CRAWFORD & CO, 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Feb. 24, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity File Number 1-10356    
Entity Registrant Name CRAWFORD & CO    
Entity Incorporation, State or Country Code GA    
Entity Tax Identification Number 58-0506554    
Entity Address, Address Line One 5335 Triangle Parkway    
Entity Address, City or Town Peachtree Corners    
Entity Address, State or Province GA    
Entity Address, Postal Zip Code 30092    
City Area Code 404    
Local Phone Number 300-1000    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 189,540,410
Documents Incorporated by Reference

Portions of the Registrant's proxy statement for its 2025 annual shareholders' meeting, which proxy statement will be filed within 120 days of the Registrant's year end, are incorporated by reference into Part III hereof.

    
Current Fiscal Year End Date --12-31    
Entity Central Index Key 0000025475    
Auditor Name Ernst & Young LLP    
Auditor Location Atlanta, Georgia    
Auditor Firm ID 42    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Crawford & Company (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, statements of comprehensive income (loss), shareholders' investment and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 3, 2025 expressed an unqualified opinion thereon.

    
Class A Non-Voting      
Document Information [Line Items]      
Title of 12(b) Security Class A Common Stock — $1.00 Par Value    
Trading Symbol CRD-A    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   30,215,256  
Class B Voting      
Document Information [Line Items]      
Title of 12(b) Security Class B Common Stock — $1.00 Par Value    
Trading Symbol CRD-B    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   19,144,928  
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from Services:      
Revenues $ 1,340,970 $ 1,316,919 $ 1,231,226
Costs and Expenses:      
Cost of services 973,423 957,847 924,872
Selling, general, and administrative expenses 299,664 286,506 255,750
Corporate interest expense, net of interest income 16,862 17,036 10,311
Goodwill impairment 0 0 36,808
Total Costs and Expenses 1,289,949 1,261,389 1,227,741
Other (Loss) Income (9,909) (8,173) 1,561
Income Before Income Taxes 41,112 47,357 5,046
Provision for Income Taxes 14,583 17,097 23,578
Net Income (Loss) 26,529 30,260 (18,532)
Net Loss Attributable to Noncontrolling Interests 67 349 227
Net Income (Loss) Attributable to Shareholders of Crawford & Company $ 26,596 $ 30,609 $ (18,305)
Class A Non-Voting      
Earnings (Loss) Per Share - Basic:      
Earnings (loss) per share - basic $ 0.54 $ 0.63 $ (0.37)
Earnings (Loss) Per Share - Diluted:      
Earnings (loss) per share - diluted $ 0.53 $ 0.61 $ (0.37)
Weighted-Average Shares Used to Compute Basic Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 29,783 29,039 29,196
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, diluted 30,404 29,799 29,196
Cash Dividends Per Share:      
Cash dividends per share $ 0.28 $ 0.26 $ 0.24
Class B Voting      
Earnings (Loss) Per Share - Basic:      
Earnings (loss) per share - basic 0.54 0.63 (0.37)
Earnings (Loss) Per Share - Diluted:      
Earnings (loss) per share - diluted $ 0.54 $ 0.62 $ (0.37)
Weighted-Average Shares Used to Compute Basic Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 19,332 19,796 20,113
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, diluted 19,332 19,796 20,113
Cash Dividends Per Share:      
Cash dividends per share $ 0.28 $ 0.26 $ 0.24
Service      
Revenues from Services:      
Revenues $ 1,292,510 $ 1,267,131 $ 1,189,482
Costs and Expenses:      
Cost of services 924,963 908,059 883,128
Reimbursements      
Revenues from Services:      
Revenues 48,460 49,788 41,744
Costs and Expenses:      
Cost of services $ 48,460 $ 49,788 $ 41,744
v3.25.0.1
Consolidated Statements of Operations (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Interest income $ 3,441 $ 2,773 $ 655
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 26,529 $ 30,260 $ (18,532)
Other Comprehensive Income (Loss):      
Net foreign currency translation (loss) gain, net of tax benefit of $0, $0 and $0, respectively (765) 3,051 (30,554)
Amounts reclassified into net income (loss) for defined benefit pension plans, net of tax benefit of $2,511, $2,668, and $2,675, respectively 10,069 9,351 7,645
Net unrealized loss on defined benefit plans arising during the year, net of tax benefit of $591, $701, and $3,681, respectively (7,986) (15,740) (11,704)
Other Comprehensive Income (Loss) 1,318 (3,338) (34,613)
Comprehensive Income (Loss) 27,847 26,922 (53,145)
Comprehensive loss (income) attributable to noncontrolling interests 239 393 (40)
Comprehensive Income (Loss) Attributable to Shareholders of Crawford & Company $ 28,086 $ 27,315 $ (53,185)
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
OCI, Tax on foreign currency translation gain (loss) $ 0 $ 0 $ 0
OCI, Tax provision on reclassification adjustments to net income (loss) for pension plans 2,511 2,668 2,675
OCI, Tax benefit on unrealized loss arising during the year for pension plans $ 591 $ 701 $ 3,681
v3.25.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 55,412,000 $ 58,363,000
Accounts receivable, less allowance for expected credit losses of $8,145 and $8,599, respectively 142,064,000 131,362,000
Unbilled revenues, at estimated billable amounts 131,080,000 116,611,000
Income taxes receivable 5,337,000 4,842,000
Prepaid expenses and other current assets 40,334,000 58,168,000
Total Current Assets 374,227,000 369,346,000
Net Property and Equipment 20,554,000 22,742,000
Other Assets:    
Operating lease right-of-use assets, net 78,808,000 88,615,000
Goodwill 76,368,000 76,724,000
Intangible assets arising from business acquisitions, net 74,545,000 81,786,000
Capitalized software costs, net 111,854,000 96,770,000
Deferred income tax assets 25,305,000 26,247,000
Other noncurrent assets 42,094,000 36,969,000
Total Other Assets 408,974,000 407,111,000
TOTAL ASSETS 803,755,000 799,199,000
Current Liabilities:    
Short-term borrowings 17,822,000 14,813,000
Accounts payable 50,605,000 45,107,000
Accrued compensation and related costs 101,371,000 97,842,000
Self-insured risks 27,813,000 33,238,000
Income taxes payable 3,343,000 6,130,000
Operating lease liability 24,541,000 24,351,000
Other accrued liabilities 38,103,000 42,271,000
Deferred revenues 36,129,000 35,540,000
Total Current Liabilities 299,727,000 299,292,000
Noncurrent Liabilities:    
Long-term debt and finance leases, less current installments 200,315,000 194,335,000
Deferred revenues 23,556,000 24,871,000
Accrued pension liabilities 21,084,000 24,006,000
Operating lease liability 66,811,000 78,029,000
Other noncurrent liabilities 36,711,000 38,835,000
Total Noncurrent Liabilities 348,477,000 360,076,000
Shareholders' Investment:    
Additional paid-in capital 87,118,000 82,589,000
Retained earnings 237,948,000 228,564,000
Accumulated other comprehensive loss (217,125,000) (218,615,000)
Shareholders' Investment Attributable to Shareholders of Crawford & Company 157,210,000 141,618,000
Noncontrolling interests (1,659,000) (1,787,000)
Total Shareholders' Investment 155,551,000 139,831,000
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT 803,755,000 799,199,000
Class A Non-Voting    
Shareholders' Investment:    
Common stock outstanding, value 30,124,000 29,525,000
Class B Voting    
Shareholders' Investment:    
Common stock outstanding, value $ 19,145,000 $ 19,555,000
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Allowance for doubtful accounts $ 8,145 $ 8,599
Class A Non-Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1 $ 1
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 30,124 29,525
Shares outstanding (shares) 30,124 29,525
Class B Voting    
Shareholders' Investment:    
Par or stated value per share (USD per share) $ 1 $ 1
Shares authorized (shares) 50,000 50,000
Shares issued (shares) 19,145 19,555
Shares outstanding (shares) 19,145 19,555
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income (loss) $ 26,529,000 $ 30,260,000 $ (18,532,000)
Reconciliation of net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 36,195,000 35,742,000 36,098,000
Goodwill impairment 0 0 36,808,000
Deferred income taxes (2,534,000) (12,279,000) 7,397,000
Stock-based compensation costs 5,768,000 5,603,000 4,923,000
Loss (gain) on disposal of property and equipment 102,000 646,000 (1,490,000)
Contingent earnout adjustments (1,099,000) 4,025,000 2,921,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Accounts receivable, net (10,741,000) 11,663,000 (15,537,000)
Unbilled revenues, net (13,691,000) 11,879,000 (19,319,000)
Accrued or prepaid income taxes (2,140,000) 13,063,000 (7,444,000)
Accounts payable and accrued liabilities 6,916,000 (2,822,000) (5,985,000)
Deferred revenues (1,443,000) 5,913,000 (397,000)
Accrued retirement costs 8,312,000 7,174,000 (1,366,000)
Prepaid expenses and other operating activities (555,000) (7,077,000) 9,557,000
Net cash provided by operating activities 51,619,000 103,790,000 27,634,000
Cash Flows from Investing Activities:      
Acquisitions of property and equipment (6,210,000) (4,890,000) (6,838,000)
Capitalization of computer software costs (35,437,000) (31,706,000) (27,761,000)
Cash proceeds from sale of property and equipment 0 0 3,032,000
Payments for business acquisitions, net of cash acquired 0 0 (26,309,000)
Net cash used in investing activities (41,647,000) (36,596,000) (57,876,000)
Cash Flows from Financing Activities:      
Cash dividends paid (13,755,000) (12,701,000) (11,842,000)
Payments related to shares received for withholding taxes under employee stock-based compensation plans (2,063,000) (1,947,000) (704,000)
Proceeds from shares purchased under employee stock-based compensation plans 1,889,000 1,536,000 821,000
Repurchases of common stock (3,867,000) (2,731,000) (26,749,000)
Payments of contingent consideration on acquisitions (3,348,000) (7,060,000) (2,118,000)
Increases in short-term and revolving credit facility borrowings 70,197,000 37,578,000 106,481,000
Payments on short-term and revolving credit facility borrowings (61,576,000) (69,066,000) (39,025,000)
Payments on finance lease obligations (240,000) (60,000) (59,000)
Other financing activities (99,000) (229,000) (865,000)
Net cash (used in) provided by financing activities (12,862,000) (54,680,000) 25,940,000
Effects of exchange rate changes on cash and cash equivalents (326,000) 386,000 (2,742,000)
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash (3,216,000) 12,900,000 (7,044,000)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year 59,545,000 46,645,000 53,689,000
Cash, Cash Equivalents, and Restricted Cash at End of Year $ 56,329,000 $ 59,545,000 $ 46,645,000
v3.25.0.1
Consolidated Statements of Shareholders' Investment - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance $ 139,831 $ 123,378 $ 211,397
Net income (loss) 26,529 30,260 (18,532)
Other comprehensive (loss) income 1,318 (3,338) (34,613)
Cash dividends paid (13,755) (12,701) (11,842)
Stock-based compensation 5,768 5,603 4,923
Repurchases of common stock (3,867) (2,731) (26,749)
Shares issued in connection with stock-based compensation plans, net (174) (411) 117
Decrease in value of noncontrolling interest due to acquisition 23   (1,065)
Dividends paid to noncontrolling interests (122) (229) (258)
Ending balance 155,551 139,831 123,378
Common Stock | Class A Non-Voting      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 29,525 28,764 30,996
Repurchases of common stock     (2,657)
Shares issued in connection with stock-based compensation plans, net 599 761 425
Ending balance 30,124 29,525 28,764
Common Stock | Class B Voting      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 19,555 19,848 20,812
Repurchases of common stock (410) (293) (964)
Ending balance 19,145 19,555 19,848
Additional Paid-In Capital      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 82,589 78,158 74,229
Stock-based compensation 5,768 5,603 4,923
Shares issued in connection with stock-based compensation plans, net (773) (1,172) (308)
Decrease in value of noncontrolling interest due to acquisition (466)   (686)
Ending balance 87,118 82,589 78,158
Retained Earnings      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 228,564 213,094 266,369
Net income (loss) 26,596 30,609 (18,305)
Cash dividends paid (13,755) (12,701) (11,842)
Repurchases of common stock (3,457) (2,438) (23,128)
Ending balance 237,948 228,564 213,094
AOCL attributable to shareholders of Crawford & Company      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance (218,615) (215,321) (180,441)
Other comprehensive (loss) income 1,490 (3,294) (34,880)
Ending balance (217,125) (218,615) (215,321)
Shareholders' Investment Attributable to Shareholders of Crawford & Company      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance 141,618 124,543 211,965
Net income (loss) 26,596 30,609 (18,305)
Other comprehensive (loss) income 1,490 (3,294) (34,880)
Cash dividends paid (13,755) (12,701) (11,842)
Stock-based compensation 5,768 5,603 4,923
Repurchases of common stock (3,867) (2,731) (26,749)
Shares issued in connection with stock-based compensation plans, net (174) (411) 117
Decrease in value of noncontrolling interest due to acquisition (466)   (686)
Ending balance 157,210 141,618 124,543
Noncontrolling Interests      
Increase Decrease In Stockholders Equity [Roll Forward]      
Beginning balance (1,787) (1,165) (568)
Net income (loss) (67) (349) (227)
Other comprehensive (loss) income (172) (44) 267
Decrease in value of noncontrolling interest due to acquisition 489   (379)
Dividends paid to noncontrolling interests (122) (229) (258)
Ending balance $ (1,659) $ (1,787) $ (1,165)
v3.25.0.1
Consolidated Statements of Shareholders' Investment (Parentheticals) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class A Non-Voting      
Class Of Stock [Line Items]      
Cash dividends paid (in dollars per share) $ 0.28 $ 0.26 $ 0.24
Class B Voting      
Class Of Stock [Line Items]      
Cash dividends paid (in dollars per share) $ 0.28 $ 0.26 $ 0.24
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

Cybersecurity Risk Management and Strategy

We recognize the importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our clients' and our data. We have a global cybersecurity and privacy program to help effectively assess, identify, and manage cybersecurity threat risks. We have developed a list of cybersecurity risks from known threats and our own history to help identify what is most meaningful and potentially impactful to the Company. The cybersecurity and privacy initiatives to address the risks are complex, strategic, and ever evolving. Threats and risks are identified from threat intelligence sources that include our vendors, industry, and government organizations. We continuously monitor and scan the cyber landscape to review evolving threats and risks that may impact us. Information from these various sources are reviewed by our cybersecurity and risk teams to evaluate risks in line with the NIST Cybersecurity Framework. Threat intelligence from other financial institutions and industry consortiums that serve financial institutions, such as the Financial Services Information Sharing and Analysis Center, provides key information on how risks are affecting our industry, with ability to preemptively mitigate emerging threats, as discussed above in Part I, Item 1A of this Form 10-K under the heading Technology and Data Security.

We score cybersecurity risks based on the likelihood and impact on our operations. Such cybersecurity risks are integrated and evaluated as part of the global Enterprise Risk Management (“ERM”) program, which is managed by the Senior Vice President General Counsel. The Governance Committee of the Board of Directors maintains oversight of the ERM program and the Audit Committee maintains oversight of the cybersecurity program to ensure risks to the Company are managed within our risk appetite.

Our ERM program considers cybersecurity threat risks alongside other company risks as part of our overall risk assessment process when identifying and assessing material risks. Our ERM team collaborates with internal subject matter specialists, as necessary, to gather insights and report on the most significant risks. We employ a range of tools and services, including regular network and endpoint monitoring, vulnerability assessments, penetration testing, and tabletop exercises to identify threats and improve our incident response plan.

We identify and assess cybersecurity incidents based on multiple factors including information from previous events and incidents. The Cybersecurity Incident Response Team (“CSIRT”) categorizes events into four levels of severity with defined requirements to assess criticality. The CSIRT informs both our leadership as well as our SEC Cybersecurity Rules Disclosure Committee (“SCRDC”), Cybersecurity and Privacy Council and the Audit Committee of the Board on matters related to cybersecurity risks that are deemed to materially affect the Company.

We perform ongoing cybersecurity awareness training for our employees that reinforces our Global Information Security policies, standards and practices. In addition, employees receive periodic newsletters emphasizing awareness of new cybersecurity threats (e.g., phishing attempts, smishing, pretexting, and deep fakes created by artificial intelligence). This training is mandatory for all employees globally and is supplemented with periodic phishing tests. Additionally, we perform an annual external evaluation of our cybersecurity program using the NIST Cybersecurity Framework.

We regularly engage with consultants to review our cybersecurity program to help identify areas for continued focus, improvement and compliance, including review of past cybersecurity incidents in order to address known vulnerabilities. Our processes also address cybersecurity risks associated with third-party service providers, including those with access to our non-public or restricted data, including client data. Third-party risks are also included within our ERM program and are actively reported to the Audit and Governance Committees. Our Third Party Risk Management Program comprises a defined process to identify, assess, and mitigate risks by our third-party suppliers and service providers, specifically including cybersecurity and privacy risks.

We are also in the process of simplifying our technology landscape and implementing several new cybersecurity technologies that will help improve the management of cybersecurity risks and threats. In the last three fiscal years, we have not experienced any material cybersecurity incidents and the expenses we have incurred from cybersecurity incidents were immaterial (including no related penalties and settlements).

Cybersecurity Governance

Our global cybersecurity and privacy program is managed by our Chief Technology and Information Security Officer ("CISO"), Vice-President of Global IT Security, Global Chief Privacy Officer (“CPO”), and Chief Information Officer (“CIO”). We have also established a Cybersecurity and Privacy Council, which comprises our senior management team, including our CEO. The Cybersecurity and Privacy Council meets on a quarterly basis with the CISO, CPO and CIO to keep our CFO, General Counsel and other executive leadership informed of cybersecurity activities and new risks and requirements. The objective of this council is to review, discuss, and manage cybersecurity and privacy risks and threats, prioritize risks, monitor risk mitigation progress, advise and update on the evolving legal landscape, as well as provide visibility into ongoing activities and programs.

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides updates to the Audit Committee quarterly, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.

We also created a SCRDC composed of members from cybersecurity, privacy, legal, audit, and finance teams. This committee's objective is to review and discuss the nature of cybersecurity and privacy incidents and determine impact and materiality.

Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO, CPO, CIO, and VP of Global IT Security. Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.

As described above, we have experienced professionals in the key roles of the CISO, CPO, CIO, and VP of Global IT Security. The cybersecurity and privacy offices are responsible for incident reporting and management, which includes cybersecurity threats. The Incident Response team, comprising key cross-functional professionals and stakeholders globally, meets weekly and as needed to identify, respond, contain, and coordinate events where activities threaten the security, confidentiality, integrity, and availability of our information, including client information and information systems.

Once an event materially impacts systems or data, these cross-functional professionals and stakeholders evaluate the incident using key factors (e.g., type and scope of information impacted, systems impacted, reputational impact) and promptly inform senior leadership, the Audit Committee and the Board of Directors. Further, we may consult outside counsel or external advisors given the circumstances and situation (e.g., client, controls, location, or regulatory landscape).

Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We score cybersecurity risks based on the likelihood and impact on our operations. Such cybersecurity risks are integrated and evaluated as part of the global Enterprise Risk Management (“ERM”) program, which is managed by the Senior Vice President General Counsel. The Governance Committee of the Board of Directors maintains oversight of the ERM program and the Audit Committee maintains oversight of the cybersecurity program to ensure risks to the Company are managed within our risk appetite.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

Our global cybersecurity and privacy program is managed by our Chief Technology and Information Security Officer ("CISO"), Vice-President of Global IT Security, Global Chief Privacy Officer (“CPO”), and Chief Information Officer (“CIO”). We have also established a Cybersecurity and Privacy Council, which comprises our senior management team, including our CEO. The Cybersecurity and Privacy Council meets on a quarterly basis with the CISO, CPO and CIO to keep our CFO, General Counsel and other executive leadership informed of cybersecurity activities and new risks and requirements. The objective of this council is to review, discuss, and manage cybersecurity and privacy risks and threats, prioritize risks, monitor risk mitigation progress, advise and update on the evolving legal landscape, as well as provide visibility into ongoing activities and programs.

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides updates to the Audit Committee quarterly, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.

We also created a SCRDC composed of members from cybersecurity, privacy, legal, audit, and finance teams. This committee's objective is to review and discuss the nature of cybersecurity and privacy incidents and determine impact and materiality.

Our cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by our CISO, CPO, CIO, and VP of Global IT Security. Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.

As described above, we have experienced professionals in the key roles of the CISO, CPO, CIO, and VP of Global IT Security. The cybersecurity and privacy offices are responsible for incident reporting and management, which includes cybersecurity threats. The Incident Response team, comprising key cross-functional professionals and stakeholders globally, meets weekly and as needed to identify, respond, contain, and coordinate events where activities threaten the security, confidentiality, integrity, and availability of our information, including client information and information systems.

Once an event materially impacts systems or data, these cross-functional professionals and stakeholders evaluate the incident using key factors (e.g., type and scope of information impacted, systems impacted, reputational impact) and promptly inform senior leadership, the Audit Committee and the Board of Directors. Further, we may consult outside counsel or external advisors given the circumstances and situation (e.g., client, controls, location, or regulatory landscape).

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO provides updates to the Audit Committee quarterly, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents.
Cybersecurity Risk Role of Management [Text Block]

The Board of Directors provides oversight and has designated primary responsibility to the Audit Committee who oversees our information security programs including cybersecurity and is actively involved in monitoring the progress of key cybersecurity initiatives. The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders. The CISO provides updates to the Audit Committee quarterly, including progress on the cybersecurity initiatives, risk trends and scores, and any cybersecurity incidents. Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CISO manages the cybersecurity program in collaboration with the CIO, CPO, and our business leaders
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our security, privacy, and IT leaders have extensive relevant work experience in various roles which includes developing cybersecurity strategy, implementing effective information and cybersecurity programs, and implementing cybersecurity and privacy solutions. These leaders have relevant degrees and certifications, including Certified Information Systems Auditor, Certified Information Systems Security Professional, Fellow of Information Privacy, and Certified Information Privacy Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Executive leadership and the Board of Directors are regularly informed and updated on any potentially material incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 26,596 $ 30,609 $ (18,305)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Significant Accounting and Reporting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Significant Accounting and Reporting Policies

1. Significant Accounting and Reporting Policies

Nature of Operations

Based in Atlanta, Georgia, Crawford & Company ("Crawford" or "the Company") is the world's largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations with an expansive global network serving clients in more than 70 countries.

Shares of the Company's two classes of common stock are traded on the New York Stock Exchange ("NYSE") under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights for the Class B Common Stock (CRD-B), and protections for the non-voting Class A Common Stock (CRD-A). More information is found on the Company's website www.crawco.com. The information contained on, or hyperlinked from, the Company's website is not a part of, and is not incorporated by reference into, this report.

Principles of Consolidation

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities ("VIE") in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2024, 2023, and 2022 consolidated financial statements include the financial position of such operations as of October 31, 2024 and 2023, respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2024, 2023, and 2022, respectively.

The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests and noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

The Company consolidates the results of a VIE when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At December 31, 2024 and 2023, the liabilities of this deferred compensation plan were $6,248,000 and $6,261,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,389,000 and $10,237,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively.

Prior Year Reclassifications

Certain prior year segment information has been reclassified to conform to the current year presentation.

Management's Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Revenue Recognition

Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts.

The Company's North America Loss Adjusting segment generates revenue for claims management and adjusting services to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. The Company's International Operations segment generates revenue in a similar manner as North America Loss Adjusting in the U.K., Europe, Australia, Asia and Latin America. This segment also includes Legal Services, which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, “Revenue Recognition” for further discussion on the Company’s revenue recognition policies.

Intersegment sales are recorded at cost and are not material and eliminate in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature. At December 31, 2024 and December 31, 2023, cash and cash equivalents included time deposits of approximately $55,000 and $328,000, respectively, that were in financial institutions outside the U.S.

Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

55,412

 

 

$

58,363

 

 

$

46,007

 

Restricted cash within prepaid expenses and other current assets

 

 

917

 

 

 

1,182

 

 

 

638

 

Total cash, cash equivalents and restricted cash

 

$

56,329

 

 

$

59,545

 

 

$

46,645

 

Accounts Receivable and Allowance for Expected Credit Losses

The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations.

Unbilled revenues are stated on the Company’s Consolidated Balance Sheets, net of estimated billing adjustments and an estimated allowance for expected credit losses. Unbilled assets represent a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2024, 2023, and 2022 is as follows:

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,530

 

 

$

9,322

 

 

$

8,768

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

1,341

 

 

 

626

 

 

 

1,647

 

Write-offs, net of recoveries

 

 

(1,654

)

 

 

(478

)

 

 

(528

)

Currency translation and other changes

 

 

(128

)

 

 

60

 

 

 

(565

)

Allowance for credit losses, December 31

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 

 

Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method, which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally.

The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the Company concludes that this is the case, it performs the quantitative analysis above.

If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition.

For impairment testing of indefinite-lived intangible assets, the carrying value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If carrying value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under finance leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

7-15 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Leasehold improvements

 

$

30,357

 

 

$

30,663

 

Furniture and fixtures

 

 

19,690

 

 

 

21,197

 

Data processing equipment

 

 

43,562

 

 

 

51,469

 

Automobiles

 

 

701

 

 

 

197

 

Total property and equipment

 

 

94,310

 

 

 

103,526

 

Less accumulated depreciation

 

 

(73,754

)

 

 

(80,784

)

Net property and equipment

 

$

20,556

 

 

$

22,742

 

Depreciation on property and equipment, including property under finance leases and amortization of leasehold improvements, was $8,881,000, $10,004,000, and $11,941,000 for the years ended December 31, 2024, 2023, and 2022, respectively.

Capitalized Software

Capitalized software costs reflect costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. Additionally, "Capitalized software costs, net" on the Company's Consolidated Balance Sheets includes $5,900,000 and $5,000,000 as of December 31, 2024 and 2023, respectively, related to implementation of hosting arrangement service contracts for certain software applications. Capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $19,817,000, $17,948,000, and $16,320,000 for the years ended December 31, 2024, 2023, and 2022, respectively.

Self-Insured Risks

The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The Company believes its provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted.

At December 31, 2024 and 2023, accrued liabilities for self-insured risks totaled $47,061,000 and $51,746,000, respectively, including current liabilities of $27,813,000 and $33,238,000, respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. The Company separately records a recoverable asset for the value of insurance recovery payments anticipated from its insurance carriers, which totaled $20,651,000 and $30,323,000 as of December 31, 2024 and 2023, respectively. The recoverability of each asset is based on the notification of each claim to the Company's insurers, along with its independent assessment of the claim and the fact that it only has coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable.

Income Taxes

The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued compensation, pension plans, self-insurance, depreciation, and amortization.

For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized.

Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits. See Note 7, "Income Taxes" for further discussion.

Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.

Sales and Other Taxes

In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted.

Foreign Currency

Monetary assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must be remeasured from the applicable currency to the reporting entity's functional currency. The effects of the remeasurement of these assets and liabilities are recognized in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Operations. For operations outside the U.S. whose functional currency is other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income (Loss)" in the Company's Consolidated Statements of Comprehensive Income (Loss), and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.

Foreign currency transactions for the years ended December 31, 2024, 2023 and 2022 resulted in net losses of $65,000, $691,000 and $1,259,000, respectively.

Advertising Costs

Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,132,000, $2,143,000, and $1,939,000, respectively, for the years ended December 31, 2024, 2023 and 2022.

Adoption of New Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.

Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 13, "Segment and Geographic Information," for updated segment disclosures.

Pending Adoption of Recently Issued Accounting Standards

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Disaggregation of Income Statement Expenses (ASU 2024-01)

In November 2024, the FASB issued ASU 2024-01, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

2. Revenue Recognition

Revenue from Contracts with Customers

Revenues are recognized when control of the promised services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations which are identified below, it has an unconditional right to consideration as outlined in the Company's contracts. Generally, the Company's accounts receivables are expected to be collected in less than two months.

The Company's North America Loss Adjusting and International Operations segments generate revenue for adjusting services provided to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property and certain types of personal property. These segments also generate revenues for claims management services provided to insurance companies and self-insured entities related to large, complex losses with technical adjusting and industry experts servicing a broad range of industries. The Company charges on a fee-per-claim basis for each optional purchase of the claims management services exercised by its customer. The Company also performs Legal Services within its International Operations segment. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims applied utilizing a portfolio approach based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer. Task assignment services are single optional purchase performance obligations which are generally satisfied at a point in time when the control of the service is transferred to the customer. Therefore, revenue is recognized when the customer receives the service requested.

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

U.S.

 

$

221,279

 

 

$

207,255

 

Canada

 

 

90,879

 

 

 

96,374

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

312,158

 

 

$

303,629

 

The following table presents International Operations revenues before reimbursements disaggregated by geography for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

U.K.

 

$

157,806

 

 

$

133,110

 

Europe

 

 

100,702

 

 

 

92,130

 

Australia

 

 

77,219

 

 

 

78,966

 

Asia

 

 

24,466

 

 

 

23,289

 

Latin America

 

 

32,924

 

 

 

29,560

 

International Loss Adjusting

 

 

393,117

 

 

 

357,055

 

 

 

 

 

 

 

 

U.K.

 

 

10,551

 

 

 

10,243

 

Australia

 

 

11,769

 

 

 

10,513

 

Latin America

 

 

3,170

 

 

 

4,582

 

Crawford Legal Services

 

 

25,490

 

 

 

25,338

 

Total International Operations Revenues before Reimbursements

 

$

418,607

 

 

$

382,393

 

The Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines.

The Claims Management service line includes Workers' Compensation, Liability, Property and Disability Claims Management. This service line also performs additional services such as Accident & Health claims programs, including Affinity type claims, and disability and leave management services. Each claim referred by the customer is considered an additional optional purchase of claims management services under the agreement with the customer. The transaction price is specified in the contract and is fixed for each service. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report the claim and control of these services is transferred to the customer. Revenue is recognized based on historical claim closure rates and claim type applied utilizing a portfolio approach based on time elapsed for these claims as the Company believes this is the most accurate depiction of the transfer of claims management services to its customer. Broadspire also provides claims management services on a monthly basis for which revenue is recognized over time monthly based on claims received and staff required to complete our claim handling obligations. Broadspire also provides Risk Management Information Services and Account Administration Services, and generates revenues from income earned for managing funds maintained to administer claims for its customers. For non-claim services provided in our Claims Management service line, revenue is recognized over time as services are provided and control of these services is transferred to the customer. Revenue is recognized as time elapses as this is the most accurate depiction of the transfer of the service to the customer.

The Company's obligation to manage claims under the Claims Management service line can range from less than one year, on a one- or two-year basis or for the lifetime of the claim. Under certain claims management agreements, the Company receives consideration from a customer at contract inception prior to transferring services to the customer, however, it would begin performing services immediately. The period between a customer’s payment of consideration and the completion of the promised services could be greater than one year. There is no difference between the amount of promised consideration and the cash selling price of the promised services. The fee is billed upfront by the Company in order to provide customers with simplified and predictable ways of purchasing its services and it is customary to invoice service fees when the claim is assigned. The Company considered whether a significant financing component exists and determined that there is not a significant financing component at the contract level.

The Medical Management service line offers case managers who provide administration services by proactively managing medical treatment plans for claimants while facilitating an understanding of and participation in their rehabilitation process. Revenue for Medical Management services is recognized over time as the performance obligations are satisfied through the effort expended to manage the medical treatment for claimants and control of these services is transferred to the customer. Medical Management services are generally billed based on time incurred, are considered variable consideration, and revenue is recognized at the amount for which the Company has the right to invoice for services performed. This method of revenue recognition is the most accurate depiction of the transfer of the Medical Management services to the customer. The Company also performs medical bill review services. Medical bill review services provide an analysis of medical charges for clients’ claims to identify opportunities for savings. Medical bill review services revenues are recognized over time as control of the service is transferred to the customer. Revenue is recognized based upon the transfer of the results of the medical bill review service to the customer as this is the most accurate depiction of the transfer of the service to the customer.

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

Claims Management

 

$

198,797

 

 

$

182,840

 

Medical Management

 

 

189,277

 

 

 

172,810

 

Total Broadspire Revenues before Reimbursements

 

$

388,074

 

 

$

355,650

 

The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines.

The Contractor Connection service line generates revenue through its independently managed contractor network. Contractor Connection primarily generates revenue by receiving a fee for each project that is sold by its network of contractors. Revenue is recognized at a point in time once the consumer accepts the contractor's proposal as Contractor Connection’s performance obligation of referring projects to its contractors has been completed and the Company is entitled to consideration at that time. The contractor takes control of the service upon the consumer’s acceptance of the contractor’s proposal.

The Networks service line generates revenues for claims management services provided to insurance companies and self-insured entities related to property, casualty and catastrophic losses. Networks also generates revenue by providing on-demand inspection, verification and other task specific field services for businesses and consumers. Revenue is recognized over time as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document and report the claim and control of these services is transferred to the customer. Revenue is recognized based on the claim type for fixed fee claims, applied based on time elapsed for these claims. For claims billed on a time and expense incurred basis, which are considered variable consideration, the Company recognizes revenue at the amount for which it has the right to invoice for services performed. These methods of revenue recognition are the most accurate depiction of the transfer of the claims management services to the customer.

The Subrogation service line provides subrogation recovery and consultative services for the property and casualty insurance industry. Revenue is recognized at a point in time when the subrogation is successful and cash consideration is received.

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

Contractor Connection

 

$

67,586

 

 

$

74,627

 

Networks

 

 

76,977

 

 

 

123,859

 

Subrogation

 

 

29,108

 

 

 

26,973

 

Total Platform Solutions Revenues before Reimbursements

 

$

173,671

 

 

$

225,459

 

In the normal course of business, the Company's segments incur certain out-of-pocket expenses that are thereafter reimbursed by its customers. The Company controls the promised good or service before it is transferred to its customer, therefore it is a principal in the transaction. These out-of-pocket expenses and associated reimbursements are reported on a gross basis within expenses and revenues, respectively, in the Company's Consolidated Statements of Operations.

Claims Management Performance Obligations

For claims management services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company sells multiple lines of claims processing and different levels of processing depending on the complexity of the claims. The Company typically provides a menu of offerings from which the customer chooses to purchase at its option. The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is consistent for each service irrespective of the other services or quantities requested by the customer. For example, if the Company provides claims processing for both auto and general liability, those services are priced and delivered independently. These additional services represent optional purchases of additional claims management services and do not represent arrangements with multiple performance obligations.

Performance-based fees

The Company, from time-to-time, entered into contracts with certain clients within its International Operations that provided for additional fee revenues or revenue reductions based on its efficiency in managing claim portfolios and on the basis of claim outcomes and the resulting average claim costs for the respective portfolios. These amounts were in addition to, or a reduction of, the fee revenues discussed above. These performance-based revenues, which represented variable consideration, were based on performance metrics set forth in the underlying contracts. These were generally under multi-year contracts but with discrete individual contract year measurement periods that remained subject to adjustment until claim closure. Each period, the Company based its estimates of performance-based revenues on an individual contract year basis, which were subject to adjustment in future years based on changes in average claim costs. Accordingly, the amounts represented the Company's best estimate of amounts earned using historical averages and other factors. Because the expectation of the ultimate contingent revenue amounts to be earned could vary from period to period, these estimates could change significantly from quarter to quarter, and such adjustments could occur in future periods until the individual contract year measurement period was closed. Variable consideration was recognized when the Company concluded, based on all the facts and information available at the reporting date, that it was probable that a significant revenue reversal would not occur in future periods. During 2023, the Company completed its obligations for performance-based revenues under these contracts.

Contract Balances

The timing of revenue recognition, billings and cash collections result in billed accounts receivables, unbilled accounts receivable reported as "Unbilled revenues, at estimated billable amounts," and "Deferred revenues" on the Company’s Consolidated Balance Sheets. Unbilled revenues is recorded for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that the Company expects and is entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

When the Company receives consideration from a customer prior to transferring services to the customer under the terms of certain claims management agreements, it records deferred revenues on its Consolidated Balance Sheets, which represents a contract liability. These fixed-fee service agreements typically result from the Broadspire segment and require the Company to handle claims on either a one- or two-year basis, or for the lifetime of the claim. In cases where it handles a claim on a non-lifetime basis, the Company typically receives an additional fee on each anniversary date that the claim remains open. For service agreements where it provides services for the life of the claim, the Company is paid one upfront fee regardless of the duration of the claim. The Company recognizes deferred revenues as revenues as it performs services and transfers control of the services to the customer and satisfies the performance obligation which it determines utilizing a portfolio approach.

The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time. Deferred revenues for lifetime claim handling are more sensitive to changes in claim closing rates since the Company is obligated to handle these claims to conclusion with no additional fees received for long-lived claims. As of December 31, 2024, deferred revenues related to lifetime claim handling arrangements approximated $39,600,000. For all fixed fee service agreements, revenues are recognized over the expected service periods, by type of claim. Based upon its historical averages, the Company closes approximately 99% of all cases referred to it under lifetime claim service agreements within five years from the date of referral. Also, within that five-year period, the percentage of cases remaining open in any one particular year has remained relatively consistent from period to period. Each quarter the Company evaluates its historical case closing rates by type of claim utilizing a portfolio approach and adjusts deferred revenues as necessary. As a portfolio approach is utilized to recognize deferred revenues, any changes in estimates will impact timing of revenue recognition and any changes in estimates are recognized in the period in which they are determined.

The table below presents the deferred revenues balance as of January 1, 2024 and the significant activity affecting deferred revenues during the year ended December 31, 2024:

 

(In Thousands)

 

 

 

Deferred Revenue

 

 

 

Balance at January 1, 2024

 

$

60,411

 

Annual additions

 

 

96,543

 

Revenue recognized from prior periods

 

 

(32,814

)

Revenue recognized from current year additions

 

 

(64,455

)

Balance as of December 31, 2024

 

$

59,685

 

Remaining Performance Obligations

As of December 31, 2024, the Company had $105,700,000 of remaining performance obligations related to claims and non-claims services for which the price is fixed. Remaining performance obligations consist of deferred revenues as well as certain claims where the processing has not yet occurred. The Company expects to recognize approximately 72% of its remaining performance obligations as revenues within one year and the remaining balance thereafter.

Costs to Obtain a Contract

The Company has a sales incentive compensation program where payment is based on the revenues recognized in the period. The payment does not represent an incremental cost to the Company that provides a future benefit expected to be longer than one year and would meet the criteria to be capitalized and presented as a contract asset on the Company's Consolidated Balance Sheets.

Practical Expedients Elected

As a practical expedient, the Company does not adjust the consideration in a contract for the effects of a significant financing component it expects, at contract inception, when the period between a customer’s payment of consideration and the transfer of promised services to the customer will be one year or less. For claims management services that are billed on a time and expense incurred or per unit basis, the Company recognizes revenue at the amount to which it has the right to invoice for services performed.

The Company does not disclose the value of remaining performance obligations for (i) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed, or (ii) contracts with variable consideration allocated entirely to a single performance obligation.
v3.25.0.1
Business Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Business Acquisitions and Dispositions

3. Business Acquisitions and Dispositions

R.P. van Dijk B.V. Acquisition

On April 1, 2022, the Company purchased assets associated with R.P. van Dijk B.V. ("Van Dijk"), a bodily injury loss adjusting company based in the Netherlands. The acquisition was funded primarily through additional borrowings under the Company’s credit facility. The purchase price includes an initial cash consideration of $4,313,000, and an earn-out potential up to $2,200,000 payable over the next two years based on the achievement of revenue performance goals and other nonfinancial milestones over two one-year periods, beginning April 2022.

This acquisition expanded the Company's network in the Netherlands and strengthened its bodily injury loss adjusting service offering by adding a highly qualified team of adjusters experienced in managing complex loss events resulting in injury or death, as well as handling medical liability claims. The acquisition supports the Company's strategic aim of strengthening its expertise in all key territories in which it operates.

The acquisition accounting is based on the fair value of the acquisition consideration transferred to the sellers, assets acquired and liabilities assumed as of the acquisition date. At the acquisition date, the fair value of the contingent consideration payable was estimated to be $1,342,000. There have been no material changes to the fair value of the contingent consideration payable. Significant assumptions and estimates used in the valuation of intangible assets and contingent consideration included, but were not limited to future expected cash flows, including projected revenues and expenses, estimated customer attrition rates, and the applicable discount rates. These assumptions and estimates were level 3 inputs and based on assumptions that the Company believes to be reasonable. However, actual results may differ from these estimates.

Final acquisition accounting for this acquisition was completed as of June 30, 2023.

The financial results of certain of the Company’s international subsidiaries, including Van Dijk, are included in the Company’s consolidated financial statements on a two-month delayed basis.

Fair Value of Assets Acquired and Liabilities Assumed

 

Assets acquired and liabilities assumed as of acquisition date are presented in the following table:

 

 

 

R.P. van Dijk B.V.

 

 

 

April 1, 2022

 

 

 

 

 

Tangible assets

 

 

 

Unbilled revenues

 

$

509

 

Other assets

 

 

231

 

Total tangible assets

 

 

740

 

Intangible assets

 

 

 

Customer relationships

 

 

3,215

 

Non-compete agreements

 

 

347

 

Goodwill

 

 

1,423

 

Total intangible assets

 

 

4,985

 

Total assets acquired

 

 

5,725

 

 

 

 

 

Liabilities assumed

 

 

 

Current liabilities

 

 

70

 

Total liabilities assumed

 

 

70

 

 

 

 

 

Net assets acquired

 

$

5,655

 

 

 

 

 

Purchase price (cash)

 

$

4,313

 

Fair value of contingent consideration

 

 

1,342

 

Fair value of total consideration transferred

 

$

5,655

 

 

Acquired intangible assets include customer relationships and non-compete agreements. Intangible assets were valued using forms of the income approach which utilizes a forecast of future cash flows generated from the use of each asset. Customer relationships and non-compete agreements from the Van Dijk acquisition were assigned useful lives of 10 years and 4 years, respectively.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

4. Goodwill and Intangible Assets

Goodwill

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform Solutions

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,893

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,602

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,267

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,622

 

2023 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

102

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

102

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,995

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,704

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,369

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,724

 

2024 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

(356

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(356

)

Balance at December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,639

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,348

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,013

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,368

 

During 2024 and 2023, the Company performed its goodwill impairment testing. The estimated fair value of each reporting unit tested exceeded its carrying value for both periods. The key assumptions used in estimating the fair value of its reporting units as of October 1, 2024 and 2023 utilizing the income approach include the discount rate and the terminal growth rate. The discount rates utilized in estimating the fair value of its reporting units as of October 1, 2024 and 2023 range between 13% - 17% and 12.0% - 13.5%, respectively, reflecting the assessment of a market participant's view of the risks associated with the projected cash flows. The terminal growth rate used in the analysis was 2.0% for both periods. The assumptions used in estimating the fair values are based on currently available data and management's best estimates of revenues, EBITDA margins, and cash flows and, accordingly, a change in market conditions or other factors could have a material effect on the estimated values. There are inherent uncertainties related to the assumptions used and to management's application of these assumptions.

During the third quarter of 2022, the Company identified goodwill impairment indicators in its International Operations reporting unit and former Crawford Legal Services reporting unit, which are reflected in its International Operations reportable segment, as a result of a reduction in forecasted revenue and earnings, higher interest rates, and a lower Crawford & Company stock price. The Company also identified goodwill impairment indicators in its North America Loss Adjusting and Platform Solutions reportable segments related to the Subrogation and former edjuster Inc. reporting units, respectively, as these reporting units had minimal historical excesses of fair values over their carrying values due to being recent acquisitions, given higher interest rates and a lower Crawford & Company stock price. As a result of these indicators, the Company performed an interim quantitative goodwill impairment test as of August 31, 2022 and recognized a non-cash pretax goodwill impairment of $36,808,000.

During the fourth quarter of 2022, for purposes of its October 1 annual impairment test, the Company elected to perform a qualitative assessment of goodwill considering the most recent quantitative assessment performed as of August 31, 2022. Based on the qualitative assessment, no events or circumstances were identified that indicated it was more likely than not that the carrying values of the reporting units exceeded their fair values.

Intangible Assets

The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2024 and 2023:

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted-
Average
Amortization
Period

 

 

(In thousands, except years)

 

 

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,459

 

 

$

(125,639

)

 

$

35,820

 

 

7.3 years

Technology-based

 

 

21,735

 

 

 

(16,364

)

 

 

5,371

 

 

3.3 years

Trade name

 

 

5,828

 

 

 

(3,721

)

 

 

2,107

 

 

3.7 years

Other

 

 

6,795

 

 

 

(6,278

)

 

 

517

 

 

2.1 years

Total

 

$

195,817

 

 

$

(152,002

)

 

$

43,815

 

 

6.0 years

December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

159,707

 

 

$

(119,416

)

 

$

40,291

 

 

7.8 years

Technology-based

 

 

22,023

 

 

 

(14,818

)

 

 

7,205

 

 

4.4 years

Trade name

 

 

6,030

 

 

 

(3,121

)

 

 

2,909

 

 

4.9 years

Other

 

 

6,819

 

 

 

(6,048

)

 

 

771

 

 

2.9 years

Total

 

$

194,579

 

 

$

(143,403

)

 

$

51,176

 

 

6.7 years

Amortization of finite-lived intangible assets was $7,497,000, $7,790,000, and $7,836,000 for the years ended December 31, 2024, 2023, and 2022, respectively. These amortization expenses were excluded from segment operating earnings (see Note 13, "Segment and Geographic Information"). Intangible assets subject to amortization are amortized on a straight-line basis over lives ranging from 2 to 20 years.

At December 31, 2024, annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows:

 

 

 

Annual
Amortization
Expense

 

Year Ending December 31,

 

(In thousands)

 

2025

 

$

7,344

 

2026

 

 

7,161

 

2027

 

 

5,629

 

2028

 

 

5,629

 

2029

 

 

3,395

 

The following is a summary of indefinite-lived intangible assets at December 31, 2024 and 2023:

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Impairments

 

 

Net Carrying
Value

 

 

 

(In thousands)

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,802

 

 

$

(2,072

)

 

$

30,730

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,682

 

 

$

(2,072

)

 

$

30,610

 
v3.25.0.1
Short-Term and Long-Term Debt, Including Finance Leases
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt, Including Finance Leases

5. Short-Term and Long-Term Debt, Including Finance Leases

Long-term debt consisted of the following at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Credit Facility

 

$

217,979

 

 

$

209,000

 

Finance lease and other obligations

 

 

158

 

 

 

148

 

Total long-term debt and finance leases

 

 

218,137

 

 

 

209,148

 

Less: portion of Credit Facility classified as short-term

 

 

(17,740

)

 

 

(14,727

)

Less: current installments of finance leases and other obligations

 

 

(82

)

 

 

(86

)

Total long-term debt and finance leases, less current installments

 

$

200,315

 

 

$

194,335

 

On November 5, 2021, the Company, its subsidiaries Crawford & Company Risk Services Investments Limited (the "U.K. Borrower"), Crawford & Company (Canada) Inc. (the "Canadian Borrower") and Crawford & Company (Australia) Pty. Ltd. (the "Australian Borrower") (the Company, together with such subsidiaries, as borrowers (the "Borrowers")), Bank of America, N.A., as administrative agent and a lender ("Bank of America"), Wells Fargo Bank, National Association and Truist Bank as co-syndication agents and lenders, HSBC Bank USA, National Association and PNC Bank, N.A., as co-documentation agents and lenders, and the other lenders party thereto, entered into a Credit Facility (the "Credit Facility"), which replaced our prior agreement, dated as of December 8, 2011, by and among, inter alia, the Borrowers, Wells Fargo and the other lenders from time to time party thereto, as subsequently amended. In connection with the Credit Facility, the Company, the Company’s guarantor subsidiaries party thereto and Bank of America entered into an Security and Pledge Agreement (the "Security and Pledge Agreement") and a Guaranty Agreement (the "Guaranty Agreement"), each dated as of the date of the Credit Facility.

The Credit Facility consists of a $450,000,000 revolving credit facility, with a letter of credit sub-commitment of $125,000,000. The Credit Facility contains sublimits of $250,000,000 for borrowings by the U.K. Borrower, $125,000,000 for borrowings by the Canadian Borrower, and $75,000,000 for borrowings by the Australian Borrower. The Credit Facility matures, and all amounts outstanding thereunder, will be due and payable on November 5, 2026. Borrowings under the Credit Facility may be made in U.S. dollars, Euros, the currencies of Canada, Japan, Australia or United Kingdom and, subject to the terms of the Credit Facility, other currencies.

Borrowings under the Credit Facility bear interest, at the option of the applicable Borrower, based on the Base Rate (as defined below) or Term SOFR or an alternative reference rate, in each case plus an applicable interest margin based on the Company's leverage ratio (as defined below), provided that borrowings in foreign currencies will be at an alternative reference rate. On May 19, 2023, the Company amended the Credit Agreement. Pursuant to the amendment, London Interbank Offered Rate ("LIBOR") has been replaced with Term Secured Overnight Financing Rate ("Term SOFR") as the U.S. dollar reference rate. Additionally, on January 29, 2024, the Company amended the Credit Agreement to change the reference rate for Canadian dollars to be based on the Canadian Overnight Repo Rate Average ("CORRA"). The Credit Facility, as amended, defines Term SOFR based on the published forward-looking SOFR rate administered by the CME Group or any acceptable successor. The Credit Facility defines alternative reference rates for non-U.S. Dollar currencies as Alternative Currency Term Rates or Alternative Currency Daily Rates. The interest margin for Term SOFR or alternative reference rate loans ranges from 1.00% to 1.625% and for Base Rate loans ranges from 0.00% to 0.625%. Base Rate is defined as the highest of (a) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (c) the Term SOFR rate plus 1.00%, subject to interest rate floors, with a minimum rate of zero. The weighted average interest rates under the Credit Facility were 6.8%, 6.6%, and 3.3% for the years ended December 31, 2024, 2023, and 2022, respectively.

At December 31, 2024, a total of $217,979,000 was outstanding and there was an undrawn amount of $8,870,000 under the letters of credit sub-commitment of the Credit Facility. These letter of credit commitments were for the Company's own obligations. Including the amounts committed under the letters of credit sub-commitment, the available borrowing capacity under the Credit Facility totaled $219,390,000 at December 31, 2024.

The obligations of the Borrowers under the Credit Facility are guaranteed by each existing material domestic subsidiary of the Company, certain other domestic subsidiaries of the Company and certain existing material foreign subsidiaries of the Company that are disregarded entities for U.S. income tax purposes (each such foreign subsidiary, a "Disregarded Foreign Subsidiary"), and such obligations are required to be guaranteed by each subsequently acquired or formed material domestic subsidiary and Disregarded Foreign Subsidiary (each, a "Guarantor"), and the obligations of the Borrowers other than the Company ("Foreign Borrowers") for which the Company is not the primary obligor are also guaranteed by the Company. In addition, (i) the Borrowers’ obligations under the Credit Facility are secured by a first priority lien (subject to liens permitted by the Credit Facility) on substantially all of the personal property of the Company and the Guarantors as set forth in the Security and Pledge Agreement and (ii) the obligations of the Foreign Borrowers are secured by a first priority lien on 100% of the capital stock of the Foreign Borrowers.

The representations, covenants and events of default in the Credit Facility are customary for financing transactions of this nature, including required compliance with a minimum interest coverage ratio and a maximum leverage ratio (each as defined below).

Under the Credit Facility, the consolidated total leverage ratio, defined as the ratio of (i) consolidated total funded debt minus unrestricted cash (generally cash held in the U.S., U.K., Canada and Australia) to (ii) consolidated EBITDA, must not be greater 4.50 to 1.00 at the end of each fiscal quarter. Also, the consolidated interest coverage ratio, defined as the ratio of (a) consolidated EBITDA to (b) consolidated interest expense, must not be less than 2.50 to 1.00 for the four-quarter period ending at the end of each fiscal quarter.

At December 31, 2024, the Company was in compliance with the financial covenants under the Credit Facility. If the Company does not meet the covenant requirements in the future, it would be in default under the Credit Facility. Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Facility and ancillary loan documents.

Short-term borrowings under the Credit Facility totaled $17,740,000 and $14,727,000 at December 31, 2024 and 2023, respectively. The Company expects, but is not required, to repay all of such short-term borrowings at December 31, 2024 in 2025.

The Company's finance leases are primarily comprised of equipment leases with terms ranging from 24 to 60 months.

Interest expense, including amortization of capitalized loan costs, on the Company's short-term and long-term borrowings was $20,303,000, $19,809,000, and $10,966,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Interest paid on the Company's short-term and long-term borrowings was $19,324,000, $18,914,000, and $9,500,000 for the years ended December 31, 2024, 2023, and 2022, respectively.

Principal repayments of long-term debt, including current portions, finance leases and other obligations, as of December 31, 2024 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity:

 

Year Ending December 31,

 

Long-term Debt

 

 

Finance Lease and Other Obligations

 

 

Total

 

 

 

(In thousands)

 

2025

 

$

17,740

 

 

$

82

 

 

$

17,822

 

2026

 

 

200,239

 

 

 

76

 

 

 

200,315

 

Total

 

$

217,979

 

 

$

158

 

 

$

218,137

 
v3.25.0.1
Lease Commitments
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Commitments

6. Lease Commitments

The Company determines if an arrangement is a lease at inception. The Company's and its subsidiaries' leases include office space, computer equipment, and automobiles under operating and finance leases. These lease agreements have remaining lease terms of 1 to 10 years. Some of these lease agreements include options to extend the leases for up to 6 years, options to terminate the leases within 1 year, rental escalation clauses and periodic adjustments for inflation, all of which are considered in the determination of lease payments. These lease agreements do not contain any material residual value guarantees or material restrictive covenants.

For leases with terms greater than 12 months, the Company records the related right-of-use asset and lease liability at the present value of the fixed lease payments over the term. Variable lease payments are not included in the calculation of the right-of-use asset and lease liability. The Company does not separate non-lease components from lease components and instead accounts for each as a single lease component for all classes of its assets. The Company applies a portfolio approach to effectively account for the right-of-use asset and lease liability for certain equipment leases.

When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

The Company's finance leases are not material as of the year ended December 31, 2024 and are excluded from the disclosures below. The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

 

(in thousands)

 

Classification on Balance Sheet

 

December 31,
2024

 

December 31,
2023

 

Assets:

 

 

 

 

 

 

 

Operating lease

 

Operating lease right-of-use assets, net

 

$

78,808

 

$

88,615

 

Liabilities:

 

 

 

 

 

 

 

Current operating lease liabilities

 

Current operating lease liabilities

 

 

24,541

 

 

24,351

 

Noncurrent operating lease liabilities

 

Noncurrent operating lease liabilities

 

 

66,811

 

 

78,029

 

Total operating lease liabilities

 

 

 

$

91,352

 

$

102,380

 

 

 

 

 

 

 

 

Weighted-Average Remaining Lease Term

 

 

 

4.40 years

 

4.98 years

 

Weighted-Average Discount Rate

 

 

 

 

5.8

%

 

5.7

%

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2024

 

December 31, 2023

 

Operating lease cost

 

$

30,933

 

$

30,782

 

Variable lease cost

 

 

8,084

 

 

8,457

 

Sublease income

 

 

(1,275

)

 

(178

)

 

Supplemental cash flow information related to operating leases were as follows:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2024

 

December 31, 2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

 

$

32,776

 

$

32,040

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

15,510

 

$

19,609

 

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

 

(in thousands)

 

December 31, 2024

 

2025

 

$

29,040

 

2026

 

 

24,940

 

2027

 

 

17,122

 

2028

 

 

12,727

 

2029

 

 

10,086

 

Thereafter

 

 

9,716

 

Total undiscounted lease payments

 

 

103,631

 

Less imputed interest

 

 

(12,279

)

Present value of future lease payments

 

$

91,352

 

The Company has entered into operating lease agreements that have not yet commenced as of December 31, 2024 with legally binding minimum lease payments of $1,970,990. The leases are expected to commence during the six months ended June 30, 2025, and have lease terms of 6.5 years.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

Income before income taxes consisted of the following:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

U.S.

 

$

21,429

 

 

$

35,620

 

 

$

39,297

 

Foreign

 

 

19,683

 

 

 

11,737

 

 

 

(34,251

)

Income before income taxes

 

$

41,112

 

 

$

47,357

 

 

$

5,046

 

The provision for income taxes consisted of the following:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

10,516

 

 

$

17,509

 

 

$

12,336

 

Foreign

 

 

6,601

 

 

 

11,867

 

 

 

3,845

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

 

(2,617

)

 

 

(9,452

)

 

 

(1,523

)

Foreign

 

 

83

 

 

 

(2,827

)

 

 

8,920

 

Provision for income taxes

 

$

14,583

 

 

$

17,097

 

 

$

23,578

 

Net cash payments for income taxes were $19,993,000, $16,050,000, and $20,866,000 in 2024, 2023, and 2022, respectively.

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2024, 2023, and 2022, as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Federal income taxes at statutory rate

 

$

8,634

 

 

$

9,945

 

 

$

1,060

 

State income taxes, net of federal benefit

 

 

1,890

 

 

 

2,082

 

 

 

3,087

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

4,221

 

Foreign taxes

 

 

3,024

 

 

 

5,872

 

 

 

3,232

 

Change in valuation allowance

 

 

2,064

 

 

 

2,131

 

 

 

11,611

 

Research and development credits

 

 

(789

)

 

 

(607

)

 

 

(400

)

Foreign tax credits

 

 

(1,681

)

 

 

(1,668

)

 

 

(492

)

Nondeductible meals and entertainment

 

 

565

 

 

 

643

 

 

 

439

 

Change in permanent reinvestment assertion

 

 

(8

)

 

 

280

 

 

 

320

 

Disposals and liquidations of businesses

 

 

—

 

 

 

(305

)

 

 

188

 

Foreign-derived intangible income deduction

 

 

(156

)

 

 

(223

)

 

 

(189

)

Tax rate changes

 

 

422

 

 

 

(104

)

 

 

(36

)

Other

 

 

618

 

 

 

(949

)

 

 

537

 

Provision for income taxes

 

$

14,583

 

 

$

17,097

 

 

$

23,578

 

The Company's consolidated effective income tax rate may change periodically due to changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits.

The Company’s effective income tax rate in 2024 was impacted by performance in certain foreign jurisdictions and changes in valuation allowances. The Company’s effective income tax rate in 2023 was impacted by changes in domestic tax guidance and changes in valuation allowances. The Company’s effective income tax rate in 2022 was impacted by the goodwill impairment and change in valuation allowances for certain foreign jurisdictions, primarily the U.K.

The Company maintained its permanent reinvestment position on a portion of prior year undistributed earnings for certain foreign operations and accrued deferred taxes attributable to these earnings. Beyond these earnings the Company has not changed the reinvestment assertion on its undistributed earnings or other outside basis differences of its remaining foreign subsidiaries. Excluding the operations that are not permanently reinvested, no additional income or withholding taxes have been provided for indefinitely reinvested undistributed foreign earnings, other than those previously taxed nor have any taxes been provided for outside basis difference inherent in these entities as these amounts continue to be indefinitely reinvested in foreign operations. The Company has estimated that it has book over tax basis differences of approximately $111,081,000. Due to withholding tax, basis computations, and other related tax considerations, it is not practicable to estimate any taxes to be provided on outside basis differences at this time.

Deferred income taxes consisted of the following at December 31, 2024 and 2023:

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Accounts receivable allowance

 

$

2,286

 

 

$

2,957

 

Accrued compensation

 

 

14,013

 

 

 

14,412

 

Accrued pension liabilities

 

 

3,314

 

 

 

3,685

 

Self-insured risks

 

 

5,551

 

 

 

4,513

 

Deferred revenues

 

 

4,684

 

 

 

5,602

 

Interest

 

 

3,223

 

 

 

2,987

 

Tax credit carryforwards

 

 

2,654

 

 

 

2,152

 

Loss carryforwards

 

 

33,315

 

 

 

32,304

 

Lease liability

 

 

23,418

 

 

 

26,361

 

Other

 

 

1,986

 

 

 

337

 

Gross deferred income tax assets

 

 

94,444

 

 

 

95,310

 

Unbilled revenues

 

 

5,265

 

 

 

5,596

 

Repatriated earnings

 

 

1,152

 

 

 

1,249

 

Depreciation and amortization

 

 

12,901

 

 

 

15,129

 

Lease right-of-use asset

 

 

20,054

 

 

 

22,612

 

Gross deferred income tax liabilities

 

 

39,372

 

 

 

44,586

 

Net deferred income tax assets before valuation allowances

 

 

55,072

 

 

 

50,724

 

Valuation allowance

 

 

(35,310

)

 

 

(29,644

)

Net deferred income tax assets

 

$

19,762

 

 

$

21,080

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Long-term deferred income tax assets included in "Deferred income tax assets"

 

 

25,305

 

 

 

26,247

 

Long-term deferred income tax liabilities included in "Other noncurrent liabilities"

 

 

(5,543

)

 

 

(5,167

)

Net deferred income tax assets

 

$

19,762

 

 

$

21,080

 

At December 31, 2024, the Company had deferred tax assets related to loss carryforwards of $33,315,000, with no netting of unrecognized tax benefits applied. An estimated $28,948,000 of the deferred tax assets will not expire, and $4,367,000 will expire over the next 20 years if not utilized by the Company.

Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2024, 2023, and 2022.

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Balance, beginning of year

 

$

29,644

 

 

$

23,295

 

 

$

14,114

 

Other changes

 

 

5,666

 

 

 

6,349

 

 

 

9,181

 

Balance, end of year

 

$

35,310

 

 

$

29,644

 

 

$

23,295

 

Changes to the valuation allowance for the year ended December 31, 2024 were primarily due to foreign jurisdictions deferred tax attributes and losses in certain of the Company's international operations, as well as a change in realization for various U.S. state loss carryforwards. Changes to the valuation allowance for the year ended December 31, 2023 were primarily due to establishments for various foreign jurisdictions deferred tax attributes and losses in certain of the Company’s international operations. Changes to the valuation allowance for the year ended December 31, 2022 were primarily due to establishments for U.K. deferred tax attributes and losses in certain of the Company's international operations, net of anticipated expiration of certain foreign tax credits after consideration of the four sources of taxable income.

A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows:

 

 

 

(In thousands)

 

Balance at December 31, 2021

 

$

3,750

 

Reductions for tax positions related to prior years

 

 

(97

)

Balance at December 31, 2022

 

$

3,653

 

   Additions for tax positions related to prior years

 

 

432

 

Reductions for tax positions related to prior years

 

 

(153

)

Lapses of applicable statutes of limitation

 

 

(344

)

Balance at December 31, 2023

 

$

3,588

 

Currency Translation Adjustment

 

 

2

 

Lapses of applicable statutes of limitation

 

 

(3,156

)

Balance at December 31, 2024

 

$

434

 

The Company accrues interest and, if applicable, penalties related to unrecognized tax benefits in income taxes. Total accrued interest expense at December 31, 2024, 2023, and 2022, was $1,000, $13,000, and $160,000, respectively.

Included in the total unrecognized tax benefits at December 31, 2024, 2023, and 2022 were $434,000, $685,000, and $685,000, respectively, of tax benefits that, if recognized, would affect the effective income tax rate.

The Company conducts business in a number of countries and, as a result, files U.S. federal and various state and foreign jurisdiction income tax returns. In the normal course of business, the Company is subject to examination by various taxing jurisdictions throughout the world, including Canada, the U.K., and the U.S. With few exceptions, the Company is no longer subject to income tax examinations for years before 2014.

Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, including interest and penalties, have been provided for any adjustments that are expected to result from those years.

The Company expects $164,000 of reductions to unrecognized income tax benefits within the next 12 months as a result of projected resolutions of income tax uncertainties.
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans

8. Retirement Plans

The Company and its subsidiaries sponsor various retirement plans. Substantially all employees in the U.S. and certain employees outside the U.S. are covered under the Company's defined contribution plans. Certain employees, retirees, and eligible dependents are also covered under the Company's defined benefit pension plans.

Employer contributions under the Company's defined contribution plans are determined annually based on employee contributions, a percentage of each covered employee's compensation, and years of service. The Company's cost for defined contribution plans totaled $30,531,000, $28,217,000, and $27,599,000 in 2024, 2023, and 2022, respectively.

The Company sponsors a qualified defined benefit pension plan in the U.S. (the "U.S. Qualified Plan") and three defined benefit pension plans in the U.K. (the "U.K. Plans"). Effective December 31, 2002, the Company elected to freeze its U.S. Qualified Plan. Benefits payable under the Company's U.S. Qualified Plan are generally based on career compensation; however, no additional benefits have accrued on this plan since December 31, 2002. The Company's U.K. Plans were closed to new participants as of October 31, 1997, but existing participants may still accrue additional limited benefits based on salary amounts in effect at the time the relevant plan was closed. Benefits payable under the U.K. Plans are generally based on an employee's final salary at the time the plan was closed. Benefits paid under the U.K. Plans are also subject to adjustments for the effects of inflation. The actuarial present value of the projected benefit payments under the U.K. Plans are based on the employees' expected dates of separation by retirement.

The Company did not make any voluntary contributions to the U.S. Qualified Plan in 2022, 2023, or 2024. Currently, the Company does not plan to make any discretionary contributions to the U.S. Qualified Plan in 2025.

Certain other employees participating in Other International Plans have retirement benefits that are accounted for as defined benefit pension plans under GAAP.

External trusts are maintained to hold assets of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans. The Company's funding policy is to make cash contributions in amounts at least sufficient to meet regulatory funding requirements and, in certain instances, to make contributions in excess thereof if such contributions would otherwise be in accordance with the Company's capital allocation plans. Assets of the plans are measured at fair value at the end of each reporting period, but the plan assets are not separately recorded on the Company's Consolidated Balance Sheets. Instead, the funded or unfunded status of the Company's U.S. Qualified Plan, U.K. Plans, and Other International Plans are recorded in "Accrued pension liabilities" or "Other noncurrent assets" on the Company's Consolidated Balance Sheets based on the projected benefit obligations less the fair values of the plans' assets.

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

278,389

 

 

$

311,336

 

Fair value of plans' assets

 

 

255,389

 

 

 

285,243

 

 

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

161,567

 

 

$

146,960

 

Fair value of plans' assets

 

 

170,747

 

 

 

157,914

 

 

In addition, the Company sponsors two frozen nonqualified, unfunded defined benefit pension plans for certain employees and retirees, which are based on career compensation. These plans were frozen effective December 31, 2002. The liabilities of these plans, which equal their projected benefit obligations, are included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets based on the expected timing of funding these obligations, since they are funded as needed from Company assets.

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

458,296

 

 

$

485,573

 

Service cost

 

 

1,531

 

 

 

1,423

 

Interest cost

 

 

23,163

 

 

 

23,915

 

Employee contributions

 

 

22

 

 

 

23

 

Actuarial gain

 

 

(3,504

)

 

 

(11,023

)

Plan settlements

 

 

(296

)

 

 

—

 

Plan curtailments

 

 

48

 

 

 

—

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

9,764

 

 

 

9,617

 

End of measurement period

 

 

439,956

 

 

 

458,296

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

443,157

 

 

 

477,728

 

Actual return on plans' assets

 

 

18,268

 

 

 

2,712

 

Employer contributions

 

 

3,561

 

 

 

3,265

 

Employee contributions

 

 

22

 

 

 

23

 

Plan settlements

 

 

(296

)

 

 

—

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

10,492

 

 

 

10,661

 

End of measurement period

 

 

426,136

 

 

 

443,157

 

Unfunded Status

 

$

(13,820

)

 

$

(15,139

)

 

Due to the frozen status of the U.S. Qualified Plan and the closed status of the U.K. Plans, the accumulated benefit obligations and the projected benefit obligations are not materially different.

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

18,991

 

 

$

22,317

 

Other international plans

 

 

2,092

 

 

 

1,688

 

Subtotal, included in "Accrued pension liabilities"

 

 

21,083

 

 

 

24,006

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(9,176

)

 

 

(10,876

)

Other international plans

 

 

(4

)

 

 

(78

)

Subtotal, included in "Other noncurrent assets"

 

 

(9,180

)

 

 

(10,954

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

201

 

 

 

230

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

1,716

 

 

 

1,858

 

Total underfunded status

 

$

13,820

 

 

$

15,139

 

Accumulated other comprehensive loss, before income taxes

 

$

(257,116

)

 

$

(261,102

)

 

A fixed number of U.S. employees, retirees, and eligible dependents were previously covered under a frozen post-retirement medical benefits plan and are now provided Company-subsidized premiums for participation in health care exchanges. The liabilities for this plan are included in the Company's self-insured risks liabilities and are not material. This plan was frozen effective December 31, 2002.

The following tables set forth the changes in accumulated other comprehensive loss during 2024 and 2023 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2022

 

$

(256,695

)

Amortization of net loss

 

 

12,019

 

Net loss arising during the year

 

 

(13,432

)

Currency translation

 

 

(2,993

)

Net unrecognized actuarial loss, December 31, 2023

 

 

(261,102

)

Amortization of net loss

 

 

12,580

 

Net loss arising during the year

 

 

(4,109

)

Currency translation

 

 

(4,484

)

Net unrecognized actuarial loss, December 31, 2024

 

$

(257,116

)

 

 

Unrecognized losses reflect changes in the discount rates and differences between expected and actual asset returns, which are being amortized over future periods. These unrecognized losses may be recovered in future periods through actuarial gains. However, unless the minimum amount required to be amortized is below a corridor amount equal to 10.0% of the greater of the projected benefit obligation or the market-related value of plan assets, these unrecognized actuarial losses are required to be amortized and recognized in future periods. Net unrecognized actuarial losses included in accumulated other comprehensive loss and expected to be recognized in net periodic benefit costs during the year ending December 31, 2025 for the U.S. and U.K. defined benefit pension plans are $12,525,000 ($10,035,000 net of tax).

Pension expense is affected by the accounting policy used to determine the value of plan assets at the measurement date. The Company applies the expected return on plan assets using fair market value as of the annual measurement date. The fair market value method results in greater volatility to pension expense than the calculated value method. The amounts recognized in the Consolidated Balance Sheets reflect the fair value of the Company's long-term pension liabilities at the plan measurement date and the fair value of plan assets as of the balance sheet date.

Net periodic benefit (credit) cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 included the following components:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Service cost

 

$

1,531

 

 

$

1,423

 

 

$

1,219

 

Interest cost

 

 

23,163

 

 

 

23,915

 

 

 

12,903

 

Expected return on assets

 

 

(25,882

)

 

 

(27,168

)

 

 

(24,600

)

Amortization of actuarial loss

 

 

12,580

 

 

 

12,020

 

 

 

10,198

 

Curtailment loss recognized

 

 

48

 

 

 

—

 

 

 

—

 

Net periodic benefit cost (credit)

 

$

11,440

 

 

$

10,190

 

 

$

(280

)

 

Benefit cost for the U.S. Qualified Plan does not include service cost since the plan is frozen. For the years ended December 31, 2024, 2023 and 2022, the non-service components of net periodic pension cost/(credits) of $9,909,000, $8,767,000, and $(1,499,000), respectively, are included in "Other (Income) Loss" on the Consolidated Statement of Operations. These amounts represent the non-service pension costs of the U.S., U.K., and Other International Plans.

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2025

 

$

35,188

 

2026

 

 

34,690

 

2027

 

 

34,412

 

2028

 

 

34,586

 

2029

 

 

33,951

 

2030-2034

 

 

157,645

 

 

 

The Company reviews its employee demographic assumptions annually and updates the assumptions as necessary. The Company updates the mortality assumptions for the U.S. plans to incorporate the current mortality tables issued by the Society of Actuaries, adjusted to reflect the Company's specific experience and future expectations. This resulted in a $1,393,852 decrease in the projected benefit obligation for the U.S. plans for the year ended December 31, 2022. No changes were made to the mortality tables for the years ended December 31, 2023 and 2024. Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.57

%

 

 

4.94

%

Discount rate used to compute periodic benefit cost

 

 

4.94

%

 

 

5.13

%

Expected long-term rates of return on plans' assets

 

 

5.90

%

 

 

6.20

%

 

U.K. Defined Benefit Plans:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.30

%

 

 

5.78

%

Discount rate used to compute periodic benefit cost

 

 

5.78

%

 

 

4.93

%

Expected long-term rates of return on plans' assets

 

 

6.20

%

 

 

5.40

%

 

The discount rate assumptions reflect the rates at which the Company believes the benefit obligations could be effectively settled. The discount rates were determined based on the yield for a portfolio of investment grade corporate bonds with maturity dates matched to the estimated future payments of the plans' benefit obligations.

The Company estimates the service and interest components of net periodic benefit cost for its U.S. and international pension and other postretirement benefits. This estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligation. For the pension plans, the weighted average spot rates used to determine 2025 interest costs are estimated to be 5.29% for the U.S. Qualified plan and 5.18% for the U.K. plans.

The expected long-term rates of return on plan assets were based on the plans' asset mix, historical returns on equity securities and fixed income investments, and an assessment of expected future returns. The expected long-term rates of return on plan assets assumption used to determine 2025 net periodic pension cost are estimated to be 6.40% and 5.90% for the U.S. Qualified Plan and U.K. plans, respectively. If actual long-term rates of return differ from those assumed or if the Company used materially different assumptions, actual funding obligations could differ materially from these estimates. Due to the frozen status of the U.S. plan and closed status of the U.K. plans, increases in compensation rates are not material to the computations of benefit obligations or net periodic benefit cost.

Plans' Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Equity securities

 

 

14.7

%

 

 

14.6

%

 

 

—

 

 

 

—

 

Fixed income securities

 

 

77.9

%

 

 

75.8

%

 

 

73.6

%

 

 

74.1

%

Alternative strategies

 

 

4.2

%

 

 

4.6

%

 

 

25.9

%

 

 

24.4

%

Cash, cash equivalents and short-term investment funds

 

 

3.2

%

 

 

5.0

%

 

 

0.4

%

 

 

1.5

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

Investment objectives for the Company's U.S. and U.K. pension plan assets are to ensure availability of funds for payment of plan benefits as they become due; provide for a reasonable amount of long-term growth of capital, without undue exposure to volatility; protect the assets from erosion of purchasing power; and provide investment results that meet or exceed the actuarially assumed long-term rate of return of each plan.

Alternative strategies include funds that invest in derivative instruments such as futures, forward contracts, options and swaps, hedge funds, and funds that invest in real estate. These investments are used to help manage risks.

The long-term goal for the U.S. and U.K. plans is to reach fully-funded status and to maintain that status. The investment policies recognize that the plans' asset return requirements and risk tolerances will change over time. Accordingly, reallocation of the portfolios' mix of return-seeking assets and liability-hedging assets will be performed as the plans' funded status improves.

See Note 12, "Fair Value Measurements" for the fair value disclosures of the U.S. and U.K. qualified defined benefit pension plan assets. The assets of the Company's Other International Plans are primarily insurance contracts, which are measured at contract value and are not measured at fair value. Obligations of the U.S. nonqualified plans are paid from Company assets.
v3.25.0.1
Common Stock and Earnings per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Common Stock and Earnings per Share

9. Common Stock and Earnings per Share

Shares of the Company's two classes of common stock are traded on the NYSE under the symbols CRD-A and CRD-B. The Company's two classes of stock are substantially identical, except with respect to voting rights and the Company's ability to pay greater cash dividends on the non-voting Class A Common Stock than on the voting Class B Common Stock, subject to certain limitations. In addition, with respect to mergers or similar transactions, holders of Class A Common Stock must receive the same type and amount of consideration as holders of Class B Common Stock, unless different consideration is approved by the holders of 75% of the Class A Common Stock, voting as a class. As described in Note 11, "Stock-Based Compensation," certain shares of CRD-A are issued with restrictions under incentive compensation plans.

Effective November 4, 2021, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of CRD-A or CRD-B (or a combination of the two) through December 31, 2023 (the “2021 Repurchase Authorization”). On February 10, 2022, the Company's Board of Directors authorized the addition of 5,000,000 shares of CRD-A or CRD-B (or a combination of the two) to its 2021 Repurchase Authorization which had a remaining authorization to purchase 413,317 shares at December 31, 2021. The Company's Board of Directors subsequently amended this authorization to allow for repurchases through December 31, 2025. Under the repurchase program, repurchases may be made in the open market or privately negotiated transactions at such times and for such prices as management deems appropriate, subject to applicable regulatory guidelines. The authorization does not obligate Crawford to acquire any stock, and purchases may be commenced or suspended at any time based on market conditions and other factors that the Company deems appropriate.

During 2024, the Company repurchased 409,610 shares of CRD-B at an average cost of $9.44 per share under the 2021 Repurchase Authorization. There were no repurchases of CRD-A shares in 2024. At December 31, 2024, the Company had remaining authorization to repurchase 1,089,809 shares under the 2021 Repurchase Authorization.

Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same basic earnings per share for CRD-A and CRD-B. During 2024, 2023 and 2023, the Board of Directors declared an equal dividend on CRD-A and CRD-B.

The computations of basic net income (loss) attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings (loss) per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings (loss)

 

$

7,787

 

 

$

5,054

 

 

$

10,649

 

 

$

7,259

 

 

$

(17,850

)

 

$

(12,297

)

Dividends paid

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

 

 

7,012

 

 

 

4,830

 

Net income (loss) available to common shareholders, basic

 

 

16,126

 

 

 

10,470

 

 

 

18,203

 

 

 

12,406

 

 

 

(10,838

)

 

 

(7,467

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Earnings (loss) per share - basic

 

$

0.54

 

 

$

0.54

 

 

$

0.63

 

 

$

0.63

 

 

$

(0.37

)

 

$

(0.37

)

 

The computations of diluted net income (loss) attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings (loss) per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings (loss)

 

$

7,850

 

 

$

4,991

 

 

$

10,760

 

 

$

7,148

 

 

$

(17,850

)

 

$

(12,297

)

Dividends paid

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

 

 

7,012

 

 

 

4,830

 

Net income (loss) available to common shareholders, diluted

 

 

16,189

 

 

 

10,407

 

 

 

18,314

 

 

 

12,295

 

 

 

(10,838

)

 

 

(7,467

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Weighted-average effect of dilutive securities(1)

 

 

621

 

 

 

—

 

 

 

760

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average number of shares outstanding, diluted

 

 

30,404

 

 

 

19,332

 

 

 

29,799

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Earnings (loss) per share - diluted

 

$

0.53

 

 

$

0.54

 

 

$

0.61

 

 

$

0.62

 

 

$

(0.37

)

 

$

(0.37

)

Listed below are the shares excluded from the denominator in the above computation of diluted earnings (loss) per share for CRD-A because their inclusion would have been anti-dilutive:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period

 

 

—

 

 

 

711

 

 

 

1,542

 

Performance stock grants excluded because performance conditions had not been met(1)

 

 

1,076

 

 

 

993

 

 

 

789

 
(1)
Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss

10. Accumulated Other Comprehensive Loss

Comprehensive income (loss) for the Company consists of the total of net income, foreign currency translation adjustments, and accrued pension and retiree medical liability adjustments. Foreign currency translation adjustments include net unrealized (loss) gain from intra-entity loans that are long-term in nature of $(505,000), $1,004,000, and $955,000 for the years ended December 31, 2024, 2023, and 2022, respectively. The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's Consolidated Balance Sheets were as follows:

 

 

 

Foreign currency
translation
adjustments

 

 

Retirement
liabilities

 

 

AOCL
attributable to
shareholders of
Crawford &
Company

 

 

 

(In thousands)

 

Balance at December 31, 2022

 

$

(52,581

)

 

$

(162,740

)

 

$

(215,321

)

Other comprehensive income before reclassifications

 

 

3,095

 

 

 

—

 

 

 

3,095

 

Unrealized net losses arising during the year

 

 

—

 

 

 

(15,740

)

 

 

(15,740

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

9,351

 

 

 

9,351

 

Net current period other comprehensive loss

 

 

3,095

 

 

 

(6,389

)

 

 

(3,294

)

Balance at December 31, 2023

 

 

(49,486

)

 

 

(169,129

)

 

 

(218,615

)

Other comprehensive loss before reclassifications

 

 

(593

)

 

 

—

 

 

 

(593

)

Unrealized net losses arising during the year

 

 

—

 

 

 

(7,986

)

 

 

(7,986

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,069

 

 

 

10,069

 

Net current period other comprehensive (loss) income

 

 

(593

)

 

 

2,083

 

 

 

1,490

 

Balance at December 31, 2024

 

$

(50,079

)

 

$

(167,046

)

 

$

(217,125

)
(1)
Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" in the Company's Consolidated Statements of Operations. See Note 8, "Retirement Plans" for additional details.

Other comprehensive loss amounts attributable to noncontrolling interests shown in the Company's Consolidated Statements of Shareholders' Investment are foreign currency translation adjustments.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation

11. Stock-Based Compensation

The Company has various stock-based incentive compensation plans for its employees and members of its Board of Directors. Only shares of CRD-A can be issued under these plans. The fair value of an equity award is estimated on the grant date without regard to service or performance conditions. The fair value is recognized as compensation expense over the requisite service period for all awards that vest. When recognizing compensation expense, estimates are made for the number of awards that are expected to vest, and subsequent adjustments are made to reflect both changes in the number of shares expected to vest and actual vesting. Compensation expense recognized at the end of any year equals at least the portion of the grant-date value of an award that has vested at that date.

The pretax compensation expense recognized for all stock-based compensation plans was $5,768,000, $5,603,000, and $4,923,000 for the years ended December 31, 2024, 2023, and 2022, respectively. In 2022 there was a decrease in stock-based compensation expense due to adjustments made to reflect changes in the number of shares expected to vest for 2021 and 2022 performance-based grants. In December 2022, the performance-based grants granted in 2021 and 2022 were adjusted to 0% and 30% vesting, respectively. In 2024 the 2022 performance-based grants were reassessed and adjusted from 30% to 0%. 2024 stock-based compensation expense was reduced for this adjustment.

The total income tax benefit recognized in the Consolidated Statements of Operations for stock-based compensation arrangements was approximately $1,350,000, $1,330,000, and $1,148,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Some of the Company's stock-based compensation awards are granted under plans which are designed not to be taxable as compensation to the recipient based on tax laws of the U.S. or other applicable country. Accordingly, the Company does not recognize tax benefits on all of its stock-based compensation expense.

Stock Options

The Company has granted nonqualified and incentive stock options to key employees and directors. All stock options are for shares of CRD-A. Option awards are granted with an exercise price equal to the fair market value of the Company's stock on the date of grant. The Company's stock option plans have been approved by shareholders, and the Company's Board of Directors is authorized to make specific grants of stock options under active plans. Employee stock options typically are subject to graded vesting over three years (33% each year) and have a typical life of ten years. Compensation cost for stock options is recognized on an accelerated basis over the requisite service period for the entire award. For the years ended December 31, 2024, 2023 and 2022, compensation expense of $0, $12,000, and $129,000, respectively, was recognized for employee stock option awards.

A summary of option activity as of December 31, 2024, 2023 and 2022, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

 

 

(In thousands)

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2021

 

 

1,618

 

 

$

8.99

 

 

6.5 years

 

$

143

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

Forfeited or expired

 

 

(76

)

 

 

9.16

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

1,542

 

 

 

8.98

 

 

5.5 years

 

 

7

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(485

)

 

 

8.84

 

 

 

 

 

 

Forfeited or expired

 

 

(15

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

1,042

 

 

 

9.05

 

 

4.7 years

 

 

4,305

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(321

)

 

 

8.98

 

 

 

 

 

 

Forfeited or expired

 

 

(21

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

700

 

 

$

9.08

 

 

3.6 years

 

$

1,737

 

Vested and Exercisable at December 31, 2024

 

 

700

 

 

$

9.08

 

 

3.6 years

 

$

1,737

 

 

There were no stock options granted in 2024, 2023 and 2022. During 2024, 321,000 options were exercised. There were 485,000 options exercised in 2023, and no options exercised in 2022. All remaining unvested options from prior awards vested in 2023. Options vested in 2023 and 2022 had intrinsic values of $425,000 and $0, respectively. The fair value of options that vested in 2023 and 2022 were $228,000 and $592,000, respectively.

At December 31, 2024, there was no remaining unrecognized compensation cost related to unvested employee stock options. The fair value of each option was estimated on the date of grant using the Black-Scholes-Merton option-pricing formula.

Performance-Based Stock Grants

Performance share grants are from time to time made to certain key employees of the Company. Such grants entitle employees to earn shares of CRD-A upon the achievement of certain individual and/or corporate objectives. Grants of performance shares are made at the discretion of the Company's Board of Directors, or the Board's Compensation Committee, and are subject to graded or cliff vesting over three-year periods. Shares are not issued until the vesting requirements have been met. Dividends are not paid or accrued on unvested/unissued shares. The grant-date fair value of a performance share grant is based on the market value of CRD-A on the date of grant, reduced for the present value of any dividends expected to be paid on CRD-A prior to the vesting of the award. Compensation expense for each award is recognized ratably from the grant date to the vesting date for each tranche, and adjusted based on probability of achievement over the applicable performance period.

On September 23, 2020, deeming the existing performance-based cliff awards granted in 2020 to be unattainable, the Compensation Committee canceled the existing awards and approved a new plan based on Total Shareholder Return (“TSR”), a market condition. The 2020 replacement awards were targeted to achieve 100% of the original award it was replacing, with a vesting date of December 31, 2022.

TSR is defined as dividends paid during the measurement period plus share price appreciation. Share price appreciation is measured by using the 20 day trading day volume weighted average price at the start of the measurement period as the baseline, compared against the highest consecutive 20 day trading day volume weighted average price for the period between January 1, 2022 and the vesting date for the 2020 replacement awards. Depending on the TSR, the number of shares earned can be between 50% and 200% of the targeted shares granted. If the TSR is below 20% for the 2020 replacement awards, then no shares vest. The 2020 replacement awards did not meet the TSR threshold at December 31, 2022, which resulted in no related incremental shares issued at December 31, 2022.

The cancellation and reissuance of these awards was treated as a Type III modification, where no cumulative expense is recognized prior to the cancellation as it was deemed improbable to vest. Expense of the modified award was recorded ratably over the service life, based on the valuation determined by utilizing a Monte Carlo simulation. At the time of modification, employees were given an option to elect a cash payout at the vesting date, also based on a component of TSR. This one-time election had to be determined within 30 days of the grant date. Any awards where the cash payout option was elected were recorded as liability awards, which are included on the Company's Consolidated Balance Sheets in "Accrued compensation and related costs."

A summary of the status of the Company's nonvested performance shares as of December 31, 2024, 2023 and 2022, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested at December 31, 2021

 

 

1,176,391

 

 

$

8.25

 

Granted

 

 

939,980

 

 

 

7.11

 

Vested

 

 

(363,514

)

 

 

7.84

 

Forfeited or unearned

 

 

(514,767

)

 

 

8.20

 

Nonvested at December 31, 2022

 

 

1,238,090

 

 

 

7.52

 

Granted

 

 

1,236,598

 

 

 

5.62

 

Vested

 

 

(456,487

)

 

 

6.90

 

Forfeited or unearned

 

 

(573,205

)

 

 

7.97

 

Nonvested at December 31, 2023

 

 

1,444,996

 

 

 

6.12

 

Granted

 

 

552,705

 

 

 

11.38

 

Vested

 

 

(354,305

)

 

 

8.29

 

Forfeited or unearned

 

 

(489,891

)

 

 

6.72

 

Nonvested at December 31, 2024

 

 

1,153,505

 

 

$

7.91

 

 

The total fair value of the performance shares that vested in 2024, 2023, and 2022 was $2,937,000, $3,148,000, and $2,849,000, respectively.

Compensation expense recognized for all performance shares totaled $4,361,000, $4,212,000, and $3,478,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Compensation cost for these awards is net of estimated or actual award forfeitures. Certain performance awards are based on service time, with no cumulative earnings per share targets. These awards vest ratably, by tranche, from their grant date to their vesting date. As of December 31, 2024, there was an estimated $4,750,000 of unearned compensation cost for nonvested performance shares. This unearned compensation cost is expected to be fully recognized by the end of 2026.

Restricted Shares

The Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees or directors. Employees or directors receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years. The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period.

A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2024, 2023 and 2022 and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date Fair
Value

 

Nonvested at December 31, 2021

 

 

25,000

 

 

$

7.23

 

Granted

 

 

98,921

 

 

 

7.56

 

Vested

 

 

(123,921

)

 

 

7.49

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2022

 

 

—

 

 

 

—

 

Granted

 

 

135,456

 

 

 

5.93

 

Vested

 

 

(135,456

)

 

 

5.93

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2023

 

 

—

 

 

 

—

 

Granted

 

 

76,090

 

 

 

12.43

 

Vested

 

 

(61,974

)

 

 

12.36

 

Forfeited or unearned

 

 

(14,116

)

 

 

12.75

 

Nonvested at December 31, 2024

 

 

—

 

 

$

—

 

 

Compensation expense recognized for all restricted shares for the years ended December 31, 2024, 2023, and 2022 was $766,000, $804,000, and $825,000, respectively. As of December 31, 2024, there was no unearned compensation cost related to nonvested restricted shares.

Employee Stock Purchase Plans

The Company has three employee stock purchase plans: the U.S. Plan, the U.K. Plan, and the International Plan. Eligible employees in Canada, Puerto Rico, and the U.S. Virgin Islands may also participate in the U.S. Plan. The International Plan is for eligible employees located in certain other countries who are not covered by the U.S. Plan or the U.K. Plan. All plans are compensatory.

For all plans, the requisite service period is the period of time over which the employees contribute to the plans through payroll withholdings. For purposes of recognizing compensation expense, estimates are made for the total withholdings expected over the entire withholding period. The market price of a share of stock at the beginning of the withholding period is then used to estimate the total number of shares that will be purchased using the total estimated withholdings. Compensation cost is recognized ratably over the withholding period.

Under the U.S. Plan, the Company is authorized to issue up to 1,200,000 shares of CRD-A to eligible employees. Participating employees can elect to have up to 85% of $25,000 of their eligible annual earnings withheld to purchase shares at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price of a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased.

During the years ended December 31, 2024, 2023 and 2022, a total of 128,736, 149,170, and 120,727 shares, respectively, of CRD-A were issued under the U.S. employee stock purchase plan to the Company's employees at average purchase prices of $7.34, $6.44, and $6.63 in 2024, 2023, and 2022, respectively. At December 31, 2024, an estimated 174,000 shares will be issued and purchased under the U.S. Plan in 2025. During the years ended December 31, 2024, 2023, and 2022, compensation expense of $430,000, $368,000, and $314,000, respectively, was recognized for the U.S. employee stock purchase plan.

Under the U.K. Plan, the Company is authorized to issue up to 2,000,000 shares of CRD-A. Under the U.K. Plan, eligible employees can elect to have up to £250 withheld from payroll each month to purchase shares after the end of a three-year savings period. The purchase price of a share of stock is 85% of the market price of the stock at a date prior to the grant date as determined under the U.K. Plan. Participating employees may cease payroll withholdings and/or request a refund of all amounts withheld before any shares are purchased.

At December 31, 2024, an estimated 144,000 shares will be eligible for purchase under the U.K. Plan at the end of the current withholding periods. This estimate is subject to change based on future fluctuations in the value of the British pound against the U.S. dollar, future changes in the market price of CRD-A, and future employee participation rates. The purchase price per share of CRD-A under the U.K. Plan ranges from $5.17 to $10.39. For the years ended December 31, 2024, 2023, and 2022, compensation expense of $211,000, $209,000, and $155,000, respectively, was recognized for the U.K. Plan. For the years ended December 31, 2024 and 2023 a total of 138,714 and 71,642 shares, respectively, of CRD-A were issued under the U.K. Plan. There were no shares issued in 2022.

Under the International Plan, up to 1,000,000 shares of CRD-A may be issued. Participating employees can elect to have up to $21,250 of their eligible annual earnings withheld to purchase up to 5,000 shares of CRD-A at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price for a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. During 2024, 2023, and 2022, 3,449, 5,026, and 3,355 shares, respectively, were issued under the International Plan. Compensation expense was immaterial for this plan in all three years.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

12. Fair Value Measurements

GAAP defines fair value as the price that would be received to sell an asset or to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

• Level 1— Observable inputs that reflect quoted prices in active markets for identical assets or liabilities.

• Level 2 — Observable inputs other than quoted prices included in Level 1. The Company values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Recurring Fair Value Measurements

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

 

December 31,

 

2024

 

 

 

Quoted
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,252

 

 

$

—

 

 

$

—

 

 

$

11,252

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

1,382

 

 

 

1,382

 

 

 

December 31,

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

10,702

 

 

$

—

 

 

$

—

 

 

$

10,702

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

7,511

 

 

 

7,511

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

(2) The contingent earnout liability relates to businesses acquired since 2020. See Note 3, "Business Acquisitions and Dispositions" for more information. The Level 3 fair value of the contingent earnout liability was estimated using revenue and EBITDA projections, and discount rates determined using a combination of observable and unobservable market data as well as volatility assumptions as applicable. The Company recognized a pretax contingent earnout (benefit) expense totaling $(1,099,000) in 2024 and $4,025,000 in 2023 related to the fair value adjustment of earnout liabilities arising from recent acquisitions. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement.

The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Acquisition-related contingent consideration, beginning of the year

 

$

13,066

 

 

$

16,815

 

Change in fair value of contingent consideration, including foreign exchange impacts

 

 

(1,264

)

 

 

4,313

 

Settlement of contingent consideration

 

 

(9,283

)

 

 

(8,062

)

Acquisition-related contingent consideration, end of the year

 

$

2,519

 

 

$

13,066

 

As of December 31, 2024, an earnout liability of $1,137,000 for the 2024 earnout period is based on the actual achievement of performance targets and will be paid in 2025, thus is no longer subject to fair value measurement and was accordingly transferred out of Level 3. Changes in fair value of contingent consideration are included in "Selling, general, and administrative expenses" on the Consolidated Statements of Operations.

Fair Value Disclosures

The categorization of assets and liabilities within the fair value hierarchy and the measurement techniques are reviewed quarterly. Any transfers between levels are deemed to have occurred at the end of the quarter.

The fair values of accounts receivable, unbilled revenues, accounts payable and short-term borrowings approximate their respective carrying values due to the short-term maturities of the instruments. The interest rate on the Company's variable rate long-term debt resets at least every 90 days; therefore, the recorded value approximates fair value. These assets and liabilities are measured within Level 2 of the fair value hierarchy.

Nonrecurring Fair Value Disclosures

During 2022, the Company impaired and expensed goodwill of $36,808,000. See Note 4, "Goodwill and Intangible Assets," where discussed in more detail. There were no goodwill impairments in 2024 or 2023.

 

Fair Value Measurements for Defined Benefit Pension Plan Assets

The fair value hierarchy is also applied to certain other assets that indirectly impact the Company's consolidated financial statements. Assets contributed by the Company to its defined benefit pension plans become the property of the individual plans. Even though the Company no longer has control over these assets, it is indirectly impacted by subsequent fair value adjustments to these assets. The actual return on these assets impacts the Company's future net periodic benefit cost, as well as amounts recognized in its Consolidated Balance Sheets. The Company uses the fair value hierarchy to measure the fair value of assets held by its U.S. and U.K. defined benefit pension plans.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S. Qualified Plan at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,551

 

 

$

—

 

 

$

—

 

 

$

2,551

 

 

$

3,482

 

 

$

—

 

 

$

—

 

 

$

3,482

 

Short-term investment funds

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

10,119

 

 

 

—

 

 

 

10,119

 

Common Collective Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,103

 

 

 

—

 

 

 

24,103

 

International

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

15,394

 

 

 

—

 

 

 

15,394

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

46,572

 

 

 

135,047

 

 

 

—

 

 

 

181,619

 

 

 

51,784

 

 

 

134,864

 

 

 

—

 

 

 

186,648

 

International

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

19,177

 

 

 

—

 

 

 

19,177

 

Alternative strategy funds

 

 

—

 

 

 

500

 

 

 

10,528

 

 

 

11,028

 

 

 

—

 

 

 

1,190

 

 

 

11,299

 

 

 

12,489

 

Total Plan Assets

 

$

49,124

 

 

$

201,712

 

 

$

10,528

 

 

 

261,364

 

 

$

55,266

 

 

$

204,847

 

 

$

11,299

 

 

 

271,412

 

Other plan liabilities, net (a)

 

 

 

 

 

 

 

 

 

 

 

(31,891

)

 

 

 

 

 

 

 

 

 

 

 

(8,412

)

Net Plan Assets

 

 

 

 

 

 

 

 

 

 

$

229,473

 

 

 

 

 

 

 

 

 

 

 

$

263,000

 

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

701

 

 

$

—

 

 

$

—

 

 

$

701

 

 

$

2,272

 

 

$

—

 

 

$

—

 

 

$

2,272

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment funds:

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

42,859

 

 

 

—

 

 

 

42,859

 

Government securities

 

 

61,246

 

 

 

16,762

 

 

 

—

 

 

 

78,008

 

 

 

—

 

 

 

72,913

 

 

 

—

 

 

 

72,913

 

Alternative strategy funds

 

 

8,090

 

 

 

32,998

 

 

 

2,284

 

 

 

43,372

 

 

 

6,425

 

 

 

26,746

 

 

 

1,827

 

 

 

34,998

 

Real estate funds

 

 

—

 

 

 

—

 

 

 

666

 

 

 

666

 

 

 

—

 

 

 

—

 

 

 

3,100

 

 

 

3,100

 

Total

 

$

70,037

 

 

$

96,757

 

 

$

2,950

 

 

$

169,744

 

 

$

8,697

 

 

$

142,518

 

 

$

4,927

 

 

$

156,142

 

 

Short-term investment funds consist primarily of funds with a maturity of 60 days or less and are valued at amortized cost which approximates fair value.

Equity securities consist primarily of common collective funds (Level 2). Common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date.

Fixed income securities consist of money market funds, government securities, corporate bonds and debt securities, mortgage-backed securities and other common collective funds. Government securities are valued by third-party pricing sources and are valued daily in an active market (Level 1). Corporate bonds are valued using either the yields currently available on comparable securities of issuers with similar credit ratings or using a discounted cash flows approach that utilizes observable inputs, such as current yields of similar instruments, and includes adjustments for valuation adjustments from internal pricing models which use observable inputs such as issuer details, interest rates, yield curves, default rates and quoted prices for similar assets (Level 2). Mortgage-backed securities are valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models (Level 2). Other common collective funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2).

Alternative strategy funds are valued at the net asset value per share multiplied by the number of shares held as of the measurement date (Level 2). Alternative strategy funds may include derivative instruments such as futures, forward contracts, options and swaps and are used to help manage risks. Derivative instruments are generally valued by the investment managers or in certain instances by third party pricing sources (Level 2) or may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material (Level 3).

Real estate funds are primarily property unit trusts whose values are primarily reported by the fund manager and are based on valuation of the underlying investments which include inputs such as cost, discounted cash flows, independent appraisals and market-based comparable data (Level 3). The fair values may, due to the inherent uncertainty of valuation for those investments, differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

Changes in fair value related to assets still held at the reporting date are included in "Accumulated Other Comprehensive Loss" on the Consolidated Balance Sheet. The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2024 and 2023:

 

 

 

U.S

 

 

U.K.

 

 

 

(in thousands)

 

Balance at December 31, 2022

 

$

18,194

 

 

$

9,475

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(6,929

)

 

 

(4,548

)

Purchases, sales and settlements, net

 

 

34

 

 

-

 

Balance at December 31, 2023

 

 

11,299

 

 

 

4,927

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(1,350

)

 

 

107

 

Related to assets sold during the period

 

 

(264

)

 

 

63

 

Purchases, sales and settlements, net

 

 

843

 

 

 

(3,113

)

Transfers into Level 3

 

 

—

 

 

 

966

 

Balance at December 31, 2024

 

$

10,528

 

 

$

2,950

 
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment and Geographic Information

13. Segment and Geographic Information

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. The Company's reportable segments are comprised of the following:

•
North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services and field operations. The Canadian operations include all operations within that country including third party administration and Contractor Connection.
•
International Operations, which services the global property and casualty market outside North America. This is comprised of Loss Adjusting operations in the U.K., Europe, Australia, Asia and Latin America, and includes Crawford Legal Services. International Operations includes all operations within the respective countries, including Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection services.
•
Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.
•
Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

The Platform Solutions reportable segment represents the aggregation of certain service line operating segments. Intersegment sales are recorded at cost and are not material.

Effective January 1, 2024, the Company combined the operating segments within North America Loss Adjusting and International Operations, and accordingly, there are no operating segments within these reportable segments to aggregate.

The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company’s CEO, Mr. Rohit Verma, is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. Mr. Verma regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with Mr. Verma.

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate administrative costs, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, goodwill impairment, non-service pension costs and credits, income taxes, reserves on certain income tax assets, and net income or loss attributable to noncontrolling interests.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

Financial information as of and for the years ended December 31, 2024, 2023, and 2022 related to the Company's reportable segments is presented below:

 

 

 

Year Ended December 31, 2024

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

312,158

 

$

418,607

 

$

388,074

 

$

173,671

 

$

1,292,510

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

184,732

 

 

208,200

 

 

181,355

 

 

91,457

 

 

665,744

 

     Benefits and payroll taxes

 

 

35,659

 

 

39,082

 

 

36,769

 

 

14,480

 

 

125,990

 

     Non-employee labor

 

 

5,790

 

 

26,411

 

 

17,159

 

 

5,849

 

 

55,209

 

Total Compensation

 

 

226,181

 

 

273,693

 

 

235,283

 

 

111,786

 

 

846,943

 

     Office rent and occupancy

 

 

4,595

 

 

14,340

 

 

9,247

 

 

3,554

 

 

31,736

 

     Other office operating expense (1)

 

 

16,015

 

 

28,289

 

 

16,200

 

 

9,067

 

 

69,571

 

     Depreciation

 

 

3,149

 

 

3,314

 

 

4,767

 

 

6,807

 

 

18,037

 

     Professional fees

 

 

1,869

 

 

11,685

 

 

17,414

 

 

2,166

 

 

33,134

 

     Cost of risk

 

 

1,116

 

 

4,363

 

 

6,451

 

 

1,398

 

 

13,328

 

     Other, net (2)

 

 

2,464

 

 

5,466

 

 

1,170

 

 

3,991

 

 

13,091

 

Total Other Operating Expense

 

 

29,208

 

 

67,457

 

 

55,249

 

 

26,983

 

 

178,897

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,596

 

 

56,456

 

 

45,113

 

 

23,729

 

 

163,894

 

Total Segment Expenses

 

 

293,985

 

 

397,606

 

 

335,645

 

 

162,498

 

 

1,189,734

 

Segment Operating Earnings

 

$

18,173

 

$

21,001

 

$

52,429

 

$

11,173

 

$

102,776

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(28,066

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(16,862

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,764

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,497

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

1,099

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

41,112

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,583

)

Net Income

 

 

 

 

 

 

 

 

 

 

26,529

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

67

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

26,596

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

303,629

 

$

382,393

 

$

355,650

 

$

225,459

 

$

1,267,131

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,254

 

 

200,877

 

 

168,216

 

 

121,779

 

 

668,126

 

     Benefits and payroll taxes

 

 

32,539

 

 

36,383

 

 

32,478

 

 

17,602

 

 

119,002

 

     Non-employee labor

 

 

4,849

 

 

19,300

 

 

16,559

 

 

8,420

 

 

49,128

 

Total Compensation

 

 

214,642

 

 

256,560

 

 

217,253

 

 

147,801

 

 

836,256

 

     Office rent and occupancy

 

 

4,637

 

 

15,501

 

 

9,796

 

 

3,739

 

 

33,673

 

     Other office operating expense (1)

 

 

14,186

 

 

25,951

 

 

14,279

 

 

9,299

 

 

63,715

 

     Depreciation

 

 

2,098

 

 

3,155

 

 

5,664

 

 

5,570

 

 

16,487

 

     Professional fees

 

 

1,493

 

 

10,484

 

 

15,565

 

 

2,137

 

 

29,679

 

     Cost of risk

 

 

1,368

 

 

3,929

 

 

3,600

 

 

1,006

 

 

9,903

 

     Other, net (2)

 

 

3,052

 

 

6,445

 

 

860

 

 

4,322

 

 

14,679

 

Total Other Operating Expense

 

 

26,834

 

 

65,465

 

 

49,764

 

 

26,073

 

 

168,136

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,968

 

 

49,187

 

 

46,760

 

 

23,044

 

 

157,959

 

Total Segment Expenses

 

 

280,444

 

 

371,212

 

 

313,777

 

 

196,918

 

 

1,162,351

 

Segment Operating Earnings

 

$

23,185

 

$

11,181

 

$

41,873

 

$

28,541

 

$

104,780

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(19,419

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(17,036

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(8,601

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(552

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,790

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(4,025

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

47,357

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(17,097

)

Net Income

 

 

 

 

 

 

 

 

 

 

30,260

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

349

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

30,609

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

274,755

 

$

357,452

 

$

313,564

 

$

243,711

 

$

1,189,482

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

163,220

 

 

205,086

 

 

152,581

 

 

134,006

 

 

654,893

 

     Benefits and payroll taxes

 

 

30,478

 

 

36,175

 

 

30,923

 

 

19,485

 

 

117,061

 

     Non-employee labor

 

 

4,747

 

 

13,356

 

 

14,969

 

 

9,958

 

 

43,030

 

Total Compensation

 

 

198,445

 

 

254,617

 

 

198,473

 

 

163,449

 

 

814,984

 

     Office rent and occupancy

 

 

4,739

 

 

15,981

 

 

11,040

 

 

3,831

 

 

35,591

 

     Other office operating expense (1)

 

 

13,599

 

 

25,412

 

 

12,731

 

 

9,145

 

 

60,887

 

     Depreciation

 

 

2,180

 

 

2,437

 

 

5,799

 

 

4,269

 

 

14,685

 

     Professional fees

 

 

1,177

 

 

7,363

 

 

15,574

 

 

2,413

 

 

26,527

 

     Cost of risk

 

 

1,329

 

 

3,684

 

 

2,297

 

 

875

 

 

8,185

 

     Other, net (2)

 

 

1,469

 

 

6,877

 

 

(2,274

)

 

3,438

 

 

9,510

 

Total Other Operating Expense

 

 

24,493

 

 

61,754

 

 

45,167

 

 

23,971

 

 

155,385

 

Allocated corporate, shared services, and administrative costs (3)

 

 

32,709

 

 

54,027

 

 

42,903

 

 

20,545

 

 

150,184

 

Total Segment Expenses

 

 

255,647

 

 

370,398

 

 

286,543

 

 

207,965

 

 

1,120,553

 

Segment Operating Earnings (Loss)

 

$

19,108

 

$

(12,946

)

$

27,021

 

$

35,746

 

$

68,929

 

Reconciliation of segment operating earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(7,050

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(10,311

)

Non-service pension credit

 

 

 

 

 

 

 

 

 

 

1,591

 

Stock option expense

 

 

 

 

 

 

 

 

 

 

(548

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,836

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(2,921

)

Goodwill impairment

 

 

 

 

 

 

 

 

 

 

(36,808

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

5,046

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(23,578

)

Net Loss

 

 

 

 

 

 

 

 

 

 

(18,532

)

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

227

 

Net Loss Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

(18,305

)

 

 

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2024, 2023, and 2022 were as follows:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform
Solutions

 

 

Total

 

 

 

(In thousands)

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

106,657

 

 

$

149,441

 

 

$

73,114

 

 

$

94,845

 

 

$

424,057

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

108,471

 

 

 

144,785

 

 

 

70,283

 

 

 

82,944

 

 

 

406,483

 

Revenues by geographic region and major service line for the North America Loss Adjusting, International Operations, Broadspire and Platform Solutions segments are shown in Note 2, "Revenue Recognition."

Capital expenditures for the years ended December 31, 2024, 2023, and 2022 are shown in the following table:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

North America Loss Adjusting

 

$

4,458

 

 

$

3,052

 

 

$

2,276

 

International Operations

 

 

2,225

 

 

 

1,061

 

 

 

1,625

 

Broadspire

 

 

12,643

 

 

 

12,494

 

 

 

10,680

 

Platform Solutions

 

 

5,405

 

 

 

4,815

 

 

 

7,362

 

Corporate

 

 

16,916

 

 

 

15,174

 

 

 

12,656

 

Total capital expenditures

 

$

41,647

 

 

$

36,596

 

 

$

34,599

 

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2024, 2023, and 2022 was as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Segments' revenues before reimbursements

 

$

1,292,510

 

 

$

1,267,131

 

 

$

1,189,482

 

Reimbursements

 

 

48,460

 

 

 

49,788

 

 

 

41,744

 

Total consolidated revenues

 

$

1,340,970

 

 

$

1,316,919

 

 

$

1,231,226

 

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the years ended December 31, 2024, 2023, and 2022 were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Operating earnings of all reportable segments

 

$

102,776

 

 

$

104,780

 

 

$

68,929

 

Unallocated corporate and shared costs and credits

 

 

(28,066

)

 

 

(19,419

)

 

 

(7,050

)

Net corporate interest expense

 

 

(16,862

)

 

 

(17,036

)

 

 

(10,311

)

Stock option expense

 

 

(574

)

 

 

(552

)

 

 

(548

)

Amortization of acquisition-related intangible assets

 

 

(7,497

)

 

 

(7,790

)

 

 

(7,836

)

Goodwill and intangible asset impairment charges

 

 

—

 

 

 

—

 

 

 

(36,808

)

Non-service pension (costs) credits

 

 

(9,764

)

 

 

(8,601

)

 

 

1,591

 

Contingent earnout adjustments

 

 

1,099

 

 

 

(4,025

)

 

 

(2,921

)

Income before income taxes

 

$

41,112

 

 

$

47,357

 

 

$

5,046

 

 

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2024 and 2023 are presented in the following table:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Assets of reportable segments

 

$

424,057

 

 

$

406,483

 

Corporate assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

55,412

 

 

 

58,363

 

Income taxes receivable

 

 

5,337

 

 

 

4,842

 

Prepaid expenses and other current assets

 

 

40,334

 

 

 

58,168

 

Net property and equipment

 

 

20,554

 

 

 

22,742

 

Operating lease right-of-use asset, net

 

 

78,808

 

 

 

88,615

 

Capitalized software costs, net

 

 

111,854

 

 

 

96,770

 

Deferred income tax assets

 

 

25,305

 

 

 

26,247

 

Other noncurrent assets

 

 

42,094

 

 

 

36,969

 

Total corporate assets

 

 

379,698

 

 

 

392,716

 

Total assets

 

$

803,755

 

 

$

799,199

 

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.

 

 

 

U.S.

 

 

U.K.

 

 

Canada

 

 

All Other
International

 

 

Total
Company

 

 

 

(In thousands)

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

783,024

 

 

$

168,357

 

 

$

90,879

 

 

$

250,250

 

 

$

1,292,510

 

Long-lived assets

 

 

140,701

 

 

 

23,101

 

 

 

16,676

 

 

 

30,737

 

 

 

211,215

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

 

788,364

 

 

 

143,353

 

 

 

96,374

 

 

 

239,040

 

 

 

1,267,131

 

Long-lived assets

 

 

136,087

 

 

 

20,847

 

 

 

18,213

 

 

 

32,981

 

 

 

208,128

 
v3.25.0.1
Client Funds
 12 Months Ended
Dec. 31, 2024
Client Funds [Abstract]  
Client Funds

14. Client Funds

The Company maintains funds in custodial accounts at financial institutions to administer claims for certain clients. These funds are not available for the Company's general operating activities and, as such, have not been recorded in the accompanying Consolidated Balance Sheets. The amount of these funds totaled $566,280,000 at December 31, 2024.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

15. Commitments and Contingencies

As part of the Company's Credit Facility, the Company maintains a letter of credit facility to satisfy certain of its own contractual requirements. At December 31, 2024, the aggregate committed amount of letters of credit outstanding under the facility was $8,870,000.

From time to time, the Company enters into certain agreements for the purchase or sale of assets or businesses that contain provisions that may require the Company to make additional payments in the future depending upon the achievement of specified operating results of the acquired company, or provide the Company with an option or similar right to purchase additional assets.

In the normal course of its business, the Company is sometimes named as a defendant or responsible party in suits or other actions by insureds or claimants contesting decisions made by the Company or its clients with respect to the settlement of claims. Additionally, certain clients of the Company have in the past brought, and may, in the future bring, claims for indemnification on the basis of alleged actions by the Company, its agents, or its employees in rendering services to clients. The majority of these claims are of the type covered by insurance maintained by the Company. However, the Company is responsible for the deductibles and self-insured retentions under various insurance coverages. In the opinion of Company management, adequate provisions have been made for such known and probable risks. No assurances can be provided, however, that the result of any such action, claim or proceeding, now known or occurring in the future, will not result in a material adverse effect on our business, financial condition or results of operations.

The Company is subject to numerous federal, state, and foreign labor, employment, worker health and safety, antitrust and competition, environmental and consumer protection, import/export, anti-corruption, and other laws. From time to time the Company faces claims and investigations by employees, former employees, and governmental entities under such laws or employment contracts with such employees or former employees. Such claims, investigations, and any litigation involving the Company could divert management's time and attention from the Company's business operations and could potentially result in substantial costs of defense, settlement or other disposition, which could have a material adverse effect on the Company's results of operations, financial position, and cash flows. In the opinion of Company management, adequate provisions have been made for any items that are probable and reasonably estimable.
v3.25.0.1
Significant Accounting and Reporting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements were prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") and include the accounts of the Company, its majority-owned subsidiaries, and variable interest entities ("VIE") in which the Company is deemed to be the primary beneficiary. Significant intercompany transactions are eliminated in consolidation. Financial results from the Company's operations outside of the U.S., Canada, the Caribbean, and certain subsidiaries in the Philippines, are reported and consolidated on a two-month delayed basis in accordance with the provisions of Accounting Standards Codification ("ASC") 810, "Consolidation," in order to provide sufficient time for accumulation of their results. Accordingly, the Company's December 31, 2024, 2023, and 2022 consolidated financial statements include the financial position of such operations as of October 31, 2024 and 2023, respectively, and the results of their operations and cash flows for the fiscal periods ended October 31, 2024, 2023, and 2022, respectively.

The Company has controlling ownership interests in several entities that are not wholly-owned by the Company. The financial results and financial positions of these controlled entities are included in the Company's consolidated financial statements, including the controlling interests and noncontrolling interests. The noncontrolling interests represent the equity interests in these entities that are not attributable, either directly or indirectly, to the Company. On the Company's Consolidated Statements of Operations, net income or loss is separately attributed to the controlling interests and noncontrolling interests.

Noncontrolling interests represent the minority shareholders' share of the net income or loss and shareholders' investment in consolidated subsidiaries. Noncontrolling interests are presented as a component of shareholders' investment in the Consolidated Balance Sheets and reflect the initial fair value of these investments by noncontrolling shareholders, along with their proportionate share of the income or loss of the subsidiaries, less any dividends or distributions.

The Company consolidates the results of a VIE when it is determined to be the primary beneficiary. In accordance with GAAP, in determining whether the Company is the primary beneficiary of a VIE for financial reporting purposes, it considers whether it has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether it has the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan. At December 31, 2024 and 2023, the liabilities of this deferred compensation plan were $6,248,000 and $6,261,000, respectively, which represented obligations of the Company rather than of the rabbi trust, and the values of the assets held in the related rabbi trust were $10,389,000 and $10,237,000, respectively. These liabilities and assets are included in "Other noncurrent liabilities" and "Other noncurrent assets" on the Company's Consolidated Balance Sheets, respectively.
Consolidation, Variable Interest Entity, Policy The Company consolidates the liabilities of its deferred compensation plan and the related assets, which are held in a rabbi trust and also considered a VIE of the Company. The rabbi trust was created to fund the liabilities of the Company's deferred compensation plan. The Company is considered the primary beneficiary of the rabbi trust because the Company directs the activities of the trust and can use the assets of the trust to satisfy the liabilities of the Company's deferred compensation plan.
Revision of Quarterly Information (unaudited)

Prior Year Reclassifications

Certain prior year segment information has been reclassified to conform to the current year presentation.

Management's Use of Estimates

Management's Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Revenue Recognition

Revenue Recognition

Revenues are recognized when control of the promised services are transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Revenues are recognized net of any sales, use or value added taxes collected from customers, which are subsequently remitted to governmental authorities. As the Company completes its performance obligations, it has an unconditional right to consideration as outlined in the Company's contracts.

The Company's North America Loss Adjusting segment generates revenue for claims management and adjusting services to insurance companies and self-insured entities related to property and casualty losses caused by physical damage to commercial and residential real property, certain types of personal property and marine losses. The Company's International Operations segment generates revenue in a similar manner as North America Loss Adjusting in the U.K., Europe, Australia, Asia and Latin America. This segment also includes Legal Services, which generates revenues for services provided to insurance companies. The Company's Broadspire segment is a third party administrator that generates revenue through its Claims Management and Medical Management service lines. The Company's Platform Solutions segment principally generates revenues through its Contractor Connection, Networks and Subrogation service lines. The Contractor Connection service line generates revenue through its independently managed contractor network of credentialed residential and commercial contractors in the U.S. See Note 2, “Revenue Recognition” for further discussion on the Company’s revenue recognition policies.

Intersegment sales are recorded at cost and are not material and eliminate in consolidation.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. The fair value of cash and cash equivalents approximates carrying value due to their short-term nature. At December 31, 2024 and December 31, 2023, cash and cash equivalents included time deposits of approximately $55,000 and $328,000, respectively, that were in financial institutions outside the U.S.

Cash balances that are legally restricted as to usage or withdrawal are separately included in "Prepaid expenses and other current assets" within the Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

55,412

 

 

$

58,363

 

 

$

46,007

 

Restricted cash within prepaid expenses and other current assets

 

 

917

 

 

 

1,182

 

 

 

638

 

Total cash, cash equivalents and restricted cash

 

$

56,329

 

 

$

59,545

 

 

$

46,645

 
Accounts Receivable and Allowance for Doubtful Accounts

Accounts Receivable and Allowance for Expected Credit Losses

The Company extends credit based on an evaluation of a client's financial condition and, generally, collateral is not required. Accounts receivable are typically due upon receipt of the invoice and are stated on the Company's Consolidated Balance Sheets at amounts due from clients net of an estimated allowance for expected credit losses. Accounts outstanding longer than the contractual payment terms are considered past due. The fair value of accounts receivable approximates book value due to their short-term contractual stipulations.

Unbilled revenues are stated on the Company’s Consolidated Balance Sheets, net of estimated billing adjustments and an estimated allowance for expected credit losses. Unbilled assets represent a contract asset for revenue that has been recognized in advance of billing the customer, resulting from professional services delivered that we expect and are entitled to receive as consideration under certain contracts. Billing requirements vary by contract but substantially all unbilled revenues are billed within one year.

The Company maintains an allowance for expected credit losses resulting primarily from the inability of clients to make required payments. Such losses are accounted for as bad debt expense. These allowances are established using historical write-off or adjustment information to project future experience and by considering the current creditworthiness of clients, any known specific collection problems, and an assessment of current industry and economic conditions. Actual experience may differ significantly from historical or expected loss results. The Company writes off accounts receivable and unbilled revenues when they become uncollectible, and any payments subsequently received are accounted for as recoveries.

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2024, 2023, and 2022 is as follows:

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,530

 

 

$

9,322

 

 

$

8,768

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

1,341

 

 

 

626

 

 

 

1,647

 

Write-offs, net of recoveries

 

 

(1,654

)

 

 

(478

)

 

 

(528

)

Currency translation and other changes

 

 

(128

)

 

 

60

 

 

 

(565

)

Allowance for credit losses, December 31

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 
Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets

Goodwill is an asset that represents the excess of the purchase price over the fair value of the separately identifiable net assets (tangible and intangible) acquired in business combinations. Indefinite-lived intangible assets consist of trade names associated with acquired businesses. Goodwill and indefinite-lived intangible assets are not amortized, but are subject to impairment testing at least annually. Other long-lived assets consist primarily of property and equipment, deferred income tax assets, capitalized software, and amortizable intangible assets related to customer relationships, technology, and trade names with finite lives. Other long-lived assets are evaluated for impairment when impairment indicators are identified.

Subsequent to a business acquisition in which goodwill and indefinite-lived intangibles are recorded, post-acquisition accounting requires that both be tested to determine whether there has been an impairment. The Company performs an impairment test of goodwill and indefinite-lived intangible assets at least annually on October 1 of each year. The Company regularly evaluates whether events and circumstances have occurred which indicate potential impairment of goodwill or indefinite-lived intangible assets. When factors indicate that such assets should be evaluated for possible impairment between the scheduled annual impairment tests, the Company performs an interim impairment test.

Goodwill impairment testing is performed on a reporting unit basis. If the fair value of the reporting unit exceeds its carrying value, including goodwill, goodwill is considered not impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The loss recognized cannot subsequently be reversed.

The carrying value of the reporting unit, including goodwill, is compared with the estimated fair value of the reporting unit as determined utilizing a combination of the income and market approaches. The income approach, which is a level 3 fair value measurement, is based on projected debt-free cash flow which is discounted to the present value using discount factors that consider the timing and risk of the cash flows. The market approach is based on the Guideline Public Company Method, which uses market pricing metrics to select multiples to value the Company's reporting units. The resulting estimated fair values of the combined reporting units are reconciled to the Company's market capitalization including an estimated implied control premium. The Company believes that the combination of these approaches is appropriate because it provides a fair value estimate based upon the combination of the reporting unit's expected long-term operating cash flow performance and multiples with which similar publicly traded companies are valued. The Company weights the income and market approaches equally.

The Company has the option to perform a qualitative assessment of goodwill prior to completing the quantitative analysis described above to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the Company concludes that this is the case, it performs the quantitative analysis above.

If changes to the Company's reporting structure impact the composition of its reporting units, existing goodwill is reallocated to the revised reporting units based on their relative estimated fair values as determined by a combination of the income and market approaches. If all of the assets and liabilities of an acquired business are assigned to a specific reporting unit, the goodwill associated with that acquisition is assigned to that reporting unit at acquisition unless another reporting unit is also expected to benefit from the acquisition.

For impairment testing of indefinite-lived intangible assets, the carrying value is compared with the estimated fair value, which is estimated based on the present value of the after-tax cash flows attributable solely to the asset. If carrying value exceeds the estimated fair value, an impairment is recognized based on the excess. The fair values of the Company's trade names are established using the relief-from-royalty method, a form of the income approach. This method recognizes that, by virtue of owning the trade name as opposed to licensing it, a company or reporting unit is relieved from paying a royalty, usually expressed as a percentage of net sales, for the asset's use. The present value of the after-tax costs savings (i.e., royalty relief) at an appropriate discount rate including a tax amortization benefit indicates the value of the trade name. The Company determined the discount rate based on its performance compared to similar market participants, factored by risk in forecasting using a modified capital asset pricing model.
Property and Equipment

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company depreciates the cost of property and equipment, including assets recorded under finance leases, over the shorter of the remaining lease term or the estimated useful lives of the related assets, primarily using the straight-line method. The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

7-15 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Leasehold improvements

 

$

30,357

 

 

$

30,663

 

Furniture and fixtures

 

 

19,690

 

 

 

21,197

 

Data processing equipment

 

 

43,562

 

 

 

51,469

 

Automobiles

 

 

701

 

 

 

197

 

Total property and equipment

 

 

94,310

 

 

 

103,526

 

Less accumulated depreciation

 

 

(73,754

)

 

 

(80,784

)

Net property and equipment

 

$

20,556

 

 

$

22,742

 

Depreciation on property and equipment, including property under finance leases and amortization of leasehold improvements, was $8,881,000, $10,004,000, and $11,941,000 for the years ended December 31, 2024, 2023, and 2022, respectively.
Capitalized Software

Capitalized Software

Capitalized software costs reflect costs related to internally developed or purchased software used by the Company that has expected future economic benefits. Certain internal and external costs incurred during the application development stage are capitalized. Costs incurred during the preliminary project and post implementation stages, including training and maintenance costs, are expensed as incurred. The majority of these capitalized software costs consist of internal payroll costs and external payments for software development, purchases and related services. Additionally, "Capitalized software costs, net" on the Company's Consolidated Balance Sheets includes $5,900,000 and $5,000,000 as of December 31, 2024 and 2023, respectively, related to implementation of hosting arrangement service contracts for certain software applications. Capitalized software costs are typically amortized over periods ranging from three to ten years, depending on the estimated life of each software application. Amortization expense for capitalized software was $19,817,000, $17,948,000, and $16,320,000 for the years ended December 31, 2024, 2023, and 2022, respectively.
Self-Insured Risks

Self-Insured Risks

The Company self-insures certain risks consisting primarily of professional liability, auto liability, and employee medical, disability, and workers' compensation liability. Insurance coverage is obtained for catastrophic property and casualty exposures, including professional liability on a claims-made basis, and those risks required to be insured by law or contract. Most of these self-insured risks are in the U.S. Provisions for claims under the self-insured programs are made based on the Company's estimates of the aggregate liabilities for claims incurred, including estimated legal fees, losses that have occurred but have not been reported to the Company, and for adverse developments on reported losses. The estimated liabilities are calculated based on historical claims experience, the expected lives of the claims, and other factors considered relevant by management. Changes in these estimates may occur as additional information becomes available. The Company believes its provisions for self-insured losses are adequate to cover the expected cost of losses incurred. However, these provisions are estimates and amounts ultimately settled may be significantly greater or less than the provisions established. The estimated liabilities for claims incurred under the Company's self-insured workers' compensation and employee disability programs are discounted at the prevailing risk-free interest rate for U.S. government securities of an appropriate duration. All other self-insured liabilities are undiscounted.

At December 31, 2024 and 2023, accrued liabilities for self-insured risks totaled $47,061,000 and $51,746,000, respectively, including current liabilities of $27,813,000 and $33,238,000, respectively. The noncurrent liabilities are included in "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets. The Company separately records a recoverable asset for the value of insurance recovery payments anticipated from its insurance carriers, which totaled $20,651,000 and $30,323,000 as of December 31, 2024 and 2023, respectively. The recoverability of each asset is based on the notification of each claim to the Company's insurers, along with its independent assessment of the claim and the fact that it only has coverage with highly rated insurance carriers. Receipts from insurance up to the amount of the loss recognized are considered recoveries, which are accounted for when receipt is probable.

Income Taxes

Income Taxes

The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Provisions for deferred taxes are made in recognition of these temporary differences. The most significant differences relate to accrued compensation, pension plans, self-insurance, depreciation, and amortization.

For financial reporting purposes, the provision for income taxes is the sum of income taxes both currently payable and payable on a deferred basis. Currently payable income taxes represent the liability related to the income tax returns for the current year, while the net deferred tax expense or benefit represents the change in the balance of deferred income tax assets or liabilities as reported on the Company's Consolidated Balance Sheets that are not related to balances in "Accumulated other comprehensive loss." The changes in deferred income tax assets and liabilities are determined based upon changes in the differences between the basis of assets and liabilities for financial reporting purposes and the basis of assets and liabilities for income tax purposes, measured by the enacted statutory tax rates in effect for the year in which the Company estimates these differences will reverse. The Company must estimate the timing of the reversal of temporary differences, as well as whether taxable income in future periods will be sufficient to fully recognize any gross deferred tax assets. A valuation allowance is provided when it is deemed more-likely-than-not that some portion or all of a deferred tax asset will not be realized.

Other factors which influence the effective tax rate used for financial reporting purposes include changes in enacted statutory tax rates, changes in tax law or policy, changes in the composition of taxable income from the countries in which it operates, the Company's ability to utilize net operating loss and tax credit carryforwards, and changes in unrecognized tax benefits. See Note 7, "Income Taxes" for further discussion.

Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense only. The Company has elected to account for GILTI in the year the tax is incurred.
Sales And Other Tax

Sales and Other Taxes

In certain jurisdictions, both in the U.S. and internationally, various governments and taxing authorities require the Company to assess and collect sales and other taxes, such as value added taxes, on certain services that the Company renders and bills to its customers. The majority of the Company's revenues are not currently subject to these types of taxes. These taxes are not recorded as additional revenues or expenses in the Company's Consolidated Statements of Operations, but are recorded on the Consolidated Balance Sheets as pass-through amounts until remitted.
Foreign Currency

Foreign Currency

Monetary assets and liabilities denominated in a currency that is different from a reporting entity's functional currency must be remeasured from the applicable currency to the reporting entity's functional currency. The effects of the remeasurement of these assets and liabilities are recognized in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Operations. For operations outside the U.S. whose functional currency is other than the U.S. dollar, results of operations and cash flows are translated into U.S. dollars at average exchange rates during the period, and assets and liabilities are translated at end-of-period exchange rates. The resulting translation adjustments, on a net basis, are included in "Other Comprehensive Income (Loss)" in the Company's Consolidated Statements of Comprehensive Income (Loss), and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.

Foreign currency transactions for the years ended December 31, 2024, 2023 and 2022 resulted in net losses of $65,000, $691,000 and $1,259,000, respectively.

Advertising Costs

Advertising Costs

Advertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,132,000, $2,143,000, and $1,939,000, respectively, for the years ended December 31, 2024, 2023 and 2022.

Adoption and Pending Adoption of New Accounting Standards

Adoption of New Accounting Standards

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)

In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.

Improvements to Reportable Segment Disclosures (ASU 2023-07)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 13, "Segment and Geographic Information," for updated segment disclosures.

Pending Adoption of Recently Issued Accounting Standards

Improvements to Income Tax Disclosures (ASU 2023-09)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

Disaggregation of Income Statement Expenses (ASU 2024-01)

In November 2024, the FASB issued ASU 2024-01, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
Earnings per Share

Net Income Attributable to Shareholders of Crawford & Company per Common Share

The Company computes earnings per share of CRD-A and CRD-B using the two-class method, which allocates the undistributed earnings for each period to each class on a proportionate basis. The Company's Board of Directors has the right, but not the obligation, to declare higher dividends on CRD-A than on CRD-B, subject to certain limitations. In periods when the dividend is the same for CRD-A and CRD-B or when no dividends are declared or paid to either class, the two-class method generally will yield the same basic earnings per share for CRD-A and CRD-B. During 2024, 2023 and 2023, the Board of Directors declared an equal dividend on CRD-A and CRD-B.
v3.25.0.1
Significant Accounting and Reporting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Consolidated Statements of Cash Flows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

55,412

 

 

$

58,363

 

 

$

46,007

 

Restricted cash within prepaid expenses and other current assets

 

 

917

 

 

 

1,182

 

 

 

638

 

Total cash, cash equivalents and restricted cash

 

$

56,329

 

 

$

59,545

 

 

$

46,645

 
Allowance For Expected Credit Losses

A summary of the activities in the allowance for expected credit losses for the years ended December 31, 2024, 2023, and 2022 is as follows:

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Allowance for credit losses, January 1

 

$

9,530

 

 

$

9,322

 

 

$

8,768

 

Add/ (Deduct):

 

 

 

 

 

 

 

 

 

Provision for bad debt expense

 

 

1,341

 

 

 

626

 

 

 

1,647

 

Write-offs, net of recoveries

 

 

(1,654

)

 

 

(478

)

 

 

(528

)

Currency translation and other changes

 

 

(128

)

 

 

60

 

 

 

(565

)

Allowance for credit losses, December 31

 

$

9,089

 

 

$

9,530

 

 

$

9,322

 
Property and Equipment The estimated useful lives for property and equipment classifications are as follows:

 

Classification

Estimated Useful Lives

Furniture and fixtures

3-10 years

Data processing equipment

3-5 years

Automobiles and other

3-4 years

Leasehold improvements

7-15 years

 

Property and equipment, including assets under finance leases, consisted of the following at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Leasehold improvements

 

$

30,357

 

 

$

30,663

 

Furniture and fixtures

 

 

19,690

 

 

 

21,197

 

Data processing equipment

 

 

43,562

 

 

 

51,469

 

Automobiles

 

 

701

 

 

 

197

 

Total property and equipment

 

 

94,310

 

 

 

103,526

 

Less accumulated depreciation

 

 

(73,754

)

 

 

(80,784

)

Net property and equipment

 

$

20,556

 

 

$

22,742

 
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

The following table presents North America Loss Adjusting revenues before reimbursements disaggregated by geography for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

U.S.

 

$

221,279

 

 

$

207,255

 

Canada

 

 

90,879

 

 

 

96,374

 

Total North America Loss Adjusting Revenues before Reimbursements

 

$

312,158

 

 

$

303,629

 

The following table presents International Operations revenues before reimbursements disaggregated by geography for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

U.K.

 

$

157,806

 

 

$

133,110

 

Europe

 

 

100,702

 

 

 

92,130

 

Australia

 

 

77,219

 

 

 

78,966

 

Asia

 

 

24,466

 

 

 

23,289

 

Latin America

 

 

32,924

 

 

 

29,560

 

International Loss Adjusting

 

 

393,117

 

 

 

357,055

 

 

 

 

 

 

 

 

U.K.

 

 

10,551

 

 

 

10,243

 

Australia

 

 

11,769

 

 

 

10,513

 

Latin America

 

 

3,170

 

 

 

4,582

 

Crawford Legal Services

 

 

25,490

 

 

 

25,338

 

Total International Operations Revenues before Reimbursements

 

$

418,607

 

 

$

382,393

 

The following table presents Broadspire revenues before reimbursements disaggregated by service line for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

Claims Management

 

$

198,797

 

 

$

182,840

 

Medical Management

 

 

189,277

 

 

 

172,810

 

Total Broadspire Revenues before Reimbursements

 

$

388,074

 

 

$

355,650

 

The following table presents Platform Solutions revenues before reimbursements disaggregated by service line for the years ended December 31, 2024 and 2023:

 

 

 

(In thousands)

 

Year Ended December 31,

 

2024

 

 

2023

 

Contractor Connection

 

$

67,586

 

 

$

74,627

 

Networks

 

 

76,977

 

 

 

123,859

 

Subrogation

 

 

29,108

 

 

 

26,973

 

Total Platform Solutions Revenues before Reimbursements

 

$

173,671

 

 

$

225,459

 
Schedule of Customer Contract Liabilities

The table below presents the deferred revenues balance as of January 1, 2024 and the significant activity affecting deferred revenues during the year ended December 31, 2024:

 

(In Thousands)

 

 

 

Deferred Revenue

 

 

 

Balance at January 1, 2024

 

$

60,411

 

Annual additions

 

 

96,543

 

Revenue recognized from prior periods

 

 

(32,814

)

Revenue recognized from current year additions

 

 

(64,455

)

Balance as of December 31, 2024

 

$

59,685

 
v3.25.0.1
Business Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Schedule of Valuation Identified Assets Acquired and Liabilities Assumed

Assets acquired and liabilities assumed as of acquisition date are presented in the following table:

 

 

 

R.P. van Dijk B.V.

 

 

 

April 1, 2022

 

 

 

 

 

Tangible assets

 

 

 

Unbilled revenues

 

$

509

 

Other assets

 

 

231

 

Total tangible assets

 

 

740

 

Intangible assets

 

 

 

Customer relationships

 

 

3,215

 

Non-compete agreements

 

 

347

 

Goodwill

 

 

1,423

 

Total intangible assets

 

 

4,985

 

Total assets acquired

 

 

5,725

 

 

 

 

 

Liabilities assumed

 

 

 

Current liabilities

 

 

70

 

Total liabilities assumed

 

 

70

 

 

 

 

 

Net assets acquired

 

$

5,655

 

 

 

 

 

Purchase price (cash)

 

$

4,313

 

Fair value of contingent consideration

 

 

1,342

 

Fair value of total consideration transferred

 

$

5,655

 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

The following table shows the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform Solutions

 

 

Total

 

 

 

(In thousands)

 

Balance at December 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,893

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,602

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,267

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,622

 

2023 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

102

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

102

 

Balance at December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,995

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,704

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,369

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,724

 

2024 Activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency effects

 

 

(356

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(356

)

Balance at December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

88,639

 

 

$

81,779

 

 

$

113,374

 

 

$

65,556

 

 

$

349,348

 

Accumulated impairment losses

 

 

(71,626

)

 

 

(81,779

)

 

 

(100,437

)

 

 

(19,138

)

 

 

(272,980

)

Net goodwill

 

$

17,013

 

 

$

-

 

 

$

12,937

 

 

$

46,418

 

 

$

76,368

 
Schedule of Finite-Lived Intangible Assets

The following is a summary of finite-lived intangible assets acquired through business acquisitions as of December 31, 2024 and 2023:

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Weighted-
Average
Amortization
Period

 

 

(In thousands, except years)

 

 

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

161,459

 

 

$

(125,639

)

 

$

35,820

 

 

7.3 years

Technology-based

 

 

21,735

 

 

 

(16,364

)

 

 

5,371

 

 

3.3 years

Trade name

 

 

5,828

 

 

 

(3,721

)

 

 

2,107

 

 

3.7 years

Other

 

 

6,795

 

 

 

(6,278

)

 

 

517

 

 

2.1 years

Total

 

$

195,817

 

 

$

(152,002

)

 

$

43,815

 

 

6.0 years

December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

159,707

 

 

$

(119,416

)

 

$

40,291

 

 

7.8 years

Technology-based

 

 

22,023

 

 

 

(14,818

)

 

 

7,205

 

 

4.4 years

Trade name

 

 

6,030

 

 

 

(3,121

)

 

 

2,909

 

 

4.9 years

Other

 

 

6,819

 

 

 

(6,048

)

 

 

771

 

 

2.9 years

Total

 

$

194,579

 

 

$

(143,403

)

 

$

51,176

 

 

6.7 years
Schedule of Finite-lived Intangible Assets, Future Amortization Expense

At December 31, 2024, annual estimated aggregate amortization expense for intangible assets subject to amortization for the next five years is as follows:

 

 

 

Annual
Amortization
Expense

 

Year Ending December 31,

 

(In thousands)

 

2025

 

$

7,344

 

2026

 

 

7,161

 

2027

 

 

5,629

 

2028

 

 

5,629

 

2029

 

 

3,395

 
Schedule of Indefinite-Lived Intangible Assets

The following is a summary of indefinite-lived intangible assets at December 31, 2024 and 2023:

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Impairments

 

 

Net Carrying
Value

 

 

 

(In thousands)

 

December 31, 2024:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,802

 

 

$

(2,072

)

 

$

30,730

 

December 31, 2023:

 

 

 

 

 

 

 

 

 

Trade names

 

$

32,682

 

 

$

(2,072

)

 

$

30,610

 
v3.25.0.1
Short-Term and Long-Term Debt, Including Finance Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-term Debt Instruments

Long-term debt consisted of the following at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Credit Facility

 

$

217,979

 

 

$

209,000

 

Finance lease and other obligations

 

 

158

 

 

 

148

 

Total long-term debt and finance leases

 

 

218,137

 

 

 

209,148

 

Less: portion of Credit Facility classified as short-term

 

 

(17,740

)

 

 

(14,727

)

Less: current installments of finance leases and other obligations

 

 

(82

)

 

 

(86

)

Total long-term debt and finance leases, less current installments

 

$

200,315

 

 

$

194,335

 
Schedule of Maturities of Long-Term Debt

Principal repayments of long-term debt, including current portions, finance leases and other obligations, as of December 31, 2024 are expected to be as follows, assuming no prepayments or extensions beyond the stated maturity:

 

Year Ending December 31,

 

Long-term Debt

 

 

Finance Lease and Other Obligations

 

 

Total

 

 

 

(In thousands)

 

2025

 

$

17,740

 

 

$

82

 

 

$

17,822

 

2026

 

 

200,239

 

 

 

76

 

 

 

200,315

 

Total

 

$

217,979

 

 

$

158

 

 

$

218,137

 
v3.25.0.1
Lease Commitments (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease-Related Assets and Liabilities The following table presents the lease-related assets and liabilities recorded on the Company's Consolidated Balance Sheets related to its operating leases:

 

(in thousands)

 

Classification on Balance Sheet

 

December 31,
2024

 

December 31,
2023

 

Assets:

 

 

 

 

 

 

 

Operating lease

 

Operating lease right-of-use assets, net

 

$

78,808

 

$

88,615

 

Liabilities:

 

 

 

 

 

 

 

Current operating lease liabilities

 

Current operating lease liabilities

 

 

24,541

 

 

24,351

 

Noncurrent operating lease liabilities

 

Noncurrent operating lease liabilities

 

 

66,811

 

 

78,029

 

Total operating lease liabilities

 

 

 

$

91,352

 

$

102,380

 

 

 

 

 

 

 

 

Weighted-Average Remaining Lease Term

 

 

 

4.40 years

 

4.98 years

 

Weighted-Average Discount Rate

 

 

 

 

5.8

%

 

5.7

%
Lease Cost

The components of operating lease costs within the Company's Consolidated Statements of Operations consisted of the following:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2024

 

December 31, 2023

 

Operating lease cost

 

$

30,933

 

$

30,782

 

Variable lease cost

 

 

8,084

 

 

8,457

 

Sublease income

 

 

(1,275

)

 

(178

)
Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases were as follows:

 

 

 

Year Ended

 

(in thousands)

 

December 31, 2024

 

December 31, 2023

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows for operating leases

 

$

32,776

 

$

32,040

 

 

 

 

 

 

Right-of-use assets obtained in exchange for lease obligations

 

$

15,510

 

$

19,609

 
Operating Lease Maturities

Future undiscounted operating lease payments reconciled to total operating lease liabilities are as follows:

 

(in thousands)

 

December 31, 2024

 

2025

 

$

29,040

 

2026

 

 

24,940

 

2027

 

 

17,122

 

2028

 

 

12,727

 

2029

 

 

10,086

 

Thereafter

 

 

9,716

 

Total undiscounted lease payments

 

 

103,631

 

Less imputed interest

 

 

(12,279

)

Present value of future lease payments

 

$

91,352

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (loss) Before Income Taxes

Income before income taxes consisted of the following:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

U.S.

 

$

21,429

 

 

$

35,620

 

 

$

39,297

 

Foreign

 

 

19,683

 

 

 

11,737

 

 

 

(34,251

)

Income before income taxes

 

$

41,112

 

 

$

47,357

 

 

$

5,046

 
Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

$

10,516

 

 

$

17,509

 

 

$

12,336

 

Foreign

 

 

6,601

 

 

 

11,867

 

 

 

3,845

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. federal and state

 

 

(2,617

)

 

 

(9,452

)

 

 

(1,523

)

Foreign

 

 

83

 

 

 

(2,827

)

 

 

8,920

 

Provision for income taxes

 

$

14,583

 

 

$

17,097

 

 

$

23,578

 
Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes is reconciled to the federal statutory income tax rate of 21% in 2024, 2023, and 2022, as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Federal income taxes at statutory rate

 

$

8,634

 

 

$

9,945

 

 

$

1,060

 

State income taxes, net of federal benefit

 

 

1,890

 

 

 

2,082

 

 

 

3,087

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

4,221

 

Foreign taxes

 

 

3,024

 

 

 

5,872

 

 

 

3,232

 

Change in valuation allowance

 

 

2,064

 

 

 

2,131

 

 

 

11,611

 

Research and development credits

 

 

(789

)

 

 

(607

)

 

 

(400

)

Foreign tax credits

 

 

(1,681

)

 

 

(1,668

)

 

 

(492

)

Nondeductible meals and entertainment

 

 

565

 

 

 

643

 

 

 

439

 

Change in permanent reinvestment assertion

 

 

(8

)

 

 

280

 

 

 

320

 

Disposals and liquidations of businesses

 

 

—

 

 

 

(305

)

 

 

188

 

Foreign-derived intangible income deduction

 

 

(156

)

 

 

(223

)

 

 

(189

)

Tax rate changes

 

 

422

 

 

 

(104

)

 

 

(36

)

Other

 

 

618

 

 

 

(949

)

 

 

537

 

Provision for income taxes

 

$

14,583

 

 

$

17,097

 

 

$

23,578

 
Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes consisted of the following at December 31, 2024 and 2023:

 

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Accounts receivable allowance

 

$

2,286

 

 

$

2,957

 

Accrued compensation

 

 

14,013

 

 

 

14,412

 

Accrued pension liabilities

 

 

3,314

 

 

 

3,685

 

Self-insured risks

 

 

5,551

 

 

 

4,513

 

Deferred revenues

 

 

4,684

 

 

 

5,602

 

Interest

 

 

3,223

 

 

 

2,987

 

Tax credit carryforwards

 

 

2,654

 

 

 

2,152

 

Loss carryforwards

 

 

33,315

 

 

 

32,304

 

Lease liability

 

 

23,418

 

 

 

26,361

 

Other

 

 

1,986

 

 

 

337

 

Gross deferred income tax assets

 

 

94,444

 

 

 

95,310

 

Unbilled revenues

 

 

5,265

 

 

 

5,596

 

Repatriated earnings

 

 

1,152

 

 

 

1,249

 

Depreciation and amortization

 

 

12,901

 

 

 

15,129

 

Lease right-of-use asset

 

 

20,054

 

 

 

22,612

 

Gross deferred income tax liabilities

 

 

39,372

 

 

 

44,586

 

Net deferred income tax assets before valuation allowances

 

 

55,072

 

 

 

50,724

 

Valuation allowance

 

 

(35,310

)

 

 

(29,644

)

Net deferred income tax assets

 

$

19,762

 

 

$

21,080

 

Amounts recognized in the Consolidated Balance Sheets consist of:

 

 

 

 

 

 

Long-term deferred income tax assets included in "Deferred income tax assets"

 

 

25,305

 

 

 

26,247

 

Long-term deferred income tax liabilities included in "Other noncurrent liabilities"

 

 

(5,543

)

 

 

(5,167

)

Net deferred income tax assets

 

$

19,762

 

 

$

21,080

 
Summary of Valuation Allowance

Changes in the Company's deferred tax valuation allowance are recorded as adjustments to the provision for income taxes. An analysis of the Company's deferred tax asset valuation allowances is as follows for the years ended December 31, 2024, 2023, and 2022.

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Balance, beginning of year

 

$

29,644

 

 

$

23,295

 

 

$

14,114

 

Other changes

 

 

5,666

 

 

 

6,349

 

 

 

9,181

 

Balance, end of year

 

$

35,310

 

 

$

29,644

 

 

$

23,295

 
Summary of Unrecognized Income Tax Benefits

A reconciliation of the beginning and ending balance of unrecognized income tax benefits follows:

 

 

 

(In thousands)

 

Balance at December 31, 2021

 

$

3,750

 

Reductions for tax positions related to prior years

 

 

(97

)

Balance at December 31, 2022

 

$

3,653

 

   Additions for tax positions related to prior years

 

 

432

 

Reductions for tax positions related to prior years

 

 

(153

)

Lapses of applicable statutes of limitation

 

 

(344

)

Balance at December 31, 2023

 

$

3,588

 

Currency Translation Adjustment

 

 

2

 

Lapses of applicable statutes of limitation

 

 

(3,156

)

Balance at December 31, 2024

 

$

434

 
v3.25.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

278,389

 

 

$

311,336

 

Fair value of plans' assets

 

 

255,389

 

 

 

285,243

 
Schedule Of Fair Value Of Plan Assets In Excess Of Benefit Obligations Table Text Block

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

161,567

 

 

$

146,960

 

Fair value of plans' assets

 

 

170,747

 

 

 

157,914

 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

458,296

 

 

$

485,573

 

Service cost

 

 

1,531

 

 

 

1,423

 

Interest cost

 

 

23,163

 

 

 

23,915

 

Employee contributions

 

 

22

 

 

 

23

 

Actuarial gain

 

 

(3,504

)

 

 

(11,023

)

Plan settlements

 

 

(296

)

 

 

—

 

Plan curtailments

 

 

48

 

 

 

—

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

9,764

 

 

 

9,617

 

End of measurement period

 

 

439,956

 

 

 

458,296

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

443,157

 

 

 

477,728

 

Actual return on plans' assets

 

 

18,268

 

 

 

2,712

 

Employer contributions

 

 

3,561

 

 

 

3,265

 

Employee contributions

 

 

22

 

 

 

23

 

Plan settlements

 

 

(296

)

 

 

—

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

10,492

 

 

 

10,661

 

End of measurement period

 

 

426,136

 

 

 

443,157

 

Unfunded Status

 

$

(13,820

)

 

$

(15,139

)
Schedule of Net Funded Status

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

18,991

 

 

$

22,317

 

Other international plans

 

 

2,092

 

 

 

1,688

 

Subtotal, included in "Accrued pension liabilities"

 

 

21,083

 

 

 

24,006

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(9,176

)

 

 

(10,876

)

Other international plans

 

 

(4

)

 

 

(78

)

Subtotal, included in "Other noncurrent assets"

 

 

(9,180

)

 

 

(10,954

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

201

 

 

 

230

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

1,716

 

 

 

1,858

 

Total underfunded status

 

$

13,820

 

 

$

15,139

 

Accumulated other comprehensive loss, before income taxes

 

$

(257,116

)

 

$

(261,102

)
Schedule of Net Unrecognized Actuarial Gain (loss)

The following tables set forth the changes in accumulated other comprehensive loss during 2024 and 2023 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2022

 

$

(256,695

)

Amortization of net loss

 

 

12,019

 

Net loss arising during the year

 

 

(13,432

)

Currency translation

 

 

(2,993

)

Net unrecognized actuarial loss, December 31, 2023

 

 

(261,102

)

Amortization of net loss

 

 

12,580

 

Net loss arising during the year

 

 

(4,109

)

Currency translation

 

 

(4,484

)

Net unrecognized actuarial loss, December 31, 2024

 

$

(257,116

)
Schedule of Defined Benefit Plans Disclosures

Net periodic benefit (credit) cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 included the following components:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Service cost

 

$

1,531

 

 

$

1,423

 

 

$

1,219

 

Interest cost

 

 

23,163

 

 

 

23,915

 

 

 

12,903

 

Expected return on assets

 

 

(25,882

)

 

 

(27,168

)

 

 

(24,600

)

Amortization of actuarial loss

 

 

12,580

 

 

 

12,020

 

 

 

10,198

 

Curtailment loss recognized

 

 

48

 

 

 

—

 

 

 

—

 

Net periodic benefit cost (credit)

 

$

11,440

 

 

$

10,190

 

 

$

(280

)
Schedule of Expected Benefit Payments

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2025

 

$

35,188

 

2026

 

 

34,690

 

2027

 

 

34,412

 

2028

 

 

34,586

 

2029

 

 

33,951

 

2030-2034

 

 

157,645

 

 
Schedule of Assumptions Used Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.57

%

 

 

4.94

%

Discount rate used to compute periodic benefit cost

 

 

4.94

%

 

 

5.13

%

Expected long-term rates of return on plans' assets

 

 

5.90

%

 

 

6.20

%

 

U.K. Defined Benefit Plans:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.30

%

 

 

5.78

%

Discount rate used to compute periodic benefit cost

 

 

5.78

%

 

 

4.93

%

Expected long-term rates of return on plans' assets

 

 

6.20

%

 

 

5.40

%
Schedule of Allocation of Plan Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Equity securities

 

 

14.7

%

 

 

14.6

%

 

 

—

 

 

 

—

 

Fixed income securities

 

 

77.9

%

 

 

75.8

%

 

 

73.6

%

 

 

74.1

%

Alternative strategies

 

 

4.2

%

 

 

4.6

%

 

 

25.9

%

 

 

24.4

%

Cash, cash equivalents and short-term investment funds

 

 

3.2

%

 

 

5.0

%

 

 

0.4

%

 

 

1.5

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%
v3.25.0.1
Common Stock and Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computations of Basic Net Income (Loss) Attributable to Shareholders of Crawford & Company per Common Share

The computations of basic net income (loss) attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings (loss) per share - basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings (loss)

 

$

7,787

 

 

$

5,054

 

 

$

10,649

 

 

$

7,259

 

 

$

(17,850

)

 

$

(12,297

)

Dividends paid

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

 

 

7,012

 

 

 

4,830

 

Net income (loss) available to common shareholders, basic

 

 

16,126

 

 

 

10,470

 

 

 

18,203

 

 

 

12,406

 

 

 

(10,838

)

 

 

(7,467

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Earnings (loss) per share - basic

 

$

0.54

 

 

$

0.54

 

 

$

0.63

 

 

$

0.63

 

 

$

(0.37

)

 

$

(0.37

)

 
Schedule of Computations of Diluted Net Income (Loss) Attributable to Shareholders of Crawford & Company per Common Share

The computations of diluted net income (loss) attributable to shareholders of Crawford & Company per common share were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

CRD-A

 

 

CRD-B

 

 

 

(In thousands, except earnings (loss) per share)

 

Earnings (loss) per share - diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of undistributed earnings (loss)

 

$

7,850

 

 

$

4,991

 

 

$

10,760

 

 

$

7,148

 

 

$

(17,850

)

 

$

(12,297

)

Dividends paid

 

 

8,339

 

 

 

5,416

 

 

 

7,554

 

 

 

5,147

 

 

 

7,012

 

 

 

4,830

 

Net income (loss) available to common shareholders, diluted

 

 

16,189

 

 

 

10,407

 

 

 

18,314

 

 

 

12,295

 

 

 

(10,838

)

 

 

(7,467

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

 

 

29,783

 

 

 

19,332

 

 

 

29,039

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Weighted-average effect of dilutive securities(1)

 

 

621

 

 

 

—

 

 

 

760

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average number of shares outstanding, diluted

 

 

30,404

 

 

 

19,332

 

 

 

29,799

 

 

 

19,796

 

 

 

29,196

 

 

 

20,113

 

Earnings (loss) per share - diluted

 

$

0.53

 

 

$

0.54

 

 

$

0.61

 

 

$

0.62

 

 

$

(0.37

)

 

$

(0.37

)
Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings (Loss) per Share

Listed below are the shares excluded from the denominator in the above computation of diluted earnings (loss) per share for CRD-A because their inclusion would have been anti-dilutive:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Shares underlying stock options excluded due to the options' respective exercise prices being greater than the average stock price during the period

 

 

—

 

 

 

711

 

 

 

1,542

 

Performance stock grants excluded because performance conditions had not been met(1)

 

 

1,076

 

 

 

993

 

 

 

789

 
(1)
Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss) The changes in components of "Accumulated other comprehensive loss" ("AOCL"), net of taxes and noncontrolling interests, included in the Company's Consolidated Balance Sheets were as follows:

 

 

 

Foreign currency
translation
adjustments

 

 

Retirement
liabilities

 

 

AOCL
attributable to
shareholders of
Crawford &
Company

 

 

 

(In thousands)

 

Balance at December 31, 2022

 

$

(52,581

)

 

$

(162,740

)

 

$

(215,321

)

Other comprehensive income before reclassifications

 

 

3,095

 

 

 

—

 

 

 

3,095

 

Unrealized net losses arising during the year

 

 

—

 

 

 

(15,740

)

 

 

(15,740

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

9,351

 

 

 

9,351

 

Net current period other comprehensive loss

 

 

3,095

 

 

 

(6,389

)

 

 

(3,294

)

Balance at December 31, 2023

 

 

(49,486

)

 

 

(169,129

)

 

 

(218,615

)

Other comprehensive loss before reclassifications

 

 

(593

)

 

 

—

 

 

 

(593

)

Unrealized net losses arising during the year

 

 

—

 

 

 

(7,986

)

 

 

(7,986

)

Amounts reclassified from accumulated other comprehensive income to net income (1)

 

 

—

 

 

 

10,069

 

 

 

10,069

 

Net current period other comprehensive (loss) income

 

 

(593

)

 

 

2,083

 

 

 

1,490

 

Balance at December 31, 2024

 

$

(50,079

)

 

$

(167,046

)

 

$

(217,125

)
(1)
Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" in the Company's Consolidated Statements of Operations. See Note 8, "Retirement Plans" for additional details.
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Option Activity

A summary of option activity as of December 31, 2024, 2023 and 2022, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

 

 

(In thousands)

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2021

 

 

1,618

 

 

$

8.99

 

 

6.5 years

 

$

143

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

Forfeited or expired

 

 

(76

)

 

 

9.16

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

1,542

 

 

 

8.98

 

 

5.5 years

 

 

7

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(485

)

 

 

8.84

 

 

 

 

 

 

Forfeited or expired

 

 

(15

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2023

 

 

1,042

 

 

 

9.05

 

 

4.7 years

 

 

4,305

 

Granted

 

 

—

 

 

 

—

 

 

 

 

 

 

Exercised

 

 

(321

)

 

 

8.98

 

 

 

 

 

 

Forfeited or expired

 

 

(21

)

 

 

9.01

 

 

 

 

 

 

Outstanding at December 31, 2024

 

 

700

 

 

$

9.08

 

 

3.6 years

 

$

1,737

 

Vested and Exercisable at December 31, 2024

 

 

700

 

 

$

9.08

 

 

3.6 years

 

$

1,737

 
Nonvested Performance Shares

A summary of the status of the Company's nonvested performance shares as of December 31, 2024, 2023 and 2022, and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date
Fair Value

 

Nonvested at December 31, 2021

 

 

1,176,391

 

 

$

8.25

 

Granted

 

 

939,980

 

 

 

7.11

 

Vested

 

 

(363,514

)

 

 

7.84

 

Forfeited or unearned

 

 

(514,767

)

 

 

8.20

 

Nonvested at December 31, 2022

 

 

1,238,090

 

 

 

7.52

 

Granted

 

 

1,236,598

 

 

 

5.62

 

Vested

 

 

(456,487

)

 

 

6.90

 

Forfeited or unearned

 

 

(573,205

)

 

 

7.97

 

Nonvested at December 31, 2023

 

 

1,444,996

 

 

 

6.12

 

Granted

 

 

552,705

 

 

 

11.38

 

Vested

 

 

(354,305

)

 

 

8.29

 

Forfeited or unearned

 

 

(489,891

)

 

 

6.72

 

Nonvested at December 31, 2024

 

 

1,153,505

 

 

$

7.91

 
Restricted Shares

A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2024, 2023 and 2022 and changes during each year, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant-Date Fair
Value

 

Nonvested at December 31, 2021

 

 

25,000

 

 

$

7.23

 

Granted

 

 

98,921

 

 

 

7.56

 

Vested

 

 

(123,921

)

 

 

7.49

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2022

 

 

—

 

 

 

—

 

Granted

 

 

135,456

 

 

 

5.93

 

Vested

 

 

(135,456

)

 

 

5.93

 

Forfeited or unearned

 

 

—

 

 

 

—

 

Nonvested at December 31, 2023

 

 

—

 

 

 

—

 

Granted

 

 

76,090

 

 

 

12.43

 

Vested

 

 

(61,974

)

 

 

12.36

 

Forfeited or unearned

 

 

(14,116

)

 

 

12.75

 

Nonvested at December 31, 2024

 

 

—

 

 

$

—

 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's financial assets and liabilities that are measured at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, categorized using the fair value hierarchy:

 

December 31,

 

2024

 

 

 

Quoted
Prices in
Active Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,252

 

 

$

—

 

 

$

—

 

 

$

11,252

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

1,382

 

 

 

1,382

 

 

 

December 31,

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

10,702

 

 

$

—

 

 

$

—

 

 

$

10,702

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability (2)

 

 

—

 

 

 

—

 

 

 

7,511

 

 

 

7,511

 

(1) The fair values of the money market funds were based on recently quoted market prices and reported transactions in an active marketplace. Money market funds are included on the Company's Consolidated Balance Sheets in "Cash and cash equivalents."

(2) The contingent earnout liability relates to businesses acquired since 2020. See Note 3, "Business Acquisitions and Dispositions" for more information. The Level 3 fair value of the contingent earnout liability was estimated using revenue and EBITDA projections, and discount rates determined using a combination of observable and unobservable market data as well as volatility assumptions as applicable. The Company recognized a pretax contingent earnout (benefit) expense totaling $(1,099,000) in 2024 and $4,025,000 in 2023 related to the fair value adjustment of earnout liabilities arising from recent acquisitions. The fair value of the contingent earnout liability is included in "Other accrued liabilities" and "Other noncurrent liabilities" on the Company's Consolidated Balance Sheets, based upon the term of the contingent earnout agreement.
Schedule of change in the fair value of the Company's contingent earnout liability

The following table summarizes the change in the fair value of the Company's contingent earnout liability balance:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Acquisition-related contingent consideration, beginning of the year

 

$

13,066

 

 

$

16,815

 

Change in fair value of contingent consideration, including foreign exchange impacts

 

 

(1,264

)

 

 

4,313

 

Settlement of contingent consideration

 

 

(9,283

)

 

 

(8,062

)

Acquisition-related contingent consideration, end of the year

 

$

2,519

 

 

$

13,066

 
Pension Plan Assets within Fair Value Hierarchy

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.S. Qualified Plan at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,551

 

 

$

—

 

 

$

—

 

 

$

2,551

 

 

$

3,482

 

 

$

—

 

 

$

—

 

 

$

3,482

 

Short-term investment funds

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

5,782

 

 

 

—

 

 

 

10,119

 

 

 

—

 

 

 

10,119

 

Common Collective Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,304

 

 

 

—

 

 

 

24,103

 

 

 

—

 

 

 

24,103

 

International

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

14,039

 

 

 

—

 

 

 

15,394

 

 

 

—

 

 

 

15,394

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

46,572

 

 

 

135,047

 

 

 

—

 

 

 

181,619

 

 

 

51,784

 

 

 

134,864

 

 

 

—

 

 

 

186,648

 

International

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

22,040

 

 

 

—

 

 

 

19,177

 

 

 

—

 

 

 

19,177

 

Alternative strategy funds

 

 

—

 

 

 

500

 

 

 

10,528

 

 

 

11,028

 

 

 

—

 

 

 

1,190

 

 

 

11,299

 

 

 

12,489

 

Total Plan Assets

 

$

49,124

 

 

$

201,712

 

 

$

10,528

 

 

 

261,364

 

 

$

55,266

 

 

$

204,847

 

 

$

11,299

 

 

 

271,412

 

Other plan liabilities, net (a)

 

 

 

 

 

 

 

 

 

 

 

(31,891

)

 

 

 

 

 

 

 

 

 

 

 

(8,412

)

Net Plan Assets

 

 

 

 

 

 

 

 

 

 

$

229,473

 

 

 

 

 

 

 

 

 

 

 

$

263,000

 

(a) net amounts payable for unsettled security transactions.

The following table summarizes the level within the fair value hierarchy used to determine the fair value of the Company's pension plan assets for its U.K. plans at December 31, 2024 and 2023:

 

December 31,

 

2024

 

 

2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(In thousands)

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

701

 

 

$

—

 

 

$

—

 

 

$

701

 

 

$

2,272

 

 

$

—

 

 

$

—

 

 

$

2,272

 

Common Collective Fixed Income Funds and Fixed Income Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment funds:

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

46,997

 

 

 

—

 

 

 

42,859

 

 

 

—

 

 

 

42,859

 

Government securities

 

 

61,246

 

 

 

16,762

 

 

 

—

 

 

 

78,008

 

 

 

—

 

 

 

72,913

 

 

 

—

 

 

 

72,913

 

Alternative strategy funds

 

 

8,090

 

 

 

32,998

 

 

 

2,284

 

 

 

43,372

 

 

 

6,425

 

 

 

26,746

 

 

 

1,827

 

 

 

34,998

 

Real estate funds

 

 

—

 

 

 

—

 

 

 

666

 

 

 

666

 

 

 

—

 

 

 

—

 

 

 

3,100

 

 

 

3,100

 

Total

 

$

70,037

 

 

$

96,757

 

 

$

2,950

 

 

$

169,744

 

 

$

8,697

 

 

$

142,518

 

 

$

4,927

 

 

$

156,142

 
Reconciliation Of Level 3 Assets The following table provides a reconciliation of the beginning and ending balance of Level 3 assets within the Company's U.S. and U.K. pension plans during the years ended December 31, 2024 and 2023:

 

 

 

U.S

 

 

U.K.

 

 

 

(in thousands)

 

Balance at December 31, 2022

 

$

18,194

 

 

$

9,475

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(6,929

)

 

 

(4,548

)

Purchases, sales and settlements, net

 

 

34

 

 

-

 

Balance at December 31, 2023

 

 

11,299

 

 

 

4,927

 

Actual return on plan assets:

 

 

 

 

 

 

Related to assets still held at the reporting date

 

 

(1,350

)

 

 

107

 

Related to assets sold during the period

 

 

(264

)

 

 

63

 

Purchases, sales and settlements, net

 

 

843

 

 

 

(3,113

)

Transfers into Level 3

 

 

—

 

 

 

966

 

Balance at December 31, 2024

 

$

10,528

 

 

$

2,950

 
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

Financial information as of and for the years ended December 31, 2024, 2023, and 2022 related to the Company's reportable segments is presented below:

 

 

 

Year Ended December 31, 2024

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

312,158

 

$

418,607

 

$

388,074

 

$

173,671

 

$

1,292,510

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

184,732

 

 

208,200

 

 

181,355

 

 

91,457

 

 

665,744

 

     Benefits and payroll taxes

 

 

35,659

 

 

39,082

 

 

36,769

 

 

14,480

 

 

125,990

 

     Non-employee labor

 

 

5,790

 

 

26,411

 

 

17,159

 

 

5,849

 

 

55,209

 

Total Compensation

 

 

226,181

 

 

273,693

 

 

235,283

 

 

111,786

 

 

846,943

 

     Office rent and occupancy

 

 

4,595

 

 

14,340

 

 

9,247

 

 

3,554

 

 

31,736

 

     Other office operating expense (1)

 

 

16,015

 

 

28,289

 

 

16,200

 

 

9,067

 

 

69,571

 

     Depreciation

 

 

3,149

 

 

3,314

 

 

4,767

 

 

6,807

 

 

18,037

 

     Professional fees

 

 

1,869

 

 

11,685

 

 

17,414

 

 

2,166

 

 

33,134

 

     Cost of risk

 

 

1,116

 

 

4,363

 

 

6,451

 

 

1,398

 

 

13,328

 

     Other, net (2)

 

 

2,464

 

 

5,466

 

 

1,170

 

 

3,991

 

 

13,091

 

Total Other Operating Expense

 

 

29,208

 

 

67,457

 

 

55,249

 

 

26,983

 

 

178,897

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,596

 

 

56,456

 

 

45,113

 

 

23,729

 

 

163,894

 

Total Segment Expenses

 

 

293,985

 

 

397,606

 

 

335,645

 

 

162,498

 

 

1,189,734

 

Segment Operating Earnings

 

$

18,173

 

$

21,001

 

$

52,429

 

$

11,173

 

$

102,776

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(28,066

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(16,862

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(9,764

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(574

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,497

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

1,099

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

41,112

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(14,583

)

Net Income

 

 

 

 

 

 

 

 

 

 

26,529

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

67

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

26,596

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

303,629

 

$

382,393

 

$

355,650

 

$

225,459

 

$

1,267,131

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

177,254

 

 

200,877

 

 

168,216

 

 

121,779

 

 

668,126

 

     Benefits and payroll taxes

 

 

32,539

 

 

36,383

 

 

32,478

 

 

17,602

 

 

119,002

 

     Non-employee labor

 

 

4,849

 

 

19,300

 

 

16,559

 

 

8,420

 

 

49,128

 

Total Compensation

 

 

214,642

 

 

256,560

 

 

217,253

 

 

147,801

 

 

836,256

 

     Office rent and occupancy

 

 

4,637

 

 

15,501

 

 

9,796

 

 

3,739

 

 

33,673

 

     Other office operating expense (1)

 

 

14,186

 

 

25,951

 

 

14,279

 

 

9,299

 

 

63,715

 

     Depreciation

 

 

2,098

 

 

3,155

 

 

5,664

 

 

5,570

 

 

16,487

 

     Professional fees

 

 

1,493

 

 

10,484

 

 

15,565

 

 

2,137

 

 

29,679

 

     Cost of risk

 

 

1,368

 

 

3,929

 

 

3,600

 

 

1,006

 

 

9,903

 

     Other, net (2)

 

 

3,052

 

 

6,445

 

 

860

 

 

4,322

 

 

14,679

 

Total Other Operating Expense

 

 

26,834

 

 

65,465

 

 

49,764

 

 

26,073

 

 

168,136

 

Allocated corporate, shared services, and administrative costs (3)

 

 

38,968

 

 

49,187

 

 

46,760

 

 

23,044

 

 

157,959

 

Total Segment Expenses

 

 

280,444

 

 

371,212

 

 

313,777

 

 

196,918

 

 

1,162,351

 

Segment Operating Earnings

 

$

23,185

 

$

11,181

 

$

41,873

 

$

28,541

 

$

104,780

 

Reconciliation of segment operating earnings:

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(19,419

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(17,036

)

Non-service pension costs

 

 

 

 

 

 

 

 

 

 

(8,601

)

Stock option expense

 

 

 

 

 

 

 

 

 

 

(552

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,790

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(4,025

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

47,357

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(17,097

)

Net Income

 

 

 

 

 

 

 

 

 

 

30,260

 

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

349

 

Net Income Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

30,609

 

 

 

 

 

Year Ended December 31, 2022

 

 

 

North America
Loss Adjusting

 

International
Operations

 

Broadspire

 

Platform
Solutions

 

Total

 

 

 

(In thousands)

 

Revenues before reimbursements

 

$

274,755

 

$

357,452

 

$

313,564

 

$

243,711

 

$

1,189,482

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Segment Expenses:

 

 

 

 

 

 

 

 

 

 

 

     Compensation

 

 

163,220

 

 

205,086

 

 

152,581

 

 

134,006

 

 

654,893

 

     Benefits and payroll taxes

 

 

30,478

 

 

36,175

 

 

30,923

 

 

19,485

 

 

117,061

 

     Non-employee labor

 

 

4,747

 

 

13,356

 

 

14,969

 

 

9,958

 

 

43,030

 

Total Compensation

 

 

198,445

 

 

254,617

 

 

198,473

 

 

163,449

 

 

814,984

 

     Office rent and occupancy

 

 

4,739

 

 

15,981

 

 

11,040

 

 

3,831

 

 

35,591

 

     Other office operating expense (1)

 

 

13,599

 

 

25,412

 

 

12,731

 

 

9,145

 

 

60,887

 

     Depreciation

 

 

2,180

 

 

2,437

 

 

5,799

 

 

4,269

 

 

14,685

 

     Professional fees

 

 

1,177

 

 

7,363

 

 

15,574

 

 

2,413

 

 

26,527

 

     Cost of risk

 

 

1,329

 

 

3,684

 

 

2,297

 

 

875

 

 

8,185

 

     Other, net (2)

 

 

1,469

 

 

6,877

 

 

(2,274

)

 

3,438

 

 

9,510

 

Total Other Operating Expense

 

 

24,493

 

 

61,754

 

 

45,167

 

 

23,971

 

 

155,385

 

Allocated corporate, shared services, and administrative costs (3)

 

 

32,709

 

 

54,027

 

 

42,903

 

 

20,545

 

 

150,184

 

Total Segment Expenses

 

 

255,647

 

 

370,398

 

 

286,543

 

 

207,965

 

 

1,120,553

 

Segment Operating Earnings (Loss)

 

$

19,108

 

$

(12,946

)

$

27,021

 

$

35,746

 

$

68,929

 

Reconciliation of segment operating earnings (loss):

 

 

 

 

 

 

 

 

 

 

 

Unallocated corporate administrative costs (4)

 

 

 

 

 

 

 

 

 

 

(7,050

)

Net corporate interest expense

 

 

 

 

 

 

 

 

 

 

(10,311

)

Non-service pension credit

 

 

 

 

 

 

 

 

 

 

1,591

 

Stock option expense

 

 

 

 

 

 

 

 

 

 

(548

)

Amortization of acquisition-related intangible assets

 

 

 

 

 

 

 

 

 

 

(7,836

)

Contingent earnout adjustments

 

 

 

 

 

 

 

 

 

 

(2,921

)

Goodwill impairment

 

 

 

 

 

 

 

 

 

 

(36,808

)

Income before income taxes

 

 

 

 

 

 

 

 

 

 

5,046

 

Income taxes

 

 

 

 

 

 

 

 

 

 

(23,578

)

Net Loss

 

 

 

 

 

 

 

 

 

 

(18,532

)

Net Loss Attributable to Noncontrolling Interests

 

 

 

 

 

 

 

 

 

 

227

 

Net Loss Attributable to Shareholders of Crawford & Company

 

 

 

 

 

 

 

 

 

$

(18,305

)

 

 

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

 

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2024, 2023, and 2022 were as follows:

 

 

 

North America Loss Adjusting

 

 

International Operations

 

 

Broadspire

 

 

Platform
Solutions

 

 

Total

 

 

 

(In thousands)

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

106,657

 

 

$

149,441

 

 

$

73,114

 

 

$

94,845

 

 

$

424,057

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

108,471

 

 

 

144,785

 

 

 

70,283

 

 

 

82,944

 

 

 

406,483

 
Reconciliation Of Capital Expenditures From Segments To Consolidated

Capital expenditures for the years ended December 31, 2024, 2023, and 2022 are shown in the following table:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

North America Loss Adjusting

 

$

4,458

 

 

$

3,052

 

 

$

2,276

 

International Operations

 

 

2,225

 

 

 

1,061

 

 

 

1,625

 

Broadspire

 

 

12,643

 

 

 

12,494

 

 

 

10,680

 

Platform Solutions

 

 

5,405

 

 

 

4,815

 

 

 

7,362

 

Corporate

 

 

16,916

 

 

 

15,174

 

 

 

12,656

 

Total capital expenditures

 

$

41,647

 

 

$

36,596

 

 

$

34,599

 
Reconciliation of Revenues from Segments to Consolidated

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2024, 2023, and 2022 was as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Segments' revenues before reimbursements

 

$

1,292,510

 

 

$

1,267,131

 

 

$

1,189,482

 

Reimbursements

 

 

48,460

 

 

 

49,788

 

 

 

41,744

 

Total consolidated revenues

 

$

1,340,970

 

 

$

1,316,919

 

 

$

1,231,226

 
Reconciliation of Segment Operating Earnings from Segments to Consolidated

The Company's reportable segments' total operating earnings reconciled to consolidated income before income taxes for the years ended December 31, 2024, 2023, and 2022 were as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Operating earnings of all reportable segments

 

$

102,776

 

 

$

104,780

 

 

$

68,929

 

Unallocated corporate and shared costs and credits

 

 

(28,066

)

 

 

(19,419

)

 

 

(7,050

)

Net corporate interest expense

 

 

(16,862

)

 

 

(17,036

)

 

 

(10,311

)

Stock option expense

 

 

(574

)

 

 

(552

)

 

 

(548

)

Amortization of acquisition-related intangible assets

 

 

(7,497

)

 

 

(7,790

)

 

 

(7,836

)

Goodwill and intangible asset impairment charges

 

 

—

 

 

 

—

 

 

 

(36,808

)

Non-service pension (costs) credits

 

 

(9,764

)

 

 

(8,601

)

 

 

1,591

 

Contingent earnout adjustments

 

 

1,099

 

 

 

(4,025

)

 

 

(2,921

)

Income before income taxes

 

$

41,112

 

 

$

47,357

 

 

$

5,046

 

 
Reconciliation of Assets from Segment to Consolidated

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2024 and 2023 are presented in the following table:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Assets of reportable segments

 

$

424,057

 

 

$

406,483

 

Corporate assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

55,412

 

 

 

58,363

 

Income taxes receivable

 

 

5,337

 

 

 

4,842

 

Prepaid expenses and other current assets

 

 

40,334

 

 

 

58,168

 

Net property and equipment

 

 

20,554

 

 

 

22,742

 

Operating lease right-of-use asset, net

 

 

78,808

 

 

 

88,615

 

Capitalized software costs, net

 

 

111,854

 

 

 

96,770

 

Deferred income tax assets

 

 

25,305

 

 

 

26,247

 

Other noncurrent assets

 

 

42,094

 

 

 

36,969

 

Total corporate assets

 

 

379,698

 

 

 

392,716

 

Total assets

 

$

803,755

 

 

$

799,199

 
Schedule of Disclosure on Geographic Areas, Revenue and Long-Lived Assets in Individual Foreign Countries by Country

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.

 

 

 

U.S.

 

 

U.K.

 

 

Canada

 

 

All Other
International

 

 

Total
Company

 

 

 

(In thousands)

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

$

783,024

 

 

$

168,357

 

 

$

90,879

 

 

$

250,250

 

 

$

1,292,510

 

Long-lived assets

 

 

140,701

 

 

 

23,101

 

 

 

16,676

 

 

 

30,737

 

 

 

211,215

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues before reimbursements

 

 

788,364

 

 

 

143,353

 

 

 

96,374

 

 

 

239,040

 

 

 

1,267,131

 

Long-lived assets

 

 

136,087

 

 

 

20,847

 

 

 

18,213

 

 

 

32,981

 

 

 

208,128

 
v3.25.0.1
Significant Accounting and Reporting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Classofstock
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Variable Interest Entity [Line Items]      
Number of countries in which entity operates (more than) 70    
Number of classes of common stock | Classofstock 2    
Deferred compensation plan liabilities $ 6,248,000 $ 6,261,000  
Assets held in the related rabbi trust 10,389,000 10,237,000  
Revenue before reimbursements 1,340,970,000 1,316,919,000 $ 1,231,226,000
Depreciation 8,881,000 10,004,000 11,941,000
Self insurance reserve 47,061,000 51,746,000  
Self-insured risks 27,813,000 33,238,000  
Reinsurance recoverable assets 20,651,000 30,323,000  
Foreign currency transaction gain (loss) (65,000) (691,000) (1,259,000)
Advertising expense 2,132,000 2,143,000 1,939,000
Capitalized software      
Variable Interest Entity [Line Items]      
Implementation of hosting arrangement service contracts 5,900,000 5,000,000  
Amortization of intangible assets 19,817,000 17,948,000 $ 16,320,000
Outside the US      
Variable Interest Entity [Line Items]      
Time deposits, at carrying value $ 55,000 $ 328,000  
Class A Non-Voting      
Variable Interest Entity [Line Items]      
Approval rate to waive equal consideration rights 75.00%    
v3.25.0.1
Significant Accounting and Reporting Policies - Schedule of reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Cash and cash equivalents $ 55,412 $ 58,363 $ 46,007
Restricted cash within prepaid expenses and other current assets 917 1,182 638
Total cash, cash equivalents and restricted cash $ 56,329 $ 59,545 $ 46,645
v3.25.0.1
Significant Accounting and Reporting Policies - Receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Allowance for credit losses, January 1 $ 9,530 $ 9,322 $ 8,768
Add/ (Deduct):      
Provision for bad debt expense 1,341 626 1,647
Write-offs, net of recoveries (1,654) (478) (528)
Currency translation and other changes (128) 60 (565)
Allowance for credit losses, December 31 $ 9,089 $ 9,530 $ 9,322
v3.25.0.1
Significant Accounting and Reporting Policies - Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 94,310 $ 103,526
Less accumulated depreciation (73,754) (80,784)
Net property and equipment 20,556 22,742
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 30,357 30,663
Leasehold improvements | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 7 years  
Leasehold improvements | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 15 years  
Furniture and Fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 19,690 21,197
Furniture and Fixtures | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Furniture and Fixtures | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 10 years  
Computer Equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 43,562 51,469
Computer Equipment | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Computer Equipment | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 5 years  
Automobiles    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 701 $ 197
Automobiles | Minimum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 3 years  
Automobiles | Maximum    
Property Plant And Equipment [Line Items]    
Property and equipment, useful life 4 years  
v3.25.0.1
Revenue Recognition - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Accounts receivable, days sales outstanding 2 months    
Billing after contract completion, years 1 year    
Revenue, remaining performance obligation $ 105,700,000    
Amount of performance obligation percentage intend to recognize within next year 72.00%    
Revenue from contracts with customers, practical expedient, consideration adjustment period 1 year    
Accounts payable days payable outstanding 1 year    
Revenue before reimbursements $ 1,340,970,000 $ 1,316,919,000 $ 1,231,226,000
Lifetime Claim      
Disaggregation of Revenue [Line Items]      
Deferred Revenue 39,600,000    
Broadspire      
Disaggregation of Revenue [Line Items]      
Revenue before reimbursements 388,074,000 355,650,000  
North America Loss Adjusting      
Disaggregation of Revenue [Line Items]      
Revenue before reimbursements $ 312,158,000 303,629,000  
Maximum | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers, performance obligation term 2 years    
Claims Management Services      
Disaggregation of Revenue [Line Items]      
Revenue remaining performance obligation expected timing of satisfaction explanation The Company's deferred revenues for claims handled for one or two years are not as sensitive to changes in claim closing rates since the performance obligations are satisfied within a fixed length of time    
Percentage of closed cases 99.00%    
Revenue from contracts with customers, duration, average time to close case from time of referral 5 years    
Claims Management Services | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenue before reimbursements $ 198,797,000 $ 182,840,000  
Claims Management Services | Minimum      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers, performance obligation term 1 year    
Claims Management Services | Maximum      
Disaggregation of Revenue [Line Items]      
Revenue from contracts with customers, performance obligation term 2 years    
v3.25.0.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 1,340,970 $ 1,316,919 $ 1,231,226
U.S.      
Disaggregation of Revenue [Line Items]      
Revenues 783,024 788,364  
Canada      
Disaggregation of Revenue [Line Items]      
Revenues 90,879 96,374  
U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 168,357 143,353  
North America Loss Adjusting      
Disaggregation of Revenue [Line Items]      
Revenues 312,158 303,629  
North America Loss Adjusting | U.S.      
Disaggregation of Revenue [Line Items]      
Revenues 221,279 207,255  
North America Loss Adjusting | Canada      
Disaggregation of Revenue [Line Items]      
Revenues 90,879 96,374  
International Loss Adjusting      
Disaggregation of Revenue [Line Items]      
Revenues 393,117 357,055  
International Loss Adjusting | U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 157,806 133,110  
International Loss Adjusting | Europe      
Disaggregation of Revenue [Line Items]      
Revenues 100,702 92,130  
International Loss Adjusting | Australia      
Disaggregation of Revenue [Line Items]      
Revenues 77,219 78,966  
International Loss Adjusting | Asia      
Disaggregation of Revenue [Line Items]      
Revenues 24,466 23,289  
International Loss Adjusting | Latin America      
Disaggregation of Revenue [Line Items]      
Revenues 32,924 29,560  
Crawford Legal Services      
Disaggregation of Revenue [Line Items]      
Revenues 25,490 25,338  
Crawford Legal Services | U.K.      
Disaggregation of Revenue [Line Items]      
Revenues 10,551 10,243  
Crawford Legal Services | Australia      
Disaggregation of Revenue [Line Items]      
Revenues 11,769 10,513  
Crawford Legal Services | Latin America      
Disaggregation of Revenue [Line Items]      
Revenues 3,170 4,582  
International Operations      
Disaggregation of Revenue [Line Items]      
Revenues 418,607 382,393  
Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 388,074 355,650  
Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 173,671 225,459  
Claims Management | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 198,797 182,840  
Medical Management | Broadspire      
Disaggregation of Revenue [Line Items]      
Revenues 189,277 172,810  
Contractor Connection | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 67,586 74,627  
Networks | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues 76,977 123,859  
Subrogation | Platform Solutions      
Disaggregation of Revenue [Line Items]      
Revenues $ 29,108 $ 26,973  
v3.25.0.1
Revenue Recognition - Schedule of Customer Contract Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Customer Contract Liabilities:  
Beginning balance $ 60,411
Annual additions 96,543
Revenue recognized from prior periods (32,814)
Revenue recognized from current year additions (64,455)
Ending balance $ 59,685
v3.25.0.1
Business Acquisitions and Dispositions - Additional Information (Details) - USD ($)
 12 Months Ended
Apr. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Business combinations, total consideration   $ 2,519,000 $ 13,066,000 $ 16,815,000
Intangible assets useful lives   6 years 6 years 8 months 12 days  
Van Dijk        
Business Acquisition [Line Items]        
Earnout potential amount $ 2,200,000      
Initial lump-sum payment of purchase price 4,313,000      
Business combinations, total consideration $ 1,342,000      
Customer Relationships        
Business Acquisition [Line Items]        
Intangible assets useful lives 10 years 7 years 3 months 18 days 7 years 9 months 18 days  
Non-compete agreements        
Business Acquisition [Line Items]        
Intangible assets useful lives 4 years      
v3.25.0.1
Business Acquisitions and Dispositions - Schedule of Valuation Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Liabilities:      
Noncontrolling interests   $ (1,659) $ (1,787)
Van Dijk      
ASSETS      
Unbilled revenues $ 509    
Other assets 231    
Total tangible assets 740    
Total intangible assets 4,985    
Total assets acquired 5,725    
Liabilities:      
Current liabilities 70    
Total liabilities assumed 70    
Net Assets Acquired, Before Noncontrolling Interests 5,655    
Purchase price (cash) 4,313    
Fair value of contingent consideration 1,342    
Fair value of total consideration transferred 5,655    
Van Dijk | Customer Relationships      
ASSETS      
Total intangible assets 3,215    
Van Dijk | Non-compete agreements      
ASSETS      
Total intangible assets 347    
Van Dijk | Goodwill      
ASSETS      
Total intangible assets $ 1,423    
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Goodwill $ 349,348,000 $ 349,704,000 $ 349,602,000
Accumulated impairment losses (272,980,000) (272,980,000) (272,980,000)
Net goodwill 76,368,000 76,724,000 76,622,000
Impairment of goodwill 0 0 (36,808,000)
Foreign currency effects (356,000) 102,000  
North America Loss Adjusting      
Goodwill [Roll Forward]      
Goodwill 88,639,000 88,995,000 88,893,000
Accumulated impairment losses (71,626,000) (71,626,000) (71,626,000)
Net goodwill 17,013,000 17,369,000 17,267,000
Foreign currency effects (356,000) 102,000  
International Operations      
Goodwill [Roll Forward]      
Goodwill 81,779,000 81,779,000 81,779,000
Accumulated impairment losses (81,779,000) (81,779,000) (81,779,000)
Net goodwill 0 0 0
Foreign currency effects 0 0  
Broadspire      
Goodwill [Roll Forward]      
Goodwill 113,374,000 113,374,000 113,374,000
Accumulated impairment losses (100,437,000) (100,437,000) (100,437,000)
Net goodwill 12,937,000 12,937,000 12,937,000
Foreign currency effects 0 0  
Platform Solutions      
Goodwill [Roll Forward]      
Goodwill 65,556,000 65,556,000 65,556,000
Accumulated impairment losses (19,138,000) (19,138,000) (19,138,000)
Net goodwill 46,418,000 46,418,000 $ 46,418,000
Foreign currency effects $ 0 $ 0  
v3.25.0.1
Goodwill and Intangible Assets - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 01, 2024
Oct. 01, 2023
Goodwill [Line Items]          
Goodwill impairment $ 0 $ 0 $ 36,808,000    
Goodwill $ 76,368,000 76,724,000 76,622,000    
Minimum          
Goodwill [Line Items]          
Finite-lived intangible asset, useful life 2 years        
Maximum          
Goodwill [Line Items]          
Finite-lived intangible asset, useful life 20 years        
Customer relationships and trade names          
Goodwill [Line Items]          
Amortization of intangible assets $ 7,497,000 $ 7,790,000 7,836,000    
Measurement Input, Discount Rate | Minimum          
Goodwill [Line Items]          
Measurement input       0.13 0.12
Measurement Input, Discount Rate | Maximum          
Goodwill [Line Items]          
Measurement input       0.17 0.135
Terminal growth rate          
Goodwill [Line Items]          
Measurement input 0.02 0.02      
International Operations          
Goodwill [Line Items]          
Goodwill $ 0 $ 0 $ 0    
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Acquired Finite-Lived Intangible Asset by Major Class (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 01, 2022
Dec. 31, 2024
Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 195,817 $ 194,579
Finite-Lived Intangible Assets, Accumulated Amortization   (152,002) (143,403)
Net carrying value   $ 43,815 $ 51,176
Weighted-average amortization period   6 years 6 years 8 months 12 days
Customer relationships      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 161,459 $ 159,707
Finite-Lived Intangible Assets, Accumulated Amortization   (125,639) (119,416)
Net carrying value   $ 35,820 $ 40,291
Weighted-average amortization period 10 years 7 years 3 months 18 days 7 years 9 months 18 days
Technology-based      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 21,735 $ 22,023
Finite-Lived Intangible Assets, Accumulated Amortization   (16,364) (14,818)
Net carrying value   $ 5,371 $ 7,205
Weighted-average amortization period   3 years 3 months 18 days 4 years 4 months 24 days
Tradenames      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 5,828 $ 6,030
Finite-Lived Intangible Assets, Accumulated Amortization   (3,721) (3,121)
Net carrying value   $ 2,107 $ 2,909
Weighted-average amortization period   3 years 8 months 12 days 4 years 10 months 24 days
Other      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount   $ 6,795 $ 6,819
Finite-Lived Intangible Assets, Accumulated Amortization   (6,278) (6,048)
Net carrying value   $ 517 $ 771
Weighted-average amortization period   2 years 1 month 6 days 2 years 10 months 24 days
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2025 $ 7,344
2026 7,161
2027 5,629
2028 5,629
2029 $ 3,395
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Acquired Indefinite-Lived Intangible Assets (Details) - Tradenames - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Acquired Indefinite-lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 32,802 $ 32,682
Accumulated Impairments (2,072) (2,072)
Net Carrying Value $ 30,730 $ 30,610
v3.25.0.1
Short-Term and Long-Term Debt, Including Finance Leases - Long-term debt instruments (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Credit Facility $ 217,979,000 $ 209,000,000
Finance lease and other obligations $ 158,000 $ 148,000
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Liabilities, Current Liabilities, Current
Total long-term debt and finance leases $ 218,137,000 $ 209,148,000
Less: portion of Credit Facility classified as short term (17,822,000) (14,813,000)
Less: current installments of finance leases and other obligations (82,000) (86,000)
Total long-term debt and finance leases, less current installments 200,315,000 194,335,000
Credit Facility    
Debt Instrument [Line Items]    
Less: portion of Credit Facility classified as short term $ (17,740,000) $ (14,727,000)
v3.25.0.1
Short-Term and Long-Term Debt, Including Finance Leases - Credit Facility (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Credit Facility $ 217,979,000 $ 209,000,000  
Credit facility, amount outstanding $ 217,979,000    
Line of credit facility, collateral, capital stock, percent 100.00%    
Debt instrument, maximum senior secured leverage ratio 4.5    
Short-term borrowings $ 17,822,000 14,813,000  
Interest expense, debt 20,303,000 19,809,000 $ 10,966,000
Interest paid 19,324,000 18,914,000 $ 9,500,000
Australian Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 75,000,000    
Maximum      
Debt Instrument [Line Items]      
Lessee leasing arrangements, finance leases, term of contract 60 months    
Minimum      
Debt Instrument [Line Items]      
Lessee leasing arrangements, finance leases, term of contract 24 months    
Letter of credit subcommitment      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 125,000,000    
Line of credit facility, remaining borrowing capacity 8,870,000    
Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 450,000,000    
Debt instrument, basis spread on variable rate (percent) 0.50%    
Line of credit facility, remaining borrowing capacity $ 219,390,000    
Short-term borrowings $ 17,740,000 $ 14,727,000  
Weighted average interest rates 6.80% 6.60% 3.30%
Credit Facility | UK Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 250,000,000    
Credit Facility | Canadian Borrower      
Debt Instrument [Line Items]      
Line of credit facility, current borrowing capacity $ 125,000,000    
Credit Facility | Maximum | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 0.625%    
Credit Facility | Maximum | Eurocurrency Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 1.625%    
Credit Facility | Minimum | Base Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 0.00%    
Credit Facility | Minimum | Eurocurrency Rate      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate (percent) 1.00%    
v3.25.0.1
Short-Term and Long-Term Debt, Including Finance Leases - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity [Abstract]    
Long-term Debt, 2025 $ 17,740  
Long-term Debt, 2026 200,239  
Long-term Debt 217,979  
Finance Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]    
Finance Lease Obligations, 2025 82  
Finance Lease Obligations, 2026 76  
Finance Leases, Future Minimum Payments Due 158  
Long-term Debt and Capital Lease Obligations, Fiscal Year Maturity [Abstract]    
Total, 2025 17,822  
Total, 2026 200,315  
Total long-term debt and finance leases $ 218,137 $ 209,148
v3.25.0.1
Lease Commitments - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
Renewal term 6 years
Termination period 1 year
Leases, not yet commenced $ 1,970,990
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 year
Lease term, not yet commenced 6 years 6 months
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 10 years
v3.25.0.1
Lease Commitments - Lease-Related Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease right-of-use assets, net $ 78,808 $ 88,615
Current operating lease liabilities 24,541 24,351
Noncurrent operating lease liabilities 66,811 78,029
Total operating lease liabilities $ 91,352 $ 102,380
Weighted-Average Remaining Lease Term 4 years 4 months 24 days 4 years 11 months 23 days
Weighted-Average Discount Rate 5.80% 5.70%
v3.25.0.1
Lease Commitments - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease cost $ 30,933 $ 30,782
Variable lease cost 8,084 8,457
Sublease income $ (1,275) $ (178)
v3.25.0.1
Lease Commitments - Supplemental Cash Flow (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating cash flows for operating leases $ 32,776 $ 32,040
Right-of-use assets obtained in exchange for lease obligations $ 15,510 $ 19,609
v3.25.0.1
Lease Commitments - Operating Lease Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 29,040  
2026 24,940  
2027 17,122  
2028 12,727  
2029 10,086  
Thereafter 9,716  
Total undiscounted lease payments 103,631  
Less imputed interest (12,279)  
Present value of future lease payments $ 91,352 $ 102,380
v3.25.0.1
Income Taxes - Income (loss) before income taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. $ 21,429 $ 35,620 $ 39,297
Foreign 19,683 11,737 (34,251)
Income before income taxes $ 41,112 $ 47,357 $ 5,046
v3.25.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
U.S. federal and state $ 10,516 $ 17,509 $ 12,336
Foreign 6,601 11,867 3,845
Deferred:      
U.S. federal and state (2,617) (9,452) (1,523)
Foreign 83 (2,827) 8,920
Provision for income taxes $ 14,583 $ 17,097 $ 23,578
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Net cash payments for income taxes $ 19,993,000 $ 16,050,000 $ 20,866,000
Provision for income taxes 21.00% 21.00% 21.00%
Estimated tax over book differences $ 111,081,000    
Loss carryforwards 33,315,000    
Unrecognized tax benefits, loss carryforwards 0    
Operating loss carryforwards, not subject to expiration 28,948,000    
Operating loss carryforwards, subject to expiration $ 4,367,000    
Operating loss carryforwards, expiration period 20 years    
Unrecognized tax benefits, interest on income taxes accrued $ 1,000 $ 13,000 $ 160,000
Unrecognized tax benefits that would impact effective tax rate 434,000 $ 685,000 $ 685,000
Reductions to unrecognized income tax benefits $ 164,000    
v3.25.0.1
Income Taxes - Reconciliation to federal statutory rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Federal income taxes at statutory rate $ 8,634 $ 9,945 $ 1,060
State income taxes, net of federal benefit 1,890 2,082 3,087
Goodwill impairment 0 0 4,221
Foreign taxes 3,024 5,872 3,232
Change in valuation allowance 2,064 2,131 11,611
Research and development credits (789) (607) (400)
Foreign tax credits (1,681) (1,668) (492)
Nondeductible meals and entertainment 565 643 439
Change in permanent reinvestment assertion (8) 280 320
Disposals and liquidations of businesses 0 (305) 188
Foreign-derived intangible income deduction (156) (223) (189)
Tax rate changes 422 (104) (36)
Other 618 (949) 537
Provision for income taxes $ 14,583 $ 17,097 $ 23,578
v3.25.0.1
Income Taxes - Deferred income taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Accounts receivable allowance $ 2,286 $ 2,957    
Accrued compensation 14,013 14,412    
Accrued pension liabilities 3,314 3,685    
Self-insured risks 5,551 4,513    
Deferred revenues 4,684 5,602    
Interest 3,223 2,987    
Tax credit carryforwards 2,654 2,152    
Loss carryforwards 33,315 32,304    
Lease liability 23,418 26,361    
Other 1,986 337    
Gross deferred income tax assets 94,444 95,310    
Unbilled revenues 5,265 5,596    
Repatriated earnings 1,152 1,249    
Depreciation and amortization 12,901 15,129    
Lease right-of-use asset 20,054 22,612    
Gross deferred income tax liabilities 39,372 44,586    
Net deferred income tax assets before valuation allowance 55,072 50,724    
Valuation allowance (35,310) (29,644) $ (23,295) $ (14,114)
Net deferred income tax assets 19,762 21,080    
Amounts recognized in the Consolidated Balance Sheets consist of:        
Long-term deferred income tax assets included in "Deferred income tax assets" 25,305 26,247    
Long-term deferred income tax liabilities included in "Other noncurrent liabilities" (5,543) (5,167)    
Net deferred income tax assets $ 19,762 $ 21,080    
v3.25.0.1
Income Taxes - Deferred tax valuation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation Allowance, Deferred Tax Asset [Roll Forward]      
Balance, beginning of year $ 29,644 $ 23,295 $ 14,114
Other changes 5,666 6,349 9,181
Balance, end of year $ 35,310 $ 29,644 $ 23,295
v3.25.0.1
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized income tax benefits [Rollforward]      
Beginning of year $ 3,588 $ 3,653 $ 3,750
Additions for tax positions related to prior years   432  
Reductions for tax positions related to prior years   (153) (97)
Currency Translation Adjustment 2    
Lapses of applicable statutes of limitation (3,156) (344)  
Ending of year $ 434 $ 3,588 $ 3,653
v3.25.0.1
Retirement Plans - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]        
Defined contribution plan, cost recognized   $ 30,531,000 $ 28,217,000 $ 27,599,000
Defined benefit plan, voluntary contribution   $ 3,561,000 3,265,000  
Corridor amount   10.00%    
Net periodic benefit cost (income), non-service cost   $ 9,909,000 8,767,000 (1,499,000)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Nonoperating Income (Expense)    
Forecast        
Defined Benefit Plan Disclosure [Line Items]        
Net unrecognized actuarial losses expected to be recognized in 2024 $ 12,525,000      
Net unrecognized actuarial losses expected to be recognized in 2024, net of tax $ 10,035,000,000      
U.K Plan        
Defined Benefit Plan Disclosure [Line Items]        
Discount rate used to compute periodic benefit cost   5.18%    
Expected long-term rates of return on plans' assets in next fiscal year   5.90%    
U.S.        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, voluntary contribution   $ 0 $ 0 0
Increase (decrease) in projected benefit obligation       $ (1,393,852)
Discount rate used to compute periodic benefit cost   5.29%    
Expected long-term rates of return on plans' assets in next fiscal year   6.40%    
v3.25.0.1
Retirement Plans - Projected Benefit Obligations and Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
U.K Plan    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligations $ 161,567 $ 146,960
Fair value of plans' assets 170,747 157,914
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligations 278,389 311,336
Fair value of plans' assets $ 255,389 $ 285,243
v3.25.0.1
Retirement Plans - Reconciliation of Projected Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Projected Benefit Obligations:    
Beginning of measurement period $ 458,296 $ 485,573
Service cost 1,531 1,423
Interest cost 23,163 23,915
Employee contributions 22 23
Actuarial gain (3,504) (11,023)
Plan settlements (296) 0
Plan curtailments 48 0
Benefits paid (49,068) (51,232)
Foreign currency effects 9,764 9,617
End of measurement period 439,956 458,296
Fair Value of Plans' Assets:    
Beginning of measurement period 443,157 477,728
Actual return on plans' assets 18,268 2,712
Employer contributions 3,561 3,265
Employee contributions 22 23
Plan settlements (296) 0
Benefits paid (49,068) (51,232)
Foreign currency effects 10,492 10,661
End of measurement period 426,136 443,157
Unfunded Status $ (13,820) $ (15,139)
v3.25.0.1
Retirement Plans - Fund Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Total underfunded status $ 13,820 $ 15,139
Accumulated other comprehensive loss, before income taxes (257,116) (261,102)
Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 21,083 24,006
U.K. prepaid pension asset included in "Other noncurrent assets" (9,176) (10,876)
Nonqualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 201 230
U.K. prepaid pension asset included in "Other noncurrent assets" (9,180) (10,954)
Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities" 1,716 1,858
Total underfunded status 13,820 15,139
U.K Plan | Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan 2,092 1,688
U.K Plan | Nonqualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.K. prepaid pension asset included in "Other noncurrent assets" (4) (78)
U.S. | Qualified Plan    
Defined Benefit Plan Disclosure [Line Items]    
U.S. Qualified Plan $ 18,991 $ 22,317
v3.25.0.1
Retirement Plans - AOCI (Details) - Defined Benefit Pension Plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Net unrecognized actuarial loss at beginning of period $ (261,102) $ (256,695)
Amortization of net loss 12,580 12,019
Net loss arising during the year (4,109) (13,432)
Currency translation (4,484) (2,993)
Net unrecognized actuarial loss at end of period $ (257,116) $ (261,102)
v3.25.0.1
Retirement Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost $ 1,531 $ 1,423  
Interest cost 23,163 23,915  
Curtailment loss recognized 48 0  
Defined Benefit Pension Plans      
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]      
Service cost 1,531 1,423 $ 1,219
Interest cost 23,163 23,915 12,903
Expected return on assets (25,882) (27,168) (24,600)
Amortization of actuarial loss 12,580 12,020 10,198
Curtailment loss recognized 48 0 0
Net periodic benefit cost (credit) $ 11,440 $ 10,190 $ (280)
v3.25.0.1
Retirement Plans - Schedule of Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]  
2025 $ 35,188
2026 34,690
2027 34,412
2028 34,586
2029 33,951
2030-2034 $ 157,645
v3.25.0.1
Retirement Plans - Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
U.K Plan    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate used to compute benefit obligations 5.30% 5.78%
Discount rate used to compute periodic benefit cost 5.78% 4.93%
Expected long-term rates of return on plans' assets 6.20% 5.40%
U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate used to compute benefit obligations 5.57% 4.94%
Discount rate used to compute periodic benefit cost 4.94% 5.13%
Expected long-term rates of return on plans' assets 5.90% 6.20%
v3.25.0.1
Retirement Plans - Plan Asset Allocation (Details)
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 100.00% 100.00%
U.K Plan | Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 0.00% 0.00%
U.K Plan | Fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 73.60% 74.10%
U.K Plan | Alternative strategies    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 25.90% 24.40%
U.K Plan | Cash, cash equivalents and short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 0.40% 1.50%
U.S. | Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 14.70% 14.60%
U.S. | Fixed income securities    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 77.90% 75.80%
U.S. | Alternative strategies    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 4.20% 4.60%
U.S. | Cash, cash equivalents and short-term investment funds    
Defined Benefit Plan Disclosure [Line Items]    
Total asset allocation 3.20% 5.00%
v3.25.0.1
Common Stock and Earnings per Share - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
Classofstock
$ / shares
shares
Feb. 10, 2022
shares
Dec. 31, 2021
shares
Nov. 04, 2021
shares
Equity, Class of Treasury Stock        
Number of classes of common stock | Classofstock 2      
Number of shares authorized to be repurchased in additions to 2021 plan (shares)   5,000,000    
Number of shares remaining to be repurchased (shares) 1,089,809   413,317  
Class A Non-Voting        
Equity, Class of Treasury Stock        
Approval rate to waive equal consideration rights 75.00%      
Class A Non-Voting | Repurchase Authorization 2021        
Equity, Class of Treasury Stock        
Shares repurchased (shares) 0      
Average cost (USD per share) | $ / shares $ 9.44      
Common Stock | Repurchase Authorization 2021        
Equity, Class of Treasury Stock        
Number of shares authorized to be repurchased (shares)       2,000,000
Class B Voting | Repurchase Authorization 2021        
Equity, Class of Treasury Stock        
Shares repurchased (shares) 409,610      
v3.25.0.1
Common Stock and Earnings per Share - Schedule of Computations of Basic Net Income (Loss) Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class A Non-Voting      
Numerator:      
Allocation of undistributed earnings (loss) $ 7,787 $ 10,649 $ (17,850)
Dividends paid 8,339 7,554 7,012
Net income (loss) available to common shareholders, basic $ 16,126 $ 18,203 $ (10,838)
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 29,783 29,039 29,196
Earnings (loss) per share - basic $ 0.54 $ 0.63 $ (0.37)
Class B Voting      
Numerator:      
Allocation of undistributed earnings (loss) $ 5,054 $ 7,259 $ (12,297)
Dividends paid 5,416 5,147 4,830
Net income (loss) available to common shareholders, basic $ 10,470 $ 12,406 $ (7,467)
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 19,332 19,796 20,113
Earnings (loss) per share - basic $ 0.54 $ 0.63 $ (0.37)
v3.25.0.1
Common Stock and Earnings per Share - Schedule of Computations of Diluted Net Income (Loss) Attributable to Shareholders of Crawford & Company per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class A Non-Voting      
Numerator:      
Allocation of undistributed earnings (loss) $ 7,850 $ 10,760 $ (17,850)
Dividends paid 8,339 7,554 7,012
Net income (loss) available to common shareholders, diluted $ 16,189 $ 18,314 $ (10,838)
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 29,783 29,039 29,196
Weighted-average effect of dilutive securities 621 760 0
Weighted-average number of shares outstanding, diluted 30,404 29,799 29,196
Earnings (loss) per share - diluted $ 0.53 $ 0.61 $ (0.37)
Class B Voting      
Numerator:      
Allocation of undistributed earnings (loss) $ 4,991 $ 7,148 $ (12,297)
Dividends paid 5,416 5,147 4,830
Net income (loss) available to common shareholders, diluted $ 10,407 $ 12,295 $ (7,467)
Weighted-Average Shares Used to Compute Diluted Earnings (Loss) Per Share:      
Weighted-average common shares outstanding, basic 19,332 19,796 20,113
Weighted-average effect of dilutive securities 0 0 0
Weighted-average number of shares outstanding, diluted 19,332 19,796 20,113
Earnings (loss) per share - diluted $ 0.54 $ 0.62 $ (0.37)
v3.25.0.1
Common Stock and Earnings per Share - Schedule of Antidilutive Shares Excluded from Computation of Diluted Earnings (Loss) per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Stock Grants Excluded because Performance Conditions Have Not Been Met      
Antidilutive Securities Excluded From Computation Of Earnings(Loss) Per Share [Line Items]      
Shares underlying stock options excluded [1] 1,076 993 789
Employee Stock Option      
Antidilutive Securities Excluded From Computation Of Earnings(Loss) Per Share [Line Items]      
Shares underlying stock options excluded 0 711 1,542
[1] Compensation cost is recognized for these performance stock grants based on expected achievement rates; however no consideration is given for these performance stock grants when calculating earnings per share until the performance measurements are actually achieved.
v3.25.0.1
Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Adjustment for long-term intercompany transactions, net of tax $ (505,000) $ 1,004,000 $ 955,000
v3.25.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance $ 139,831 $ 123,378 $ 211,397
Unrealized net losses arising during the year (7,986) (15,740) (11,704)
Ending balance 155,551 139,831 123,378
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (49,486) (52,581)  
Other comprehensive income (loss) before reclassifications (593) 3,095  
Unrealized net losses arising during the year 0 0  
Amounts reclassified from accumulated other comprehensive income to net income [1] 0 0  
Net current period other comprehensive (loss) income (593) 3,095  
Ending balance (50,079) (49,486) (52,581)
Retirement Liabilities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (169,129) (162,740)  
Other comprehensive income (loss) before reclassifications 0 0  
Unrealized net losses arising during the year (7,986) (15,740)  
Amounts reclassified from accumulated other comprehensive income to net income [1] 10,069 9,351  
Net current period other comprehensive (loss) income 2,083 (6,389)  
Ending balance (167,046) (169,129) (162,740)
AOCL Attributable to Shareholders of Crawford & Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (218,615) (215,321) (180,441)
Other comprehensive income (loss) before reclassifications (593) 3,095  
Unrealized net losses arising during the year (7,986) (15,740)  
Amounts reclassified from accumulated other comprehensive income to net income [1] 10,069 9,351  
Net current period other comprehensive (loss) income 1,490 (3,294)  
Ending balance $ (217,125) $ (218,615) $ (215,321)
[1] Retirement liabilities reclassified to net income are related to the amortization of actuarial losses and are included in "Selling, general, and administrative expenses" in the Company's Consolidated Statements of Operations. See Note 8, "Retirement Plans" for additional details.
v3.25.0.1
Stock-Based Compensation - Stock Options (Details) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock-based compensation costs   $ 5,768,000 $ 5,603,000 $ 4,923,000  
Tax benefit from compensation expense   $ 1,350,000 $ 1,330,000 $ 1,148,000  
Share based award vesting period   5 years      
Class A Non-Voting          
Summary of Option Activity, Shares          
Outstanding beginning balance (in shares)   1,042,000 1,542,000 1,618,000  
Granted (in shares)   0 0 0  
Exercised (in shares)   (321,000) (485,000) 0  
Forfeited or expired (in shares)   (21,000) (15,000) (76,000)  
Outstanding ending balance (in shares) 1,542,000 700,000 1,042,000 1,542,000 1,618,000
Vested and Exercisable at end of period (in shares)   700,000      
Summary of Option Activity, Weighted-Average Exercise Price          
Outstanding beginning balance, weighted-average exercise price (in usd per share)   $ 9.05 $ 8.98 $ 8.99  
Granted, weighted-average exercise price (in usd per share)   0 0 0  
Exercised, weighted-average exercise price (in usd per share)   8.98 8.84 0  
Forfeited or expired, weighted-average exercise price (in usd per share)   9.01 9.01 9.16  
Outstanding ending balance, weighted-average exercise price (in usd per share) $ 8.98 9.08 $ 9.05 $ 8.98 $ 8.99
Vested and exercisable at end of period, weighted-average exercise price (in usd per share)   $ 9.08      
Summary of Option Activity, Weighted-Average Remaining Contractual Term          
Outstanding, weighted-average remaining contractual term   3 years 7 months 6 days 4 years 8 months 12 days 5 years 6 months 6 years 6 months
Weighted- average remaining contractual term   3 years 7 months 6 days      
Outstanding, aggregate intrinsic value $ 7,000 $ 1,737,000 $ 4,305,000 $ 7,000 $ 143,000
Vested and exercisable at end of period, aggregate intrinsic value   $ 1,737,000      
2021 Performance Based Grants          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock option vesting per year (percent) 0.00%        
2022 Performance Based Grants          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock option vesting per year (percent) 30.00% 0.00%      
Employee Stock Option | Class A Non-Voting          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share based award vesting period   3 years      
Stock option vesting per year (percent)   33.00%      
Stock options expiration period   10 years      
Share-based compensation expense   $ 0 $ 12,000 $ 129,000  
Summary of Option Activity, Shares          
Granted (in shares)   0 0 0  
Exercised (in shares)   (321,000) (485,000) 0  
Summary of Option Activity, Weighted-Average Remaining Contractual Term          
Options, exercised in period, intrinsic value     $ 425,000 $ 0  
Options, vested in period, fair value     $ 228,000 $ 592,000  
Unearned compensation cost   $ 0      
v3.25.0.1
Stock-Based Compensation - Performance-Based Stock Grants (Details)
 12 Months Ended
Sep. 23, 2020
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share based award vesting period   5 years      
Number of share to vest 0        
Shares          
Nonvested at the beginning of the period (in shares)   0 0 0 25,000
Granted (in shares)   76,090 135,456 98,921  
Vested (in shares)   (61,974) (135,456) (123,921)  
Forfeited or unearned (in shares)   (14,116) 0 0  
Nonvested at the end of the period (in shares)   0 0 0  
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) | $ / shares   $ 0 $ 0 $ 0 $ 7.23
Granted, weighted-average grant-date fair value (in usd per share) | $ / shares   12.43 5.93 7.56  
Vested, weighted-average grant-date fair value (in usd per share) | $ / shares   12.36 5.93 7.49  
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) | $ / shares   12.75 0 0  
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) | $ / shares   $ 0 $ 0 $ 0  
Minimum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Percentage of number of share earned of target share granted 50        
Maximum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Percentage of number of share earned of target share granted 200        
Employee Stock Option | Class A Non-Voting          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share based award vesting period   3 years      
Stock option vesting per year (percent)   33.00%      
Shares          
Share-based compensation expense | $   $ 0 $ 12,000 $ 129,000  
Unearned compensation cost | $   $ 0      
2020 Replacement Awards          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Stock option vesting per year (percent) 100.00%        
Vesting date December 31, 2022        
Shares          
Vested (in shares)       0  
2020 Replacement Awards | Minimum          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Total shareholder return 20        
Performance Stock Grants Excluded because Performance Conditions Have Not Been Met | Class A Non-Voting          
Shares          
Nonvested at the beginning of the period (in shares)   1,153,505 1,444,996 1,238,090 1,176,391
Granted (in shares)   552,705 1,236,598 939,980  
Vested (in shares)   (354,305) (456,487) (363,514)  
Forfeited or unearned (in shares)   (489,891) (573,205) (514,767)  
Nonvested at the end of the period (in shares)   1,153,505 1,444,996 1,238,090  
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) | $ / shares   $ 7.91 $ 6.12 $ 7.52 $ 8.25
Granted, weighted-average grant-date fair value (in usd per share) | $ / shares   11.38 5.62 7.11  
Vested, weighted-average grant-date fair value (in usd per share) | $ / shares   8.29 6.9 7.84  
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) | $ / shares   6.72 7.97 8.2  
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) | $ / shares   $ 7.91 $ 6.12 $ 7.52  
Fair value of performance shares vested | $   $ 2,937,000 $ 3,148,000 $ 2,849,000  
Share-based compensation expense | $   4,361,000 $ 4,212,000 $ 3,478,000  
Unearned compensation cost | $   $ 4,750,000      
v3.25.0.1
Stock-Based Compensation - Restricted Shares (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Share based award vesting period 5 years    
Shares      
Nonvested at the beginning of the period (in shares) 0 0 25,000
Granted (in shares) 76,090 135,456 98,921
Vested (in shares) (61,974) (135,456) (123,921)
Forfeited or unearned (in shares) (14,116) 0 0
Nonvested at the end of the period (in shares) 0 0 0
Weighted-Average Grant-Date Fair Value      
Nonvested at the beginning of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 7.23
Granted, weighted-average grant-date fair value (in usd per share) 12.43 5.93 7.56
Vested, weighted-average grant-date fair value (in usd per share) 12.36 5.93 7.49
Forfeited or unearned, weighted-average grant-date fair value (in usd per share) 12.75 0 0
Nonvested at the end of the period, weighted-average grant-date fair value (in usd per share) $ 0 $ 0 $ 0
Restricted stock | Class A Non-Voting      
Weighted-Average Grant-Date Fair Value      
Share-based compensation expense $ 766,000 $ 804,000 $ 825,000
Unearned compensation cost $ 0    
v3.25.0.1
Stock-Based Compensation - Employee Stock Purchase Plans (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
StockPurchasePlan
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2024
GBP (£)
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Number of employee stock purchase plans | StockPurchasePlan 3      
United States Stock Repurchase Program | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 1,200,000     1,200,000
Percentage of elgible annual earnings 85.00%      
Maximum annual earnings withheld to purchase shares | $ $ 25,000      
Purchase price of stock, percent of market price (percent) 85.00%      
Shares issued (in shares) 128,736 149,170 120,727  
Purchase price of shares during period (in usd per share) | $ / shares $ 7.34 $ 6.44 $ 6.63  
Projected exercises in period (in shares) 174,000     174,000
Share-based compensation expense | $ $ 430,000 $ 368,000 $ 314,000  
U.K. Stock Repurchase Plan | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 2,000,000     2,000,000
Purchase price of stock, percent of market price (percent) 85.00%      
Shares issued (in shares) 138,714 71,642 0  
Share-based compensation expense | $ $ 211,000 $ 209,000 $ 155,000  
Maximum monthly earnings withheld to purchase shares (in gbp) | £       £ 250
Estimated shares eligible for purchase (in shares) 144,000     144,000
U.K. Stock Repurchase Plan | Class A Non-Voting | Minimum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Purchase price of shares during period (in usd per share) | $ / shares $ 5.17      
U.K. Stock Repurchase Plan | Class A Non-Voting | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Purchase price of shares during period (in usd per share) | $ / shares $ 10.39      
International stock based compensation plan | Class A Non-Voting        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Shares authorized (in shares) 1,000,000     1,000,000
Shares issued (in shares) 3,449 5,026 3,355  
Purchase price of stock, percent of market price (percent) 85.00%      
International stock based compensation plan | Class A Non-Voting | Maximum        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Maximum annual earnings withheld to purchase shares | $ $ 21,250      
Maximum number of shares per employee 5,000      
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Liabilities:    
Contingent earnout liability $ 1,382 $ 7,511
Quoted Prices in Active Markets (Level 1)    
Liabilities:    
Contingent earnout liability 0 0
Significant Other Observable Inputs (Level 2)    
Liabilities:    
Contingent earnout liability 0 0
Significant Unobservable Inputs (Level 3)    
Liabilities:    
Contingent earnout liability 1,382 7,511
Money Market Funds    
ASSETS    
Money market funds 11,252 10,702
Money Market Funds | Quoted Prices in Active Markets (Level 1)    
ASSETS    
Money market funds 11,252 10,702
Money Market Funds | Significant Other Observable Inputs (Level 2)    
ASSETS    
Money market funds 0 0
Money Market Funds | Significant Unobservable Inputs (Level 3)    
ASSETS    
Money market funds $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Pretax contingent earnout (benefit) expenses $ (1,099,000) $ 4,025,000
v3.25.0.1
Fair Value Measurements - Schedule of change in the fair value of the Company's contingent earnout liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Acquisition-related contingent consideration, beginning of the year $ 13,066 $ 16,815
Change in fair value of contingent consideration, including foreign exchange impacts (1,264) 4,313
Settlement of contingent consideration (9,283) (8,062)
Acquisition-related contingent consideration, end of the year $ 2,519 $ 13,066
v3.25.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Apr. 01, 2022
Debt instrument, variable interest rate duration between resets 90 days      
Goodwill impairment $ 0 $ 0 $ 36,808,000  
Earnout liability 2,519,000 $ 13,066,000 $ 16,815,000  
Van Dijk        
Earnout liability       $ 1,342,000
Crawford Carvallo | Van Dijk        
Earnout liability $ 1,137,000      
v3.25.0.1
Fair Value Measurements - Pension Plan Assets within Fair Value Hierarchy (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets $ 426,136 $ 443,157 $ 477,728
U.K Plan      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 169,744 156,142  
U.K Plan | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 701 2,272  
U.K Plan | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 46,997 42,859  
U.K Plan | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 78,008 72,913  
U.K Plan | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 43,372 34,998  
U.K Plan | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 666 3,100  
U.K Plan | Quoted Prices in Active Markets (Level 1)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 70,037 8,697  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 701 2,272  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Quoted Prices in Active Markets (Level 1) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 61,246 0  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 8,090 6,425  
U.K Plan | Quoted Prices in Active Markets (Level 1) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Other Observable Inputs (Level 2)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 96,757 142,518  
U.K Plan | Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Other Observable Inputs (Level 2) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 46,997 42,859  
U.K Plan | Significant Other Observable Inputs (Level 2) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 16,762 72,913  
U.K Plan | Significant Other Observable Inputs (Level 2) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 32,998 26,746  
U.K Plan | Significant Other Observable Inputs (Level 2) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 2,950 4,927 9,475
U.K Plan | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | Money Market Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | US Government Agencies Debt Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
U.K Plan | Significant Unobservable Inputs (Level 3) | Alternative strategies      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 2,284 1,827  
U.K Plan | Significant Unobservable Inputs (Level 3) | Real Estate Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 666 3,100  
US      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 261,364 271,412  
Other plan liabilities, net [1] (31,891) (8,412)  
Net Plan Assets 229,473 263,000  
US | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 2,551 3,482  
US | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 5,782 10,119  
US | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 24,304 24,103  
US | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 14,039 15,394  
US | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 181,619 186,648  
US | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 22,040 19,177  
US | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 11,028 12,489  
US | Quoted Prices in Active Markets (Level 1)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 49,124 55,266  
US | Quoted Prices in Active Markets (Level 1) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 2,551 3,482  
US | Quoted Prices in Active Markets (Level 1) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 46,572 51,784  
US | Quoted Prices in Active Markets (Level 1) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Quoted Prices in Active Markets (Level 1) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Other Observable Inputs (Level 2)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 201,712 204,847  
US | Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Other Observable Inputs (Level 2) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 5,782 10,119  
US | Significant Other Observable Inputs (Level 2) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 24,304 24,103  
US | Significant Other Observable Inputs (Level 2) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 14,039 15,394  
US | Significant Other Observable Inputs (Level 2) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 135,047 134,864  
US | Significant Other Observable Inputs (Level 2) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 22,040 19,177  
US | Significant Other Observable Inputs (Level 2) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 500 1,190  
US | Significant Unobservable Inputs (Level 3)      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 10,528 11,299 $ 18,194
US | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | Short-term Investments      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | United States Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | International Equity Securities      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | United States Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | International Fixed Income Funds      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets 0 0  
US | Significant Unobservable Inputs (Level 3) | Asset Categories Other      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total plan assets $ 10,528 $ 11,299  
[1] net amounts payable for unsettled security transactions.
v3.25.0.1
Fair Value Measurements - Reconciliation of Level 3 Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period $ 443,157 $ 477,728
Actual return on plan assets:    
End of measurement period 426,136 443,157
U.K Plan    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 156,142  
Actual return on plan assets:    
End of measurement period 169,744 156,142
U.S.    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 271,412  
Actual return on plan assets:    
End of measurement period 261,364 271,412
Significant Unobservable Inputs (Level 3) | U.K Plan    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 4,927 9,475
Actual return on plan assets:    
Related to assets still held at the reporting date 107 (4,548)
Related to assets sold during the period 63  
Purchases, sales and settlements, net (3,113) 0
Transfers into Level 3 966  
End of measurement period 2,950 4,927
Significant Unobservable Inputs (Level 3) | U.S.    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Beginning of measurement period 11,299 18,194
Actual return on plan assets:    
Related to assets still held at the reporting date (1,350) (6,929)
Related to assets sold during the period (264)  
Purchases, sales and settlements, net 843 34
Transfers into Level 3 0  
End of measurement period $ 10,528 $ 11,299
v3.25.0.1
Segment and Geographic Information - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of reportable segments 4
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM.
v3.25.0.1
Segment and Geographic Information - Financial Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 1,340,970,000 $ 1,316,919,000 $ 1,231,226,000
Depreciation 8,881,000 10,004,000 11,941,000
Reconciliation of segment operating earnings (loss):      
Net corporate interest expense (16,862,000) (17,036,000) (10,311,000)
Contingent earnout adjustments 1,099,000 (4,025,000) (2,921,000)
Goodwill impairment 0 0 (36,808,000)
Income Before Income Taxes 41,112,000 47,357,000 5,046,000
Income taxes (14,583,000) (17,097,000) (23,578,000)
Net Income (Loss) 26,529,000 30,260,000 (18,532,000)
Net Loss Attributable to Noncontrolling Interests 67,000 349,000 227,000
Net Income (Loss) Attributable to Shareholders of Crawford & Company 26,596,000 30,609,000 (18,305,000)
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Segment Operating Earnings (Loss) 102,776,000 104,780,000 68,929,000
Reconciliation of segment operating earnings (loss):      
Unallocated corporate administrative costs [1] (28,066,000) (19,419,000) (7,050,000)
Net corporate interest expense (16,862,000) (17,036,000) (10,311,000)
Non-service pension (costs) credits (9,764,000) (8,601,000) 1,591,000
Stock option expense (574,000) (552,000) (548,000)
Amortization of acquisition-related intangible assets (7,497,000) (7,790,000) (7,836,000)
Contingent earnout adjustments 1,099,000 (4,025,000) (2,921,000)
Goodwill impairment 0 0 (36,808,000)
Income Before Income Taxes 41,112,000 47,357,000 5,046,000
Income taxes (14,583,000) (17,097,000) (23,578,000)
Net Income (Loss) 26,529,000 30,260,000 (18,532,000)
Net Loss Attributable to Noncontrolling Interests 67,000 349,000 227,000
Net Income (Loss) Attributable to Shareholders of Crawford & Company 26,596,000 30,609,000 (18,305,000)
Service      
Segment Reporting Information [Line Items]      
Revenues 1,292,510,000 1,267,131,000 1,189,482,000
Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues   1,267,131,000 1,189,482,000
Compensation 665,744,000 668,126,000 654,893,000
Benefits and payroll taxes 125,990,000 119,002,000 117,061,000
Non-employee labor 55,209,000 49,128,000 43,030,000
Total Compensation 846,943,000 836,256,000 814,984,000
Office rent and occupancy 31,736,000 33,673,000 35,591,000
Other office operating expense [2] 69,571,000 63,715,000 60,887,000
Depreciation 18,037,000 16,487,000 14,685,000
Professional fees 33,134,000 29,679,000 26,527,000
Cost of risk 13,328,000 9,903,000 8,185,000
Other, net [3] 13,091,000 14,679,000 9,510,000
Total Other Operating Expense 178,897,000 168,136,000 155,385,000
Allocated corporate, shared services, and administrative costs [4] 163,894,000 157,959,000 150,184,000
Total Segment Expenses 1,189,734,000 1,162,351,000 1,120,553,000
Segment Operating Earnings (Loss) 102,776,000 104,780,000 68,929,000
North America Loss Adjusting      
Segment Reporting Information [Line Items]      
Revenues 312,158,000 303,629,000  
North America Loss Adjusting | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 312,158,000 303,629,000 274,755,000
Compensation 184,732,000 177,254,000 163,220,000
Benefits and payroll taxes 35,659,000 32,539,000 30,478,000
Non-employee labor 5,790,000 4,849,000 4,747,000
Total Compensation 226,181,000 214,642,000 198,445,000
Office rent and occupancy 4,595,000 4,637,000 4,739,000
Other office operating expense [2] 16,015,000 14,186,000 13,599,000
Depreciation 3,149,000 2,098,000 2,180,000
Professional fees 1,869,000 1,493,000 1,177,000
Cost of risk 1,116,000 1,368,000 1,329,000
Other, net [3] 2,464,000 3,052,000 1,469,000
Total Other Operating Expense 29,208,000 26,834,000 24,493,000
Allocated corporate, shared services, and administrative costs [4] 38,596,000 38,968,000 32,709,000
Total Segment Expenses 293,985,000 280,444,000 255,647,000
Segment Operating Earnings (Loss) 18,173,000 23,185,000 19,108,000
International Operations      
Segment Reporting Information [Line Items]      
Revenues 418,607,000 382,393,000  
International Operations | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 418,607,000 382,393,000 357,452,000
Compensation 208,200,000 200,877,000 205,086,000
Benefits and payroll taxes 39,082,000 36,383,000 36,175,000
Non-employee labor 26,411,000 19,300,000 13,356,000
Total Compensation 273,693,000 256,560,000 254,617,000
Office rent and occupancy 14,340,000 15,501,000 15,981,000
Other office operating expense [2] 28,289,000 25,951,000 25,412,000
Depreciation 3,314,000 3,155,000 2,437,000
Professional fees 11,685,000 10,484,000 7,363,000
Cost of risk 4,363,000 3,929,000 3,684,000
Other, net [3] 5,466,000 6,445,000 6,877,000
Total Other Operating Expense 67,457,000 65,465,000 61,754,000
Allocated corporate, shared services, and administrative costs [4] 56,456,000 49,187,000 54,027,000
Total Segment Expenses 397,606,000 371,212,000 370,398,000
Segment Operating Earnings (Loss) 21,001,000 11,181,000 (12,946,000)
Broadspire      
Segment Reporting Information [Line Items]      
Revenues 388,074,000 355,650,000  
Broadspire | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 388,074,000 355,650,000 313,564,000
Compensation 181,355,000 168,216,000 152,581,000
Benefits and payroll taxes 36,769,000 32,478,000 30,923,000
Non-employee labor 17,159,000 16,559,000 14,969,000
Total Compensation 235,283,000 217,253,000 198,473,000
Office rent and occupancy 9,247,000 9,796,000 11,040,000
Other office operating expense [2] 16,200,000 14,279,000 12,731,000
Depreciation 4,767,000 5,664,000 5,799,000
Professional fees 17,414,000 15,565,000 15,574,000
Cost of risk 6,451,000 3,600,000 2,297,000
Other, net [3] 1,170,000 860,000 (2,274,000)
Total Other Operating Expense 55,249,000 49,764,000 45,167,000
Allocated corporate, shared services, and administrative costs [4] 45,113,000 46,760,000 42,903,000
Total Segment Expenses 335,645,000 313,777,000 286,543,000
Segment Operating Earnings (Loss) 52,429,000 41,873,000 27,021,000
Platform Solutions      
Segment Reporting Information [Line Items]      
Revenues 173,671,000 225,459,000  
Platform Solutions | Service | Operating Segments      
Segment Reporting Information [Line Items]      
Revenues 173,671,000 225,459,000 243,711,000
Compensation 91,457,000 121,779,000 134,006,000
Benefits and payroll taxes 14,480,000 17,602,000 19,485,000
Non-employee labor 5,849,000 8,420,000 9,958,000
Total Compensation 111,786,000 147,801,000 163,449,000
Office rent and occupancy 3,554,000 3,739,000 3,831,000
Other office operating expense [2] 9,067,000 9,299,000 9,145,000
Depreciation 6,807,000 5,570,000 4,269,000
Professional fees 2,166,000 2,137,000 2,413,000
Cost of risk 1,398,000 1,006,000 875,000
Other, net [3] 3,991,000 4,322,000 3,438,000
Total Other Operating Expense 26,983,000 26,073,000 23,971,000
Allocated corporate, shared services, and administrative costs [4] 23,729,000 23,044,000 20,545,000
Total Segment Expenses 162,498,000 196,918,000 207,965,000
Segment Operating Earnings (Loss) $ 11,173,000 $ 28,541,000 $ 35,746,000
[1] Unallocated corporate and shared costs and credits represent expenses for the Company's Chief Executive Officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.
[2] Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.
[3] Other, net primarily includes bank service charges and advertising expenses.
[4] Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.
v3.25.0.1
Segment and Geographic Information - Schedule of Segment Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 803,755 $ 799,199
Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 424,057 406,483
North America Loss Adjusting | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 106,657 108,471
International Operations | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 149,441 144,785
Broadspire | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets 73,114 70,283
Platform Solutions | Operating Segments    
Segment Reporting, Asset Reconciling Item [Line Items]    
Assets $ 94,845 $ 82,944
v3.25.0.1
Segment and Geographic Information - Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total capital expenditures $ 41,647 $ 36,596 $ 34,599
Corporate, Non-Segment      
Segment Reporting Information [Line Items]      
Total capital expenditures 16,916 15,174 12,656
North America Loss Adjusting | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 4,458 3,052 2,276
International Operations | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 2,225 1,061 1,625
Broadspire | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures 12,643 12,494 10,680
Platform Solutions | Operating Segments      
Segment Reporting Information [Line Items]      
Total capital expenditures $ 5,405 $ 4,815 $ 7,362
v3.25.0.1
Segment and Geographic Information - Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 1,340,970 $ 1,316,919 $ 1,231,226
Service      
Segment Reporting Information [Line Items]      
Revenues 1,292,510 1,267,131 1,189,482
Reimbursements      
Segment Reporting Information [Line Items]      
Revenues $ 48,460 $ 49,788 $ 41,744
v3.25.0.1
Segment and Geographic Information - Income Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net corporate interest expense $ (16,862) $ (17,036) $ (10,311)
Goodwill and intangible asset impairment charges 0 0 (36,808)
Contingent earnout adjustments 1,099 (4,025) (2,921)
Income Before Income Taxes 41,112 47,357 5,046
Segment Reconciling Items      
Segment Reporting Information [Line Items]      
Operating earnings of all reportable segments 102,776 104,780 68,929
Unallocated corporate and shared costs and credits (28,066) (19,419) (7,050)
Net corporate interest expense (16,862) (17,036) (10,311)
Stock option expense (574) (552) (548)
Amortization of acquisition-related intangible assets (7,497) (7,790) (7,836)
Goodwill and intangible asset impairment charges 0 0 (36,808)
Non-service pension (costs) credits (9,764) (8,601) 1,591
Contingent earnout adjustments 1,099 (4,025) (2,921)
Income Before Income Taxes $ 41,112 $ 47,357 $ 5,046
v3.25.0.1
Segment and Geographic Information - Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Asset Reconciling Item [Line Items]      
Assets $ 803,755 $ 799,199  
ASSETS      
Cash and cash equivalents 55,412 58,363 $ 46,007
Income taxes receivable 5,337 4,842  
Prepaid expenses and other current assets 40,334 58,168  
Net property and equipment 20,554 22,742  
Operating lease right-of-use assets, net 78,808 88,615  
Capitalized software costs, net 111,854 96,770  
Deferred income tax assets 25,305 26,247  
Other noncurrent assets 42,094 36,969  
TOTAL ASSETS 803,755 799,199  
Operating Segments      
Segment Reporting Asset Reconciling Item [Line Items]      
Assets 424,057 406,483  
ASSETS      
TOTAL ASSETS 424,057 406,483  
Corporate, Non-Segment      
Segment Reporting Asset Reconciling Item [Line Items]      
Assets 379,698 392,716  
ASSETS      
Cash and cash equivalents 55,412 58,363  
Income taxes receivable 5,337 4,842  
Prepaid expenses and other current assets 40,334 58,168  
Net property and equipment 20,554 22,742  
Operating lease right-of-use assets, net 78,808 88,615  
Capitalized software costs, net 111,854 96,770  
Deferred income tax assets 25,305 26,247  
Other noncurrent assets 42,094 36,969  
TOTAL ASSETS $ 379,698 $ 392,716  
v3.25.0.1
Segment and Geographic Information - Revenues and Long-lived Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues $ 1,340,970 $ 1,316,919 $ 1,231,226
Consolidated      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 1,292,510 1,267,131  
Long-lived assets 211,215 208,128  
U.S.      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 783,024 788,364  
Long-lived assets 140,701 136,087  
U.K.      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 168,357 143,353  
Long-lived assets 23,101 20,847  
Canada      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 90,879 96,374  
Long-lived assets 16,676 18,213  
All Other International      
Revenues From External Customers And Long Lived Assets [Line Items]      
Revenues 250,250 239,040  
Long-lived assets $ 30,737 $ 32,981  
v3.25.0.1
Client Funds - Additional Information (Details)
Dec. 31, 2024
USD ($)
Custodial  
Funds Held for Clients [Line Items]  
Funds held for clients $ 566,280,000
v3.25.0.1
Commitments and Contingencies - Additional Information (Details)
Dec. 31, 2024
USD ($)
Letter of credit subcommitment  
Loss Contingencies [Line Items]  
Letters of credit outstanding amount $ 8,870,000