Investments in Affiliates

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investment in Affiliates, net

Investments in affiliates are accounted for under the equity method of accounting as 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 capital contributions and loans from us, plus our equity in undistributed earnings or losses since inception of the investment. We recorded equity in earnings of affiliates, net of tax of $8.8 million and $9.5 million for the three months ended March 31, 2013 and 2012, respectively. Income tax expense was $5.4 million and $6.0 million were recorded on those earnings for the three months ended March 31, 2013 and 2012, respectively.

One of our subsidiaries owns a 50.1% interest in RELS LLC ("RELS"), a joint venture that provides products and services used in connection with loan originations. This investment in affiliate contributed 69.8% and 80.8% of our total equity in earnings of affiliates, net of tax for the three months ended March 31, 2013 and 2012, respectively. In February 2013, RELS sold its RESDirect, LLC ("RESDirect") business to the Company for $4.0 million. See Note 13 - Acquisitions. Based on the terms and conditions of the joint venture agreement, we have significant influence over but do not have control of, nor a majority voting interest in, the joint venture. Accordingly, this investment is accounted for under the equity method. Summarized financial information for this investment (assuming a 100% ownership interest) is as follows:



	For the Three Months Ended
	March 31,
(in thousands)	2013		2012
Statement of operations
Total revenues	$	91,416	$	106,740
Expenses and other	70,902		84,968
Income from continuing operations before income taxes	$	20,514	$	21,772
Income from continuing operations, net of tax	20,412		21,667
Income from discontinued operations, net of tax	—		3,801
Net income attributable to RELS LLC	$	20,412	$	25,468
CoreLogic equity in earnings of affiliate, pre-tax	$	10,226	$	12,759

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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