VERISK ANALYTICS, INC., 10-K filed on 2/22/2022
Annual Report
v3.22.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jun. 30, 2021
Document Information [Line Items]      
Entity Central Index Key 0001442145    
Entity Registrant Name Verisk Analytics, Inc.    
Amendment Flag false    
Current Fiscal Year End Date --12-31    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2021    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Document Transition Report false    
Entity File Number 001-34480    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-2994223    
Entity Address, Address Line One 545 Washington Boulevard    
Entity Address, City or Town Jersey City    
Entity Address, State or Province NJ    
Entity Address, Postal Zip Code 07310-1686    
City Area Code 201    
Local Phone Number 469-3000    
Title of 12(b) Security Common Stock $.001 par value    
Trading Symbol VRSK    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 27,228,949,452
Entity Common Stock, Shares Outstanding   161,282,942  
Auditor Name Deloitte & Touche LLP    
Auditor Location Parsippany, New Jersey    
Auditor Firm ID 34    
ICFR Auditor Attestation Flag true    
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 280.3 $ 218.8
Accounts receivable, net 446.3 432.4
Prepaid expenses 102.6 81.2
Income taxes receivable 36.7 25.4
Other current assets 36.7 36.4
Total current assets 902.6 794.2
Noncurrent assets:    
Fixed assets, net 658.2 632.3
Operating lease right-of-use assets, net 253.1 267.6
Intangible assets, net 1,225.9 1,384.8
Goodwill 4,331.2 4,108.1
Deferred income tax assets 6.6 9.1
Other noncurrent assets 430.5 365.7
Total assets 7,808.1 7,561.8
Current liabilities:    
Accounts payable and accrued liabilities 320.7 407.3
Short-term debt and current portion of long-term debt 971.3 514.3
Deferred revenues 501.0 466.7
Operating lease liabilities 41.2 38.7
Income taxes payable 9.0 3.8
Total current liabilities 1,843.2 1,430.8
Noncurrent liabilities:    
Long-term debt 2,342.8 2,699.6
Deferred income tax liabilities 470.5 396.9
Operating lease liabilities 254.7 271.6
Other noncurrent liabilities 54.4 64.7
Total liabilities 4,965.6 4,863.6
Commitments and contingencies (Note 21)
Stockholders’ equity:    
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 161,651,639 and 162,817,526 shares outstanding, respectively 0.1 0.1
Additional paid-in capital 2,608.7 2,490.9
Treasury stock, at cost, 382,351,399 and 381,185,512 shares, respectively (4,638.1) (4,179.3)
Retained earnings 5,240.4 4,762.2
Accumulated other comprehensive losses (394.6) (375.7)
Total Verisk stockholders' equity 2,816.5 2,698.2
Noncontrolling interests 26.0 0.0
Total stockholders’ equity 2,842.5 2,698.2
Total liabilities and stockholders’ equity $ 7,808.1 $ 7,561.8
v3.22.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 2,000,000,000 2,000,000,000
Common stock issued (in shares) 544,003,038 544,003,038
Common stock outstanding (in shares) 161,651,639 162,817,526
Treasury stock (in shares) 392,351,399 381,185,512
v3.22.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues $ 2,998.6 $ 2,784.6 $ 2,607.1
Operating expenses:      
Cost of revenues (exclusive of items shown separately below) 1,057.8 993.9 976.8
Selling, general and administrative 422.7 413.9 603.5
Depreciation and amortization of fixed assets 206.9 192.2 185.7
Amortization of intangible assets 176.7 165.9 138.0
Other operating loss (income) 134.0 (19.4) 6.2
Total operating expenses 1,998.1 1,746.5 1,910.2
Operating income 1,000.5 1,038.1 696.9
Other income (expense):      
Investment income (loss) and others, net 1.9 (2.4) (1.7)
Interest expense (127.0) (138.2) (126.8)
Total other expense, net (125.1) (140.6) (128.5)
Total income before income taxes 875.4 897.5 568.4
Provision for income taxes (209.1) (184.8) (118.5)
Net income 666.3 712.7 449.9
Less: Net income attributable to noncontrolling interests (0.1) 0.0 0.0
Net income attributable to Verisk $ 666.2 $ 712.7 $ 449.9
Basic net income per share attributable to Verisk (in dollars per share) $ 4.12 $ 4.38 $ 2.75
Diluted net income per share attributable to Verisk (in dollars per share) $ 4.08 $ 4.31 $ 2.70
Weighted average shares outstanding:      
Basic (in shares) 161,841,441 162,610,586 163,535,438
Diluted (in shares) 163,338,909 165,320,709 166,560,115
v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net income $ 666.3 $ 712.7 $ 449.9
Other comprehensive (loss) income, net of tax:      
Foreign currency translation adjustment (46.3) 107.9 88.4
Pension and postretirement liability adjustment 26.9 3.3 16.6
Total other comprehensive (loss) income (19.4) 111.2 105.0
Comprehensive income 646.9 823.9 554.9
Less: Comprehensive loss attributable to noncontrolling interests 0.4 0.0 0.0
Comprehensive income attributable to Verisk $ 647.3 $ 823.9 $ 554.9
v3.22.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Noncontrolling Interest [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
Balance (in shares) at Dec. 31, 2018                 544,003,038              
Balance at Dec. 31, 2018                 $ 0.1 $ 2,283.0 $ (3,563.2) $ 3,942.6 $ (591.9) $ 2,070.6 $ 0.0 $ 2,070.6
Net income                 0.0 0.0 0.0 449.9 0.0 449.9 0.0 449.9
Common stock dividend (1) [1]                 0.0 0.0 0.0 (164.1) 0.0 (164.1) 0.0 (164.1)
Other comprehensive income                 0.0 0.0 0.0 0.0 105.0 105.0 0.0 105.0
Treasury stock acquired                 0.0 0.0 (300.0) 0.0 0.0 (300.0) 0.0 (300.0)
Stock options exercised                 0.0 46.9 11.0 0.0 0.0 57.9 0.0 57.9
Restricted stock lapsed                 0.0 (1.8) 1.8 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 42.7 0.0 0.0 0.0 42.7 0.0 42.7
Net share settlement from restricted stock awards                 0.0 (5.5) 0.0 0.0 0.0 (5.5) 0.0 (5.5)
Other stock issuances                 $ 0.0 3.8 0.5 0.0 0.0 4.3 0.0 4.3
Balance (in shares) at Dec. 31, 2019                 544,003,038              
Balance at Dec. 31, 2019 $ 0.0 $ 0.0 $ 0.0 $ (2.4) $ 0.0 $ (2.4) $ 0.0 $ (2.4) $ 0.1 2,369.1 (3,849.9) 4,228.4 (486.9) 2,260.8 0.0 2,260.8
Net income                 0.0 0.0 0.0 712.7 0.0 712.7 0.0 712.7
Common stock dividend (1) [1]                 0.0 0.0 0.0 (176.5) 0.0 (176.5) 0.0 (176.5)
Other comprehensive income                 0.0 0.0 0.0 0.0 111.2 111.2 0.0 111.2
Treasury stock acquired                 0.0 0.0 (348.8) 0.0 0.0 (348.8) 0.0 (348.8)
Stock options exercised                 0.0 74.9 17.3 0.0 0.0 92.2 0.0 92.2
Restricted stock lapsed                 0.0 (1.5) 1.5 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 47.6 0.0 0.0 0.0 47.6 0.0 47.6
Net share settlement from restricted stock awards                 0.0 (4.1) 0.0 0.0 0.0 (4.1) 0.0 (4.1)
Other stock issuances                 $ 0.0 4.9 0.6 0.0 0.0 5.5 0.0 5.5
Balance (in shares) at Dec. 31, 2020                 544,003,038              
Balance at Dec. 31, 2020                 $ 0.1 2,490.9 (4,179.3) 4,762.2 (375.7) 2,698.2 0.0 2,698.2
Net income                 0.0 0.0 0.0 666.2 0.0 666.2 0.1 666.3
Common stock dividend (1) [1]                 0.0 0.0 0.0 (188.0) 0.0 (188.0) 0.0 (188.0)
Other comprehensive income                 0.0 0.0 0.0 0.0 (18.9) (18.9) (0.5) (19.4)
Treasury stock acquired                 0.0 0.0 (475.0) 0.0 0.0 (475.0) 0.0 (475.0)
Stock options exercised                 0.0 70.4 13.6 0.0 0.0 84.0 0.0 84.0
Restricted stock lapsed                 0.0 (2.1) 2.1 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 55.7 0.0 0.0 0.0 55.7 0.0 55.7
Net share settlement from restricted stock awards                 0.0 (11.8) 0.0 0.0 0.0 (11.8) 0.0 (11.8)
Other stock issuances                 0.0 5.6 0.5 0.0 0.0 6.1 0.0 6.1
Investment in noncontrolling interests                 $ 0.0 0.0 0.0 0.0 0.0 0.0 26.4 26.4
Balance (in shares) at Dec. 31, 2021                 544,003,038              
Balance at Dec. 31, 2021                 $ 0.1 $ 2,608.7 $ (4,638.1) $ 5,240.4 $ (394.6) $ 2,816.5 $ 26.0 $ 2,842.5
[1] Refer to Note 16. Stockholders' Equity for discussion related to quarterly cash dividends declared per share
v3.22.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Option [Member]      
Net share settlement (in shares)     1,131,970
Shares transferred from treasury stock (in shares) 1,146,368 1,623,740  
Restricted Stock [Member]      
Net share settlement (in shares) 60,101 27,890 40,578
Shares transferred from treasury stock (in shares) 186,562 142,362 192,109
Other stock issuances (in shares) 46,374 44,944 45,226
Treasury stock acquired (in shares) 2,545,191 2,155,084 2,178,151
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 666.3 $ 712.7 $ 449.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of fixed assets 206.9 192.2 185.7
Amortization of intangible assets 176.7 165.9 138.0
Amortization of debt issuance costs and original issue discount, net of original issue premium 1.4 1.8 3.9
Provision for doubtful accounts 17.7 13.1 7.2
(Gain) loss from sale of assets 0.0 (19.4) 6.2
Stock-based compensation expense 55.7 47.6 42.7
Realized gain on available-for-sale securities, net 0.0 0.0 (0.9)
Impairment of long-lived assets 134.0 0.0 0.0
Deferred income taxes 49.8 31.1 (29.3)
Loss on disposal of fixed assets, net 0.4 0.6 0.3
Changes in assets and liabilities, net of effects from acquisitions:      
Accounts receivable (29.7) 1.8 (70.3)
Prepaid expenses and other assets (33.6) (66.5) (19.7)
Operating lease right-of-use assets, net 41.3 43.1 51.3
Income taxes (5.7) (0.5) 15.0
Acquisition-related liabilities 0.0 (77.0) 70.4
Accounts payable and accrued liabilities (80.8) 24.3 150.9
Deferred revenues 32.4 21.2 11.4
Operating lease liabilities (41.3) (29.6) (49.5)
Other liabilities (35.8) 5.8 (6.9)
Net cash provided by operating activities 1,155.7 1,068.2 956.3
Cash flows from investing activities:      
Acquisitions and purchases of controlling interests, net of cash acquired of $9.3, $11.1, and $10.4, respectively (289.8) (275.8) (699.2)
Proceeds from sale of assets 0.0 23.1 0.0
Investments in nonpublic companies (23.6) (94.8) 0.0
Escrow funding associated with acquisitions (9.2) (9.3) (4.5)
Capital expenditures (268.4) (246.8) (216.8)
Payment of contingent liability related to acquisitions (1.2) 0.0 0.0
Other investing activities, net 0.2 7.8 (7.4)
Net cash used in investing activities (592.0) (595.8) (927.9)
Cash flows from financing activities:      
Proceeds from (repayment of) short-term debt, net 560.0 (445.0) 80.0
Repayments of current portion of long-term debt (450.0) 0.0 (250.0)
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount 0.0 494.8 619.7
Proceeds from issuance of short-term debt with original maturities greater than three months 0.0 20.0 0.0
Repayment of short-term debt with original maturities greater than three months 0.0 (20.0) 0.0
Payment of debt issuance costs 0.0 (5.7) (6.3)
Repurchases of common stock (475.0) (348.8) (300.0)
Net share settlement of taxes from restricted stock and performance share awards (11.8) (4.1) (5.5)
Payment of contingent liability related to acquisitions 0.0 (34.2) 0.0
Proceeds from stock options exercised 84.3 88.0 52.4
Dividends paid (188.2) (175.8) (163.5)
Other financing activities, net (18.2) (14.4) (15.9)
Net cash (used in) provided by financing activities (498.9) (445.2) 10.9
Effect of exchange rate changes (3.3) 6.7 6.1
Net increase in cash and cash equivalents, including cash classified within current assets held for sale 61.5 33.9 45.4
Increase (decrease) in cash classified within current assets held for sale 0.0 0.3 (0.3)
Increase in cash and cash equivalents 61.5 34.2 45.1
Cash and cash equivalents, beginning of period 218.8 184.6 139.5
Cash and cash equivalents, end of period 280.3 218.8 184.6
Supplemental disclosures:      
Income taxes paid 175.0 156.5 139.8
Interest paid 129.0 134.3 119.9
Noncash investing and financing activities:      
Deferred tax liability established on date of acquisitions 21.0 13.0 43.4
Right-of-use assets obtained in exchange for new operating lease liabilities 0.0 0.0 247.6
Finance lease additions, net of disposals 7.0 30.9 20.2
Operating lease additions, net of terminations 22.4 87.8 13.7
Tenant improvements included in Operating lease right-of-use assets, net 0.0 0.0 1.7
Fixed assets included in accounts payable and accrued liabilities 5.3 0.8 1.6
Noncash contribution of assets for a nonpublic company $ 0.0 $ 65.9 $ 0.0
v3.22.0.1
Consolidated Statements of Cash Flows (Parentheticals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net of cash acquired from acquisitions $ 9.3 $ 11.1 $ 10.4
v3.22.0.1
Note 1 - Organization
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.    Organization:

 

Verisk Analytics, Inc. is a data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using various technologies to collect and analyze billions of records, we draw on numerous data assets and domain expertise to provide first-to-market innovations that are integrated into customer workflows. We offer predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, commercial banking and finance, and many other fields. Around the world, we help customers protect people, property, and financial assets.

 

We were established to serve as the parent holding company of Insurance Services Office, Inc. (“ISO”) upon completion of the initial public offering (“IPO”), which occurred on October 9, 2009. ISO was formed in 1971 as an advisory and rating organization for the property and casualty ("P&C") insurance industry to provide statistical and actuarial services, to develop insurance programs, and to assist insurance companies in meeting state regulatory requirements. Over the past decade, we broadened our data assets, entered new markets, placed a greater emphasis on analytics, and pursued strategic acquisitions. We trade under the ticker symbol “VRSK” on the Nasdaq Global Select Market.

 

Since January 2020, an outbreak of the 2019 novel coronavirus ("COVID-19") has evolved into a worldwide pandemic. We have modified our operations in line with our business continuity plans due to COVID-19. While our facilities generally remain open, we are making extensive use of the work-from-home model at this moment. On a daily basis, management is reviewing our operations and there have been to date minimal interruptions in our customer-facing operations. Given the digital nature of our business and the move toward cloud enablement, we expect to remain operationally stable and fully available to our customers. We are in compliance with all financial and non-financial covenants and have not observed a loss of any significant customers, a significant deterioration in the collectability of receivables, a significant reduction in our liquidity, nor a significant decline in subscription renewal rates. 

 
v3.22.0.1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

2.    Basis of Presentation and Summary of Significant Accounting Policies:

 

Our accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with these accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, 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 periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may ultimately differ from those estimates. Certain reclassifications, including combining acquisition-related liabilities into the "Accounts payable and accrued liabilities" line in 2021 (they used to be shown as a separate line item) and moving Atmospheric and Environmental Research ("AER"), an immaterial component, from the Energy and Specialized Markets segment to the underwriting and rating category within the Insurance segment, have been made within our consolidated balance sheets, consolidated statements of operations, consolidated statements of cash flows, and in our notes to conform to our respective 2021 presentation. 

 

Significant accounting policies include the following:

 

(a)    Intercompany Accounts and Transactions

 

The consolidated financial statements include all of our accounts. All intercompany accounts and transactions have been eliminated.

 

(b)    Revenue Recognition

 

The following describes our primary types of revenues and the applicable revenue recognition policies. We recognize revenues through recurring and non-recurring long-term agreements (generally one to five years) for hosted subscriptions, advisory/consulting services, and for transactional solutions. Each of our reportable segments, Insurance, Energy and Specialized Markets, and Financial Services, has a portion of its revenue from more than one of these revenue types. Our revenues are primarily derived from the sale of services where revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration that we expect to be entitled to in exchange for those services. Fees for services provided by us are non-refundable. Revenue is recognized net of applicable sales tax withholdings.

 

Hosted Subscriptions

 

We offer two forms of hosted subscriptions. The first and most prevalent form of hosted subscription is where customers access content only through our online portal (the "Hosted Subscription"). We grant a license to our customer to enter our online portal. The license is a contractual mechanism that allows our customer to access our online portal for a defined period of time. As the license alone does not provide utility to our customer, our customer has no contractual right to take possession of our online portal at any time, and our customer cannot engage another party to host our online portal and related content, it is not considered a functional license under Topic 606. Our promise to our customer is to provide continuous access to our online portal and to update the content throughout the subscription period. Hosted Subscription is a single performance obligation that represents a series of distinct services (daily access to our online portal and related content) that are substantially the same and that have the same pattern of transfer to our customer. We recognize revenue for Hosted Subscriptions ratably over the subscription period on a straight-line basis as services are performed and continuous access to information in our online portal is provided over the entire term of the agreements.

 

The second form of hosted subscription is where customers have access to our online portals combined with software content that is delivered via disk drive/download to our customer (“Hosted Subscription with Disk Drive/Download”) and is offered only on a limited basis. For this form of hosted subscription, we also grant our customer a license to enter our online portal as well as access the software content as needed and act as the same contractual mechanism as described for Hosted Subscriptions. The Hosted Subscription with Disk Drive/Download works in such a manner that our customer gains significant benefit, functionality, and overall utility only when the online portal and the software content are used together. The disk drive/download contains the models while the online portal contains the latest data and research which is updated throughout the subscription period. The models within the disk drive/download depend on the data and research contained within our online portal. The data and research within our online portal is only useful when our customer can utilize it within the models (e.g., queries, projections, etc.) so that they may use the most current information and alerts to forecast potential future losses. The software content is only sold together with our online portal to provide a highly interdependent and interrelated promise and therefore represents a single performance obligation. As our customer has no contractual right to take possession of our online portal at any time, and our customer cannot engage another party to host our online portal and related software content, it is not considered a functional license under Topic 606. Our promise to our customer is to deliver the disk drive/download, to provide continuous access to our online portal, and to update the software content throughout the subscription period. We recognize revenue for Hosted Subscriptions with Disk Drive/Download ratably over the subscription period on a straight-line basis as services are performed and continuous access to information is provided over the entire term of the agreements.

 

Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period, which is usually for one year and in most instances automatically renewed each year.

 

               Advisory/Consulting Services

 

We provide certain discrete project based advisory/consulting services, which are recognized over time by measuring the progress toward complete satisfaction of the performance obligation, based on the input method of consulting hours worked; this aligns with the results achieved and value transferred to our customer. The hours consumed are most reflective of the measure of progress towards satisfying the performance obligation, as the resources hours worked directly tie to the progress of the services to be provided. In general, they are billed over the course of the project.

 

Transactional Solutions

 

Certain solutions are also paid for by customers on a transactional basis. We recognize these revenues as the solutions are delivered or services performed at a point in time. In general, our customers are billed monthly at the end of each month.

 

(c) Deferred Revenues

 

We invoice our customers in annual, quarterly, monthly, or milestone installments. Amounts billed and/or collected in advance of services being provided are recorded as “Deferred revenues” and “Other noncurrent liabilities” in our accompanying consolidated balance sheets and are recognized as the services are performed, control is transferred to customers, and the applicable revenue recognition criteria is met.

 

(d) Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are generally recorded at the invoiced amount. Unbilled receivables are short-term in nature and expected to be billed within one year. The allowance for doubtful accounts or expected credit losses is estimated based on an analysis of the aging of the accounts receivable, historical write-offs, customer payment patterns, individual customer credit worthiness, current economic trends, reasonable and supportable forecasts of future economic conditions, and/or establishment of specific reserves for customers in adverse financial condition. We assess the adequacy of the allowance for doubtful accounts on a quarterly basis.

 

(e) Deferred Commissions

 

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. The incremental costs of obtaining a contract with a customer, which primarily consist of sales commissions, are deferred and amortized over a useful life of five years that is consistent with the transfer to our customer the services to which the asset relates. We classify deferred commissions as current or noncurrent based on the timing of expense recognition. The current and noncurrent portions of deferred commissions are included in "Prepaid expenses" and "Other noncurrent assets", respectively, in our consolidated balance sheets as of December 31, 2021. Amortization expense related to deferred commissions is computed on a straight-line basis over its estimated useful lives and included in "Selling, general and administrative" within our accompanying consolidated statements of operations.    

 

(f)    Fixed Assets and Finite-lived Intangible Assets

 

Fixed assets and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term.

 

Our internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350-40, Internal-use Software ("ASC 350-40"). We also capitalize software development costs upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold, Leased, or Marketed (“ASC 985-20”). Software development costs are amortized on a straight-line basis.

 

In accordance with ASC 360, Property, Plant & Equipment, whenever events or changes in circumstances indicate that the carrying amount of long-lived assets and finite-lived intangible assets may not be recoverable, we review our long-lived assets and finite-lived intangible assets for impairment by first comparing the carrying value of our assets to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of our assets. If the carrying value exceeds the sum of our assets’ undiscounted cash flows, we estimate and recognize an impairment loss by taking the difference between the carrying value and fair value of our assets.

 

As of December 31, 2021, we reassessed the recoverability of long-lived assets for our Financial Services reporting unit based upon the weaker than expected operating performance as a result of changing market conditions. These conditions constituted a triggering event, which resulted in a long-lived asset impairment for our Financial Services operating segment. Please refer to Note 9. Fixed Assets and  Note 12. Goodwill and Intangible Assets for more information.

 

(g)    Leases

 

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. The lease term for our corporate headquarters ends in 2033 and includes the options to extend for one 10-year renewal period and two 5-year renewal periods. The lease of our Hyderabad, India office may be terminated in six months without penalty. Extension and termination options are considered in our calculation of the right-of-use (“ROU”) assets and lease liabilities when we determine it is reasonably certain that we will exercise those options.

 

We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset and that it has the right to control the use of such asset in determining whether the contract contains a lease. A ROU asset represents our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our operating leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available on the adoption date in determining the present value of lease payments. The incremental borrowing rate was calculated by using our credit rating on our publicly-traded U.S. unsecured bonds and estimating an appropriate credit rating for similar secured debt instruments. Our calculated credit rating on secured debt instruments determined the yield curve used. We calculated an implied spread and applied the spreads to the risk-free interest rates based on the yield of the U.S. Treasury zero coupon securities with a maturity equal to the remaining lease term in determining the borrowing rates for all operating leases. Our operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Lease expense for lease payments are recognized on a straight-line basis over the lease term. Operating lease transactions are included in "Operating lease right-of-use assets, net", and "Operating lease liabilities", current and noncurrent, within our accompanying consolidated balance sheets. Finance leases are included in property and equipment under "Fixed assets, net", "Short-term debt and current portion of long-term debt", and "Long-term debt" within our accompanying consolidated balance sheets.

 

(h)    Fair Value of Financial and Non-financial Instruments

 

We follow the provisions of ASC 820-10, Fair Value Measurements (“ASC 820-10”), which defines fair value, establishes a framework for measuring fair value under U.S. GAAP and expands fair value measurement disclosures. We follow the provisions of ASC 820-10 for our financial assets and liabilities recognized or disclosed at fair value on a recurring basis. We follow the provisions of ASC 820-10 for our non-financial assets and liabilities recognized or disclosed at fair value.

 

(i)    Foreign Currency

 

We have determined local currencies are the functional currencies of our foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in our accompanying consolidated statements of changes in stockholders’ equity.

 

(j)    Stock-Based Compensation

 

We follow ASC 718, Stock Compensation (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the awards granted, and is recognized as expense over the requisite service period.

 

Our nonqualified stock options have an exercise price equal to the closing price of our common stock on the grant date, with a ten-year contractual term. The expected term for our stock options granted for a majority of the awards granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no historical exercise pattern exists, the expected term was estimated using the simplified method. The risk-free interest rate is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the expected term of the equity award. The volatility factor is calculated using our historical daily closing prices over the most recent period that is commensurate with the expected term of the stock option awards. The expected dividend yield was based on our expected annual dividend rate on the date of grant.

 

The fair value of our restricted stock is determined using the closing price of our common stock on the grant date. Our restricted stock is not assignable or transferable until it becomes vested. Restricted stock generally has a service vesting period of four years and we recognize the expense ratably over this service vesting period.

 

Performance share units (“PSU”) vest at the end of a three-year performance period, subject to the recipient’s continued service. Each PSU represents the right to receive one share of our common stock and the ultimate realization is based on our achievement of certain market performance criteria. We determined the grant date fair value of PSUs with the assistance of a third-party valuation specialist and based on estimates provided by us. The valuation of our PSUs employed the Monte Carlo simulation model, which includes certain key assumptions that were applied to us and our peer group. Those key assumptions included valuation date stock price, expected volatility, correlation coefficients, risk-free rate of return, and expected dividend yield.  The valuation date stock price is based on the dividend-adjusted closing price on the grant date. Expected volatility is calculated using historical daily closing prices over a period that is commensurate with the length of the performance period. The correlation coefficients are based on the price data used to calculate the historical volatilities. The risk-free rate of return is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the length of the performance period. The expected dividend yield was based on our and our peer group’s expected dividend rate over the performance period. PSUs are tied to the achievement of certain market performance conditions, namely relative total shareholder return as compared to the S&P 500 index ("TSR-based PSUs").

 

We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Estimated forfeiture is ultimately adjusted to actual forfeiture. Changes in the forfeiture assumptions may impact the total amount of expense ultimately recognized, as well as the timing of expense recognized over the requisite service period.

 

Excess tax benefit from exercised stock options, lapsing of restricted stock and PSUs is recorded as an income tax benefit in our accompanying consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and of the market value of restricted stock lapsed over the compensation recognized for financial reporting purposes.

 

(k)    Research and Development Costs

 

Research and development costs, which are primarily related to personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $49.2 million, $48.9 million, and $60.0 million for the years ended December 31, 2021, 2020, and 2019, respectively, and were included in our accompanying consolidated statements of operations.

 

(l)    Advertising Costs

 

Advertising costs, which are primarily associated with promoting our brand, names and solutions provided, are expensed as incurred. Such costs were $12.0 million, $8.5 million, and $10.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

 

(m)    Income Taxes

 

We account for income taxes under the asset and liability method under ASC 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

Deferred tax assets are recorded to the extent these assets are more likely than not to be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. Valuation allowances are recognized to reduce deferred tax assets if it is determined to be more likely than not that all or some of the potential deferred tax assets will not be realized.

 

We follow ASC 740-10, Income Taxes (“ASC 740-10”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized based on the technical merits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. Income tax positions must meet a more likely than not recognition threshold in accordance with ASC 740-10. This standard also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

 

We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in our accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on our accompanying consolidated balance sheets.

 

(n)    Earnings Per Share

 

Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive common stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if our dilutive outstanding stock options and stock awards were issued.

 

(o)    Pension and Postretirement Benefits

 

We account for our pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits (“ASC 715”). ASC 715 requires the recognition of the funded status of a benefit plan in the balance sheet, the recognition in other comprehensive income (loss) of gains or losses and prior service costs arising during the period, but which are not included as components of periodic benefit cost or credit, and the measurement of defined benefit plan assets and obligations as of the balance sheet date. We utilize a valuation date of December 31.

 

(p)    Product Warranty Obligations

 

We provide warranty coverage for certain of our solutions. We recognize a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2021 and 2020, product warranty obligations were not material.

 

In the ordinary course of business, we enter into numerous agreements that contain standard indemnities whereby we indemnify another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that we could be required to make under these indemnifications; however, we are not able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability.

 

(q)    Loss Contingencies

 

We accrue for costs relating to litigation, claims, and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made.

 

(r)    Goodwill

 

Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of our businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30 or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. We completed the required annual impairment test as of June 30, 2021, which resulted in no impairment of goodwill in 2021. This test compares the carrying value of each reporting unit to its fair value. If the fair value of the reporting unit exceeds the carrying value of our net assets, including goodwill assigned to that reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then an impairment loss is recorded for the difference between the carrying amount and the fair value of the reporting unit. 

 

(s)    Recent Accounting Pronouncements

 

Accounting Standard

 

Description

 

Effective Date

 

Effect on Consolidated Financial Statements or Other Significant Matters

Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure requirements for defined benefit plans" ("ASU No. 2018-14")

 

Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure requirements for defined benefit plans" ("ASU No. 2018-14")

 This amendment removes certain disclosures that are not considered cost beneficial and helps clarify certain required disclosures along with adding additional disclosures. This impacts employers that sponsor defined benefit pension and/or other postretirement plans. The amendment clarifies guidance in ASC 715-20-50-3 to disclose projected benefit obligation ("PBO") and accumulated benefit obligation ("ABO"). Fiscal years ending after December 15, 2020 with early adoption permitted. We adopted ASU No. 2018-14 on December 31, 2020 on a retroactive basis and applied to each comparative period presented in our Consolidated Financial Statements. The adoption of ASU No. 2018-14 did not have a material impact on our Consolidated Financial Statements.

Income Tax (Topic 740) In December 2019, FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes" ("ASU No. 2019-12")

 

Income Tax (Topic 740) In December 2019, FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes" ("ASU No. 2019-12")

 The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim-period accounting for enacted changes in tax law, year-to-date loss limitation in interim-period tax accounting, income statement presentation of tax benefits of tax-deductible dividends, and impairment of investment in qualified affordable housing projects accounted for under the equity method. Fiscal years beginning after December 15, 2020 with early adoption permitted. We adopted this amendment on January 1, 2021 on a prospective basis. We evaluated ASU No. 2019-12 and determined that there was no material impact on our Consolidated Financial Statements.

 
v3.22.0.1
Note 3 - Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]

3.    Cash and Cash Equivalents:

 

Cash and cash equivalents consist of cash in banks, commercial paper, money-market funds, and other liquid instruments with original maturities of 90 days or less at the time of purchase.

 
v3.22.0.1
Note 4 - Accounts Receivable
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Accounts and Nontrade Receivable [Text Block]

4.    Accounts Receivable:

 

Accounts receivable, net consisted of the following at December 31:

 

  

2021

  

2020

 

Billed receivables

 $395.5  $380.5 

Unbilled receivables

  72.1   69.6 

Total receivables

  467.6   450.1 

Less allowance for doubtful accounts

  (21.3)  (17.7)

Accounts receivable, net

 $446.3  $432.4 

 
v3.22.0.1
Note 5 - Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]

5.    Concentration of Credit Risk:

 

Financial instruments that potentially expose us to credit risk consist primarily of cash and cash equivalents as well as accounts receivable, net which are generally not collateralized. We maintain our cash and cash equivalents in higher credit quality financial institutions in order to limit the amount of credit exposure. The total domestic cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) to a maximum amount of $250.0 thousand per bank as of December 31, 2021 and 2020. As of December 31, 2021 and 2020, we had cash balances on deposit with fifteen and ten banks that exceeded the balance insured by the FDIC limit by approximately$40.3 million and $92.8 million, respectively. As of December 31, 2021 and 2020, we also had cash on deposit with foreign banks of approximately $240.4 million and $122.5 million, respectively.

 

We consider the concentration of credit risk associated with our accounts receivable to be commercially reasonable and believe that such concentration does not result in the significant risk of near-term severe adverse impacts. Our top fifty customers represent approximately 32% of revenues for 2021 and 33% for 2020 and 2019, respectively, with no individual customer accounting for more than approximately 3% of revenues for the years ended December 31, 2021, 2020, and 2019. No individual customer comprised more than approximately 4% and 2% of accounts receivable as of December 31, 2021 and 2020, respectively.

 
v3.22.0.1
Note 6 - Revenues
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

6. Revenues:

 

Disaggregated revenues by type of service and by country are provided below for the years ended December 31, 2021, 2020, and 2019. No individual country outside of the U.S. accounted for more than 10.0% of our consolidated revenues for the years ended December 31, 2021, 2020, or 2019.

 

  

2021

  

2020

  

2019

 

Insurance:

            

Underwriting & rating

 $1,555.1  $1,413.0  $1,274.5 

Claims

  651.8   595.7   610.9 

Total Insurance

  2,206.9   2,008.7   1,885.4 

Energy and Specialized Markets

  648.9   619.2   543.7 

Financial Services

  142.8   156.7   178.0 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 

 

  

2021

  

2020

  

2019

 

Revenues:

            

United States

 $2,285.5  $2,133.6  $2,005.6 

United Kingdom

  204.4   181.6   177.3 

Other countries

  508.7   469.4   424.2 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 

 

 

Contract assets are defined as an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. As of December 31, 2021 and 2020, we had no contract assets.

 

Contract liabilities are defined as an entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. As of December 31, 2021 and 2020, we had contract liabilities that primarily related to unsatisfied performance obligations to provide customers with the right to use and update the online content over the remaining contract term of $504.8 million and $468.2 million, respectively. Contract liabilities, which are current and noncurrent, are included in "Deferred revenues" and "Other noncurrent liabilities" in our consolidated balance sheets, respectively, as of December 31, 2021 and 2020.

 

The following is a summary of the change in contract liabilities from December 31, 2019 through December 31, 2021:

 

Contract Liabilities at December 31, 2019

 $443.2 

Revenue

  (2,784.6)

Billings

  2,809.6 

Contract Liabilities at December 31, 2020

  468.2 

Revenue

  (2,998.6)

Billings

  3,035.2 

Contract Liabilities at December 31, 2021

 $504.8 

 

Our most significant remaining performance obligations relate to providing customers with the right to use and update the online content over the remaining contract term. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. These performance obligations, which are expected to be satisfied within one year, comprised approximately 97% and 99% of the balance as of December 31, 2021 and 2020, respectively.

 

We recognize an asset for incremental costs of obtaining a contract with a customer if we expect the benefits of those costs to be longer than one year. As of December 31, 2021 and 2020, we had deferred commissions of $86.8 million and $73.8 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying consolidated balance sheets.
v3.22.0.1
Note 7 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

7.    Fair Value Measurements:

 

Certain assets and liabilities are reported at fair value in our accompanying consolidated balance sheets. Such assets and liabilities include amounts for both financial and non-financial instruments. To increase consistency and comparability of assets and liabilities recorded at fair value, ASC 820-10 established a three-level fair value hierarchy to prioritize the inputs to valuation techniques used to measure fair value. ASC 820-10 requires disclosures detailing the extent to which companies' measure assets and liabilities at fair value, the methods and assumptions used to measure fair value, and the effect of fair value measurements on earnings. In accordance with ASC 820-10, we applied the following fair value hierarchy:

 

Level 1 — Assets or liabilities for which the identical item is traded on an active exchange, such as publicly-traded instruments.

 

Level 2 — Assets and liabilities valued based on observable market data for similar instruments.

 

Level 3 — Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which is internally-developed, and considers risk premiums that a market participant would require.

 

The fair value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, and short-term debt approximate their carrying amounts because of the short-term nature of these instruments. Our investments in registered investment companies, which are Level 1 assets measured at fair value on a recurring basis using quoted prices in active markets multiplied by the number of shares owned, were $5.0 million and $4.1 million as of December 31, 2021 and 2020, respectively. Our investments in registered investment companies have been included in "Other current assets" in our consolidated balance sheets as of December 31, 2021 and 2020.

 

We elected not to carry our long-term debt at fair value. The carrying value of our long-term debt represents the amortized cost, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs. We assess the fair value of these financial instruments based on an estimate of interest rates available to us for financial instruments with similar features, our current credit rating, and spreads applicable to us. The following table summarizes the carrying value and estimated fair value of these financial instruments as of December 31, 2021 and 2020, respectively:

 

    

2021

  

2020

 
  

Fair Value

 

Carrying

  

Estimated

  

Carrying

  

Estimated

 
  

Hierarchy

 

Value

  

Fair Value

  

Value

  

Fair Value

 

Financial instrument not carried at fair value:

                  

Senior Notes (Note 15)

 

Level 2

 $2,692.0  $3,017.4  $3,140.8  $3,652.2 

 

On February 1, 2020, the sale of the aerial imagery sourcing group was completed. We contributed the assets related to the disposed business and cash of $63.8 million in exchange for a non-controlling 35.0% ownership interest in a nonpublic company, Vexcel Group, Inc. ("Vexcel"). On May 25, 2021, we made an additional $15.0 million cash investment in Vexcel for an additional 3.7% ownership. As of December 31, 2021 and 2020, we had an investment of $144.1 million and $129.1 million, respectively, related to such interest. The value of our investment is based on management's estimates with the assistance of valuations performed by third-party specialists. This investment was included in "Other noncurrent assets" in our accompanying consolidated balance sheets. Refer to Note 11. Dispositions for further discussion.

 

As of December 31, 2021 and 2020, we had securities without readily determinable market values, inclusive of Vexcel, of $161.6 million and $143.1 million, respectively, which were accounted for at cost. We do not have the ability to exercise significant influence over the investees’ operating and financial policies or do not hold investments in common stock or in-substance common stock in such entities. As of December 31, 2021 and 2020, we also had investments in private companies of $54.6 million and $49.5 million, respectively, accounted for in accordance with ASC 323-10-25, The Equity Method of Accounting for Investments in Common Stock ("ASC 323-10-25") as equity method investments. All such investments were included in "Other noncurrent assets" in our accompanying consolidated balance sheets. For the years ended December 31, 2021 and 2020, there was no provision for credit losses related to these investments.

 
v3.22.0.1
Note 8 - Leases
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Lessee, Operating and Finance Leases [Text Block]

8. Leases:

 

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. The lease term for our corporate headquarters ends in 2033 and includes the options to extend for one 10-year renewal period and two 5-year renewal periods. The lease of our Hyderabad, India office may be terminated in six months without penalty. Extension and termination options are considered in the calculation of our right-of-use ("ROU") assets and lease liabilities when we determine it is reasonably certain that we will exercise those options.

 

The following table presents lease cost and cash paid for amounts included in the measurement of lease liabilities for finance and operating leases for the years ended December 31, 2021 and 2020:

 

  

2021

  

2020

 

Lease cost:

        

Operating lease cost (1)

 $52.5  $52.2 

Sublease income

  (1.7)  (0.3)

Finance lease cost

        

Depreciation of finance lease assets (2)

  13.9   13.4 

Interest on finance lease liabilities (3)

  0.8   0.7 

Total lease cost

 $65.5  $66.0 
         

Other information:

        

Cash paid for amounts included in the measurement of lease liabilities

        

Operating cash outflows from operating leases

 $(51.3) $(52.0)

Operating cash outflows from finance leases

 $(0.8) $(0.7)

Financing cash outflows from finance leases

 $(18.2) $(14.4)

_______________

(1) Included in "Cost of revenues" and "Selling, general and, administrative" expenses in our accompanying consolidated statements of operations

(2) Included in "Depreciation and amortization of fixed assets" in our accompanying consolidated statements of operations

(3) Included in "Interest expense" in our accompanying consolidated statements of operations

 

The following table presents weighted-average remaining lease terms and weighted-average discount rates for finance and operating leases for the years ended December 31, 2021 and 2020:

 

  

2021

  

2020

 

Weighted-average remaining lease term - operating leases (in years)

  8.5   9.3 

Weighted-average remaining lease term - finance leases (in years)

  1.6   2.2 

Weighted-average discount rate - operating leases

  3.8%  3.9%

Weighted-average discount rate - finance leases

  3.8%  4.1%

 

Our ROU assets and lease liabilities for finance leases were $19.0 million and $13.5 million, respectively, as of December 31, 2021. Our ROU assets and lease liabilities for finance leases were $27.1 million and $24.7 million, respectively, as of December 31, 2020. Our ROU assets for finance leases were included in "Fixed assets, net" in our accompanying consolidated balance sheets. Our lease liabilities for finance leases were included in the "Short-term debt and current portion of long-term debt" and "Long-term debt" in our accompanying consolidated balance sheets (See Note 15. Debt).

 

Maturities of lease liabilities for the years through 2027 and thereafter are as follows:

 

Years Ending

 

Operating Leases

  

Finance Leases

 

2022

 $51.5  $13.0 

2023

  48.9   1.3 

2024

  40.0   0.4 

2025

  35.4   0.1 

2026

  30.3   — 

2027 and thereafter

  145.8   — 

Total lease payments

  351.9   14.8 

Less: Amount representing interest

  (56.0)  (1.5)

Present value of total lease payments

 $295.9  $13.3 

 
v3.22.0.1
Note 9 - Fixed Assets
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

9.    Fixed Assets

 

The following is a summary of fixed assets:

 

  

Useful Life (in years)

 

Cost

  

Accumulated Depreciation and Amortization

  

Net

 

December 31, 2021

              

Furniture and office equipment

 3 - 10 $259.2  $(219.6) $39.6 

Leasehold improvements

 

Lease term

  135.7   (54.5)  81.2 

Purchased software

 3  92.1   (71.1)  21.0 

Software development costs

 3 - 7  1,077.4   (584.5)  492.9 

Leased equipment

 3 - 4  60.5   (41.5)  19.0 

Motor vehicles and field equipment

 2 - 10  6.2   (1.7)  4.5 

Total fixed assets

   $1,631.1  $(972.9) $658.2 

December 31, 2020

              

Furniture and office equipment

 3 - 10 $273.6  $(215.8) $57.8 

Leasehold improvements

 

Lease term

  118.3   (44.7)  73.6 

Purchased software

 3  77.7   (68.6)  9.1 

Software development costs

 3 - 7  924.6   (465.3)  459.3 

Leased equipment

 3 - 4  68.3   (41.2)  27.1 

Motor vehicles and field equipment

 2 - 10  6.8   (1.4)  5.4 

Total fixed assets

   $1,469.3  $(837.0) $632.3 

 

Depreciation and amortization of fixed assets for the years ended December 31, 2021, 2020, and 2019 were $206.9 million, $192.2 million, and $185.7 million, of which $137.5 million, $120.6 million, and $100.2 million related to amortization of internal-use software development costs, respectively. Amortization expense related to development of software for sale in accordance with ASC 985-20 was $11.7 million, $11.3 million, and $12.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. We had unamortized software development costs that had been capitalized in accordance with ASC 350-40 of $433.5 million and $405.8 million as of December 31, 2021 and 2020, respectively. We had unamortized software development costs that had been capitalized in accordance with ASC 985-20 of $59.4 million and $53.5 million as of December 31, 2021 and 2020, respectively. Leased assets include amounts held under finance leases for automobiles, computer software, and computer equipment.

 

As of December 31, 2021, we reassessed the recoverability of long-lived assets for our Financial Services reporting unit based upon the weaker than expected operating performance as a result of changing market conditions. These conditions constituted a triggering event, which resulted in a $134.0 million impairment to the long-lived assets in our Financial Services operating segment including $45.8 million to software development costs in fixed assets. We based our analysis of the fair value of our long-lived assets on the indication of fair value provided by the offer to purchase such reporting unit, which was approved by our Board of Directors of February 16, 2022. This impairment is included within "Other operating loss (income)" in our accompanying consolidated statement of operations.

 
v3.22.0.1
Note 10 - Acquisitions
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

10.    Acquisitions

 

2021 Acquisitions

 

On December 23, 2021, we acquired approximately 96.7 percent of the stock of ACTINEO GmbH ("ACTINEO") with an option to acquire the remaining shares at a future date, for a net cash purchase price of $148.9 million. ACTINEO offers a comprehensive portfolio of services, technology and data solutions to support the entire bodily injury settlement process. With this acquisition, we add ACTINEO's established claims management solutions to our leading data analytics and insurance ecosystem, providing customers with digitalization and medical expertise solutions throughout the entire claims process. ACTINEO is part of the claims vertical within our Insurance segment.

 

On November 2, 2021, we acquired 100 percent of the stock of Data Driven Safety, LLC ("Data Driven Safety") for a net cash purchase price of $93.5 million, of which $2.0 million represents indemnity escrows. Data Driven Safety, a leading public record data aggregation firm that specializes in driver risk assessment in the U.S., has become a part of the underwriting & rating category within our Insurance segment. We believe that Data Driven Safety will expand our robust auto insurance analytics, providing insurers with information to further refine underwriting, improve the customer experience and promote public safety.

 

On September 1, 2021, we acquired 100 percent of the stock of Ignite Software Systems Limited ("Ignite") for a net cash purchase price of $13.8 million. Ignite, a provider of insurance policy administration systems to brokers, managing general agents, and insurers, has become a part of the underwriting & rating category within our Insurance segment. We believe that Ignite's client focus and deep domain knowledge will fit into our business model providing new and existing clients with access to a broader expert advice and service.

 

On June 17, 2021, we acquired 100 percent of the stock of Roskill Holdings Limited ("Roskill") for a net cash purchase price of $22.1 million, of which $4.8 million represents indemnity escrows. Roskill, a provider of metals and materials supply chain intelligence, has become part of our Energy and Specialized Markets segment. Roskill’s capabilities reinforce our ability to provide comprehensive analysis across the energy, and metals and mining value chain while adding analysis, data, and insight on battery raw materials metals.

 

On March 2, 2021, we acquired a 51.0 percent ownership in Whitespace Software Limited ("Whitespace") for a net cash purchase price of $16.8 million. The remaining 49.0 percent ownership interest in Whitespace will be acquired by us, in three equal proportions over the next three years, at a purchase price determined based upon a fixed revenue multiple and adjusted for any free cash flow shortfall. Whitespace, a provider of digital placing technology to the (re)insurance market, has become part of the underwriting & rating category within our Insurance segment. We expect our investment in Whitespace to enable a seamless real-time quote-to-bind electronic placing and global distribution solution, with straight-through submissions for our customers.

 

The preliminary purchase price allocation of the 2021 acquisitions resulted in the following:

 

  ACTINEO  

Data Driven Safety

  

Others

  

Total

 

Cash and cash equivalents

 $0.2  $3.4  $5.7  $9.3 

Accounts receivable

  1.8   1.1   2.1   5.0 

Other current assets

  —   2.0   1.2   3.2 

Fixed assets

  1.4   —   0.2   1.6 

Operating lease right-of-use assets, net

  4.2   0.4   0.9   5.5 

Intangible assets

  48.3   42.1   25.3   115.7 

Goodwill

  121.9   73.7   61.5   257.1 

Other assets

  —   —   4.8   4.8 

Total assets acquired

  177.8   122.7   101.7   402.2 

Current liabilities

  2.1   3.3   4.0   9.4 

Deferred revenues

  —   0.4   4.7   5.1 

Operating lease liabilities

  4.2   0.4   0.9   5.5 

Deferred income tax, net

  15.8   —   5.2   21.0 

Other liabilities

  —   21.7   4.8   26.5 

Total liabilities assumed

  22.1   25.8   19.6   67.5 

Net assets acquired

  155.7   96.9   82.1   334.7 

Less: Noncontrolling interests

  6.6   —   19.8   26.4 

Less: Cash acquired

  0.2   3.4   5.7   9.3 

Net cash purchase price

 $148.9  $93.5  $56.6   299.0 

 

The preliminary amounts assigned to intangible assets by type for our 2021 acquisitions are summarized in the table below:

 

  

Weighted Average Useful Life (in years)

 

Total

 

Technology-based

 5 $21.2 

Marketing-related

 4  1.4 

Customer-related

 13  84.7 

Database-based

 5  8.4 

Total intangible assets

   $115.7 

 

The preliminary allocations of the purchase price for the 2021 acquisitions with less than a year of ownership are subject to revisions as additional information is obtained about the facts and circumstances that existed as of each acquisition date. The revisions may have a significant impact on our consolidated financial statements. The allocations of the purchase price will be finalized once all the information is obtained, but not to exceed one year from the acquisition date. The primary areas of the purchase price allocation that are not yet finalized relate to income and non-income taxes, deferred revenues, the valuation of intangible assets acquired, right-of-use assets and operating lease liabilities and residual goodwill. The goodwill associated with our acquisitions include the acquired assembled work force, the value associated with the opportunity to leverage the work force to continue to develop the technology and content assets, as well as our ability to grow through adding additional customer relationships or new solutions in the future. Of the $257.1 million in goodwill associated with our acquisitions, $182.5 million is not deductible for tax purposes. The preliminary amounts assigned to intangible assets by type for these acquisitions were based upon our valuation model and historical experiences with entities with similar business characteristics. 

 

For the year ended December 31, 2021, we incurred transaction costs related to acquisitions of $2.8 million, which are included within "Selling, general and administrative expenses in the accompanying consolidated statements of operations. Refer to Note 12. Goodwill and Intangible Assets for further discussion.

 

Our 2021 acquisitions were not significant, both individually and in the aggregate, to our consolidated financial statements for the years ended December 31, 2021, 2020 and 2019, and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.

 

2020 Acquisitions

 

On December 16, 2020, we acquired 100 percent of the stock of Lead Intelligence, Inc. ("Jornaya"), a provider of consumer behavioral data and intelligence, for a net cash purchase price of $124.9 million. The acquisition added Jornaya's proprietary view of consumer buying journeys to our growing set of marketing solutions for the insurance and financial services markets, as well as provide customers with the intelligence and agility to time and tailor interactions based on actual in-market behaviors. Jornaya has become part of the underwriting & rating category within our Insurance segment. The final purchase price allocation of the acquisition is presented in the table below.

 

On September 9, 2020, we acquired 100 percent of the stock of Franco Signor LLC ("Franco Signor") for a net cash purchase price of $159.7 million, of which $8.0 million represents indemnity escrows. Franco Signor is a Medicare Secondary Payer compliance solutions provider to large employers, insurers and third-party administrators in the U.S. Franco Signor has become part of the claims category within our Insurance segment and enhanced the solutions we currently offer, as well as added professional administrative services for Medicare Set Asides to our suite of solutions. The final purchase price allocation of the acquisition is presented in the table below.

 

The final purchase price allocations, inclusive of closing adjustments, of our 2020 acquisitions resulted in the following:

 

  

Lead Intelligence

  

Franco Signor

  

Total

 

Cash and cash equivalents (1)

 $5.9  $10.9  $16.8 

Accounts receivable

  2.8   2.2   5.0 

Other current assets

  1.4   0.9   2.3 

Fixed assets

  0.8   0.4   1.2 

Operating lease right-of-use assets, net

  1.6   1.5   3.1 

Intangible assets

  64.3   59.1   123.4 

Goodwill

  69.9   101.5   171.4 

Other assets

  0.1   8.0   8.1 

Total assets acquired

  146.8   184.5   331.3 

Current liabilities (1)

  2.1   8.3   10.4 

Deferred revenues

  2.6   0.3   2.9 

Operating lease liabilities

  1.6   1.5   3.1 

Deferred income tax, net

  9.7   1.5   11.2 

Other liabilities

  —   8.0   8.0 

Total liabilities assumed

  16.0   19.6   35.6 

Net assets acquired

  130.8   164.9   295.7 

Less: Cash and cash equivalents

  5.9   10.9   16.8 

Restricted cash (1)

  —   (5.7)  (5.7)

Cash acquired

  5.9   5.2   11.1 

Net cash purchase price

 $124.9  $159.7  $284.6 

_______________

(1) Within cash and cash equivalents, there is $5.7 million of restricted cash related to Franco Signor's professional administrative services for Medicare Set Asides, with an offsetting liability of $5.7 million included within current liabilities.

 

The final amounts assigned to intangible assets by type for our 2020 acquisitions are summarized in the table below:

 

  

Weighted Average Useful Life (in years)

 

Total

 

Technology-based

 11 $30.8 

Marketing-related

 5  2.1 

Customer-related

 11  90.5 

Total intangible assets

   $123.4 

 

For the year ended December 31, 2021, we finalized the purchase accounting for our 2020 acquisitions during the measurement periods in accordance with ASC 805, Business Combinations. The impact of finalization of the purchase accounting associated with these acquisitions was not material to our accompanying consolidated statements of operations for the years ended December 31, 2020 and 2019.

 

The goodwill of $90.6 million associated with the purchases of Jornaya and Franco Signor is not deductible for tax purposes. For the year ended December 31, 2020, we incurred transaction costs related to acquisitions of $2.2 million, which are included within "Selling, general and administrative" expenses in our accompanying consolidated statements of operations. Refer to Note 12. Goodwill and Intangible Assets for further discussion.

 

Our 2020 acquisitions were not significant, both individually and in the aggregate, to our consolidated financial statements for the years ended December 31, 2020 and 2019, and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.

 

2019 Acquisitions

 

On December 23, 2019, we acquired 100 percent of the stock of Flexible Architecture and Simplified Technology, LLC ("FAST"), a software company for the life insurance and annuity industry, for a net cash purchase price of $193.9 million, of which $1.9 million represents indemnity escrows. FAST offers a flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth. FAST has become part of the underwriting & rating category within our Insurance segment, and expanded and enhanced the suite of solutions that we are developing across the enterprise for life insurers looking to transform the customer experience throughout the life of the policy, from quote to claims. The final purchase price allocation of the acquisition is presented in the table below.
 

On December 19, 2019, we acquired selected assets of Commerce Signals, Inc. ("Commerce Signals"), a software company that offers a data sharing platform for retail, restaurant and entertainment marketers, for a net cash purchase price of $3.9 million, which consists of a holdback of $1.1 million as security for the indemnification obligations of the seller. Commerce Signals has become part of our Financial Services segment, and enhanced the existing solutions that we currently offer. The final purchase price allocation of the acquisition is presented as part of "Others" in the table below.

 

On November 5, 2019, we acquired 100 percent of the stock of Genscape, Inc. (“Genscape”), a global provider of real-time data and intelligence for commodity and energy markets, for a net cash purchase price of $351.0 million. Genscape has become part of the Energy and Specialized Markets segment, and enhanced our existing sector intelligence in energy data and analytics. The final purchase price allocation of the acquisition is presented in the table below.
 
On October 10, 2019, we acquired 100 percent of the stock of BuildFax, Inc. ("BuildFax") for a net cash purchase price of $40.2 million, which consists a holdback of $1.0 million. BuildFax uses building permit, contractor, and inspection data to provide information about the condition of properties to insurance and financial institutions. The data from BuildFax enhances property analytics under the underwriting & rating category within our Insurance segment while helping underwriters gain insight into changes in the property insured. The final purchase price allocation of the acquisition is presented in the table below.
 
On August 28, 2019, we acquired substantially all of the assets of Property Pres Wizard, LLC. ("PPW") for a net cash purchase price of $15.0 million, of which $1.5 million represents indemnity escrows. PPW is a web and mobile application that manages work order details and property status in the field services industry throughout the supply chain. PPW has become part of the claims category within our Insurance segment, and added a service order and project management application to our PropTech suite of solutions. The final purchase price allocation of the acquisition is presented as part of "Others" in the table below.
 
On July 31, 2019, we acquired 100 percent of the stock of Keystone Aerial Surveys, Inc. ("Keystone") for a net cash purchase price of $29.4 million, of which $2.7 million represents indemnity escrows, to expand our remote imagery business. Keystone sourced imagery by providing customers geospatial solutions and had become part of the claims category within our Insurance segment. Keystone was a component within the aerial imagery sourcing group, which was qualified as assets held for sale on December 2, 2019. On February 1, 2020, the sale of the aerial imagery sourcing group was closed. See Note 11 . Dispositions for further discussion. The final purchase price allocation of the acquisition is presented as part of "Others" in the table below.
 
On March 29, 2019, we entered into an agreement with an enterprise application software provider to acquire their Content as a Service (“CaaS”) business, which included the Environmental Health and Safety Regulatory Content and Environmental Health and Safety Regulatory Documentation teams and data assets, for a net cash purchase price of $65.2 million. The CaaS business has become part of our Energy and Specialized Markets segment. This transaction strengthened our environmental health and safety services business and extended our global customer footprint and European operations. The final purchase price allocation of the acquisition is presented in the table below.
 

The final purchase price allocations, inclusive of closing adjustments, of our 2019 acquisitions resulted in the following:

 

  

FAST

  

Genscape

  

BuildFax

  

CaaS

  

Others

  

Total

 

Cash and cash equivalents

 $2.9  $0.2  $0.4  $3.7  $3.1  $10.3 

Accounts receivable

  4.7   13.6   1.8   —   3.9   24.0 

Other current assets

  0.4   1.4   0.1   0.7   0.6   3.2 

Fixed assets

  1.8   15.9   0.9   0.2   6.3   25.1 

Operating lease right-of-use assets, net

  1.4   7.4   0.4   —   0.5   9.7 

Intangible assets

  69.0   153.2   21.9   34.4   14.1   292.6 

Goodwill

  120.7   241.4   20.2   41.2   28.2   451.7 

Other assets

  0.1   —   —   0.1   4.4   4.6 

Total assets acquired

  201.0   433.1   45.7   80.3   61.1   821.2 

Current liabilities

  2.4   17.4   0.9   1.3   1.3   23.3 

Deferred revenues

  0.3   27.3   2.4   10.1   —   40.1 

Operating lease liabilities

  1.4   7.4   0.4   —   0.5   9.7 

Deferred income tax, net

  —   29.8   0.4   —   2.6   32.8 

Other liabilities

  —   —   1.0   —   5.3   6.3 

Total liabilities assumed

  4.1   81.9   5.1   11.4   9.7   112.2 

Net assets acquired

  196.9   351.2   40.6   68.9   51.4   709.0 

Cash acquired

  (3.0)  (0.2)  (0.4)  (3.7)  (3.1)  (10.4)

Net cash purchase price

 $193.9  $351.0  $40.2  $65.2  $48.3  $698.6 

 

The final amounts assigned to intangible assets by type for our 2019 acquisitions are summarized in the table below:

 

  Weighted Average Useful Life (in years) 

Total

 

Technology-based

 6 $81.9 

Marketing-related

 4  3.9 

Customer-related

 12  185.5 

Database-based

 10  20.7 

Total intangible assets

   $292.0 

 

For the year ended December 31, 2020, we finalized the purchase accounting for our 2019 acquisitions during the measurement periods in accordance with ASC 805, Business Combinations. The impact of finalization of the purchase accounting associated with these acquisitions was not material to our accompanying consolidated statements of operations for the years ended December 31, 2019 and 2018.

 

The goodwill of $307.1 million associated with the purchases of FAST, Commerce Signals, Genscape, BuildFax, PPW, Keystone, and CaaS is not deductible for tax purposes. For the year ended December 31, 2019, we incurred transaction costs related to acquisitions of $3.0 million, which are included within "Selling, general and administrative" expenses in our accompanying consolidated statements of operations. Refer to Note 12. Goodwill and Intangible Assets for further discussion.

 

Our 2019 acquisitions were not significant, both individually and in the aggregate, to our consolidated financial statements for the year ended December 31, 2019 and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.

 

Acquisition Escrows and Related Liabilities

 

Pursuant to the related acquisition agreements, we have funded various escrow accounts to satisfy pre-acquisition indemnity and tax claims arising subsequent to the acquisition dates, as well as a portion of the contingent payment. During the years ended December 31, 2021 and 2020, we released $12.1 million and $0.8 million of indemnity escrows related to various acquisitions. At December 31, 2021 and 2020, the current portion of the escrows amounted to $10.6 million and $1.5 million, and the noncurrent portion of the escrows amounted to $4.7 million and $18.5 million, respectively. The current and noncurrent portions of the escrows have been included in "Other current assets" and "Other noncurrent assets" in our accompanying consolidated balance sheets, respectively.

 

The acquisitions of Arium Limited, Rebmark Legal Solutions Limited, ACTINEO GmbH, and Data Driven Safety, LLC included acquisition-related contingent payments, for which the sellers of these acquisitions could receive additional payments by achieving the specific predetermined revenue, EBITDA, and EBITDA margin earn-out targets for exceptional performance. We believe that the liabilities recorded as of December 31, 2021 and 2020 reflect the best estimate of acquisition-related contingent payments. The associated current portion of contingent payments were $0.5 million and $0.6 million as of December 31, 2021 and 2020, respectively. The associated noncurrent portion of contingent payments were $21.7 million and $0.2 million as of  December 31, 2021 and 2020, respectively.

 
v3.22.0.1
Note 11 - Dispositions
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

11. Dispositions:

 

On February 1, 2020, the sale of the aerial imagery sourcing group was completed. We contributed assets related to the disposed business, including cash of $63.8 million, in exchange for a noncontrolling 35.0% ownership interest in a nonpublic company, Vexcel. We determined the fair value of the securities associated with the noncontrolling ownership interest in Vexcel with the assistance of valuations performed by third-party specialists, including the discounted cash flow analysis and estimates made by management. The securities were concluded not to have a readily determinable fair value and did not qualify for the practical expedient to estimate fair value. The contributed assets approximated the fair value of the equity securities related to the noncontrolling ownership interest; therefore, there was no gain or loss recorded in conjunction with this disposition for the year ended December 31, 2020.

 

On February 14, 2020, the sale of the compliance background screening business was completed for net cash proceeds of $23.1 million. A gain of $15.9 million was included in "Other operating loss (income)" within our accompanying consolidated statements of operations for the year ended December 31, 2020.

 

On March 1, 2020, the sale of the data warehouse business within the Financial Services segment was completed. We recorded a gain of $3.5 million in "Other operating loss (income)" within our accompanying consolidated statements of operations for the year ended December 31, 2020.

 
v3.22.0.1
Note 12 - Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

12.    Goodwill and Intangible Assets:

 

We completed the required annual impairment test as of June 30, 2021, 2020 and 2019, which resulted in no impairment of goodwill. Based on the results of our impairment assessment as of June 30, 2021, we determined that the fair value of each of our reporting units exceeded their respective carrying value. As of December 31, 2021, we reassessed the recoverability of  the long-lived assets for our Financial Services reporting unit based upon the weaker than expected operating performance as a result of changing market conditions. These conditions constituted a triggering event, which resulted in a $134.0 million impairment to the long-lived assets for our Financial Services reporting unit including $88.2 million to intangible assets and $45.8 million to fixed assets. We based our analysis of the fair value of our long-lived assets on the indication of fair value provided by the offer to purchase such reporting unit, which was approved by our Board of Directors on February 16, 2022. This impairment is included within "Other operating loss (income)" in our consolidated statement of operations.

 

The following is a summary of the change in goodwill from December 31, 2019 through December 31, 2021, both in total and as allocated to our operating segments:

 

  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Goodwill at December 31, 2019

 $998.8  $2,389.5  $476.0  $3,864.3 

Acquisitions

  171.7   —   —   171.7 

Purchase accounting reclassifications

  2.1   (6.0)  (0.2)  (4.1)

Current period adjustment

  21.4   (19.5)  —   1.9 

Foreign currency translation adjustment

  14.6   59.6   0.1   74.3 

Goodwill at December 31, 2020

  1,208.6   2,423.6   475.9   4,108.1 

Acquisitions and purchases of controlling interests

  235.9   21.2   —   257.1 

Purchase accounting reclassifications

  (0.3)  —   —   (0.3)

Current period adjustment (1)

  15.8   (15.8)  —   — 

Foreign currency translation adjustment

  (5.2)  (28.0)  (0.5)  (33.7)

Goodwill at December 31, 2021

 $1,454.8  $2,401.0  $475.4  $4,331.2 

____________

(1) This adjustment relates to a segment reclassification; refer to Note 19. Segment Reporting

 

Our intangible assets and related accumulated amortization consisted of the following:

 

  

Weighted

            
  

Average

            
  

Useful Life

     

Accumulated

     
  

(in years)

 

Cost

  

Amortization

  

Net

 

December 31, 2021

              

Technology-based

 7 $576.4   (403.3) $173.1 

Marketing-related

 15  274.1   (129.6) $144.5 

Contract-based

 6  5.0   (5.0) $— 

Customer-related

 13  1,015.4   (426.5) $588.9 

Database-based

 18  484.2   (164.8) $319.4 

Total intangible assets

   $2,355.1  $(1,129.2) $1,225.9 

December 31, 2020

              

Technology-based

 7 $559.6  $(349.5) $210.1 

Marketing-related

 16  275.2   (113.4)  161.8 

Contract-based

 6  5.0   (5.0)  — 

Customer-related

 13  1,004.3   (354.2)  650.1 

Database-based

 19  501.0   (138.2)  362.8 

Total intangible assets

   $2,345.1  $(960.3) $1,384.8 

 

Amortization expense related to intangible assets for the years ended December 31, 2021, 2020, and 2019, was $176.7 million, $165.9 million, and $138.0 million, respectively. Estimated amortization expense in future periods through 2027 and thereafter for intangible assets subject to amortization is as follows:

 

Years Ending

 

Amount

 

2022

 $170.6 

2023

  155.8 

2024

  133.8 

2025

  109.3 

2026

  104.6 

2027 and thereafter

  551.8 

Total

 $1,225.9 

 
v3.22.0.1
Note 13 - Income Taxes
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

13.    Income Taxes:

 

Domestic and foreign income before income taxes was as follows:

 

  

2021

  

2020

  

2019

 

U.S.

 $805.3  $834.0  $553.9 

Foreign

  70.1   63.5   14.5 

Total income before income taxes

 $875.4  $897.5  $568.4 

 

The components of the provision for income taxes for the years ended December 31 were as follows:

 

  

2021

  

2020

  

2019

 

Current:

            

Federal

 $116.8  $111.0  $109.9 

State and local

  21.1   23.1   21.4 

Foreign

  21.4   18.9   14.6 

Total current provision for income taxes

  159.3   153.0   145.9 

Deferred:

            

Federal

  19.8   22.6   (14.3)

State and local

  11.8   7.4   (0.2)

Foreign

  18.2   1.8   (12.9)

Total deferred provision for income taxes

  49.8   31.8   (27.4)

Provision for income taxes

 $209.1  $184.8  $118.5 

 

The reconciliation between our effective tax rate and the statutory tax rate is as follows for the years ended December 31:

 

  

2021

  

2020

  

2019

 

Federal statutory rate

  21.0%  21.0%  21.0%

State and local taxes, net of federal tax benefit

  2.8%  2.7%  2.8%

U.K. legislative rate change impact

  3.8%  1.5%  —%

Foreign Derived Intangible Income (FDII)

  (0.9)%  (0.8)%  (1.2)%

Global Intangible Low-taxed Income (GILTI)

  1.5%  —%  —%

Stock-based compensation

  (3.3)%  (3.7)%  (3.0)%

Earn-outs

  —%  —%  2.0%

Other

  (1.0)%  (0.1)%  (0.7)%

Effective tax rate

  23.9%  20.6%  20.9%

 

The increase in the effective tax rate in 2021 compared to 2020 was primarily due to the deferred tax impact of the tax rate increase in the United Kingdom that was enacted and recorded in 2021, the impact of the current year Global Intangible Low-taxed income inclusion ("GILTI"), and the impact of higher tax benefits from equity compensation in the prior period versus the current period. The company's accounting policy for GILTI is to treat these inclusions in taxable income as a current period expense when incurred. 

 

The tax effects of significant items comprising our deferred tax assets as of  December 31 are as follows:

 

  

2021

  

2020

 

Deferred tax assets:

        

Employee wages and other benefits

 $49.0  $56.7 

ASC 842/Deferred rent

  10.5   10.3 

Net operating loss carryover

  18.0   22.7 

Litigation accrual

  —   31.3 

Capital and other unrealized losses

  1.5   1.6 

Interest expense

  58.7   44.1 

Other

  7.4   12.2 

Total

  145.1   178.9 

Less valuation allowance

  (64.1)  (48.0)

Deferred tax assets

  81.0   130.9 

Deferred tax liabilities:

        

Fixed assets and intangible assets

  (461.6)  (445.3)

Commissions

  (20.2)  (16.6)

Pensions

  (54.1)  (49.4)

Other

  (9.0)  (7.4)

Deferred tax liabilities

  (544.9)  (518.7)

Deferred tax liabilities, net

 $(463.9) $(387.8)

 

The net deferred tax liabilities of $463.9 million consist primarily of timing differences involving amortization.

 

The ultimate realization of the deferred tax assets depends on our ability to generate sufficient taxable income in the future. We have provided a valuation allowance against the deferred tax assets associated with the interest expense deduction limitation in the U.K. We have also provided for a valuation allowance against the deferred tax assets associated with the net operating losses of certain subsidiaries. Our net operating loss carryforwards expire as follows:

 

Years Ending

 

Amount

 
2022 - 2029 $21.9 
2030 - 2034  20.5 
2035 - 2041  112.2 

Total

 $154.6 

 

A valuation allowance has been established based on our evaluation of the likelihood of utilizing these benefits before they expire. We have determined that the generation of future taxable income from certain subsidiaries to fully realize the deferred tax assets is uncertain. Other than these items, we have determined, based on our historical operating performance, that our taxable income will more likely than not be sufficient to fully realize the deferred tax assets.

 

As of December 31, 2021, we have not made a provision for U.S. or additional foreign withholdings taxes for any additional outside basis difference inherent in our foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations. Determining the amount of unrecognized deferred tax liability related to any additional outside basis difference in these entities is not practicable. We do not rely on these unremitted earnings as a source of funds for our domestic business as we expect to have sufficient cash flow in the U.S. to fund our U.S. operational and strategic needs.

 

We follow ASC No. 740-10 which prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. For each tax position, we must determine whether it is more likely than not that the position will be sustained upon examination based on the technical merits of the position, including resolution of any related appeals or litigation. A tax position that meets the more likely than not recognition threshold is then measured to determine the amount of benefit to recognize within the financial statements. No benefits may be recognized for tax positions that do not meet the more likely than not threshold. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:

 

  

2021

  

2020

  

2019

 

Unrecognized tax benefit as of January 1

 $9.9  $11.5  $17.4 

Gross increase in tax positions in prior period

  1.3   0.5   0.6 

Gross decrease in tax positions in prior period

  (0.1)  (0.2)  (3.3)

Settlements

  —   —   (2.4)

Lapse of statute of limitations

  (7.7)  (1.9)  (0.8)

Unrecognized tax benefit as of December 31

 $3.4  $9.9  $11.5 

 

Of the total unrecognized tax benefits as of December 31, 2021, 2020, and 2019, $3.4 million, $8.1 million, and $8.6 million, respectively, represent the amounts that, if recognized, would have a favorable effect on our effective tax rate in any future periods.

 

The total gross amount of accrued interest and penalties for the years ended December 31, 2021, 2020, and 2019 was $0.5 million, $3.9 million, and $4.6 million, respectively. Our practice is to recognize interest and penalties associated with income taxes as a component of “Provision for income taxes” in our accompanying consolidated statements of operations.

 

We do not expect a significant increase in unrecognized benefits related to federal, state, or foreign tax exposures within the coming year. In addition, we believe that it is reasonably possible that approximately $0.6 million of our currently remaining unrecognized tax positions, each of which is individually insignificant, may be recognized by the end of 2021 as a result of a combination of audit settlements and lapses of statute of limitations, net of additional uncertain tax positions.

 

We are subject to tax in the U.S., various state, and foreign jurisdictions. Joined by our domestic subsidiaries, we file a consolidated income tax return. With a few exceptions, none of which are material to our consolidated financial statements as of December 31, 2021, we are no longer subject to U.S. federal, state and local, or non-US income tax examinations by tax authorities for tax years before 2017. In New Jersey, we are being audited for the years ended December 31, 2013 through 2018 with a statute extension until September 30, 2022. In Pennsylvania, we are being audited for the years ended December 31, 2018 through 2020 with a statute extension until April 30, 2023. We do not expect that the results of these examinations will have a material effect on our financial position, results of operations, or cash flow.

 
v3.22.0.1
Note 14 - Composition of Certain Financial Statement Caption
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]

14.    Composition of Certain Financial Statement Caption:

 

The following table presents the components of “Accounts payable and accrued liabilities” as of December 31:

 

  

2021

  

2020

 

Accounts payable and accrued liabilities:

        

Accrued salaries, benefits and other related costs

 $169.5  $158.7 

Legal accrual (1)

  6.5   126.5 

Escrow liabilities

  10.6   1.5 

Accrued interest

 

16.3

   20.7 

Trade accounts payable and other accrued expenses

  117.3   99.3 

Acquisition-related liabilities

  0.5   0.6 

Total accounts payable and accrued liabilities

 $320.7  $407.3 

_______________

(1) Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation of $125.0 million in 2020

 

The following table presents the components of "Other noncurrent assets" as of December 31:

 

  

2021

  

2020

 

Other noncurrent assets:

        

Pension benefits

 $130.5  $77.3 

Other assets - prepaid expenses

  73.0   70.6 

Acquisition related escrows

  4.7   18.5 

Investments in nonpublic companies

  216.2   192.6 

Deposits and other

  6.1   6.7 

Total other noncurrent assets

 $430.5  $365.7 

 
v3.22.0.1
Note 15 - Debt
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

15.    Debt:

 

The following table presents short-term and long-term debt by issuance as of December 31:

 

  

Issuance

 

Maturity

        
  

Date

 

Date

 

2021

  

2020

 

Short-term debt and current portion of long-term debt:

            

Syndicated revolving credit facility

 

Various

 

Various

 $610.0  $50.0 

Senior notes:

            

4.125% senior notes, less unamortized discount and debt issuance costs of $(0.4)

 

9/12/2012

 

9/12/2022

  349.6   — 

5.800% senior notes, less unamortized discount and debt issuance costs of $0.1

 

4/6/2011

 

5/1/2021

  —   449.9 

Finance lease liabilities (1)

 

Various

 

Various

  11.7   14.4 

Short-term debt and current portion of long-term debt

  971.3   514.3 

Long-term debt:

            

Senior notes:

            

3.625% senior notes, less unamortized discount and debt issuance costs of $(10.3) and $(10.7), respectively

 

5/13/2020

 

5/15/2050

  489.7   489.3 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $10.9 and $12.4, respectively

 

3/6/2019

 

3/15/2029

  610.9   612.4 

4.000% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(5.4), respectively

 

5/15/2015

 

6/15/2025

  895.9   894.6 

5.500% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(4.3), respectively

 

5/15/2015

 

6/15/2045

  345.9   345.7 

4.125% senior notes, less unamortized discount and debt issuance costs of $(1.1)

 

9/12/2012

 

9/12/2022

  —   348.9 

Finance lease liabilities (1)

 

Various

 

Various

  1.6   10.3 

Syndicated revolving credit facility debt issuance costs

 

Various

 

Various

  (1.2)  (1.6)

Long-term debt

  2,342.8   2,699.6 

Total debt

 $3,314.1  $3,213.9 

_______________

(1) Refer to Note 8. Leases

    

Accrued interest associated with our outstanding debt obligations was $16.3 million and $20.7 million as of  December 31, 2021 and 2020, respectively, and included in “Accounts payable and accrued liabilities” within our accompanying consolidated balance sheets. Interest expense associated with our finance lease and outstanding debt obligations, including amortization of debt issuance costs and original discounts, was $127.0 million, $138.3 million, and $125.7 million for the years ended  December 31, 2021, 2020, and 2019, respectively.

 

Senior Notes

 

As of December 31, 2021 and December 31, 2020, we had senior notes with an aggregate principal amount of $2,700.0 million and $3,150.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants. On May 3, 2021, we repaid the 5.800% senior notes in full in the amount of $450.0 million utilizing a combination of $250.0 million in borrowings from the credit facility and cash from operations.

 

Syndicated Revolving Credit Facility

 

We have a Credit Facility with a borrowing capacity of $1,000.0 million with Bank of America N.A., HSBC Bank USA, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, National Association, Citibank, N.A., Credit Suisse AG, Cayman Islands Branch, Morgan Stanley Bank, N.A., First Commercial Bank, Ltd., Los Angeles Branch, TD Bank, N.A., and the Northern Trust Company. Interest on borrowings under the Credit Facility is payable at an interest rate of the administrative agent's prime rate plus 1.0% to 1.625%, depending upon the public debt rating. A commitment fee on any unused balance is payable periodically and may range from 8.0 to 20.0 basis points based upon the public debt rating. The Credit Facility also contains certain financial and other covenants that, among other things, impose certain restrictions on indebtedness, liens, investments, and capital expenditures. These covenants place restrictions on mergers, asset sales, sale/leaseback transactions, and certain transactions with affiliates. The financial covenants require that, at the end of any fiscal quarter, we have a consolidated funded debt leverage ratio of less than 3.5 to 1.0. At our election, the maximum consolidated funded debt leverage ratio could be permitted to increase one time each to 4.0 to 1.0 and 4.25 to 1.0. The Credit Facility may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividends, and the share repurchase program (the "Repurchase Program"). As of December 31, 2021, we were in compliance with all financial and other debt covenants under the Credit Facility. As of December 31, 2021 and 2020, the available capacity under the Credit Facility was $384.9 million and $944.6 million, net of the letters of credit of $5.1 million and $5.4 million, respectively. Subsequent to December 31, 2021 we have made repayments of $130.0 million under the Credit Facility resulting in $480.0 million in borrowings under the Revolving Credit Facility. 

 

Debt Maturities

 

The following table reflects our debt maturities:

 

Years Ending

 

Amount

 

2022

 $971.7 

2023

  1.3 

2024

  0.4 

2025

  900.1 

2026

  — 

2027 and thereafter

  1,450.0 

Total

 $3,323.5 

 
v3.22.0.1
Note 16 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

16.    Stockholders’ Equity:

 

We have 2,000,000,000 shares of authorized common stock as of December 31, 2021 and 2020. The common shares have rights to any dividend declared by our Board of Directors, subject to any preferential or other rights of any outstanding preferred stock, and voting rights to elect all eleven members of our Board of Directors. At December 31, 2021, 2020, and 2019, the adjusted closing price of our common stock was $228.73, $206.34, and $147.50 per share, respectively.

 

We have 80,000,000 shares of authorized preferred stock, par value $0.001 per share. The preferred shares have preferential rights over the common shares with respect to dividends and net distribution upon liquidation. We did not issue any preferred shares as of December 31, 2021 and 2020.

 

On February 17, 2021, April 28, 2021, July 28, 2021, and October 27, 2021, our board approved a cash dividend of $0.29 per share of common stock issued and outstanding to the holders of record as of March 15, 2021, June 15, 2021, September 15, 2021, and December 15, 2021, respectively. Cash dividends of $188.2 million and $175.8 million were paid during the years ended December 31, 2021 and 2020 and recorded as a reduction to retained earnings, respectively.

 

Share Repurchase Program

 

We have authorized repurchases of up to $4,600.0 million of our common stock through our Repurchase Program, inclusive of the $500.0 million authorization approved by our board on August 17, 2021. Since the introduction of share repurchase as a feature of our capital management strategies in 2010, we have repurchased shares with an aggregate value of $3,996.2 million. As of December 31, 2021, we had $603.8 million available to repurchase shares. We have no obligation to repurchase stock under this program and intend to use this authorization as a means of offsetting dilution from the issuance of shares under our 2021 Equity Incentive Plan (the "2021 Incentive Plan), our 2013 Equity Incentive Plan (the "2013 Incentive Plan"), our 2009 Equity Incentive Plan (the “2009 Incentive Plan”), our sharesave plan (“U.K. Sharesave Plan”), and our employee stock purchase plan ("ESPP") while providing flexibility to repurchase additional shares if warranted. This authorization has no expiration date and may be increased, reduced, suspended, or terminated at any time. Shares that are repurchased under the Repurchase Program will be recorded as treasury stock and will be available for future issuance.

 

In December 2020, March 2021, June 2021, and September 2021, we entered into Accelerated Share Repurchase ("ASR") agreements to repurchase shares of our common stock for an aggregate purchase price of $50.0 million, $125.0 million, $150.0 million, and $75.0 million, respectively, with HSBC Bank USA, Citibank, N.A., and Wells Fargo Bank. The ASR agreements are each accounted for as a treasury stock transaction and a forward stock purchase agreement indexed to our common stock. The forward stock purchase agreements are each classified as an equity instrument under ASC 815-40, Contracts in Entity's Own Equity ("ASC 815-40") and were deemed to have a fair value of zero at the respective effective date. Upon payments of the aggregate purchase price on January 4, 2021, April 1, 2021, July 1, 2021, and October 1, 2021, we received an aggregate delivery of 192,687, 565,963, 686,813, and 299,596 shares of our common stock, respectively. Upon the final settlement of the ASR agreements in February 2021, May 2021, September 2021, and December 2021, we received additional shares of 70,787, 121,965, 111,429, and 52,815 as determined by the volume weighted average share price of our common stock of $189.77, $181.71, $187.91, and $212.82 during the term of the ASR agreements, respectively. The aggregate purchase price was recorded as a reduction to stockholders' equity in our consolidated statements of changes in stockholders' equity for the year ended December 31, 2021. These repurchases of 2,102,055 shares for the year ended December 31, 2021 resulted in a reduction of outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS").

 

During the years ended December 31, 2021 and 2020, we repurchased 2,545,191 and 2,155,084 shares of common stock as part of the Repurchase Program, inclusive of the ASRs, at a weighted average price of $186.63 and $161.84 per share, respectively. We utilized cash from operations and borrowings from our Credit Facility to fund these repurchases.

 

Treasury Stock

 

As of December 31, 2021, our treasury stock consisted of 382,351,399 shares of common stock. During the years ended December 31, 2021, 2020, and 2019, we transferred 1,379,304, 1,811,046, and 1,369,305 shares of common stock, under the 2021 Incentive Plan, 2013 Incentive Plan, and 2009 Incentive Plan, from the treasury shares at a weighted average price of $11.78, $10.67, and $9.72 per share, respectively.

 

Earnings Per Share 

 

The following is a reconciliation of the numerators and denominators of our basic and diluted EPS computations for the years ended December 31: 

 

  

2021

  

2020

  

2019

 
  

(In millions, except for share and per share data)

 

Numerator used in basic and diluted EPS:

            

Net income attributable to Verisk

 $666.2  $712.7  $449.9 

Denominator:

            

Weighted average number of common shares used in basic EPS

  161,841,441   162,610,586   163,535,438 

Effect of dilutive shares:

            

Potential common shares issuable from stock options and stock-based awards

  1,497,468   2,710,123   3,024,677 

Weighted average number of common shares and dilutive potential common shares used in diluted EPS

  163,338,909   165,320,709   166,560,115 

 

The potential shares of common stock that were excluded from diluted EPS were 620,241, 513,137, and 674,983 at December 31, 2021, 2020, and 2019, respectively, because the effect of including those potential shares was anti-dilutive.

 

Accumulated Other Comprehensive Losses

 

The following is a summary of accumulated other comprehensive losses as of December 31:

 

  

2021

  

2020

 

Foreign currency translation adjustment

 $(338.0) $(292.2)

Pension and postretirement adjustment, net of tax

  (56.6)  (83.5)

Accumulated other comprehensive losses

 $(394.6) $(375.7)

 

The before tax and after tax amounts of other comprehensive (loss) income for the years ended December 31, 2021, 2020, and 2019 are summarized below:

 

      

Tax Benefit

     
  

Before Tax

  

(Expense)

  

After Tax

 

December 31, 2021

            

Foreign currency translation adjustment attributable to Verisk

 $(45.8) $—  $(45.8)

Foreign currency translation adjustment attributable to noncontrolling interests

  (0.5)  —   (0.5)

Foreign currency translation adjustment

  (46.3)  —   (46.3)

Pension and postretirement adjustment before reclassifications

  39.8   (9.8)  30.0 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (4.1)  1.0   (3.1)

Pension and postretirement adjustment

  35.7   (8.8)  26.9 

Total other comprehensive loss

 $(10.6) $(8.8) $(19.4)

December 31, 2020

            

Foreign currency translation adjustment

 $107.9  $—  $107.9 

Pension and postretirement adjustment before reclassifications

  11.1   (2.9)  8.2 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (6.7)  1.8   (4.9)

Pension and postretirement adjustment

  4.4   (1.1)  3.3 

Total other comprehensive income

 $112.3  $(1.1) $111.2 

December 31, 2019

            

Foreign currency translation adjustment

 $88.4  $—  $88.4 

Pension and postretirement adjustment before reclassifications

 

26.7

   (6.4)  20.3 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (4.9)  1.2   (3.7)

Pension and postretirement adjustment

  21.8   (5.2)  16.6 

Total other comprehensive income

 $110.2  $(5.2) $105.0 

_______________

  

(1) 

These accumulated other comprehensive loss components, before tax, are included under “Cost of revenues” and “Selling, general and administrative” in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details).

 
v3.22.0.1
Note 17 - Compensation Plans
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]

17.    Compensation Plans:

 

KSOP

 

We have established the KSOP for the benefit of eligible employees in the U.S. and Puerto Rico. The KSOP includes both an employee savings component and an employee stock ownership component. The purpose of the combined plan is to enable our employees to participate in a tax-deferred savings arrangement under Internal Revenue Service Code Sections 401(a) and 401(k) (the “Code”), and to provide our employees equity participation through the employee stock ownership plan (“ESOP”) accounts.

 

Under the KSOP, eligible employees may make pre-tax and after-tax cash contributions as a percentage of their compensation, subject to certain limitations under the applicable provisions of the Code. The maximum pre-tax contribution that can be made to the 401(k) account as determined under the provisions of Code Section 401(g) is $19.5 thousand for 2021 and 2020 and $19.0 thousand for 2019. Certain eligible participants (age 50 and older) may contribute an additional $6.5 thousand on a pre-tax basis for 2021 and 2020 and $6.0 thousand for 2019. After-tax contributions are limited to 10.0% of a participant’s compensation. Effective January 1, 2019, we increased the matching contributions to 100.0% of the first 6.0% of the participant’s contribution. The 401(k) matching contributions under the KSOP for the years ended December 31, 2021, 2020, and 2019, were $33.7 million, $31.6 million, and $31.0 million, respectively; which, at our option, were funded in cash.

 

In 2005, we established the ISO Profit Sharing Plan (the “Profit Sharing Plan”), a defined contribution plan, to replace the qualified pension plan for all eligible employees hired on or after March 1, 2005. The Profit Sharing Plan is a component of the KSOP. Eligible employees participated in the Profit Sharing Plan if they completed 1,000 hours of service each plan year and were employed on December 31 of that year. We can make a discretionary contribution to the Profit Sharing Plan based on our annual performance. Participants vest once they have completed four years and 1,000 hours of service. For the years ended December 31, 2021, 2020, and 2019, there were no profit sharing contributions.

 

Equity Compensation Plans

 

On May 19, 2021 (the "Approval Date"), our shareholders approved the Verisk Analytics, Inc. 2021 Incentive Plan, which replaced the 2013 Incentive Plan for any new grants made after the Approval Date. As of the Approval Date, the number of shares of our common stock available for issuance under the 2021 Incentive Plan was 16,000,000, reduced by (i) one share for every one share that was subject to an option or stock appreciation right granted after December 31, 2020 and prior to the Approval Date under the 2013 Incentive Plan, and (ii) two and one-half shares for every one share that was subject to any award other than an option or stock appreciation right granted after December 31, 2020 and prior to the Approval Date under the 2013 Incentive Plan. All of our outstanding stock options, restricted stock, and PSUs are covered under our 2021 Incentive Plan, 2013 Incentive Plan, or 2009 Incentive Plan. Awards under our 2021 Incentive Plan may include one or more of the following types: (i) stock options (both nonqualified and incentive stock options), (ii) stock appreciation rights, (iii) restricted stock, (iv) restricted stock units, (v) performance awards, (vi) other share-based awards, and (vii) cash. Employees, directors, and consultants are eligible for awards under our 2021 Incentive Plan. We issued common stock under these plans from our treasury shares. We have granted equity awards to key employees and directors. The ultimate realization of the PSUs may range from 0% to 200% of the recipient’s target levels established on the grant date. As of December 31, 2021, there were 14,915,295 shares of common stock reserved and available for future issuance.

 

A summary of the status of the stock options, restricted stock, and PSUs awarded under our 2021 Incentive Plan as of December 31, 2021, 2020, and 2019 and changes during the years is presented below.

 

  

Stock Option

  

Restricted Stock

  

PSU

 
                  

Weighted

       

Weighted

 
      

Weighted

          

Average

       

Average

 
      

Average

  

Aggregate

      

Grant Date

       

Grant Date

 
  

Number

  

Exercise

  

Intrinsic

  

Number

  

Fair Value

  

Number

   

Fair Value

 
  

of Options

  

Price

  

Value

  

of Shares

  

Per Share

  

of Shares

   

Per Share

 
          

(in millions)

                  

Outstanding at January 1, 2019

  6,820,046  $67.27  $284.9   533,335  $88.55   42,050   $140.70 

Granted

  920,398  $135.64       167,231  $135.82   51,792   $173.59 

Dividend reinvestment

  —  $—       —  $—   550    N/A 

Exercised or lapsed

  (1,131,970) $51.20  $101.0   (242,815) $84.60   —   $— 

Canceled, expired or forfeited

  (175,660) $92.27       (29,022) $109.72   (432)  $134.24 

Outstanding at December 31, 2019

  6,432,814  $79.51  $449.2   428,729  $107.96   93,960   $158.50 

Granted

  936,843  $159.28       163,441  $159.96   50,736   $192.93 

Dividend reinvestment

  —  $—       —  $—   913    N/A 

Exercised or lapsed

  (1,623,740) $56.83  $189.8   (178,317) $102.00   —   $— 

Canceled, expired or forfeited

  (134,140) $125.95       (23,799) $124.40   —   $— 

Outstanding at December 31, 2020

  5,611,777  $98.28  $613.4   390,054  $131.63   145,609   $170.75 

Granted

  750,822  $189.29       162,378  $189.23   59,144   $210.07 

Dividend reinvestment

  —  $—       —  $—   980    N/A 

Exercised or lapsed

  (1,146,422) $73.30  $147.6   (173,726) $120.94   (42,610)  $140.70 

Canceled, expired or forfeited

  (149,079) $155.40       (27,202) $157.79   —   $— 

Outstanding at December 31, 2021

  5,067,098  $115.73  $572.6   351,504  $161.33   163,123   $192.99 

Exercisable at December 31, 2021

  3,173,592  $89.14  $443.0                  

Exercisable at December 31, 2020

  3,494,164  $76.84  $456.9                  

Nonvested at December 31, 2021

  1,893,506           351,504       163,123      

Expected to vest at December 31, 2021

  1,641,393           305,607       181,817 

(1)

    

_______________

(1)  

Includes estimated performance achievement

 

The fair value of our stock options granted was estimated on the date of grant using a Black-Scholes option valuation model that uses the weighted-average assumptions noted in the following table during the years ended December 31:

 

  

2021

  

2020

  

2019

 

Expected volatility

  23.66%  18.48%  18.76%

Risk-free interest rate

  0.39%  1.51%  2.25%

Expected term in years

  4.3   4.3   4.4 

Dividend yield

  0.63%  0.71%  0.80%

Weighted average grant date fair value per stock option

 $35.15  $25.87  $24.13 

 

A summary of the status of our nonvested options and changes are presented below:

 

  

Number of Options

  

Weighted Average Grant-Date Fair Value Per Share

 

Nonvested balance at January 1, 2019

  2,459,929  $17.41 

Granted

  920,398  $24.13 

Vested

  (947,708) $17.29 

Cancelled or expired

  (175,660) $17.77 

Nonvested balance at December 31, 2019

  2,256,959  $20.17 

Granted

  936,843  $25.87 

Vested

  (942,049) $18.30 

Cancelled or expired

  (134,140) $22.40 

Nonvested balance at December 31, 2020

  2,117,613  $23.39 

Granted

  750,822  $35.15 

Vested

  (825,850) $21.62 

Cancelled or expired

  (149,079) $27.54 

Nonvested balance at December 31, 2021

  1,893,506  $28.49 

 

Intrinsic value for stock options is calculated based on the exercise price of the underlying awards and the quoted price of our common stock as of the reporting date. Excess tax benefits of $35.9 million, $42.9 million, and $23.2 million from exercised stock options were recorded as income tax benefit in our accompanying consolidated statements of operations for the years ended December 31, 2021, 2020, and 2019, respectively. Stock-based compensation expense for the years ended December 31, 2021, 2020, and 2019 was $55.7 million, $47.6 million, and $42.7 million, respectively. As of December 31, 2021, the weighted average remaining contractual terms were 6.0 years and 4.8 years for outstanding and exercisable stock options, respectively. As of December 31, 2020, the weighted average remaining contractual terms were 6.0 years and 4.7 years for outstanding and exercisable stock options, respectively.

 

As of December 31, 2021, there was $88.0 million of total unrecognized compensation cost, exclusive of the impact of vesting upon retirement eligibility, related to nonvested share-based compensation arrangements granted under our 2021 and 2013 Incentive Plans. That cost is expected to be recognized over a weighted-average period of 2.3 years.

 

Our U.K. Sharesave Plan offers qualifying employees in the United Kingdom the opportunity to own shares of our common stock. Employees who elect to participate are granted stock options, of which the exercise price is equal to the average of the closing price on the five trading days immediately preceding the plan invitation date discounted by 5%, and enter into a savings contract, the proceeds of which are then used to exercise the options upon the three-year maturity of the savings contract. During the years ended December 31, 2021, 2020, and 2019, we granted 11,254, 8,174, and 18,713 stock options under the U.K. Sharesave Plan at a discounted exercise price of $166.16, $159.98, and $136.35, respectively. As of December 31, 2021, there were 451,207 shares of common stock reserved and available for future issuance under our U.K. Sharesave Plan.

 

We also offer eligible employees the opportunity to participate in an ESPP. Under our ESPP, participating employees may authorize payroll deductions of up to 20.0% of their regular base salary and up to 50.0% of their short-term incentive compensation, both of which in total may not exceed $25.0 thousand in any calendar year, to purchase shares of our common stock at a 5.0% discount of its fair market value at the time of purchase. In accordance with ASC 718, our ESPP is noncompensatory as the purchase discount is 5.0% or less from the fair market value, substantially all employees that meet limited employment qualifications may participate, and it incorporates no option features. During the years ended December 31, 2021, 2020, and 2019, we issued 33,974, 32,502, and 30,705 shares of common stock at a weighted average discounted price of $181.77, $164.44, and $141.17 respectively. As of December 31, 2021, there were 1,226,292 shares of common stock reserved and available for future issuance under our ESPP.

 
v3.22.0.1
Note 18 - Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]

18.    Pension and Postretirement Benefits:

 

We have a frozen qualified defined benefit pension plan for certain of our employees through membership in the Pension Plan for Insurance Organizations (the “Pension Plan”), a multiple-employer trust. Prior to the freeze, we applied a cash balance formula to determine future benefits. Under the cash balance formula, each participant has an account, which was credited annually based on salary rates determined by years of service, as well as the interest earned on the previous year-end cash balance. We also have a non-qualified frozen supplemental cash balance plan (“SERP”) for certain employees. Our SERP is funded from our general assets. We contributed $0.7 million to our SERP in 2021 and 2020, respectively, and expect to contribute $1.4 million in 2022.

 

Our Pension Plan’s funding policy is to contribute annually at an amount between the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974 and the maximum amount that can be deducted for federal income tax purposes. No minimum contribution requirement was and is expected for 2021 and 2022, respectively.

 

We also provide certain healthcare and life insurance benefits for both active and retired employees. The Postretirement Health and Life Insurance Plan (the “Postretirement Plan”), which has been frozen, is contributory, requiring participants to pay a stated percentage of the premium for coverage. We do not expect to contribute to our Postretirement Plan in 2022.

 

The following table sets forth the changes in the benefit obligations and the plan assets, the funded status of the Pension Plan, SERP, and Postretirement Plan, and the amounts recognized in our consolidated balance sheets at December 31:

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2021

  

2020

 

Change in benefit obligation:

                

Benefit obligation at January 1

 $459.9  $443.6  $7.5  $8.2 

Interest cost

  11.0   12.6   0.1   0.2 

Actuarial (gain) loss

  (9.0)  32.1   (0.9)  (0.2)

Plan participants’ contributions

  —   —   1.5   1.6 

Benefits paid

  (30.2)  (28.4)  (2.2)  (2.3)

Benefit obligation at December 31

 $431.7  $459.9  $6.0  $7.5 

Accumulated benefit obligation at December 31

 $431.7  $459.9       

Change in plan assets:

                

Fair value of plan assets at January 1

 $520.8  $488.9  $10.5  $10.3 

Actual return on plan assets, net of expenses

  54.9   59.6   (0.2)  0.3 

Employer contributions, net

  0.7   0.7   (0.1)  0.6 

Plan participants’ contributions

  —   —   1.5   1.6 

Benefits paid

  (30.2)  (28.4)  (2.2)  (2.3)

Fair value of plan assets at December 31

 $546.2  $520.8  $9.5  $10.5 

Funded status at December 31

 $(114.5) $(60.9) $(3.5) $(3.0)

Amounts recognized in the consolidated balance sheets consist of:

                

Pension assets, noncurrent (1)

 $(127.0) $(74.3) $(3.5) $(3.0)

Pension, SERP and postretirement benefits, current (2)

  1.4   1.0   —   — 

Pension, SERP and postretirement benefits, noncurrent (3)

  11.1   12.4   —   — 

Total Pension, SERP and Postretirement benefits

 $(114.5) $(60.9) $(3.5) $(3.0)

_______________

(1)  Included in "Other noncurrent assets" in our accompanying consolidated balance sheets

(2)  Included in "Accounts payable and accrued liabilities" in our accompanying consolidated balance sheets

(3)  Included in "Other noncurrent liabilities" in our accompanying consolidated balance sheets

 

The pre-tax components included within accumulated other comprehensive losses as of December 31 are summarized below:

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2021

  

2020

 

Prior service benefit cost (credit)

 $2.8  $3.0  $—  $(0.1)

Actuarial losses

  98.3   133.2   2.4   3.1 

Accumulated other comprehensive losses, pretax

 $101.1  $136.2  $2.4  $3.0 

 

 

The pre-tax components of net periodic benefit (credit) cost and the amounts recognized in other comprehensive loss are summarized below for the years ended December 31:

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Interest cost

 $11.0  $12.6  $15.6  $0.1  $0.2  $0.3 

Expected return on plan assets

  (32.8)  (29.9)  (30.3)  (0.2)  (0.2)  (0.2)

Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses

  0.2   0.2   0.2   (0.1)  (0.1)  (0.1)

Amortization of net actuarial loss reclassified from accumulated other comprehensive losses

  3.8   6.3   4.5   0.2   0.3   0.3 

Net periodic benefit (credit) cost

  (17.8)  (10.8)  (10.0)  —   0.2   0.3 

Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses

  (0.2)  (0.2)  (0.2)  0.1   0.1   0.1 

Amortization of actuarial loss reclassified from accumulated other comprehensive losses

  (0.2)  (0.2)  (0.1)  —   —   — 

Net loss recognized reclassified from accumulated other comprehensive losses

  (3.6)  (6.1)  (4.4)  (0.2)  (0.3)  (0.3)

Actuarial (gain) loss

  (31.1)  2.4   (16.4)  (0.5)  (0.3)  (0.8)

Total recognized in other comprehensive income

  (35.1)  (4.1)  (21.1)  (0.6)  (0.5)  (1.0)

Total recognized in net periodic benefit credit and other comprehensive (income) loss

 $(52.9) $(14.9) $(31.1) $(0.6) $(0.3) $(0.7)

 

The weighted-average assumptions used to determine benefit obligations as of December 31, 2021 and 2020 and net periodic benefit (credit) cost for the years 2021, 2020 and 2019 are provided below:

 

  

Pension Plan and SERP

  

Postretirement Plan

 

Weighted-average assumptions used to determine benefit obligations:

 

2021

  

2020

      

2021

  

2020

     

Discount rate

  2.75%  2.49%      2.25%  1.50%    

Expected return on plan assets

  6.25%  6.50%      1.75%  2.00%    

Cash balance interest credit rate

  2.57%  2.57%      N/A     
                         

Weighted-average assumptions used to determine net periodic benefit (credit) cost:

 

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Discount rate

  2.49%  2.83%  3.82%  1.50%  2.50%  3.75%

Expected return on plan assets

  6.50%  6.75%  7.00%  2.00%  2.00%  2.00%

Cash balance interest credit rate

  2.57%  2.57%  2.57%  N/A 

 

The following table presents the estimated future benefit payments for the respective plans. The future benefit payments for the Postretirement Plan are net of the federal Medicare subsidy.

 

  

Pension Plan

  

Postretirement

 
  

and SERP

  

Plan

 
  

Gross

  

Gross

  

Medicare

  

Net

 
  

Benefit

  

Benefit

  

Subsidy

  

Benefit

 
  

Amount

  

Amount

  

Payments

  

Amount

 

2022

 $30.5  $1.1  $(0.2) $0.9 

2023

 $30.3  $1.0  $(0.2) $0.8 

2024

 $30.0  $0.8  $(0.1) $0.7 

2025

 $29.0  $0.7  $(0.1) $0.6 

2026

 $28.5  $0.6  $—  $0.6 
2027 and thereafter $132.5  $2.0  $—  $2.0 

 

The healthcare cost trend rate for 2021 was 7.75% gradually decreasing to 4.50% in 2035. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan.

 

The subsidy benefit from the Medicare Prescription Drug, Improvement and Modernization Act of 2003 reduced our accumulated postretirement benefit assets by approximately $0.8 million as of December 31, 2021 and 2020. The subsidy cost increased the net periodic benefit cost by approximately $75.8 thousand, $58.2 thousand, and $48.5 thousand in fiscal 2021, 2020 and 2019, respectively. 

 

The expected return on our Pension Plan assets as of December 31, 2021 and 2020 was 6.25% and 6.50%, respectively, which was determined by taking into consideration our analysis of our actual historical investment returns to a broader long-term forecast after adjusting for the target investment allocation and reflecting the current economic environment. During the first quarter of 2021, we changed the investment guidelines on our Pension Plan assets to target investment allocation of 50% to equity securities and 50% to debt securities from our previous target allocation of 55% to equity securities and 45% to debt securities as of December 31, 2020. Our Pension Plan assets consist primarily of investments in various fixed income and equity funds. Investment guidelines are established with each investment manager. These guidelines provide the parameters within which the investment managers agree to operate, including criteria that determine eligible and ineligible securities, diversification requirements and credit quality standards, where applicable. Investment managers are prohibited from entering into any speculative hedging transactions. The investment objective is to achieve a maximum total return with strong emphasis on preservation of capital in real terms.

 

The asset allocation at December 31, 2021 and 2020, and target allocation by asset category are as follows:

 

  

Target

  

Percentage of Plan Assets

 

Asset Category

 

Allocation

  

2021

  

2020

 

Equity securities

  50.0%  45.8%  52.5%

Debt securities

  50.0%  47.8%  40.0%

Other

  —%  6.4%  7.5%

Total

  100.0%  100.0%  100.0%

 

We have used the target investment allocation to derive the expected return as we believe this allocation will be retained on an ongoing basis that will be commensurate with the projected cash flows of the plan. The expected return for each investment category within the target investment allocation is developed using average historical rates of return for each targeted investment category, considering the projected cash flow of our Pension Plan. The difference between this expected return and the actual return on plan assets is generally deferred and recognized over subsequent periods through future net periodic benefit costs. We believe that the use of the average historical rates of returns is consistent with the timing and amounts of expected contributions to the plans and benefit payments to plan participants. These considerations provide the basis for reasonable assumptions with respect to the expected long-term rate of return on plan assets.

 

We also maintain a voluntary employees beneficiary association plan (the “VEBA Plan”) under Section 501(c)(9) of the Internal Revenue Code to fund the Postretirement Plan. The asset allocation for our VEBA Plan at December 31, 2021 and 2020 was 100% in debt securities.

 

There were no transfers among Levels 1, 2, or 3 for the years ended December 31, 2021 and 2020. Refer to Note 7. Fair Value Measurements for further discussion with respect to fair value hierarchy. The following table summarizes the fair value measurements by level of our Pension Plan and Postretirement Plan assets:

 

      

Quoted Prices

  

Significant

 
      

in Active

  

Other

 
      

Markets for

  

Observable

 
      

Identical Assets

  

Inputs

 
  

Total

  

(Level 1)

  

(Level 2)

 

December 31, 2021

            

Equity

            

Managed equity accounts (1)

 $195.0  $195.0  $— 

Equity — pooled separate account (2)

  54.9   —   54.9 

Debt

            

Fixed income manager — separately managed account (5)

  163.7   —   163.7 

Fixed income manager — pooled separate account (2)

  97.9   —   97.9 

Fixed income manager — government securities (3)

  9.5   9.5   — 

Others

            

Cash — pooled separate account (2)

  (0.1)  —   (0.1)

Global real estate account (4)

  34.8   —   34.8 

Total

 $555.7  $204.5  $351.2 

December 31, 2020

            

Equity

            

Managed equity accounts (1)

 $206.3  $206.3  $— 

Equity — pooled separate account (2)

  67.2   —   67.2 

Debt

            

Fixed income manager — pooled separate account (2)

  208.3   —   208.3 

Fixed income manager — government securities (3)

  10.5   10.5   — 

Others

            

Cash — pooled separate account (2)

  2.1   —   2.1 

Global real estate account (4)

  36.9   —   36.9 

Total

 $531.3  $216.8  $314.5 

_______________

  

(1) 

Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAV”) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts.

  

(2) 

The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted.

  

(3) 

The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market.

  

(4) 

The funds invested in common stocks and other equity securities issued by domestic and foreign real estate companies, including real estate investment trusts ("REIT") and similar REIT-like entities. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the funds, which is not publicly quoted.

  
(5) The separately managed accounts invest in U.S. Treasury Bonds and U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (“UST STRIPS”). The fair values of these bonds and UST STRIPS are publicly quoted and are used in determining the NAV of the separately managed account, which is not publicly quoted.

 
v3.22.0.1
Note 19 - Segment Reporting
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

19.    Segment Reporting

 

ASC 280-10, Disclosures About Segments of an Enterprise and Related Information (“ASC 280-10”), establishes standards for reporting information about operating segments. ASC 280-10 requires that a public business enterprise reports financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our President and CEO is identified as the CODM as defined by ASC 280-10.

 

Each of our reportable segments, Insurance, Energy and Specialized Markets, and Financial Services has a portion of its revenue from more than one of the three revenue types described within the revenue recognition policy within Note 2. Basis of Presentation and Summary of Significant Accounting Policies. Below is the overview of the solutions offered within each reportable segment.

 

Insurance: We are the leading provider of statistical, actuarial, and underwriting data for the U.S. P&C insurance industry. Our databases include cleansed and standardized records describing premiums and losses in insurance transactions, casualty and property risk attributes for commercial buildings and their occupants, and fire suppression capabilities of municipalities. We use this data to create policy language and proprietary risk classifications that are industry standards and to generate prospective loss cost estimates used to price insurance policies, which are accessed via a hosted platform. We also develop solutions that our customers use to analyze key processes in managing risk. Our combination of algorithms and analytic methods incorporates our proprietary data to generate solutions. We also help businesses and governments better anticipate and manage climate and weather-related risks. In most cases, our customers integrate the solutions into their models, formulas or underwriting criteria in order to predict potential loss events, ranging from hurricanes to earthquakes. We develop catastrophe and extreme event models and offer solutions covering natural and man-made risks, including acts of terrorism. We further develop solutions that allow customers to quantify costs after loss events occur. Our multitier, multispectral terrestrial imagery and data acquisition, processing, analytics, and distribution system using the remote sensing and machine learning technologies help gather, store, process, and deliver geographic and spatially referenced information that supports uses in many markets. Additionally, we offer fraud-detection solutions including review of data on claim histories, analysis of claims to find emerging patterns of fraud, and identification of suspicious claims in the insurance sector. Our underwriting & rating, insurance anti-fraud claims, catastrophe modeling, and loss quantification are included in this segment. During the first quarter of 2021, due to management restructuring, our CODM reorganized AER, an immaterial component of the Energy and Specialized Markets segment, to the Insurance segment. Consequently, AER became part of the underwriting and rating category within the Insurance segment. The inclusion of AER within our Insurance segment better aligns with how our CODM makes operating decisions, assesses the performance of the business, and allocates resources. Our prior year results have been recast to reflect this change. The related impact to our consolidated financial statements was not material for all periods presented.

 

Energy and Specialized Markets: We are a leading provider of data analytics via hosted platform for the global energy, chemicals, and metals and mining industries. Our research and consulting solutions focus on exploration strategies and screening, asset development and acquisition, commodity markets, and corporate analysis in the areas of business environment, business improvement, business strategies, commercial advisory, and transaction support. We gather and manage proprietary information, insight, and analysis on oil and gas fields, mines, refineries, and other assets across the interconnected global energy sectors to advise customers in making asset investment and portfolio allocation decisions. Our analytical tools measure and observe environmental properties and translate those measurements into actionable information based on customer needs. In addition, we provide market and cost intelligence to energy companies to optimize financial results. We further offer a suite of data and information services that enable improved compliance with global Environmental Health and Safety requirements related to the safe manufacturing, distribution, transportation, usage, and disposal of chemicals and products. Our energy business and environmental health and safety services are included in this segment.

 

Financial Services: We maintain a bank account consortia to provide competitive benchmarking, decisioning algorithms, business intelligence, and customized analytic services that help financial institutions, payment networks and processors, alternative lenders, regulators, and merchants make better strategy, marketing, and risk decisions. Customers apply our solutions in the areas of tailored data management and media effectiveness that include business intelligence platforms, profile views, mobile data solutions, enterprise database services, and fraud risk scoring algorithms for marketing, fraud, and risk mitigation. In addition, our bankruptcy management solutions assist creditors, debt servicing businesses, and credit services to enhance regulatory compliance by eliminating stay violation and portfolio valuation risk.

 

The three aforementioned operating segments represent the segments for which discrete financial information is available and upon which operating results are regularly evaluated by our CODM in order to assess performance and allocate resources. We use EBITDA as the profitability measure for making decisions regarding ongoing operations. EBITDA is net income before interest expense, provision for income taxes, depreciation and amortization of fixed and intangible assets. EBITDA is the measure of operating results used to assess corporate performance and optimal utilization of debt and acquisitions. Operating expenses consist of direct and indirect costs principally related to personnel, facilities, software license fees, consulting, travel, and third-party information services. Indirect costs are generally allocated to the segments using fixed rates established by management based upon estimated expense contribution levels and other assumptions that management considers reasonable. We do not allocate interest expense and provision for income taxes, since these items are not considered in evaluating the segment’s overall operating performance. In addition, our CODM does not evaluate the financial performance of each segment based on assets. See Note 6. Revenues for information on disaggregated revenues by type of service and by country.

    

 

The following table provides our revenue and EBITDA by reportable segment for the years ended December 31, as well as a reconciliation of EBITDA to income before income taxes for all periods presented in our accompanying consolidated statements of operations:

 

  

2021

  

2020

  

2019

 
  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Revenues

 $2,206.9  $648.9  $142.8  $2,998.6  $2,008.7  $619.2  $156.7  $2,784.6  $1,885.4  $543.7  $178.0  $2,607.1 

Expenses:

                                                

Cost of revenues (exclusive of items shown separately below)

  (704.4)  (263.0)  (90.4)  (1,057.8)  (644.3)  (256.8)  (92.8)  (993.9)  (654.1)  (225.5)  (97.2)  (976.8)

Selling, general and administrative

  (239.1)  (154.4)  (29.2)  (422.7)  (248.1)  (146.1)  (19.7)  (413.9)  (407.9)  (175.9)  (19.7)  (603.5)

Other operating (loss) income

  —   —   (134.0)  (134.0)  15.9   —   3.5   19.4   —   —   (6.2)  (6.2)

Investment income (loss) and others, net

  2.3   (0.2)  (0.2)  1.9   (1.2)  (1.2)  —   (2.4)  0.7   (1.9)  (0.5)  (1.7)

EBITDA

 $1,265.7  $231.3  $(111.0)  1,386.0  $1,131.0  $215.1  $47.7   1,393.8  $824.1  $140.4  $54.4   1,018.9 

Depreciation and amortization of fixed assets

              (206.9)              (192.2)              (185.7)

Amortization of intangible assets

              (176.7)              (165.9)              (138.0)

Interest expense

              (127.0)              (138.2)              (126.8)

Income before income taxes

             $875.4              $897.5              $568.4 

 

Long-lived assets by country are provided below as of December 31:

 

  

2021

  

2020

 

Long-lived assets:

        

U.S.

 $3,527.6  $3,525.0 

U.K.

  2,754.0   2,775.8 

Other countries

  623.9   466.8 

Total long-lived assets

 $6,905.5  $6,767.6 

 
v3.22.0.1
Note 20 - Related Parties
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

20.    Related Parties:

 

We consider our stockholders that own more than 5% of the outstanding stock within the class to be related parties as defined within ASC 850, Related Party Disclosures. We had no material transactions with related parties owning more than 5% of the entire class of stock for the years ended  December 31, 2021 and 2020.

 

In addition, we had no revenues from related parties for the years ended December 31, 2021, 2020, and 2019.

 
v3.22.0.1
Note 21 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

21.    Commitments and Contingencies:

 

We are a party to legal proceedings with respect to a variety of matters in the ordinary course of business, including the matters described below. With respect to ongoing matters, we are unable, at the present time, to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to ongoing matters or the impact these matters may have on our results of operations, financial position, or cash flows. Although we believe we have strong defenses and intend to appeal any adverse rulings to us, we could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on our results of operations, financial position, or cash flows.

 

Xactware Solutions, Inc. Patent Litigation

 

On October 8, 2015, we were served with a summons and complaint in an action titled Eagle View Technologies, Inc. and Pictometry International Group, Inc. v. Xactware Solutions, Inc. and Verisk Analytics, Inc. filed in the United States District Court for the District of New Jersey (the "Court" or “District Court”). The complaint alleged that our Roof InSight (now known as Geomni Roof), Property InSight product (now known as Geomni Property) and Aerial Sketch product in combination with our Xactimate product infringe seven patents owned by Eagle View and Pictometry namely, Patent Nos. 8,078,436 (the "436 patent"), 8,170,840 (the "840 patent"), 8,209,152 (the "152 patent"), 8,542,880 (the "880 patent"), 8,818,770 (the "770 patent"), 8,823,732 (the "732 patent"), and 8,825,454 (the "454 patent"). On November 30, 2015, plaintiffs filed a First Amended Complaint adding Patent Nos. 9,129,376 (the "376 patent") and 9,135,737 (the "737 patent") to the lawsuit. The First Amended Complaint sought an entry of judgment by the Court that defendants have and continue to directly infringe and/or indirectly infringe, including by way of inducement, the Patents-in-Suit, permanent injunctive relief, damages, costs and attorney’s fees. On May 19, 2017, the District Court entered a Joint Stipulated Order of Partial Dismissal with Prejudice dismissing all claims or assertions pertaining to the 880 and 732 patents, and certain asserted claims of the 436, 840, 152, 770, 454, 376 and 737 patents (collectively the "Patents in Suit"). Subsequently, Eagle View dropped the 152 patent and the 737 patent and reduced the number of asserted claims from the five remaining Patents in Suit to six asserted claims. On September 25, 2019, following a trial, the jury determined that we had willfully infringed the six asserted claims, and assessed damages in the amount of $125.0 million. After trial, Eagle View moved for a temporary restraining order ("TRO") and a permanent injunction preventing our sales of the Geomni Roof, Geomni Property and Aerial Sketch products in combination with Xactimate. The Court granted the motion for a TRO on September 26, 2019 and on October 18, 2019, issued an Order permanently enjoining our sales of the Geomni Roof, Geomni Property and Aerial Sketch products in combination with Xactimate. On March 2, 2020, the Court signed an Order staying execution of the $125.0 million judgment pending our appeal, and we subsequently secured a supersedeas bond in the amount of $137.5 million to satisfy the New Jersey court rule requiring a bond in the amount of 110% of the monetary judgment. In addition, Eagle View asked the Court to award enhanced damages by trebling the jury's damages award, together with attorneys' fees, costs, and pre- and post-judgment interest. We opposed all of Eagle View's requests and asked the Court for judgment as a matter of law and for a new trial. Eagle View opposed our requests. On September 9, 2020, the Court denied our motion seeking judgment as a matter of law and a new trial. We timely filed our Amended Notice of Appeal on October 8, 2020. Eagle View filed a motion to dismiss or deactivate the appeal for lack of appellate jurisdiction on November 4, 2020 which was denied by the Federal Circuit on December 15, 2020. We filed our appellate brief on December 24, 2020. On February 16, 2021, the Court granted Eagle View's motion for enhanced damages and attorneys' fees. The Court trebled the jury's award of $125.0 million, awarding enhanced damages for a total of $375.0 million, and also awarded Eagle View pre-judgment and post-judgment interest. The Court's award of Eagle View's attorneys' fees was limited to the period just before the commencement of trial through the trial, and did not include the earlier approximately four-year period in the case. On March 17, 2021, we filed an unopposed application with the Federal Circuit seeking consolidation of our appeals addressing the trial Court’s findings on infringement, the denial of our motion for judgment as a matter of law and a new trial, and the Court’s Order on enhanced damages. As of June 29, 2021, the appeal was fully briefed. Following the outcome of the trial in 2019, we established a $125.0 million reserve in connection with this litigation, which was included in selling, general and administrative expenses in our consolidated statements of operations for the year ended December 31, 2019. On April 15, 2021, the Court signed an order continuing the stay of execution of the monetary judgment. In light of the Court’s Order enhancing damages, we posted an additional bond in the amount of $305.0 million. On July 2, 2021, Eagle View sent us a cease and desist letter claiming that our Roof Underwriting Report (“RUR”) product infringes its asserted patents, and therefore, violates the trial court’s permanent injunction. On July 15, we responded with a letter denying infringement and violation of the injunction, and explaining how our RUR is vastly different from the asserted patents. On August 9, 2021, Eagle View filed a motion to initiate contempt proceedings against us for alleged violation of the injunction, seeking a Temporary Restraining Order prohibiting us from offering, marketing or selling our RUR and asking the court to grant discovery to assess our RUR and determine whether we were complying with the injunction. On October 8, 2021, the Federal Circuit Court of Appeals heard oral argument in our appeal. On November 5, 2021, the parties settled the entire litigation, thereby reversing the excess accrual amount. The Federal Circuit appeal was dismissed on November 9, 2021, and the District Court subsequently entered an Order dismissing the contempt action, as well as the parties’ underlying claims, counterclaims and defenses, and dissolving the permanent injunction. Upon a joint motion by both parties, on January 18, 2022, the Court entered an Order releasing the supersedeas bonds and discharging us and our sureties from any corresponding obligations.

 

 ERISA Litigation

 

On September 24, 2020, former employees Jillyn Peterson, Gabe Hare, Robert Heynen and Adam Krajewski ("Plaintiffs"), filed suit in the United States District Court, District of New Jersey (No. 2:20-cv-13223-CCC-MF) against Defendants Insurance Services Office Inc. ("ISO"), the Plan Administration Committee of Insurance Services Office Inc. and its members ("Committee Defendants"), and the Trust Investment Committee of Insurance Services Office Inc. and its members. The class action complaint alleges violations of the Employee Retirement Income Security Act, ("ERISA"). The class is defined as all persons who were participants in or beneficiaries of the ISO 401(k) Savings and Employee Stock Ownership Plan ("Plan"), at any time between September 24, 2014 through the date of judgment. The complaint alleges that all defendants are fiduciaries with respect to the Plan. Plaintiffs challenge the amount of fees paid by Plan participants to maintain the investment funds in the plan portfolio and the amount of recordkeeper fees paid by participants. Plaintiffs allege that by permitting the payment of excessive fees, the Committee Defendants breached their ERISA duties of prudence and loyalty. Plaintiffs further allege that ISO breached its ERISA duty by failing to monitor the Committee Defendants who they allege committed known breaches of their fiduciary duties. The complaint does not specify damages but alleges the fiduciary breaches cost Plan participants millions of dollars. Defendants filed their motion to dismiss the complaint on January 12, 2021, which the Court partially denied on April 13, 2021. The parties are currently proceeding with discovery. At this time, it is not possible to reasonably estimate the liability related to this matter as the case is still in its early stages.

 

Jornaya Litigation 

 

On December 10, 2020, we were served with a putative class action lawsuit brought by Erica Jackson in the Court of Common Pleas of Lackawanna County, Pennsylvania against Lead Intelligence, Inc. d/b/a Jornaya ("we" or "us"), Case No. 2020 CV 03695. The class complaint alleges that we violated Pennsylvania’s Wiretap Act ("PWA"), 18 Pa. Const. Stat. § 5701 et seq. by "wiretapping" and "intercepting" the plaintiff’s communications on the website colleges.educationgrant.com. The plaintiff alleges a class of all persons whose electronic communications were intercepted through the use of our wiretapping on the website. The complaint claims damages pursuant to the PWA for actual damages, but not less than liquidated damages computed at the rate of $100 a day for each day of violation, or $1,000, whichever is higher, punitive damages, and reasonable attorney's fees and other litigation costs. On February 16, 2021, we filed preliminary objections to the plaintiff’s complaint, the plaintiff opposed, and the Court ultimately denied our preliminary objections. We subsequently filed a petition to compel arbitration and a motion to stay this action pending the completion of the parties’ arbitration proceedings. On September 30, 2021, the court denied our motions and directed the parties to proceed with discovery. On October 8, 2021, we filed a Notice of Appeal to seek review of the lower court’s decision with the Pennsylvania appellate court system. At this time, it is not possible to reasonably estimate the liability related to this matter.

 

Financial Services Government Inquiry

 

We continue to cooperate with an inquiry by the civil division of the United States Attorney’s Office for the Eastern District of Virginia related to government contracts within our financial services segment. The inquiry is ongoing, we have voluntarily produced documents, and we cannot anticipate the timing, outcome or possible impact of the inquiry, financial or otherwise.

 

Breach of Contract Litigation

 

On April 2, 2021, Leica Geosystems ("Leica") and its subsidiary, Intergraph Corporation filed a lawsuit against Verisk Analytics and Geomni, Inc. ("we" "our" or "us") in the Circuit Court of Madison County, Alabama, titled Leica Geosystems AG, et al. v. Geomni, Inc., Verisk Analytics, Inc., Vexcel Imaging, Inc., et al. Co-Defendant, Vexcel Imaging, through its subsidiary, GV Air, is alleged to have breached a master lease agreement related to Leica’s aerial sensor units. The complaint further alleges breach of a license agreement for royalties earned from the sale of aerial imagery data, and breach of a mutual nondisclosure agreement related to the alleged disclosure of confidential information to co-defendant, Vexcel Imaging. Leica seeks compensatory and punitive damages, as well as attorney’s fees and costs. We filed a motion to dismiss the Plaintiffs’ claims and the hearing took place on January 7, 2022. At this time, it is not possible to reasonably estimate the liability related to this matter. 

 

 

Wood Mackenzie Litigation

 

On August 10, 2021, S&P Global Inc. d/b/a Platts filed a lawsuit against Wood Mackenzie (“we,” “us,” or “our”) in the United States District Court for the Southern District of New York, titled S&P Global Inc. d/b/a Platts v. Wood Mackenzie Ltd., Civil Action No. 21-cv-6739. The Complaint alleges that our use of Platts’ data exceeded the scope of the applicable licensing agreement between the two parties. Platts seeks to recover actual damages as a result of the alleged breach of the agreement, attorney’s fees and costs, as well as injunctive relief requiring Wood Mackenzie to cease all use of its proprietary data. The deadline to file our responsive pleading was extended to March 11, 2022. At this time, it is not possible to reasonably estimate the liability related to this matter.

 

Data Privacy Litigation

 

On December 15, 2021, Plaintiff Jillian Cantinieri brought a putative class action against Verisk Analytics, Insurance Services Office and ISO Claims Services, Inc. (“we,” “our,” “us”) in the United States District Court for the Eastern District of New York, titled Cantinieri v. Verisk Analytics Inc., et al., Civil Action No. 2:21-cv-6911. The Complaint alleges that we failed to safeguard the personally identifiable information (PII) of Plaintiff and the members of the proposed classes from a purported breach of our databases by unauthorized entities. Plaintiff and class members allege actual and imminent injuries, including theft of their PII, fraudulent activity on their financial accounts, lowered credit scores, and costs associated with detection and prevention of identity theft and fraud. They seek to recover compensatory, statutory and punitive damages, disgorgement of earnings and profits, and attorney’s fees and costs. We filed our responsive pleading on February 7, 2022. At this time, it is not possible to reasonably estimate the liability related to this matter.

 

LCI Litigation

 

On December 30, 2021, Plaintiff William Norman Brooks filed a consumer class action lawsuit against Lundquist Consulting, Inc. (“LCI,” “us,” “we,” or “our”) in California Superior Court, San Matteo County, titled Brooks v. Lundquist Consulting, Inc., Case No. 21-CIV-06824. Plaintiff alleges violations of the Fair Credit Reporting Act, the California Consumer Credit Reporting Agencies Act, and California Unfair Competition Law, and Defamation. LCI has not yet been served with the Complaint. Plaintiff claims that LCI inaccurately reported Mr. Brooks as bankrupt, and that this caused emotional harm and harmed his credit standing, credit score and reputation. Plaintiff alleges that LCI’s statements about his (and other class members’) bankruptcies to third parties amounted to defamation. It is also alleged that LCI did not provide Plaintiff and others an opportunity to review and dispute any accuracies in the information sold by LCI about them and did not disclose their consumer credit files when asked. Plaintiff seeks to certify Nationwide Inaccuracy and Failure to Disclose Classes, as well as California Inaccuracy and Failure to Disclose Subclasses. He also seeks to recover actual and punitive damages, restitution of funds suspended and the value of credit privileges revoked or terminated, injunctive relief ordering LCI to rectify the credit reporting errors and change its procedures for attributing bankruptcy information, and reasonable attorney’s fees and costs. At this time, it is not possible to reasonably estimate the liability related to this matter.

 
v3.22.0.1
Note 22 - Subsequent Events
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

22.   Subsequent Events:

 

In December 2021, we entered into an additional ASR agreement with Citibank, N.A. to repurchase shares of our common stock for an aggregate purchase price of $100.0 million. Upon payment of the aggregate purchase price on January 4, 2022, we received an initial delivery of 360,913 shares of our common stock, representing approximately $80.0 million of the aggregate purchase price. Upon the final settlement of the ASR agreement in February 2022, we received an additional 141,766 shares, as determined by the volume weighted average share price of our common stock of $198.93 during the term of the ASR agreement. See Note 16. Stockholders' Equity for further discussion.

 

On January 12, 2022, our Board of Directors approved the action to make our environmental health and safety business within the Energy & Specialized Markets segment available for immediate sale at its current fair value. On January 21, 2022, we entered into a stock purchase agreement to sell 3E Company Environmental, Ecological and Engineering ("3E") in exchange for a potential aggregate cash consideration of up to $950.0 million. The purchase price consists of up to $630.0 million of cash consideration paid at closing, subject to customary purchase adjustments, up to $50.0 million of earnout payments based on financial performance in 2023 and 2024, and up to $270.0 million of additional deferred payments based on the buyer's future return on its investment.

 

In January 2022, we granted 608,895 nonqualified stock options, 130,555 shares of restricted stock, and 74,887 PSUs to key employees. The nonqualified stock options and restricted stock have a graded service vesting period of four years. The PSUs granted consisted of 49,533 TSR-based PSUs and 25,354 PSUs that are tied to the achievement of certain financial performance conditions, namely incremental return on invested capital (“ROIC-based PSUs”). Each of the TSR-based PSUs and ROIC-based PSUs have a three-year performance period, subject to the recipients' continued service. The grant date fair value of the ROIC-based PSUs is determined using the closing price of our common stock on the grant date. The related performance condition is driven by the incremental return on invested capital based on net operating profit. The ultimate realization of the PSUs may range from 0% to 200% of the recipient’s target levels established on the grant date. See Note 17. Compensation Plans for further discussion.

 

On February 11, 2022, we acquired 100 percent of the membership interest of Infutor Data Solutions, LLC ("Infutor"), for an aggregate net cash consideration of $223.5 million, of which $1.5 million represents a working capital escrow, plus a contingent earn-out payment of up to $25.0 million subject to the achievement of certain revenue and other performance targets. Infutor, a leading provider of identity resolution and consumer intelligence data, has become a part of the underwriting & rating category within our Insurance segment. We believe this acquisition further enhances Verisk’s marketing solutions offerings to companies across several industries including the insurance industry. 

 

On February 16, 2022, our Board of Directors approved a cash dividend of $0.31 per share of common stock issued and outstanding, payable on March 31, 2022, to holders of record as of March 15, 2022. Our Board of Directors also approved an additional share repurchase authorization of $1,000.0 million.

 

On February 16, 2022, our Board of Directors approved the action to make our financial services business within the Financial Services segment available for immediate sale at its current fair value. On February 21, 2022, we entered into a stock purchase agreement to sell our financial services business to TransUnion, a global information and insights company, for $515.0 million in cash consideration paid at closing. This transaction is subject to customary closing conditions, including regulatory approvals and working capital adjustments.

 
v3.22.0.1
Schedule II Valuation and Qualifying Accounts and Reserves
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Schedule II

Valuation and Qualifying Accounts and Reserves

For the Years Ended December 31, 2021, 2020, and 2019

(In millions)

 

  

Balance at

  

Charged to

         
  

Beginning

  

Costs and

  

Deductions—

  

Balance at

 

Description

 

of Year

  

Expenses (1)

  

Write-offs (2)

  

End of Year

 

Year ended December 31, 2021

                

Allowance for doubtful accounts

 $17.7  $17.7  $(14.1) $21.3 

Valuation allowance for income taxes

 $48.0  $17.4  $(1.3) $64.1 

Year ended December 31, 2020

                

Allowance for doubtful accounts

 $11.7  $13.1  $(7.1) $17.7 

Valuation allowance for income taxes

 $46.5  $10.7  $(9.2) $48.0 

Year ended December 31, 2019

                

Allowance for doubtful accounts

 $5.7  $7.2  $(1.2) $11.7 

Valuation allowance for income taxes

 $34.5  $16.7  $(4.7) $46.5 

 

 

(1) 

Primarily additional reserves for bad debts

  

 

 

(2) 

Primarily accounts receivable balances written off, net of recoveries, the expiration of loss carryforwards, and businesses held for sale

 
v3.22.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

Our accompanying consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with these accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, 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 periods. Significant estimates include acquisition purchase price allocations, the fair value of goodwill, the realization of deferred tax assets and liabilities, acquisition-related liabilities, fair value of stock-based compensation for equity awards granted, and assets and liabilities for pension and postretirement benefits. Actual results may ultimately differ from those estimates. Certain reclassifications, including combining acquisition-related liabilities into the "Accounts payable and accrued liabilities" line in 2021 (they used to be shown as a separate line item) and moving Atmospheric and Environmental Research ("AER"), an immaterial component, from the Energy and Specialized Markets segment to the underwriting and rating category within the Insurance segment, have been made within our consolidated balance sheets, consolidated statements of operations, consolidated statements of cash flows, and in our notes to conform to our respective 2021 presentation. 

 
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]

(a)    Intercompany Accounts and Transactions

 

The consolidated financial statements include all of our accounts. All intercompany accounts and transactions have been eliminated.

 
Revenue from Contract with Customer [Policy Text Block]

(b)    Revenue Recognition

 

The following describes our primary types of revenues and the applicable revenue recognition policies. We recognize revenues through recurring and non-recurring long-term agreements (generally one to five years) for hosted subscriptions, advisory/consulting services, and for transactional solutions. Each of our reportable segments, Insurance, Energy and Specialized Markets, and Financial Services, has a portion of its revenue from more than one of these revenue types. Our revenues are primarily derived from the sale of services where revenue is recognized when control of the promised services is transferred to customers in an amount that reflects the consideration that we expect to be entitled to in exchange for those services. Fees for services provided by us are non-refundable. Revenue is recognized net of applicable sales tax withholdings.

 

Hosted Subscriptions

 

We offer two forms of hosted subscriptions. The first and most prevalent form of hosted subscription is where customers access content only through our online portal (the "Hosted Subscription"). We grant a license to our customer to enter our online portal. The license is a contractual mechanism that allows our customer to access our online portal for a defined period of time. As the license alone does not provide utility to our customer, our customer has no contractual right to take possession of our online portal at any time, and our customer cannot engage another party to host our online portal and related content, it is not considered a functional license under Topic 606. Our promise to our customer is to provide continuous access to our online portal and to update the content throughout the subscription period. Hosted Subscription is a single performance obligation that represents a series of distinct services (daily access to our online portal and related content) that are substantially the same and that have the same pattern of transfer to our customer. We recognize revenue for Hosted Subscriptions ratably over the subscription period on a straight-line basis as services are performed and continuous access to information in our online portal is provided over the entire term of the agreements.

 

The second form of hosted subscription is where customers have access to our online portals combined with software content that is delivered via disk drive/download to our customer (“Hosted Subscription with Disk Drive/Download”) and is offered only on a limited basis. For this form of hosted subscription, we also grant our customer a license to enter our online portal as well as access the software content as needed and act as the same contractual mechanism as described for Hosted Subscriptions. The Hosted Subscription with Disk Drive/Download works in such a manner that our customer gains significant benefit, functionality, and overall utility only when the online portal and the software content are used together. The disk drive/download contains the models while the online portal contains the latest data and research which is updated throughout the subscription period. The models within the disk drive/download depend on the data and research contained within our online portal. The data and research within our online portal is only useful when our customer can utilize it within the models (e.g., queries, projections, etc.) so that they may use the most current information and alerts to forecast potential future losses. The software content is only sold together with our online portal to provide a highly interdependent and interrelated promise and therefore represents a single performance obligation. As our customer has no contractual right to take possession of our online portal at any time, and our customer cannot engage another party to host our online portal and related software content, it is not considered a functional license under Topic 606. Our promise to our customer is to deliver the disk drive/download, to provide continuous access to our online portal, and to update the software content throughout the subscription period. We recognize revenue for Hosted Subscriptions with Disk Drive/Download ratably over the subscription period on a straight-line basis as services are performed and continuous access to information is provided over the entire term of the agreements.

 

Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period, which is usually for one year and in most instances automatically renewed each year.

 

               Advisory/Consulting Services

 

We provide certain discrete project based advisory/consulting services, which are recognized over time by measuring the progress toward complete satisfaction of the performance obligation, based on the input method of consulting hours worked; this aligns with the results achieved and value transferred to our customer. The hours consumed are most reflective of the measure of progress towards satisfying the performance obligation, as the resources hours worked directly tie to the progress of the services to be provided. In general, they are billed over the course of the project.

 

Transactional Solutions

 

Certain solutions are also paid for by customers on a transactional basis. We recognize these revenues as the solutions are delivered or services performed at a point in time. In general, our customers are billed monthly at the end of each month.

 

(c) Deferred Revenues

 

We invoice our customers in annual, quarterly, monthly, or milestone installments. Amounts billed and/or collected in advance of services being provided are recorded as “Deferred revenues” and “Other noncurrent liabilities” in our accompanying consolidated balance sheets and are recognized as the services are performed, control is transferred to customers, and the applicable revenue recognition criteria is met.

 

(d) Accounts Receivable and Allowance for Doubtful Accounts

 

Accounts receivable are generally recorded at the invoiced amount. Unbilled receivables are short-term in nature and expected to be billed within one year. The allowance for doubtful accounts or expected credit losses is estimated based on an analysis of the aging of the accounts receivable, historical write-offs, customer payment patterns, individual customer credit worthiness, current economic trends, reasonable and supportable forecasts of future economic conditions, and/or establishment of specific reserves for customers in adverse financial condition. We assess the adequacy of the allowance for doubtful accounts on a quarterly basis.

 

(e) Deferred Commissions

 

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. The incremental costs of obtaining a contract with a customer, which primarily consist of sales commissions, are deferred and amortized over a useful life of five years that is consistent with the transfer to our customer the services to which the asset relates. We classify deferred commissions as current or noncurrent based on the timing of expense recognition. The current and noncurrent portions of deferred commissions are included in "Prepaid expenses" and "Other noncurrent assets", respectively, in our consolidated balance sheets as of December 31, 2021. Amortization expense related to deferred commissions is computed on a straight-line basis over its estimated useful lives and included in "Selling, general and administrative" within our accompanying consolidated statements of operations.    

 
Property, Plant and Equipment, Policy [Policy Text Block]

(f)    Fixed Assets and Finite-lived Intangible Assets

 

Fixed assets and finite-lived intangibles are stated at cost less accumulated depreciation and amortization, which are computed on a straight-line basis over their estimated useful lives. Leasehold improvements are amortized over the shorter of the useful life of the asset or the lease term.

 

Our internal software development costs primarily relate to internal-use software. Such costs are capitalized in the application development stage in accordance with ASC 350-40, Internal-use Software ("ASC 350-40"). We also capitalize software development costs upon the establishment of technological feasibility for a product in accordance with ASC 985-20, Software to be Sold, Leased, or Marketed (“ASC 985-20”). Software development costs are amortized on a straight-line basis.

 

In accordance with ASC 360, Property, Plant & Equipment, whenever events or changes in circumstances indicate that the carrying amount of long-lived assets and finite-lived intangible assets may not be recoverable, we review our long-lived assets and finite-lived intangible assets for impairment by first comparing the carrying value of our assets to the sum of the undiscounted cash flows expected to result from the use and eventual disposition of our assets. If the carrying value exceeds the sum of our assets’ undiscounted cash flows, we estimate and recognize an impairment loss by taking the difference between the carrying value and fair value of our assets.

 

As of December 31, 2021, we reassessed the recoverability of long-lived assets for our Financial Services reporting unit based upon the weaker than expected operating performance as a result of changing market conditions. These conditions constituted a triggering event, which resulted in a long-lived asset impairment for our Financial Services operating segment. Please refer to Note 9. Fixed Assets and  Note 12. Goodwill and Intangible Assets for more information.

 
Lessee, Leases [Policy Text Block]

(g)    Leases

 

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842. The lease term for our corporate headquarters ends in 2033 and includes the options to extend for one 10-year renewal period and two 5-year renewal periods. The lease of our Hyderabad, India office may be terminated in six months without penalty. Extension and termination options are considered in our calculation of the right-of-use (“ROU”) assets and lease liabilities when we determine it is reasonably certain that we will exercise those options.

 

We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset and that it has the right to control the use of such asset in determining whether the contract contains a lease. A ROU asset represents our right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our operating leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available on the adoption date in determining the present value of lease payments. The incremental borrowing rate was calculated by using our credit rating on our publicly-traded U.S. unsecured bonds and estimating an appropriate credit rating for similar secured debt instruments. Our calculated credit rating on secured debt instruments determined the yield curve used. We calculated an implied spread and applied the spreads to the risk-free interest rates based on the yield of the U.S. Treasury zero coupon securities with a maturity equal to the remaining lease term in determining the borrowing rates for all operating leases. Our operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Lease expense for lease payments are recognized on a straight-line basis over the lease term. Operating lease transactions are included in "Operating lease right-of-use assets, net", and "Operating lease liabilities", current and noncurrent, within our accompanying consolidated balance sheets. Finance leases are included in property and equipment under "Fixed assets, net", "Short-term debt and current portion of long-term debt", and "Long-term debt" within our accompanying consolidated balance sheets.

 
Fair Value of Financial Instruments, Policy [Policy Text Block]

(h)    Fair Value of Financial and Non-financial Instruments

 

We follow the provisions of ASC 820-10, Fair Value Measurements (“ASC 820-10”), which defines fair value, establishes a framework for measuring fair value under U.S. GAAP and expands fair value measurement disclosures. We follow the provisions of ASC 820-10 for our financial assets and liabilities recognized or disclosed at fair value on a recurring basis. We follow the provisions of ASC 820-10 for our non-financial assets and liabilities recognized or disclosed at fair value.

 
Foreign Currency Transactions and Translations Policy [Policy Text Block]

(i)    Foreign Currency

 

We have determined local currencies are the functional currencies of our foreign operations. The assets and liabilities of foreign subsidiaries are translated at the period-end rate of exchange and statement of operations items are translated at the average rates prevailing during the year. The resulting translation adjustment is recorded as a component of “Accumulated other comprehensive losses” in our accompanying consolidated statements of changes in stockholders’ equity.

 
Compensation Related Costs, Policy [Policy Text Block]

(j)    Stock-Based Compensation

 

We follow ASC 718, Stock Compensation (“ASC 718”). Under ASC 718, stock-based compensation cost is measured at the grant date, based on the fair value of the awards granted, and is recognized as expense over the requisite service period.

 

Our nonqualified stock options have an exercise price equal to the closing price of our common stock on the grant date, with a ten-year contractual term. The expected term for our stock options granted for a majority of the awards granted was estimated based on studies of historical experience and projected exercise behavior. However, for certain awards granted, for which no historical exercise pattern exists, the expected term was estimated using the simplified method. The risk-free interest rate is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the expected term of the equity award. The volatility factor is calculated using our historical daily closing prices over the most recent period that is commensurate with the expected term of the stock option awards. The expected dividend yield was based on our expected annual dividend rate on the date of grant.

 

The fair value of our restricted stock is determined using the closing price of our common stock on the grant date. Our restricted stock is not assignable or transferable until it becomes vested. Restricted stock generally has a service vesting period of four years and we recognize the expense ratably over this service vesting period.

 

Performance share units (“PSU”) vest at the end of a three-year performance period, subject to the recipient’s continued service. Each PSU represents the right to receive one share of our common stock and the ultimate realization is based on our achievement of certain market performance criteria. We determined the grant date fair value of PSUs with the assistance of a third-party valuation specialist and based on estimates provided by us. The valuation of our PSUs employed the Monte Carlo simulation model, which includes certain key assumptions that were applied to us and our peer group. Those key assumptions included valuation date stock price, expected volatility, correlation coefficients, risk-free rate of return, and expected dividend yield.  The valuation date stock price is based on the dividend-adjusted closing price on the grant date. Expected volatility is calculated using historical daily closing prices over a period that is commensurate with the length of the performance period. The correlation coefficients are based on the price data used to calculate the historical volatilities. The risk-free rate of return is based on the yield of U.S. Treasury zero coupon securities with a maturity equal to the length of the performance period. The expected dividend yield was based on our and our peer group’s expected dividend rate over the performance period. PSUs are tied to the achievement of certain market performance conditions, namely relative total shareholder return as compared to the S&P 500 index ("TSR-based PSUs").

 

We estimate expected forfeitures of equity awards at the date of grant and recognize compensation expense only for those awards expected to vest. The forfeiture assumption is ultimately adjusted to the actual forfeiture rate. Estimated forfeiture is ultimately adjusted to actual forfeiture. Changes in the forfeiture assumptions may impact the total amount of expense ultimately recognized, as well as the timing of expense recognized over the requisite service period.

 

Excess tax benefit from exercised stock options, lapsing of restricted stock and PSUs is recorded as an income tax benefit in our accompanying consolidated statements of operations. This tax benefit is calculated as the excess of the intrinsic value of options exercised and of the market value of restricted stock lapsed over the compensation recognized for financial reporting purposes.

 
Research, Development, and Computer Software, Policy [Policy Text Block]

(k)    Research and Development Costs

 

Research and development costs, which are primarily related to personnel and related overhead costs incurred in developing new services for customers, are expensed as incurred. Such costs were $49.2 million, $48.9 million, and $60.0 million for the years ended December 31, 2021, 2020, and 2019, respectively, and were included in our accompanying consolidated statements of operations.

 
Advertising Cost [Policy Text Block]

(l)    Advertising Costs

 

Advertising costs, which are primarily associated with promoting our brand, names and solutions provided, are expensed as incurred. Such costs were $12.0 million, $8.5 million, and $10.7 million for the years ended December 31, 2021, 2020, and 2019, respectively.

 
Income Tax, Policy [Policy Text Block]

(m)    Income Taxes

 

We account for income taxes under the asset and liability method under ASC 740, Income Taxes (“ASC 740”), which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

 

Deferred tax assets are recorded to the extent these assets are more likely than not to be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. Valuation allowances are recognized to reduce deferred tax assets if it is determined to be more likely than not that all or some of the potential deferred tax assets will not be realized.

 

We follow ASC 740-10, Income Taxes (“ASC 740-10”), which clarifies the accounting for uncertainty in income taxes recognized in the financial statements. ASC 740-10 provides that a tax benefit from an uncertain tax position may be recognized based on the technical merits when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes. Income tax positions must meet a more likely than not recognition threshold in accordance with ASC 740-10. This standard also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

 

We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in our accompanying consolidated statements of operations. Accrued interest and penalties are included within “Other liabilities” on our accompanying consolidated balance sheets.

 
Earnings Per Share, Policy [Policy Text Block]

(n)    Earnings Per Share

 

Basic and diluted earnings per share (“EPS”) are determined in accordance with ASC 260, Earnings per Share, which specifies the computation, presentation and disclosure requirements for EPS. Basic EPS excludes all dilutive common stock equivalents. It is based upon the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution that would occur if our dilutive outstanding stock options and stock awards were issued.

 
Pension and Other Postretirement Plans, Policy [Policy Text Block]

(o)    Pension and Postretirement Benefits

 

We account for our pension and postretirement benefits under ASC 715, Compensation — Retirement Benefits (“ASC 715”). ASC 715 requires the recognition of the funded status of a benefit plan in the balance sheet, the recognition in other comprehensive income (loss) of gains or losses and prior service costs arising during the period, but which are not included as components of periodic benefit cost or credit, and the measurement of defined benefit plan assets and obligations as of the balance sheet date. We utilize a valuation date of December 31.

 
Standard Product Warranty, Policy [Policy Text Block]

(p)    Product Warranty Obligations

 

We provide warranty coverage for certain of our solutions. We recognize a product warranty obligation when claims are probable and can be reasonably estimated. As of December 31, 2021 and 2020, product warranty obligations were not material.

 

In the ordinary course of business, we enter into numerous agreements that contain standard indemnities whereby we indemnify another party for breaches of confidentiality, infringement of intellectual property or gross negligence. Such indemnifications are primarily granted under licensing of computer software. Most agreements contain provisions to limit the maximum potential amount of future payments that we could be required to make under these indemnifications; however, we are not able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability.

 
Commitments and Contingencies, Policy [Policy Text Block]

(q)    Loss Contingencies

 

We accrue for costs relating to litigation, claims, and other contingent matters when such liabilities become probable and reasonably estimable. Such estimates are based on management’s judgment. Actual amounts paid may differ from amounts estimated, and such differences will be charged to operations in the period in which the final determination of the liability is made.

 
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

(r)    Goodwill

 

Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of our businesses acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and intangible assets with indefinite lives are subject to impairment testing annually as of June 30 or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. We completed the required annual impairment test as of June 30, 2021, which resulted in no impairment of goodwill in 2021. This test compares the carrying value of each reporting unit to its fair value. If the fair value of the reporting unit exceeds the carrying value of our net assets, including goodwill assigned to that reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s net assets, including goodwill, exceeds the fair value of the reporting unit, then an impairment loss is recorded for the difference between the carrying amount and the fair value of the reporting unit. 

 
New Accounting Pronouncements, Policy [Policy Text Block]

(s)    Recent Accounting Pronouncements

 

Accounting Standard

 

Description

 

Effective Date

 

Effect on Consolidated Financial Statements or Other Significant Matters

Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure requirements for defined benefit plans" ("ASU No. 2018-14")

 

Compensation-Retirement Benefits-Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure requirements for defined benefit plans" ("ASU No. 2018-14")

 This amendment removes certain disclosures that are not considered cost beneficial and helps clarify certain required disclosures along with adding additional disclosures. This impacts employers that sponsor defined benefit pension and/or other postretirement plans. The amendment clarifies guidance in ASC 715-20-50-3 to disclose projected benefit obligation ("PBO") and accumulated benefit obligation ("ABO"). Fiscal years ending after December 15, 2020 with early adoption permitted. We adopted ASU No. 2018-14 on December 31, 2020 on a retroactive basis and applied to each comparative period presented in our Consolidated Financial Statements. The adoption of ASU No. 2018-14 did not have a material impact on our Consolidated Financial Statements.

Income Tax (Topic 740) In December 2019, FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes" ("ASU No. 2019-12")

 

Income Tax (Topic 740) In December 2019, FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes" ("ASU No. 2019-12")

 The amendments in this guidance reflect the FASB’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users. Changes include treatment of Hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments, interim-period accounting for enacted changes in tax law, year-to-date loss limitation in interim-period tax accounting, income statement presentation of tax benefits of tax-deductible dividends, and impairment of investment in qualified affordable housing projects accounted for under the equity method. Fiscal years beginning after December 15, 2020 with early adoption permitted. We adopted this amendment on January 1, 2021 on a prospective basis. We evaluated ASU No. 2019-12 and determined that there was no material impact on our Consolidated Financial Statements.

 
v3.22.0.1
Note 4 - Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

2021

  

2020

 

Billed receivables

 $395.5  $380.5 

Unbilled receivables

  72.1   69.6 

Total receivables

  467.6   450.1 

Less allowance for doubtful accounts

  (21.3)  (17.7)

Accounts receivable, net

 $446.3  $432.4 
v3.22.0.1
Note 6 - Revenues (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

2021

  

2020

  

2019

 

Insurance:

            

Underwriting & rating

 $1,555.1  $1,413.0  $1,274.5 

Claims

  651.8   595.7   610.9 

Total Insurance

  2,206.9   2,008.7   1,885.4 

Energy and Specialized Markets

  648.9   619.2   543.7 

Financial Services

  142.8   156.7   178.0 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 
  

2021

  

2020

  

2019

 

Revenues:

            

United States

 $2,285.5  $2,133.6  $2,005.6 

United Kingdom

  204.4   181.6   177.3 

Other countries

  508.7   469.4   424.2 

Total revenues

 $2,998.6  $2,784.6  $2,607.1 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

Contract Liabilities at December 31, 2019

 $443.2 

Revenue

  (2,784.6)

Billings

  2,809.6 

Contract Liabilities at December 31, 2020

  468.2 

Revenue

  (2,998.6)

Billings

  3,035.2 

Contract Liabilities at December 31, 2021

 $504.8 
v3.22.0.1
Note 7 - Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
    

2021

  

2020

 
  

Fair Value

 

Carrying

  

Estimated

  

Carrying

  

Estimated

 
  

Hierarchy

 

Value

  

Fair Value

  

Value

  

Fair Value

 

Financial instrument not carried at fair value:

                  

Senior Notes (Note 15)

 

Level 2

 $2,692.0  $3,017.4  $3,140.8  $3,652.2 
v3.22.0.1
Note 8 - Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Lease, Cost [Table Text Block]
  

2021

  

2020

 

Lease cost:

        

Operating lease cost (1)

 $52.5  $52.2 

Sublease income

  (1.7)  (0.3)

Finance lease cost

        

Depreciation of finance lease assets (2)

  13.9   13.4 

Interest on finance lease liabilities (3)

  0.8   0.7 

Total lease cost

 $65.5  $66.0 
         

Other information:

        

Cash paid for amounts included in the measurement of lease liabilities

        

Operating cash outflows from operating leases

 $(51.3) $(52.0)

Operating cash outflows from finance leases

 $(0.8) $(0.7)

Financing cash outflows from finance leases

 $(18.2) $(14.4)
Schedule of Weighted Average Number of Shares [Table Text Block]
  

2021

  

2020

 

Weighted-average remaining lease term - operating leases (in years)

  8.5   9.3 

Weighted-average remaining lease term - finance leases (in years)

  1.6   2.2 

Weighted-average discount rate - operating leases

  3.8%  3.9%

Weighted-average discount rate - finance leases

  3.8%  4.1%
Lessee, Lease Liability Maturity [Table Text Block]

Years Ending

 

Operating Leases

  

Finance Leases

 

2022

 $51.5  $13.0 

2023

  48.9   1.3 

2024

  40.0   0.4 

2025

  35.4   0.1 

2026

  30.3   — 

2027 and thereafter

  145.8   — 

Total lease payments

  351.9   14.8 

Less: Amount representing interest

  (56.0)  (1.5)

Present value of total lease payments

 $295.9  $13.3 
v3.22.0.1
Note 9 - Fixed Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

Useful Life (in years)

 

Cost

  

Accumulated Depreciation and Amortization

  

Net

 

December 31, 2021

              

Furniture and office equipment

 3 - 10 $259.2  $(219.6) $39.6 

Leasehold improvements

 

Lease term

  135.7   (54.5)  81.2 

Purchased software

 3  92.1   (71.1)  21.0 

Software development costs

 3 - 7  1,077.4   (584.5)  492.9 

Leased equipment

 3 - 4  60.5   (41.5)  19.0 

Motor vehicles and field equipment

 2 - 10  6.2   (1.7)  4.5 

Total fixed assets

   $1,631.1  $(972.9) $658.2 

December 31, 2020

              

Furniture and office equipment

 3 - 10 $273.6  $(215.8) $57.8 

Leasehold improvements

 

Lease term

  118.3   (44.7)  73.6 

Purchased software

 3  77.7   (68.6)  9.1 

Software development costs

 3 - 7  924.6   (465.3)  459.3 

Leased equipment

 3 - 4  68.3   (41.2)  27.1 

Motor vehicles and field equipment

 2 - 10  6.8   (1.4)  5.4 

Total fixed assets

   $1,469.3  $(837.0) $632.3 
v3.22.0.1
Note 10 - Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
  ACTINEO  

Data Driven Safety

  

Others

  

Total

 

Cash and cash equivalents

 $0.2  $3.4  $5.7  $9.3 

Accounts receivable

  1.8   1.1   2.1   5.0 

Other current assets

  —   2.0   1.2   3.2 

Fixed assets

  1.4   —   0.2   1.6 

Operating lease right-of-use assets, net

  4.2   0.4   0.9   5.5 

Intangible assets

  48.3   42.1   25.3   115.7 

Goodwill

  121.9   73.7   61.5   257.1 

Other assets

  —   —   4.8   4.8 

Total assets acquired

  177.8   122.7   101.7   402.2 

Current liabilities

  2.1   3.3   4.0   9.4 

Deferred revenues

  —   0.4   4.7   5.1 

Operating lease liabilities

  4.2   0.4   0.9   5.5 

Deferred income tax, net

  15.8   —   5.2   21.0 

Other liabilities

  —   21.7   4.8   26.5 

Total liabilities assumed

  22.1   25.8   19.6   67.5 

Net assets acquired

  155.7   96.9   82.1   334.7 

Less: Noncontrolling interests

  6.6   —   19.8   26.4 

Less: Cash acquired

  0.2   3.4   5.7   9.3 

Net cash purchase price

 $148.9  $93.5  $56.6   299.0 
  

Lead Intelligence

  

Franco Signor

  

Total

 

Cash and cash equivalents (1)

 $5.9  $10.9  $16.8 

Accounts receivable

  2.8   2.2   5.0 

Other current assets

  1.4   0.9   2.3 

Fixed assets

  0.8   0.4   1.2 

Operating lease right-of-use assets, net

  1.6   1.5   3.1 

Intangible assets

  64.3   59.1   123.4 

Goodwill

  69.9   101.5   171.4 

Other assets

  0.1   8.0   8.1 

Total assets acquired

  146.8   184.5   331.3 

Current liabilities (1)

  2.1   8.3   10.4 

Deferred revenues

  2.6   0.3   2.9 

Operating lease liabilities

  1.6   1.5   3.1 

Deferred income tax, net

  9.7   1.5   11.2 

Other liabilities

  —   8.0   8.0 

Total liabilities assumed

  16.0   19.6   35.6 

Net assets acquired

  130.8   164.9   295.7 

Less: Cash and cash equivalents

  5.9   10.9   16.8 

Restricted cash (1)

  —   (5.7)  (5.7)

Cash acquired

  5.9   5.2   11.1 

Net cash purchase price

 $124.9  $159.7  $284.6 
  

FAST

  

Genscape

  

BuildFax

  

CaaS

  

Others

  

Total

 

Cash and cash equivalents

 $2.9  $0.2  $0.4  $3.7  $3.1  $10.3 

Accounts receivable

  4.7   13.6   1.8   —   3.9   24.0 

Other current assets

  0.4   1.4   0.1   0.7   0.6   3.2 

Fixed assets

  1.8   15.9   0.9   0.2   6.3   25.1 

Operating lease right-of-use assets, net

  1.4   7.4   0.4   —   0.5   9.7 

Intangible assets

  69.0   153.2   21.9   34.4   14.1   292.6 

Goodwill

  120.7   241.4   20.2   41.2   28.2   451.7 

Other assets

  0.1   —   —   0.1   4.4   4.6 

Total assets acquired

  201.0   433.1   45.7   80.3   61.1   821.2 

Current liabilities

  2.4   17.4   0.9   1.3   1.3   23.3 

Deferred revenues

  0.3   27.3   2.4   10.1   —   40.1 

Operating lease liabilities

  1.4   7.4   0.4   —   0.5   9.7 

Deferred income tax, net

  —   29.8   0.4   —   2.6   32.8 

Other liabilities

  —   —   1.0   —   5.3   6.3 

Total liabilities assumed

  4.1   81.9   5.1   11.4   9.7   112.2 

Net assets acquired

  196.9   351.2   40.6   68.9   51.4   709.0 

Cash acquired

  (3.0)  (0.2)  (0.4)  (3.7)  (3.1)  (10.4)

Net cash purchase price

 $193.9  $351.0  $40.2  $65.2  $48.3  $698.6 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]
  

Weighted Average Useful Life (in years)

 

Total

 

Technology-based

 5 $21.2 

Marketing-related

 4  1.4 

Customer-related

 13  84.7 

Database-based

 5  8.4 

Total intangible assets

   $115.7 
  

Weighted Average Useful Life (in years)

 

Total

 

Technology-based

 11 $30.8 

Marketing-related

 5  2.1 

Customer-related

 11  90.5 

Total intangible assets

   $123.4 
  Weighted Average Useful Life (in years) 

Total

 

Technology-based

 6 $81.9 

Marketing-related

 4  3.9 

Customer-related

 12  185.5 

Database-based

 10  20.7 

Total intangible assets

   $292.0 
v3.22.0.1
Note 12 - Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Goodwill [Table Text Block]
  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Goodwill at December 31, 2019

 $998.8  $2,389.5  $476.0  $3,864.3 

Acquisitions

  171.7   —   —   171.7 

Purchase accounting reclassifications

  2.1   (6.0)  (0.2)  (4.1)

Current period adjustment

  21.4   (19.5)  —   1.9 

Foreign currency translation adjustment

  14.6   59.6   0.1   74.3 

Goodwill at December 31, 2020

  1,208.6   2,423.6   475.9   4,108.1 

Acquisitions and purchases of controlling interests

  235.9   21.2   —   257.1 

Purchase accounting reclassifications

  (0.3)  —   —   (0.3)

Current period adjustment (1)

  15.8   (15.8)  —   — 

Foreign currency translation adjustment

  (5.2)  (28.0)  (0.5)  (33.7)

Goodwill at December 31, 2021

 $1,454.8  $2,401.0  $475.4  $4,331.2 
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

Weighted

            
  

Average

            
  

Useful Life

     

Accumulated

     
  

(in years)

 

Cost

  

Amortization

  

Net

 

December 31, 2021

              

Technology-based

 7 $576.4   (403.3) $173.1 

Marketing-related

 15  274.1   (129.6) $144.5 

Contract-based

 6  5.0   (5.0) $— 

Customer-related

 13  1,015.4   (426.5) $588.9 

Database-based

 18  484.2   (164.8) $319.4 

Total intangible assets

   $2,355.1  $(1,129.2) $1,225.9 

December 31, 2020

              

Technology-based

 7 $559.6  $(349.5) $210.1 

Marketing-related

 16  275.2   (113.4)  161.8 

Contract-based

 6  5.0   (5.0)  — 

Customer-related

 13  1,004.3   (354.2)  650.1 

Database-based

 19  501.0   (138.2)  362.8 

Total intangible assets

   $2,345.1  $(960.3) $1,384.8 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Years Ending

 

Amount

 

2022

 $170.6 

2023

  155.8 

2024

  133.8 

2025

  109.3 

2026

  104.6 

2027 and thereafter

  551.8 

Total

 $1,225.9 
v3.22.0.1
Note 13 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
  

2021

  

2020

  

2019

 

U.S.

 $805.3  $834.0  $553.9 

Foreign

  70.1   63.5   14.5 

Total income before income taxes

 $875.4  $897.5  $568.4 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

2021

  

2020

  

2019

 

Current:

            

Federal

 $116.8  $111.0  $109.9 

State and local

  21.1   23.1   21.4 

Foreign

  21.4   18.9   14.6 

Total current provision for income taxes

  159.3   153.0   145.9 

Deferred:

            

Federal

  19.8   22.6   (14.3)

State and local

  11.8   7.4   (0.2)

Foreign

  18.2   1.8   (12.9)

Total deferred provision for income taxes

  49.8   31.8   (27.4)

Provision for income taxes

 $209.1  $184.8  $118.5 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

2021

  

2020

  

2019

 

Federal statutory rate

  21.0%  21.0%  21.0%

State and local taxes, net of federal tax benefit

  2.8%  2.7%  2.8%

U.K. legislative rate change impact

  3.8%  1.5%  —%

Foreign Derived Intangible Income (FDII)

  (0.9)%  (0.8)%  (1.2)%

Global Intangible Low-taxed Income (GILTI)

  1.5%  —%  —%

Stock-based compensation

  (3.3)%  (3.7)%  (3.0)%

Earn-outs

  —%  —%  2.0%

Other

  (1.0)%  (0.1)%  (0.7)%

Effective tax rate

  23.9%  20.6%  20.9%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

2021

  

2020

 

Deferred tax assets:

        

Employee wages and other benefits

 $49.0  $56.7 

ASC 842/Deferred rent

  10.5   10.3 

Net operating loss carryover

  18.0   22.7 

Litigation accrual

  —   31.3 

Capital and other unrealized losses

  1.5   1.6 

Interest expense

  58.7   44.1 

Other

  7.4   12.2 

Total

  145.1   178.9 

Less valuation allowance

  (64.1)  (48.0)

Deferred tax assets

  81.0   130.9 

Deferred tax liabilities:

        

Fixed assets and intangible assets

  (461.6)  (445.3)

Commissions

  (20.2)  (16.6)

Pensions

  (54.1)  (49.4)

Other

  (9.0)  (7.4)

Deferred tax liabilities

  (544.9)  (518.7)

Deferred tax liabilities, net

 $(463.9) $(387.8)
Summary of Operating Loss Carryforwards [Table Text Block]

Years Ending

 

Amount

 
2022 - 2029 $21.9 
2030 - 2034  20.5 
2035 - 2041  112.2 

Total

 $154.6 
Summary of Income Tax Contingencies [Table Text Block]
  

2021

  

2020

  

2019

 

Unrecognized tax benefit as of January 1

 $9.9  $11.5  $17.4 

Gross increase in tax positions in prior period

  1.3   0.5   0.6 

Gross decrease in tax positions in prior period

  (0.1)  (0.2)  (3.3)

Settlements

  —   —   (2.4)

Lapse of statute of limitations

  (7.7)  (1.9)  (0.8)

Unrecognized tax benefit as of December 31

 $3.4  $9.9  $11.5 
v3.22.0.1
Note 14 - Composition of Certain Financial Statement Caption (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
  

2021

  

2020

 

Accounts payable and accrued liabilities:

        

Accrued salaries, benefits and other related costs

 $169.5  $158.7 

Legal accrual (1)

  6.5   126.5 

Escrow liabilities

  10.6   1.5 

Accrued interest

 

16.3

   20.7 

Trade accounts payable and other accrued expenses

  117.3   99.3 

Acquisition-related liabilities

  0.5   0.6 

Total accounts payable and accrued liabilities

 $320.7  $407.3 
Schedule of Other Assets, Noncurrent [Table Text Block]
  

2021

  

2020

 

Other noncurrent assets:

        

Pension benefits

 $130.5  $77.3 

Other assets - prepaid expenses

  73.0   70.6 

Acquisition related escrows

  4.7   18.5 

Investments in nonpublic companies

  216.2   192.6 

Deposits and other

  6.1   6.7 

Total other noncurrent assets

 $430.5  $365.7 
v3.22.0.1
Note 15 - Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Debt [Table Text Block]
  

Issuance

 

Maturity

        
  

Date

 

Date

 

2021

  

2020

 

Short-term debt and current portion of long-term debt:

            

Syndicated revolving credit facility

 

Various

 

Various

 $610.0  $50.0 

Senior notes:

            

4.125% senior notes, less unamortized discount and debt issuance costs of $(0.4)

 

9/12/2012

 

9/12/2022

  349.6   — 

5.800% senior notes, less unamortized discount and debt issuance costs of $0.1

 

4/6/2011

 

5/1/2021

  —   449.9 

Finance lease liabilities (1)

 

Various

 

Various

  11.7   14.4 

Short-term debt and current portion of long-term debt

  971.3   514.3 

Long-term debt:

            

Senior notes:

            

3.625% senior notes, less unamortized discount and debt issuance costs of $(10.3) and $(10.7), respectively

 

5/13/2020

 

5/15/2050

  489.7   489.3 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $10.9 and $12.4, respectively

 

3/6/2019

 

3/15/2029

  610.9   612.4 

4.000% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(5.4), respectively

 

5/15/2015

 

6/15/2025

  895.9   894.6 

5.500% senior notes, less unamortized discount and debt issuance costs of $(4.1) and $(4.3), respectively

 

5/15/2015

 

6/15/2045

  345.9   345.7 

4.125% senior notes, less unamortized discount and debt issuance costs of $(1.1)

 

9/12/2012

 

9/12/2022

  —   348.9 

Finance lease liabilities (1)

 

Various

 

Various

  1.6   10.3 

Syndicated revolving credit facility debt issuance costs

 

Various

 

Various

  (1.2)  (1.6)

Long-term debt

  2,342.8   2,699.6 

Total debt

 $3,314.1  $3,213.9 
Schedule of Maturities of Long-term Debt [Table Text Block]

Years Ending

 

Amount

 

2022

 $971.7 

2023

  1.3 

2024

  0.4 

2025

  900.1 

2026

  — 

2027 and thereafter

  1,450.0 

Total

 $3,323.5 
v3.22.0.1
Note 16 - Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

2021

  

2020

  

2019

 
  

(In millions, except for share and per share data)

 

Numerator used in basic and diluted EPS:

            

Net income attributable to Verisk

 $666.2  $712.7  $449.9 

Denominator:

            

Weighted average number of common shares used in basic EPS

  161,841,441   162,610,586   163,535,438 

Effect of dilutive shares:

            

Potential common shares issuable from stock options and stock-based awards

  1,497,468   2,710,123   3,024,677 

Weighted average number of common shares and dilutive potential common shares used in diluted EPS

  163,338,909   165,320,709   166,560,115 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

2021

  

2020

 

Foreign currency translation adjustment

 $(338.0) $(292.2)

Pension and postretirement adjustment, net of tax

  (56.6)  (83.5)

Accumulated other comprehensive losses

 $(394.6) $(375.7)
Comprehensive Income (Loss) [Table Text Block]
      

Tax Benefit

     
  

Before Tax

  

(Expense)

  

After Tax

 

December 31, 2021

            

Foreign currency translation adjustment attributable to Verisk

 $(45.8) $—  $(45.8)

Foreign currency translation adjustment attributable to noncontrolling interests

  (0.5)  —   (0.5)

Foreign currency translation adjustment

  (46.3)  —   (46.3)

Pension and postretirement adjustment before reclassifications

  39.8   (9.8)  30.0 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (4.1)  1.0   (3.1)

Pension and postretirement adjustment

  35.7   (8.8)  26.9 

Total other comprehensive loss

 $(10.6) $(8.8) $(19.4)

December 31, 2020

            

Foreign currency translation adjustment

 $107.9  $—  $107.9 

Pension and postretirement adjustment before reclassifications

  11.1   (2.9)  8.2 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (6.7)  1.8   (4.9)

Pension and postretirement adjustment

  4.4   (1.1)  3.3 

Total other comprehensive income

 $112.3  $(1.1) $111.2 

December 31, 2019

            

Foreign currency translation adjustment

 $88.4  $—  $88.4 

Pension and postretirement adjustment before reclassifications

 

26.7

   (6.4)  20.3 

Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive losses (1)

  (4.9)  1.2   (3.7)

Pension and postretirement adjustment

  21.8   (5.2)  16.6 

Total other comprehensive income

 $110.2  $(5.2) $105.0 
v3.22.0.1
Note 17 - Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Share-based Payment Arrangement, Option, Activity [Table Text Block]
  

Stock Option

  

Restricted Stock

  

PSU

 
                  

Weighted

       

Weighted

 
      

Weighted

          

Average

       

Average

 
      

Average

  

Aggregate

      

Grant Date

       

Grant Date

 
  

Number

  

Exercise

  

Intrinsic

  

Number

  

Fair Value

  

Number

   

Fair Value

 
  

of Options

  

Price

  

Value

  

of Shares

  

Per Share

  

of Shares

   

Per Share

 
          

(in millions)

                  

Outstanding at January 1, 2019

  6,820,046  $67.27  $284.9   533,335  $88.55   42,050   $140.70 

Granted

  920,398  $135.64       167,231  $135.82   51,792   $173.59 

Dividend reinvestment

  —  $—       —  $—   550    N/A 

Exercised or lapsed

  (1,131,970) $51.20  $101.0   (242,815) $84.60   —   $— 

Canceled, expired or forfeited

  (175,660) $92.27       (29,022) $109.72   (432)  $134.24 

Outstanding at December 31, 2019

  6,432,814  $79.51  $449.2   428,729  $107.96   93,960   $158.50 

Granted

  936,843  $159.28       163,441  $159.96   50,736   $192.93 

Dividend reinvestment

  —  $—       —  $—   913    N/A 

Exercised or lapsed

  (1,623,740) $56.83  $189.8   (178,317) $102.00   —   $— 

Canceled, expired or forfeited

  (134,140) $125.95       (23,799) $124.40   —   $— 

Outstanding at December 31, 2020

  5,611,777  $98.28  $613.4   390,054  $131.63   145,609   $170.75 

Granted

  750,822  $189.29       162,378  $189.23   59,144   $210.07 

Dividend reinvestment

  —  $—       —  $—   980    N/A 

Exercised or lapsed

  (1,146,422) $73.30  $147.6   (173,726) $120.94   (42,610)  $140.70 

Canceled, expired or forfeited

  (149,079) $155.40       (27,202) $157.79   —   $— 

Outstanding at December 31, 2021

  5,067,098  $115.73  $572.6   351,504  $161.33   163,123   $192.99 

Exercisable at December 31, 2021

  3,173,592  $89.14  $443.0                  

Exercisable at December 31, 2020

  3,494,164  $76.84  $456.9                  

Nonvested at December 31, 2021

  1,893,506           351,504       163,123      

Expected to vest at December 31, 2021

  1,641,393           305,607       181,817 

(1)

    
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
  

2021

  

2020

  

2019

 

Expected volatility

  23.66%  18.48%  18.76%

Risk-free interest rate

  0.39%  1.51%  2.25%

Expected term in years

  4.3   4.3   4.4 

Dividend yield

  0.63%  0.71%  0.80%

Weighted average grant date fair value per stock option

 $35.15  $25.87  $24.13 
Schedule of Nonvested Share Activity [Table Text Block]
  

Number of Options

  

Weighted Average Grant-Date Fair Value Per Share

 

Nonvested balance at January 1, 2019

  2,459,929  $17.41 

Granted

  920,398  $24.13 

Vested

  (947,708) $17.29 

Cancelled or expired

  (175,660) $17.77 

Nonvested balance at December 31, 2019

  2,256,959  $20.17 

Granted

  936,843  $25.87 

Vested

  (942,049) $18.30 

Cancelled or expired

  (134,140) $22.40 

Nonvested balance at December 31, 2020

  2,117,613  $23.39 

Granted

  750,822  $35.15 

Vested

  (825,850) $21.62 

Cancelled or expired

  (149,079) $27.54 

Nonvested balance at December 31, 2021

  1,893,506  $28.49 
v3.22.0.1
Note 18 - Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2021

  

2020

 

Change in benefit obligation:

                

Benefit obligation at January 1

 $459.9  $443.6  $7.5  $8.2 

Interest cost

  11.0   12.6   0.1   0.2 

Actuarial (gain) loss

  (9.0)  32.1   (0.9)  (0.2)

Plan participants’ contributions

  —   —   1.5   1.6 

Benefits paid

  (30.2)  (28.4)  (2.2)  (2.3)

Benefit obligation at December 31

 $431.7  $459.9  $6.0  $7.5 

Accumulated benefit obligation at December 31

 $431.7  $459.9       

Change in plan assets:

                

Fair value of plan assets at January 1

 $520.8  $488.9  $10.5  $10.3 

Actual return on plan assets, net of expenses

  54.9   59.6   (0.2)  0.3 

Employer contributions, net

  0.7   0.7   (0.1)  0.6 

Plan participants’ contributions

  —   —   1.5   1.6 

Benefits paid

  (30.2)  (28.4)  (2.2)  (2.3)

Fair value of plan assets at December 31

 $546.2  $520.8  $9.5  $10.5 

Funded status at December 31

 $(114.5) $(60.9) $(3.5) $(3.0)

Amounts recognized in the consolidated balance sheets consist of:

                

Pension assets, noncurrent (1)

 $(127.0) $(74.3) $(3.5) $(3.0)

Pension, SERP and postretirement benefits, current (2)

  1.4   1.0   —   — 

Pension, SERP and postretirement benefits, noncurrent (3)

  11.1   12.4   —   — 

Total Pension, SERP and Postretirement benefits

 $(114.5) $(60.9) $(3.5) $(3.0)
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2021

  

2020

 

Prior service benefit cost (credit)

 $2.8  $3.0  $—  $(0.1)

Actuarial losses

  98.3   133.2   2.4   3.1 

Accumulated other comprehensive losses, pretax

 $101.1  $136.2  $2.4  $3.0 
      

Quoted Prices

  

Significant

 
      

in Active

  

Other

 
      

Markets for

  

Observable

 
      

Identical Assets

  

Inputs

 
  

Total

  

(Level 1)

  

(Level 2)

 

December 31, 2021

            

Equity

            

Managed equity accounts (1)

 $195.0  $195.0  $— 

Equity — pooled separate account (2)

  54.9   —   54.9 

Debt

            

Fixed income manager — separately managed account (5)

  163.7   —   163.7 

Fixed income manager — pooled separate account (2)

  97.9   —   97.9 

Fixed income manager — government securities (3)

  9.5   9.5   — 

Others

            

Cash — pooled separate account (2)

  (0.1)  —   (0.1)

Global real estate account (4)

  34.8   —   34.8 

Total

 $555.7  $204.5  $351.2 

December 31, 2020

            

Equity

            

Managed equity accounts (1)

 $206.3  $206.3  $— 

Equity — pooled separate account (2)

  67.2   —   67.2 

Debt

            

Fixed income manager — pooled separate account (2)

  208.3   —   208.3 

Fixed income manager — government securities (3)

  10.5   10.5   — 

Others

            

Cash — pooled separate account (2)

  2.1   —   2.1 

Global real estate account (4)

  36.9   —   36.9 

Total

 $531.3  $216.8  $314.5 
Schedule of Net Benefit Costs [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 
  

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Interest cost

 $11.0  $12.6  $15.6  $0.1  $0.2  $0.3 

Expected return on plan assets

  (32.8)  (29.9)  (30.3)  (0.2)  (0.2)  (0.2)

Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses

  0.2   0.2   0.2   (0.1)  (0.1)  (0.1)

Amortization of net actuarial loss reclassified from accumulated other comprehensive losses

  3.8   6.3   4.5   0.2   0.3   0.3 

Net periodic benefit (credit) cost

  (17.8)  (10.8)  (10.0)  —   0.2   0.3 

Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses

  (0.2)  (0.2)  (0.2)  0.1   0.1   0.1 

Amortization of actuarial loss reclassified from accumulated other comprehensive losses

  (0.2)  (0.2)  (0.1)  —   —   — 

Net loss recognized reclassified from accumulated other comprehensive losses

  (3.6)  (6.1)  (4.4)  (0.2)  (0.3)  (0.3)

Actuarial (gain) loss

  (31.1)  2.4   (16.4)  (0.5)  (0.3)  (0.8)

Total recognized in other comprehensive income

  (35.1)  (4.1)  (21.1)  (0.6)  (0.5)  (1.0)

Total recognized in net periodic benefit credit and other comprehensive (income) loss

 $(52.9) $(14.9) $(31.1) $(0.6) $(0.3) $(0.7)
Defined Benefit Plan, Assumptions [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 

Weighted-average assumptions used to determine benefit obligations:

 

2021

  

2020

      

2021

  

2020

     

Discount rate

  2.75%  2.49%      2.25%  1.50%    

Expected return on plan assets

  6.25%  6.50%      1.75%  2.00%    

Cash balance interest credit rate

  2.57%  2.57%      N/A     
                         

Weighted-average assumptions used to determine net periodic benefit (credit) cost:

 

2021

  

2020

  

2019

  

2021

  

2020

  

2019

 

Discount rate

  2.49%  2.83%  3.82%  1.50%  2.50%  3.75%

Expected return on plan assets

  6.50%  6.75%  7.00%  2.00%  2.00%  2.00%

Cash balance interest credit rate

  2.57%  2.57%  2.57%  N/A 
Schedule of Expected Benefit Payments [Table Text Block]
  

Pension Plan

  

Postretirement

 
  

and SERP

  

Plan

 
  

Gross

  

Gross

  

Medicare

  

Net

 
  

Benefit

  

Benefit

  

Subsidy

  

Benefit

 
  

Amount

  

Amount

  

Payments

  

Amount

 

2022

 $30.5  $1.1  $(0.2) $0.9 

2023

 $30.3  $1.0  $(0.2) $0.8 

2024

 $30.0  $0.8  $(0.1) $0.7 

2025

 $29.0  $0.7  $(0.1) $0.6 

2026

 $28.5  $0.6  $—  $0.6 
2027 and thereafter $132.5  $2.0  $—  $2.0 
Schedule of Allocation of Plan Assets [Table Text Block]
  

Target

  

Percentage of Plan Assets

 

Asset Category

 

Allocation

  

2021

  

2020

 

Equity securities

  50.0%  45.8%  52.5%

Debt securities

  50.0%  47.8%  40.0%

Other

  —%  6.4%  7.5%

Total

  100.0%  100.0%  100.0%
v3.22.0.1
Note 19 - Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

2021

  

2020

  

2019

 
  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Revenues

 $2,206.9  $648.9  $142.8  $2,998.6  $2,008.7  $619.2  $156.7  $2,784.6  $1,885.4  $543.7  $178.0  $2,607.1 

Expenses:

                                                

Cost of revenues (exclusive of items shown separately below)

  (704.4)  (263.0)  (90.4)  (1,057.8)  (644.3)  (256.8)  (92.8)  (993.9)  (654.1)  (225.5)  (97.2)  (976.8)

Selling, general and administrative

  (239.1)  (154.4)  (29.2)  (422.7)  (248.1)  (146.1)  (19.7)  (413.9)  (407.9)  (175.9)  (19.7)  (603.5)

Other operating (loss) income

  —   —   (134.0)  (134.0)  15.9   —   3.5   19.4   —   —   (6.2)  (6.2)

Investment income (loss) and others, net

  2.3   (0.2)  (0.2)  1.9   (1.2)  (1.2)  —   (2.4)  0.7   (1.9)  (0.5)  (1.7)

EBITDA

 $1,265.7  $231.3  $(111.0)  1,386.0  $1,131.0  $215.1  $47.7   1,393.8  $824.1  $140.4  $54.4   1,018.9 

Depreciation and amortization of fixed assets

              (206.9)              (192.2)              (185.7)

Amortization of intangible assets

              (176.7)              (165.9)              (138.0)

Interest expense

              (127.0)              (138.2)              (126.8)

Income before income taxes

             $875.4              $897.5              $568.4 
Long-lived Assets by Geographic Areas [Table Text Block]
  

2021

  

2020

 

Long-lived assets:

        

U.S.

 $3,527.6  $3,525.0 

U.K.

  2,754.0   2,775.8 

Other countries

  623.9   466.8 

Total long-lived assets

 $6,905.5  $6,767.6 
v3.22.0.1
Schedule II Valuation and Qualifying Accounts and Reserves (Tables)
 12 Months Ended
Dec. 31, 2021
Notes Tables  
Valuation Allowances and Reserves [Table Text Block]
  

Balance at

  

Charged to

         
  

Beginning

  

Costs and

  

Deductions—

  

Balance at

 

Description

 

of Year

  

Expenses (1)

  

Write-offs (2)

  

End of Year

 

Year ended December 31, 2021

                

Allowance for doubtful accounts

 $17.7  $17.7  $(14.1) $21.3 

Valuation allowance for income taxes

 $48.0  $17.4  $(1.3) $64.1 

Year ended December 31, 2020

                

Allowance for doubtful accounts

 $11.7  $13.1  $(7.1) $17.7 

Valuation allowance for income taxes

 $46.5  $10.7  $(9.2) $48.0 

Year ended December 31, 2019

                

Allowance for doubtful accounts

 $5.7  $7.2  $(1.2) $11.7 

Valuation allowance for income taxes

 $34.5  $16.7  $(4.7) $46.5 
v3.22.0.1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Unbilled Receivables, Expected Billing Period (Year) 1 year    
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 10 years    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 4 years    
Research and Development Expense, Total $ 49,200 $ 48,900 $ 60,000
Advertising Expense 12,000 8,500 10,700
Goodwill, Impairment Loss $ 0 $ 0 $ 0
Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 4 years    
First Option to Extend Corporate Headquarters [Member]      
Lessee, Leases, Number of Extensions 1    
Lessee, Lease, Extension Lease Term (Year) 10 years    
Second Option to Extend Corporate Headquarters [Member]      
Lessee, Leases, Number of Extensions 2    
Lessee, Lease, Extension Lease Term (Year) 5 years    
Hyderabad, India Office [Member]      
Lessee, Leases, Termination Period (Month) 6 months    
v3.22.0.1
Note 4 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Receivables $ 467.6 $ 450.1
Less allowance for doubtful accounts (21.3) (17.7)
Accounts receivable, net 446.3 432.4
Billed Revenues [Member]    
Receivables 395.5 380.5
Unbilled Revenues [Member]    
Receivables $ 72.1 $ 69.6
v3.22.0.1
Note 5 - Concentration of Credit Risk (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
Cash, FDIC Insured Amount $ 250 $ 250  
Number Of Banks 15   10
Cash Balances On Deposit FDIC Insured Amount $ 40,300 92,800  
Cash Deposit with Foreign Banks $ 240,400 $ 122,500  
Revenue Benchmark [Member] | Customer Concentration Risk [Member]      
Number of Customers 50 50 50
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Top Fifty Customers [Member]      
Concentration Risk, Percentage 32.00% 33.00% 33.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Individual Customer [Member]      
Number of Customers 0 0 0
Concentration Risk, Percentage 3.00% 3.00% 3.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Individual Customer [Member]      
Number of Customers 0 0  
Concentration Risk, Percentage 4.00% 2.00%  
v3.22.0.1
Note 6 - Revenues (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Contract with Customer, Asset, after Allowance for Credit Loss, Total $ 0 $ 0
Revenue, Remaining Performance Obligation, Amount $ 504,800 $ 468,200
Revenue Remaining Performance Obligation, Current Percentage 97.00% 99.00%
Contract with Customer, Liability, Noncurrent $ 86,800 $ 73,800
v3.22.0.1
Note 6 - Revenues - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues $ 2,998.6 $ 2,784.6 $ 2,607.1
UNITED STATES      
Revenues 2,285.5 2,133.6 2,005.6
UNITED KINGDOM      
Revenues 204.4 181.6 177.3
Other Countries [Member]      
Revenues 508.7 469.4 424.2
Insurance [Member]      
Revenues 2,206.9 2,008.7 1,885.4
Insurance [Member] | Underwriting and Rating [Member]      
Revenues 1,555.1 1,413.0 1,274.5
Insurance [Member] | Claims [Member]      
Revenues 651.8 595.7 610.9
Energy and Specialized Markets [Member]      
Revenues 648.9 619.2 543.7
Financial Services [Member]      
Revenues $ 142.8 $ 156.7 $ 178.0
v3.22.0.1
Note 6 - Revenues - Summary of Change in Contract Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Contract Liabilities $ 468.2 $ 443.2
Revenue (2,998.6) (2,784.6)
Billings 3,035.2 2,809.6
Contract Liabilities $ 504.8 $ 468.2
v3.22.0.1
Note 7 - Fair Value Measurements (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 25, 2021
Payments to Acquire Investments, Total   $ 23,600 $ 94,800 $ (0)  
Investment in Limited Partnership Member]          
Equity Method Investments   54,600 49,500    
Provision for Credit Loss on Investments   0 0    
Cost Based Investments [Member]          
Investments, Total   161,600 143,100    
Vexcel Group, Inc. [Member]          
Payments to Acquire Investments, Total $ 63,800        
Equity Securities Without Readily Determinable Fair Value, Percentage 35.00%       3.70%
Equity Securities without Readily Determinable Fair Value, Amount   144,100 129,100   $ 15,000
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]          
Investments, Fair Value Disclosure, Total   $ 5,000 $ 4,100    
v3.22.0.1
Note 7 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Reported Value Measurement [Member]    
Senior Notes (Note 15) $ 2,692.0 $ 3,140.8
Estimate of Fair Value Measurement [Member]    
Senior Notes (Note 15) $ 3,017.4 $ 3,652.2
v3.22.0.1
Note 8 - Leases (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Finance Lease, Liability, Total $ 13.3  
Fixed Assets, Net [Member]    
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total 19.0 $ 27.1
Short-term Debt and Current Portion of Long-term Debt and Long-term Debt [Member]    
Finance Lease, Liability, Total $ 13.5 $ 24.7
First Option to Extend Corporate Headquarters [Member]    
Lessee, Leases, Number of Extensions 1  
Lessee, Lease, Extension Lease Term (Year) 10 years  
Second Option to Extend Corporate Headquarters [Member]    
Lessee, Leases, Number of Extensions 2  
Lessee, Lease, Extension Lease Term (Year) 5 years  
Hyderabad, India Office [Member]    
Lessee, Leases, Termination Period (Month) 6 months  
v3.22.0.1
Note 8 - Leases - Lease Cost and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating lease cost [1] $ 52.5 $ 52.2
Sublease income (1.7) (0.3)
Depreciation of finance lease assets [2] 13.9 13.4
Interest on finance lease liabilities [3] 0.8 0.7
Total lease cost 65.5 66.0
Operating cash outflows from operating leases (51.3) (52.0)
Operating cash outflows from finance leases (0.8) (0.7)
Financing cash outflows from finance leases $ (18.2) $ (14.4)
[1] Included in "Cost of revenues" and "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations
[2] Included in "Depreciation and amortization of fixed assets" in our accompanying condensed consolidated statements of operations
[3] Included in "Interest expense" in our accompanying condensed consolidated statements of operations
v3.22.0.1
Note 8 - Leases - Weighted-average Remaining Lease Terms and Weighted-average Discount Rates (Details)
Dec. 31, 2021
Dec. 31, 2020
Weighted-average remaining lease term - operating leases (in years) (Year) 8 years 6 months 9 years 3 months 18 days
Weighted-average remaining lease term - finance leases (in years) (Year) 1 year 7 months 6 days 2 years 2 months 12 days
Weighted-average discount rate - operating leases 3.80% 3.90%
Weighted-average discount rate - finance leases 3.80% 4.10%
v3.22.0.1
Note 8 - Leases - Maturities of Lease Liabilities (Details)
$ in Millions
Dec. 31, 2021
USD ($)
2022, operating leases $ 51.5
2022, finance leases 13.0
2023, operating leases 48.9
2023, finance leases 1.3
2024, operating leases 40.0
2024, finance leases 0.4
2025, operating leases 35.4
2025, finance leases 0.1
2026, operating leases 30.3
2026, finance leases 0.0
2027 and thereafter, operating leases 145.8
2027 and thereafter, finance leases 0.0
Total lease payments, operating leases 351.9
Total lease payments, finance leases 14.8
Less: Amount representing interest, operating leases (56.0)
Less: Amount representing interest, finance leases (1.5)
Present value of total lease payments, operating leases 295.9
Present value of total lease payments, finance leases $ 13.3
v3.22.0.1
Note 9 - Fixed Assets (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Depreciation, Depletion and Amortization, Nonproduction, Total $ 206.9 $ 192.2 $ 185.7
Capitalized Computer Software, Amortization 137.5 120.6 100.2
Unamortized Costs Capitalized 59.4 53.5  
Asset Impairment Charges, Total 134.0 0.0 0.0
Financial Services Segment [Member]      
Asset Impairment Charges, Total 134.0    
Software and Software Development Costs [Member]      
Depreciation, Depletion and Amortization, Nonproduction, Total 11.7 11.3 $ 12.8
Unamortized Costs Capitalized 433.5 $ 405.8  
Software Development [Member] | Financial Services Segment [Member]      
Asset Impairment Charges, Total $ 45.8    
v3.22.0.1
Note 9 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($)
$ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Cost $ 1,469.3 $ 1,631.1
Accumulated Depreciation and Amortization (837.0) (972.9)
Net 632.3 658.2
Furniture and Office Equipment [Member]    
Cost 273.6 259.2
Accumulated Depreciation and Amortization (215.8) (219.6)
Net $ 57.8 $ 39.6
Furniture and Office Equipment [Member] | Minimum [Member]    
Useful Life (Year) 3 years 3 years
Furniture and Office Equipment [Member] | Maximum [Member]    
Useful Life (Year) 10 years 10 years
Leasehold Improvements [Member]    
Cost $ 118.3 $ 135.7
Accumulated Depreciation and Amortization (44.7) (54.5)
Net $ 73.6 $ 81.2
Purchased Software [Member]    
Useful Life (Year) 3 years 3 years
Cost $ 77.7 $ 92.1
Accumulated Depreciation and Amortization (68.6) (71.1)
Net 9.1 21.0
Software Development [Member]    
Cost 924.6 1,077.4
Accumulated Depreciation and Amortization (465.3) (584.5)
Net $ 459.3 $ 492.9
Software Development [Member] | Minimum [Member]    
Useful Life (Year) 3 years 3 years
Software Development [Member] | Maximum [Member]    
Useful Life (Year) 7 years 7 years
Leased Equipment [Member]    
Cost $ 68.3 $ 60.5
Accumulated Depreciation and Amortization (41.2) (41.5)
Net $ 27.1 $ 19.0
Leased Equipment [Member] | Minimum [Member]    
Useful Life (Year) 3 years 3 years
Leased Equipment [Member] | Maximum [Member]    
Useful Life (Year) 4 years 4 years
Motor Vehicles and Field Equipment [Member]    
Cost $ 6.8 $ 6.2
Accumulated Depreciation and Amortization (1.4) (1.7)
Net $ 5.4 $ 4.5
Motor Vehicles and Field Equipment [Member] | Minimum [Member]    
Useful Life (Year) 2 years 2 years
Motor Vehicles and Field Equipment [Member] | Maximum [Member]    
Useful Life (Year) 10 years 10 years
v3.22.0.1
Note 10 - Acquisitions (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 23, 2021
Nov. 02, 2021
Sep. 01, 2021
Jun. 17, 2021
Mar. 02, 2021
Dec. 16, 2020
Sep. 09, 2020
Dec. 23, 2019
Dec. 19, 2019
Nov. 05, 2019
Oct. 10, 2019
Aug. 28, 2019
Jul. 31, 2019
Mar. 29, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2024
Payments to Acquire Businesses, Net of Cash Acquired, Total                             $ 289.8 $ 275.8 $ 699.2  
Escrow Deposit                             4.7 18.5    
Goodwill, Ending Balance                             4,331.2 4,108.1 3,864.3  
Escrow Release                             12.1 0.8    
Current Portion of Escrow                             10.6 1.5    
Business Combination, Contingent Consideration, Liability, Current                             0.5 0.6    
Business Combination, Contingent Consideration, Liability, Noncurrent                             21.7 0.2    
ACTINEO [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired 96.70%                                  
Payments to Acquire Businesses, Net of Cash Acquired, Total $ 148.9                           148.9      
Goodwill, Ending Balance                             121.9      
Data Driven Safety, LLC [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired   100.00%                                
Payments to Acquire Businesses, Net of Cash Acquired, Total   $ 93.5                         93.5      
Escrow Deposit   $ 2.0                                
Goodwill, Ending Balance                             73.7      
Ignite Acquisition [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired     100.00%                              
Payments to Acquire Businesses, Net of Cash Acquired, Total     $ 13.8                              
RoskillAcquisitionMember                                    
Business Acquisition, Percentage of Voting Interests Acquired       100.00%                            
Payments to Acquire Businesses, Net of Cash Acquired, Total       $ 22.1                            
Escrow Deposit       $ 4.8                            
Whitespace Software Limited [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired         51.00%                          
Payments to Acquire Businesses, Net of Cash Acquired, Total         $ 16.8                          
Whitespace Software Limited [Member] | Forecast [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired                                   49.00%
The 2021 Acquisitions [Member]                                    
Payments to Acquire Businesses, Net of Cash Acquired, Total                             299.0      
Goodwill, Ending Balance                             257.1      
Business Acquisition, Goodwill Non-tax Deductible, Amount                             182.5      
The 2021 Acquisitions [Member] | Selling, General and Administrative Expenses [Member]                                    
Business Combination, Acquisition Related Costs                             $ 2.8      
Jornaya Acquisition [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired           100.00%                        
Payments to Acquire Businesses, Net of Cash Acquired, Total           $ 124.9                        
Franco Signor [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired             100.00%                      
Payments to Acquire Businesses, Net of Cash Acquired, Total             $ 159.7                 124.9    
Escrow Deposit             8.0                      
Goodwill, Ending Balance                               69.9    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash             5.7                 0.0    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Offsetting Liability Included Within Current Liabilities             $ 5.7                      
2020 Acquisitions [Member]                                    
Payments to Acquire Businesses, Net of Cash Acquired, Total                               284.6    
Goodwill, Ending Balance                               171.4    
Business Acquisition, Goodwill Non-tax Deductible, Amount                               90.6    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Restricted Cash                               (5.7)    
2020 Acquisitions [Member] | Selling, General and Administrative Expenses [Member]                                    
Business Combination, Acquisition Related Costs                               $ 2.2    
Flexible Architecture and Simplified Technology LLC [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired               100.00%                    
Payments to Acquire Businesses, Net of Cash Acquired, Total                                 193.9  
Escrow Deposit               $ 1.9                    
Goodwill, Ending Balance                                 120.7  
Business Combination, Consideration Transferred, Total               $ 193.9                    
Commerce Signals Inc. [Member]                                    
Business Combination, Consideration Transferred, Total                 $ 3.9                  
Business Combination, Holdback Amount                 $ 1.1                  
Genscape, Inc. [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired                   100.00%                
Payments to Acquire Businesses, Net of Cash Acquired, Total                                 351.0  
Goodwill, Ending Balance                                 241.4  
Business Combination, Consideration Transferred, Total                   $ 351.0                
BuildFax Inc. [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired                     100.00%              
Payments to Acquire Businesses, Net of Cash Acquired, Total                                 40.2  
Goodwill, Ending Balance                                 20.2  
Business Combination, Consideration Transferred, Total                     $ 40.2              
Business Combination, Holdback Amount                     $ 1.0              
Property Pres Wizard, LLC. [Member]                                    
Escrow Deposit                       $ 1.5            
Business Combination, Consideration Transferred, Total                       $ 15.0            
Keystone Aerial Surveys, Inc. [Member]                                    
Business Acquisition, Percentage of Voting Interests Acquired                         100.00%          
Escrow Deposit                         $ 2.7          
Business Combination, Consideration Transferred, Total                         $ 29.4          
Content As a Service Business [Member]                                    
Business Combination, Consideration Transferred, Total                           $ 65.2        
2019 Acquisitions [Member]                                    
Payments to Acquire Businesses, Net of Cash Acquired, Total                                 698.6  
Goodwill, Ending Balance                                 451.7  
Business Acquisition, Goodwill Non-tax Deductible, Amount                                 307.1  
2019 Acquisitions [Member] | Selling, General and Administrative Expenses [Member]                                    
Business Combination, Acquisition Related Costs                                 $ 3.0  
v3.22.0.1
Note 10 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 23, 2021
Nov. 02, 2021
Sep. 09, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill, Ending Balance       $ 4,331.2 $ 4,108.1 $ 3,864.3
Net of cash acquired from acquisitions       9.3 11.1 10.4
Payments to Acquire Businesses, Net of Cash Acquired, Total       289.8 275.8 699.2
Cash acquired       9.3 11.1 10.4
Net cash purchase price       289.8 275.8 699.2
Cash acquired       (9.3) (11.1) (10.4)
Flexible Architecture and Simplified Technology LLC [Member]            
Cash and cash equivalents           2.9
Accounts receivable           4.7
Other current assets           0.4
Fixed assets           1.8
Operating lease right-of-use assets, net           1.4
Intangible assets           69.0
Goodwill, Ending Balance           120.7
Other assets           0.1
Total assets acquired           201.0
Current liabilities           2.4
Deferred revenues           0.3
Operating lease liabilities           1.4
Deferred income tax, net           0.0
Other liabilities           0.0
Total liabilities assumed           4.1
Net assets acquired           196.9
Net of cash acquired from acquisitions           3.0
Payments to Acquire Businesses, Net of Cash Acquired, Total           193.9
Other assets           0.1
Cash acquired           3.0
Net cash purchase price           193.9
Cash acquired           (3.0)
Genscape, Inc. [Member]            
Cash and cash equivalents           0.2
Accounts receivable           13.6
Other current assets           1.4
Fixed assets           15.9
Operating lease right-of-use assets, net           7.4
Intangible assets           153.2
Goodwill, Ending Balance           241.4
Other assets           0.0
Total assets acquired           433.1
Current liabilities           17.4
Deferred revenues           27.3
Operating lease liabilities           7.4
Deferred income tax, net           29.8
Other liabilities           0.0
Total liabilities assumed           81.9
Net assets acquired           351.2
Net of cash acquired from acquisitions           0.2
Payments to Acquire Businesses, Net of Cash Acquired, Total           351.0
Other assets           0.0
Cash acquired           0.2
Net cash purchase price           351.0
Cash acquired           (0.2)
BuildFax Inc. [Member]            
Cash and cash equivalents           0.4
Accounts receivable           1.8
Other current assets           0.1
Fixed assets           0.9
Operating lease right-of-use assets, net           0.4
Intangible assets           21.9
Goodwill, Ending Balance           20.2
Other assets           0.0
Total assets acquired           45.7
Current liabilities           0.9
Deferred revenues           2.4
Operating lease liabilities           0.4
Deferred income tax, net           0.4
Other liabilities           1.0
Total liabilities assumed           5.1
Net assets acquired           40.6
Net of cash acquired from acquisitions           0.4
Payments to Acquire Businesses, Net of Cash Acquired, Total           40.2
Other assets           0.0
Cash acquired           0.4
Net cash purchase price           40.2
Cash acquired           (0.4)
CaaS [Member]            
Cash and cash equivalents           3.7
Accounts receivable           0.0
Other current assets           0.7
Fixed assets           0.2
Operating lease right-of-use assets, net           0.0
Intangible assets           34.4
Goodwill, Ending Balance           41.2
Other assets           0.1
Total assets acquired           80.3
Current liabilities           1.3
Deferred revenues           10.1
Operating lease liabilities           0.0
Deferred income tax, net           0.0
Other liabilities           0.0
Total liabilities assumed           11.4
Net assets acquired           68.9
Net of cash acquired from acquisitions           3.7
Payments to Acquire Businesses, Net of Cash Acquired, Total           65.2
Other assets           0.1
Cash acquired           3.7
Net cash purchase price           65.2
Cash acquired           (3.7)
Acquisition, Others [Member]            
Cash and cash equivalents       5.7   3.1
Accounts receivable       2.1   3.9
Other current assets       1.2   0.6
Fixed assets       0.2   6.3
Operating lease right-of-use assets, net       0.9   0.5
Intangible assets       25.3   14.1
Goodwill, Ending Balance       61.5   28.2
Other assets       4.8   4.4
Total assets acquired       101.7   61.1
Current liabilities       4.0   1.3
Deferred revenues       4.7   0.0
Operating lease liabilities       0.9   0.5
Deferred income tax, net       5.2   2.6
Other liabilities       4.8   5.3
Total liabilities assumed       19.6   9.7
Net assets acquired       82.1   51.4
Less: Noncontrolling interests       19.8    
Net of cash acquired from acquisitions       5.7   3.1
Payments to Acquire Businesses, Net of Cash Acquired, Total       56.6   48.3
Other assets       4.8   4.4
Cash acquired       5.7   3.1
Net cash purchase price       56.6   48.3
Cash acquired       (5.7)   (3.1)
2019 Acquisitions [Member]            
Cash and cash equivalents           10.3
Accounts receivable           24.0
Other current assets           3.2
Fixed assets           25.1
Operating lease right-of-use assets, net           9.7
Intangible assets           292.6
Goodwill, Ending Balance           451.7
Other assets           4.6
Total assets acquired           821.2
Current liabilities           23.3
Deferred revenues           40.1
Operating lease liabilities           9.7
Deferred income tax, net           32.8
Other liabilities           6.3
Total liabilities assumed           112.2
Net assets acquired           709.0
Net of cash acquired from acquisitions           10.4
Payments to Acquire Businesses, Net of Cash Acquired, Total           698.6
Other assets           4.6
Cash acquired           10.4
Net cash purchase price           698.6
Cash acquired           $ (10.4)
ACTINEO [Member]            
Cash and cash equivalents       0.2    
Accounts receivable       1.8    
Other current assets       0.0    
Fixed assets       1.4    
Operating lease right-of-use assets, net       4.2    
Intangible assets       48.3    
Goodwill, Ending Balance       121.9    
Other assets       0.0    
Total assets acquired       177.8    
Current liabilities       2.1    
Deferred revenues       0.0    
Operating lease liabilities       4.2    
Deferred income tax, net       15.8    
Other liabilities       0.0    
Total liabilities assumed       22.1    
Net assets acquired       155.7    
Less: Noncontrolling interests       6.6    
Net of cash acquired from acquisitions       0.2    
Payments to Acquire Businesses, Net of Cash Acquired, Total $ 148.9     148.9    
Other assets       0.0    
Cash acquired       0.2    
Net cash purchase price $ 148.9     148.9    
Cash acquired       (0.2)    
Data Driven Safety, LLC [Member]            
Cash and cash equivalents       3.4    
Accounts receivable       1.1    
Other current assets       2.0    
Fixed assets       0.0    
Operating lease right-of-use assets, net       0.4    
Intangible assets       42.1    
Goodwill, Ending Balance       73.7    
Other assets       0.0    
Total assets acquired       122.7    
Current liabilities       3.3    
Deferred revenues       0.4    
Operating lease liabilities       0.4    
Deferred income tax, net       0.0    
Other liabilities       21.7    
Total liabilities assumed       25.8    
Net assets acquired       96.9    
Less: Noncontrolling interests       0.0    
Net of cash acquired from acquisitions       3.4    
Payments to Acquire Businesses, Net of Cash Acquired, Total   $ 93.5   93.5    
Other assets       0.0    
Cash acquired       3.4    
Net cash purchase price   $ 93.5   93.5    
Cash acquired       (3.4)    
The 2021 Acquisitions [Member]            
Cash and cash equivalents       9.3    
Accounts receivable       5.0    
Other current assets       3.2    
Fixed assets       1.6    
Operating lease right-of-use assets, net       5.5    
Intangible assets       115.7    
Goodwill, Ending Balance       257.1    
Other assets       4.8    
Total assets acquired       402.2    
Current liabilities       9.4    
Deferred revenues       5.1    
Operating lease liabilities       5.5    
Deferred income tax, net       21.0    
Other liabilities       26.5    
Total liabilities assumed       67.5    
Net assets acquired       334.7    
Less: Noncontrolling interests       26.4    
Net of cash acquired from acquisitions       9.3    
Payments to Acquire Businesses, Net of Cash Acquired, Total       299.0    
Other assets       4.8    
Cash acquired       9.3    
Net cash purchase price       299.0    
Cash acquired       $ (9.3)    
Franco Signor [Member]            
Cash and cash equivalents [1]         5.9  
Accounts receivable         2.8  
Other current assets         1.4  
Fixed assets         0.8  
Operating lease right-of-use assets, net         1.6  
Intangible assets         64.3  
Goodwill, Ending Balance         69.9  
Other assets         0.1  
Total assets acquired         146.8  
Current liabilities [1]         2.1  
Deferred revenues         2.6  
Operating lease liabilities         1.6  
Deferred income tax, net         9.7  
Other liabilities         0.0  
Total liabilities assumed         16.0  
Net assets acquired         130.8  
Net of cash acquired from acquisitions         5.9  
Payments to Acquire Businesses, Net of Cash Acquired, Total     $ 159.7   124.9  
Other assets         0.1  
Restricted cash (1)     5.7   0.0  
Cash acquired         5.9  
Net cash purchase price     $ 159.7   124.9  
Cash acquired         (5.9)  
Lead Intelligence [Member]            
Cash and cash equivalents [1]         10.9  
Accounts receivable         2.2  
Other current assets         0.9  
Fixed assets         0.4  
Operating lease right-of-use assets, net         1.5  
Intangible assets         59.1  
Goodwill, Ending Balance         101.5  
Other assets         8.0  
Total assets acquired         184.5  
Current liabilities [1]         8.3  
Deferred revenues         0.3  
Operating lease liabilities         1.5  
Deferred income tax, net         1.5  
Other liabilities         8.0  
Total liabilities assumed         19.6  
Net assets acquired         164.9  
Net of cash acquired from acquisitions         5.2  
Payments to Acquire Businesses, Net of Cash Acquired, Total         159.7  
Other assets         8.0  
Restricted cash (1)         (5.7)  
Cash acquired         5.2  
Net cash purchase price         159.7  
Cash acquired         (5.2)  
2020 Acquisitions [Member]            
Cash and cash equivalents [1]         16.8  
Accounts receivable         5.0  
Other current assets         2.3  
Fixed assets         1.2  
Operating lease right-of-use assets, net         3.1  
Intangible assets         123.4  
Goodwill, Ending Balance         171.4  
Other assets         8.1  
Total assets acquired         331.3  
Current liabilities [1]         10.4  
Deferred revenues         2.9  
Operating lease liabilities         3.1  
Deferred income tax, net         11.2  
Other liabilities         8.0  
Total liabilities assumed         35.6  
Net assets acquired         295.7  
Net of cash acquired from acquisitions         11.1  
Payments to Acquire Businesses, Net of Cash Acquired, Total         284.6  
Other assets         8.1  
Restricted cash (1)         (5.7)  
Cash acquired         11.1  
Net cash purchase price         284.6  
Cash acquired         $ (11.1)  
[1] Within cash and cash equivalents, there is $5.7 million of restricted cash related to Franco Signor's professional administrative services for Medicare Set Asides, with an offsetting liability of $5.7 million included within current liabilities.
v3.22.0.1
Note 10 - Acquisitions - Amounts Assigned to Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
The 2021 Acquisitions [Member]      
Total intangible assets $ 115.7    
The 2021 Acquisitions [Member] | Technology-Based Intangible Assets [Member]      
Weighted average useful life (Year) 5 years    
Total intangible assets $ 21.2    
The 2021 Acquisitions [Member] | Marketing-Related Intangible Assets [Member]      
Weighted average useful life (Year) 4 years    
Total intangible assets $ 1.4    
The 2021 Acquisitions [Member] | Customer-Related Intangible Assets [Member]      
Weighted average useful life (Year) 13 years    
Total intangible assets $ 84.7    
The 2021 Acquisitions [Member] | Database [Member]      
Weighted average useful life (Year) 5 years    
Total intangible assets $ 8.4    
2020 Acquisitions [Member]      
Total intangible assets   $ 123.4  
2020 Acquisitions [Member] | Technology-Based Intangible Assets [Member]      
Weighted average useful life (Year)   11 years  
Total intangible assets   $ 30.8  
2020 Acquisitions [Member] | Marketing-Related Intangible Assets [Member]      
Weighted average useful life (Year)   5 years  
Total intangible assets   $ 2.1  
2020 Acquisitions [Member] | Customer-Related Intangible Assets [Member]      
Weighted average useful life (Year)   11 years  
Total intangible assets   $ 90.5  
2019 Acquisitions [Member]      
Total intangible assets     $ 292.0
2019 Acquisitions [Member] | Technology-Based Intangible Assets [Member]      
Weighted average useful life (Year)     6 years
Total intangible assets     $ 81.9
2019 Acquisitions [Member] | Marketing-Related Intangible Assets [Member]      
Weighted average useful life (Year)     4 years
Total intangible assets     $ 3.9
2019 Acquisitions [Member] | Customer-Related Intangible Assets [Member]      
Weighted average useful life (Year)     12 years
Total intangible assets     $ 185.5
2019 Acquisitions [Member] | Database [Member]      
Weighted average useful life (Year)     10 years
Total intangible assets     $ 20.7
v3.22.0.1
Note 11 - Dispositions (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Feb. 14, 2020
Feb. 01, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 25, 2021
Payments to Acquire Investments, Total     $ 23.6 $ 94.8 $ (0.0)  
Background Screening Business [Member]            
Proceeds from Divestiture of Businesses, Net of Cash Divested, Total $ 23.1          
Background Screening Business [Member] | Other Operating Income (Expense) [Member]            
Gain (Loss) on Disposition of Business       15.9    
Data Warehouse Business [Member] | Other Operating Income (Expense) [Member]            
Gain (Loss) on Disposition of Business       $ 3.5    
Vexcel Group, Inc. [Member]            
Payments to Acquire Investments, Total   $ 63.8        
Equity Securities Without Readily Determinable Fair Value, Percentage   35.00%       3.70%
v3.22.0.1
Note 12 - Goodwill and Intangible Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill, Impairment Loss $ 0 $ 0 $ 0
Asset Impairment Charges, Total 134,000 0 0
Impairment of Intangible Assets (Excluding Goodwill), Total 88,200    
Tangible Asset Impairment Charges, Total 45,800    
Amortization of Intangible Assets, Total $ 176,700 $ 165,900 $ 138,000
v3.22.0.1
Note 12 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill $ 4,108.1 $ 3,864.3
Acquisitions and purchases of controlling interests 257.1 171.7
Purchase accounting reclassifications (0.3) (4.1)
Current period adjustment 0.0 [1] 1.9
Foreign currency translation adjustment (33.7) 74.3
Goodwill 4,331.2 4,108.1
Insurance [Member]    
Goodwill 1,208.6 998.8
Acquisitions and purchases of controlling interests 235.9 171.7
Purchase accounting reclassifications (0.3) 2.1
Current period adjustment 15.8 [1] 21.4
Foreign currency translation adjustment (5.2) 14.6
Goodwill 1,454.8 1,208.6
Energy and Specialized Markets [Member]    
Goodwill 2,423.6 2,389.5
Acquisitions and purchases of controlling interests 21.2 0.0
Purchase accounting reclassifications 0.0 (6.0)
Current period adjustment (15.8) [1] (19.5)
Foreign currency translation adjustment (28.0) 59.6
Goodwill 2,401.0 2,423.6
Financial Services [Member]    
Goodwill 475.9 476.0
Acquisitions and purchases of controlling interests 0.0 0.0
Purchase accounting reclassifications 0.0 (0.2)
Current period adjustment 0.0 [1] 0.0
Foreign currency translation adjustment (0.5) 0.1
Goodwill $ 475.4 $ 475.9
[1] This adjustment relates to a segment reclassification; refer to Note 19. Segment Reporting
v3.22.0.1
Note 12 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Cost $ 2,355.1 $ 2,345.1  
Accumulated amortization (1,129.2) (960.3)  
Net $ 1,225.9 $ 1,384.8  
Technology-Based Intangible Assets [Member]      
Weighted average useful life (Year) 7 years 7 years  
Cost $ 576.4   $ 559.6
Accumulated amortization (403.3) $ (349.5)  
Net $ 173.1 $ 210.1  
Marketing-Related Intangible Assets [Member]      
Weighted average useful life (Year) 15 years 16 years  
Cost $ 274.1 $ 275.2  
Accumulated amortization (129.6) (113.4)  
Net $ 144.5 $ 161.8  
Contract-Based Intangible Assets [Member]      
Weighted average useful life (Year) 6 years 6 years  
Cost $ 5.0 $ 5.0  
Accumulated amortization (5.0) (5.0)  
Net $ 0.0 $ 0.0  
Customer-Related Intangible Assets [Member]      
Weighted average useful life (Year) 13 years 13 years  
Cost $ 1,015.4 $ 1,004.3  
Accumulated amortization (426.5) (354.2)  
Net $ 588.9 $ 650.1  
Database [Member]      
Weighted average useful life (Year) 18 years 19 years  
Cost $ 484.2 $ 501.0  
Accumulated amortization (164.8) (138.2)  
Net $ 319.4 $ 362.8  
v3.22.0.1
Note 12 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
2022 $ 170.6  
2023 155.8  
2024 133.8  
2025 109.3  
2026 104.6  
2027 and thereafter 551.8  
Total $ 1,225.9 $ 1,384.8
v3.22.0.1
Note 13 - Income Taxes (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Deferred Tax Liabilities, Net, Total $ 463.9 $ 387.8  
Unrecognized Tax Benefits that Would Impact Effective Tax Rate 3.4 8.1 $ 8.6
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total 0.5 $ 3.9 $ 4.6
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 0.6    
Open Tax Year 2017 2018 2019 2020 2021    
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member]      
Income Tax Examination, Year under Examination 2013 2014 2015 2016 2017 2018    
State and Local Jurisdiction [Member] | Pennsylvania Department of Revenue [Member]      
Income Tax Examination, Year under Examination 2018 2019 2020    
v3.22.0.1
Note 13 - Income Taxes - Domestic and Foreign Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
U.S. $ 805.3 $ 834.0 $ 553.9
Foreign 70.1 63.5 14.5
Total income before income taxes $ 875.4 $ 897.5 $ 568.4
v3.22.0.1
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Federal $ 116.8 $ 111.0 $ 109.9
State and local 21.1 23.1 21.4
Foreign 21.4 18.9 14.6
Total current provision for income taxes 159.3 153.0 145.9
Federal 19.8 22.6 (14.3)
State and local 11.8 7.4 (0.2)
Foreign 18.2 1.8 (12.9)
Total deferred provision for income taxes 49.8 31.8 (27.4)
Provision for income taxes $ 209.1 $ 184.8 $ 118.5
v3.22.0.1
Note 13 - Income Taxes - Effective Tax Rate on Income from Continuing Operations (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Federal statutory rate 21.00% 21.00% 21.00%
State and local taxes, net of federal tax benefit 2.80% 2.70% 2.80%
U.K. legislative rate change impact 3.80% 1.50% 0.00%
Foreign Derived Intangible Income (FDII) (0.90%) (0.80%) (1.20%)
Global Intangible Low-taxed Income (GILTI) 1.50% 0.00% 0.00%
Stock-based compensation (3.30%) (3.70%) (3.00%)
Earn-outs 0.00% 0.00% 2.00%
Other (1.00%) (0.10%) (0.70%)
Effective tax rate 23.90% 20.60% 20.90%
v3.22.0.1
Note 13 - Income Taxes - Summary of Deferred Tax Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Employee wages and other benefits $ 49.0 $ 56.7
ASC 842/Deferred rent 10.5 10.3
Net operating loss carryover 18.0 22.7
Litigation accrual 0.0 31.3
Capital and other unrealized losses 1.5 1.6
Interest expense 58.7 44.1
Other 7.4 12.2
Total 145.1 178.9
Less valuation allowance (64.1) (48.0)
Deferred tax assets 81.0 130.9
Fixed assets and intangible assets (461.6) (445.3)
Commissions (20.2) (16.6)
Pensions (54.1) (49.4)
Other (9.0) (7.4)
Deferred tax liabilities (544.9) (518.7)
Deferred tax liabilities, net $ (463.9) $ (387.8)
v3.22.0.1
Note 13 - Income Taxes - Summary of Company's Net Operating Loss Carryforwards Expires (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Operating loss carryforwards $ 154.6
Period One [Member]  
Operating loss carryforwards 21.9
Period Two [Member]  
Operating loss carryforwards 20.5
Period Three [Member]  
Operating loss carryforwards $ 112.2
v3.22.0.1
Note 13 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrecognized tax benefit as of January 1 $ 9.9 $ 11.5 $ 17.4
Gross increase in tax positions in prior period 1.3 0.5 0.6
Gross decrease in tax positions in prior period (0.1) (0.2) (3.3)
Settlements 0.0 0.0 (2.4)
Lapse of statute of limitations (7.7) (1.9) (0.8)
Unrecognized tax benefit as of December 31 $ 3.4 $ 9.9 $ 11.5
v3.22.0.1
Note 14 - Composition of Certain Financial Statement Caption (Details Textual) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Estimated Litigation Liability, Current [1] $ 6.5 $ 126.5
Xactware Solutions, Inc. Patent Litigation [Member]    
Estimated Litigation Liability, Current   $ 125.0
[1] Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation of $125.0 million in 2020
v3.22.0.1
Note 14 - Composition of Certain Financial Statement Caption - Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Accrued salaries, benefits and other related costs $ 169.5 $ 158.7
Legal accrual (1) [1] 6.5 126.5
Escrow liabilities 10.6 1.5
Accrued interest 16.3 20.7
Trade accounts payable and other accrued expenses 117.3 99.3
Acquisition-related liabilities 0.5 0.6
Total accounts payable and accrued liabilities $ 320.7 $ 407.3
[1] Included a litigation reserve for Xactware Solutions, Inc. Patent Litigation of $125.0 million in 2020
v3.22.0.1
Note 14 - Composition of Certain Financial Statement Caption - Components of Other Noncurrent Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Pension benefits $ 130.5 $ 77.3
Other assets - prepaid expenses 73.0 70.6
Acquisition related escrows 4.7 18.5
Investments in nonpublic companies 216.2 192.6
Deposits and other 6.1 6.7
Total other noncurrent assets $ 430.5 $ 365.7
v3.22.0.1
Note 15 - Debt (Details Textual)
$ in Millions
 2 Months Ended 12 Months Ended
May 03, 2021
USD ($)
Aug. 15, 2019
USD ($)
Feb. 22, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Interest Payable, Current       $ 16.3 $ 20.7  
Interest Expense Excluding Earn Out Interest       127.0 138.3 $ 125.7
Letters of Credit Outstanding, Amount       5.1 5.4  
Revolving Credit Facility [Member]            
Line of Credit Facility, Maximum Borrowing Capacity   $ 1,000.0        
Debt Instrument, Leverage Ratio   3.5        
Line of Credit Facility, Remaining Borrowing Capacity       384.9 $ 944.6  
Revolving Credit Facility [Member] | Subsequent Event [Member]            
Repayments of Lines of Credit     $ 130.0      
Long-term Line of Credit, Total     $ 480.0      
Revolving Credit Facility [Member] | Minimum [Member]            
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage   0.08%        
Debt Instrument, Leverage Ratio   4.0        
Revolving Credit Facility [Member] | Maximum [Member]            
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage   0.20%        
Debt Instrument, Leverage Ratio   4.25        
Revolving Credit Facility [Member] | Prime Rate [Member] | Minimum [Member]            
Debt Instrument, Basis Spread on Variable Rate   1.00%        
Revolving Credit Facility [Member] | Prime Rate [Member] | Maximum [Member]            
Debt Instrument, Basis Spread on Variable Rate   1.625%        
The 5.800% Senior Note [Member]            
Debt Instrument, Interest Rate, Stated Percentage 5.80%       5.80%  
Repayments of Debt $ 450.0          
Repayments of Debt, Paid With Borrowings $ 250.0          
Senior Notes [Member]            
Long-term Debt, Gross       $ 2,700.0 $ 3,150.0  
v3.22.0.1
Note 15 - Debt - Short-term and Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Unamortized discount $ 971.3 $ 514.3
Syndicated revolving credit facility debt issuance costs (1.2) (1.6)
Long-term debt 2,342.8 2,699.6
Total debt 3,314.1 3,213.9
Short-term Debt and Current Portion of Long-term Debt [Member]    
Finance lease liabilities, current [1] 11.7 14.4
Long-term Debt [Member]    
Finance lease liabilities, noncurrent [1] 1.6 10.3
The 4.125% Senior Note Maturing September 12, 2022 [Member]    
Current portion of long-term debt 349.6 0.0
Long-term debt   348.9
The 5.800% Senior Note [Member]    
Short-term borrowings 0.0 449.9
The 3.625% Senior Note [Member]    
Long-term debt 489.7 489.3
The 4.125% Senior Note [Member]    
Long-term debt 610.9 612.4
The 4.000% Senior Note [Member]    
Long-term debt 895.9 894.6
The 5.500% Senior Note [Member]    
Long-term debt 345.9 345.7
Line of Credit [Member]    
Syndicated revolving credit facility $ 610.0 $ 50.0
[1] Refer to Note 8. Leases
v3.22.0.1
Note 15 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($)
$ in Millions
Dec. 31, 2021
May 03, 2021
Dec. 31, 2020
The 4.125% Senior Note Maturing September 12, 2022 [Member]      
Interest rate 4.125%   4.125%
Unamortized discount, current $ 0.4    
Unamortized discount     $ 1.1
The 5.800% Senior Note [Member]      
Interest rate   5.80% 5.80%
Unamortized discount     $ 0.1
The 3.625% Senior Note [Member]      
Interest rate 3.625%   3.625%
Unamortized discount $ 10.3   $ 10.7
The 4.125% Senior Note [Member]      
Interest rate 4.125%   4.125%
Unamortized discount (premium) $ (10.9)   $ (12.4)
The 4.000% Senior Note [Member]      
Interest rate 4.00%   4.00%
Unamortized discount $ 4.1   $ 5.4
The 5.500% Senior Note [Member]      
Interest rate 5.50%   5.50%
Unamortized discount $ 4.1   $ 4.3
v3.22.0.1
Note 15 - Debt - Debt Maturities (Details)
$ in Millions
Dec. 31, 2021
USD ($)
2022, debt $ 971.7
2023, debt 1.3
2024, debt 0.4
2025, debt 900.1
2026, debt 0.0
2027 and thereafter, debt 1,450.0
Total, debt $ 3,323.5
v3.22.0.1
Note 16 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Oct. 27, 2021
Oct. 01, 2021
Jul. 28, 2021
Jul. 01, 2021
Apr. 28, 2021
Apr. 01, 2021
Feb. 17, 2021
Jan. 04, 2021
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
May 31, 2021
Mar. 31, 2021
Feb. 28, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Aug. 17, 2021
Common Stock, Shares Authorized (in shares)                 2,000,000,000           2,000,000,000 2,000,000,000 2,000,000,000    
Share Price (in dollars per share)                 $ 228.73           $ 206.34 $ 228.73 $ 206.34 $ 147.50  
Preferred Stock, Shares Authorized (in shares)                 80,000,000             80,000,000      
Preferred Stock, Par or Stated Value Per Share (in dollars per share)                 $ 0.001             $ 0.001      
Preferred Stock, Shares Issued, Total (in shares)                 0           0 0 0    
Common Stock, Dividends, Per Share, Declared (in dollars per share) $ 0.29   $ 0.29   $ 0.29   $ 0.29                        
Payments of Dividends, Total                               $ 188.2 $ 175.8 $ 163.5  
Accelerated Share Repurchases, Initial Price, Shares (in shares)                               2,102,055      
Treasury Stock, Shares, Ending Balance (in shares)                 392,351,399           381,185,512 392,351,399 381,185,512    
Common Stock Reissued (in shares)                               1,379,304 1,811,046 1,369,305  
Common Stock, Weighted Average Price (in dollars per share)                 $ 11.78           $ 10.67 $ 11.78 $ 10.67 $ 9.72  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)                               620,241 513,137 674,983  
Share Repurchase Programs [Member]                                      
Stock Repurchase Program, Authorized Amount                 $ 4,600.0             $ 4,600.0      
Treasury Stock, Cumulative Value Acquired, Cost Method                 3,996.2             3,996.2      
Stock Repurchase Program, Remaining Authorized Repurchase Amount                 $ 603.8             $ 603.8      
Accelerated Share Repurchases, Initial Price, Shares (in shares)                               2,545,191 2,155,084    
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                               $ 186.63 $ 161.84    
Treasury Stock, Shares, Ending Balance (in shares)                 382,351,399             382,351,399      
August 2021 Share Repurchase Program [Member] | Common Stock [Member]                                      
Stock Repurchase Program, Authorized Amount                                     $ 500.0
December 2020 Share Repurchase Program [Member]                                      
Accelerated Share Repurchases, Purchase Price                             $ 50.0        
Accelerated Share Repurchases, Initial Price, Shares (in shares)               192,687           70,787          
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                           $ 189.77          
March 2021 Share Repurchase Program [Member]                                      
Accelerated Share Repurchases, Purchase Price                         $ 125.0            
Accelerated Share Repurchases, Initial Price, Shares (in shares)           565,963           121,965              
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                       $ 181.71              
June 2021 Share Repurchase Program [Member]                                      
Accelerated Share Repurchases, Purchase Price                     $ 150.0                
Accelerated Share Repurchases, Initial Price, Shares (in shares)       686,813           111,429                  
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                   $ 187.91                  
September 2021 Share Repurchase Program [Member]                                      
Accelerated Share Repurchases, Purchase Price                   $ 75.0                  
Accelerated Share Repurchases, Initial Price, Shares (in shares)                 52,815                    
Treasury Stock Acquired, Average Cost Per Share (in dollars per share)                 $ 212.82                    
October 2021 Share Repurchase Program [Member]                                      
Accelerated Share Repurchases, Initial Price, Shares (in shares)   299,596                                  
v3.22.0.1
Note 16 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net income attributable to Verisk $ 666.2 $ 712.7 $ 449.9
Weighted average number of common shares used in basic EPS (in shares) 161,841,441 162,610,586 163,535,438
Potential common shares issuable from stock options and stock-based awards (in shares) 1,497,468 2,710,123 3,024,677
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) 163,338,909 165,320,709 166,560,115
v3.22.0.1
Note 16 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Foreign currency translation adjustment $ (338.0) $ (292.2)
Pension and postretirement adjustment, net of tax (56.6) (83.5)
Accumulated other comprehensive losses $ (394.6) $ (375.7)
v3.22.0.1
Note 16 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Foreign currency translation adjustment attributable to Verisk, before tax $ (45.8)    
Foreign currency translation adjustment attributable to Verisk, tax 0.0    
Foreign currency translation adjustment attributable to Verisk, after tax (45.8)    
Foreign currency translation adjustment attributable to noncontrolling interests, before tax (0.5)    
Foreign currency translation adjustment attributable to noncontrolling interests, tax 0.0    
Foreign currency translation adjustment attributable to noncontrolling interests, after tax (0.5)    
Foreign currency translation adjustment, before tax (46.3) $ 107.9 $ 88.4
Foreign currency translation adjustment, tax 0.0 0.0 0.0
Foreign currency translation adjustment, after tax (46.3) 107.9 88.4
Total other comprehensive income, before tax (10.6) 112.3 110.2
Total other comprehensive income, tax (8.8) (1.1) (5.2)
Other comprehensive income (19.4) 111.2 105.0
Pension and Postretirement Adjustment [Member]      
Other comprehensive income (loss), before reclassifications, before tax 39.8 11.1 26.7
Other comprehensive income (loss), before reclassifications, tax (9.8) (2.9) (6.4)
Other comprehensive income (loss), before reclassifications, after tax 30.0 8.2 20.3
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax [1] (4.1) (6.7) (4.9)
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (loss), tax [1] 1.0 1.8 1.2
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax [1] (3.1) (4.9) (3.7)
Other comprehensive income (loss), before tax 35.7 4.4 21.8
Other comprehensive income (loss), tax (8.8) (1.1) (5.2)
Other comprehensive income (loss), after tax $ 26.9 $ 3.3 $ 16.6
[1] These accumulated other comprehensive loss components, before tax, are included under "Cost of revenues" and "Selling, general and administrative" in our accompanying consolidated statements of operations. These components are also included in the computation of net periodic (benefit) cost (See Note 18. Pension and Postretirement Benefits for additional details).
v3.22.0.1
Note 17 - Compensation Plans (Details Textual)
 12 Months Ended 24 Months Ended
Jan. 01, 2019
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
May 19, 2021
shares
Share-based Payment Arrangement, Expense   $ 55,700,000 $ 47,600,000 $ 42,700,000    
Number of Service Hours   1,000        
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)   4 years        
Profit Sharing Contributions   $ 0 0 0    
Share-based Payment Arrangement, Expense, Tax Benefit   $ 35,900,000 $ 42,900,000 $ 23,200,000    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)   6 years 6 years      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)   4 years 9 months 18 days 4 years 8 months 12 days      
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements   $ 88,000,000.0     $ 88,000,000.0  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   2 years 3 months 18 days        
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date   5.00%        
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate   20.00%     20.00%  
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Of Short Term Incentive Compensation Available For Payroll Deductions Maximum   50.00%        
Share Based Compensation Arrangement By Share Based Payment Award, Payroll Deductions Amount Maximum   $ 25,000.0     $ 25,000.0  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares   $ 35.15 $ 25.87 $ 24.13    
Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels   0.00%        
Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Target Levels   200.00%        
Common Class A [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Basis to Reduce for Shares Issued Subject to Option or Stock Appreciation Rights   1 1   1  
The 2021 Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares           16,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Basis to Reduce for Shares Issued Subject to Awards Other Than Options or Stock Appreciation Rights           2.5
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares   14,915,295     14,915,295  
KSOP [Member]            
Maximum Pre Tax Employee Contribution To Saving Plan   $ 19,500 $ 19,500 $ 19,000.0 $ 19,500  
Share-based Compensation Arrangement by Share-based Payment Award, Additional Employee Contribution, Minimum Participant Age (Year)   50 years        
Additional Pre Tax Certain Eligible Employee Contribution To Saving Plan   $ 6,500 6,500 6,000.0 $ 6,500  
Maximum Employee Contribution As Percentage Of Compensation 6.00% 10.00%     10.00%  
Percentage Of Employer Contribution 100.00%          
Share-based Payment Arrangement, Expense   $ 33,700,000 $ 31,600,000 $ 31,000,000.0    
Number of Service Hours   1,000        
Employee Stock Purchase Plan [Member] | UK Sharesave Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)         3 years  
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares   451,207     451,207  
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date         5.00%  
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares   11,254 8,174 18,713    
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ / shares   $ 166.16 $ 159.98 $ 136.35 $ 166.16  
Employee Stock Purchase Plan [Member] | US ESPP [Member]            
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares   1,226,292     1,226,292  
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | shares   33,974 32,502 30,705    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares   $ 181.77 $ 164.44 $ 141.17    
v3.22.0.1
Note 17 - Compensation Plans - Summary of Stock Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Outstanding beginning balance, options (in shares) 5,611,777 6,432,814 6,820,046  
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) $ 98.28 $ 79.51 $ 67.27  
Outstanding, options, aggregate intrinsic value $ 572.6 $ 613.4 $ 449.2 $ 284.9
Number of options, granted (in shares) 750,822 936,843 920,398  
Granted, options, weighted average exercise price (in dollars per share) $ 189.29 $ 159.28 $ 135.64  
Dividend reinvestment, options (in shares) 0 0 0  
Dividend reinvestment, options, weighted average exercise price (in (in dollars per share) $ 0 $ 0 $ 0  
Exercised or lapsed, options (in shares) (1,146,422) (1,623,740) (1,131,970)  
Exercised or lapsed, options, weighted average exercise price (in dollars per share) $ 73.30 $ 56.83 $ 51.20  
Exercised or lapsed, options, aggregate intrinsic value $ 147.6 $ 189.8 $ 101.0  
Canceled, expired or forfeited, option (in shares) (149,079) (134,140) (175,660)  
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) $ 155.40 $ 125.95 $ 92.27  
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) 115.73 98.28 79.51  
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) $ 115.73 $ 98.28 $ 79.51 $ 67.27
Outstanding, option (in shares) 5,067,098 5,611,777 6,432,814  
Exercisable, options (in shares) 3,173,592 3,494,164    
Exercisable, options, weighted average exercise price (in dollars per share) $ 89.14 $ 76.84    
Exercisable, options, aggregate intrinsic value $ 443.0 $ 456.9    
Nonvested, options (in shares) 1,893,506 2,117,613 2,256,959 2,459,929
Expected to vest, options (in shares) 1,641,393      
Restricted Stock [Member]        
Outstanding beginning balance, number of shares (in shares) 390,054 428,729 533,335  
Outstanding beginning balance, weighted average exercise price (in dollars per share) $ 131.63 $ 107.96 $ 88.55  
Granted, number of shares (in shares) 162,378 163,441 167,231  
Granted, weighted average exercise price (in dollars per share) $ 189.23 $ 159.96 $ 135.82  
Dividend reinvestment, number of shares (in shares) 0 0 0  
Dividend reinvestment (in dollars per share) $ 0 $ 0 $ 0  
Exercised or lapsed, number of shares (in shares) (173,726) (178,317) (242,815)  
Exercised or lapsed, weighted average exercise price (in dollars per share) $ 120.94 $ 102.00 $ 84.60  
Canceled, expired or forfeited, number of shares (in shares) (27,202) (23,799) (29,022)  
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) $ 157.79 $ 124.40 $ 109.72  
Outstanding ending balance, number of shares (in shares) 351,504 390,054 428,729  
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 161.33 $ 131.63 $ 107.96  
Outstanding ending balance, number of shares (in shares) 351,504 390,054 428,729 533,335
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 161.33 $ 131.63 $ 107.96 $ 88.55
Expected, number of shares (in shares) 305,607      
Performance Shares [Member]        
Outstanding beginning balance, number of shares (in shares) 145,609 93,960 42,050  
Outstanding beginning balance, weighted average exercise price (in dollars per share) $ 170.75 $ 158.50 $ 140.70  
Granted, number of shares (in shares) 59,144 50,736 51,792  
Granted, weighted average exercise price (in dollars per share) $ 210.07 $ 192.93 $ 173.59  
Dividend reinvestment, number of shares (in shares) 980 913 550  
Exercised or lapsed, number of shares (in shares) (42,610) 0 0  
Exercised or lapsed, weighted average exercise price (in dollars per share) $ 140.70 $ 0    
Canceled, expired or forfeited, number of shares (in shares) 0 0 (432)  
Canceled, expired or forfeited, weighted average exercise price (in dollars per share)   $ 0 $ 134.24  
Outstanding ending balance, number of shares (in shares) 163,123 145,609 93,960  
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 192.99 $ 170.75 $ 158.50  
Outstanding ending balance, number of shares (in shares) 163,123 145,609 93,960 42,050
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 192.99 $ 170.75 $ 158.50 $ 140.70
Outstanding at December 31, 2021 (in shares) 163,123      
Expected, number of shares (in shares) [1] 181,817      
[1] Includes estimated performance achievement
v3.22.0.1
Note 17 - Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Expected volatility 23.66% 18.48% 18.76%
Risk-free interest rate 0.39% 1.51% 2.25%
Expected term in years (Year) 4 years 3 months 18 days 4 years 3 months 18 days 4 years 4 months 24 days
Dividend yield 0.63% 0.71% 0.80%
Weighted average grant date fair value per stock option (in dollars per share) $ 35.15 $ 25.87 $ 24.13
v3.22.0.1
Note 17 - Compensation Plans - Summary of Nonvested Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Nonvested balance (in shares) 2,117,613 2,256,959 2,459,929
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 23.39 $ 20.17 $ 17.41
Number of options, granted (in shares) 750,822 936,843 920,398
Weighted average grant date fair value per stock option (in dollars per share) $ 35.15 $ 25.87 $ 24.13
Number of options, vested (in shares) (825,850) (942,049) (947,708)
Vested, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 21.62 $ 18.30 $ 17.29
Number of options, cancelled or expired (in shares) (149,079) (134,140) (175,660)
Cancelled or expired, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 27.54 $ 22.40 $ 17.77
Nonvested balance (in shares) 1,893,506 2,117,613 2,256,959
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 28.49 $ 23.39 $ 20.17
v3.22.0.1
Note 18 - Pension and Postretirement Benefits (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Mar. 31, 2021
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy $ 800,000 $ 800,000    
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year 0      
Defined Benefit Plan, Prescription Drug Benefit, Net Periodic Postretirement Benefit Cost, (Increase) Decrease for Subsidy $ 75,800 $ 58,200 $ 48,500  
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 100.00%      
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 100.00% 100.00%    
Equity Securities [Member]        
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 50.00%     50.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 45.80% 52.50%    
Debt Securities [Member]        
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 50.00%     50.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 47.80% 40.00%    
Debt Securities [Member] | Veba [Member]        
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 100.00% 100.00%    
Pension Plan And Supplemental Cash Balance Plan [Member]        
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy $ 700,000 $ 700,000    
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year $ 1,400,000      
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate 7.75%      
Defined Benefit Plan Ultimate Health Care Cost Decreasing Trend Rate 4.50%      
Pension Plan and SERP Plan [Member]        
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets 6.25% 6.50%    
Pension Plan [Member] | Equity Securities [Member]        
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage   55.00%    
Pension Plan [Member] | Debt Securities [Member]        
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage   45.00%    
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Changes in Benefit Obligations and Plan Assets Amount Recognized (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair value of plan assets at January 1 $ 531.3    
Fair value of plan assets at December 31 555.7 $ 531.3  
Pension Plan and SERP Plan [Member]      
Benefit obligation 459.9 443.6  
Interest cost 11.0 12.6 $ 15.6
Actuarial (gain) loss (9.0) 32.1  
Plan participants’ contributions 0.0 0.0  
Benefits paid (30.2) (28.4)  
Benefit obligation 431.7 459.9 443.6
Accumulated benefit obligation at December 31 431.7 459.9  
Fair value of plan assets at January 1 520.8 488.9  
Actual return on plan assets, net of expenses 54.9 59.6  
Employer contributions, net 0.7 0.7  
Plan participants’ contributions 0.0 0.0  
Benefits paid (30.2) (28.4)  
Fair value of plan assets at December 31 546.2 520.8 488.9
Funded status at December 31 (114.5) (60.9)  
Pension assets, noncurrent (1) [1] (127.0) (74.3)  
Pension, SERP and postretirement benefits, current (2) [2] 1.4 1.0  
Pension, SERP and postretirement benefits, noncurrent (3) [3] 11.1 12.4  
Total Pension, SERP and Postretirement benefits (114.5) (60.9)  
Other Postretirement Benefits Plan [Member]      
Benefit obligation 7.5 8.2  
Interest cost 0.1 0.2 0.3
Actuarial (gain) loss (0.9) (0.2)  
Plan participants’ contributions 1.5 1.6  
Benefits paid (2.2) (2.3)  
Benefit obligation 6.0 7.5 8.2
Accumulated benefit obligation at December 31  
Fair value of plan assets at January 1 10.5 10.3  
Actual return on plan assets, net of expenses (0.2) 0.3  
Employer contributions, net (0.1) 0.6  
Plan participants’ contributions 1.5 1.6  
Benefits paid (2.2) (2.3)  
Fair value of plan assets at December 31 9.5 10.5 $ 10.3
Funded status at December 31 (3.5) (3.0)  
Pension assets, noncurrent (1) [1] (3.5) (3.0)  
Pension, SERP and postretirement benefits, current (2) [2] 0.0 0.0  
Pension, SERP and postretirement benefits, noncurrent (3) [3] 0.0 0.0  
Total Pension, SERP and Postretirement benefits $ (3.5) $ (3.0)  
[1] Included in "Other noncurrent assets" in our accompanying consolidated balance sheets
[2] Included in "Accounts payable and accrued liabilities" in our accompanying consolidated balance sheets
[3] Included in "Other noncurrent liabilities" in our accompanying consolidated balance sheets
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Pre-tax Components of Accumulated Other Comprehensive Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair value of plan assets $ 555.7 $ 531.3  
Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets 204.5 216.8  
Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets 351.2 314.5  
Managed Equity Accounts [Member]      
Fair value of plan assets [1] 195.0 206.3  
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [1] 195.0 206.3  
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [1] 0.0 0.0  
Equity - Pooled Separate Account [Member]      
Fair value of plan assets [2] 54.9 67.2  
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [2] 0.0 0.0  
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [2] 54.9 67.2  
Fixed Income Manager - Separately Managed Accounts [Member]      
Fair value of plan assets [3] 163.7    
Fixed Income Manager - Separately Managed Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [3] 0.0    
Fixed Income Manager - Separately Managed Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [3] 163.7    
Fixed Income Manager - Pooled Separate Accounts [Member]      
Fair value of plan assets [2] 97.9 208.3  
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [2] 0.0 0.0  
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [2] 97.9 208.3  
Fixed Income Manager - Government Securities [Member]      
Fair value of plan assets [4] 9.5 10.5  
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [4] 9.5 10.5  
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [4] 0.0 0.0  
Cash - Pooled Separate Account [Member]      
Fair value of plan assets [2] (0.1) 2.1  
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [2] 0.0 0.0  
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [2] (0.1) 2.1  
Global Real Estate [Member]      
Fair value of plan assets [5] 34.8 36.9  
Global Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]      
Fair value of plan assets [5] 0.0 0.0  
Global Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]      
Fair value of plan assets [5] 34.8 36.9  
Pension Plan and SERP Plan [Member]      
Prior service benefit cost (credit) 2.8 3.0  
Actuarial losses 98.3 133.2  
Accumulated other comprehensive losses, pretax 101.1 136.2  
Fair value of plan assets 546.2 520.8 $ 488.9
Other Postretirement Benefits Plan [Member]      
Prior service benefit cost (credit) 0.0 (0.1)  
Actuarial losses 2.4 3.1  
Accumulated other comprehensive losses, pretax 2.4 3.0  
Fair value of plan assets $ 9.5 $ 10.5 $ 10.3
[1] Valued at the closing price of shares for domestic stocks within the managed equity accounts, and valued at the net asset value (“NAV”) of shares for mutual funds at either the closing price reported in the active market or based on yields currently available on comparable securities of issuers with similar credit ratings for corporate bonds held by the Pension Plan in these managed accounts.
[2] The pooled separate accounts invest in domestic and foreign stocks, bonds and mutual funds. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the pooled separate account, which is not publicly quoted.
[3] The separately managed accounts invest in U.S. Treasury Bonds and U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (“UST STRIPS”). The fair values of these bonds and UST STRIPS are publicly quoted and are used in determining the NAV of the separately managed account, which is not publicly quoted.
[4] The fund invested in the U.S. government, its agencies or instrumentalities or securities that are rated AAA by S&P, AAA by Fitch, or Aaa by Moody’s, including but not limited to mortgage securities such as agency and non-agency collateralized mortgage obligations, and other obligations that are secured by mortgages or mortgage backed securities, and valued at the closing price reported in the active market.
[5] The funds invested in common stocks and other equity securities issued by domestic and foreign real estate companies, including real estate investment trusts ("REIT") and similar REIT-like entities. The fair values of these stocks, bonds and mutual funds are publicly quoted and are used in determining the NAV of the funds, which is not publicly quoted.
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Pension Plan and SERP Plan [Member]      
Interest cost $ 11.0 $ 12.6 $ 15.6
Expected return on plan assets (32.8) (29.9) (30.3)
Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses 0.2 0.2 0.2
Amortization of net actuarial loss reclassified from accumulated other comprehensive losses 3.8 6.3 4.5
Net periodic benefit (credit) cost (17.8) (10.8) (10.0)
Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses (0.2) (0.2) (0.2)
Amortization of actuarial loss reclassified from accumulated other comprehensive losses (0.2) (0.2) (0.1)
Net loss recognized reclassified from accumulated other comprehensive losses (3.6) (6.1) (4.4)
Actuarial (gain) loss (31.1) 2.4 (16.4)
Total recognized in other comprehensive income (35.1) (4.1) (21.1)
Total recognized in net periodic benefit credit and other comprehensive (income) loss (52.9) (14.9) (31.1)
Other Postretirement Benefits Plan [Member]      
Interest cost 0.1 0.2 0.3
Expected return on plan assets (0.2) (0.2) (0.2)
Amortization of prior service cost (credit) reclassified from accumulated other comprehensive losses (0.1) (0.1) (0.1)
Amortization of net actuarial loss reclassified from accumulated other comprehensive losses 0.2 0.3 0.3
Net periodic benefit (credit) cost 0.0 0.2 0.3
Amortization of prior service (cost) credit reclassified from accumulated other comprehensive losses 0.1 0.1 0.1
Amortization of actuarial loss reclassified from accumulated other comprehensive losses 0.0 0.0 0.0
Net loss recognized reclassified from accumulated other comprehensive losses (0.2) (0.3) (0.3)
Actuarial (gain) loss (0.5) (0.3) (0.8)
Total recognized in other comprehensive income (0.6) (0.5) (1.0)
Total recognized in net periodic benefit credit and other comprehensive (income) loss $ (0.6) $ (0.3) $ (0.7)
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Weighted-average Assumptions Used in Calculating Net Periodic Benefit (Credit) Cost (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Pension Plan and SERP Plan [Member]      
Discount rate 2.75% 2.49%  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets 6.25% 6.50%  
Cash balance interest credit rate 2.57% 2.57%  
Discount rate 2.49% 2.83% 3.82%
Expected return on plan assets 6.50% 6.75% 7.00%
Cash balance interest credit rate 2.57% 2.57% 2.57%
Other Postretirement Benefits Plan [Member]      
Discount rate 2.25% 1.50%  
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligations, Expected Return On Plan Assets 1.75% 2.00%  
Discount rate 1.50% 2.50% 3.75%
Expected return on plan assets 2.00% 2.00% 2.00%
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Estimated Future Benefit Payments for Respective Plans (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Pension Plan and SERP Plan [Member]  
2022, gross benefit amount $ 30.5
2023, gross benefit amount 30.3
2024, gross benefit amount 30.0
2025, gross benefit amount 29.0
2026, gross benefit amount 28.5
2027 and thereafter, gross benefit amount 132.5
Other Postretirement Benefits Plan [Member]  
2022, gross benefit amount 1.1
2022, Medicare subsidy payments (0.2)
2022, Net benefit amount 0.9
2023, gross benefit amount 1.0
2023, Medicare subsidy payments (0.2)
2023, Net benefit amount 0.8
2024, gross benefit amount 0.8
2024, Medicare subsidy payments (0.1)
2024, Net benefit amount 0.7
2025, gross benefit amount 0.7
2025, Medicare subsidy payments (0.1)
2025, Net benefit amount 0.6
2026, gross benefit amount 0.6
2026, Medicare subsidy payments 0.0
2026, Net benefit amount 0.6
2027 and thereafter, gross benefit amount 2.0
2027 and thereafter, Medicare subsidy payments 0.0
2027 and thereafter, Net benefit amount $ 2.0
v3.22.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Asset Allocation and Target Allocation (Details)
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Target Allocation 100.00%    
Percentage of Plan Assets 100.00%   100.00%
Equity Securities [Member]      
Target Allocation 50.00% 50.00%  
Percentage of Plan Assets 45.80%   52.50%
Debt Securities [Member]      
Target Allocation 50.00% 50.00%  
Percentage of Plan Assets 47.80%   40.00%
Other Contract [Member]      
Target Allocation 0.00%    
Percentage of Plan Assets 6.40%   7.50%
v3.22.0.1
Note 19 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues $ 2,998.6 $ 2,784.6 $ 2,607.1
Cost of revenues (exclusive of items shown separately below) 1,057.8 993.9 976.8
Selling, general and administrative 422.7 413.9 603.5
Other operating (loss) income (134.0) 19.4 (6.2)
Investment income (loss) and others, net 1.9 (2.4) (1.7)
EBITDA 1,386.0 1,393.8 1,018.9
Depreciation and amortization of fixed assets 206.9 192.2 185.7
Amortization of intangible assets 176.7 165.9 138.0
Interest expense 127.0 138.2 126.8
Income before income taxes 875.4 897.5 568.4
Insurance [Member]      
Revenues 2,206.9 2,008.7 1,885.4
Cost of revenues (exclusive of items shown separately below) 704.4 644.3 654.1
Selling, general and administrative 239.1 248.1 407.9
Other operating (loss) income 0.0 15.9 0.0
Investment income (loss) and others, net 2.3 (1.2) 0.7
EBITDA 1,265.7 1,131.0 824.1
Energy and Specialized Markets [Member]      
Revenues 648.9 619.2 543.7
Cost of revenues (exclusive of items shown separately below) 263.0 256.8 225.5
Selling, general and administrative 154.4 146.1 175.9
Other operating (loss) income 0.0 0.0 0.0
Investment income (loss) and others, net (0.2) (1.2) (1.9)
EBITDA 231.3 215.1 140.4
Financial Services [Member]      
Revenues 142.8 156.7 178.0
Cost of revenues (exclusive of items shown separately below) 90.4 92.8 97.2
Selling, general and administrative 29.2 19.7 19.7
Other operating (loss) income (134.0) 3.5 (6.2)
Investment income (loss) and others, net (0.2) 0.0 (0.5)
EBITDA $ (111.0) $ 47.7 $ 54.4
v3.22.0.1
Note 19 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Total long-lived assets $ 6,905.5 $ 6,767.6
UNITED STATES    
Total long-lived assets 3,527.6 3,525.0
UNITED KINGDOM    
Total long-lived assets 2,754.0 2,775.8
Other Countries [Member]    
Total long-lived assets $ 623.9 $ 466.8
v3.22.0.1
Note 20 - Related Parties (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Related Party Transaction, Amounts of Transaction $ 0 $ 0  
Percentage Of Ownership On Outstanding Common Stock Required To Become Related Party 5.00% 5.00%  
Revenue from Related Parties $ 0 $ 0 $ 0
v3.22.0.1
Note 21 - Commitments and Contingencies (Details Textual)
Feb. 16, 2021
USD ($)
Sep. 25, 2019
USD ($)
Jan. 29, 2019
Oct. 08, 2015
Apr. 15, 2021
USD ($)
Dec. 10, 2020
USD ($)
Mar. 02, 2020
USD ($)
Dec. 31, 2019
USD ($)
Eagle View Technologies, Inc. and Pictometry International Group, Inc. v. Xactware Solutions, Inc. and Verisk Analytics, Inc. [Member]                
Loss Contingency, Patents Allegedly Infringed, Number     5 7        
Loss Contingency, Pending Claims, Number, Ending Balance   6            
Loss Contingency, Damages Sought, Value   $ 125,000,000.0            
Loss Contingency, Bond Secured         $ 305,000,000.0   $ 137,500,000  
Loss Contingency, Damages Awarded, Value $ 375,000,000.0              
Loss Contingency Accrual, Ending Balance               $ 125,000,000.0
Erica Jackson in the Court of Common Pleas of Lackawanna County, Pennsylvania against Lead Intelligence, Inc. [Member]                
Loss Contingency, Damages Per Day, Liquidated Damages           $ 100    
Loss Contingency, Damages Per Day, Punitive Damages           $ 1,000    
v3.22.0.1
Note 22 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Feb. 22, 2022
Feb. 16, 2022
Feb. 11, 2022
Jan. 12, 2022
Jan. 04, 2022
Oct. 27, 2021
Jul. 28, 2021
Apr. 28, 2021
Feb. 17, 2021
Feb. 22, 2022
Jan. 31, 2022
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Feb. 01, 2022
Accelerated Share Repurchases, Initial Price, Shares (in shares)                         2,102,055      
Share Price (in dollars per share)                       $ 228.73 $ 228.73 $ 206.34 $ 147.50  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)                         750,822 936,843 920,398  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)                         4 years      
Common Stock, Dividends, Per Share, Declared (in dollars per share)           $ 0.29 $ 0.29 $ 0.29 $ 0.29              
Restricted Stock [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                         162,378 163,441 167,231  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)                         4 years      
Performance Shares [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                         59,144 50,736 51,792  
Subsequent Event [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)                     608,895          
Common Stock, Dividends, Per Share, Declared (in dollars per share)   $ 0.31                            
Subsequent Event [Member] | Financial Services Segment [Member]                                
Proceeds from Divestiture of Businesses $ 515.0                              
Subsequent Event [Member] | Data Solutions, LLC [Member]                                
Business Acquisition, Percentage of Voting Interests Acquired     100.00%                          
Business Combination, Consideration Transferred, Total     $ 223.5                          
Business Combination, Working Capital Escrow     1.5                          
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High     $ 25.0                          
Subsequent Event [Member] | Restricted Stock [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                     130,555          
Subsequent Event [Member] | Restricted Stock [Member] | Graded Vesting Service Period [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)                     4 years          
Subsequent Event [Member] | Performance Shares [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                     74,887          
Subsequent Event [Member] | Performance Stock TSR-based [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                     49,533          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)                     3 years          
Subsequent Event [Member] | Performance Stock ROIC-based [Member]                                
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                     25,354          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)                     3 years          
Subsequent Event [Member] | Maximum [Member]                                
Sale of Stock, Aggregate Sales Price       $ 950.0                        
Sale of Stock, Cash Consideration       630.0                        
Sale of Stock, Sales Price Adjustments       50.0                        
Sale of Stock, Deferred Consideration       $ 270.0                        
December 2021 Share Repurchase Program [Member]                                
Accelerated Share Repurchases, Purchase Price                       $ 100.0        
December 2021 Share Repurchase Program [Member] | Subsequent Event [Member]                                
Accelerated Share Repurchases, Initial Price, Shares (in shares)         360,913                      
Accelerated Share Repurchases, Settlement (Payment) or Receipt         $ 80.0                      
Accelerated Share Repurchases, Final Price, Shares (in shares)                   141,766            
Share Price (in dollars per share)                               $ 198.93
February 2022 Share Repurchase Program [Member] | Subsequent Event [Member] | Common Stock [Member]                                
Stock Repurchase Program, Authorized Amount   $ 1,000.0                            
v3.22.0.1
Schedule II Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
Balance $ 17.7 $ 11.7 $ 5.7
Charged to Expenses / Against Revenue [1] 17.7 13.1 7.2
Deductions - Write-offs [2] (14.1) (7.1) (1.2)
Balance 21.3 17.7 11.7
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]      
Balance 48.0 46.5 34.5
Charged to Expenses / Against Revenue [1] 17.4 10.7 16.7
Deductions - Write-offs [2] (1.3) (9.2) (4.7)
Balance $ 64.1 $ 48.0 $ 46.5
[1] Primarily additional reserves for bad debts
[2] Primarily accounts receivable balances written off, net of recoveries, the expiration of loss carryforwards, and businesses held for sale