Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

For the three months ended March 31, 2013, we recorded a $1.7 million loss from the sale of discontinued operations, net, which was primarily related to the sale and exit of a product line within the Asset Management and Processing Solutions ("AMPS") businesses in the prior year.

In December 2013, we concluded the businesses comprising the AMPS segment were not core to our long term strategy and thus we would actively pursue the sale of the AMPS reporting segment. As part of the process of marketing the sale of these businesses, we developed our long-term projections and obtained indicative fair market values from potential participants. The level of indicative values was below the net book value of the businesses being marketed; therefore, we recorded a pre-tax non-cash impairment charge related to goodwill of $51.8 million for the year ended December 31, 2013. During the three months ended March 31, 2014, we updated our long-term projections and assessed whether events or circumstances occurred that potentially indicate that the carrying amounts of these assets may not be recoverable. The marketing process for AMPS is on-going and there were no indicators of additional impairment as of March 31, 2014. In the future, there could be triggering events that could require future fair value assessments and could lead to additional impairments.

Summarized below are certain assets and liabilities classified as discontinued operations as of March 31, 2014 and December 31, 2013:

(in thousands)	D&A				TPS
As of March 31, 2014	Marketing		Consumer		Appraisal		AMPS		Total
Accounts receivable	$	—	$	—	$	—	$	29,460	$	29,460
Other current assets	177		149		200		3,082		3,608
Property and equipment, net	—		—		—		3,160		3,160
Goodwill and other identifiable intangible assets, net	—		—		—		97,577		97,577
Other assets	—		—		—		510		510
Total assets	$	177	$	149	$	200	$	133,789	$	134,315
Accounts payable and accrued expenses	$	397	$	—	$	3,519	$	9,290	$	13,206
Other liabilities	222		88		559		15,344		16,213
Total liabilities	$	619	$	88	$	4,078	$	24,634	$	29,419
As of December 31, 2013
Accounts receivable	$	—	$	—	$	—	$	32,811	$	32,811
Other current assets	177		149		200		3,052		3,578
Property and equipment, net	—		—		—		3,594		3,594
Goodwill and other identifiable intangible assets, net	—		—		—		97,577		97,577
Other assets	—		—		—		463		463
Total assets	$	177	$	149	$	200	$	137,497	$	138,023
Accounts payable and accrued expenses	$	676	$	—	$	3,127	$	9,693	$	13,496
Other liabilities	259		88		568		15,898		16,813
Total liabilities	$	935	$	88	$	3,695	$	25,591	$	30,309

Summarized below are the components of our income/(loss) from discontinued operations for three months ended March 31, 2014 and 2013:

(in thousands)	D&A					TPS
For the three months ended March 31, 2014	Marketing			Consumer		Appraisal			AMPS		Total
Operating revenue	$	—		$	—	$	—		$	42,792	$	42,792
(Loss)/income from discontinued operations before income taxes	(250		)	—		(600		)	2,617		1,767
Income tax (benefit)/expense	(96		)	—		(229		)	1,009		684
(Loss)/income from discontinued operations, net of tax	$	(154	)	$	—	$	(371	)	$	1,608	$	1,083
For the three months ended March 31, 2013
Operating revenue	$	—		$	—	$	—		$	65,868	$	65,868
(Loss)/income from discontinued operations before income taxes	(110		)	196		(1,148		)	7,981		6,919
Income tax (benefit)/expense	(42		)	75		(439		)	3,628		3,222
(Loss)/income from discontinued operations, net of tax	$	(68	)	$	121	$	(709	)	$	4,353	$	3,697