Segment Financial Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Financial Information

Segment Financial Information

In December 2015, we renamed our Data & Analytics segment to PI to reflect the broad and unique nature of the property-level insights provided by these businesses. Also, we renamed our Technology and Processing Solutions segment to RMW in order to reflect the current mix of risk management and underwriting-focused solutions provided by these businesses. In addition, in December 2015, we transferred our multifamily services business from our PI segment to our RMW segment and relocated our solutions express business and consolidated our advisory services businesses under our PI segment. As a result of these actions, as well as changes in management structure and internal reporting, we have organized our reportable segments into the following two segments: PI and RMW. All segment reporting disclosures presented herein reflect these changes. See Note 1 - Description of the Company for further discussion.

Property Intelligence. Our PI segment owns or licenses real property information, mortgage information and consumer information, which includes loan information, property sales and characteristic information, property risk and replacement cost, natural hazard data, geospatial data, parcel maps, and mortgage-backed securities information. We have also developed proprietary technology and software platforms to access, automate or track our data and assist our clients with compliance regulations. We deliver this information directly to our clients in a standard format over the web, through customizable software platforms or in bulk data form. Our products and services include data licensing and analytics, data-enabled advisory services, platform solutions and valuation solutions in North America, Western Europe and Asia Pacific. The segment's primary clients are commercial banks, mortgage lenders and brokers, investment banks, fixed-income investors, real estate agents, MLS companies, property and casualty insurance companies, title insurance companies, government agencies and government-sponsored enterprises.

Our PI segment includes intercompany revenues of $5.5 million, $4.3 million, and $7.1 million for the years ended December 31, 2015, 2014 and 2013, respectively; and intercompany expenses of $4.8 million, $5.6 million and $2.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Risk Management and Work Flow. Our RMW segment owns or licenses real property information, mortgage information and consumer information, which includes loan information, property sales and characteristic information, natural hazard data, parcel maps, employment verification, criminal records and eviction records. We have also developed proprietary technology and software platforms to access, automate or track our data and assist our clients with compliance regulations. Our products and services include credit and screening solutions, property tax processing, flood data services and technology solutions in North America. The segment’s primary clients are large, national mortgage lenders and servicers, but we also serve regional mortgage lenders and brokers, credit unions, commercial banks, fixed-income investors, government agencies and casualty insurance companies.

Our RMW segment includes intercompany revenues of $4.8 million, $5.5 million, and $3.2 million for the years ended December 31, 2015, 2014 and 2013, respectively; and intercompany expenses of $5.5 million, $4.3 million and $7.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Corporate consists primarily of investment gains and losses, corporate personnel and other expenses associated with our corporate functions and facilities, equity in earnings of affiliates, net of tax, and interest expense.

Due to the number of clients we service and the number of products and services we offer, it is impracticable to disclose revenues from external clients for each product and service offered.

Selected segment financial information is as follows:

(in thousands)
For the Year Ended December 31, 2015	PI		RMW		Corporate			Eliminations			Consolidated (Excluding Discontinued Operations)
Operating revenue	$	663,344	$	875,057	$	39		$	(10,330	)	$	1,528,110
Depreciation and amortization	$	96,766	$	33,723	$	16,118		$	—		$	146,607
Operating income/(loss)	$	72,761	$	216,178	$	(86,015	)	$	—		$	202,924
Equity in earnings/(loss) of affiliates, net of tax	$	22,622	$	—	$	(8,902	)	$	—		$	13,720
Net income/(loss) from continuing operations	$	94,522	$	216,147	$	(181,117	)	$	—		$	129,552
Capital expenditures	$	48,902	$	12,714	$	18,942		$	—		$	80,558
For the Year Ended December 31, 2014
Operating revenue	$	598,113	$	816,717	$	31		$	(9,821	)	$	1,405,040
Depreciation and amortization	$	92,615	$	31,717	$	14,062		$	—		$	138,394
Operating income/(loss)	$	70,181	$	166,640	$	(67,063	)	$	—		$	169,758
Equity in earnings/(loss) of affiliates, net of tax	$	22,949	$	—	$	(8,829	)	$	—		$	14,120
Net income/(loss) from continuing operations	$	100,070	$	166,631	$	(163,728	)	$	(11,965	)	$	91,008
Capital expenditures	$	48,535	$	16,184	$	22,435		$	—		$	87,154
For the Year Ended December 31, 2013
Operating revenue	$	518,622	$	895,953	$	631		$	(10,805	)	$	1,404,401
Depreciation and amortization	$	68,375	$	36,591	$	21,366		$	—		$	126,332
Operating income/(loss)	$	56,515	$	181,673	$	(96,046	)	$	—		$	142,142
Equity in earnings/(loss) of affiliates, net of tax	$	43,269	$	—	$	(15,908	)	$	—		$	27,361
Net income/(loss) from continuing operations	$	106,842	$	182,923	$	(189,505	)	$	—		$	100,260
Capital expenditures	$	46,726	$	27,407	$	32,453		$	—		$	106,586

(in thousands)
As of December 31, 2015	PI		RMW		Corporate		Eliminations			Consolidated (Excluding Discontinued Operations)
Investment in affiliates, net	$	61,765	$	—	$	7,440	$	—		$	69,205
Long-lived assets	$	1,856,410	$	1,183,318	$	5,139,576	$	(5,020,520	)	$	3,158,784
Total assets	$	2,058,412	$	1,316,785	$	5,346,324	$	(5,021,152	)	$	3,700,369
As of December 31, 2014
Investment in affiliates, net	$	96,356	$	—	$	7,242	$	—		$	103,598
Long-lived assets	$	1,693,332	$	1,208,256	$	4,888,730	$	(4,774,581	)	$	3,015,737
Total assets	$	1,838,423	$	1,345,958	$	5,102,328	$	(4,774,614	)	$	3,512,095

Operating revenue is attributed to countries based on location of the revenue-generating business. Operating revenue separated between domestic and foreign operations and by segment is as follows:

	Year Ended December 31,
(in thousands)	2015					2014					2013
	Domestic			Foreign		Domestic			Foreign		Domestic			Foreign
PI	$	535,405		$	127,939	$	460,370		$	137,743	$	422,501		$	96,121
RMW	872,319			2,738		813,401			3,316		890,787			5,166
Corporate	—			39		—			31		—			631
Eliminations	(10,330		)	—		(9,821		)	—		(10,805		)	—
Consolidated	$	1,397,394		$	130,716	$	1,263,950		$	141,090	$	1,302,483		$	101,918

Long-lived assets separated between domestic and foreign operations and by segment are as follows:

	As of December 31,
(in thousands)	2015						2014
	Domestic			Foreign			Domestic			Foreign
PI	$	1,536,133		$	320,277		$	1,382,922		$	310,410
RMW	1,183,305			13			1,208,236			20
Corporate	4,393,637			745,939			4,142,791			745,939
Eliminations	(4,274,581		)	(745,939		)	(4,028,642		)	(745,939		)
Consolidated (excluding assets for discontinued operations)	$	2,838,494		$	320,290		$	2,705,307		$	310,430