term for a majority of the awards granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no historical exercise pattern exists, the expected term was estimated using the simplified method. The risk-free interest rate is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the expected term of the equity award. The volatility factor was based on the average volatility of the Company’s peers, calculated using historical daily closing prices over the most recent period is commensurate with the expected term of the stock option awards. The expected dividend yield was based on the Company’s expected annual dividend rate on the date of grant. | ||||||||||||
A summary of options outstanding under the Incentive Plan and the Option Plan and changes during the three years then ended is presented below: | ||||||||||||
Number | Weighted | Aggregate | ||||||||||
of Options | Average | Intrinsic | ||||||||||
Exercise Price | Value | |||||||||||
Per Share | ||||||||||||
(In thousands, except for share and per share data) | ||||||||||||
Outstanding at January 1, 2011 | 23,057,857 | $ | 13.35 | $ | 478,014 | |||||||
Granted | 1,574,705 | $ | 33.46 | |||||||||
Exercised | (5,543,866 | ) | $ | 7.82 | $ | 149,613 | ||||||
Cancelled or expired | (192,291 | ) | $ | 22.58 | ||||||||
Outstanding at December 31, 2011 | 18,896,405 | $ | 16.55 | $ | 445,510 | |||||||
Granted | 973,124 | $ | 47.38 | |||||||||
Exercised | (6,880,678 | ) | $ | 9.09 | $ | 257,391 | ||||||
Cancelled or expired | (415,553 | ) | $ | 19.3 | ||||||||
Outstanding at December 31, 2012 | 12,573,298 | $ | 22.21 | $ | 361,653 | |||||||
Granted | 888,038 | $ | 61.1 | |||||||||
Exercised | (4,076,750 | ) | $ | 19.79 | $ | 168,056 | ||||||
Cancelled or expired | (149,266 | ) | $ | 43.14 | ||||||||
Outstanding at December 31, 2013 | 9,235,320 | $ | 26.67 | $ | 360,611 | |||||||
Options exercisable at December 31, 2013 | 7,169,089 | $ | 20.98 | $ | 320,766 | |||||||
Options exercisable at December 31, 2012 | 8,796,996 | $ | 18.37 | $ | 286,806 | |||||||
A summary of the status of the Company’s nonvested options and changes is presented below: | ||||||||||||
Number | Weighted | |||||||||||
of Options | Average | |||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Nonvested balance at January 1, 2011 | 8,237,410 | $ | 6.27 | |||||||||
Granted | 1,574,705 | $ | 10.42 | |||||||||
Vested | (2,876,730 | ) | $ | 5.56 | ||||||||
Cancelled or expired | (192,291 | ) | $ | 6.82 | ||||||||
Nonvested balance at December 31, 2011 | 6,743,094 | $ | 7.52 | |||||||||
Granted | 973,124 | $ | 13.59 | |||||||||
Vested | (3,524,363 | ) | $ | 7.38 | ||||||||
Cancelled or expired | (415,553 | ) | $ | 5.62 | ||||||||
Nonvested balance at December 31, 2012 | 3,776,302 | $ | 9.43 | |||||||||
Granted | 888,038 | $ | 15.58 | |||||||||
Vested | (2,448,843 | ) | $ | 8.81 | ||||||||
Cancelled or expired | (149,266 | ) | $ | 12.18 | ||||||||
Nonvested balance at December 31, 2013 | 2,066,231 | $ | 12.61 | |||||||||
Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the quoted price of Verisk’s common stock as of the reporting date. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2013 was $360,611 and $320,766, respectively. In accordance with ASC 718, excess tax benefit from exercised stock options is recorded as an increase to additional-paid-in capital and a corresponding reduction in taxes payable. This tax benefit is calculated as the excess of the intrinsic value of options exercised in excess of compensation recognized for financial reporting purposes. The amount of the tax benefit that has been realized, as a result of those excess tax benefits, is presented as a financing cash inflow within the accompanying consolidated statements of cash flows. For the years ended December 31, 2013, 2012 and 2011, the Company recorded excess tax benefit from exercised stock options of $58,056, $88,387 and $57,684, respectively. The Company realized $109,946, $60,672 and $53,195 of tax benefit within the Company’s tax payments through December 31, 2013, 2012 and 2011, respectively.The Company estimates expected forfeitures of equity awards at the date of grant and recognizes compensation expense only for those awards that the Company expects to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Changes in the forfeiture assumptions may impact the total amount of expense ultimately recognized over the requisite service period and may impact the timing of expense recognized over the requisite service period. Stock based compensation expense for 2013, 2012 and 2011 was $21,087, $24,696 and $22,656, respectively. | ||||||||||||
A summary of the status of the restricted stock awarded under the 2013 Incentive Plan and changes is presented below: | ||||||||||||
Number | Weighted | |||||||||||
of Shares | Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Outstanding at December 31, 2010 | — | $ | — | |||||||||
Granted | 150,187 | $ | 33.27 | |||||||||
Vested | (1,523 | ) | $ | 33.3 | ||||||||
Forfeited | (3,030 | ) | $ | 33.3 | ||||||||
Outstanding at December 31, 2011 | 145,634 | $ | 33.32 | |||||||||
Granted | 244,397 | $ | 47.1 | |||||||||
Vested | (41,120 | ) | $ | 34.51 | ||||||||
Forfeited | (17,898 | ) | $ | 43.27 | ||||||||
Outstanding at December 31, 2012 | 331,013 | $ | 42.78 | |||||||||
Granted | 241,674 | $ | 61.12 | |||||||||
Vested | (150,668 | ) | $ | 37.82 | ||||||||
Forfeited | (25,270 | ) | $ | 53 | ||||||||
Outstanding at December 31, 2013 | 396,749 | $ | 52.82 | |||||||||
As of December 31, 2013, there was $39,086 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the 2013 Incentive Plan and the 2009 Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.51 years. As of December 31, 2013, there were 2,066,231 and 396,749 nonvested stock options and restricted stock, respectively, of which 1,581,125 and 287,897 are expected to vest. The total grant date fair value of options vested during the years ended December 31, 2013, 2012 and 2011 was $16,468, $19,834 and $20,554, respectively. The total grant date fair value of restricted stock vested during the year ended December 31, 2013, 2012 and 2011 was $7,153, $3,206 and $908, respectively. | ||||||||||||
On May 16, 2012, the Company’s stockholders approved the implementation of an employee stock purchase plan (“ESPP”). The ESPP commenced on October 1, 2012 and offers eligible employees the opportunity to authorize payroll deductions of up to 20.0% of their regular base salary and up to 50.0% of their short-term incentive compensation, both of which in total may not exceed $25 in any calendar year, to purchase shares of the Company’s Class A common stock at a 5.0% discount of its fair market value at the time of purchase. In accordance with ASC 718, the ESPP is noncompensatory as the purchase discount is 5.0% or less from the fair market value, substantially all employees that meet limited employment qualifications may participate, and it incorporates no option features. During the year ended December 31, 2013, the Company issued 27,879 shares of Verisk Class A common stock at a weighted average discounted price of $59.62. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Postretirement Benefits | ' | |||||||||||||||||||||||
Pension and Postretirement Benefits: | ||||||||||||||||||||||||
The Company maintained a qualified defined benefit pension plan for a certain of its employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. The Company has applied a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which is credited annually based on salary rates determined by years of service, as well as the interest earned on the previous year-end cash balance. The Company also has a non-qualified supplemental cash balance plan (“SERP”) for certain employees. The SERP is funded from the general assets of the Company. Effective February 29, 2012, the Company instituted a hard freeze, which eliminated all future compensation and service credits, to all participants in the Pension Plan and SERP. The freeze in 2012 reduced the unfunded pension liability by approximately $10,200 and the Company realized a curtailment gain of $780 in “Cost of revenues” and “Selling, general and administrative” expenses in the accompanying consolidated statements of operations. | ||||||||||||||||||||||||
The Pension Plan’s funding policy is to contribute annually at an amount between the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974 and the maximum amount that can be deducted for federal income tax purposes. In April 2012, the Company completed a voluntary prefunding to the Pension Plan of $72,000, which resulted in a total contribution of $78,837 for the year, of which $28,206 was the minimum contribution requirement for 2012. Due to the prefunding, the minimum contribution requirement was and is expected to be $0 in 2013 and 2014, respectively. The Company contributed $3,911 and $839 to the SERP in 2013 and 2012, respectively, and expects to contribute $715 in 2014. | ||||||||||||||||||||||||
The Company also provides certain healthcare and life insurance benefits for both active and retired employees. The 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 Company expects to contribute $1,767 to the Postretirement Plan in 2014. In March 2012, the Company established a voluntary employees beneficiary association plan (the “VEBA Plan”) under Section 501(c)(9) of the Internal Revenue Code to fund the Postretirement Plan. The Company contributed $20,000 to the VEBA Plan for the year ended December 31, 2012, and did not make further contributions thereafter. The asset allocation for the VEBA Plan at December 31, 2013 and target allocation for 2014 are 100% in debt securities. | ||||||||||||||||||||||||
The following table sets forth the changes in the benefit obligations and the plan assets, the (funded) unfunded status of the Pension Plan, SERP and Postretirement Plan, and the amounts recognized in the Company’s consolidated balance sheets at December 31: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 460,482 | $ | 434,689 | $ | 22,434 | $ | 21,935 | ||||||||||||||||
Service cost | — | 282 | — | — | ||||||||||||||||||||
Interest cost | 17,860 | 19,888 | 608 | 779 | ||||||||||||||||||||
Actuarial (gain) loss | (31,962 | ) | 39,466 | (426 | ) | 2,328 | ||||||||||||||||||
Curtailments | — | (8,255 | ) | — | — | |||||||||||||||||||
Plan participants’ contributions | — | — | 1,748 | 2,505 | ||||||||||||||||||||
Benefits paid | (25,716 | ) | (25,588 | ) | (4,225 | ) | (5,411 | ) | ||||||||||||||||
Federal subsidy on benefits paid | — | — | 260 | 298 | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 420,664 | $ | 460,482 | $ | 20,399 | $ | 22,434 | ||||||||||||||||
Accumulated benefit obligation at December 31 | $ | 420,664 | $ | 460,482 | ||||||||||||||||||||
Weighted-average assumptions as of December 31 used to determine benefit obligation: | ||||||||||||||||||||||||
Discount rate | 4.74 | % | 3.98 | % | 3.45 | % | 2.75 | % | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 421,134 | $ | 324,864 | $ | 18,766 | $ | — | ||||||||||||||||
Actual return on plan assets, net of expenses | 68,583 | 42,182 | (198 | ) | 206 | |||||||||||||||||||
Employer contributions | 3,911 | 79,676 | 250 | 21,168 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 1,748 | 2,505 | ||||||||||||||||||||
Benefits paid | (25,716 | ) | (25,588 | ) | (4,225 | ) | (5,411 | ) | ||||||||||||||||
Subsidies received | — | — | 260 | 298 | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 467,912 | $ | 421,134 | $ | 16,601 | $ | 18,766 | ||||||||||||||||
(Funded) unfunded status at December 31 | $ | (47,248 | ) | $ | 39,348 | $ | 3,798 | $ | 3,668 | |||||||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,147 | ) | $ | (1,293 | ) | ||||||||||||||
Actuarial losses | 62,226 | 137,369 | 9,208 | 9,285 | ||||||||||||||||||||
Accumulated other comprehensive losses, pretax | $ | 62,226 | $ | 137,369 | $ | 8,061 | $ | 7,992 | ||||||||||||||||
The pre-tax components of net periodic benefit cost and the amounts recognized in other comprehensive loss are summarized below for the years ended December 31: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | 282 | $ | 6,361 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 17,860 | 19,888 | 21,707 | 608 | 779 | 878 | ||||||||||||||||||
Curtailment gain | — | (780 | ) | — | — | — | — | |||||||||||||||||
Expected return on plan assets | (30,480 | ) | (28,899 | ) | (25,797 | ) | (919 | ) | (255 | ) | — | |||||||||||||
Amortization of prior service benefit | — | (133 | ) | (801 | ) | (146 | ) | (146 | ) | (146 | ) | |||||||||||||
Amortization of net actuarial loss | 5,078 | 3,646 | 5,598 | 767 | 634 | 420 | ||||||||||||||||||
Net periodic benefit (credit) cost | (7,542 | ) | (5,996 | ) | 7,068 | 310 | 1,012 | 1,152 | ||||||||||||||||
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | (1,320 | ) | (279 | ) | (656 | ) | — | — | — | |||||||||||||||
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | — | 133 | 801 | 146 | 146 | 146 | ||||||||||||||||||
Prior service benefit | — | (7,475 | ) | — | — | — | — | |||||||||||||||||
Net loss recognized reclassified from accumulated other comprehensive losses | (3,758 | ) | (3,368 | ) | (4,942 | ) | — | — | — | |||||||||||||||
Actuarial (loss) gain | (70,065 | ) | 26,184 | 38,220 | (77 | ) | 1,742 | (3,152 | ) | |||||||||||||||
Total recognized in other comprehensive (income) loss | (75,143 | ) | 15,195 | 33,423 | 69 | 1,888 | (3,006 | ) | ||||||||||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | $ | (82,685 | ) | $ | 9,199 | $ | 40,491 | $ | 379 | $ | 2,900 | $ | (1,854 | ) | ||||||||||
The estimated amounts in accumulated other comprehensive losses that are expected to be recognized as components of net periodic benefit cost during 2014 are summarized below: | ||||||||||||||||||||||||
Pension Plan | Postretirement | Total | ||||||||||||||||||||||
And SERP | Plan | |||||||||||||||||||||||
Amortization of prior service benefit | $ | — | $ | (146 | ) | $ | (146 | ) | ||||||||||||||||
Amortization of net actuarial loss | 605 | 673 | 1,278 | |||||||||||||||||||||
Total | $ | 605 | $ | 527 | $ | 1,132 | ||||||||||||||||||
The weighted-average assumptions as of January 1 used to determine net periodic benefit (credit) cost and the amount recognized in the accompanying consolidated balance sheets are provided below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted-average assumptions as of January 1, used to determine net benefit cost: | ||||||||||||||||||||||||
Discount rate | 3.98 | % | 4.98 | % | 5.49 | % | 2.75 | % | 3.5 | % | 4 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8.25 | % | 5 | % | N/A | N/A | ||||||||||||||
Rate of compensation increase | N/A | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Pension assets, noncurrent | $ | (60,955 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Pension, SERP and postretirement benefits, current | 700 | 693 | 664 | 1,737 | 1,041 | 3,348 | ||||||||||||||||||
Pension, SERP and postretirement benefits, noncurrent | 13,007 | 38,655 | 109,161 | 2,061 | 2,627 | 18,587 | ||||||||||||||||||
Total Pension, SERP and Postretirement benefits | $ | (47,248 | ) | $ | 39,348 | $ | 109,825 | $ | 3,798 | $ | 3,668 | $ | 21,935 | |||||||||||
The following table presents the estimated future benefit payments for the respective plans. The future benefit payments for the Postretirement Plan are net of the federal Medicare subsidy. | ||||||||||||||||||||||||
Pension Plan | Postretirement | |||||||||||||||||||||||
and SERP | Plan | |||||||||||||||||||||||
Gross Benefit | Gross Benefit | Medicare Subsidy | Net Benefit | |||||||||||||||||||||
Amount | Amount | Payments | Amount | |||||||||||||||||||||
2014 | $ | 28,391 | $ | 3,408 | $ | (455 | ) | $ | 2,953 | |||||||||||||||
2015 | $ | 28,743 | $ | 3,156 | $ | (448 | ) | $ | 2,708 | |||||||||||||||
2016 | $ | 29,460 | $ | 2,886 | $ | (435 | ) | $ | 2,451 | |||||||||||||||
2017 | $ | 29,958 | $ | 2,611 | $ | (421 | ) | $ | 2,190 | |||||||||||||||
2018 | $ | 29,692 | $ | 2,334 | $ | (405 | ) | $ | 1,929 | |||||||||||||||
2019-2023 | $ | 148,179 | $ | 7,970 | $ | (944 | ) | $ | 7,026 | |||||||||||||||
The healthcare cost trend rate for 2013 was 8.00% gradually decreasing to 5.00% in 2020. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan. A 1.00% change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
1% | 1% | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost | $ | 15 | $ | (14 | ) | |||||||||||||||||||
Effect on the healthcare component of the accumulated postretirement benefit obligation | $ | 549 | $ | (511 | ) | |||||||||||||||||||
The expected subsidy from the Medicare Prescription Drug, Improvement and Modernization Act of 2003 reduced the Company’s accumulated postretirement benefit obligation by approximately $2,868 and $4,089 as of December 31, 2013 and 2012, and the net periodic benefit cost by approximately $19, $114 and $499 in fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
The expected return on the Pension Plan assets for 2013 and 2012 was 7.50%, which was determined by taking into consideration the Company’s analysis of its actual historical investment returns to a broader long-term forecast adjusted based on the its target investment allocation, and the current economic environment. The Company’s investment guidelines target investment allocation of 60% equity securities and 40% debt securities. The Pension Plan assets consist primarily of investments in various fixed income and equity funds. Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Investment managers are prohibited from entering into any speculative hedging transactions. The investment objective is to achieve a maximum total return with strong emphasis on preservation of capital in real terms. The domestic equity portion of the total portfolio should range between 40% and 60%. The international equity portion of the total portfolio should range between 10% and 20%. The fixed income portion of the total portfolio should range between 20% and 40%. The asset allocation at December 31, 2013 and 2012, and target allocation for 2014 by asset category are as follows: | ||||||||||||||||||||||||
Asset Category | Target | Percentage of | ||||||||||||||||||||||
Allocation | Plan Assets | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Equity securities | 60 | % | 66.8 | % | 57.9 | % | ||||||||||||||||||
Debt securities | 40 | % | 33.2 | % | 41 | % | ||||||||||||||||||
Other | — | % | — | % | 1.1 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The Company has used the target investment allocation to derive the expected return as the Company believes this allocation will be retained on an ongoing basis that will commensurate with the projected cash flows of the plan. The expected return for each investment category within the target investment allocation is developed using average historical rates of return for each targeted investment category, considering the projected cash flow of the Pension Plan. The difference between this expected return and the actual return on plan assets is generally deferred and recognized over subsequent periods through future net periodic benefit costs. The Company believes that the use of the average historical rates of returns is consistent with the timing and amounts of expected contributions to the plans and benefit payments to plan participants. These considerations provide the basis for reasonable assumptions with respect to the expected long-term rate of return on plan assets. | ||||||||||||||||||||||||
The following table summarizes the fair value measurements by level of the Pension Plan and Postretirement Plan assets: | ||||||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | |||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 110,852 | $ | 110,852 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 200,947 | — | 200,947 | — | ||||||||||||||||||||
Equity — partnerships (3) | 635 | — | — | 635 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 165,157 | — | 165,157 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 16,601 | 16,601 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash deficit — pooled separate account (2) | (9,679 | ) | — | (9,679 | ) | — | ||||||||||||||||||
Total | $ | 484,513 | $ | 127,453 | $ | 356,425 | $ | 635 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 74,815 | $ | 74,815 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 168,232 | — | 168,232 | — | ||||||||||||||||||||
Equity — partnerships (3) | 1,022 | — | — | 1,022 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 172,547 | — | 172,547 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 18,766 | 18,766 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash — pooled separate account (2) | 4,518 | — | 4,518 | — | ||||||||||||||||||||
Total | $ | 439,900 | $ | 93,581 | $ | 345,297 | $ | 1,022 | ||||||||||||||||
-1 | Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAV”) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts. | |||||||||||||||||||||||
-2 | The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted. | |||||||||||||||||||||||
-3 | Investments for which readily determinable prices do not exist are valued by the General Partner using either the market or income approach. In establishing the estimated fair value of investments, including those without readily determinable values, the General Partner assumes a reasonable period of time for liquidation of the investment, and takes into consideration the financial condition and operating results of the underlying portfolio company, nature of investment, restrictions on marketability, holding period, market conditions, foreign currency exposures, and other factors the General Partner deems appropriate. | |||||||||||||||||||||||
-4 | The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market. | |||||||||||||||||||||||
The following table sets forth a summary of changes in fair value of the Pension Plan’s Level 3 assets for the years ended December 31: | ||||||||||||||||||||||||
Equity-partnerships | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at January 1 | $ | 1,022 | $ | 1,067 | ||||||||||||||||||||
Realized and unrealized loss on plan assets, net | (387 | ) | (45 | ) | ||||||||||||||||||||
Balance at December 31 | $ | 635 | $ | 1,022 | ||||||||||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||||||||
ASC 280-10, Disclosures About Segments of an Enterprise and Related Information (“ASC 280-10”), establishes standards for reporting information about operating segments. ASC 280-10 requires that a public business enterprise reports financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s President and CEO is identified as the CODM as defined by ASC 280-10. To align with the internal management of the Company’s business operations based on service offerings, the Company is organized into the following two operating segments, which are also the Company’s reportable segments: | ||||||||||||||||||||||||||||||||||||
Decision Analytics: The Company develops solutions that its customers use to analyze key processes in managing risk. The Company’s combination of algorithms and analytic methods incorporates its proprietary data to generate solutions. In most cases, the Company’s customers integrate the solutions into their models, formulas or underwriting criteria in order to predict potential loss events, ranging from hurricanes and earthquakes to unanticipated healthcare claims. The Company develops catastrophe and extreme event models and offers solutions covering natural and man-made risks, including acts of terrorism. The Company also develops solutions that allow customers to quantify costs after loss events occur. Fraud solutions include data on claim histories, analysis of claims to find emerging patterns of fraud, and identification of suspicious claims in the insurance, and healthcare sectors. Effective December 31, 2011, the Company provided additional disclosure about its revenue within Decision Analytics segment based on the industry vertical groupings of insurance, financial services, healthcare and specialized markets. Previously, the Company disclosed revenue based on the classification of its solution as fraud identification and detection solutions, loss prediction solutions and loss quantification solutions. There have been no changes in reportable segments in accordance with ASC 280-10 for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||
Risk Assessment: The Company is the leading provider of statistical, actuarial and underwriting data for the U.S. P&C insurance industry. The Company’s databases include cleansed and standardized records describing premiums and losses in insurance transactions, casualty and property risk attributes for commercial buildings and their occupants and fire suppression capabilities of municipalities. The Company uses this data to create policy language and proprietary risk classifications that are industry standards and to generate prospective loss cost estimates used to price insurance policies. Effective December 31, 2012, the Company combined the statistical agency and data services and actuarial services into industry-standard insurance programs within the Risk Assessment segment. There have been no changes in reportable segments in accordance with ASC 280-10 for the years ended December 31, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||
Discontinued Operations: During February 2014, the Company entered into an agreement to sell the Company's mortgage services business, Interthinx. Results of operations for the mortgage services business are reported as a discontinued operation for the year ended December 31, 2013 and for all prior periods presented. Refer to Note 10 for more information. From 2009 to 2011, the mortgage services business was in both Risk Assessment segment within the insurance services revenue category and Decision Analytics segment in the financial services revenue category. In 2012, the Company reclassified the appraisal mortgage tools from Risk Assessment to our Decision Analytics segment in the financial services revenue category. Therefore, in 2012 and 2013, the mortgage services business is within Decision Analytics segment. | ||||||||||||||||||||||||||||||||||||
The two aforementioned operating segments represent the segments for which separate discrete financial information is available and upon which operating results are regularly evaluated by the CODM in order to assess performance and allocate resources. The Company uses EBITDA as the profitability measure for making decisions regarding ongoing operations. EBITDA is net income before interest expense, provision for income taxes, depreciation and amortization of fixed and intangible assets. In the second quarter of 2012, the Company changed its definition of EBITDA such that it only reflects the definition noted and no longer excludes investment income and realized (loss) gain on securities, net, for all periods presented. Operating expenses consist of direct and indirect costs principally related to personnel, facilities, software license fees, consulting, travel, and third-party information services. Indirect costs are generally allocated to the segments using fixed rates established by management based upon estimated expense contribution levels and other assumptions that management considers reasonable. The Company does not allocate interest expense and provision for income taxes, since these items are not considered in evaluating the segment’s overall operating performance. The CODM does not evaluate the financial performance of each segment based on assets. On a geographic basis, no individual country outside of the U.S. accounted for 1.00% or more of the Company’s consolidated revenue for the years ended December 31, 2013, 2012 or 2011. No individual country outside of the U.S. accounted for 1.00% or more of total consolidated long-term assets as of December 31, 2013 or 2012. | ||||||||||||||||||||||||||||||||||||
The following table provides the Company’s revenue and operating income performance by reportable segment for the years ended December 31, as well as a reconciliation to income before income taxes for all periods presented in the accompanying consolidated statements of operations: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Decision | Risk | Total | Decision | Risk | Total | Decision | Risk | Total | ||||||||||||||||||||||||||||
Analytics | Assessment | Analytics | Assessment | Analytics | Assessment | |||||||||||||||||||||||||||||||
Revenues | $ | 977,427 | $ | 618,276 | $ | 1,595,703 | $ | 828,342 | $ | 579,506 | $ | 1,407,848 | $ | 639,100 | $ | 552,293 | $ | 1,191,393 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 427,978 | 194,545 | 622,523 | 334,280 | 182,428 | 516,708 | 253,970 | 187,009 | 440,979 | |||||||||||||||||||||||||||
Selling, general and administrative | 151,557 | 77,425 | 228,982 | 139,122 | 80,946 | 220,068 | 117,188 | 82,307 | 199,495 | |||||||||||||||||||||||||||
Acquisition related liabilities adjustment | — | — | — | — | — | — | (3,364 | ) | — | (3,364 | ) | |||||||||||||||||||||||||
Investment (income) and realized (gain) loss on available-for-sale securities, net | 16 | (625 | ) | (609 | ) | 22 | (128 | ) | (106 | ) | 8 | (887 | ) | (879 | ) | |||||||||||||||||||||
EBITDA from discontinued operations | (15,466 | ) | — | (15,466 | ) | (24,737 | ) | — | (24,737 | ) | (34,539 | ) | (3,186 | ) | (37,725 | ) | ||||||||||||||||||||
EBITDA | 413,342 | 346,931 | 760,273 | 379,655 | 316,260 | 695,915 | 305,837 | 287,050 | 592,887 | |||||||||||||||||||||||||||
Depreciation and amortization of fixed assets | 51,739 | 14,451 | 66,190 | 33,106 | 13,531 | 46,637 | 26,369 | 13,766 | 40,135 | |||||||||||||||||||||||||||
Amortization of intangible assets | 63,388 | 353 | 63,741 | 52,207 | — | 52,207 | 32,985 | — | 32,985 | |||||||||||||||||||||||||||
Investment income and realized gain (loss) on available-for-sale securities, net | (16 | ) | 625 | 609 | (22 | ) | 128 | 106 | (8 | ) | 887 | 879 | ||||||||||||||||||||||||
EBITDA from discontinued operations | 15,466 | — | 15,466 | 24,737 | — | 24,737 | 34,539 | 3,186 | 37,725 | |||||||||||||||||||||||||||
Operating income | $ | 282,765 | $ | 331,502 | $ | 614,267 | $ | 269,627 | $ | 302,601 | $ | 572,228 | $ | 211,952 | $ | 269,211 | $ | 481,163 | ||||||||||||||||||
Capital expenditures, including non-cash purchases of fixed assets and capital lease obligations | $ | 123,927 | $ | 33,575 | $ | 157,502 | $ | 64,747 | $ | 15,004 | $ | 79,751 | $ | 56,486 | $ | 11,890 | $ | 68,376 | ||||||||||||||||||
Operating segment revenue by type of service is provided below for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Decision Analytics | ||||||||||||||||||||||||||||||||||||
Insurance | $ | 539,150 | $ | 493,456 | $ | 451,216 | ||||||||||||||||||||||||||||||
Financial services | 81,113 | 26,567 | 5,323 | |||||||||||||||||||||||||||||||||
Healthcare | 271,538 | 222,955 | 103,722 | |||||||||||||||||||||||||||||||||
Specialized markets | 85,626 | 85,364 | 78,839 | |||||||||||||||||||||||||||||||||
Total Decision Analytics | 977,427 | 828,342 | 639,100 | |||||||||||||||||||||||||||||||||
Risk Assessment | ||||||||||||||||||||||||||||||||||||
Industry-standard insurance programs | 471,130 | 450,646 | 426,228 | |||||||||||||||||||||||||||||||||
Property-specific rating and underwriting information | 147,146 | 128,860 | 126,065 | |||||||||||||||||||||||||||||||||
Total Risk Assessment | 618,276 | 579,506 | 552,293 | |||||||||||||||||||||||||||||||||
Total consolidated revenues | $ | 1,595,703 | $ | 1,407,848 | $ | 1,191,393 | ||||||||||||||||||||||||||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related Parties: | |
The Company considers its Class A stockholders that own more than 5% of the outstanding stock within the respective class to be related parties as defined within ASC 850, Related Party Disclosures. The Company had no related parties owning more than 5% of the entire class of stock as of December 31, 2013 and 2012. | |
In addition, the Company had revenues from related parties for the years ended December 31, 2013, 2012 and 2011 of $0, $0 and $13,882, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies: | ||||||||
The Company’s operations are conducted on leased premises. Approximate minimum rentals under long-term noncancelable leases for all leased premises, computer equipment and automobiles are as follows: | ||||||||
Years Ending | Operating | Capital | ||||||
Leases | Leases | |||||||
2014 | $ | 34,590 | $ | 4,750 | ||||
2015 | 35,957 | 4,059 | ||||||
2016 | 33,171 | 2,034 | ||||||
2017 | 31,362 | 256 | ||||||
2018 | 27,182 | 73 | ||||||
2019-2024 | 73,019 | 194 | ||||||
Net minimum lease payments | $ | 235,281 | 11,366 | |||||
Less amount representing interest | 608 | |||||||
Present value of net minimum lease capital payments | $ | 10,758 | ||||||
Most of the leases require payment of property taxes and utilities and, in certain cases, contain renewal options. Operating leases consist of office space. Capital leases consist of computer equipment, office equipment, and leased automobiles. Rent expense on operating leases approximated $32,186, $29,618 and $27,902 in 2013, 2012 and 2011, respectively. | ||||||||
In addition, the Company is 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, the Company is unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to these matters or the impact they may have on the Company’s results of operations, financial position or cash flows. This is primarily because the matters are generally in early stages and discovery has either not commenced or been completed. Although the Company believes it has strong defenses and intends to vigorously defend these matters, the Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations, financial position or cash flows. | ||||||||
Intellicorp Records, Inc. Litigation and iiX Litigation | ||||||||
On April 20, 2012, the Company was served with a class action complaint filed in Alameda County Superior Court in California naming the Company’s subsidiary Intellicorp Records, Inc. (“Intellicorp”) titled Jane Roe v. Intellicorp Records, Inc. The complaint alleged violations of the Fair Credit Reporting Act (“FCRA”) and claimed that Intellicorp failed to implement reasonable procedures to assure maximum possible accuracy of the adverse information contained in the background reports, failed to maintain strict procedures to ensure that criminal record information provided to employers is complete and up to date, and failed to notify class members contemporaneously of the fact that criminal record information was being provided to their employers and prospective employers. Intellicorp removed the case to the United States District Court of the Northern District of California. The California Court later granted Intellicorp’s motion to transfer the case, which is now pending in the United States District Court for the Northern District of Ohio. On October 24, 2012 plaintiffs served their First Amended Complaint (the “Roe Complaint”) alleging a nationwide putative class action on behalf of all persons who were the subject of a Criminal SuperSearch or other “instant” consumer background report furnished to a third party by Intellicorp for employment purposes, and whose report contained any negative public record of criminal arrest, charge, or conviction without also disclosing the final disposition of the charges during the five (5) years preceding the filing of this action through the date class certification is granted. The Roe Complaint seeks statutory damages for the class in an amount not less than one hundred dollars and not more than one thousand dollars per violation, punitive damages, costs and attorneys’ fees. On February 4, 2013, the Court granted plaintiffs’ motion to amend the Roe Complaint to eliminate the named plaintiff’s individual claim for compensatory damages. This amendment did not change the breadth or scope of the request for relief sought on behalf of the proposed class. Plaintiffs later amended their class definition in their motion for class certification to include only those consumers whose (1) Criminal SuperSearch returned results, but Single County search returned no result; (2) Criminal SuperSearch returned one or more criminal charges without a disposition, but the Single County search returned a disposition other than “conviction” or “guilty” and (3) Criminal SuperSearch returned a higher level of offense (felony or misdemeanor) for one or more criminal charges than the Single County search (misdemeanor or infraction.) This amendment reduces the size of the potential class, but does not alter the time period for which the plaintiffs seek to certify a class or the scope of the request for relief sought on behalf of the proposed class. Plaintiffs’ motion for class certification was fully submitted on March 18, 2013 and oral argument was heard by Judge Gwin on June 27, 2013. | ||||||||
On November 1, 2012, the Company was served with a complaint filed in the United States District Court for the Northern District of Ohio naming the Company’s subsidiary Intellicorp Records, Inc. titled Michael R. Thomas v. Intellicorp Records, Inc. On January 7, 2013 plaintiff served its First Amended Complaint (the “Thomas Complaint”) to add Mark A. Johnson (the plaintiff in the Johnson v. iiX matter described below) as a named plaintiff. The Thomas Complaint alleges a nationwide putative class action for violations of FCRA on behalf of “[a]ll natural persons residing in the United States (a) who were the subject of a report sold by Intellicorp to a third party, (b) that was furnished for an employment purpose, (c) that contained at least one public record of a criminal conviction or arrest, civil lien, bankruptcy or civil judgment, (d) within five years next preceding the filing of this action and during its pendency, and (e) to whom Intellicorp did not place in the United States mail postage-prepaid, on the day it furnished any part of the report, a written notice that it was furnishing the subject report and containing the name of the person that was to receive the report.” The Thomas Complaint proposes an alternative subclass as follows: “[a]ll natural persons residing in Ohio or Tennessee (a) who were the subject of a report sold by Intellicorp to a third party, (b) that was furnished for an employment purpose, (c) that contained at least one public record of a criminal conviction or arrest, civil lien, bankruptcy or civil judgment, (d) within five years next preceding the filing of this action and during its pendency, (e) when a mutual review of the record would reveal that the identity associated with the public record does not match the identity of the class member about whom the report was furnished, and (f) to whom Intellicorp did not place in the United States mail postage pre-paid, on the day it furnished any part of the report, a written notice that it was furnishing the subject report and containing the name of the person that was to receive the report.” Similar to the Roe action, the Thomas Complaint alleges that Intellicorp violated the FCRA, asserting that Intellicorp violated section 1681k(a)(1) of the FCRA because it failed to provide notice to the plaintiffs “at the time” the adverse public record information was reported. The named plaintiffs also allege individual claims under section 1681e(b) claiming that Intellicorp failed to follow reasonable procedures to assure maximum possible accuracy in the preparation of the consumer report it furnished pertaining to plaintiffs. The Thomas Complaint seeks statutory damages for the class in an amount not less than one hundred dollars and not more than one thousand dollars per violation, punitive damages, costs and attorneys’ fees, as well as compensatory and punitive damages on behalf of the named plaintiffs. | ||||||||
On January 3, 2013, the Company received service of a complaint filed in the United States District Court for the Southern District of Ohio naming the Company’s subsidiary Insurance Information Exchange (“iiX”) titled Mark A. Johnson v. Insurance Information Exchange, LLC (the “Johnson Complaint”). The Johnson Complaint alleges a nationwide putative class action on behalf of “[a]ll natural persons residing in the United States who were the subject of a consumer report prepared by iiX for employment purposes within five (5) years prior to the filing of this Complaint and to whom iiX did not provide notice of the fact that public record information which is likely to have an adverse effect upon the consumer’s ability to obtain employment, is being reported by iiX, together with the name and address of the person to whom such information is being reported at the time such public record information is reported to the user of such consumer report.” Similar to the Thomas matter, the Johnson Complaint alleges violations of section 1681k(a) of the FCRA claiming that iiX failed to notify customers contemporaneously that criminal record information was provided to a prospective employer and failed to maintain strict procedures to ensure that the information reported is complete and up to date. The Johnson Complaint seeks statutory damages for the class in an amount not less than one hundred dollars and not more than one thousand dollars per violation, punitive damages, costs and attorneys’ fees. | ||||||||
On October 18, 2013, the parties filed a Stipulation of Settlement resolving the Roe, Thomas and Johnson matters which Judge Gwin approved on October 29, 2013 subject to a hearing on Final Approval. The Stipulation of Settlement provides for a payment of $18,600 all of which is to be provided by insurance. Accordingly, if the Stipulation of Settlement is approved at the hearing on Final Approval, the settlement of these matters is not expected to have a material adverse effect on the Company | ||||||||
Interthinx, Inc. Litigation | ||||||||
On May 13, 2013, the Company was served with a putative class action titled Celeste Shaw v. Interthinx, Inc., Verisk Analytics, Inc. and Jeffery Moyer filed in the United States District Court for the District of Colorado on behalf of all fraud detection employees who have worked for Interthinx for the last three years in Colorado and nationwide and who were classified as exempt employees. On September 12, 2013 the plaintiffs filed a First Amended Complaint titled Celeste Shaw and Judith Verheecke v. Interthinx, Inc., Verisk Analytics, Inc. and Jeffery Moyer (the “Amended Complaint”). The Amended Complaint adds a Missouri class representative and similarly claims that the fraud detection employees were misclassified as exempt employees and, as a result, were denied certain wages and benefits that would have been received if they were properly classified as non-exempt employees. It pleads four causes of action against defendants: (1) Collective Action under section 216(b) of the Fair Labor Standards Act for unpaid overtime (nationwide class); (2) Fed. R. Civ. P. 23 class action under the Colorado Wage Act and Wage Order for unpaid overtime (Colorado class); (3) Fed. R. Civ. P. 23 class action under the Missouri Ann. Stat. section 290.500 et seq. for unpaid overtime (Missouri class) and (4) Fed. R. Civ. P. 23 class action under Colorado Wage Act for unpaid commissions/nondiscretionary bonuses (Colorado class). The complaint seeks compensatory damages, penalties that are associated with the various statutes, declaratory and injunctive relief, interest, costs and attorneys’ fees. | ||||||||
On July 2, 2013, the Company was served with a putative class action titled Shabnam Shelia Dehdashtian v. Interthinx, Inc. and Verisk Analytics, Inc. in the United States District Court for the Central District of California. The plaintiff, Shabnam Shelia Dehdashtian, a former mortgage auditor at the Company’s subsidiary Interthinx, Inc. in California, filed the class action on behalf of all persons who have been employed by Interthinx as auditors, mortgage compliance underwriters and mortgage auditors nationwide claiming that the defendants failed to pay overtime compensation, to provide rest and meal periods, waiting time penalties and to provide accurate wage statements to the plaintiffs as required by federal and California law. On August 30, 2013 plaintiff filed her First Amended Complaint (the “Amended Complaint”) adding Medhat Gareeb, a former mortgage auditor, as a plaintiff, limiting the alleged FLSA violations to individual claims and proceeding with the California class action on behalf of all persons who have been employed by defendants as auditors, mortgage compliance underwriters and mortgage auditors in California at any time starting 4 years prior to filing of the initial complaint until trial. The Amended Complaint pleads seven causes of action against defendants: (1) Failure to pay overtime compensation in violation of the FLSA for the individual named plaintiffs only; (2) Failure to pay overtime compensation in violation of Cal. Lab. Code sections 510, 1194 and 1198 and IWC Wage Order No. 4; (3) Failure to pay waiting time penalties in violation of Cal. Lab. Code sections 201-203; (4) Failure to provide itemized wage statements in violation of Cal. Lab. Code section 226 and IWC Order No. 4; (5) Failure to provide and or authorize meal and rest periods in violation of Cal. Lab. Code section 226.7 and IWC Order No. 4; (6) Violation of California Business and Professions Code sections 17200, et seq; and (7) a Labor Code Private Attorney General Act (PAGA) Public enforcement claim, Cal. Lab. Code section 2699 (California class). The complaint seeks compensatory damages, penalties that are associated with the various statutes, equitable and injunctive relief, interest, costs and attorneys’ fees. | ||||||||
On October 14, 2013, the Company received notice of a claim titled Dejan Nagl v. Interthinx Services, Inc. filed in the California Labor and Workforce Development Agency. The claimant, Dejan Nagl, a former mortgage auditor at the Company’s subsidiary Interthinx, Inc. in California, filed the claim on behalf of himself and all current and former individuals employed in California as auditors by Interthinx, Inc. for violations of the California Labor Code and Wage Order. This administrative action was later dismissed by the California Labor and Workforce Development Agency without any further investigation or findings. On November 7, 2013 Dejan Nagl filed a class action complaint in the California Superior Court in Los Angeles County in an action titled Dejan Nagl v. Interthinx, Inc. in which he alleges on behalf of himself and other auditors the following causes of action: (1) Failure to provide rest breaks and meal periods in violation of Lab. Code sections 226.7, 514 and 1198; (2) Failure to pay overtime wages in violation of Lab. Code sections 510 and 1194; (3) Violation of California Business and Professions Code sections 17200, et seq; (4) Failure to provide accurate wage statements in violation of Lab. Code section 226; (5) Failure to timely pay wages for violations of Lab. Code sections 201- 203. The claim seeks compensatory damages and penalties that are associated with the various statutes, costs and attorneys’ fees. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, these matters. | ||||||||
Mariah Re Litigation | ||||||||
On July 8, 2013, the Company was served with a summons and complaint filed in the United States District Court for the Southern District of New York in an action titled Mariah Re LTD. v. American Family Mutual Insurance Company, ISO Services, Inc. and AIR Worldwide Corporation, which was amended by the plaintiff on October 18, 2013 (the “Amended Complaint”). Plaintiff Mariah is a special purpose vehicle established to provide reinsurance to defendant American Family Insurance. Mariah entered into contracts with the Company’s ISO Services, Inc. and AIR Worldwide Corporation subsidiaries, pursuant to which, among other things, Mariah (i) licensed the right to utilize information published in Catastrophe Bulletins issued by the Property Claims Services division of ISO Services, Inc. and (ii) engaged AIR Worldwide Corporation as Calculation Agent to compute certain reinsured losses. The Amended Complaint alleges the following causes of action: (1) breach of contract against ISO Services, Inc. and AIR Worldwide Corporation; (2) unjust enrichment against American Family; (3) conversion against American Family; (4) tortious interference with contract against American Family; (5) declaratory judgment against all defendants and (6) specific performance against all defendants. The Amended Complaint seeks declaratory relief, specific performance, restitution, monetary damages and attorneys’ fees. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, this matter. | ||||||||
MediConnect Global, Inc. Litigation | ||||||||
On October 11, 2013, the Company was served with a summons and complaint in an action titled Naveen Trehan v. MediConnect Global, Inc., Amy Anderson and Verisk Health, Inc. filed on October 9, 2013 in the United States District Court for the District of Utah. The complaint, brought by a former minority shareholder of the Company’s subsidiary, MediConnect Global, Inc., alleges four causes of action: (1) breach of fiduciary duty against MediConnect and Amy Anderson for failure to disclose the Company's interest in acquiring, merging with or investing in MediConnect prior to the buyout of his shares; (2) fraud against Amy Anderson and MediConnect for intentionally providing false information to plaintiff with the purpose of inducing him to agree to sell his shares at an artificially low price; (3) negligent misrepresentation against Amy Anderson and MediConnect for their negligent failure to discover and disclose the Company's interest in acquiring MediConnect prior to the buyout of plaintiff’s shares and (4) a violation of SEC Rule 10b-5 against Amy Anderson and MediConnect for defrauding plaintiff and failing to disclose material information in connection with the sale of securities. The complaint seeks joint and several recovery from Amy Anderson and MediConnect for compensatory damages, punitive damages, and disgorgement of all profits earned through the investment of plaintiff’s funds, attorneys’ fees, interest and an order from the court that plaintiff’s funds be held in a constructive trust. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, this matter. | ||||||||
Insurance Services Office, Inc. Litigation | ||||||||
In October 2013, the Company was served with a summons and complaint filed in the United States District Court for the Southern District of New York in an action titled Laurence J. Skelly and Ellen Burke v. Insurance Services Office, Inc. and the Pension Plan for Insurance Organizations. The plaintiffs, former employees of the Company’s subsidiary Insurance Services Office, Inc., bring the action on their own behalf as participants in the Pension Plan for Insurance Organizations and on the behalf of similarly situated participants of the Pension Plan and ask the court to declare that a certain amendment to the Pension Plan as of December 31, 2001, which terminated their right to calculate and define the value of their retirement benefit under the Pension Plan based on their compensation levels as of immediately prior to their “retirement” (the “Unlawful Amendment”), violated the anti-cutback provisions and equitable principles of ERISA. The First Amended Class Action Complaint (the “Amended Complaint”) alleges that (1) the Unlawful Amendment of the Pension Plan violated Section 502(a)(1)(B) of ERISA as well as the anti-cutback rules of ERISA Section 204(g) and Section 411(d)(6) of the Internal Revenue Code; (2) ISO’s failure to provide an ERISA 204(h) notice in a manner calculated to be understood by the average Pension Plan participant was a violation of Sections 204(h) and 102(a) of ERISA and (3) the Living Pension Right was a contract right under ERISA common law and that by terminating that right through the Unlawful Amendment ISO violated plaintiffs’ common law contract rights under ERISA. The Amended Complaint seeks declaratory, equitable and injunctive relief enjoining the enforcement of the Unlawful Amendment and ordering the Pension Plan and ISO retroactive to the date of the Unlawful Amendment to recalculate the accrued benefits of all class members, indemnification from ISO to the Pension Plan for costs and contribution requirements related to voiding the Unlawful Amendment, bonuses to the class representatives, costs and attorney’s fees. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, this matter. | ||||||||
On April 9, 2013, the Company’s subsidiary ISO was served with a First Amended Petition and Request for Disclosure filed in the District Court of Dallas County, Texas in an action titled Sidah Garner v. Nationwide Mutual Insurance Company, Carfax, Inc., General and Import Motors, Porschea Nicole Kendall, Daniel Scott Hayward and Insurance Services Office, Inc. Thereafter, on June 5, 2013 and August 16, 2013 plaintiff served its Second Amended Petition and Third Amended Petition (“the Amended Petition”) on defendants. This action arises from a car accident on June 6, 2011 in which the plaintiff was critically injured. At the time of the accident the plaintiff was in the passenger seat of a 2004 Mazda, which the plaintiff alleges was previously involved in a total loss rollover collision on April 25, 2006. The Amended Petition alleges that at the time of the April 2006 accident the Mazda was insured by Nationwide which failed to issue a Texas Salvage Title and that ISO was to provide the crash information to vehicle reporting services, including the defendant Carfax. It further alleges that the Mazda was rebuilt and auctioned through a multi-state salvage reseller and sold to defendant Kendall (the driver) and that prior to purchase Kendall consulted Carfax’s Vehicle History Report which guaranteed no problem with the Mazda’s title and that it was not “junk,” neither “salvage nor rebuilt.” As a result, the Amended Petition alleges that Carfax’s report was in error and it sets forth a claim for negligence, negligent misrepresentation, gross negligence, strict liability, breach of contract and fraud against defendants Nationwide Insurance, Carfax and ISO in addition to the negligence claims against defendants General and Import Motors and Kendall and Hayward. It seeks actual damages, pain and suffering, loss of past and future earnings, past and future impairment and disfigurement, costs and interest from all defendants and exemplary damages from Nationwide, ISO and Carfax. The court denied the summary judgment motions of ISO and Nationwide on December 19, 2013 and January 6, 2014, respectively and granted the summary judgment motion of Carfax on January 27, 2014. Trial is scheduled to commence on March 3, 2014. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, this matter. |
Condensed_Consolidated_Financi
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidated Financial Information For Guarantor Subsidiaries And Non Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ' | |||||||||||||||||||
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries | ||||||||||||||||||||
In 2012 and 2011, the Parent Company registered senior notes with full and unconditional and joint and several guarantees by certain of its 100 percent wholly-owned subsidiaries and issued certain other debt securities with full and unconditional and joint and several guarantees by certain of its subsidiaries. Accordingly, presented below is condensed consolidating financial information for (i) the Parent Company, (ii) the guarantor subsidiaries of the Parent Company on a combined basis, and (iii) all other non-guarantor subsidiaries of the Parent Company on a combined basis, as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. The condensed consolidating financial information has been presented using the equity method of accounting, to show the nature of assets held, results of operations, comprehensive income and cash flows of the Parent Company, the guarantor subsidiaries and the non-guarantor subsidiaries assuming all guarantor subsidiaries provide both full and unconditional, and joint and several, guarantees to the Parent Company at the beginning of the periods presented. Effective as of December 31, 2013, Verisk Health, Inc. and Verisk Health Solutions, Inc., guarantors of the senior notes, merged with and into Bloodhound Technologies, Inc. ("Bloodhound"), a non-guarantor of the senior notes, pursuant to which Verisk Health, Inc. (formerly Bloodhound) was the surviving corporation. By virtue of the merger, the surviving corporation of Verisk Health, Inc. expressly assumed all of the obligations of the former Verisk Health, Inc. and Verisk Health Solutions, Inc., including the guarantee by them of the senior notes. As a result, the condensed consolidated balance sheet of the former Bloodhound subsidiary at December 31, 2013 was reclassified from the financial information of the non-guarantor subsidiaries to that of the guarantor subsidiaries. | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 20,226 | $ | 81,095 | $ | 64,480 | $ | — | $ | 165,801 | ||||||||||
Available-for-sale securities | — | 3,911 | — | — | 3,911 | |||||||||||||||
Accounts receivable, net | — | 99,578 | 58,969 | — | 158,547 | |||||||||||||||
Prepaid expenses | — | 22,582 | 3,075 | — | 25,657 | |||||||||||||||
Deferred income taxes, net | — | — | 5,086 | (9 | ) | 5,077 | ||||||||||||||
Income taxes receivable | 20,045 | 66,274 | — | (18,973 | ) | 67,346 | ||||||||||||||
Intercompany receivables | 633,128 | 525,286 | 202,018 | (1,360,432 | ) | — | ||||||||||||||
Other current assets | 5,144 | 26,835 | 2,702 | — | 34,681 | |||||||||||||||
Current assets held-for-sale | — | 12,421 | 883 | 521 | 13,825 | |||||||||||||||
Total current assets | 678,543 | 837,982 | 337,213 | (1,378,893 | ) | 474,845 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 198,112 | 35,261 | — | 233,373 | |||||||||||||||
Intangible assets, net | — | 67,407 | 380,211 | — | 447,618 | |||||||||||||||
Goodwill | — | 493,053 | 688,628 | — | 1,181,681 | |||||||||||||||
Investment in subsidiaries | 1,375,128 | 848,124 | — | (2,223,252 | ) | — | ||||||||||||||
Pension assets | — | 60,955 | — | — | 60,955 | |||||||||||||||
Other assets | 7,789 | 11,356 | 889 | — | 20,034 | |||||||||||||||
Noncurrent assets held-for-sale | — | 85,945 | — | — | 85,945 | |||||||||||||||
Total assets | $ | 2,061,460 | $ | 2,602,934 | $ | 1,442,202 | $ | (3,602,145 | ) | $ | 2,504,451 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 22,233 | $ | 102,477 | $ | 63,554 | $ | — | $ | 188,264 | ||||||||||
Short-term debt and current portion of long-term debt | — | 4,341 | 107 | — | 4,448 | |||||||||||||||
Pension and postretirement benefits, current | — | 2,437 | — | — | 2,437 | |||||||||||||||
Fees received in advance | — | 192,524 | 34,057 | — | 226,581 | |||||||||||||||
Intercompany payables | 446,509 | 793,517 | 120,406 | (1,360,432 | ) | — | ||||||||||||||
Deferred income taxes, net | — | 9 | — | (9 | ) | — | ||||||||||||||
Income taxes payable | — | — | 18,973 | (18,973 | ) | — | ||||||||||||||
Current liabilities held-for-sale | — | 8,928 | — | 521 | 9,449 | |||||||||||||||
Total current liabilities | 468,742 | 1,104,233 | 237,097 | (1,378,893 | ) | 431,179 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,045,129 | 225,950 | 360 | — | 1,271,439 | |||||||||||||||
Pension and postretirement benefits | — | 15,068 | — | — | 15,068 | |||||||||||||||
Deferred income taxes, net | — | 70,897 | 127,707 | — | 198,604 | |||||||||||||||
Other liabilities | — | 31,809 | 4,234 | — | 36,043 | |||||||||||||||
Noncurrent liabilities held-for-sale | — | 4,529 | — | — | 4,529 | |||||||||||||||
Total liabilities | 1,513,871 | 1,452,486 | 369,398 | (1,378,893 | ) | 1,956,862 | ||||||||||||||
Total stockholders’ equity | 547,589 | 1,150,448 | 1,072,804 | (2,223,252 | ) | 547,589 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,061,460 | $ | 2,602,934 | $ | 1,442,202 | $ | (3,602,145 | ) | $ | 2,504,451 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 128 | $ | 35,571 | $ | 54,120 | $ | — | $ | 89,819 | ||||||||||
Available-for-sale securities | — | 4,883 | — | — | 4,883 | |||||||||||||||
Accounts receivable, net | — | 124,212 | 54,218 | — | 178,430 | |||||||||||||||
Prepaid expenses | — | 19,340 | 2,606 | — | 21,946 | |||||||||||||||
Deferred income taxes, net | — | 375 | 10,022 | — | 10,397 | |||||||||||||||
Income taxes receivable | 15,834 | 37,180 | — | (7,039 | ) | 45,975 | ||||||||||||||
Intercompany receivables | 424,927 | 206,165 | 211,792 | (842,884 | ) | — | ||||||||||||||
Other current assets | 12,008 | 19,124 | 7,977 | — | 39,109 | |||||||||||||||
Total current assets | 452,897 | 446,850 | 340,735 | (849,923 | ) | 390,559 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 126,481 | 27,603 | — | 154,084 | |||||||||||||||
Intangible assets, net | — | 66,045 | 454,890 | — | 520,935 | |||||||||||||||
Goodwill | — | 515,705 | 731,754 | — | 1,247,459 | |||||||||||||||
Deferred income taxes, net | — | 2,584 | — | (2,584 | ) | — | ||||||||||||||
Investment in subsidiaries | 946,612 | 904,198 | — | (1,850,810 | ) | — | ||||||||||||||
Other assets | 13,896 | 31,801 | 1,602 | — | 47,299 | |||||||||||||||
Total assets | $ | 1,413,405 | $ | 2,093,664 | $ | 1,556,584 | $ | (2,703,317 | ) | $ | 2,360,336 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 14,638 | $ | 113,512 | $ | 59,498 | $ | — | $ | 187,648 | ||||||||||
Short-term debt and current portion of long-term debt | — | 194,980 | 283 | — | 195,263 | |||||||||||||||
Pension and postretirement benefits, current | — | 1,734 | — | — | 1,734 | |||||||||||||||
Fees received in advance | — | 167,962 | 32,743 | — | 200,705 | |||||||||||||||
Intercompany payables | 98,768 | 575,907 | 168,209 | (842,884 | ) | — | ||||||||||||||
Income taxes payable | — | — | 7,039 | (7,039 | ) | — | ||||||||||||||
Total current liabilities | 113,406 | 1,054,095 | 267,772 | (849,923 | ) | 585,350 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,044,408 | 221,706 | 48 | — | 1,266,162 | |||||||||||||||
Pension and postretirement benefits | — | 41,282 | — | — | 41,282 | |||||||||||||||
Deferred income taxes, net | — | — | 136,345 | (2,584 | ) | 133,761 | ||||||||||||||
Other liabilities | — | 46,892 | 31,298 | — | 78,190 | |||||||||||||||
Total liabilities | 1,157,814 | 1,363,975 | 435,463 | (852,507 | ) | 2,104,745 | ||||||||||||||
Total stockholders’ equity | 255,591 | 729,689 | 1,121,121 | (1,850,810 | ) | 255,591 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,413,405 | $ | 2,093,664 | $ | 1,556,584 | $ | (2,703,317 | ) | $ | 2,360,336 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,259,884 | $ | 355,165 | $ | (19,346 | ) | $ | 1,595,703 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 451,393 | 179,196 | (8,066 | ) | 622,523 | ||||||||||||||
Selling, general and administrative | 1 | 183,717 | 56,544 | (11,280 | ) | 228,982 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 52,248 | 13,942 | — | 66,190 | |||||||||||||||
Amortization of intangible assets | — | 13,593 | 50,148 | — | 63,741 | |||||||||||||||
Total expenses | 1 | 700,951 | 299,830 | (19,346 | ) | 981,436 | ||||||||||||||
Operating (loss) income | (1 | ) | 558,933 | 55,335 | — | 614,267 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income (loss) | 43 | 728 | (70 | ) | — | 701 | ||||||||||||||
Realized loss on available-for-sale securities, net | — | (92 | ) | — | — | (92 | ) | |||||||||||||
Interest expense | (54,551 | ) | (21,571 | ) | (14 | ) | — | (76,136 | ) | |||||||||||
Total other expense, net | (54,508 | ) | (20,935 | ) | (84 | ) | — | (75,527 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (54,509 | ) | 537,998 | 55,251 | — | 538,740 | ||||||||||||||
Provision for income taxes | 20,045 | (198,464 | ) | (18,007 | ) | — | (196,426 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (34,464 | ) | 339,534 | 37,244 | — | 342,314 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 6,230 | (164 | ) | — | 6,066 | ||||||||||||||
Equity in net income of subsidiaries | 382,844 | 29,262 | — | (412,106 | ) | — | ||||||||||||||
Net income | $ | 348,380 | $ | 375,026 | $ | 37,080 | $ | (412,106 | ) | $ | 348,380 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,162,134 | $ | 266,427 | $ | (20,713 | ) | $ | 1,407,848 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 401,724 | 125,111 | (10,127 | ) | 516,708 | ||||||||||||||
Selling, general and administrative | — | 174,324 | 56,330 | (10,586 | ) | 220,068 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 36,898 | 9,739 | — | 46,637 | |||||||||||||||
Amortization of intangible assets | — | 17,943 | 34,264 | — | 52,207 | |||||||||||||||
Total expenses | — | 630,889 | 225,444 | (20,713 | ) | 835,620 | ||||||||||||||
Operating income | — | 531,245 | 40,983 | — | 572,228 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income | 44 | 202 | 192 | — | 438 | |||||||||||||||
Realized loss on available-for-sale securities, net | — | (332 | ) | — | — | (332 | ) | |||||||||||||
Interest expense | (42,848 | ) | (29,619 | ) | (41 | ) | — | (72,508 | ) | |||||||||||
Total other (expense) income, net | (42,804 | ) | (29,749 | ) | 151 | — | (72,402 | ) | ||||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (42,804 | ) | 501,496 | 41,134 | — | 499,826 | ||||||||||||||
Provision for income taxes | 15,833 | (183,025 | ) | (15,171 | ) | — | (182,363 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (26,971 | ) | 318,471 | 25,963 | — | 317,463 | ||||||||||||||
Income from discontinued operations, net of tax | — | 11,679 | — | — | 11,679 | |||||||||||||||
Equity in net income of subsidiaries | 356,113 | 19,159 | — | (375,272 | ) | — | ||||||||||||||
Net income | $ | 329,142 | $ | 349,309 | $ | 25,963 | $ | (375,272 | ) | $ | 329,142 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,040,949 | $ | 167,044 | $ | (16,600 | ) | $ | 1,191,393 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 373,689 | 75,603 | (8,313 | ) | 440,979 | ||||||||||||||
Selling, general and administrative | — | 155,117 | 52,665 | (8,287 | ) | 199,495 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 32,315 | 7,820 | — | 40,135 | |||||||||||||||
Amortization of intangible assets | — | 18,544 | 14,441 | — | 32,985 | |||||||||||||||
Acquisition related liabilities adjustment | — | (2,800 | ) | (564 | ) | — | (3,364 | ) | ||||||||||||
Total expenses | — | 576,865 | 149,965 | (16,600 | ) | 710,230 | ||||||||||||||
Operating income | — | 464,084 | 17,079 | — | 481,163 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income | 36 | 3,017 | 22 | (2,882 | ) | 193 | ||||||||||||||
Realized gain on available-for-sale securities, net | — | 686 | — | — | 686 | |||||||||||||||
Interest expense | (23,239 | ) | (33,319 | ) | (171 | ) | 2,882 | (53,847 | ) | |||||||||||
Total other expense, net | (23,203 | ) | (29,616 | ) | (149 | ) | — | (52,968 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (23,203 | ) | 434,468 | 16,930 | — | 428,195 | ||||||||||||||
Provision for income taxes | 8,522 | (168,654 | ) | (5,607 | ) | — | (165,739 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (14,681 | ) | 265,814 | 11,323 | — | 262,456 | ||||||||||||||
Income from discontinued operations, net of tax | — | 20,302 | — | — | 20,302 | |||||||||||||||
Equity in net income of subsidiaries | 297,439 | 6,891 | — | (304,330 | ) | — | ||||||||||||||
Net income | $ | 282,758 | $ | 293,007 | $ | 11,323 | $ | (304,330 | ) | $ | 282,758 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 348,380 | $ | 375,026 | $ | 37,080 | $ | (412,106 | ) | $ | 348,380 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency loss | (840 | ) | (778 | ) | (99 | ) | 877 | (840 | ) | |||||||||||
Unrealized holding loss on available-for-sale securities | (147 | ) | (147 | ) | — | 147 | (147 | ) | ||||||||||||
Pension and postretirement adjustment | 46,659 | 46,659 | — | (46,659 | ) | 46,659 | ||||||||||||||
Total other comprehensive income (loss) | 45,672 | 45,734 | (99 | ) | (45,635 | ) | 45,672 | |||||||||||||
Comprehensive income | $ | 394,052 | $ | 420,760 | $ | 36,981 | $ | (457,741 | ) | $ | 394,052 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 329,142 | $ | 349,309 | $ | 25,963 | $ | (375,272 | ) | $ | 329,142 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency gain | 15 | 172 | 46 | (218 | ) | 15 | ||||||||||||||
Unrealized holding loss on available-for-sale securities | (197 | ) | (197 | ) | — | 197 | (197 | ) | ||||||||||||
Pension and postretirement adjustment | (10,691 | ) | (10,691 | ) | — | 10,691 | (10,691 | ) | ||||||||||||
Total other comprehensive (loss) income | (10,873 | ) | (10,716 | ) | 46 | 10,670 | (10,873 | ) | ||||||||||||
Comprehensive income | $ | 318,269 | $ | 338,593 | $ | 26,009 | $ | (364,602 | ) | $ | 318,269 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 282,758 | $ | 293,007 | $ | 11,323 | $ | (304,330 | ) | $ | 282,758 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency (loss) gain | (183 | ) | 55 | (231 | ) | 176 | (183 | ) | ||||||||||||
Unrealized holding loss on available-for-sale securities | (456 | ) | (456 | ) | — | 456 | (456 | ) | ||||||||||||
Pension and postretirement adjustment | (21,845 | ) | (21,845 | ) | — | 21,845 | (21,845 | ) | ||||||||||||
Total other comprehensive loss | (22,484 | ) | (22,246 | ) | (231 | ) | 22,477 | (22,484 | ) | |||||||||||
Comprehensive income | $ | 260,274 | $ | 270,761 | $ | 11,092 | $ | (281,853 | ) | $ | 260,274 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 42 | $ | 287,956 | $ | 218,922 | $ | — | $ | 506,920 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions | — | (983 | ) | — | — | (983 | ) | |||||||||||||
Investment in subsidiaries | — | (350 | ) | — | 350 | — | ||||||||||||||
Proceeds from release of acquisition related escrows | 66 | 214 | — | — | 280 | |||||||||||||||
Repayments received from other subsidiaries | — | 206,282 | 9,605 | (215,887 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | (30,000 | ) | (68,692 | ) | — | 98,692 | — | |||||||||||||
Purchases of fixed assets | — | (118,307 | ) | (27,669 | ) | — | (145,976 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (5,870 | ) | — | — | (5,870 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 7,484 | — | — | 7,484 | |||||||||||||||
Other investing, net | — | (561 | ) | — | — | (561 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (29,934 | ) | 19,217 | (18,064 | ) | (116,845 | ) | (145,626 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayment of current portion of long-term debt | — | (180,000 | ) | — | — | (180,000 | ) | |||||||||||||
Repayment of short-term debt, net | — | (10,000 | ) | — | — | (10,000 | ) | |||||||||||||
Proceeds from issuance of common stock | — | — | 350 | (350 | ) | — | ||||||||||||||
Repurchases of Class A common stock | — | (277,411 | ) | — | — | (277,411 | ) | |||||||||||||
Transfer of cash due to the Verisk Health, Inc. merger | — | 2,877 | (2,877 | ) | — | — | ||||||||||||||
Repayments of advances to other subsidiaries | (10,010 | ) | (9,605 | ) | (196,272 | ) | 215,887 | — | ||||||||||||
Advances received from other subsidiaries | 60,000 | 30,000 | 8,692 | (98,692 | ) | — | ||||||||||||||
Payment of debt issuance costs | — | (605 | ) | — | — | (605 | ) | |||||||||||||
Excess tax benefits from exercised stock options | — | 109,946 | — | — | 109,946 | |||||||||||||||
Proceeds from stock options exercised | — | 80,368 | — | — | 80,368 | |||||||||||||||
Other financing activities, net | — | (6,478 | ) | (292 | ) | — | (6,770 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 49,990 | (260,908 | ) | (190,399 | ) | 116,845 | (284,472 | ) | ||||||||||||
Effect of exchange rate changes | — | (741 | ) | (99 | ) | — | (840 | ) | ||||||||||||
Increase in cash and cash equivalents | 20,098 | 45,524 | 10,360 | — | 75,982 | |||||||||||||||
Cash and cash equivalents, beginning of period | 128 | 35,571 | 54,120 | — | 89,819 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 20,226 | $ | 81,095 | $ | 64,480 | $ | — | $ | 165,801 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 277,411 | $ | 277,411 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 80,368 | $ | 80,368 | $ | — | $ | — | $ | — | ||||||||||
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | $ | — | $ | 85,953 | $ | (85,953 | ) | $ | — | $ | — | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20,115 | ) | $ | 329,845 | $ | 158,499 | $ | — | $ | 468,229 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $36,113 | — | (762,596 | ) | (6,917 | ) | — | (769,513 | ) | ||||||||||||
Purchase of non-controlling equity investments in non-public companies | (250 | ) | (2,000 | ) | — | — | (2,250 | ) | ||||||||||||
Earnout payments | — | — | (250 | ) | — | (250 | ) | |||||||||||||
Escrow funding associated with acquisitions | — | (38,000 | ) | (800 | ) | — | (38,800 | ) | ||||||||||||
Proceeds from release of acquisition related escrows | — | 1,455 | — | — | 1,455 | |||||||||||||||
Repayments received from other subsidiaries | 19,400 | 592,356 | — | (611,756 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | — | (52,000 | ) | — | 52,000 | — | ||||||||||||||
Purchases of fixed assets | — | (60,525 | ) | (13,848 | ) | — | (74,373 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (1,784 | ) | — | — | (1,784 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 1,932 | — | — | 1,932 | |||||||||||||||
Net cash provided by (used in) investing activities | 19,150 | (321,162 | ) | (21,815 | ) | (559,756 | ) | (883,583 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt, net of original issue discount | 347,224 | — | — | — | 347,224 | |||||||||||||||
Repayment of short-term debt refinanced on a long-term basis | — | (347,224 | ) | — | — | (347,224 | ) | |||||||||||||
Proceeds from short-term debt, net | — | 357,224 | — | — | 357,224 | |||||||||||||||
Payment of debt issuance costs | (2,557 | ) | (1,348 | ) | — | — | (3,905 | ) | ||||||||||||
Repurchases of Class A common stock | — | (162,275 | ) | — | — | (162,275 | ) | |||||||||||||
Repayments of advances to other subsidiaries | (419,812 | ) | (19,400 | ) | (172,544 | ) | 611,756 | — | ||||||||||||
Advances received from other subsidiaries | — | — | 52,000 | (52,000 | ) | — | ||||||||||||||
Excess tax benefits from exercised stock options | — | 60,672 | — | — | 60,672 | |||||||||||||||
Proceeds from stock options exercised | — | 68,388 | — | — | 68,388 | |||||||||||||||
Other financing activities, net | — | (5,931 | ) | (618 | ) | — | (6,549 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (75,145 | ) | (49,894 | ) | (121,162 | ) | 559,756 | 313,555 | ||||||||||||
Effect of exchange rate changes | — | (31 | ) | 46 | — | 15 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (76,110 | ) | (41,242 | ) | 15,568 | — | (101,784 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 76,238 | 76,813 | 38,552 | — | 191,603 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 128 | $ | 35,571 | $ | 54,120 | $ | — | $ | 89,819 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | $ | 17,000 | $ | 790,174 | $ | 773,174 | $ | — | $ | — | ||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 162,275 | $ | 162,275 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 68,388 | $ | 68,388 | $ | — | $ | — | $ | — | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (14,821 | ) | $ | 346,820 | $ | 43,722 | $ | — | $ | 375,721 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $590 | — | (121,721 | ) | — | — | (121,721 | ) | |||||||||||||
Earnout payments | — | — | (3,500 | ) | — | (3,500 | ) | |||||||||||||
Escrow funding associated with acquisitions | — | (19,560 | ) | — | — | (19,560 | ) | |||||||||||||
Repayments received from other subsidiaries | — | 9,714 | — | (9,714 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | (10,052 | ) | (54,701 | ) | (81,824 | ) | 146,577 | — | ||||||||||||
Proceeds from repayment of intercompany note receivable | — | 617,796 | — | (617,796 | ) | — | ||||||||||||||
Purchases of fixed assets | — | (50,813 | ) | (9,016 | ) | — | (59,829 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (1,549 | ) | — | — | (1,549 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 1,730 | — | — | 1,730 | |||||||||||||||
Other investing activities, net | — | 300 | — | — | 300 | |||||||||||||||
Net cash (used in) provided by investing activities | (10,052 | ) | 381,196 | (94,340 | ) | (480,933 | ) | (204,129 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt, net of original issue discount | 696,559 | — | — | — | 696,559 | |||||||||||||||
Repayment of current portion of long-term debt | — | (125,000 | ) | — | — | (125,000 | ) | |||||||||||||
Repayment of short-term debt refinanced on a long-term basis | — | (440,000 | ) | — | — | (440,000 | ) | |||||||||||||
Proceeds from issuance of short-term debt with original maturities greater than three months | — | 120,000 | — | — | 120,000 | |||||||||||||||
Proceeds from short-term debt, net | — | 10,000 | — | — | 10,000 | |||||||||||||||
Payment of debt issuance costs | (4,487 | ) | (3,348 | ) | — | — | (7,835 | ) | ||||||||||||
Repurchases of Class A common stock | — | (381,776 | ) | — | — | (381,776 | ) | |||||||||||||
Repayments of advances provided to other subsidiaries | (7,204 | ) | (2,510 | ) | — | 9,714 | — | |||||||||||||
Repayment of intercompany note payable | (617,796 | ) | — | — | 617,796 | — | ||||||||||||||
Advances received from other subsidiaries | 34,038 | 46,013 | 66,526 | (146,577 | ) | — | ||||||||||||||
Excess tax benefits from exercised stock options | — | 53,195 | — | — | 53,195 | |||||||||||||||
Proceeds from stock options exercised | — | 43,345 | — | — | 43,345 | |||||||||||||||
Other financing activities, net | — | (2,746 | ) | (522 | ) | — | (3,268 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 101,110 | (682,827 | ) | 66,004 | 480,933 | (34,780 | ) | |||||||||||||
Effect of exchange rate changes | — | 48 | (231 | ) | — | (183 | ) | |||||||||||||
Increase in cash and cash equivalents | 76,237 | 45,237 | 15,155 | — | 136,629 | |||||||||||||||
Cash and cash equivalents, beginning of period | 1 | 31,576 | 23,397 | — | 54,974 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 76,238 | $ | 76,813 | $ | 38,552 | $ | — | $ | 191,603 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 381,776 | $ | 381,776 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 43,345 | $ | 43,345 | $ | — | $ | — | $ | — | ||||||||||
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | $ | 615,000 | $ | (615,000 | ) | $ | — | $ | — | $ | — | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In January 2014, the Company entered into an agreement to acquire 100% of the stock of Eagle View Technology Corporation (“EVT”), the parent company of Pictometry International Corp. and Eagle View Technologies, Inc., for a net cash purchase price of $650,000, which will be funded by the Company's operating cash and borrowings from the credit facility. EVT is a provider of geo-referenced aerial image capture and visual-centric data analytics and solutions to insurers, contractors, government, and commercial customers in the United States. This acquisition is expected to advance the Company's position in the imagery analytics market, adding new municipal and commercial customers. The transaction is expected to support the aerial imagery solution development in the Company's Decision Analytics segment. The cash paid will be adjusted subsequent to close to reflect final balances of certain working capital accounts and other closing adjustments. The parties expect the transaction to close by July 2014, subject to the completion of customary closing conditions, including receipt of regulatory and shareholder approvals. | |
In February 2014, the Company entered into an agreement for the sale of 100% of the stock of the Company’s mortgage services business, Interthinx. Refer to Note 10. Discontinued Operations for further discussion. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | ' | |||||||||||||||||||
Schedule II | ||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | ||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Description | Balance at | Charged to | Deductions— | Adjustment (3) | Balance at | |||||||||||||||
Beginning | Costs and | Write-offs(2) | End of Year | |||||||||||||||||
of Year | Expenses(1) | |||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,753 | $ | 2,468 | $ | (2,284 | ) | $ | (522 | ) | $ | 4,415 | ||||||||
Valuation allowance for income taxes | $ | 595 | $ | 673 | $ | (527 | ) | $ | — | $ | 741 | |||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,158 | $ | 1,065 | $ | (470 | ) | $ | — | $ | 4,753 | |||||||||
Valuation allowance for income taxes | $ | 1,615 | $ | 73 | $ | (1,093 | ) | $ | — | $ | 595 | |||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,028 | $ | 1,278 | $ | (1,148 | ) | $ | — | $ | 4,158 | |||||||||
Valuation allowance for income taxes | $ | 1,485 | $ | 130 | $ | — | $ | — | $ | 1,615 | ||||||||||
-1 | Primarily additional reserves for bad debts. | |||||||||||||||||||
-2 | Primarily accounts receivable balances written off, net of recoveries, and the expiration of loss carryforwards. | |||||||||||||||||||
-3 | Related to discontinued operations |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Intercompany Accounts and Transactions | ' |
(a) Intercompany Accounts and Transactions | |
The consolidated financial statements include the accounts of Verisk. All intercompany accounts and transactions have been eliminated. | |
Revenue Recognition | ' |
The Company provides software hosting arrangements to customers whereby the customer does not have the right to take possession of the software. As these arrangements include PCS throughout the hosting term, revenues from these multiple element arrangements are recognized in accordance with ASC 605-25, Revenue Recognition — Multiple Element Arrangements (“ASC 605-25”). The Company recognizes revenue ratably over the duration of the license term, which ranges from one to five years, since the contractual elements do not have stand alone value. | |
The Company services long-term contract arrangements with certain customers. For these arrangements, revenue is recognized in accordance with ASC 605-35, Revenue Recognition — Construction-Type and Production-Type Contracts (“ASC 605-35”), using the percentage-of-completion method, which requires the use of estimates. In such instances, management is required to estimate the input measures, based on hours incurred to date compared to total estimated hours of the project, with consideration also given to output measures, such as contract milestones, when applicable. Adjustments to estimates are made in the period in which the facts requiring such revisions become known. Accordingly, recognized revenues and profits are subject to revisions as the contract progresses to completion. The Company considers the contract substantially complete when there is compliance with all performance specifications and there are no remaining costs or potential risk. | |
Financial Services | |
Financial services include various types of services to customers. The Company primarily recognizes revenue ratably for these services over the term of the agreements, as services are performed and continuous service is provided over the entire term of the agreements. In addition, there are certain services which are comprised of transaction-based fees; in these instances, revenue is recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
(b) Revenue Recognition | |
The following describes the Company’s primary types of revenues and the applicable revenue recognition policies. The Company’s revenues are primarily derived from sales of services and revenue is recognized as services are performed and information is delivered to customers. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, fees and/or price is fixed or determinable, and collectability is reasonably assured. Revenue is recognized net of applicable sales tax withholdings. | |
Industry-Standard Insurance Programs | |
Industry-standard insurance programs, statistical agent and data services and actuarial services are sold to participating insurance company customers under annual agreements covering a calendar year where the price is determined at the inception of the agreement. In accordance with Accounting Standards Codification (“ASC”) 605, Revenue Recognition, the Company recognizes revenue ratably over the term of these annual agreements, as services are performed and continuous access to information is provided over the entire term of the agreements. | |
Property-Specific Rating and Underwriting Information | |
The Company provides property-specific rating information through reports issued for specific commercial properties, for which revenue is recognized when the report is delivered to the customer, provided that all other revenue recognition criteria are met. | |
There are also services within healthcare, which are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
Revenue Recognition Software Policy | ' |
Healthcare | |
The Company provides software hosting arrangements to customers whereby the customer does not have the right to take possession of the software. As these arrangements include PCS throughout the hosting term, revenues from these multiple element arrangements are recognized in accordance with ASC 605-25, Revenue Recognition — Multiple Element Arrangements (“ASC 605-25”). The Company recognizes revenue ratably over the duration of the license term, which ranges from one to five years, since the contractual elements do not have stand alone value. | |
There are also services within healthcare, which are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
Specialized Markets | |
Specialized markets consist of term-based software licenses. These software arrangements include PCS, which includes unspecified upgrades on a when-and-if available basis. The Company recognizes software license revenue ratably over the duration of the annual license term as VSOE of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. In certain instances, the customers are billed for access on a monthly basis for the term-based software licenses and the Company recognizes revenue accordingly. In addition, specialized markets are comprised of transaction-based fees recognized as information is delivered to customers, provided that all other revenue recognition criteria have been met. | |
In addition, the Company provides hosting or software solutions that provide continuous access to information about the properties being insured and underwriting information in the form of standard policy forms to be used by customers. As the customer has a contractual right to take possession of the software without significant penalty, revenues from these arrangements are recognized ratably over the contract period from the time when the customer had access to the solution in accordance with ASC 985-605, Software Revenue Recognition (“ASC 985-605”). The Company recognizes software license revenue when the arrangement does not require significant production, customization or modification of the software and the following criteria are met: persuasive evidence of an agreement exists, delivery has occurred, fees are fixed or determinable, and collections are probable. These software arrangements include post-contract customer support (“PCS”). The Company recognizes software license revenue ratably over the duration of the annual license term as vendor specific objective evidence (“VSOE”) of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. | |
Insurance | |
Insurance services primarily consist of term-based software licenses. These software arrangements include PCS, which includes unspecified upgrades on a when-and-if available basis. The Company recognizes software license revenue ratably over the duration of the annual license term as VSOE of PCS, the only remaining undelivered element, cannot be established in accordance with ASC 985-605. The PCS associated with these arrangements is coterminous with the duration of the license term. In certain instances, the customers are billed for access on a monthly basis for the term-based software licenses and the Company recognizes revenue accordingly. | |
Fees Received in Advance | ' |
(c) Fees Received in Advance | |
The Company invoices its customers in annual, quarterly, monthly or milestone installments. Amounts billed and collected in advance of contract terms are recorded as “Fees received in advance” in the accompanying consolidated balance sheets and are recognized as the services are performed and the applicable revenue recognition criteria are met. | |
Fixed Assets and Finite-lived Intangible Assets | ' |
(d) Fixed Assets and Finite-lived Intangible Assets | |
Property and equipment, internal-use software and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term. | |
The Company’s internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350-40, Internal-use Software. The Company also capitalizes software development costs upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold, Leased, or Marketed (“ASC 985-20”). Software development costs are amortized on a straight-line basis over a three-year period, which management believes represents the useful life of these capitalized costs. | |
In accordance with ASC 360, Property, Plant & Equipment, whenever events or changes in circumstances indicate that the carrying amount of long-lived assets and finite-lived intangible assets may not be recoverable, the Company reviews its long-lived assets and finite-lived intangible assets for impairment by first comparing the carrying value of the assets to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the carrying value exceeds the sum of the assets’ undiscounted cash flows, the Company estimates and recognizes an impairment loss by taking the difference between the carrying value and fair value of the assets | |
Software to be Sold, Leased, or Marketed | ' |
The Company’s internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350-40, Internal-use Software. The Company also capitalizes software development costs upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold, Leased, or Marketed (“ASC 985-20”). Software development costs are amortized on a straight-line basis over a three-year period, which management believes represents the useful life of these capitalized costs. | |
Capital and Operating Leases | ' |
(f) Capital and Operating Leases | |
The Company leases various property, plant and equipment. Leased property is accounted for under ASC 840, Leases (“ASC 840”). Accordingly, leased property that meets certain criteria is capitalized and the present value of the related lease payments is recorded as a liability. Amortization of assets accounted for as capital leases is computed utilizing the straight-line method over the shorter of the remaining lease term or the estimated useful life (principally 3 to 4 years for computer equipment and automobiles). | |
All other leases are accounted for as operating leases. Rent expense for operating leases, which may have rent escalation provisions or rent holidays, is recorded on a straight-line basis over the non-cancelable lease period in accordance with ASC 840. The initial lease term generally includes the build-out period, where no rent payments are typically due under the terms of the lease. The difference between rent expensed and rent paid is recorded as deferred rent. Construction allowances received from landlords are recorded as a deferred rent credit and amortized to rent expense over the term of the lease. | |
Investments | ' |
(g) Investments | |
The Company’s investments at December 31, 2013 and 2012 included registered investment companies and equity investments in non-public companies. The Company accounts for short-term investments in accordance with ASC 320, Investments-Debt and Equity Securities (“ASC 320”). | |
There were no investments classified as trading securities at December 31, 2013 or 2012. All investments with readily determinable market values are classified as available-for-sale. While these investments are not held with the specific intention to sell them, they may be sold to support the Company’s investment strategies. All available-for-sale investments are carried at fair value. The cost of all available-for-sale investments sold is based on the specific identification method, with the exception of mutual fund-based investments, which is based on the weighted average cost method. Dividend income is accrued on the ex-dividend date. | |
The Company performs reviews of its investment portfolio when individual holdings have experienced a decline in fair value below their respective cost. The Company considers a number of factors in the evaluation of whether a decline in value is other-than-temporary including: (a) the financial condition and near term prospects of the issuer; (b) the Company’s ability and intent to retain the investment for a period of time sufficient to allow for an anticipated recovery in value; and (c) the period and degree to which the market value has been below cost. Where the decline is deemed to be other-than-temporary, a charge is recorded to “Realized (loss) gain on available-for-sale securities, net” in the accompanying consolidated statements of operations, and a new cost basis is established for the investment. | |
The Company’s equity investments in non-public companies are included in “Other assets” in the accompanying consolidated balance sheets. Those securities are carried at cost, as the Company owns less than 20% of the stock and does not otherwise have the ability to exercise significant influence. These securities are written down to their estimated realizable value when management considers there is an other-than-temporary decline in value based on financial information received and the business prospects of the entity. | |
Fair Value of Financial Instruments | ' |
(h) Fair Value of Financial Instruments | |
The Company follows the provisions of ASC 820-10, Fair Value Measurements (“ASC 820-10”), which defines fair value, establishes a framework for measuring fair value under U.S. GAAP and expands fair value measurement disclosures. The Company follows the provisions of ASC 820-10 for its financial assets and liabilities recognized or disclosed at fair value on a recurring basis. The Company follows the provisions of ASC 820-10 for its non-financial assets and liabilities recognized or disclosed at fair value. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
(i) Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable is generally recorded at the invoiced amount. The allowance for doubtful accounts is estimated based on an analysis of the aging of the accounts receivable, historical write-offs, customer payment patterns, individual customer creditworthiness, current economic trends, and/or establishment of specific reserves for customers in adverse financial condition. The Company assesses the adequacy of the allowance for doubtful accounts on a quarterly basis. | |
Foreign Currency | ' |
(j) Foreign Currency | |
The Company has determined local currencies are the functional currencies of the foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in the accompanying consolidated statements of changes in stockholders’ equity (deficit). | |
Stock Based Compensation | ' |
(k) Stock Based Compensation | |
The Company follows ASC 718, Stock Compensation (“ASC 718”). Under ASC 718, stock based compensation cost is measured at the grant date, based on the fair value of the awards granted, and is recognized as expense over the requisite service period. | |
Other equity awards, including restricted stock, are valued at the closing price of the Company’s Class A common stock on the grant date. Restricted stock generally has a service vesting period of four years and the Company recognizes the expense ratably over this service vesting period. | |
The Company estimates expected forfeitures of equity awards at the date of grant and recognizes compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Changes in the forfeiture assumptions may impact the total amount of expense ultimately recognized, as well as the timing of expense recognized over the requisite service period. | |
Research and Development Costs | ' |
(l) Research and Development Costs | |
Research and development costs, which are primarily related to the personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $21,426, $18,386 and $15,393 for the years ended December 31, 2013, 2012 and 2011, respectively, and were included in the accompanying consolidated statements of operations. | |
Advertising Costs | ' |
(m) Advertising Costs | |
Advertising costs, which are primarily associated with promoting the Company’s brand, names and solutions provided, are expensed as incurred. Such costs were $8,457, $6,166 and $5,777 for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | ' |
(n) Income Taxes | |
The Company accounts for income taxes under the asset and liability method under ASC 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. | |
Deferred tax assets are recorded to the extent these assets are more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. Valuation allowances are recognized to reduce deferred tax assets if it is determined to be more likely than not that all or some of the potential deferred tax assets will not be realized. | |
The Company follows ASC 740-10, Income Taxes (“ASC 740-10”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized based on the technical merits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. Income tax positions must meet a more likely than not recognition threshold at the effective date to be recognized upon the adoption of ASC 740-10 and in subsequent periods. This standard also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |
The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on the accompanying consolidated balance sheets. | |
Earnings Per Share | ' |
(o) Earnings Per Share | |
Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive common stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if the Company’s dilutive outstanding stock options and stock awards were issued. | |
Pension and Postretirement Benefits | ' |
(p) Pension and Postretirement Benefits | |
The Company accounts for its pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits (“ASC 715”). ASC 715 requires the recognition of the funded status of a benefit plan in the balance sheet, the recognition in other comprehensive income of gains or losses and prior service costs or credits arising during the period, but which are not included as components of periodic benefit cost, and the measurement of defined benefit plan assets and obligations as of the balance sheet date. The Company utilizes a valuation date of December 31. | |
Product Warranty Obligations | ' |
(q) Product Warranty Obligations | |
The Company provides warranty coverage for certain of its solutions. The Company recognizes a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2013 and 2012, product warranty obligations were not material. | |
In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that the Company could be required to make under these indemnifications; however, the Company is not able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. | |
Loss Contingencies | ' |
(r) Loss Contingencies | |
The Company accrues for costs relating to litigation, claims and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made. | |
Goodwill | ' |
(s) Goodwill | |
Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of the businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30 or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The Company completed the required annual impairment test as of June 30, 2013, which resulted in no impairment of goodwill in 2013. This test compares the carrying value of each reporting unit to its fair value. If the fair value of the reporting unit exceeds the carrying value of the net assets, including goodwill assigned to that reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then the Company will determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment loss is recorded for the difference between the carrying amount and the implied fair value of the goodwill. | |
Recent Accounting Pronouncements | ' |
(t) Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU No. 2013-02”). Under ASU No. 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component, either on the face of the financial statement where net income is presented or in the notes thereto. ASU No. 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. ASU 2013-02 was adopted by the Company on January 1, 2013. The Company elected to present the information as a separate disclosure in the notes to the consolidated financial statements. Refer to Note 15. Stockholders' Equity (Deficit) for further discussion. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (“ASU No. 2013-04”). Under ASU No. 2013-04, an entity is required to measure and disclose the amounts and nature of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. ASU No. 2013-04 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU 2013-04 will not have a material impact on the Company’s consolidated financial statements as the long-term debt resulting from joint and several liability arrangements has been measured on a gross basis and disclosed in Note 14. Other obligations resulting from joint and several liability arrangements, such as contingencies, retirement benefits and income taxes, are excluded from the scope of this ASU. | |
In March 2013, the FASB issued ASU No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU No. 2013-05”). Under ASU No. 2013-05, an entity is required to release any related cumulative translation adjustment into net income upon cessation to have a controlling financial interest in a subsidiary or group of assets within a foreign entity. ASU 2013-05 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU 2013-05 is not expected to have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU No. 2013-11”). Under ASU No. 2013-11, an unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with the exception that these unrecognized tax benefits are not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or the tax law. An additional exception applies when the tax law does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, then the unrecognized tax benefit should be presented as a liability and should not be combined with deferred tax assets. ASU No. 2013-11 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has elected not to early adopt this standard. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | |
Investments | ' |
In addition to the available-for-sale securities above, the Company has equity investments in non-public companies in which the Company acquired non-controlling interests and for which no readily determinable market value exists. These securities were accounted for under the cost method in accordance with ASC 323-10-25, The Equity Method of Accounting for Investments in Common Stock. At December 31, 2013 and 2012, the carrying value of such securities was $3,602 and $5,015, respectively, and has been included in “Other assets” in the accompanying consolidated balance sheets. | |
Fair Value Measurements | ' |
Certain assets and liabilities of the Company are reported at fair value in the accompanying consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. To increase consistency and comparability of assets and liabilities recorded at fair value, ASC 820-10 establishes a three-level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. ASC 820-10 requires disclosures detailing the extent to which companies’ measure assets and liabilities at fair value, the methods and assumptions used to measure fair value and the effect of fair value measurements on earnings. In accordance with ASC 820-10, the Company applied the following fair value hierarchy: | |
Level 1 — Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments. | |
Level 2 — Assets and liabilities valued based on observable market data for similar instruments. | |
Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require. | |
Acquisition Escrows | ' |
Pursuant to the related acquisition agreements, the Company has funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the acquisition dates, as well as a portion of the contingent payments. At December 31, 2013 and 2012, the current portion of the escrows amounted to $27,967 and $29,277, and the noncurrent portion of the escrow amounted to $0 and $26,803, respectively. The current and noncurrent portions of the escrows have been included in “Other current assets” and “Other assets” in the accompanying consolidated balance sheets, respectively. | |
Segment Reporting | ' |
ASC 280-10, Disclosures About Segments of an Enterprise and Related Information (“ASC 280-10”), establishes standards for reporting information about operating segments. ASC 280-10 requires that a public business enterprise reports financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s President and CEO is identified as the CODM as defined by ASC 280-10. To align with the internal management of the Company’s business operations based on service offerings, the Company is organized into the following two operating segments, which are also the Company’s reportable segments: | |
Decision Analytics: The Company develops solutions that its customers use to analyze key processes in managing risk. The Company’s combination of algorithms and analytic methods incorporates its proprietary data to generate solutions. In most cases, the Company’s customers integrate the solutions into their models, formulas or underwriting criteria in order to predict potential loss events, ranging from hurricanes and earthquakes to unanticipated healthcare claims. The Company develops catastrophe and extreme event models and offers solutions covering natural and man-made risks, including acts of terrorism. The Company also develops solutions that allow customers to quantify costs after loss events occur. Fraud solutions include data on claim histories, analysis of claims to find emerging patterns of fraud, and identification of suspicious claims in the insurance, and healthcare sectors. Effective December 31, 2011, the Company provided additional disclosure about its revenue within Decision Analytics segment based on the industry vertical groupings of insurance, financial services, healthcare and specialized markets. Previously, the Company disclosed revenue based on the classification of its solution as fraud identification and detection solutions, loss prediction solutions and loss quantification solutions. There have been no changes in reportable segments in accordance with ASC 280-10 for the year ended December 31, 2011. | |
Risk Assessment: The Company is the leading provider of statistical, actuarial and underwriting data for the U.S. P&C insurance industry. The Company’s databases include cleansed and standardized records describing premiums and losses in insurance transactions, casualty and property risk attributes for commercial buildings and their occupants and fire suppression capabilities of municipalities. The Company uses this data to create policy language and proprietary risk classifications that are industry standards and to generate prospective loss cost estimates used to price insurance policies. Effective December 31, 2012, the Company combined the statistical agency and data services and actuarial services into industry-standard insurance programs within the Risk Assessment segment. There have been no changes in reportable segments in accordance with ASC 280-10 for the years ended December 31, 2012 and 2011. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Summary of Accounts Receivable | ' | |||||||
Accounts receivable consisted of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Billed receivables | $ | 143,059 | $ | 165,174 | ||||
Unbilled receivables | 19,903 | 18,009 | ||||||
Total receivables | 162,962 | 183,183 | ||||||
Less allowance for doubtful accounts | (4,415 | ) | (4,753 | ) | ||||
Accounts receivable, net | $ | 158,547 | $ | 178,430 | ||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||
Summary of Available-for-Sale Securities | ' | |||||||||||||||
Available-for-sale securities consisted of the following: | ||||||||||||||||
Adjusted | Gross | Gross | Fair Value | |||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||
Gain | Loss | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Registered investment companies | $ | 4,098 | $ | — | $ | (187 | ) | $ | 3,911 | |||||||
31-Dec-12 | ||||||||||||||||
Registered investment companies | $ | 4,830 | $ | 53 | $ | — | $ | 4,883 | ||||||||
Realized Gain/(Loss) on Securities, Net | ' | |||||||||||||||
Realized (loss) gain on securities, net, including write downs related to other-than-temporary impairments of available-for-sale securities and other assets, was as follows for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Gross realized gain on sale of registered investment securities | $ | 966 | $ | 420 | $ | 803 | ||||||||||
Other-than-temporary impairment of registered investment securities | (84 | ) | (74 | ) | (117 | ) | ||||||||||
Other-than-temporary impairment of non-controlling interest in non-public companies | (974 | ) | (678 | ) | — | |||||||||||
Realized (loss) gain on securities, net | $ | (92 | ) | $ | (332 | ) | $ | 686 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial Assets and Liabilities Accounted at Fair Value | ' | |||||||||||||||
The following table summarizes fair value measurements by level for cash equivalents and registered investment companies that were measured at fair value on a recurring basis: | ||||||||||||||||
Total | Quoted Prices | Significant | ||||||||||||||
in Active Markets | Other | |||||||||||||||
for Identical | Observable | |||||||||||||||
Assets (Level 1) | Inputs (Level 2) | |||||||||||||||
31-Dec-13 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 889 | $ | — | $ | 889 | ||||||||||
Registered investment companies(1) | $ | 3,911 | $ | 3,911 | $ | — | ||||||||||
31-Dec-12 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 760 | $ | — | $ | 760 | ||||||||||
Registered investment companies(1) | $ | 4,883 | $ | 4,883 | $ | — | ||||||||||
-1 | Registered investment companies are classified as available-for-sale securities and are valued using quoted prices in active markets multiplied by the number of shares owned. | |||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Long-Term Debt | ' | |||||||||||||||
The following table summarizes the carrying value and estimated fair value of the long-term debt as of December 31, 2013 and 2012 respectively: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial instrument not carried at fair value: | ||||||||||||||||
Long-term debt excluding capitalized leases | $ | 1,265,129 | $ | 1,335,844 | $ | 1,454,409 | $ | 1,575,950 | ||||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||
Summary of Fixed Assets | ' | |||||||||||||
The following is a summary of fixed assets: | ||||||||||||||
Useful Life | Cost | Accumulated | Net | |||||||||||
Depreciation and | ||||||||||||||
Amortization | ||||||||||||||
31-Dec-13 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 179,564 | $ | (105,262 | ) | $ | 74,302 | ||||||
Leasehold improvements | Lease term | 38,796 | (22,022 | ) | 16,774 | |||||||||
Purchased software | 3 years | 89,064 | (65,753 | ) | 23,311 | |||||||||
Software development costs | 3 years | 201,192 | (91,656 | ) | 109,536 | |||||||||
Leased equipment | 3-4 years | 33,956 | (24,506 | ) | 9,450 | |||||||||
Total fixed assets | $ | 542,572 | $ | (309,199 | ) | $ | 233,373 | |||||||
31-Dec-12 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 137,578 | $ | (89,153 | ) | $ | 48,425 | ||||||
Leasehold improvements | Lease term | 34,844 | (20,198 | ) | 14,646 | |||||||||
Purchased software | 3 years | 70,155 | (53,575 | ) | 16,580 | |||||||||
Software development costs | 3 years | 161,338 | (90,840 | ) | 70,498 | |||||||||
Leased equipment | 3-4 years | 26,150 | (22,215 | ) | 3,935 | |||||||||
Total fixed assets | $ | 430,065 | $ | (275,981 | ) | $ | 154,084 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Preliminary Purchase Price Allocations of the Acquisitions | ' | |||||||||||||||
The preliminary purchase price allocations of the acquisitions resulted in the following: | ||||||||||||||||
MediConnect | Argus | Others | Total | |||||||||||||
Accounts receivable | $ | 7,077 | $ | 12,165 | $ | 489 | $ | 19,731 | ||||||||
Current assets | 17,238 | 568 | 68 | 17,874 | ||||||||||||
Fixed assets | 1,075 | 4,994 | 76 | 6,145 | ||||||||||||
Intangible assets | 159,506 | 179,316 | 9,264 | 348,086 | ||||||||||||
Goodwill | 222,976 | 277,857 | 29,875 | 530,708 | ||||||||||||
Other assets | 5,087 | 20,000 | 1,801 | 26,888 | ||||||||||||
Total assets acquired | 412,959 | 494,900 | 41,573 | 949,432 | ||||||||||||
Current liabilities | 15,007 | 9,661 | 4,625 | 29,293 | ||||||||||||
Deferred income taxes | 40,836 | 40,244 | — | 81,080 | ||||||||||||
Other liabilities | 8,711 | 20,000 | 1,809 | 30,520 | ||||||||||||
Total liabilities assumed | 64,554 | 69,905 | 6,434 | 140,893 | ||||||||||||
Net assets acquired | $ | 348,405 | $ | 424,995 | $ | 35,139 | $ | 808,539 | ||||||||
Amounts Assigned to Intangible Assets | ' | |||||||||||||||
The amounts assigned to intangible assets by type for the acquisitions are summarized in the table below: | ||||||||||||||||
Weighted | Total | |||||||||||||||
Average | ||||||||||||||||
Useful Life | ||||||||||||||||
Technology-based | 10 years | $ | 77,936 | |||||||||||||
Marketing-related | 5 years | 30,331 | ||||||||||||||
Customer-related | 13 years | 239,819 | ||||||||||||||
Total intangible assets | 11 years | $ | 348,086 | |||||||||||||
Schedule of Unaudited Pro Forma Information | ' | |||||||||||||||
The unaudited pro forma information includes intangible asset amortization charges and incremental borrowing costs as a result of the acquisitions, net of related tax, estimated using the Company’s effective tax rate for continuing operations for the years ended December 31: | ||||||||||||||||
2012 | 2011 | |||||||||||||||
(unaudited) | ||||||||||||||||
Pro forma revenues | $ | 1,462,677 | $ | 1,297,134 | ||||||||||||
Pro forma net income | $ | 321,140 | $ | 262,765 | ||||||||||||
Pro forma basic income per share | $ | 1.94 | $ | 1.58 | ||||||||||||
Pro forma diluted income per share | $ | 1.87 | $ | 1.52 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||
The following table summarizes the results from the discontinued operation for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues from discontinued operations | $ | 109,151 | $ | 126,472 | $ | 140,447 | ||||||
Income from discontinued operations before income taxes | 10,819 | 19,382 | 32,226 | |||||||||
Provision for income taxes | (4,753 | ) | (7,703 | ) | (11,924 | ) | ||||||
Income from discontinued operations, net of tax | $ | 6,066 | $ | 11,679 | $ | 20,302 | ||||||
The following table summarizes the assets held-for-sale and the liabilities held-for-sale as of December 31: | ||||||||||||
2013 | ||||||||||||
Accounts receivable, net | $ | 15,295 | ||||||||||
Income taxes payable | (3,005 | ) | ||||||||||
Other current assets | 1,535 | |||||||||||
Total current assets held-for-sale | $ | 13,825 | ||||||||||
Fixed assets, net | $ | 7,670 | ||||||||||
Intangible assets, net | 9,018 | |||||||||||
Goodwill | 69,207 | |||||||||||
Other assets | 50 | |||||||||||
Total noncurrent assets held-for-sale | $ | 85,945 | ||||||||||
Accounts payable and accrued liabilities | $ | 8,272 | ||||||||||
Fees received in advance | 1,177 | |||||||||||
Total current liabilities held-for-sale | $ | 9,449 | ||||||||||
Deferred income taxes, net | $ | 3,975 | ||||||||||
Other liabilities | 554 | |||||||||||
Total noncurrent liabilities held-for-sale | $ | 4,529 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Summary of Changes in Goodwill | ' | |||||||||||||
The following is a summary of the change in goodwill from December 31, 2011 through December 31, 2013, both in total and as allocated to the Company’s operating segments: | ||||||||||||||
Risk | Decision | Total | ||||||||||||
Assessment | Analytics | |||||||||||||
Goodwill at December 31, 2011 (1) | $ | 27,908 | $ | 682,036 | $ | 709,944 | ||||||||
Current year acquisitions | 26,647 | 465,261 | 491,908 | |||||||||||
Purchase accounting reclassifications | — | 873 | 873 | |||||||||||
Acquisition related escrow funding | 1,000 | 37,800 | 38,800 | |||||||||||
Finalization of acquisition related escrows | — | 5,934 | 5,934 | |||||||||||
Goodwill at December 31, 2012 (1) | 55,555 | 1,191,904 | 1,247,459 | |||||||||||
Current year acquisitions | — | 705 | 705 | |||||||||||
Purchase accounting reclassifications | — | 2,724 | 2,724 | |||||||||||
Discontinued operations (Note 10) | — | (69,207 | ) | (69,207 | ) | |||||||||
Goodwill at December 31, 2013 (1) | $ | 55,555 | $ | 1,126,126 | $ | 1,181,681 | ||||||||
-1 | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2011. | |||||||||||||
Intangible Assets and Related Accumulated Amortization | ' | |||||||||||||
The Company’s intangible assets and related accumulated amortization consisted of the following: | ||||||||||||||
Weighted | Cost | Accumulated | Net | |||||||||||
Average | Amortization | |||||||||||||
Useful Life | ||||||||||||||
31-Dec-13 | ||||||||||||||
Technology-based | 8 years | $ | 294,940 | $ | (180,581 | ) | $ | 114,359 | ||||||
Marketing-related | 5 years | 71,047 | (44,274 | ) | 26,773 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 388,505 | (82,019 | ) | 306,486 | |||||||||
Total intangible assets | $ | 761,047 | $ | (313,429 | ) | $ | 447,618 | |||||||
Weighted | Cost | Accumulated | Net | |||||||||||
Average | Amortization | |||||||||||||
Useful Life | ||||||||||||||
31-Dec-12 | ||||||||||||||
Technology-based | 8 years | $ | 313,590 | $ | (177,929 | ) | $ | 135,661 | ||||||
Marketing-related | 5 years | 79,101 | (41,079 | ) | 38,022 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 413,043 | (65,791 | ) | 347,252 | |||||||||
Total intangible assets | $ | 812,289 | $ | (291,354 | ) | $ | 520,935 | |||||||
Estimated Amortization Expense | ' | |||||||||||||
Estimated amortization expense in future periods through 2019 and thereafter for intangible assets subject to amortization is as follows: | ||||||||||||||
Year | Amount | |||||||||||||
2014 | $ | 56,630 | ||||||||||||
2015 | 50,714 | |||||||||||||
2016 | 48,883 | |||||||||||||
2017 | 47,980 | |||||||||||||
2018 | 47,234 | |||||||||||||
2019 and thereafter | 196,177 | |||||||||||||
Total | $ | 447,618 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Provision for Income Taxes | ' | |||||||||||
The components of the provision for income taxes from continuing operations for the years ended December 31 were as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal and foreign | $ | 135,215 | $ | 111,713 | $ | 122,872 | ||||||
State and local | 18,764 | 8,442 | 20,523 | |||||||||
153,979 | 120,155 | 143,395 | ||||||||||
Deferred: | ||||||||||||
Federal and foreign | 38,160 | 56,036 | 14,027 | |||||||||
State and local | 4,287 | 6,172 | 8,317 | |||||||||
42,447 | 62,208 | 22,344 | ||||||||||
Provision for income taxes | $ | 196,426 | $ | 182,363 | $ | 165,739 | ||||||
Effective Tax Rate on Income from Continuing Operations | ' | |||||||||||
The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate is as follows for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.6 | % | 1.7 | % | 4 | % | ||||||
Non-deductible KSOP expenses | 0.9 | % | 0.9 | % | 1 | % | ||||||
Other | (2.0 | )% | (1.1 | )% | (1.3 | )% | ||||||
Effective tax rate for continuing operations | 36.5 | % | 36.5 | % | 38.7 | % | ||||||
Summary of Deferred Tax Assets | ' | |||||||||||
The tax effects of significant items comprising the Company’s deferred tax assets as of December 31 are as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Deferred income tax asset: | ||||||||||||
Employee wages and other benefits | $ | 26,113 | $ | 50,133 | ||||||||
Deferred revenue | 1,835 | 2,705 | ||||||||||
Deferred rent | 4,342 | 4,944 | ||||||||||
Net operating loss carryover | 8,247 | 17,088 | ||||||||||
State tax adjustments | 1,639 | 3,626 | ||||||||||
Capital and other unrealized losses | 3,301 | 3,240 | ||||||||||
Other | 6,720 | 6,279 | ||||||||||
Total | 52,197 | 88,015 | ||||||||||
Less valuation allowance | (741 | ) | (595 | ) | ||||||||
Deferred income tax asset | 51,456 | 87,420 | ||||||||||
Deferred income tax liability: | ||||||||||||
Fixed assets and intangible assets | (223,639 | ) | (206,553 | ) | ||||||||
Pension, postretirement and other | (21,344 | ) | (4,231 | ) | ||||||||
Deferred income tax liability | (244,983 | ) | (210,784 | ) | ||||||||
Deferred income tax liability, net | $ | (193,527 | ) | $ | (123,364 | ) | ||||||
The deferred income liability has been classified in “Deferred income taxes, net” in the accompanying consolidated balance sheets as of December 31, as follows: | ||||||||||||
2013 | 2012 | |||||||||||
Current deferred income tax asset, net | $ | 5,077 | $ | 10,397 | ||||||||
Non-current deferred income tax liability, net | (198,604 | ) | (133,761 | ) | ||||||||
Deferred income tax liability, net | $ | (193,527 | ) | $ | (123,364 | ) | ||||||
Summary of Company's Net Operating Loss Carryforwards Expires | ' | |||||||||||
The Company’s net operating loss carryforwards expire as follows: | ||||||||||||
Years | Amount | |||||||||||
2014-2021 | $ | 12,916 | ||||||||||
2022-2026 | 14,345 | |||||||||||
2027-2033 | 52,478 | |||||||||||
$ | 79,739 | |||||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit | ' | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Unrecognized tax benefit at January 1 | $ | 17,883 | $ | 17,877 | $ | 23,080 | ||||||
Gross increase in tax positions in prior period | 541 | 911 | 3,684 | |||||||||
Gross decrease in tax positions in prior period | (4,241 | ) | (1,494 | ) | (1,753 | ) | ||||||
Gross increase in tax positions in current period | — | — | 281 | |||||||||
Gross increase in tax positions from stock acquisitions | — | 3,304 | 97 | |||||||||
Gross decrease in tax positions from stock acquisitions | — | — | (20 | ) | ||||||||
Settlements | (390 | ) | (1,770 | ) | (1,477 | ) | ||||||
Lapse of statute of limitations | (4,269 | ) | (945 | ) | (6,015 | ) | ||||||
Unrecognized tax benefit at December 31 | $ | 9,524 | $ | 17,883 | $ | 17,877 | ||||||
Composition_of_Certain_Financi1
Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Composition Of Certain Financial Statement Captions Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Assets, Accounts Payable, Accrued Liabilities and Other Liabilities | ' | |||||||
The following table presents the components of “Other current assets”, “Accounts payable and accrued liabilities” and “Other liabilities” as of December 31: | ||||||||
2013 | 2012 | |||||||
Other current assets: | ||||||||
Acquisition related escrows | $ | 27,967 | $ | 29,277 | ||||
Other current assets | 6,714 | 9,832 | ||||||
Total other current assets | $ | 34,681 | $ | 39,109 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accrued salaries, benefits and other related costs | $ | 79,372 | $ | 78,979 | ||||
Escrow liabilities | 27,918 | 28,954 | ||||||
Other current liabilities | 80,974 | 79,715 | ||||||
Total accounts payable and accrued liabilities | $ | 188,264 | $ | 187,648 | ||||
Other liabilities: | ||||||||
Unrecognized tax benefits, including interest and penalty | $ | 12,143 | $ | 21,611 | ||||
Deferred rent | 12,219 | 12,919 | ||||||
Other liabilities | 11,681 | 43,660 | ||||||
Total other liabilities | $ | 36,043 | $ | 78,190 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
Short-Term and Long-Term Debt | ' | |||||||||||
The following table presents short-term and long-term debt by issuance as of December 31: | ||||||||||||
Issuance | Maturity | 2013 | 2012 | |||||||||
Date | Date | |||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Syndicated revolving credit facility | Various | Various | $ | — | $ | 10,000 | ||||||
Prudential shelf notes: | ||||||||||||
6.13% Series G shelf notes | 8/8/06 | 8/8/13 | — | 75,000 | ||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/13 | — | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/13 | — | 15,000 | ||||||||
Principal shelf notes: | ||||||||||||
6.16% Series B shelf notes | 8/8/06 | 8/8/13 | — | 25,000 | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/13 | — | 17,500 | ||||||||
Aviva Investors shelf notes: | ||||||||||||
6.46% Series A shelf notes | 4/27/09 | 4/27/13 | — | 30,000 | ||||||||
Capital lease obligations | Various | Various | 4,448 | 5,263 | ||||||||
Short-term debt and current portion of long-term debt | 4,448 | 195,263 | ||||||||||
Long-term debt: | ||||||||||||
Senior notes: | ||||||||||||
4.125% senior notes, less unamortized discount of $2,415 and $2,692 as of December 31, 2013 and 2012, respectively | 9/12/12 | 9/12/22 | 347,585 | 347,308 | ||||||||
4.875% senior notes, less unamortized discount of $1,699, and $2,037 as of December 31, 2013 and 2012, respectively | 12/8/11 | 1/15/19 | 248,301 | 247,963 | ||||||||
5.80% senior notes, less unamortized discount of $757 and $862 as of December 31, 2013 and 2012, respectively | 4/6/11 | 5/1/21 | 449,243 | 449,138 | ||||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | 17,500 | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | 85,000 | 85,000 | ||||||||
6.85% Series J shelf notes | 6/15/09 | 6/15/16 | 50,000 | 50,000 | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/15 | 17,500 | 17,500 | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | 50,000 | 50,000 | ||||||||
Capital lease obligations | Various | Various | 6,310 | 1,753 | ||||||||
Long-term debt | 1,271,439 | 1,266,162 | ||||||||||
Total debt | $ | 1,275,887 | $ | 1,461,425 | ||||||||
Summary of Long Term Debt Maturities | ' | |||||||||||
The following table reflects the Company’s debt maturities: | ||||||||||||
Year | Amount | |||||||||||
2014 | $ | 4,448 | ||||||||||
2015 | 173,896 | |||||||||||
2016 | 51,996 | |||||||||||
2017 | 238 | |||||||||||
2018 | 53 | |||||||||||
2019 and thereafter | 1,050,127 | |||||||||||
$ | 1,280,758 | |||||||||||
Stockholders_Equity_Deficit_Ta
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted EPS computations for the years ended December 31: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(In thousands, except for share and per share data) | ||||||||||||||||
Numerator used in basic and diluted EPS: | ||||||||||||||||
Net income | $ | 348,380 | $ | 329,142 | $ | 282,758 | ||||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares used in basic EPS | 168,031,412 | 165,890,258 | 166,015,238 | |||||||||||||
Effect of dilutive shares: | ||||||||||||||||
Potential Class A common stock issuable from stock options and stock awards | 4,244,948 | 5,819,260 | 7,309,872 | |||||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 172,276,360 | 171,709,518 | 173,325,110 | |||||||||||||
Basic net income per share: | ||||||||||||||||
Income from continuing operations | $ | 2.04 | $ | 1.91 | $ | 1.58 | ||||||||||
Income from discontinued operations | 0.03 | 0.07 | 0.12 | |||||||||||||
Basic net income per share | $ | 2.07 | $ | 1.98 | $ | 1.7 | ||||||||||
Diluted net income per share: | ||||||||||||||||
Income from continuing operations | $ | 1.99 | $ | 1.85 | $ | 1.51 | ||||||||||
Income from discontinued operations | 0.03 | 0.07 | 0.12 | |||||||||||||
Diluted net income per share | $ | 2.02 | $ | 1.92 | $ | 1.63 | ||||||||||
Summary of Accumulated Other Comprehensive Losses | ' | |||||||||||||||
The following is a summary of accumulated other comprehensive losses as of December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Unrealized foreign currency losses | $ | (1,800 | ) | $ | (960 | ) | ||||||||||
Unrealized (losses) gains on available-for-sale securities, net of tax | (75 | ) | 72 | |||||||||||||
Pension and postretirement adjustment, net of tax | (41,613 | ) | (88,272 | ) | ||||||||||||
Accumulated other comprehensive losses | $ | (43,488 | ) | $ | (89,160 | ) | ||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,147 | ) | $ | (1,293 | ) | ||||||
Actuarial losses | 62,226 | 137,369 | 9,208 | 9,285 | ||||||||||||
Accumulated other comprehensive losses, pretax | $ | 62,226 | $ | 137,369 | $ | 8,061 | $ | 7,992 | ||||||||
Schedule of Amounts Recognized in Other Comprehensive Income | ' | |||||||||||||||
The before tax and after tax amounts of other comprehensive income for the years ended December 31, 2013, 2012 and 2011 are summarized below: | ||||||||||||||||
Before Tax | Tax Benefit | After Tax | ||||||||||||||
(Expense) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Unrealized foreign currency loss | $ | (840 | ) | $ | — | $ | (840 | ) | ||||||||
Unrealized loss on available-for-sale securities before reclassifications | (1,122 | ) | 433 | (689 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive loss (1) | 882 | (340 | ) | 542 | ||||||||||||
Unrealized loss on available-for-sale securities | (240 | ) | 93 | (147 | ) | |||||||||||
Pension and postretirement adjustment before reclassifications | 80,773 | (30,611 | ) | 50,162 | ||||||||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (5,699 | ) | 2,196 | (3,503 | ) | |||||||||||
Pension and postretirement adjustment | 75,074 | (28,415 | ) | 46,659 | ||||||||||||
Total other comprehensive income | $ | 73,994 | $ | (28,322 | ) | $ | 45,672 | |||||||||
December 31, 2012 | ||||||||||||||||
Unrealized foreign currency gain | $ | 15 | $ | — | $ | 15 | ||||||||||
Unrealized loss on available-for-sale securities before reclassifications | (727 | ) | 316 | (411 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive loss (1) | 346 | (132 | ) | 214 | ||||||||||||
Unrealized loss on available-for-sale securities | (381 | ) | 184 | (197 | ) | |||||||||||
Pension and postretirement adjustment before reclassifications | (13,082 | ) | 4,865 | (8,217 | ) | |||||||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (4,001 | ) | 1,527 | (2,474 | ) | |||||||||||
Pension and postretirement adjustment | (17,083 | ) | 6,392 | (10,691 | ) | |||||||||||
Total other comprehensive loss | $ | (17,449 | ) | $ | 6,576 | $ | (10,873 | ) | ||||||||
December 31, 2011 | ||||||||||||||||
Unrealized foreign currency loss | $ | (183 | ) | $ | — | $ | (183 | ) | ||||||||
Unrealized loss on available-for-sale securities before reclassifications | (1,493 | ) | 614 | (879 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive loss (1) | 686 | (263 | ) | 423 | ||||||||||||
Unrealized loss on available-for-sale securities | (807 | ) | 351 | (456 | ) | |||||||||||
Pension and postretirement adjustment before reclassifications | (25,346 | ) | 6,631 | (18,715 | ) | |||||||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (5,071 | ) | 1,941 | (3,130 | ) | |||||||||||
Pension and postretirement adjustment | (30,417 | ) | 8,572 | (21,845 | ) | |||||||||||
Total other comprehensive loss | $ | (31,407 | ) | $ | 8,923 | $ | (22,484 | ) | ||||||||
(1) This accumulated other comprehensive income (loss) component, before tax, is included under “Realized (loss) gain on available-for-sale securities, net” in the accompanying consolidated statements of operations. | ||||||||||||||||
(2) These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in the accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||
Fair Value of Stock Options Granted Using Black- Scholes Valuation Model | ' | |||||||||||
The fair value of the stock options granted was estimated on the date of grant using a Black-Scholes option valuation model that uses the weighted-average assumptions noted in the following table during the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Option pricing model | Black-Scholes | Black-Scholes | Black-Scholes | |||||||||
Expected volatility | 29.27 | % | 32.22 | % | 30.44 | % | ||||||
Risk-free interest rate | 0.7 | % | 0.9 | % | 2.21 | % | ||||||
Expected term in years | 4.5 | 4.7 | 5.1 | |||||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted average grant date fair value per stock option | $ | 15.58 | $ | 13.59 | $ | 10.42 | ||||||
Options Outstanding Under Incentive Plan and Option Plan | ' | |||||||||||
A summary of options outstanding under the Incentive Plan and the Option Plan and changes during the three years then ended is presented below: | ||||||||||||
Number | Weighted | Aggregate | ||||||||||
of Options | Average | Intrinsic | ||||||||||
Exercise Price | Value | |||||||||||
Per Share | ||||||||||||
(In thousands, except for share and per share data) | ||||||||||||
Outstanding at January 1, 2011 | 23,057,857 | $ | 13.35 | $ | 478,014 | |||||||
Granted | 1,574,705 | $ | 33.46 | |||||||||
Exercised | (5,543,866 | ) | $ | 7.82 | $ | 149,613 | ||||||
Cancelled or expired | (192,291 | ) | $ | 22.58 | ||||||||
Outstanding at December 31, 2011 | 18,896,405 | $ | 16.55 | $ | 445,510 | |||||||
Granted | 973,124 | $ | 47.38 | |||||||||
Exercised | (6,880,678 | ) | $ | 9.09 | $ | 257,391 | ||||||
Cancelled or expired | (415,553 | ) | $ | 19.3 | ||||||||
Outstanding at December 31, 2012 | 12,573,298 | $ | 22.21 | $ | 361,653 | |||||||
Granted | 888,038 | $ | 61.1 | |||||||||
Exercised | (4,076,750 | ) | $ | 19.79 | $ | 168,056 | ||||||
Cancelled or expired | (149,266 | ) | $ | 43.14 | ||||||||
Outstanding at December 31, 2013 | 9,235,320 | $ | 26.67 | $ | 360,611 | |||||||
Options exercisable at December 31, 2013 | 7,169,089 | $ | 20.98 | $ | 320,766 | |||||||
Options exercisable at December 31, 2012 | 8,796,996 | $ | 18.37 | $ | 286,806 | |||||||
Summary of Nonvested Options | ' | |||||||||||
A summary of the status of the Company’s nonvested options and changes is presented below: | ||||||||||||
Number | Weighted | |||||||||||
of Options | Average | |||||||||||
Grant-Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Nonvested balance at January 1, 2011 | 8,237,410 | $ | 6.27 | |||||||||
Granted | 1,574,705 | $ | 10.42 | |||||||||
Vested | (2,876,730 | ) | $ | 5.56 | ||||||||
Cancelled or expired | (192,291 | ) | $ | 6.82 | ||||||||
Nonvested balance at December 31, 2011 | 6,743,094 | $ | 7.52 | |||||||||
Granted | 973,124 | $ | 13.59 | |||||||||
Vested | (3,524,363 | ) | $ | 7.38 | ||||||||
Cancelled or expired | (415,553 | ) | $ | 5.62 | ||||||||
Nonvested balance at December 31, 2012 | 3,776,302 | $ | 9.43 | |||||||||
Granted | 888,038 | $ | 15.58 | |||||||||
Vested | (2,448,843 | ) | $ | 8.81 | ||||||||
Cancelled or expired | (149,266 | ) | $ | 12.18 | ||||||||
Nonvested balance at December 31, 2013 | 2,066,231 | $ | 12.61 | |||||||||
Summary of Restricted Stock Activity Under Incentive Plan | ' | |||||||||||
A summary of the status of the restricted stock awarded under the 2013 Incentive Plan and changes is presented below: | ||||||||||||
Number | Weighted | |||||||||||
of Shares | Average | |||||||||||
Grant Date | ||||||||||||
Fair Value | ||||||||||||
Per Share | ||||||||||||
Outstanding at December 31, 2010 | — | $ | — | |||||||||
Granted | 150,187 | $ | 33.27 | |||||||||
Vested | (1,523 | ) | $ | 33.3 | ||||||||
Forfeited | (3,030 | ) | $ | 33.3 | ||||||||
Outstanding at December 31, 2011 | 145,634 | $ | 33.32 | |||||||||
Granted | 244,397 | $ | 47.1 | |||||||||
Vested | (41,120 | ) | $ | 34.51 | ||||||||
Forfeited | (17,898 | ) | $ | 43.27 | ||||||||
Outstanding at December 31, 2012 | 331,013 | $ | 42.78 | |||||||||
Granted | 241,674 | $ | 61.12 | |||||||||
Vested | (150,668 | ) | $ | 37.82 | ||||||||
Forfeited | (25,270 | ) | $ | 53 | ||||||||
Outstanding at December 31, 2013 | 396,749 | $ | 52.82 | |||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary of Changes in Benefit Obligations and Plan Assets Amount Recognized | ' | |||||||||||||||||||||||
The following table sets forth the changes in the benefit obligations and the plan assets, the (funded) unfunded status of the Pension Plan, SERP and Postretirement Plan, and the amounts recognized in the Company’s consolidated balance sheets at December 31: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 460,482 | $ | 434,689 | $ | 22,434 | $ | 21,935 | ||||||||||||||||
Service cost | — | 282 | — | — | ||||||||||||||||||||
Interest cost | 17,860 | 19,888 | 608 | 779 | ||||||||||||||||||||
Actuarial (gain) loss | (31,962 | ) | 39,466 | (426 | ) | 2,328 | ||||||||||||||||||
Curtailments | — | (8,255 | ) | — | — | |||||||||||||||||||
Plan participants’ contributions | — | — | 1,748 | 2,505 | ||||||||||||||||||||
Benefits paid | (25,716 | ) | (25,588 | ) | (4,225 | ) | (5,411 | ) | ||||||||||||||||
Federal subsidy on benefits paid | — | — | 260 | 298 | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 420,664 | $ | 460,482 | $ | 20,399 | $ | 22,434 | ||||||||||||||||
Accumulated benefit obligation at December 31 | $ | 420,664 | $ | 460,482 | ||||||||||||||||||||
Weighted-average assumptions as of December 31 used to determine benefit obligation: | ||||||||||||||||||||||||
Discount rate | 4.74 | % | 3.98 | % | 3.45 | % | 2.75 | % | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 421,134 | $ | 324,864 | $ | 18,766 | $ | — | ||||||||||||||||
Actual return on plan assets, net of expenses | 68,583 | 42,182 | (198 | ) | 206 | |||||||||||||||||||
Employer contributions | 3,911 | 79,676 | 250 | 21,168 | ||||||||||||||||||||
Plan participants’ contributions | — | — | 1,748 | 2,505 | ||||||||||||||||||||
Benefits paid | (25,716 | ) | (25,588 | ) | (4,225 | ) | (5,411 | ) | ||||||||||||||||
Subsidies received | — | — | 260 | 298 | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 467,912 | $ | 421,134 | $ | 16,601 | $ | 18,766 | ||||||||||||||||
(Funded) unfunded status at December 31 | $ | (47,248 | ) | $ | 39,348 | $ | 3,798 | $ | 3,668 | |||||||||||||||
Summary of Pre-Tax Components of Accumulated Other Comprehensive Losses | ' | |||||||||||||||||||||||
The following is a summary of accumulated other comprehensive losses as of December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unrealized foreign currency losses | $ | (1,800 | ) | $ | (960 | ) | ||||||||||||||||||
Unrealized (losses) gains on available-for-sale securities, net of tax | (75 | ) | 72 | |||||||||||||||||||||
Pension and postretirement adjustment, net of tax | (41,613 | ) | (88,272 | ) | ||||||||||||||||||||
Accumulated other comprehensive losses | $ | (43,488 | ) | $ | (89,160 | ) | ||||||||||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,147 | ) | $ | (1,293 | ) | ||||||||||||||
Actuarial losses | 62,226 | 137,369 | 9,208 | 9,285 | ||||||||||||||||||||
Accumulated other comprehensive losses, pretax | $ | 62,226 | $ | 137,369 | $ | 8,061 | $ | 7,992 | ||||||||||||||||
Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income | ' | |||||||||||||||||||||||
The pre-tax components of net periodic benefit cost and the amounts recognized in other comprehensive loss are summarized below for the years ended December 31: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Service cost | $ | — | $ | 282 | $ | 6,361 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 17,860 | 19,888 | 21,707 | 608 | 779 | 878 | ||||||||||||||||||
Curtailment gain | — | (780 | ) | — | — | — | — | |||||||||||||||||
Expected return on plan assets | (30,480 | ) | (28,899 | ) | (25,797 | ) | (919 | ) | (255 | ) | — | |||||||||||||
Amortization of prior service benefit | — | (133 | ) | (801 | ) | (146 | ) | (146 | ) | (146 | ) | |||||||||||||
Amortization of net actuarial loss | 5,078 | 3,646 | 5,598 | 767 | 634 | 420 | ||||||||||||||||||
Net periodic benefit (credit) cost | (7,542 | ) | (5,996 | ) | 7,068 | 310 | 1,012 | 1,152 | ||||||||||||||||
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | (1,320 | ) | (279 | ) | (656 | ) | — | — | — | |||||||||||||||
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | — | 133 | 801 | 146 | 146 | 146 | ||||||||||||||||||
Prior service benefit | — | (7,475 | ) | — | — | — | — | |||||||||||||||||
Net loss recognized reclassified from accumulated other comprehensive losses | (3,758 | ) | (3,368 | ) | (4,942 | ) | — | — | — | |||||||||||||||
Actuarial (loss) gain | (70,065 | ) | 26,184 | 38,220 | (77 | ) | 1,742 | (3,152 | ) | |||||||||||||||
Total recognized in other comprehensive (income) loss | (75,143 | ) | 15,195 | 33,423 | 69 | 1,888 | (3,006 | ) | ||||||||||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | $ | (82,685 | ) | $ | 9,199 | $ | 40,491 | $ | 379 | $ | 2,900 | $ | (1,854 | ) | ||||||||||
Summary of Accumulated Other Comprehensive Losses Recognized in Net Periodic Benefit | ' | |||||||||||||||||||||||
The estimated amounts in accumulated other comprehensive losses that are expected to be recognized as components of net periodic benefit cost during 2014 are summarized below: | ||||||||||||||||||||||||
Pension Plan | Postretirement | Total | ||||||||||||||||||||||
And SERP | Plan | |||||||||||||||||||||||
Amortization of prior service benefit | $ | — | $ | (146 | ) | $ | (146 | ) | ||||||||||||||||
Amortization of net actuarial loss | 605 | 673 | 1,278 | |||||||||||||||||||||
Total | $ | 605 | $ | 527 | $ | 1,132 | ||||||||||||||||||
Summary of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost | ' | |||||||||||||||||||||||
The weighted-average assumptions as of January 1 used to determine net periodic benefit (credit) cost and the amount recognized in the accompanying consolidated balance sheets are provided below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Weighted-average assumptions as of January 1, used to determine net benefit cost: | ||||||||||||||||||||||||
Discount rate | 3.98 | % | 4.98 | % | 5.49 | % | 2.75 | % | 3.5 | % | 4 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 8.25 | % | 5 | % | N/A | N/A | ||||||||||||||
Rate of compensation increase | N/A | 4 | % | 4 | % | N/A | N/A | N/A | ||||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Pension assets, noncurrent | $ | (60,955 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Pension, SERP and postretirement benefits, current | 700 | 693 | 664 | 1,737 | 1,041 | 3,348 | ||||||||||||||||||
Pension, SERP and postretirement benefits, noncurrent | 13,007 | 38,655 | 109,161 | 2,061 | 2,627 | 18,587 | ||||||||||||||||||
Total Pension, SERP and Postretirement benefits | $ | (47,248 | ) | $ | 39,348 | $ | 109,825 | $ | 3,798 | $ | 3,668 | $ | 21,935 | |||||||||||
Summary of Estimated Future Benefit Payments for Respective Plans | ' | |||||||||||||||||||||||
The following table presents the estimated future benefit payments for the respective plans. The future benefit payments for the Postretirement Plan are net of the federal Medicare subsidy. | ||||||||||||||||||||||||
Pension Plan | Postretirement | |||||||||||||||||||||||
and SERP | Plan | |||||||||||||||||||||||
Gross Benefit | Gross Benefit | Medicare Subsidy | Net Benefit | |||||||||||||||||||||
Amount | Amount | Payments | Amount | |||||||||||||||||||||
2014 | $ | 28,391 | $ | 3,408 | $ | (455 | ) | $ | 2,953 | |||||||||||||||
2015 | $ | 28,743 | $ | 3,156 | $ | (448 | ) | $ | 2,708 | |||||||||||||||
2016 | $ | 29,460 | $ | 2,886 | $ | (435 | ) | $ | 2,451 | |||||||||||||||
2017 | $ | 29,958 | $ | 2,611 | $ | (421 | ) | $ | 2,190 | |||||||||||||||
2018 | $ | 29,692 | $ | 2,334 | $ | (405 | ) | $ | 1,929 | |||||||||||||||
2019-2023 | $ | 148,179 | $ | 7,970 | $ | (944 | ) | $ | 7,026 | |||||||||||||||
Summary of Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||||||||
The healthcare cost trend rate for 2013 was 8.00% gradually decreasing to 5.00% in 2020. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan. A 1.00% change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||
1% | 1% | |||||||||||||||||||||||
Increase | Decrease | |||||||||||||||||||||||
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost | $ | 15 | $ | (14 | ) | |||||||||||||||||||
Effect on the healthcare component of the accumulated postretirement benefit obligation | $ | 549 | $ | (511 | ) | |||||||||||||||||||
Summary of Asset Allocation and Target Allocation | ' | |||||||||||||||||||||||
The following table summarizes the fair value measurements by level of the Pension Plan and Postretirement Plan assets: | ||||||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | |||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 110,852 | $ | 110,852 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 200,947 | — | 200,947 | — | ||||||||||||||||||||
Equity — partnerships (3) | 635 | — | — | 635 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 165,157 | — | 165,157 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 16,601 | 16,601 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash deficit — pooled separate account (2) | (9,679 | ) | — | (9,679 | ) | — | ||||||||||||||||||
Total | $ | 484,513 | $ | 127,453 | $ | 356,425 | $ | 635 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 74,815 | $ | 74,815 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 168,232 | — | 168,232 | — | ||||||||||||||||||||
Equity — partnerships (3) | 1,022 | — | — | 1,022 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 172,547 | — | 172,547 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 18,766 | 18,766 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash — pooled separate account (2) | 4,518 | — | 4,518 | — | ||||||||||||||||||||
Total | $ | 439,900 | $ | 93,581 | $ | 345,297 | $ | 1,022 | ||||||||||||||||
-1 | Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAV”) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts. | |||||||||||||||||||||||
-2 | The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted. | |||||||||||||||||||||||
-3 | Investments for which readily determinable prices do not exist are valued by the General Partner using either the market or income approach. In establishing the estimated fair value of investments, including those without readily determinable values, the General Partner assumes a reasonable period of time for liquidation of the investment, and takes into consideration the financial condition and operating results of the underlying portfolio company, nature of investment, restrictions on marketability, holding period, market conditions, foreign currency exposures, and other factors the General Partner deems appropriate. | |||||||||||||||||||||||
-4 | The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market. | |||||||||||||||||||||||
The asset allocation at December 31, 2013 and 2012, and target allocation for 2014 by asset category are as follows: | ||||||||||||||||||||||||
Asset Category | Target | Percentage of | ||||||||||||||||||||||
Allocation | Plan Assets | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Equity securities | 60 | % | 66.8 | % | 57.9 | % | ||||||||||||||||||
Debt securities | 40 | % | 33.2 | % | 41 | % | ||||||||||||||||||
Other | — | % | — | % | 1.1 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Summary of Changes in Fair Value of Pension Plans | ' | |||||||||||||||||||||||
The following table sets forth a summary of changes in fair value of the Pension Plan’s Level 3 assets for the years ended December 31: | ||||||||||||||||||||||||
Equity-partnerships | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Balance at January 1 | $ | 1,022 | $ | 1,067 | ||||||||||||||||||||
Realized and unrealized loss on plan assets, net | (387 | ) | (45 | ) | ||||||||||||||||||||
Balance at December 31 | $ | 635 | $ | 1,022 | ||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Reconciliation Income Before Income Taxes | ' | |||||||||||||||||||||||||||||||||||
The following table provides the Company’s revenue and operating income performance by reportable segment for the years ended December 31, as well as a reconciliation to income before income taxes for all periods presented in the accompanying consolidated statements of operations: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Decision | Risk | Total | Decision | Risk | Total | Decision | Risk | Total | ||||||||||||||||||||||||||||
Analytics | Assessment | Analytics | Assessment | Analytics | Assessment | |||||||||||||||||||||||||||||||
Revenues | $ | 977,427 | $ | 618,276 | $ | 1,595,703 | $ | 828,342 | $ | 579,506 | $ | 1,407,848 | $ | 639,100 | $ | 552,293 | $ | 1,191,393 | ||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 427,978 | 194,545 | 622,523 | 334,280 | 182,428 | 516,708 | 253,970 | 187,009 | 440,979 | |||||||||||||||||||||||||||
Selling, general and administrative | 151,557 | 77,425 | 228,982 | 139,122 | 80,946 | 220,068 | 117,188 | 82,307 | 199,495 | |||||||||||||||||||||||||||
Acquisition related liabilities adjustment | — | — | — | — | — | — | (3,364 | ) | — | (3,364 | ) | |||||||||||||||||||||||||
Investment (income) and realized (gain) loss on available-for-sale securities, net | 16 | (625 | ) | (609 | ) | 22 | (128 | ) | (106 | ) | 8 | (887 | ) | (879 | ) | |||||||||||||||||||||
EBITDA from discontinued operations | (15,466 | ) | — | (15,466 | ) | (24,737 | ) | — | (24,737 | ) | (34,539 | ) | (3,186 | ) | (37,725 | ) | ||||||||||||||||||||
EBITDA | 413,342 | 346,931 | 760,273 | 379,655 | 316,260 | 695,915 | 305,837 | 287,050 | 592,887 | |||||||||||||||||||||||||||
Depreciation and amortization of fixed assets | 51,739 | 14,451 | 66,190 | 33,106 | 13,531 | 46,637 | 26,369 | 13,766 | 40,135 | |||||||||||||||||||||||||||
Amortization of intangible assets | 63,388 | 353 | 63,741 | 52,207 | — | 52,207 | 32,985 | — | 32,985 | |||||||||||||||||||||||||||
Investment income and realized gain (loss) on available-for-sale securities, net | (16 | ) | 625 | 609 | (22 | ) | 128 | 106 | (8 | ) | 887 | 879 | ||||||||||||||||||||||||
EBITDA from discontinued operations | 15,466 | — | 15,466 | 24,737 | — | 24,737 | 34,539 | 3,186 | 37,725 | |||||||||||||||||||||||||||
Operating income | $ | 282,765 | $ | 331,502 | $ | 614,267 | $ | 269,627 | $ | 302,601 | $ | 572,228 | $ | 211,952 | $ | 269,211 | $ | 481,163 | ||||||||||||||||||
Capital expenditures, including non-cash purchases of fixed assets and capital lease obligations | $ | 123,927 | $ | 33,575 | $ | 157,502 | $ | 64,747 | $ | 15,004 | $ | 79,751 | $ | 56,486 | $ | 11,890 | $ | 68,376 | ||||||||||||||||||
Operating Segment Revenue by Type of Service | ' | |||||||||||||||||||||||||||||||||||
Operating segment revenue by type of service is provided below for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
Decision Analytics | ||||||||||||||||||||||||||||||||||||
Insurance | $ | 539,150 | $ | 493,456 | $ | 451,216 | ||||||||||||||||||||||||||||||
Financial services | 81,113 | 26,567 | 5,323 | |||||||||||||||||||||||||||||||||
Healthcare | 271,538 | 222,955 | 103,722 | |||||||||||||||||||||||||||||||||
Specialized markets | 85,626 | 85,364 | 78,839 | |||||||||||||||||||||||||||||||||
Total Decision Analytics | 977,427 | 828,342 | 639,100 | |||||||||||||||||||||||||||||||||
Risk Assessment | ||||||||||||||||||||||||||||||||||||
Industry-standard insurance programs | 471,130 | 450,646 | 426,228 | |||||||||||||||||||||||||||||||||
Property-specific rating and underwriting information | 147,146 | 128,860 | 126,065 | |||||||||||||||||||||||||||||||||
Total Risk Assessment | 618,276 | 579,506 | 552,293 | |||||||||||||||||||||||||||||||||
Total consolidated revenues | $ | 1,595,703 | $ | 1,407,848 | $ | 1,191,393 | ||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Minimum Rentals under Long Term Noncancelable Leases for All Leased Premises, Computer Equipment and Automobiles | ' | |||||||
Approximate minimum rentals under long-term noncancelable leases for all leased premises, computer equipment and automobiles are as follows: | ||||||||
Years Ending | Operating | Capital | ||||||
Leases | Leases | |||||||
2014 | $ | 34,590 | $ | 4,750 | ||||
2015 | 35,957 | 4,059 | ||||||
2016 | 33,171 | 2,034 | ||||||
2017 | 31,362 | 256 | ||||||
2018 | 27,182 | 73 | ||||||
2019-2024 | 73,019 | 194 | ||||||
Net minimum lease payments | $ | 235,281 | 11,366 | |||||
Less amount representing interest | 608 | |||||||
Present value of net minimum lease capital payments | $ | 10,758 | ||||||
Condensed_Consolidated_Financi1
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidated Financial Information For Guarantor Subsidiaries And Non Guarantor Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 20,226 | $ | 81,095 | $ | 64,480 | $ | — | $ | 165,801 | ||||||||||
Available-for-sale securities | — | 3,911 | — | — | 3,911 | |||||||||||||||
Accounts receivable, net | — | 99,578 | 58,969 | — | 158,547 | |||||||||||||||
Prepaid expenses | — | 22,582 | 3,075 | — | 25,657 | |||||||||||||||
Deferred income taxes, net | — | — | 5,086 | (9 | ) | 5,077 | ||||||||||||||
Income taxes receivable | 20,045 | 66,274 | — | (18,973 | ) | 67,346 | ||||||||||||||
Intercompany receivables | 633,128 | 525,286 | 202,018 | (1,360,432 | ) | — | ||||||||||||||
Other current assets | 5,144 | 26,835 | 2,702 | — | 34,681 | |||||||||||||||
Current assets held-for-sale | — | 12,421 | 883 | 521 | 13,825 | |||||||||||||||
Total current assets | 678,543 | 837,982 | 337,213 | (1,378,893 | ) | 474,845 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 198,112 | 35,261 | — | 233,373 | |||||||||||||||
Intangible assets, net | — | 67,407 | 380,211 | — | 447,618 | |||||||||||||||
Goodwill | — | 493,053 | 688,628 | — | 1,181,681 | |||||||||||||||
Investment in subsidiaries | 1,375,128 | 848,124 | — | (2,223,252 | ) | — | ||||||||||||||
Pension assets | — | 60,955 | — | — | 60,955 | |||||||||||||||
Other assets | 7,789 | 11,356 | 889 | — | 20,034 | |||||||||||||||
Noncurrent assets held-for-sale | — | 85,945 | — | — | 85,945 | |||||||||||||||
Total assets | $ | 2,061,460 | $ | 2,602,934 | $ | 1,442,202 | $ | (3,602,145 | ) | $ | 2,504,451 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 22,233 | $ | 102,477 | $ | 63,554 | $ | — | $ | 188,264 | ||||||||||
Short-term debt and current portion of long-term debt | — | 4,341 | 107 | — | 4,448 | |||||||||||||||
Pension and postretirement benefits, current | — | 2,437 | — | — | 2,437 | |||||||||||||||
Fees received in advance | — | 192,524 | 34,057 | — | 226,581 | |||||||||||||||
Intercompany payables | 446,509 | 793,517 | 120,406 | (1,360,432 | ) | — | ||||||||||||||
Deferred income taxes, net | — | 9 | — | (9 | ) | — | ||||||||||||||
Income taxes payable | — | — | 18,973 | (18,973 | ) | — | ||||||||||||||
Current liabilities held-for-sale | — | 8,928 | — | 521 | 9,449 | |||||||||||||||
Total current liabilities | 468,742 | 1,104,233 | 237,097 | (1,378,893 | ) | 431,179 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,045,129 | 225,950 | 360 | — | 1,271,439 | |||||||||||||||
Pension and postretirement benefits | — | 15,068 | — | — | 15,068 | |||||||||||||||
Deferred income taxes, net | — | 70,897 | 127,707 | — | 198,604 | |||||||||||||||
Other liabilities | — | 31,809 | 4,234 | — | 36,043 | |||||||||||||||
Noncurrent liabilities held-for-sale | — | 4,529 | — | — | 4,529 | |||||||||||||||
Total liabilities | 1,513,871 | 1,452,486 | 369,398 | (1,378,893 | ) | 1,956,862 | ||||||||||||||
Total stockholders’ equity | 547,589 | 1,150,448 | 1,072,804 | (2,223,252 | ) | 547,589 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,061,460 | $ | 2,602,934 | $ | 1,442,202 | $ | (3,602,145 | ) | $ | 2,504,451 | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 128 | $ | 35,571 | $ | 54,120 | $ | — | $ | 89,819 | ||||||||||
Available-for-sale securities | — | 4,883 | — | — | 4,883 | |||||||||||||||
Accounts receivable, net | — | 124,212 | 54,218 | — | 178,430 | |||||||||||||||
Prepaid expenses | — | 19,340 | 2,606 | — | 21,946 | |||||||||||||||
Deferred income taxes, net | — | 375 | 10,022 | — | 10,397 | |||||||||||||||
Income taxes receivable | 15,834 | 37,180 | — | (7,039 | ) | 45,975 | ||||||||||||||
Intercompany receivables | 424,927 | 206,165 | 211,792 | (842,884 | ) | — | ||||||||||||||
Other current assets | 12,008 | 19,124 | 7,977 | — | 39,109 | |||||||||||||||
Total current assets | 452,897 | 446,850 | 340,735 | (849,923 | ) | 390,559 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 126,481 | 27,603 | — | 154,084 | |||||||||||||||
Intangible assets, net | — | 66,045 | 454,890 | — | 520,935 | |||||||||||||||
Goodwill | — | 515,705 | 731,754 | — | 1,247,459 | |||||||||||||||
Deferred income taxes, net | — | 2,584 | — | (2,584 | ) | — | ||||||||||||||
Investment in subsidiaries | 946,612 | 904,198 | — | (1,850,810 | ) | — | ||||||||||||||
Other assets | 13,896 | 31,801 | 1,602 | — | 47,299 | |||||||||||||||
Total assets | $ | 1,413,405 | $ | 2,093,664 | $ | 1,556,584 | $ | (2,703,317 | ) | $ | 2,360,336 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 14,638 | $ | 113,512 | $ | 59,498 | $ | — | $ | 187,648 | ||||||||||
Short-term debt and current portion of long-term debt | — | 194,980 | 283 | — | 195,263 | |||||||||||||||
Pension and postretirement benefits, current | — | 1,734 | — | — | 1,734 | |||||||||||||||
Fees received in advance | — | 167,962 | 32,743 | — | 200,705 | |||||||||||||||
Intercompany payables | 98,768 | 575,907 | 168,209 | (842,884 | ) | — | ||||||||||||||
Income taxes payable | — | — | 7,039 | (7,039 | ) | — | ||||||||||||||
Total current liabilities | 113,406 | 1,054,095 | 267,772 | (849,923 | ) | 585,350 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,044,408 | 221,706 | 48 | — | 1,266,162 | |||||||||||||||
Pension and postretirement benefits | — | 41,282 | — | — | 41,282 | |||||||||||||||
Deferred income taxes, net | — | — | 136,345 | (2,584 | ) | 133,761 | ||||||||||||||
Other liabilities | — | 46,892 | 31,298 | — | 78,190 | |||||||||||||||
Total liabilities | 1,157,814 | 1,363,975 | 435,463 | (852,507 | ) | 2,104,745 | ||||||||||||||
Total stockholders’ equity | 255,591 | 729,689 | 1,121,121 | (1,850,810 | ) | 255,591 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,413,405 | $ | 2,093,664 | $ | 1,556,584 | $ | (2,703,317 | ) | $ | 2,360,336 | |||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,259,884 | $ | 355,165 | $ | (19,346 | ) | $ | 1,595,703 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 451,393 | 179,196 | (8,066 | ) | 622,523 | ||||||||||||||
Selling, general and administrative | 1 | 183,717 | 56,544 | (11,280 | ) | 228,982 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 52,248 | 13,942 | — | 66,190 | |||||||||||||||
Amortization of intangible assets | — | 13,593 | 50,148 | — | 63,741 | |||||||||||||||
Total expenses | 1 | 700,951 | 299,830 | (19,346 | ) | 981,436 | ||||||||||||||
Operating (loss) income | (1 | ) | 558,933 | 55,335 | — | 614,267 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income (loss) | 43 | 728 | (70 | ) | — | 701 | ||||||||||||||
Realized loss on available-for-sale securities, net | — | (92 | ) | — | — | (92 | ) | |||||||||||||
Interest expense | (54,551 | ) | (21,571 | ) | (14 | ) | — | (76,136 | ) | |||||||||||
Total other expense, net | (54,508 | ) | (20,935 | ) | (84 | ) | — | (75,527 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (54,509 | ) | 537,998 | 55,251 | — | 538,740 | ||||||||||||||
Provision for income taxes | 20,045 | (198,464 | ) | (18,007 | ) | — | (196,426 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (34,464 | ) | 339,534 | 37,244 | — | 342,314 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 6,230 | (164 | ) | — | 6,066 | ||||||||||||||
Equity in net income of subsidiaries | 382,844 | 29,262 | — | (412,106 | ) | — | ||||||||||||||
Net income | $ | 348,380 | $ | 375,026 | $ | 37,080 | $ | (412,106 | ) | $ | 348,380 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,162,134 | $ | 266,427 | $ | (20,713 | ) | $ | 1,407,848 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 401,724 | 125,111 | (10,127 | ) | 516,708 | ||||||||||||||
Selling, general and administrative | — | 174,324 | 56,330 | (10,586 | ) | 220,068 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 36,898 | 9,739 | — | 46,637 | |||||||||||||||
Amortization of intangible assets | — | 17,943 | 34,264 | — | 52,207 | |||||||||||||||
Total expenses | — | 630,889 | 225,444 | (20,713 | ) | 835,620 | ||||||||||||||
Operating income | — | 531,245 | 40,983 | — | 572,228 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income | 44 | 202 | 192 | — | 438 | |||||||||||||||
Realized loss on available-for-sale securities, net | — | (332 | ) | — | — | (332 | ) | |||||||||||||
Interest expense | (42,848 | ) | (29,619 | ) | (41 | ) | — | (72,508 | ) | |||||||||||
Total other (expense) income, net | (42,804 | ) | (29,749 | ) | 151 | — | (72,402 | ) | ||||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (42,804 | ) | 501,496 | 41,134 | — | 499,826 | ||||||||||||||
Provision for income taxes | 15,833 | (183,025 | ) | (15,171 | ) | — | (182,363 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (26,971 | ) | 318,471 | 25,963 | — | 317,463 | ||||||||||||||
Income from discontinued operations, net of tax | — | 11,679 | — | — | 11,679 | |||||||||||||||
Equity in net income of subsidiaries | 356,113 | 19,159 | — | (375,272 | ) | — | ||||||||||||||
Net income | $ | 329,142 | $ | 349,309 | $ | 25,963 | $ | (375,272 | ) | $ | 329,142 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,040,949 | $ | 167,044 | $ | (16,600 | ) | $ | 1,191,393 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 373,689 | 75,603 | (8,313 | ) | 440,979 | ||||||||||||||
Selling, general and administrative | — | 155,117 | 52,665 | (8,287 | ) | 199,495 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 32,315 | 7,820 | — | 40,135 | |||||||||||||||
Amortization of intangible assets | — | 18,544 | 14,441 | — | 32,985 | |||||||||||||||
Acquisition related liabilities adjustment | — | (2,800 | ) | (564 | ) | — | (3,364 | ) | ||||||||||||
Total expenses | — | 576,865 | 149,965 | (16,600 | ) | 710,230 | ||||||||||||||
Operating income | — | 464,084 | 17,079 | — | 481,163 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income | 36 | 3,017 | 22 | (2,882 | ) | 193 | ||||||||||||||
Realized gain on available-for-sale securities, net | — | 686 | — | — | 686 | |||||||||||||||
Interest expense | (23,239 | ) | (33,319 | ) | (171 | ) | 2,882 | (53,847 | ) | |||||||||||
Total other expense, net | (23,203 | ) | (29,616 | ) | (149 | ) | — | (52,968 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (23,203 | ) | 434,468 | 16,930 | — | 428,195 | ||||||||||||||
Provision for income taxes | 8,522 | (168,654 | ) | (5,607 | ) | — | (165,739 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (14,681 | ) | 265,814 | 11,323 | — | 262,456 | ||||||||||||||
Income from discontinued operations, net of tax | — | 20,302 | — | — | 20,302 | |||||||||||||||
Equity in net income of subsidiaries | 297,439 | 6,891 | — | (304,330 | ) | — | ||||||||||||||
Net income | $ | 282,758 | $ | 293,007 | $ | 11,323 | $ | (304,330 | ) | $ | 282,758 | |||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 348,380 | $ | 375,026 | $ | 37,080 | $ | (412,106 | ) | $ | 348,380 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency loss | (840 | ) | (778 | ) | (99 | ) | 877 | (840 | ) | |||||||||||
Unrealized holding loss on available-for-sale securities | (147 | ) | (147 | ) | — | 147 | (147 | ) | ||||||||||||
Pension and postretirement adjustment | 46,659 | 46,659 | — | (46,659 | ) | 46,659 | ||||||||||||||
Total other comprehensive income (loss) | 45,672 | 45,734 | (99 | ) | (45,635 | ) | 45,672 | |||||||||||||
Comprehensive income | $ | 394,052 | $ | 420,760 | $ | 36,981 | $ | (457,741 | ) | $ | 394,052 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 329,142 | $ | 349,309 | $ | 25,963 | $ | (375,272 | ) | $ | 329,142 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency gain | 15 | 172 | 46 | (218 | ) | 15 | ||||||||||||||
Unrealized holding loss on available-for-sale securities | (197 | ) | (197 | ) | — | 197 | (197 | ) | ||||||||||||
Pension and postretirement adjustment | (10,691 | ) | (10,691 | ) | — | 10,691 | (10,691 | ) | ||||||||||||
Total other comprehensive (loss) income | (10,873 | ) | (10,716 | ) | 46 | 10,670 | (10,873 | ) | ||||||||||||
Comprehensive income | $ | 318,269 | $ | 338,593 | $ | 26,009 | $ | (364,602 | ) | $ | 318,269 | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 282,758 | $ | 293,007 | $ | 11,323 | $ | (304,330 | ) | $ | 282,758 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Unrealized foreign currency (loss) gain | (183 | ) | 55 | (231 | ) | 176 | (183 | ) | ||||||||||||
Unrealized holding loss on available-for-sale securities | (456 | ) | (456 | ) | — | 456 | (456 | ) | ||||||||||||
Pension and postretirement adjustment | (21,845 | ) | (21,845 | ) | — | 21,845 | (21,845 | ) | ||||||||||||
Total other comprehensive loss | (22,484 | ) | (22,246 | ) | (231 | ) | 22,477 | (22,484 | ) | |||||||||||
Comprehensive income | $ | 260,274 | $ | 270,761 | $ | 11,092 | $ | (281,853 | ) | $ | 260,274 | |||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 42 | $ | 287,956 | $ | 218,922 | $ | — | $ | 506,920 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions | — | (983 | ) | — | — | (983 | ) | |||||||||||||
Investment in subsidiaries | — | (350 | ) | — | 350 | — | ||||||||||||||
Proceeds from release of acquisition related escrows | 66 | 214 | — | — | 280 | |||||||||||||||
Repayments received from other subsidiaries | — | 206,282 | 9,605 | (215,887 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | (30,000 | ) | (68,692 | ) | — | 98,692 | — | |||||||||||||
Purchases of fixed assets | — | (118,307 | ) | (27,669 | ) | — | (145,976 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (5,870 | ) | — | — | (5,870 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 7,484 | — | — | 7,484 | |||||||||||||||
Other investing, net | — | (561 | ) | — | — | (561 | ) | |||||||||||||
Net cash (used in) provided by investing activities | (29,934 | ) | 19,217 | (18,064 | ) | (116,845 | ) | (145,626 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Repayment of current portion of long-term debt | — | (180,000 | ) | — | — | (180,000 | ) | |||||||||||||
Repayment of short-term debt, net | — | (10,000 | ) | — | — | (10,000 | ) | |||||||||||||
Proceeds from issuance of common stock | — | — | 350 | (350 | ) | — | ||||||||||||||
Repurchases of Class A common stock | — | (277,411 | ) | — | — | (277,411 | ) | |||||||||||||
Transfer of cash due to the Verisk Health, Inc. merger | — | 2,877 | (2,877 | ) | — | — | ||||||||||||||
Repayments of advances to other subsidiaries | (10,010 | ) | (9,605 | ) | (196,272 | ) | 215,887 | — | ||||||||||||
Advances received from other subsidiaries | 60,000 | 30,000 | 8,692 | (98,692 | ) | — | ||||||||||||||
Payment of debt issuance costs | — | (605 | ) | — | — | (605 | ) | |||||||||||||
Excess tax benefits from exercised stock options | — | 109,946 | — | — | 109,946 | |||||||||||||||
Proceeds from stock options exercised | — | 80,368 | — | — | 80,368 | |||||||||||||||
Other financing activities, net | — | (6,478 | ) | (292 | ) | — | (6,770 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 49,990 | (260,908 | ) | (190,399 | ) | 116,845 | (284,472 | ) | ||||||||||||
Effect of exchange rate changes | — | (741 | ) | (99 | ) | — | (840 | ) | ||||||||||||
Increase in cash and cash equivalents | 20,098 | 45,524 | 10,360 | — | 75,982 | |||||||||||||||
Cash and cash equivalents, beginning of period | 128 | 35,571 | 54,120 | — | 89,819 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 20,226 | $ | 81,095 | $ | 64,480 | $ | — | $ | 165,801 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 277,411 | $ | 277,411 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 80,368 | $ | 80,368 | $ | — | $ | — | $ | — | ||||||||||
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | $ | — | $ | 85,953 | $ | (85,953 | ) | $ | — | $ | — | |||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (20,115 | ) | $ | 329,845 | $ | 158,499 | $ | — | $ | 468,229 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $36,113 | — | (762,596 | ) | (6,917 | ) | — | (769,513 | ) | ||||||||||||
Purchase of non-controlling equity investments in non-public companies | (250 | ) | (2,000 | ) | — | — | (2,250 | ) | ||||||||||||
Earnout payments | — | — | (250 | ) | — | (250 | ) | |||||||||||||
Escrow funding associated with acquisitions | — | (38,000 | ) | (800 | ) | — | (38,800 | ) | ||||||||||||
Proceeds from release of acquisition related escrows | — | 1,455 | — | — | 1,455 | |||||||||||||||
Repayments received from other subsidiaries | 19,400 | 592,356 | — | (611,756 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | — | (52,000 | ) | — | 52,000 | — | ||||||||||||||
Purchases of fixed assets | — | (60,525 | ) | (13,848 | ) | — | (74,373 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (1,784 | ) | — | — | (1,784 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 1,932 | — | — | 1,932 | |||||||||||||||
Net cash provided by (used in) investing activities | 19,150 | (321,162 | ) | (21,815 | ) | (559,756 | ) | (883,583 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt, net of original issue discount | 347,224 | — | — | — | 347,224 | |||||||||||||||
Repayment of short-term debt refinanced on a long-term basis | — | (347,224 | ) | — | — | (347,224 | ) | |||||||||||||
Proceeds from short-term debt, net | — | 357,224 | — | — | 357,224 | |||||||||||||||
Payment of debt issuance costs | (2,557 | ) | (1,348 | ) | — | — | (3,905 | ) | ||||||||||||
Repurchases of Class A common stock | — | (162,275 | ) | — | — | (162,275 | ) | |||||||||||||
Repayments of advances to other subsidiaries | (419,812 | ) | (19,400 | ) | (172,544 | ) | 611,756 | — | ||||||||||||
Advances received from other subsidiaries | — | — | 52,000 | (52,000 | ) | — | ||||||||||||||
Excess tax benefits from exercised stock options | — | 60,672 | — | — | 60,672 | |||||||||||||||
Proceeds from stock options exercised | — | 68,388 | — | — | 68,388 | |||||||||||||||
Other financing activities, net | — | (5,931 | ) | (618 | ) | — | (6,549 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (75,145 | ) | (49,894 | ) | (121,162 | ) | 559,756 | 313,555 | ||||||||||||
Effect of exchange rate changes | — | (31 | ) | 46 | — | 15 | ||||||||||||||
(Decrease) increase in cash and cash equivalents | (76,110 | ) | (41,242 | ) | 15,568 | — | (101,784 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 76,238 | 76,813 | 38,552 | — | 191,603 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 128 | $ | 35,571 | $ | 54,120 | $ | — | $ | 89,819 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | $ | 17,000 | $ | 790,174 | $ | 773,174 | $ | — | $ | — | ||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 162,275 | $ | 162,275 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 68,388 | $ | 68,388 | $ | — | $ | — | $ | — | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2011 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (14,821 | ) | $ | 346,820 | $ | 43,722 | $ | — | $ | 375,721 | |||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $590 | — | (121,721 | ) | — | — | (121,721 | ) | |||||||||||||
Earnout payments | — | — | (3,500 | ) | — | (3,500 | ) | |||||||||||||
Escrow funding associated with acquisitions | — | (19,560 | ) | — | — | (19,560 | ) | |||||||||||||
Repayments received from other subsidiaries | — | 9,714 | — | (9,714 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | (10,052 | ) | (54,701 | ) | (81,824 | ) | 146,577 | — | ||||||||||||
Proceeds from repayment of intercompany note receivable | — | 617,796 | — | (617,796 | ) | — | ||||||||||||||
Purchases of fixed assets | — | (50,813 | ) | (9,016 | ) | — | (59,829 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (1,549 | ) | — | — | (1,549 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 1,730 | — | — | 1,730 | |||||||||||||||
Other investing activities, net | — | 300 | — | — | 300 | |||||||||||||||
Net cash (used in) provided by investing activities | (10,052 | ) | 381,196 | (94,340 | ) | (480,933 | ) | (204,129 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of long-term debt, net of original issue discount | 696,559 | — | — | — | 696,559 | |||||||||||||||
Repayment of current portion of long-term debt | — | (125,000 | ) | — | — | (125,000 | ) | |||||||||||||
Repayment of short-term debt refinanced on a long-term basis | — | (440,000 | ) | — | — | (440,000 | ) | |||||||||||||
Proceeds from issuance of short-term debt with original maturities greater than three months | — | 120,000 | — | — | 120,000 | |||||||||||||||
Proceeds from short-term debt, net | — | 10,000 | — | — | 10,000 | |||||||||||||||
Payment of debt issuance costs | (4,487 | ) | (3,348 | ) | — | — | (7,835 | ) | ||||||||||||
Repurchases of Class A common stock | — | (381,776 | ) | — | — | (381,776 | ) | |||||||||||||
Repayments of advances provided to other subsidiaries | (7,204 | ) | (2,510 | ) | — | 9,714 | — | |||||||||||||
Repayment of intercompany note payable | (617,796 | ) | — | — | 617,796 | — | ||||||||||||||
Advances received from other subsidiaries | 34,038 | 46,013 | 66,526 | (146,577 | ) | — | ||||||||||||||
Excess tax benefits from exercised stock options | — | 53,195 | — | — | 53,195 | |||||||||||||||
Proceeds from stock options exercised | — | 43,345 | — | — | 43,345 | |||||||||||||||
Other financing activities, net | — | (2,746 | ) | (522 | ) | — | (3,268 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 101,110 | (682,827 | ) | 66,004 | 480,933 | (34,780 | ) | |||||||||||||
Effect of exchange rate changes | — | 48 | (231 | ) | — | (183 | ) | |||||||||||||
Increase in cash and cash equivalents | 76,237 | 45,237 | 15,155 | — | 136,629 | |||||||||||||||
Cash and cash equivalents, beginning of period | 1 | 31,576 | 23,397 | — | 54,974 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 76,238 | $ | 76,813 | $ | 38,552 | $ | — | $ | 191,603 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 381,776 | $ | 381,776 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 43,345 | $ | 43,345 | $ | — | $ | — | $ | — | ||||||||||
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | $ | 615,000 | $ | (615,000 | ) | $ | — | $ | — | $ | — | |||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Term of license, Minimum | '1 year | ' | ' |
Term of license, Maximum | '5 years | ' | ' |
Investment classified as trading securities | $0 | $0 | ' |
Percent of corporate wholly-owned subsidiaries (less than) | 20.00% | ' | ' |
Restricted stock service vesting period | '4 years | ' | ' |
Research and development costs | 21,426,000 | 18,386,000 | 15,393,000 |
Advertisement costs | 8,457,000 | 6,166,000 | 5,777,000 |
Impairment of goodwill | $0 | ' | ' |
Software development costs [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Capital lease agreements [Member] | Minimum [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '3 years | ' | ' |
Capital lease agreements [Member] | Maximum [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life | '4 years | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Restricted stock service vesting period | '4 years | ' | ' |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Customer | Customer | Customer | |
Bank | Bank | ||
Concentration Risk [Line Items] | ' | ' | ' |
Total cash balances insured by the Federal Deposit Insurance Corporation | $250 | $250 | ' |
Cash balances on deposit | 138,028 | 63,495 | ' |
Number of banks | 6 | 5 | ' |
Cash deposit with foreign banks | $26,228 | $25,015 | ' |
Number of customers | 50 | 50 | 50 |
Sales Revenue, Net [Member] | Top Fifty Customers [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk (percent) | 38.00% | 38.00% | 40.00% |
Sales Revenue, Net [Member] | Individual Customer [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk (percent) | 3.00% | 3.00% | 3.00% |
Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk (percent) | 5.00% | 4.00% | ' |
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of Accounts Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total receivables | $162,962 | $183,183 |
Less allowance for doubtful accounts | -4,415 | -4,753 |
Accounts receivable, net | 158,547 | 178,430 |
Billed receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total receivables | 143,059 | 165,174 |
Unbilled receivables [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total receivables | $19,903 | $18,009 |
Investments_Summary_of_Availab
Investments - Summary of Available-for-Sale Securities (Detail) (Registered investment companies [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Registered investment companies [Member] | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ' | ' |
Adjusted Cost | $4,098 | $4,830 |
Gross Unrealized Gain | 0 | 53 |
Gross Unrealized Loss | -187 | 0 |
Fair Value | $3,911 | $4,883 |
Investments_Realized_GainLoss_
Investments - Realized Gain/(Loss) on Securities, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Gross realized gain on sale of registered investment securities | $966 | $420 | $803 |
Other-than-temporary impairment of registered investment securities | -84 | -74 | -117 |
Other-than-temporary impairment of non-controlling interest in non-public companies | -974 | -678 | 0 |
Realized (loss) gain on securities, net | ($92) | ($332) | $686 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Investments in private equity securities accounted for under cost method investment | $3,602 | $5,015 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Accounted at Fair Value (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash equivalents - money - market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents – money-market funds | $889 | $760 |
Registered investment companies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Registered investment companies | 3,911 | 4,883 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash equivalents - money - market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents – money-market funds | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Registered investment companies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Registered investment companies | 3,911 | 4,883 |
Significant Other Observable Inputs (Level 2) [Member] | Cash equivalents - money - market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents – money-market funds | 889 | 760 |
Significant Other Observable Inputs (Level 2) [Member] | Registered investment companies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Registered investment companies | $0 | $0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements - Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term debt excluding capitalized leases | $1,265,129 | $1,454,409 |
Estimated Fair Value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Long-term debt excluding capitalized leases | $1,335,844 | $1,575,950 |
Fixed_Assets_Summary_of_Fixed_
Fixed Assets - Summary of Fixed Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 542,572 | 430,065 |
Accumulated Depreciation and Amortization | -309,199 | -275,981 |
Net | 233,373 | 154,084 |
Furniture and office equipment [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 179,564 | 137,578 |
Accumulated Depreciation and Amortization | -105,262 | -89,153 |
Net | 74,302 | 48,425 |
Furniture and office equipment [Member] | Minimum [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Useful Life | '3 years | '3 years |
Furniture and office equipment [Member] | Maximum [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Useful Life | '10 years | '10 years |
Leasehold improvements [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 38,796 | 34,844 |
Accumulated Depreciation and Amortization | -22,022 | -20,198 |
Net | 16,774 | 14,646 |
Leasehold improvements, Useful Life | 'Lease term | 'Lease term |
Purchased software [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 89,064 | 70,155 |
Accumulated Depreciation and Amortization | -65,753 | -53,575 |
Net | 23,311 | 16,580 |
Useful Life | '3 years | '3 years |
Software development costs [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 201,192 | 161,338 |
Accumulated Depreciation and Amortization | -91,656 | -90,840 |
Net | 109,536 | 70,498 |
Useful Life | '3 years | '3 years |
Leased equipment [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 33,956 | 26,150 |
Accumulated Depreciation and Amortization | -24,506 | -22,215 |
Net | 9,450 | 3,935 |
Leased equipment [Member] | Minimum [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Useful Life | '3 years | '3 years |
Leased equipment [Member] | Maximum [Member] | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' |
Useful Life | '4 years | '4 years |
Fixed_Assets_Additional_Inform
Fixed Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization of fixed assets | $66,190,000 | $46,637,000 | $40,135,000 |
Amortization expense related to software development | 12,806,000 | 8,935,000 | 7,940,000 |
Software development costs [Member] | ' | ' | ' |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization of fixed assets | 3,623,000 | 0 | 0 |
Unamortized software development costs | $29,149,000 | $24,004,000 | ' |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocations of Acquisitions (Detail) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Accounts receivable | $19,731 |
Current assets | 17,874 |
Fixed assets | 6,145 |
Intangible assets | 348,086 |
Goodwill | 530,708 |
Other assets | 26,888 |
Total assets acquired | 949,432 |
Current liabilities | 29,293 |
Deferred income taxes | 81,080 |
Other liabilities | 30,520 |
Total liabilities assumed | 140,893 |
Net assets acquired | 808,539 |
MediConnect [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Accounts receivable | 7,077 |
Current assets | 17,238 |
Fixed assets | 1,075 |
Intangible assets | 159,506 |
Goodwill | 222,976 |
Other assets | 5,087 |
Total assets acquired | 412,959 |
Current liabilities | 15,007 |
Deferred income taxes | 40,836 |
Other liabilities | 8,711 |
Total liabilities assumed | 64,554 |
Net assets acquired | 348,405 |
Argus [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Accounts receivable | 12,165 |
Current assets | 568 |
Fixed assets | 4,994 |
Intangible assets | 179,316 |
Goodwill | 277,857 |
Other assets | 20,000 |
Total assets acquired | 494,900 |
Current liabilities | 9,661 |
Deferred income taxes | 40,244 |
Other liabilities | 20,000 |
Total liabilities assumed | 69,905 |
Net assets acquired | 424,995 |
Others [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Accounts receivable | 489 |
Current assets | 68 |
Fixed assets | 76 |
Intangible assets | 9,264 |
Goodwill | 29,875 |
Other assets | 1,801 |
Total assets acquired | 41,573 |
Current liabilities | 4,625 |
Deferred income taxes | 0 |
Other liabilities | 1,809 |
Total liabilities assumed | 6,434 |
Net assets acquired | $35,139 |
Acquisitions_Amounts_Assigned_
Acquisitions - Amounts Assigned to Intangible Assets (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Weighted Average Useful Life | '11 years |
Total intangible assets | $348,086 |
Technology-based [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Weighted Average Useful Life | '10 years |
Total intangible assets | 77,936 |
Marketing-related [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Weighted Average Useful Life | '5 years |
Total intangible assets | 30,331 |
Customer-related [Member] | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' |
Weighted Average Useful Life | '13 years |
Total intangible assets | $239,819 |
Acquisitions_Schedule_of_Unaud
Acquisitions - Schedule of Unaudited Pro Forma Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combinations [Abstract] | ' | ' |
Pro forma revenues | $1,462,677 | $1,297,134 |
Pro forma net income | $321,140 | $262,765 |
Pro forma basic income per share (in dollars per share) | $1.94 | $1.58 |
Pro forma diluted income per share (in dollars per share) | $1.87 | $1.52 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 20, 2012 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Jul. 02, 2012 | Dec. 31, 2012 | Mar. 30, 2012 | Dec. 31, 2012 | Jun. 17, 2011 | Apr. 27, 2011 | |
IRMS [Member] | IRMS [Member] | Argus [Member] | Argus [Member] | ALP [Member] | ALP [Member] | MediConnect [Member] | MediConnect [Member] | HRP [Member] | Bloodhound [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash purchase price of acquisition | ' | ' | ' | ' | $26,422,000 | ' | $404,995,000 | ' | $6,917,000 | ' | $331,405,000 | ' | $46,400,000 | $75,321,000 |
Amount funded for escrows | 0 | 38,800,000 | 19,560,000 | ' | 1,000,000 | ' | 20,000,000 | ' | 800,000 | ' | 17,000,000 | ' | 3,000,000 | 6,560,000 |
Percentage of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | 100.00% |
Current portion of escrow | 27,967,000 | 29,277,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' |
Noncurrent portion of escrow | 0 | 26,803,000 | ' | ' | ' | 26,800,000 | ' | 26,800,000 | ' | 26,800,000 | ' | 26,800,000 | ' | ' |
Asset purchase percentage of the net cash purchase price | ' | ' | ' | ' | ' | ' | ' | 46.00% | ' | ' | ' | ' | ' | ' |
Transaction costs | ' | 1,874,000 | 979,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount funded for contingency consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Amount of Escrows released by the company to the sellers | ' | 5,934,000 | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of other current assets, accounts payable and accrued liabilities | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in acquisition related to liabilities and goodwill | ' | ' | 250,000 | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of contingent consideration | ' | ' | 3,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease to acquisition related liabilities adjustment | ' | ' | $3,364,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 25, 2014 |
Interthinx | Interthinx | Interthinx | Subsequent event | ||||
Interthinx | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage of subsidiary stock for sale | ' | ' | ' | ' | ' | ' | 100.00% |
Purchase price | ' | ' | ' | ' | ' | ' | $155,000 |
Revenues from discontinued operations | ' | ' | ' | ' | ' | ' | ' |
Revenues from discontinued operations | ' | ' | ' | 109,151 | 126,472 | 140,447 | ' |
Income from discontinued operations before income taxes | ' | ' | ' | 10,819 | 19,382 | 32,226 | ' |
Provision for income taxes | -4,753 | -7,703 | -11,924 | -4,753 | -7,703 | -11,924 | ' |
Income from discontinued operations, net of tax | 6,066 | 11,679 | 20,302 | 6,066 | 11,679 | 20,302 | ' |
Assets and liabilities held-for-sale | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | 15,295 | ' | ' | ' |
Income taxes payable | ' | ' | ' | -3,005 | ' | ' | ' |
Other current assets | ' | ' | ' | 1,535 | ' | ' | ' |
Total current assets held-for-sale | ' | ' | ' | 13,825 | ' | ' | ' |
Fixed assets, net | ' | ' | ' | 7,670 | ' | ' | ' |
Intangible assets, net | ' | ' | ' | 9,018 | ' | ' | ' |
Goodwill | -69,207 | ' | ' | 69,207 | ' | ' | ' |
Other assets | ' | ' | ' | 50 | ' | ' | ' |
Total noncurrent assets held-for-sale | ' | ' | ' | 85,945 | ' | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | 8,272 | ' | ' | ' |
Fees received in advance | ' | ' | ' | 1,177 | ' | ' | ' |
Total current liabilities held-for-sale | 9,449 | 0 | ' | 9,449 | ' | ' | ' |
Deferred income taxes, net | ' | ' | ' | 3,975 | ' | ' | ' |
Other liabilities | ' | ' | ' | 554 | ' | ' | ' |
Total noncurrent liabilities held-for-sale | $4,529 | $0 | ' | $4,529 | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Summary of Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning Balance, Goodwill | $1,247,459 | $709,944 | [1] | |
Current year acquisitions | 705 | 491,908 | ||
Purchase accounting reclassifications | 2,724 | 873 | ||
Acquisition related escrow funding | ' | 38,800 | ||
Finalization of acquisition related escrows | ' | 5,934 | ||
Goodwill | -69,207 | ' | ||
Ending Balance, Goodwill | 1,181,681 | [1] | 1,247,459 | |
Risk Assessment [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning Balance, Goodwill | 55,555 | 27,908 | [1] | |
Current year acquisitions | 0 | 26,647 | ||
Purchase accounting reclassifications | 0 | 0 | ||
Acquisition related escrow funding | ' | 1,000 | ||
Finalization of acquisition related escrows | ' | 0 | ||
Goodwill | 0 | ' | ||
Ending Balance, Goodwill | 55,555 | [1] | 55,555 | |
Decision Analytics [Member] | ' | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Beginning Balance, Goodwill | 1,191,904 | 682,036 | [1] | |
Current year acquisitions | 705 | 465,261 | ||
Purchase accounting reclassifications | 2,724 | 873 | ||
Acquisition related escrow funding | ' | 37,800 | ||
Finalization of acquisition related escrows | ' | 5,934 | ||
Goodwill | -69,207 | ' | ||
Ending Balance, Goodwill | $1,126,126 | [1] | $1,191,904 | |
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2011. |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $761,047 | $812,289 |
Accumulated Amortization | -313,429 | -291,354 |
Total | 447,618 | 520,935 |
Technology-based [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '8 years | '8 years |
Cost | 294,940 | 313,590 |
Accumulated Amortization | -180,581 | -177,929 |
Total | 114,359 | 135,661 |
Marketing-related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '5 years | '5 years |
Cost | 71,047 | 79,101 |
Accumulated Amortization | -44,274 | -41,079 |
Total | 26,773 | 38,022 |
Contract-based [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '6 years | '6 years |
Cost | 6,555 | 6,555 |
Accumulated Amortization | -6,555 | -6,555 |
Total | 0 | 0 |
Customer-related [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Useful Life | '13 years | '13 years |
Cost | 388,505 | 413,043 |
Accumulated Amortization | -82,019 | -65,791 |
Total | $306,486 | $347,252 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $56,630 | ' |
2015 | 50,714 | ' |
2016 | 48,883 | ' |
2017 | 47,980 | ' |
2018 | 47,234 | ' |
2019 and thereafter | 196,177 | ' |
Total | $447,618 | $520,935 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Accumulated impairment charges | ' | ' | $3,244 |
Purchase accounting reclassifications, change in goodwill | 2,724 | 873 | ' |
Purchase accounting reclassifications, change in liabilities | ' | 1,233 | ' |
Purchase accounting reclassifications, change in other assets | ' | 882 | ' |
Purchase accounting reclassifications, change in fixed assets | 316 | 226 | ' |
Purchase accounting reclassifications, change in current liabilities | 1,548 | ' | ' |
Purchase accounting reclassifications, change in deferred tax liabilities | 1,187 | ' | ' |
Purchase accounting reclassifications, change in intangible assets | ' | 836 | ' |
Amortization of intangible assets | 63,741 | 52,207 | 32,985 |
Argus [Member] | ' | ' | ' |
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' |
Cash distribution following finalized purchase accounting | $305 | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal and foreign | $135,215 | $111,713 | $122,872 |
State and local | 18,764 | 8,442 | 20,523 |
Current income tax expense | 153,979 | 120,155 | 143,395 |
Deferred: | ' | ' | ' |
Federal and foreign | 38,160 | 56,036 | 14,027 |
State and local | 4,287 | 6,172 | 8,317 |
Deferred income taxes | 42,447 | 62,208 | 22,344 |
Provision for income taxes | $196,426 | $182,363 | $165,739 |
Income_Taxes_Effective_Tax_Rat
Income Taxes - Effective Tax Rate on Income from Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit | 2.60% | 1.70% | 4.00% |
Non-deductible KSOP expenses | 0.90% | 0.90% | 1.00% |
Other | -2.00% | -1.10% | -1.30% |
Effective tax rate for continuing operations | 36.50% | 36.50% | 38.70% |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax asset: | ' | ' |
Employee wages and other benefits | $26,113 | $50,133 |
Deferred revenue | 1,835 | 2,705 |
Deferred rent | 4,342 | 4,944 |
Net operating loss carryover | 8,247 | 17,088 |
State tax adjustments | 1,639 | 3,626 |
Capital and other unrealized losses | 3,301 | 3,240 |
Other | 6,720 | 6,279 |
Total | 52,197 | 88,015 |
Less valuation allowance | -741 | -595 |
Deferred income tax asset | 51,456 | 87,420 |
Deferred income tax liability: | ' | ' |
Fixed assets and intangible assets | -223,639 | -206,553 |
Pension, postretirement and other | -21,344 | -4,231 |
Deferred income tax liability | -244,983 | -210,784 |
Deferred income tax liability, net | ($193,527) | ($123,364) |
Income_Taxes_Summary_of_Deferr1
Income Taxes - Summary of Deferred Income Tax Asset and Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred income tax asset, net | $5,077 | $10,397 |
Non-current deferred income tax liability, net | -198,604 | -133,761 |
Deferred income tax liability, net | ($193,527) | ($123,364) |
Income_Taxes_Summary_of_Compan
Income Taxes - Summary of Company's Net Operating Loss Carryforwards Expires (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $79,739 |
2014-2021 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 12,916 |
2022-2026 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 14,345 |
2027-2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $52,478 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Unrecognized tax benefit at January 1 | $17,883 | $17,877 | $23,080 |
Gross increase in tax positions in prior period | 541 | 911 | 3,684 |
Gross decrease in tax positions in prior period | -4,241 | -1,494 | -1,753 |
Gross increase in tax positions in current period | 0 | 0 | 281 |
Gross increase in tax positions from stock acquisitions | 0 | 3,304 | 97 |
Gross decrease in tax positions from stock acquisitions | 0 | 0 | -20 |
Settlements | -390 | -1,770 | -1,477 |
Lapse of statute of limitations | -4,269 | -945 | -6,015 |
Unrecognized tax benefit at December 31 | $9,524 | $17,883 | $17,877 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax assets arose directly from tax deductions related to equity compensation | ' | $1,854,000 | ' |
Deferred tax liabilities recorded attributable to pensions, depreciation and amortization | ' | 70,163,000 | ' |
Deferred tax liability | 210,784,000 | 244,983,000 | ' |
Increase in other deferred tax liabilities | 56,700,000 | ' | ' |
Unremitted earnings | ' | 7,993,000 | ' |
Unrecognized tax benefits that would have a favorable effect on the Company's effective tax rate in any future periods | 10,103,000 | 4,658,000 | 9,939,000 |
The total gross amount of accrued interest and penalties | 3,728,000 | 2,619,000 | 4,690,000 |
Significant change in unrecognized tax benefits is reasonably possible approximately | ' | 3,862,000 | ' |
MediConnect [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax liability | 40,836,000 | ' | ' |
Argus [Member] | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' |
Deferred tax liability | $40,244,000 | ' | ' |
Composition_of_Certain_Financi2
Composition of Certain Financial Statement Captions - Schedule of Other Current Assets, Accounts Payable, Accrued Liabilities and Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other current assets: | ' | ' |
Acquisition related escrows | $27,967 | $29,277 |
Other current assets | 6,714 | 9,832 |
Total other current assets | 34,681 | 39,109 |
Accounts payable and accrued liabilities: | ' | ' |
Accrued salaries, benefits and other related costs | 79,372 | 78,979 |
Escrow liabilities | 27,918 | 28,954 |
Other current liabilities | 80,974 | 79,715 |
Total accounts payable and accrued liabilities | 188,264 | 187,648 |
Other liabilities: | ' | ' |
Unrecognized tax benefits, including interest and penalty | 12,143 | 21,611 |
Deferred rent | 12,219 | 12,919 |
Other liabilities | 11,681 | 43,660 |
Total other liabilities | $36,043 | $78,190 |
Debt_ShortTerm_and_LongTerm_De
Debt - Short-Term and Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 11, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Line of credit [Member] | Line of credit [Member] | Capital lease obligations and other [Member] | Capital lease obligations and other [Member] | 5.80% senior notes due in 2021 [Member] | 5.80% senior notes due in 2021 [Member] | 4.875% senior notes due in 2019 [Member] | 4.875% senior notes due in 2019 [Member] | 4.125% senior notes due in 2022 [Member] | 4.125% senior notes due in 2022 [Member] | 6.46% Series A senior notes due in 2013 [Member] | 6.46% Series A senior notes due in 2013 [Member] | 6.16% Series B senior notes due in 2013 [Member] | 6.16% Series B senior notes due in 2013 [Member] | 6.13% Series G senior notes due in 2013 [Member] | 6.13% Series G senior notes due in 2013 [Member] | 5.84% Series H senior notes due in 2013 [Member] | 5.84% Series H senior notes due in 2013 [Member] | 6.28% Series I senior notes due in 2013 [Member] | 6.28% Series I senior notes due in 2013 [Member] | Aviva Investors senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | Principal senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | ||
Aviva Investors senior notes [Member] | Aviva Investors senior notes [Member] | Principal senior notes [Member] | Principal senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | 5.87% Series A senior notes due in 2013 [Member] | 5.87% Series A senior notes due in 2013 [Member] | 5.87% Series A senior notes due in 2015 [Member] | 5.87% Series A senior notes due in 2015 [Member] | 6.35% Series B senior notes due in 2015 [Member] | 6.35% Series B senior notes due in 2015 [Member] | 5.84% Series H senior notes due in 2015 [Member] | 5.84% Series H senior notes due in 2015 [Member] | 6.28% Series I senior notes due in 2015 [Member] | 6.28% Series I senior notes due in 2015 [Member] | 6.85% Series J senior notes due in 2016 [Member] | 6.85% Series J senior notes due in 2016 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short Term Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Apr-09 | ' | 8-Aug-06 | ' | 8-Aug-06 | ' | 26-Oct-07 | ' | 29-Apr-08 | ' | ' | ' | 26-Oct-07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short Term Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Apr-13 | ' | 8-Aug-13 | ' | 8-Aug-13 | ' | 26-Oct-13 | ' | 29-Apr-13 | ' | ' | ' | 26-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt and current portion of long-term debt | ' | ' | $0 | $10,000 | $4,448 | $5,263 | ' | ' | ' | ' | ' | ' | $0 | $30,000 | $0 | $25,000 | $0 | $75,000 | $0 | $17,500 | $0 | $15,000 | ' | ' | $0 | $17,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | 4,448 | 195,263 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | 6-Apr-11 | ' | 8-Dec-11 | ' | 12-Sep-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Oct-07 | ' | 29-Apr-08 | ' | ' | ' | 26-Oct-07 | ' | 29-Apr-08 | ' | 15-Jun-09 | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 1-May-21 | ' | 15-Jan-19 | ' | 12-Sep-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10-Dec-11 | 16-Mar-13 | ' | ' | 26-Oct-15 | ' | 29-Apr-15 | ' | 10-Jul-09 | 30-Aug-13 | 26-Oct-15 | ' | 29-Apr-15 | ' | 15-Jun-16 | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | 449,243 | 449,138 | 248,301 | 247,963 | 347,585 | 347,308 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500 | 17,500 | 50,000 | 50,000 | ' | ' | 17,500 | 17,500 | 85,000 | 85,000 | 50,000 | 50,000 |
Capital lease obligations and other | 6,310 | 1,753 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,271,439 | 1,266,162 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $1,275,887 | $1,461,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Long_Term_Debt
Debt - Summary of Long Term Debt Maturities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $4,448 |
2015 | 173,896 |
2016 | 51,996 |
2017 | 238 |
2018 | 53 |
2019 and thereafter | 1,050,127 |
Total Debt Maturities | $1,280,758 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 11, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 08, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 06, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Principal senior notes [Member] | Principal senior notes [Member] | Principal senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | Aviva Investors senior notes [Member] | Aviva Investors senior notes [Member] | Aviva Investors senior notes [Member] | Fixed rate notes [Member] | Fixed rate notes [Member] | Floating rate notes [Member] | Floating rate notes [Member] | 4.125% senior notes due in 2022 [Member] | 4.125% senior notes due in 2022 [Member] | 4.125% senior notes due in 2022 [Member] | 4.875% senior notes due in 2019 [Member] | 4.875% senior notes due in 2019 [Member] | 4.875% senior notes due in 2019 [Member] | 5.80% senior notes due in 2021 [Member] | 5.80% senior notes due in 2021 [Member] | 5.80% senior notes due in 2021 [Member] | Line of credit [Member] | Line of credit [Member] | 5.87% Series A senior notes due in 2013 [Member] | 5.87% Series A senior notes due in 2015 [Member] | 6.35% Series B senior notes due in 2015 [Member] | 6.16% Series B senior notes due in 2013 [Member] | 6.13% Series G senior notes due in 2013 [Member] | 5.84% Series H senior notes due in 2013 [Member] | 5.84% Series H senior notes due in 2015 [Member] | 6.28% Series I senior notes due in 2013 [Member] | 6.28% Series I senior notes due in 2015 [Member] | 6.85% Series J senior notes due in 2016 [Member] | ||||
Prudential senior notes [Member] | New York Life senior notes [Member] | Prudential senior notes [Member] | New York Life senior notes [Member] | Minimum [Member] | Maximum [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | New York Life senior notes [Member] | Principal senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | Prudential senior notes [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | $16,150,000 | $17,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 73,068,000 | 69,892,000 | 51,915,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond issuance, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | 250,000,000 | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | 30-Aug-13 | ' | 10-Jul-09 | ' | ' | 16-Mar-13 | ' | ' | 10-Dec-11 | ' | ' | ' | ' | ' | 12-Sep-22 | ' | ' | 15-Jan-19 | ' | ' | 1-May-21 | ' | ' | ' | ' | ' | 26-Oct-15 | 29-Apr-15 | ' | ' | ' | 26-Oct-15 | ' | 29-Apr-15 | 15-Jun-16 |
Long term debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.13% | ' | ' | 4.88% | ' | ' | 5.80% | ' | ' | ' | ' | 5.87% | 5.87% | 6.35% | 6.16% | 6.13% | 5.84% | 5.84% | 6.28% | 6.28% | 6.85% |
Term of interest payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annually | ' | ' | 'semi-annually | ' | ' | 'semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument repurchase price rate on principal amount | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt outstanding | 1,280,758,000 | ' | ' | ' | ' | 152,500,000 | 260,000,000 | ' | ' | 25,000,000 | 67,500,000 | 85,000,000 | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | 125,000,000 | ' | ' | 107,500,000 | ' | ' | 25,000,000 | ' | 17,500,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | 973,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Syndicate revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850,000,000 | 975,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt expiration date | 24-Oct-18 | 24-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable | ' | ' | ' | 1.13% | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount | 0 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount on senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,692,000 | $0 | ' | $2,037,000 | $2,376,000 | ' | $862,000 | $967,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Deficit_Co
Stockholders' Equity (Deficit) - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Net income | $348,380 | $329,142 | $282,758 |
Denominator: | ' | ' | ' |
Weighted average number of common shares used in basic EPS | 168,031,412 | 165,890,258 | 166,015,238 |
Effect of dilutive shares: | ' | ' | ' |
Potential Class A redeemable common stock issuable from stock options and stock awards | 4,244,948 | 5,819,260 | 7,309,872 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 172,276,360 | 171,709,518 | 173,325,110 |
Basic net income per share: | $2.07 | $1.98 | $1.70 |
Income from continuing operations (in dollars per share) | $1.99 | $1.85 | $1.51 |
Income from discontinued operations (in dollars per share) | $0.03 | $0.07 | $0.12 |
Income from continuing operations (in dollars per share) | $2.04 | $1.91 | $1.58 |
Income from discontinued operations (in dollars per share) | $0.03 | $0.07 | $0.12 |
Stockholders_Equity_Deficit_Su
Stockholders' Equity (Deficit) - Summary of Accumulated Other Comprehensive Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Unrealized foreign currency losses | ($1,800) | ($960) |
Unrealized (losses) gains on available-for-sale securities, net of tax | -75 | 72 |
Pension and postretirement adjustment, net of tax | -41,613 | -88,272 |
Accumulated other comprehensive losses | ($43,488) | ($89,160) |
Stockholders_Equity_Deficit_St
Stockholders' Equity (Deficit) Stockholders' Equity (Deficit) - Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Comprehensive Income (Loss), before Tax [Abstract] | ' | ' | ' | |||
Unrealized foreign currency loss | ($840) | $15 | ($183) | |||
Unrealized loss on available-for-sale securities before reclassifications | -1,122 | -727 | -1,493 | |||
Amount reclassified from accumulated other comprehensive loss | 882 | [1] | 346 | [1] | 686 | [1] |
Unrealized loss on available-for-sale securities | -240 | -381 | -807 | |||
Pension and postretirement adjustment before reclassifications | 80,773 | -13,082 | -25,346 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | -5,699 | [2] | -4,001 | [2] | -5,071 | [2] |
Pension and postretirement adjustment | 75,074 | -17,083 | -30,417 | |||
Total other comprehensive income | 73,994 | -17,449 | -31,407 | |||
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' | |||
Unrealized foreign currency loss | 0 | 0 | 0 | |||
Unrealized loss on available-for-sale securities before reclassifications | 433 | 316 | 614 | |||
Amount reclassified from accumulated other comprehensive loss | -340 | [1] | -132 | [1] | -263 | [1] |
Unrealized loss on available-for-sale securities | 93 | 184 | 351 | |||
Pension and postretirement adjustment before reclassifications | -30,611 | 4,865 | 6,631 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | 2,196 | [2] | 1,527 | [2] | 1,941 | [2] |
Pension and postretirement adjustment | -28,415 | 6,392 | 8,572 | |||
Total other comprehensive income | -28,322 | 6,576 | 8,923 | |||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |||
Unrealized foreign currency loss | -840 | 15 | -183 | |||
Unrealized loss on available-for-sale securities before reclassifications | -689 | -411 | -879 | |||
Amount reclassified from accumulated other comprehensive loss | 542 | [1] | 214 | [1] | 423 | [1] |
Unrealized loss on available-for-sale securities | -147 | -197 | -456 | |||
Pension and postretirement adjustment before reclassifications | 50,162 | -8,217 | -18,715 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | -3,503 | [2] | -2,474 | [2] | -3,130 | [2] |
Pension and postretirement adjustment | 46,659 | -10,691 | -21,845 | |||
Total other comprehensive income (loss) | $45,672 | ($10,873) | ($22,484) | |||
[1] | This accumulated other comprehensive income (loss) component, before tax, is included under “Realized (loss) gain on available-for-sale securities, net†in the accompanying consolidated statements of operations. | |||||
[2] | These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues†and “Selling, general and administrative†in the accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Stockholders_Equity_Deficit_Ad
Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Oct. 06, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 18, 1996 | Oct. 06, 2009 | Oct. 06, 2009 | |
Treasury Stock [Member] | Treasury Stock [Member] | Verisk Class A [Member] | Verisk Class A [Member] | Verisk Class A [Member] | Verisk Class B [Member] | Class B-1 shares [Member] | Class B-2 shares [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
common stock authorized, shares | 800,000,000 | 1,200,000,000 | ' | ' | ' | ' | 1,200,000,000 | 1,200,000,000 | ' | 1,000,000,000 | 400,000,000 | 400,000,000 |
Common stock issued, shares | ' | ' | ' | ' | ' | ' | 544,003,038 | 544,003,038 | ' | 500,225,000 | ' | ' |
Basis of common stock of Verisk were exchanged by the current share holders | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of common and treasury stock | 'one-for-one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized preferred stock | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock par value per share (in dollars per share) | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, authorized capacity | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available shares for repurchase | ' | 165,253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares acquired | ' | 4,532,552 | 3,491,591 | ' | ' | ' | 4,532,552 | 3,491,591 | 11,326,624 | ' | ' | ' |
Weighted average repurchase price of shares (in dollars per share) | ' | ' | ' | ' | ' | ' | $61.54 | $46.57 | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | $188,264,000 | $187,648,000 | ' | $3,038,000 | $1,511,000 | ' | ' | ' | ' | ' | ' |
Treasury stock, shares | ' | ' | ' | ' | ' | ' | 376,545,111 | 376,275,965 | ' | ' | ' | ' |
Reissued of common stock, shares | ' | 4,263,406 | 6,933,437 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average price per share (in dollars per share) | ' | $4.54 | $4.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares excluded from diluted EPS | ' | 822,410 | 919,816 | 1,506,440 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation_Plans_Fair_Value_
Compensation Plans - Fair Value of Stock Options Granted Using Black- Scholes Valuation Model (Detail) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Option pricing model | 'Black-Scholes | 'Black-Scholes | 'Black-Scholes |
Expected volatility | 29.27% | 32.22% | 30.44% |
Risk-free interest rate | 0.70% | 0.90% | 2.21% |
Expected term in years | '4 years 6 months | '4 years 8 months 12 days | '5 years 1 month 6 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average grant date fair value per stock option (in dollars per share) | $15.58 | $13.59 | $10.42 |
Compensation_Plans_Options_Out
Compensation Plans - Options Outstanding Under Incentive Plan and Option Plan (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Options | ' | ' | ' |
Number of Options Outstanding, Beginning Balance | 12,573,298 | 18,896,405 | 23,057,857 |
Number of Options, Granted | 888,038 | 973,124 | 1,574,705 |
Number of Options, Exercised | -4,076,750 | -6,880,678 | -5,543,866 |
Number of Options, Canceled or Expired | -149,266 | -415,553 | -192,291 |
Number of Options Outstanding, Ending Balance | 9,235,320 | 12,573,298 | 18,896,405 |
Number of Options Exercisable | 7,169,089 | 8,796,996 | ' |
Weighted Average Exercise Price Per Share | ' | ' | ' |
Weighted Average Exercise Price Per Share, Beginning Balance (in dollars per share) | $22.21 | $16.55 | $13.35 |
Weighted Average Exercise Price Per Share, Granted (in dollars per share) | $61.10 | $47.38 | $33.46 |
Weighted Average Exercise Price Per Share , Exercised (in dollars per share) | $19.79 | $9.09 | $7.82 |
Weighted Average Exercise Price Per Share, Canceled or Expired (in dollars per share) | $43.14 | $19.30 | $22.58 |
Weighted Average Exercise Price Per Share, Ending Balance (in dollars per share) | $26.67 | $22.21 | $16.55 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $20.98 | $18.37 | ' |
Options, Additional Disclosures | ' | ' | ' |
Aggregate Intrinsic Value Option Outstanding, Beginning Balance | $361,653 | $445,510 | $478,014 |
Aggregate Intrinsic Value, Exercised | 168,056 | 257,391 | 149,613 |
Aggregate Intrinsic Value Option Outstanding, Ending Balance | 360,611 | 361,653 | 445,510 |
Aggregate intrinsic value of stock option exercisable | $320,766 | $286,806 | ' |
Compensation_Plans_Summary_of_
Compensation Plans - Summary of Nonvested Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of Options | ' | ' | ' |
Number of Options Outstanding, Beginning Balance | 12,573,298 | 18,896,405 | 23,057,857 |
Number of Shares, Granted | 888,038 | 973,124 | 1,574,705 |
Number of Options, Cancelled or Expired | -149,266 | -415,553 | -192,291 |
Number of Options Outstanding, Ending Balance | 9,235,320 | 12,573,298 | 18,896,405 |
Non Vested Options [Member] | ' | ' | ' |
Number of Options | ' | ' | ' |
Number of Options Outstanding, Beginning Balance | 3,776,302 | 6,743,094 | 8,237,410 |
Number of Shares, Granted | 888,038 | 973,124 | 1,574,705 |
Number of Shares, Vested | -2,448,843 | -3,524,363 | -2,876,730 |
Number of Options, Cancelled or Expired | -149,266 | -415,553 | -192,291 |
Number of Options Outstanding, Ending Balance | 2,066,231 | 3,776,302 | 6,743,094 |
Weighted Average Grant-Date Fair Value Per Share | ' | ' | ' |
Weighted Average Grant-Date Fair Value Per Share, Nonvested Beginning Balance (in dollars per share) | 9.43 | 7.52 | 6.27 |
Weighted Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 15.58 | 13.59 | 10.42 |
Weighted Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | 8.81 | 7.38 | 5.56 |
Weighted Average Grant-Date Fair Value Per Share, Cancelled or Expired (in dollars per share) | 12.18 | 5.62 | 6.82 |
Weighted Average Grant-Date Fair Value Per Share, Nonvested Ending Balance (in dollars per share) | 12.61 | 9.43 | 7.52 |
Restricted Stock [Member] | ' | ' | ' |
Weighted Average Grant-Date Fair Value Per Share | ' | ' | ' |
Weighted Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | 61.12 | 47.1 | 33.27 |
Compensation_Plans_Summary_of_1
Compensation Plans - Summary of Restricted Stock Activity Under Incentive Plan (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of Shares, Outstanding Beginning Balance | 331,013 | 145,634 | 0 |
Number of Shares, Granted | 241,674 | 244,397 | 150,187 |
Vested, Number of Shares | -150,668 | -41,120 | -1,523 |
Forfeited, Number of Shares | -25,270 | -17,898 | -3,030 |
Number of Shares, Outstanding Ending Balance | 396,749 | 331,013 | 145,634 |
Weighted Average Grant Date Fair Value Per Share | ' | ' | ' |
Weighted Average Grant-Date Fair Value Per Share, Outstanding, Beginning balance (in dollars per share) | $42.78 | $33.32 | $0 |
Weighted Average Grant-Date Fair Value Per Share, Granted (in dollars per share) | $61.12 | $47.10 | $33.27 |
Weighted Average Grant-Date Fair Value Per Share, Vested (in dollars per share) | $37.82 | $34.51 | $33.30 |
Weighted Average Grant-Date Fair Value Per Share, Forfeited (in dollars per share) | $53 | $43.27 | $33.30 |
Weighted Average Grant-Date Fair Value Per Share, Outstanding, Ending balance (in dollars per share) | $52.82 | $42.78 | $33.32 |
Compensation_Plans_Additional_
Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 1997 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Key Employee [Member] | Verisk Class A [Member] | Verisk Class A [Member] | Verisk Class A [Member] | KSOP [Member] | KSOP [Member] | KSOP [Member] | KSOP [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock, Excluding Deferred Stock Units [Member] | Deferred Stock Units [Member] | Non qualified stock option [Member] | Stock Options [Member] | Stock Options [Member] | Employee stock purchase plan [Member] | |||||
Key Employee [Member] | Verisk Class A [Member] | Verisk Class A [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax contribution of compensation | ' | ' | ' | ' | ' | ' | ' | ' | $18,000 | $17,000 | $17,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum participant age, additional employee contributions | ' | ' | ' | ' | ' | ' | ' | ' | '50 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions of additional pre-tax basis | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 6,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After tax contribution are limited for compensation | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Matching contributions in Class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Matching contributions initial in Class A common stock | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of Class A common stock acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,190,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A common stock at cost | ' | ' | ' | ' | ' | 137,000 | 137,000 | ' | ' | ' | ' | 33,170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP acquired Class A common stock - price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP, loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required contribution to new loan agreement | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP, increase in required employer plan contributions | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP loan collateral shares | 394,598 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares fair value (in dollars per share) | $65.72 | $50.97 | $40.13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
No of allocated shares | 14,137,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of eligible plan of service | '1000 hours | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonqualified stock option, service vesting period | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '1 year | ' | ' |
KSOP Compensation Expense | 21,087,000 | 24,696,000 | 22,656,000 | ' | ' | ' | ' | ' | 14,930,000 | 13,111,000 | 12,615,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A common stock reserved | ' | ' | ' | ' | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis to reduce shares authorized for shares issued subject to option or stock appreciation rights | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis to reduce shares authorized for shares issued subject to awards other than option or stock appreciation rights | ' | ' | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | ' | ' | 14,365,793 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from stock option exercised | 80,368,000 | 68,388,000 | 43,345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonqualified stock option granted | 888,038 | 973,124 | 1,574,705 | ' | 806,512 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,494 | 54,032 | 7,535 | ' |
Nonqualified stock option contractual term | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 241,674 | 244,397 | 150,187 | 209,292 | 32,382 | ' | ' | ' | ' |
Shares of Verisk Class A common stock issued | ' | ' | ' | ' | ' | ' | ' | 574 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,879 |
Aggregate intrinsic value of stock option outstanding | 360,611,000 | 361,653,000 | 445,510,000 | 478,014,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock option exercisable | 320,766,000 | 286,806,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit from stock option exercised | 58,056,000 | 88,387,000 | 57,684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized tax benefit from stock option exercised | 109,946,000 | 60,672,000 | 53,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to nonvested share based compensation arrangements | 39,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost weighted average period | '2 years 6 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non vested stock option | 2,066,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,749 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option expected to vest | 1,581,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,897 | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of options vested | 16,468,000 | 19,834,000 | 20,554,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value restricted stock vested | 7,153,000 | 3,206,000 | 908,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized payroll deductions on base salary | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum payroll deductions on short-term incentive compensation | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of payroll deductions | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase discount | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of Verisk Class A common stock issued, discounted price per share | $59.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits - Summary of Changes in Benefit Obligations and Plan Assets Amount Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Accumulated benefit obligation at December 31 | $2,868 | $4,089 | ' |
Pension Plan and SERP Plan [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | 460,482 | 434,689 | ' |
Service cost | 0 | 282 | 6,361 |
Interest cost | 17,860 | 19,888 | 21,707 |
Actuarial (gain) loss | -31,962 | 39,466 | ' |
Curtailments | 0 | -8,255 | ' |
Plan participants’ contributions | 0 | 0 | ' |
Benefits paid | -25,716 | -25,588 | ' |
Federal subsidy on benefits paid | 0 | 0 | ' |
Benefit obligation at December 31 | 420,664 | 460,482 | 434,689 |
Accumulated benefit obligation at December 31 | 420,664 | 460,482 | ' |
Weighted-average assumptions as of December 31 used to determine benefit obligation: | ' | ' | ' |
Discount rate | 4.74% | 3.98% | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 421,134 | 324,864 | ' |
Actual return on plan assets, net of expenses | 68,583 | 42,182 | ' |
Employer contributions | 3,911 | 79,676 | ' |
Plan participants’ contributions | 0 | 0 | ' |
Benefits paid | -25,716 | -25,588 | ' |
Subsidies received | 0 | 0 | ' |
Fair value of plan assets at December 31 | 467,912 | 421,134 | 324,864 |
(Funded) unfunded status at December 31 | -47,248 | 39,348 | ' |
Postretirement Plan [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at January 1 | 22,434 | 21,935 | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 608 | 779 | 878 |
Actuarial (gain) loss | -426 | 2,328 | ' |
Curtailments | 0 | 0 | ' |
Plan participants’ contributions | 1,748 | 2,505 | ' |
Benefits paid | -4,225 | -5,411 | ' |
Federal subsidy on benefits paid | 260 | 298 | ' |
Benefit obligation at December 31 | 20,399 | 22,434 | 21,935 |
Weighted-average assumptions as of December 31 used to determine benefit obligation: | ' | ' | ' |
Discount rate | 3.45% | 2.75% | ' |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at January 1 | 18,766 | 0 | ' |
Actual return on plan assets, net of expenses | -198 | 206 | ' |
Employer contributions | 250 | 21,168 | ' |
Plan participants’ contributions | 1,748 | 2,505 | ' |
Benefits paid | -4,225 | -5,411 | ' |
Subsidies received | 260 | 298 | ' |
Fair value of plan assets at December 31 | 16,601 | 18,766 | 0 |
(Funded) unfunded status at December 31 | $3,798 | $3,668 | ' |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits - Summary of Pre-Tax Components of Accumulated Other Comprehensive Losses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Prior service benefit | $0 | $0 |
Actuarial losses | 62,226 | 137,369 |
Accumulated other comprehensive losses, pretax | 62,226 | 137,369 |
Postretirement Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Prior service benefit | -1,147 | -1,293 |
Actuarial losses | 9,208 | 9,285 |
Accumulated other comprehensive losses, pretax | $8,061 | $7,992 |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Net periodic benefit (credit) cost | $19 | $114 | $499 |
Pension Plan and SERP Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 0 | 282 | 6,361 |
Interest cost | 17,860 | 19,888 | 21,707 |
Curtailment gain | 0 | -780 | 0 |
Expected return on plan assets | -30,480 | -28,899 | -25,797 |
Amortization of prior service benefit | 0 | -133 | -801 |
Amortization of net actuarial loss | 5,078 | 3,646 | 5,598 |
Net periodic benefit (credit) cost | -7,542 | -5,996 | 7,068 |
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | -1,320 | -279 | -656 |
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | 0 | 133 | 801 |
Prior service benefit | 0 | -7,475 | 0 |
Net loss recognized reclassified from accumulated other comprehensive losses | -3,758 | -3,368 | -4,942 |
Actuarial (loss) gain | -70,065 | 26,184 | 38,220 |
Total recognized in other comprehensive (income) loss | -75,143 | 15,195 | 33,423 |
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | -82,685 | 9,199 | 40,491 |
Postretirement Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 0 | 0 | 0 |
Interest cost | 608 | 779 | 878 |
Curtailment gain | 0 | 0 | 0 |
Expected return on plan assets | -919 | -255 | 0 |
Amortization of prior service benefit | -146 | -146 | -146 |
Amortization of net actuarial loss | 767 | 634 | 420 |
Net periodic benefit (credit) cost | 310 | 1,012 | 1,152 |
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | 0 | 0 | 0 |
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | 146 | 146 | 146 |
Prior service benefit | 0 | 0 | 0 |
Net loss recognized reclassified from accumulated other comprehensive losses | 0 | 0 | 0 |
Actuarial (loss) gain | -77 | 1,742 | -3,152 |
Total recognized in other comprehensive (income) loss | 69 | 1,888 | -3,006 |
Total recognized in net periodic benefit (credit) cost and other comprehensive (income) loss | $379 | $2,900 | ($1,854) |
Pension_and_Postretirement_Ben5
Pension and Postretirement Benefits - Summary of Accumulated Other Comprehensive Losses Recognized in Net Periodic Benefit (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Scenario, Forecast [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Amortization of prior service benefit | ($146) | ' | ' |
Amortization of net actuarial loss | 1,278 | ' | ' |
Total | 1,132 | ' | ' |
Pension Plan and SERP Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Amortization of prior service benefit | 0 | -133 | -801 |
Pension Plan and SERP Plan [Member] | Scenario, Forecast [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Amortization of prior service benefit | 0 | ' | ' |
Amortization of net actuarial loss | 605 | ' | ' |
Total | 605 | ' | ' |
Postretirement Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Amortization of prior service benefit | -146 | -146 | -146 |
Postretirement Plan [Member] | Scenario, Forecast [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Amortization of prior service benefit | -146 | ' | ' |
Amortization of net actuarial loss | 673 | ' | ' |
Total | $527 | ' | ' |
Pension_and_Postretirement_Ben6
Pension and Postretirement Benefits - Summary of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted-average assumptions as of January 1, used to determine net benefit cost: | ' | ' | ' |
Expected return on plan assets | 7.50% | ' | ' |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Pension assets, noncurrent | ($60,955) | ' | ' |
Pension, SERP and postretirement benefits, noncurrent | 15,068 | 41,282 | ' |
Pension Plan and SERP Plan [Member] | ' | ' | ' |
Weighted-average assumptions as of January 1, used to determine net benefit cost: | ' | ' | ' |
Discount rate | 3.98% | 4.98% | 5.49% |
Expected return on plan assets | 7.50% | 7.50% | 8.25% |
Rate of compensation increase | ' | 4.00% | 4.00% |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Pension assets, noncurrent | -60,955 | 0 | 0 |
Pension, SERP and postretirement benefits, current | 700 | 693 | 664 |
Pension, SERP and postretirement benefits, noncurrent | 13,007 | 38,655 | 109,161 |
Total Pension, SERP and Postretirement benefits | -47,248 | 39,348 | 109,825 |
Postretirement Plan [Member] | ' | ' | ' |
Weighted-average assumptions as of January 1, used to determine net benefit cost: | ' | ' | ' |
Discount rate | 2.75% | 3.50% | 4.00% |
Expected return on plan assets | 5.00% | ' | ' |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Pension assets, noncurrent | 0 | 0 | 0 |
Pension, SERP and postretirement benefits, current | 1,737 | 1,041 | 3,348 |
Pension, SERP and postretirement benefits, noncurrent | 2,061 | 2,627 | 18,587 |
Total Pension, SERP and Postretirement benefits | $3,798 | $3,668 | $21,935 |
Pension_and_Postretirement_Ben7
Pension and Postretirement Benefits - Summary of Estimated Future Benefit Payments for Respective Plans (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Postretirement Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Gross Benefit Amount, 2014 | $3,408 |
Gross Benefit Amount, 2015 | 3,156 |
Gross Benefit Amount, 2016 | 2,886 |
Gross Benefit Amount, 2017 | 2,611 |
Gross Benefit Amount, 2018 | 2,334 |
Gross Benefit Amount, 2019-2023 | 7,970 |
Medicare Subsidy Payments, 2014 | 455 |
Medicare Subsidy Payments, 2015 | 448 |
Medicare Subsidy Payments, 2016 | 435 |
Medicare Subsidy Payments, 2017 | 421 |
Medicare Subsidy Payments, 2018 | 405 |
Medicare Subsidy Payments, 2019-2023 | 944 |
Net Benefit Amount, 2014 | 2,953 |
Net Benefit Amount, 2015 | 2,708 |
Net Benefit Amount, 2016 | 2,451 |
Net Benefit Amount, 2017 | 2,190 |
Net Benefit Amount, 2018 | 1,929 |
Net Benefit Amount, 2019-2023 | 7,026 |
Pension Plan and SERP Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Gross Benefit Amount, 2014 | 28,391 |
Gross Benefit Amount, 2015 | 28,743 |
Gross Benefit Amount, 2016 | 29,460 |
Gross Benefit Amount, 2017 | 29,958 |
Gross Benefit Amount, 2018 | 29,692 |
Gross Benefit Amount, 2019-2023 | $148,179 |
Pension_and_Postretirement_Ben8
Pension and Postretirement Benefits - Summary of Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' |
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost, 1% Increase | $15 |
Effect on the healthcare component of the accumulated postretirement benefit obligation, 1% Increase | 549 |
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost, 1% Decrease | -14 |
Effect on the healthcare component of the accumulated postretirement benefit obligation, 1% Decrease | ($511) |
Pension_and_Postretirement_Ben9
Pension and Postretirement Benefits - Summary of Asset Allocation and Target Allocation (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation | 100.00% | ' |
Summary of asset allocation and target allocation | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
Equity securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation | 60.00% | ' |
Summary of asset allocation and target allocation | ' | ' |
Percentage of Plan Assets | 66.80% | 57.90% |
Debt securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation | 40.00% | ' |
Summary of asset allocation and target allocation | ' | ' |
Percentage of Plan Assets | 33.20% | 41.00% |
Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation | 0.00% | ' |
Summary of asset allocation and target allocation | ' | ' |
Percentage of Plan Assets | 0.00% | 1.10% |
Recovered_Sheet1
Pension and Postretirement Benefits - Summary of Fair Value Measurements of Pension Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Equity | ' | ' | ||
Managed equity accounts | $110,852 | [1] | $74,815 | [1] |
Equity - pooled separate account | 200,947 | [2] | 168,232 | [2] |
Equity - partnerships | 635 | [3] | 1,022 | [3] |
Debt | ' | ' | ||
Fixed income manager - pooled separate account | 165,157 | [2] | 172,547 | [2] |
Fixed income manager - government securities | 16,601 | [4] | 18,766 | [4] |
Other | ' | ' | ||
Cash - pooled separate account | -9,679 | [2] | 4,518 | [2] |
Total | 484,513 | 439,900 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ||
Equity | ' | ' | ||
Managed equity accounts | 110,852 | [1] | 74,815 | [1] |
Equity - pooled separate account | 0 | [2] | 0 | [2] |
Equity - partnerships | 0 | [3] | 0 | [3] |
Debt | ' | ' | ||
Fixed income manager - pooled separate account | 0 | [2] | 0 | [2] |
Fixed income manager - government securities | 16,601 | [4] | 18,766 | [4] |
Other | ' | ' | ||
Cash - pooled separate account | 0 | [2] | 0 | [2] |
Total | 127,453 | 93,581 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Equity | ' | ' | ||
Managed equity accounts | 0 | [1] | 0 | [1] |
Equity - pooled separate account | 200,947 | [2] | 168,232 | [2] |
Equity - partnerships | 0 | [3] | 0 | [3] |
Debt | ' | ' | ||
Fixed income manager - pooled separate account | 165,157 | [2] | 172,547 | [2] |
Fixed income manager - government securities | 0 | [4] | 0 | [4] |
Other | ' | ' | ||
Cash - pooled separate account | -9,679 | [2] | 4,518 | [2] |
Total | 356,425 | 345,297 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Equity | ' | ' | ||
Managed equity accounts | 0 | [1] | 0 | [1] |
Equity - pooled separate account | 0 | [2] | 0 | [2] |
Equity - partnerships | 635 | [3] | 1,022 | [3] |
Debt | ' | ' | ||
Fixed income manager - pooled separate account | 0 | [2] | 0 | [2] |
Fixed income manager - government securities | 0 | [4] | 0 | [4] |
Other | ' | ' | ||
Cash - pooled separate account | 0 | [2] | 0 | [2] |
Total | $635 | $1,022 | ||
[1] | Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAVâ€) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts. | |||
[2] | The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted. | |||
[3] | Investments for which readily determinable prices do not exist are valued by the General Partner using either the market or income approach. In establishing the estimated fair value of investments, including those without readily determinable values, the General Partner assumes a reasonable period of time for liquidation of the investment, and takes into consideration the financial condition and operating results of the underlying portfolio company, nature of investment, restrictions on marketability, holding period, market conditions, foreign currency exposures, and other factors the General Partner deems appropriate. | |||
[4] | The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market. |
Recovered_Sheet2
Pension and Postretirement Benefits - Summary of Changes in Fair Value of Pension Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ' | ' |
Balance at January 1 | $1,022 | $1,067 |
Realized and unrealized loss on plan assets, net | -387 | -45 |
Balance at December 31 | $635 | $1,022 |
Recovered_Sheet3
Pension and Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Equity securities [Member] | Equity securities [Member] | Debt securities [Member] | Debt securities [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Pension Plan [Member] | Pension Plan [Member] | Pension Plan [Member] | SERP Plan [Member] | SERP Plan [Member] | Postretirement Plan [Member] | Postretirement Plan [Member] | Postretirement Plan [Member] | VEBA Plan [Member] | VEBA Plan [Member] | Scenario, Forecast [Member] | ||||
Foreign Pension Plans [Member] | Fixed Income Funds [Member] | Foreign Pension Plans [Member] | Fixed Income Funds [Member] | Postretirement Plan [Member] | ||||||||||||||||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $715 | ' | ' | ' | ' | ' | ' | ' |
Reduced pension liability | ' | 10,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension curtailment gain | ' | 780 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary prefunding to defined benefit plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contribution to defined benefit plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,837 | ' | ' | 250 | 21,168 | ' | 20,000 | ' | ' |
Minimum required funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,206 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum contribution requirement to defined benefit plan for 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-qualified supplemental cash balance plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,911 | 839 | ' | ' | ' | ' | ' | ' |
Expected contribution to Postretirement Plan in 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,767 |
Target investment allocation of securities | 100.00% | 100.00% | ' | 66.80% | 57.90% | 33.20% | 41.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Healthcare cost trend rate | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decreased healthcare cost trend rate | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Healthcare cost trend rate, period | '2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in assumed healthcare cost trend rates | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 2,868 | 4,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contribution to pension plan | $19 | $114 | $499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $310 | $1,012 | $1,152 | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Expected return on plan assets | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target investment allocation of securities | 100.00% | ' | ' | 60.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic equity portion of portfolio | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
International equity portion of portfolio | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed income portion of portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $1,595,703,000 | $1,407,848,000 | $1,191,393,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 622,523,000 | 516,708,000 | 440,979,000 |
Selling, general and administrative | 228,982,000 | 220,068,000 | 199,495,000 |
Acquisition related liabilities adjustment | 0 | 0 | 3,364,000 |
EBITDA | 760,273,000 | 695,915,000 | 592,887,000 |
Depreciation and amortization of fixed assets | 66,190,000 | 46,637,000 | 40,135,000 |
Amortization of intangible assets | 63,741,000 | 52,207,000 | 32,985,000 |
Investment income and realized gain (loss) on available-for-sale securities, net | -609,000 | -106,000 | -879,000 |
EBITDA from discontinued operations | -15,466,000 | -24,737,000 | -37,725,000 |
Operating income | 614,267,000 | 572,228,000 | 481,163,000 |
Interest expense | -76,136,000 | -72,508,000 | -53,847,000 |
Income before income taxes | 538,740,000 | 499,826,000 | 428,195,000 |
Capital expenditures, including non-cash purchases of fixed assets and capital lease obligations | 157,502,000 | 79,751,000 | 68,376,000 |
Decision Analytics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 977,427,000 | 828,342,000 | 639,100,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 427,978,000 | 334,280,000 | 253,970,000 |
Selling, general and administrative | 151,557,000 | 139,122,000 | 117,188,000 |
Acquisition related liabilities adjustment | 0 | 0 | -3,364,000 |
EBITDA | 413,342,000 | 379,655,000 | 305,837,000 |
Depreciation and amortization of fixed assets | 51,739,000 | 33,106,000 | 26,369,000 |
Amortization of intangible assets | 63,388,000 | 52,207,000 | 32,985,000 |
Investment income and realized gain (loss) on available-for-sale securities, net | 16,000 | 22,000 | 8,000 |
EBITDA from discontinued operations | -15,466,000 | -24,737,000 | -34,539,000 |
Operating income | 282,765,000 | 269,627,000 | 211,952,000 |
Capital expenditures, including non-cash purchases of fixed assets and capital lease obligations | 123,927,000 | 64,747,000 | 56,486,000 |
Risk Assessment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 618,276,000 | 579,506,000 | 552,293,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 194,545,000 | 182,428,000 | 187,009,000 |
Selling, general and administrative | 77,425,000 | 80,946,000 | 82,307,000 |
Acquisition related liabilities adjustment | 0 | 0 | 0 |
EBITDA | 346,931,000 | 316,260,000 | 287,050,000 |
Depreciation and amortization of fixed assets | 14,451,000 | 13,531,000 | 13,766,000 |
Amortization of intangible assets | 353,000 | 0 | 0 |
Investment income and realized gain (loss) on available-for-sale securities, net | -625,000 | -128,000 | -887,000 |
EBITDA from discontinued operations | 0 | 0 | -3,186,000 |
Operating income | 331,502,000 | 302,601,000 | 269,211,000 |
Capital expenditures, including non-cash purchases of fixed assets and capital lease obligations | $33,575,000 | $15,004,000 | $11,890,000 |
Segment_Reporting_Operating_Se
Segment Reporting - Operating Segment Revenue by Type of Service (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $1,595,703 | $1,407,848 | $1,191,393 |
Decision Analytics [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 977,427 | 828,342 | 639,100 |
Decision Analytics [Member] | Insurance [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 539,150 | 493,456 | 451,216 |
Decision Analytics [Member] | Financial services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 81,113 | 26,567 | 5,323 |
Decision Analytics [Member] | Healthcare [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 271,538 | 222,955 | 103,722 |
Decision Analytics [Member] | Specialized markets [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 85,626 | 85,364 | 78,839 |
Risk Assessment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 618,276 | 579,506 | 552,293 |
Risk Assessment [Member] | Industry-standard insurance programs [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 471,130 | 450,646 | 426,228 |
Risk Assessment [Member] | Property-specific rating and underwriting information [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $147,146 | $128,860 | $126,065 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Country | Country | Country | |
Segment Reporting [Abstract] | ' | ' | ' |
Number of outside countries accounted for Company's consolidated revenue | 0 | 0 | 0 |
Proportion of Company's consolidated revenue accounted by countries outside US | '1.00% or more | '1.00% or more | '1.00% or more |
Maximum Percentage of company's consolidated revenue accounted by outside countries | 1.00% | 1.00% | 1.00% |
Number of outside countries accounted for Company's consolidated long-term asset | 0 | 0 | 0 |
Proportion of Company's consolidated long-term assets accounted by countries outside US | '1.00% or more | '1.00% or more | '1.00% or more |
Maximum Percentage of company's consolidated long term assets | 1.00% | 1.00% | 1.00% |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Percentage of ownership on outstanding common stock required to become related party | 5.00% | 5.00% | ' |
Revenues from related parties | $0 | $0 | $13,882 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Minimum Rentals under Long Term Noncancelable Leases for All Leased Premises, Computer Equipment and Automobiles (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $34,590 |
2015 | 35,957 |
2016 | 33,171 |
2017 | 31,362 |
2018 | 27,182 |
2019-2024 | 73,019 |
Net minimum lease payments operating leases | 235,281 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | 4,750 |
2015 | 4,059 |
2016 | 2,034 |
2017 | 256 |
2018 | 73 |
2019-2024 | 194 |
Net minimum lease payments capital lease | 11,366 |
Less amount representing interest | 608 |
Present value of net minimum lease capital payments | $10,758 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 20, 2012 | Nov. 02, 2012 | Jan. 03, 2013 | Jul. 02, 2013 |
Roe Complaint [Member] | Thomas Complaint [Member] | Johnson Complaint [Member] | Dehdashtian Complaint [Member] | |||||
Contingencies And Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense on operating leases | ' | $32,186 | $29,618 | $27,902 | ' | ' | ' | ' |
Period before filing of action for conviction | ' | ' | ' | ' | '5 years | '5 years | '5 years | '4 years |
Litigation settlement, amount | $18,600 | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Financi2
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Verisk Analytics, Inc. [Member] | Verisk Analytics, Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Percent of corporate wholly-owned subsidiaries | 20.00% | 100.00% | 100.00% |
Condensed_Consolidated_Financi3
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | $165,801 | $89,819 | $191,603 | $54,974 | ||
Available-for-sale securities | 3,911 | 4,883 | ' | ' | ||
Accounts receivable, net | 158,547 | 178,430 | ' | ' | ||
Prepaid expenses | 25,657 | 21,946 | ' | ' | ||
Deferred income taxes, net | 5,077 | 10,397 | ' | ' | ||
Income taxes receivable | 67,346 | 45,975 | ' | ' | ||
Intercompany receivables | 0 | 0 | ' | ' | ||
Other current assets | 34,681 | 39,109 | ' | ' | ||
Current assets held-for-sale | 13,825 | 0 | ' | ' | ||
Total current assets | 474,845 | 390,559 | ' | ' | ||
Noncurrent assets: | ' | ' | ' | ' | ||
Fixed assets, net | 233,373 | 154,084 | ' | ' | ||
Intangible assets, net | 447,618 | 520,935 | ' | ' | ||
Goodwill | 1,181,681 | [1] | 1,247,459 | 709,944 | [1] | ' |
Deferred income taxes, net | ' | 0 | ' | ' | ||
Investment in subsidiaries | 0 | 0 | ' | ' | ||
Pension assets | 60,955 | ' | ' | ' | ||
Other assets | 20,034 | 47,299 | ' | ' | ||
Noncurrent assets held-for-sale | 85,945 | 0 | ' | ' | ||
Total assets | 2,504,451 | 2,360,336 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable and accrued liabilities | 188,264 | 187,648 | ' | ' | ||
Short-term debt and current portion of long-term debt | 4,448 | 195,263 | ' | ' | ||
Pension and postretirement benefits, current | 2,437 | 1,734 | ' | ' | ||
Fees received in advance | 226,581 | 200,705 | ' | ' | ||
Intercompany payables | 0 | 0 | ' | ' | ||
Deferred income taxes, net | 0 | ' | ' | ' | ||
Income taxes payable | 0 | 0 | ' | ' | ||
Current liabilities held-for-sale | 9,449 | 0 | ' | ' | ||
Total current liabilities | 431,179 | 585,350 | ' | ' | ||
Noncurrent liabilities: | ' | ' | ' | ' | ||
Long-term debt | 1,271,439 | 1,266,162 | ' | ' | ||
Pension and postretirement benefits | 15,068 | 41,282 | ' | ' | ||
Deferred income taxes, net | 198,604 | 133,761 | ' | ' | ||
Other liabilities | 36,043 | 78,190 | ' | ' | ||
Noncurrent liabilities held-for-sale | 4,529 | 0 | ' | ' | ||
Total liabilities | 1,956,862 | 2,104,745 | ' | ' | ||
Total stockholders’ equity | 547,589 | 255,591 | -98,490 | -114,442 | ||
Total liabilities and stockholders’ equity | 2,504,451 | 2,360,336 | ' | ' | ||
Verisk Analytics, Inc. [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 20,226 | 128 | 76,238 | 1 | ||
Available-for-sale securities | 0 | 0 | ' | ' | ||
Accounts receivable, net | 0 | 0 | ' | ' | ||
Prepaid expenses | 0 | 0 | ' | ' | ||
Deferred income taxes, net | 0 | 0 | ' | ' | ||
Income taxes receivable | 20,045 | 15,834 | ' | ' | ||
Intercompany receivables | 633,128 | 424,927 | ' | ' | ||
Other current assets | 5,144 | 12,008 | ' | ' | ||
Current assets held-for-sale | 0 | ' | ' | ' | ||
Total current assets | 678,543 | 452,897 | ' | ' | ||
Noncurrent assets: | ' | ' | ' | ' | ||
Fixed assets, net | 0 | 0 | ' | ' | ||
Intangible assets, net | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Deferred income taxes, net | ' | 0 | ' | ' | ||
Investment in subsidiaries | 1,375,128 | 946,612 | ' | ' | ||
Pension assets | 0 | ' | ' | ' | ||
Other assets | 7,789 | 13,896 | ' | ' | ||
Noncurrent assets held-for-sale | 0 | ' | ' | ' | ||
Total assets | 2,061,460 | 1,413,405 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable and accrued liabilities | 22,233 | 14,638 | ' | ' | ||
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' | ||
Pension and postretirement benefits, current | 0 | 0 | ' | ' | ||
Fees received in advance | 0 | 0 | ' | ' | ||
Intercompany payables | 446,509 | 98,768 | ' | ' | ||
Deferred income taxes, net | 0 | ' | ' | ' | ||
Income taxes payable | 0 | 0 | ' | ' | ||
Current liabilities held-for-sale | 0 | ' | ' | ' | ||
Total current liabilities | 468,742 | 113,406 | ' | ' | ||
Noncurrent liabilities: | ' | ' | ' | ' | ||
Long-term debt | 1,045,129 | 1,044,408 | ' | ' | ||
Pension and postretirement benefits | 0 | 0 | ' | ' | ||
Deferred income taxes, net | 0 | 0 | ' | ' | ||
Other liabilities | 0 | 0 | ' | ' | ||
Noncurrent liabilities held-for-sale | 0 | ' | ' | ' | ||
Total liabilities | 1,513,871 | 1,157,814 | ' | ' | ||
Total stockholders’ equity | 547,589 | 255,591 | ' | ' | ||
Total liabilities and stockholders’ equity | 2,061,460 | 1,413,405 | ' | ' | ||
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 81,095 | 35,571 | 76,813 | 31,576 | ||
Available-for-sale securities | 3,911 | 4,883 | ' | ' | ||
Accounts receivable, net | 99,578 | 124,212 | ' | ' | ||
Prepaid expenses | 22,582 | 19,340 | ' | ' | ||
Deferred income taxes, net | 0 | 375 | ' | ' | ||
Income taxes receivable | 66,274 | 37,180 | ' | ' | ||
Intercompany receivables | 525,286 | 206,165 | ' | ' | ||
Other current assets | 26,835 | 19,124 | ' | ' | ||
Current assets held-for-sale | 12,421 | ' | ' | ' | ||
Total current assets | 837,982 | 446,850 | ' | ' | ||
Noncurrent assets: | ' | ' | ' | ' | ||
Fixed assets, net | 198,112 | 126,481 | ' | ' | ||
Intangible assets, net | 67,407 | 66,045 | ' | ' | ||
Goodwill | 493,053 | 515,705 | ' | ' | ||
Deferred income taxes, net | ' | 2,584 | ' | ' | ||
Investment in subsidiaries | 848,124 | 904,198 | ' | ' | ||
Pension assets | 60,955 | ' | ' | ' | ||
Other assets | 11,356 | 31,801 | ' | ' | ||
Noncurrent assets held-for-sale | 85,945 | ' | ' | ' | ||
Total assets | 2,602,934 | 2,093,664 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable and accrued liabilities | 102,477 | 113,512 | ' | ' | ||
Short-term debt and current portion of long-term debt | 4,341 | 194,980 | ' | ' | ||
Pension and postretirement benefits, current | 2,437 | 1,734 | ' | ' | ||
Fees received in advance | 192,524 | 167,962 | ' | ' | ||
Intercompany payables | 793,517 | 575,907 | ' | ' | ||
Deferred income taxes, net | 9 | ' | ' | ' | ||
Income taxes payable | 0 | 0 | ' | ' | ||
Current liabilities held-for-sale | 8,928 | ' | ' | ' | ||
Total current liabilities | 1,104,233 | 1,054,095 | ' | ' | ||
Noncurrent liabilities: | ' | ' | ' | ' | ||
Long-term debt | 225,950 | 221,706 | ' | ' | ||
Pension and postretirement benefits | 15,068 | 41,282 | ' | ' | ||
Deferred income taxes, net | 70,897 | 0 | ' | ' | ||
Other liabilities | 31,809 | 46,892 | ' | ' | ||
Noncurrent liabilities held-for-sale | 4,529 | ' | ' | ' | ||
Total liabilities | 1,452,486 | 1,363,975 | ' | ' | ||
Total stockholders’ equity | 1,150,448 | 729,689 | ' | ' | ||
Total liabilities and stockholders’ equity | 2,602,934 | 2,093,664 | ' | ' | ||
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 64,480 | 54,120 | 38,552 | 23,397 | ||
Available-for-sale securities | 0 | 0 | ' | ' | ||
Accounts receivable, net | 58,969 | 54,218 | ' | ' | ||
Prepaid expenses | 3,075 | 2,606 | ' | ' | ||
Deferred income taxes, net | 5,086 | 10,022 | ' | ' | ||
Income taxes receivable | 0 | 0 | ' | ' | ||
Intercompany receivables | 202,018 | 211,792 | ' | ' | ||
Other current assets | 2,702 | 7,977 | ' | ' | ||
Current assets held-for-sale | 883 | ' | ' | ' | ||
Total current assets | 337,213 | 340,735 | ' | ' | ||
Noncurrent assets: | ' | ' | ' | ' | ||
Fixed assets, net | 35,261 | 27,603 | ' | ' | ||
Intangible assets, net | 380,211 | 454,890 | ' | ' | ||
Goodwill | 688,628 | 731,754 | ' | ' | ||
Deferred income taxes, net | ' | 0 | ' | ' | ||
Investment in subsidiaries | 0 | 0 | ' | ' | ||
Pension assets | 0 | ' | ' | ' | ||
Other assets | 889 | 1,602 | ' | ' | ||
Noncurrent assets held-for-sale | 0 | ' | ' | ' | ||
Total assets | 1,442,202 | 1,556,584 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable and accrued liabilities | 63,554 | 59,498 | ' | ' | ||
Short-term debt and current portion of long-term debt | 107 | 283 | ' | ' | ||
Pension and postretirement benefits, current | 0 | 0 | ' | ' | ||
Fees received in advance | 34,057 | 32,743 | ' | ' | ||
Intercompany payables | 120,406 | 168,209 | ' | ' | ||
Deferred income taxes, net | 0 | ' | ' | ' | ||
Income taxes payable | 18,973 | 7,039 | ' | ' | ||
Current liabilities held-for-sale | 0 | ' | ' | ' | ||
Total current liabilities | 237,097 | 267,772 | ' | ' | ||
Noncurrent liabilities: | ' | ' | ' | ' | ||
Long-term debt | 360 | 48 | ' | ' | ||
Pension and postretirement benefits | 0 | 0 | ' | ' | ||
Deferred income taxes, net | 127,707 | 136,345 | ' | ' | ||
Other liabilities | 4,234 | 31,298 | ' | ' | ||
Noncurrent liabilities held-for-sale | 0 | ' | ' | ' | ||
Total liabilities | 369,398 | 435,463 | ' | ' | ||
Total stockholders’ equity | 1,072,804 | 1,121,121 | ' | ' | ||
Total liabilities and stockholders’ equity | 1,442,202 | 1,556,584 | ' | ' | ||
Eliminating Entries [Member] | ' | ' | ' | ' | ||
Current assets: | ' | ' | ' | ' | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 | ||
Available-for-sale securities | 0 | 0 | ' | ' | ||
Accounts receivable, net | 0 | 0 | ' | ' | ||
Prepaid expenses | 0 | 0 | ' | ' | ||
Deferred income taxes, net | -9 | 0 | ' | ' | ||
Income taxes receivable | -18,973 | -7,039 | ' | ' | ||
Intercompany receivables | -1,360,432 | -842,884 | ' | ' | ||
Other current assets | 0 | 0 | ' | ' | ||
Current assets held-for-sale | 521 | ' | ' | ' | ||
Total current assets | -1,378,893 | -849,923 | ' | ' | ||
Noncurrent assets: | ' | ' | ' | ' | ||
Fixed assets, net | 0 | 0 | ' | ' | ||
Intangible assets, net | 0 | 0 | ' | ' | ||
Goodwill | 0 | 0 | ' | ' | ||
Deferred income taxes, net | ' | -2,584 | ' | ' | ||
Investment in subsidiaries | -2,223,252 | -1,850,810 | ' | ' | ||
Pension assets | 0 | ' | ' | ' | ||
Other assets | 0 | 0 | ' | ' | ||
Noncurrent assets held-for-sale | 0 | ' | ' | ' | ||
Total assets | -3,602,145 | -2,703,317 | ' | ' | ||
Current liabilities: | ' | ' | ' | ' | ||
Accounts payable and accrued liabilities | 0 | 0 | ' | ' | ||
Short-term debt and current portion of long-term debt | 0 | 0 | ' | ' | ||
Pension and postretirement benefits, current | 0 | 0 | ' | ' | ||
Fees received in advance | 0 | 0 | ' | ' | ||
Intercompany payables | -1,360,432 | -842,884 | ' | ' | ||
Deferred income taxes, net | -9 | ' | ' | ' | ||
Income taxes payable | -18,973 | -7,039 | ' | ' | ||
Current liabilities held-for-sale | 521 | ' | ' | ' | ||
Total current liabilities | -1,378,893 | -849,923 | ' | ' | ||
Noncurrent liabilities: | ' | ' | ' | ' | ||
Long-term debt | 0 | 0 | ' | ' | ||
Pension and postretirement benefits | 0 | 0 | ' | ' | ||
Deferred income taxes, net | 0 | -2,584 | ' | ' | ||
Other liabilities | 0 | 0 | ' | ' | ||
Noncurrent liabilities held-for-sale | 0 | ' | ' | ' | ||
Total liabilities | -1,378,893 | -852,507 | ' | ' | ||
Total stockholders’ equity | -2,223,252 | -1,850,810 | ' | ' | ||
Total liabilities and stockholders’ equity | ($3,602,145) | ($2,703,317) | ' | ' | ||
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2011. |
Condensed_Consolidated_Financi4
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' |
Revenues | $1,595,703,000 | $1,407,848,000 | $1,191,393,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 622,523,000 | 516,708,000 | 440,979,000 |
Selling, general and administrative | 228,982,000 | 220,068,000 | 199,495,000 |
Depreciation and amortization of fixed assets | 66,190,000 | 46,637,000 | 40,135,000 |
Amortization of intangible assets | 63,741,000 | 52,207,000 | 32,985,000 |
Acquisition related liabilities adjustment | 0 | 0 | 3,364,000 |
Total expenses | 981,436,000 | 835,620,000 | 710,230,000 |
Operating income | 614,267,000 | 572,228,000 | 481,163,000 |
Other income (expense): | ' | ' | ' |
Investment income | 701,000 | 438,000 | 193,000 |
Realized loss on available-for-sale securities, net | -92,000 | -332,000 | 686,000 |
Interest expense | -76,136,000 | -72,508,000 | -53,847,000 |
Total other expense, net | -75,527,000 | -72,402,000 | -52,968,000 |
Income before income taxes | 538,740,000 | 499,826,000 | 428,195,000 |
Provision for income taxes | -196,426,000 | -182,363,000 | -165,739,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 342,314,000 | 317,463,000 | 262,456,000 |
Income from discontinued operations, net of tax | 6,066,000 | 11,679,000 | 20,302,000 |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Net income | 348,380,000 | 329,142,000 | 282,758,000 |
Verisk Analytics, Inc. [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' |
Revenues | 0 | 0 | 0 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 0 | 0 | 0 |
Selling, general and administrative | 1,000 | 0 | 0 |
Depreciation and amortization of fixed assets | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Acquisition related liabilities adjustment | ' | ' | 0 |
Total expenses | 1,000 | 0 | 0 |
Operating income | -1,000 | 0 | 0 |
Other income (expense): | ' | ' | ' |
Investment income | 43,000 | 44,000 | 36,000 |
Realized loss on available-for-sale securities, net | 0 | 0 | 0 |
Interest expense | -54,551,000 | -42,848,000 | -23,239,000 |
Total other expense, net | -54,508,000 | -42,804,000 | -23,203,000 |
Income before income taxes | -54,509,000 | -42,804,000 | -23,203,000 |
Provision for income taxes | 20,045,000 | 15,833,000 | 8,522,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | -34,464,000 | -26,971,000 | -14,681,000 |
Income from discontinued operations, net of tax | 0 | 0 | 0 |
Equity in net income of subsidiaries | 382,844,000 | 356,113,000 | 297,439,000 |
Net income | 348,380,000 | 329,142,000 | 282,758,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' |
Revenues | 1,259,884,000 | 1,162,134,000 | 1,040,949,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 451,393,000 | 401,724,000 | 373,689,000 |
Selling, general and administrative | 183,717,000 | 174,324,000 | 155,117,000 |
Depreciation and amortization of fixed assets | 52,248,000 | 36,898,000 | 32,315,000 |
Amortization of intangible assets | 13,593,000 | 17,943,000 | 18,544,000 |
Acquisition related liabilities adjustment | ' | ' | 2,800,000 |
Total expenses | 700,951,000 | 630,889,000 | 576,865,000 |
Operating income | 558,933,000 | 531,245,000 | 464,084,000 |
Other income (expense): | ' | ' | ' |
Investment income | 728,000 | 202,000 | 3,017,000 |
Realized loss on available-for-sale securities, net | -92,000 | -332,000 | 686,000 |
Interest expense | -21,571,000 | -29,619,000 | -33,319,000 |
Total other expense, net | -20,935,000 | -29,749,000 | -29,616,000 |
Income before income taxes | 537,998,000 | 501,496,000 | 434,468,000 |
Provision for income taxes | -198,464,000 | -183,025,000 | -168,654,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 339,534,000 | 318,471,000 | 265,814,000 |
Income from discontinued operations, net of tax | 6,230,000 | 11,679,000 | 20,302,000 |
Equity in net income of subsidiaries | 29,262,000 | 19,159,000 | 6,891,000 |
Net income | 375,026,000 | 349,309,000 | 293,007,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' |
Revenues | 355,165,000 | 266,427,000 | 167,044,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | 179,196,000 | 125,111,000 | 75,603,000 |
Selling, general and administrative | 56,544,000 | 56,330,000 | 52,665,000 |
Depreciation and amortization of fixed assets | 13,942,000 | 9,739,000 | 7,820,000 |
Amortization of intangible assets | 50,148,000 | 34,264,000 | 14,441,000 |
Acquisition related liabilities adjustment | ' | ' | 564,000 |
Total expenses | 299,830,000 | 225,444,000 | 149,965,000 |
Operating income | 55,335,000 | 40,983,000 | 17,079,000 |
Other income (expense): | ' | ' | ' |
Investment income | -70,000 | 192,000 | 22,000 |
Realized loss on available-for-sale securities, net | 0 | 0 | 0 |
Interest expense | -14,000 | -41,000 | -171,000 |
Total other expense, net | -84,000 | 151,000 | -149,000 |
Income before income taxes | 55,251,000 | 41,134,000 | 16,930,000 |
Provision for income taxes | -18,007,000 | -15,171,000 | -5,607,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 37,244,000 | 25,963,000 | 11,323,000 |
Income from discontinued operations, net of tax | -164,000 | 0 | 0 |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Net income | 37,080,000 | 25,963,000 | 11,323,000 |
Eliminating Entries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | ' | ' | ' |
Revenues | -19,346,000 | -20,713,000 | -16,600,000 |
Expenses: | ' | ' | ' |
Cost of revenues (exclusive of items shown separately below) | -8,066,000 | -10,127,000 | -8,313,000 |
Selling, general and administrative | -11,280,000 | -10,586,000 | -8,287,000 |
Depreciation and amortization of fixed assets | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Acquisition related liabilities adjustment | ' | ' | 0 |
Total expenses | -19,346,000 | -20,713,000 | -16,600,000 |
Operating income | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' |
Investment income | 0 | 0 | -2,882,000 |
Realized loss on available-for-sale securities, net | 0 | 0 | 0 |
Interest expense | 0 | 0 | 2,882,000 |
Total other expense, net | 0 | 0 | 0 |
Income before income taxes | 0 | 0 | 0 |
Provision for income taxes | 0 | 0 | 0 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 0 | 0 | 0 |
Income from discontinued operations, net of tax | 0 | 0 | 0 |
Equity in net income of subsidiaries | -412,106,000 | -375,272,000 | -304,330,000 |
Net income | ($412,106,000) | ($375,272,000) | ($304,330,000) |
Condensed_Consolidated_Financi5
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' |
Net income | $348,380 | $329,142 | $282,758 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain on investments | -840 | 15 | -183 |
Unrealized holding loss on available-for-sale securities | -147 | -197 | -456 |
Pension and postretirement adjustment | 46,659 | -10,691 | -21,845 |
Total other comprehensive income (loss) | 45,672 | -10,873 | -22,484 |
Comprehensive income | 394,052 | 318,269 | 260,274 |
Verisk Analytics, Inc. [Member] | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' |
Net income | 348,380 | 329,142 | 282,758 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain on investments | -840 | 15 | -183 |
Unrealized holding loss on available-for-sale securities | -147 | -197 | -456 |
Pension and postretirement adjustment | 46,659 | -10,691 | -21,845 |
Total other comprehensive income (loss) | 45,672 | -10,873 | -22,484 |
Comprehensive income | 394,052 | 318,269 | 260,274 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' |
Net income | 375,026 | 349,309 | 293,007 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain on investments | -778 | 172 | 55 |
Unrealized holding loss on available-for-sale securities | -147 | -197 | -456 |
Pension and postretirement adjustment | 46,659 | -10,691 | -21,845 |
Total other comprehensive income (loss) | 45,734 | -10,716 | -22,246 |
Comprehensive income | 420,760 | 338,593 | 270,761 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' |
Net income | 37,080 | 25,963 | 11,323 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain on investments | -99 | 46 | -231 |
Unrealized holding loss on available-for-sale securities | 0 | 0 | 0 |
Pension and postretirement adjustment | 0 | 0 | 0 |
Total other comprehensive income (loss) | -99 | 46 | -231 |
Comprehensive income | 36,981 | 26,009 | 11,092 |
Eliminating Entries [Member] | ' | ' | ' |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | ' | ' | ' |
Net income | -412,106 | -375,272 | -304,330 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Unrealized foreign currency (loss) gain on investments | 877 | -218 | 176 |
Unrealized holding loss on available-for-sale securities | 147 | 197 | 456 |
Pension and postretirement adjustment | -46,659 | 10,691 | 21,845 |
Total other comprehensive income (loss) | -45,635 | 10,670 | 22,477 |
Comprehensive income | ($457,741) | ($364,602) | ($281,853) |
Condensed_Consolidated_Financi6
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | $506,920,000 | $468,229,000 | $375,721,000 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired for 2012, 2011 and 2010 of $36,113 $590 and $10,524 respectively | -983,000 | -769,513,000 | -121,721,000 |
Earnout payments | 0 | 250,000 | 3,500,000 |
Purchase of non-controlling equity investments in non-public companies | 0 | -2,250,000 | 0 |
Escrow funding associated with acquisitions | 0 | -38,800,000 | -19,560,000 |
Proceeds from release of acquisition related escrows | 280,000 | 1,455,000 | 0 |
Repayments received from other subsidiaries | 0 | 0 | 0 |
Advances provided to other subsidiaries | 0 | 0 | 0 |
Proceeds from repayment of intercompany note receivable | ' | ' | 0 |
Purchases of fixed assets | -145,976,000 | -74,373,000 | -59,829,000 |
Purchases of available-for-sale securities | -5,870,000 | -1,784,000 | -1,549,000 |
Proceeds from sales and maturities of available-for-sale securities | 7,484,000 | 1,932,000 | 1,730,000 |
Other investing activities, net | -561,000 | ' | 300,000 |
Net cash used in investing activities | -145,626,000 | -883,583,000 | -204,129,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | 0 | 347,224,000 | 696,559,000 |
Repayment of short-term debt refinanced on a long-term basis | 0 | 347,224,000 | 440,000,000 |
Repayment of current portion of long-term debt | ' | ' | -125,000,000 |
Proceeds from issuance of common stock | 0 | ' | ' |
Proceeds from issuance of short-term debt with original maturities greater than three months | ' | ' | 120,000,000 |
Proceeds from short-term debt, net | -10,000,000 | 357,224,000 | 10,000,000 |
Payment of debt issuance costs | -605,000 | -3,905,000 | -7,835,000 |
Repayment of current portion of long-term debt | -180,000,000 | 0 | -125,000,000 |
Repayments of advances provided to other subsidiaries | ' | ' | 0 |
Funds transferred due to merger | 0 | ' | ' |
Repayments of advances to other subsidiaries | 0 | 0 | ' |
Repayment of intercompany note payable | ' | ' | 0 |
Advances received from other subsidiaries | 0 | 0 | 0 |
Excess tax benefits from exercised stock options | 109,946,000 | 60,672,000 | 53,195,000 |
Proceeds from stock options exercised | 80,368,000 | 68,388,000 | 43,345,000 |
Other financing activities, net | -6,770,000 | -6,549,000 | -3,268,000 |
Net cash (used in) provided by financing activities | -284,472,000 | 313,555,000 | -34,780,000 |
Effect of exchange rate changes | -840,000 | 15,000 | -183,000 |
(Decrease) increase in cash and cash equivalents | 75,982,000 | -101,784,000 | 136,629,000 |
Cash and cash equivalents, beginning of period | 89,819,000 | 191,603,000 | 54,974,000 |
Cash and cash equivalents, end of period | 165,801,000 | 89,819,000 | 191,603,000 |
Supplemental disclosures: | ' | ' | ' |
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | ' | 0 | ' |
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 0 | 0 | 0 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 0 | 0 | 0 |
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | ' | ' | 0 |
Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Repurchases of Class A common stock | 277,411,000 | 162,275,000 | 381,776,000 |
Repayment of current portion of long-term debt | -180,000,000 | ' | ' |
Verisk Analytics, Inc. [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 42,000 | -20,115,000 | -14,821,000 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired for 2012, 2011 and 2010 of $36,113 $590 and $10,524 respectively | 0 | 0 | 0 |
Earnout payments | ' | 0 | 0 |
Purchase of non-controlling equity investments in non-public companies | 0 | -250,000 | ' |
Escrow funding associated with acquisitions | ' | 0 | 0 |
Proceeds from release of acquisition related escrows | 66,000 | 0 | ' |
Repayments received from other subsidiaries | 0 | 19,400,000 | 0 |
Advances provided to other subsidiaries | -30,000,000 | 0 | -10,052,000 |
Proceeds from repayment of intercompany note receivable | ' | ' | 0 |
Purchases of fixed assets | 0 | 0 | 0 |
Purchases of available-for-sale securities | 0 | 0 | 0 |
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | 0 |
Other investing activities, net | 0 | ' | 0 |
Net cash used in investing activities | -29,934,000 | 19,150,000 | -10,052,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | ' | 347,224,000 | 696,559,000 |
Repayment of short-term debt refinanced on a long-term basis | ' | 0 | 0 |
Repayment of current portion of long-term debt | ' | ' | 0 |
Proceeds from issuance of short-term debt with original maturities greater than three months | ' | ' | 0 |
Proceeds from short-term debt, net | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | -2,557,000 | -4,487,000 |
Repayments of advances provided to other subsidiaries | ' | ' | -7,204,000 |
Funds transferred due to merger | 0 | ' | ' |
Repayments of advances to other subsidiaries | -10,010,000 | -419,812,000 | ' |
Repayment of intercompany note payable | ' | ' | -617,796,000 |
Advances received from other subsidiaries | 60,000,000 | 0 | 34,038,000 |
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Other financing activities, net | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 49,990,000 | -75,145,000 | 101,110,000 |
Effect of exchange rate changes | 0 | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 20,098,000 | -76,110,000 | 76,237,000 |
Cash and cash equivalents, beginning of period | 128,000 | 76,238,000 | 1,000 |
Cash and cash equivalents, end of period | 20,226,000 | 128,000 | 76,238,000 |
Supplemental disclosures: | ' | ' | ' |
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | ' | 17,000,000 | ' |
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 277,411,000 | 162,275,000 | 381,776,000 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 80,368,000 | 68,388,000 | 43,345,000 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | 0 | ' | ' |
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | ' | ' | 615,000,000 |
Verisk Analytics, Inc. [Member] | Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | 0 | ' | ' |
Repurchases of Class A common stock | 0 | 0 | 0 |
Repayment of current portion of long-term debt | 0 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 287,956,000 | 329,845,000 | 346,820,000 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired for 2012, 2011 and 2010 of $36,113 $590 and $10,524 respectively | -983,000 | -762,596,000 | -121,721,000 |
Earnout payments | ' | 0 | 0 |
Purchase of non-controlling equity investments in non-public companies | -350,000 | -2,000,000 | ' |
Escrow funding associated with acquisitions | ' | -38,000,000 | -19,560,000 |
Proceeds from release of acquisition related escrows | 214,000 | 1,455,000 | ' |
Repayments received from other subsidiaries | 206,282,000 | 592,356,000 | 9,714,000 |
Advances provided to other subsidiaries | -68,692,000 | -52,000,000 | -54,701,000 |
Proceeds from repayment of intercompany note receivable | ' | ' | 617,796,000 |
Purchases of fixed assets | -118,307,000 | -60,525,000 | -50,813,000 |
Purchases of available-for-sale securities | -5,870,000 | -1,784,000 | -1,549,000 |
Proceeds from sales and maturities of available-for-sale securities | 7,484,000 | 1,932,000 | 1,730,000 |
Other investing activities, net | -561,000 | ' | 300,000 |
Net cash used in investing activities | 19,217,000 | -321,162,000 | 381,196,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | ' | 0 | 0 |
Repayment of short-term debt refinanced on a long-term basis | ' | 347,224,000 | 440,000,000 |
Repayment of current portion of long-term debt | ' | ' | -125,000,000 |
Proceeds from issuance of short-term debt with original maturities greater than three months | ' | ' | 120,000,000 |
Proceeds from short-term debt, net | -10,000,000 | 357,224,000 | 10,000,000 |
Payment of debt issuance costs | -605,000 | -1,348,000 | -3,348,000 |
Repayments of advances provided to other subsidiaries | ' | ' | -2,510,000 |
Funds transferred due to merger | 2,877,000 | ' | ' |
Repayments of advances to other subsidiaries | -9,605,000 | -19,400,000 | ' |
Repayment of intercompany note payable | ' | ' | 0 |
Advances received from other subsidiaries | 30,000,000 | 0 | 46,013,000 |
Excess tax benefits from exercised stock options | 109,946,000 | 60,672,000 | 53,195,000 |
Proceeds from stock options exercised | 80,368,000 | 68,388,000 | 43,345,000 |
Other financing activities, net | -6,478,000 | -5,931,000 | -2,746,000 |
Net cash (used in) provided by financing activities | -260,908,000 | -49,894,000 | -682,827,000 |
Effect of exchange rate changes | -741,000 | -31,000 | 48,000 |
(Decrease) increase in cash and cash equivalents | 45,524,000 | -41,242,000 | 45,237,000 |
Cash and cash equivalents, beginning of period | 35,571,000 | 76,813,000 | 31,576,000 |
Cash and cash equivalents, end of period | 81,095,000 | 35,571,000 | 76,813,000 |
Supplemental disclosures: | ' | ' | ' |
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | ' | 790,174,000 | ' |
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 277,411,000 | 162,275,000 | 381,776,000 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 80,368,000 | 68,388,000 | 43,345,000 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | 85,953,000 | ' | ' |
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | ' | ' | -615,000,000 |
Guarantor Subsidiaries [Member] | Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | 0 | ' | ' |
Repurchases of Class A common stock | 277,411,000 | 162,275,000 | 381,776,000 |
Repayment of current portion of long-term debt | -180,000,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 218,922,000 | 158,499,000 | 43,722,000 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired for 2012, 2011 and 2010 of $36,113 $590 and $10,524 respectively | 0 | -6,917,000 | 0 |
Earnout payments | ' | 250,000 | 3,500,000 |
Purchase of non-controlling equity investments in non-public companies | 0 | 0 | ' |
Escrow funding associated with acquisitions | ' | -800,000 | 0 |
Proceeds from release of acquisition related escrows | 0 | 0 | ' |
Repayments received from other subsidiaries | 9,605,000 | 0 | 0 |
Advances provided to other subsidiaries | 0 | 0 | -81,824,000 |
Proceeds from repayment of intercompany note receivable | ' | ' | 0 |
Purchases of fixed assets | -27,669,000 | -13,848,000 | -9,016,000 |
Purchases of available-for-sale securities | 0 | 0 | 0 |
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | 0 |
Other investing activities, net | 0 | ' | 0 |
Net cash used in investing activities | -18,064,000 | -21,815,000 | -94,340,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | ' | 0 | 0 |
Repayment of short-term debt refinanced on a long-term basis | ' | 0 | 0 |
Repayment of current portion of long-term debt | ' | ' | 0 |
Proceeds from issuance of short-term debt with original maturities greater than three months | ' | ' | 0 |
Proceeds from short-term debt, net | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | 0 | 0 |
Repayments of advances provided to other subsidiaries | ' | ' | 0 |
Funds transferred due to merger | -2,877,000 | ' | ' |
Repayments of advances to other subsidiaries | -196,272,000 | -172,544,000 | ' |
Repayment of intercompany note payable | ' | ' | 0 |
Advances received from other subsidiaries | 8,692,000 | 52,000,000 | 66,526,000 |
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Other financing activities, net | -292,000 | -618,000 | -522,000 |
Net cash (used in) provided by financing activities | -190,399,000 | -121,162,000 | 66,004,000 |
Effect of exchange rate changes | -99,000 | 46,000 | -231,000 |
(Decrease) increase in cash and cash equivalents | 10,360,000 | 15,568,000 | 15,155,000 |
Cash and cash equivalents, beginning of period | 54,120,000 | 38,552,000 | 23,397,000 |
Cash and cash equivalents, end of period | 64,480,000 | 54,120,000 | 38,552,000 |
Supplemental disclosures: | ' | ' | ' |
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | ' | 773,174,000 | ' |
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 0 | 0 | 0 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 0 | 0 | 0 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | -85,953,000 | ' | ' |
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | ' | ' | 0 |
Non-Guarantor Subsidiaries [Member] | Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | 350,000 | ' | ' |
Repurchases of Class A common stock | 0 | 0 | 0 |
Repayment of current portion of long-term debt | 0 | ' | ' |
Eliminating Entries [Member] | ' | ' | ' |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions, net of cash acquired for 2012, 2011 and 2010 of $36,113 $590 and $10,524 respectively | 0 | 0 | 0 |
Earnout payments | ' | 0 | 0 |
Purchase of non-controlling equity investments in non-public companies | 350,000 | 0 | ' |
Escrow funding associated with acquisitions | ' | 0 | 0 |
Proceeds from release of acquisition related escrows | 0 | 0 | ' |
Repayments received from other subsidiaries | -215,887,000 | -611,756,000 | -9,714,000 |
Advances provided to other subsidiaries | 98,692,000 | 52,000,000 | 146,577,000 |
Proceeds from repayment of intercompany note receivable | ' | ' | -617,796,000 |
Purchases of fixed assets | 0 | 0 | 0 |
Purchases of available-for-sale securities | 0 | 0 | 0 |
Proceeds from sales and maturities of available-for-sale securities | 0 | 0 | 0 |
Other investing activities, net | 0 | ' | 0 |
Net cash used in investing activities | -116,845,000 | -559,756,000 | -480,933,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt, net of original issue discount | ' | 0 | 0 |
Repayment of short-term debt refinanced on a long-term basis | ' | 0 | 0 |
Repayment of current portion of long-term debt | ' | ' | 0 |
Proceeds from issuance of short-term debt with original maturities greater than three months | ' | ' | 0 |
Proceeds from short-term debt, net | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | 0 | 0 |
Repayments of advances provided to other subsidiaries | ' | ' | 9,714,000 |
Funds transferred due to merger | 0 | ' | ' |
Repayments of advances to other subsidiaries | 215,887,000 | 611,756,000 | ' |
Repayment of intercompany note payable | ' | ' | 617,796,000 |
Advances received from other subsidiaries | -98,692,000 | -52,000,000 | -146,577,000 |
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Other financing activities, net | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 116,845,000 | 559,756,000 | 480,933,000 |
Effect of exchange rate changes | 0 | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Supplemental disclosures: | ' | ' | ' |
Increase in intercompany balances from the purchase of MediConnect and Argus by ISO | ' | 0 | ' |
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 0 | 0 | 0 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 0 | 0 | 0 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | 0 | ' | ' |
Issuance of intercompany note payable (receivable) from amounts previously recorded as intercompany payables (receivables) | ' | ' | 0 |
Eliminating Entries [Member] | Verisk Class A [Member] | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of common stock | -350,000 | ' | ' |
Repurchases of Class A common stock | 0 | 0 | 0 |
Repayment of current portion of long-term debt | $0 | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 25, 2014 | Jan. 31, 2014 |
Subsequent event | Subsequent event | ||||
Interthinx | EagleView Technology Corporation | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Business acquisition, percentage of voting interests acquired | ' | ' | ' | ' | 100.00% |
Payments to acquire business, net of cash acquired | $983 | $769,513 | $121,721 | ' | $650,000 |
Percentage of subsidiary stock for sale | ' | ' | ' | 100.00% | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for doubtful accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | $4,753 | $4,158 | $4,028 | |||
Charged to Costs and Expenses | 2,468 | [1] | 1,065 | [1] | 1,278 | [1] |
Deductions - Write-offs | -2,284 | [2] | -470 | [2] | -1,148 | [2] |
Adjustment | -522 | [2] | 0 | [2] | 0 | [2] |
Balance at End of Year | 4,415 | 4,753 | 4,158 | |||
Valuation allowance for income taxes [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at Beginning of Year | 595 | 1,615 | 1,485 | |||
Charged to Costs and Expenses | 673 | [1] | 73 | [1] | 130 | [1] |
Deductions - Write-offs | -527 | [2] | -1,093 | [2] | 0 | [2] |
Adjustment | 0 | [2] | 0 | [2] | 0 | [2] |
Balance at End of Year | $741 | $595 | $1,615 | |||
[1] | Primarily additional reserves for bad debts. | |||||
[2] | Primarily accounts receivable balances written off, net of recoveries, and the expiration of loss carryforwards. |