Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On September 30, 2014, we completed the sale of our collateral solutions and field services businesses, which were previously included in our AMPS reporting segment, 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. Further, we determined to cease pursuing the sale of our remaining product lines, previously included in our AMPS reporting segment. These remaining product lines included our technology solutions, solutions express and outsourcing services product lines. These product lines were previously reflected as discontinued operations and are now reflected as part of continuing operations within our TPS segment. See Note 1 - Description of the Company for further discussion.

For the year ended December 31, 2014, we recorded a $0.1 million gain on the sale of discontinued operations, net of tax, 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 $1.4 million related to the sale of our collateral solutions and field services businesses. For the year ended December 31, 2013, we recorded a $7.0 million loss on the sale of discontinued operations, net of tax primarily related to estimated liabilities associated with audits of previously disposed subsidiaries. As of August 31, 2012, we completed the disposition of our transportation services business (American Driving Records) for $11.0 million, which resulted in a pre-tax gain of $3.9 million for the year ended December 31, 2012. This gain is included in gain/(loss) from sale of discontinued operations, net of tax in the accompanying consolidated statements of operations. We completed the wind down of our consumer services business and our appraisal management company business in lieu of a sale as of September 2012. In connection with the wind down of our 100% owned appraisal management company business, we incurred a pre-tax write-down of the remaining goodwill of $13.9 million in the first quarter of 2012.

Each of these businesses is reflected in our accompanying consolidated financial statements as discontinued operations and the results of these businesses in the prior years have been recast to conform to the 2014 presentation.

Summarized below are certain assets and liabilities classified as discontinued operations as of December 31, 2014, 2013 and 2012:

(in thousands)	D&A				TPS
As of December 31, 2014	Marketing		Consumer		Appraisal		AMPS		Total
Deferred income tax asset and other current assets	$	177	$	149	$	3,808	$	133	$	4,267
Total assets	$	177	$	149	$	3,808	$	133	$	4,267
Total liabilities	$	194	$	88	$	10,941	$	2,481	$	13,704
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
Total assets	$	177	$	149	$	200	$	38,400	$	38,926
Accounts payable	$	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, net of tax for the years ended December 31, 2014, 2013 and 2012:

(in thousands)	D&A					TPS
For the Year Ended December 31, 2014	Marketing			Consumer		Appraisal			AMPS		Total
Operating revenue	$	—		$	—	$	—		$	94,039	$	94,039
(Loss)/income from discontinued operations before income taxes	(717		)	—		(30,739		)	7,188		(24,268		)
(Benefit)/provision for income taxes	(350		)	—		(11,785		)	4,520		(7,615		)
(Loss)/income from discontinued operations, net of tax	$	(367	)	$	—	$	(18,954	)	$	2,668	$	(16,653	)
For the Year Ended December 31, 2013
Operating revenue	$	—		$	—	$	—		$	193,117	$	193,117
(Loss)/income from discontinued operations before income taxes	(2,129		)	196		(6,194		)	32,928		24,801
(Benefit)/provision for income taxes	(814		)	75		(2,369		)	13,486		10,378
(Loss)/income from discontinued operations, net of tax	$	(1,315	)	$	121	$	(3,825	)	$	19,442	$	14,423
For the Year Ended December 31, 2012
Operating revenue	$	—		$	55,773	$	25,138		$	280,589	$	361,500
(Loss)/income from discontinued operations before income taxes	(122		)	5,026		(21,375		)	42,566		26,095
Provision/(benefit) for income taxes	4,891			15		(5,186		)	13,988		13,708
(Loss)/income from discontinued operations, net of tax	$	(5,013	)	$	5,011	$	(16,189	)	$	28,578	$	12,387