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Corelogic (CLGX)

Cover

Cover - shares3 Months Ended
Mar. 31, 2021May 04, 2021
Document Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-13585
Entity Registrant NameCORELOGIC, INC.
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number95-1068610
Entity Address, Address Line One40 Pacifica
Entity Address, City or TownIrvine
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code92618
City Area Code949
Local Phone Number214-1000
Trading SymbolCLGX
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding73,618,482
Entity Central Index Key0000036047
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Common Stock
Document Information [Line Items]
Title of 12(b) SecurityCommon Stock, $0.00001 par value
Preferred Stock
Document Information [Line Items]
Title of 12(b) SecurityPreferred Stock Purchase Rights

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and Cash Equivalents $ 227,102 $ 167,422
Accounts receivable (less allowance for credit losses of $8,636 and $9,838 as of March 31, 2021 and December 31, 2020, respectively)320,609 303,202
Prepaid expenses and other current assets66,148 82,794
Assets of discontinued operations166,621 202,417
Total current assets780,480 755,835
Property and equipment, net401,552 406,114
Operating lease assets80,724 82,459
Goodwill, net2,319,411 2,315,495
Other intangible assets, net310,226 320,921
Capitalized data and database costs, net321,528 321,211
Other assets114,502 81,187
Total assets4,328,423 4,283,222
Current liabilities:
Accounts payable and other accrued expenses208,149 177,606
Accrued salaries and benefits57,698 57,499
Contract liabilities, current478,074 411,821
Liabilities of discontinued operations56,339 44,677
Current portion of long-term debt9,003 43,230
Operating lease liabilities, current14,833 15,566
Total current liabilities824,096 750,399
Long-term debt, net of current1,763,212 1,828,003
Contract liabilities, net of current631,019 617,318
Deferred income tax liabilities99,280 91,853
Operating lease liabilities, net of current97,953 99,966
Other liabilities156,778 172,421
Total liabilities3,572,338 3,559,960
Stockholders' equity:
Preferred stock, $0.00001 par value; 500 shares authorized, no shares issued or outstanding0 0
Common stock, $0.00001 par value; 180,000 shares authorized; 73,619 and 73,152 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively1 1
Additional paid-in capital0 0
Retained earnings914,622 893,404
Accumulated other comprehensive loss(158,538)(170,143)
Total stockholders' equity756,085 723,262
Total liabilities and equity $ 4,328,423 $ 4,283,222

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets:
Allowance for doubtful accounts $ 8,636 $ 9,838
Stockholders' equity:
Preferred stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Preferred stock, shares authorized (in shares)500,000 500,000
Preferred stock, shares issued (in shares)0 0
Preferred stock, shares outstanding (in shares)0 0
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares)180,000,000 180,000,000
Common stock, shares issued (in shares)73,619,000 73,152,000
Common stock, shares outstanding (in shares)73,619,000 73,152,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Operating revenues $ 422,785 $ 352,920
Cost of services (excluding depreciation and amortization shown below)162,559 144,525
Selling, general and administrative expenses130,008 109,624
Depreciation and amortization44,781 43,578
Total operating expenses337,348 297,727
Operating income85,437 55,193
Interest expense:
Interest income98 414
Interest expense16,401 18,193
Total interest expense, net(16,303)(17,779)
Loss on investments and other, net(502)(3,857)
Income from continuing operations before equity in earnings of affiliates and income taxes68,632 33,557
Provision for income taxes13,689 9,785
Income from continuing operations before equity in earnings of affiliates54,943 23,772
Equity in earnings of affiliates, net of tax0 512
Net income from continuing operations54,943 24,284
Income from discontinued operations, net of tax3,907 9,535
Loss from sale of discontinued operations, net of tax(5,288)0
Net income $ 53,562 $ 33,819
Basic income per share:
Net income from continuing operations (usd per share) $ 0.75 $ 0.31
Income from discontinued operations, net of tax (usd per share)0.050.12
Loss from sale of discontinued operations, net of tax (usd per share)(0.07)0
Net income (usd per share)0.730.43
Diluted income per share:
Net income from continuing operations (usd per share)0.730.30
Net income from discontinued operations, net of tax (usd per share)0.050.12
Loss from sale of discontinued operations, net of tax (usd per share)(0.07)0
Net income (usd per share) $ 0.71 $ 0.42
Weighted-average common shares outstanding:
Basic (in shares)73,228 79,028
Diluted (in shares)75,135 80,525

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income $ 53,562 $ 33,819
Other comprehensive income/(loss)
Market value adjustments on interest rate swaps, net of tax13,330 (36,890)
Foreign currency translation adjustments(1,811)(38,690)
Supplemental benefit plans adjustments, net of tax86 187
Total other comprehensive income/(loss)11,605 (75,393)
Comprehensive income/(loss) $ 65,167 $ (41,574)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income $ 53,562 $ 33,819
Less: Income from discontinued operations, net of tax3,907 9,535
Loss from sale of discontinued operations, net of tax(5,288)0
Net income from continuing operations54,943 24,284
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization44,781 43,578
Amortization of debt issuance costs1,237 1,235
Amortization of operating lease assets3,660 3,656
Provision for bad debt and claim losses5,089 3,357
Share-based compensation9,634 7,961
Equity in earnings of affiliates, net of taxes0 (512)
Deferred income tax2,942 2,092
Loss on investments and other, net502 3,857
Accounts receivable(16,570)7,709
Prepaid expenses and other current assets(5,755)3,538
Accounts payable and other accrued expenses26,907 (15,459)
Contract liabilities79,954 24,457
Income taxes20,749 4,930
Dividends received from investments in affiliates0 185
Other assets and other liabilities(39,936)(9,808)
Net cash provided by operating activities - continuing operations188,137 105,060
Net cash provided by operating activities - discontinued operations1,156 7,804
Total cash provided by operating activities189,293 112,864
Cash flows from investing activities:
Purchases of property and equipment(12,447)(12,344)
Purchases of capitalized data and other intangible assets(8,599)(8,540)
Cash paid for acquisitions, net of cash acquired(8,072)(11,760)
Purchases of investments0 (631)
Cash received from sale of discontinued operations49,838 0
Proceeds from investments and other0 651
Net cash provided by/(used in) investing activities - continuing operations20,720 (32,624)
Net cash used in investing activities - discontinued operations(1,694)(2,892)
Total cash provided by/(used in) investing activities19,026 (35,516)
Cash flows from financing activities:
Repayment of long-term debt(100,708)(723)
Proceeds from issuance of shares in connection with share-based compensation3,109 2,932
Payment of tax withholdings related to net share settlements(21,417)(8,051)
Shares repurchased and retired0 (2,431)
Dividends paid(24,140)(17,374)
Contingent consideration payments subsequent to acquisitions(6,448)0
Net cash used in financing activities - continuing operations(149,604)(25,647)
Net cash used in financing activities - discontinued operations(41)0
Total cash used in financing activities(149,645)(25,647)
Effect of exchange rate on cash, cash equivalents, and restricted cash(561)(4,690)
Net change in cash, cash equivalents, and restricted cash58,113 47,011
Cash, cash equivalents, and restricted cash at beginning of period177,833 114,679
Less: Change in cash, cash equivalents, and restricted cash - discontinued operations(579)4,912
Plus: Cash swept from discontinued operations941 4,051
Cash, cash equivalents, and restricted cash at end of period237,466 160,829
Supplemental disclosures of cash flow information:
Cash paid for interest14,505 16,391
Cash paid for income taxes3,827 2,218
Cash refunds from income taxes156 371
Non-cash investing activities:
Capital expenditures included in accounts payable and other accrued expenses $ 13,017 $ 10,092

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in ThousandsTotalCumulative Effect, Period of Adoption, AdjustmentCommon StockAdditional Paid-in CapitalRetained EarningsRetained EarningsCumulative Effect, Period of Adoption, AdjustmentAccumulated Other Comprehensive Loss
Beginning balance, shares at Dec. 31, 201978,972
Beginning balance at Dec. 31, 2019 $ 951,210 $ 16,827 $ 1 $ 111,000 $ 1,006,992 $ 16,827 $ (166,783)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income33,819 33,819
Shares issued in connection with share-based compensation, shares489
Shares issued in connection with share-based compensation2,932 2,932
Payment of tax withholdings related to net share settlements(8,051)(8,051)
Share-based compensation8,085 8,085
Shares repurchased and retired, shares(50)
Shares repurchased and retired(2,431)(2,431)
Dividends on common shares0 (54)54
Other comprehensive income (loss)(75,393)(75,393)
Ending balance, shares at Mar. 31, 202079,411
Ending balance at Mar. 31, 2020 $ 926,998 $ 1 111,481 1,057,692 (242,176)
Beginning balance, shares at Dec. 31, 202073,152 73,152
Beginning balance at Dec. 31, 2020 $ 723,262 $ 1 0 893,404 (170,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income53,562 53,562
Shares issued in connection with share-based compensation, shares467
Shares issued in connection with share-based compensation3,109 3,109
Payment of tax withholdings related to net share settlements(21,417)(13,156)(8,261)
Share-based compensation10,103 10,103
Dividends on common shares(24,139)(56)(24,083)
Other comprehensive income (loss) $ 11,605 11,605
Ending balance, shares at Mar. 31, 202173,619
Ending balance at Mar. 31, 2021 $ 756,085 $ 1 $ 0 $ 914,622 $ (158,538)

Basis of Condensed Consolidated

Basis of Condensed Consolidated Financial Statements3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Condensed Consolidated Financial StatementsBasis of Condensed Consolidated Financial Statements CoreLogic, Inc., together with its subsidiaries (collectively “CoreLogic”, “the Company”, “we”, “us” or “our”), is a leading global property information, insight, analytics and data-enabled solutions provider operating in North America, Western Europe and Asia Pacific. Our combined data from public, contributory, and proprietary sources provides detailed coverage of property, mortgages and other encumbrances, property risk and replacement cost, location, hazard risk and related performance information. The markets we serve include real estate and mortgage finance, insurance, capital markets, and the public sector. We deliver value to clients through unique data, analytics, workflow technology, advisory and managed solutions. Clients rely on us to help identify and manage growth opportunities, improve performance, and mitigate risk. Our condensed consolidated financial information included in this report has been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States (“US”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying notes. Actual amounts may differ from these estimated amounts. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The 2020 year-end condensed consolidated balance sheet was derived from the Company’s audited financial statements for the year ended December 31, 2020. Interim financial information does not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of only normal recurring items which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full year or for any future periods. Merger Agreement In February 2021, we entered into an Agreement and Plan of Merger (“Merger Agreement”) with Celestial-Saturn Parent Inc., a Delaware corporation (“Acquirer”), and Celestial-Saturn Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Acquirer (“Acquisition Sub”). Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, Acquisition Sub would be merged with and into CoreLogic (“Merger”), with CoreLogic continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of the Acquirer. The Acquirer and Acquisition Sub are affiliates of Stone Point Capital Partners and Insight Partners. If the Merger is consummated, CoreLogic’s securities will be de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as practicable following the effective time of the Merger (“Effective Time”). In the event the Merger is completed, except as otherwise provided in the Merger Agreement, each share of common stock, par value $0.00001 per share, of CoreLogic issued and outstanding immediately prior to the Effective Time would be converted into the right to receive $80.00 per share in cash, without interest (“Merger Consideration”). Consummation of the Merger is subject to customary closing conditions, including, among other things, (i) the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock (“Requisite Stockholder Approval”), and (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), and the expiration of applicable waiting periods or clearance of the Merger, as applicable, under the antitrust and foreign investment laws of certain other jurisdictions (“Regulatory Approvals”). The Requisite Stockholder Approval was obtained at a special meeting of the Company’s stockholders on April 28, 2021. In addition, the applicable waiting period under the HSR Act expired on March 22, 2021 and clearance to proceed was obtained from the New Zealand Overseas Investment Office on March 8, 2021. CoreLogic made the filing required in Australia in February 2021 and is awaiting approval from the Australian Foreign Investment Review Board. The consummation of the Merger is not subject to a financing condition, and the Acquirer has obtained equity and debt financing commitments for the purpose of financing the Merger and the other transactions contemplated by the Merger Agreement. Certain debt financing arrangements have already been secured by Acquisition Sub and, subject to the consummation of the Merger, will become indebtedness of CoreLogic at the Effective Time. Either we or the Acquirer may terminate the Merger Agreement in certain circumstances, including if (i) the Merger shall not have been consummated on or before 5:00 p.m. (New York City time) on August 9, 2021, (ii) any of certain governmental authorities of competent jurisdiction has issued a final non-appealable law or order prohibiting the Merger, (iii) the Requisite Stockholder Approval is not obtained at the stockholders’ meeting duly convened therefor or (iv) the other party materially breaches, and does not cure, any representation or covenant that would cause the related condition to the other party’s obligation to consummate the Merger not to be satisfied, in each case subject to certain limitations set forth in the Merger Agreement. If we terminate the Merger Agreement because (i) the Acquirer or Acquisition Sub materially breaches, and does not cure, any representation or covenant that would cause any conditions to our obligation to consummate the Merger not to be satisfied or (ii) all conditions to the Merger have been and continue to be satisfied (subject to customary exceptions) and the Acquirer fails to consummate the Merger after receiving written notification from us, we would be entitled to receive a termination fee from the Acquirer of $330 million. If the Merger Agreement is terminated by us or the Acquirer under other certain circumstances specified in the Merger Agreement, we would be obligated to pay a termination fee of $165 million to the Acquirer. See the risk factor titled “ If the Merger Agreement is terminated, under certain conditions, we may be obligated to pay the Acquirer a substantial termination fee, which could require us to incur additional debt or reduce the amount of cash we have available to fund our operations ” under “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (“2020 10-K”) for further information about the termination fee we may be obligated to pay. In March 2021, we filed a definitive proxy statement on Schedule 14A with the SEC (as supplemented, the “Definitive Proxy Statement”) related to the special meeting of stockholders called for the purpose of obtaining the Requisite Stockholder Approval. Please refer to the Definitive Proxy Statement for further information about the Merger, the Merger Agreement, and the other transactions contemplated thereby. Rights Agreement Amendment In February 2021, in connection with the execution of the Merger Agreement, we also entered into an amendment (“Rights Agreement Amendment”) to the Rights Agreement, dated as of July 6, 2020, by and between CoreLogic and Equiniti Trust Company, as rights agent (“Rights Agreement”), in order to (i) render the Rights Agreement inapplicable to the Merger and the transactions contemplated by the Merger Agreement, (ii) ensure that in connection with the transactions contemplated by the Merger Agreement, none of the Acquirer, Acquisition Sub, or any of their “Affiliates” or “Associates” (each as defined in the Rights Agreement) shall be deemed to be or become an “Acquiring Person” (as defined below) and (iii) provide that the “Expiration Date” (as defined in the Rights Agreement) shall occur immediately prior to the Effective Time. Unsolicited Proposal and Proxy Contest Proposals On June 26, 2020, we received an unsolicited proposal from Senator Investment Group, LP (“Senator”) and Cannae Holdings, Inc. (“Cannae”) to acquire the Company for $65.00 per share in cash, which initial proposal was increased by Senator and Cannae on September 14, 2020 by $1.00 per share to $66.00 per share in cash (the “Unsolicited Proposal”). In July 2020, our Board of Directors (“Board”), in consultation with its independent financial and legal advisors, unanimously determined to reject the Unsolicited Proposal. In July 2020, Senator and Cannae issued a press release announcing proposals to remove members of our Board and replace them with up to nine individuals nominated by Senator and Cannae and to amend certain provisions of our Bylaws (“Proxy Contest Proposals”). In August 2020, the Board determined to call a special meeting of CoreLogic’s stockholders to allow our stockholders to consider and vote on the Proxy Contest Proposals. A special meeting of our stockholders to vote on the Proxy Contest Proposals was held in November 2020, with a record date of September 18, 2020, resulting in the removal of three members of our Board and the appointment of three of Senator and Cannae’s nominees to our Board, each with a term expiring at the Company’s 2021 annual meeting of stockholders. In connection with the Unsolicited Proposal, Proxy Contest Proposals, and related strategic transaction process we have incurred expenses of approximately $11.4 million for the three months ended March 31, 2021. Reportable Segments We have organized into the following two reportable segments: Property Intelligence & Risk Management (“PIRM”) and Underwriting & Workflow Solutions (“UWS”). Please refer to Note 13 - Segment Information for further information. Discontinued Operations In July 2020, we announced our intention to exit our reseller operations focused on mortgage credit and borrower verification and multi-family tenant screening. These businesses are comprised of our Rental Property Solutions (“RPS”) and Credit Solutions (“CS”) operations. Although market leaders in their respective business areas, these reseller businesses are not compatible with our long-term strategic imperatives. The divestiture of these operations is expected to improve our revenue growth trends and revenue mix, and significantly enhance profit margins. As a result of this strategic decision, the businesses have been reflected in our condensed consolidated financial statements as discontinued operations for all periods presented. In October 2020, we sold a portion of our multi-family tenant screening business, which resulted in a gain on sale of discontinued operations of $2.7 million, net of tax. In February 2021, we sold the remainder of RPS for $51.2 million which resulted in a loss of $5.3 million, net of tax, for the three months ended March 31, 2021. In connection with businesses we have previously discontinued, we retain certain contingent liabilities of the businesses that were disposed of. These contingent liabilities include, among other items, liability for certain litigation matters, indemnification obligations and potential breaches of representations or warranties. Please refer to Note 14 - Discontinued Operations for further information. Client Concentration We generate the majority of our operating revenues from clients with operations in the US residential real estate, mortgage origination, and mortgage servicing markets. Approximately 40% and 30% of our operating revenues for the three months ended March 31, 2021 and 2020, respectively, were generated from our top ten clients, who consist of the largest US mortgage originators and servicers. None of our clients individually accounted for greater than 10% of our operating revenues during these periods. Cash, Cash Equivalents, and Restricted Cash We deem the carrying value of cash, cash equivalents, and restricted cash to be a reasonable estimate of fair value due to the nature of these instruments. Restricted cash is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures, as well as short-term investments within our deferred compensation plan trust. The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: (in thousands) March 31, 2021 March 31, 2020 Cash and cash equivalents $ 227,102 $ 150,937 Restricted cash included in other assets 9,966 9,714 Restricted cash included in prepaid expenses and other current assets 398 178 Total cash, cash equivalents, and restricted cash $ 237,466 $ 160,829 Operating Revenue Recognition We derive our operating revenues primarily from US mortgage lenders, servicers, and insurance companies with good creditworthiness. Operating revenue arrangements are written and specify the products or services to be delivered, pricing, and payment terms. Operating revenue is recognized when the distinct good or service (also referred as "performance obligation"), is delivered and control has been transferred to the client. Generally, clients contract with us to provide products and services that are highly interrelated and not separately identifiable. Therefore, the entire contract is accounted for as one performance obligation. At times, some of our contracts have multiple performance obligations where we allocate the total price to each performance obligation based on the estimated relative standalone selling price using observable sales or the cost-plus margin approaches. For products or services where delivery occurs at a point in time, we recognize operating revenue when the client obtains control of the products upon delivery. When delivery occurs over time, we generally recognize operating revenue ratably over the service period once initial delivery has occurred. For certain of our products or services clients may also pay upfront fees, which we defer and recognize as operating revenue over the longer of the contractual term or the expected client relationship period. Licensing arrangements that provide our clients with the right to access, or use, our intellectual property are considered functional licenses for which we generally recognize operating revenue based on usage. For arrangements that provide a stand-ready obligation, or, substantive updates to the intellectual property which the client is contractually or practically required to use, we recognize operating revenue ratably over the contractual term. Client payment terms are standard with no significant financing components or extended payment terms granted. In limited cases, we allow for client cancellations for which we estimate a reserve. See further discussion in Note 7 - Operating Revenues . Comprehensive Loss Comprehensive loss includes all changes in equity except those resulting from investments by stockholders and distributions to stockholders. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, unrealized gains and losses on interest rate swap transactions and investments are recorded in other comprehensive loss. The following table shows the components of accumulated other comprehensive loss, net of taxes, as of March 31, 2021 and December 31, 2020: (in thousands) 2021 2020 Cumulative foreign currency translation $ (100,650) $ (98,839) Cumulative supplemental benefit plans (10,880) (10,966) Net unrecognized losses on interest rate swaps (46,941) (60,271) Reclassification adjustment for gain on terminated interest rate swap included in net income (67) (67) Accumulated other comprehensive loss $ (158,538) $ (170,143) Investment in Affiliates, net Investments in affiliates are accounted for under the equity method of accounting when we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent impairments, capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment, less dividends received. We have one investment in an affiliate that is fully impaired as of March 31, 2021 and December 31, 2020. For both the three months ended March 31, 2021 and March 31, 2020, we had insignificant revenue, expense, accounts receivable, and accounts payable related to our investments in these affiliates. In January 2020, we completed the acquisition of the remaining 66% of Location, Inc. ("Location") for $11.5 million, subject to certain working capital adjustments. In connection with this transaction, we remeasured our pre-existing 34% investment balance of $5.6 million to fair value based on the purchase price, resulting in a $0.6 million step-up gain which is reflected within gain/(loss) on investments and other, net, in our condensed consolidated statement of operations for the three months ended March 31, 2020. Prior to the acquisition of the remaining interest, we accounted for Location under the equity method and received dividends of $0.7 million in the first quarter of 2020. Leases We determine if an arrangement contains a lease at inception and determine the classification of the lease, as either operating or finance, at commencement. Operating and finance lease assets and liabilities are recorded based on the present value of future lease payments over the lease term which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, we utilize our incremental borrowing rate and inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments are recognized on a straight-line basis over the lease term, which, if applicable, may factor in renewal or termination options. Finance leases incur interest expense using the effective interest method in addition to amortization of the leased asset on a straight-line basis, both over the applicable lease term. Lease terms may factor in options to extend or terminate the lease. If we abandon our right of use to a leased property prior to the lease termination date, and have no intention or ability to sublease the space, we reduce the remaining right of use asset and record an impairment charge in the period we vacate or otherwise cease to use the leased asset. For the three months ended March 31, 2021 and March 31, 2020, we had no impairment charges. We adhere to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for certain equipment leases, we account for lease and non-lease components, such as services, as a single lease component as permitted. Dividends We record cash dividends as reductions to retained earnings upon declaration, with a corresponding increase to current liabilities, based on common shares outstanding on the record date. In addition, as part of our share-based compensation program, the terms of our restricted stock units (“RSUs”) and performance-based restricted stock units (“PBRSUs”) stipulate that holders of these awards are credited with dividend equivalent units on each date that a cash dividend is paid to holders of common stock. These dividend equivalents are subject to the same vesting and performance requirements of the underlying units and therefore are forfeitable (i.e. non-participating). Upon declaration of a dividend, we record dividend equivalents as a reduction to retained earnings, derived from the number of eligible unvested shares, with a corresponding increase to additional paid-in-capital. In December 2019, we announced the initiation of a quarterly cash dividend to common shareholders. CoreLogic paid a cash dividend of $0.22 per share of common stock in January 2020 and June 2020 to shareholders of record as of the close of business on January 10, 2020 and June 1, 2020, respectively. In July 2020, our Board announced a 50% increase in our cash dividend and declared a $0.33 per share cash dividend to common stockholders, which was paid in September 2020, December 2020, and March 2021 to stockholders of record as of the close of business on September 1, 2020, December 1, 2020, and March 1, 2021, respectively. Pursuant to the Merger Agreement, we agreed to refrain from declaring or paying any further dividends during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement. Tax Escrow Disbursement Arrangements We administer tax escrow disbursements as a service to our clients in connection with our tax services business. Funds to be disbursed are deposited and maintained in segregated accounts for the benefit of our clients and totaled $7.4 billion and $0.5 billion as of March 31, 2021 and December 31, 2020, respectively. Because these deposits are held on behalf of our clients, they are not our funds and, therefore, are not included in the accompanying condensed consolidated balance sheets. These deposits generally remain in the accounts for a period of two to five business days. We record credits from these activities as a reduction to related administrative expenses, including the cost of bank fees and other administration costs. Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained total claim reserves relating to incorrect disposition of assets of $27.8 million and $29.6 million as of March 31, 2021 and December 31, 2020, respectively. Within these amounts are $11.7 million and $11.4 million, respectively, which are short-term and are therefore reflected within accounts payable and other accrued expenses within our accompanying condensed consolidated balance sheets. The remaining reserves are reflected within other liabilities. Recent Accounting Pronouncements In January 2021, the Financial Accounting Standards Board (“FASB”) issued guidance to clarify that all derivative instruments affected by changes to interest rates used for discounting, margining or contract price alignment can apply certain optional expedients and exceptions mentioned in its reference rate reform guidance. We adopted the guidance in the first quarter of 2021, which has not had a material effect on our condensed consolidated financial statements.

Property and Equipment, Net

Property and Equipment, Net3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment, NetProperty and Equipment, Net Property and equipment, net as of March 31, 2021 and December 31, 2020 consists of the following: (in thousands) 2021 2020 Land $ 7,476 $ 7,476 Buildings 6,487 6,487 Furniture and equipment 62,186 60,433 Capitalized software 878,925 862,984 Leasehold improvements 50,076 50,477 Construction in progress 203 1,275 1,005,353 989,132 Less accumulated depreciation (603,801) (583,018) Property and equipment, net $ 401,552 $ 406,114 Depreciation expense for property and equipment, net, was approximately $22.0 million and $21.6 million for the three months ended March 31, 2021 and 2020, respectively. No impairment losses were recorded for the three months ended March 31, 2021 and 2020.

Goodwill, Net

Goodwill, Net3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, NetGoodwill, Net A reconciliation of the changes in the carrying amount of goodwill and accumulated impairment losses, by reporting unit, for the three months ended March 31, 2021 is as follows: (in thousands) PIRM UWS Consolidated Balance as of January 1, 2021 Goodwill $ 1,106,816 $ 1,216,204 $ 2,323,020 Accumulated impairment losses (600) (6,925) (7,525) Goodwill, net 1,106,216 1,209,279 2,315,495 Acquisition 4,641 — 4,641 Translation adjustments (725) — (725) Balance as of March 31, 2021 Goodwill, net $ 1,110,132 $ 1,209,279 $ 2,319,411 See Note 12 - Acquisitions for discussion of current year acquisition.

Other Intangible Assets, Net

Other Intangible Assets, Net3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Other Intangible Assets, NetOther Intangible Assets, Net Other intangible assets, net consists of the following: March 31, 2021 December 31, 2020 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Client lists $ 646,539 $ (386,923) $ 259,616 $ 644,000 $ (377,409) $ 266,591 Non-compete agreements 26,903 (22,905) 3,998 26,763 (21,570) 5,193 Tradenames and licenses 128,012 (81,400) 46,612 127,718 (78,581) 49,137 $ 801,454 $ (491,228) $ 310,226 $ 798,481 $ (477,560) $ 320,921 Amortization expense for other intangible assets, net was $14.3 million and $14.2 million for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021 and 2020, there were no impairments. Estimated amortization expense for other intangible assets, net is as follows: (in thousands) Remainder of 2021 $ 39,927 2022 52,347 2023 44,541 2024 35,848 2025 32,267 Thereafter 105,296 $ 310,226

Long-Term Debt

Long-Term Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term DebtLong-Term Debt Our long-term debt consists of the following: March 31, 2021 December 31, 2020 (in thousands) Gross Debt Issuance Costs Net Gross Debt Issuance Costs Net Bank debt: Term loan facility borrowings due May 2024, weighted-average interest rate of 1.63% as of March 31, 2021 $ 1,472,000 $ (10,555) $ 1,461,445 $ 1,572,000 $ (11,431) $ 1,560,569 Revolving line of credit borrowings due May 2024, weighted-average interest rate of 1.63% as of March 31, 2021 300,000 (4,570) 295,430 300,000 (4,930) 295,070 Notes: 7.55% senior debentures due April 2028 9,531 (23) 9,508 9,531 (23) 9,508 Other debt: Various debt instruments with maturities through March 2024 5,832 — 5,832 6,086 — 6,086 Total long-term debt 1,787,363 $ (15,148) 1,772,215 1,887,617 (16,384) 1,871,233 Less current portion of long-term debt 9,003 — 9,003 43,230 — 43,230 Long-term debt, net of current portion $ 1,778,360 $ (15,148) $ 1,763,212 $ 1,844,387 $ (16,384) $ 1,828,003 As of March 31, 2021 and December 31, 2020, we recorded $0.5 million and $0.3 million, respectively, of accrued interest expense on our debt-related instruments within accounts payable and other accrued expenses. Credit Agreement In May 2019, we amended and restated our credit agreement (the “Credit Agreement”) with Bank of America, N.A., as the administrative agent, and other financial institutions. The Credit Agreement provides for a $1.8 billion 5-year term loan facility (the “Term Facility”), and a $750.0 million 5-year revolving credit facility (the “Revolving Facility”). The Term Facility matures, and the Revolving Facility expires, in May 2024. The Revolving Facility includes a $100.0 million multi-currency revolving sub-facility and a $50.0 million letter of credit sub-facility. The Credit Agreement also provides for the ability to increase the Term Facility and Revolving Facility by up to $300.0 million in the aggregate; however, the lenders are not obligated to do so. As of March 31, 2021, we had a remaining borrowing capacity of $450.0 million under the Revolving Facility and we were in compliance with all financial and restrictive covenants under the Credit Agreement. Debt Issuance Costs In connection with the amendment and restatement of the Credit Agreement, in May 2019, we incurred approximately $9.7 million of debt issuance costs of which $9.6 million were initially capitalized within long-term debt, net of current, in the accompanying condensed consolidated balance sheets. In addition, when we amended and restated the Credit Agreement, we wrote-off previously unamortized debt issuance costs of $1.5 million within gain/(loss) on investments and other, net, in the accompanying condensed consolidated statements of operations, which resulted in a remaining $14.6 million of previously unamortized costs. We are amortizing these costs over the term of the Credit Agreement. For the three months ended March 31, 2021 and 2020, $1.2 million were recognized in the accompanying condensed consolidated statements of operations related to the amortization of debt issuance costs. 7.55% Senior Debentures In April 1998, we issued $100.0 million in aggregate principal amount of 7.55% senior debentures due 2028. The indentures governing these debentures, as amended, contain limited restrictions on us. Interest Rate Swaps We have entered into amortizing interest rate swaps (“Swaps”) in order to convert a portion of our interest rate exposure on the Term Facility floating rate borrowings from variable to fixed. Under the Swaps, we agree to exchange floating rate for fixed rate interest payments periodically over the life of the agreement. The floating rates in our Swaps are based on the one-month LIBOR. The notional balances, terms and maturities of our Swaps are designed to have the effect of fixing the rate of interest on at least 50% of the principal balance of our senior term debt. As of March 31, 2021, the Swaps have a combined remaining notional balance of $1.2 billion, a weighted average fixed interest rate of 2.68% (rates range from 2.61% to 2.98%), and scheduled terminations through December 2025. Notional balances under our Swaps are scheduled to increase and decrease based on our expectations of the level of variable rate debt to be in effect in future periods. Currently, we have scheduled notional amounts of approximately $1.2 billion through September 2021, then $1.1 billion through March 2022, $1.0 billion through August 2022, and approximately $500.0 million through December 2025. Approximate weighted average fixed interest rates for the aforementioned time periods are 2.66%, 2.78%, and 2.77%, and 2.64%, respectively. We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges are recorded in prepaid expenses and other current assets and/or accounts payable and other accrued expenses, as well as other assets and/or other liabilities in the accompanying condensed consolidated balance sheets. As of March 31, 2021, the estimated fair value of these cash flow hedges resulted in a liability of $63.7 million and an asset of $1.1 million. As of December 31, 2020, the estimated fair value of these cash flow hedges resulted in a liability of $80.4 million and an asset of less than $0.1 million. Unrealized gain of $13.3 million (net of $4.4 million in deferred taxes) and unrealized loss of $36.9 million (net of $12.3 million in deferred taxes) for the three months ended March 31, 2021 and 2020, respectively, were recognized in other comprehensive loss related to the Swaps. As a result of our Swap activity, for the three months ended March 31, 2021 and 2020, included within interest expense, on a pre-tax basis, we recognized interest expense of $6.6 million and $1.3 million, respectively. Estimated net losses included in accumulated other comprehensive loss related to the Swaps as of March 31, 2021, that will be reclassified into earnings as interest expense over the next 12 months, utilizing March 31, 2021 LIBOR, is estimated to be $30.7 million, on a pre-tax basis.

Fair Value

Fair Value3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair ValueFair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The market approach is applied for recurring fair value measurements and endeavors to utilize the best available information. Accordingly, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value balances are classified based on the observability of those inputs. A fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Level 2 measurements utilize observable inputs in active markets for similar assets and liabilities, or, quoted prices in markets that are not active. In estimating the fair value, we used the following methods and assumptions: Cash and Cash Equivalents For cash and cash equivalents, the carrying value is a reasonable estimate of fair value due to the short-term nature of the instruments. Restricted Cash Restricted cash is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures, as well as short-term investments within our deferred compensation plan trust. We deem the carrying value to be a reasonable estimate of fair value due to the nature of these instruments. Other Investments Other investments are currently comprised of a minority equity investment in a foreign enterprise which we measure at cost and adjust to fair value on a quarterly basis when there are observable price changes in orderly transactions for the identical, or similar, investments. Changes in fair value are recorded within gain/(loss) on investments and other, net, in our condensed consolidated statement of operations. Contingent Consideration The fair value of the contingent consideration was estimated using the Monte-Carlo simulation method, which relies on significant assumptions and estimates including discount rates and future market conditions, among others. Long-Term Debt The fair value of long-term debt was estimated based on the current rates available to us for similar debt of the same remaining maturities and consideration of our default and credit risk. Swaps The fair value of the Swaps was estimated based on market-value quotes received from the counterparties to the agreements adjusted for credit-risk. The fair values of our financial instruments as of March 31, 2021 are presented in the following table: (in thousands) Fair Value Measurements Using As of March 31, 2021 Level 1 Level 2 Level 3 Fair Value Financial Assets: Cash and cash equivalents $ 227,102 $ — $ — $ 227,102 Restricted cash 8,683 1,681 — 10,364 Other investments — 1,218 — 1,218 Total $ 235,785 $ 2,899 $ — $ 238,684 Financial Liabilities: Total debt $ — $ 1,789,561 $ — $ 1,789,561 Total $ — $ 1,789,561 $ — $ 1,789,561 Derivatives: Asset for Swaps $ — $ 1,064 $ — $ 1,064 Liability for Swaps $ — $ 63,699 $ — $ 63,699 As of December 31, 2020 Financial Assets: Cash and cash equivalents $ 167,422 $ — $ — $ 167,422 Restricted cash 8,713 1,698 — 10,411 Other investments — 3,523 — 3,523 Total $ 176,135 $ 5,221 $ — $ 181,356 Financial Liabilities: Total debt $ — $ 1,889,812 $ — $ 1,889,812 Total $ — $ 1,889,812 $ — $ 1,889,812 Derivatives: Asset for Swaps $ — $ 29 $ — $ 29 Liability for Swaps $ — $ 80,426 $ — $ 80,426 In connection with the 2019 acquisition of National Tax Search, LLC (“NTS”), we entered into a contingent consideration agreement for up to $7.5 million in cash based upon certain revenue targets in fiscal years 2020 and 2021. This contingent consideration has been assessed with no fair value as of March 31, 2021 using the Monte-Carlo simulation model. Due to observable price changes in an inactive market, we recorded a fair value adjustment of $2.3 million to lower the carrying amount of a minority equity investment for the three months ended March 31, 2021, which amount was recorded within gain/(loss) on investments and other, net, in our condensed consolidated statement of operations. No adjustments were necessary for the three months ended March 31, 2020.

Operating Revenues

Operating Revenues3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Operating RevenuesOperating Revenues Operating revenues by solution type consist of the following: (in thousands) PIRM UWS Corporate and Eliminations Consolidated For the Three Months Ended March 31, 2021 Property insights $ 130,234 $ — $ — $ 130,234 Insurance and spatial solutions 44,978 — — 44,978 Flood data solutions — 31,602 — 31,602 Valuation solutions — 62,219 — 62,219 Property tax solutions — 153,105 — 153,105 Other — 2,395 (1,748) 647 Total operating revenue $ 175,212 $ 249,321 $ (1,748) $ 422,785 For the Three Months Ended March 31, 2020 Property insights $ 115,496 $ — $ — $ 115,496 Insurance and spatial solutions 46,840 — — 46,840 Flood data solutions — 27,603 — 27,603 Valuation solutions — 61,247 — 61,247 Property tax solutions — 101,991 — 101,991 Other — 3,653 (3,910) (257) Total operating revenue $ 162,336 $ 194,494 $ (3,910) $ 352,920 Property Insights Our property insights solutions combine our patented predictive analytics with our proprietary and contributed data to enable our clients to improve customer acquisition and retention, detect and prevent fraud, improve mortgage transaction cycle time and cost efficiency, identify real estate trends and neighborhood characteristics, track market performance, and increase market share. Our data is comprised of real estate information, incorporating crime, site inspection, neighborhood, document images, and other information from proprietary sources. We also offer verification of applicant income, identity and employment services. We typically license data in one of two forms: bulk data licensing and transactional licensing. Operating revenue for bulk data licensing contracts that provide a stand-ready obligation or include substantive updates to the intellectual property which is recognized ratably over the contractual term; otherwise, operating revenue is recognized upon delivery. For transactional licensing, we recognize operating revenue based on usage. Insurance and Spatial Solutions Our insurance and spatial solutions provide originators and property and casualty insurers the ability to more effectively locate, assess and manage property-level assets and risks through location-based data and analytics. We also provide cloud-based property claims workflow technology for property and casualty insurers. The licensed intellectual property data is generally provided to our clients on a subscription or usage basis. For subscription contracts, operating revenue is recognized ratably over the contractual term once initial delivery has occurred. For contracts to provide a license to data which is delivered via report or data file, operating revenue is recognized when the client obtains control of the products, which is upon delivery. Property Tax Solutions Our property tax solutions are built from aggregated property tax information from over 20,000 taxing authorities. We use this information to advise mortgage lenders and servicers of the property tax payment status of loans in their portfolio and to monitor that status over the life of the loans. If a mortgage lender or servicer requires tax payments to be impounded on behalf of its borrowers, we can also facilitate the transfer of these funds to the taxing authorities and provide the lender or servicer with payment confirmation. Property tax processing revenues are primarily comprised of periodic loan fees and life-of-loan fees. For periodic fee arrangements, we generate monthly fees at a contracted rate for as long as we service the loan. For life-of-loan fee arrangements, we charge a one-time fee when the loan is set-up in our tax servicing system. Life-of-loan fees are deferred and recognized ratably over the expected service period of 10 years and adjusted for early loan cancellation. Revenue recognition rates of loan portfolios are regularly analyzed and adjusted monthly to reflect current trends. Valuation Solutions Our valuation solutions represent property valuation-related data driven services and analytics combined with collateral valuation workflow technologies which assist our clients in assessing risk of loss using both traditional and alternative forms of property valuation, driving process efficiencies as well as ensuring compliance with lender and governmental regulations. We provide collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations. Revenue for the property appraisal service is recognized when the appraisal service is performed and delivered to the client. In addition, to the extent that we provide continuous access to the hosted software platform, we recognize operating revenue over the term of the arrangement. Flood Data Solutions Our flood data solutions provide flood zone determinations primarily to mortgage lenders in accordance with US Federal legislation passed in 1994, which requires that most lenders obtain a determination of the current flood zone status at the time each loan is originated and obtain applicable updates during the life of the loan if contracted to do so. We also provide flood zone determinations to insurance companies. We generally recognize operating revenue upon delivery of the initial determination. If contracted for life of loan monitoring, we recognize operating revenue over the estimated service period, as adjusted for early loan cancellation. Contract Costs Incremental costs to obtain or fulfill client contracts are recognized as an asset. As of March 31, 2021, we had $14.8 million of current deferred contract costs which are presented in prepaid expenses and other current assets, as well as $24.2 million of long-term deferred contract costs which are presented in other assets in our condensed consolidated balance sheet. As of December 31, 2020, we had $13.2 million of current deferred contract costs which are presented in prepaid expenses and other current assets as well as $24.2 million of long-term deferred contract costs which are presented in other assets in our condensed consolidated balance sheet. Our deferred contract costs primarily include certain set-up and acquisition costs related to property tax solutions, which amortize ratably over an expected 10-year life, adjusted for early loan cancellations. For the three months ended March 31, 2021 and 2020, we recorded amortization associated with deferred contract costs of $5.3 million and $3.7 million, respectively. Contract Liabilities We record a contract liability when amounts are invoiced, which is generally prior to the satisfaction of the performance obligation. For property tax solutions, we invoice upfront fees to clients for services to be performed over time. For property insights and insurance and spatial solutions we invoice quarterly and annually, commencing upon execution of the contracts or at the beginning of the license term, as applicable. As of March 31, 2021, we had $1.1 billion in contract liabilities compared to $1.0 billion as of December 31, 2020. The overall change of $80.0 million in contract liability balances is primarily due to $281.3 million of new deferred billings in the current year, partially offset by $201.2 million of operating revenue recognized, of which $112.8 million related to contracts previously deferred, and other decreases of $0.1 million. Remaining Performance Obligations The majority of our arrangements are between 1 and 3 years with a significant portion being one year or less. For the remaining population of non-cancellable and fixed arrangements greater than one year, as of March 31, 2021 we had $1.3 billion of remaining performance obligations. We expect to recognize approximately 30% percent of this remaining revenue backlog in 2021, 24% in 2022, 16% in 2023 and 30% thereafter. See further discussion of performance obligations in Note 1 - Basis for Condensed Consolidated Financial Statements .

Share-Based Compensation

Share-Based Compensation3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based CompensationShare-Based CompensationWe currently issue equity awards under the CoreLogic, Inc. 2018 Performance Incentive Plan (the “Plan”), which was approved by our stockholders at our Annual Meeting held in May 2018. The Plan includes the ability to grant share-based instruments such as RSUs, PBRSUs, and stock options. Prior to the approval of the Plan, we issued share-based awards under the CoreLogic, Inc. 2011 Performance Incentive Plan, as amended, which was preceded by the CoreLogic, Inc. 2006 Incentive Plan. The Plan provides for up to 15,139,084 shares of the Company's common stock to be available for award grants. We have primarily utilized RSUs and PBRSUs as our share-based compensation instruments for employees and directors. The fair value of any share-based compensation instrument grant is based on the market value of our common stock on the date of grant and is recognized as compensation expense over its vesting period. Restricted Stock Units For the three months ended March 31, 2021 and 2020, we awarded 188,475 and 552,262 RSUs, respectively, with an estimated grant-date fair value of $15.0 million and $17.6 million, respectively. The RSU awards will vest ratably over 3 years. RSU activity for the three months ended March 31, 2021 is as follows: Number of Shares Weighted-Average (in thousands, except weighted-average fair value prices) Unvested RSUs outstanding at December 31, 2020 1,194 $ 38.01 RSUs granted 188 $ 79.55 RSUs vested (429) $ 36.89 RSUs forfeited (10) $ 42.52 Unvested RSUs outstanding at March 31, 2021 943 $ 46.57 As of March 31, 2021, there was $28.9 million of total unrecognized compensation cost related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.1 years. The fair value of RSU awards is based on the market value of our common stock on the date of grant. Performance-Based Restricted Stock Units For the three months ended March 31, 2021 and 2020, we awarded 66,448 and 181,365 PBRSUs, respectively with an estimated grant-date fair value of $5.4 million and $6.8 million, respectively. These awards are generally subject to service-based, performance-based, and market-based vesting conditions. In addition, we granted 227,781 and 111,488 as of March 31, 2021 and 2020, respectively, for changes in performance expectations under the corresponding plans. The service and performance period for the 2021 PBRSU grants is from January 2021 to December 2023 and the performance metric is adjusted earnings per share, subject to modification based on relative total stockholder return, a market-based vesting condition. The performance and service period for the 2020 PBRSUs is from January 2020 to December 2022 and the performance metric is adjusted earnings per share, subject to modification based on relative total stockholder return, a market-based vesting condition. The fair value of PBRSU awards are based on the market value of our common stock on the date of grant. For PBRSUs with market-based vesting conditions, we also use the Monte-Carlo simulation with the following weighted-average assumptions: For the Three Months Ended March 31, 2021 2020 Expected dividend yield (1) — % — % Risk-free interest rate (2) 0.55 % 0.60 % Expected volatility (3) 33.92 % 32.53 % Average total stockholder return (3) (18.49) % (21.47) % (1) Since PBRSU participants are credited with dividend equivalent shares when dividends are paid, 0.00% was used in the Monte-Carlo simulation which is mathematically equivalent to paying dividend equivalents upon vesting. Please see Note 1 - Basis for Condensed Consolidated Financial Statements for further information regarding dividends. (2) The risk-free interest rate for the periods within the contractual term of the PBRSUs is based on the US Treasury yield curve in effect at the time of the grant. (3) The expected volatility and average total stockholder return are measures of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data. Additionally, within our outstanding unvested PBRSUs shown in the table below, there are prior year grants which do not include market-based conditions, but instead have adjusted EBITDA margin or organic revenue growth rate as the performance metric. PBRSU activity for the three months ended March 31, 2021 is as follows: Number of Shares Weighted-Average (in thousands, except weighted-average fair value prices) Unvested PBRSUs outstanding at December 31, 2020 671 $ 41.89 PBRSUs granted due to change in units based on performance expectations 228 PBRSUs granted 66 $ 80.93 PBRSUs vested (258) $ 46.04 PBRSUs forfeited (12) $ 36.32 Unvested PBRSUs outstanding at March 31, 2021 695 $ 44.03 As of March 31, 2021, there was $17.1 million of total unrecog n ized compensation cost related to unvested PBRSUs that is expected to be recognized over a weighted-average period of 1.9 years. Stock Options Prior to 2015, we issued stock options as incentive compensation for certain employees. Option activity for the three months ended March 31, 2021 is as follows: (in thousands, except weighted-average price) Number of Weighted-Average Weighted-Average Aggregate Options outstanding at December 31, 2020 158 $ 27.26 Options exercised — $ — Options outstanding at March 31, 2021 158 $ 27.26 0.0 $ 8,221 As of March 31, 2021, there was no unrecognized compensation cost related to unvested stock options. There were no options exercised during the three months ended March 31, 2021. The intrinsic value of options exercised was $0.3 million for the three months ended March 31, 2020. This intrinsic value represents the difference between the fair market value of our common stock on the date of exercise and the exercise price of each option. Employee Stock Purchase Plan The employee stock purchase plan allows eligible employees to purchase our common stock at 85.0% of the lesser of the closing price on the first day or the last day of each quarter. Our employee stock purchase plan was approved by our stockholders at our 2012 annual meeting of stockholders and the first offering period commenced in October 2012. We recognize an expense for the amount equal to the estimated fair value of the discount during each offering period. The following table sets forth the share-based compensation expense recognized for the three months ended March 31, 2021 and 2020: (in thousands) 2021 2020 RSUs $ 6,993 $ 5,687 PBRSUs 1,920 1,575 Stock options — — Employee stock purchase plan 720 699 $ 9,633 $ 7,961

Litigation and Regulatory Conti

Litigation and Regulatory Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Litigation and Regulatory ContingenciesLitigation and Regulatory Contingencies We have been named in various lawsuits and we are from time to time subject to audit or investigation by governmental agencies arising in the ordinary course of business. On March 5, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the Southern District of New York, captioned Stein v. CoreLogic, Inc., et al., Case No. 1:21-cv-01948 (referred to as the “Stein Complaint”), naming as defendants CoreLogic and each member of the Board. The Stein Complaint was voluntarily dismissed on April 20, 2021. On March 15, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the District of Colorado, captioned Morse v. CoreLogic, Inc., et al., Case No. 1:21-cv-00770 (referred to as the “Morse Complaint”), naming as defendants CoreLogic and each member of the Board. The Morse Complaint was voluntarily dismissed on April 20, 2021. On March 29, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the Central District of California, captioned Morgan v. CoreLogic, Inc., et al., Case No. 8:21-cv-00581 (referred to as the “Morgan Complaint”), naming as defendants CoreLogic and each member of the Board. The Morgan Complaint was voluntarily dismissed on April 29, 2021. On March 30, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the District of Delaware, captioned Kent v. CoreLogic, Inc. et al., Case No. 1:21-cv-00473 (referred to as the “Kent Complaint”), naming as defendants CoreLogic and each member of the Board. The Kent Complaint was voluntarily dismissed on April 29, 2021. On March 31, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the Eastern District of Pennsylvania, captioned Justice v. CoreLogic, Inc., et al., Case No. 2:21-cv-01542 (referred to as the “Justice Complaint”), naming as defendants CoreLogic and each member of the Board. The Justice Complaint was voluntarily dismissed on May 3, 2021. On April 7, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the Southern District of New York, captioned Sangster v. CoreLogic, Inc., et al., Case No. 1:21-cv-02982 (referred to as the “Sangster Complaint”), naming as defendants CoreLogic and each member of the Board. The Sangster Complaint was voluntarily dismissed on April 29, 2021. On April 7, 2021, a purported stockholder of CoreLogic filed a complaint in the United States District Court for the Eastern District of New York, captioned Carlson v. CoreLogic, Inc., et al., Case No. 1:21-cv-01879 (referred to as the “Carlson Complaint” and, together with the Stein Complaint, the Morse Complaint, the Morgan Complaint, the Kent Complaint, the Justice Complaint and the Sangster Complaint, the “Complaints”), naming as defendants CoreLogic and each member of the Board. The Complaints allege, among other things, that the defendants violated Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 14a-9 promulgated thereunder. Specifically, one or more of the Complaints allege that the proxy statement filed by CoreLogic with the SEC on March 1, 2021 in connection with the Merger contains materially incomplete and misleading information concerning the Company’s financial forecasts, the financial analyses conducted by Evercore in support of its fairness opinion, services previously provided by Evercore to CoreLogic and/or Parent, the scope and terms of the non-disclosure agreements entered into between CoreLogic and potential bidders in connection with a potential strategic transaction involving CoreLogic and potential conflicts of interests of certain insiders of CoreLogic. The relief sought in one or more of the Complaints includes enjoining the consummation of the Merger unless and until the defendants disclose certain allegedly material information, rescinding, to the extent already implemented, the Merger Agreement or any of the terms thereof, granting rescissory damages, directing the defendants to disseminate a proxy statement that does not contain any untrue statements of material fact and that states all required or necessary material facts, directing the defendants to account for all alleged damages suffered as a result of the defendants’ alleged wrongdoing, declaring that defendants violated Sections 14(a) and/or 20(a) of the Exchange Act as well as Rule 14a-9 promulgated thereunder, and awarding the plaintiffs their respective costs and disbursements, including reasonable attorneys’ and expert fees and expenses. CoreLogic believes that the Complaints were (and, in the case of the Carlson Complaint, is) without merit. On April 27, 2021, a purported stockholder of CoreLogic filed in the Delaware Court of Chancery a complaint seeking to compel inspection of certain of CoreLogic’s books and records under 8 Del. C. § 220, captioned Teamsters Local 677 Health Services & Insurance Plan v. CoreLogic, Inc., C.A. No. 2021-0360-JTL, which names CoreLogic as the defendant. With respect to matters where we determine that a loss is both probable and reasonably estimable, we record a liability representing our best estimate of the financial exposure based on known facts. For matters where a settlement has been reached, we record the expected amount of such settlements. With respect to audits, investigations or lawsuits that are ongoing, although their final dispositions are not yet determinable, we do not believe that the ultimate resolution of such matters, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. The actual outcome of such matters could differ materially from management’s estimates. We record expenses for legal fees as incurred. As of March 31, 2021 our accrual for litigation and regulatory contingencies was immaterial. See Note 14 - Discontinued Operations for additional information on litigation matters within RPS and CS.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The effective income tax rate for income taxes as a percentage of income from continuing operations before equity in earnings of affiliates and income taxes was 19.9% and 29.2% for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021, when compared to the same period for 2020, the decrease in the effective income tax rate was primarily due to tax benefits recorded in 2021 related to share-based compensation. We are currently under examination for the tax year 2016 by the Internal Revenue Service, our primary taxing authority, and for other years by various other taxing authorities. It is reasonably possible the amount of our unrecognized tax benefits as well as valuation allowance, with respect to certain tax attributes, could be significantly impacted which would have an impact on net income. In the next 12 months, we expect expirations of statutes of limitations on reserves of approximately $0.5 million.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share The following is a reconciliation of net income per share: For the Three Months Ended March 31, 2021 2020 (in thousands, except per share amounts) Numerator for basic and diluted net income per share: Net income from continuing operations $ 54,943 $ 24,284 Income from discontinued operations, net of tax 3,907 9,535 Loss from sale of discontinued operations, net of tax (5,288) — Net income $ 53,562 $ 33,819 Denominator: Weighted-average shares for basic income per share 73,228 79,028 Dilutive effect of stock options and RSUs 1,907 1,497 Weighted-average shares for diluted income per share 75,135 80,525 Income per share Basic: Net income from continuing operations $ 0.75 $ 0.31 Income from discontinued operations, net of tax 0.05 0.12 Loss from sale of discontinued operations, net of tax (0.07) — Net income $ 0.73 $ 0.43 Diluted: Net income from continuing operations $ 0.73 $ 0.30 Income from discontinued operations, net of tax 0.05 0.12 Loss from sale of discontinued operations, net of tax (0.07) — Net income $ 0.71 $ 0.42

Acquisitions

Acquisitions3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
AcquisitionsAcquisitions In March 2021, we acquired 100% of the shares of ehouse Limited ("ehouse") for £6.9 million or approximately $9.7 million subject to certain working capital adjustments. ehouse delivers a full range of marketing services in the residential, commercial and leisure real estate sectors. ehouse is included as a component of our PIRM segment. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis, which included significant observable inputs. We have preliminarily recorded $1.3 million in proprietary technology and $3.1 million for client lists each with an estimated useful life of 9 years. We have also preliminarily recorded tradenames of $0.4 million with an estimated useful life of 10 years, noncompete agreements of $0.1 million with an estimated useful life of 2 years, deferred tax liabilities of $0.9 million and $4.6 million in goodwill. In January 2020, we acquired the remaining 66% of Location for $11.5 million, subject to certain working capital adjustments. Location is a leading provider of geographic location indicators for crime and non-weather related events connected to underwriting risk assessment. This acquisition further progresses our long-term strategic plan by adding scale to our insurance and spatial businesses. Location is included as a component of our PIRM segment. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis, which included significant unobservable inputs. We have recorded proprietary technology of $6.0 million with an estimated useful life of 10 years, client lists of $0.3 million with an estimated useful life of 5 years, trademarks of $0.8 million with an estimated useful life of 8 years, non-compete agreements of $0.4 million with an estimated useful life of 5 years, and goodwill of $12.6 million. In connection with this acquisition, we remeasured our then-existing 34% investment ownership in Location which resulted in a $0.6 million step-up gain that we recorded within gain/(loss) on investments and other, net, in our condensed consolidated statement of operations for the three months ended March 31, 2020. These business combinations did not have a material impact on our condensed consolidated statements of operations. We incurred $0.3 million and $0.9 million of acquisition-related costs within selling, general and administrative expenses for the three months ended March 31, 2021 and 2020, respectively.

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment InformationSegment Information We have organized into two reportable segments: PIRM and UWS. Property Intelligence & Risk Management Solutions . Our PIRM segment combines property information, mortgage information, and consumer information to deliver unique housing market and property-level insights, predictive analytics and risk management capabilities. We have also developed proprietary technology and software platforms to access, automate, and track this information and assist our clients with decision-making and compliance tools in the real estate industry and insurance industry. We deliver this information directly to our clients in a standard format over the web, through hosted software platforms, or in bulk data form. Our PIRM solutions include property insights and insurance and spatial solutions in North America, Western Europe, and Asia Pacific. The segment's primary clients are commercial banks, mortgage lenders and brokers, investment banks, fixed-income investors, real estate agents, MLS companies, property and casualty insurance companies, title insurance companies, government agencies, and government-sponsored enterprises. The operating results of our PIRM segment included intercompany revenues of $1.4 million and $3.1 million for the three months ended March 31, 2021 and 2020, respectively. The segment also included intercompany expenses of $0.3 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. Underwriting & Workflow Solutions. Our UWS segment combines property, mortgage, and consumer information to provide comprehensive mortgage origination and monitoring solutions, including, underwriting-related solutions, and data-enabled valuations and appraisals. We have also developed proprietary technology and software platforms to access, automate, and track this information, and assist our clients with vetting and onboarding prospects, meeting compliance regulations and understanding, evaluating, and monitoring property values. Our UWS solutions include property tax solutions, valuation solutions, and flood data solutions in North America. The segment’s primary clients are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, fixed-income investors, government agencies, and property and casualty insurance companies. The operating results of our UWS segment included intercompany revenues of $0.3 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. The segment also included intercompany expenses of $0.5 million and $1.0 million for the three months ended March 31, 2021 and 2020, respectively. We also separately report on our corporate and eliminations. Corporate consists primarily of corporate personnel and other expenses associated with our corporate functions and facilities, investment gains and losses, equity in earnings/(losses) of affiliates, net of tax, and interest expense. The results of our Corporate segment included intercompany expenses of $0.9 million for the three ended March 31, 2021 and $2.2 million for the three months ended March 31, 2020. Selected financial information by reportable segment related to our continuing operations is as follows: (in thousands) Operating Revenues Depreciation and Amortization Operating Income/(Loss) Equity in Earnings/(Losses) of Affiliates, Net of Tax Net Income/(Loss) From Continuing Operations Capital Expenditures For the Three Months Ended March 31, 2021 PIRM $ 175,212 $ 24,059 $ 20,152 $ — $ 18,441 $ 14,009 UWS 249,321 12,241 108,793 — 108,803 1,610 Corporate — 8,481 (43,508) — (72,301) 5,427 Eliminations (1,748) — — — — — Consolidated (excluding discontinued operations) $ 422,785 $ 44,781 $ 85,437 $ — $ 54,943 $ 21,046 For the Three Months Ended March 31, 2020 PIRM $ 162,336 $ 23,136 $ 14,353 $ 706 $ 15,267 $ 12,788 UWS 194,494 12,035 67,520 — 67,530 1,481 Corporate — 8,407 (26,680) (194) (58,513) 6,614 Eliminations (3,910) — — — — — Consolidated (excluding discontinued operations) $ 352,920 $ 43,578 $ 55,193 $ 512 $ 24,284 $ 20,883 (in thousands) Assets March 31, 2021 December 31, 2020 PIRM $ 1,896,018 $ 1,892,424 UWS 2,026,550 2,013,089 Corporate 6,110,945 6,046,238 Eliminations (5,871,711) (5,870,974) Consolidated (excluding discontinued operations) $ 4,161,802 $ 4,080,777

Discontinued Operations

Discontinued Operations3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued OperationsDiscontinued Operations In July 2020, we announced our intentions to pursue the sale of our reseller businesses focused on mortgage credit and borrower verification and multi-family tenant screening . Although market leaders in their respective business areas, these reseller businesses are not compatible with our long-term strategic imperatives. The divestiture of these operations is expected to improve our revenue growth trends, revenue mix, and significantly enhance profit margins. In October 2020, we consummated the sale of a component of RPS for $9.0 million, which resulted in a gain on sale of discontinued operations of $2.7 million, net of tax. In February 2021, we sold the remainder of RPS for $51.2 million which resulted in a loss, net of tax, of $5.3 million for the three months ended March 31, 2021. We expect to sell the remainder of our reseller businesses to third parties by quarter ending September 30, 2021. RPS was included within the PIRM reporting unit and CS was included within the UWS reporting unit prior to the RPS and CS disposal groups being presented a s discontinued operations. For the three months ended March 31, 2021, we recorded $1.7 million in costs directly related to the sale of the remainder of RPS. Each of these businesses is reflected in our accompanying condensed consolidated financial statements as discontinued operations. Summarized below are certain assets and liabilities classified as discontinued operations as of March 31, 2021 and December 31, 2020: (in thousands) As of March 31, 2021 PIRM UWS AMPS ELI Total Cash and cash equivalents $ 381 $ 571 $ — $ — $ 952 Accounts receivable and other assets 2,634 55,801 268 — 58,703 Property and equipment, net — 25,998 — — 25,998 Goodwill, net — 79,931 — — 79,931 Capitalized data and database costs, net — 1,037 — — 1,037 Total assets $ 3,015 $ 163,338 $ 268 $ — $ 166,621 Accounts payable and accrued expenses $ 11,457 $ 34,429 $ 240 $ — $ 46,126 Deferred income tax and other liabilities 18 9,802 — 393 10,213 Total liabilities $ 11,475 $ 44,231 $ 240 $ 393 $ 56,339 As of December 31, 2020 Cash and cash equivalents $ 971 $ 1,501 $ — $ — $ 2,472 Accounts receivable and other assets 4,063 42,806 268 — 47,137 Property and equipment, net 5,586 24,651 — — 30,237 Goodwill, net 24,272 79,931 — — 104,203 Capitalized data and database costs, net 17,377 991 — — 18,368 Total assets $ 52,269 $ 149,880 $ 268 $ — $ 202,417 Accounts payable and accrued expenses $ 2,584 $ 24,048 $ 240 $ 1 $ 26,873 Deferred income tax and other liabilities 10,686 6,725 — 393 17,804 Total liabilities $ 13,270 $ 30,773 $ 240 $ 394 $ 44,677 For the year ended December 31, 2020, in connection with our intent to exit our reseller businesses, we reclassified $29.3 million and $79.9 million of goodwill, net, from our PIRM and UWS segments, to the RPS and CS disposal groups, respectively. The allocated amounts were determined by calculating the relative fair values between the disposal group and its respective reporting unit using a combination of the income and market approaches. Determining the fair value of a disposal group and a reporting unit is judgmental and requires assumptions and estimates of many critical factors, including revenue growth rates, cost of services, selling, general and administrative expenses, market multiples, discount rates, and indicative fair market values from potential participants at the time of valuation. The estimated fair values supported the net book value of our disposal groups. Summarized below are the components of our income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2021 and 2020: (in thousands) For the Three Months March 31, 2021 PIRM UWS AMPS ELI Total Operating revenues $ 2,867 $ 103,582 $ — $ — $ 106,449 Cost of services (exclusive of depreciation and amortization) 1,632 84,534 — — 86,166 Selling, general and administrative expenses 10,382 4,854 — — 15,236 Gain on investments and other, net — (159) — — (159) Income/(loss) from discontinued operations before income taxes (9,147) 14,353 — — 5,206 Provision/(benefit) for income taxes (2,282) 3,581 — — 1,299 Income/(loss) from discontinued operations, net of tax $ (6,865) $ 10,772 $ — $ — $ 3,907 For the Three Months March 31, 2020 Operating revenues $ 9,239 $ 81,727 $ — $ — $ 90,966 Cost of services (exclusive of depreciation and amortization) 4,443 66,598 — — 71,041 Selling, general and administrative expenses 2,664 2,118 — (18) 4,764 Depreciation and amortization 1,875 1,390 — — 3,265 Gain on investments and other, net — (809) — — (809) Income/(loss) from discontinued operations before income taxes 257 12,430 — 18 12,705 Provision/(benefit) for income taxes 64 3,101 — 5 3,170 Income/(loss) from discontinued operations, net of tax $ 193 $ 9,329 $ — $ 13 $ 9,535 (in thousands) Fair Value on Contingent Consideration In connection with certain acquisitions in 2017 related to our discontinued operations, we entered into contingent consideration agreements for up to $17.5 million in cash by 2022 upon the achievement of certain revenue targets ending in fiscal year 2021. This contingent payment was originally recorded at a fair value of $4.4 million using the Monte-Carlo simulation model. The contingent payments are remeasured at fair value quarterly, and changes are recorded within income/(loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations. During the three months ended March 31, 2021, we decreased the fair value of our contingent consideration by $0.2 million. During the three months ended March 31, 2020, we decreased the fair value of our contingent consideration by $0.8 million. Litigation Matters In the RPS sale transaction, we retained liabilities relating to pending litigation involving RPS. Fair Credit Reporting Act Class Actions In July 2017, CoreLogic Rental Property Solutions, LLC (“RPS LLC”) was named as a defendant in Claudinne Feliciano, et. al., v. CoreLogic SafeRent, LLC, a putative class action lawsuit in the US District Court for the Southern District of New York. The named plaintiff alleges that RPS LLC prepared a background screening report about her that contained a record of a New York Housing Court action without noting that the action had previously been dismissed. On this basis, she seeks damages under the Fair Credit Reporting Act and the New York Fair Credit Reporting Act on behalf of herself and a class of similarly situated consumers with respect to reports issued during the period of July 2015 to the present. In July 2019, the District Court issued an order certifying a class of approximately 2,000 consumers. In June 2020, we reached an agreement to resolve the case. At a hearing on February 23, 2021, the District Court granted final approval of the settlement. The settlement amount was recorded during the quarter ended June 30, 2020. In May 2020, RPS LLC was named as a defendant in Terry Brown v. CoreLogic Rental Property Solutions, LLC, a putative class action lawsuit filed in the US District Court for the Eastern District of Virginia. The named plaintiff alleges that RPS LLC prepared a background screening report about him that included a sex offender record that did not relate to him. He seeks damages under the Fair Credit Reporting Act on behalf of himself and a class of similarly situated consumers, as well as a subclass of consumers for whom misattributed sex offender records were removed following a dispute. Following a mediation on April 1, 2021, we reached an agreement in principle, subject to agreement on written terms, to settle the case. We have recorded the amount of the settlement for the quarter ended March 31, 2021. In June 2020, CoreLogic Credco, LLC (“Credco”) was named as a defendant in Marco Fernandez v. CoreLogic Credco, LLC, a putative class action lawsuit filed in California Superior Court in San Diego County. The named plaintiff alleges that Credco provided a lender with a consumer report about him that erroneously indicated he is on the Office of Foreign Asset Control’s list of Specially Designated Nationals and Blocked Persons (“OFAC List”). He further alleges that Credco failed to provide him with a copy of the OFAC List designation upon request, failed to notify him of what entities had received such a notification in the past, and failed to respond to his effort to dispute the item. He seeks to represent three classes and four subclasses based upon these allegations, and asserts seven claims under the Fair Credit Reporting Act, the California Credit Reporting Agencies Act, and California’s Unfair Competition law. The Company has removed the case to the US District Court for the Southern District of California. The case has been stayed pending the U.S. Supreme Court’s decision in Trans Union, LLC v. Ramirez.

Basis of Condensed Consolidat_2

Basis of Condensed Consolidated Financial Statements (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Merger AgreementMerger Agreement In February 2021, we entered into an Agreement and Plan of Merger (“Merger Agreement”) with Celestial-Saturn Parent Inc., a Delaware corporation (“Acquirer”), and Celestial-Saturn Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Acquirer (“Acquisition Sub”). Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, Acquisition Sub would be merged with and into CoreLogic (“Merger”), with CoreLogic continuing as the surviving corporation in the Merger and a wholly-owned subsidiary of the Acquirer. The Acquirer and Acquisition Sub are affiliates of Stone Point Capital Partners and Insight Partners. If the Merger is consummated, CoreLogic’s securities will be de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as soon as practicable following the effective time of the Merger (“Effective Time”). In the event the Merger is completed, except as otherwise provided in the Merger Agreement, each share of common stock, par value $0.00001 per share, of CoreLogic issued and outstanding immediately prior to the Effective Time would be converted into the right to receive $80.00 per share in cash, without interest (“Merger Consideration”). Consummation of the Merger is subject to customary closing conditions, including, among other things, (i) the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of our common stock (“Requisite Stockholder Approval”), and (ii) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), and the expiration of applicable waiting periods or clearance of the Merger, as applicable, under the antitrust and foreign investment laws of certain other jurisdictions (“Regulatory Approvals”). The Requisite Stockholder Approval was obtained at a special meeting of the Company’s stockholders on April 28, 2021. In addition, the applicable waiting period under the HSR Act expired on March 22, 2021 and clearance to proceed was obtained from the New Zealand Overseas Investment Office on March 8, 2021. CoreLogic made the filing required in Australia in February 2021 and is awaiting approval from the Australian Foreign Investment Review Board. The consummation of the Merger is not subject to a financing condition, and the Acquirer has obtained equity and debt financing commitments for the purpose of financing the Merger and the other transactions contemplated by the Merger Agreement. Certain debt financing arrangements have already been secured by Acquisition Sub and, subject to the consummation of the Merger, will become indebtedness of CoreLogic at the Effective Time. Either we or the Acquirer may terminate the Merger Agreement in certain circumstances, including if (i) the Merger shall not have been consummated on or before 5:00 p.m. (New York City time) on August 9, 2021, (ii) any of certain governmental authorities of competent jurisdiction has issued a final non-appealable law or order prohibiting the Merger, (iii) the Requisite Stockholder Approval is not obtained at the stockholders’ meeting duly convened therefor or (iv) the other party materially breaches, and does not cure, any representation or covenant that would cause the related condition to the other party’s obligation to consummate the Merger not to be satisfied, in each case subject to certain limitations set forth in the Merger Agreement. If we terminate the Merger Agreement because (i) the Acquirer or Acquisition Sub materially breaches, and does not cure, any representation or covenant that would cause any conditions to our obligation to consummate the Merger not to be satisfied or (ii) all conditions to the Merger have been and continue to be satisfied (subject to customary exceptions) and the Acquirer fails to consummate the Merger after receiving written notification from us, we would be entitled to receive a termination fee from the Acquirer of $330 million. If the Merger Agreement is terminated by us or the Acquirer under other certain circumstances specified in the Merger Agreement, we would be obligated to pay a termination fee of $165 million to the Acquirer. See the risk factor titled “ If the Merger Agreement is terminated, under certain conditions, we may be obligated to pay the Acquirer a substantial termination fee, which could require us to incur additional debt or reduce the amount of cash we have available to fund our operations ” under “Risk Factors” in Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (“2020 10-K”) for further information about the termination fee we may be obligated to pay. In March 2021, we filed a definitive proxy statement on Schedule 14A with the SEC (as supplemented, the “Definitive Proxy Statement”) related to the special meeting of stockholders called for the purpose of obtaining the Requisite Stockholder Approval. Please refer to the Definitive Proxy Statement for further information about the Merger, the Merger Agreement, and the other transactions contemplated thereby.
Reportable SegmentsReportable Segments We have organized into the following two reportable segments: Property Intelligence & Risk Management (“PIRM”) and Underwriting & Workflow Solutions (“UWS”). Please refer to Note 13 - Segment Information for further information.
Discontinued OperationsDiscontinued Operations In July 2020, we announced our intention to exit our reseller operations focused on mortgage credit and borrower verification and multi-family tenant screening. These businesses are comprised of our Rental Property Solutions (“RPS”) and Credit Solutions (“CS”) operations. Although market leaders in their respective business areas, these reseller businesses are not compatible with our long-term strategic imperatives. The divestiture of these operations is expected to improve our revenue growth trends and revenue mix, and significantly enhance profit margins. As a result of this strategic decision, the businesses have been reflected in our condensed consolidated financial statements as discontinued operations for all periods presented. In October 2020, we sold a portion of our multi-family tenant screening business, which resulted in a gain on sale of discontinued operations of $2.7 million, net of tax. In February 2021, we sold the remainder of RPS for $51.2 million which resulted in a loss of $5.3 million, net of tax, for the three months ended March 31, 2021. In connection with businesses we have previously discontinued, we retain certain contingent liabilities of the businesses that were disposed of. These contingent liabilities include, among other items, liability for certain litigation matters, indemnification obligations and potential breaches of representations or warranties. Please refer to Note 14 - Discontinued Operations for further information.
Client ConcentrationClient ConcentrationWe generate the majority of our operating revenues from clients with operations in the US residential real estate, mortgage origination, and mortgage servicing markets. Approximately 40% and 30% of our operating revenues for the three months ended March 31, 2021 and 2020, respectively, were generated from our top ten clients, who consist of the largest US mortgage originators and servicers. None of our clients individually accounted for greater than 10% of our operating revenues during these periods.
Cash, Cash Equivalents and Restricted CashCash, Cash Equivalents, and Restricted CashWe deem the carrying value of cash, cash equivalents, and restricted cash to be a reasonable estimate of fair value due to the nature of these instruments. Restricted cash is comprised of deposits that are pledged for various letters of credit/bank guarantees secured by us, escrow accounts due to acquisitions and divestitures, as well as short-term investments within our deferred compensation plan trust. The following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows:
Operating Revenue RecognitionOperating Revenue Recognition We derive our operating revenues primarily from US mortgage lenders, servicers, and insurance companies with good creditworthiness. Operating revenue arrangements are written and specify the products or services to be delivered, pricing, and payment terms. Operating revenue is recognized when the distinct good or service (also referred as "performance obligation"), is delivered and control has been transferred to the client. Generally, clients contract with us to provide products and services that are highly interrelated and not separately identifiable. Therefore, the entire contract is accounted for as one performance obligation. At times, some of our contracts have multiple performance obligations where we allocate the total price to each performance obligation based on the estimated relative standalone selling price using observable sales or the cost-plus margin approaches. For products or services where delivery occurs at a point in time, we recognize operating revenue when the client obtains control of the products upon delivery. When delivery occurs over time, we generally recognize operating revenue ratably over the service period once initial delivery has occurred. For certain of our products or services clients may also pay upfront fees, which we defer and recognize as operating revenue over the longer of the contractual term or the expected client relationship period. Licensing arrangements that provide our clients with the right to access, or use, our intellectual property are considered functional licenses for which we generally recognize operating revenue based on usage. For arrangements that provide a stand-ready obligation, or, substantive updates to the intellectual property which the client is contractually or practically required to use, we recognize operating revenue ratably over the contractual term. Client payment terms are standard with no significant financing components or extended payment terms granted. In limited cases, we allow for client cancellations for which we estimate a reserve. See further discussion in Note 7 - Operating Revenues .
Comprehensive LossComprehensive LossComprehensive loss includes all changes in equity except those resulting from investments by stockholders and distributions to stockholders. Specifically, foreign currency translation adjustments, amounts related to supplemental benefit plans, unrealized gains and losses on interest rate swap transactions and investments are recorded in other comprehensive loss.
Investment in Affiliates, netInvestment in Affiliates, net Investments in affiliates are accounted for under the equity method of accounting when we are deemed to have significant influence over the affiliate but do not control or have a majority voting interest in the affiliate. Investments are carried at the cost of acquisition, including subsequent impairments, capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment, less dividends received. We have one investment in an affiliate that is fully impaired as of March 31, 2021 and December 31, 2020. For both the three months ended March 31, 2021 and March 31, 2020, we had insignificant revenue, expense, accounts receivable, and accounts payable related to our investments in these affiliates. In January 2020, we completed the acquisition of the remaining 66% of Location, Inc. ("Location") for $11.5 million, subject to certain working capital adjustments. In connection with this transaction, we remeasured our pre-existing 34% investment balance of $5.6 million to fair value based on the purchase price, resulting in a $0.6 million step-up gain which is reflected within gain/(loss) on investments and other, net, in our condensed consolidated statement of operations for the three months ended March 31, 2020. Prior to the acquisition of the remaining interest, we accounted for Location under the equity method and received dividends of $0.7 million in the first quarter of 2020.
LeasesLeases We determine if an arrangement contains a lease at inception and determine the classification of the lease, as either operating or finance, at commencement. Operating and finance lease assets and liabilities are recorded based on the present value of future lease payments over the lease term which factors in certain qualifying initial direct costs incurred as well as any lease incentives received. If an implicit rate is not readily determinable, we utilize our incremental borrowing rate and inputs from third-party lenders to determine the appropriate discount rate. Lease expense for operating lease payments are recognized on a straight-line basis over the lease term, which, if applicable, may factor in renewal or termination options. Finance leases incur interest expense using the effective interest method in addition to amortization of the leased asset on a straight-line basis, both over the applicable lease term. Lease terms may factor in options to extend or terminate the lease. If we abandon our right of use to a leased property prior to the lease termination date, and have no intention or ability to sublease the space, we reduce the remaining right of use asset and record an impairment charge in the period we vacate or otherwise cease to use the leased asset. For the three months ended March 31, 2021 and March 31, 2020, we had no impairment charges. We adhere to the short-term lease recognition exemption for all classes of assets (i.e. facilities and equipment). As a result, leases with an initial term of twelve months or less are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. In addition, for certain equipment leases, we account for lease and non-lease components, such as services, as a single lease component as permitted.
DividendsDividends We record cash dividends as reductions to retained earnings upon declaration, with a corresponding increase to current liabilities, based on common shares outstanding on the record date. In addition, as part of our share-based compensation program, the terms of our restricted stock units (“RSUs”) and performance-based restricted stock units (“PBRSUs”) stipulate that holders of these awards are credited with dividend equivalent units on each date that a cash dividend is paid to holders of common stock. These dividend equivalents are subject to the same vesting and performance requirements of the underlying units and therefore are forfeitable (i.e. non-participating). Upon declaration of a dividend, we record dividend equivalents as a reduction to retained earnings, derived from the number of eligible unvested shares, with a corresponding increase to additional paid-in-capital. In December 2019, we announced the initiation of a quarterly cash dividend to common shareholders. CoreLogic paid a cash dividend of $0.22 per share of common stock in January 2020 and June 2020 to shareholders of record as of the close of business on January 10, 2020 and June 1, 2020, respectively. In July 2020, our Board announced a 50% increase in our cash dividend and declared a $0.33 per share cash dividend to common stockholders, which was paid in September 2020, December 2020, and March 2021 to stockholders of record as of the close of business on September 1, 2020, December 1, 2020, and March 1, 2021, respectively. Pursuant to the Merger Agreement, we agreed to refrain from declaring or paying any further dividends during the Interim Operating Period, subject to the terms, limitations and exceptions set forth in the Merger Agreement.
Tax Escrow Disbursement ArrangementsTax Escrow Disbursement Arrangements We administer tax escrow disbursements as a service to our clients in connection with our tax services business. Funds to be disbursed are deposited and maintained in segregated accounts for the benefit of our clients and totaled $7.4 billion and $0.5 billion as of March 31, 2021 and December 31, 2020, respectively. Because these deposits are held on behalf of our clients, they are not our funds and, therefore, are not included in the accompanying condensed consolidated balance sheets. These deposits generally remain in the accounts for a period of two to five business days. We record credits from these activities as a reduction to related administrative expenses, including the cost of bank fees and other administration costs. Under our contracts with our clients, if we make a payment in error or fail to pay a taxing authority when a payment is due, we could be held liable to our clients for all or part of the financial loss they suffer as a result of our act or omission. We maintained total claim reserves relating to incorrect disposition of assets of $27.8 million and $29.6 million as of March 31, 2021 and December 31, 2020, respectively. Within these amounts are $11.7 million and $11.4 million, respectively, which are short-term and are therefore reflected within accounts payable and other accrued expenses within our accompanying condensed consolidated balance sheets. The remaining reserves are reflected within other liabilities.
Recent Accounting PronouncementsRecent Accounting Pronouncements In January 2021, the Financial Accounting Standards Board (“FASB”) issued guidance to clarify that all derivative instruments affected by changes to interest rates used for discounting, margining or contract price alignment can apply certain optional expedients and exceptions mentioned in its reference rate reform guidance. We adopted the guidance in the first quarter of 2021, which has not had a material effect on our condensed consolidated financial statements.

Basis of Condensed Consolidat_3

Basis of Condensed Consolidated Financial Statements (Tables)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restrictions on Cash and Cash EquivalentsThe following table provides a reconciliation of cash, cash equivalents, and restricted cash to amounts shown in the statement of cash flows: (in thousands) March 31, 2021 March 31, 2020 Cash and cash equivalents $ 227,102 $ 150,937 Restricted cash included in other assets 9,966 9,714 Restricted cash included in prepaid expenses and other current assets 398 178 Total cash, cash equivalents, and restricted cash $ 237,466 $ 160,829
Schedule of Accumulated Other Comprehensive LossThe following table shows the components of accumulated other comprehensive loss, net of taxes, as of March 31, 2021 and December 31, 2020: (in thousands) 2021 2020 Cumulative foreign currency translation $ (100,650) $ (98,839) Cumulative supplemental benefit plans (10,880) (10,966) Net unrecognized losses on interest rate swaps (46,941) (60,271) Reclassification adjustment for gain on terminated interest rate swap included in net income (67) (67) Accumulated other comprehensive loss $ (158,538) $ (170,143)

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)3 Months Ended
Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, NetProperty and equipment, net as of March 31, 2021 and December 31, 2020 consists of the following: (in thousands) 2021 2020 Land $ 7,476 $ 7,476 Buildings 6,487 6,487 Furniture and equipment 62,186 60,433 Capitalized software 878,925 862,984 Leasehold improvements 50,076 50,477 Construction in progress 203 1,275 1,005,353 989,132 Less accumulated depreciation (603,801) (583,018) Property and equipment, net $ 401,552 $ 406,114

Goodwill, Net (Tables)

Goodwill, Net (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of GoodwillA reconciliation of the changes in the carrying amount of goodwill and accumulated impairment losses, by reporting unit, for the three months ended March 31, 2021 is as follows: (in thousands) PIRM UWS Consolidated Balance as of January 1, 2021 Goodwill $ 1,106,816 $ 1,216,204 $ 2,323,020 Accumulated impairment losses (600) (6,925) (7,525) Goodwill, net 1,106,216 1,209,279 2,315,495 Acquisition 4,641 — 4,641 Translation adjustments (725) — (725) Balance as of March 31, 2021 Goodwill, net $ 1,110,132 $ 1,209,279 $ 2,319,411

Other Intangible Assets, Net (T

Other Intangible Assets, Net (Tables)3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets by Major ClassOther intangible assets, net consists of the following: March 31, 2021 December 31, 2020 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Client lists $ 646,539 $ (386,923) $ 259,616 $ 644,000 $ (377,409) $ 266,591 Non-compete agreements 26,903 (22,905) 3,998 26,763 (21,570) 5,193 Tradenames and licenses 128,012 (81,400) 46,612 127,718 (78,581) 49,137 $ 801,454 $ (491,228) $ 310,226 $ 798,481 $ (477,560) $ 320,921
Schedule of Expected Amortization ExpenseEstimated amortization expense for other intangible assets, net is as follows: (in thousands) Remainder of 2021 $ 39,927 2022 52,347 2023 44,541 2024 35,848 2025 32,267 Thereafter 105,296 $ 310,226

Long-Term Debt (Tables)

Long-Term Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt InstrumentsOur long-term debt consists of the following: March 31, 2021 December 31, 2020 (in thousands) Gross Debt Issuance Costs Net Gross Debt Issuance Costs Net Bank debt: Term loan facility borrowings due May 2024, weighted-average interest rate of 1.63% as of March 31, 2021 $ 1,472,000 $ (10,555) $ 1,461,445 $ 1,572,000 $ (11,431) $ 1,560,569 Revolving line of credit borrowings due May 2024, weighted-average interest rate of 1.63% as of March 31, 2021 300,000 (4,570) 295,430 300,000 (4,930) 295,070 Notes: 7.55% senior debentures due April 2028 9,531 (23) 9,508 9,531 (23) 9,508 Other debt: Various debt instruments with maturities through March 2024 5,832 — 5,832 6,086 — 6,086 Total long-term debt 1,787,363 $ (15,148) 1,772,215 1,887,617 (16,384) 1,871,233 Less current portion of long-term debt 9,003 — 9,003 43,230 — 43,230 Long-term debt, net of current portion $ 1,778,360 $ (15,148) $ 1,763,212 $ 1,844,387 $ (16,384) $ 1,828,003

Fair Value (Tables)

Fair Value (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring BasisThe fair values of our financial instruments as of March 31, 2021 are presented in the following table: (in thousands) Fair Value Measurements Using As of March 31, 2021 Level 1 Level 2 Level 3 Fair Value Financial Assets: Cash and cash equivalents $ 227,102 $ — $ — $ 227,102 Restricted cash 8,683 1,681 — 10,364 Other investments — 1,218 — 1,218 Total $ 235,785 $ 2,899 $ — $ 238,684 Financial Liabilities: Total debt $ — $ 1,789,561 $ — $ 1,789,561 Total $ — $ 1,789,561 $ — $ 1,789,561 Derivatives: Asset for Swaps $ — $ 1,064 $ — $ 1,064 Liability for Swaps $ — $ 63,699 $ — $ 63,699 As of December 31, 2020 Financial Assets: Cash and cash equivalents $ 167,422 $ — $ — $ 167,422 Restricted cash 8,713 1,698 — 10,411 Other investments — 3,523 — 3,523 Total $ 176,135 $ 5,221 $ — $ 181,356 Financial Liabilities: Total debt $ — $ 1,889,812 $ — $ 1,889,812 Total $ — $ 1,889,812 $ — $ 1,889,812 Derivatives: Asset for Swaps $ — $ 29 $ — $ 29 Liability for Swaps $ — $ 80,426 $ — $ 80,426

Operating Revenues (Tables)

Operating Revenues (Tables)3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueOperating revenues by solution type consist of the following: (in thousands) PIRM UWS Corporate and Eliminations Consolidated For the Three Months Ended March 31, 2021 Property insights $ 130,234 $ — $ — $ 130,234 Insurance and spatial solutions 44,978 — — 44,978 Flood data solutions — 31,602 — 31,602 Valuation solutions — 62,219 — 62,219 Property tax solutions — 153,105 — 153,105 Other — 2,395 (1,748) 647 Total operating revenue $ 175,212 $ 249,321 $ (1,748) $ 422,785 For the Three Months Ended March 31, 2020 Property insights $ 115,496 $ — $ — $ 115,496 Insurance and spatial solutions 46,840 — — 46,840 Flood data solutions — 27,603 — 27,603 Valuation solutions — 61,247 — 61,247 Property tax solutions — 101,991 — 101,991 Other — 3,653 (3,910) (257) Total operating revenue $ 162,336 $ 194,494 $ (3,910) $ 352,920

Share-Based Compensation (Table

Share-Based Compensation (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock Units Award ActivityRSU activity for the three months ended March 31, 2021 is as follows: Number of Shares Weighted-Average (in thousands, except weighted-average fair value prices) Unvested RSUs outstanding at December 31, 2020 1,194 $ 38.01 RSUs granted 188 $ 79.55 RSUs vested (429) $ 36.89 RSUs forfeited (10) $ 42.52 Unvested RSUs outstanding at March 31, 2021 943 $ 46.57
Schedule of Share-based Payment Award, Performance-Based Units, Valuation AssumptionsFor PBRSUs with market-based vesting conditions, we also use the Monte-Carlo simulation with the following weighted-average assumptions: For the Three Months Ended March 31, 2021 2020 Expected dividend yield (1) — % — % Risk-free interest rate (2) 0.55 % 0.60 % Expected volatility (3) 33.92 % 32.53 % Average total stockholder return (3) (18.49) % (21.47) % (1) Since PBRSU participants are credited with dividend equivalent shares when dividends are paid, 0.00% was used in the Monte-Carlo simulation which is mathematically equivalent to paying dividend equivalents upon vesting. Please see Note 1 - Basis for Condensed Consolidated Financial Statements for further information regarding dividends. (2) The risk-free interest rate for the periods within the contractual term of the PBRSUs is based on the US Treasury yield curve in effect at the time of the grant. (3) The expected volatility and average total stockholder return are measures of the amount by which a stock price has fluctuated or is expected to fluctuate based primarily on our and our peers' historical data.
Schedule of Other Share-based Compensation, ActivityPBRSU activity for the three months ended March 31, 2021 is as follows: Number of Shares Weighted-Average (in thousands, except weighted-average fair value prices) Unvested PBRSUs outstanding at December 31, 2020 671 $ 41.89 PBRSUs granted due to change in units based on performance expectations 228 PBRSUs granted 66 $ 80.93 PBRSUs vested (258) $ 46.04 PBRSUs forfeited (12) $ 36.32 Unvested PBRSUs outstanding at March 31, 2021 695 $ 44.03
Schedule of Share-based Compensation, Stock Options, ActivityOption activity for the three months ended March 31, 2021 is as follows: (in thousands, except weighted-average price) Number of Weighted-Average Weighted-Average Aggregate Options outstanding at December 31, 2020 158 $ 27.26 Options exercised — $ — Options outstanding at March 31, 2021 158 $ 27.26 0.0 $ 8,221
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by PlanThe following table sets forth the share-based compensation expense recognized for the three months ended March 31, 2021 and 2020: (in thousands) 2021 2020 RSUs $ 6,993 $ 5,687 PBRSUs 1,920 1,575 Stock options — — Employee stock purchase plan 720 699 $ 9,633 $ 7,961

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share ReconciliationThe following is a reconciliation of net income per share: For the Three Months Ended March 31, 2021 2020 (in thousands, except per share amounts) Numerator for basic and diluted net income per share: Net income from continuing operations $ 54,943 $ 24,284 Income from discontinued operations, net of tax 3,907 9,535 Loss from sale of discontinued operations, net of tax (5,288) — Net income $ 53,562 $ 33,819 Denominator: Weighted-average shares for basic income per share 73,228 79,028 Dilutive effect of stock options and RSUs 1,907 1,497 Weighted-average shares for diluted income per share 75,135 80,525 Income per share Basic: Net income from continuing operations $ 0.75 $ 0.31 Income from discontinued operations, net of tax 0.05 0.12 Loss from sale of discontinued operations, net of tax (0.07) — Net income $ 0.73 $ 0.43 Diluted: Net income from continuing operations $ 0.73 $ 0.30 Income from discontinued operations, net of tax 0.05 0.12 Loss from sale of discontinued operations, net of tax (0.07) — Net income $ 0.71 $ 0.42

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentSelected financial information by reportable segment related to our continuing operations is as follows: (in thousands) Operating Revenues Depreciation and Amortization Operating Income/(Loss) Equity in Earnings/(Losses) of Affiliates, Net of Tax Net Income/(Loss) From Continuing Operations Capital Expenditures For the Three Months Ended March 31, 2021 PIRM $ 175,212 $ 24,059 $ 20,152 $ — $ 18,441 $ 14,009 UWS 249,321 12,241 108,793 — 108,803 1,610 Corporate — 8,481 (43,508) — (72,301) 5,427 Eliminations (1,748) — — — — — Consolidated (excluding discontinued operations) $ 422,785 $ 44,781 $ 85,437 $ — $ 54,943 $ 21,046 For the Three Months Ended March 31, 2020 PIRM $ 162,336 $ 23,136 $ 14,353 $ 706 $ 15,267 $ 12,788 UWS 194,494 12,035 67,520 — 67,530 1,481 Corporate — 8,407 (26,680) (194) (58,513) 6,614 Eliminations (3,910) — — — — — Consolidated (excluding discontinued operations) $ 352,920 $ 43,578 $ 55,193 $ 512 $ 24,284 $ 20,883 (in thousands) Assets March 31, 2021 December 31, 2020 PIRM $ 1,896,018 $ 1,892,424 UWS 2,026,550 2,013,089 Corporate 6,110,945 6,046,238 Eliminations (5,871,711) (5,870,974) Consolidated (excluding discontinued operations) $ 4,161,802 $ 4,080,777

Discontinued Operations (Tables

Discontinued Operations (Tables)3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional DisclosuresSummarized below are certain assets and liabilities classified as discontinued operations as of March 31, 2021 and December 31, 2020: (in thousands) As of March 31, 2021 PIRM UWS AMPS ELI Total Cash and cash equivalents $ 381 $ 571 $ — $ — $ 952 Accounts receivable and other assets 2,634 55,801 268 — 58,703 Property and equipment, net — 25,998 — — 25,998 Goodwill, net — 79,931 — — 79,931 Capitalized data and database costs, net — 1,037 — — 1,037 Total assets $ 3,015 $ 163,338 $ 268 $ — $ 166,621 Accounts payable and accrued expenses $ 11,457 $ 34,429 $ 240 $ — $ 46,126 Deferred income tax and other liabilities 18 9,802 — 393 10,213 Total liabilities $ 11,475 $ 44,231 $ 240 $ 393 $ 56,339 As of December 31, 2020 Cash and cash equivalents $ 971 $ 1,501 $ — $ — $ 2,472 Accounts receivable and other assets 4,063 42,806 268 — 47,137 Property and equipment, net 5,586 24,651 — — 30,237 Goodwill, net 24,272 79,931 — — 104,203 Capitalized data and database costs, net 17,377 991 — — 18,368 Total assets $ 52,269 $ 149,880 $ 268 $ — $ 202,417 Accounts payable and accrued expenses $ 2,584 $ 24,048 $ 240 $ 1 $ 26,873 Deferred income tax and other liabilities 10,686 6,725 — 393 17,804 Total liabilities $ 13,270 $ 30,773 $ 240 $ 394 $ 44,677 For the year ended December 31, 2020, in connection with our intent to exit our reseller businesses, we reclassified $29.3 million and $79.9 million of goodwill, net, from our PIRM and UWS segments, to the RPS and CS disposal groups, respectively. The allocated amounts were determined by calculating the relative fair values between the disposal group and its respective reporting unit using a combination of the income and market approaches. Determining the fair value of a disposal group and a reporting unit is judgmental and requires assumptions and estimates of many critical factors, including revenue growth rates, cost of services, selling, general and administrative expenses, market multiples, discount rates, and indicative fair market values from potential participants at the time of valuation. The estimated fair values supported the net book value of our disposal groups. Summarized below are the components of our income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2021 and 2020: (in thousands) For the Three Months March 31, 2021 PIRM UWS AMPS ELI Total Operating revenues $ 2,867 $ 103,582 $ — $ — $ 106,449 Cost of services (exclusive of depreciation and amortization) 1,632 84,534 — — 86,166 Selling, general and administrative expenses 10,382 4,854 — — 15,236 Gain on investments and other, net — (159) — — (159) Income/(loss) from discontinued operations before income taxes (9,147) 14,353 — — 5,206 Provision/(benefit) for income taxes (2,282) 3,581 — — 1,299 Income/(loss) from discontinued operations, net of tax $ (6,865) $ 10,772 $ — $ — $ 3,907 For the Three Months March 31, 2020 Operating revenues $ 9,239 $ 81,727 $ — $ — $ 90,966 Cost of services (exclusive of depreciation and amortization) 4,443 66,598 — — 71,041 Selling, general and administrative expenses 2,664 2,118 — (18) 4,764 Depreciation and amortization 1,875 1,390 — — 3,265 Gain on investments and other, net — (809) — — (809) Income/(loss) from discontinued operations before income taxes 257 12,430 — 18 12,705 Provision/(benefit) for income taxes 64 3,101 — 5 3,170 Income/(loss) from discontinued operations, net of tax $ 193 $ 9,329 $ — $ 13 $ 9,535

Basis of Condensed Consolidat_4

Basis of Condensed Consolidated Financial Statements (Narrative) (Details) $ / shares in Units, $ in Thousands1 Months Ended3 Months Ended
Feb. 28, 2021USD ($)$ / sharesNov. 30, 2020directorinvestmentOct. 31, 2020USD ($)Jul. 31, 2020director$ / sharesJan. 31, 2020USD ($)Mar. 31, 2021USD ($)businessDaysegmentinvestment$ / sharesMar. 31, 2020USD ($)Dec. 31, 2020USD ($)investment$ / sharesSep. 14, 2020$ / sharesJun. 26, 2020$ / sharesDec. 31, 2019USD ($)$ / shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) | $ / shares $ 0.00001 $ 0.00001
Number of directors to be replaced | director9
Number of directors replaced | director3
Number of directors appointed | investment3
Number of reportable segments | segment2
Loss from sale of discontinued operations, net of tax $ 2,700 $ (5,288) $ 0
Number of impaired investments | investment1 1
Dividends received from investments in affiliates $ 0 185
Operating lease impairment loss0 0
Finance lease impairment loss0 0
Dividends payable (in usd per share) | $ / shares $ 0.22
Increase in common stock dividend declared50.00%
Dividends declared (in usd per share) | $ / shares $ 0.33
Tax escrow deposits7,400,000 $ 500,000
Reserves incorrect disposition of assets27,800 29,600
Stockholders' equity756,085 926,998 723,262 $ 951,210
Retained Earnings
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Stockholders' equity914,622 1,057,692 893,404 1,006,992
Cumulative Effect, Period of Adoption, Adjustment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Stockholders' equity16,827
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Stockholders' equity $ 16,827
Discontinued Operations, Disposed of by Sale | Rental Property Solutions
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Loss from sale of discontinued operations, net of tax2,700 (5,300)
Consideration received $ 51,200 $ 9,000
Senator Investment Group, LP and Cannae Holdings, Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Share price (in usd per share) | $ / shares $ 66 $ 65
Increase to original offer (in usd per share) | $ / shares $ 1
Costs accrued11,400
Accounts Payable and Accrued Liabilities
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Reserves incorrect disposition of assets $ 11,700 $ 11,400
Minimum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Period that escrow deposits are held (in business days) | businessDay2
Maximum
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Period that escrow deposits are held (in business days) | businessDay5
Celestial-Saturn Parent Inc.
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Common stock, par value (in dollars per share) | $ / shares $ 0.00001
Share price (in usd per share) | $ / shares $ 80
Failure to consummate the merger termination fee $ 330,000
Termination fee payable $ 165,000
Location, Inc
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining equity interest acquired66.00%
Consideration transferred $ 11,500
Investment balance $ 5,600
Dividends received from investments in affiliates $ 700
Location, Inc | PIRM
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage34.00%
Step-up gain $ 600
Ten Largest Clients | Sales Revenue, Net | Customer Concentration Risk
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk, percentage40.00%30.00%

Basis of Condensed Consolidat_5

Basis of Condensed Consolidated Financial Statements (Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and Cash Equivalents $ 227,102 $ 167,422 $ 150,937
Restricted cash included in other assets9,966 9,714
Restricted cash included in prepaid expenses and other current assets398 178
Total cash, cash equivalents, and restricted cash $ 237,466 $ 177,833 $ 160,829 $ 114,679

Basis of Condensed Consolidat_6

Basis of Condensed Consolidated Financial Statements (AOCI Table) (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cumulative foreign currency translation $ (100,650) $ (98,839)
Cumulative supplemental benefit plans(10,880)(10,966)
Net unrecognized losses on interest rate swaps(46,941)(60,271)
Reclassification adjustment for gain on terminated interest rate swap included in net income(67)(67)
Accumulated other comprehensive loss $ (158,538) $ (170,143)

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 1,005,353 $ 989,132
Less accumulated depreciation(603,801)(583,018)
Property and equipment, net401,552 406,114
Depreciation expense22,000 $ 21,600
Impairment losses0 $ 0
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross7,476 7,476
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross6,487 6,487
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross62,186 60,433
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross878,925 862,984
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross50,076 50,477
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross $ 203 $ 1,275

Goodwill, Net (Details)

Goodwill, Net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2021Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill $ 2,323,020
Accumulated impairment losses(7,525)
Goodwill, net $ 2,315,495
Acquisition4,641
Translation adjustments(725)
Goodwill, net2,315,495 $ 2,319,411 2,315,495
PIRM
Goodwill [Roll Forward]
Goodwill1,106,816
Accumulated impairment losses(600)
Goodwill, net1,106,216
Acquisition4,641
Translation adjustments(725)
Goodwill, net1,106,216 1,110,132 1,106,216
UWS
Goodwill [Roll Forward]
Goodwill1,216,204
Accumulated impairment losses(6,925)
Goodwill, net1,209,279
Acquisition0
Translation adjustments0
Goodwill, net $ 1,209,279 $ 1,209,279 $ 1,209,279

Other Intangible Assets, Net (S

Other Intangible Assets, Net (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross $ 801,454 $ 798,481
Accumulated Amortization(491,228)(477,560)
Net310,226 320,921
Amortization of Intangible Assets14,300 $ 14,200
Impairment of intangible assets0 $ 0
Client lists
Finite-Lived Intangible Assets [Line Items]
Gross646,539 644,000
Accumulated Amortization(386,923)(377,409)
Net259,616 266,591
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross26,903 26,763
Accumulated Amortization(22,905)(21,570)
Net3,998 5,193
Tradenames and licenses
Finite-Lived Intangible Assets [Line Items]
Gross128,012 127,718
Accumulated Amortization(81,400)(78,581)
Net $ 46,612 $ 49,137

Other Intangible Assets, Net (F

Other Intangible Assets, Net (Finite Lived Intangible Asset Future Amortization Expense) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
Remainder of 2021 $ 39,927
202252,347
202344,541
202435,848
202532,267
Thereafter105,296
Net $ 310,226 $ 320,921

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Apr. 30, 1998
Debt Instrument [Line Items]
Gross $ 1,787,363 $ 1,887,617
Debt Issuance Costs(15,148)(16,384)
Net1,772,215 1,871,233
Less current portion of long-term debt9,003 43,230
Debt Issuance Costs, Current, Net0 0
Long-term debt, net of current portion, gross1,778,360 1,844,387
Long-term debt, net of current portion, debt issuance costs(15,148)(16,384)
Long-term debt, net of current portion, net1,763,212 1,828,003
Revolving line of credit | Line of Credit Due May 2024
Debt Instrument [Line Items]
Gross300,000 300,000
Debt Issuance Costs(4,570)(4,930)
Net $ 295,430 295,070
Weighted average interest rate1.63%
Term loan facility | Term Loan Due May 2024
Debt Instrument [Line Items]
Gross $ 1,472,000 1,572,000
Debt Issuance Costs(10,555)(11,431)
Net $ 1,461,445 1,560,569
Weighted average interest rate1.63%
Senior notes | 7.55% senior debentures due April 2028
Debt Instrument [Line Items]
Gross $ 9,531 9,531
Debt Issuance Costs(23)(23)
Net9,508 9,508
Stated rate on debt7.55%
Other debt | Various debt instruments with maturities through March 2024
Debt Instrument [Line Items]
Gross5,832 6,086
Debt Issuance Costs0 0
Net $ 5,832 $ 6,086

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)1 Months Ended3 Months Ended
May 31, 2019Mar. 31, 2021Mar. 31, 2020Dec. 31, 2025Aug. 31, 2022Mar. 31, 2022Sep. 30, 2021Dec. 31, 2020Apr. 30, 1998
Debt Instrument [Line Items]
Accrued interest expense $ 500,000 $ 300,000
Credit agreement, potential increase to term loan and line of credit $ 300,000,000
Debt issuance costs9,700,000
Debt issuance costs capitalized9,600,000
Loss (gain) on extinguishment of debt1,500,000
Unamortized costs14,600,000
Debt issuance costs expensed $ 1,237,000 $ 1,235,000
Percentage of outstanding balance50.00%
Interest expense, pre-tax $ 6,600,000 1,300,000
Interest expense, pre-tax to be reclassified during next 12 months30,700,000
Interest Rate Swap
Debt Instrument [Line Items]
Remaining notional balance $ 1,200,000,000
Derivative, average fixed interest rate2.68%
Interest Rate Swap | Cash Flow Hedges
Debt Instrument [Line Items]
Liability for interest rate swap agreements $ 63,700,000 80,400,000
Asset for Swaps $ 1,100,000 $ 100,000
Interest Rate Swap | Minimum
Debt Instrument [Line Items]
Derivative, average fixed interest rate2.61%
Interest Rate Swap | Maximum
Debt Instrument [Line Items]
Derivative, average fixed interest rate2.98%
Interest Rate Swap | Forecast
Debt Instrument [Line Items]
Remaining notional balance $ 500,000,000 $ 1,000,000,000 $ 1,100,000,000 $ 1,200,000,000
Derivative, average fixed interest rate2.64%2.77%2.78%2.66%
Swap
Debt Instrument [Line Items]
Market value adjustments on interest rate swaps, net of tax $ 13,300,000 (36,900,000)
Deferred taxes on interest rate swaps4,400,000 $ 12,300,000
Line of Credit Due May 2024 | Revolving line of credit
Debt Instrument [Line Items]
Multicurrency revolving sub-facility100,000,000
Line of Credit Due May 2024 | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, letter of credit sub-facility50,000,000
Term loan facility | Term Loan A-1 Due May 2024
Debt Instrument [Line Items]
Term facility, maximum borrowing capacity $ 1,800,000,000
Term of loan facility5 years
Line of Credit Due May 2024 | Revolving line of credit
Debt Instrument [Line Items]
Term facility, maximum borrowing capacity $ 750,000,000
Term of loan facility5 years
Revolving line of credit, remaining borrowing capacity $ 450,000,000
Senior notes | 7.55% senior debentures due April 2028
Debt Instrument [Line Items]
Debt instrument, face amount $ 100,000,000

Fair Value (Fair Value of Finan

Fair Value (Fair Value of Financial Instruments) (Details) - Recurring - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Financial Assets:
Cash and cash equivalents $ 227,102 $ 167,422
Restricted cash10,364 10,411
Other investments1,218 3,523
Total238,684 181,356
Financial Liabilities:
Total debt1,789,561 1,889,812
Total1,789,561 1,889,812
Interest Rate Swap
Derivatives:
Asset for Swaps1,064 29
Derivative Liability63,699 80,426
Level 1
Financial Assets:
Cash and cash equivalents227,102 167,422
Restricted cash8,683 8,713
Other investments0 0
Total235,785 176,135
Financial Liabilities:
Total debt0 0
Total0 0
Level 1 | Interest Rate Swap
Derivatives:
Asset for Swaps0 0
Derivative Liability0 0
Level 2
Financial Assets:
Cash and cash equivalents0 0
Restricted cash1,681 1,698
Other investments1,218 3,523
Total2,899 5,221
Financial Liabilities:
Total debt1,789,561 1,889,812
Total1,789,561 1,889,812
Level 2 | Interest Rate Swap
Derivatives:
Asset for Swaps1,064 29
Derivative Liability63,699 80,426
Level 3
Financial Assets:
Cash and cash equivalents0 0
Restricted cash0 0
Other investments0 0
Total0 0
Financial Liabilities:
Total debt0 0
Total0 0
Level 3 | Interest Rate Swap
Derivatives:
Asset for Swaps0 0
Derivative Liability $ 0 $ 0

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment $ (2.3) $ 0
National Tax Search LLC | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration $ 7.5

Operating Revenues - Operating

Operating Revenues - Operating Revenues by Solution Type (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Operating revenues $ 422,785 $ 352,920
Property insights
Disaggregation of Revenue [Line Items]
Operating revenues130,234 115,496
Insurance and spatial solutions
Disaggregation of Revenue [Line Items]
Operating revenues44,978 46,840
Flood data solutions
Disaggregation of Revenue [Line Items]
Operating revenues31,602 27,603
Valuation solutions
Disaggregation of Revenue [Line Items]
Operating revenues62,219 61,247
Property tax solutions
Disaggregation of Revenue [Line Items]
Operating revenues $ 153,105 101,991
Expected service period revenue is recognized10 years
Other
Disaggregation of Revenue [Line Items]
Operating revenues $ 647 (257)
Operating Segments | PIRM
Disaggregation of Revenue [Line Items]
Operating revenues175,212 162,336
Operating Segments | PIRM | Property insights
Disaggregation of Revenue [Line Items]
Operating revenues130,234 115,496
Operating Segments | PIRM | Insurance and spatial solutions
Disaggregation of Revenue [Line Items]
Operating revenues44,978 46,840
Operating Segments | PIRM | Flood data solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | PIRM | Valuation solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | PIRM | Property tax solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | PIRM | Other
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | UWS
Disaggregation of Revenue [Line Items]
Operating revenues249,321 194,494
Operating Segments | UWS | Property insights
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | UWS | Insurance and spatial solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Operating Segments | UWS | Flood data solutions
Disaggregation of Revenue [Line Items]
Operating revenues31,602 27,603
Operating Segments | UWS | Valuation solutions
Disaggregation of Revenue [Line Items]
Operating revenues62,219 61,247
Operating Segments | UWS | Property tax solutions
Disaggregation of Revenue [Line Items]
Operating revenues153,105 101,991
Operating Segments | UWS | Other
Disaggregation of Revenue [Line Items]
Operating revenues2,395 3,653
Corporate and Eliminations
Disaggregation of Revenue [Line Items]
Operating revenues(1,748)(3,910)
Corporate and Eliminations | Property insights
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Corporate and Eliminations | Insurance and spatial solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Corporate and Eliminations | Flood data solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Corporate and Eliminations | Valuation solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Corporate and Eliminations | Property tax solutions
Disaggregation of Revenue [Line Items]
Operating revenues0 0
Corporate and Eliminations | Other
Disaggregation of Revenue [Line Items]
Operating revenues $ (1,748) $ (3,910)

Operating Revenues - Contract C

Operating Revenues - Contract Costs (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Amortization period of contracts costs10 years
Deferred contract costs amortization $ 5.3 $ 3.7
Prepaid expenses and other current assets
Disaggregation of Revenue [Line Items]
Long term deferred costs14.8 $ 13.2
Other assets
Disaggregation of Revenue [Line Items]
Long term deferred costs $ 24.2 $ 24.2

Operating Revenues - Contract L

Operating Revenues - Contract Liabilities (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities $ 1,100 $ 1,000
Overall change in contract liability balances80
Deferred new billings281.3
Operating revenue recognized201.2
Previously deferred revenue recognized112.8
Other decreases $ (0.1)

Operating Revenues - Remaining

Operating Revenues - Remaining Performance Obligations (Details) $ in MillionsMar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligations $ 1,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of performance obligations to be recognized30.00%
Expected service period revenue is recognized9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of performance obligations to be recognized24.00%
Expected service period revenue is recognized1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of performance obligations to be recognized16.00%
Expected service period revenue is recognized1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of performance obligations to be recognized30.00%
Expected service period revenue is recognized

Operating Revenues - Remainin_2

Operating Revenues - Remaining Performance Obligations Periods (Details)3 Months Ended
Mar. 31, 2021
Minimum
Disaggregation of Revenue [Line Items]
Arrangement period1 year
Maximum
Disaggregation of Revenue [Line Items]
Arrangement period3 years

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020May 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, percent of stock price at closing date85.00%
Stock-based compensation expense $ 9,633,000 $ 7,961,000
Cost of Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 1,000,000 $ 500,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted during the period (in units)188,475 552,262
Estimated grant-date fair value $ 15,000,000 $ 17,600,000
Award vesting period in years3 years
Unrecognized compensation cost $ 28,900,000
Period of recognition for unrecognized compensation cost in years2 years 1 month 6 days
Stock-based compensation expense $ 6,993,000 $ 5,687,000
PBRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted during the period (in units)66,448 181,365
Units granted in period due to plan changes (in units)227,781 111,488
Estimated grant-date fair value $ 5,400,000 $ 6,800,000
Unrecognized compensation cost $ 17,100,000
Period of recognition for unrecognized compensation cost in years1 year 10 months 24 days
Stock-based compensation expense $ 1,920,000 1,575,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost0
Intrinsic value of options exercised300,000
Stock-based compensation expense $ 0 $ 0
CoreLogic 2018 Performance Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized15,139,084

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock Units) (Details) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Number of Shares
Forfeited (in units)(12,000)
RSUs
Number of Shares
Outstanding, Beginning of Period (in units)1,194,000
Granted (in units)188,475 552,262
Vested (in units)(429,000)
Forfeited (in units)(10,000)
Outstanding, End of Period (in units)943,000
Weighted Average Grant Date Fair Value
Unvested units outstanding, Beginning Balance (usd per unit) $ 38.01
Granted (usd per unit)79.55
Vested (usd per unit)36.89
Forfeited (usd per unit)42.52
Unvested units outstanding, Ending Balance (usd per unit) $ 46.57

Share-Based Compensation (PBRSU

Share-Based Compensation (PBRSU Weighted Average Assumptions) (Details) - PBRSUs3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield0.00%0.00%
Risk-free interest rate0.55%0.60%
Expected volatility33.92%32.53%
Average total stockholder return(18.49%)(21.47%)

Share-Based Compensation (PBR_2

Share-Based Compensation (PBRSU) (Details) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Number of Shares
Forfeited (in units)(12,000)
PBRSUs
Number of Shares
Outstanding, Beginning of Period (in units)671,000
Granted due to change in units based on performance expectations (in units)227,781 111,488
Granted (in units)66,448 181,365
Vested (in units)(258,000)
Outstanding, End of Period (in units)695,000
Weighted Average Grant Date Fair Value
Unvested units outstanding, Beginning Balance (usd per unit) $ 41.89
Granted (usd per unit)80.93
Vested (usd per unit)46.04
Forfeited (usd per unit)36.32
Unvested units outstanding, Ending Balance (usd per unit) $ 44.03

Share-Based Compensation (Optio

Share-Based Compensation (Options) (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)$ / sharesshares
Number of Shares
Options outstanding, beginning balance (in shares) | shares158
Options exercised (in shares) | shares0
Options outstanding, ending balance (in shares) | shares158
Weighted-Average Exercise Price
Options outstanding, beginning balance (usd per share) | $ / shares $ 27.26
Options exercised (usd per share) | $ / shares0
Options outstanding, ending balance (usd per share) | $ / shares $ 27.26
Weighted Average Remaining Contractual Term
Options outstanding, Weighted Average Remaining Contractual Term (in years)0 years
Aggregate Intrinsic Value
Options outstanding, Aggregate Intrinsic Value | $ $ 8,221

Share-Based Compensation (Compe

Share-Based Compensation (Compensation Expense) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 9,633 $ 7,961
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense6,993 5,687
PBRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense1,920 1,575
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense0 0
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense720 699
Cost of Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense $ 1,000 $ 500

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate, continuing operations19.90%29.20%
Expiration of statue of limitations on reserves is reasonably possible $ 500

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands1 Months Ended3 Months Ended
Oct. 31, 2020Mar. 31, 2021Mar. 31, 2020
Numerator for basic and diluted net income per share:
Net income from continuing operations $ 54,943 $ 24,284
Income from discontinued operations, net of tax3,907 9,535
Loss from sale of discontinued operations, net of tax $ 2,700 (5,288)0
Net income $ 53,562 $ 33,819
Denominator:
Weighted-average shares for basic income per share (in shares)73,228 79,028
Dilutive effect of stock options and restricted stock units (in shares)1,907 1,497
Weighted-average shares for diluted income per share (in shares)75,135 80,525
Basic:
Net income from continuing operations (usd per share) $ 0.75 $ 0.31
Income from discontinued operations, net of tax (usd per share)0.050.12
Loss from sale of discontinued operations, net of tax (usd per share)(0.07)0
Net income (usd per share)0.730.43
Diluted:
Net income from continuing operations (usd per share)0.730.30
Income/(loss) from discontinued operations, net of tax (usd per share)0.050.12
Loss from sale of discontinued operations, net of tax (usd per share)(0.07)0
Net income (usd per share) $ 0.71 $ 0.42
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share100 100
PBRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share100 100

Acquisitions (Details)

Acquisitions (Details) £ in Millions, $ in Millions1 Months Ended3 Months Ended
Mar. 31, 2021USD ($)Mar. 31, 2021GBP (£)Jan. 31, 2020USD ($)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Acquisition related costs $ 0.3 $ 0.9
Location, Inc
Business Acquisition [Line Items]
Consideration transferred $ 11.5
Remaining equity interest acquired66.00%
ehouse
Business Acquisition [Line Items]
Percentage of shares acquired100.00%100.00%
Consideration transferred $ 9.7 £ 6.9
PIRM | Location, Inc
Business Acquisition [Line Items]
Acquisition goodwill $ 12.6
Ownership percentage34.00%
Step-up gain $ 0.6
PIRM | Location, Inc | Technology-based intangible assets
Business Acquisition [Line Items]
Intangible assets acquired $ 6
Estimated average life in years10 years
PIRM | Location, Inc | Client lists
Business Acquisition [Line Items]
Intangible assets acquired $ 0.3
Estimated average life in years5 years
PIRM | Location, Inc | Trademarks
Business Acquisition [Line Items]
Intangible assets acquired $ 0.8
Estimated average life in years8 years
PIRM | Location, Inc | Non-compete agreements
Business Acquisition [Line Items]
Intangible assets acquired $ 0.4
Estimated average life in years5 years
PIRM | ehouse
Business Acquisition [Line Items]
Deferred tax liabilities(0.9) $ (0.9)
Acquisition goodwill4.6
PIRM | ehouse | Technology-based intangible assets
Business Acquisition [Line Items]
Intangible assets acquired1.3 1.3
PIRM | ehouse | Client lists
Business Acquisition [Line Items]
Intangible assets acquired $ 3.1 3.1
Estimated average life in years9 years9 years
PIRM | ehouse | Trademarks
Business Acquisition [Line Items]
Intangible assets acquired $ 0.4 0.4
Estimated average life in years10 years10 years
PIRM | ehouse | Non-compete agreements
Business Acquisition [Line Items]
Intangible assets acquired $ 0.1 $ 0.1
Estimated average life in years2 years2 years

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)segmentMar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment2
Operating revenues $ (422,785) $ (352,920)
Expenses337,348 297,727
Corporate
Segment Reporting Information [Line Items]
Operating revenues0 0
Expenses900 2,200
Eliminations
Segment Reporting Information [Line Items]
Operating revenues1,748 3,910
PIRM | Eliminations
Segment Reporting Information [Line Items]
Operating revenues1,400 3,100
Expenses300 800
UWS | Eliminations
Segment Reporting Information [Line Items]
Operating revenues300 800
Expenses $ 500 $ 1,000

Segment Information (Financial

Segment Information (Financial Information) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Operating revenues $ 422,785 $ 352,920
Depreciation and Amortization44,781 43,578
Operating Income/(Loss)85,437 55,193
Equity in Earnings/(Losses) of Affiliates, Net of Tax0 512
Net Income/(Loss) From Continuing Operations54,943 24,284
Capital Expenditures21,046 20,883
Assets4,161,802 $ 4,080,777
Operating Segments | PIRM
Segment Reporting Information [Line Items]
Operating revenues175,212 162,336
Depreciation and Amortization24,059 23,136
Operating Income/(Loss)20,152 14,353
Equity in Earnings/(Losses) of Affiliates, Net of Tax0 706
Net Income/(Loss) From Continuing Operations18,441 15,267
Capital Expenditures14,009 12,788
Assets1,896,018 1,892,424
Operating Segments | UWS
Segment Reporting Information [Line Items]
Operating revenues249,321 194,494
Depreciation and Amortization12,241 12,035
Operating Income/(Loss)108,793 67,520
Equity in Earnings/(Losses) of Affiliates, Net of Tax0 0
Net Income/(Loss) From Continuing Operations108,803 67,530
Capital Expenditures1,610 1,481
Assets2,026,550 2,013,089
Corporate
Segment Reporting Information [Line Items]
Operating revenues0 0
Depreciation and Amortization8,481 8,407
Operating Income/(Loss)(43,508)(26,680)
Equity in Earnings/(Losses) of Affiliates, Net of Tax0 (194)
Net Income/(Loss) From Continuing Operations(72,301)(58,513)
Capital Expenditures5,427 6,614
Assets6,110,945 6,046,238
Eliminations
Segment Reporting Information [Line Items]
Operating revenues(1,748)(3,910)
Depreciation and Amortization0 0
Operating Income/(Loss)0 0
Equity in Earnings/(Losses) of Affiliates, Net of Tax0 0
Net Income/(Loss) From Continuing Operations0 0
Capital Expenditures0 0
Assets(5,871,711) $ (5,870,974)
Eliminations | PIRM
Segment Reporting Information [Line Items]
Operating revenues(1,400)(3,100)
Eliminations | UWS
Segment Reporting Information [Line Items]
Operating revenues $ (300) $ (800)

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) consumer in Thousands, $ in Thousands1 Months Ended3 Months Ended12 Months Ended
Oct. 31, 2020USD ($)Jul. 31, 2019consumerMar. 31, 2021USD ($)Mar. 31, 2020USD ($)Dec. 31, 2020USD ($)Feb. 28, 2021USD ($)Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) from sale of discontinued operations, net of tax $ (2,700) $ 5,288 $ 0
Fair Credit Reporting Act Class Action
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of consumers certified | consumer2
Myriad Development, Inc. & Insignificant Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration $ 4,400
Decrease in contingent consideration value200 $ 800
Maximum | Myriad Development, Inc. & Insignificant Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration $ 17,500
Discontinued Operations, Disposed of by Sale | Rental Property Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received9,000 $ 51,200
Gain (loss) from sale of discontinued operations, net of tax $ (2,700)5,300
Costs related to sale $ 1,700
Discontinued Operations, Disposed of by Sale | PIRM | Rental Property Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allocation of goodwill $ 29,300
Discontinued Operations, Disposed of by Sale | PIRM | Credit solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Allocation of goodwill $ 79,900

Discontinued Operations (Financ

Discontinued Operations (Financial Statement Information) (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Statement of Financial Position [Abstract]
Cash and cash equivalents $ 952 $ 2,472
Accounts receivable and other assets58,703 47,137
Property and equipment, net25,998 30,237
Goodwill, net79,931 104,203
Capitalized data and database costs, net1,037 18,368
Total assets166,621 202,417
Accounts payable and accrued expenses46,126 26,873
Deferred income tax and other liabilities10,213 17,804
Total liabilities56,339 44,677
Income Statement [Abstract]
Operating revenues106,449 $ 90,966
Cost of services (exclusive of depreciation and amortization)86,166 71,041
Selling, general and administrative expenses15,236 4,764
Depreciation and amortization3,265
Gain on investments and other, net(159)(809)
Income/(loss) from discontinued operations before income taxes5,206 12,705
Provision/(benefit) for income taxes1,299 3,170
Income/(loss) from discontinued operations, net of tax3,907 9,535
PIRM
Statement of Financial Position [Abstract]
Cash and cash equivalents381 971
Accounts receivable and other assets2,634 4,063
Property and equipment, net0 5,586
Goodwill, net0 24,272
Capitalized data and database costs, net0 17,377
Total assets3,015 52,269
Accounts payable and accrued expenses11,457 2,584
Deferred income tax and other liabilities18 10,686
Total liabilities11,475 13,270
Income Statement [Abstract]
Operating revenues2,867 9,239
Cost of services (exclusive of depreciation and amortization)1,632 4,443
Selling, general and administrative expenses10,382 2,664
Depreciation and amortization1,875
Gain on investments and other, net0 0
Income/(loss) from discontinued operations before income taxes(9,147)257
Provision/(benefit) for income taxes(2,282)64
Income/(loss) from discontinued operations, net of tax(6,865)193
UWS
Statement of Financial Position [Abstract]
Cash and cash equivalents571 1,501
Accounts receivable and other assets55,801 42,806
Property and equipment, net25,998 24,651
Goodwill, net79,931 79,931
Capitalized data and database costs, net1,037 991
Total assets163,338 149,880
Accounts payable and accrued expenses34,429 24,048
Deferred income tax and other liabilities9,802 6,725
Total liabilities44,231 30,773
Income Statement [Abstract]
Operating revenues103,582 81,727
Cost of services (exclusive of depreciation and amortization)84,534 66,598
Selling, general and administrative expenses4,854 2,118
Depreciation and amortization1,390
Gain on investments and other, net(159)(809)
Income/(loss) from discontinued operations before income taxes14,353 12,430
Provision/(benefit) for income taxes3,581 3,101
Income/(loss) from discontinued operations, net of tax10,772 9,329
AMPS
Statement of Financial Position [Abstract]
Cash and cash equivalents0 0
Accounts receivable and other assets268 268
Property and equipment, net0 0
Goodwill, net0 0
Capitalized data and database costs, net0 0
Total assets268 268
Accounts payable and accrued expenses240 240
Deferred income tax and other liabilities0 0
Total liabilities240 240
Income Statement [Abstract]
Operating revenues0 0
Cost of services (exclusive of depreciation and amortization)0 0
Selling, general and administrative expenses0 0
Depreciation and amortization0
Gain on investments and other, net0 0
Income/(loss) from discontinued operations before income taxes0 0
Provision/(benefit) for income taxes0 0
Income/(loss) from discontinued operations, net of tax0 0
ELI
Statement of Financial Position [Abstract]
Cash and cash equivalents0 0
Accounts receivable and other assets0 0
Property and equipment, net0 0
Goodwill, net0 0
Capitalized data and database costs, net0 0
Total assets0 0
Accounts payable and accrued expenses0 1
Deferred income tax and other liabilities393 393
Total liabilities393 $ 394
Income Statement [Abstract]
Operating revenues0 0
Cost of services (exclusive of depreciation and amortization)0 0
Selling, general and administrative expenses0 (18)
Depreciation and amortization0
Gain on investments and other, net0 0
Income/(loss) from discontinued operations before income taxes0 18
Provision/(benefit) for income taxes0 5
Income/(loss) from discontinued operations, net of tax $ 0 $ 13