Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

For the six months ended June 30, 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 six months ended June 30, 2014, we identified an error which understated the 2013 goodwill impairment charge by $3.9 million (or $3.3 million, net of tax) reflected within discontinued operations. We recorded the impairment charge in the three months ended June 30, 2014. See Note 1 - Basis of Condensed Consolidated Financial Statements for further discussion. Due to changes in our marketing strategy, 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 June 30, 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 June 30, 2014 and December 31, 2013:

(in thousands)	D&A				TPS
As of June 30, 2014	Marketing		Consumer		Appraisal		AMPS		Total
Accounts receivable	$	—	$	—	$	—	$	31,704	$	31,704
Other current assets	177		149		200		3,121		3,647
Property and equipment, net	—		—		—		2,724		2,724
Goodwill and other identifiable intangible assets, net	—		—		—		93,677		93,677
Other assets	—		—		—		494		494
Total assets	$	177	$	149	$	200	$	131,720	$	132,246
Accounts payable and accrued expenses	$	937	$	—	$	19,866	$	7,643	$	28,446
Other liabilities	195		88		558		13,071		13,912
Total liabilities	$	1,132	$	88	$	20,424	$	20,714	$	42,358
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 and six months ended June 30, 2014 and 2013:

(in thousands)	D&A					TPS
For the Three Months Ended June 30, 2014	Marketing			Consumer		Appraisal			AMPS			Total
Operating revenue	$	—		$	—	$	—		$	48,841		$	48,841
(Loss)/income from discontinued operations before income taxes	(640		)	—		(17,341		)	1,802			(16,179		)
Income tax benefit	(245		)	—		(6,632		)	(137		)	(7,014		)
(Loss)/income from discontinued operations, net of tax	$	(395	)	$	—	$	(10,709	)	$	1,939		$	(9,165	)
For the Three Months Ended June 30, 2013
Operating revenue	$	—		$	—	$	—		$	78,771		$	78,771
(Loss)/income from discontinued operations before income taxes	(507		)	—		(1,614		)	20,878			18,757
Income tax (benefit)/expense	(194		)	—		(617		)	7,987			7,176
(Loss)/income from discontinued operations, net of tax	$	(313	)	$	—	$	(997	)	$	12,891		$	11,581

	D&A					TPS
For the Six Months Ended June 30, 2014	Marketing			Consumer		Appraisal			AMPS		Total
Operating revenue	$	—		$	—	$	—		$	91,633	$	91,633
(Loss)/income from discontinued operations before income taxes	(890		)	—		(17,941		)	4,418		(14,413		)
Income tax (benefit)/expense	(340		)	—		(6,861		)	870		(6,331		)
(Loss)/income from discontinued operations, net of tax	$	(550	)	$	—	$	(11,080	)	$	3,548	$	(8,082	)
For the Six Months Ended June 30, 2013
Operating revenue	$	—		$	—	$	—		$	144,639	$	144,639
(Loss)/income from discontinued operations before income taxes	(617		)	196		(2,762		)	28,859		25,676
Income tax (benefit)/expense	(236		)	75		(1,058		)	11,618		10,399
(Loss)/income from discontinued operations, net of tax	$	(381	)	$	121	$	(1,704	)	$	17,241	$	15,277