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Guarantor Subsidiaries
12 Months Ended
Dec. 31, 2012
Guarantor Subsidiaries [Abstract]  
Guarantor Subsidiaries
Guarantor Subsidiaries

As discussed in Note 9 - Long-Term Debt, the Notes are guaranteed on a senior unsecured basis by each of our existing and future direct and indirect subsidiaries that guarantee our Credit Agreement. These guarantees are required in support of the Notes, are full and unconditional, as well as joint and several, and are coterminous with the terms of the Notes and would require performance upon certain events of default referred to in the respective guarantees. The guarantees are subject to release under certain customary circumstances. The indenture governing the notes provides that the guarantees may be automatically and unconditionally released only upon the following circumstances: 1) the guarantor is sold or sells all of its assets in compliance with the terms of the indenture; 2) the guarantor is released from its guarantee obligations under the credit agreement; 3) the guarantor is properly designated as an “unrestricted subsidiary”, and 4) the requirements for legal or covenant defeasance or satisfaction and discharge have been satisfied. The maximum potential amounts that could be required to be paid under the domestic guarantees are essentially equal to the outstanding principal and interest under the Notes. The following condensed consolidating financial information reflects CoreLogic, Inc.'s (the "Parent's") separate accounts, the combined accounts of the guarantor subsidiaries, the combined accounts of the non-guarantor subsidiaries, the combined consolidating adjustments and eliminations and the Parent's consolidated accounts for the dates and periods indicated.

 
 
Condensed Balance Sheet
 
 
As of December 31, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
111,305

 
$
1,812

 
$
35,741

 
$

 
$
148,858

Other current assets
 
59,977

 
364,178

 
17,352

 
(441
)
 
441,066

Property and equipment, net
 
14,921

 
139,831

 
31,865

 

 
186,617

Goodwill, net
 

 
1,323,700

 
180,532

 

 
1,504,232

Other intangible assets, net
 

 
123,011

 
48,573

 

 
171,584

Capitalized data and database cost, net
 

 
238,598

 
83,691

 

 
322,289

Investment in affiliates, net
 

 
88,647

 
5,580

 

 
94,227

Deferred income tax assets, long-term
 
59,523

 

 

 
(59,523
)
 

Restricted cash
 
18,299

 
305

 
3,513

 

 
22,117

Investment in subsidiaries
 
1,853,561

 

 

 
(1,853,561
)
 

Intercompany receivable
 
65,885

 
125,587

 

 
(191,472
)
 

Other assets
 
107,976

 
28,420

 
2,441

 

 
138,837

Total assets
 
$
2,291,447

 
$
2,434,089

 
$
409,288

 
$
(2,104,997
)
 
$
3,029,827

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
82,668

 
$
406,890

 
$
27,974

 
$
(441
)
 
$
517,091

Long-term debt, net of current
 
783,470

 
8,854

 

 

 
792,324

Deferred revenue, net of current
 

 
309,418

 

 

 
309,418

Deferred income tax liabilities, long term
 

 
111,051

 
19,833

 
(59,523
)
 
71,361

Intercompany payable
 
125,587

 

 
65,885

 
(191,472
)
 

Other liabilities
 
130,421

 
33,011

 
5,255

 

 
168,687

Total CoreLogic stockholders' equity
 
1,169,301

 
1,564,865

 
288,696

 
(1,853,561
)
 
1,169,301

Noncontrolling interests
 

 

 
1,645

 

 
1,645

Total liabilities and equity
 
$
2,291,447

 
$
2,434,089

 
$
409,288

 
$
(2,104,997
)
 
$
3,029,827


 
 
Condensed Balance Sheet
 
 
As of December 31, 2011
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
229,871

 
$
9,106

 
$
20,289

 
$

 
$
259,266

Intercompany receivable
 
170,937

 

 

 
(170,937
)
 

Other current assets
 
54,458

 
376,926

 
15,855

 
(3,592
)
 
443,647

Property and equipment, net
 
8,500

 
175,129

 
30,608

 

 
214,237

Goodwill, net
 

 
1,288,328

 
183,878

 

 
1,472,206

Other intangible assets, net
 

 
107,994

 
56,371

 

 
164,365

Capitalized data and database cost, net
 

 
218,534

 
85,472

 

 
304,006

Investment in affiliates, net
 

 
108,323

 
5,486

 

 
113,809

Deferred income tax assets, long-term
 
53,724

 

 

 
(53,724
)
 

Restricted cash
 
18,298

 
122

 
3,624

 

 
22,044

Investment in subsidiaries
 
1,638,736

 

 

 
(1,638,736
)
 

Other assets
 
92,909

 
30,153

 
2,058

 

 
125,120

Total assets
 
$
2,267,433

 
$
2,314,615

 
$
403,641

 
$
(1,866,989
)
 
$
3,118,700

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Intercompany payables
 
$

 
$
157,039

 
$
13,898

 
$
(170,937
)
 
$

Other current liabilities
 
107,845

 
369,631

 
26,775

 
(3,592
)
 
500,659

Long-term debt, net of current
 
784,570

 
10,412

 
51,045

 

 
846,027

Deferred revenue, net of current
 

 
338,799

 

 

 
338,799

Deferred income taxes liabilities, long term
 

 
62,353

 
18,383

 
(53,724
)
 
27,012

Other liabilities
 
132,497

 
24,335

 
4,550

 

 
161,382

Total CoreLogic stockholders' equity
 
1,242,521

 
1,352,046

 
286,690

 
(1,638,736
)
 
1,242,521

Noncontrolling interests
 

 

 
2,300

 

 
2,300

Total liabilities and equity
 
$
2,267,433

 
$
2,314,615

 
$
403,641

 
$
(1,866,989
)
 
$
3,118,700


 
 
Condensed Statement of Operations
 
 
For the year ended December 31, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenue
 
$

 
$
1,477,258

 
$
90,375

 
$

 
$
1,567,633

Intercompany revenue
 

 

 
1,955

 
(1,955
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
805,767

 
35,781

 
(1,955
)
 
839,593

Selling, general and administrative expenses
 
65,636

 
272,074

 
34,356

 

 
372,066

Depreciation and amortization
 
2,937

 
104,571

 
26,206

 

 
133,714

Operating (loss)/income
 
(68,573
)
 
294,846

 
(4,013
)
 

 
222,260

Total interest (expense)/income, net
 
(50,222
)
 
140

 
(2,386
)
 

 
(52,468
)
Gain/(loss) on investments and other, net
 
3,492

 
(7,314
)
 
1,306

 

 
(2,516
)
(Benefit)/Provision for income taxes
 
(44,909
)
 
120,366

 
4,939

 

 
80,396

Equity in earnings of affiliates, net of tax
 

 
35,153

 
830

 

 
35,983

Equity/(losses) in earnings of subsidiary, net of tax
 
182,687

 

 

 
(182,687
)
 

Net income/(loss) from continuing operations
 
112,293

 
202,459

 
(9,202
)
 
(182,687
)
 
122,863

Loss from discontinued operations, net of tax
 

 
(15,056
)
 

 

 
(15,056
)
Gain from sale of discontinued operations, net of tax
 

 
3,841

 

 

 
3,841

Net income/(loss)
 
112,293

 
191,244

 
(9,202
)
 
(182,687
)
 
111,648

Less: Net loss attributable to noncontrolling interests
 

 

 
(645
)
 

 
(645
)
Net income/(loss) attributable to CoreLogic
 
$
112,293

 
$
191,244

 
$
(8,557
)
 
$
(182,687
)
 
$
112,293

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
112,293

 
$
191,244

 
$
(9,202
)
 
$
(182,687
)
 
$
111,648

Total other comprehensive income/(loss)
 
$
4,802

 
$

 
$
5,920

 
$
(5,920
)
 
$
4,802

Less: Comprehensive loss attributable to noncontrolling interests
 
$

 
$

 
$
(645
)
 
$

 
$
(645
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
117,095

 
$
191,244

 
$
(2,637
)
 
$
(188,607
)
 
$
117,095


 
 
Condensed Statement of Operations
 
 
For the year ended December 31, 2011
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenue
 
$

 
$
1,275,977

 
$
62,570

 
$

 
$
1,338,547

Intercompany revenue
 

 

 
45,678

 
(45,678
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
725,006

 
67,309

 
(43,251
)
 
749,064

Selling, general and administrative expenses
 
97,780

 
266,978

 
22,921

 
(2,427
)
 
385,252

Depreciation and amortization
 
3,702

 
92,046

 
19,798

 

 
115,546

Operating (loss)/income
 
(101,482
)
 
191,947

 
(1,780
)
 

 
88,685

Total interest expense, net
 
(55,564
)
 
(978
)
 
(1,748
)
 

 
(58,290
)
Gain/(loss) on investments and other, net
 
64,984

 
(5,061
)
 
82

 

 
60,005

(Benefit)/provision for income taxes
 
(65,471
)
 
133,017

 
(371
)
 

 
67,175

Equity in earnings of affiliates, net of tax
 

 
30,078

 
192

 

 
30,270

Equity in (losses)/earnings of subsidiary, net of tax
 
(48,018
)
 

 

 
48,018

 

Net (loss)/income from continuing operations
 
(74,609
)
 
82,969

 
(2,883
)
 
48,018

 
53,495

Loss from discontinued operations, net of tax
 

 
(127,124
)
 

 

 
(127,124
)
Net (loss)/income
 
(74,609
)
 
(44,155
)
 
(2,883
)
 
48,018

 
(73,629
)
Less: Net income attributable to noncontrolling interests
 

 

 
980

 

 
980

Net (loss)/income attributable to CoreLogic
 
$
(74,609
)
 
$
(44,155
)
 
$
(3,863
)
 
$
48,018

 
$
(74,609
)
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
(74,609
)
 
$
(44,155
)
 
$
(2,883
)
 
$
48,018

 
$
(73,629
)
Total other comprehensive income/(loss)
 
$
(36,259
)
 
$
(14,093
)
 
$
(12,612
)
 
$
26,705

 
$
(36,259
)
Less: Comprehensive income attributable to noncontrolling interests
 
$

 
$

 
$
980

 
$

 
$
980

Comprehensive income/(loss) attributable to CoreLogic
 
$
(110,868
)
 
$
(58,248
)
 
$
(16,475
)
 
$
74,723

 
$
(110,868
)

 
 
Condensed Statement of Operations
 
 
For the year ended December 31, 2010
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenue
 
$

 
$
1,276,089

 
$
4,187

 
$

 
$
1,280,276

Intercompany revenue
 

 

 
56,474

 
(56,474
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
689,473

 
48,150

 
(53,740
)
 
683,883

Selling, general and administrative expenses
 
72,943

 
315,582

 
2,038

 
(2,734
)
 
387,829

Depreciation and amortization
 
5,093

 
86,960

 
2,828

 

 
94,881

Operating (loss)/income
 
(78,036
)
 
184,074

 
7,645

 

 
113,683

Total interest (expense)/income, net
 
(30,279
)
 
(650
)
 
704

 

 
(30,225
)
(Loss)/gain on investments and other, net
 
(13,852
)
 
(1,828
)
 
4,795

 

 
(10,885
)
(Benefit)/provision for income taxes
 
(55,145
)
 
81,971

 
3,497

 

 
30,323

Equity in (losses)/earnings of affiliates, net of tax
 
(29
)
 
41,670

 

 

 
41,641

Equity in earnings/(losses) of subsidiary, net of tax
 
10,751

 

 

 
(10,751
)
 

Net (loss)/income from continuing operations
 
(56,300
)
 
141,295

 
9,647

 
(10,751
)
 
83,891

Income/(loss) from discontinued operations, net of tax
 

 
18,517

 
(102,053
)
 

 
(83,536
)
Loss from sale of discontinued operations, net of tax
 

 

 
(18,985
)
 

 
(18,985
)
Net (loss)/income
 
(56,300
)
 
159,812

 
(111,391
)
 
(10,751
)
 
(18,630
)
Less: Net income attributable to noncontrolling interests
 

 
37,627

 
43

 

 
37,670

Net (loss)/income attributable to CoreLogic
 
$
(56,300
)
 
$
122,185

 
$
(111,434
)
 
$
(10,751
)
 
$
(56,300
)
 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
(56,300
)
 
$
159,812

 
$
(111,391
)
 
$
(10,751
)
 
$
(18,630
)
Total other comprehensive income/(loss)
 
$
12,848

 
$
1,759

 
$
(547
)
 
$
(1,229
)
 
$
12,831

Less: Comprehensive income attributable to noncontrolling interests
 
$

 
$
37,610

 
$
43

 
$

 
$
37,653

Comprehensive income/(loss) attributable to CoreLogic
 
$
(43,452
)
 
$
123,961

 
$
(111,981
)
 
$
(11,980
)
 
$
(43,452
)

 
 
Condensed Statement of Cash Flows
 
 
For the year ended December 31, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating activities - continuing operations
 
(79,525
)
 
424,683

 
17,141

 

 
362,299

Net cash provided by operating activities - discontinued operations
 

 
820

 

 

 
820

Total cash (used in)/provided by operating activities
 
$
(79,525
)
 
$
425,503

 
$
17,141

 
$

 
$
363,119

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 


Purchases of property and equipment
 
(3,195
)
 
(37,952
)
 
(11,453
)
 

 
(52,600
)
Purchases of capitalized data and other intangible assets
 

 
(28,483
)
 
(3,397
)
 

 
(31,880
)
Cash paid for acquisitions, net of cash acquired
 

 
(78,354
)
 

 

 
(78,354
)
Cash received from sale of subsidiary, net
 

 
10,000

 

 

 
10,000

Proceeds from sale of property and equipment
 

 
1,882

 

 

 
1,882

Proceeds from sale of investments
 

 
8,000

 

 

 
8,000

Change in restricted cash
 
(1
)
 
(184
)
 
271

 

 
86

Net cash used in investing activities - continuing operations
 
(3,196
)
 
(125,091
)
 
(14,579
)
 

 
(142,866
)
Net cash used in investing activities - continuing operations
 

 
(4,066
)
 

 

 
(4,066
)
Total cash used in by investing activities
 
$
(3,196
)
 
$
(129,157
)
 
$
(14,579
)
 
$

 
$
(146,932
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 


Proceeds from long-term debt
 
50,000

 

 

 

 
50,000

Debt issuance costs
 

 

 

 

 

Repayments of long-term debt
 
(103,368
)
 
(11,020
)
 
(52,327
)
 

 
(166,715
)
Shares repurchased and retired
 
(226,629
)
 

 

 

 
(226,629
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
13,497

 

 

 

 
13,497

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(3,466
)
 

 

 

 
(3,466
)
Distribution to noncontrolling interests
 

 

 
(10
)
 

 
(10
)
Tax benefit related to stock options
 
947

 

 

 

 
947

Intercompany loan payments
 
(65,227
)
 
(295,866
)
 

 
361,093

 

Intercompany loan proceeds
 
295,866

 

 
65,227

 
(361,093
)
 

Net cash (used in)/provided by financing activities - continuing operations
 
(38,380
)
 
(306,886
)
 
12,890

 

 
(332,376
)
Net cash used in financing activities - discontinued operations
 

 
(71
)
 

 

 
(71
)
Total cash (used in)/provided by financing activities
 
$
(38,380
)
 
$
(306,957
)
 
$
12,890

 
$

 
$
(332,447
)
Net (decrease)/increase in cash and cash equivalents
 
(121,101
)
 
(10,611
)
 
15,452

 

 
(116,260
)
Cash and cash equivalents at beginning of period
 
229,871

 
9,106

 
20,289

 

 
259,266

Less: Change in cash and cash equivalents - discontinued operations
 

 
(3,317
)
 



 
(3,317
)
Plus: Cash swept from discontinued operations
 
2,535

 

 

 

 
2,535

Cash and cash equivalents at end of year
 
$
111,305

 
$
1,812

 
$
35,741

 
$

 
$
148,858


 
 
Condensed Statement of Cash Flows
 
 
For the year ended December 31, 2011
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating activities - continuing operations
 
$
(12,523
)
 
$
177,100

 
$
7,015

 
$

 
$
171,592

Net cash used in operating activities - discontinued operations
 

 
(10,655
)
 

 

 
(10,655
)
Total cash (used in)/provided by operating activities
 
$
(12,523
)
 
$
166,445

 
$
7,015

 
$

 
$
160,937

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 


Purchases of property and equipment
 
(785
)
 
(38,503
)
 
(5,927
)
 

 
(45,215
)
Purchases of capitalized data and other intangible assets
 

 
(26,447
)
 
(562
)
 

 
(27,009
)
Cash paid for acquisitions, net of cash acquired
 
(219,317
)
 
4,220

 
882

 

 
(214,215
)
Purchases of investments
 
725

 
(27,623
)
 

 

 
(26,898
)
Proceeds from sale of property and equipment
 

 
25,042

 

 

 
25,042

Proceeds from sale of investments
 

 
74,621

 

 

 
74,621

Cash received from sale of subsidiary, net
 

 
5,300

 
22,754

 

 
28,054

Change in restricted cash
 
2,675

 
(1
)
 
(583
)
 

 
2,091

Net cash (used in)/provided by investing activities - continuing operations
 
(216,702
)
 
16,609

 
16,564

 

 
(183,529
)
Net cash used in investing activities - discontinued operations
 

 
(4,497
)
 

 

 
(4,497
)
Total cash (used in)/provided by investing activities
 
$
(216,702
)
 
$
12,112

 
$
16,564

 
$

 
$
(188,026
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 


Purchases of redeemable noncontrolling interests
 

 
(72,000
)
 

 

 
(72,000
)
Proceeds from long-term debt
 
750,000

 
54,544

 
53,610

 

 
858,154

Debt issuance costs
 
(22,810
)
 

 

 

 
(22,810
)
Repayments of long-term debt
 
(575,787
)
 
(107,094
)
 
(50,526
)
 

 
(733,407
)
Shares repurchased and retired
 
(176,512
)
 

 

 

 
(176,512
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
3,087

 

 

 

 
3,087

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(2,023
)
 

 

 

 
(2,023
)
Distribution to noncontrolling interests
 

 
(4,290
)
 
(545
)
 

 
(4,835
)
Tax benefit related to stock options
 
363

 

 

 

 
363

Intercompany loan payments
 

 
(78,776
)
 
(53,054
)
 
131,830

 

Intercompany loan proceeds
 
131,830

 

 

 
(131,830
)
 

Net cash provided by/(used in) financing activities - continuing operations
 
108,148

 
(207,616
)
 
(50,515
)
 

 
(149,983
)
Net cash provided by financing activities - discontinued operations
 

 
71

 

 

 
71

Total cash provided by/(used in) financing activities
 
$
108,148

 
$
(207,545
)
 
$
(50,515
)
 
$

 
$
(149,912
)
Net (decrease)/increase in cash and cash equivalents
 
(121,077
)
 
(28,988
)
 
(26,936
)
 

 
(177,001
)
Cash and cash equivalents at beginning of period
 
355,974

 
23,013

 
47,225

 

 
426,212

Less: Change in cash and cash equivalents - discontinued operations
 

 
(15,081
)
 

 

 
(15,081
)
Plus: Cash swept to discontinued operations
 
$
(5,026
)
 


 
$

 
$

 
$
(5,026
)
Cash and cash equivalents at end of year
 
$
229,871

 
$
9,106

 
$
20,289

 
$

 
$
259,266


 
 
Condensed Statement of Cash Flows
 
 
For the year ended December 31, 2010
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating activities - continuing operations
 
$
(65,230
)
 
$
220,002

 
$
9,373

 
$

 
$
164,145

Net cash provided by operating activities - discontinued operations
 

 
18,598

 
23,451

 

 
42,049

Total cash (used in)/provided by operating activities
 
$
(65,230
)
 
$
238,600

 
$
32,824

 
$

 
$
206,194

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 


Purchases of property and equipment
 
(3,347
)
 
(48,114
)
 
(1,149
)
 

 
(52,610
)
Purchases of capitalized data and other intangible assets
 

 
(24,814
)
 

 

 
(24,814
)
Issuance of notes receivable, net
 

 
(12,754
)
 

 

 
(12,754
)
Cash paid for acquisitions, net of cash acquired
 

 
(11,401
)
 
2,173

 

 
(9,228
)
Cash received from sale of subsidiary, net
 

 

 
265,000

 

 
265,000

Purchases of investments
 
(18,764
)
 
(8,520
)
 

 

 
(27,284
)
Proceeds from maturities of debt securities
 

 
371

 

 

 
371

Proceeds from sale of investments
 

 
26,386

 

 

 
26,386

Change in restricted cash
 
(20,973
)
 
(122
)
 

 

 
(21,095
)
Net cash (used in)/provided by investing activities - continuing operations
 
(43,084
)
 
(78,968
)
 
266,024

 

 
143,972

Net cash used in investing activities - discontinued operations
 

 
(12,193
)
 
(70,536
)
 

 
(82,729
)
Total cash (used in)/provided by investing activities
 
$
(43,084
)
 
$
(91,161
)
 
$
195,488

 
$

 
$
61,243

Cash flow from financing activities:
 
 
 
 
 
 
 
 
 


Purchases of redeemable noncontrolling interests
 

 
(385,847
)
 

 

 
(385,847
)
Proceeds from long-term debt
 
843,524

 

 

 

 
843,524

Debt issuance cost
 
(14,776
)
 

 

 

 
(14,776
)
Repayments of long-term debt
 
(691,258
)
 
(22,385
)
 

 

 
(713,643
)
Shares repurchased and retired
 
(30,171
)
 

 

 

 
(30,171
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
11,674

 

 

 

 
11,674

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(4,677
)
 

 

 

 
(4,677
)
Distribution to noncontrolling interests
 

 
(27,800
)
 

 

 
(27,800
)
Cash dividends
 
(22,657
)
 

 

 

 
(22,657
)
Tax benefit related to stock options
 
3,423

 

 

 

 
3,423

Intercompany loan payments
 
(35,721
)
 

 
(240,389
)
 
276,110

 

Intercompany loan proceeds
 
240,389

 
35,721

 

 
(276,110
)
 

Net cash provided by/(used in) financing activities - continuing operations
 
299,750

 
(400,311
)
 
(240,389
)
 

 
(340,950
)
Net cash provided by financing activities - discontinued operations
 

 

 
29,087

 

 
29,087

Total cash provided by/(used in) financing activities
 
$
299,750

 
$
(400,311
)
 
$
(211,302
)
 
$

 
$
(311,863
)
Net increase/(decrease) in cash and cash equivalents
 
191,436

 
(252,872
)
 
17,010

 

 
(44,426
)
Cash and cash equivalents at beginning of period
 
165,012

 
282,290

 
12,217

 

 
459,519

Less: Change in cash and cash equivalents - discontinued operations
 

 
6,405

 
(17,998
)
 

 
(11,593
)
Plus: Cash swept to discontinued operations
 
$
(474
)
 


 


 
$

 
$
(474
)
Cash and cash equivalents at end of year
 
$
355,974

 
$
23,013

 
$
47,225

 
$

 
$
426,212

Revisions to Condensed Consolidating Financial Information

The consolidated balance sheet as of December 31, 2011 has been revised to correct the classification of $46.9 million in deferred income tax assets, long-term and deferred income tax liabilities, long-term to deferred income tax assets, current. These revisions impacted the guarantor subsidiaries. In addition, we have revised our 2011 and 2010 condensed consolidated statement of cash flows to correct the presentation of “Purchases of redeemable noncontrolling interests" as a financing activity rather than an investing activity. The revision resulted in an increase in cash flows from investing activities in 2011 and 2010 of $72.0 million and $385.8 million, respectively, from financing activities for 2011 and 2010 for the same amounts. These revisions impacted the Parent and subsidiaries. In addition, the 2011 and 2010 condensed consolidating financial information has been revised to 1) correct the presentation of deferred tax balances as assets or liabilities, 2) to gross up intercompany receivables and payables, 3) to gross up intercompany revenues and expenses, and 4) to move balances related to non-controlling interests from the Parent to the non-guarantor subsidiaries. We assessed the materiality of these items on previously issued annual and interim financial statements in accordance with SEC Staff Accounting Bulletin No. 99, and concluded that the errors were not material to the consolidated financial statements. We will revise the March 31, 2012, June 30, 2012 and September 30, 2012 financial statements to reflect the revisions discussed above, the next time such financial statements are included in future reports on Form 10-Q. The impact of these revisions to the condensed consolidating financial information for 2011 and 2010 are as follows:

 
Increase/(Decrease)
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Condensed Balance Sheet
 
 
 
 
 
 
 
 
 
As of December 31, 2011
 
 
 
 
 
 
 
 
 
Current assets
$
170,937

 
$
46,313

 
$
4,213

 
$
(174,529
)
 
$
46,934

Non-current assets
$
(160,629
)
 
$
15,419

 
$

 
$
106,905

 
$
(38,305
)
Current liabilities
$
12,608

 
$
157,039

 
$
4,882

 
$
(174,529
)
 
$

Non-current liabilities
$

 
$
62,353

 
$

 
$
(53,724
)
 
$
8,629

Total equity
$
(2,300
)
 
$
(157,039
)
 
$
(1,290
)
 
$
160,629

 
$

 
 
 
 
 
 
 
 
 
 
Condensed Statement of Operations
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2011
 
 
 
 
 
 
 
 
 
Operating revenue, net
$

 
$
45,678

 
$

 
$
(45,678
)
 
$

Total operating expenses
$
1,098

 
$
44,581

 
$

 
$
(45,679
)
 
$

Less: Net income attributable to noncontrolling interests
$
(980
)
 
$

 
$
980

 
$

 
$

Net (loss) income attributable to CLGX
$

 
$
1,098

 
$
(980
)
 
$
(118
)
 
$

Comprehensive income/(loss) attributable to CoreLogic
$

 
$
1,098

 
$
(980
)
 
$
(118
)
 
$

 
 
 
 
 
 
 
 
 
 
Condensed Statement of Operations
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2010
 
 
 
 
 
 
 
 
 
Operating revenue, net
$

 
$
56,474

 
$

 
$
(56,474
)
 
$

Total operating expenses
$
(842
)
 
$
57,315

 
$

 
$
(56,473
)
 
$

Equity in earnings/(losses) of subsidiary, net of tax
$
(38,131
)
 
$

 
$

 
$
38,131

 
$

Less: Net income attributable to noncontrolling interests
$
(37,670
)
 
$
37,627

 
$
43

 
$

 
$

Net (loss) income attributable to CLGX
$

 
$
(38,088
)
 
$
(43
)
 
$
38,131

 
$

Comprehensive income/(loss) attributable to CoreLogic
$

 
$
(38,088
)
 
$
(43
)
 
$
38,131

 
$

 
 
 
 
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2011
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating activities - continuing operations
$
(1,098
)
 
$
1,098

 
$

 
$

 
$

Net cash (used in)/provided by investing activities - continuing operations
$
49,246

 
$

 
$
22,754

 
$

 
$
72,000

Net cash provided by/(used in) financing activities - continuing operations
$
(43,122
)
 
$
(6,124
)
 
$
(22,754
)
 
$

 
$
(72,000
)
 
 
 
 
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2010
 
 
 
 
 
 
 
 
 
Net cash (used in)/provided by operating activities - continuing operations
$
3,683

 
$
(4,973
)
 
$
1,290

 

 
$

Net cash (used in)/provided by investing activities - continuing operations
$
392,384

 
$

 
$

 

 
$
392,384

Net cash used in investing activities - discontinued operations
$

 
$
(6,537
)
 
$

 

 
$
(6,537
)
Net cash provided by/(used in) financing activities - continuing operations
$
(395,593
)
 
$
4,973

 
$
4,773

 

 
$
(385,847
)