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Guarantor Subsidiaries (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
147,775

 
$
1,611

 
$
27,205

 
$

 
$
176,591

Other current assets
 
47,140

 
369,998

 
24,959

 
(4,453
)
 
437,644

Property and equipment, net
 
15,948

 
137,744

 
28,037

 

 
181,729

Goodwill
 

 
1,336,593

 
149,614

 

 
1,486,207

Other identifiable intangible assets, net
 
376

 
115,604

 
39,744

 

 
155,724

Capitalized data and database cost, net
 

 
243,437

 
72,851

 

 
316,288

Investments in affiliates
 

 
93,937

 
5,547

 

 
99,484

Deferred income tax assets, long-term
 
59,523

 

 

 
(59,523
)
 

Restricted cash
 
18,303

 
306

 
1,416

 

 
20,025

Investment in subsidiaries
 
1,933,141

 

 

 
(1,933,141
)
 

Intercompany receivable
 
62,619

 
247,348

 
4,722

 
(314,689
)
 

Other assets
 
108,945

 
39,311

 
2,011

 

 
150,267

Total assets
 
$
2,393,770

 
$
2,585,889

 
$
356,106

 
$
(2,311,806
)
 
$
3,023,959

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
85,164

 
$
394,812

 
$
30,994

 
$
(4,453
)
 
$
506,517

Long-term debt, net
 
779,095

 
4,636

 

 

 
783,731

Deferred revenue
 

 
345,381

 

 

 
345,381

Deferred income taxes, long term
 

 
116,598

 
19,833

 
(59,523
)
 
76,908

Intercompany payable
 
252,070

 

 
62,619

 
(314,689
)
 

Other liabilities
 
127,797

 
30,342

 
3,639

 

 
161,778

Total CoreLogic stockholders' equity
 
1,149,644

 
1,694,120

 
239,021

 
(1,933,141
)
 
1,149,644

Noncontrolling interests
 

 

 

 

 

Total liabilities and equity
 
$
2,393,770

 
$
2,585,889

 
$
356,106

 
$
(2,311,806
)
 
$
3,023,959


 
 
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 June 30, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
409,695

 
$
23,940

 
$
(6,663
)
 
$
426,972

Intercompany revenues
 

 

 
179

 
(179
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
219,284

 
8,891

 
(6,842
)
 
221,333

Selling, general and administrative expenses
 
20,920

 
73,034

 
8,475

 

 
102,429

Depreciation and amortization
 
844

 
28,009

 
5,971

 

 
34,824

Operating (loss)/income
 
(21,764
)
 
89,368

 
782

 

 
68,386

Total interest (expense)/income, net
 
(11,750
)
 
(143
)
 
140

 

 
(11,753
)
Gain on investment and other, net
 
395

 
4

 

 

 
399

(Provision)/benefit for income taxes
 
(11,922
)
 
33,689

 
(250
)
 

 
21,517

Equity in earnings of affiliates, net of tax
 

 
9,121

 
224

 

 
9,345

Equity in earnings of subsidiary, net of tax
 
64,747

 

 

 
(64,747
)
 

Net income/(loss) from continuing operations, net of tax
 
43,550

 
64,661

 
1,396

 
(64,747
)
 
44,860

Loss from discontinued operations, net of tax
 

 
(1,310
)
 

 

 
(1,310
)
Net income/(loss) attributable to CoreLogic
 
$
43,550

 
$
63,351

 
$
1,396

 
$
(64,747
)
 
$
43,550

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
43,550

 
$
63,351

 
$
1,396

 
$
(64,747
)
 
$
43,550

Total other comprehensive income/(loss)
 
(37,933
)
 

 
(39,000
)
 
39,000

 
(37,933
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
5,617

 
$
63,351

 
$
(37,604
)
 
$
(25,747
)
 
$
5,617


 
 
Condensed Statement of Operations
 
 
For the three months ended June 30, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
367,169

 
$
22,192

 
$

 
$
389,361

Intercompany revenues
 

 

 
151

 
(151
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
196,672

 
9,203

 
(151
)
 
205,724

Selling, general and administrative expenses
 
13,269

 
64,128

 
7,773

 

 
85,170

Depreciation and amortization
 
603

 
24,059

 
6,243

 

 
30,905

Operating (loss)/income
 
(13,872
)
 
82,310

 
(876
)
 

 
67,562

Total interest expense, net
 
(12,508
)
 
(3
)
 
(823
)
 

 
(13,334
)
(Loss)/gain on investment and other, net
 
(296
)
 
(1,547
)
 
591

 

 
(1,252
)
(Benefit)/provision for income taxes
 
(6,944
)
 
27,960

 
2,562

 

 
23,578

Equity in earnings of affiliates, net of tax
 

 
11,405

 
340

 

 
11,745

Equity in earnings of subsidiary, net of tax
 
62,389

 

 

 
(62,389
)
 

Net income/(loss) from continuing operations, net of tax
 
42,657


64,205


(3,330
)

(62,389
)

41,143

Income from discontinued operations, net of tax
 

 
983

 

 

 
983

Gain from sale of discontinued operations, net of tax
 

 
466

 

 

 
466

Net income/(loss)
 
42,657

 
65,654

 
(3,330
)
 
(62,389
)
 
42,592

Less: Net loss attributable to noncontrolling interest
 

 

 
(65
)
 

 
(65
)
Net income/(loss) attributable to CoreLogic
 
$
42,657

 
$
65,654

 
$
(3,265
)
 
$
(62,389
)
 
$
42,657

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
42,657

 
$
65,654

 
$
(3,330
)
 
$
(62,389
)
 
$
42,592

Total other comprehensive (loss)/income
 
(2,762
)
 

 
(3,152
)
 
3,152

 
(2,762
)
Less: Comprehensive loss attributable to noncontrolling interests
 

 

 
(65
)
 

 
(65
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
39,895

 
$
65,654

 
$
(6,417
)
 
$
(59,237
)
 
$
39,895


 
 
Condensed Statement of Operations
 
 
For the six months ended June 30, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
777,127

 
$
47,014

 
$

 
$
824,141

Intercompany revenues
 

 

 
346

 
(346
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
419,089

 
18,617

 
(346
)
 
437,360

Selling, general and administrative expenses
 
37,452

 
139,319

 
16,710

 

 
193,481

Depreciation and amortization
 
1,694

 
56,203

 
11,741

 

 
69,638

Operating (loss)/income
 
(39,146
)

162,516

 
292

 

 
123,662

Total interest (expense)/income, net
 
(23,446
)
 
(210
)
 
298

 

 
(23,358
)
Gain on investment and other, net
 
1,735

 
1,463

 

 

 
3,198

(Benefit)/provision for income taxes
 
(19,752
)
 
62,110

 
217

 

 
42,575

Equity in earnings of affiliates, net of tax
 

 
17,574

 
558

 

 
18,132

Equity in earnings of subsidiary, net of tax
 
118,224

 

 

 
(118,224
)
 

Net income/(loss) from continuing operations, net of tax
 
77,119

 
119,233

 
931

 
(118,224
)
 
79,059

Loss from discontinued operations, net of tax
 

 
(1,966
)
 

 

 
(1,966
)
Net income/(loss)
 
77,119

 
117,267

 
931

 
(118,224
)
 
77,093

Less: Net loss attributable to noncontrolling interest
 

 

 
(26
)
 

 
(26
)
Net income/(loss) attributable to CoreLogic
 
$
77,119

 
$
117,267

 
$
957

 
$
(118,224
)
 
$
77,119

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
77,119

 
$
117,267

 
$
931

 
$
(118,224
)
 
$
77,093

Total other comprehensive (loss)/income
 
(38,472
)
 

 
(39,934
)
 
39,934

 
(38,472
)
Less: Comprehensive loss attributable to noncontrolling interests
 

 

 
(26
)
 

 
(26
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
38,647

 
$
117,267

 
$
(38,977
)
 
$
(78,290
)
 
$
38,647

 
 
Condensed Statement of Operations
 
 
For the six months ended June 30, 2012
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
703,144

 
$
44,318

 
$

 
$
747,462

Intercompany revenues
 

 

 
342

 
(342
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
385,463

 
18,268

 
(342
)
 
403,389

Selling, general and administrative expenses
 
31,168

 
122,133

 
17,586

 

 
170,887

Depreciation and amortization
 
1,528

 
46,827

 
12,042

 

 
60,397

Operating (loss)/income
 
(32,696
)
 
148,721

 
(3,236
)
 

 
112,789

Total interest (expense)/income, net
 
(26,000
)
 
188

 
(1,664
)
 

 
(27,476
)
Gain/(loss) on investment and other, net
 
1,345

 
(1,547
)
 
591

 

 
389

(Benefit)/provision for income taxes
 
(21,470
)
 
56,365

 
1,921

 

 
36,816

Equity in earnings of affiliates, net of tax
 

 
20,571

 
644

 

 
21,215

Equity in earnings of subsidiary, net of tax
 
95,168

 

 

 
(95,168
)
 

Net income/(loss) from continuing operations, net of tax
 
59,287

 
111,568

 
(5,586
)
 
(95,168
)
 
70,101

Loss from discontinued operations, net of tax
 

 
(7,985
)
 

 

 
(7,985
)
Loss on sale of discontinued operations, net of tax
 

 
(2,987
)
 

 

 
(2,987
)
Net income/(loss)
 
59,287

 
100,596

 
(5,586
)
 
(95,168
)
 
59,129

Less: Net loss attributable to noncontrolling interest
 

 

 
(158
)
 

 
(158
)
Net income/(loss) attributable to CoreLogic
 
$
59,287

 
$
100,596

 
$
(5,428
)
 
$
(95,168
)
 
$
59,287

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
59,287

 
$
100,596

 
$
(5,586
)
 
$
(95,168
)
 
$
59,129

Total other comprehensive income/(loss)
 
1,373

 

 
1,015

 
(1,015
)
 
1,373

Less: Comprehensive loss attributable to noncontrolling interests
 

 

 
(158
)
 

 
(158
)
Comprehensive income/(loss) attributable to CoreLogic
 
$
60,660

 
$
100,596

 
$
(4,413
)
 
$
(96,183
)
 
$
60,660



 
 
Condensed Statement of Cash Flows
 
 
For the six months ended June 30, 2013
 
 
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
 
$
(11,627
)
 
$
173,567

 
$
6,022

 
$

 
$
167,962

Net cash used in operating activities - discontinued operations
 

 
(1,288
)
 

 

 
(1,288
)
Total cash (used in)/provided by operating activities
 
$
(11,627
)
 
$
172,279

 
$
6,022

 
$

 
$
166,674

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
(2,698
)
 
(27,999
)
 
(3,975
)
 

 
(34,672
)
Purchases of capitalized data and other intangible assets
 
(376
)
 
(16,432
)
 
(2,120
)
 

 
(18,928
)
Cash paid for acquisitions, net of cash acquired
 

 
(6,852
)
 

 

 
(6,852
)
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
)
 

 
2,097

 

 
2,093

Net cash used in investing activities - continuing operations
 
(3,078
)
 
(52,834
)
 
(3,998
)
 

 
(59,910
)
Net cash used in investing activities - discontinued operations
 

 

 

 

 

Total cash used in investing activities
 
$
(3,078
)
 
$
(52,834
)
 
$
(3,998
)
 
$

 
$
(59,910
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
 

 
551

 

 

 
551

Repayments of long-term debt
 
(4,375
)
 
(48
)
 

 

 
(4,423
)
Share repurchased and retired
 
(75,676
)
 

 

 

 
(75,676
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
7,119

 

 

 

 
7,119

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(6,680
)
 

 

 

 
(6,680
)
Tax benefit/(liability) related to stock options
 
2,326

 
326

 

 

 
2,652

Intercompany payments
 

 
(121,761
)
 
(7,986
)
 
129,747

 

Intercompany proceeds
 
129,747

 

 

 
(129,747
)
 

Net cash used in by financing activities - continuing operations
 
52,461

 
(120,932
)
 
(7,986
)
 

 
(76,457
)
Net cash provided by financing activities - discontinued operations
 

 

 

 

 

Total cash used in by financing activities
 
$
52,461

 
$
(120,932
)
 
$
(7,986
)
 
$

 
$
(76,457
)
Effect of exchange rate on cash
 

 

 
(2,574
)
 

 
(2,574
)
Net (decrease)/increase in cash and cash equivalents
 
37,756

 
(1,487
)
 
(8,536
)
 

 
27,733

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
 

 
(1,288
)
 

 

 
(1,288
)
Plus: Cash swept to discontinued operations
 
(1,286
)
 
(2
)
 

 

 
(1,288
)
Cash and cash equivalents at end of period
 
$
147,775

 
$
1,611

 
$
27,205

 
$

 
$
176,591


 
 
Condensed Statement of Cash Flows
 
 
For the six months ended June 30, 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
 
$
3,462

 
$
182,119

 
$
(2,514
)
 
$

 
$
183,067

Net cash used in operating activities - discontinued operations
 

 
9,490

 

 

 
9,490

Total cash provided by/(used in) operating activities
 
$
3,462

 
$
191,609

 
$
(2,514
)
 
$

 
$
192,557

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
(244
)
 
(18,146
)
 
(6,549
)
 

 
(24,939
)
Purchases of capitalized data and other intangible assets
 

 
(14,043
)
 
(1,354
)
 

 
(15,397
)
Proceeds from sale of property and equipment
 

 
1,832

 

 

 
1,832

Change in restricted cash
 

 
(184
)
 
307

 

 
123

Net cash used in investing activities - continuing operations
 
(244
)
 
(30,541
)
 
(7,596
)
 

 
(38,381
)
Net cash provided by investing activities - discontinued operations
 

 
(4,745
)
 

 

 
(4,745
)
Total cash used in investing activities
 
$
(244
)
 
$
(35,286
)
 
$
(7,596
)
 
$

 
$
(43,126
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Repayments of long-term debt
 
(103,018
)
 
(10,726
)
 
(81
)
 

 
(113,825
)
Share repurchased and retired
 
(28,744
)
 

 

 

 
(28,744
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
768

 

 

 

 
768

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(2,577
)
 

 

 

 
(2,577
)
Distribution to noncontrolling interests
 

 
(10
)
 

 

 
(10
)
Cash dividends
 

 
10

 
(10
)
 

 

Excess tax benefit related to stock options
 
109

 

 

 

 
109

Intercompany payments
 
(5,963
)
 
(152,437
)
 

 
158,400

 

Intercompany proceeds
 
152,437

 

 
5,963

 
(158,400
)
 

Net cash (used in)/provided by financing activities - continuing operations
 
13,012

 
(163,163
)
 
5,872

 

 
(144,279
)
Net cash provided by financing activities - discontinued operations
 

 
2

 

 

 
2

Total cash (used in)/provided by financing activities
 
$
13,012

 
$
(163,161
)
 
$
5,872

 
$

 
$
(144,277
)
Net increase/(decrease) in cash and cash equivalents
 
16,230

 
(6,838
)
 
(4,238
)
 

 
5,154

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
 

 
4,747

 

 

 
4,747

Cash and cash equivalents at end of period
 
$
246,101

 
$
(2,479
)
 
$
16,051

 
$

 
$
259,673


Revisions to Condensed Consolidating Financial Information

The consolidated income statement for the three and six months ended and condensed consolidated statement of cash flows for the six months ended June 30, 2012 have 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 June 30, 2012
 
 
 
 
 
 
 
 
 
Operating revenue, net
$

 
$
151

 
$

 
$
(151
)
 
$

Total operating expenses
$

 
$
151

 
$

 
$
(151
)
 
$

Less: Net income/(loss) attributable to noncontrolling interests
$
65

 
$

 
$
(65
)
 
$

 
$

Net income attributable to CLGX
$

 
$

 
$
65

 
$
(65
)
 
$

Comprehensive income/(loss) attributable to CoreLogic
$

 
$

 
$
65

 
$
(65
)
 
$

 
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2012
 
 
 
 
 
 
 
 


Operating revenue, net
$

 
$
342

 
$

 
$
(342
)
 
$

Total operating expenses
$

 
$
342

 
$

 
$
(342
)
 
$

Less: Net income/(loss) attributable to noncontrolling interests
$
158

 
$

 
$
(158
)
 
$

 
$

Net income attributable to CLGX
$

 
$

 
$
158

 
$
(158
)
 
$

Comprehensive income/(loss) attributable to CoreLogic
$

 
$

 
$
158

 
$
(158
)
 
$

 
 
 
 
 
 
 
 
 
 
Condensed Statement of Cash Flows
 
 
 
 
 
 
 
 
 
For the six months ended June 30, 2012
 
 
 
 
 
 
 
 
 
Net cash provided by/(used in) operating activities - continuing operations
$

 
$

 
$

 
$

 
$

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

 
$

 
$

 
$

 
$

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

 
$
(1,292
)
 
$
1,292

 
$

 
$