VERISK ANALYTICS, INC., 10-K filed on 2/26/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
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 2024    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 37,477,230,712
Entity Common Stock, Shares Outstanding   140,276,165  
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Morristown, New Jersey    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 291.2 $ 302.7
Accounts receivable, net 434.4 334.2
Prepaid expenses 72.8 84.5
Income taxes receivable 83.3 23.5
Other current assets 29.9 65.2
Total current assets 911.6 810.1
Noncurrent assets:    
Fixed assets, net 605.9 604.9
Operating lease right-of-use assets, net 156.0 191.7
Intangible assets, net 392.4 471.7
Goodwill 1,726.6 1,760.8
Deferred income tax assets 34.3 30.8
Other noncurrent assets 437.9 496.1
Total assets 4,264.7 4,366.1
Liabilities, Current [Abstract]    
Accounts payable and accrued liabilities 249.8 340.8
Short-term debt and current portion of long-term debt 514.2 14.5
Deferred revenues 447.2 375.1
Operating lease liabilities 26.0 33.1
Income taxes payable 1.7 7.9
Total current liabilities 1,238.9 771.4
Liabilities, Noncurrent [Abstract]    
Long-term debt 2,546.9 2,852.2
Deferred income tax liabilities 191.6 210.1
Operating lease liabilities 158.7 195.6
Other noncurrent liabilities 23.6 14.6
Total liabilities 4,159.7 4,043.9
Commitments and contingencies (Note 21)
Stockholders’ equity:    
Common stock, $.001 par value; 2,000,000,000 shares authorized; 544,003,038 shares issued; 140,414,637 and 143,308,729 shares outstanding, respectively 0.1 0.1
Additional paid-in capital 2,994.0 2,872.3
Treasury stock, at cost, 403,588,401 and 400,694,309 shares, respectively (10,062.4) (9,037.5)
Retained earnings 7,153.4 6,416.9
Accumulated other comprehensive income 15.0 58.2
Total Verisk stockholders' equity 100.1 310.0
Noncontrolling interests 4.9 12.2
Total stockholders’ equity 105.0 322.2
Total liabilities and stockholders’ equity $ 4,264.7 $ 4,366.1
v3.25.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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) 140,414,637 143,308,729
Treasury stock (in shares) 403,588,401 400,694,309
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues $ 2,881.7 $ 2,681.4 $ 2,497.0
Operating expenses:      
Cost of revenues (exclusive of items shown separately below) 901.1 876.5 824.6
Selling, general and administrative 408.7 391.8 381.5
Depreciation and amortization of fixed assets 233.6 206.8 164.2
Amortization of intangible assets 72.3 74.6 74.4
Other operating loss (income) 12.1 0.0 (354.2)
Total operating expenses 1,627.8 1,549.7 1,090.5
Operating income 1,253.9 1,131.7 1,406.5
Other expense:      
Net gain on early extinguishment of debt 3.6 0.0 0.0
Investment income (loss) and others, net 95.7 11.0 (5.3)
Interest expense, net (124.6) (115.5) (138.8)
Total other expense, net (25.3) (104.5) (144.1)
Total income before income taxes 1,228.6 1,027.2 1,262.4
Provision for income taxes (277.9) (258.8) (220.3)
Income from continuing operations 950.7 768.4 1,042.1
Gain (loss) from discontinued operations, net of tax benefit (expense) of $6.8, $(12.6) and $131.5, respectively (Note 11) 6.8 (154.0) (87.8)
Net income 957.5 614.4 954.3
Less: Net loss (income) attributable to noncontrolling interests 0.7 0.2 (0.4)
Net income attributable to Verisk $ 958.2 $ 614.6 $ 953.9
Income from continuing operations (in dollars per share) $ 6.69 $ 5.24 $ 6.6
Income (loss) from discontinued operations (in dollars per share) 0.05 (1.05) (0.56)
Basic net income per share attributable to Verisk: (in dollars per share) 6.74 4.19 6.04
Income from continuing operations (in dollars per share) 6.66 5.22 6.55
Income (loss) from discontinued operations (in dollars per share) 0.05 (1.05) (0.55)
Diluted net income per share attributable to Verisk: (in dollars per share) $ 6.71 $ 4.17 $ 6
Weighted average shares outstanding:      
Basic (in shares) 142,154,655 146,623,989 157,905,718
Diluted (in shares) 142,842,261 147,336,159 158,928,942
v3.25.0.1
Consolidated Statements of Operations (Parentheticals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
(Loss) Income from discontinued operations, tax $ 6.8 $ (12.6) $ 131.5
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 957.5 $ 614.4 $ 954.3
Other comprehensive (loss) income, net of tax:      
Foreign currency translation adjustment (39.7) 768.2 (300.3)
Pension and postretirement liability adjustment (2.6) 21.8 (37.7)
Total other comprehensive (loss) income (42.3) 790.0 (338.0)
Comprehensive income 915.2 1,404.4 616.3
Less: Comprehensive (gain) loss attributable to noncontrolling interests (0.9) (0.4) 1.1
Comprehensive income attributable to Verisk $ 914.3 $ 1,404.0 $ 617.4
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Millions
Share-Based Payment Arrangement, Option [Member]
Common Stock [Member]
Share-Based Payment Arrangement, Option [Member]
Additional Paid-in Capital [Member]
Share-Based Payment Arrangement, Option [Member]
Treasury Stock, Common [Member]
Share-Based Payment Arrangement, Option [Member]
Retained Earnings [Member]
Share-Based Payment Arrangement, Option [Member]
AOCI Attributable to Parent [Member]
Share-Based Payment Arrangement, Option [Member]
Parent [Member]
Share-Based Payment Arrangement, Option [Member]
Noncontrolling Interest [Member]
Share-Based Payment Arrangement, Option [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Parent [Member]
Noncontrolling Interest [Member]
Total
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
Net income                 0.0 0.0 0.0 953.9 0.0 953.9 0.4 954.3
Other comprehensive income (loss)                 0.0 0.0 0.0 0.0 (335.5) (335.5) (1.4) (336.9)
Investment in noncontrolling interests                 0.0 (0.5) 0.0 0.0 (1.1) (1.6) (6.6) (8.2)
Common stock dividend (1) [1]                 0.0 0.0 0.0 (195.2) 0.0 (195.2) 0.0 (195.2)
Treasury stock acquired                 0.0 0.0 (1,662.5) 0.0 0.0 (1,662.5) 0.0 (1,662.5)
Treasury stock share repurchased not yet settled                 0.0 (37.5) 37.5 0.0 0.0 0.0 0.0 0.0
Stock options exercised $ 0.0 $ 111.9 $ 20.6 $ 0.0 $ 0.0 $ 132.5 $ 0.0 $ 132.5                
PSUs lapsed                 0.0 (0.6) 0.6 0.0 0.0 0.0 0.0 0.0
RSAs lapsed                 0.0 (1.7) 1.7 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 56.5 0.0 0.0 0.0 56.5 0.0 56.5
Net share settlement from PSUs and RSAs                 0.0 (20.7) 0.0 0.0 0.0 (20.7) 0.0 (20.7)
Other stock issuances                 $ 0.0 4.7 0.7 0.0 0.0 5.4 0.0 5.4
Balance (in shares) at Dec. 31, 2022                 544,003,038              
Balance at Dec. 31, 2022                 $ 0.1 2,720.8 (6,239.5) 5,999.1 (731.2) 1,749.3 18.4 1,767.7
Net income                 0.0 0.0 0.0 614.6 0.0 614.6 (0.2) 614.4
Other comprehensive income (loss)                 0.0 0.0 0.0 0.0 790.0 790.0 0.6 790.6
Investment in noncontrolling interests                 0.0 (3.9) 0.0 0.0 (0.6) (4.5) (6.6) (11.1)
Common stock dividend (1) [1]                 0.0 0.0 0.0 (196.8) 0.0 (196.8) 0.0 (196.8)
Treasury stock acquired                 0.0 37.5 (2,838.7) 0.0 0.0 (2,801.2) 0.0 (2,801.2)
Treasury stock share repurchased not yet settled                 0.0 (37.5) 37.5 0.0 0.0 0.0 0.0
Stock options exercised                 0.0 115.5 25.6 0.0 0.0 141.1 0.0 141.1
PSUs lapsed                 0.0 (0.4) 0.4 0.0 0.0 0.0 0.0 0.0
RSAs lapsed                 0.0 (1.7) 1.7 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 54.0 0.0 0.0 0.0 54.0 0.0 54.0
Net share settlement from PSUs and RSAs                 0.0 (15.3) 0.0 0.0 0.0 (15.3) 0.0 (15.3)
Other stock issuances                 0.0 3.3 0.7 0.0 0.0 4.0 0.0 4.0
Excise tax associated with share repurchases                 $ 0.0 0.0 (25.2) 0.0 0.0 (25.2) 0.0 (25.2)
Balance (in shares) at Dec. 31, 2023                 544,003,038              
Balance at Dec. 31, 2023                 $ 0.1 2,872.3 (9,037.5) 6,416.9 58.2 310.0 12.2 322.2
Net income                 0.0 0.0 0.0 958.2 0.0 958.2 (0.7) 957.5
Other comprehensive income (loss)                 0.0 0.0 0.0 0.0 (44.3) (44.3) 0.9 (43.4)
Investment in noncontrolling interests                 0.0 (7.0) 0.0 0.0 1.1 (5.9) (7.5) (13.4)
Common stock dividend (1) [1]                 0.0 0.0 0.0 (221.7) 0.0 (221.7) 0.0 (221.7)
Treasury stock acquired                 0.0 37.5 (1,088.1) 0.0 0.0 (1,050.6) 0.0 (1,050.6)
Treasury stock share repurchased not yet settled                 0.0 (45.0) 45.0 0.0 0.0 0.0 0.0 0.0
Stock options exercised                 0.0 101.9 22.9 0.0 0.0 124.8 0.0 124.8
PSUs lapsed                 0.0 (0.6) 0.6 0.0 0.0 0.0 0.0 0.0
RSAs lapsed                 0.0 (1.7) 1.7 0.0 0.0 0.0 0.0 0.0
Stock-based compensation                 0.0 47.9 0.0 0.0 0.0 47.9 0.0 47.9
Net share settlement from PSUs and RSAs                 0.0 (14.9) 0.0 0.0 0.0 (14.9) 0.0 (14.9)
Other stock issuances                 0.0 3.6 0.6 0.0 0.0 4.2 0.0 4.2
Excise tax associated with share repurchases                 $ 0.0 0.0 (7.6) 0.0 0.0 (7.6) 0.0 (7.6)
Balance (in shares) at Dec. 31, 2024                 544,003,038              
Balance at Dec. 31, 2024                 $ 0.1 $ 2,994.0 $ (10,062.4) $ 7,153.4 $ 15.0 $ 100.1 $ 4.9 $ 105.0
[1] Refer to Note 16. Stockholders' Equity for discussion related to quarterly cash dividends declared per share
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement, Option [Member]      
Shares transferred from treasury stock (in shares) 976,351 1,295,815 1,435,076
Performance Shares [Member]      
Shares transferred from treasury stock (in shares) 27,819 27,771 49,803
Restricted Stock [Member]      
Shares transferred from treasury stock (in shares) 73,211 106,613 122,340
Treasury stock acquired, shares (in shares) 3,994,244 12,849,921 8,600,963
Shares transferred from treasury stock (in shares) 1,100,152 1,457,514 1,650,460
Shares withheld for tax settlement (in shares) 61,271 81,536 99,977
Other stock issuances (in shares) 22,771 27,315 43,241
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net income $ 957.5 $ 614.4 $ 954.3
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of fixed assets 233.6 206.8 197.1
Amortization of intangible assets 72.3 74.6 142.9
Amortization of debt issuance costs and original issue discount, net of original issue premium 2.6 1.5 1.1
Provision for doubtful accounts 13.3 8.7 7.0
Net gain on early extinguishment of debt (3.6) 0.0 0.0
Loss (gain) on sale of assets, net 12.1 131.1 (393.9)
Impairment of cost-based investments 1.7 6.5 0.0
Stock-based compensation expense 47.9 54.0 56.5
Net gain upon settlement of investment in non-public companies (100.6) 0.0 0.0
Impairment of long-lived assets 7.6 0.0 377.4
Deferred income taxes (20.7) 52.7 (261.0)
Loss on disposal of fixed assets, net 6.5 3.8 1.1
Gain on lease modification (1.9) 0.0 0.0
Acquisition related liability adjustment (1.1) (20.0) 0.0
Changes in assets and liabilities, net of effects from acquisitions:      
Accounts receivable (116.6) (83.0) (57.7)
Prepaid expenses and other assets 19.4 (56.9) (8.4)
Operating lease right-of-use assets, net 28.8 26.8 46.6
Income taxes 1.6 (55.8) 25.6
Accounts payable and accrued liabilities (60.8) 46.5 (21.2)
Deferred revenues 73.1 81.2 64.5
Operating lease liabilities (35.0) (27.1) (43.9)
Other liabilities 6.3 (5.1) (29.0)
Net cash provided by operating activities 1,144.0 1,060.7 1,059.0
Cash flows from investing activities:      
Acquisitions and purchases of controlling interests, net of cash acquired of $1.8, $8.0, and $17.4, respectively (23.4) (83.3) (448.9)
Proceeds from sale of businesses 6.4 3,066.4 1,073.3
Investments in nonpublic companies (1.0) (2.2) (46.0)
Proceeds received upon settlement of investment in non-public companies 113.3 0.0 0.0
Escrow funding associated with acquisitions 3.8 (3.8) (2.3)
Capital expenditures (223.9) (230.0) (274.7)
Other investing activities, net 0.0 (0.6) 0.0
Net cash (used in) provided by investing activities (124.8) 2,746.5 301.4
Cash flows from financing activities:      
(Repayment of) proceeds from short-term debt, net 0.0 (1,265.0) 380.0
Repayments of current portion of long-term debt 0.0 0.0 (350.0)
Proceeds from issuance of long-term debt, inclusive of original issue premium and net of original issue discount 590.2 495.2 0.0
Proceeds from issuance of short-term debt with original maturities less than three months 0.0 0.0 400.0
Repayment of short-term debt with original maturities greater than three months 0.0 (125.0) 0.0
Payment of debt issuance costs (5.3) (6.0) 0.0
Payment on early extinguishment of debt (396.4) 0.0 0.0
Repurchases of common stock (1,005.0) (2,762.3) (1,662.5)
Treasury stock repurchased not yet settled (45.0) (37.5) 0.0
Payment of excise tax (25.2) 0.0 0.0
Net share settlement of taxes from restricted stock and performance share awards (14.9) (15.3) (20.7)
Proceeds from stock options exercised 124.8 141.9 132.5
Payment of contingent liability related to acquisition (8.5) 0.0 0.0
Dividends paid (221.3) (196.8) (195.2)
Other financing activities, net (21.9) (15.7) (14.3)
Net cash used in financing activities (1,028.5) (3,786.5) (1,330.2)
Effect of exchange rate changes (2.2) (10.7) (17.8)
(Decrease) increase in cash and cash equivalents (11.5) 10.0 12.4
Cash and cash equivalents, beginning of period 302.7 292.7 280.3
Cash and cash equivalents, end of period 291.2 302.7 292.7
Supplemental disclosures:      
Income taxes paid 287.7 276.0 324.5
Interest paid 131.6 111.2 134.3
Noncash investing and financing activities:      
Deferred tax liability established on date of acquisitions 1.4 8.7 14.0
Net assets sold as part of the dispositions, net of cash sold 17.3 3,211.8 0.0
Finance lease additions, net of disposals 28.8 45.6 5.2
Operating lease (terminations) additions (4.4) 34.3 21.7
Fixed assets included in accounts payable and accrued liabilities $ 0.2 $ 2.2 $ 0.2
v3.25.0.1
Consolidated Statements of Cash Flows (Parentheticals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net of cash acquired from acquisitions $ 1.8 $ 8.0 $ 17.4
v3.25.0.1
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2024
shares
ecd_TradingArrByIndTable  
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
Lee M. Shavel [Member]  
ecd_TradingArrByIndTable  
Trading Arrangement, Individual Name Lee M. Shavel
Trading Arrangement, Individual Title Chief Executive Officer, President and director
Rule 10b5-1 Arrangement Adopted [Flag] true
Trading Arrangement Adoption Date November 25, 2024
Trading Arrangement Expiration Date December 31, 2025
Trading Arrangement, Securities Aggregate Available Amount 8,800
Elizabeth M. Mann [Member]  
ecd_TradingArrByIndTable  
Trading Arrangement, Individual Name Elizabeth D. Mann
Trading Arrangement, Individual Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted [Flag] true
Trading Arrangement Adoption Date December 13, 2024
Trading Arrangement Expiration Date December 31, 2025
Trading Arrangement, Securities Aggregate Available Amount 3,000
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] false
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
Item 1C.Cybersecurity 

 

We remain steadfast in our commitment to safeguarding the confidentiality, integrity, availability, and responsible use of data. Our rigorous approach to cybersecurity is a comprehensive framework comprising cyber risk governance, risk identification and management, risk prevention and protection, monitoring and detection, and response and recovery planning, which is an integral part of our overall enterprise risk management ("Framework").

 

Cyber risk governance is founded on direction and priorities established by our leadership, supported and overseen by the Board of Directors ("Board"), and deployed through our Framework. The Framework leverages proven standards such as those embedded in the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF"), which are generally accepted by cybersecurity leaders across industries.

 

The Board oversees our management of cybersecurity, including oversight of appropriate risk mitigation strategies. The Board receives regular reports from executives about our cybersecurity risks, management review processes, overall health and readiness to respond to an incident. The Risk Committee of the Board was established in February 2024 to oversee risk assessment and risk management of the Company in coordination with other relevant Board Committees as appropriate, including but not limited to the policies, procedures and strategic approach to cyber, technology and information security risks. The Risk Committee of the Board also reports material cybersecurity risks to our full Board.

 

The Executive Risk Management Committee ("ERMC"), which includes the top corporate executives, is responsible for providing guidance and enforcing our Framework, including the strategies, policies, procedures, processes, and systems, established by management to identify, assess, measure, monitor, and manage risks. The ERMC also reinforces the corporate risk appetite, determines whether residual risk is acceptable, and confirms materiality of security incidents.

 

The Enterprise Risk Management ("ERM") division of the Company oversees and advises on implementation of the Framework throughout our business units. In doing so, the ERM division aggregates and assesses risk across the enterprise. Within the ERM division is the Chief Information Security Officer ("CISO"), who leads our Cybersecurity and Information Risk Management functions. The CISO’s functions partner with the business units to help ensure that cybersecurity risk management strategies are implemented and dedicated liaisons from the business units report to the CISO with meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CISO’s reporting framework. The ERM division hosts training and awareness sessions, sponsors working groups across the enterprise on critical security topics and provides centralized cybersecurity incident response. Also within the ERM division is our third-party risk program, which implements processes to identify cybersecurity risk associated with our third-party providers. Management, including the CISO and our cybersecurity team, regularly update the Risk committee on our cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports quarterly that cover, among other topics, third-party assessments of the company's cybersecurity programs, developments in cybersecurity and updates to the Company's cybersecurity programs and mitigation strategies.

 

Our business units have dedicated liaisons for risk management activities, who participate in a global security council designed to facilitate implementation of the Framework and associated policies. As custodians and/or processors of our stakeholders’ data, our business units also accept certain compliance responsibilities, including but not limited to, aspects of the General Data Protection Regulation ("GDPR"), the California Consumer Privacy Act (CCPA), the Gramm-Leach Bliley Act ("GLBA"), the Health Insurance Portability and Accountability Act ("HIPAA"), the Fair Credit Reporting Act ("FCRA"), and the Payment Card Industry ("PCI") standard, all to the extent applicable. For each of its business units, we seek to actively confirm that its risk management practices fulfill applicable compliance requirements.

 

We have adopted a defense-in-depth strategy with a wide range of measures to secure our technology infrastructure and data as per our Framework. Security measures cover the following key areas as aligned with NIST CSF: risk identification and management, risk prevention and protection, monitoring and detection, and response and recovery planning. Key control functions that comprise the security measures include but are not limited to: risk assessment, asset management, supply chain risk management, identity and access management, customer credentialing, physical security, application and infrastructure security, perimeter and network security, secure development and change management, configuration management, endpoint security, security audit logging and monitoring, security operations center, incident response, business continuity and disaster recovery.

 

Our cybersecurity strategy includes the engagement of strategic providers, consultants and independent assessors to inform us of cyber threats and assess the effectiveness of control design and implementation. Strategic providers include, but are not limited to, a Managed Security Service Provider for our security operations center, as well as service providers that supplement incident response processes related to threat intelligence and dark web monitoring. Independent assessors include, but are not limited to, our Internal Audit Department which provides reports to the Audit Committee, as well as assessors that are engaged directly to perform external audits and penetration tests. Through independent assessors, our commitment to security has earned ISO 27001:2013 Certification for our core ERM centrally provided cybersecurity services, which is an international standard for best practices associated with our Information Security Management System.

 

As discussed more fully under “Item 1A – Risk Factors,” although our processes are designed to help identify, protect, detect, respond to and mitigate potential cybersecurity incidents, cybersecurity threats are rapidly evolving and we may not be able to anticipate, prevent or detect all such attacks and there is no guarantee that a future cybersecurity incident would not materially affect our business strategy, results of operations, or financial condition.

 
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Cyber risk governance is founded on direction and priorities established by our leadership, supported and overseen by the Board of Directors ("Board"), and deployed through our Framework. The Framework leverages proven standards such as those embedded in the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF"), which are generally accepted by cybersecurity leaders across industries.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board oversees our management of cybersecurity, including oversight of appropriate risk mitigation strategies. The Board receives regular reports from executives about our cybersecurity risks, management review processes, overall health and readiness to respond to an incident. The Risk Committee of the Board was established in February 2024 to oversee risk assessment and risk management of the Company in coordination with other relevant Board Committees as appropriate, including but not limited to the policies, procedures and strategic approach to cyber, technology and information security risks. The Risk Committee of the Board also reports material cybersecurity risks to our full Board.
Cybersecurity Risk Role of Management [Text Block] The Executive Risk Management Committee ("ERMC"), which includes the top corporate executives, is responsible for providing guidance and enforcing our Framework, including the strategies, policies, procedures, processes, and systems, established by management to identify, assess, measure, monitor, and manage risks. The ERMC also reinforces the corporate risk appetite, determines whether residual risk is acceptable, and confirms materiality of security incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Note 1 - Organization
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.    Organization:

 

Verisk Analytics, Inc. (the "Company") is a strategic data analytics and technology partner to the global insurance industry. We empower clients to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud and make informed decisions about global risks, including climate change, extreme events, sustainability, and political issues. Through advanced data analytics, software, scientific research, and deep industry knowledge, we help build global resilience for individuals, communities, and businesses. We trade under the ticker symbol "VRSK" on the Nasdaq Global Select Market.
v3.25.0.1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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 U.S. GAAP 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.

 

On February 1, 2023, we completed the sale of our Energy business. We determined that the sale of our Energy business met the “discontinued operations” criteria in accordance with Financial Accounting Standard Boards (“FASB”) Accounting Standards Codification (“ASC”) 205-20, Discontinued Operations (“ASC 205-20”) due to its relative size and strategic rationale. The consolidated balance sheets and consolidated statements of operations, and the notes to the consolidated financial statements were recasted for all periods presented to reflect the discontinuation of the Energy business, in accordance with ASC 205-20. The discussion in the notes to these consolidated financial statements, unless otherwise noted, relate solely to our continuing operations.

 

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. Our revenues are primarily derived from the sale of services where revenue is recognized when or as 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 hosted subscriptions, 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 ASC 606, Revenue from Contracts with Customers ("ASC 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. Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period.

 

 

               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, 2024. 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 is 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 account for the cost of software developed for internal use by capitalizing qualifying costs, which are substantially incurred during the application development stage. The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in fixed assets on the Consolidated Balance Sheet. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of our products are expensed as incurred.

 

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. 

 

(g)    Leases

 

We have operating and finance leases for corporate offices, data centers, and certain equipment that are accounted for under ASC 842, Leases. 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.

 

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 right-of-use ("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 the 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 is 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. Some of our 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"). Our other PSUs are tied to the achievement of certain financial performance conditions, namely incremental return on invested capital ("ROIC-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 $35.3 million, $36.8 million, and $43.1 million for the years ended December 31, 2024, 2023, and 2022, 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 $9.1 million, $11.9 million, and $14.7 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024 and 2023, product warranty obligations were not material.

 

(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.

 

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.

 

(r)    Goodwill and Indefinite-Lived Intangible Assets

 

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. When evaluating goodwill for impairment, we  may decide to first perform a qualitative assessment, or “Step Zero” impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying amount of our reporting units exceeds their fair value, we perform a quantitative assessment and calculate the estimated fair value of the respective reporting unit. If the carrying amount of a reporting unit’s goodwill exceeds the fair value of that goodwill, an impairment loss is recognized.

 

(s)    Recent Accounting Pronouncements

 

Accounting Standard

Description

Effective Date

Effect on Consolidated Financial Statements or Other Significant Matters

Segment Reporting (Topic 280) In November 2023, the FASB issued Accounting Standards Update "ASU" No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU No. 2023-07")This update changes the reportable segment disclosure requirements requiring enhanced disclosures about significant segment expenses. Public entities are required to disclose significant segment expenses that are regularly provided to the chief operating decision maker and to disclose how reported measures of segment profit or loss are used in assessing segment performance and allocating resources.ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.We adopted this standard within our December 31, 2024 Form 10-K.
ASU 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Topic 220)Disaggregation of Income Statement Expenses requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well disclosures about selling expenses.This standard is effective for our annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. Prospective application is required and retrospective application is permitted.We are currently evaluating the impact of adopting this ASU on our income statement disaggregation disclosures.
Income Taxes (Topic 740) In December 2023, the FASB issued Accounting Standards Update "ASU" No. 2023-09, Improvements to Income Tax Disclosures (ASU No. 2023-09)The amendments within ASU No. 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures.The ASU’s amendments are effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted.The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

 
v3.25.0.1
Note 3 - Cash and Cash Equivalents
 12 Months Ended
Dec. 31, 2024
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.

 
v3.25.0.1
Note 4 - Accounts Receivable
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Accounts and Nontrade Receivable [Text Block]

4.    Accounts Receivable:

 

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

 

  

2024

  

2023

 

Billed receivables

 $421.4  $317.1 

Unbilled receivables

  35.5   32.2 

Total receivables

  456.9   349.3 

Less allowance for doubtful accounts

  (22.5)  (15.1)

Accounts receivable, net

 $434.4  $334.2 

 
v3.25.0.1
Note 5 - Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2024
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. As of  December 31, 2024 and 2023, a vast majority of our domestic cash and cash equivalents is with JPMorgan Chase N.A., and TD Bank, N.A. 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, 2024 and 2023.

 

As of December 31, 2024 and 2023, we had cash balances on deposit with five and seven banks that exceeded the balance insured by the FDIC limit by approximately$129.0 million and $171.8 million, respectively. As of December 31, 2024 and 2023, we also had cash on deposit with foreign banks of approximately $161.0 million and $129.2 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 43% of revenues for 2024, 45% for 2023, and 41% for 2022, with no individual customer accounting for more than approximately 3% of revenues for the years ended December 31, 2024, 2023, and 2022. No individual customer comprised more than approximately 4% and 5% of accounts receivable as of December 31, 2024 and 2023, respectively.

 
v3.25.0.1
Note 6 - Revenues
 12 Months Ended
Dec. 31, 2024
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, 2024, 2023, and 2022. No individual country outside of the U.S. accounted for more than 10.0% of our consolidated revenues for the years ended December 31, 2024, 2023, or 2022.

 

  

2024

  

2023

  

2022

 

Insurance:

            

Underwriting

 $2,024.3  $1,892.7  $1,734.5 

Claims

  857.4   788.7   702.5 

Total Insurance

  2,881.7   2,681.4   2,437.0 

Specialized Markets

  —   —   22.4 

Financial Services

  —   —   37.6 

Total revenues

 $2,881.7  $2,681.4  $2,497.0 

 

  

2024

  

2023

  

2022

 

Revenues:

            

United States

 $2,386.1  $2,238.3  $2,120.1 

United Kingdom

  214.4   190.1   169.5 

Other countries

  281.2   253.0   207.4 

Total revenues

 $2,881.7  $2,681.4  $2,497.0 

 

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, 2024 and 2023, 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, 2024 and 2023, 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 $451.1 million and $375.1 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, 2024 and 2023.

 

The following is a summary of the change in contract liabilities from  December 31, 2023 through December 31, 2024:

 

Contract Liabilities at December 31, 2022

 $321.7 

Revenue

  (2,681.4)

Additions to contract liabilities

  2,737.8 

Foreign currency translation adjustment

  (3.0)

Contract Liabilities at December 31, 2023

  375.1 

Revenue

  (2,881.7)

Additions to contract liabilities

  2,956.9 

Foreign currency translation adjustment

  0.8 

Contract Liabilities at December 31, 2024

 $451.1 

 

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 98% and 99% of the balance as of December 31, 2024 and 2023, 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, 2024 and 2023, we had deferred commissions of $78.5 million and $76.4 million, respectively, which have been included in "Prepaid expenses" and "Other noncurrent assets" in our accompanying consolidated balance sheets.

 
v3.25.0.1
Note 7 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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 $1.2 million as of December 31, 2024 and 2023. Our investments in registered investment companies have been included in "Other current assets" in our consolidated balance sheets as of December 31, 2024 and 2023.

 

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, 2024 and 2023, respectively:

 

   

2024

  

2023

 
 

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

 $3,021.0  $2,866.5  $2,833.7  $2,735.3 

 

As of December 31, 2024 and 2023, we had securities without readily determinable market values of $195.3 million and $200.9 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, 2024 and 2023, we also had investments in private companies of $27.0 million and $30.5 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, 2024 and 2023, there was no provision for credit losses related to these investments. During the year ended December 31, 2024, we settled retained interests in non-public companies associated with previously disposed businesses and received proceeds of $112.1 million, resulting in a net gain of $100.6 million. The net gain was included in "Investment gain (loss)" in our accompanying condensed consolidated statements of operations. 

 
v3.25.0.1
Note 8 - Leases
 12 Months Ended
Dec. 31, 2024
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. Extension and termination options are considered in the calculation of our ROU assets and lease liabilities when we determine it is reasonably certain that we will exercise those options.

 

The following table presents the consolidated 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, 2024 and 2023:

 

  

2024

  

2023

 

Lease cost:

        

Operating lease cost (1)

 $32.7  $33.9 

Sublease income

  (4.0)  (1.7)

Finance lease cost

        

Depreciation of finance lease assets (2)

  19.4   14.4 

Interest on finance lease liabilities (3)

  2.3   1.0 

Total lease cost

 $50.4  $47.6 
         

Other information:

        

Cash paid for amounts included in the measurement of lease liabilities

        

Operating cash outflows from operating leases

 $(34.5) $(34.9)

Operating cash outflows from finance leases

 $(2.3) $(1.0)

Financing cash outflows from finance leases

 $(21.9) $(15.7)

_______________

(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 the consolidated finance and operating leases for the years ended December 31, 2024 and 2023:

 

  

2024

  

2023

 

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

  7.0   8.2 

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

  3.0   3.1 

Weighted-average discount rate - operating leases

  4.2%  4.0%

Weighted-average discount rate - finance leases

  4.2%  4.2%

 

Our ROU assets and lease liabilities for finance leases were $47.7 million and $41.4 million, respectively, as of December 31, 2024. Our ROU assets and lease liabilities for finance leases were $41.2 million and $34.5 million, respectively, as of December 31, 2023. 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).

 

On  August 16, 2024, we early vacated two floors within our Jersey City office. This transaction was accounted for as a lease modification in accordance with ASC 842. As a result of the lease modification, we reassessed the accounting for the Jersey City lease, resulting in a reduction of ROU assets and lease liabilities of $11.7 million and $13.6 million, respectively, and recognition of a gain of $1.9 million. Additionally, we recorded an impairment of $7.6 million of the remaining net book value of leasehold improvements.

 

Maturities of the continuing lease liabilities for the years through 2030 and thereafter are as follows:

 

Years Ending

 

Operating Leases

  

Finance Leases

 

2025

 $32.8  $22.1 

2026

  31.1   10.7 

2027

  30.5   9.0 

2028

  29.3   4.8 

2029

  28.0   - 

2030 and thereafter

  61.5   - 

Total lease payments

  213.2   46.6 

Less: Amount representing interest

  (28.5)  (5.2)

Present value of total lease payments

 $184.7  $41.4 

 
v3.25.0.1
Note 9 - Fixed Assets
 12 Months Ended
Dec. 31, 2024
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, 2024

              

Furniture and office equipment

 3 - 10 $164.2  $(144.8) $19.4 

Leasehold improvements

 Lease term  101.4   (62.3)  39.1 

Purchased software

 3  58.2   (55.6)  2.6 

Software development costs

 3  1,334.8   (837.4)  497.4 

Leased equipment

 3 - 4  125.0   (77.6)  47.4 

Total fixed assets

   $1,783.6  $(1,177.7) $605.9 

December 31, 2023

              

Furniture and office equipment

 3 - 10 $178.5  $(156.7) $21.8 

Leasehold improvements

 

Lease term

  116.5   (63.0)  53.5 

Purchased software

 3  59.9   (55.2)  4.7 

Software development costs

 3  1,136.6   (653.0)  483.6 

Leased equipment

 3 - 4  105.1   (63.8)  41.3 

Total fixed assets

   $1,596.6  $(991.7) $604.9 

 

Depreciation and amortization of fixed assets for the years ended December 31, 2024, 2023, and 2022 were $233.6 million, $206.8 million, and $164.2 million, of which $193.5 million, $165.5 million, and $116.6 million related to amortization of internal-use software development costs, respectively. Amortization expense related to development of software for sale was $1.2 million, $4.8 million, and $7.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. We had unamortized software development costs that had been capitalized in accordance with ASC 350-40 of $497.4 million and $482.4 million as of December 31, 2024 and 2023, respectively. We had unamortized software development costs that had been capitalized for development of software for sale of $0.0 million and $1.2 million as of December 31, 2024 and 2023, respectively. Leased assets include amounts held under finance leases for automobiles, computer software, and computer equipment.

 

Impairments to long-lived assets for the twelve months ended  December 31, 2024 and 2023 were $7.6 million and $0.0 million, respectively, and are included within "Other operating (income) loss, net" in our consolidated statements of operations. During August 2024, we early vacated two floors at our Jersey City, New Jersey, corporate headquarters. As a result, we assessed the related long-lived assets at the site for impairment and recognized $7.6 million of impairment charges, primarily related to the write-off of the remaining net book value of leasehold improvements.

 
v3.25.0.1
Note 10 - Acquisitions
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

10.    Acquisitions

 

2024 Acquisitions

 

On  January 8, 2024, we completed the acquisition of 100 percent of Rocket Enterprise Solutions GmbH ("Rocket") for a net cash purchase price of $10.1 million, of which $2.2 million represents a deferred payment and $0.3 million represents a holdback payment. The majority of the purchase price was allocated to goodwill as we did not incur any material liabilities. Rocket’s strong property claims and underwriting technology has been widely adopted by many of the largest insurers and service providers across Germany and Austria. Rocket has become a part of our claims category. The acquisition, which follows a strategic investment by Verisk in Rocket in 2022, will further Verisk's expansion in Europe and the Company’s goal of helping insurers and claims service providers leverage more holistic data and technology tools to enhance the claims experience.

 

The preliminary allocations of the purchase price for the 2024 acquisition with less than a year of ownership is subject to revisions as additional information is obtained about the facts and circumstances that existed as of the 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 that was known as of the acquisition date is obtained and analyzed, 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, and residual goodwill. The goodwill associated with our acquisition includes the acquired assembled workforce, 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. The $10.6 million in goodwill associated with our acquisition is not deductible for tax purposes. The preliminary amounts assigned to intangible assets by type for this acquisition was based upon our valuation model and historical experiences with entities with similar business characteristics. 

 

For the year ended December 31, 2024, we incurred transaction costs of $0.3 million. The transaction costs were included within "Selling, general and administrative" expenses in our accompanying condensed consolidated statements of operations. 

 

Our 2024 acquisition was not significant to our consolidated financial statements for the years ended December 31, 2024, 2023, and 2022, and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.

 

2023 Acquisitions

 

On  April 20, 2023, we acquired Krug Sachverständigen GmbH ("Krug") for a net cash purchase price of approximately $43.3 million including working capital adjustments, of which $3.8 million represents indemnity escrows. Krug is a Germany-based motor claims solutions provider and has established an industry-leading position in the German insurance market through highly digitalized solutions that help insurers and car manufacturers achieve better and faster customer service, leading to sustainable reductions in costs. The acquisition expands our claims and casualty offerings across Europe. Krug has become a part of our claims category within our Insurance segment.

 

On  February 1, 2023, we acquired 100 percent of the stock of Mavera Holding AB ("Mavera") for a net cash purchase price of $28.3 million, of which $4.2 million represents indemnity escrows. Mavera, a Sweden-based InsurTech firm with a regional presence and established customer base for its personal injury claims management platform, has become a part of the claims category within our Insurance segment. Mavera will support our expansion in continental Europe and our continued growth as a technology and analytics partner to the global insurance industry.

 

The "Other" column includes other immaterial acquisitions that have occurred during the period. The preliminary purchase price allocation of the 2023 acquisitions resulted in the following:

 

  

Krug

  

Other

  

Total

 

Cash and cash equivalents

 $7.0  $1.0  $8.0 

Accounts receivable

  1.8   0.8   2.6 

Other current assets

  3.8   0.1   3.9 

Fixed assets

  0.2   0.1   0.3 

Operating lease right-of-use assets, net

  —   0.2   0.2 

Intangible assets

  15.1   18.4   33.5 

Goodwill

  33.1   22.8   55.9 

Total assets acquired

  61.0   43.4   104.4 

Accounts payable and accrued liabilities

  5.8   2.1   7.9 

Operating lease liabilities

  —   0.1   0.1 

Deferred income tax, net

  4.8   3.9   8.7 

Other noncurrent liabilities

  0.1   1.4   1.5 

Total liabilities assumed

  10.7   7.5   18.2 

Net assets acquired

  50.3   35.9   86.2 

Less: cash acquired

  7.0   1.0   8.0 

Net cash purchase price

 $43.3  $34.9  $78.2 

 

The final amounts assigned to intangible assets by type for our 2023 acquisitions are summarized in the table below:

 

  

Weighted Average Useful Life (in years)

 

Total

 

Technology-based

 5 $9.9 

Marketing-related

 2  0.5 

Customer-related

 13  23.1 

Total intangible assets

   $33.5 

 

For the year ended  December 31, 2024, we finalized the purchase accounting for our 2023 acquisitions during the measurement periods in accordance with ASC 805, Business Combinations ("ASC 805"). The impact of finalization of the purchase accounting associated with these acquisitions was not material to our accompanying consolidated financial statements for the years ended  December 31, 2024 and 2023.

 

The $55.9 million in goodwill associated with our acquisitions 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, 2023, we incurred transaction costs of $2.5 million. The transaction costs were included within "Selling, general and administrative" expenses in our accompanying consolidated statements of operations.

 
Our 2023 acquisitions were not significant, both individually and in the aggregate, to our consolidated financial statements for the years ended December  31, 2023 and  2022, and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.
 

2022 Acquisitions

 

On  March 1, 2022, we acquired 100 percent of the stock of Opta Information Intelligence Corp. ("Opta") for a net cash purchase price of $217.5 million excluding working capital adjustments, of which $0.8 million represents indemnity escrows. Opta, a leading provider of property intelligence and innovative technology solutions in Canada, has become a part of the underwriting category within our Insurance segment. We believe this acquisition further expands our footprint in the Canadian market and supports Verisk in reshaping risk management with valuable business intelligence.

 

On  February 11, 2022, we acquired 100 percent of the membership interest of Infutor Data Solutions, LLC ("Infutor") for a net cash purchase price of $220.7 million excluding working capital adjustments, 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 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.

 

The final purchase price allocations, inclusive of closing adjustments, of our 2022 acquisitions resulted in the following:

 

  

Opta

  

Infutor

  

Others

  

Total

 

Cash and cash equivalents

 $0.4  $17.0  $-  $17.4 

Accounts receivable

  5.2   10.7   -   15.9 

Other current assets

  1.3   3.8   0.1   5.2 

Fixed assets

  1.5   0.9   0.3   2.7 

Operating lease right-of-use assets, net

  1.1   2.3   -   3.4 

Intangible assets

  87.0   83.4   2.3   172.7 

Goodwill

  141.1   140.3   3.0   284.4 

Other assets

  -   0.1   -   0.1 

Total assets acquired

  237.6   258.5   5.7   501.8 

Current liabilities

  4.9   14.4   0.1   19.4 

Deferred revenues

  0.2   3.1   0.1   3.4 

Operating lease liabilities

  1.1   3.3   -   4.4 

Deferred income tax, net

  13.5   -   0.5   14.0 

Other liabilities

  -   -   0.2   0.2 

Total liabilities assumed

  19.7   20.8   0.9   41.4 

Net assets acquired

  217.9   237.7   4.8   460.4 

Cash acquired

  0.4   17.0   —   17.4 

Net cash purchase price

 $217.5  $220.7  $4.8  $443.0 

 

The final amounts assigned to intangible assets by type for our 2022 acquisitions are summarized in the table below:

 

  Weighted Average Useful Life (in years) 

Total

 

Technology-based

 6 $48.5 

Marketing-related

 4  2.0 

Customer-related

 13  122.2 

Total intangible assets

   $172.7 

 

For the year ende d  December 31, 2023, we finalized the purchase accounting for our 2022 acquisitions during the measurement periods in accordance with ASC 805, Business Combinations ("ASC 805"). The impact of finalization of the purchase accounting associated with these acquisitions was not material to our accompanying consolidated financial statements for the years ended  December 31, 2023 and 2022.

 

Of the $284.4 million in goodwill associated with our acquisitions, $144.5 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, 2022, we incurred transaction costs related to acquisitions of $1.8 million, which are included within "Selling, general and administrative" expenses in our accompanying consolidated statements of operations.

 

Our 2022 acquisitions were not significant, both individually and in the aggregate, to our consolidated financial statements for the years ended December  31, 2022, and therefore, supplemental information disclosure on an unaudited pro forma basis is not presented.
 

Acquisition Escrowsand 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, 2024 and 2023, we released $3.8 million and $0.0 million of indemnity escrows related to various acquisitions. At  December 31, 2024 and 2023, the current portion of the escrows amounted to $0.0 million and $3.9 million. There were no noncurrent portions of the escrows. 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.

 

As of December 31, 2024, the acquisition of Krug Sachverständigen GmbH ('Krug'), Mavera Holding AB ('Mavera'), and Morning Data Limited ('Morning Data') included acquisition-related contingent payments, for which the sellers of these acquisitions could receive additional payments by achieving the specific predetermined revenue, EBITDA, and/or EBITDA margin earn-out targets for exceptional performance. We believe that the liabilities recorded as of  December 31, 2024 and 2023 reflect the best estimate of acquisition-related contingent payments. The associated current portion of contingent payments was $0.0 million and $10.0 million as of December 31, 2024 and 2023, respectively. The associated noncurrent portion of contingent payments was $2.2 million and $2.1 million as of  December 31, 2024 and 2023, respectively.

 
v3.25.0.1
Note 11 - Dispositions and Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

11. Dispositions and Discontinued Operations:

 

Dispositions

 

In December 2024, we sold Atmospheric and Environmental Research ("AER.") for $7.1 million. The sale resulted in a loss of $12.1 million that was included within "Other operating (loss) income" in the accompanying consolidated statements of operations for the year ended  December 31, 2024.

 

Discontinued Operations

 

On  February 1, 2023, we completed the sale of our Energy business to Planet Jersey Buyer Ltd, an entity that was formed on behalf of, and is controlled by, The Veritas Capital Fund VIII, L.P. and its affiliated funds and entities (“Veritas Capital”), for a net cash sale price of $3,066.4 million paid at closing (reflecting a base purchase price of $3,100.0 million, subject to customary purchase price adjustments for, among other things, the cash, working capital, and indebtedness of the companies as of the closing) and up to $200.0 million of additional contingent cash consideration based on Veritas Capital’s future return on its investment paid through a Class C Partnership interest.

 

The Energy business, which was part of our Energy and Specialized Markets segment, was classified as discontinued operations per ASC 205-20 as we determined, qualitatively and quantitatively, that this transaction represented a strategic shift that had a major effect on our operations and financial results. Accordingly, all results of the Energy business have been removed from continuing operations and presented as discontinued operations in our consolidated statements of operations for all periods presented. Additionally, all assets and liabilities of the Energy business were classified as assets and liabilities held for sale within our consolidated balance sheet as of  December 31, 2022. In connection with the held for sale classification, we recognized an impairment of $303.7 million on the remeasurement of the disposal group held for sale, which has been included in discontinued operations in our consolidated statement of operations. Upon classification of the Energy business as held for sale, its cumulative foreign currency translation adjustment within shareholders’ equity was included with its carrying value, which primarily resulted in the impairment. When we closed on the sale of our Energy business on  February 1, 2023, we recognized a loss of $128.4 million. As a result of closing adjustments in the second and fourth quarter of 2023, we incurred an additional net loss of $2.7 million. 

 

The following table presents the financial results from discontinued operations, net of income taxes in our consolidated statement of income for the periods indicated:

 

  

For the Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Revenues

 $-  $46.8  $537.3 

Operating expenses:

            

Cost of revenues (exclusive of items shown separately below)

  -   18.2   207.4 

Selling, general and administrative

  -   33.2   117.2 

Depreciation and amortization of fixed assets

  -   -   32.9 

Amortization of intangible assets

  -   -   68.5 

Impairment loss

  -   -   303.7 

Other operating loss

  -   131.1   33.9 

Total operating expenses

  -   182.5   763.6 

Operating (loss) income

  -   (135.7)  (226.3)

Other (expense) income:

            

Investment (loss) income and others, net

  -   (5.7)  7.0 

Total other (expense) income, net

  -   (5.7)  7.0 

Loss from discontinued operations before income taxes

  -   (141.4)  (219.3)

Income tax benefit (expense)

  6.8   (12.6)  131.5 

Income (loss) from discontinued operations, net of income taxes

 $6.8  $(154.0) $(87.8)

 

The consolidated statements of cash flows have not been adjusted to separately disclose cash flows related to discontinued operations. The following table presents selected cash flow information associated with our discontinued operations:

 

  

For the Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Significant non-cash operating activities:

            

Depreciation and amortization of fixed assets

 $-  $-  $32.9 

Amortization of intangible assets

  -   -   68.5 

Impairment loss

  -   -   303.7 

Operating lease right-of-use assets, net

  -   0.1   7.6 

Investing activities:

            

Capital expenditures

  -   (6.5)  (72.6)

Supplemental disclosures:

            

Fixed assets included in accounts payable and accrued liabilities

  -   -   3.0 

 
v3.25.0.1
Note 12 - Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

12.    Goodwill and Intangible Assets:

 

 

 

The following is a summary of the change in goodwill from January 1, 2023 through December 31, 2024, both in total and as allocated to our reportable segments:

 

  

Insurance

 

Goodwill at January 1, 2023

 $1,676.0 

Acquisitions

  55.9 

Purchase accounting reclassifications

  (0.1)

Foreign currency translation adjustment

  29.0 

Goodwill at December 31, 2023

  1,760.8 

Acquisitions

  10.6 

Dispositions

  (15.8)

Purchase accounting reclassifications

  0.3 

Foreign currency translation adjustment

  (29.3)

Goodwill at December 31, 2024

 $1,726.6 

 

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. When evaluating goodwill for impairment, we may decide to first perform a qualitative assessment, or "Step Zero" impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying amount of our reporting units exceeds their fair value, we perform a quantitative assessment and calculate the estimated fair value of the respective reporting unit. If the carrying amount of a reporting unit's goodwill exceeds the fair value of that goodwill, an impairment loss is recognized. As of June 30, 2024, we completed our Step Zero impairment test at the reporting unit level and determined it was not more likely than not that the carrying values of our reporting units exceeded their fair values. We did not recognize any impairment charges related to our goodwill and indefinite-lived intangible assets. Subsequent to performing the test we continued to monitor these reporting units for events that would trigger an interim impairment test; we did not identify any such events.

 

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

 

  

Weighted

            
  

Average

            
  

Useful Life

     

Accumulated

     
  

(in years)

 

Cost

  

Amortization

  

Net

 

December 31, 2024

              

Technology-based

 8 $364.9  $(285.3) $79.6 

Marketing-related

 6  37.8   (35.5)  2.3 

Contract-based

 6  5.0   (5.0)  - 

Customer-related

 13  529.1   (224.0)  305.1 

Database-based

 8  15.1   (9.7)  5.4 

Total intangible assets

   $951.9  $(559.5) $392.4 

December 31, 2023

              

Technology-based

 8 $370.2  $(261.2) $109.0 

Marketing-related

 6  42.7   (38.7)  4.0 

Contract-based

 6  5.0   (5.0)  — 

Customer-related

 13  542.1   (190.7)  351.4 

Database-based

 8  15.2   (7.9)  7.3 

Total intangible assets

   $975.2  $(503.5) $471.7 

 

Amortization expense related to intangible assets for the years ended December 31, 2024, 2023, and 2022 was $72.3 million, $74.6 million, and $74.4 million, respectively. Estimated amortization expense in future periods through 2030 and thereafter for intangible assets subject to amortization is as follows:

 

Years Ending

 

Amount

 

2025

 $62.0 

2026

  60.1 

2027

  52.1 

2028

  45.1 

2029

  40.3 

2030 and thereafter

  132.8 

Total

 $392.4 

 
v3.25.0.1
Note 13 - Income Taxes
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

13.    Income Taxes:

 

Domestic and foreign income before income taxes was as follows:

 

  

2024

  

2023

  

2022

 

U.S.

 $1,201.6  $1,021.9  $1,277.1 

Foreign

  27.0   5.3   (14.7)

Total income before income taxes

 $1,228.6  $1,027.2  $1,262.4 

 

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

 

  

2024

  

2023

  

2022

 

Current:

            

Federal

 $223.0  $226.8  $247.8 

State and local

  67.5   52.0   64.7 

Foreign

  7.9   9.0   1.1 

Total current provision for income taxes

  298.4   287.8   313.6 

Deferred:

            

Federal

  (17.2)  (23.4)  (43.3)

State and local

  (1.4)  (3.4)  (11.2)

Foreign

  (1.9)  (2.2)  (38.8)

Total deferred provision for income taxes

  (20.5)  (29.0)  (93.3)

Provision for income taxes

 $277.9  $258.8  $220.3 

 

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

 

  

2024

  

2023

  

2022

 

Federal statutory rate

  21.0%  21.0%  21.0%

State and local taxes, net of federal tax benefit

  4.3   3.7   3.4 

Impact of dispositions

  (0.2)  -   (3.0)

UK valuation allowance release

  -   -   (2.4)

Global Intangible Low-taxed Income

  0.2   1.3   0.4 

Stock-based compensation

  (1.9)  (1.8)  (1.7)

Other

  (0.8)  1.0   (0.2)

Effective tax rate

  22.6%  25.2%  17.5%

 

The decrease in the effective tax rate in 2024 compared to 2023 was primarily due to tax charges incurred in structuring the sale of our Energy business in the prior year, as well as additional tax benefits recorded for capital losses that we were able to recognize due to capital gains arising from the settlement of our investments in non-public companies in the current year.  

 

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

 

  

2024

  

2023

 

Deferred tax assets:

        

Employee wages and other benefits

 $47.2  $49.9 

Lease liabilities

  46.3   55.4 

Net operating loss carryover

  7.6   9.4 

Interest expense

  30.8   31.0 

Other

  16.1   17.1 

Total

  148.0   162.8 

Less valuation allowance

  (4.2)  (5.6)

Deferred tax assets

  143.8   157.2 

Deferred tax liabilities:

        

Right of use assets

  (40.9)  (48.3)

Fixed assets and intangible assets

  (168.6)  (194.1)

Commissions

  (19.3)  (18.2)

Pensions

  (59.2)  (57.0)

Other

  (13.1)  (18.9)

Deferred tax liabilities

  (301.1)  (336.5)

Deferred tax liabilities, net

 $(157.3) $(179.3)

 

The net deferred tax liabilities of $157.3 million consist primarily of timing differences involving amortization.

 

Our net operating loss carryforwards expire as follows:

 

Years Ending

 

Amount

 
2025 - 2032 $16.1 
2033 - 2037  4.6 
2038 - 2044  32.3 

Total

 $53.0 

 

A valuation allowance has been established based on our evaluation of the likelihood of utilizing these benefits before they expire. 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, 2024, we have not made a provision for U.S. or additional foreign withholding 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 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:

 

  

2024

  

2023

  

2022

 

Unrecognized tax benefit as of January 1

 $2.0  $3.2  $3.4 

Gross increase in tax positions in prior period

  2.3   0.8   1.0 

Gross decrease in tax positions in prior period

  -   -   - 

Settlements

  -   -   (0.6)

Lapse of statute of limitations

  (0.2)  (2.0)  (0.6)

Unrecognized tax benefit as of December 31

 $4.1  $2.0  $3.2 

 

All unrecognized tax benefits as of  December 31, 2024, 2023, and 2022 would have a favorable impact on our effective tax rate if recognized in any future periods.

 

The total gross amount of accrued interest and penalties for the years ended December 31, 2024, 2023, and 2022 was $0.7 million, $0.2 million, and $0.4 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 change 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 $0.9 million of our currently remaining unrecognized tax positions, each of which is individually insignificant, may be recognized by the end of 2024 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, and are routinely under audit by various tax authorities. With few exceptions, 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 2020. We do not expect the results of current examinations to have a material effect on our financial position, results of operations, or cash flow.

 
v3.25.0.1
Note 14 - Composition of Certain Financial Statement Caption
 12 Months Ended
Dec. 31, 2024
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:

 

  

2024

  

2023

 

Accounts payable and accrued liabilities:

        

Accrued salaries, benefits and other related costs

 $143.6  $149.4 

Escrow liabilities

  -   3.9 

Accrued interest

  20.7   19.1 

Trade accounts payable and other accrued expenses

  85.5   158.4 

Acquisition-related liabilities

  -   10.0 

Total accounts payable and accrued liabilities

 $249.8  $340.8 

 

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

 

  

2024

  

2023

 

Other noncurrent assets:

        

Pension benefits

 $125.3  $121.4 

Other assets - prepaid expenses

  87.6   73.2 

Investments in nonpublic companies

  222.2   231.4 

State income tax receivable

  -   67.7 

Deposits and other

  2.8   2.4 

Total other noncurrent assets

 $437.9  $496.1 

 
v3.25.0.1
Note 15 - Debt
 12 Months Ended
Dec. 31, 2024
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

 

2024

  

2023

 

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

           

Credit Facilities:

           

Syndicated revolving credit facility

Various

 

Various

 $-  $- 

Senior Notes:

           

4.000% senior notes, less unamortized discount and debt issuance costs of $(0.3)

5/15/2015

 

6/15/2025

 $499.7  $- 

Finance lease liabilities (1)

Various

 

Various

  14.5   14.5 

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

  514.2   14.5 

Long-term debt:

           

Senior notes:

           

4.000% senior notes, less unamortized discount and debt issuance costs of $(1.8)

5/15/2015

 

6/15/2025

  -   898.2 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $6.3 and $7.8, respectively

3/6/2019

 

3/15/2029

  606.3   607.8 

5.500% senior notes, less unamortized discount and debt issuance costs of $(3.7) and $(3.8), respectively

5/15/2015

 

6/15/2045

  346.3   346.2 

3.625% senior notes, less unamortized discount and debt issuance costs of $(9.2) and $(9.6), respectively

5/13/2020

 

5/15/2050

  490.8   490.4 

5.750% senior notes, less unamortized discount and debt issuance costs of $(7.9) and $(8.9), respectively

3/3/2023

 

4/1/2033

  492.1   491.1 

5.250% senior notes, less unamortized discount and debt issuance costs of $(14.2)

6/5/2024

 

6/5/2034

  585.8   - 

Finance lease liabilities (1)

Various

 

Various

  26.9   20.0 

Syndicated revolving credit facility debt issuance costs

Various

 

Various

  (1.3)  (1.5)

Long-term debt

  2,546.9   2,852.2 

Total debt

 $3,061.1  $2,866.7 

_______________

(1) Refer to Note 8. Leases

    

Accrued interest associated with our outstanding debt obligations was $20.7 million and $19.1 million as of  December 31, 2024 and 2023, 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 $140.3 million, $131.3 million, and $135.5 million for the years ended  December 31, 2024, 2023, and 2022, respectively.

 

Senior Notes

 

As of   December 31, 2024 and 2023, we had senior notes with an aggregate principal amount of $3,050.0 million and $2,850.0 million outstanding, respectively, and were in compliance with our financial and other debt covenants.

 

On June 5, 2024, we completed an issuance of $600.0 million aggregate principal amount of 5.25% senior notes due 2034 (the "2034 Senior Notes"). The 2034 Senior Notes will mature on  June 5, 2034 and accrue interest at a fixed rate of 5.25% per annum. Interest is payable semiannually on  June 5th and December 5th of each year, beginning   December 5th, 2024. The 2034 Senior Notes were issued at a discount of $9.8 million and we incurred debt issuance costs of $5.6 million. The original issuance discount and debt issuance costs were recorded in "Long-term debt" in the accompanying condensed consolidated balance sheets and these costs will be amortized to "Interest expense" in the accompanying consolidated statements of operations over the life of the 2034 Senior Notes. The net proceeds from the issuance of the 2034 Senior Notes were utilized partially for the tender offer of 4.00% senior notes due in 2025 ("2025 Senior Notes") and general corporate purposes. The indenture governing the 2034 Senior Notes restricts our ability to, among other things, create certain liens, enter into sale/leaseback transactions and consolidate with, sell, lease, convey or otherwise transfer all or substantially all of our assets, or merge with or into, any other person or entity.

 

On  June 7, 2024, we completed a cash tender offer for $400.0 million, or 44.4%, of the aggregate principal amount of the 2025 Senior Notes. The consideration offered for each $1,000.0 principal amount of the 2025 Senior Notes was $987.09 (the "Purchase Price"). Net cash proceeds of the 2034 Senior Notes were used to pay the Purchase Price, plus accrued and unpaid interest. This reduced the outstanding balance to $500.0 million. We recognized a $3.6 million net gain on debt extinguishment comprised of $5.2 million for the discount paid below par, partially offset by $1.6 million of costs charged to expense on early debt modification.

 

Credit Facilities

 

We have a syndicated revolving credit facility ("Syndicated Revolving Credit Facility") with a borrowing capacity of $1,000 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., Morgan Stanley Bank, N.A., TD Bank, N.A., Goldman Sachs Bank USA, and the Northern Trust Company. The Syndicated Revolving Credit Facility  may be used for general corporate purposes, including working capital needs and capital expenditures, acquisitions, dividend payments, and the Repurchase Program. As of December 31, 2024, we were in compliance with all financial and other debt covenants under our Syndicated Revolving Credit Facility. As of December 31, 2024 and 2023, the available capacity under the Syndicated Revolving Credit Facility was $995.4 million, which takes into account outstanding letters of credit of $4.6 million. 

 

Debt Maturities

 

The following table reflects our debt maturities:

 

Years Ending

 

Amount

 

2025

 $520.4 

2026

  9.3 

2027

  7.6 

2028

  4.0 

2029

  600.0 

2030 and thereafter

  1,950.0 

Total

 $3,091.3 

 
v3.25.0.1
Note 16 - Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Equity [Text Block]

16.    Stockholders’ Equity:

 

We have 2,000,000,000 shares of authorized common stock as of December 31, 2024 and 2023. 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, 2024, 2023, and 2022, the adjusted closing price of our common stock was $275.43, $238.86, and $176.42 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, 2024 and 2023.

 

On  February 14, 2024,  April 24, 2024,  July 24, 2024, and  October 23, 2024, our Board approved a cash dividend of $0.39 per share of common stock issued and outstanding to the holders of record as of  March 15, 2024,  June 15, 2024,  September 15, 2024, and December 13, 2024, respectively. Cash dividends of $221.3 million and $196.8 million were paid during the years ended  December 31, 2024 and 2023, respectively, and recorded as a reduction to retained earnings.

 

Share Repurchase Program

 

In  December 2023,  March 2024,  June 2024, and  August 2024, we entered into Accelerated Share Repurchase ("ASR") agreements (the  "December 2023 ASR Agreement",  "March 2024 ASR Agreement", "June 2024 ASR Agreement", and  "August 2024 ASR Agreement," respectively) to repurchase shares of our common stock for an aggregate purchase price of $250.0 million, $200.0 million, $150.0 million, and $400.0 million, respectively, with Goldman Sachs & Co. LLC, JPMorgan Chase Bank, N.A., Citibank, N.A., and Goldman Sachs & Co. LLC, respectively. All ASR agreements are accounted for as a treasury stock transaction and forward stock purchase agreement indexed to our common stock. The forward stock purchase agreements are classified as equity instruments under ASC 815-40, Contracts in Entity's Own Equity ("ASC 815-40") and deemed to have a fair value of zero at the respective effective date. 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, 2024. Upon payment of the aggregate purchase price on  December 14, 2023,  March 13, 2024,  June 13, 2024, and August 7, 2024, we received initial deliveries of 873,479, 714,046, 483,761, and 1,302,981 shares of our common stock, respectively. Upon the final settlement of the  December 2023 ASR Agreement, the  March 2024 ASR Agreement,  June 2024 ASR Agreement, and the August 2024 ASR Agreement in  February 2024,  April 2024,  July 2024, and October 2024, respectively, we received 178,227, 148,286, 68,645, and 212,635 additional shares, respectively, as determined based on the volume weighted average share price of our common stock, less a discount, of $237.71, $231.93, $271.54, and $263.92, respectively, during the term of the  December 2023 ASR Agreement, the  March 2024 ASR Agreement, the  June 2024 ASR Agreement, and the August 2024 ASR Agreement, respectively. These repurchases for the year ended December 31, 2024 resulted in a reduction of outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share ("EPS").

 

In November 2024, we entered into an additional ASR agreement to repurchase shares of our common stock for an aggregate purchase price of $300.0 million with Citibank, N.A. This ASR agreement is accounted for as a treasury stock transaction and a forward stock purchase agreement indexed to our common stock. Upon the payment of the aggregate purchase price of $300.0 million on November 12, 2024, we received 885,663 shares of our common stock at an initial price of $287.92 per share, representing an initial delivery of approximately 85 percent of the aggregate purchase price. Upon the final settlement of this ASR agreement in January 2025, we received 189,909 additional shares as determined by the daily volume weighted average share price of our common stock, less a discount, of $278.92 during the term of this ASR agreement.

 

For the year ended December 31, 2024, we repurchased 3,994,244 shares of common stock as part of the Repurchase Program, inclusive of the ASRs and open market repurchases, at a weighted average price of $263.04 per share. We utilized cash received from operations to fund these repurchases. As of December 31, 2024, we had $591.5 million available to repurchase shares through our Repurchase Program.

 

Treasury Stock

 

As of December 31, 2024, our treasury stock consisted of 403,588,401 shares of common stock. During the years ended December 31, 2024, 2023, and 2022, we transferred 1,100,152, 1,457,514, and 1,650,460 shares of common stock, from the treasury shares at a weighted average price of $23.40, $19.50, and $14.25 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: 

 

  

2024

  

2023

  

2022

 
  

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

 

Numerator used in basic and diluted EPS:

            

Income from continuing operations

 $950.7  $768.4  $1,042.1 

Less: Net loss (income) attributable to noncontrolling interests

  0.7   0.2   (0.4)

Income (loss) from discontinued operations, net of tax

  6.8   (154.0)  (87.8)

Net income attributable to Verisk

 $958.2  $614.6  $953.9 

Denominator:

            

Weighted average number of common shares used in basic EPS

  142,154,655   146,623,989   157,905,718 

Effect of dilutive shares:

            

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

  687,606   712,170   1,023,224 

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

  142,842,261   147,336,159   158,928,942 

 

The potential shares of common stock that were excluded from diluted EPS were 227,384, 540,221, and 1,350,159 at December 31, 2024, 2023, and 2022, 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 income (losses) as of December 31:

 

  

2024

  

2023

 

Foreign currency translation adjustment

 $90.1  $130.7 

Pension and postretirement adjustment, net of tax

  (75.1)  (72.5)

Accumulated other comprehensive income

 $15.0  $58.2 

 

The before tax and after tax amounts of other comprehensive (loss) income for the years ended December 31, 2024, 2023, and 2022 are summarized below:

 

      

Tax Benefit

     
  

Before Tax

  

(Expense)

  

After Tax

 

December 31, 2024

            

Foreign currency translation adjustment attributable to Verisk

 $(40.6) $—  $(40.6)

Foreign currency translation adjustment attributable to noncontrolling interests

  0.9   —   0.9 

Foreign currency translation adjustment

  (39.7)  —   (39.7)

Pension and postretirement adjustment before reclassifications

  0.4   0.1   0.5 

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

  (4.1)  1.0   (3.1)

Pension and postretirement adjustment

  (3.7)  1.1   (2.6)

Total other comprehensive loss

 $(43.4) $1.1  $(42.3)

December 31, 2023

            

Foreign currency translation adjustment attributable to Verisk

 $67.0  $—  $67.0 

Foreign currency translation adjustment attributable to noncontrolling interests

  0.6   —   0.6 

Cumulative translation adjustment recognized upon deconsolidation of the Energy business

  700.6   —   700.6 

Foreign currency translation adjustment

  768.2   —   768.2 

Pension and postretirement adjustment before reclassifications

  35.1   (8.9)  26.2 

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

  (5.8)  1.4   (4.4)

Pension and postretirement adjustment

  29.3   (7.5)  21.8 

Total other comprehensive income

 $797.5  $(7.5) $790.0 

December 31, 2022

            

Foreign currency translation adjustment

 $(298.9) $—  $(298.9)

Foreign currency translation adjustment attributable to noncontrolling interests

  (1.4)  —   (1.4)

Foreign currency translation adjustment

  (300.3)  —   (300.3)

Pension and postretirement adjustment before reclassifications

 

(45.7

)  13.5   (32.2)

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

  (4.4)  (1.1)  (5.5)

Pension and postretirement adjustment

  (50.1)  12.4   (37.7)

Total other comprehensive loss

 $(350.4) $12.4  $(338.0)

_______________

  

(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).

 
v3.25.0.1
Note 17 - Compensation Plans
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

17.    Compensation Plans:

 

401K and Stock Ownership Plan ("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 $23.0 thousand for 2024, $22.5 thousand for 2023 and $20.5 thousand for 2022. Certain eligible participants (age 50 and older) may contribute an additional $7.5 thousand for 2024 and 2023, and $6.5 thousand for 2022.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, 2024, 2023, and 2022, were $33.8 million, $32.4 million, and $40.0 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, 2024, 2023, and 2022, there were no profit sharing contributions.

 

Equity Compensation Plans

 

All of our outstanding stock options, restricted stock awards, deferred stock units, and PSUs are covered under our 2021 Incentive Plan, or our 2013 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, non-employee directors, and consultants are eligible for awards under our 2021 Incentive Plan. We transferred common stock under these plans from our treasury shares. As of December 31, 2024, there were 12,813,327 shares of common stock reserved and available for future issuance under our 2021 Incentive Plan. Cash received from stock option exercises for the years ended  December 31, 2024 and December 31, 2023 was $124.8 million and $141.9 million, respectively. 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. 

 

A summary of the status of the stock options, restricted stock, and PSUs awarded under our 2021 Incentive Plan as of December 31, 2024, 2023, and 2022 and changes during the years are 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, 2022

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

Granted

  653,802  $196.64       201,617  $193.33   111,333   $168.63 

Dividend reinvestment

  —  $—       —  $—   1,371    N/A 

Exercised or lapsed

  (1,435,673) $92.38  $129.1   (205,407) $157.22   (54,927)  $174.42 

Canceled, expired or forfeited

  (261,411) $181.48       (40,139) $182.35   (21,406)  $202.55 

Outstanding at December 31, 2022

  4,023,816  $132.90  $193.3   307,575  $182.07   199,494   $195.34 

Granted

  211,945  $185.29       194,236  $185.22   48,486   $212.86 

Dividend reinvestment

  —  $—       —  $—   1,142    N/A 

Exercised or lapsed

  (1,295,815) $108.85  $118.1   (178,602) $179.39   (45,997)  $192.93 

Canceled, expired or forfeited

  (227,436) $187.56       (32,170) $183.25   (21,889)  $207.27 

Outstanding at December 31, 2023

  2,712,510  $143.91  $257.6   291,039  $186.28   181,236   $199.62 

Granted

  203,884  $237.10       155,304  $237.93   47,838   $265.94 

Dividend reinvestment

  —  $—       —  $—   1,073    N/A 

Exercised or lapsed

  (976,351) $127.80  $124.8   (120,287) $188.06   (47,821)  $210.07 

Canceled, expired or forfeited

  (29,710) $199.81       (18,515) $207.81   (1,870)  $210.07 

Outstanding at December 31, 2024

  1,910,333  $161.16  $218.3   307,541  $210.62   180,456   $205.10 

Exercisable at December 31, 2024

  1,345,181  $142.14  $179.3                  

Exercisable at December 31, 2023

  1,947,253  $127.43  $217.0                  

Nonvested at December 31, 2024

  565,152           307,541       180,456      

Expected to vest at December 31, 2024

  462,867           264,717       246,313 

(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:

 

  

2024

  

2023

  

2022

 

Option pricing model

 

Black-Scholes

  

Black-Scholes

  

Black-Scholes

 

Weighted average grant price

 $237.10  $185.29  $196.64 

Expected volatility

  23.51%  27.28%  25.33%

Risk-free interest rate

  3.89%  3.77%  1.55%

Expected term in years

  3.7   4.0   4.2 

Dividend yield

  0.66%  0.66%  0.60%

Weighted average grant date fair value per stock option

 $53.45  $48.14  $42.25 

 

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, 2022

  1,893,506  $28.49 

Granted

  653,802  $42.25 

Vested

  (964,156) $22.97 

Cancelled or expired

  (261,411) $35.23 

Nonvested balance at December 31, 2022

  1,321,741  $34.65 

Granted

  211,945  $52.69 

Vested

  (540,993) $33.08 

Cancelled or expired

  (227,436) $38.03 

Nonvested balance at December 31, 2023

  765,257  $39.74 

Granted

  203,884  $53.75 

Vested

  (374,279) $36.67 

Cancelled or expired

  (29,710) $44.34 

Nonvested balance at December 31, 2024

  565,152  $46.59 

 

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 $27.3 million, $20.6 million, and $26.5 million from exercised stock options were recorded as income tax benefit in our accompanying consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, respectively. Stock-based compensation expense for the years ended December 31, 2024, 2023, and 2022 was $47.9 million, $54.0 million, and $56.5 million, respectively. As of December 31, 2024, the weighted average remaining contractual terms were 5.5 and 4.5 years for outstanding and exercisable stock options, respectively. As of December 31, 2023, the weighted average remaining contractual terms were 5.6 years and 4.8 years for outstanding and exercisable stock options, respectively.

 

As of December 31, 2024, there was $75.1 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 2.26 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, 2024, 2023, and 2022, we granted 3,268, 5,144, and 9,370 stock options under the U.K. Sharesave Plan at a discounted exercise price of $257.05, $227.65, and $178.26, respectively. As of December 31, 2024, there were 442,363 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, 2024, 2023, and 2022, we issued 16,964, 18,636, and 30,398 shares of common stock at a weighted average discounted price of $247.44, $209.68, and $174.66, respectively. As of December 31, 2024, there were 1,160,295 shares of common stock reserved and available for future issuance under our ESPP.

 
v3.25.0.1
Note 18 - Pension and Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
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 2024 and $1.7 million in 2023, respectively, and expect to contribute $0.8 million in 2025.

 

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 2024 and 2023, 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 2025.

 

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

 
  

2024

  

2023

  

2024

  

2023

 

Change in benefit obligation:

                

Benefit obligation at January 1

 $317.8  $330.9  $4.1  $4.2 

Interest cost

  16.1   17.1   0.1   0.2 

Actuarial (gain) loss

  (7.8)  (0.8)  (0.4)  1.1 

Plan participants’ contributions

  —   —   1.4   1.3 

Benefits paid

  (28.1)  (29.4)  (2.2)  (2.7)

Benefit obligation at December 31

 $298.0  $317.8  $3.0  $4.1 

Accumulated benefit obligation at December 31

 $298.0  $317.8       

Change in plan assets:

                

Fair value of plan assets at January 1

 $425.9  $406.3  $8.1  $7.6 

Actuarial gain

  11.0   47.3   —   0.4 

Employer contributions, net

  0.7   1.7   0.8   1.5 

Plan participants’ contributions

  —   —   1.4   1.3 

Benefits paid

  (28.1)  (29.4)  (2.2)  (2.7)

Fair value of plan assets at December 31

 $409.5  $425.9  $8.1  $8.1 

Funded status at December 31

 $(111.5) $(108.1) $(5.1) $(4.0)

Amounts recognized in the consolidated balance sheets consist of:

                

Pension assets, noncurrent (1)

 $(120.4) $(117.4) $(5.1) $(4.0)

Pension, SERP and postretirement benefits, current (2)

  0.7   1.0   —   — 

Pension, SERP and postretirement benefits, noncurrent (3)

  8.2   8.3   —   — 

Total Pension, SERP and Postretirement benefits

 $(111.5) $(108.1) $(5.1) $(4.0)

_______________

(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

 
  

2024

  

2023

  

2024

  

2023

 

Prior service cost

 $2.3  $2.4  $—  $— 

Actuarial losses

  122.6   118.3   3.1   3.6 

Accumulated other comprehensive losses, pretax

 $124.9  $120.7  $3.1  $3.6 

 

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

 

  

Pension Plan and SERP

  

Postretirement Plan

 
  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Interest cost

 $16.1  $17.1  $14.7  $0.1  $0.2  $0.1 

Expected return on plan assets

  (26.8)  (24.1)  (28.2)  (0.2)  (0.1)  (0.2)

Amortization of prior service cost reclassified from accumulated other comprehensive income

  0.2   0.2   0.2   —   —   — 

Amortization of net actuarial loss reclassified from accumulated other comprehensive income

  3.6   5.2   4.0   0.3   0.4   0.2 

Net periodic (credit) benefit cost

  (6.9)  (1.6)  (9.3)  0.2   0.5   0.1 

Less: Amortization of prior service cost reclassified from accumulated other comprehensive income

  (0.1)  (0.2)  (0.2)  —   —   — 

Less: Amortization of actuarial loss reclassified from accumulated other comprehensive losses

  (0.1)  (0.1)  (0.2)  —   —   — 

Less: Net loss recognized reclassified from accumulated other comprehensive losses

  (3.5)  (5.1)  (3.8)  (0.3)  (0.4)  (0.2)

Actuarial loss (gain)

  7.9   (24.3)  53.5   (0.2)  0.8   1.0 

Total recognized in other comprehensive income

  4.2   (29.7)  49.3   (0.5)  0.4   0.8 

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

 $(2.7) $(31.3) $40.0  $(0.3) $0.9  $0.9 

 

The weighted-average assumptions used to determine benefit obligations as of December 31, 2024 and 2023 and net periodic benefit (credit) cost for the years 2024, 2023 and 2022 are provided below:

 

  

Pension Plan and SERP

  

Postretirement Plan

 

Weighted-average assumptions used to determine benefit obligations:

 

2024

  

2023

      

2024

  

2023

     

Discount rate

 5.64% 5.37%     5.17% 4.75%    

Expected return on plan assets

 6.50% 6.50%     1.75% 1.75%    

Cash balance interest credit rate

 5.42% 4.43%    N/A       
                         

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

 

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Discount rate

 5.37% 5.48% 2.75% 4.75% 5.25% 2.25%

Expected return on plan assets

 6.50% 6.25% 6.25% 1.75% 1.75% 1.75%

Cash balance interest credit rate

 5.42% 4.43% 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

 

2025

 $29.0  $0.6  $—  $0.6 

2026

 $28.6  $0.5  $—  $0.5 

2027

 $28.7  $0.4  $—  $0.4 

2028

 $27.4  $0.4  $—  $0.4 

2029

 $26.1  $0.3  $—  $0.3 

2030 and thereafter

 $118.9  $1.1  $—  $1.1 

 

The healthcare cost trend rate for 2024 was 8.75% gradually decreasing to 4.5% in 2042. 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 $1.0 million as of December 31, 2024 and 2023. The subsidy cost increased the net periodic benefit cost by approximately $132.9 thousand, $118.1 thousand, and $80.7 thousand in fiscal 2024, 2023 and 2022, respectively. 

 

The expected return on our Pension Plan assets as of December 31, 2024 and 2023 was 6.50% and 6.25%, 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 2024 and as of December 31, 2023, the investment guidelines on our Pension Plan assets had targeted an investment allocation of 40% to equity securities and 60% to debt securities. 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, 2024 and 2023, and target allocation by asset category are as follows:

 

  

Target

  

Percentage of Plan Assets

 

Asset Category

 

Allocation

  

2024

  

2023

 

Equity securities

  40.0%  36.5%  40.0%

Debt securities

  60.0   57.5   53.5 

Real Estate

  —   4.9   5.3 

Other

  —   1.1   1.2 

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, 2024 and 2023 was 100% in debt securities.

 

There were no transfers among Levels 1, 2, or 3 for the years ended December 31, 2024 and 2023. 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, 2024

            

Equity

            

Managed equity accounts (1)

 $117.0  $117.0  $— 

Equity — pooled separate account (2)

  32.4   —   32.4 

Debt

            

Fixed income manager — separately managed account (5)

  235.7   —   235.7 

Fixed income manager — government securities (3)

  8.1   8.1   — 

Others

            

Cash — pooled separate account (2)

  4.5   —   4.5 

Global real estate account (4)

  19.9   —   19.9 

Total

 $417.6  $125.1  $292.5 

December 31, 2023

            

Equity

            

Managed equity accounts (1)

 $131.6  $131.6  $— 

Equity — pooled separate account (2)

  38.6   —   38.6 

Debt

            

Fixed income manager — separately managed account (5)

  138.9   —   138.9 

Fixed income manager — pooled separate account (2)

  89.2   —   89.2 

Fixed income manager — government securities (3)

  8.1   8.1   — 

Others

            

Cash — pooled separate account (2)

  5.2   —   5.2 

Global real estate account (4)

  22.4   —   22.4 

Total

 $434.0  $139.7  $294.3 

_______________

  

(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 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.

 
v3.25.0.1
Note 19 - Segment Reporting
 12 Months Ended
Dec. 31, 2024
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, insurance anti-fraud claims, catastrophe modeling, and loss quantification are included in this segment.

 

Energy and Specialized Markets: In the first quarter of 2022, the sale of 3E (which comprised of our Specialized Market) was completed. On February 1, 2023, we completed the sale of our Energy segment. We determined that the transaction met the criteria to be classified as discontinued operations. As a result, the financial operations of Energy are excluded from the segment disclosure. See Note 11. Dispositions and Discontinued Operations for further discussion. Prior to the sale, we were a leading provider of data analytics via hosted platform for the global energy, chemicals, and metals and mining industries. Our research and consulting solutions focused 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 gathered and managed 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 measured and observed environmental properties and translated those measurements into actionable information based on customer needs. In addition, we provided market and cost intelligence to energy companies to optimize financial results. We further offered 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. 

 

Financial Services: On April 8, 2022, the sale of this segment was completed. See Note 11. Dispositions and Discontinued Operations for further discussion. Prior to the sale, we maintained 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 applied 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. 

 

The CODM uses EBITDA and consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits into the business, pursue acquisitions, pay dividends and/or engage in other capital management transactions. Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. For the year ended December 31, 2024 and December 31, 2023 results, please refer to the Consolidated Statements of Income for information regarding revenues, expenses, and the measure of profit and loss, which is net income. The CODM regularly reviews the Consolidated Statement of Operations. As of  February 1, 2023, we have determined that we have one operating segment and one reportable segment, Insurance, on a prospective basis. We have included the results of our disposed of segments below for comparability purposes. See Note 6. Revenues for information on disaggregated revenues by type of service and by country. Segment assets is reported on the balance sheet as total consolidated assets.

    

The following table provides our revenue and EBITDA by reportable segment for the year ended December 31, 2022, as well as a reconciliation of EBITDA to net income:

 

  

2022

 
  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Revenues

 $2,437.0  $22.4  $37.6  $2,497.0 

Expenses:

                

Cost of revenues (exclusive of items shown separately below)

  (781.9)  (19.1)  (23.6)  (824.6)

Selling, general and administrative

  (347.4)  (26.7)  (7.4)  (381.5)

Other operating (loss) gain

  -   450.0   (95.8)  354.2 

Investment income (loss)

  (4.7)  (0.4)  (0.2)  (5.3)

EBITDA from discontinued operations of the Energy business

  -   (117.9)  -   (117.9)

EBITDA

 $1,303.0  $308.3  $(89.4) $1,521.9 

EBITDA from discontinued operations of the Energy business

              117.9 

Depreciation and amortization of fixed assets

              (164.2)

Amortization of intangible assets

              (74.4)

Interest expense

              (138.8)

Provision for income taxes

              (220.3)

Income (loss) from discontinued operations

              (87.8)

Net income

             $954.3 

 

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

 

  

2024

  

2023

 

Long-lived assets:

        

U.S.

 $2,303.1  $2,455.7 

U.K.

  589.4   597.9 

Other countries

  460.6   502.4 

Total long-lived assets

 $3,353.1  $3,556.0 

 
v3.25.0.1
Note 20 - Related Parties
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023. 

 

Therese M. Vaughan, one of our directors, was also a director of American International Group ("AIG") until  January 31, 2024. AIG is a customer of Verisk, and our revenue from AIG is approximately 1% of our consolidated revenue in 2024 and 2023.

 

Greg Hendrick, one of our directors, is the CEO of Vantage Risk. There are no material transactions with Vantage Risk. 

 

Lee M. Shavel, our President and CEO and one of our directors, is a director of FactSet Research Systems, Inc. There are no material transactions with FactSet Research Systems, Inc.

 
v3.25.0.1
Note 21 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

21.    Commitments and Contingencies:

 

We are a party to legal proceedings, investigations, examinations, subpoenas, third party requests, government requests, regulatory proceedings and other claims with respect to a variety of matters in the ordinary course of business, including the matters described below (collectively, “Ongoing Matters”). 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 have appealed 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.

 

Telematics Litigation

 

As of April 19, 2024, various Plaintiffs filed a total of twenty separate putative class action lawsuits, sixteen against General Motors LLC (“GM”), OnStar LLC (“OnStar”), LexisNexis Risk Solutions, Inc. (“LexisNexis”) and Verisk Analytics Inc. in the United States District Courts for the Northern District of Georgia, the Eastern District of Michigan, Central District of California, District of New Jersey, Southern District of New York, Northern District of Alabama, Northern District of Illinois and District of South Carolina, and four against Hyundai Motor America (“Hyundai”) and Verisk in the Central District of California and District of New Jersey, all of which have been dismissed to date. The Complaints generally allege that the auto manufacturer Defendants collected consumers’ driver behavior data through vehicle software, transmitted it to LexisNexis and Verisk, and that LexisNexis and Verisk shared the data with auto insurance companies, without the individuals’ knowledge or consent. Plaintiffs seek certification of both nationwide classes of individuals and subclasses of various state residents who had their vehicle’s driving data collected by Defendants and shared with a third party without their consent. The Plaintiffs also seek actual, statutory and punitive damages, injunctive relief, as well as reasonable attorney’s fees and other costs. On June 7, the Judicial Panel on Multidistrict Litigation transferred all GM-related lawsuits to the U.S. District Court for the Northern District of Georgia (In Re: Consumer Vehicle Driving Data Tracking Litigation, MDL Case No. 1:24-md-03115-TWT). All discovery proceedings have been stayed. The matters pending against Verisk in the MDL were voluntarily dismissed on December 13, 2024, and a new putative class action, Adam Dinitz, et al. v. Verisk Analytics, Inc. (“Dinitz”), was filed in the District of New Jersey federal court, Case No. 24-11157, to include those dismissed matters and additional named Plaintiffs. Dinitz was transferred to the Northern District of Georgia to be part of the consolidated MDL. A related amended Master Consolidated class action Complaint was also filed in the MDL on December 13, 2024. At this time, it is not possible to reasonably estimate the liability related to these and other associated matters, as they are still in their early stages.

 

Indemnification Claim

 

In December 2023, we received a Notice of Indemnification claim from the current owner of our former healthcare data analytics subsidiary, which was divested in 2016, relating to an ongoing tax investigation by the Nepalese tax authorities. Pursuant to the 2016 sale agreement, we are subject to indemnification obligations with respect to certain pre-closing tax liabilities of the divested entity. At this time, it is not possible to reasonably estimate the liability related to this matter, as it is still in its early stages.

 

Commercial Litigation

 

On  February 12, 2024, Plaintiffs filed a lawsuit, DDS Striker Holdings LLC and Data Driven Holdings LLC against Verisk Analytics, Inc. and Insurance Service Office, in the Superior Court of Delaware, Case No. N24C-02-130 VLM CCLD. Plaintiffs allege claims for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, common law fraud, and civil conspiracy in connection with their inability to meet the post-closing earn-out targets negotiated as part of our acquisition of Data Driven Safety, LLC. Plaintiffs seek rescissory, out-of-pocket and punitive damages, as well as attorney’s fees, costs and other expenses. We filed a motion to dismiss Plaintiffs’ claims, which was fully briefed as of June 21, 2024, and was partially denied on August 29, 2024. Discovery is ongoing. 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.

    

Data Privacy Litigation

 

On or about  February 8, 2023, Plaintiffs filed a lawsuit, Atlas Data Privacy Corp., et al. v. Verisk Analytics, Inc., et al., in the Superior Court of New Jersey, Middlesex County, Case No. MID-L-000903-24, alleging violations of Daniel’s Law. Atlas claims to be an “assignee” of claims of approximately 19,640 individuals who are “covered persons” under Daniel’s Law, allegedly enacted to provide judicial and law enforcement officers and their family members with the right to prevent disclosure of their personal information and to enforce those rights against uncooperative data brokers. It is alleged that Defendants have violated Daniel’s Law by failing to respond and comply with their written request to Defendants to cease publicly disclosing or re-disclosing their protected information. Plaintiffs seek actual damages in the amount of $1,000 per violation under the statute, punitive damages, injunctive relief ordering compliance with Daniel’s Law, permanent injunctive relief, including the appointment of a qualified independent expert to ensure compliance with Daniel’s Law, and reasonable attorney’s fees and costs. On June 21, 2024, the court issued a “lack of prosecution” warning to Atlas, advising that the case will be dismissed without prejudice if service is not effectuated by August 20, 2024. The case was dismissed without prejudice on August 26, 2024. On October 11, 2024, Plaintiffs served Verisk with the Summons and Complaint, indicating their intent to revise the lawsuit. 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.

 

On  January 30, 2023, Plaintiffs Justin Ahringer and Michael Donner filed a putative class action lawsuit in the United States District Court, Central District of California, titled Ahringer et al. v. LoanDepot, Inc. and Verisk Analytics, Inc. d/b/a Jornaya, Case No.: 8:23-cv-00186. Plaintiffs assert violations of California’s Invasion of Privacy Act, Unfair Competition Law, and a violation of class members’ privacy rights under the California Constitution. Plaintiffs allege that the Defendants recorded visitors’ electronic communications without their consent. Plaintiffs seek to certify a nationwide class of individuals who visited LoanDepot.com and provided personal information on the website’s forms to receive a quote or apply for a loan. They allege that the aggregate claims of all members of the proposed class exceeds $5.0 million. Plaintiffs seek compensatory, statutory or punitive damages or restitution, as well as reasonable attorney’s fees and other costs. We filed a motion to dismiss Plaintiffs’ claims on  April 13, 2023. The parties engaged in jurisdictional discovery in response to the court’s demand to Plaintiff to demonstrate why this case should not be dismissed for lack of subject matter jurisdiction. The court found jurisdiction is proper and partially denied our motion on  February 7, 2024. We filed our Answer to Plaintiffs' Complaint on  February 22, 2024. The parties agreed to a settlement. The court granted the Parties' joint stipulation of dismissal, thereby dismissing all claims in the case. The case has been marked closed.

 

On  June 27, 2022, Plaintiff Loretta Williams brought a putative class action against Lead Intelligence, Inc. d/b/a Jornaya (“we,” “our,” or “us”) in the United States District Court for the Northern District of California, titled Williams v. DDR Media, LLC and Lead Intelligence, Inc. d/b/a Jornaya, Civil Action No. 3:22-cv-03789. The Complaint alleges that the Defendants violated the California Invasion of Privacy Act, Cal. Penal Code 631 (“CIPA”) and invaded Plaintiff’s and class members’ privacy rights when Defendants purportedly recorded visitors’ visits to the scrappyrent2own.com website without prior express consent. It is further alleged that this conduct constitutes a violation of the California Unfair Competition Law, Cal. Bus. Prof. Code Section 17200 et seq. and the California Constitution. The Complaint seeks class certification, injunctive relief, statutory damages in the amount of $5,000 for each violation, attorneys fees and other litigation costs. Our motion to compel arbitration was fully briefed as of  January 27, 2023. It was denied on  February 28, 2023. We filed a motion to dismiss Plaintiff’s claims on  April 13, 2023. On  August 18, 2023 the court granted our motion, dismissing Plaintiff’s claims without prejudice, but giving Plaintiff an opportunity to amend her claims by  September 20, 2023. Plaintiff filed a Second Amended Complaint (“SAC”) on  September 20, 2023. Our motion to dismiss the SAC was fully briefed on  December 18, 2023. It was denied on  January 30, 2024. The court held an initial case management conference for  February 9, 2024 and allowed the parties to engage in limited discovery. Our motion for summary judgment was filed on July 19, 2024 and oral argument was held on September 20, 2024. On November 20, 2024, the Court granted our motion for summary judgment. The case has been marked closed.

 

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,” or “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 motion to dismiss Plaintiff’s claims on  April 22, 2022. On March 30, 2023, the court denied our motion to dismiss without prejudice, allowing us an opportunity to re-file the motion once limited jurisdictional discovery has been completed. Our renewed motion to dismiss was fully briefed on  February 16, 2024. On December 23, 2024, the Court granted our motion to dismiss. The case has been marked closed.

 
v3.25.0.1
Note 22 - Subsequent Events
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

22.   Subsequent Events:

 

In  January 2025, we granted 212,590 nonqualified stock options, 125,835 shares of restricted stock, and 46,225 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 28,822 TSR-based PSUs and 17,403 ROIC-based PSUs.

 

On  February 19, 2025, our Board of Directors approved a cash dividend of $0.45 per share of common stock issued and outstanding, payable on  March 31, 2025, to holders of record as of  March 14, 2025. Our Board of Directors also approved an additional share repurchase authorization of up to $1.0 billion.

 

**************

 

 

  
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts and Reserves
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

Supplementary Financial Information (Unaudited)

 

Schedule II

Valuation and Qualifying Accounts and Reserves

For the Years Ended December 31, 2024, 2023, and 2022

(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, 2024

                

Allowance for doubtful accounts

 $15.1  $13.3  $(5.9) $22.5 

Valuation allowance for income taxes

 $5.6  $1.1  $(2.5) $4.2 

Year ended December 31, 2023

                

Allowance for doubtful accounts

 $14.3  $8.7  $(7.9) $15.1 

Valuation allowance for income taxes

 $45.3  $1.2  $(40.9) $5.6 

Year ended December 31, 2022

                

Allowance for doubtful accounts

 $15.4  $6.4  $(7.5) $14.3 

Valuation allowance for income taxes

 $38.3  $41.2  $(34.2) $45.3 

 

 

(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

 
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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 U.S. GAAP 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.

 

On February 1, 2023, we completed the sale of our Energy business. We determined that the sale of our Energy business met the “discontinued operations” criteria in accordance with Financial Accounting Standard Boards (“FASB”) Accounting Standards Codification (“ASC”) 205-20, Discontinued Operations (“ASC 205-20”) due to its relative size and strategic rationale. The consolidated balance sheets and consolidated statements of operations, and the notes to the consolidated financial statements were recasted for all periods presented to reflect the discontinuation of the Energy business, in accordance with ASC 205-20. The discussion in the notes to these consolidated financial statements, unless otherwise noted, relate solely to our continuing operations.
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. Our revenues are primarily derived from the sale of services where revenue is recognized when or as 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 hosted subscriptions, 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 ASC 606, Revenue from Contracts with Customers ("ASC 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. Subscriptions are generally paid in advance of rendering services either quarterly or annually upon commencement of the subscription period.

 

 

               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, 2024. 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 is 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 account for the cost of software developed for internal use by capitalizing qualifying costs, which are substantially incurred during the application development stage. The amounts capitalized primarily relate to internally developed software used to provide services to customers and are included in fixed assets on the Consolidated Balance Sheet. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of our products are expensed as incurred.

 

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. 

 
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, Leases. 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.

 

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 right-of-use ("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 the 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 is 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.

  
Share-Based Payment Arrangement [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. Some of our 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"). Our other PSUs are tied to the achievement of certain financial performance conditions, namely incremental return on invested capital ("ROIC-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 and Development Expense, 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 $35.3 million, $36.8 million, and $43.1 million for the years ended December 31, 2024, 2023, and 2022, 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 $9.1 million, $11.9 million, and $14.7 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024 and 2023, product warranty obligations were not material.

 
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.

 

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.

 
Goodwill and Intangible Assets, Policy [Policy Text Block]

(r)    Goodwill and Indefinite-Lived Intangible Assets

 

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. When evaluating goodwill for impairment, we  may decide to first perform a qualitative assessment, or “Step Zero” impairment test, to determine whether it is more likely than not that impairment has occurred. The qualitative assessment includes a review of macroeconomic conditions, industry and market considerations, internal cost factors, and our own overall financial and share price performance, among other factors. If we do not perform a qualitative assessment, or if we determine that it is more likely than not that the carrying amount of our reporting units exceeds their fair value, we perform a quantitative assessment and calculate the estimated fair value of the respective reporting unit. If the carrying amount of a reporting unit’s goodwill exceeds the fair value of that goodwill, an impairment loss is recognized.

 
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

Segment Reporting (Topic 280) In November 2023, the FASB issued Accounting Standards Update "ASU" No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU No. 2023-07")This update changes the reportable segment disclosure requirements requiring enhanced disclosures about significant segment expenses. Public entities are required to disclose significant segment expenses that are regularly provided to the chief operating decision maker and to disclose how reported measures of segment profit or loss are used in assessing segment performance and allocating resources.ASU No. 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.We adopted this standard within our December 31, 2024 Form 10-K.
ASU 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Topic 220)Disaggregation of Income Statement Expenses requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well disclosures about selling expenses.This standard is effective for our annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. Prospective application is required and retrospective application is permitted.We are currently evaluating the impact of adopting this ASU on our income statement disaggregation disclosures.
Income Taxes (Topic 740) In December 2023, the FASB issued Accounting Standards Update "ASU" No. 2023-09, Improvements to Income Tax Disclosures (ASU No. 2023-09)The amendments within ASU No. 2023-09 address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This Update also includes certain other amendments to improve the effectiveness of income tax disclosures.The ASU’s amendments are effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted.The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

 
v3.25.0.1
Note 4 - Accounts Receivable (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
  

2024

  

2023

 

Billed receivables

 $421.4  $317.1 

Unbilled receivables

  35.5   32.2 

Total receivables

  456.9   349.3 

Less allowance for doubtful accounts

  (22.5)  (15.1)

Accounts receivable, net

 $434.4  $334.2 
v3.25.0.1
Note 6 - Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Disaggregation of Revenue [Table Text Block]
  

2024

  

2023

  

2022

 

Insurance:

            

Underwriting

 $2,024.3  $1,892.7  $1,734.5 

Claims

  857.4   788.7   702.5 

Total Insurance

  2,881.7   2,681.4   2,437.0 

Specialized Markets

  —   —   22.4 

Financial Services

  —   —   37.6 

Total revenues

 $2,881.7  $2,681.4  $2,497.0 
  

2024

  

2023

  

2022

 

Revenues:

            

United States

 $2,386.1  $2,238.3  $2,120.1 

United Kingdom

  214.4   190.1   169.5 

Other countries

  281.2   253.0   207.4 

Total revenues

 $2,881.7  $2,681.4  $2,497.0 
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

Contract Liabilities at December 31, 2022

 $321.7 

Revenue

  (2,681.4)

Additions to contract liabilities

  2,737.8 

Foreign currency translation adjustment

  (3.0)

Contract Liabilities at December 31, 2023

  375.1 

Revenue

  (2,881.7)

Additions to contract liabilities

  2,956.9 

Foreign currency translation adjustment

  0.8 

Contract Liabilities at December 31, 2024

 $451.1 
v3.25.0.1
Note 7 - Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
   

2024

  

2023

 
 

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

 $3,021.0  $2,866.5  $2,833.7  $2,735.3 
v3.25.0.1
Note 8 - Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Lease, Cost [Table Text Block]
  

2024

  

2023

 

Lease cost:

        

Operating lease cost (1)

 $32.7  $33.9 

Sublease income

  (4.0)  (1.7)

Finance lease cost

        

Depreciation of finance lease assets (2)

  19.4   14.4 

Interest on finance lease liabilities (3)

  2.3   1.0 

Total lease cost

 $50.4  $47.6 
         

Other information:

        

Cash paid for amounts included in the measurement of lease liabilities

        

Operating cash outflows from operating leases

 $(34.5) $(34.9)

Operating cash outflows from finance leases

 $(2.3) $(1.0)

Financing cash outflows from finance leases

 $(21.9) $(15.7)
Schedule of Weighted Average Number of Shares [Table Text Block]
  

2024

  

2023

 

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

  7.0   8.2 

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

  3.0   3.1 

Weighted-average discount rate - operating leases

  4.2%  4.0%

Weighted-average discount rate - finance leases

  4.2%  4.2%
Lessee, Lease Liability Maturity [Table Text Block]

Years Ending

 

Operating Leases

  

Finance Leases

 

2025

 $32.8  $22.1 

2026

  31.1   10.7 

2027

  30.5   9.0 

2028

  29.3   4.8 

2029

  28.0   - 

2030 and thereafter

  61.5   - 

Total lease payments

  213.2   46.6 

Less: Amount representing interest

  (28.5)  (5.2)

Present value of total lease payments

 $184.7  $41.4 
v3.25.0.1
Note 9 - Fixed Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Property, Plant and Equipment [Table Text Block]
  

Useful Life (in years)

 

Cost

  

Accumulated Depreciation and Amortization

  

Net

 

December 31, 2024

              

Furniture and office equipment

 3 - 10 $164.2  $(144.8) $19.4 

Leasehold improvements

 Lease term  101.4   (62.3)  39.1 

Purchased software

 3  58.2   (55.6)  2.6 

Software development costs

 3  1,334.8   (837.4)  497.4 

Leased equipment

 3 - 4  125.0   (77.6)  47.4 

Total fixed assets

   $1,783.6  $(1,177.7) $605.9 

December 31, 2023

              

Furniture and office equipment

 3 - 10 $178.5  $(156.7) $21.8 

Leasehold improvements

 

Lease term

  116.5   (63.0)  53.5 

Purchased software

 3  59.9   (55.2)  4.7 

Software development costs

 3  1,136.6   (653.0)  483.6 

Leased equipment

 3 - 4  105.1   (63.8)  41.3 

Total fixed assets

   $1,596.6  $(991.7) $604.9 
v3.25.0.1
Note 10 - Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
  

Krug

  

Other

  

Total

 

Cash and cash equivalents

 $7.0  $1.0  $8.0 

Accounts receivable

  1.8   0.8   2.6 

Other current assets

  3.8   0.1   3.9 

Fixed assets

  0.2   0.1   0.3 

Operating lease right-of-use assets, net

  —   0.2   0.2 

Intangible assets

  15.1   18.4   33.5 

Goodwill

  33.1   22.8   55.9 

Total assets acquired

  61.0   43.4   104.4 

Accounts payable and accrued liabilities

  5.8   2.1   7.9 

Operating lease liabilities

  —   0.1   0.1 

Deferred income tax, net

  4.8   3.9   8.7 

Other noncurrent liabilities

  0.1   1.4   1.5 

Total liabilities assumed

  10.7   7.5   18.2 

Net assets acquired

  50.3   35.9   86.2 

Less: cash acquired

  7.0   1.0   8.0 

Net cash purchase price

 $43.3  $34.9  $78.2 
  

Opta

  

Infutor

  

Others

  

Total

 

Cash and cash equivalents

 $0.4  $17.0  $-  $17.4 

Accounts receivable

  5.2   10.7   -   15.9 

Other current assets

  1.3   3.8   0.1   5.2 

Fixed assets

  1.5   0.9   0.3   2.7 

Operating lease right-of-use assets, net

  1.1   2.3   -   3.4 

Intangible assets

  87.0   83.4   2.3   172.7 

Goodwill

  141.1   140.3   3.0   284.4 

Other assets

  -   0.1   -   0.1 

Total assets acquired

  237.6   258.5   5.7   501.8 

Current liabilities

  4.9   14.4   0.1   19.4 

Deferred revenues

  0.2   3.1   0.1   3.4 

Operating lease liabilities

  1.1   3.3   -   4.4 

Deferred income tax, net

  13.5   -   0.5   14.0 

Other liabilities

  -   -   0.2   0.2 

Total liabilities assumed

  19.7   20.8   0.9   41.4 

Net assets acquired

  217.9   237.7   4.8   460.4 

Cash acquired

  0.4   17.0   —   17.4 

Net cash purchase price

 $217.5  $220.7  $4.8  $443.0 
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 $9.9 

Marketing-related

 2  0.5 

Customer-related

 13  23.1 

Total intangible assets

   $33.5 
  Weighted Average Useful Life (in years) 

Total

 

Technology-based

 6 $48.5 

Marketing-related

 4  2.0 

Customer-related

 13  122.2 

Total intangible assets

   $172.7 
v3.25.0.1
Note 11 - Dispositions and Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Disposal Groups, Including Discontinued Operations [Table Text Block]
  

For the Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Revenues

 $-  $46.8  $537.3 

Operating expenses:

            

Cost of revenues (exclusive of items shown separately below)

  -   18.2   207.4 

Selling, general and administrative

  -   33.2   117.2 

Depreciation and amortization of fixed assets

  -   -   32.9 

Amortization of intangible assets

  -   -   68.5 

Impairment loss

  -   -   303.7 

Other operating loss

  -   131.1   33.9 

Total operating expenses

  -   182.5   763.6 

Operating (loss) income

  -   (135.7)  (226.3)

Other (expense) income:

            

Investment (loss) income and others, net

  -   (5.7)  7.0 

Total other (expense) income, net

  -   (5.7)  7.0 

Loss from discontinued operations before income taxes

  -   (141.4)  (219.3)

Income tax benefit (expense)

  6.8   (12.6)  131.5 

Income (loss) from discontinued operations, net of income taxes

 $6.8  $(154.0) $(87.8)
  

For the Year Ended December 31,

 
  

2024

  

2023

  

2022

 

Significant non-cash operating activities:

            

Depreciation and amortization of fixed assets

 $-  $-  $32.9 

Amortization of intangible assets

  -   -   68.5 

Impairment loss

  -   -   303.7 

Operating lease right-of-use assets, net

  -   0.1   7.6 

Investing activities:

            

Capital expenditures

  -   (6.5)  (72.6)

Supplemental disclosures:

            

Fixed assets included in accounts payable and accrued liabilities

  -   -   3.0 
v3.25.0.1
Note 12 - Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Goodwill [Table Text Block]
  

Insurance

 

Goodwill at January 1, 2023

 $1,676.0 

Acquisitions

  55.9 

Purchase accounting reclassifications

  (0.1)

Foreign currency translation adjustment

  29.0 

Goodwill at December 31, 2023

  1,760.8 

Acquisitions

  10.6 

Dispositions

  (15.8)

Purchase accounting reclassifications

  0.3 

Foreign currency translation adjustment

  (29.3)

Goodwill at December 31, 2024

 $1,726.6 
Schedule of Finite-Lived Intangible Assets [Table Text Block]
  

Weighted

            
  

Average

            
  

Useful Life

     

Accumulated

     
  

(in years)

 

Cost

  

Amortization

  

Net

 

December 31, 2024

              

Technology-based

 8 $364.9  $(285.3) $79.6 

Marketing-related

 6  37.8   (35.5)  2.3 

Contract-based

 6  5.0   (5.0)  - 

Customer-related

 13  529.1   (224.0)  305.1 

Database-based

 8  15.1   (9.7)  5.4 

Total intangible assets

   $951.9  $(559.5) $392.4 

December 31, 2023

              

Technology-based

 8 $370.2  $(261.2) $109.0 

Marketing-related

 6  42.7   (38.7)  4.0 

Contract-based

 6  5.0   (5.0)  — 

Customer-related

 13  542.1   (190.7)  351.4 

Database-based

 8  15.2   (7.9)  7.3 

Total intangible assets

   $975.2  $(503.5) $471.7 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Years Ending

 

Amount

 

2025

 $62.0 

2026

  60.1 

2027

  52.1 

2028

  45.1 

2029

  40.3 

2030 and thereafter

  132.8 

Total

 $392.4 
v3.25.0.1
Note 13 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
  

2024

  

2023

  

2022

 

U.S.

 $1,201.6  $1,021.9  $1,277.1 

Foreign

  27.0   5.3   (14.7)

Total income before income taxes

 $1,228.6  $1,027.2  $1,262.4 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

2024

  

2023

  

2022

 

Current:

            

Federal

 $223.0  $226.8  $247.8 

State and local

  67.5   52.0   64.7 

Foreign

  7.9   9.0   1.1 

Total current provision for income taxes

  298.4   287.8   313.6 

Deferred:

            

Federal

  (17.2)  (23.4)  (43.3)

State and local

  (1.4)  (3.4)  (11.2)

Foreign

  (1.9)  (2.2)  (38.8)

Total deferred provision for income taxes

  (20.5)  (29.0)  (93.3)

Provision for income taxes

 $277.9  $258.8  $220.3 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

2024

  

2023

  

2022

 

Federal statutory rate

  21.0%  21.0%  21.0%

State and local taxes, net of federal tax benefit

  4.3   3.7   3.4 

Impact of dispositions

  (0.2)  -   (3.0)

UK valuation allowance release

  -   -   (2.4)

Global Intangible Low-taxed Income

  0.2   1.3   0.4 

Stock-based compensation

  (1.9)  (1.8)  (1.7)

Other

  (0.8)  1.0   (0.2)

Effective tax rate

  22.6%  25.2%  17.5%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

2024

  

2023

 

Deferred tax assets:

        

Employee wages and other benefits

 $47.2  $49.9 

Lease liabilities

  46.3   55.4 

Net operating loss carryover

  7.6   9.4 

Interest expense

  30.8   31.0 

Other

  16.1   17.1 

Total

  148.0   162.8 

Less valuation allowance

  (4.2)  (5.6)

Deferred tax assets

  143.8   157.2 

Deferred tax liabilities:

        

Right of use assets

  (40.9)  (48.3)

Fixed assets and intangible assets

  (168.6)  (194.1)

Commissions

  (19.3)  (18.2)

Pensions

  (59.2)  (57.0)

Other

  (13.1)  (18.9)

Deferred tax liabilities

  (301.1)  (336.5)

Deferred tax liabilities, net

 $(157.3) $(179.3)
Summary of Operating Loss Carryforwards [Table Text Block]

Years Ending

 

Amount

 
2025 - 2032 $16.1 
2033 - 2037  4.6 
2038 - 2044  32.3 

Total

 $53.0 
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
  

2024

  

2023

  

2022

 

Unrecognized tax benefit as of January 1

 $2.0  $3.2  $3.4 

Gross increase in tax positions in prior period

  2.3   0.8   1.0 

Gross decrease in tax positions in prior period

  -   -   - 

Settlements

  -   -   (0.6)

Lapse of statute of limitations

  (0.2)  (2.0)  (0.6)

Unrecognized tax benefit as of December 31

 $4.1  $2.0  $3.2 
v3.25.0.1
Note 14 - Composition of Certain Financial Statement Caption (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
  

2024

  

2023

 

Accounts payable and accrued liabilities:

        

Accrued salaries, benefits and other related costs

 $143.6  $149.4 

Escrow liabilities

  -   3.9 

Accrued interest

  20.7   19.1 

Trade accounts payable and other accrued expenses

  85.5   158.4 

Acquisition-related liabilities

  -   10.0 

Total accounts payable and accrued liabilities

 $249.8  $340.8 
Schedule of Other Assets, Noncurrent [Table Text Block]
  

2024

  

2023

 

Other noncurrent assets:

        

Pension benefits

 $125.3  $121.4 

Other assets - prepaid expenses

  87.6   73.2 

Investments in nonpublic companies

  222.2   231.4 

State income tax receivable

  -   67.7 

Deposits and other

  2.8   2.4 

Total other noncurrent assets

 $437.9  $496.1 
v3.25.0.1
Note 15 - Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Debt [Table Text Block]
 

Issuance

 

Maturity

        
 

Date

 

Date

 

2024

  

2023

 

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

           

Credit Facilities:

           

Syndicated revolving credit facility

Various

 

Various

 $-  $- 

Senior Notes:

           

4.000% senior notes, less unamortized discount and debt issuance costs of $(0.3)

5/15/2015

 

6/15/2025

 $499.7  $- 

Finance lease liabilities (1)

Various

 

Various

  14.5   14.5 

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

  514.2   14.5 

Long-term debt:

           

Senior notes:

           

4.000% senior notes, less unamortized discount and debt issuance costs of $(1.8)

5/15/2015

 

6/15/2025

  -   898.2 

4.125% senior notes, inclusive of unamortized premium, and net of unamortized discount and debt issuance costs of $6.3 and $7.8, respectively

3/6/2019

 

3/15/2029

  606.3   607.8 

5.500% senior notes, less unamortized discount and debt issuance costs of $(3.7) and $(3.8), respectively

5/15/2015

 

6/15/2045

  346.3   346.2 

3.625% senior notes, less unamortized discount and debt issuance costs of $(9.2) and $(9.6), respectively

5/13/2020

 

5/15/2050

  490.8   490.4 

5.750% senior notes, less unamortized discount and debt issuance costs of $(7.9) and $(8.9), respectively

3/3/2023

 

4/1/2033

  492.1   491.1 

5.250% senior notes, less unamortized discount and debt issuance costs of $(14.2)

6/5/2024

 

6/5/2034

  585.8   - 

Finance lease liabilities (1)

Various

 

Various

  26.9   20.0 

Syndicated revolving credit facility debt issuance costs

Various

 

Various

  (1.3)  (1.5)

Long-term debt

  2,546.9   2,852.2 

Total debt

 $3,061.1  $2,866.7 
Schedule of Maturities of Long-Term Debt [Table Text Block]

Years Ending

 

Amount

 

2025

 $520.4 

2026

  9.3 

2027

  7.6 

2028

  4.0 

2029

  600.0 

2030 and thereafter

  1,950.0 

Total

 $3,091.3 
v3.25.0.1
Note 16 - Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

2024

  

2023

  

2022

 
  

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

 

Numerator used in basic and diluted EPS:

            

Income from continuing operations

 $950.7  $768.4  $1,042.1 

Less: Net loss (income) attributable to noncontrolling interests

  0.7   0.2   (0.4)

Income (loss) from discontinued operations, net of tax

  6.8   (154.0)  (87.8)

Net income attributable to Verisk

 $958.2  $614.6  $953.9 

Denominator:

            

Weighted average number of common shares used in basic EPS

  142,154,655   146,623,989   157,905,718 

Effect of dilutive shares:

            

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

  687,606   712,170   1,023,224 

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

  142,842,261   147,336,159   158,928,942 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
  

2024

  

2023

 

Foreign currency translation adjustment

 $90.1  $130.7 

Pension and postretirement adjustment, net of tax

  (75.1)  (72.5)

Accumulated other comprehensive income

 $15.0  $58.2 
Comprehensive Income (Loss) [Table Text Block]
      

Tax Benefit

     
  

Before Tax

  

(Expense)

  

After Tax

 

December 31, 2024

            

Foreign currency translation adjustment attributable to Verisk

 $(40.6) $—  $(40.6)

Foreign currency translation adjustment attributable to noncontrolling interests

  0.9   —   0.9 

Foreign currency translation adjustment

  (39.7)  —   (39.7)

Pension and postretirement adjustment before reclassifications

  0.4   0.1   0.5 

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

  (4.1)  1.0   (3.1)

Pension and postretirement adjustment

  (3.7)  1.1   (2.6)

Total other comprehensive loss

 $(43.4) $1.1  $(42.3)

December 31, 2023

            

Foreign currency translation adjustment attributable to Verisk

 $67.0  $—  $67.0 

Foreign currency translation adjustment attributable to noncontrolling interests

  0.6   —   0.6 

Cumulative translation adjustment recognized upon deconsolidation of the Energy business

  700.6   —   700.6 

Foreign currency translation adjustment

  768.2   —   768.2 

Pension and postretirement adjustment before reclassifications

  35.1   (8.9)  26.2 

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

  (5.8)  1.4   (4.4)

Pension and postretirement adjustment

  29.3   (7.5)  21.8 

Total other comprehensive income

 $797.5  $(7.5) $790.0 

December 31, 2022

            

Foreign currency translation adjustment

 $(298.9) $—  $(298.9)

Foreign currency translation adjustment attributable to noncontrolling interests

  (1.4)  —   (1.4)

Foreign currency translation adjustment

  (300.3)  —   (300.3)

Pension and postretirement adjustment before reclassifications

 

(45.7

)  13.5   (32.2)

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

  (4.4)  (1.1)  (5.5)

Pension and postretirement adjustment

  (50.1)  12.4   (37.7)

Total other comprehensive loss

 $(350.4) $12.4  $(338.0)
v3.25.0.1
Note 17 - Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2022

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

Granted

  653,802  $196.64       201,617  $193.33   111,333   $168.63 

Dividend reinvestment

  —  $—       —  $—   1,371    N/A 

Exercised or lapsed

  (1,435,673) $92.38  $129.1   (205,407) $157.22   (54,927)  $174.42 

Canceled, expired or forfeited

  (261,411) $181.48       (40,139) $182.35   (21,406)  $202.55 

Outstanding at December 31, 2022

  4,023,816  $132.90  $193.3   307,575  $182.07   199,494   $195.34 

Granted

  211,945  $185.29       194,236  $185.22   48,486   $212.86 

Dividend reinvestment

  —  $—       —  $—   1,142    N/A 

Exercised or lapsed

  (1,295,815) $108.85  $118.1   (178,602) $179.39   (45,997)  $192.93 

Canceled, expired or forfeited

  (227,436) $187.56       (32,170) $183.25   (21,889)  $207.27 

Outstanding at December 31, 2023

  2,712,510  $143.91  $257.6   291,039  $186.28   181,236   $199.62 

Granted

  203,884  $237.10       155,304  $237.93   47,838   $265.94 

Dividend reinvestment

  —  $—       —  $—   1,073    N/A 

Exercised or lapsed

  (976,351) $127.80  $124.8   (120,287) $188.06   (47,821)  $210.07 

Canceled, expired or forfeited

  (29,710) $199.81       (18,515) $207.81   (1,870)  $210.07 

Outstanding at December 31, 2024

  1,910,333  $161.16  $218.3   307,541  $210.62   180,456   $205.10 

Exercisable at December 31, 2024

  1,345,181  $142.14  $179.3                  

Exercisable at December 31, 2023

  1,947,253  $127.43  $217.0                  

Nonvested at December 31, 2024

  565,152           307,541       180,456      

Expected to vest at December 31, 2024

  462,867           264,717       246,313 

(1)

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

2024

  

2023

  

2022

 

Option pricing model

 

Black-Scholes

  

Black-Scholes

  

Black-Scholes

 

Weighted average grant price

 $237.10  $185.29  $196.64 

Expected volatility

  23.51%  27.28%  25.33%

Risk-free interest rate

  3.89%  3.77%  1.55%

Expected term in years

  3.7   4.0   4.2 

Dividend yield

  0.66%  0.66%  0.60%

Weighted average grant date fair value per stock option

 $53.45  $48.14  $42.25 
Schedule of Nonvested Share Activity [Table Text Block]
  

Number of Options

  

Weighted Average Grant-Date Fair Value Per Share

 

Nonvested balance at January 1, 2022

  1,893,506  $28.49 

Granted

  653,802  $42.25 

Vested

  (964,156) $22.97 

Cancelled or expired

  (261,411) $35.23 

Nonvested balance at December 31, 2022

  1,321,741  $34.65 

Granted

  211,945  $52.69 

Vested

  (540,993) $33.08 

Cancelled or expired

  (227,436) $38.03 

Nonvested balance at December 31, 2023

  765,257  $39.74 

Granted

  203,884  $53.75 

Vested

  (374,279) $36.67 

Cancelled or expired

  (29,710) $44.34 

Nonvested balance at December 31, 2024

  565,152  $46.59 
v3.25.0.1
Note 18 - Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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

 
  

2024

  

2023

  

2024

  

2023

 

Change in benefit obligation:

                

Benefit obligation at January 1

 $317.8  $330.9  $4.1  $4.2 

Interest cost

  16.1   17.1   0.1   0.2 

Actuarial (gain) loss

  (7.8)  (0.8)  (0.4)  1.1 

Plan participants’ contributions

  —   —   1.4   1.3 

Benefits paid

  (28.1)  (29.4)  (2.2)  (2.7)

Benefit obligation at December 31

 $298.0  $317.8  $3.0  $4.1 

Accumulated benefit obligation at December 31

 $298.0  $317.8       

Change in plan assets:

                

Fair value of plan assets at January 1

 $425.9  $406.3  $8.1  $7.6 

Actuarial gain

  11.0   47.3   —   0.4 

Employer contributions, net

  0.7   1.7   0.8   1.5 

Plan participants’ contributions

  —   —   1.4   1.3 

Benefits paid

  (28.1)  (29.4)  (2.2)  (2.7)

Fair value of plan assets at December 31

 $409.5  $425.9  $8.1  $8.1 

Funded status at December 31

 $(111.5) $(108.1) $(5.1) $(4.0)

Amounts recognized in the consolidated balance sheets consist of:

                

Pension assets, noncurrent (1)

 $(120.4) $(117.4) $(5.1) $(4.0)

Pension, SERP and postretirement benefits, current (2)

  0.7   1.0   —   — 

Pension, SERP and postretirement benefits, noncurrent (3)

  8.2   8.3   —   — 

Total Pension, SERP and Postretirement benefits

 $(111.5) $(108.1) $(5.1) $(4.0)
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 
  

2024

  

2023

  

2024

  

2023

 

Prior service cost

 $2.3  $2.4  $—  $— 

Actuarial losses

  122.6   118.3   3.1   3.6 

Accumulated other comprehensive losses, pretax

 $124.9  $120.7  $3.1  $3.6 
      

Quoted Prices

  

Significant

 
      

in Active

  

Other

 
      

Markets for

  

Observable

 
      

Identical Assets

  

Inputs

 
  

Total

  

(Level 1)

  

(Level 2)

 

December 31, 2024

            

Equity

            

Managed equity accounts (1)

 $117.0  $117.0  $— 

Equity — pooled separate account (2)

  32.4   —   32.4 

Debt

            

Fixed income manager — separately managed account (5)

  235.7   —   235.7 

Fixed income manager — government securities (3)

  8.1   8.1   — 

Others

            

Cash — pooled separate account (2)

  4.5   —   4.5 

Global real estate account (4)

  19.9   —   19.9 

Total

 $417.6  $125.1  $292.5 

December 31, 2023

            

Equity

            

Managed equity accounts (1)

 $131.6  $131.6  $— 

Equity — pooled separate account (2)

  38.6   —   38.6 

Debt

            

Fixed income manager — separately managed account (5)

  138.9   —   138.9 

Fixed income manager — pooled separate account (2)

  89.2   —   89.2 

Fixed income manager — government securities (3)

  8.1   8.1   — 

Others

            

Cash — pooled separate account (2)

  5.2   —   5.2 

Global real estate account (4)

  22.4   —   22.4 

Total

 $434.0  $139.7  $294.3 
Schedule of Net Benefit Costs [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 
  

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Interest cost

 $16.1  $17.1  $14.7  $0.1  $0.2  $0.1 

Expected return on plan assets

  (26.8)  (24.1)  (28.2)  (0.2)  (0.1)  (0.2)

Amortization of prior service cost reclassified from accumulated other comprehensive income

  0.2   0.2   0.2   —   —   — 

Amortization of net actuarial loss reclassified from accumulated other comprehensive income

  3.6   5.2   4.0   0.3   0.4   0.2 

Net periodic (credit) benefit cost

  (6.9)  (1.6)  (9.3)  0.2   0.5   0.1 

Less: Amortization of prior service cost reclassified from accumulated other comprehensive income

  (0.1)  (0.2)  (0.2)  —   —   — 

Less: Amortization of actuarial loss reclassified from accumulated other comprehensive losses

  (0.1)  (0.1)  (0.2)  —   —   — 

Less: Net loss recognized reclassified from accumulated other comprehensive losses

  (3.5)  (5.1)  (3.8)  (0.3)  (0.4)  (0.2)

Actuarial loss (gain)

  7.9   (24.3)  53.5   (0.2)  0.8   1.0 

Total recognized in other comprehensive income

  4.2   (29.7)  49.3   (0.5)  0.4   0.8 

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

 $(2.7) $(31.3) $40.0  $(0.3) $0.9  $0.9 
Defined Benefit Plan, Assumptions [Table Text Block]
  

Pension Plan and SERP

  

Postretirement Plan

 

Weighted-average assumptions used to determine benefit obligations:

 

2024

  

2023

      

2024

  

2023

     

Discount rate

 5.64% 5.37%     5.17% 4.75%    

Expected return on plan assets

 6.50% 6.50%     1.75% 1.75%    

Cash balance interest credit rate

 5.42% 4.43%    N/A       
                         

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

 

2024

  

2023

  

2022

  

2024

  

2023

  

2022

 

Discount rate

 5.37% 5.48% 2.75% 4.75% 5.25% 2.25%

Expected return on plan assets

 6.50% 6.25% 6.25% 1.75% 1.75% 1.75%

Cash balance interest credit rate

 5.42% 4.43% 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

 

2025

 $29.0  $0.6  $—  $0.6 

2026

 $28.6  $0.5  $—  $0.5 

2027

 $28.7  $0.4  $—  $0.4 

2028

 $27.4  $0.4  $—  $0.4 

2029

 $26.1  $0.3  $—  $0.3 

2030 and thereafter

 $118.9  $1.1  $—  $1.1 
Schedule of Allocation of Plan Assets [Table Text Block]
  

Target

  

Percentage of Plan Assets

 

Asset Category

 

Allocation

  

2024

  

2023

 

Equity securities

  40.0%  36.5%  40.0%

Debt securities

  60.0   57.5   53.5 

Real Estate

  —   4.9   5.3 

Other

  —   1.1   1.2 

Total

  100.0%  100.0%  100.0%
v3.25.0.1
Note 19 - Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
  

2022

 
  

Insurance

  

Energy and Specialized Markets

  

Financial Services

  

Total

 

Revenues

 $2,437.0  $22.4  $37.6  $2,497.0 

Expenses:

                

Cost of revenues (exclusive of items shown separately below)

  (781.9)  (19.1)  (23.6)  (824.6)

Selling, general and administrative

  (347.4)  (26.7)  (7.4)  (381.5)

Other operating (loss) gain

  -   450.0   (95.8)  354.2 

Investment income (loss)

  (4.7)  (0.4)  (0.2)  (5.3)

EBITDA from discontinued operations of the Energy business

  -   (117.9)  -   (117.9)

EBITDA

 $1,303.0  $308.3  $(89.4) $1,521.9 

EBITDA from discontinued operations of the Energy business

              117.9 

Depreciation and amortization of fixed assets

              (164.2)

Amortization of intangible assets

              (74.4)

Interest expense

              (138.8)

Provision for income taxes

              (220.3)

Income (loss) from discontinued operations

              (87.8)

Net income

             $954.3 
Long-Lived Assets by Geographic Areas [Table Text Block]
  

2024

  

2023

 

Long-lived assets:

        

U.S.

 $2,303.1  $2,455.7 

U.K.

  589.4   597.9 

Other countries

  460.6   502.4 

Total long-lived assets

 $3,353.1  $3,556.0 
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts and Reserves (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024

                

Allowance for doubtful accounts

 $15.1  $13.3  $(5.9) $22.5 

Valuation allowance for income taxes

 $5.6  $1.1  $(2.5) $4.2 

Year ended December 31, 2023

                

Allowance for doubtful accounts

 $14.3  $8.7  $(7.9) $15.1 

Valuation allowance for income taxes

 $45.3  $1.2  $(40.9) $5.6 

Year ended December 31, 2022

                

Allowance for doubtful accounts

 $15.4  $6.4  $(7.5) $14.3 

Valuation allowance for income taxes

 $38.3  $41.2  $(34.2) $45.3 
v3.25.0.1
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Unbilled Receivables, Expected Billing Period (Year) 1 year    
Nonqualified Stock Option, Contractual Term (Year) 10 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) 4 years    
Research and Development Expense $ 35.3 $ 36.8 $ 43.1
Advertising Expense $ 9.1 $ 11.9 $ 14.7
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    
Software Development [Member] | Minimum [Member]      
Property, Plant and Equipment, Useful Life (Year) 3 years    
v3.25.0.1
Note 4 - Accounts Receivable - Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Receivables $ 456.9 $ 349.3
Less allowance for doubtful accounts (22.5) (15.1)
Accounts receivable, net 434.4 334.2
Billed Revenues [Member]    
Receivables 421.4 317.1
Unbilled Revenues [Member]    
Receivables $ 35.5 $ 32.2
v3.25.0.1
Note 5 - Concentration of Credit Risk (Details Textual)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Cash, FDIC Insured Amount $ 250 $ 250  
Number Of Banks 5 7  
Cash Balances On Deposit FDIC Insured Amount $ 129,000 $ 171,800  
Cash Deposit with Foreign Banks $ 161,000 $ 129,200  
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 43.00% 45.00% 41.00%
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% 5.00%  
v3.25.0.1
Note 6 - Revenues (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract with Customer, Asset, after Allowance for Credit Loss, Total $ 0 $ 0
Revenue, Remaining Performance Obligation, Amount $ 451,100 $ 375,100
Revenue Remaining Performance Obligation, Current Percentage 98.00% 99.00%
Contract with Customer, Liability, Noncurrent $ 78,500 $ 76,400
v3.25.0.1
Note 6 - Revenues - Disaggregated Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues $ 2,881.7 $ 2,681.4 $ 2,497.0
UNITED STATES      
Revenues 2,386.1 2,238.3 2,120.1
UNITED KINGDOM      
Revenues 214.4 190.1 169.5
Other Countries [Member]      
Revenues 281.2 253.0 207.4
Specialized Markets [Member]      
Revenues 0.0 0.0 22.4
Insurance [Member]      
Revenues 2,881.7 2,681.4 2,437.0
Insurance [Member] | Underwriting [Member]      
Revenues 2,024.3 1,892.7 1,734.5
Insurance [Member] | Claims [Member]      
Revenues 857.4 788.7 702.5
Financial Services [Member]      
Revenues $ 0.0 $ 0.0 $ 37.6
v3.25.0.1
Note 6 - Revenues - Summary of Change in Contract Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract Liabilities $ 375.1 $ 321.7
Revenue (2,881.7) (2,681.4)
Additions to contract liabilities 2,956.9 2,737.8
Foreign currency translation adjustment 0.8 (3.0)
Contract Liabilities $ 451.1 $ 375.1
v3.25.0.1
Note 7 - Fair Value Measurements (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Equity Securities without Readily Determinable Fair Value, Amount $ 195,300 $ 200,900
Equity Method Investments 27,000 30,500
Provision for Credit Loss on Investments 0 0
Stock of Non-Public Company [Member]    
Proceeds from Sale of Equity Method Investments 112,100  
Gain (Loss) on Sale of Investments 100,600  
Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]    
Investments, Fair Value Disclosure $ 1,200 $ 1,200
v3.25.0.1
Note 7 - Fair Value Measurements - Long-term Debt (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Reported Value Measurement [Member]    
Senior Notes (Note 15) $ 3,021.0 $ 2,833.7
Estimate of Fair Value Measurement [Member]    
Senior Notes (Note 15) $ 2,866.5 $ 2,735.3
v3.25.0.1
Note 8 - Leases (Details Textual)
$ in Millions
 12 Months Ended
Aug. 16, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Finance Lease, Right-of-Use Asset, after Accumulated Amortization   $ 47.7 $ 41.2  
Finance Lease, Liability   41.4 34.5  
Increase (Decrease) in Operating Lease Right of Use Assets   (28.8) (26.8) $ (46.6)
Increase (Decrease) in Operating Lease Liabilities   (35.0) (27.1) (43.9)
Gain (Loss) on Lease Modification   1.9 (0.0) (0.0)
Gain (Loss) on Disposition of Assets   $ (6.5) $ (3.8) $ (1.1)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]   Debt, Current Debt, Current  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]   Long-term debt Long-term debt  
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    
Jersey City Office [Member]        
Operating Lease, Lease Modification, Number of Floors Vacated 2      
Increase (Decrease) in Operating Lease Right of Use Assets $ 11.7      
Increase (Decrease) in Operating Lease Liabilities 13.6      
Gain (Loss) on Lease Modification 1.9      
Gain (Loss) on Disposition of Assets $ 7.6      
v3.25.0.1
Note 8 - Leases - Lease Cost and Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating lease cost [1] $ 32.7 $ 33.9
Sublease income (4.0) (1.7)
Depreciation of finance lease assets [2] 19.4 14.4
Interest on finance lease liabilities [3] 2.3 1.0
Total lease cost 50.4 47.6
Operating cash outflows from operating leases (34.5) (34.9)
Operating cash outflows from finance leases (2.3) (1.0)
Financing cash outflows from finance leases $ (21.9) $ (15.7)
[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
v3.25.0.1
Note 8 - Leases - Weighted-average Remaining Lease Terms and Weighted-average Discount Rates (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted-average remaining lease term - operating leases (in years) (Year) 7 years 8 years 2 months 12 days
Weighted-average remaining lease term - finance leases (in years) (Year) 3 years 3 years 1 month 6 days
Weighted-average discount rate - operating leases 4.20% 4.00%
Weighted-average discount rate - finance leases 4.20% 4.20%
v3.25.0.1
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
2025, operating leases $ 32.8  
2025, finance leases 22.1  
2026, operating leases 31.1  
2026, finance leases 10.7  
2027, operating leases 30.5  
2027, finance leases 9.0  
2028, operating leases 29.3  
2028, finance leases 4.8  
2029, operating leases 28.0  
2029, finance leases 0.0  
2030 and thereafter, operating leases 61.5  
2030 and thereafter, finance lease 0.0  
Total lease payments, operating leases 213.2  
Total lease payments, finance leases 46.6  
Less: Amount representing interest, operating leases (28.5)  
Less: Amount representing interest, finance leases (5.2)  
Present value of total lease payments, operating leases 184.7  
Present value of total lease payments, finance leases $ 41.4 $ 34.5
v3.25.0.1
Note 9 - Fixed Assets (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Depreciation, Depletion and Amortization, Nonproduction $ 233,600 $ 206,800 $ 164,200
Capitalized Computer Software, Amortization 193,500 165,500 116,600
Unamortized Costs Capitalized 0 1,200  
Impairment of Long-Lived Assets to be Disposed of 7,600 0  
Asset Impairment Charges 7,600 0 377,400
Software and Software Development Costs [Member]      
Depreciation, Depletion and Amortization, Nonproduction 1,200 4,800 $ 7,600
Unamortized Costs Capitalized $ 497,400 $ 482,400  
v3.25.0.1
Note 9 - Fixed Assets - Summary of Fixed Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Cost $ 1,783.6 $ 1,596.6
Accumulated Depreciation and Amortization (1,177.7) (991.7)
Net 605.9 604.9
Furniture and Office Equipment [Member]    
Cost 164.2 178.5
Accumulated Depreciation and Amortization (144.8) (156.7)
Net $ 19.4 $ 21.8
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 $ 101.4 $ 116.5
Accumulated Depreciation and Amortization (62.3) (63.0)
Net $ 39.1 $ 53.5
Purchased Software [Member]    
Useful Life (Year) 3 years 3 years
Cost $ 58.2 $ 59.9
Accumulated Depreciation and Amortization (55.6) (55.2)
Net 2.6 4.7
Software Development [Member]    
Cost 1,334.8 1,136.6
Accumulated Depreciation and Amortization (837.4) (653.0)
Net $ 497.4 483.6
Software Development [Member] | Minimum [Member]    
Useful Life (Year) 3 years  
Leased Equipment [Member]    
Cost $ 125.0 105.1
Accumulated Depreciation and Amortization (77.6) (63.8)
Net $ 47.4 $ 41.3
Leased Equipment [Member] | Minimum [Member]    
Useful Life (Year) 3 years 3 years
Leased Equipment [Member] | Maximum [Member]    
Useful Life (Year) 4 years 4 years
v3.25.0.1
Note 10 - Acquisitions (Details Textual) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 08, 2024
Apr. 20, 2023
Mar. 01, 2022
Feb. 11, 2022
Feb. 28, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 01, 2023
Feb. 01, 2022
Goodwill           $ 1,726,600,000 $ 1,760,800,000      
Escrow Release           3,800 0      
Current Portion of Escrow           0 3,900,000      
Business Combination, Contingent Consideration, Liability, Current           0 10,000,000      
Business Combination, Contingent Consideration, Liability, Noncurrent           2,200,000 2,100,000      
Rocket Enterprise Solutions GmbH [Member]                    
Business Acquisition, Percentage of Voting Interests Acquired 100.00%                  
Business Combination, Consideration Transferred $ 10,100,000                  
Goodwill 10,600,000                  
Business Combination, Acquisition Related Costs           $ 300,000        
Rocket Enterprise Solutions GmbH [Member] | Deferred Payments [Member]                    
Business Combination, Consideration Transferred, Liabilities Incurred 2,200,000                  
Rocket Enterprise Solutions GmbH [Member] | Holdback Payments [Member]                    
Business Combination, Consideration Transferred, Liabilities Incurred $ 300,000                  
Krug Sachverständigen GmbH [Member]                    
Business Combination, Consideration Transferred   $ 43,300,000                
Goodwill             33,100,000      
Business Combination, Consideration Transferred, Indemnity Escrows   $ 3,800,000                
Mavera [Member]                    
Business Acquisition, Percentage of Voting Interests Acquired                   100.00%
Business Combination, Consideration Transferred         $ 28,300,000          
Business Combination, Indemnification Assets, Amount as of Acquisition Date                 $ 4,200,000  
Goodwill, Acquired During Period             55,900,000      
The 2023 Acquisitions [Member]                    
Business Combination, Acquisition Related Costs             $ 2,500,000      
Opta Information Intelligence Corp. [Member]                    
Business Acquisition, Percentage of Voting Interests Acquired     100.00%              
Business Combination, Consideration Transferred     $ 217,500,000              
Goodwill               $ 141,100,000    
Business Combination, Indemnification Assets, Amount as of Acquisition Date     $ 800,000              
Infutor Data Solutions, LLC [Member]                    
Business Acquisition, Percentage of Voting Interests Acquired       100.00%            
Business Combination, Consideration Transferred       $ 220,700,000            
Goodwill               140,300,000    
Business Combination, Working Capital Escrow       1,500,000            
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High       $ 25,000,000            
The 2022 Acquisitions [Member]                    
Goodwill               284,400,000    
Business Combination, Acquisition Related Costs               1,800,000    
Business Acquisition, Goodwill Non-tax Deductible, Amount               $ 144,500,000    
v3.25.0.1
Note 10 - Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill $ 1,726.6 $ 1,760.8  
Less: cash acquired $ 1.8 8.0 $ 17.4
Krug Sachverständigen GmbH [Member]      
Cash and cash equivalents   7.0  
Accounts receivable   1.8  
Other current assets   3.8  
Fixed assets   0.2  
Operating lease right-of-use assets, net   0.0  
Intangible assets   15.1  
Goodwill   33.1  
Total assets acquired   61.0  
Accounts payable and accrued liabilities   5.8  
Operating lease liabilities   0.0  
Deferred income tax, net   4.8  
Other noncurrent liabilities   0.1  
Total liabilities assumed   10.7  
Net assets acquired   50.3  
Less: cash acquired   7.0  
Net cash purchase price   43.3  
Net cash purchase price   43.3  
Acquisition, Others [Member]      
Cash and cash equivalents   1.0 0.0
Accounts receivable   0.8 0.0
Other current assets   0.1 0.1
Fixed assets   0.1 0.3
Operating lease right-of-use assets, net   0.2 0.0
Intangible assets   18.4 2.3
Goodwill   22.8 3.0
Total assets acquired   43.4 5.7
Accounts payable and accrued liabilities   2.1  
Operating lease liabilities   0.1 0.0
Deferred income tax, net   3.9 0.5
Other noncurrent liabilities   1.4 0.2
Total liabilities assumed   7.5 0.9
Net assets acquired   35.9 4.8
Less: cash acquired   1.0 0.0
Net cash purchase price   34.9 4.8
Other assets     0.0
Current liabilities     0.1
Deferred revenues     0.1
Net cash purchase price   34.9 4.8
Acquisition 2023 [Member]      
Cash and cash equivalents   8.0  
Accounts receivable   2.6  
Other current assets   3.9  
Fixed assets   0.3  
Operating lease right-of-use assets, net   0.2  
Intangible assets   33.5  
Goodwill   55.9  
Total assets acquired   104.4  
Accounts payable and accrued liabilities   7.9  
Operating lease liabilities   0.1  
Deferred income tax, net   8.7  
Other noncurrent liabilities   1.5  
Total liabilities assumed   18.2  
Net assets acquired   86.2  
Less: cash acquired   8.0  
Net cash purchase price   78.2  
Net cash purchase price   $ 78.2  
Opta Information Intelligence Corp. [Member]      
Cash and cash equivalents     0.4
Accounts receivable     5.2
Other current assets     1.3
Fixed assets     1.5
Operating lease right-of-use assets, net     1.1
Intangible assets     87.0
Goodwill     141.1
Total assets acquired     237.6
Operating lease liabilities     1.1
Deferred income tax, net     13.5
Other noncurrent liabilities     0.0
Total liabilities assumed     19.7
Net assets acquired     217.9
Less: cash acquired     0.4
Net cash purchase price     217.5
Other assets     0.0
Current liabilities     4.9
Deferred revenues     0.2
Net cash purchase price     217.5
Infutor Data Solutions, LLC [Member]      
Cash and cash equivalents     17.0
Accounts receivable     10.7
Other current assets     3.8
Fixed assets     0.9
Operating lease right-of-use assets, net     2.3
Intangible assets     83.4
Goodwill     140.3
Total assets acquired     258.5
Operating lease liabilities     3.3
Deferred income tax, net     0.0
Other noncurrent liabilities     0.0
Total liabilities assumed     20.8
Net assets acquired     237.7
Less: cash acquired     17.0
Net cash purchase price     220.7
Other assets     0.1
Current liabilities     14.4
Deferred revenues     3.1
Net cash purchase price     220.7
2022 Acquisition [Member]      
Cash and cash equivalents     17.4
Accounts receivable     15.9
Other current assets     5.2
Fixed assets     2.7
Operating lease right-of-use assets, net     3.4
Intangible assets     172.7
Goodwill     284.4
Total assets acquired     501.8
Operating lease liabilities     4.4
Deferred income tax, net     14.0
Other noncurrent liabilities     0.2
Total liabilities assumed     41.4
Net assets acquired     460.4
Less: cash acquired     17.4
Net cash purchase price     443.0
Other assets     0.1
Current liabilities     19.4
Deferred revenues     3.4
Net cash purchase price     $ 443.0
v3.25.0.1
Note 10 - Acquisitions - Amounts Assigned to Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Total intangible assets $ 33.5  
The 2021 Acquisitions [Member]    
Total intangible assets   $ 172.7
Technology-Based Intangible Assets [Member]    
Weighted average useful life (Year) 5 years  
Total intangible assets $ 9.9  
Technology-Based Intangible Assets [Member] | The 2021 Acquisitions [Member]    
Weighted average useful life (Year)   6 years
Total intangible assets   $ 48.5
Marketing-Related Intangible Assets [Member]    
Weighted average useful life (Year) 2 years  
Total intangible assets $ 0.5  
Marketing-Related Intangible Assets [Member] | The 2021 Acquisitions [Member]    
Weighted average useful life (Year)   4 years
Total intangible assets   $ 2.0
Customer-Related Intangible Assets [Member]    
Weighted average useful life (Year) 13 years  
Total intangible assets $ 23.1  
Customer-Related Intangible Assets [Member] | The 2021 Acquisitions [Member]    
Weighted average useful life (Year)   13 years
Total intangible assets   $ 122.2
v3.25.0.1
Note 11 - Dispositions and Discontinued Operations (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Impairment of Long-Lived Assets to be Disposed of   $ 7,600 $ 0  
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Operating Income (Expense), Net    
Discontinued Operations, Held-for-Sale [Member] | AER [Member]        
Disposal Group, Including Discontinued Operation, Consideration   $ 7,100    
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal   (12,100)    
Discontinued Operations, Held-for-Sale [Member] | Energy Business [Member]        
Disposal Group, Including Discontinued Operation, Consideration $ 3,100,000      
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal (128,400)      
Proceeds from Sales of Business, Affiliate and Productive Assets 3,066,400      
Disposal Group, Including Discontinued Operation, Contingent Cash Consideration 200,000      
Impairment of Long-Lived Assets to be Disposed of $ 303,700 $ 0 0 $ 303,700
Discontinued Operation, Amount of Adjustment to Prior Period Gain (Loss) on Disposal, before Income Tax     $ (2,700)  
v3.25.0.1
Note 11 - Dispositions and Discontinued Operations - Divestitures and Business Held for Sale (Details) - USD ($)
$ in Thousands
 12 Months Ended
Feb. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Impairment of Long-Lived Assets to be Disposed of   $ 7,600 $ 0  
Energy Business [Member] | Discontinued Operations, Held-for-Sale [Member]        
Revenues   0 46,800 $ 537,300
Cost of revenues (exclusive of items shown separately below)   0 18,200 207,400
Selling, general and administrative   0 33,200 117,200
Depreciation and amortization of fixed assets   0 0 32,900
Amortization of intangible assets   0 0 68,500
Impairment of Long-Lived Assets to be Disposed of $ 303,700 0 0 303,700
Other operating loss   0 131,100 33,900
Total operating expenses   0 182,500 763,600
Operating (loss) income   0 (135,700) (226,300)
Investment (loss) income and others, net   0 (5,700) 7,000
Total other (expense) income, net   0 (5,700) 7,000
Loss from discontinued operations before income taxes   0 (141,400) (219,300)
Income tax benefit (expense)   6,800 (12,600) 131,500
Income (loss) from discontinued operations, net of income taxes   6,800 (154,000) (87,800)
Depreciation and amortization of fixed assets   0 0 32,900
Amortization of intangible assets   0 0 68,500
Operating lease right-of-use assets, net   0 100 7,600
Capital expenditures   0 (6,500) (72,600)
Fixed assets included in accounts payable and accrued liabilities   $ 0 $ 0 $ 3,000
v3.25.0.1
Note 12 - Goodwill and Intangible Assets (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amortization of Intangible Assets $ 72.3 $ 74.6 $ 74.4
v3.25.0.1
Note 12 - Goodwill and Intangible Assets - Summary of Changes in Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill $ 1,760.8  
Goodwill 1,726.6 $ 1,760.8
Insurance [Member]    
Goodwill 1,760.8 1,676.0
Goodwill, Acquired During Period 10.6 55.9
Purchase accounting reclassifications 0.3 (0.1)
Foreign currency translation adjustment (29.3) 29.0
Dispositions (15.8)  
Goodwill $ 1,726.6 $ 1,760.8
v3.25.0.1
Note 12 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Cost $ 951.9 $ 975.2
Accumulated amortization (559.5) (503.5)
Net $ 392.4 $ 471.7
Technology-Based Intangible Assets [Member]    
Weighted average useful life (Year) 8 years 8 years
Cost $ 364.9 $ 370.2
Accumulated amortization (285.3) (261.2)
Net $ 79.6 $ 109.0
Marketing-Related Intangible Assets [Member]    
Weighted average useful life (Year) 6 years 6 years
Cost $ 37.8 $ 42.7
Accumulated amortization (35.5) (38.7)
Net $ 2.3 $ 4.0
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 $ 529.1 $ 542.1
Accumulated amortization (224.0) (190.7)
Net $ 305.1 $ 351.4
Database [Member]    
Weighted average useful life (Year) 8 years 8 years
Cost $ 15.1 $ 15.2
Accumulated amortization (9.7) (7.9)
Net $ 5.4 $ 7.3
v3.25.0.1
Note 12 - Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
2025 $ 62.0  
2026 60.1  
2027 52.1  
2028 45.1  
2029 40.3  
2030 and thereafter 132.8  
Total $ 392.4 $ 471.7
v3.25.0.1
Note 13 - Income Taxes (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Tax Liabilities, Net $ 157.3 $ 179.3  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 0.7 $ 0.2 $ 0.4
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit $ 0.9    
Domestic Tax Jurisdiction [Member]      
Open Tax Year 2020 2021 2022 2023 2024    
Foreign Tax Jurisdiction [Member]      
Open Tax Year 2020 2021 2022 2023 2024    
State and Local Jurisdiction [Member]      
Open Tax Year 2020 2021 2022 2023 2024    
v3.25.0.1
Note 13 - Income Taxes - Domestic and Foreign Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
U.S. $ 1,201.6 $ 1,021.9 $ 1,277.1
Foreign 27.0 5.3 (14.7)
Total income before income taxes $ 1,228.6 $ 1,027.2 $ 1,262.4
v3.25.0.1
Note 13 - Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal $ 223.0 $ 226.8 $ 247.8
State and local 67.5 52.0 64.7
Foreign 7.9 9.0 1.1
Total current provision for income taxes 298.4 287.8 313.6
Federal (17.2) (23.4) (43.3)
State and local (1.4) (3.4) (11.2)
Foreign (1.9) (2.2) (38.8)
Total deferred provision for income taxes (20.5) (29.0) (93.3)
Provision for income taxes $ 277.9 $ 258.8 $ 220.3
v3.25.0.1
Note 13 - Income Taxes - Effective Tax Rate on Income from Continuing Operations (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Federal statutory rate 21.00% 21.00% 21.00%
State and local taxes, net of federal tax benefit 4.30% 3.70% 3.40%
Impact of dispositions (0.20%) 0.00% (3.00%)
UK valuation allowance release 0.00% 0.00% (2.40%)
Global Intangible Low-taxed Income 0.20% 1.30% 0.40%
Stock-based compensation (1.90%) (1.80%) (1.70%)
Other (0.80%) 1.00% (0.20%)
Effective tax rate 22.60% 25.20% 17.50%
v3.25.0.1
Note 13 - Income Taxes - Summary of Deferred Tax Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Employee wages and other benefits $ 47.2 $ 49.9
Lease liabilities 46.3 55.4
Net operating loss carryover 7.6 9.4
Interest expense 30.8 31.0
Other 16.1 17.1
Total 148.0 162.8
Less valuation allowance (4.2) (5.6)
Deferred tax assets 143.8 157.2
Right of use assets (40.9) (48.3)
Fixed assets and intangible assets (168.6) (194.1)
Commissions (19.3) (18.2)
Pensions (59.2) (57.0)
Other (13.1) (18.9)
Deferred tax liabilities (301.1) (336.5)
Deferred tax liabilities, net $ (157.3) $ (179.3)
v3.25.0.1
Note 13 - Income Taxes - Summary of Company's Net Operating Loss Carryforwards Expires (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating loss carryforwards $ 53.0
Period One [Member]  
Operating loss carryforwards 16.1
Period Two [Member]  
Operating loss carryforwards 4.6
Period Three [Member]  
Operating loss carryforwards $ 32.3
v3.25.0.1
Note 13 - Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized tax benefit as of January 1 $ 2.0 $ 3.2 $ 3.4
Gross increase in tax positions in prior period 2.3 0.8 1.0
Gross decrease in tax positions in prior period 0.0 0.0 0.0
Settlements 0.0 0.0 (0.6)
Lapse of statute of limitations (0.2) (2.0) (0.6)
Unrecognized tax benefit as of December 31 $ 4.1 $ 2.0 $ 3.2
v3.25.0.1
Note 14 - Composition of Certain Financial Statement Caption - Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accrued salaries, benefits and other related costs $ 143.6 $ 149.4
Escrow liabilities 0.0 3.9
Accrued interest 20.7 19.1
Trade accounts payable and other accrued expenses 85.5 158.4
Acquisition-related liabilities 0.0 10.0
Total accounts payable and accrued liabilities $ 249.8 $ 340.8
v3.25.0.1
Note 14 - Composition of Certain Financial Statement Caption - Components of Other Noncurrent Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Pension benefits $ 125.3 $ 121.4
Other assets - prepaid expenses 87.6 73.2
Investments in nonpublic companies 222.2 231.4
State income tax receivable 0.0 67.7
Deposits and other 2.8 2.4
Total other noncurrent assets $ 437.9 $ 496.1
v3.25.0.1
Note 15 - Debt (Details Textual) - USD ($)
 12 Months Ended
Jun. 07, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jun. 05, 2024
Interest Payable, Current   $ 20,700,000 $ 19,100,000    
Interest Expense Excluding Earn Out Interest   140,300,000 131,300,000 $ 135,500,000  
Gain (Loss) on Extinguishment of Debt   3,600,000 0 0  
Payment for Debt Extinguishment or Debt Prepayment Cost   396,400,000 (0) $ (0)  
Letters of Credit Outstanding, Amount   4,600,000 4,600,000    
Revolving Credit Facility [Member]          
Line of Credit Facility, Maximum Borrowing Capacity   1,000,000,000      
Line of Credit Facility, Remaining Borrowing Capacity   $ 995,400,000 $ 995,400,000    
The 2034 Senior Notes [Member]          
Debt Instrument, Face Amount         $ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage   5.25%     5.25%
Debt Instrument, Unamortized Discount   $ 14,200,000     $ 9,800,000
Debt Issuance Costs, Net         $ 5,600,000
The 4.000% Senior Note [Member]          
Long-Term Debt, Gross $ 500,000,000        
Debt Instrument, Interest Rate, Stated Percentage 4.00% 4.00% 4.00%    
Debt Instrument, Unamortized Discount $ 5,200,000   $ 1,800,000    
Debt Instrument, Repurchase Amount $ 400,000,000        
Debt Instrument, Redemption Price, Percentage 44.40%        
Debt Instrument, Repurchased Price Per One Thousand Face Amount $ 987.09        
Gain (Loss) on Extinguishment of Debt 3,600,000        
Payment for Debt Extinguishment or Debt Prepayment Cost $ 1,600,000        
Senior Notes [Member]          
Long-Term Debt, Gross   $ 3,050,000,000 $ 2,850,000,000    
v3.25.0.1
Note 15 - Debt - Short-term and Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finance lease liabilities, current [1] $ 14.5 $ 14.5
Short-term debt and current portion of long-term debt 514.2 14.5
Finance lease liabilities, noncurrent [1] 26.9 20.0
Syndicated revolving credit facility debt issuance costs (1.3) (1.5)
Long-term debt 2,546.9 2,852.2
Total debt 3,061.1 2,866.7
The 4.000% Senior Note [Member]    
4.000% senior notes, less unamortized discount and debt issuance costs of $(0.3) 499.7 0.0
Long-term debt 0.0 898.2
The 4.125% Senior Note [Member]    
Long-term debt 606.3 607.8
The 5.500% Senior Note [Member]    
Long-term debt 346.3 346.2
The 3.625% Senior Note [Member]    
Long-term debt 490.8 490.4
The 5.750% Senior Notes [Member]    
Long-term debt 492.1 491.1
The 2034 Senior Notes [Member]    
Long-term debt 585.8 0.0
Line of Credit [Member]    
Syndicated revolving credit facility $ 0.0 $ 0.0
[1] Refer to Note 8. Leases
v3.25.0.1
Note 15 - Debt - Short-term and Long-term Debt (Details) (Parentheticals) - USD ($)
$ in Millions
Dec. 31, 2024
Jun. 07, 2024
Jun. 05, 2024
Dec. 31, 2023
The 4.000% Senior Note [Member]        
Unamortized discount, current $ 0.3      
Interest rate 4.00% 4.00%   4.00%
Unamortized discount   $ 5.2   $ 1.8
The 4.125% Senior Note [Member]        
Interest rate 4.125%     4.125%
Unamortized discount $ 6.3     $ 7.8
The 5.500% Senior Note [Member]        
Interest rate 5.50%     5.50%
Unamortized discount $ 3.7     $ 3.8
The 3.625% Senior Note [Member]        
Interest rate 3.625%     3.625%
Unamortized discount $ 9.2     $ 9.6
The 5.750% Senior Notes [Member]        
Interest rate 5.75%     5.75%
Unamortized discount $ 7.9     $ 8.9
The 2034 Senior Notes [Member]        
Interest rate 5.25%   5.25%  
Unamortized discount $ 14.2   $ 9.8  
v3.25.0.1
Note 15 - Debt - Debt Maturities (Details)
$ in Millions
Dec. 31, 2024
USD ($)
2025, debt $ 520.4
2026, debt 9.3
2027, debt 7.6
2028, debt 4.0
2029, debt 600.0
2030 and thereafter, debt 1,950.0
Total, debt $ 3,091.3
v3.25.0.1
Note 16 - Stockholders' Equity (Details Textual) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 12, 2024
Aug. 31, 2024
Aug. 07, 2024
Jun. 13, 2024
Mar. 13, 2024
Dec. 14, 2023
Jan. 31, 2025
Oct. 31, 2024
Jul. 31, 2024
Apr. 30, 2024
Feb. 29, 2024
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Common Stock, Shares Authorized (in shares)                         2,000,000,000       2,000,000,000 2,000,000,000  
Share Price (in dollars per share)                         $ 275.43       $ 275.43 $ 238.86 $ 176.42
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 (in shares)                         0       0 0  
Common Stock, Dividends, Per Share, Declared (in dollars per share)                         $ 0.39 $ 0.39 $ 0.39 $ 0.39      
Payments of Dividends                                 $ 221.3 $ 196.8 $ 195.2
Treasury Stock, Shares, Acquired (in shares)                                 3,994,244 12,849,921 8,600,963
Treasury Stock, Common, Shares (in shares)                         403,588,401       403,588,401 400,694,309  
Stock Issued During Period, Shares, Treasury Stock Reissued (in shares)                                 1,100,152 1,457,514 1,650,460
Common Stock Issued From Treasury, Weighted Average Price Per Share (in dollars per share)                                 $ 23.4 $ 19.5 $ 14.25
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)                                 227,384 540,221 1,350,159
Subsequent Event [Member]                                      
Common Stock, Dividends, Per Share, Declared (in dollars per share)                       $ 0.45              
Accelerated Share Repurchase ("ASR") Agreement [Member]                                      
Share Repurchase Program, Authorized, Amount $ 300.0 $ 400.0                         $ 150.0 $ 200.0   $ 250.0  
Treasury Stock, Shares, Acquired (in shares) 885,663   1,302,981 483,761 714,046 873,479   212,635 68,645 148,286 178,227           3,994,244    
Shares Acquired, Average Cost Per Share (in dollars per share) $ 287.92 $ 263.92             $ 271.54 $ 231.93 $ 237.71           $ 263.04    
Share Repurchase Program, Remaining Authorized, Amount                         $ 591.5       $ 591.5    
Accelerated Share Repurchase ("ASR") Agreement [Member] | Subsequent Event [Member]                                      
Treasury Stock, Shares, Acquired (in shares)             189,909                        
Shares Acquired, Average Cost Per Share (in dollars per share)             $ 278.92                        
v3.25.0.1
Note 16 - Stockholders' Equity - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income from continuing operations $ 950.7 $ 768.4 $ 1,042.1
Less: Net loss (income) attributable to noncontrolling interests 0.7 0.2 (0.4)
Income (loss) from discontinued operations, net of tax 6.8 (154.0) (87.8)
Net income attributable to Verisk $ 958.2 $ 614.6 $ 953.9
Weighted average number of common shares used in basic EPS (in shares) 142,154,655 146,623,989 157,905,718
Potential common shares issuable from stock options and stock-based awards (in shares) 687,606 712,170 1,023,224
Weighted average number of common shares and dilutive potential common shares used in diluted EPS (in shares) 142,842,261 147,336,159 158,928,942
v3.25.0.1
Note 16 - Stockholders' Equity - Summary of Accumulated Other Comprehensive Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Foreign currency translation adjustment $ 90.1 $ 130.7
Pension and postretirement adjustment, net of tax (75.1) (72.5)
Accumulated other comprehensive income $ 15.0 $ 58.2
v3.25.0.1
Note 16 - Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign currency translation adjustment attributable to Verisk, before tax $ (40.6) $ 67.0 $ (298.9)
Foreign currency translation adjustment attributable to Verisk, tax 0.0 0.0 0.0
Foreign currency translation adjustment attributable to Verisk, after tax (40.6) 67.0 (298.9)
Foreign currency translation adjustment attributable to noncontrolling interests, before tax 0.9 0.6 (1.4)
Foreign currency translation adjustment attributable to noncontrolling interests, tax 0.0 0.0 0.0
Foreign currency translation adjustment attributable to noncontrolling interests, after tax 0.9 0.6 (1.4)
Foreign currency translation adjustment, before tax (39.7) 768.2 (300.3)
Foreign currency translation adjustment, tax 0.0 0.0 0.0
Foreign currency translation adjustment, after tax (39.7) 768.2 (300.3)
Total other comprehensive loss, before tax (43.4) 797.5 (350.4)
Total other comprehensive loss, tax 1.1 (7.5) 12.4
Total other comprehensive loss, after tax (42.3) 790.0 (338.0)
Cumulative translation adjustment recognized upon deconsolidation of the Energy business, before tax   700.6  
Cumulative translation adjustment recognized upon deconsolidation of the Energy business, tax   0.0  
Cumulative translation adjustment recognized upon deconsolidation of the Energy business, after tax   700.6  
Pension and Postretirement Adjustment [Member]      
Other comprehensive income (loss), before reclassifications, before tax 0.4 35.1 (45.7)
Other comprehensive income (loss), before reclassifications, tax 0.1 (8.9) 13.5
Other comprehensive income (loss), before reclassifications, after tax 0.5 26.2 (32.2)
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), before tax (1) (4.1) [1] (5.8) [1] (4.4)
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), tax (1) [1] 1.0 1.4 (1.1)
Amortization of net actuarial loss and prior service benefit reclassified from accumulated other comprehensive income (losses), after tax (1) [1] (3.1) (4.4) (5.5)
Other comprehensive income (loss), before tax (3.7) 29.3 (50.1)
Other comprehensive income (loss), tax 1.1 (7.5) 12.4
Other comprehensive income (loss), after tax $ (2.6) $ 21.8 $ (37.7)
[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).
v3.25.0.1
Note 17 - Compensation Plans (Details Textual)
 12 Months Ended
Jan. 01, 2019
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-Based Payment Arrangement, Expense   $ 47,900,000 $ 54,000,000 $ 56,500,000
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
Proceeds from Stock Options Exercised   124,800,000 141,900,000 132,500,000
Share-Based Payment Arrangement, Expense, Tax Benefit   $ 27,300,000 $ 20,600,000 $ 26,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)   5 years 6 months 5 years 7 months 6 days  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)   4 years 6 months 4 years 9 months 18 days  
Unrecognized Compensation Cost Related to Nonvested Share Based Compensation Arrangements   $ 75,100,000    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   2 years 3 months 3 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, Options, Grants in Period, Gross (in shares) | shares   203,884 211,945 653,802
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate   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    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares   $ 53.75 $ 52.69 $ 42.25
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%    
The 2021 Incentive Plan [Member]        
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares   12,813,327    
Proceeds from Stock Options Exercised   $ 124,800,000 $ 141,900,000  
KSOP [Member]        
Maximum Pre Tax Employee Contribution To Saving Plan   $ 23,000 22,500 $ 20,500
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   $ 7,500 7,500 6,500
Maximum Employee Contribution As Percentage Of Compensation 6.00% 10.00%    
Percentage Of Employer Contribution 100.00%      
Share-Based Payment Arrangement, Expense   $ 33,800,000 $ 32,400,000 $ 40,000,000
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   442,363    
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   3,268 5,144  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares       9,370
Value of Common Stock Issued to Employees Per Share (in dollars per share) | $ / shares   $ 257.05 $ 227.65 $ 178.26
Employee Stock Purchase Plan [Member] | US ESPP [Member]        
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares   1,160,295    
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | shares   16,964 18,636 30,398
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares   $ 247.44 $ 209.68 $ 174.66
v3.25.0.1
Note 17 - Compensation Plans - Summary of Stock Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended 24 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2021
Outstanding beginning balance, options (in shares) 2,712,510 4,023,816 5,067,098 4,023,816  
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) $ 143.91 $ 132.9 $ 115.73 $ 132.9  
Outstanding, options, aggregate intrinsic value $ 218.3 $ 257.6 $ 193.3 $ 218.3 $ 572.6
Number of options, granted (in shares) 203,884 211,945 653,802    
Weighted average grant price (in dollars per share) $ 237.1 $ 185.29 $ 196.64    
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) (976,351) (1,295,815) (1,435,673)    
Exercised or lapsed, options, weighted average exercise price (in dollars per share) $ 127.8 $ 108.85 $ 92.38    
Exercised or lapsed, options, aggregate intrinsic value $ 124.8 $ 118.1 $ 129.1    
Canceled, expired or forfeited, option (in shares) (29,710) (227,436) (261,411)    
Canceled, expired or forfeited, options, weighted average exercise price (in dollars per share) $ 199.81 $ 187.56 $ 181.48    
Outstanding, option (in shares) 1,910,333 2,712,510 4,023,816 1,910,333  
Outstanding beginning balance, options, weighted average exercise price (in dollars per share) $ 161.16 $ 143.91 $ 132.9 $ 161.16  
Exercisable, options (in shares) 1,345,181 1,947,253   1,345,181  
Exercisable, options, weighted average exercise price (in dollars per share) $ 142.14 $ 127.43   $ 142.14  
Exercisable, options, aggregate intrinsic value $ 179.3 $ 217.0   $ 179.3  
Nonvested, options (in shares) 565,152 765,257 1,321,741 565,152 1,893,506
Expected to vest, options (in shares) 462,867     462,867  
Restricted Stock [Member]          
Outstanding beginning balance, number of shares (in shares) 291,039 307,575 351,504 307,575  
Outstanding beginning balance, weighted average exercise price (in dollars per share) $ 186.28 $ 182.07 $ 161.33 $ 182.07  
Granted, number of shares (in shares)   194,236 201,617 155,304  
Granted, weighted average exercise price (in dollars per share) 237.93 $ 185.22 $ 193.33    
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)   (178,602) (205,407) (120,287)  
Exercised or lapsed, weighted average exercise price (in dollars per share) 188.06 $ 179.39 $ 157.22    
Canceled, expired or forfeited, number of shares (in shares)   (32,170) (40,139) (18,515)  
Canceled, expired or forfeited, weighted average exercise price (in dollars per share) $ 207.81 $ 183.25 $ 182.35    
Outstanding ending balance, number of shares (in shares) 307,541 291,039 307,575 307,541  
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 210.62 $ 186.28 $ 182.07 $ 210.62  
Nonvested, number of shares (in shares) 307,541 291,039 307,575 307,541 351,504
Expected, number of shares (in shares) 264,717     264,717  
Performance Shares [Member]          
Outstanding beginning balance, number of shares (in shares) 181,236 199,494 163,123 199,494  
Outstanding beginning balance, weighted average exercise price (in dollars per share) $ 199.62 $ 195.34 $ 192.99 $ 195.34  
Granted, number of shares (in shares)   48,486 111,333 47,838  
Granted, weighted average exercise price (in dollars per share) 265.94 $ 212.86 $ 168.63    
Dividend reinvestment, number of shares (in shares)   1,142 1,371 1,073  
Exercised or lapsed, number of shares (in shares)   (45,997) (54,927) (47,821)  
Exercised or lapsed, weighted average exercise price (in dollars per share) $ 210.07 $ 192.93      
Canceled, expired or forfeited, number of shares (in shares)   (21,889) (21,406) (1,870)  
Canceled, expired or forfeited, weighted average exercise price (in dollars per share)   $ 207.27 $ 202.55    
Outstanding ending balance, number of shares (in shares) 180,456 181,236 199,494 180,456  
Outstanding ending balance, weighted average exercise price (in dollars per share) $ 205.1 $ 199.62 $ 195.34 $ 205.1  
Nonvested, number of shares (in shares) 180,456 181,236 199,494 180,456 163,123
Expected, number of shares (in shares) [1] 246,313     246,313  
[1] Includes estimated performance achievement
v3.25.0.1
Note 17 - Compensation Plans - Stock Options Granted Weighted Average Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted average grant price (in dollars per share) $ 237.1 $ 185.29 $ 196.64
Expected volatility 23.51% 27.28% 25.33%
Risk-free interest rate 3.89% 3.77% 1.55%
Expected term in years (Year) 3 years 8 months 12 days 4 years 4 years 2 months 12 days
Dividend yield 0.66% 0.66% 0.60%
Weighted average grant date fair value per stock option (in dollars per share) $ 53.45 $ 48.14 $ 42.25
v3.25.0.1
Note 17 - Compensation Plans - Summary of Nonvested Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nonvested balance (in shares) 765,257 1,321,741 1,893,506
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 39.74 $ 34.65 $ 28.49
Number of options, granted (in shares) 203,884 211,945 653,802
Granted, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 53.75 $ 52.69 $ 42.25
Number of options, vested (in shares) (374,279) (540,993) (964,156)
Vested, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 36.67 $ 33.08 $ 22.97
Number of options, cancelled or expired (in shares) (29,710) (227,436) (261,411)
Cancelled or expired, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 44.34 $ 38.03 $ 35.23
Nonvested balance (in shares) 565,152 765,257 1,321,741
Nonvested balance, Weighted Average Grant-Date Fair Value Per Share (in dollars per share) $ 46.59 $ 39.74 $ 34.65
v3.25.0.1
Note 18 - Pension and Postretirement Benefits (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2024
Defined Benefit Plan, Prescription Drug Benefit, Accumulated Postretirement Benefit Obligation, Decrease for Subsidy $ 1,000,000 $ 1,000,000    
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate 8.75%      
Defined Benefit Plan Ultimate Health Care Cost Decreasing Trend Rate 4.50%      
Defined Benefit Plan, Prescription Drug Benefit, Net Periodic Postretirement Benefit Cost, (Increase) Decrease for Subsidy $ 132,900 $ 118,100 $ 80,700  
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 40.00% 40.00%   40.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 36.50% 40.00%    
Debt Securities [Member]        
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 60.00% 60.00%   60.00%
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage 57.50% 53.50%    
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 $ 1,700,000    
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year $ 800,000      
Pension Plan and SERP Plan [Member]        
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets 6.50% 6.25% 6.25%  
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair value of plan assets at January 1 $ 434.0    
Fair value of plan assets at December 31 417.6 $ 434.0  
Pension Plan and SERP Plan [Member]      
Benefit obligation 317.8 330.9  
Interest cost 16.1 17.1 $ 14.7
Actuarial (gain) loss (7.8) (0.8)  
Plan participants’ contributions 0.0 0.0  
Benefits paid (28.1) (29.4)  
Benefit obligation 298.0 317.8 330.9
Accumulated benefit obligation at December 31 298.0 317.8  
Fair value of plan assets at January 1 425.9 406.3  
Actuarial gain 11.0 47.3  
Employer contributions, net 0.7 1.7  
Plan participants’ contributions 0.0 0.0  
Benefits paid (28.1) (29.4)  
Fair value of plan assets at December 31 409.5 425.9 406.3
Funded status at December 31 (111.5) (108.1)  
Pension assets, noncurrent (1) [1] (120.4) (117.4)  
Pension, SERP and postretirement benefits, current (2) [2] 0.7 1.0  
Pension, SERP and postretirement benefits, noncurrent (3) [3] 8.2 8.3  
Total Pension, SERP and Postretirement benefits (111.5) (108.1)  
Other Postretirement Benefits Plan [Member]      
Benefit obligation 4.1 4.2  
Interest cost 0.1 0.2 0.1
Actuarial (gain) loss (0.4) 1.1  
Plan participants’ contributions 1.4 1.3  
Benefits paid (2.2) (2.7)  
Benefit obligation 3.0 4.1 4.2
Accumulated benefit obligation at December 31  
Fair value of plan assets at January 1 8.1 7.6  
Actuarial gain 0.0 0.4  
Employer contributions, net 0.8 1.5  
Plan participants’ contributions 1.4 1.3  
Benefits paid (2.2) (2.7)  
Fair value of plan assets at December 31 8.1 8.1 $ 7.6
Funded status at December 31 (5.1) (4.0)  
Pension assets, noncurrent (1) [1] (5.1) (4.0)  
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 $ (5.1) $ (4.0)  
[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
v3.25.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Pre-tax Components of Accumulated Other Comprehensive Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Plan Assets, Amount $ 417.6 $ 434.0  
Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount 125.1 139.7  
Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount 292.5 294.3  
Managed Equity Accounts [Member]      
Defined Benefit Plan, Plan Assets, Amount [1] 117.0 131.6  
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [1] 117.0 131.6  
Managed Equity Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [1] 0.0 0.0  
Equity - Pooled Separate Account [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 32.4 38.6  
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 0.0 0.0  
Equity - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 32.4 38.6  
Fixed Income Manager - Separately Managed Accounts [Member]      
Defined Benefit Plan, Plan Assets, Amount [3] 235.7 138.9  
Fixed Income Manager - Separately Managed Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [3] 0.0 0.0  
Fixed Income Manager - Separately Managed Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [3] 235.7 138.9  
Fixed Income Manager - Government Securities [Member]      
Defined Benefit Plan, Plan Assets, Amount 8.1 [4] 8.1 [2]  
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount 8.1 [4] 8.1 [2]  
Fixed Income Manager - Government Securities [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount 0.0 [4] 0.0 [2]  
Cash - Pooled Separate Account [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 4.5 5.2  
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 0.0 0.0  
Cash - Pooled Separate Account [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2] 4.5 5.2  
Global Real Estate [Member]      
Defined Benefit Plan, Plan Assets, Amount [5] 19.9 22.4  
Global Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [5] 0.0 0.0  
Global Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [5] 19.9 22.4  
Fixed Income Manager - Pooled Separate Accounts [Member]      
Defined Benefit Plan, Plan Assets, Amount [2]   89.2  
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 1 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2]   0.0  
Fixed Income Manager - Pooled Separate Accounts [Member] | Fair Value, Inputs, Level 2 [Member]      
Defined Benefit Plan, Plan Assets, Amount [2]   89.2  
Pension Plan and SERP Plan [Member]      
Prior service cost 2.3 2.4  
Actuarial losses 122.6 118.3  
Accumulated other comprehensive losses, pretax 124.9 120.7  
Defined Benefit Plan, Plan Assets, Amount 409.5 425.9 $ 406.3
Other Postretirement Benefits Plan [Member]      
Prior service cost 0.0 0.0  
Actuarial losses 3.1 3.6  
Accumulated other comprehensive losses, pretax 3.1 3.6  
Defined Benefit Plan, Plan Assets, Amount $ 8.1 $ 8.1 $ 7.6
[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.
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan and SERP Plan [Member]      
Interest cost $ 16.1 $ 17.1 $ 14.7
Expected return on plan assets (26.8) (24.1) (28.2)
Amortization of prior service cost reclassified from accumulated other comprehensive income 0.2 0.2 0.2
Amortization of net actuarial loss reclassified from accumulated other comprehensive income 3.6 5.2 4.0
Net periodic (credit) benefit cost (6.9) (1.6) (9.3)
Less: Amortization of prior service cost reclassified from accumulated other comprehensive income (0.1) (0.2) (0.2)
Less: Amortization of actuarial loss reclassified from accumulated other comprehensive losses (0.1) (0.1) (0.2)
Less: Net loss recognized reclassified from accumulated other comprehensive losses (3.5) (5.1) (3.8)
Actuarial loss (gain) 7.9 (24.3) 53.5
Total recognized in other comprehensive income 4.2 (29.7) 49.3
Total recognized in net periodic benefit credit and other comprehensive (income) loss (2.7) (31.3) 40.0
Other Postretirement Benefits Plan [Member]      
Interest cost 0.1 0.2 0.1
Expected return on plan assets (0.2) (0.1) (0.2)
Amortization of prior service cost reclassified from accumulated other comprehensive income 0.0 0.0 0.0
Amortization of net actuarial loss reclassified from accumulated other comprehensive income 0.3 0.4 0.2
Net periodic (credit) benefit cost 0.2 0.5 0.1
Less: Amortization of prior service cost reclassified from accumulated other comprehensive income 0.0 0.0 0.0
Less: Amortization of actuarial loss reclassified from accumulated other comprehensive losses 0.0 0.0 0.0
Less: Net loss recognized reclassified from accumulated other comprehensive losses (0.3) (0.4) (0.2)
Actuarial loss (gain) (0.2) 0.8 1.0
Total recognized in other comprehensive income (0.5) 0.4 0.8
Total recognized in net periodic benefit credit and other comprehensive (income) loss $ (0.3) $ 0.9 $ 0.9
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan and SERP Plan [Member]      
Discount rate 5.64% 5.37%  
Expected return on plan assets 6.50% 6.50%  
Cash balance interest credit rate 5.42% 4.43%  
Discount rate 5.37% 5.48% 2.75%
Expected return on plan assets 6.50% 6.25% 6.25%
Cash balance interest credit rate 5.42% 4.43% 2.57%
Other Postretirement Benefits Plan [Member]      
Discount rate 5.17% 4.75%  
Expected return on plan assets 1.75% 1.75%  
Discount rate 4.75% 5.25% 2.25%
Expected return on plan assets 1.75% 1.75% 1.75%
v3.25.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Estimated Future Benefit Payments for Respective Plans (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Plan and SERP Plan [Member]  
2025, gross benefit amount $ 29.0
2026, gross benefit amount 28.6
2027, gross benefit amount 28.7
2028, gross benefit amount 27.4
2029, gross benefit amount 26.1
2030 and thereafter, gross benefit amount 118.9
Other Postretirement Benefits Plan [Member]  
2025, gross benefit amount 0.6
2025, Medicare subsidy payments 0.0
2025, net benefit amount 0.6
2026, gross benefit amount 0.5
2026, Medicare subsidy payments 0.0
2026, net benefit amount 0.5
2027, gross benefit amount 0.4
2027, Medicare subsidy payments 0.0
2027, net benefit amount 0.4
2028, gross benefit amount 0.4
2028, Medicare subsidy payments 0.0
2028, net benefit amount 0.4
2029, gross benefit amount 0.3
2029, Medicare subsidy payments 0.0
2029, net benefit amount 0.3
2030 and thereafter, gross benefit amount 1.1
2030 and thereafter, Medicare subsidy payments 0.0
2030 and thereafter, Net benefit amount $ 1.1
v3.25.0.1
Note 18 - Pension and Postretirement Benefits - Summary of Asset Allocation and Target Allocation (Details)
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Target Allocation 100.00%    
Percentage of Plan Assets 100.00%   100.00%
Equity Securities [Member]      
Target Allocation 40.00% 40.00% 40.00%
Percentage of Plan Assets 36.50%   40.00%
Debt Securities [Member]      
Target Allocation 60.00% 60.00% 60.00%
Percentage of Plan Assets 57.50%   53.50%
Real Estate [Member]      
Target Allocation 0.00%    
Percentage of Plan Assets 4.90%   5.30%
Other Contract [Member]      
Target Allocation 0.00%    
Percentage of Plan Assets 1.10%   1.20%
v3.25.0.1
Note 19 - Segment Reporting - Revenue and EBITDA by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues $ 2,881.7 $ 2,681.4 $ 2,497.0
Cost of revenues (exclusive of items shown separately below) (901.1) (876.5) (824.6)
Selling, general and administrative (408.7) (391.8) (381.5)
Other operating (loss) gain (12.1) (0.0) 354.2
Investment income (loss)     (5.3)
EBITDA from discontinued operations of the Energy business     (117.9)
EBITDA     1,521.9
EBITDA from discontinued operations of the Energy business     117.9
Depreciation and amortization of fixed assets (233.6) (206.8) (164.2)
Amortization of intangible assets (72.3) (74.6) (74.4)
Interest expense     (138.8)
Provision for income taxes (277.9) (258.8) (220.3)
Income (loss) from discontinued operations 6.8 (154.0) (87.8)
Net income 957.5 614.4 954.3
Insurance [Member]      
Revenues 2,881.7 2,681.4 2,437.0
Cost of revenues (exclusive of items shown separately below)     (781.9)
Selling, general and administrative     (347.4)
Other operating (loss) gain     0.0
Investment income (loss)     (4.7)
EBITDA from discontinued operations of the Energy business     0.0
EBITDA     1,303.0
EBITDA from discontinued operations of the Energy business     (0.0)
Energy and Specialized Markets [Member]      
Revenues     22.4
Cost of revenues (exclusive of items shown separately below)     (19.1)
Selling, general and administrative     (26.7)
Other operating (loss) gain     450.0
Investment income (loss)     (0.4)
EBITDA from discontinued operations of the Energy business     (117.9)
EBITDA     308.3
EBITDA from discontinued operations of the Energy business     117.9
Financial Services [Member]      
Revenues $ 0.0 $ 0.0 37.6
Cost of revenues (exclusive of items shown separately below)     (23.6)
Selling, general and administrative     (7.4)
Other operating (loss) gain     (95.8)
Investment income (loss)     (0.2)
EBITDA from discontinued operations of the Energy business     0.0
EBITDA     (89.4)
EBITDA from discontinued operations of the Energy business     $ (0.0)
v3.25.0.1
Note 19 - Segment Reporting - Long-lived Assets By Country (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Total long-lived assets $ 3,353.1 $ 3,556.0
UNITED STATES    
Total long-lived assets 2,303.1 2,455.7
UNITED KINGDOM    
Total long-lived assets 589.4 597.9
Other Countries [Member]    
Total long-lived assets $ 460.6 $ 502.4
v3.25.0.1
Note 20 - Related Parties (Details Textual) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction, Amounts of Transaction $ 0 $ 0
v3.25.0.1
Note 21 - Commitments and Contingencies (Details Textual) - USD ($)
Feb. 08, 2023
Jan. 30, 2023
Jun. 27, 2022
Atlas Data Privacy Corp., et al. v. Verisk Analytics, Inc. [Member]      
Loss Contingency, Damages Per Violation $ 1,000    
Ahringer et al. v. LoanDepot, Inc. and Verisk Analytics [Member]      
Loss Contingency, Aggregate Claims of Proposed Class   $ 5,000,000  
Williams v. DDR Merida, LLC and Lead Intelligence, Inc. [Member]      
Loss Contingency, Damages Per Violation     $ 5,000
v3.25.0.1
Note 22 - Subsequent Events (Details Textual) - USD ($)
$ / shares in Units, $ in Billions
 1 Months Ended 3 Months Ended 12 Months Ended 24 Months Ended
Feb. 19, 2025
Jan. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)               203,884 211,945 653,802  
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)       $ 0.39 $ 0.39 $ 0.39 $ 0.39        
Subsequent Event [Member]                      
Common Stock, Dividends, Per Share, Declared (in dollars per share)     $ 0.45                
Stock Repurchase Program, Additional Authorized Amount $ 1                    
Nonqualified Stock Option [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   4 years                  
Nonqualified Stock Option [Member] | Key Employees [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)   212,590                  
Restricted Stock [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                 194,236 201,617 155,304
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)               4 years      
Restricted Stock [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   4 years                  
Restricted Stock [Member] | Key Employees [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)   125,835                  
Performance Shares [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)                 48,486 111,333 47,838
Performance Shares [Member] | Key Employees [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)   46,225                  
TSR Based PSUs [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)   28,822                  
ROIC Based PSUs [Member] | Subsequent Event [Member]                      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)   17,403                  
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
Balance $ 15.1 $ 14.3 $ 15.4
Charged to Expenses / Against Revenue [1] 13.3 8.7 6.4
Deductions - Write-offs [2] (5.9) (7.9) (7.5)
Balance 22.5 15.1 14.3
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member]      
Balance 5.6 45.3 38.3
Charged to Expenses / Against Revenue [1] 1.1 1.2 41.2
Deductions - Write-offs [2] (2.5) (40.9) (34.2)
Balance $ 4.2 $ 5.6 $ 45.3
[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