Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In December 2013, we concluded the businesses comprising the AMPS segment were not core to our long term strategy and we would actively pursue the sale of the AMPS reporting segment. On September 30, 2014, we completed the sale of our collateral solutions and field services businesses for total consideration of $29.1 million, subject to working capital adjustments, as well as potential earn-outs of up to $20.0 million, which will be recognized when realized. These businesses were previously included in our AMPS reporting segment. Additionally, we concluded to cease pursuing the sale of the remaining AMPS related product lines. Consequently, as of September 30, 2014, our technology solutions, solutions express and outsourcing services are reflected as part of continuing operations and held and used in our consolidated financial statements and have been included within our TPS segment for all periods presented. See Note 1 - Basis of Condensed Consolidated Financial Statements for further discussion.

For the three and nine months ended September 30, 2014, we recorded a gain from sale of discontinued operations, net of $0.5 million primarily related to $1.5 million of earn-out payments, net of tax, from previously disposed discontinued operations, partially offset by an after-tax loss of $1.1 million related to the sale of our collateral solutions and field services businesses. For the three and nine months ended September 30, 2013, we recorded a loss from the sale of discontinued operations, net of $5.1 million and $6.8 million, respectively, primarily related to an estimated settlement of tax contingencies of $7.4 million, partially offset by $1.5 million of earn-out payments, net of tax, from previously disposed discontinued operations. For the nine months ended September 30, 2013, we also recorded an after-tax loss of $1.8 million from the sale of a product line within our AMPS segment.

Summarized below are certain assets and liabilities classified as discontinued operations as of September 30, 2014 and December 31, 2013:

(in thousands)	D&A				TPS
As of September 30, 2014	Marketing		Consumer		Appraisal		AMPS		Total
Deferred income tax assets, current	$	—	$	—	$	—	$	3,806	$	3,806
Other current assets	177		149		200		835		1,361
Property and equipment, net	—		—		—		—		—
Goodwill and other identifiable intangible assets, net	—		—		—		—		—
Other assets	—		—		—		—		—
Total assets	$	177	$	149	$	200	$	4,641	$	5,167
Accounts payable and accrued expenses	$	572	$	—	$	14,502	$	4,451	$	19,525
Other liabilities	166		88		556		3,145		3,955
Total liabilities	$	738	$	88	$	15,058	$	7,596	$	23,480
As of December 31, 2013
Accounts receivable	$	—	$	—	$	—	$	14,073	$	14,073
Other current assets	177		149		200		2,668		3,194
Property and equipment, net	—		—		—		1,698		1,698
Goodwill and other identifiable intangible assets, net	—		—		—		19,961		19,961
Other assets	—		—		—		—		—
Total assets	$	177	$	149	$	200	$	38,400	$	38,926
Accounts payable and accrued expenses	$	676	$	—	$	3,127	$	7,282	$	11,085
Other liabilities	259		88		568		8,616		9,531
Total liabilities	$	935	$	88	$	3,695	$	15,898	$	20,616

Summarized below are the components of our (loss)/income from discontinued operations for three and nine months ended September 30, 2014 and 2013:

(in thousands)	D&A					TPS
For the Three Months Ended September 30, 2014	Marketing			Consumer		Appraisal			AMPS			Total
Operating revenue	$	—		$	—	$	—		$	34,358		$	34,358
(Loss)/income from discontinued operations before income taxes	(25		)	—		(11,644		)	3,864			(7,805		)
Income tax (benefit)/provision	(10		)	—		(681		)	(2,258		)	(2,949		)
(Loss)/income from discontinued operations, net of tax	$	(15	)	$	—	$	(10,963	)	$	6,122		$	(4,856	)
For the Three Months Ended September 30, 2013
Operating revenue	$	—		$	—	$	—		$	48,961		$	48,961
(Loss)/income from discontinued operations before income taxes	(812		)	—		(1,195		)	10,654			8,647
Income tax (benefit)/provision	(311		)	—		(457		)	4,083			3,315
(Loss)/income from discontinued operations, net of tax	$	(501	)	$	—	$	(738	)	$	6,571		$	5,332

	D&A					TPS
For the Nine Months Ended September 30, 2014	Marketing			Consumer		Appraisal			AMPS		Total
Operating revenue	$	—		$	—	$	—		$	93,756	$	93,756
(Loss)/income from discontinued operations before income taxes	(915		)	—		(29,585		)	8,192		(22,308		)
Income tax (benefit)/provision	(350		)	—		(7,544		)	805		(7,089		)
(Loss)/income from discontinued operations, net of tax	$	(565	)	$	—	$	(22,041	)	$	7,387	$	(15,219	)
For the Nine Months Ended September 30, 2013
Operating revenue	$	—		$	—	$	—		$	153,804	$	153,804
(Loss)/income from discontinued operations before income taxes	(1,429		)	196		(3,957		)	34,269		29,079
Income tax (benefit)/provision	(547		)	75		(1,514		)	13,130		11,144
(Loss)/income from discontinued operations, net of tax	$	(882	)	$	121	$	(2,443	)	$	21,139	$	17,935