Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VRSK | ||
Entity Registrant Name | Verisk Analytics, Inc. | ||
Entity Central Index Key | 1442145 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 158,108,455 | ||
Entity Public Float | $9,119,385,502 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $39,359 | $165,801 | ||
Available-for-sale securities | 3,801 | 3,911 | ||
Accounts receivable, net | 220,668 | 158,547 | ||
Prepaid expenses | 31,496 | 25,657 | ||
Deferred income taxes, net | 4,772 | 5,077 | ||
Income taxes receivable | 65,512 | 67,346 | ||
Other current assets | 18,875 | 34,681 | ||
Current assets held-for-sale | 0 | 13,825 | ||
Total current assets | 384,483 | 474,845 | ||
Noncurrent assets: | ||||
Fixed assets, net | 302,273 | 233,373 | ||
Intangible assets, net | 406,476 | 447,618 | ||
Goodwill | 1,207,146 | [1] | 1,181,681 | [1] |
Pension assets | 18,589 | 60,955 | ||
Other assets | 26,363 | 20,034 | ||
Noncurrent assets held-for-sale | 0 | 85,945 | ||
Total assets | 2,345,330 | 2,504,451 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 180,726 | 188,264 | ||
Short-term debt and current portion of long-term debt | 336,058 | 4,448 | ||
Pension and postretirement benefits, current | 1,894 | 2,437 | ||
Fees received in advance | 252,592 | 226,581 | ||
Current liabilities held-for-sale | 0 | 9,449 | ||
Total current liabilities | 771,270 | 431,179 | ||
Noncurrent liabilities: | ||||
Long-term debt | 1,100,874 | 1,271,439 | ||
Pension benefits | 13,805 | 13,007 | ||
Postretirement benefits | 2,410 | 2,061 | ||
Deferred income taxes, net | 202,540 | 198,604 | ||
Other liabilities | 43,388 | 36,043 | ||
Noncurrent liabilities held-for-sale | 0 | 4,529 | ||
Total liabilities | 2,134,287 | 1,956,862 | ||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Unearned KSOP contributions | -161 | -306 | ||
Additional paid-in capital | 1,171,196 | 1,202,106 | ||
Treasury stock, at cost, 386,089,811 and 376,545,111 shares, respectively | -2,533,764 | -1,864,967 | ||
Retained earnings | 1,654,149 | 1,254,107 | ||
Accumulated other comprehensive losses | -80,514 | -43,488 | ||
Total stockholders’ equity | 211,043 | 547,589 | ||
Total liabilities and stockholders’ equity | 2,345,330 | 2,504,451 | ||
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 157,913,227 and 167,457,927 shares outstanding, respectively | $137 | $137 | ||
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2012. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Verisk Class A [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Verisk Class A [Member] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock issued (in shares) | 544,003,038 | 544,003,038 |
Common stock outstanding (in shares) | 157,913,227 | 167,457,927 |
Treasury stock (in shares) | 386,089,811 | 376,545,111 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenues | $1,746,726 | $1,595,703 | $1,407,848 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 716,598 | 622,523 | 516,708 |
Selling, general and administrative | 227,306 | 228,982 | 220,068 |
Depreciation and amortization of fixed assets | 85,506 | 66,190 | 46,637 |
Amortization of intangible assets | 56,870 | 63,741 | 52,207 |
Total expenses | 1,086,280 | 981,436 | 835,620 |
Operating income | 660,446 | 614,267 | 572,228 |
Other income (expense): | |||
Investment income and others | 158 | 609 | 106 |
Interest expense | -69,984 | -76,136 | -72,508 |
Total other expense, net | -69,826 | -75,527 | -72,402 |
Income before income taxes | 590,620 | 538,740 | 499,826 |
Provision for income taxes | -219,755 | -196,426 | -182,363 |
Income from continuing operations | 370,865 | 342,314 | 317,463 |
Income from discontinued operations, net of tax of $25,305, $4,753 and $7,703, respectively (Note 10) | 29,177 | 6,066 | 11,679 |
Net income | $400,042 | $348,380 | $329,142 |
Basic net income per share: | |||
Income from continuing operations (in dollars per share) | $2.24 | $2.04 | $1.91 |
Income from discontinued operations (in dollars per share) | $0.17 | $0.03 | $0.07 |
Basic net income per share (in dollars per share) | $2.41 | $2.07 | $1.98 |
Diluted net income per share: | |||
Income from continuing operations (in dollars per share) | $2.20 | $1.99 | $1.85 |
Income from discontinued operations (in dollars per share) | $0.17 | $0.03 | $0.07 |
Diluted net income per share (in dollars per share) | $2.37 | $2.02 | $1.92 |
Weighted average shares outstanding: | |||
Basic (in shares) | 165,823,803 | 168,031,412 | 165,890,258 |
Diluted (in shares) | 169,132,423 | 172,276,360 | 171,709,518 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Income from discontinued operations, tax | $25,305 | $4,753 | $7,703 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $400,042 | $348,380 | $329,142 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -1,286 | -840 | 15 |
Unrealized holding loss on available-for-sale securities | -35 | -147 | -197 |
Pension and postretirement adjustment | -35,705 | 46,659 | -10,691 |
Total other comprehensive (loss) income | -37,026 | 45,672 | -10,873 |
Comprehensive income | $363,016 | $394,052 | $318,269 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Total | Par Value [Member] | Unearned KSOP Contributions [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Losses [Member] | Verisk Class A [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2011 | ($98,490) | $137 | ($691) | $874,808 | ($1,471,042) | $576,585 | ($78,287) | |
Balance (in shares) at Dec. 31, 2011 | 544,003,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 329,142 | 329,142 | ||||||
Total other comprehensive income (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 | 131,824 | 28,039 | |||||
Restricted stock lapsed, including tax benefit | 201 | 34 | 167 | |||||
Employee stock purchase plan | 294 | 268 | 26 | |||||
Stock based compensation | 24,696 | 24,696 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | |||||||
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 (in shares) at Dec. 31, 2012 | 544,003,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 348,380 | 348,380 | ||||||
Total other comprehensive income (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 | |||||
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 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | 0 | |||||||
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 (in shares) at Dec. 31, 2013 | 544,003,038 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 400,042 | |||||||
Total other comprehensive income (loss) | -37,026 | -37,026 | ||||||
Treasury stock acquired - Class A | -775,446 | -100,000 | -675,446 | |||||
KSOP shares earned | 15,351 | 145 | 15,206 | |||||
Stock options exercised, including tax benefit | 39,792 | 34,011 | 5,781 | |||||
Restricted stock lapsed, including tax benefit | 550 | -148 | 698 | |||||
Employee stock purchase plan | 1,563 | 1,414 | 149 | |||||
Stock based compensation | 20,011 | 20,011 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | 1,625 | 1,625 | ||||||
Other stock issuances | 242 | 221 | 21 | |||||
Balance at Dec. 31, 2014 | $211,043 | $137 | ($161) | $1,171,196 | ($2,533,764) | $1,654,149 | ($80,514) | |
Balance (in shares) at Dec. 31, 2014 | 544,003,038 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Treasury stock, shares acquired | 10,802,087 | 4,532,552 | |
Tax benefit of stock options exercised | $15,438 | $57,065 | $88,185 |
Shares reissued from treasury stock | 1,091,746 | 4,076,750 | 6,880,678 |
Other stock issuances, shares | 3,975 | 8,109 | 4,777 |
Number of Stock Issued During Period Shares Stock Options Exercised Net Of Taxes | 27,159 | 0 | 0 |
Restricted Stock [Member] | |||
Tax benefit of stock options exercised | $550 | $991 | $202 |
Shares reissued from treasury stock | 134,713 | 150,668 | 41,908 |
Employee Stock Purchase Plan [Member] | |||
Shares reissued from treasury stock | 26,953 | 27,879 | 6,074 |
Verisk Class A [Member] | |||
Treasury stock, shares acquired | 10,802,087 | 4,532,552 | 3,491,591 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $400,042 | $348,380 | $329,142 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of fixed assets | 86,501 | 70,279 | 50,624 |
Amortization of intangible assets | 56,982 | 64,299 | 53,575 |
Amortization of debt issuance costs and original issue discount | 2,638 | 2,713 | 2,337 |
Allowance for doubtful accounts | 1,814 | 2,482 | 1,065 |
KSOP compensation expense | 15,351 | 14,930 | 13,111 |
Stock based compensation | 20,253 | 21,087 | 24,696 |
Gain on sale of subsidiary | -65,410 | 0 | 0 |
Realized (gain) loss on securities, net | -257 | 92 | 332 |
Deferred income taxes | 24,491 | 44,140 | 63,261 |
Loss on disposal of fixed assets | 1,048 | 628 | 597 |
Excess tax benefits from exercised stock options | -22,566 | -109,946 | -60,672 |
Other operating activities, net | 0 | 448 | 265 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | -54,515 | 2,106 | -6,425 |
Prepaid expenses and other assets | -9,625 | -2,386 | 550 |
Income taxes | 13,760 | 39,661 | 83,711 |
Accounts payable and accrued liabilities | 12,675 | 34,022 | 11,256 |
Fees received in advance | 22,114 | 26,970 | 20,493 |
Pension and postretirement benefits | -14,802 | -11,392 | -105,829 |
Other liabilities | -1,042 | -41,593 | -13,860 |
Net cash provided by operating activities | 489,452 | 506,920 | 468,229 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired of $304, $0 and $36,113, respectively | -35,192 | -983 | -769,513 |
Purchase of non-controlling interest in non-public companies | -5,000 | 0 | -2,250 |
Proceeds from sale of subsidiary | 151,170 | 0 | 0 |
Earnout payments | 0 | 0 | -250 |
Escrow funding associated with acquisitions | 0 | 0 | -38,800 |
Proceeds from release of acquisition related escrows | 0 | 280 | 1,455 |
Capital expenditures | -146,818 | -145,976 | -74,373 |
Purchases of available-for-sale securities | -203 | -5,870 | -1,784 |
Proceeds from sales and maturities of available-for-sale securities | 513 | 7,484 | 1,932 |
Other investing activities, net | 0 | -561 | 0 |
Net cash used in investing activities | -35,530 | -145,626 | -883,583 |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt, net of original issue discount | 0 | 0 | 347,224 |
Repayments of current portion of long-term debt | 0 | -180,000 | 0 |
Repayments of short-term debt refinanced on a long-term basis | 0 | 0 | -347,224 |
Proceeds (repayments) from short-term debt, net | 160,000 | -10,000 | 357,224 |
Payment of debt issuance costs | -465 | -605 | -3,905 |
Net share settlement of taxes from restricted stock awards | -1,625 | 0 | 0 |
Excess tax benefits from exercised stock options | 22,566 | 109,946 | 60,672 |
Proceeds from stock options exercised | 24,648 | 80,368 | 68,388 |
Other financing activities, net | -5,718 | -6,770 | -6,549 |
Net cash (used in) provided by financing activities | -579,078 | -284,472 | 313,555 |
Effect of exchange rate changes | -1,286 | -840 | 15 |
(Decrease) increase in cash and cash equivalents | -126,442 | 75,982 | -101,784 |
Cash and cash equivalents, beginning of period | 165,801 | 89,819 | 191,603 |
Cash and cash equivalents, end of period | 39,359 | 165,801 | 89,819 |
Supplemental disclosures: | |||
Taxes paid | 205,498 | 126,846 | 47,516 |
Interest paid | 67,231 | 75,084 | 60,977 |
Non-cash investing and financing activities: | |||
Deferred tax liability established on the date of acquisitions | 2,654 | 1,187 | 80,979 |
Tenant improvement allowance | 9,134 | 0 | 0 |
Capital lease obligations | 6,044 | 10,512 | 3,869 |
Capital expenditures included in accounts payable and accrued liabilities | 76 | 5,960 | 4,946 |
Increase in goodwill due to acquisition related escrow distributions | 0 | 0 | 5,934 |
Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | -778,484 | -277,411 | -162,275 |
Non-cash investing and financing activities: | |||
Repurchases of Class A common stock included in accounts payable and accrued liabilities | $0 | $3,038 | $1,511 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Cash Flows [Abstract] | |||
Net of cash acquired from acquisitions | $304 | $0 | $36,113 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | |
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. Certain reclassifications have been made related to realized gain (loss) on available-for-sale securities, net and investment income within the consolidated financial statements and in the notes to confirm to the respective 2014 presentation. As of December 31, 2013, the Company's mortgage services business qualified as assets held-for-sale. Accordingly, the respective assets and liabilities were classified as held-for-sale in the consolidated balance sheet at December 31, 2013. The mortgage services business was sold on March 11, 2014. 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, 2014 and 2013 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, 2014 or 2013. 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 “Investment income and others” 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 $25,508, $21,426 and $18,386 for the years ended December 31, 2014, 2013 and 2012, 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 $6,360, $8,457 and $6,166 for the years ended December 31, 2014, 2013 and 2012, 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 (loss) 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, 2014 and 2013, 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, 2014, which resulted in no impairment of goodwill in 2014. 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 March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. ASU 2013-05 was adopted by the Company on January 1, 2014. The adoption of ASU 2013-05 did not 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. The Company adopted the standard on January 1, 2014. The adoption of ASU No. 2013-11 did not have a material impact on the Company's consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amendments in this ASU further require additional disclosures on discontinued operations in the financial statements. ASU No. 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held-for-sale) that have not been reported in the financial statements previously issued. The Company has elected not to early adopt and will assess the impact of this standard when applicable circumstances are required to be reported in discontinued operations under the existing guidance and this ASU. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU No. 2014-09"). The objective of ASU No. 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU No. 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the contract’s performance obligations; and recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU No. 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements nor decided upon the method of adoption. | |
In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU No. 2015-01"). As it is extremely rare in current practice for an event or transaction to be presented as an extraordinary item, this ASU eliminates from the U.S. GAAP the concept of extraordinary items. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has elected not to early adopt and will assess the impact of this standard when applicable circumstances are warranted. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [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 its cash and cash equivalents in higher credit quality financial institutions in order to limit the amount of credit exposure. The total domestic cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) to a maximum amount of $250 per bank at December 31, 2014 and 2013. At December 31, 2014 and 2013, the Company had cash balances on deposit that exceeded the balance insured by the FDIC limit by approximately $16,316 and $138,028 with six banks. At December 31, 2014 and 2013, the Company also had cash on deposit with foreign banks of approximately $21,886 and $26,228, 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 41% of revenues for 2014, 38% for 2013 and 38% for 2012 with no individual customer accounting for more than 5% of revenues during the year ended December 31, 2014, and 3% of revenue during the years ended December 31, 2013 and 2012. No individual customer comprised more than 7% of accounts receivable at December 31, 2014 and 5% at December 31, 2013. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2014 | |
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, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable | Accounts Receivable: | |||||||
Accounts receivable consisted of the following at December 31: | ||||||||
2014 | 2013 | |||||||
Billed receivables | $ | 203,339 | $ | 143,059 | ||||
Unbilled receivables | 23,324 | 19,903 | ||||||
Total receivables | 226,663 | 162,962 | ||||||
Less allowance for doubtful accounts | (5,995 | ) | (4,415 | ) | ||||
Accounts receivable, net | $ | 220,668 | $ | 158,547 | ||||
Investments
Investments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||
Investments | Investments: | |||||||||||
Available-for-sale securities consisted of the following: | ||||||||||||
Adjusted | Gross | Fair Value | ||||||||||
Cost | Unrealized | |||||||||||
Loss | ||||||||||||
31-Dec-14 | ||||||||||||
Registered investment companies | $ | 4,045 | $ | (244 | ) | $ | 3,801 | |||||
31-Dec-13 | ||||||||||||
Registered investment companies | $ | 4,098 | $ | (187 | ) | $ | 3,911 | |||||
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, 2014 and 2013, the carrying value of such securities was $8,487 and $3,602, respectively, and has been included in “Other assets” in the accompanying consolidated balance sheets. | ||||||||||||
Realized gain (loss) on securities, net, including write downs related to other-than-temporary impairments of available-for-sale securities and other assets, has been included in "Investment income and others" in the accompanying consolidated statements of operations. Realized gain (loss) on securities, net, was as follows for the years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Gross realized gain on sale of registered investment securities | $ | 285 | $ | 966 | $ | 420 | ||||||
Other-than-temporary impairment of registered investment securities | (28 | ) | (84 | ) | (74 | ) | ||||||
Other-than-temporary impairment of non-controlling interest in non-public companies | — | (974 | ) | (678 | ) | |||||||
Realized gain (loss) on securities, net | $ | 257 | $ | (92 | ) | $ | (332 | ) | ||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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, 2014 and 2013. 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, fees received in advance, 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-14 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 3,707 | $ | — | $ | 3,707 | ||||||||||
Registered investment companies(1) | $ | 3,801 | $ | 3,801 | $ | — | ||||||||||
31-Dec-13 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 889 | $ | — | $ | 889 | ||||||||||
Registered investment companies(1) | $ | 3,911 | $ | 3,911 | $ | — | ||||||||||
(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, 2014 and 2013 respectively: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial instrument not carried at fair value: | ||||||||||||||||
Long-term debt excluding capitalized leases | $ | 1,265,848 | $ | 1,371,213 | $ | 1,265,129 | $ | 1,335,844 | ||||||||
Fixed_Assets
Fixed Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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-14 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 199,199 | $ | (131,055 | ) | $ | 68,144 | ||||||
Leasehold improvements | Lease term | 65,212 | (27,884 | ) | 37,328 | |||||||||
Purchased software | 3 years | 116,089 | (80,794 | ) | 35,295 | |||||||||
Software development costs | 3 years | 266,559 | (111,766 | ) | 154,793 | |||||||||
Leased equipment | 3-4 years | 32,776 | (26,063 | ) | 6,713 | |||||||||
Total fixed assets | $ | 679,835 | $ | (377,562 | ) | $ | 302,273 | |||||||
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 | |||||||
Depreciation and amortization of fixed assets for the years ended December 31, 2014, 2013 and 2012 were $85,506, $66,190 and $46,637, of which $19,000, $12,806 and $8,935 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 $4,497 and $3,623 for the years ended December 31, 2014 and 2013, respectively. There was no amortization expense related to development of software for sale during the year ended December 31, 2012 as these projects were in process. The Company had unamortized software development costs that had been capitalized in accordance with ASC 985-20 of $34,749 and $29,149 as of December 31, 2014 and 2013, respectively. Leased equipment includes amounts held under capital leases for automobiles, computer software and computer equipment. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||
Acquisitions | Acquisitions | |||||||||||||||
2014 Acquisition | ||||||||||||||||
On December 8, 2014, the Company acquired 100% of the stock of Maplecroft.Net Limited (“Maplecroft”), a provider of global risk analytics and advisory services, for a net cash purchase price of $30,141, which includes $2,725 of indemnity escrows held by the seller. Using a proprietary data aggregation and analytical approach, Maplecroft enables its customers to assess, monitor, and forecast a growing range of worldwide risks, including geopolitical and societal risks. Within the Company's Decision Analytics segment, this acquisition establishes the Company's position as a provider of value chain optimization tools, providing comprehensive quantitative risk analytics and platforms by which customers can visualize, quantify, mitigate, and manage risk. Maplecroft is headquartered in Bath, England. | ||||||||||||||||
The preliminary purchase price allocation of the acquisition resulted in the following: | ||||||||||||||||
Maplecroft | ||||||||||||||||
Accounts receivable | $ | 1,833 | ||||||||||||||
Current assets | 543 | |||||||||||||||
Fixed assets | 98 | |||||||||||||||
Intangible assets | 13,270 | |||||||||||||||
Goodwill | 21,369 | |||||||||||||||
Total assets acquired | 37,113 | |||||||||||||||
Current liabilities | 4,318 | |||||||||||||||
Deferred income taxes, net | 2,654 | |||||||||||||||
Total liabilities assumed | 6,972 | |||||||||||||||
Net assets acquired | $ | 30,141 | ||||||||||||||
The preliminary amounts assigned to intangible assets by type for the acquisition are summarized in the table below: | ||||||||||||||||
Weighted | Total | |||||||||||||||
Average | ||||||||||||||||
Useful Life | ||||||||||||||||
Technology-based | 10 years | $ | 3,202 | |||||||||||||
Marketing-related | 10 years | 458 | ||||||||||||||
Customer-related | 10 years | 9,610 | ||||||||||||||
Total intangible assets | 10 years | $ | 13,270 | |||||||||||||
Due to the timing of the acquisition, the allocation of the purchase price (noted within the tables above) is all subject to revisions as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The revisions may have an impact on the consolidated financial statements. The allocation of the purchase price will be finalized once all information is obtained, but not to exceed one year from the acquisition date. | ||||||||||||||||
The goodwill associated with the stock purchase of Maplecroft is not deductible for tax purposes. For the year ended | ||||||||||||||||
December 31, 2014, the Company incurred transaction costs related to this acquisition of $349 included within “Selling, general and administrative” expenses in the accompanying consolidated statements of operations. | ||||||||||||||||
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, net | 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 2012. The pro forma information for the year ended December 31, 2012 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 2012. 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 | ||||||||||||||||
(unaudited) | ||||||||||||||||
Pro forma revenues | $ | 1,462,677 | ||||||||||||||
Pro forma net income | $ | 321,140 | ||||||||||||||
Pro forma basic income per share | $ | 1.94 | ||||||||||||||
Pro forma diluted income per share | $ | 1.87 | ||||||||||||||
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, 2014 and 2013, the escrows amounted to $5,583 and $27,967, respectively, and have been included in “Other current assets” in the accompanying consolidated balance sheets. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | Discontinued Operations: | |||||||||||
On March 11, 2014, the Company sold 100% of the stock of the Company’s mortgage services business, Interthinx, which was a guarantor subsidiary, in exchange for a purchase price of $151,170. At the completion of the sale, Interthinx ceased being a guarantor. The cash received was adjusted subsequent to close to reflect final balances of certain working capital accounts and other closing adjustments. The Company recognized income from discontinued operations, net of tax, of $29,177 during 2014. Results of operations for the mortgage services business are reported as a discontinued operation for the year ended December 31, 2014 and for all prior periods presented. Refer to Note 18. Segment Reporting for further discussion. | ||||||||||||
The mortgage services business met 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues from discontinued operations | $ | 11,512 | $ | 109,151 | $ | 126,472 | ||||||
Income from discontinued operations before income taxes (including gain on sale of $65,410 in 2014) | 54,482 | 10,819 | 19,382 | |||||||||
Provision for income taxes (including tax on the gain on sale in 2014) | (25,305 | ) | (4,753 | ) | (7,703 | ) | ||||||
Income from discontinued operations, net of tax | $ | 29,177 | $ | 6,066 | $ | 11,679 | ||||||
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, 2014 | ||||||||||||||
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, 2014, 2013 and 2012, which resulted in no impairment of goodwill. Based on the results of the impairment assessment as of June 30, 2014, 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, 2012 through December 31, 2014, both in total and as allocated to the Company’s operating segments: | ||||||||||||||
Risk | Decision | Total | ||||||||||||
Assessment | Analytics | |||||||||||||
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 | |||||||||||
Current year acquisitions | — | 22,740 | 22,740 | |||||||||||
Acquisition related escrow funding | — | 2,725 | 2,725 | |||||||||||
Goodwill at December 31, 2014 (1) | $ | 55,555 | $ | 1,151,591 | $ | 1,207,146 | ||||||||
-1 | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2012. | |||||||||||||
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 was not material to the consolidated statements of operations for the years ended December 31, 2013 and 2012. | ||||||||||||||
The Company’s intangible assets and related accumulated amortization consisted of the following: | ||||||||||||||
Weighted | Cost | Accumulated | Net | |||||||||||
Average | Amortization | |||||||||||||
Useful Life | ||||||||||||||
31-Dec-14 | ||||||||||||||
Technology-based | 8 years | $ | 299,705 | $ | (195,698 | ) | $ | 104,007 | ||||||
Marketing-related | 5 years | 71,504 | (54,745 | ) | 16,759 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 399,011 | (113,301 | ) | 285,710 | |||||||||
Total intangible assets | $ | 776,775 | $ | (370,299 | ) | $ | 406,476 | |||||||
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 | |||||||
Amortization expense related to intangible assets for the years ended December 31, 2014, 2013 and 2012, was approximately $56,870, $63,741, and $52,207, respectively. Estimated amortization expense in future periods through 2020 and thereafter for intangible assets subject to amortization is as follows: | ||||||||||||||
Year | Amount | |||||||||||||
2015 | $ | 52,268 | ||||||||||||
2016 | 50,436 | |||||||||||||
2017 | 49,532 | |||||||||||||
2018 | 48,786 | |||||||||||||
2019 | 47,326 | |||||||||||||
2020 and thereafter | 158,128 | |||||||||||||
Total | $ | 406,476 | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal and foreign | $ | 169,153 | $ | 135,215 | $ | 111,713 | ||||||
State and local | 26,333 | 18,764 | 8,442 | |||||||||
Total current provision for income taxes | 195,486 | 153,979 | 120,155 | |||||||||
Deferred: | ||||||||||||
Federal and foreign | 27,009 | 38,160 | 56,036 | |||||||||
State and local | (2,740 | ) | 4,287 | 6,172 | ||||||||
Total deferred provision for income taxes | 24,269 | 42,447 | 62,208 | |||||||||
Provision for income taxes | $ | 219,755 | $ | 196,426 | $ | 182,363 | ||||||
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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.7 | % | 2.6 | % | 1.7 | % | ||||||
Non-deductible KSOP expenses | 0.9 | % | 0.9 | % | 0.9 | % | ||||||
Other | (1.4 | )% | (2.0 | )% | (1.1 | )% | ||||||
Effective tax rate for continuing operations | 37.2 | % | 36.5 | % | 36.5 | % | ||||||
The increase in the effective tax rate in 2014 compared to 2013 was due to greater tax benefits realized from tax planning strategies, as well as favorable audit settlements and resolution of uncertain tax positions in the prior period. | ||||||||||||
The tax effects of significant items comprising the Company’s deferred tax assets as of December 31 are as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred income tax asset: | ||||||||||||
Employee wages, pension and other benefits | $ | 29,756 | $ | 26,113 | ||||||||
Deferred revenue | 1,835 | 1,835 | ||||||||||
Deferred rent | 5,463 | 4,342 | ||||||||||
Net operating loss carryover | 4,292 | 8,247 | ||||||||||
State tax adjustments | 2,472 | 1,639 | ||||||||||
Capital and other unrealized losses | 3,255 | 3,301 | ||||||||||
Other | 4,956 | 6,720 | ||||||||||
Total | 52,029 | 52,197 | ||||||||||
Less valuation allowance | (789 | ) | (741 | ) | ||||||||
Deferred income tax asset | 51,240 | 51,456 | ||||||||||
Deferred income tax liability: | ||||||||||||
Fixed assets and intangible assets | (242,857 | ) | (223,639 | ) | ||||||||
Other | (6,151 | ) | (21,344 | ) | ||||||||
Deferred income tax liability | (249,008 | ) | (244,983 | ) | ||||||||
Deferred income tax liability, net | $ | (197,768 | ) | $ | (193,527 | ) | ||||||
The deferred income liability has been classified in “Deferred income taxes, net” in the accompanying consolidated balance sheets as of December 31, as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Current deferred income tax asset, net | $ | 4,772 | $ | 5,077 | ||||||||
Non-current deferred income tax liability, net | (202,540 | ) | (198,604 | ) | ||||||||
Deferred income tax liability, net | $ | (197,768 | ) | $ | (193,527 | ) | ||||||
The deferred income tax liability of $197,768 consists primarily of timing differences involving 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 | |||||||||||
2015-2022 | $ | 6,912 | ||||||||||
2023-2027 | 13,755 | |||||||||||
2028-2034 | 26,674 | |||||||||||
Total | $ | 47,341 | ||||||||||
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, 2014, the Company has not made a provision for U.S. or additional foreign withholdings taxes on approximately $12,440 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefit at January 1 | $ | 9,524 | $ | 17,883 | $ | 17,877 | ||||||
Gross increase in tax positions in prior period | 2,679 | 541 | 911 | |||||||||
Gross decrease in tax positions in prior period | — | (4,241 | ) | (1,494 | ) | |||||||
Gross increase in tax positions from stock acquisitions | — | — | 3,304 | |||||||||
Settlements | — | (390 | ) | (1,770 | ) | |||||||
Lapse of statute of limitations | (1,566 | ) | (4,269 | ) | (945 | ) | ||||||
Unrecognized tax benefit at December 31 | $ | 10,637 | $ | 9,524 | $ | 17,883 | ||||||
Of the total unrecognized tax benefits at December 31, 2014, 2013 and 2012, $5,771, $4,658 and $10,103, 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, 2014, 2013 and 2012 was $2,818, $2,619 and $3,728, 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 $1,109 of its currently remaining unrecognized tax positions, each of which is individually insignificant, may be recognized by the end of 2015 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 2009. As a result of refunds requested through the filing of amended returns, the Internal Revenue Service is conducting an audit of the 2009 - 2011 time period. |
Composition_of_Certain_Financi
Composition of Certain Financial Statement Captions | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [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: | ||||||||
2014 | 2013 | |||||||
Other current assets: | ||||||||
Acquisition related escrows | $ | 5,583 | $ | 27,967 | ||||
Other current assets | 13,292 | 6,714 | ||||||
Total other current assets | $ | 18,875 | $ | 34,681 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accrued salaries, benefits and other related costs | $ | 87,729 | $ | 79,372 | ||||
Escrow liabilities | 5,565 | 27,918 | ||||||
Trade accounts payable and other accrued expenses | 87,432 | 80,974 | ||||||
Total accounts payable and accrued liabilities | $ | 180,726 | $ | 188,264 | ||||
Other liabilities: | ||||||||
Unrecognized tax benefits, including interest and penalty | $ | 13,455 | $ | 12,143 | ||||
Deferred rent | 22,386 | 12,219 | ||||||
Other liabilities | 7,547 | 11,681 | ||||||
Total other liabilities | $ | 43,388 | $ | 36,043 | ||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Debt: | |||||||||||
The following table presents short-term and long-term debt by issuance as of December 31: | ||||||||||||
Issuance | Maturity | 2014 | 2013 | |||||||||
Date | Date | |||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Syndicated revolving credit facility | Various | Various | $ | 160,000 | $ | — | ||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | 17,500 | — | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | 85,000 | — | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/15 | 17,500 | — | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | 50,000 | — | ||||||||
Capital lease obligations | Various | Various | 6,058 | 4,448 | ||||||||
Short-term debt and current portion of long-term debt | 336,058 | 4,448 | ||||||||||
Long-term debt: | ||||||||||||
Senior notes: | ||||||||||||
4.125% senior notes, less unamortized discount of $2,137 and $2,415 as of December 31, 2014 and 2013, respectively | 9/12/12 | 9/12/22 | 347,863 | 347,585 | ||||||||
4.875% senior notes, less unamortized discount of $1,361, and $1,699 as of December 31, 2014 and 2013, respectively | 12/8/11 | 1/15/19 | 248,639 | 248,301 | ||||||||
5.80% senior notes, less unamortized discount of $654 and $757 as of December 31, 2014 and 2013, respectively | 4/6/11 | 5/1/21 | 449,346 | 449,243 | ||||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | — | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | — | 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 | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | — | 50,000 | ||||||||
Capital lease obligations | Various | Various | 5,026 | 6,310 | ||||||||
Long-term debt | 1,100,874 | 1,271,439 | ||||||||||
Total debt | $ | 1,436,932 | $ | 1,275,887 | ||||||||
Accrued interest associated with the Company’s outstanding debt obligations was $16,265 and $16,150 as of December 31, 2014 and 2013, 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 $66,881, $73,068 and $69,892 for the years ended December 31, 2014, 2013 and 2012, 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 12th and September 12th 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. | ||||||||||||
All senior notes issued by Verisk Analytics, Inc. (the "Parent Company") 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, 2014, $152,500 was outstanding under this agreement. | ||||||||||||
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, 2014, $67,500 was outstanding under this agreement. | ||||||||||||
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, Capital One, N.A., and HSBC Bank USA, N.A. On October 21, 2014, the Company amended its Credit Facility to increase the borrowing capacity from $975,000 to $990,000 and extend the maturity date from October 24, 2018 to October 24, 2019. The Company amortizes all one-time fees and third party costs associated with the execution and amendment of this Credit Facility through the maturity date. Interest is payable at maturity at a rate of LIBOR plus 1.125% to 1.625%, 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. Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions, and share repurchase programs. | ||||||||||||
As of December 31, 2014, the Company has an available borrowing capacity, net of outstanding letters of credit, of $827,874 under the Credit Facility. Borrowings may be used for general corporate purposes, including working capital and capital expenditures, acquisitions and the share repurchase program (the "Repurchase Program"). As of December 31, 2014 and 2013, the Company had $160,000 and $0 outstanding borrowings under the Credit Facility, respectively. In January and February 2015, the Company repaid a total of $140,000 of the $160,000 outstanding borrowings under the Credit Facility. | ||||||||||||
The Company was in compliance with all financial covenants at December 31, 2014. | ||||||||||||
Debt Maturities | ||||||||||||
The following table reflects the Company’s debt maturities: | ||||||||||||
Year | Amount | |||||||||||
2015 | $ | 336,058 | ||||||||||
2016 | 53,959 | |||||||||||
2017 | 770 | |||||||||||
2018 | 168 | |||||||||||
2019 | 250,050 | |||||||||||
2020 and thereafter | 800,079 | |||||||||||
Total | $ | 1,441,084 | ||||||||||
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity [Abstract] | ||||||||||||
Stockholders' Equity (Deficit) | Stockholders’ Equity (Deficit): | |||||||||||
The Company has 1,200,000,000 shares of authorized Class A common stock. The 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 twelve members of the board of directors. | ||||||||||||
The Company has 80,000,000 shares of authorized preferred stock, par value $0.001 per share. The preferred shares have preferential rights over the Class A common shares with respect to dividends and net distribution upon liquidation. The Company did not issue any preferred shares as of December 31, 2014. | ||||||||||||
Share Repurchase Program | ||||||||||||
Since May 2010, the Company has authorized repurchases of up to $2,000,000 of its common stock through its Repurchase Program, including the additional authorization of $300,000 announced on June 4, 2014 and the Accelerated Share Repurchase ("ASR") program of $500,000 announced on December 16, 2014. Since the introduction of share repurchase as a feature of the Company's capital management strategies in 2010, the Company has repurchased shares with an aggregate value of $1,810,193. As of December 31, 2014, the Company had $189,807, excluding the ASR program, 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 ISO 401(k) Savings and Employee Stock Ownership Plan ("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. Shares that are repurchased under the Repurchase Program will be recorded as treasury stock and will be available for future issuance. | ||||||||||||
On December 17, 2014 and December 18, 2014, the Company entered into two agreements, collectively the ASR agreement, to repurchase shares of its common stock for an aggregate purchase price of $500,000. Upon payment of the aggregate purchase price in December 2014, the Company received an initial delivery of 6,372,472 shares of the Company's common stock at a price of $62.77 per share, representing approximately $400,000 of the aggregate purchase price. The aggregate purchase price was recorded as a reduction to stockholders' equity, consisting of a $400,000 increase in treasury stock and a $100,000 decrease in additional paid-in capital, in the Company's consolidated statements of changes in stockholders' equity (deficit). Upon final settlement of the ASR agreement in June 2015, the Company may be entitled to receive additional shares of its common stock or, under certain limited circumstances, be required to deliver shares to the counterparties or, at the Company's election, pay cash to the counterparties. As of December 31, 2014, the shares associated with the remaining portion of the aggregate purchase price have not yet been settled. These shares were not included in the calculation of the diluted weighted average common shares outstanding during the period, because their effect was anti-dilutive. | ||||||||||||
The ASR agreement was accounted for as an initial treasury stock transaction and a forward stock purchase agreement indexed to the Company's own common stock. The forward stock purchase agreement is classified as an equity instrument under ASC 815-40, Contracts in Entity's Own Equity ("ASC 815-40") and was deemed to have a fair value of zero at the effective dates. The initial repurchase of 6,372,472 shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS"). | ||||||||||||
During the years ended December 31, 2014 and 2013, the Company repurchased 10,802,087 and 4,532,552 shares of common stock as part of the Repurchase Program at a weighted average price of $62.53 and $61.54 per share, respectively. The Company utilized cash from operations and borrowings from its Credit Facility to fund these repurchases. As treasury stock purchases are recorded based on trade date, the Company has included $0 and $3,038 in “Accounts payable and accrued liabilities” in the accompanying consolidated balance sheets for those purchases that have not settled as of December 31, 2014 and 2013, respectively. | ||||||||||||
Treasury Stock | ||||||||||||
As of December 31, 2014, the Company’s treasury stock consisted of 386,089,811 shares of Class A common stock. During the years ended December 31, 2014 and 2013, the Company reissued 1,257,387 and 4,263,406 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 $5.29 and $4.54 per share, respectively. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic EPS is computed by dividing income from continuing operations, income from discontinued operations and net income, respectively, 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, nonvested restricted stock, nonvested restricted stock units, and the impact from the ASR program, 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In thousands, except for share and per share data) | ||||||||||||
Numerator used in basic and diluted EPS: | ||||||||||||
Income from continuing operations | $ | 370,865 | $ | 342,314 | $ | 317,463 | ||||||
Income from discontinued operations, net of tax of $25,305, $4,753 and $7,703, respectively | 29,177 | 6,066 | 11,679 | |||||||||
Net income | $ | 400,042 | $ | 348,380 | $ | 329,142 | ||||||
Denominator: | ||||||||||||
Weighted average number of common shares used in basic EPS | 165,823,803 | 168,031,412 | 165,890,258 | |||||||||
Effect of dilutive shares: | ||||||||||||
Potential common stock issuable from stock options and stock awards | 3,308,620 | 4,244,948 | 5,819,260 | |||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 169,132,423 | 172,276,360 | 171,709,518 | |||||||||
The potential shares of common stock that were excluded from diluted EPS were 1,633,670, 656,499 and 659,246 at December 31, 2014, 2013 and 2012, 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: | ||||||||||||
2014 | 2013 | |||||||||||
Foreign currency translation adjustment | $ | (3,086 | ) | $ | (1,800 | ) | ||||||
Unrealized losses on available-for-sale securities, net of tax | (110 | ) | (75 | ) | ||||||||
Pension and postretirement adjustment, net of tax | (77,318 | ) | (41,613 | ) | ||||||||
Accumulated other comprehensive losses | $ | (80,514 | ) | $ | (43,488 | ) | ||||||
The before tax and after tax amounts of other comprehensive income for the years ended December 31, 2014, 2013 and 2012 are summarized below: | ||||||||||||
Before Tax | Tax Benefit | After Tax | ||||||||||
(Expense) | ||||||||||||
December 31, 2014 | ||||||||||||
Foreign currency translation adjustment | $ | (1,286 | ) | $ | — | $ | (1,286 | ) | ||||
Unrealized loss on available-for-sale securities before reclassifications | (314 | ) | 121 | (193 | ) | |||||||
Amount reclassified from accumulated other comprehensive losses (1) | 257 | (99 | ) | 158 | ||||||||
Unrealized loss on available-for-sale securities | (57 | ) | 22 | (35 | ) | |||||||
Pension and postretirement adjustment before reclassifications | (56,635 | ) | 21,629 | (35,006 | ) | |||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (1,134 | ) | 435 | (699 | ) | |||||||
Pension and postretirement adjustment | (57,769 | ) | 22,064 | (35,705 | ) | |||||||
Total other comprehensive loss | $ | (59,112 | ) | $ | 22,086 | $ | (37,026 | ) | ||||
December 31, 2013 | ||||||||||||
Foreign currency translation adjustment | $ | (840 | ) | $ | — | $ | (840 | ) | ||||
Unrealized loss on available-for-sale securities before reclassifications | (1,122 | ) | 433 | (689 | ) | |||||||
Amount reclassified from accumulated other comprehensive losses (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 | ||||||||||||
Foreign currency translation adjustment | $ | 15 | $ | — | $ | 15 | ||||||
Unrealized loss on available-for-sale securities before reclassifications | (727 | ) | 316 | (411 | ) | |||||||
Amount reclassified from accumulated other comprehensive losses (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 | ) | ||||
(1) This accumulated other comprehensive losses component, before tax, is included under “Investment income and others” in the accompanying consolidated statements of operations. | ||||||||||||
(2) This accumulated other comprehensive losses component, before tax, is included under “Cost of revenues” and “Selling, general and administrative” in the accompanying consolidated statements of operations. This component is also included in the computation of net periodic benefit (credit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Compensation_Plans
Compensation Plans | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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, $18 and $17 for 2014, 2013 and 2012, respectively. Certain eligible participants (age 50 and older) may contribute an additional $6 on a pre-tax basis for 2014, 2013 and 2012. 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. The common shares acquired by the KSOP were pledged as collateral under an intercompany loan agreement ("ESOP loan") between the KSOP and Company. The Company makes quarterly cash contributions to the KSOP equal to the KSOP’s debt service. As the debt is repaid, shares are released from collateral and are used to fund the quarterly 401(k) matching and profit sharing contributions before being 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 are committed to be released from collateral, the Company reports compensation expense at the then-current fair value of the shares, and the shares become outstanding for EPS computations. For the years ended December 31, 2014, 2013 and 2012, there were no ESOP contributions. | ||||||||||||
In accordance with the ESOP loan, the Company is also required to contribute a total of $17,000, plus interest, of cash or shares to the KSOP by 2016. Earlier contribution is at the Company's discretion. As of December 31, 2014, the ESOP loan collateral consisted of 145,007 shares of Verisk Class A common stock valued at $64.05 per share. As of December 31, 2014, the Company had 11,468,151 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 2014, 2013 and 2012, there were no profit sharing contributions. | ||||||||||||
At December 31, 2014, 2013 and 2012, the fair value of Verisk Class A common stock was $64.05, $65.72, and $50.97 per share, respectively. KSOP compensation expense for 2014, 2013 and 2012 was approximately $15,351, $14,930 and $13,111, 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, 2014, there were 12,771,637 shares of Class A common stock reserved and available for future issuance. Cash received from stock option exercises for the years ended December 31, 2014, 2013 and 2012 was $24,648, $80,368 and $68,388, respectively. | ||||||||||||
In 2014, the Company granted 1,145,976 nonqualified stock options to key employees. The nonqualified stock options have an exercise price equal to the closing price of the Company’s 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 230,196 shares of restricted stock and 588 shares of common stock to key employees. The restricted stock is valued at the closing price of the Company’s 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 2014, the Company granted 33,906 nonqualified stock options that were immediately vested, 62,546 nonqualified stock options with a one-year service vesting period, 3,387 shares of common stock, and 15,807 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 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: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Option pricing model | Black-Scholes | Black-Scholes | Black-Scholes | |||||||||
Expected volatility | 20.53 | % | 29.27 | % | 32.22 | % | ||||||
Risk-free interest rate | 1.48 | % | 0.7 | % | 0.9 | % | ||||||
Expected term in years | 4.4 | 4.5 | 4.7 | |||||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted average grant date fair value per stock option | $ | 11.86 | $ | 15.58 | $ | 13.59 | ||||||
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 is calculated using historical daily closing prices over the most recent period that is commensurate with the expected term of the stock option awards. The volatility factor for stock options granted prior to 2014 was based on the average volatility of the Company's peers as the Company did not have a history of stock price sufficient to cover the expected term of those awards. The volatility factor for stock options granted in 2014 was based on the volatility of the Company's stock. 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, 2012 | 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 | |||||||
Granted | 1,242,428 | $ | 59.83 | |||||||||
Exercised | (1,091,746 | ) | $ | 22.29 | $ | 43,863 | ||||||
Cancelled or expired | (180,312 | ) | $ | 55.23 | ||||||||
Outstanding at December 31, 2014 | 9,205,690 | $ | 31.11 | $ | 303,267 | |||||||
Options exercisable at December 31, 2014 | 7,159,895 | $ | 24 | $ | 286,728 | |||||||
Options exercisable at December 31, 2013 | 7,169,089 | $ | 20.98 | $ | 320,766 | |||||||
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, 2012 | 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 | |||||||||
Granted | 1,242,428 | $ | 11.86 | |||||||||
Vested | (1,082,552 | ) | $ | 11.71 | ||||||||
Cancelled or expired | (180,312 | ) | $ | 13.56 | ||||||||
Nonvested balance at December 31, 2014 | 2,045,795 | $ | 12.55 | |||||||||
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, 2014 was $303,267 and $286,728, 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, 2014, 2013 and 2012, the Company recorded excess tax benefit from exercised stock options of $15,988, $58,056 and $88,387, respectively. The Company realized $22,566, $109,946 and $60,672 of tax benefit within the Company’s tax payments through December 31, 2014, 2013 and 2012, 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 2014, 2013 and 2012 was $20,253, $21,087 and $24,696, 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 January 1, 2012 | 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 | |||||||||
Granted | 246,003 | $ | 59.86 | |||||||||
Vested | (163,280 | ) | $ | 49.94 | ||||||||
Forfeited | (37,162 | ) | $ | 55.53 | ||||||||
Outstanding at December 31, 2014 | 442,310 | $ | 56.84 | |||||||||
For the year ended December 31, 2014, certain employees had restricted stock vesting and covered the aggregate statutory minimum tax withholding of $1,625 through a net settlement of 27,159 shares. The payment of taxes related to the vesting was recorded as a reduction to additional paid-in-capital. This transaction is reflected within "Net share settlement of restricted stock awards" within cash flows from financing activities in the accompanying consolidated statements of cash flows. | ||||||||||||
As of December 31, 2014, there was $41,576 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, 2014, there were 2,045,795 and 442,310 nonvested stock options and restricted stock, respectively, of which 1,652,852 and 366,776 are expected to vest. The total grant date fair value of options vested during the years ended December 31, 2014, 2013 and 2012 was $12,780, $16,468 and $19,834, respectively. The total grant date fair value of restricted stock vested during the year ended December 31, 2014, 2013 and 2012 was $9,839, $7,153 and $3,206, respectively. | ||||||||||||
The Company also offers eligible employees the opportunity to participate in an employee stock purchase plan ("ESPP"). Under the ESPP, participating employees may 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 years ended December 31, 2014 and 2013, the Company issued 26,953 and 27,879 shares of common stock at a weighted average discounted price of $57.98 and $59.62, respectively. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pension and Postretirement Benefits | Pension and Postretirement Benefits: | |||||||||||||||||||||||
The Company maintained a qualified defined benefit pension plan for certain of its employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. The Company 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 2014 and 2015, respectively. The Company contributed $1,177 and $3,911 to the SERP in 2014 and 2013, respectively, and expects to contribute $777 in 2015. | ||||||||||||||||||||||||
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 $1,148 to the Postretirement Plan in 2015. | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 420,664 | $ | 460,482 | $ | 20,399 | $ | 22,434 | ||||||||||||||||
Interest cost | 19,073 | 17,860 | 593 | 608 | ||||||||||||||||||||
Actuarial loss (gain) | 61,804 | (31,962 | ) | (411 | ) | (426 | ) | |||||||||||||||||
Plan participants’ contributions | — | — | 2,635 | 1,748 | ||||||||||||||||||||
Benefits paid | (30,282 | ) | (25,716 | ) | (4,834 | ) | (4,225 | ) | ||||||||||||||||
Federal subsidy on benefits paid | — | — | 391 | 260 | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 471,259 | $ | 420,664 | $ | 18,773 | $ | 20,399 | ||||||||||||||||
Accumulated benefit obligation at December 31 | $ | 471,259 | $ | 420,664 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 467,912 | $ | 421,134 | $ | 16,601 | $ | 18,766 | ||||||||||||||||
Actual return on plan assets, net of expenses | 36,474 | 68,583 | 743 | (198 | ) | |||||||||||||||||||
Employer contributions, net | 1,177 | 3,911 | (305 | ) | 250 | |||||||||||||||||||
Plan participants’ contributions | — | — | 2,635 | 1,748 | ||||||||||||||||||||
Benefits paid | (30,282 | ) | (25,716 | ) | (4,834 | ) | (4,225 | ) | ||||||||||||||||
Subsidies received | — | — | 391 | 260 | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 475,281 | $ | 467,912 | $ | 15,231 | $ | 16,601 | ||||||||||||||||
(Funded) unfunded status at December 31 | $ | (4,022 | ) | $ | (47,248 | ) | $ | 3,542 | $ | 3,798 | ||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Pension assets, noncurrent | $ | (18,589 | ) | $ | (60,955 | ) | $ | — | $ | — | ||||||||||||||
Pension, SERP and postretirement benefits, current | 762 | 700 | 1,132 | 1,737 | ||||||||||||||||||||
Pension, SERP and postretirement benefits, noncurrent | 13,805 | 13,007 | 2,410 | 2,061 | ||||||||||||||||||||
Total Pension, SERP and Postretirement benefits | $ | (4,022 | ) | $ | (47,248 | ) | $ | 3,542 | $ | 3,798 | ||||||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,000 | ) | $ | (1,147 | ) | ||||||||||||||
Actuarial losses | 120,735 | 62,226 | 8,321 | 9,208 | ||||||||||||||||||||
Accumulated other comprehensive losses, pretax | $ | 120,735 | $ | 62,226 | $ | 7,321 | $ | 8,061 | ||||||||||||||||
The pre-tax components of net periodic benefit (credit) cost and the amounts recognized in other comprehensive loss (income) are summarized below for the years ended December 31: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 282 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 19,073 | 17,860 | 19,888 | 593 | 608 | 779 | ||||||||||||||||||
Curtailment gain | — | — | (780 | ) | — | — | — | |||||||||||||||||
Expected return on plan assets | (33,942 | ) | (30,480 | ) | (28,899 | ) | (786 | ) | (919 | ) | (255 | ) | ||||||||||||
Amortization of prior service benefit | — | — | (133 | ) | (146 | ) | (146 | ) | (146 | ) | ||||||||||||||
Amortization of net actuarial loss | 763 | 5,078 | 3,646 | 517 | 767 | 634 | ||||||||||||||||||
Net periodic benefit (credit) cost | (14,106 | ) | (7,542 | ) | (5,996 | ) | 178 | 310 | 1,012 | |||||||||||||||
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | (354 | ) | (1,320 | ) | (279 | ) | — | — | — | |||||||||||||||
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | — | — | 133 | 146 | 146 | 146 | ||||||||||||||||||
Prior service benefit | — | — | (7,475 | ) | — | — | — | |||||||||||||||||
Net loss recognized reclassified from accumulated other comprehensive losses | (409 | ) | (3,758 | ) | (3,368 | ) | — | — | — | |||||||||||||||
Actuarial gain (loss) | 59,272 | (70,065 | ) | 26,184 | (886 | ) | (77 | ) | 1,742 | |||||||||||||||
Total recognized in other comprehensive loss (income) | 58,509 | (75,143 | ) | 15,195 | (740 | ) | 69 | 1,888 | ||||||||||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive loss (income) | $ | 44,403 | $ | (82,685 | ) | $ | 9,199 | $ | (562 | ) | $ | 379 | $ | 2,900 | ||||||||||
The estimated amounts in accumulated other comprehensive losses that are expected to be recognized as components of net periodic benefit (credit) cost during 2015 are summarized below: | ||||||||||||||||||||||||
Pension Plan | Postretirement | Total | ||||||||||||||||||||||
And SERP | Plan | |||||||||||||||||||||||
Amortization of prior service benefit | $ | — | $ | (146 | ) | $ | (146 | ) | ||||||||||||||||
Amortization of net actuarial loss | 2,969 | 599 | 3,568 | |||||||||||||||||||||
Total | $ | 2,969 | $ | 453 | $ | 3,422 | ||||||||||||||||||
The weighted-average assumptions used to determine benefit obligations as of December 31, 2014 and 2013 and net periodic benefit (credit) cost for the years 2014, 2013 and 2012 are provided below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 3.99 | % | 4.74 | % | 3 | % | 3.45 | % | ||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 4 | % | 5 | % | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit (credit) loss: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.73 | % | 3.98 | % | 4.98 | % | 3.45 | % | 2.75 | % | 3.5 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 5 | % | 5 | % | N/A | |||||||||||||
Rate of compensation increase | N/A | N/A | 4 | % | N/A | N/A | N/A | |||||||||||||||||
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 | |||||||||||||||||||||
2015 | $ | 29,256 | $ | 2,825 | $ | (395 | ) | $ | 2,430 | |||||||||||||||
2016 | $ | 30,070 | $ | 2,660 | $ | (387 | ) | $ | 2,273 | |||||||||||||||
2017 | $ | 30,303 | $ | 2,480 | $ | (378 | ) | $ | 2,102 | |||||||||||||||
2018 | $ | 30,223 | $ | 2,291 | $ | (368 | ) | $ | 1,923 | |||||||||||||||
2019 | $ | 30,692 | $ | 2,093 | $ | (358 | ) | $ | 1,735 | |||||||||||||||
2020-2024 | $ | 149,595 | $ | 7,587 | $ | (1,601 | ) | $ | 5,986 | |||||||||||||||
The healthcare cost trend rate for 2014 was 7.50% 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 | $ | 12 | $ | (11 | ) | |||||||||||||||||||
Effect on the healthcare component of the accumulated postretirement benefit obligation | $ | 516 | $ | (477 | ) | |||||||||||||||||||
The expected subsidy from the Medicare Prescription Drug, Improvement and Modernization Act of 2003 reduced the Company’s accumulated postretirement benefit obligation by approximately $3,182 and $2,868 as of December 31, 2014 and 2013, and the net periodic benefit cost by approximately $10, $19 and $114 in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The expected return on the Pension Plan assets for 2014 and 2013 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 after adjusting for the target investment allocation and reflecting 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, 2014 and 2013, and target allocation for 2015 by asset category are as follows: | ||||||||||||||||||||||||
Asset Category | Target | Percentage of Plan Assets | ||||||||||||||||||||||
Allocation | 2014 | 2013 | ||||||||||||||||||||||
Equity securities | 60 | % | 56.8 | % | 66.8 | % | ||||||||||||||||||
Debt securities | 40 | % | 41.3 | % | 33.2 | % | ||||||||||||||||||
Other | — | % | 1.9 | % | — | % | ||||||||||||||||||
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 be 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 Company also maintains 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 asset allocation for the VEBA Plan at December 31, 2014 and target allocation for 2015 are 100% in debt securities. | ||||||||||||||||||||||||
The following table summarizes the fair value measurements by level of the Pension Plan and Postretirement Plan assets. Refer to Note 7. Fair Value Measurements for further discussion with respect to fair value hierarchy. | ||||||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | |||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 83,690 | $ | 83,690 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 186,102 | — | 186,102 | — | ||||||||||||||||||||
Equity — partnerships (3) | 240 | — | — | 240 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 196,034 | — | 196,034 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 15,231 | 15,231 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash — pooled separate account (2) | 9,215 | — | 9,215 | — | ||||||||||||||||||||
Total | $ | 490,512 | $ | 98,921 | $ | 391,351 | $ | 240 | ||||||||||||||||
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 | ||||||||||||||||
-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 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | 1,022 | ||||||||||||||||||||
Realized and unrealized loss on plan assets, net | (395 | ) | (387 | ) | ||||||||||||||||||||
Balance at December 31 | $ | 240 | $ | 635 | ||||||||||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
On March 11, 2014, the Company sold 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, 2014 and for all prior periods presented. Refer to Note 10 for more information. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
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. 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, 2014, 2013 or 2012. No individual country outside of the U.S. accounted for 3.00% or more of total consolidated long-term assets as of December 31, 2014 and 1.00% as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||
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 operating income for all periods presented in the accompanying consolidated statements of operations: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Decision | Risk | Total | Decision | Risk | Total | Decision | Risk | Total | ||||||||||||||||||||||||||||
Analytics | Assessment | Analytics | Assessment | Analytics | Assessment | |||||||||||||||||||||||||||||||
Revenues | $ | 1,096,074 | 650,652 | $ | 1,746,726 | $ | 977,427 | $ | 618,276 | $ | 1,595,703 | $ | 828,342 | $ | 579,506 | $ | 1,407,848 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 508,411 | 208,187 | 716,598 | 427,978 | 194,545 | 622,523 | 334,280 | 182,428 | 516,708 | |||||||||||||||||||||||||||
Selling, general and administrative | 153,453 | 73,853 | 227,306 | 151,557 | 77,425 | 228,982 | 139,122 | 80,946 | 220,068 | |||||||||||||||||||||||||||
Investment income and others | — | (158 | ) | (158 | ) | 16 | (625 | ) | (609 | ) | 22 | (128 | ) | (106 | ) | |||||||||||||||||||||
EBITDA from discontinued operations | (55,588 | ) | — | (55,588 | ) | (15,466 | ) | — | (15,466 | ) | (24,737 | ) | — | (24,737 | ) | |||||||||||||||||||||
EBITDA | 489,798 | 368,770 | 858,568 | 413,342 | 346,931 | 760,273 | 379,655 | 316,260 | 695,915 | |||||||||||||||||||||||||||
Depreciation and amortization of fixed assets | 64,826 | 20,680 | 85,506 | 51,739 | 14,451 | 66,190 | 33,106 | 13,531 | 46,637 | |||||||||||||||||||||||||||
Amortization of intangible assets | 56,517 | 353 | 56,870 | 63,388 | 353 | 63,741 | 52,207 | — | 52,207 | |||||||||||||||||||||||||||
Investment income and others | — | 158 | 158 | (16 | ) | 625 | 609 | (22 | ) | 128 | 106 | |||||||||||||||||||||||||
EBITDA from discontinued operations | 55,588 | — | 55,588 | 15,466 | — | 15,466 | 24,737 | — | 24,737 | |||||||||||||||||||||||||||
Operating income | $ | 312,867 | $ | 347,579 | $ | 660,446 | $ | 282,765 | $ | 331,502 | $ | 614,267 | $ | 269,627 | $ | 302,601 | $ | 572,228 | ||||||||||||||||||
Operating segment revenue by type of service is provided below for the years ended December 31: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Decision Analytics | ||||||||||||||||||||||||||||||||||||
Insurance | $ | 598,757 | $ | 539,150 | $ | 493,456 | ||||||||||||||||||||||||||||||
Financial services | 96,763 | 81,113 | 26,567 | |||||||||||||||||||||||||||||||||
Healthcare | 315,628 | 271,538 | 222,955 | |||||||||||||||||||||||||||||||||
Specialized markets | 84,926 | 85,626 | 85,364 | |||||||||||||||||||||||||||||||||
Total Decision Analytics | 1,096,074 | 977,427 | 828,342 | |||||||||||||||||||||||||||||||||
Risk Assessment | ||||||||||||||||||||||||||||||||||||
Industry-standard insurance programs | 495,065 | 471,130 | 450,646 | |||||||||||||||||||||||||||||||||
Property-specific rating and underwriting information | 155,587 | 147,146 | 128,860 | |||||||||||||||||||||||||||||||||
Total Risk Assessment | 650,652 | 618,276 | 579,506 | |||||||||||||||||||||||||||||||||
Total consolidated revenues | $ | 1,746,726 | $ | 1,595,703 | $ | 1,407,848 | ||||||||||||||||||||||||||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
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 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, 2014 and 2013. | |
In addition, the Company had no revenues from related parties for the years ended December 31, 2014, 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 | |||||||
2015 | $ | 37,958 | $ | 6,295 | ||||
2016 | 38,506 | 4,076 | ||||||
2017 | 37,350 | 791 | ||||||
2018 | 29,074 | 181 | ||||||
2019 | 31,775 | 59 | ||||||
2020 and thereafter | 260,033 | 85 | ||||||
Net minimum lease payments | $ | 434,696 | 11,487 | |||||
Less amount representing interest | 403 | |||||||
Present value of net minimum lease capital payments | $ | 11,084 | ||||||
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 $35,149, $32,186 and $29,618 in 2014, 2013 and 2012, 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. | ||||||||
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 Jeffrey Moyer. The plaintiff is a current employee of the Company’s former subsidiary Interthinx, Inc. based in Colorado, who filed the class action 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 nationwide and who were classified as exempt employees. The class complaint 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 three causes of action against defendants: (1) Collective Action under section 216(b) of the Fair Labor Standards Act for unpaid overtime (nationwide class); (2) A Fed. R. Civ. P. 23 class action under the Colorado Wage Act and Wage Order for unpaid overtime and (3) A 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 former 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 at any time (i) within 3 years prior to the filing of this action until trial for the Fair Labor Standards Act (FLSA) class and (ii) within 4 years prior to the filing of the initial complaint until trial for the California collective action. The class complaint claims 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. It pleads seven causes of action against defendants: (1) Failure to pay overtime compensation in violation of the FLSA for unpaid overtime (nationwide class); (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 former 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. The claimant 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 Cal. Lab. Code sections 226.7, 514 and 1198; (2) Failure to pay overtime wages in violation of Cal. Lab. Code sections 510 and 1194; (3) Failure to provide accurate wage statements in violation of Cal. Lab. Code section 226; (4) Failure to timely pay wages in violation of Cal. Lab. Code section 204; and (5) Failures to timely pay wages for violations of Cal. Lab. Code sections 201- 203. The claim seeks compensatory damages and penalties that are associated with the various statutes, costs and attorneys’ fees. | ||||||||
On March 11, 2014, the Company sold 100 percent of the stock of Interthinx (see Note 6 Discontinued Operations for additional details). Pursuant to the terms of the sale agreement, the Company is responsible for the resolution of these matters. In October 2014, the parties agreed to a Joint Stipulation of Settlement and Release resolving the Shaw, Dehdashtian and Nagl matters which provides for a payment of $6,000, the majority of which is to be paid by insurance. The United States District Court for the District of Colorado granted Preliminary Approval of the Joint Stipulation of Settlement and Release on November 21, 2014 and scheduled the Final Fairness Hearing for April 3, 2015. | ||||||||
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 our 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, AIR Worldwide Corporation, and American Family; (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. | ||||||||
On November 20, 2013, the three defendants filed motions to dismiss the Amended Complaint. | ||||||||
On September 30, 2014, the District Court granted defendants’ motions and dismissed the Amended Complaint in its entirety, with prejudice. Mariah filed a Notice of Appeal on October 28, 2014. Briefing of the appeal was completed on February 13, 2015. | ||||||||
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., arises from MediConnect’s buyout of Naveen Trehan and his family members’ shares on October 15, 2010. Plaintiff claims that the sale of the shares was based on MediConnect’s representations concerning third parties that had expressed interest in an acquisition, merger or investment in MediConnect at that time. Plaintiff claims that MediConnect did not disclose the Company, which purchased MediConnect on March 23, 2012, as a possible suitor. The complaint 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. ("ISO"), 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. On September 12, 2014, the District Court granted ISO’s motion to dismiss the Amended Complaint finding that ISO provided ample, clear and sufficient notice of the 2002 Amendment to the Plan and that plaintiffs’ claims were time barred. Plaintiffs filed their Notice of Appeal on October 14, 2014 and all briefing of the appeal is complete. | ||||||||
At this time, it is not possible to determine the ultimate resolution of, or estimate the liability related to, this matter. | ||||||||
On August 1, 2014 the Company was served with an Amended Complaint filed in the United States District Court for the District of Colorado titled Snyder, et. al. v. ACORD Corp., et al. The action is brought by nineteen individual plaintiffs, on their own behalf and on behalf of a putative class, against more than 120 defendants, including the Company and its subsidiary, Insurance Services Office, Inc. ("ISO"). Except for the Company, ISO and the defendant Acord Corporation, which provides standard forms to assist in insurance transactions, most of the other defendants are property and casualty insurance companies that plaintiffs claim conspired to underpay property damage claims. Plaintiffs claim that the Company and ISO, along with all of the other defendants, violated state and federal antitrust and racketeering laws as well as state common law. On September 8, 2014, the Court entered an Order striking the Amended Complaint and granting leave to the plaintiffs to file a new complaint. On October 13, 2014, plaintiffs filed their Second Amended Complaint that continues to allege that the defendants conspired to underpay property damage claims, but does not specifically allege what role the Company or ISO played in the alleged conspiracy. The Second Amended Complaint similarly alleges that the Company and ISO, along with all of the other defendants, violated state and federal antitrust and racketeering laws as well as state common law, and seeks all available relief including, injunctive, statutory, actual and punitive damages as well as attorneys’ fees. | ||||||||
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, 2014 | ||||||||||||||||||||
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 2013 and 2012, 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, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012. 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, 2014, ISO Strategic Solutions, ("ISOST"), a non-guarantor of the senior notes, merged with and into Insurance Services Office, Inc. ("ISO"), a guarantor of the senior notes, pursuant to which ISO is the surviving corporation and remains a guarantor of the senior notes. As a result, the condensed consolidated balance sheet of ISOST at December 31, 2014 was reclassified from the financial information of the non-guarantor subsidiaries to that of the guarantor subsidiaries. On March 11, 2014, the Company sold 100% of the stock of Company’s mortgage services business, Interthinx, Inc., a guarantor of the senior notes. Upon the sale, Interthinx, Inc. was relieved of all its guarantees of the senior notes. 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, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 330 | $ | 4,131 | $ | 34,898 | $ | — | $ | 39,359 | ||||||||||
Available-for-sale securities | — | 3,801 | — | — | 3,801 | |||||||||||||||
Accounts receivable, net | — | 148,944 | 71,724 | — | 220,668 | |||||||||||||||
Prepaid expenses | — | 27,433 | 4,063 | — | 31,496 | |||||||||||||||
Deferred income taxes, net | — | 3,334 | 1,438 | — | 4,772 | |||||||||||||||
Income taxes receivable | 20,180 | 71,376 | — | (26,044 | ) | 65,512 | ||||||||||||||
Intercompany receivables | 706,138 | 1,250,827 | 194,565 | (2,151,530 | ) | — | ||||||||||||||
Other current assets | 5,147 | 13,352 | 376 | — | 18,875 | |||||||||||||||
Total current assets | 731,795 | 1,523,198 | 307,064 | (2,177,574 | ) | 384,483 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 258,238 | 44,035 | — | 302,273 | |||||||||||||||
Intangible assets, net | — | 58,887 | 347,589 | — | 406,476 | |||||||||||||||
Goodwill | — | 498,075 | 709,071 | — | 1,207,146 | |||||||||||||||
Investment in subsidiaries | 1,772,222 | 909,565 | — | (2,681,787 | ) | — | ||||||||||||||
Pension assets | — | 18,589 | — | — | 18,589 | |||||||||||||||
Other assets | 6,684 | 18,918 | 761 | — | 26,363 | |||||||||||||||
Total assets | $ | 2,510,701 | $ | 3,285,470 | $ | 1,408,520 | $ | (4,859,361 | ) | $ | 2,345,330 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 14,220 | $ | 120,058 | $ | 46,448 | $ | — | $ | 180,726 | ||||||||||
Short-term debt and current portion of long-term debt | — | 335,993 | 65 | — | 336,058 | |||||||||||||||
Pension and postretirement benefits, current | — | 1,894 | — | — | 1,894 | |||||||||||||||
Fees received in advance | — | 212,765 | 39,827 | — | 252,592 | |||||||||||||||
Intercompany payables | 1,239,590 | 888,752 | 23,188 | (2,151,530 | ) | — | ||||||||||||||
Income taxes payable | — | — | 26,044 | (26,044 | ) | — | ||||||||||||||
Total current liabilities | 1,253,810 | 1,559,462 | 135,572 | (2,177,574 | ) | 771,270 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,045,848 | 54,729 | 297 | — | 1,100,874 | |||||||||||||||
Pension and postretirement benefits | — | 16,215 | — | — | 16,215 | |||||||||||||||
Deferred income taxes, net | — | 82,340 | 120,200 | — | 202,540 | |||||||||||||||
Other liabilities | — | 40,795 | 2,593 | — | 43,388 | |||||||||||||||
Total liabilities | 2,299,658 | 1,753,541 | 258,662 | (2,177,574 | ) | 2,134,287 | ||||||||||||||
Total stockholders’ equity | 211,043 | 1,531,929 | 1,149,858 | (2,681,787 | ) | 211,043 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,510,701 | $ | 3,285,470 | $ | 1,408,520 | $ | (4,859,361 | ) | $ | 2,345,330 | |||||||||
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 STATEMENT OF OPERATIONS | ||||||||||||||||||||
For The Year Ended December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,440,093 | $ | 357,249 | $ | (50,616 | ) | $ | 1,746,726 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 568,858 | 189,507 | (41,767 | ) | 716,598 | ||||||||||||||
Selling, general and administrative | — | 186,937 | 49,218 | (8,849 | ) | 227,306 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 72,254 | 13,252 | — | 85,506 | |||||||||||||||
Amortization of intangible assets | — | 10,085 | 46,785 | — | 56,870 | |||||||||||||||
Total expenses | — | 838,134 | 298,762 | (50,616 | ) | 1,086,280 | ||||||||||||||
Operating income | — | 601,959 | 58,487 | — | 660,446 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income and others | 51 | 398 | (291 | ) | — | 158 | ||||||||||||||
Interest expense | (54,550 | ) | (15,401 | ) | (33 | ) | — | (69,984 | ) | |||||||||||
Total other expense, net | (54,499 | ) | (15,003 | ) | (324 | ) | — | (69,826 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (54,499 | ) | 586,956 | 58,163 | — | 590,620 | ||||||||||||||
Provision for income taxes | 20,180 | (222,147 | ) | (17,788 | ) | — | (219,755 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (34,319 | ) | 364,809 | 40,375 | — | 370,865 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 29,322 | (145 | ) | — | 29,177 | ||||||||||||||
Equity in net income of subsidiaries | 434,361 | 32,532 | — | (466,893 | ) | — | ||||||||||||||
Net income | $ | 400,042 | $ | 426,663 | $ | 40,230 | $ | (466,893 | ) | $ | 400,042 | |||||||||
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 and others | 43 | 636 | (70 | ) | — | 609 | ||||||||||||||
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 and others | 44 | (130 | ) | 192 | — | 106 | ||||||||||||||
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 COMPREHENSIVE INCOME | ||||||||||||||||||||
For The Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 400,042 | $ | 426,663 | $ | 40,230 | $ | (466,893 | ) | $ | 400,042 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustment | (1,286 | ) | (589 | ) | (697 | ) | 1,286 | (1,286 | ) | |||||||||||
Unrealized holding loss on available-for-sale securities | (35 | ) | (35 | ) | — | 35 | (35 | ) | ||||||||||||
Pension and postretirement adjustment | (35,705 | ) | (35,705 | ) | — | 35,705 | (35,705 | ) | ||||||||||||
Total other comprehensive loss | (37,026 | ) | (36,329 | ) | (697 | ) | 37,026 | (37,026 | ) | |||||||||||
Comprehensive income | $ | 363,016 | $ | 390,334 | $ | 39,533 | $ | (429,867 | ) | $ | 363,016 | |||||||||
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: | ||||||||||||||||||||
Foreign currency translation adjustment | (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 | |||||||||
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: | ||||||||||||||||||||
Foreign currency translation adjustment | 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 CASH FLOWS | ||||||||||||||||||||
For The Year Ended December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 104 | $ | 336,094 | $ | 153,254 | $ | — | $ | 489,452 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $304 | — | (5,051 | ) | (30,141 | ) | — | (35,192 | ) | ||||||||||||
Purchase of non-controlling equity investments in non-public companies | — | (5,000 | ) | — | — | (5,000 | ) | |||||||||||||
Proceeds from sale of subsidiary | — | 151,170 | — | — | 151,170 | |||||||||||||||
Investment in subsidiaries | — | (30,609 | ) | — | 30,609 | — | ||||||||||||||
Intercompany dividends received from subsidiaries | — | 114 | — | (114 | ) | — | ||||||||||||||
Repayments received from other subsidiaries | 20,000 | 224,447 | 19,289 | (263,736 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | — | (5,075 | ) | — | 5,075 | — | ||||||||||||||
Capital expenditures | — | (124,513 | ) | (22,305 | ) | — | (146,818 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (203 | ) | — | — | (203 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 513 | — | — | 513 | |||||||||||||||
Net cash provided by (used in) investing activities | 20,000 | 205,793 | (33,157 | ) | (228,166 | ) | (35,530 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from short-term debt, net | — | 160,000 | — | — | 160,000 | |||||||||||||||
Proceeds from issuance of intercompany common stock | — | — | 30,609 | (30,609 | ) | — | ||||||||||||||
Intercompany dividends paid to subsidiaries | — | — | (114 | ) | 114 | — | ||||||||||||||
Repurchases of Class A common stock | — | (778,484 | ) | — | — | (778,484 | ) | |||||||||||||
Repayments of advances to other subsidiaries | (40,000 | ) | (39,289 | ) | (184,447 | ) | 263,736 | — | ||||||||||||
Advances received from other subsidiaries | — | — | 5,075 | (5,075 | ) | — | ||||||||||||||
Payment of debt issuance costs | — | (465 | ) | — | — | (465 | ) | |||||||||||||
Excess tax benefits from exercised stock options | — | 22,566 | — | — | 22,566 | |||||||||||||||
Proceeds from stock options exercised | — | 24,648 | — | — | 24,648 | |||||||||||||||
Net share settlement of taxes from restricted stock awards | — | (1,625 | ) | — | — | (1,625 | ) | |||||||||||||
Other financing activities, net | — | (5,613 | ) | (105 | ) | — | (5,718 | ) | ||||||||||||
Net cash used in financing activities | (40,000 | ) | (618,262 | ) | (148,982 | ) | 228,166 | (579,078 | ) | |||||||||||
Effect of exchange rate changes | — | (589 | ) | (697 | ) | — | (1,286 | ) | ||||||||||||
Decrease in cash and cash equivalents | (19,896 | ) | (76,964 | ) | (29,582 | ) | — | (126,442 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 20,226 | 81,095 | 64,480 | — | 165,801 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 330 | $ | 4,131 | $ | 34,898 | $ | — | $ | 39,359 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 778,484 | $ | 778,484 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 24,648 | $ | 24,648 | $ | — | $ | — | $ | — | ||||||||||
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 | — | |||||||||||||
Capital expenditures | — | (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 | ) | |||||||||||||
Repayments 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 | — | ||||||||||||||
Capital expenditures | — | (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 provided 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 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 form 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 | $ | — | $ | — | $ | — | ||||||||||
************** |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
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, 2014, 2013 and 2012 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Description | Balance at | Charged to | Deductions— | Adjustment (3) | Balance at | |||||||||||||||
Beginning | Expenses (1) | Write-offs(2) | End of Year | |||||||||||||||||
of Year | ||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,415 | $ | 1,814 | $ | (161 | ) | $ | (73 | ) | $ | 5,995 | ||||||||
Valuation allowance for income taxes | $ | 741 | $ | 48 | $ | — | $ | — | $ | 789 | ||||||||||
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 | |||||||||
-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, 2014 | |
Accounting Policies [Abstract] | |
Intercompany Accounts and Transactions | Intercompany Accounts and Transactions |
The consolidated financial statements include the accounts of Verisk. All intercompany accounts and transactions have been eliminated. | |
Revenue Recognition, Software | 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. | |
Fees Received in Advance | 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 | 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. | |
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. |
Property, Plant and Equipment, Impairment | 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 |
Assets Held-for-sale | 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. | |
Capital and Operating Leases | 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 | Investments |
The Company’s investments at December 31, 2014 and 2013 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, 2014 or 2013. 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 “Investment income and others” 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 Measurements | 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. | |
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. | |
Accounts Receivable and Allowance for Doubtful Accounts | 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 | 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 | 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 | 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 $25,508, $21,426 and $18,386 for the years ended December 31, 2014, 2013 and 2012, respectively, and were included in the accompanying consolidated statements of operations. | |
Advertising Costs | 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 $6,360, $8,457 and $6,166 for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Income Taxes | 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 | 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 | 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 (loss) 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 | 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, 2014 and 2013, 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 | 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 | 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, 2014, which resulted in no impairment of goodwill in 2014. 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 | Recent Accounting Pronouncements |
In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. ASU 2013-05 was adopted by the Company on January 1, 2014. The adoption of ASU 2013-05 did not 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. The Company adopted the standard on January 1, 2014. The adoption of ASU No. 2013-11 did not have a material impact on the Company's consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU No. 2014-08”). Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The amendments in this ASU further require additional disclosures on discontinued operations in the financial statements. ASU No. 2014-08 is effective prospectively for reporting periods beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held-for-sale) that have not been reported in the financial statements previously issued. The Company has elected not to early adopt and will assess the impact of this standard when applicable circumstances are required to be reported in discontinued operations under the existing guidance and this ASU. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASU No. 2014-09"). The objective of ASU No. 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU No. 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will identify the contract(s) with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the contract’s performance obligations; and recognize revenue when (or as) the entity satisfies a performance obligation. ASU No. 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2016 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU No. 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements nor decided upon the method of adoption. | |
In January 2015, the FASB issued ASU No. 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items ("ASU No. 2015-01"). As it is extremely rare in current practice for an event or transaction to be presented as an extraordinary item, this ASU eliminates from the U.S. GAAP the concept of extraordinary items. ASU No. 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company has elected not to early adopt and will assess the impact of this standard when applicable circumstances are warranted. | |
Equity Method 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. |
Business Combinations and Other Purchase of Business Transactions | 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, 2014 and 2013, the escrows amounted to $5,583 and $27,967, respectively, and have been included in “Other current assets” in the accompanying consolidated balance sheets. |
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. | |
On March 11, 2014, the Company sold 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, 2014 and for all prior periods presented. Refer to Note 10 for more information. | |
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. |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables [Abstract] | ||||||||
Summary of Accounts Receivable | Accounts receivable consisted of the following at December 31: | |||||||
2014 | 2013 | |||||||
Billed receivables | $ | 203,339 | $ | 143,059 | ||||
Unbilled receivables | 23,324 | 19,903 | ||||||
Total receivables | 226,663 | 162,962 | ||||||
Less allowance for doubtful accounts | (5,995 | ) | (4,415 | ) | ||||
Accounts receivable, net | $ | 220,668 | $ | 158,547 | ||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||
Summary of Available-for-Sale Securities | Available-for-sale securities consisted of the following: | |||||||||||
Adjusted | Gross | Fair Value | ||||||||||
Cost | Unrealized | |||||||||||
Loss | ||||||||||||
31-Dec-14 | ||||||||||||
Registered investment companies | $ | 4,045 | $ | (244 | ) | $ | 3,801 | |||||
31-Dec-13 | ||||||||||||
Registered investment companies | $ | 4,098 | $ | (187 | ) | $ | 3,911 | |||||
Realized Gain/(Loss) on Securities, Net | Realized gain (loss) on securities, net, including write downs related to other-than-temporary impairments of available-for-sale securities and other assets, has been included in "Investment income and others" in the accompanying consolidated statements of operations. Realized gain (loss) on securities, net, was as follows for the years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Gross realized gain on sale of registered investment securities | $ | 285 | $ | 966 | $ | 420 | ||||||
Other-than-temporary impairment of registered investment securities | (28 | ) | (84 | ) | (74 | ) | ||||||
Other-than-temporary impairment of non-controlling interest in non-public companies | — | (974 | ) | (678 | ) | |||||||
Realized gain (loss) on securities, net | $ | 257 | $ | (92 | ) | $ | (332 | ) | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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-14 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 3,707 | $ | — | $ | 3,707 | ||||||||||
Registered investment companies(1) | $ | 3,801 | $ | 3,801 | $ | — | ||||||||||
31-Dec-13 | ||||||||||||||||
Cash equivalents – money-market funds | $ | 889 | $ | — | $ | 889 | ||||||||||
Registered investment companies(1) | $ | 3,911 | $ | 3,911 | $ | — | ||||||||||
(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, 2014 and 2013 respectively: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial instrument not carried at fair value: | ||||||||||||||||
Long-term debt excluding capitalized leases | $ | 1,265,848 | $ | 1,371,213 | $ | 1,265,129 | $ | 1,335,844 | ||||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
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-14 | ||||||||||||||
Furniture and office equipment | 3-10 years | $ | 199,199 | $ | (131,055 | ) | $ | 68,144 | ||||||
Leasehold improvements | Lease term | 65,212 | (27,884 | ) | 37,328 | |||||||||
Purchased software | 3 years | 116,089 | (80,794 | ) | 35,295 | |||||||||
Software development costs | 3 years | 266,559 | (111,766 | ) | 154,793 | |||||||||
Leased equipment | 3-4 years | 32,776 | (26,063 | ) | 6,713 | |||||||||
Total fixed assets | $ | 679,835 | $ | (377,562 | ) | $ | 302,273 | |||||||
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 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
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 | ||||||||||||||||
(unaudited) | ||||||||||||||||
Pro forma revenues | $ | 1,462,677 | ||||||||||||||
Pro forma net income | $ | 321,140 | ||||||||||||||
Pro forma basic income per share | $ | 1.94 | ||||||||||||||
Pro forma diluted income per share | $ | 1.87 | ||||||||||||||
2014 Acquisitions [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Schedule of Preliminary Purchase Price Allocations of the Acquisitions | The preliminary purchase price allocation of the acquisition resulted in the following: | |||||||||||||||
Maplecroft | ||||||||||||||||
Accounts receivable | $ | 1,833 | ||||||||||||||
Current assets | 543 | |||||||||||||||
Fixed assets | 98 | |||||||||||||||
Intangible assets | 13,270 | |||||||||||||||
Goodwill | 21,369 | |||||||||||||||
Total assets acquired | 37,113 | |||||||||||||||
Current liabilities | 4,318 | |||||||||||||||
Deferred income taxes, net | 2,654 | |||||||||||||||
Total liabilities assumed | 6,972 | |||||||||||||||
Net assets acquired | $ | 30,141 | ||||||||||||||
Amounts Assigned to Intangible Assets | The preliminary amounts assigned to intangible assets by type for the acquisition are summarized in the table below: | |||||||||||||||
Weighted | Total | |||||||||||||||
Average | ||||||||||||||||
Useful Life | ||||||||||||||||
Technology-based | 10 years | $ | 3,202 | |||||||||||||
Marketing-related | 10 years | 458 | ||||||||||||||
Customer-related | 10 years | 9,610 | ||||||||||||||
Total intangible assets | 10 years | $ | 13,270 | |||||||||||||
2012 Acquisitions [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
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, net | 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 | |||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues from discontinued operations | $ | 11,512 | $ | 109,151 | $ | 126,472 | ||||||
Income from discontinued operations before income taxes (including gain on sale of $65,410 in 2014) | 54,482 | 10,819 | 19,382 | |||||||||
Provision for income taxes (including tax on the gain on sale in 2014) | (25,305 | ) | (4,753 | ) | (7,703 | ) | ||||||
Income from discontinued operations, net of tax | $ | 29,177 | $ | 6,066 | $ | 11,679 | ||||||
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, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Summary of Changes in Goodwill | The following is a summary of the change in goodwill from December 31, 2012 through December 31, 2014, both in total and as allocated to the Company’s operating segments: | |||||||||||||
Risk | Decision | Total | ||||||||||||
Assessment | Analytics | |||||||||||||
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 | |||||||||||
Current year acquisitions | — | 22,740 | 22,740 | |||||||||||
Acquisition related escrow funding | — | 2,725 | 2,725 | |||||||||||
Goodwill at December 31, 2014 (1) | $ | 55,555 | $ | 1,151,591 | $ | 1,207,146 | ||||||||
-1 | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2012. | |||||||||||||
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-14 | ||||||||||||||
Technology-based | 8 years | $ | 299,705 | $ | (195,698 | ) | $ | 104,007 | ||||||
Marketing-related | 5 years | 71,504 | (54,745 | ) | 16,759 | |||||||||
Contract-based | 6 years | 6,555 | (6,555 | ) | — | |||||||||
Customer-related | 13 years | 399,011 | (113,301 | ) | 285,710 | |||||||||
Total intangible assets | $ | 776,775 | $ | (370,299 | ) | $ | 406,476 | |||||||
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 | |||||||
Estimated Amortization Expense | Estimated amortization expense in future periods through 2020 and thereafter for intangible assets subject to amortization is as follows: | |||||||||||||
Year | Amount | |||||||||||||
2015 | $ | 52,268 | ||||||||||||
2016 | 50,436 | |||||||||||||
2017 | 49,532 | |||||||||||||
2018 | 48,786 | |||||||||||||
2019 | 47,326 | |||||||||||||
2020 and thereafter | 158,128 | |||||||||||||
Total | $ | 406,476 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal and foreign | $ | 169,153 | $ | 135,215 | $ | 111,713 | ||||||
State and local | 26,333 | 18,764 | 8,442 | |||||||||
Total current provision for income taxes | 195,486 | 153,979 | 120,155 | |||||||||
Deferred: | ||||||||||||
Federal and foreign | 27,009 | 38,160 | 56,036 | |||||||||
State and local | (2,740 | ) | 4,287 | 6,172 | ||||||||
Total deferred provision for income taxes | 24,269 | 42,447 | 62,208 | |||||||||
Provision for income taxes | $ | 219,755 | $ | 196,426 | $ | 182,363 | ||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State and local taxes, net of federal tax benefit | 2.7 | % | 2.6 | % | 1.7 | % | ||||||
Non-deductible KSOP expenses | 0.9 | % | 0.9 | % | 0.9 | % | ||||||
Other | (1.4 | )% | (2.0 | )% | (1.1 | )% | ||||||
Effective tax rate for continuing operations | 37.2 | % | 36.5 | % | 36.5 | % | ||||||
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: | |||||||||||
2014 | 2013 | |||||||||||
Deferred income tax asset: | ||||||||||||
Employee wages, pension and other benefits | $ | 29,756 | $ | 26,113 | ||||||||
Deferred revenue | 1,835 | 1,835 | ||||||||||
Deferred rent | 5,463 | 4,342 | ||||||||||
Net operating loss carryover | 4,292 | 8,247 | ||||||||||
State tax adjustments | 2,472 | 1,639 | ||||||||||
Capital and other unrealized losses | 3,255 | 3,301 | ||||||||||
Other | 4,956 | 6,720 | ||||||||||
Total | 52,029 | 52,197 | ||||||||||
Less valuation allowance | (789 | ) | (741 | ) | ||||||||
Deferred income tax asset | 51,240 | 51,456 | ||||||||||
Deferred income tax liability: | ||||||||||||
Fixed assets and intangible assets | (242,857 | ) | (223,639 | ) | ||||||||
Other | (6,151 | ) | (21,344 | ) | ||||||||
Deferred income tax liability | (249,008 | ) | (244,983 | ) | ||||||||
Deferred income tax liability, net | $ | (197,768 | ) | $ | (193,527 | ) | ||||||
The deferred income liability has been classified in “Deferred income taxes, net” in the accompanying consolidated balance sheets as of December 31, as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Current deferred income tax asset, net | $ | 4,772 | $ | 5,077 | ||||||||
Non-current deferred income tax liability, net | (202,540 | ) | (198,604 | ) | ||||||||
Deferred income tax liability, net | $ | (197,768 | ) | $ | (193,527 | ) | ||||||
Summary of Company's Net Operating Loss Carryforwards Expires | The Company’s net operating loss carryforwards expire as follows: | |||||||||||
Years | Amount | |||||||||||
2015-2022 | $ | 6,912 | ||||||||||
2023-2027 | 13,755 | |||||||||||
2028-2034 | 26,674 | |||||||||||
Total | $ | 47,341 | ||||||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefit at January 1 | $ | 9,524 | $ | 17,883 | $ | 17,877 | ||||||
Gross increase in tax positions in prior period | 2,679 | 541 | 911 | |||||||||
Gross decrease in tax positions in prior period | — | (4,241 | ) | (1,494 | ) | |||||||
Gross increase in tax positions from stock acquisitions | — | — | 3,304 | |||||||||
Settlements | — | (390 | ) | (1,770 | ) | |||||||
Lapse of statute of limitations | (1,566 | ) | (4,269 | ) | (945 | ) | ||||||
Unrecognized tax benefit at December 31 | $ | 10,637 | $ | 9,524 | $ | 17,883 | ||||||
Composition_of_Certain_Financi1
Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Balance Sheet Related Disclosures [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: | |||||||
2014 | 2013 | |||||||
Other current assets: | ||||||||
Acquisition related escrows | $ | 5,583 | $ | 27,967 | ||||
Other current assets | 13,292 | 6,714 | ||||||
Total other current assets | $ | 18,875 | $ | 34,681 | ||||
Accounts payable and accrued liabilities: | ||||||||
Accrued salaries, benefits and other related costs | $ | 87,729 | $ | 79,372 | ||||
Escrow liabilities | 5,565 | 27,918 | ||||||
Trade accounts payable and other accrued expenses | 87,432 | 80,974 | ||||||
Total accounts payable and accrued liabilities | $ | 180,726 | $ | 188,264 | ||||
Other liabilities: | ||||||||
Unrecognized tax benefits, including interest and penalty | $ | 13,455 | $ | 12,143 | ||||
Deferred rent | 22,386 | 12,219 | ||||||
Other liabilities | 7,547 | 11,681 | ||||||
Total other liabilities | $ | 43,388 | $ | 36,043 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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 | 2014 | 2013 | |||||||||
Date | Date | |||||||||||
Short-term debt and current portion of long-term debt: | ||||||||||||
Syndicated revolving credit facility | Various | Various | $ | 160,000 | $ | — | ||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | 17,500 | — | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | 85,000 | — | ||||||||
New York Life shelf notes: | ||||||||||||
5.87% Series A shelf notes | 10/26/07 | 10/26/15 | 17,500 | — | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | 50,000 | — | ||||||||
Capital lease obligations | Various | Various | 6,058 | 4,448 | ||||||||
Short-term debt and current portion of long-term debt | 336,058 | 4,448 | ||||||||||
Long-term debt: | ||||||||||||
Senior notes: | ||||||||||||
4.125% senior notes, less unamortized discount of $2,137 and $2,415 as of December 31, 2014 and 2013, respectively | 9/12/12 | 9/12/22 | 347,863 | 347,585 | ||||||||
4.875% senior notes, less unamortized discount of $1,361, and $1,699 as of December 31, 2014 and 2013, respectively | 12/8/11 | 1/15/19 | 248,639 | 248,301 | ||||||||
5.80% senior notes, less unamortized discount of $654 and $757 as of December 31, 2014 and 2013, respectively | 4/6/11 | 5/1/21 | 449,346 | 449,243 | ||||||||
Prudential shelf notes: | ||||||||||||
5.84% Series H shelf notes | 10/26/07 | 10/26/15 | — | 17,500 | ||||||||
6.28% Series I shelf notes | 4/29/08 | 4/29/15 | — | 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 | ||||||||
6.35% Series B shelf notes | 4/29/08 | 4/29/15 | — | 50,000 | ||||||||
Capital lease obligations | Various | Various | 5,026 | 6,310 | ||||||||
Long-term debt | 1,100,874 | 1,271,439 | ||||||||||
Total debt | $ | 1,436,932 | $ | 1,275,887 | ||||||||
Summary of Long Term Debt Maturities | The following table reflects the Company’s debt maturities: | |||||||||||
Year | Amount | |||||||||||
2015 | $ | 336,058 | ||||||||||
2016 | 53,959 | |||||||||||
2017 | 770 | |||||||||||
2018 | 168 | |||||||||||
2019 | 250,050 | |||||||||||
2020 and thereafter | 800,079 | |||||||||||
Total | $ | 1,441,084 | ||||||||||
Stockholders_Equity_Deficit_Ta
Stockholders' Equity (Deficit) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
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: | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In thousands, except for share and per share data) | ||||||||||||||||
Numerator used in basic and diluted EPS: | ||||||||||||||||
Income from continuing operations | $ | 370,865 | $ | 342,314 | $ | 317,463 | ||||||||||
Income from discontinued operations, net of tax of $25,305, $4,753 and $7,703, respectively | 29,177 | 6,066 | 11,679 | |||||||||||||
Net income | $ | 400,042 | $ | 348,380 | $ | 329,142 | ||||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares used in basic EPS | 165,823,803 | 168,031,412 | 165,890,258 | |||||||||||||
Effect of dilutive shares: | ||||||||||||||||
Potential common stock issuable from stock options and stock awards | 3,308,620 | 4,244,948 | 5,819,260 | |||||||||||||
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 169,132,423 | 172,276,360 | 171,709,518 | |||||||||||||
Summary of Accumulated Other Comprehensive Losses | The following is a summary of accumulated other comprehensive losses as of December 31: | |||||||||||||||
2014 | 2013 | |||||||||||||||
Foreign currency translation adjustment | $ | (3,086 | ) | $ | (1,800 | ) | ||||||||||
Unrealized losses on available-for-sale securities, net of tax | (110 | ) | (75 | ) | ||||||||||||
Pension and postretirement adjustment, net of tax | (77,318 | ) | (41,613 | ) | ||||||||||||
Accumulated other comprehensive losses | $ | (80,514 | ) | $ | (43,488 | ) | ||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,000 | ) | $ | (1,147 | ) | ||||||
Actuarial losses | 120,735 | 62,226 | 8,321 | 9,208 | ||||||||||||
Accumulated other comprehensive losses, pretax | $ | 120,735 | $ | 62,226 | $ | 7,321 | $ | 8,061 | ||||||||
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, 2014, 2013 and 2012 are summarized below: | |||||||||||||||
Before Tax | Tax Benefit | After Tax | ||||||||||||||
(Expense) | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Foreign currency translation adjustment | $ | (1,286 | ) | $ | — | $ | (1,286 | ) | ||||||||
Unrealized loss on available-for-sale securities before reclassifications | (314 | ) | 121 | (193 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive losses (1) | 257 | (99 | ) | 158 | ||||||||||||
Unrealized loss on available-for-sale securities | (57 | ) | 22 | (35 | ) | |||||||||||
Pension and postretirement adjustment before reclassifications | (56,635 | ) | 21,629 | (35,006 | ) | |||||||||||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (2) | (1,134 | ) | 435 | (699 | ) | |||||||||||
Pension and postretirement adjustment | (57,769 | ) | 22,064 | (35,705 | ) | |||||||||||
Total other comprehensive loss | $ | (59,112 | ) | $ | 22,086 | $ | (37,026 | ) | ||||||||
December 31, 2013 | ||||||||||||||||
Foreign currency translation adjustment | $ | (840 | ) | $ | — | $ | (840 | ) | ||||||||
Unrealized loss on available-for-sale securities before reclassifications | (1,122 | ) | 433 | (689 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive losses (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 | ||||||||||||||||
Foreign currency translation adjustment | $ | 15 | $ | — | $ | 15 | ||||||||||
Unrealized loss on available-for-sale securities before reclassifications | (727 | ) | 316 | (411 | ) | |||||||||||
Amount reclassified from accumulated other comprehensive losses (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 | ) | ||||||||
(1) This accumulated other comprehensive losses component, before tax, is included under “Investment income and others” in the accompanying consolidated statements of operations. | ||||||||||||||||
(2) This accumulated other comprehensive losses component, before tax, is included under “Cost of revenues” and “Selling, general and administrative” in the accompanying consolidated statements of operations. This component is also included in the computation of net periodic benefit (credit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
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: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Option pricing model | Black-Scholes | Black-Scholes | Black-Scholes | |||||||||
Expected volatility | 20.53 | % | 29.27 | % | 32.22 | % | ||||||
Risk-free interest rate | 1.48 | % | 0.7 | % | 0.9 | % | ||||||
Expected term in years | 4.4 | 4.5 | 4.7 | |||||||||
Dividend yield | — | % | — | % | — | % | ||||||
Weighted average grant date fair value per stock option | $ | 11.86 | $ | 15.58 | $ | 13.59 | ||||||
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, 2012 | 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 | |||||||
Granted | 1,242,428 | $ | 59.83 | |||||||||
Exercised | (1,091,746 | ) | $ | 22.29 | $ | 43,863 | ||||||
Cancelled or expired | (180,312 | ) | $ | 55.23 | ||||||||
Outstanding at December 31, 2014 | 9,205,690 | $ | 31.11 | $ | 303,267 | |||||||
Options exercisable at December 31, 2014 | 7,159,895 | $ | 24 | $ | 286,728 | |||||||
Options exercisable at December 31, 2013 | 7,169,089 | $ | 20.98 | $ | 320,766 | |||||||
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, 2012 | 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 | |||||||||
Granted | 1,242,428 | $ | 11.86 | |||||||||
Vested | (1,082,552 | ) | $ | 11.71 | ||||||||
Cancelled or expired | (180,312 | ) | $ | 13.56 | ||||||||
Nonvested balance at December 31, 2014 | 2,045,795 | $ | 12.55 | |||||||||
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 January 1, 2012 | 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 | |||||||||
Granted | 246,003 | $ | 59.86 | |||||||||
Vested | (163,280 | ) | $ | 49.94 | ||||||||
Forfeited | (37,162 | ) | $ | 55.53 | ||||||||
Outstanding at December 31, 2014 | 442,310 | $ | 56.84 | |||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 420,664 | $ | 460,482 | $ | 20,399 | $ | 22,434 | ||||||||||||||||
Interest cost | 19,073 | 17,860 | 593 | 608 | ||||||||||||||||||||
Actuarial loss (gain) | 61,804 | (31,962 | ) | (411 | ) | (426 | ) | |||||||||||||||||
Plan participants’ contributions | — | — | 2,635 | 1,748 | ||||||||||||||||||||
Benefits paid | (30,282 | ) | (25,716 | ) | (4,834 | ) | (4,225 | ) | ||||||||||||||||
Federal subsidy on benefits paid | — | — | 391 | 260 | ||||||||||||||||||||
Benefit obligation at December 31 | $ | 471,259 | $ | 420,664 | $ | 18,773 | $ | 20,399 | ||||||||||||||||
Accumulated benefit obligation at December 31 | $ | 471,259 | $ | 420,664 | ||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||
Fair value of plan assets at January 1 | $ | 467,912 | $ | 421,134 | $ | 16,601 | $ | 18,766 | ||||||||||||||||
Actual return on plan assets, net of expenses | 36,474 | 68,583 | 743 | (198 | ) | |||||||||||||||||||
Employer contributions, net | 1,177 | 3,911 | (305 | ) | 250 | |||||||||||||||||||
Plan participants’ contributions | — | — | 2,635 | 1,748 | ||||||||||||||||||||
Benefits paid | (30,282 | ) | (25,716 | ) | (4,834 | ) | (4,225 | ) | ||||||||||||||||
Subsidies received | — | — | 391 | 260 | ||||||||||||||||||||
Fair value of plan assets at December 31 | $ | 475,281 | $ | 467,912 | $ | 15,231 | $ | 16,601 | ||||||||||||||||
(Funded) unfunded status at December 31 | $ | (4,022 | ) | $ | (47,248 | ) | $ | 3,542 | $ | 3,798 | ||||||||||||||
Amounts recognized in the consolidated balance sheets consist of: | ||||||||||||||||||||||||
Pension assets, noncurrent | $ | (18,589 | ) | $ | (60,955 | ) | $ | — | $ | — | ||||||||||||||
Pension, SERP and postretirement benefits, current | 762 | 700 | 1,132 | 1,737 | ||||||||||||||||||||
Pension, SERP and postretirement benefits, noncurrent | 13,805 | 13,007 | 2,410 | 2,061 | ||||||||||||||||||||
Total Pension, SERP and Postretirement benefits | $ | (4,022 | ) | $ | (47,248 | ) | $ | 3,542 | $ | 3,798 | ||||||||||||||
Summary of Pre-Tax Components of Accumulated Other Comprehensive Losses | The following is a summary of accumulated other comprehensive losses as of December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign currency translation adjustment | $ | (3,086 | ) | $ | (1,800 | ) | ||||||||||||||||||
Unrealized losses on available-for-sale securities, net of tax | (110 | ) | (75 | ) | ||||||||||||||||||||
Pension and postretirement adjustment, net of tax | (77,318 | ) | (41,613 | ) | ||||||||||||||||||||
Accumulated other comprehensive losses | $ | (80,514 | ) | $ | (43,488 | ) | ||||||||||||||||||
The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below: | ||||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Prior service benefit | $ | — | $ | — | $ | (1,000 | ) | $ | (1,147 | ) | ||||||||||||||
Actuarial losses | 120,735 | 62,226 | 8,321 | 9,208 | ||||||||||||||||||||
Accumulated other comprehensive losses, pretax | $ | 120,735 | $ | 62,226 | $ | 7,321 | $ | 8,061 | ||||||||||||||||
Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income | The pre-tax components of net periodic benefit (credit) cost and the amounts recognized in other comprehensive loss (income) are summarized below for the years ended December 31: | |||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 282 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 19,073 | 17,860 | 19,888 | 593 | 608 | 779 | ||||||||||||||||||
Curtailment gain | — | — | (780 | ) | — | — | — | |||||||||||||||||
Expected return on plan assets | (33,942 | ) | (30,480 | ) | (28,899 | ) | (786 | ) | (919 | ) | (255 | ) | ||||||||||||
Amortization of prior service benefit | — | — | (133 | ) | (146 | ) | (146 | ) | (146 | ) | ||||||||||||||
Amortization of net actuarial loss | 763 | 5,078 | 3,646 | 517 | 767 | 634 | ||||||||||||||||||
Net periodic benefit (credit) cost | (14,106 | ) | (7,542 | ) | (5,996 | ) | 178 | 310 | 1,012 | |||||||||||||||
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | (354 | ) | (1,320 | ) | (279 | ) | — | — | — | |||||||||||||||
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | — | — | 133 | 146 | 146 | 146 | ||||||||||||||||||
Prior service benefit | — | — | (7,475 | ) | — | — | — | |||||||||||||||||
Net loss recognized reclassified from accumulated other comprehensive losses | (409 | ) | (3,758 | ) | (3,368 | ) | — | — | — | |||||||||||||||
Actuarial gain (loss) | 59,272 | (70,065 | ) | 26,184 | (886 | ) | (77 | ) | 1,742 | |||||||||||||||
Total recognized in other comprehensive loss (income) | 58,509 | (75,143 | ) | 15,195 | (740 | ) | 69 | 1,888 | ||||||||||||||||
Total recognized in net periodic benefit (credit) cost and other comprehensive loss (income) | $ | 44,403 | $ | (82,685 | ) | $ | 9,199 | $ | (562 | ) | $ | 379 | $ | 2,900 | ||||||||||
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 (credit) cost during 2015 are summarized below: | |||||||||||||||||||||||
Pension Plan | Postretirement | Total | ||||||||||||||||||||||
And SERP | Plan | |||||||||||||||||||||||
Amortization of prior service benefit | $ | — | $ | (146 | ) | $ | (146 | ) | ||||||||||||||||
Amortization of net actuarial loss | 2,969 | 599 | 3,568 | |||||||||||||||||||||
Total | $ | 2,969 | $ | 453 | $ | 3,422 | ||||||||||||||||||
Summary of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost | The weighted-average assumptions used to determine benefit obligations as of December 31, 2014 and 2013 and net periodic benefit (credit) cost for the years 2014, 2013 and 2012 are provided below: | |||||||||||||||||||||||
Pension Plan and SERP | Postretirement Plan | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 3.99 | % | 4.74 | % | 3 | % | 3.45 | % | ||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 4 | % | 5 | % | ||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit (credit) loss: | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Discount rate | 4.73 | % | 3.98 | % | 4.98 | % | 3.45 | % | 2.75 | % | 3.5 | % | ||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | 5 | % | 5 | % | N/A | |||||||||||||
Rate of compensation increase | N/A | N/A | 4 | % | N/A | N/A | N/A | |||||||||||||||||
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 | |||||||||||||||||||||
2015 | $ | 29,256 | $ | 2,825 | $ | (395 | ) | $ | 2,430 | |||||||||||||||
2016 | $ | 30,070 | $ | 2,660 | $ | (387 | ) | $ | 2,273 | |||||||||||||||
2017 | $ | 30,303 | $ | 2,480 | $ | (378 | ) | $ | 2,102 | |||||||||||||||
2018 | $ | 30,223 | $ | 2,291 | $ | (368 | ) | $ | 1,923 | |||||||||||||||
2019 | $ | 30,692 | $ | 2,093 | $ | (358 | ) | $ | 1,735 | |||||||||||||||
2020-2024 | $ | 149,595 | $ | 7,587 | $ | (1,601 | ) | $ | 5,986 | |||||||||||||||
Summary of Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | 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 | $ | 12 | $ | (11 | ) | |||||||||||||||||||
Effect on the healthcare component of the accumulated postretirement benefit obligation | $ | 516 | $ | (477 | ) | |||||||||||||||||||
Summary of Asset Allocation and Target Allocation | The asset allocation at December 31, 2014 and 2013, and target allocation for 2015 by asset category are as follows: | |||||||||||||||||||||||
Asset Category | Target | Percentage of Plan Assets | ||||||||||||||||||||||
Allocation | 2014 | 2013 | ||||||||||||||||||||||
Equity securities | 60 | % | 56.8 | % | 66.8 | % | ||||||||||||||||||
Debt securities | 40 | % | 41.3 | % | 33.2 | % | ||||||||||||||||||
Other | — | % | 1.9 | % | — | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
The following table summarizes the fair value measurements by level of the Pension Plan and Postretirement Plan assets. Refer to Note 7. Fair Value Measurements for further discussion with respect to fair value hierarchy. | ||||||||||||||||||||||||
Total | Quoted Prices | Significant Other | Significant | |||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs (Level 2) | Inputs (Level 3) | ||||||||||||||||||||||
Assets (Level 1) | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||
Managed equity accounts (1) | $ | 83,690 | $ | 83,690 | $ | — | $ | — | ||||||||||||||||
Equity — pooled separate account (2) | 186,102 | — | 186,102 | — | ||||||||||||||||||||
Equity — partnerships (3) | 240 | — | — | 240 | ||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Fixed income manager — pooled separate account (2) | 196,034 | — | 196,034 | — | ||||||||||||||||||||
Fixed income manager — government securities (4) | 15,231 | 15,231 | — | — | ||||||||||||||||||||
Other | ||||||||||||||||||||||||
Cash — pooled separate account (2) | 9,215 | — | 9,215 | — | ||||||||||||||||||||
Total | $ | 490,512 | $ | 98,921 | $ | 391,351 | $ | 240 | ||||||||||||||||
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 | ||||||||||||||||
-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. | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | 1,022 | ||||||||||||||||||||
Realized and unrealized loss on plan assets, net | (395 | ) | (387 | ) | ||||||||||||||||||||
Balance at December 31 | $ | 240 | $ | 635 | ||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
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 operating income for all periods presented in the accompanying consolidated statements of operations: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Decision | Risk | Total | Decision | Risk | Total | Decision | Risk | Total | ||||||||||||||||||||||||||||
Analytics | Assessment | Analytics | Assessment | Analytics | Assessment | |||||||||||||||||||||||||||||||
Revenues | $ | 1,096,074 | 650,652 | $ | 1,746,726 | $ | 977,427 | $ | 618,276 | $ | 1,595,703 | $ | 828,342 | $ | 579,506 | $ | 1,407,848 | |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | 508,411 | 208,187 | 716,598 | 427,978 | 194,545 | 622,523 | 334,280 | 182,428 | 516,708 | |||||||||||||||||||||||||||
Selling, general and administrative | 153,453 | 73,853 | 227,306 | 151,557 | 77,425 | 228,982 | 139,122 | 80,946 | 220,068 | |||||||||||||||||||||||||||
Investment income and others | — | (158 | ) | (158 | ) | 16 | (625 | ) | (609 | ) | 22 | (128 | ) | (106 | ) | |||||||||||||||||||||
EBITDA from discontinued operations | (55,588 | ) | — | (55,588 | ) | (15,466 | ) | — | (15,466 | ) | (24,737 | ) | — | (24,737 | ) | |||||||||||||||||||||
EBITDA | 489,798 | 368,770 | 858,568 | 413,342 | 346,931 | 760,273 | 379,655 | 316,260 | 695,915 | |||||||||||||||||||||||||||
Depreciation and amortization of fixed assets | 64,826 | 20,680 | 85,506 | 51,739 | 14,451 | 66,190 | 33,106 | 13,531 | 46,637 | |||||||||||||||||||||||||||
Amortization of intangible assets | 56,517 | 353 | 56,870 | 63,388 | 353 | 63,741 | 52,207 | — | 52,207 | |||||||||||||||||||||||||||
Investment income and others | — | 158 | 158 | (16 | ) | 625 | 609 | (22 | ) | 128 | 106 | |||||||||||||||||||||||||
EBITDA from discontinued operations | 55,588 | — | 55,588 | 15,466 | — | 15,466 | 24,737 | — | 24,737 | |||||||||||||||||||||||||||
Operating income | $ | 312,867 | $ | 347,579 | $ | 660,446 | $ | 282,765 | $ | 331,502 | $ | 614,267 | $ | 269,627 | $ | 302,601 | $ | 572,228 | ||||||||||||||||||
Operating Segment Revenue by Type of Service | Operating segment revenue by type of service is provided below for the years ended December 31: | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Decision Analytics | ||||||||||||||||||||||||||||||||||||
Insurance | $ | 598,757 | $ | 539,150 | $ | 493,456 | ||||||||||||||||||||||||||||||
Financial services | 96,763 | 81,113 | 26,567 | |||||||||||||||||||||||||||||||||
Healthcare | 315,628 | 271,538 | 222,955 | |||||||||||||||||||||||||||||||||
Specialized markets | 84,926 | 85,626 | 85,364 | |||||||||||||||||||||||||||||||||
Total Decision Analytics | 1,096,074 | 977,427 | 828,342 | |||||||||||||||||||||||||||||||||
Risk Assessment | ||||||||||||||||||||||||||||||||||||
Industry-standard insurance programs | 495,065 | 471,130 | 450,646 | |||||||||||||||||||||||||||||||||
Property-specific rating and underwriting information | 155,587 | 147,146 | 128,860 | |||||||||||||||||||||||||||||||||
Total Risk Assessment | 650,652 | 618,276 | 579,506 | |||||||||||||||||||||||||||||||||
Total consolidated revenues | $ | 1,746,726 | $ | 1,595,703 | $ | 1,407,848 | ||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 | |||||||
2015 | $ | 37,958 | $ | 6,295 | ||||
2016 | 38,506 | 4,076 | ||||||
2017 | 37,350 | 791 | ||||||
2018 | 29,074 | 181 | ||||||
2019 | 31,775 | 59 | ||||||
2020 and thereafter | 260,033 | 85 | ||||||
Net minimum lease payments | $ | 434,696 | 11,487 | |||||
Less amount representing interest | 403 | |||||||
Present value of net minimum lease capital payments | $ | 11,084 | ||||||
Condensed_Consolidated_Financi1
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Condensed Consolidated Financial Information For Guarantor Subsidiaries And Non Guarantor Subsidiaries [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 330 | $ | 4,131 | $ | 34,898 | $ | — | $ | 39,359 | ||||||||||
Available-for-sale securities | — | 3,801 | — | — | 3,801 | |||||||||||||||
Accounts receivable, net | — | 148,944 | 71,724 | — | 220,668 | |||||||||||||||
Prepaid expenses | — | 27,433 | 4,063 | — | 31,496 | |||||||||||||||
Deferred income taxes, net | — | 3,334 | 1,438 | — | 4,772 | |||||||||||||||
Income taxes receivable | 20,180 | 71,376 | — | (26,044 | ) | 65,512 | ||||||||||||||
Intercompany receivables | 706,138 | 1,250,827 | 194,565 | (2,151,530 | ) | — | ||||||||||||||
Other current assets | 5,147 | 13,352 | 376 | — | 18,875 | |||||||||||||||
Total current assets | 731,795 | 1,523,198 | 307,064 | (2,177,574 | ) | 384,483 | ||||||||||||||
Noncurrent assets: | ||||||||||||||||||||
Fixed assets, net | — | 258,238 | 44,035 | — | 302,273 | |||||||||||||||
Intangible assets, net | — | 58,887 | 347,589 | — | 406,476 | |||||||||||||||
Goodwill | — | 498,075 | 709,071 | — | 1,207,146 | |||||||||||||||
Investment in subsidiaries | 1,772,222 | 909,565 | — | (2,681,787 | ) | — | ||||||||||||||
Pension assets | — | 18,589 | — | — | 18,589 | |||||||||||||||
Other assets | 6,684 | 18,918 | 761 | — | 26,363 | |||||||||||||||
Total assets | $ | 2,510,701 | $ | 3,285,470 | $ | 1,408,520 | $ | (4,859,361 | ) | $ | 2,345,330 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 14,220 | $ | 120,058 | $ | 46,448 | $ | — | $ | 180,726 | ||||||||||
Short-term debt and current portion of long-term debt | — | 335,993 | 65 | — | 336,058 | |||||||||||||||
Pension and postretirement benefits, current | — | 1,894 | — | — | 1,894 | |||||||||||||||
Fees received in advance | — | 212,765 | 39,827 | — | 252,592 | |||||||||||||||
Intercompany payables | 1,239,590 | 888,752 | 23,188 | (2,151,530 | ) | — | ||||||||||||||
Income taxes payable | — | — | 26,044 | (26,044 | ) | — | ||||||||||||||
Total current liabilities | 1,253,810 | 1,559,462 | 135,572 | (2,177,574 | ) | 771,270 | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Long-term debt | 1,045,848 | 54,729 | 297 | — | 1,100,874 | |||||||||||||||
Pension and postretirement benefits | — | 16,215 | — | — | 16,215 | |||||||||||||||
Deferred income taxes, net | — | 82,340 | 120,200 | — | 202,540 | |||||||||||||||
Other liabilities | — | 40,795 | 2,593 | — | 43,388 | |||||||||||||||
Total liabilities | 2,299,658 | 1,753,541 | 258,662 | (2,177,574 | ) | 2,134,287 | ||||||||||||||
Total stockholders’ equity | 211,043 | 1,531,929 | 1,149,858 | (2,681,787 | ) | 211,043 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,510,701 | $ | 3,285,470 | $ | 1,408,520 | $ | (4,859,361 | ) | $ | 2,345,330 | |||||||||
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 Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
For The Year Ended December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | — | $ | 1,440,093 | $ | 357,249 | $ | (50,616 | ) | $ | 1,746,726 | |||||||||
Expenses: | ||||||||||||||||||||
Cost of revenues (exclusive of items shown separately below) | — | 568,858 | 189,507 | (41,767 | ) | 716,598 | ||||||||||||||
Selling, general and administrative | — | 186,937 | 49,218 | (8,849 | ) | 227,306 | ||||||||||||||
Depreciation and amortization of fixed assets | — | 72,254 | 13,252 | — | 85,506 | |||||||||||||||
Amortization of intangible assets | — | 10,085 | 46,785 | — | 56,870 | |||||||||||||||
Total expenses | — | 838,134 | 298,762 | (50,616 | ) | 1,086,280 | ||||||||||||||
Operating income | — | 601,959 | 58,487 | — | 660,446 | |||||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income and others | 51 | 398 | (291 | ) | — | 158 | ||||||||||||||
Interest expense | (54,550 | ) | (15,401 | ) | (33 | ) | — | (69,984 | ) | |||||||||||
Total other expense, net | (54,499 | ) | (15,003 | ) | (324 | ) | — | (69,826 | ) | |||||||||||
(Loss) income from continuing operations before equity in net income of subsidiaries and income taxes | (54,499 | ) | 586,956 | 58,163 | — | 590,620 | ||||||||||||||
Provision for income taxes | 20,180 | (222,147 | ) | (17,788 | ) | — | (219,755 | ) | ||||||||||||
Net (loss) income from continuing operations before equity in net income of subsidiaries | (34,319 | ) | 364,809 | 40,375 | — | 370,865 | ||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 29,322 | (145 | ) | — | 29,177 | ||||||||||||||
Equity in net income of subsidiaries | 434,361 | 32,532 | — | (466,893 | ) | — | ||||||||||||||
Net income | $ | 400,042 | $ | 426,663 | $ | 40,230 | $ | (466,893 | ) | $ | 400,042 | |||||||||
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 and others | 43 | 636 | (70 | ) | — | 609 | ||||||||||||||
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 and others | 44 | (130 | ) | 192 | — | 106 | ||||||||||||||
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 Comprehensive Income | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||
For The Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net income | $ | 400,042 | $ | 426,663 | $ | 40,230 | $ | (466,893 | ) | $ | 400,042 | |||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation adjustment | (1,286 | ) | (589 | ) | (697 | ) | 1,286 | (1,286 | ) | |||||||||||
Unrealized holding loss on available-for-sale securities | (35 | ) | (35 | ) | — | 35 | (35 | ) | ||||||||||||
Pension and postretirement adjustment | (35,705 | ) | (35,705 | ) | — | 35,705 | (35,705 | ) | ||||||||||||
Total other comprehensive loss | (37,026 | ) | (36,329 | ) | (697 | ) | 37,026 | (37,026 | ) | |||||||||||
Comprehensive income | $ | 363,016 | $ | 390,334 | $ | 39,533 | $ | (429,867 | ) | $ | 363,016 | |||||||||
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: | ||||||||||||||||||||
Foreign currency translation adjustment | (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 | |||||||||
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: | ||||||||||||||||||||
Foreign currency translation adjustment | 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 Cash Flows | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
For The Year Ended December 31, 2014 | ||||||||||||||||||||
Verisk | Guarantor | Non-Guarantor | Eliminating | Consolidated | ||||||||||||||||
Analytics, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 104 | $ | 336,094 | $ | 153,254 | $ | — | $ | 489,452 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Acquisitions, net of cash acquired of $304 | — | (5,051 | ) | (30,141 | ) | — | (35,192 | ) | ||||||||||||
Purchase of non-controlling equity investments in non-public companies | — | (5,000 | ) | — | — | (5,000 | ) | |||||||||||||
Proceeds from sale of subsidiary | — | 151,170 | — | — | 151,170 | |||||||||||||||
Investment in subsidiaries | — | (30,609 | ) | — | 30,609 | — | ||||||||||||||
Intercompany dividends received from subsidiaries | — | 114 | — | (114 | ) | — | ||||||||||||||
Repayments received from other subsidiaries | 20,000 | 224,447 | 19,289 | (263,736 | ) | — | ||||||||||||||
Advances provided to other subsidiaries | — | (5,075 | ) | — | 5,075 | — | ||||||||||||||
Capital expenditures | — | (124,513 | ) | (22,305 | ) | — | (146,818 | ) | ||||||||||||
Purchases of available-for-sale securities | — | (203 | ) | — | — | (203 | ) | |||||||||||||
Proceeds from sales and maturities of available-for-sale securities | — | 513 | — | — | 513 | |||||||||||||||
Net cash provided by (used in) investing activities | 20,000 | 205,793 | (33,157 | ) | (228,166 | ) | (35,530 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from short-term debt, net | — | 160,000 | — | — | 160,000 | |||||||||||||||
Proceeds from issuance of intercompany common stock | — | — | 30,609 | (30,609 | ) | — | ||||||||||||||
Intercompany dividends paid to subsidiaries | — | — | (114 | ) | 114 | — | ||||||||||||||
Repurchases of Class A common stock | — | (778,484 | ) | — | — | (778,484 | ) | |||||||||||||
Repayments of advances to other subsidiaries | (40,000 | ) | (39,289 | ) | (184,447 | ) | 263,736 | — | ||||||||||||
Advances received from other subsidiaries | — | — | 5,075 | (5,075 | ) | — | ||||||||||||||
Payment of debt issuance costs | — | (465 | ) | — | — | (465 | ) | |||||||||||||
Excess tax benefits from exercised stock options | — | 22,566 | — | — | 22,566 | |||||||||||||||
Proceeds from stock options exercised | — | 24,648 | — | — | 24,648 | |||||||||||||||
Net share settlement of taxes from restricted stock awards | — | (1,625 | ) | — | — | (1,625 | ) | |||||||||||||
Other financing activities, net | — | (5,613 | ) | (105 | ) | — | (5,718 | ) | ||||||||||||
Net cash used in financing activities | (40,000 | ) | (618,262 | ) | (148,982 | ) | 228,166 | (579,078 | ) | |||||||||||
Effect of exchange rate changes | — | (589 | ) | (697 | ) | — | (1,286 | ) | ||||||||||||
Decrease in cash and cash equivalents | (19,896 | ) | (76,964 | ) | (29,582 | ) | — | (126,442 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 20,226 | 81,095 | 64,480 | — | 165,801 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 330 | $ | 4,131 | $ | 34,898 | $ | — | $ | 39,359 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | $ | 778,484 | $ | 778,484 | $ | — | $ | — | $ | — | ||||||||||
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | $ | 24,648 | $ | 24,648 | $ | — | $ | — | $ | — | ||||||||||
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 | — | |||||||||||||
Capital expenditures | — | (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 | ) | |||||||||||||
Repayments 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 | — | ||||||||||||||
Capital expenditures | — | (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 provided 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 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 form 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 | $ | — | $ | — | $ | — | ||||||||||
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 25,508,000 | 21,426,000 | 18,386,000 |
Advertisement costs | 6,360,000 | 8,457,000 | 6,166,000 |
Impairment of goodwill | $0 | ||
Restricted Stock [Member] | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Restricted stock service vesting period | 4 years | ||
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 |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer | Customer | Customer | |
Concentration Risk [Line Items] | |||
Total cash balances insured by the Federal Deposit Insurance Corporation | 250,000 | 250,000 | |
Cash balances on deposit | 16,316,000 | 138,028,000 | |
Number of banks | 6 | ||
Cash deposit with foreign banks | 21,886,000 | 26,228,000 | |
Sales Revenue, Net [Member] | Top Fifty Customers [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 50 | 50 | 50 |
Concentration risk (percent) | 41.00% | 38.00% | 38.00% |
Sales Revenue, Net [Member] | Individual Customer [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 0 | 0 | 0 |
Concentration risk (percent) | 5.00% | 3.00% | 3.00% |
Accounts Receivable [Member] | Individual Customer [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | 0 | 0 | |
Concentration risk (percent) | 7.00% | 5.00% |
Cash_and_Cash_Equivalents_Deta
Cash and Cash Equivalents (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Maturity of Time Deposits | 90 days |
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of Accounts Receivable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $226,663 | $162,962 |
Less allowance for doubtful accounts | -5,995 | -4,415 |
Accounts receivable, net | 220,668 | 158,547 |
Billed receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | 203,339 | 143,059 |
Unbilled receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables | $23,324 | $19,903 |
Investments_Summary_of_Availab
Investments - Summary of Available-for-Sale Securities (Detail) (Registered investment companies [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Registered investment companies [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position [Line Items] | ||
Adjusted Cost | $4,045 | $4,098 |
Gross Unrealized Loss | -244 | -187 |
Fair Value | $3,801 | $3,911 |
Investments_Realized_GainLoss_
Investments - Realized Gain/(Loss) on Securities, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gain on sale of registered investment securities | $285 | $966 | $420 |
Other-than-temporary impairment of registered investment securities | -28 | -84 | -74 |
Other-than-temporary impairment of non-controlling interest in non-public companies | 0 | -974 | -678 |
Realized gain (loss) on securities, net | $257 | ($92) | ($332) |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Investments in private equity securities accounted for under cost method investment | $8,487 | $3,602 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Accounted at Fair Value (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
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 | $3,707 | $889 | ||
Registered investment companies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Registered investment companies | 3,801 | [1] | 3,911 | [1] |
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 | 3,801 | [1] | 3,911 | [1] |
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 | 3,707 | 889 | ||
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 | [1] | $0 | [1] |
[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. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements - Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $1,265,848 | $1,265,129 |
Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt excluding capitalized leases | $1,371,213 | $1,335,844 |
Fixed_Assets_Summary_of_Fixed_
Fixed Assets - Summary of Fixed Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ||
Cost | 679,835 | 542,572 |
Accumulated Depreciation and Amortization | -377,562 | -309,199 |
Net | 302,273 | 233,373 |
Furniture and office equipment [Member] | ||
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | ||
Cost | 199,199 | 179,564 |
Accumulated Depreciation and Amortization | -131,055 | -105,262 |
Net | 68,144 | 74,302 |
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 | 65,212 | 38,796 |
Accumulated Depreciation and Amortization | -27,884 | -22,022 |
Net | 37,328 | 16,774 |
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 | 116,089 | 89,064 |
Accumulated Depreciation and Amortization | -80,794 | -65,753 |
Net | 35,295 | 23,311 |
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 | 266,559 | 201,192 |
Accumulated Depreciation and Amortization | -111,766 | -91,656 |
Net | 154,793 | 109,536 |
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 | 32,776 | 33,956 |
Accumulated Depreciation and Amortization | -26,063 | -24,506 |
Net | 6,713 | 9,450 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest Cost Capitalized And Depreciation And Amortization Expenses For Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization of fixed assets | $85,506,000 | $66,190,000 | $46,637,000 |
Amortization expense related to software development | 19,000,000 | 12,806,000 | 8,935,000 |
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 | 4,497,000 | 3,623,000 | 0 |
Unamortized software development costs | $34,749,000 | $29,149,000 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocations of Acquisitions (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2014 |
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, net | 81,080 | |
Other liabilities | 30,520 | |
Total liabilities assumed | 140,893 | |
Net assets acquired | 808,539 | |
Maplecroft [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Accounts receivable | 1,833 | |
Current assets | 543 | |
Fixed assets | 98 | |
Intangible assets | 13,270 | |
Goodwill | 21,369 | |
Total assets acquired | 37,113 | |
Current liabilities | 4,318 | |
Deferred income taxes, net | 2,654 | |
Total liabilities assumed | 6,972 | |
Net assets acquired | 30,141 | |
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, net | 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, net | 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, net | 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, 2014 | Dec. 31, 2012 |
Business Acquisition, Contingent Consideration [Line Items] | ||
Weighted Average Useful Life | 10 years | 11 years |
Total intangible assets | $13,270 | $348,086 |
Technology-based [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Weighted Average Useful Life | 10 years | 10 years |
Total intangible assets | 3,202 | 77,936 |
Marketing-related [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Weighted Average Useful Life | 10 years | 5 years |
Total intangible assets | 458 | 30,331 |
Customer-related [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Weighted Average Useful Life | 10 years | 13 years |
Total intangible assets | $9,610 | $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 |
Business Combinations [Abstract] | |
Pro forma revenues | $1,462,677 |
Pro forma net income | $321,140 |
Pro forma basic income per share (in dollars per share) | $1.94 |
Pro forma diluted income per share (in dollars per share) | $1.87 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 08, 2014 | Dec. 20, 2012 | Aug. 31, 2012 | Jul. 02, 2012 | Mar. 30, 2012 |
Business Acquisition [Line Items] | ||||||||
Amount funded for escrows | $0 | $0 | $38,800 | |||||
Transaction costs | 349 | 1,874 | ||||||
Current portion of escrow | 5,583 | 27,967 | ||||||
Maplecroft [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of acquisition | 100.00% | |||||||
Net cash purchase price of acquisition | 30,141 | |||||||
Amount funded for escrows | 2,725 | |||||||
IRMS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net cash purchase price of acquisition | 26,422 | |||||||
Amount funded for escrows | 1,000 | |||||||
Argus [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net cash purchase price of acquisition | 404,995 | |||||||
Amount funded for escrows | 20,000 | |||||||
Assets and liabilities acquired percentage | 46.00% | |||||||
ALP [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Net cash purchase price of acquisition | 6,917 | |||||||
Amount funded for escrows | 800 | |||||||
MediConnect [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of acquisition | 100.00% | |||||||
Net cash purchase price of acquisition | 331,405 | |||||||
Amount funded for escrows | 17,000 | |||||||
Current portion of escrow | 12,000 | |||||||
MediConnect, ALP, Argus, and IRMS [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Noncurrent portion of escrow | $26,800 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2014 |
Revenues from discontinued operations | |||||
Gain (loss) from disposal of discontinued operation, before income tax | $65,410 | $0 | $0 | ||
Provision for income taxes (including tax on the gain on sale in 2014) | -25,305 | -4,753 | -7,703 | ||
Income from discontinued operations, net of tax | 29,177 | 6,066 | 11,679 | ||
Assets and liabilities held-for-sale | |||||
Goodwill | 69,207 | ||||
Total current liabilities held-for-sale | 0 | 9,449 | |||
Total noncurrent liabilities held-for-sale | 0 | 4,529 | |||
Interthinx [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of subsidiary stock for sale | 100.00% | 100.00% | |||
Purchase price | 151,170 | ||||
Revenues from discontinued operations | |||||
Revenues from discontinued operations | 11,512 | 109,151 | 126,472 | ||
Income from discontinued operations before income taxes (including gain on sale of $65,410 in 2014) | 54,482 | 10,819 | 19,382 | ||
Provision for income taxes (including tax on the gain on sale in 2014) | -25,305 | -4,753 | -7,703 | ||
Income from discontinued operations, net of tax | 29,177 | 6,066 | 11,679 | ||
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 | ||||
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_Assets2
Goodwill and Intangible Assets - Summary of Changes in Goodwill (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Goodwill [Roll Forward] | |||||
Beginning Balance, Goodwill | $1,181,681 | [1] | $1,247,459 | [1] | |
Current year acquisitions | 22,740 | 705 | |||
Purchase accounting reclassifications | 2,724 | ||||
Discontinued operations | -69,207 | ||||
Goodwill Acquisition Related Escrow Funding | 2,725 | ||||
Ending Balance, Goodwill | 1,207,146 | [1] | 1,181,681 | [1] | |
Accumulated impairment charges | 3,244 | ||||
Risk Assessment [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance, Goodwill | 55,555 | [1] | 55,555 | [1] | |
Current year acquisitions | 0 | 0 | |||
Purchase accounting reclassifications | 0 | ||||
Discontinued operations | 0 | ||||
Goodwill Acquisition Related Escrow Funding | 0 | ||||
Ending Balance, Goodwill | 55,555 | [1] | 55,555 | [1] | |
Decision Analytics [Member] | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance, Goodwill | 1,126,126 | [1] | 1,191,904 | [1] | |
Current year acquisitions | 22,740 | 705 | |||
Purchase accounting reclassifications | 2,724 | ||||
Discontinued operations | -69,207 | ||||
Goodwill Acquisition Related Escrow Funding | 2,725 | ||||
Ending Balance, Goodwill | $1,151,591 | [1] | $1,126,126 | [1] | |
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2012. |
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, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $776,775 | $761,047 |
Accumulated Amortization | -370,299 | -313,429 |
Total | 406,476 | 447,618 |
Technology-based [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 8 years | 8 years |
Cost | 299,705 | 294,940 |
Accumulated Amortization | -195,698 | -180,581 |
Total | 104,007 | 114,359 |
Marketing-related [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Useful Life | 5 years | 5 years |
Cost | 71,504 | 71,047 |
Accumulated Amortization | -54,745 | -44,274 |
Total | 16,759 | 26,773 |
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 | 399,011 | 388,505 |
Accumulated Amortization | -113,301 | -82,019 |
Total | $285,710 | $306,486 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $52,268 | |
2016 | 50,436 | |
2017 | 49,532 | |
2018 | 48,786 | |
2019 | 47,326 | |
2020 and thereafter | 158,128 | |
Total | $406,476 | $447,618 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||
Goodwill, impairment loss | $0 | $0 | $0 |
Purchase accounting reclassifications, change in goodwill | 2,724,000 | ||
Purchase accounting reclassifications, change in fixed assets | 316,000 | ||
Purchase accounting reclassifications, change in current liabilities | 1,548,000 | ||
Purchase accounting reclassifications, change in deferred tax liabilities | 1,187,000 | ||
Amortization of intangible assets | 56,870,000 | 63,741,000 | 52,207,000 |
Argus [Member] | |||
Business Combination, Separately Recognized Transactions [Line Items] | |||
Cash distribution following finalized purchase accounting | $305,000 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal and foreign | $169,153 | $135,215 | $111,713 |
State and local | 26,333 | 18,764 | 8,442 |
Total current provision for income taxes | 195,486 | 153,979 | 120,155 |
Deferred: | |||
Federal and foreign | 27,009 | 38,160 | 56,036 |
State and local | -2,740 | 4,287 | 6,172 |
Total deferred provision for income taxes | 24,269 | 42,447 | 62,208 |
Provision for income taxes | $219,755 | $196,426 | $182,363 |
Income_Taxes_Effective_Tax_Rat
Income Taxes - Effective Tax Rate on Income from Continuing Operations (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal tax benefit | 2.70% | 2.60% | 1.70% |
Non-deductible KSOP expenses | 0.90% | 0.90% | 0.90% |
Other | -1.40% | -2.00% | -1.10% |
Effective tax rate for continuing operations | 37.20% | 36.50% | 36.50% |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax asset: | ||
Employee wages, pension and other benefits | $29,756 | $26,113 |
Deferred revenue | 1,835 | 1,835 |
Deferred rent | 5,463 | 4,342 |
Net operating loss carryover | 4,292 | 8,247 |
State tax adjustments | 2,472 | 1,639 |
Capital and other unrealized losses | 3,255 | 3,301 |
Other | 4,956 | 6,720 |
Total | 52,029 | 52,197 |
Less valuation allowance | -789 | -741 |
Deferred income tax asset | 51,240 | 51,456 |
Deferred income tax liability: | ||
Fixed assets and intangible assets | -242,857 | -223,639 |
Other | -6,151 | -21,344 |
Deferred income tax liability | -249,008 | -244,983 |
Deferred income tax liability, net | ($197,768) | ($193,527) |
Income_Taxes_Summary_of_Deferr1
Income Taxes - Summary of Deferred Income Tax Asset and Liability (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Current deferred income tax asset, net | $4,772 | $5,077 |
Non-current deferred income tax liability, net | -202,540 | -198,604 |
Deferred income tax liability, net | ($197,768) | ($193,527) |
Income_Taxes_Summary_of_Compan
Income Taxes - Summary of Company's Net Operating Loss Carryforwards Expires (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $47,341 |
2015-2022 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 6,912 |
2023-2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 13,755 |
2028-2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $26,674 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefit at January 1 | $9,524 | $17,883 | $17,877 |
Gross increase in tax positions in prior period | 2,679 | 541 | 911 |
Gross decrease in tax positions in prior period | 0 | -4,241 | -1,494 |
Gross increase in tax positions from stock acquisitions | 0 | 0 | 3,304 |
Settlements | 0 | -390 | -1,770 |
Lapse of statute of limitations | -1,566 | -4,269 | -945 |
Unrecognized tax benefit at December 31 | $10,637 | $9,524 | $17,883 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax liability | $197,768 | $193,527 | |
Unremitted earnings | 12,440 | ||
Unrecognized tax benefits that would have a favorable effect on the Company's effective tax rate in any future periods | 5,771 | 4,658 | 10,103 |
The total gross amount of accrued interest and penalties | 2,818 | 2,619 | 3,728 |
Significant change in unrecognized tax benefits is reasonably possible approximately | $1,109 |
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, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other current assets: | ||
Acquisition related escrows | $5,583 | $27,967 |
Other current assets | 13,292 | 6,714 |
Total other current assets | 18,875 | 34,681 |
Accounts payable and accrued liabilities: | ||
Accrued salaries, benefits and other related costs | 87,729 | 79,372 |
Escrow liabilities | 5,565 | 27,918 |
Trade accounts payable and other accrued expenses | 87,432 | 80,974 |
Total accounts payable and accrued liabilities | 180,726 | 188,264 |
Other liabilities: | ||
Unrecognized tax benefits, including interest and penalty | 13,455 | 12,143 |
Deferred rent | 22,386 | 12,219 |
Other liabilities | 7,547 | 11,681 |
Total other liabilities | $43,388 | $36,043 |
Debt_ShortTerm_and_LongTerm_De
Debt - Short-Term and Long-Term Debt (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 12, 2012 | Dec. 08, 2011 | Apr. 06, 2011 |
Debt Instrument [Line Items] | |||||
Long-term debt, current maturities | 336,058 | $4,448 | |||
Capital lease obligations and other | 5,026 | 6,310 | |||
Long-term debt | 1,100,874 | 1,271,439 | |||
Total debt | 1,436,932 | 1,275,887 | |||
Prudential senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 30-Aug-13 | ||||
New York Life senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | 16-Mar-13 | ||||
5.87% Series A senior notes due in 2013 [Member] | New York Life senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt instrument, issuance date | 26-Oct-07 | ||||
Short-term debt instrument, maturity date | 26-Oct-15 | ||||
Short-term debt and current portion of long-term debt | 17,500 | 0 | |||
6.35% Series B senior notes due in 2015 [Member] | New York Life senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt and current portion of long-term debt | 50,000 | 0 | |||
Debt instrument, issuance date | 29-Apr-08 | ||||
Debt instrument, maturity date | 29-Apr-15 | 29-Apr-15 | |||
Long-term debt | 0 | 50,000 | |||
Interest rate, stated percentage | 6.35% | 6.35% | |||
4.125% senior notes due in 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 12-Sep-12 | ||||
Debt instrument, maturity date | 12-Sep-22 | 12-Sep-22 | 12-Sep-22 | ||
Long-term debt | 347,863 | 347,585 | |||
Interest rate, stated percentage | 4.13% | 4.13% | 4.13% | ||
Unamortized discount on senior notes | 2,137 | 2,415 | |||
4.875% senior notes due in 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 8-Dec-11 | ||||
Debt instrument, maturity date | 15-Jan-19 | 15-Jan-19 | 15-Jan-19 | ||
Long-term debt | 248,639 | 248,301 | |||
Interest rate, stated percentage | 4.88% | 4.88% | 4.88% | ||
Unamortized discount on senior notes | 1,361 | 1,699 | |||
5.80% senior notes due in 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 6-Apr-11 | ||||
Debt instrument, maturity date | 1-May-21 | 1-May-21 | 1-May-21 | ||
Long-term debt | 449,346 | 449,243 | |||
Interest rate, stated percentage | 5.80% | 5.80% | 5.80% | ||
Unamortized discount on senior notes | 654 | 757 | |||
5.84% Series H senior notes due in 2015 [Member] | Prudential senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 26-Oct-07 | ||||
Debt instrument, maturity date | 26-Oct-15 | 26-Oct-15 | |||
Long-term debt | 0 | 17,500 | |||
Interest rate, stated percentage | 5.84% | 5.84% | |||
6.28% Series I senior notes due in 2015 [Member] | Prudential senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 29-Apr-08 | ||||
Debt instrument, maturity date | 29-Apr-15 | 29-Apr-15 | |||
Long-term debt | 0 | 85,000 | |||
Interest rate, stated percentage | 6.28% | 6.28% | |||
6.85% Series J senior notes due in 2016 [Member] | Prudential senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 15-Jun-09 | ||||
Debt instrument, maturity date | 15-Jun-16 | 15-Jun-16 | |||
Long-term debt | 50,000 | 50,000 | |||
Interest rate, stated percentage | 6.85% | 6.85% | |||
5.87% Series A senior notes due in 2015 [Member] | New York Life senior notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, issuance date | 26-Oct-07 | ||||
Debt instrument, maturity date | 26-Oct-15 | 26-Oct-15 | |||
Long-term debt | 0 | 17,500 | |||
Interest rate, stated percentage | 5.87% | 5.87% | |||
Line of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt and current portion of long-term debt | 160,000 | 0 | |||
Prudential senior notes [Member] | 5.84% Series H senior notes due in 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt instrument, issuance date | 26-Oct-07 | ||||
Short-term debt instrument, maturity date | 26-Oct-15 | ||||
Short-term debt and current portion of long-term debt | 17,500 | 0 | |||
Prudential senior notes [Member] | 6.28% Series I senior notes due in 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt instrument, issuance date | 29-Apr-08 | ||||
Short-term debt instrument, maturity date | 29-Apr-15 | ||||
Short-term debt and current portion of long-term debt | 85,000 | 0 | |||
Capital lease obligations and other [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term debt and current portion of long-term debt | 6,058 | $4,448 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | |||||
Oct. 21, 2014 | Oct. 20, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 24, 2015 | Sep. 12, 2012 | Dec. 08, 2011 | Apr. 06, 2011 | |
Debt Instrument [Line Items] | |||||||||
Accrued interest | $16,265,000 | $16,150,000 | |||||||
Interest Expense | 69,984,000 | 76,136,000 | 72,508,000 | ||||||
Debt instrument repurchase price rate on principal amount | 101.00% | ||||||||
Long term debt outstanding | 1,441,084,000 | ||||||||
Syndicate revolving credit facility | 990,000,000 | 975,000,000 | |||||||
Debt expiration date | 24-Oct-19 | 24-Oct-18 | |||||||
Available borrowing capacity | 827,874,000 | ||||||||
Fair value of amount outstanding | 160,000,000 | 0 | |||||||
Proceeds from short-term debt, net | 160,000,000 | -10,000,000 | 357,224,000 | ||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from short-term debt, net | 140,000,000 | ||||||||
Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable | 1.13% | ||||||||
Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest payable | 1.63% | ||||||||
Long-term Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Expense | 66,881,000 | 73,068,000 | 69,892,000 | ||||||
Prudential senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 30-Aug-13 | ||||||||
Long term debt outstanding | 152,500,000 | 152,500,000 | |||||||
New York Life senior notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, maturity date | 16-Mar-13 | ||||||||
Long term debt outstanding | 67,500,000 | 67,500,000 | |||||||
4.125% senior notes due in 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Bond issuance, aggregate principal amount | 350,000,000 | ||||||||
Debt instrument, maturity date | 12-Sep-22 | 12-Sep-22 | 12-Sep-22 | ||||||
Interest rate, stated percentage | 4.13% | 4.13% | 4.13% | ||||||
Term of interest payable | semi-annually | ||||||||
4.875% senior notes due in 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Bond issuance, aggregate principal amount | 250,000,000 | ||||||||
Debt instrument, maturity date | 15-Jan-19 | 15-Jan-19 | 15-Jan-19 | ||||||
Interest rate, stated percentage | 4.88% | 4.88% | 4.88% | ||||||
Term of interest payable | semi-annually | ||||||||
5.80% senior notes due in 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Bond issuance, aggregate principal amount | $450,000,000 | ||||||||
Debt instrument, maturity date | 1-May-21 | 1-May-21 | 1-May-21 | ||||||
Interest rate, stated percentage | 5.80% | 5.80% | 5.80% | ||||||
Term of interest payable | semi-annually |
Debt_Summary_of_Long_Term_Debt
Debt - Summary of Long Term Debt Maturities (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $336,058 |
2016 | 53,959 |
2017 | 770 |
2018 | 168 |
2019 | 250,050 |
2020 and thereafter | 800,079 |
Total | $1,441,084 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||
Income from continuing operations | $370,865 | $342,314 | $317,463 |
Income from discontinued operations, net of tax of $25,305, $4,753 and $7,703, respectively | 29,177 | 6,066 | 11,679 |
Provision for income taxes (including tax on the gain on sale in 2014) | -25,305 | -4,753 | -7,703 |
Net income | $400,042 | $348,380 | $329,142 |
Denominator: | |||
Weighted average number of common shares used in basic EPS | 165,823,803 | 168,031,412 | 165,890,258 |
Effect of dilutive shares: | |||
Potential common stock issuable from stock options and stock awards | 3,308,620 | 4,244,948 | 5,819,260 |
Weighted average number of common shares and dilutive potential common shares used in diluted EPS | 169,132,423 | 172,276,360 | 171,709,518 |
Stockholders_Equity_Deficit_Su
Stockholders' Equity (Deficit) - Summary of Accumulated Other Comprehensive Losses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ||
Foreign currency translation adjustment | ($3,086) | ($1,800) |
Unrealized losses on available-for-sale securities, net of tax | -110 | -75 |
Pension and postretirement adjustment, net of tax | -77,318 | -41,613 |
Accumulated other comprehensive losses | ($80,514) | ($43,488) |
Stockholders_Equity_Deficit_Ot
Stockholders' Equity (Deficit) - Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Before Tax | ||||||
Foreign currency translation adjustment | ($1,286) | ($840) | $15 | |||
Unrealized loss on available-for-sale securities before reclassifications | -314 | -1,122 | -727 | |||
Amount reclassified from accumulated other comprehensive loss | 257 | [1] | 882 | [1] | 346 | [1] |
Unrealized loss on available-for-sale securities | -57 | -240 | -381 | |||
Pension and postretirement adjustment before reclassifications | -56,635 | 80,773 | -13,082 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | -1,134 | [2] | -5,699 | [2] | -4,001 | [2] |
Pension and postretirement adjustment | -57,769 | 75,074 | -17,083 | |||
Total other comprehensive loss | -59,112 | 73,994 | -17,449 | |||
Tax Benefit (Expense) | ||||||
Foreign currency translation adjustment | 0 | 0 | 0 | |||
Unrealized loss on available-for-sale securities before reclassifications | 121 | 433 | 316 | |||
Amount reclassified from accumulated other comprehensive loss | -99 | [1] | -340 | [1] | -132 | [1] |
Unrealized loss on available-for-sale securities | 22 | 93 | 184 | |||
Pension and postretirement adjustment before reclassifications | 21,629 | -30,611 | 4,865 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | 435 | [2] | 2,196 | [2] | 1,527 | [2] |
Pension and postretirement adjustment | 22,064 | -28,415 | 6,392 | |||
Total other comprehensive loss | 22,086 | -28,322 | 6,576 | |||
After Tax | ||||||
Foreign currency translation adjustment | -1,286 | -840 | 15 | |||
Unrealized loss on available-for-sale securities before reclassifications | -193 | -689 | -411 | |||
Amount reclassified from accumulated other comprehensive loss | 158 | [1] | 542 | [1] | 214 | [1] |
Unrealized loss on available-for-sale securities | -35 | -147 | -197 | |||
Pension and postretirement adjustment before reclassifications | -35,006 | 50,162 | -8,217 | |||
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses | -699 | [2] | -3,503 | [2] | -2,474 | [2] |
Pension and postretirement adjustment | -35,705 | 46,659 | -10,691 | |||
Total other comprehensive income (loss) | ($37,026) | $45,672 | ($10,873) | |||
[1] | This accumulated other comprehensive losses component, before tax, is included under “Investment income and others†in the accompanying consolidated statements of operations. | |||||
[2] | This accumulated other comprehensive losses component, before tax, is included under “Cost of revenues†and “Selling, general and administrative†in the accompanying consolidated statements of operations. This component is also included in the computation of net periodic benefit (credit) cost (see Note 17. Pension and Postretirement Benefits for additional details). |
Stockholders_Equity_Deficit_Ad
Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Dec. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 16, 2014 | Jun. 04, 2014 | |
agreement | ||||||
boardmember | ||||||
Class of Stock [Line Items] | ||||||
Board members | 12 | |||||
Authorized preferred stock | 80,000,000 | |||||
Preferred stock par value per share (in dollars per share) | $0.00 | |||||
Share repurchase program, authorized capacity | $2,000,000,000 | |||||
Treasury Stock, Cumulative Value, Acquired, Cost Method | 1,810,193,000 | |||||
Available shares for repurchase | 189,807,000 | |||||
Number of agreements | 2 | |||||
Treasury stock, shares acquired | 10,802,087 | 4,532,552 | ||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $62.77 | |||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | 400,000,000 | |||||
Accounts payable and accrued liabilities | 180,726,000 | 188,264,000 | ||||
Reissued of common stock, shares | 1,257,387 | 4,263,406 | ||||
Weighted average price per share (in dollars per share) | $5.29 | $4.54 | ||||
Common stock shares excluded from diluted EPS | 1,633,670 | 656,499 | 659,246 | |||
Treasury Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Accounts payable and accrued liabilities | 0 | 3,038,000 | ||||
Verisk Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock authorized (in shares) | 1,200,000,000 | 1,200,000,000 | ||||
Share repurchase program, authorized capacity | 500,000,000 | 500,000,000 | 300,000,000 | |||
Treasury stock, shares acquired | 10,802,087 | 4,532,552 | 3,491,591 | |||
Weighted average repurchase price of shares (in dollars per share) | $62.53 | $61.54 | ||||
Treasury stock (in shares) | 386,089,811 | 376,545,111 | ||||
Accelerated Stock Repurchase [Member] | ||||||
Class of Stock [Line Items] | ||||||
Treasury Stock, Cumulative Value, Acquired, Cost Method | 400,000,000 | |||||
Treasury stock, shares acquired | 6,372,472 | |||||
Adjustments to Additional Paid in Capital, Other | $100,000,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | 20.53% | 29.27% | 32.22% |
Risk-free interest rate | 1.48% | 0.70% | 0.90% |
Expected term in years | 4 years 5 months | 4 years 6 months | 4 years 8 months 12 days |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average grant date fair value per stock option (in dollars per share) | $11.86 | $15.58 | $13.59 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Options | |||
Number of options outstanding, beginning balance | 9,235,320 | 12,573,298 | 18,896,405 |
Number of options, granted | 1,242,428 | 888,038 | 973,124 |
Number of options, exercised | -1,091,746 | -4,076,750 | -6,880,678 |
Number of options, canceled or expired | -180,312 | -149,266 | -415,553 |
Number of options outstanding, ending balance | 9,205,690 | 9,235,320 | 12,573,298 |
Number of options exercisable | 7,159,895 | 7,169,089 | |
Weighted Average Exercise Price Per Share | |||
Weighted average exercise price per share, beginning balance (in dollars per share) | $26.67 | $22.21 | $16.55 |
Weighted average exercise price per share, granted (in dollars per share) | $59.83 | $61.10 | $47.38 |
Weighted average exercise price per share , exercised (in dollars per share) | $22.29 | $19.79 | $9.09 |
Weighted average exercise price per share, canceled or expired (in dollars per share) | $55.23 | $43.14 | $19.30 |
Weighted average exercise price per share, ending balance (in dollars per share) | $31.11 | $26.67 | $22.21 |
Weighted average exercise price, options exercisable (in dollars per share) | $24 | $20.98 | |
Options, Additional Disclosures | |||
Aggregate intrinsic value option outstanding, beginning balance | $360,611 | $361,653 | $445,510 |
Aggregate intrinsic value, exercised | 43,863 | 168,056 | 257,391 |
Aggregate intrinsic value option outstanding, ending balance | 303,267 | 360,611 | 361,653 |
Aggregate intrinsic value of stock option exercisable | $286,728 | $320,766 |
Compensation_Plans_Summary_of_
Compensation Plans - Summary of Nonvested Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Options | |||
Number of options outstanding, beginning balance | 9,235,320 | 12,573,298 | 18,896,405 |
Number of options, granted | 1,242,428 | 888,038 | 973,124 |
Number of options, cancelled or expired | -180,312 | -149,266 | -415,553 |
Number of options outstanding, ending balance | 9,205,690 | 9,235,320 | 12,573,298 |
Non Vested Options [Member] | |||
Number of Options | |||
Number of options outstanding, beginning balance | 2,066,231 | 3,776,302 | 6,743,094 |
Number of options, granted | 1,242,428 | 888,038 | 973,124 |
Number of shares, vested | -1,082,552 | -2,448,843 | -3,524,363 |
Number of options, cancelled or expired | -180,312 | -149,266 | -415,553 |
Number of options outstanding, ending balance | 2,045,795 | 2,066,231 | 3,776,302 |
Weighted Average Grant-Date Fair Value Per Share | |||
Weighted average grant-date fair value per share, nonvested beginning balance (in dollars per share) | 12.61 | 9.43 | 7.52 |
Weighted average grant-date fair value per share, granted (in dollars per share) | 11.86 | 15.58 | 13.59 |
Weighted average grant-date fair value per share, vested (in dollars per share) | 11.71 | 8.81 | 7.38 |
Weighted average grant-date fair value per share, cancelled or expired (in dollars per share) | 13.56 | 12.18 | 5.62 |
Weighted average grant-date fair value per share, nonvested ending balance (in dollars per share) | 12.55 | 12.61 | 9.43 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Number of Shares | |||
Number of shares, outstanding beginning balance | 396,749 | 331,013 | 145,634 |
Number of shares, granted | 246,003 | 241,674 | 244,397 |
Vested, number of shares | -163,280 | -150,668 | -41,120 |
Forfeited, number of shares | -37,162 | -25,270 | -17,898 |
Number of shares, outstanding ending balance | 442,310 | 396,749 | 331,013 |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted average grant-date fair value per share, outstanding, beginning balance (in dollars per share) | $52.82 | $42.78 | $33.32 |
Weighted average grant-date fair value per share, granted (in dollars per share) | $59.86 | $61.12 | $47.10 |
Weighted average grant-date fair value per share, vested (in dollars per share) | $49.94 | $37.82 | $34.51 |
Weighted average grant-date fair value per share, forfeited (in dollars per share) | $55.53 | $53 | $43.27 |
Weighted average grant-date fair value per share, outstanding, ending balance (in dollars per share) | $56.84 | $52.82 | $42.78 |
Compensation_Plans_Additional_
Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 15-May-13 | |
H | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $0 | $0 | $0 | ||
Required contribution to new loan agreement | 17,000,000 | ||||
ESOP loan collateral shares | 145,007 | ||||
Common stock shares fair value (in dollars per share) | $64.05 | $65.72 | $50.97 | ||
No of allocated shares | 11,468,151 | ||||
Number of service hours | 1,000 | ||||
Nonqualified stock option, service vesting period | 4 years | ||||
Profit sharing contributions | 0 | 0 | 0 | ||
KSOP Compensation Expense | 20,253,000 | 21,087,000 | 24,696,000 | ||
Cash received from stock option exercised | 24,648,000 | 80,368,000 | 68,388,000 | ||
Nonqualified stock option granted | 1,242,428 | 888,038 | 973,124 | ||
Nonqualified stock option contractual term | 10 years | ||||
Aggregate intrinsic value of stock option outstanding | 303,267,000 | 360,611,000 | 361,653,000 | 445,510,000 | |
Aggregate intrinsic value of stock option exercisable | 286,728,000 | 320,766,000 | |||
Excess tax benefit from stock option exercised | 15,988,000 | 58,056,000 | 88,387,000 | ||
Realized tax benefit from stock option exercised | 22,566,000 | 109,946,000 | 60,672,000 | ||
Payments Related to Tax Withholding for Share-based Compensation | 1,625,000 | 0 | 0 | ||
Number of Stock Issued During Period Shares Stock Options Exercised Net Of Taxes | 27,159 | 0 | 0 | ||
Total unrecognized compensation cost related to nonvested share based compensation arrangements | 41,576,000 | ||||
Unrecognized compensation cost weighted average period | 2 years 6 months 3 days | ||||
Non vested stock option | 2,045,795 | ||||
Stock option expected to vest | 1,652,852 | ||||
Total fair value of options vested | 12,780,000 | 16,468,000 | 19,834,000 | ||
Grant date fair value restricted stock vested | 9,839,000 | 7,153,000 | 3,206,000 | ||
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 | $57.98 | $59.62 | |||
Key Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonqualified stock option granted | 1,145,976 | ||||
Verisk Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Class A common stock at cost | 137,000 | 137,000 | |||
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 | 12,771,637 | ||||
Verisk Class A [Member] | Key Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of Verisk Class A common stock issued | 588 | ||||
KSOP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Pre-tax contribution of compensation | 18,000 | 18,000 | 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% | ||||
KSOP Compensation Expense | 15,351,000 | 14,930,000 | 13,111,000 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonqualified stock option, service vesting period | 4 years | ||||
Restricted stock granted, shares | 246,003 | 241,674 | 244,397 | ||
Non vested stock option | 442,310 | ||||
Stock option expected to vest | 366,776 | ||||
Restricted Stock, Excluding Deferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock granted, shares | 230,196 | ||||
Deferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock granted, shares | 15,807 | ||||
Non qualified stock option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonqualified stock option granted | 33,906 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonqualified stock option, service vesting period | 1 year | ||||
Nonqualified stock option granted | 62,546 | ||||
Stock Options [Member] | Verisk Class A [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Nonqualified stock option granted | 3,387 | ||||
Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares of Verisk Class A common stock issued | 26,953 | 27,879 | |||
Additional Paid-in Capital [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments Related to Tax Withholding for Share-based Compensation | $1,625,000 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Reduced pension liability | $10,200,000 | ||||
Pension curtailment gain | 780,000 | ||||
Actual plan asset allocation | 100.00% | 100.00% | |||
Healthcare cost trend rate | 7.50% | ||||
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 | 3,182,000 | 2,868,000 | |||
Employer contribution to pension plan | 10,000 | 19,000 | 114,000 | ||
Expected return on plan assets | 7.50% | 7.50% | |||
Equity securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actual plan asset allocation | 56.80% | 66.80% | |||
Target investment allocation of securities | 60.00% | ||||
Debt securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actual plan asset allocation | 41.30% | 33.20% | |||
Target investment allocation of securities | 40.00% | ||||
Minimum [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Domestic equity portion of portfolio | 40.00% | ||||
Minimum [Member] | Foreign Pension Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
International equity portion of portfolio | 10.00% | ||||
Minimum [Member] | Fixed Income Funds [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Fixed income portion of portfolio | 20.00% | ||||
Maximum [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Domestic equity portion of portfolio | 60.00% | ||||
Maximum [Member] | Foreign Pension Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
International equity portion of portfolio | 20.00% | ||||
Maximum [Member] | Fixed Income Funds [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Fixed income portion of portfolio | 40.00% | ||||
Pension Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Voluntary prefunding to defined benefit plan | 72,000,000 | ||||
Company contribution to defined benefit plan | 78,837,000 | ||||
Minimum required funding | 28,206,000 | ||||
Minimum contribution requirement to defined benefit plan for 2013 | 0 | ||||
Target investment allocation of securities | 100.00% | ||||
Estimated future employer contributions in next fiscal year | 0 | ||||
Pension Plan And Supplemental Cash Balance Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Company contribution to defined benefit plan | 1,177,000 | 3,911,000 | |||
Estimated future employer contributions in next fiscal year | 777,000 | ||||
Postretirement Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Company contribution to defined benefit plan | -305,000 | 250,000 | |||
Employer contribution to pension plan | 178,000 | 310,000 | 1,012,000 | ||
Expected return on plan assets | 5.00% | 5.00% | |||
VEBA Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Actual plan asset allocation | 100.00% | ||||
Target investment allocation of securities | 100.00% | ||||
Scenario, Forecast [Member] | Postretirement Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Company contribution to defined benefit plan | $1,148,000 |
Pension_and_Postretirement_Ben3
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Accumulated benefit obligation at December 31 | $3,182 | $2,868 | |
Change in plan assets: | |||
Pension assets, noncurrent | -18,589 | -60,955 | |
Pension, SERP and postretirement benefits, noncurrent | 16,215 | 15,068 | |
Pension Plan and SERP Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 420,664 | 460,482 | |
Interest cost | 19,073 | 17,860 | 19,888 |
Actuarial loss (gain) | 61,804 | -31,962 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | -30,282 | -25,716 | |
Federal subsidy on benefits paid | 0 | 0 | |
Benefit obligation at December 31 | 471,259 | 420,664 | 460,482 |
Accumulated benefit obligation at December 31 | 471,259 | 420,664 | |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 467,912 | 421,134 | |
Actual return on plan assets, net of expenses | 36,474 | 68,583 | |
Employer contributions, net | 1,177 | 3,911 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | -30,282 | -25,716 | |
Subsidies received | 0 | 0 | |
Fair value of plan assets at December 31 | 475,281 | 467,912 | 421,134 |
(Funded) unfunded status at December 31 | -4,022 | -47,248 | |
Pension assets, noncurrent | -18,589 | -60,955 | |
Pension, SERP and postretirement benefits, current | 762 | 700 | |
Pension, SERP and postretirement benefits, noncurrent | 13,805 | 13,007 | |
Total Pension, SERP and Postretirement benefits | -4,022 | -47,248 | |
Postretirement Plan [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at January 1 | 20,399 | 22,434 | |
Interest cost | 593 | 608 | 779 |
Actuarial loss (gain) | -411 | -426 | |
Plan participants’ contributions | 2,635 | 1,748 | |
Benefits paid | -4,834 | -4,225 | |
Federal subsidy on benefits paid | 391 | 260 | |
Benefit obligation at December 31 | 18,773 | 20,399 | 22,434 |
Change in plan assets: | |||
Fair value of plan assets at January 1 | 16,601 | 18,766 | |
Actual return on plan assets, net of expenses | 743 | -198 | |
Employer contributions, net | -305 | 250 | |
Plan participants’ contributions | 2,635 | 1,748 | |
Benefits paid | -4,834 | -4,225 | |
Subsidies received | 391 | 260 | |
Fair value of plan assets at December 31 | 15,231 | 16,601 | 18,766 |
(Funded) unfunded status at December 31 | 3,542 | 3,798 | |
Pension assets, noncurrent | 0 | 0 | |
Pension, SERP and postretirement benefits, current | 1,132 | 1,737 | |
Pension, SERP and postretirement benefits, noncurrent | 2,410 | 2,061 | |
Total Pension, SERP and Postretirement benefits | $3,542 | $3,798 |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefits - Summary of Pre-Tax Components of Accumulated Other Comprehensive Losses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Prior service benefit | $0 | $0 |
Actuarial losses | 120,735 | 62,226 |
Accumulated other comprehensive losses, pretax | 120,735 | 62,226 |
Postretirement Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Prior service benefit | -1,000 | -1,147 |
Actuarial losses | 8,321 | 9,208 |
Accumulated other comprehensive losses, pretax | $7,321 | $8,061 |
Pension_and_Postretirement_Ben5
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Amortization of prior service benefit | ($146) | ||
Net periodic benefit (credit) cost | 10 | 19 | 114 |
Pension Plan and SERP Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 0 | 0 | 282 |
Interest cost | 19,073 | 17,860 | 19,888 |
Curtailment gain | 0 | 0 | -780 |
Expected return on plan assets | -33,942 | -30,480 | -28,899 |
Amortization of prior service benefit | 0 | 0 | -133 |
Amortization of net actuarial loss | 763 | 5,078 | 3,646 |
Net periodic benefit (credit) cost | -14,106 | -7,542 | -5,996 |
Amortization of actuarial loss reclassified from accumulated other comprehensive losses | -354 | -1,320 | -279 |
Amortization of prior service benefit reclassified from accumulated other comprehensive losses | 0 | 0 | 133 |
Prior service benefit | 0 | 0 | -7,475 |
Net loss recognized reclassified from accumulated other comprehensive losses | -409 | -3,758 | -3,368 |
Actuarial gain (loss) | 59,272 | -70,065 | 26,184 |
Total recognized in other comprehensive loss (income) | 58,509 | -75,143 | 15,195 |
Total recognized in net periodic benefit (credit) cost and other comprehensive loss (income) | 44,403 | -82,685 | 9,199 |
Postretirement Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 593 | 608 | 779 |
Curtailment gain | 0 | 0 | 0 |
Expected return on plan assets | -786 | -919 | -255 |
Amortization of prior service benefit | -146 | -146 | -146 |
Amortization of net actuarial loss | 517 | 767 | 634 |
Net periodic benefit (credit) cost | 178 | 310 | 1,012 |
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 gain (loss) | -886 | -77 | 1,742 |
Total recognized in other comprehensive loss (income) | -740 | 69 | 1,888 |
Total recognized in net periodic benefit (credit) cost and other comprehensive loss (income) | ($562) | $379 | $2,900 |
Pension_and_Postretirement_Ben6
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Amortization of prior service benefit | ($146) | ||
Amortization of net actuarial loss | 3,568 | ||
Total | 3,422 | ||
Pension Plan and SERP Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Amortization of prior service benefit | 0 | 0 | -133 |
Amortization of net actuarial loss | 2,969 | ||
Total | 2,969 | ||
Postretirement Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Amortization of prior service benefit | -146 | -146 | -146 |
Amortization of net actuarial loss | 599 | ||
Total | $453 |
Pension_and_Postretirement_Ben7
Pension and Postretirement Benefits - Summary of Weighted-Average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted-average assumptions used to determine net periodic benefit (credit) loss: | |||
Expected return on plan assets | 7.50% | 7.50% | |
Pension Plan and SERP Plan [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 3.99% | 4.74% | |
Expected return on plan assets | 7.50% | 7.50% | |
Weighted-average assumptions used to determine net periodic benefit (credit) loss: | |||
Discount rate | 4.73% | 3.98% | 4.98% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | 4.00% | ||
Postretirement Plan [Member] | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 3.00% | 3.45% | |
Expected return on plan assets | 4.00% | 5.00% | |
Weighted-average assumptions used to determine net periodic benefit (credit) loss: | |||
Discount rate | 3.45% | 2.75% | 3.50% |
Expected return on plan assets | 5.00% | 5.00% |
Pension_and_Postretirement_Ben8
Pension and Postretirement Benefits - Summary of Estimated Future Benefit Payments for Respective Plans (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plan and SERP Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Gross benefit amount, 2015 | $29,256 |
Gross benefit amount, 2016 | 30,070 |
Gross benefit amount, 2017 | 30,303 |
Gross benefit amount, 2018 | 30,223 |
Gross benefit amount, 2019 | 30,692 |
Gross benefit amount, 2020-2024 | 149,595 |
Postretirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Gross benefit amount, 2015 | 2,825 |
Gross benefit amount, 2016 | 2,660 |
Gross benefit amount, 2017 | 2,480 |
Gross benefit amount, 2018 | 2,291 |
Gross benefit amount, 2019 | 2,093 |
Gross benefit amount, 2020-2024 | 7,587 |
Medicare subsidy payments, 2015 | -395 |
Medicare subsidy payments, 2016 | -387 |
Medicare subsidy payments, 2017 | -378 |
Medicare subsidy payments, 2018 | -368 |
Medicare subsidy payments, 2019 | -358 |
Medicare subsidy payments, 2020-2024 | -1,601 |
Net benefit amount, 2015 | 2,430 |
Net benefit amount, 2016 | 2,273 |
Net benefit amount, 2017 | 2,102 |
Net benefit amount, 2018 | 1,923 |
Net benefit amount, 2019 | 1,735 |
Net benefit amount, 2020-2024 | $5,986 |
Pension_and_Postretirement_Ben9
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, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost, 1% Increase | $12 |
Effect on the healthcare component of the accumulated postretirement benefit obligation, 1% Increase | 516 |
Effect of total service and interest cost components of net periodic postretirement healthcare benefit cost, 1% Decrease | -11 |
Effect on the healthcare component of the accumulated postretirement benefit obligation, 1% Decrease | ($477) |
Recovered_Sheet1
Pension and Postretirement Benefits - Summary of Asset Allocation and Target Allocation (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | 56.80% | 66.80% |
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 | 41.30% | 33.20% |
Other Asset Category [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 | 1.90% | 0.00% |
Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Target Allocation | 100.00% |
Recovered_Sheet2
Pension and Postretirement Benefits - Summary of Fair Value Measurements of Pension Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Equity | ||||
Managed equity accounts | $83,690 | [1] | $110,852 | [1] |
Equity - pooled separate account | 186,102 | [2] | 200,947 | [2] |
Equity - partnerships | 240 | [3] | 635 | [3] |
Debt | ||||
Fixed income manager - pooled separate account | 196,034 | [2] | 165,157 | [2] |
Fixed income manager - government securities | 15,231 | [4] | 16,601 | [4] |
Other | ||||
Cash - pooled separate account | 9,215 | [2] | -9,679 | [2] |
Total | 490,512 | 484,513 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Equity | ||||
Managed equity accounts | 83,690 | [1] | 110,852 | [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 | 15,231 | [4] | 16,601 | [4] |
Other | ||||
Cash - pooled separate account | 0 | [2] | 0 | [2] |
Total | 98,921 | 127,453 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Equity | ||||
Managed equity accounts | 0 | [1] | 0 | [1] |
Equity - pooled separate account | 186,102 | [2] | 200,947 | [2] |
Equity - partnerships | 0 | [3] | 0 | [3] |
Debt | ||||
Fixed income manager - pooled separate account | 196,034 | [2] | 165,157 | [2] |
Fixed income manager - government securities | 0 | [4] | 0 | [4] |
Other | ||||
Cash - pooled separate account | 9,215 | [2] | -9,679 | [2] |
Total | 391,351 | 356,425 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Equity | ||||
Managed equity accounts | 0 | [1] | 0 | [1] |
Equity - pooled separate account | 0 | [2] | 0 | [2] |
Equity - partnerships | 240 | [3] | 635 | [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 | $240 | $635 | ||
[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_Sheet3
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, 2014 | Dec. 31, 2013 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Balance at January 1 | $635 | $1,022 |
Realized and unrealized loss on plan assets, net | -395 | -387 |
Balance at December 31 | $240 | $635 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Revenues | $1,746,726,000 | $1,595,703,000 | $1,407,848,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 716,598,000 | 622,523,000 | 516,708,000 |
Selling, general and administrative | 227,306,000 | 228,982,000 | 220,068,000 |
Investment income and others | -158,000 | -609,000 | -106,000 |
EBITDA from discontinued operations | 55,588,000 | 15,466,000 | 24,737,000 |
EBITDA | 858,568,000 | 760,273,000 | 695,915,000 |
Depreciation and amortization of fixed assets | 85,506,000 | 66,190,000 | 46,637,000 |
Amortization of intangible assets | 56,870,000 | 63,741,000 | 52,207,000 |
Operating income | 660,446,000 | 614,267,000 | 572,228,000 |
Decision Analytics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,096,074,000 | 977,427,000 | 828,342,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 508,411,000 | 427,978,000 | 334,280,000 |
Selling, general and administrative | 153,453,000 | 151,557,000 | 139,122,000 |
Investment income and others | 0 | 16,000 | 22,000 |
EBITDA from discontinued operations | 55,588,000 | 15,466,000 | 24,737,000 |
EBITDA | 489,798,000 | 413,342,000 | 379,655,000 |
Depreciation and amortization of fixed assets | 64,826,000 | 51,739,000 | 33,106,000 |
Amortization of intangible assets | 56,517,000 | 63,388,000 | 52,207,000 |
Operating income | 312,867,000 | 282,765,000 | 269,627,000 |
Risk Assessment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 650,652,000 | 618,276,000 | 579,506,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 208,187,000 | 194,545,000 | 182,428,000 |
Selling, general and administrative | 73,853,000 | 77,425,000 | 80,946,000 |
Investment income and others | -158,000 | -625,000 | -128,000 |
EBITDA from discontinued operations | 0 | 0 | 0 |
EBITDA | 368,770,000 | 346,931,000 | 316,260,000 |
Depreciation and amortization of fixed assets | 20,680,000 | 14,451,000 | 13,531,000 |
Amortization of intangible assets | 353,000 | 353,000 | 0 |
Operating income | $347,579,000 | $331,502,000 | $302,601,000 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Revenues | $1,746,726 | $1,595,703 | $1,407,848 |
Decision Analytics [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,096,074 | 977,427 | 828,342 |
Decision Analytics [Member] | Insurance [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 598,757 | 539,150 | 493,456 |
Decision Analytics [Member] | Financial services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 96,763 | 81,113 | 26,567 |
Decision Analytics [Member] | Healthcare [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 315,628 | 271,538 | 222,955 |
Decision Analytics [Member] | Specialized markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 84,926 | 85,626 | 85,364 |
Risk Assessment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 650,652 | 618,276 | 579,506 |
Risk Assessment [Member] | Industry-standard insurance programs [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 495,065 | 471,130 | 450,646 |
Risk Assessment [Member] | Property-specific rating and underwriting information [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | $155,587 | $147,146 | $128,860 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Country | Country | Country | |
reportablesegment | |||
Segment Reporting [Abstract] | |||
Number of reportable segments | 2 | ||
Number of outside countries accounted for Company's consolidated revenue | 0 | 0 | 0 |
Percentage of revenue | 1.00% | 1.00% | 1.00% |
Number of outside countries accounted for Company's consolidated long-term asset | 0 | 0 | |
Percentage of long-term assets | 3.00% | 1.00% |
Related_Parties_Additional_Inf
Related Parties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
relatedparty | relatedparty | ||
Related Party Transactions [Abstract] | |||
Percentage of ownership on outstanding common stock required to become related party | 5.00% | 5.00% | |
Number of related parties | 0 | 0 | |
Revenues from related parties | $0 | $0 | $0 |
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, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases | |
2015 | $37,958 |
2016 | 38,506 |
2017 | 37,350 |
2018 | 29,074 |
2019 | 31,775 |
2020 and thereafter | 260,033 |
Net minimum lease payments | 434,696 |
Capital Leases | |
2015 | 6,295 |
2016 | 4,076 |
2017 | 791 |
2018 | 181 |
2019 | 59 |
2020 and thereafter | 85 |
Net minimum lease payments | 11,487 |
Less amount representing interest | 403 |
Present value of net minimum lease capital payments | $11,084 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2014 | Jul. 02, 2013 | 13-May-13 | Oct. 31, 2014 | Aug. 01, 2014 | |
causeofaction | causeofaction | defendant | ||||||
plaintiff | ||||||||
Contingencies And Commitments [Line Items] | ||||||||
Rent expense on operating leases | $35,149,000 | $32,186,000 | $29,618,000 | |||||
Interthinx [Member] | ||||||||
Contingencies And Commitments [Line Items] | ||||||||
Percentage of voting interests divested | 100.00% | |||||||
Interthinx [Member] | ||||||||
Contingencies And Commitments [Line Items] | ||||||||
Loss contingency, number of causes of action | 7 | 3 | ||||||
Period before filing of action for conviction | 3 years | 4 years | ||||||
Damages sought | $6,000,000 | |||||||
MediConnect [Member] | ||||||||
Contingencies And Commitments [Line Items] | ||||||||
Loss contingency, number of causes of action | 4 | |||||||
Insurance Services Office [Member] | ||||||||
Contingencies And Commitments [Line Items] | ||||||||
Number of plaintiffs | 19 | |||||||
Number of defendants | 120 |
Condensed_Consolidated_Financi2
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 11, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||||
Percent of corporate wholly-owned subsidiaries | 20.00% | |||
Verisk Analytics, Inc. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Percent of corporate wholly-owned subsidiaries | 100.00% | 100.00% | ||
Interthinx [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Percentage of voting interests divested | 100.00% |
Condensed_Consolidated_Financi3
Condensed Consolidated Financial Information for Guarantor Subsidiaries and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Thousands, unless otherwise specified | |||||||
Current assets: | |||||||
Cash and cash equivalents | $39,359 | $165,801 | $89,819 | $191,603 | |||
Available-for-sale securities | 3,801 | 3,911 | |||||
Accounts receivable, net | 220,668 | 158,547 | |||||
Prepaid expenses | 31,496 | 25,657 | |||||
Deferred income taxes, net | 4,772 | 5,077 | |||||
Income taxes receivable | 65,512 | 67,346 | |||||
Intercompany receivables | 0 | 0 | |||||
Other current assets | 18,875 | 34,681 | |||||
Current assets held-for-sale | 0 | 13,825 | |||||
Total current assets | 384,483 | 474,845 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 302,273 | 233,373 | |||||
Intangible assets, net | 406,476 | 447,618 | |||||
Goodwill | 1,207,146 | [1] | 1,181,681 | [1] | 1,247,459 | [1] | |
Investment in subsidiaries | 0 | 0 | |||||
Pension assets | 18,589 | 60,955 | |||||
Other assets | 26,363 | 20,034 | |||||
Noncurrent assets held-for-sale | 0 | 85,945 | |||||
Total assets | 2,345,330 | 2,504,451 | |||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | 180,726 | 188,264 | |||||
Short-term debt and current portion of long-term debt | 336,058 | 4,448 | |||||
Pension and postretirement benefits, current | 1,894 | 2,437 | |||||
Fees received in advance | 252,592 | 226,581 | |||||
Intercompany payables | 0 | 0 | |||||
Deferred income taxes, net | 0 | ||||||
Income taxes payable | 0 | 0 | |||||
Current liabilities held-for-sale | 0 | 9,449 | |||||
Total current liabilities | 771,270 | 431,179 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 1,100,874 | 1,271,439 | |||||
Pension and postretirement benefits | 16,215 | 15,068 | |||||
Deferred income taxes, net | 202,540 | 198,604 | |||||
Other liabilities | 43,388 | 36,043 | |||||
Noncurrent liabilities held-for-sale | 0 | 4,529 | |||||
Total liabilities | 2,134,287 | 1,956,862 | |||||
Total stockholders’ equity | 211,043 | 547,589 | 255,591 | -98,490 | |||
Total liabilities and stockholders’ equity | 2,345,330 | 2,504,451 | |||||
Verisk Analytics, Inc. [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 330 | 20,226 | 128 | 76,238 | |||
Available-for-sale securities | 0 | 0 | |||||
Accounts receivable, net | 0 | 0 | |||||
Prepaid expenses | 0 | 0 | |||||
Deferred income taxes, net | 0 | 0 | |||||
Income taxes receivable | 20,180 | 20,045 | |||||
Intercompany receivables | 706,138 | 633,128 | |||||
Other current assets | 5,147 | 5,144 | |||||
Current assets held-for-sale | 0 | ||||||
Total current assets | 731,795 | 678,543 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 0 | 0 | |||||
Intangible assets, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Investment in subsidiaries | 1,772,222 | 1,375,128 | |||||
Pension assets | 0 | 0 | |||||
Other assets | 6,684 | 7,789 | |||||
Noncurrent assets held-for-sale | 0 | ||||||
Total assets | 2,510,701 | 2,061,460 | |||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | 14,220 | 22,233 | |||||
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 | 1,239,590 | 446,509 | |||||
Deferred income taxes, net | 0 | ||||||
Income taxes payable | 0 | 0 | |||||
Current liabilities held-for-sale | 0 | ||||||
Total current liabilities | 1,253,810 | 468,742 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 1,045,848 | 1,045,129 | |||||
Pension and postretirement benefits | 0 | 0 | |||||
Deferred income taxes, net | 0 | 0 | |||||
Other liabilities | 0 | 0 | |||||
Noncurrent liabilities held-for-sale | 0 | ||||||
Total liabilities | 2,299,658 | 1,513,871 | |||||
Total stockholders’ equity | 211,043 | 547,589 | |||||
Total liabilities and stockholders’ equity | 2,510,701 | 2,061,460 | |||||
Guarantor Subsidiaries [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 4,131 | 81,095 | 35,571 | 76,813 | |||
Available-for-sale securities | 3,801 | 3,911 | |||||
Accounts receivable, net | 148,944 | 99,578 | |||||
Prepaid expenses | 27,433 | 22,582 | |||||
Deferred income taxes, net | 3,334 | 0 | |||||
Income taxes receivable | 71,376 | 66,274 | |||||
Intercompany receivables | 1,250,827 | 525,286 | |||||
Other current assets | 13,352 | 26,835 | |||||
Current assets held-for-sale | 12,421 | ||||||
Total current assets | 1,523,198 | 837,982 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 258,238 | 198,112 | |||||
Intangible assets, net | 58,887 | 67,407 | |||||
Goodwill | 498,075 | 493,053 | |||||
Investment in subsidiaries | 909,565 | 848,124 | |||||
Pension assets | 18,589 | 60,955 | |||||
Other assets | 18,918 | 11,356 | |||||
Noncurrent assets held-for-sale | 85,945 | ||||||
Total assets | 3,285,470 | 2,602,934 | |||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | 120,058 | 102,477 | |||||
Short-term debt and current portion of long-term debt | 335,993 | 4,341 | |||||
Pension and postretirement benefits, current | 1,894 | 2,437 | |||||
Fees received in advance | 212,765 | 192,524 | |||||
Intercompany payables | 888,752 | 793,517 | |||||
Deferred income taxes, net | 9 | ||||||
Income taxes payable | 0 | 0 | |||||
Current liabilities held-for-sale | 8,928 | ||||||
Total current liabilities | 1,559,462 | 1,104,233 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 54,729 | 225,950 | |||||
Pension and postretirement benefits | 16,215 | 15,068 | |||||
Deferred income taxes, net | 82,340 | 70,897 | |||||
Other liabilities | 40,795 | 31,809 | |||||
Noncurrent liabilities held-for-sale | 4,529 | ||||||
Total liabilities | 1,753,541 | 1,452,486 | |||||
Total stockholders’ equity | 1,531,929 | 1,150,448 | |||||
Total liabilities and stockholders’ equity | 3,285,470 | 2,602,934 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 34,898 | 64,480 | 54,120 | 38,552 | |||
Available-for-sale securities | 0 | 0 | |||||
Accounts receivable, net | 71,724 | 58,969 | |||||
Prepaid expenses | 4,063 | 3,075 | |||||
Deferred income taxes, net | 1,438 | 5,086 | |||||
Income taxes receivable | 0 | 0 | |||||
Intercompany receivables | 194,565 | 202,018 | |||||
Other current assets | 376 | 2,702 | |||||
Current assets held-for-sale | 883 | ||||||
Total current assets | 307,064 | 337,213 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 44,035 | 35,261 | |||||
Intangible assets, net | 347,589 | 380,211 | |||||
Goodwill | 709,071 | 688,628 | |||||
Investment in subsidiaries | 0 | 0 | |||||
Pension assets | 0 | 0 | |||||
Other assets | 761 | 889 | |||||
Noncurrent assets held-for-sale | 0 | ||||||
Total assets | 1,408,520 | 1,442,202 | |||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | 46,448 | 63,554 | |||||
Short-term debt and current portion of long-term debt | 65 | 107 | |||||
Pension and postretirement benefits, current | 0 | 0 | |||||
Fees received in advance | 39,827 | 34,057 | |||||
Intercompany payables | 23,188 | 120,406 | |||||
Deferred income taxes, net | 0 | ||||||
Income taxes payable | 26,044 | 18,973 | |||||
Current liabilities held-for-sale | 0 | ||||||
Total current liabilities | 135,572 | 237,097 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 297 | 360 | |||||
Pension and postretirement benefits | 0 | 0 | |||||
Deferred income taxes, net | 120,200 | 127,707 | |||||
Other liabilities | 2,593 | 4,234 | |||||
Noncurrent liabilities held-for-sale | 0 | ||||||
Total liabilities | 258,662 | 369,398 | |||||
Total stockholders’ equity | 1,149,858 | 1,072,804 | |||||
Total liabilities and stockholders’ equity | 1,408,520 | 1,442,202 | |||||
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 | 0 | -9 | |||||
Income taxes receivable | -26,044 | -18,973 | |||||
Intercompany receivables | -2,151,530 | -1,360,432 | |||||
Other current assets | 0 | 0 | |||||
Current assets held-for-sale | 521 | ||||||
Total current assets | -2,177,574 | -1,378,893 | |||||
Noncurrent assets: | |||||||
Fixed assets, net | 0 | 0 | |||||
Intangible assets, net | 0 | 0 | |||||
Goodwill | 0 | 0 | |||||
Investment in subsidiaries | -2,681,787 | -2,223,252 | |||||
Pension assets | 0 | 0 | |||||
Other assets | 0 | 0 | |||||
Noncurrent assets held-for-sale | 0 | ||||||
Total assets | -4,859,361 | -3,602,145 | |||||
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 | -2,151,530 | -1,360,432 | |||||
Deferred income taxes, net | -9 | ||||||
Income taxes payable | -26,044 | -18,973 | |||||
Current liabilities held-for-sale | 521 | ||||||
Total current liabilities | -2,177,574 | -1,378,893 | |||||
Noncurrent liabilities: | |||||||
Long-term debt | 0 | 0 | |||||
Pension and postretirement benefits | 0 | 0 | |||||
Deferred income taxes, net | 0 | 0 | |||||
Other liabilities | 0 | 0 | |||||
Noncurrent liabilities held-for-sale | 0 | ||||||
Total liabilities | -2,177,574 | -1,378,893 | |||||
Total stockholders’ equity | -2,681,787 | -2,223,252 | |||||
Total liabilities and stockholders’ equity | ($4,859,361) | ($3,602,145) | |||||
[1] | These balances are net of accumulated impairment charges of $3,244 that occurred prior to December 31, 2012. |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Revenues | $1,746,726,000 | $1,595,703,000 | $1,407,848,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 716,598,000 | 622,523,000 | 516,708,000 |
Selling, general and administrative | 227,306,000 | 228,982,000 | 220,068,000 |
Depreciation and amortization of fixed assets | 85,506,000 | 66,190,000 | 46,637,000 |
Amortization of intangible assets | 56,870,000 | 63,741,000 | 52,207,000 |
Total expenses | 1,086,280,000 | 981,436,000 | 835,620,000 |
Operating income | 660,446,000 | 614,267,000 | 572,228,000 |
Other income (expense): | |||
Investment income and others | 158,000 | 609,000 | 106,000 |
Interest expense | -69,984,000 | -76,136,000 | -72,508,000 |
Total other expense, net | -69,826,000 | -75,527,000 | -72,402,000 |
Income before income taxes | 590,620,000 | 538,740,000 | 499,826,000 |
Provision for income taxes | -219,755,000 | -196,426,000 | -182,363,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 370,865,000 | 342,314,000 | 317,463,000 |
Income (loss) from discontinued operations, net of tax | 29,177,000 | 6,066,000 | 11,679,000 |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Net income | 400,042,000 | 348,380,000 | 329,142,000 |
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 | 0 | 1,000 | 0 |
Depreciation and amortization of fixed assets | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Total expenses | 0 | 1,000 | 0 |
Operating income | 0 | -1,000 | 0 |
Other income (expense): | |||
Investment income and others | 51,000 | 43,000 | 44,000 |
Interest expense | -54,550,000 | -54,551,000 | -42,848,000 |
Total other expense, net | -54,499,000 | -54,508,000 | -42,804,000 |
Income before income taxes | -54,499,000 | -54,509,000 | -42,804,000 |
Provision for income taxes | 20,180,000 | 20,045,000 | 15,833,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | -34,319,000 | -34,464,000 | -26,971,000 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 |
Equity in net income of subsidiaries | 434,361,000 | 382,844,000 | 356,113,000 |
Net income | 400,042,000 | 348,380,000 | 329,142,000 |
Guarantor Subsidiaries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Revenues | 1,440,093,000 | 1,259,884,000 | 1,162,134,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 568,858,000 | 451,393,000 | 401,724,000 |
Selling, general and administrative | 186,937,000 | 183,717,000 | 174,324,000 |
Depreciation and amortization of fixed assets | 72,254,000 | 52,248,000 | 36,898,000 |
Amortization of intangible assets | 10,085,000 | 13,593,000 | 17,943,000 |
Total expenses | 838,134,000 | 700,951,000 | 630,889,000 |
Operating income | 601,959,000 | 558,933,000 | 531,245,000 |
Other income (expense): | |||
Investment income and others | 398,000 | 636,000 | -130,000 |
Interest expense | -15,401,000 | -21,571,000 | -29,619,000 |
Total other expense, net | -15,003,000 | -20,935,000 | -29,749,000 |
Income before income taxes | 586,956,000 | 537,998,000 | 501,496,000 |
Provision for income taxes | -222,147,000 | -198,464,000 | -183,025,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 364,809,000 | 339,534,000 | 318,471,000 |
Income (loss) from discontinued operations, net of tax | 29,322,000 | 6,230,000 | 11,679,000 |
Equity in net income of subsidiaries | 32,532,000 | 29,262,000 | 19,159,000 |
Net income | 426,663,000 | 375,026,000 | 349,309,000 |
Non-Guarantor Subsidiaries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Revenues | 357,249,000 | 355,165,000 | 266,427,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | 189,507,000 | 179,196,000 | 125,111,000 |
Selling, general and administrative | 49,218,000 | 56,544,000 | 56,330,000 |
Depreciation and amortization of fixed assets | 13,252,000 | 13,942,000 | 9,739,000 |
Amortization of intangible assets | 46,785,000 | 50,148,000 | 34,264,000 |
Total expenses | 298,762,000 | 299,830,000 | 225,444,000 |
Operating income | 58,487,000 | 55,335,000 | 40,983,000 |
Other income (expense): | |||
Investment income and others | -291,000 | -70,000 | 192,000 |
Interest expense | -33,000 | -14,000 | -41,000 |
Total other expense, net | -324,000 | -84,000 | 151,000 |
Income before income taxes | 58,163,000 | 55,251,000 | 41,134,000 |
Provision for income taxes | -17,788,000 | -18,007,000 | -15,171,000 |
Net (loss) income from continuing operations before equity in net income of subsidiaries | 40,375,000 | 37,244,000 | 25,963,000 |
Income (loss) from discontinued operations, net of tax | -145,000 | -164,000 | 0 |
Equity in net income of subsidiaries | 0 | 0 | 0 |
Net income | 40,230,000 | 37,080,000 | 25,963,000 |
Eliminating Entries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Operations [Line Items] | |||
Revenues | -50,616,000 | -19,346,000 | -20,713,000 |
Expenses: | |||
Cost of revenues (exclusive of items shown separately below) | -41,767,000 | -8,066,000 | -10,127,000 |
Selling, general and administrative | -8,849,000 | -11,280,000 | -10,586,000 |
Depreciation and amortization of fixed assets | 0 | 0 | 0 |
Amortization of intangible assets | 0 | 0 | 0 |
Total expenses | -50,616,000 | -19,346,000 | -20,713,000 |
Operating income | 0 | 0 | 0 |
Other income (expense): | |||
Investment income and others | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
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 (loss) from discontinued operations, net of tax | 0 | 0 | 0 |
Equity in net income of subsidiaries | -466,893,000 | -412,106,000 | -375,272,000 |
Net income | ($466,893,000) | ($412,106,000) | ($375,272,000) |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | |||
Net income | $400,042 | $348,380 | $329,142 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -1,286 | -840 | 15 |
Unrealized holding loss on available-for-sale securities | -35 | -147 | -197 |
Pension and postretirement adjustment | -35,705 | 46,659 | -10,691 |
Total other comprehensive (loss) income | -37,026 | 45,672 | -10,873 |
Comprehensive income | 363,016 | 394,052 | 318,269 |
Verisk Analytics, Inc. [Member] | |||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | |||
Net income | 400,042 | 348,380 | 329,142 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -1,286 | -840 | 15 |
Unrealized holding loss on available-for-sale securities | -35 | -147 | -197 |
Pension and postretirement adjustment | -35,705 | 46,659 | -10,691 |
Total other comprehensive (loss) income | -37,026 | 45,672 | -10,873 |
Comprehensive income | 363,016 | 394,052 | 318,269 |
Guarantor Subsidiaries [Member] | |||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | |||
Net income | 426,663 | 375,026 | 349,309 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -589 | -778 | 172 |
Unrealized holding loss on available-for-sale securities | -35 | -147 | -197 |
Pension and postretirement adjustment | -35,705 | 46,659 | -10,691 |
Total other comprehensive (loss) income | -36,329 | 45,734 | -10,716 |
Comprehensive income | 390,334 | 420,760 | 338,593 |
Non-Guarantor Subsidiaries [Member] | |||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | |||
Net income | 40,230 | 37,080 | 25,963 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -697 | -99 | 46 |
Unrealized holding loss on available-for-sale securities | 0 | 0 | 0 |
Pension and postretirement adjustment | 0 | 0 | 0 |
Total other comprehensive (loss) income | -697 | -99 | 46 |
Comprehensive income | 39,533 | 36,981 | 26,009 |
Eliminating Entries [Member] | |||
Schedule of Condensed Consolidating Statement of Comprehensive Income [Line Items] | |||
Net income | -466,893 | -412,106 | -375,272 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | 1,286 | 877 | -218 |
Unrealized holding loss on available-for-sale securities | 35 | 147 | 197 |
Pension and postretirement adjustment | 35,705 | -46,659 | 10,691 |
Total other comprehensive (loss) income | 37,026 | -45,635 | 10,670 |
Comprehensive income | ($429,867) | ($457,741) | ($364,602) |
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 | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | |||
Net cash provided by operating activities | $489,452 | $506,920 | $468,229 |
Cash flows from investing activities: | |||
Acquisitions | -35,192 | -983 | -769,513 |
Net of cash acquired from acquisitions | 304 | 0 | 36,113 |
Purchase of non-controlling interest in non-public companies | -5,000 | 0 | -2,250 |
Earnout payments | 0 | 0 | -250 |
Escrow funding associated with acquisitions | 0 | 0 | -38,800 |
Proceeds from release of acquisition related escrows | 0 | 280 | 1,455 |
Proceeds from sale of subsidiary | 151,170 | 0 | 0 |
Investment in subsidiaries | 0 | 0 | |
Intercompany dividends received from subsidiaries | 0 | ||
Repayments received from other subsidiaries | 0 | ||
Repayments received from other subsidiaries | 0 | 0 | |
Advances provided to other subsidiaries | 0 | 0 | 0 |
Capital expenditures | -146,818 | -145,976 | -74,373 |
Purchases of available-for-sale securities | -203 | -5,870 | -1,784 |
Proceeds from sales and maturities of available-for-sale securities | 513 | 7,484 | 1,932 |
Other investing activities, net | 0 | -561 | 0 |
Net cash used in investing activities | -35,530 | -145,626 | -883,583 |
Cash flows from financing activities: | |||
Repayments of current portion of long-term debt | 0 | -180,000 | 0 |
Proceeds from issuance of long-term debt, net of original issue discount | 0 | 0 | 347,224 |
Repayments of short-term debt refinanced on a long-term basis | 0 | 0 | -347,224 |
Proceeds (repayments) from short-term debt, net | 160,000 | -10,000 | 357,224 |
Proceeds from issuance of intercompany common stock | 0 | 0 | |
Intercompany dividends paid to subsidiaries | 0 | ||
Transfer of cash due to the Verisk Health, Inc. merger | 0 | ||
Repayments of advances to other subsidiaries | 0 | 0 | |
Advances received from other subsidiaries | 0 | 0 | 0 |
Payment of debt issuance costs | -465 | -605 | -3,905 |
Repayments of advances provided to other subsidiaries | 0 | ||
Excess tax benefits from exercised stock options | 22,566 | 109,946 | 60,672 |
Proceeds from stock options exercised | 24,648 | 80,368 | 68,388 |
Net share settlement of taxes from restricted stock awards | -1,625 | 0 | 0 |
Other financing activities, net | -5,718 | -6,770 | -6,549 |
Net cash (used in) provided by financing activities | -579,078 | -284,472 | 313,555 |
Effect of exchange rate changes | -1,286 | -840 | 15 |
(Decrease) increase in cash and cash equivalents | -126,442 | 75,982 | -101,784 |
Cash and cash equivalents, beginning of period | 165,801 | 89,819 | 191,603 |
Cash and cash equivalents, end of period | 39,359 | 165,801 | 89,819 |
Supplemental disclosures: | |||
Increase in intercompany balances form 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 |
Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | -778,484 | -277,411 | -162,275 |
Verisk Analytics, Inc. [Member] | |||
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | |||
Net cash provided by operating activities | 104 | 42 | -20,115 |
Cash flows from investing activities: | |||
Acquisitions | 0 | 0 | 0 |
Purchase of non-controlling interest in non-public companies | 0 | -250 | |
Earnout payments | 0 | ||
Escrow funding associated with acquisitions | 0 | ||
Proceeds from release of acquisition related escrows | 66 | 0 | |
Proceeds from sale of subsidiary | 0 | ||
Investment in subsidiaries | 0 | 0 | |
Intercompany dividends received from subsidiaries | 0 | ||
Repayments received from other subsidiaries | 20,000 | ||
Repayments received from other subsidiaries | 0 | 19,400 | |
Advances provided to other subsidiaries | 0 | -30,000 | 0 |
Capital expenditures | 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 | ||
Net cash used in investing activities | 20,000 | -29,934 | 19,150 |
Cash flows from financing activities: | |||
Repayments of current portion of long-term debt | 0 | ||
Proceeds from issuance of long-term debt, net of original issue discount | 347,224 | ||
Repayments of short-term debt refinanced on a long-term basis | 0 | ||
Proceeds (repayments) from short-term debt, net | 0 | 0 | 0 |
Proceeds from issuance of intercompany common stock | 0 | 0 | |
Intercompany dividends paid to subsidiaries | 0 | ||
Transfer of cash due to the Verisk Health, Inc. merger | 0 | ||
Repayments of advances to other subsidiaries | -40,000 | -10,010 | |
Advances received from other subsidiaries | 0 | 60,000 | 0 |
Payment of debt issuance costs | 0 | 0 | -2,557 |
Repayments of advances provided to other subsidiaries | -419,812 | ||
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Net share settlement of taxes from restricted stock awards | 0 | ||
Other financing activities, net | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | -40,000 | 49,990 | -75,145 |
Effect of exchange rate changes | 0 | 0 | 0 |
(Decrease) increase in cash and cash equivalents | -19,896 | 20,098 | -76,110 |
Cash and cash equivalents, beginning of period | 20,226 | 128 | 76,238 |
Cash and cash equivalents, end of period | 330 | 20,226 | 128 |
Supplemental disclosures: | |||
Increase in intercompany balances form the purchase of MediConnect and Argus by ISO | 17,000 | ||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 778,484 | 277,411 | 162,275 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 24,648 | 80,368 | 68,388 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | 0 | ||
Verisk Analytics, Inc. [Member] | Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | 0 | 0 | 0 |
Guarantor Subsidiaries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | |||
Net cash provided by operating activities | 336,094 | 287,956 | 329,845 |
Cash flows from investing activities: | |||
Acquisitions | -5,051 | -983 | -762,596 |
Purchase of non-controlling interest in non-public companies | -5,000 | -2,000 | |
Earnout payments | 0 | ||
Escrow funding associated with acquisitions | -38,000 | ||
Proceeds from release of acquisition related escrows | 214 | 1,455 | |
Proceeds from sale of subsidiary | 151,170 | ||
Investment in subsidiaries | -30,609 | -350 | |
Intercompany dividends received from subsidiaries | 114 | ||
Repayments received from other subsidiaries | 224,447 | ||
Repayments received from other subsidiaries | 206,282 | 592,356 | |
Advances provided to other subsidiaries | -5,075 | -68,692 | -52,000 |
Capital expenditures | -124,513 | -118,307 | -60,525 |
Purchases of available-for-sale securities | -203 | -5,870 | -1,784 |
Proceeds from sales and maturities of available-for-sale securities | 513 | 7,484 | 1,932 |
Other investing activities, net | -561 | ||
Net cash used in investing activities | 205,793 | 19,217 | -321,162 |
Cash flows from financing activities: | |||
Repayments of current portion of long-term debt | -180,000 | ||
Proceeds from issuance of long-term debt, net of original issue discount | 0 | ||
Repayments of short-term debt refinanced on a long-term basis | -347,224 | ||
Proceeds (repayments) from short-term debt, net | 160,000 | -10,000 | 357,224 |
Proceeds from issuance of intercompany common stock | 0 | 0 | |
Intercompany dividends paid to subsidiaries | 0 | ||
Transfer of cash due to the Verisk Health, Inc. merger | 2,877 | ||
Repayments of advances to other subsidiaries | -39,289 | -9,605 | |
Advances received from other subsidiaries | 0 | 30,000 | 0 |
Payment of debt issuance costs | -465 | -605 | -1,348 |
Repayments of advances provided to other subsidiaries | -19,400 | ||
Excess tax benefits from exercised stock options | 22,566 | 109,946 | 60,672 |
Proceeds from stock options exercised | 24,648 | 80,368 | 68,388 |
Net share settlement of taxes from restricted stock awards | -1,625 | ||
Other financing activities, net | -5,613 | -6,478 | -5,931 |
Net cash (used in) provided by financing activities | -618,262 | -260,908 | -49,894 |
Effect of exchange rate changes | -589 | -741 | -31 |
(Decrease) increase in cash and cash equivalents | -76,964 | 45,524 | -41,242 |
Cash and cash equivalents, beginning of period | 81,095 | 35,571 | 76,813 |
Cash and cash equivalents, end of period | 4,131 | 81,095 | 35,571 |
Supplemental disclosures: | |||
Increase in intercompany balances form the purchase of MediConnect and Argus by ISO | 790,174 | ||
Increase in intercompany balances from the purchase of treasury stock by Verisk funded directly by ISO | 778,484 | 277,411 | 162,275 |
Increase in intercompany balances from proceeds received by ISO related to issuance of Verisk common stock from options exercised | 24,648 | 80,368 | 68,388 |
Increase (decrease) in intercompany balances due to the merger of Verisk Health, Inc. | 85,953 | ||
Guarantor Subsidiaries [Member] | Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | -778,484 | -277,411 | -162,275 |
Non-Guarantor Subsidiaries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | |||
Net cash provided by operating activities | 153,254 | 218,922 | 158,499 |
Cash flows from investing activities: | |||
Acquisitions | -30,141 | 0 | -6,917 |
Purchase of non-controlling interest in non-public companies | 0 | 0 | |
Earnout payments | -250 | ||
Escrow funding associated with acquisitions | -800 | ||
Proceeds from release of acquisition related escrows | 0 | 0 | |
Proceeds from sale of subsidiary | 0 | ||
Investment in subsidiaries | 0 | 0 | |
Intercompany dividends received from subsidiaries | 0 | ||
Repayments received from other subsidiaries | 19,289 | ||
Repayments received from other subsidiaries | 9,605 | 0 | |
Advances provided to other subsidiaries | 0 | 0 | 0 |
Capital expenditures | -22,305 | -27,669 | -13,848 |
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 | ||
Net cash used in investing activities | -33,157 | -18,064 | -21,815 |
Cash flows from financing activities: | |||
Repayments of current portion of long-term debt | 0 | ||
Proceeds from issuance of long-term debt, net of original issue discount | 0 | ||
Repayments of short-term debt refinanced on a long-term basis | 0 | ||
Proceeds (repayments) from short-term debt, net | 0 | 0 | 0 |
Proceeds from issuance of intercompany common stock | 30,609 | 350 | |
Intercompany dividends paid to subsidiaries | -114 | ||
Transfer of cash due to the Verisk Health, Inc. merger | -2,877 | ||
Repayments of advances to other subsidiaries | -184,447 | -196,272 | |
Advances received from other subsidiaries | 5,075 | 8,692 | 52,000 |
Payment of debt issuance costs | 0 | 0 | 0 |
Repayments of advances provided to other subsidiaries | -172,544 | ||
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Net share settlement of taxes from restricted stock awards | 0 | ||
Other financing activities, net | -105 | -292 | -618 |
Net cash (used in) provided by financing activities | -148,982 | -190,399 | -121,162 |
Effect of exchange rate changes | -697 | -99 | 46 |
(Decrease) increase in cash and cash equivalents | -29,582 | 10,360 | 15,568 |
Cash and cash equivalents, beginning of period | 64,480 | 54,120 | 38,552 |
Cash and cash equivalents, end of period | 34,898 | 64,480 | 54,120 |
Supplemental disclosures: | |||
Increase in intercompany balances form the purchase of MediConnect and Argus by ISO | 773,174 | ||
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 | ||
Non-Guarantor Subsidiaries [Member] | Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | 0 | 0 | 0 |
Eliminating Entries [Member] | |||
Schedule Of Condensed Consolidating Statement Of Cash Flows [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Acquisitions | 0 | 0 | 0 |
Purchase of non-controlling interest in non-public companies | 0 | 0 | |
Earnout payments | 0 | ||
Escrow funding associated with acquisitions | 0 | ||
Proceeds from release of acquisition related escrows | 0 | 0 | |
Proceeds from sale of subsidiary | 0 | ||
Investment in subsidiaries | 30,609 | 350 | |
Intercompany dividends received from subsidiaries | -114 | ||
Repayments received from other subsidiaries | -263,736 | ||
Repayments received from other subsidiaries | -215,887 | -611,756 | |
Advances provided to other subsidiaries | 5,075 | 98,692 | 52,000 |
Capital expenditures | 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 | ||
Net cash used in investing activities | -228,166 | -116,845 | -559,756 |
Cash flows from financing activities: | |||
Repayments of current portion of long-term debt | 0 | ||
Proceeds from issuance of long-term debt, net of original issue discount | 0 | ||
Repayments of short-term debt refinanced on a long-term basis | 0 | ||
Proceeds (repayments) from short-term debt, net | 0 | 0 | 0 |
Proceeds from issuance of intercompany common stock | -30,609 | -350 | |
Intercompany dividends paid to subsidiaries | 114 | ||
Transfer of cash due to the Verisk Health, Inc. merger | 0 | ||
Repayments of advances to other subsidiaries | 263,736 | 215,887 | |
Advances received from other subsidiaries | -5,075 | -98,692 | -52,000 |
Payment of debt issuance costs | 0 | 0 | 0 |
Repayments of advances provided to other subsidiaries | 611,756 | ||
Excess tax benefits from exercised stock options | 0 | 0 | 0 |
Proceeds from stock options exercised | 0 | 0 | 0 |
Net share settlement of taxes from restricted stock awards | 0 | ||
Other financing activities, net | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 228,166 | 116,845 | 559,756 |
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 form 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 | ||
Eliminating Entries [Member] | Verisk Class A [Member] | |||
Cash flows from financing activities: | |||
Repurchases of Class A common stock | $0 | $0 | $0 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Allowance for doubtful accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | $4,415 | $4,753 | $4,158 | |||
Charged to Expenses / Against Revenue | 1,814 | [1] | 2,468 | [1] | 1,065 | [1] |
Deductions - Write-offs | -161 | [2] | -2,284 | [2] | -470 | [2] |
Adjustment | -73 | [3] | -522 | [3] | 0 | [3] |
Balance at End of Year | 5,995 | 4,415 | 4,753 | |||
Valuation allowance for income taxes [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 741 | 595 | 1,615 | |||
Charged to Expenses / Against Revenue | 48 | [1] | 673 | [1] | 73 | [1] |
Deductions - Write-offs | 0 | [2] | -527 | [2] | -1,093 | [2] |
Adjustment | 0 | [3] | 0 | [3] | 0 | [3] |
Balance at End of Year | $789 | $741 | $595 | |||
[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 |