XML 32 R19.htm IDEA: XBRL DOCUMENT v3.3.1.900
Acquisitions
3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
Acquisitions

In January 2016, we completed the acquisition of the remaining 40% mandatorily redeemable noncontrolling interest in PIQ for NZD $27.8 million or $19.0 million. PIQ is included as a component of our Property Intelligence ("PI") reporting segment. As a result, we settled the mandatorily redeemable noncontrolling interest as of March 31, 2016.

In December 2015, we completed the acquisition of the remaining interest in RELS for approximately $65.0 million and recorded an investment gain of approximately $34.3 million due to the step-up in fair value on the previously held 50.1% interest, which is included in gain on investment and other, net in the accompanying consolidated statements of operations. RELS is included as a component of our PI reporting segment. The acquisition of RELS expands our real estate asset valuation and appraisal solutions in connection with loan originations. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis, which included significant unobservable inputs. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded property and equipment of $27.0 million with an estimated average life of 10 years, customer lists of $48.4 million with an estimated average life of 10 years, other intangibles of $5.0 million with an estimated useful life of 10 years and goodwill of $23.1 million, of which $11.5 million is deductible for tax purposes. This business combination did not have a material impact on our consolidated financial statements.

In October 2015, we completed the acquisition of Cordell Information Pty Limited ("Cordell") for AUD$70.0 million, or $49.1 million, subject to working capital adjustments, which is included as a component of our PI reporting segment. The acquisition of Cordell further expands our property information capabilities in Australia. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis, which included significant unobservable inputs. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded property and equipment of $14.3 million with an estimated average life of 10 years, customer lists of $5.5 million with an estimated average life of 8 years, trade names of $0.6 million with an estimated useful life of 4 years and goodwill of $31.9 million, which is fully deductible for tax purposes. This business combination did not have a material impact on our consolidated financial statements.

In September 2015, we completed the acquisition of LandSafe Appraisal Services, Inc. for $122.0 million, subject to working capital adjustments, which is included as a component of our PI reporting segment. The acquisition builds on our longstanding strategic relationship with a key client and continues to expand our property valuation capabilities. The purchase price was allocated to the assets acquired and liabilities assumed using a variety of valuation techniques including discounted cash flow analysis, which included significant unobservables. The purchase price allocation is subject to change based on our final determination of fair value in connection with intangible assets and working capital matters. We preliminarily recorded customer lists of $53.4 million with an estimated average life of 10 years, other intangibles of $4.3 million with an estimated useful life of 10 years and goodwill of $64.6 million, which is fully deductible for tax purposes. This business combination did not have a material impact on our consolidated financial statements.

For the three months ended March 31, 2016 and 2015, we incurred $1.0 million and $0.1 million, respectively, of acquisition-related costs within selling, general and administrative expenses on our consolidated statements of operations.