Segment Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

We have organized our reportable segments into the following two segments: PI and RMW.

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 this information 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 solutions 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, $5.5 million, and $4.3 million for the years ended December 31, 2016, 2015 and 2014, respectively; and intercompany expenses of $4.6 million, $4.8 million and $5.6 million for the years ended December 31, 2016, 2015 and 2014, 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 this information and assist our clients with compliance regulations. Our solutions include credit and screening, 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 $4.6 million, $4.8 million, and $5.5 million for the years ended December 31, 2016, 2015 and 2014, respectively; and intercompany expenses of $5.5 million, $5.5 million and $4.3 million for the years ended December 31, 2016, 2015 and 2014, respectively.

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

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, 2016	PI		RMW		Corporate			Eliminations			Consolidated (Excluding Discontinued Operations)
Operating revenue	$	1,053,544	$	909,100	$	12		$	(10,099	)	$	1,952,557
Depreciation and amortization	$	126,367	$	28,652	$	17,559		$	—		$	172,578
Operating income/(loss)	$	101,272	$	252,998	$	(79,681	)	$	—		$	274,589
Equity in earnings/(loss) of affiliates, net of tax	$	1,588	$	—	$	(1,092	)	$	—		$	496
Net income/(loss) from continuing operations	$	90,119	$	252,997	$	(233,170	)	$	—		$	109,946
Capital expenditures	$	49,900	$	12,268	$	18,550		$	—		$	80,718
For the Year Ended December 31, 2015
Operating revenue	$	663,344	$	875,057	$	39		$	(10,330	)	$	1,528,110
Depreciation and amortization	$	96,766	$	37,493	$	16,118		$	—		$	150,377
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	$	95,049	$	34,253	$	14,062		$	—		$	143,364
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

(in thousands)
As of December 31, 2016	PI		RMW		Corporate		Eliminations			Consolidated (Excluding Discontinued Operations)
Investment in affiliates, net	$	35,810	$	—	$	4,999	$	—		$	40,809
Long-lived assets	$	2,265,094	$	1,165,369	$	5,510,684	$	(5,425,500	)	$	3,515,647
Total assets	$	2,429,167	$	1,328,008	$	5,575,846	$	(5,426,149	)	$	3,906,872
As of December 31, 2015
Investment in affiliates, net	$	61,765	$	—	$	7,440	$	—		$	69,205
Long-lived assets	$	1,856,410	$	1,183,318	$	5,112,243	$	(5,020,521	)	$	3,131,450
Total assets	$	2,058,412	$	1,316,785	$	5,318,990	$	(5,021,152	)	$	3,673,035

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)	2016					2015					2014
	Domestic			Foreign		Domestic			Foreign		Domestic			Foreign
PI	$	907,133		$	146,411	$	535,405		$	127,939	$	460,370		$	137,743
RMW	909,065			35		872,319			2,738		813,401			3,316
Corporate	—			12		—			39		—			31
Eliminations	(10,099		)	—		(10,330		)	—		(9,821		)	—
Consolidated	$	1,806,099		$	146,458	$	1,397,394		$	130,716	$	1,263,950		$	141,090

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

	As of December 31,
(in thousands)	2016						2015
	Domestic			Foreign			Domestic			Foreign
PI	$	1,947,648		$	317,446		$	1,536,133		$	320,277
RMW	1,165,369			—			1,183,305			13
Corporate	4,764,740			745,944			4,366,304			745,939
Eliminations	(4,679,560		)	(745,940		)	(4,274,582		)	(745,939		)
Consolidated (excluding assets for discontinued operations)	$	3,198,197		$	317,450		$	2,811,160		$	320,290