XML 16 R39.htm IDEA: XBRL DOCUMENT v2.4.0.8
Guarantor Subsidiaries (Tables)
6 Months Ended
Jun. 30, 2014
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, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
105,726

 
$
5,330

 
$
29,853

 
$

 
$
140,909

Accounts receivable
 

 
169,715

 
27,947

 

 
197,662

Other current assets
 
45,029

 
245,449

 
3,923

 

 
294,401

Property and equipment, net
 
18,877

 
323,132

 
30,837

 

 
372,846

Goodwill, net
 

 
1,582,525

 
191,488

 

 
1,774,013

Other identifiable intangible assets, net
 
319

 
252,395

 
44,325

 

 
297,039

Capitalized data and database cost, net
 

 
251,346

 
90,217

 

 
341,563

Investments in affiliates, net
 

 
103,346

 

 

 
103,346

Deferred income tax assets, long-term
 
59,000

 

 

 
(59,000
)
 

Restricted cash
 
11,034

 

 
1,510

 

 
12,544

Investment in subsidiaries
 
2,275,629

 

 

 
(2,275,629
)
 

Intercompany receivable
 
87,878

 

 

 
(87,878
)
 

Other assets
 
128,706

 
33,049

 
2,690

 

 
164,445

Total assets
 
$
2,732,198

 
$
2,966,287

 
$
422,790

 
$
(2,422,507
)
 
$
3,698,768

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
147,944

 
$
400,028

 
$
49,654

 
$

 
$
597,626

Long-term debt, net of current
 
1,434,520

 
5,742

 

 

 
1,440,262

Deferred revenue, net of current
 

 
362,435

 
9

 

 
362,444

Deferred income taxes, long term
 

 
136,723

 
25,461

 
(59,000
)
 
103,184

Intercompany payable
 

 
22,325

 
65,553

 
(87,878
)
 

Other liabilities
 
99,632

 
31,371

 
3,478

 

 
134,481

Redeemable noncontrolling interest
 

 

 
10,669

 

 
10,669

Total CoreLogic stockholders' equity
 
1,050,102

 
2,007,663

 
267,966

 
(2,275,629
)
 
1,050,102

Total liabilities and equity
 
$
2,732,198

 
$
2,966,287

 
$
422,790

 
$
(2,422,507
)
 
$
3,698,768


 
 
Condensed Balance Sheet
 
 
December 31, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
104,632

 
$

 
$
30,109

 
$

 
$
134,741

Accounts receivable
 

 
174,518

 
21,764

 

 
196,282

Other current assets
 
57,368

 
249,680

 
3,543

 

 
310,591

Property and equipment, net
 
20,076

 
147,951

 
27,618

 

 
195,645

Goodwill, net
 

 
1,228,855

 
161,819

 

 
1,390,674

Other identifiable intangible assets, net
 
348

 
135,326

 
40,134

 

 
175,808

Capitalized data and database cost, net
 

 
249,472

 
80,716

 

 
330,188

Investments in affiliates, net
 

 
95,343

 

 

 
95,343

Deferred income tax assets, long-term
 
58,998

 

 

 
(58,998
)
 

Restricted cash
 
10,335

 
306

 
1,409

 

 
12,050

Investment in subsidiaries
 
2,209,926

 

 

 
(2,209,926
)
 

Intercompany receivable
 
63,647

 
555,216

 
9,170

 
(628,033
)
 

Other assets
 
118,708

 
41,221

 
2,104

 

 
162,033

Total assets
 
$
2,644,038

 
$
2,877,888

 
$
378,386

 
$
(2,896,957
)
 
$
3,003,355

 
 
 
 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
107,340

 
$
397,481

 
$
33,206

 
$

 
$
538,027

Long-term debt, net of current
 
806,395

 
5,381

 

 

 
811,776

Deferred revenue, net of current
 

 
377,077

 
9

 

 
377,086

Deferred income taxes, long term
 

 
109,003

 
24,303

 
(58,998
)
 
74,308

Intercompany payable
 
564,386

 

 
63,647

 
(628,033
)
 

Other liabilities
 
121,544

 
22,768

 
3,271

 

 
147,583

Redeemable noncontrolling interest
 

 

 
10,202

 

 
10,202

Total CoreLogic stockholders' equity
 
1,044,373

 
1,966,178

 
243,748

 
(2,209,926
)
 
1,044,373

Total liabilities and equity
 
$
2,644,038

 
$
2,877,888

 
$
378,386

 
$
(2,896,957
)
 
$
3,003,355


 
 
Condensed Statement of Operations
 
 
For the Three Months Ended June 30, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
313,713

 
$
35,708

 
$

 
$
349,421

Intercompany revenues
 

 

 
90

 
(90
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
167,778

 
14,383

 
61

 
182,222

Selling, general and administrative expenses
 
13,094

 
66,718

 
10,102

 
(151
)
 
89,763

Depreciation and amortization
 
1,245

 
27,393

 
6,695

 

 
35,333

Operating (loss)/income
 
(14,339
)
 
51,824

 
4,618

 

 
42,103

Total interest expense, net
 
(15,724
)
 
(19
)
 
(537
)
 

 
(16,280
)
Gain on investments and other, net
 
976

 
6,016

 

 

 
6,992

Provision/(benefit) for income taxes
 
1,789

 
18,667

 
(9,151
)
 

 
11,305

Equity in earnings of affiliates, net of tax
 

 
3,874

 

 

 
3,874

Equity in earnings of subsidiary, net of tax
 
46,865

 

 

 
(46,865
)
 

Net income from continuing operations, net of tax
 
15,989

 
43,028

 
13,232

 
(46,865
)
 
25,384

Loss from discontinued operations, net of tax
 

 
(9,165
)
 

 

 
(9,165
)
Net income
 
15,989

 
33,863

 
13,232

 
(46,865
)
 
16,219

Less: Net income attributable to noncontrolling interest
 

 

 
230

 

 
230

Net income attributable to CoreLogic
 
$
15,989

 
$
33,863

 
$
13,002

 
$
(46,865
)
 
$
15,989

 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
15,989

 
$
33,863

 
$
13,232

 
$
(46,865
)
 
$
16,219

Total other comprehensive income
 
6,342

 

 
7,041

 
(7,041
)
 
6,342

Less: Comprehensive income attributable to noncontrolling interests
 

 

 
230

 

 
230

Comprehensive income attributable to CoreLogic
 
$
22,331

 
$
33,863

 
$
20,043

 
$
(53,906
)
 
$
22,331


 
 
Condensed Statement of Operations
 
 
For the Three Months Ended June 30, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
324,261

 
$
23,940

 
$

 
$
348,201

Intercompany revenues
 

 

 
179

 
(179
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
159,348

 
8,891

 
(179
)
 
168,060

Selling, general and administrative expenses
 
20,920

 
69,081

 
8,475

 

 
98,476

Depreciation and amortization
 
844

 
27,339

 
5,971

 

 
34,154

Operating (loss)/income
 
(21,764
)
 
68,493

 
782

 

 
47,511

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

 

 
(11,753
)
Gain on investment and other, net
 
393

 

 

 

 
393

(Benefit)/provision for income taxes
 
(11,942
)
 
25,701

 
(230
)
 

 
13,529

Equity in earnings of affiliates, net of tax
 

 
9,123

 
224

 

 
9,347

Equity in earnings of subsidiary, net of tax
 
64,729

 

 

 
(64,729
)
 

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


51,772


1,376


(64,729
)

31,969

Income from discontinued operations, net of tax
 

 
11,581

 

 

 
11,581

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

 
$
63,353

 
$
1,376

 
$
(64,729
)
 
$
43,550

 
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
43,550

 
$
63,353

 
$
1,376

 
$
(64,729
)
 
$
43,550

Total other comprehensive loss
 
(37,933
)
 

 
(39,000
)
 
39,000

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

 
$
63,353

 
$
(37,624
)
 
$
(25,729
)
 
$
5,617


 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statement of Operations
 
 
For the Six Months Ended June 30, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
592,931

 
$
66,907

 
$

 
$
659,838

Intercompany revenues
 

 

 
293

 
(293
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
331,889

 
27,711

 
3

 
359,603

Selling, general and administrative expenses
 
31,685

 
129,488

 
18,832

 
(296
)
 
179,709

Depreciation and amortization
 
2,394

 
49,327

 
13,051

 

 
64,772

Operating (loss)/income
 
(34,079
)

82,227

 
7,606

 

 
55,754

Total interest expense, net
 
(30,710
)
 
(112
)
 
(1,114
)
 

 
(31,936
)
(Loss)/gain on investments and other, net
 
(3,014
)
 
5,656

 

 

 
2,642

(Benefit)/provision for income taxes
 
(22,891
)
 
28,926

 
4,907

 

 
10,942

Equity in earnings of affiliates, net of tax
 

 
6,257

 

 

 
6,257

Equity in earnings of subsidiary, net of tax
 
58,110

 

 

 
(58,110
)
 

Net income from continuing operations, net of tax
 
13,198

 
65,102

 
1,585

 
(58,110
)
 
21,775

Loss from discontinued operations, net of tax
 

 
(8,082
)
 

 

 
(8,082
)
Net income
 
13,198

 
57,020

 
1,585

 
(58,110
)
 
13,693

Less: Net income attributable to noncontrolling interest
 

 

 
495

 

 
495

Net income attributable to CoreLogic
 
$
13,198

 
$
57,020

 
$
1,090

 
$
(58,110
)
 
$
13,198

 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
13,198

 
$
57,020

 
$
1,585

 
$
(58,110
)
 
$
13,693

Total other comprehensive income
 
19,332

 

 
17,541

 
(17,541
)
 
19,332

Less: Comprehensive income attributable to noncontrolling interests
 

 

 
495

 

 
495

Comprehensive income attributable to CoreLogic
 
$
32,530

 
$
57,020

 
$
18,631

 
$
(75,651
)
 
$
32,530

 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Statement of Operations
 
 
For the Six Months Ended June 30, 2013
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating/Eliminating Adjustments
 
Total
Operating revenues
 
$

 
$
632,596

 
$
46,905

 
$

 
$
679,501

Intercompany revenues
 

 

 
346

 
(346
)
 

Cost of services (exclusive of depreciation and amortization below)
 

 
317,554

 
18,481

 
(346
)
 
335,689

Selling, general and administrative expenses
 
37,452

 
126,643

 
16,572

 

 
180,667

Depreciation and amortization
 
1,694

 
54,860

 
11,741

 

 
68,295

Operating (loss)/income
 
(39,146
)
 
133,539

 
457

 

 
94,850

Total interest (expense)/income, net
 
(23,448
)
 
(264
)
 
307

 

 
(23,405
)
Gain on investments and other, net
 
1,734

 

 

 

 
1,734

(Benefit)/provision for income taxes
 
(22,979
)
 
50,428

 
302

 

 
27,751

Equity in earnings of affiliates, net of tax
 

 
17,574

 
558

 

 
18,132

Equity in earnings of subsidiary, net of tax
 
115,000

 

 

 
(115,000
)
 

Net income from continuing operations, net of tax
 
77,119

 
100,421

 
1,020

 
(115,000
)
 
63,560

Gain/(loss) from discontinued operations, net of tax
 

 
15,449

 
(172
)
 

 
15,277

Loss on sale of discontinued operations, net of tax
 

 
(1,744
)
 

 

 
(1,744
)
Net income
 
77,119

 
114,126

 
848

 
(115,000
)
 
77,093

Less: Net loss attributable to noncontrolling interest
 

 

 
(26
)
 

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

 
$
114,126

 
$
874

 
$
(115,000
)
 
$
77,119

 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
77,119

 
$
114,126

 
$
848

 
$
(115,000
)
 
$
77,093

Total other comprehensive loss
 
(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

 
$
114,126

 
$
(39,060
)
 
$
(75,066
)
 
$
38,647



 
 
Condensed Statement of Cash Flows
 
 
For the Six Months Ended June 30, 2014
 
 
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
 
$
(6,398
)
 
$
113,674

 
$
18,198

 
$

 
$
125,474

Net cash provided by operating activities - discontinued operations
 

 
10,059

 

 

 
10,059

Total cash (used in)/provided by operating activities
 
$
(6,398
)
 
$
123,733

 
$
18,198

 
$

 
$
135,533

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
$
(1,166
)
 
$
(19,415
)
 
$
(5,715
)
 
$

 
$
(26,296
)
Purchases of capitalized data and other intangible assets
 

 
(14,327
)
 
(2,206
)
 

 
(16,533
)
Cash paid for acquisitions, net of cash acquired
 

 
(640,918
)
 
(29,118
)
 

 
(670,036
)
Proceeds from sale of property and equipment
 

 
36

 

 

 
36

Change in restricted cash
 
(700
)
 
307

 
(101
)
 

 
(494
)
Net cash used in investing activities - continuing operations
 
(1,866
)
 
(674,317
)
 
(37,140
)
 

 
(713,323
)
Net cash used in investing activities - discontinued operations
 

 

 

 

 

Total cash used in investing activities
 
$
(1,866
)
 
$
(674,317
)
 
$
(37,140
)
 
$

 
$
(713,323
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
 
$
690,017

 
$

 
$

 
$

 
$
690,017

Debt issuance costs
 
(14,042
)
 

 

 

 
(14,042
)
Repayments of long-term debt
 
(51,892
)
 
(4,658
)
 

 

 
(56,550
)
Shares repurchased and retired
 
(32,041
)
 

 

 

 
(32,041
)
Proceeds from issuance of stock related to stock options and employee benefit plans
 
4,440

 

 

 

 
4,440

Minimum tax withholding paid on behalf of employees for restricted stock units
 
(15,034
)
 

 

 

 
(15,034
)
Excess tax benefit related to stock options
 
6,275

 

 

 

 
6,275

Intercompany payments
 
(665,031
)
 
(76,617
)
 

 
588,414

 
(153,234
)
Intercompany proceeds
 
76,617

 
647,248

 
17,783

 
(588,414
)
 
153,234

Net cash (used in)/provided by financing activities - continuing operations
 
(691
)
 
565,973

 
17,783

 

 
583,065

Net cash provided by financing activities - discontinued operations
 

 

 

 

 

Total cash (used in)/provided by financing activities
 
$
(691
)
 
$
565,973

 
$
17,783

 
$

 
$
583,065

Effect of exchange rate on cash
 

 

 
903

 

 
903

Net (decrease)/increase in cash and cash equivalents
 
(8,955
)
 
15,389

 
(256
)
 

 
6,178

Cash and cash equivalents at beginning of period
 
104,632

 

 
30,109

 

 
134,741

Less: Change in cash and cash equivalents - discontinued operations
 

 
10,059

 

 

 
10,059

Plus: Cash swept to discontinued operations
 
10,049

 

 

 

 
10,049

Cash and cash equivalents at end of period
 
$
105,726

 
$
5,330

 
$
29,853

 
$

 
$
140,909


 
 
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
 
$
(5,144
)
 
$
134,531

 
$
5,353

 
$

 
$
134,740

Net cash provided by operating activities - discontinued operations
 

 
30,458

 

 

 
30,458

Total cash (used in)/provided by operating activities
 
$
(5,144
)
 
$
164,989

 
$
5,353

 
$

 
$
165,198

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
 
$
(2,698
)
 
$
(27,737
)
 
$
(3,975
)
 
$

 
$
(34,410
)
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
)
Cash received from sale of discontinued operations
 

 
2,263

 

 

 
2,263

Purchases of investments
 

 
(2,351
)
 

 

 
(2,351
)
Change in restricted cash
 
(4
)
 

 
2,097

 

 
2,093

Net cash used in investing activities - continuing operations
 
(3,078
)
 
(51,109
)
 
(3,998
)
 

 
(58,185
)
Net cash used in by investing activities - discontinued operations
 

 
(253
)
 

 

 
(253
)
Total cash used in investing activities
 
$
(3,078
)
 
$
(51,362
)
 
$
(3,998
)
 
$

 
$
(58,438
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Proceeds from long-term debt
 

 
551

 

 

 
551

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

 
$

 
$
(4,423
)
Shares 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
)
Excess tax benefit related to stock options
 
2,326

 
326

 

 

 
2,652

Intercompany payments
 

 
(90,140
)
 
(6,368
)
 
96,508

 

Intercompany proceeds
 
96,508

 

 

 
(96,508
)
 

Net cash provided by/(used in) financing activities - continuing operations
 
19,222

 
(89,311
)
 
(6,368
)
 

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

 

 

 

 

Total cash provided by/(used in) financing activities
 
$
19,222

 
$
(89,311
)
 
$
(6,368
)
 
$

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

 


 
(2,574
)
 


 
(2,574
)
Net increase/(decrease) in cash and cash equivalents
 
11,000

 
24,316

 
(7,587
)
 

 
27,729

Cash and cash equivalents at beginning of period
 
111,305

 
5,889

 
34,792

 

 
151,986

Less: Change in cash and cash equivalents - discontinued operations
 

 
30,205

 

 

 
30,205

Plus: Cash swept to discontinued operations
 
28,471

 

 

 

 
28,471

Cash and cash equivalents at end of period
 
$
150,776

 
$

 
$
27,205

 
$

 
$
177,981