0001442145 Verisk Analytics, Inc. false --12-31 Q2 2023 14.6 14.3 0.001 0.001 2,000,000,000 2,000,000,000 544,003,038 544,003,038 144,991,302 154,701,136 399,011,736 389,301,902 0.9 3.1 0.2 5.5 417,771 13,864 7,359 8,108 1,561,149 869,336 1,354 68,098 42,394 10,303 10,902,788 1,049,105 27,771 99,786 75,166 16,292 4,613,710 1,034,078 49,803 115,289 95,574 19,999 7.0 0.0 8.0 17.4 0 0 30.2 146.2 0 3.625 3.625 9.8 10.0 4.125 4.125 8.6 9.4 4.00 4.00 2.3 2.8 5.500 5.500 3.9 4.0 5.750 5.750 9.9 0 2,000,000,000 0 0 0.34 10 3 1 4 4 3 0 This adjustment relates to a segment reclassification; refer to Note 19. Segment Reporting Includes estimated performance achievement Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations Included in "Interest expense" in our accompanying condensed consolidated statements of operations Refer to Note 5. Leases These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details). Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations 00014421452023-01-012023-06-30 xbrli:shares 00014421452023-07-28 thunderdome:item iso4217:USD 00014421452023-06-30 00014421452022-12-31 iso4217:USDxbrli:shares 00014421452023-04-012023-06-30 00014421452022-04-012022-06-30 00014421452022-01-012022-06-30 0001442145us-gaap:CommonStockMember2023-03-31 0001442145us-gaap:AdditionalPaidInCapitalMember2023-03-31 0001442145us-gaap:TreasuryStockCommonMember2023-03-31 0001442145us-gaap:RetainedEarningsMember2023-03-31 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-31 0001442145us-gaap:ParentMember2023-03-31 0001442145us-gaap:NoncontrollingInterestMember2023-03-31 00014421452023-03-31 0001442145us-gaap:CommonStockMember2023-04-012023-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-30 0001442145us-gaap:TreasuryStockCommonMember2023-04-012023-06-30 0001442145us-gaap:RetainedEarningsMember2023-04-012023-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-30 0001442145us-gaap:ParentMember2023-04-012023-06-30 0001442145us-gaap:NoncontrollingInterestMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:CommonStockMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:TreasuryStockCommonMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:RetainedEarningsMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:ParentMember2023-04-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:NoncontrollingInterestMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:TreasuryStockCommonMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:ParentMember2023-04-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2023-04-012023-06-30 0001442145us-gaap:CommonStockMember2023-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2023-06-30 0001442145us-gaap:TreasuryStockCommonMember2023-06-30 0001442145us-gaap:RetainedEarningsMember2023-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-30 0001442145us-gaap:ParentMember2023-06-30 0001442145us-gaap:NoncontrollingInterestMember2023-06-30 0001442145us-gaap:CommonStockMember2022-03-31 0001442145us-gaap:AdditionalPaidInCapitalMember2022-03-31 0001442145us-gaap:TreasuryStockCommonMember2022-03-31 0001442145us-gaap:RetainedEarningsMember2022-03-31 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-31 0001442145us-gaap:ParentMember2022-03-31 0001442145us-gaap:NoncontrollingInterestMember2022-03-31 00014421452022-03-31 0001442145us-gaap:CommonStockMember2022-04-012022-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-30 0001442145us-gaap:TreasuryStockCommonMember2022-04-012022-06-30 0001442145us-gaap:RetainedEarningsMember2022-04-012022-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-30 0001442145us-gaap:ParentMember2022-04-012022-06-30 0001442145us-gaap:NoncontrollingInterestMember2022-04-012022-06-30 0001442145us-gaap:EmployeeStockOptionMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:TreasuryStockCommonMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:RetainedEarningsMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:ParentMember2022-04-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:NoncontrollingInterestMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:TreasuryStockCommonMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:ParentMember2022-04-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2022-04-012022-06-30 0001442145us-gaap:CommonStockMember2022-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2022-06-30 0001442145us-gaap:TreasuryStockCommonMember2022-06-30 0001442145us-gaap:RetainedEarningsMember2022-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-30 0001442145us-gaap:ParentMember2022-06-30 0001442145us-gaap:NoncontrollingInterestMember2022-06-30 00014421452022-06-30 0001442145us-gaap:CommonStockMember2022-12-31 0001442145us-gaap:AdditionalPaidInCapitalMember2022-12-31 0001442145us-gaap:TreasuryStockCommonMember2022-12-31 0001442145us-gaap:RetainedEarningsMember2022-12-31 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31 0001442145us-gaap:ParentMember2022-12-31 0001442145us-gaap:NoncontrollingInterestMember2022-12-31 0001442145us-gaap:CommonStockMember2023-01-012023-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-30 0001442145us-gaap:TreasuryStockCommonMember2023-01-012023-06-30 0001442145us-gaap:RetainedEarningsMember2023-01-012023-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-30 0001442145us-gaap:ParentMember2023-01-012023-06-30 0001442145us-gaap:NoncontrollingInterestMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:CommonStockMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:TreasuryStockCommonMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:RetainedEarningsMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:ParentMember2023-01-012023-06-30 0001442145us-gaap:EmployeeStockOptionMemberus-gaap:NoncontrollingInterestMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:TreasuryStockCommonMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:RetainedEarningsMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:ParentMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:NoncontrollingInterestMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:TreasuryStockCommonMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:ParentMember2023-01-012023-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2023-01-012023-06-30 0001442145us-gaap:CommonStockMember2021-12-31 0001442145us-gaap:AdditionalPaidInCapitalMember2021-12-31 0001442145us-gaap:TreasuryStockCommonMember2021-12-31 0001442145us-gaap:RetainedEarningsMember2021-12-31 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-31 0001442145us-gaap:ParentMember2021-12-31 0001442145us-gaap:NoncontrollingInterestMember2021-12-31 00014421452021-12-31 0001442145us-gaap:CommonStockMember2022-01-012022-06-30 0001442145us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-30 0001442145us-gaap:TreasuryStockCommonMember2022-01-012022-06-30 0001442145us-gaap:RetainedEarningsMember2022-01-012022-06-30 0001442145us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-30 0001442145us-gaap:ParentMember2022-01-012022-06-30 0001442145us-gaap:NoncontrollingInterestMember2022-01-012022-06-30 0001442145us-gaap:EmployeeStockOptionMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:CommonStockMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:TreasuryStockCommonMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:RetainedEarningsMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:ParentMember2022-01-012022-06-30 0001442145us-gaap:PerformanceSharesMemberus-gaap:NoncontrollingInterestMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:CommonStockMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:TreasuryStockCommonMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:RetainedEarningsMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:ParentMember2022-01-012022-06-30 0001442145us-gaap:RestrictedStockMemberus-gaap:NoncontrollingInterestMember2022-01-012022-06-30 0001442145vrsk:UnderwritingMembervrsk:InsuranceMember2023-04-012023-06-30 0001442145vrsk:UnderwritingMembervrsk:InsuranceMember2022-04-012022-06-30 0001442145vrsk:UnderwritingMembervrsk:InsuranceMember2023-01-012023-06-30 0001442145vrsk:UnderwritingMembervrsk:InsuranceMember2022-01-012022-06-30 0001442145vrsk:ClaimsMembervrsk:InsuranceMember2023-04-012023-06-30 0001442145vrsk:ClaimsMembervrsk:InsuranceMember2022-04-012022-06-30 0001442145vrsk:ClaimsMembervrsk:InsuranceMember2023-01-012023-06-30 0001442145vrsk:ClaimsMembervrsk:InsuranceMember2022-01-012022-06-30 0001442145vrsk:InsuranceMember2023-04-012023-06-30 0001442145vrsk:InsuranceMember2022-04-012022-06-30 0001442145vrsk:InsuranceMember2023-01-012023-06-30 0001442145vrsk:InsuranceMember2022-01-012022-06-30 0001442145vrsk:EnergyAndSpecializedMarketsMember2023-04-012023-06-30 0001442145vrsk:EnergyAndSpecializedMarketsMember2022-04-012022-06-30 0001442145vrsk:EnergyAndSpecializedMarketsMember2023-01-012023-06-30 0001442145vrsk:EnergyAndSpecializedMarketsMember2022-01-012022-06-30 0001442145vrsk:FinancialServicesMember2023-04-012023-06-30 0001442145vrsk:FinancialServicesMember2022-04-012022-06-30 0001442145vrsk:FinancialServicesMember2023-01-012023-06-30 0001442145vrsk:FinancialServicesMember2022-01-012022-06-30 0001442145country:US2023-04-012023-06-30 0001442145country:US2022-04-012022-06-30 0001442145country:US2023-01-012023-06-30 0001442145country:US2022-01-012022-06-30 0001442145country:GB2023-04-012023-06-30 0001442145country:GB2022-04-012022-06-30 0001442145country:GB2023-01-012023-06-30 0001442145country:GB2022-01-012022-06-30 0001442145vrsk:OtherCountriesMember2023-04-012023-06-30 0001442145vrsk:OtherCountriesMember2022-04-012022-06-30 0001442145vrsk:OtherCountriesMember2023-01-012023-06-30 0001442145vrsk:OtherCountriesMember2022-01-012022-06-30 xbrli:pure 00014421452022-01-012022-12-31 0001442145us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembervrsk:RegisteredInvestmentCompaniesMember2023-06-30 0001442145us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembervrsk:RegisteredInvestmentCompaniesMember2022-12-31 0001442145us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-06-30 0001442145us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-06-30 0001442145us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-31 0001442145us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-31 utr:Y 0001442145vrsk:FixedAssetsNetMember2023-06-30 0001442145vrsk:ShorttermDebtAndCurrentPortionOfLongtermDebtAndLongtermDebtMember2023-06-30 0001442145vrsk:FixedAssetsNetMember2022-12-31 0001442145vrsk:ShorttermDebtAndCurrentPortionOfLongtermDebtAndLongtermDebtMember2022-12-31 0001442145vrsk:KrugSachverstndigenGmbHMember2023-04-202023-04-20 0001442145vrsk:MaveraMember2022-02-01 0001442145vrsk:MaveraMember2023-02-012023-02-01 0001442145vrsk:MaveraMember2023-02-01 0001442145vrsk:KrugSachverstndigenGmbHMember2023-06-30 0001442145vrsk:AcquisitionOthersMember2023-06-30 0001442145vrsk:Acquisition2023Member2023-06-30 0001442145vrsk:KrugSachverstndigenGmbHMember2023-01-012023-06-30 0001442145vrsk:AcquisitionOthersMember2023-01-012023-06-30 0001442145vrsk:Acquisition2023Member2023-01-012023-06-30 0001442145us-gaap:TechnologyBasedIntangibleAssetsMember2023-01-012023-06-30 0001442145us-gaap:MarketingRelatedIntangibleAssetsMember2023-01-012023-06-30 0001442145us-gaap:CustomerRelatedIntangibleAssetsMember2023-01-012023-06-30 0001442145vrsk:MaveraMember2023-01-012023-06-30 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2023-02-01 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2023-02-012023-02-01 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2023-04-012023-06-30 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2022-04-012022-06-30 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2023-01-012023-06-30 0001442145us-gaap:DiscontinuedOperationsHeldforsaleMembervrsk:EnergyBusinessMember2022-01-012022-06-30 0001442145us-gaap:DiscontinuedOperationsDisposedOfBySaleMembervrsk:EnvironmentalHealthAndSafetyBusinessMember2023-02-01 0001442145us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembervrsk:VeriskFinancialServicesMember2022-12-31 0001442145vrsk:InsuranceMember2022-12-31 0001442145vrsk:InsuranceMember2023-06-30 00014421452022-03-312022-06-29 0001442145us-gaap:OtherOperatingIncomeExpenseMember2023-01-012023-06-30 0001442145us-gaap:OtherOperatingIncomeExpenseMember2022-01-012022-06-30 0001442145us-gaap:TechnologyBasedIntangibleAssetsMember2023-06-30 0001442145us-gaap:MarketingRelatedIntangibleAssetsMember2023-06-30 0001442145us-gaap:ContractBasedIntangibleAssetsMember2023-06-30 0001442145us-gaap:CustomerRelatedIntangibleAssetsMember2023-06-30 0001442145vrsk:DatabaseMember2023-06-30 0001442145us-gaap:TechnologyBasedIntangibleAssetsMember2022-12-31 0001442145us-gaap:MarketingRelatedIntangibleAssetsMember2022-12-31 0001442145us-gaap:ContractBasedIntangibleAssetsMember2022-12-31 0001442145us-gaap:CustomerRelatedIntangibleAssetsMember2022-12-31 0001442145vrsk:DatabaseMember2022-12-31 0001442145us-gaap:LineOfCreditMember2023-06-30 0001442145us-gaap:LineOfCreditMember2022-12-31 0001442145vrsk:TermLoanFacilityMember2023-06-30 0001442145vrsk:TermLoanFacilityMember2022-12-31 0001442145vrsk:BilateralTermLoanAgreementMember2023-06-30 0001442145vrsk:BilateralTermLoanAgreementMember2022-12-31 0001442145vrsk:ShorttermDebtAndCurrentPortionOfLongtermDebtMember2023-06-30 0001442145vrsk:ShorttermDebtAndCurrentPortionOfLongtermDebtMember2022-12-31 0001442145vrsk:The3625SeniorNoteMember2023-06-30 0001442145vrsk:The3625SeniorNoteMember2022-12-31 0001442145vrsk:The4125SeniorNoteMember2023-06-30 0001442145vrsk:The4125SeniorNoteMember2022-12-31 0001442145vrsk:The4000SeniorNoteMember2023-06-30 0001442145vrsk:The4000SeniorNoteMember2022-12-31 0001442145vrsk:The5500SeniorNoteMember2023-06-30 0001442145vrsk:The5500SeniorNoteMember2022-12-31 0001442145vrsk:The5750SeniorNotesMember2023-06-30 0001442145vrsk:The5750SeniorNotesMember2022-12-31 0001442145us-gaap:LongTermDebtMember2023-06-30 0001442145us-gaap:LongTermDebtMember2022-12-31 0001442145us-gaap:SeniorNotesMember2023-06-30 0001442145us-gaap:SeniorNotesMember2022-12-31 0001442145us-gaap:SeniorNotesMember2023-03-03 0001442145us-gaap:RevolvingCreditFacilityMember2023-06-30 0001442145us-gaap:RevolvingCreditFacilityMember2022-12-31 0001442145us-gaap:RevolvingCreditFacilityMember2023-04-05 0001442145us-gaap:RevolvingCreditFacilityMembersrt:MinimumMembervrsk:SecuredOvernightFinancingRateSofrMember2023-04-052023-04-05 0001442145us-gaap:RevolvingCreditFacilityMembersrt:MaximumMembervrsk:SecuredOvernightFinancingRateSofrMember2023-04-052023-04-05 0001442145us-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2023-04-052023-04-05 0001442145us-gaap:RevolvingCreditFacilityMembersrt:MaximumMember2023-04-052023-04-05 0001442145us-gaap:RevolvingCreditFacilityMember2023-04-052023-04-05 0001442145vrsk:BilateralTermLoanAgreementMember2022-03-11 0001442145us-gaap:RevolvingCreditFacilityMembervrsk:BilateralTermLoanAgreementMember2023-02-28 0001442145vrsk:BilateralTermLoanAgreementMembervrsk:BsbyMarginMember2022-09-092022-09-09 00014421452023-02-142023-02-14 00014421452023-04-252023-04-25 0001442145vrsk:AcceleratedShareRepurcahseAsrAgreementMember2022-12-31 0001442145vrsk:AcceleratedShareRepurcahseAsrAgreementMember2023-03-31 0001442145vrsk:AcceleratedShareRepurcahseAsrAgreementMember2022-12-012022-12-31 0001442145vrsk:AcceleratedShareRepurcahseAsrAgreementMember2023-03-072023-03-07 0001442145vrsk:ShareRepurchaseProgramsMember2022-12-012022-12-31 0001442145vrsk:ShareRepurchaseProgramsMember2023-02-012023-02-28 0001442145vrsk:ShareRepurchaseProgramsMember2023-01-012023-06-30 0001442145vrsk:ShareRepurchaseProgramsMember2023-06-30 0001442145vrsk:AdditonalRepurchaseAuthorizationSharesUponSaleOfEnergyBusinessMember2022-11-08 0001442145vrsk:AdditonalRepurchaseAuthorizationSharesUponSaleOfEnergyBusinessMember2023-06-30 0001442145vrsk:PensionAndPostretirementAdjustmentMember2023-04-012023-06-30 0001442145vrsk:PensionAndPostretirementAdjustmentMember2022-04-012022-06-30 0001442145vrsk:PensionAndPostretirementAdjustmentMember2023-01-012023-06-30 0001442145vrsk:PensionAndPostretirementAdjustmentMember2022-01-012022-06-30 0001442145vrsk:The2021IncentivePlanMember2023-06-30 0001442145us-gaap:PerformanceSharesMembersrt:MinimumMember2023-01-012023-06-30 0001442145us-gaap:PerformanceSharesMembersrt:MaximumMember2023-01-012023-06-30 0001442145vrsk:NonqualifiedStockOptionMembervrsk:KeyEmployeesMember2023-01-012023-01-31 0001442145us-gaap:RestrictedStockMembervrsk:KeyEmployeesMember2023-01-012023-01-31 0001442145us-gaap:PerformanceSharesMembervrsk:KeyEmployeesMember2023-01-012023-01-31 0001442145us-gaap:RestrictedStockMember2023-01-012023-01-31 0001442145vrsk:TSRBasedPSUsMember2023-01-012023-01-31 0001442145vrsk:ROICBasedPSUsMember2023-01-012023-01-31 0001442145srt:MinimumMember2023-01-012023-01-31 0001442145srt:MaximumMember2023-01-012023-01-31 0001442145us-gaap:RestrictedStockMember2022-12-31 0001442145us-gaap:PerformanceSharesMember2022-12-31 00014421452022-01-012023-06-30 0001442145us-gaap:RestrictedStockMember2023-06-30 0001442145us-gaap:PerformanceSharesMember2023-06-30 0001442145vrsk:EmployeeStockPurchasePlanMembervrsk:UKSharesavePlanMember2023-01-012023-06-30 0001442145vrsk:EmployeeStockPurchasePlanMembervrsk:UKSharesavePlanMember2023-06-30 0001442145vrsk:EmployeeStockPurchasePlanMembervrsk:UKSharesavePlanMember2022-01-012022-06-30 0001442145vrsk:EmployeeStockPurchasePlanMembervrsk:USESPPMember2023-06-30 0001442145vrsk:EmployeeStockPurchasePlanMembervrsk:USESPPMember2022-06-30 0001442145us-gaap:EquitySecuritiesMember2023-06-30 0001442145us-gaap:DebtSecuritiesMember2023-06-30 0001442145us-gaap:EquitySecuritiesMember2022-12-31 0001442145us-gaap:DebtSecuritiesMember2022-12-31 0001442145vrsk:PensionPlanAndSERPPlanMember2023-04-012023-06-30 0001442145vrsk:PensionPlanAndSERPPlanMember2022-04-012022-06-30 0001442145us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-04-012023-06-30 0001442145us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-30 0001442145vrsk:PensionPlanAndSERPPlanMember2023-01-012023-06-30 0001442145vrsk:PensionPlanAndSERPPlanMember2022-01-012022-06-30 0001442145us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-06-30 0001442145us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-30 0001442145country:US2023-06-30 0001442145country:US2022-12-31 0001442145country:GB2023-06-30 0001442145country:GB2022-12-31 0001442145vrsk:OtherCountriesMember2023-06-30 0001442145vrsk:OtherCountriesMember2022-12-31 0001442145vrsk:MillerVPentagonFederalCreditUnionVeriskAnalyticsIncAndLeadIntelligenceIncMember2023-06-16 0001442145vrsk:AhringerEtAlVLoandepotIncAndVeriskAnalyticsMember2023-01-30 0001442145vrsk:WilliamsVDdrMeridaLlcAndLeadIntelligenceIncMember2022-06-27
 

Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-Q

 


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number: 001-34480

 


VERISK ANALYTICS, INC.

(Exact name of registrant as specified in its charter)

 


Delaware

26-2994223

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

  

545 Washington Boulevard

 

Jersey City

 

NJ

07310-1686

(Address of principal executive offices)

(Zip Code)

 

(201) 469-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange where registered

Common Stock $.001 par value

VRSK

NASDAQ Global Select Market

 


Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

       

Non-accelerated filer

 

 

Smaller reporting company

 

       
    

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

 

As of  July 28, 2023, there were 145,027,078 shares outstanding of the registrant's Common Stock, par value $.001.

 



 

 

 

 
 

Verisk Analytics, Inc.

Index to Form 10-Q

 

Table of Contents

 

 

 

Page Number

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

 

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations

2

Condensed Consolidated Statements of Comprehensive Income (Loss)

3

Condensed Consolidated Statements of Changes in Stockholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

6

Notes to Condensed Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3. Quantitative and Qualitative Disclosures About Market Risk

47

Item 4. Controls and Procedures

47

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

48

Item 1A. Risk Factors

48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

48

Item 3. Defaults Upon Senior Securities

48

Item 4. Mine Safety Disclosures

48

Item 5. Other Information

48

Item 6. Exhibits

48

SIGNATURES

50

Exhibit 31.1

 

Exhibit 31.2

 

Exhibit 32.1

 

 

 

 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

June 30, 2023

  

December 31, 2022

 
  

(in millions, except for share and per share data)

 

ASSETS

 

Current assets:

        

Cash and cash equivalents

 $308.7  $112.5 

Accounts receivable, net of allowance for doubtful accounts of $14.6 and $14.3, respectively

  381.3   290.1 

Prepaid expenses

  91.4   83.7 

Income taxes receivable

  20.8   44.2 

Other current assets

  52.6   32.0 

Current assets held-for-sale

     362.6 

Total current assets

  854.8   925.1 

Noncurrent assets:

        

Fixed assets, net

  581.9   541.5 

Operating lease right-of-use assets, net

  196.9   182.0 

Intangible assets, net

  508.0   504.8 

Goodwill

  1,755.2   1,676.0 

Deferred income tax assets

  33.2   31.7 

Other noncurrent assets

  385.7   371.4 

Noncurrent assets held-for-sale

     2,728.6 

Total assets

 $4,315.7  $6,961.1 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

        

Accounts payable and accrued liabilities

 $283.7  $292.8 

Short-term debt and current portion of long-term debt

  3.4   1,392.9 

Deferred revenues

  468.7   321.7 

Operating lease liabilities

  43.2   29.5 

Income taxes payable

  1.8    

Current liabilities held-for-sale

     282.3 

Total current liabilities

  800.8   2,319.2 

Noncurrent liabilities:

        

Long-term debt

  2,842.1   2,343.2 

Deferred income tax liabilities

  139.3   145.6 

Operating lease liabilities

  190.9   189.9 

Other noncurrent liabilities

  36.8   17.9 

Noncurrent liabilities held-for-sale

     177.6 

Total liabilities

  4,009.9   5,193.4 

Commitments and contingencies (Note 16)

          

Stockholders’ equity:

        

Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 144,991,302 and 154,701,136 shares outstanding, respectively

  0.1   0.1 

Additional paid-in capital

  2,367.7   2,720.8 

Treasury stock, at cost, 399,011,736 and 389,301,902 shares, respectively

  (8,273.3)  (6,239.5)

Retained earnings

  6,153.8   5,999.1 

Accumulated other comprehensive income (loss)

  45.7   (731.2)

Total Verisk stockholders' equity

  294.0   1,749.3 

Noncontrolling interests

  11.8   18.4 

Total stockholders’ equity

  305.8   1,767.7 

Total liabilities and stockholders’ equity

 $4,315.7  $6,961.1 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

1

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2023

  

2022

  

2023

  

2022

 
  

(in millions, except for share and per share data)

 

Revenues

 $675.0  $612.8  $1,326.6  $1,256.4 

Operating expenses (income):

                

Cost of revenues (exclusive of items shown separately below)

  216.9   195.5   433.1   424.2 

Selling, general and administrative

  86.8   96.3   165.8   204.2 

Depreciation and amortization of fixed assets

  46.5   39.5   91.1   79.6 

Amortization of intangible assets

  18.8   18.3   36.5   39.5 

Other operating loss (income), net

     15.6      (361.5)

Total operating expenses, net

  369.0   365.2   726.5   386.0 

Operating income

  306.0   247.6   600.1   870.4 

Other expense:

                

Investment loss

  (6.2)  (0.9)  (7.3)  (2.8)

Interest expense, net

  (31.6)  (31.9)  (58.0)  (63.2)

Total other expense, net

  (37.8)  (32.8)  (65.3)  (66.0)

Income from continuing operations before income taxes

  268.2   214.8   534.8   804.4 

Provision for income taxes

  (63.9)  (41.2)  (136.1)  (143.8)

Income from continuing operations

  204.3   173.6   398.7   660.6 

(Loss) income from discontinued operations net of tax benefit (expense) of $0.9, $(3.1), $(0.2), and $(5.5), respectively (Note 7)

  (7.5)  24.2   (145.5)  43.0 

Net income

  196.8   197.8   253.2   703.6 

Less: Net loss (income) attributable to noncontrolling interests

  0.1   (0.1)     (0.2)

Net income attributable to Verisk

 $196.9  $197.7  $253.2  $703.4 

Basic net income per share attributable to Verisk:

                

Income from continuing operations

 $1.41  $1.10  $2.69  $4.14 

(Loss) income from discontinued operations

  (0.05)  0.15   (0.98)  0.27 

Basic net income per share attributable to Verisk:

 $1.36  $1.25  $1.71  $4.41 

Diluted net income per share attributable to Verisk:

                

Income from continuing operations

 $1.41  $1.09  $2.67  $4.12 

(Loss) income from discontinued operations

  (0.06)  0.15   (0.97)  0.27 

Diluted net income per share attributable to Verisk:

 $1.35  $1.24  $1.70  $4.39 

Weighted-average shares outstanding:

                

Basic

  144,834,494   157,972,755   148,433,375   159,326,855 

Diluted

  145,500,121   159,123,563   149,104,720   160,381,090 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2023

   

2022

   

2023

   

2022

 
                                 

Net income

  $ 196.8     $ 197.8     $ 253.2     $ 703.6  

Other comprehensive income (loss), net of tax:

                               

Foreign currency translation adjustment

    16.0       (219.7 )     775.2       (291.3 )

Pension and postretirement liability adjustment

    0.9       0.4       1.6       1.0  

Total other comprehensive income (loss)

    16.9       (219.3 )     776.8       (290.3 )

Comprehensive income (loss)

    213.7       (21.5 )     1,030.0       413.3  

Less: Comprehensive (income) loss income attributable to noncontrolling interests

    (0.6 )     0.8             1.3  

Comprehensive income (loss) attributable to Verisk

  $ 213.1     $ (20.7 )   $ 1,030.0     $ 414.6  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

 

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Three Months Ended June 30, 2023 and 2022

 

  

Common Stock Issued

  

Par Value

  

Additional Paid-in Capital

  

Treasury Stock

  

Retained Earnings

  

Accumulated Other Comprehensive Income/Loss

  

Total Verisk Stockholders' Equity

  

Noncontrolling Interests

  

Total Stockholders’ Equity

 
  

(in millions, except for share data)

     

Balance, April 1, 2023

  544,003,038  $0.1  $2,315.5  $(8,283.3) $6,006.7  $29.4  $68.4  $11.2  $79.6 

Net income

              196.9      196.9   (0.1)  196.8 

Other comprehensive income

                 16.9   16.9   0.6   17.5 

Investment in noncontrolling interests

                 (0.6)  (0.6)  0.1   (0.5)

Common stock dividend (1)

              (49.8)     (49.8)     (49.8)

Excise tax associated with share repurchases

           1.0         1.0      1.0 

Stock options exercised (417,771 shares transferred from treasury stock)

        43.1   8.6         51.7      51.7 

Restricted stock lapsed ("RSA") (13,864 shares transferred from treasury stock)

        (0.3)  0.3                

Stock-based compensation expense

        10.0            10.0      10.0 

Net share settlement from RSAs (7,359 shares withheld for tax settlement)

        (1.5)           (1.5)     (1.5)

Other stock issuances (8,108 shares transferred from treasury stock)

        0.9   0.1         1.0      1.0 

Balance, June 30, 2023

  544,003,038  $0.1  $2,367.7  $(8,273.3) $6,153.8  $45.7  $294.0  $11.8  $305.8 
                                     

Balance, April 1, 2022

  544,003,038  $0.1  $2,632.5  $(5,205.9) $5,696.9  $(465.0) $2,658.6  $17.3  $2,675.9 

Net income

              197.7      197.7   0.1   197.8 

Other comprehensive loss

                 (217.8)  (217.8)  (0.9)  (218.7)

Investment in noncontrolling interest

        (1.0)        (0.6)  (1.6)  1.6    

Common stock dividend (1)

              (49.1)     (49.1)     (49.1)

Treasury stock acquired (1,561,149 shares)

           (325.0)        (325.0)     (325.0)

Stock options exercised (869,336 shares transferred from treasury stock)

        65.7   12.3         78.0      78.0 

PSUs lapsed (1,354 shares transferred from treasury stock)

                           

RSAs lapsed (68,098 shares transferred from treasury stock)

        (1.0)  1.0                

Stock-based compensation expense

        18.4            18.4      18.4 

Net share settlement from RSAs (42,394 shares withheld for tax settlement)

        (8.7)           (8.7)     (8.7)

Other stock issuances (10,303 shares transferred from treasury stock)

        1.2   0.2         1.4      1.4 

Balance, June 30, 2022

  544,003,038  $0.1  $2,707.1  $(5,517.4) $5,845.5  $(683.4) $2,351.9  $18.1  $2,370.0 

_______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For The Six Months Ended June 30, 2023 and 2022

 

  

Common Stock Issued

  

Par Value

  

Additional Paid-in Capital

  

Treasury Stock

  

Retained Earnings

  

Accumulated Other Comprehensive Losses

  

Total Verisk Stockholders' Equity

  

Noncontrolling Interests

  

Total Stockholders’ Equity

 
  

(in millions, except for share data)

 

Balance, January 1, 2023

  544,003,038  $0.1  $2,720.8  $(6,239.5) $5,999.1  $(731.2) $1,749.3  $18.4  $1,767.7 

Net income

              253.2      253.2      253.2 

Other comprehensive income

                 776.8   776.8   (0.1)  776.7 

Investment in noncontrolling interests

        (3.9)        0.1   (3.8)  (6.5)  (10.3)

Common stock dividend (1)

              (98.5)     (98.5)     (98.5)

Treasury stock acquired (10,902,788 shares)

        37.5   (2,538.8)        (2,501.3)     (2,501.3)

Excise tax associated with share repurchases

           (18.1)        (18.1)     (18.1)

Share repurchases via accelerated share repurchase program not yet settled

        (500.3)  500.3                

Stock options exercised (1,049,105 shares transferred from treasury stock)

        93.8   20.4         114.2      114.2 

PSUs lapsed (27,771 shares transferred from treasury stock)

        (0.4)  0.4                

RSAs lapsed (99,786 shares transferred from treasury stock)

        (1.7)  1.7                

Stock-based compensation expense

        33.9            33.9      33.9 

Net share settlement from RSAs (75,166 shares withheld for tax settlement)

        (13.8)           (13.8)     (13.8)

Other stock issuances (16,292 shares transferred from treasury stock)

        1.8   0.3         2.1      2.1 

Balance, June 30, 2023

  544,003,038  $0.1  $2,367.7  $(8,273.3) $6,153.8  $45.7  $294.0  $11.8  $305.8 
                                     

Balance, January 1, 2022

  544,003,038  $0.1  $2,608.7  $(4,638.1) $5,240.4  $(394.6) $2,816.5  $26.0  $2,842.5 

Net income

              703.4      703.4   0.2   703.6 

Other comprehensive loss

                 (288.2)  (288.2)  (1.5)  (289.7)

Investment in noncontrolling interest

        (1.0)        (0.6)  (1.6)  (6.6)  (8.2)

Common stock dividend (1)

              (98.3)     (98.3)     (98.3)

Treasury stock acquired (4,613,710 shares)

           (896.3)        (896.3)     (896.3)

Stock options exercised (1,034,078 shares transferred from treasury stock)

        80.1   14.5         94.6      94.6 

PSUs lapsed (49,803 shares transferred from treasury stock)

        (0.6)  0.6                

Restricted stock and performance share units lapsed (115,289 shares transferred from treasury stock)

        (1.6)  1.6                

Stock-based compensation expense

        38.9            38.9      38.9 

Net share settlement from RSAs (95,574 shares withheld for tax settlement)

        (20.0)           (20.0)     (20.0)

Other stock issuances (19,999 shares transferred from treasury stock)

        2.6   0.3         2.9      2.9 

Balance, June 30, 2022

  544,003,038  $0.1  $2,707.1  $(5,517.4) $5,845.5  $(683.4) $2,351.9  $18.1  $2,370.0 

_______________

(1) Refer to Note 11. Stockholders' Equity for discussion related to quarterly cash dividends declared per share

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

5

 

VERISK ANALYTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2023

  

2022

  

2023

  

2022

 
  

(in millions)

 

Cash flows from operating activities:

                

Net income

 $196.8  $197.8  $253.2  $703.6 

Adjustments to reconcile net income to net cash provided by operating activities:

                

Depreciation and amortization of fixed assets

  46.5   49.8   91.1   99.4 

Amortization of intangible assets

  18.8   39.8   36.5   84.4 

Amortization of debt issuance costs and original issue discount, net of original issue premium

  0.5   0.4   0.6   0.7 

Provision for doubtful accounts

  2.9   1.2   5.5   2.9 

Loss (gain) on sale of assets

  6.9   15.6   135.3   (435.2)

Impairment of cost-based investments

  6.5      6.5    

Stock-based compensation expense

  10.0   18.4   33.9   38.9 

Impairment of long-lived assets

           73.7 

Deferred income taxes

  2.3   (12.3)  (16.7)  (49.4)

Loss on disposal of fixed assets

     0.7   (0.1)  0.7 

Acquisition related liability adjustment

  (22.0)     (22.0)   

Changes in assets and liabilities, net of effects from acquisitions:

                

Accounts receivable

  58.2   29.8   (127.2)  (103.3)

Prepaid expenses and other assets

  (4.5)  (18.9)  (37.4)  (17.5)

Operating lease right-of-use assets, net

  10.0   8.3   12.9   18.7 

Income taxes

  (74.2)  (153.6)  8.0   (22.6)

Accounts payable and accrued liabilities

  31.5   6.4   (0.9)  (63.6)

Deferred revenues

  (86.6)  (38.4)  174.7   227.7 

Operating lease liabilities

  (10.5)  (9.9)  (13.1)  (20.2)

Other liabilities

  (0.2)  (4.9)  17.4   (9.1)

Net cash provided by operating activities

  192.9   130.2   558.2   529.8 

Cash flows from investing activities:

                

Acquisitions and purchase of additional controlling interest, net of cash acquired of $7.0, $0.0, $8.0, and $17.4, respectively

  (46.1)  (3.5)  (83.3)  (448.9)

Proceeds from sale of assets

     498.3   3,066.4   1,073.3 

Investments in nonpublic companies

     (0.8)  (0.8)  (41.8)

Capital expenditures

  (58.2)  (69.2)  (119.4)  (129.2)

Escrow funding associated with acquisitions

  (3.8)     (3.8)  (2.3)

Other investing activities, net

  (0.2)     (0.3)   

Net cash (used in) provided by investing activities

  (108.3)  424.8   2,858.8   451.1 

Cash flows from financing activities:

                

Proceeds from issuance of long-term debt, net of original issue discount

        495.2    

Payment of debt issuance costs

  (1.2)     (6.7)   

(Repayment) proceeds of short-term debt

     (160.0)  (1,265.0)  40.0 

Repayment of short-term debt with original maturities greater than three months

        (125.0)   

Proceeds from issuance of short-term debt with original maturities less than three months

           125.0 

Repurchases of common stock

     (325.0)  (2,000.0)  (896.3)

Share repurchases not yet settled

        (500.0)   

Proceeds from stock options exercised

  56.5   77.2   114.9   93.0 

Net share settlement of taxes from restricted stock and performance share awards

  (1.4)  (8.7)  (13.7)  (20.0)

Dividends paid

  (49.5)  (49.2)  (98.7)  (98.6)

Other financing activities, net

  (1.2)  (1.7)  (2.8)  (4.1)

Net cash provided by (used in) financing activities

  3.2   (467.4)  (3,401.8)  (761.0)

Effect of exchange rate changes

  (11.0)  (12.9)  0.8   (19.5)

Net increase in cash and cash equivalents

  76.8   74.7   16.0   200.4 

Cash and cash equivalents, beginning of period

  231.9   406.0   292.7   280.3 

Cash and cash equivalents, end of period

 $308.7  $480.7  $308.7  $480.7 

Supplemental disclosures:

                

Income taxes paid

 $134.9  $210.1  $144.9  $221.8 

Interest paid

 $36.1  $39.5  $52.4  $60.6 

Noncash investing and financing activities:

                

Deferred tax liability established on date of acquisition

 $7.2  $0.4  $10.3  $16.5 

Net assets sold as part of the disposition

 $  $495.9  $3,211.8  $607.4 

Finance lease additions

 $6.9  $1.4  $13.1  $3.5 

Operating lease additions, net

 $(0.5) $