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Guarantor Subsidiaries (Tables)
3 Months Ended
Mar. 31, 2013
Guarantor Subsidiaries [Abstract]  
Schedule of Guarantor Obligations
The following condensed consolidating financial information reflects the separate accounts of CoreLogic, Inc. (the "Parent"), 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 March 31, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
95,396

 
$
9,582

 
$
20,581

 
$
—

 
$
125,559

Other current assets
 
$
44,016

 
$
358,565

 
$
24,419

 
$
—

 
$
427,000

Property and equipment, net
 
14,951

 
140,006

 
31,442

 
—

 
186,399

Goodwill
 
—

 
1,336,328

 
167,918

 
—

 
1,504,246

Other identifiable intangible assets, net
 
390

 
122,875

 
46,841

 
—

 
170,106

Capitalized data and database cost, net
 
—

 
240,916

 
83,300

 
—

 
324,216

Investments in affiliates
 
—

 
91,658

 
5,575

 
—

 
97,233

Deferred income tax assets, long-term
 
59,523

 
—

 
—

 
(59,523
)
 
—

Restricted cash
 
18,303

 
305

 
3,550

 
—

 
22,158

Investment in subsidiaries
 
1,905,600

 
—

 
—

 
(1,905,600
)
 
—

Intercompany receivable
 
62,707

 
160,946

 
—

 
(223,653
)
 
—

Other assets
 
108,597

 
40,249

 
2,428

 
—

 
151,274

Total assets
 
$
2,309,483

 
$
2,501,430

 
$
386,054

 
$
(2,188,776
)
 
$
3,008,191

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
106,118

 
$
371,691

 
$
25,128

 
$
—

 
$
502,937

Long-term debt, net
 
779,095

 
8,953

 
—

 
—

 
788,048

Deferred revenue
 
—

 
342,731

 
—

 
—

 
342,731

Deferred income taxes, long term
 
—

 
114,637

 
19,833

 
(59,523
)
 
74,947

Intercompany payable
 
160,946

 
—

 
62,707

 
(223,653
)
 
—

Other liabilities
 
130,342

 
30,428

 
5,776

 
—

 
166,546

Total CoreLogic stockholders' equity
 
1,132,982

 
1,632,990

 
272,610

 
(1,905,600
)
 
1,132,982

Noncontrolling interests
 
—

 
—

 
—

 
—

 
—

Total liabilities and equity
 
$
2,309,483

 
$
2,501,430

 
$
386,054

 
$
(2,188,776
)
 
$
3,008,191


 
 
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
 
—

 
1,323,700

 
180,532

 
—

 
1,504,232

Other identifiable intangible assets, net
 
—

 
123,011

 
48,573

 
—

 
171,584

Capitalized data and database cost, net
 
—

 
238,598

 
83,691

 
—

 
322,289

Investments in affiliates
 
—

 
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
 
783,470

 
8,854

 
—

 
—

 
792,324

Deferred revenue
 
—

 
309,418

 
—

 
—

 
309,418

Deferred income taxes, 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 Statement of Operations
 
 
For the three months ended March 31, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$
—

 
$
374,094

 
$
23,074

 
$
—

 
$
397,168

Intercompany revenues
 
—

 
—

 
167

 
(167
)
 
—

Cost of services (exclusive of depreciation and amortization below)
 
—

 
206,468

 
9,726

 
(167
)
 
216,027

Selling, general and administrative expenses
 
16,532

 
66,286

 
8,235

 
—

 
91,053

Depreciation and amortization
 
850

 
28,195

 
5,769

 
—

 
34,814

Operating (loss)/income
 
(17,382
)

73,145

 
(489
)
 
—

 
55,274

Total interest (expense)/income, net
 
(11,696
)
 
(66
)
 
158

 
—

 
(11,604
)
Gain on investment and other, net
 
1,340

 
1,459

 
—

 
—

 
2,799

(Benefit)/provision for income taxes
 
(7,830
)
 
28,421

 
467

 
—

 
21,058

Equity in earnings of affiliates, net of tax
 
—

 
8,776

 
11

 
—

 
8,787

Equity in earnings of subsidiary, net of tax
 
53,476

 
—

 
—

 
(53,476
)
 
—

Net income/(loss) from continuing operations, net of tax
 
33,568

 
54,893

 
(787
)
 
(53,476
)
 
34,198

Loss from discontinued operations, net of tax
 
—

 
(656
)
 
—

 
—

 
(656
)
Net income/(loss)
 
33,568

 
54,237

 
(787
)
 
(53,476
)
 
33,542

Less: Net loss attributable to noncontrolling interest
 
—

 
—

 
(26
)
 
—

 
(26
)
Net income/(loss) attributable to CoreLogic
 
$
33,568

 
$
54,237

 
$
(761
)
 
$
(53,476
)
 
$
33,568

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
33,568

 
$
54,237

 
$
(787
)
 
$
(53,476
)
 
$
33,542

Total other comprehensive (loss)/income
 
$
(538
)
 
$
—

 
$
933

 
$
(933
)
 
$
(538
)
Less: Comprehensive loss attributable to noncontrolling interests
 
$
—

 
$
—

 
$
(26
)
 
$
—

 
$
(26
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
33,030

 
$
54,237

 
$
172

 
$
(54,409
)
 
$
33,030

 
 
Condensed Statement of Operations
 
 
For the three months ended March 31, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$
—

 
$
335,975

 
$
22,126

 
$
—

 
$
358,101

Intercompany revenues
 
—

 
—

 
191

 
(191
)
 
—

Cost of services (exclusive of depreciation and amortization below)
 
—

 
188,791

 
9,065

 
(191
)
 
197,665

Selling, general and administrative expenses
 
17,900

 
58,005

 
9,813

 
—

 
85,718

Depreciation and amortization
 
925

 
22,767

 
5,799

 
—

 
29,491

Operating (loss)/income
 
(18,825
)
 
66,412

 
(2,360
)
 
—

 
45,227

Total interest expense, net
 
(13,492
)
 
191

 
(841
)
 
—

 
(14,142
)
Gain on investment and other, net
 
1,641

 
—

 
—

 
—

 
1,641

(Benefit)/provision for income taxes
 
(14,527
)
 
28,406

 
(641
)
 
—

 
13,238

Equity in earnings of affiliates, net of tax
 
—

 
9,166

 
304

 
—

 
9,470

Equity in earnings of subsidiary, net of tax
 
32,780

 
—

 
—

 
(32,780
)
 
—

Net income/(loss) from continuing operations, net of tax
 
16,631

 
47,363

 
(2,256
)
 
(32,780
)
 
28,958

Loss from discontinued operations, net of tax
 
—

 
(8,967
)
 
—

 
—

 
(8,967
)
Loss on sale of discontinued operations, net of tax
 
—

 
(3,454
)
 
—

 
—

 
(3,454
)
Net income/(loss)
 
16,631

 
34,942

 
(2,256
)
 
(32,780
)
 
16,537

Less: Net loss attributable to noncontrolling interest
 
—

 
—

 
(94
)
 
—

 
(94
)
Net income/(loss) attributable to CoreLogic
 
$
16,631

 
$
34,942

 
$
(2,162
)
 
$
(32,780
)
 
$
16,631

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
16,631

 
34,942

 
(2,256
)
 
(32,780
)
 
16,537

Total other comprehensive income/(loss)
 
4,135

 
—

 
4,167

 
(4,167
)
 
4,135

Less: Comprehensive loss attributable to noncontrolling interests
 
—

 
—

 
(94
)
 
—

 
(94
)
Comprehensive income/(loss) attributable to CoreLogic
 
20,766

 
34,942

 
2,005

 
(36,947
)
 
20,766



 
 
Condensed Statement of Cash Flows
 
 
For the three months ended March 31, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash provided by/(used in) operating activities - continuing operations
 
$
25,818

 
$
71,132

 
$
(3,879
)
 
$
—

 
$
93,071

Net cash used in operating activities - discontinued operations
 
—

 
(543
)
 
—

 
—

 
(543
)
Total cash provided by/(used in) operating activities
 
$
25,818

 
$
70,589

 
$
(3,879
)
 
$
—

 
$
92,528

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
(871
)
 
(15,334
)
 
(1,945
)
 
—

 
(18,150
)
Purchases of capitalized data and other intangible assets
 
(390
)
 
(7,820
)
 
(1,279
)
 
—

 
(9,489
)
Cash paid for acquisitions, net of cash acquired
 
—

 
(7,027
)
 
—

 
—

 
(7,027
)
Purchases of investments
 
—

 
(2,351
)
 
—

 
—

 
(2,351
)
Proceeds from sale of subsidiary and other increases in noncontrolling interest, net
 
—

 
800

 
—

 
—

 
800

Change in restricted cash
 
(4
)
 
1

 
(37
)
 
—

 
(40
)
Net cash used in investing activities - continuing operations
 
(1,265
)
 
(31,731
)
 
(3,261
)
 
—

 
(36,257
)
Net cash used in investing activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Total cash used in investing activities
 
$
(1,265
)
 
$
(31,731
)
 
$
(3,261
)
 
$
—

 
$
(36,257
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayments of long-term debt
 
(4,375
)
 
(25
)
 
—

 
—

 
(4,400
)
Share repurchased and retired
 
(75,676
)
 
—

 
—

 
—

 
(75,676
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
4,621

 
—

 
—

 
—

 
4,621

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(6,436
)
 
—

 
—

 
—

 
(6,436
)
Distribution to noncontrolling interests
 
—

 
—

 
—

 
—

 
—

Tax benefit/(liability) related to stock options
 
2,326

 
(5
)
 
—

 
—

 
2,321

Intercompany payments
 
—

 
(31,601
)
 
(8,020
)
 
39,621

 
—

Intercompany proceeds
 
39,621

 
—

 
—

 
(39,621
)
 
—

Net cash used in by financing activities - continuing operations
 
(39,919
)
 
(31,631
)
 
(8,020
)
 
—

 
(79,570
)
Net cash provided by financing activities - discontinued operations
 
—

 
—

 
—

 
—

 
—

Total cash used in by financing activities
 
$
(39,919
)
 
$
(31,631
)
 
$
(8,020
)
 
$
—

 
$
(79,570
)
Net (decrease)/increase in cash and cash equivalents
 
(15,366
)
 
7,227

 
(15,160
)
 
—

 
(23,299
)
Cash and cash equivalents at beginning of period
 
111,305

 
1,812

 
35,741

 
—

 
148,858

Less: Change in cash and cash equivalents - discontinued operations
 
—

 
(543
)
 
—

 
—

 
(543
)
Plus: Cash swept to discontinued operations
 
(543
)
 
—

 
—

 
—

 
(543
)
Cash and cash equivalents at end of period
 
$
95,396

 
$
9,582

 
$
20,581

 
$
—

 
$
125,559


 
 
Condensed Statement of Cash Flows
 
 
For the three months ended March 31, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash provided by/(used in) operating activities - continuing operations
 
$
19,166

 
$
58,236

 
$
(7,676
)
 
$
—

 
$
69,726

Net cash used in operating activities - discontinued operations
 
—

 
(4,694
)
 
—

 
—

 
(4,694
)
Total cash provided by/(used in) operating activities
 
$
19,166

 
$
53,542

 
$
(7,676
)
 
$
—

 
$
65,032

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of redeemable noncontrolling interests
 
—

 
—

 
—

 
—

 
—

Purchases of property and equipment
 
(989
)
 
(8,762
)
 
(3,768
)
 
—

 
(13,519
)
Purchases of capitalized data and other intangible assets
 
—

 
(6,876
)
 
(83
)
 
—

 
(6,959
)
Cash paid for acquisitions, net of cash acquired
 
—

 
—

 
—

 
—

 
—

Proceeds from sale of subsidiary and other decreases in noncontrolling interest, net
 
—

 
—

 
—

 
—

 
—

Purchases of investments
 
—

 
—

 
—

 
—

 
—

Proceeds from sale of property and equipment
 
—

 
45

 
—

 
—

 
45

Proceeds from sale of investments
 
—

 
—

 
—

 
—

 
—

Change in restricted cash
 
—

 
(186
)
 
—

 
—

 
(186
)
Net cash used in investing activities - continuing operations
 
(989
)
 
(15,779
)
 
(3,851
)
 
—

 
(20,619
)
Net cash provided by investing activities - discontinued operations
 
—

 
239

 
—

 
—

 
239

Total cash used in investing activities
 
$
(989
)
 
$
(15,540
)
 
$
(3,851
)
 
$
—

 
$
(20,380
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
 
—

 
—

 
—

 
—

 
—

Debt issuance costs
 
—

 
—

 
—

 
—

 
—

Repayments of long-term debt
 
(42,000
)
 
(10,214
)
 
(33
)
 
—

 
(52,247
)
Share repurchased and retired
 
—

 
—

 
—

 
—

 
—

Proceeds from issuance of stock related to stock options and employee benefit plans
 
187

 
—

 
—

 
—

 
187

Minimum tax withholding paid on behalf of employees for restricted stock units
 
—

 
—

 
—

 
—

 
—

Distribution to noncontrolling interests
 
—

 
—

 
(10
)
 
—

 
(10
)
Tax benefit related to stock options
 
56

 
—

 
—

 
—

 
56

Intercompany payments
 
(9,065
)
 
(45,236
)
 
—

 
54,301

 
—

Intercompany proceeds
 
45,236

 
—

 
9,065

 
(54,301
)
 
—

Net cash (used in)/provided by financing activities - continuing operations
 
(5,586
)
 
(55,450
)
 
9,022

 
—

 
(52,014
)
Net cash provided by financing activities - discontinued operations
 
—

 
1

 
—

 
—

 
1

Total cash (used in)/provided by financing activities
 
$
(5,586
)
 
$
(55,449
)
 
$
9,022

 
$
—

 
$
(52,013
)
Net increase/(decrease) in cash and cash equivalents
 
12,591

 
(17,447
)
 
(2,505
)
 
—

 
(7,361
)
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
 
—

 
(4,454
)
 
—

 
—

 
(4,454
)
Cash and cash equivalents at end of period
 
$
242,462

 
$
(3,887
)
 
$
17,784

 
$
—

 
$
256,359


Revisions to Condensed Consolidating Financial Information

The consolidated income statement and condensed consolidated statement of cash flows as of March 31, 2012 has been revised to gross up intercompany revenues and expenses and 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 SAB No. 99, and concluded that the errors were not material to the consolidated financial statements. The impact of these revisions to the condensed consolidating financial information for 2012 are as follows:

 
Increase/(Decrease)
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
Condensed Statement of Operations
 
 
 
 
 
 
 
 
 
For the three months ended March 31, 2012
 
 
 
 
 
 
 
 
 
Operating revenue, net
$
—

 
$
191

 
$
—

 
$
(191
)
 
$
—

Total operating expenses
$
—

 
$
191

 
$
—

 
$
(191
)
 
$
—

Less: Net income/(loss) attributable to noncontrolling interests
$
94

 
$
—

 
$
(94
)
 
$
—

 
$
—

Net income attributable to CLGX
$
—

 
$
—

 
$
94

 
$
(94
)
 
$
—

Comprehensive income/(loss) attributable to CoreLogic
$
—

 
$
—

 
$
94

 
$
(94
)
 
$
—

 
 
 
 
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
For the three months ended March 31, 2012
 
 
 
 
 
 
 
 
 
Net cash provided by/(used in) operating activities - continuing operations
$
—

 
$
1,299

 
$
(1,299
)
 
$
—

 
$
—

Net cash (used in)/provided by investing activities - continuing operations
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Net cash (used in)/provided by financing activities - continuing operations
$
—

 
$
(1,299
)
 
$
1,299

 
$
—

 
$
—