Investments in Affiliates

6 Months Ended

Jun. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates

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 $9.3 million and $11.7 million for the three months ended June 30, 2013 and 2012, respectively, and $18.1 million and $21.2 million for the six months ended June 30, 2013 and 2012, respectively. Income tax expense of $5.8 million and $7.5 million was recorded on these earnings for the three months ended June 30, 2013 and 2012, respectively, and $11.2 million and $13.5 million for the six months ended June 30, 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 74.2% and 59.0% of our total equity in earnings of affiliates, net of tax, for the three months ended June 30, 2013 and 2012, respectively, and 72.1% and 63.4% for the six months ended June 30, 2013 and 2012, respectively. In February 2013, RELS sold its ownership in RESDirect, LLC ("RESDirect") 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				For the Six Months Ended
	June 30,				June 30,
(in thousands)	2013		2012		2013		2012
Statements of income
Total revenues	$	117,273	$	112,974	$	208,688	$	219,714
Expenses and other	94,036		89,830		164,937		174,798
Income from continuing operations before income taxes	$	23,237	$	23,144	$	43,751	$	44,916
Income from continuing operations, net of tax	23,068		23,044		43,480		44,711
Income from discontinued operations, net of tax	—		—		$	—
Net income attributable to RELS LLC	$	23,068	$	23,044	$	43,480	$	44,711
CoreLogic equity in earnings of affiliate, pre-tax	$	11,557	$	11,545	$	21,783	$	22,400