Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EFX | ||
Entity Registrant Name | EQUIFAX INC | ||
Entity Central Index Key | 33,185 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 118,706,565 | ||
Entity Public Float | $ 11,479,281,498 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Operating revenue | $ 2,663.6 | $ 2,436.4 | $ 2,303.9 |
Operating expenses: | |||
Cost of services (exclusive of depreciation and amortization below) | 887.4 | 844.7 | 787.3 |
Selling, general and administrative expenses | 884.3 | 751.7 | 715.8 |
Depreciation and amortization | 198 | 201.8 | 189.6 |
Total operating expenses | 1,969.7 | 1,798.2 | 1,692.7 |
Operating income | 693.9 | 638.2 | 611.2 |
Interest expense | (63.8) | (68.6) | (70.2) |
Other income (expense), net | 6.5 | 4.6 | (10.6) |
Consolidated income from continuing operations before income taxes | 636.6 | 574.2 | 530.4 |
Provision for income taxes | (201.8) | (200.2) | (188.9) |
Consolidated income from continuing operations | 434.8 | 374 | 341.5 |
Income from discontinued operations, net of tax | 0 | 0 | 18.4 |
Consolidated net income | 434.8 | 374 | 359.9 |
Less: Net income attributable to noncontrolling interests | (5.7) | (6.6) | (8.1) |
Net income attributable to Equifax | 429.1 | 367.4 | 351.8 |
Amounts attributable to Equifax: | |||
Net income from continuing operations attributable to Equifax | 429.1 | 367.4 | 333.4 |
Discontinued operations, net of tax | 0 | 0 | 18.4 |
Net income attributable to Equifax | $ 429.1 | $ 367.4 | $ 351.8 |
Basic earnings per share: | |||
Income from continuing operations attributable to Equifax | $ 3.61 | $ 3.03 | $ 2.75 |
Discontinued operations | 0 | 0 | 0.15 |
Net income attributable to Equifax | $ 3.61 | $ 3.03 | $ 2.90 |
Weighted-average shares used in computing basic earnings per share | 118.7 | 121.2 | 121.2 |
Diluted earnings per share: | |||
Income from continuing operations attributable to Equifax | $ 3.55 | $ 2.97 | $ 2.69 |
Discontinued operations | 0 | 0 | 0.15 |
Net income attributable to Equifax | $ 3.55 | $ 2.97 | $ 2.84 |
Weighted-average shares used in computing diluted earnings per share | 120.9 | 123.5 | 123.7 |
Dividends per share | $ 1.16 | $ 1 | $ 0.88 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income (Loss) Attributable to Parent | $ 429.1 | $ 367.4 | $ 351.8 |
Net income | 434.8 | 374 | 359.9 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (74.2) | (64.6) | (27.8) |
Change in unrecognized prior service cost and actuarial gains (losses) related to our pension and other postretirement benefit plans, net | 17.5 | (61.1) | 74.2 |
Change in cumulative loss from cash flow hedging transactions | 0.2 | 0.1 | 0.1 |
Comprehensive income | 378.3 | 248.4 | 406.4 |
Equifax Shareholders | |||
Net Income (Loss) Attributable to Parent | 429.1 | 367.4 | 351.8 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (67.1) | (61.8) | (24.9) |
Change in unrecognized prior service cost and actuarial gains (losses) related to our pension and other postretirement benefit plans, net | 17.5 | (61.1) | 74.2 |
Change in cumulative loss from cash flow hedging transactions | 0.2 | 0.1 | 0.1 |
Comprehensive income | 379.7 | 244.6 | 401.2 |
Noncontrolling Interests | |||
Net income | 5.7 | 6.6 | 8.1 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (7.1) | (2.8) | (2.9) |
Change in unrecognized prior service cost and actuarial gains (losses) related to our pension and other postretirement benefit plans, net | 0 | 0 | 0 |
Change in cumulative loss from cash flow hedging transactions | 0 | 0 | 0 |
Comprehensive income | $ (1.4) | $ 3.8 | $ 5.2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 93.3 | $ 128.3 | |
Trade accounts receivable, net of allowance for doubtful accounts of $7.5 and $7.2 at December 31, 2015 and 2014, respectively | 349.8 | 337.2 | |
Prepaid expenses | 39.3 | 35.7 | |
Other current assets | 79.2 | 89.3 | |
Total current assets | 561.6 | 590.5 | |
Property and equipment: | |||
Capitalized internal-use software and system costs | 212.5 | 257.3 | |
Data processing equipment and furniture | 247.8 | 203.3 | |
Land, buildings and improvements | 194.6 | 194.8 | |
Total property and equipment | 654.9 | 655.4 | |
Less accumulated depreciation and amortization | (288.1) | (354.8) | |
Total property and equipment, net | 366.8 | 300.6 | |
Goodwill | 2,571 | 2,606.8 | [1] |
Indefinite-lived intangible assets | 94.7 | 95.2 | |
Purchased intangible assets, net | 827.9 | 953.9 | |
Other assets, net | 87 | 114 | |
Total assets | 4,509 | 4,661 | |
Current liabilities: | |||
Short-term debt and current maturities | 49.3 | 380.4 | |
Accounts payable | 40.6 | 20.3 | |
Accrued expenses | 112.7 | 85.5 | |
Accrued salaries and bonuses | 139.2 | 101.9 | |
Deferred revenue | 96.8 | 73.4 | |
Other current liabilities | 165.2 | 161.6 | |
Total current liabilities | 603.8 | 823.1 | |
Long-term debt | 1,145.9 | 1,145.7 | |
Deferred income tax liabilities, net | 205.5 | 228.3 | |
Long-term pension and other postretirement benefit liabilities | 146.4 | 173 | |
Other long-term liabilities | 57 | 56.3 | |
Total liabilities | $ 2,158.6 | $ 2,426.4 | |
Commitments and Contingencies (see Note 7) | |||
Equifax shareholders' equity: | |||
Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none | $ 0 | $ 0 | |
Common stock, $1.25 par value: Authorized shares - 300.0; Issued shares - 189.3 at December 31, 2015 and 2014; Outstanding shares - 118.7 and 119.4 at December 31, 2015 and 2014, respectively | 236.6 | 236.6 | |
Paid-in capital | 1,260.5 | 1,201.7 | |
Retained earnings | 3,834.4 | 3,554.8 | |
Accumulated other comprehensive loss | (484.8) | (435.4) | |
Treasury stock, at cost, 70.0 shares and 69.3 shares at December 31, 2015 and 2014, respectively | (2,529.9) | (2,351.7) | |
Stock held by employee benefits trusts, at cost, 0.6 shares at December 31, 2015 and 2014 | (5.9) | (5.9) | |
Total Equifax shareholders' equity | 2,310.9 | 2,200.1 | |
Noncontrolling interests | 39.5 | 34.5 | |
Total equity | 2,350.4 | 2,234.6 | |
Total liabilities and equity | $ 4,509 | $ 4,661 | |
[1] | (1)The December 31, 2014 and 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2014, the Personal Solutions goodwill includes $49.3 million and $88.8 million of goodwill from the USIS and International segments, respectively. As of December 31, 2013, the Personal Solutions goodwill includes $49.3 million and $93.8 million of goodwill from the USIS and International segments, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 7.5 | $ 7.2 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 10 | 10 |
Preferred stock, issued shares | 0 | 0 |
Common stock, par value | $ 1.25 | $ 1.25 |
Common stock, authorized shares | 300 | 300 |
Common stock, issued shares | 189.3 | 189.3 |
Common stock, outstanding shares | 118.7 | 119.4 |
Treasury stock, shares | 70 | 69.3 |
Stock held by employee benefits trusts, shares | 0.6 | 0.6 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS BRL in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Operating activities: | |||
Consolidated net income | $ 434.8 | $ 374 | $ 359.9 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |||
Gain on divestitures | 0 | 0 | (19) |
Impairment of cost method investment | 14.8 | 0 | 17 |
Depreciation and amortization | 200 | 204.2 | 190.3 |
Stock-based compensation expense | 38.4 | 38.1 | 32.2 |
Excess tax benefits from stock-based compensation plans | (30) | (17.7) | (14.6) |
Deferred income taxes | (28.7) | (9.6) | (9.7) |
Changes in assets and liabilities, excluding effects of acquisitions: | |||
Accounts receivable, net | (26.9) | (27.8) | (2.4) |
Prepaid expenses and other current assets | 10.8 | (5.2) | (4.2) |
Other assets | 5.1 | (0.6) | 7.1 |
Current liabilities, excluding debt | 118.5 | 54.3 | 2.1 |
Other long-term liabilities, excluding debt | 5.3 | 6.5 | 10.3 |
Cash provided by operating activities | 742.1 | 616.2 | 569 |
Investing activities: | |||
Capital expenditures | (146.2) | (86.4) | (83.3) |
Acquisitions, net of cash acquired | (4.4) | (341) | (91.4) |
Cash received from divestitures | 2.9 | 0.6 | 47.5 |
Investment in unconsolidated affiliates, net | (0.1) | (2.5) | (9.1) |
Cash used in investing activities | (147.8) | (429.3) | (136.3) |
Financing activities: | |||
Net short-term borrowings (repayments) | (331) | 379.9 | (267.3) |
Payments on long-term debt | 0 | (290) | (15) |
Treasury stock purchases | (196.3) | (301.6) | (11.9) |
Dividends paid to Equifax shareholders | (137.8) | (121.2) | (106.7) |
Dividends paid to noncontrolling interests | (6.4) | (7.9) | (10.5) |
Proceeds from exercise of stock options | 34.4 | 39.7 | 47.8 |
Excess tax benefits from stock-based compensation plans | 30 | 17.7 | 14.6 |
Contributions from noncontrolling interests | 0 | 0 | 16.7 |
Debt issuance costs | (4.9) | 0 | (0.8) |
Cash (used in) provided by financing activities | (612) | (283.4) | (333.1) |
Effect of foreign currency exchange rates on cash and cash equivalents | (17.3) | (11.1) | (10.5) |
(Decrease) Increase in cash and cash equivalents | (35) | (107.6) | 89.1 |
Cash and cash equivalents, beginning of period | 128.3 | 235.9 | 146.8 |
Cash and cash equivalents, end of period | $ 93.3 | $ 128.3 | $ 235.9 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND OTHER COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Stock Held By Employee Benefits Trusts | Noncontrolling Interests | Common Stock Repurchase Program | Common Stock Repurchase ProgramCommon Stock | Common Stock Repurchase ProgramTreasury Stock | ||
Beginning Balance (in shares) at Dec. 31, 2012 | 120.4 | ||||||||||||
Beginning Balance at Dec. 31, 2012 | $ 1,959.2 | $ 236.6 | $ 1,139.6 | $ 3,064.6 | $ (362) | $ (2,139.7) | $ (5.9) | $ 26 | |||||
Other comprehensive income: | |||||||||||||
Net income | 359.9 | 351.8 | 8.1 | ||||||||||
Other comprehensive income (loss) | 46.5 | 49.4 | (2.9) | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 1.7 | ||||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | 38.1 | (12.3) | 50.4 | ||||||||||
Treasury stock purchased (in shares) | [1] | (0.2) | |||||||||||
Treasury stock purchased | [1] | $ (11.9) | $ (11.9) | ||||||||||
Cash dividends | (107.2) | (107.2) | |||||||||||
Dividends paid to employee benefits trusts | 0.5 | 0.5 | |||||||||||
Stock-based compensation expense | 32.2 | 32.2 | |||||||||||
Tax effects of stock-based compensation plans | 14.6 | 14.6 | |||||||||||
Dividends paid to noncontrolling interests | (10.5) | (10.5) | |||||||||||
Contributions from noncontrolling interests | 16.7 | 16.7 | |||||||||||
Other | 2.9 | 2.9 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2013 | 121.9 | ||||||||||||
Ending Balance at Dec. 31, 2013 | 2,341 | $ 236.6 | 1,174.6 | 3,309.2 | (312.6) | (2,101.2) | (5.9) | 40.3 | |||||
Other comprehensive income: | |||||||||||||
Net income | 374 | 367.4 | 6.6 | ||||||||||
Other comprehensive income (loss) | (125.6) | (122.8) | (2.8) | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 1.4 | ||||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | 26.9 | (12.8) | 39.7 | ||||||||||
Treasury stock purchased (in shares) | [1] | (3.9) | |||||||||||
Treasury stock purchased | [1] | (290.2) | (290.2) | ||||||||||
Cash dividends | (121.8) | (121.8) | |||||||||||
Dividends paid to employee benefits trusts | 0.6 | 0.6 | |||||||||||
Stock-based compensation expense | 38.1 | 38.1 | |||||||||||
Tax effects of stock-based compensation plans | 17.7 | 17.7 | |||||||||||
Dividends paid to noncontrolling interests | (7.9) | (7.9) | |||||||||||
Contributions from noncontrolling interests | 0 | ||||||||||||
Purchases of noncontrolling interests | 7.4 | (5) | (2.4) | ||||||||||
Other | (10.8) | (11.5) | [2] | 0.7 | |||||||||
Ending Balance (in shares) at Dec. 31, 2014 | 119.4 | ||||||||||||
Ending Balance at Dec. 31, 2014 | 2,234.6 | $ 236.6 | 1,201.7 | 3,554.8 | (435.4) | (2,351.7) | (5.9) | 34.5 | |||||
Other comprehensive income: | |||||||||||||
Net income | 434.8 | 429.1 | 5.7 | ||||||||||
Other comprehensive income (loss) | (56.5) | (49.4) | (7.1) | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 1.4 | ||||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | 7.8 | (21.8) | 29.6 | ||||||||||
Treasury stock purchased (in shares) | [1] | (2.1) | |||||||||||
Treasury stock purchased | [1] | $ (207.8) | $ (207.8) | ||||||||||
Cash dividends | (138.4) | (138.4) | |||||||||||
Dividends paid to employee benefits trusts | 0.6 | 0.6 | |||||||||||
Stock-based compensation expense | 38.4 | 38.4 | |||||||||||
Tax effects of stock-based compensation plans | 30 | 30 | |||||||||||
Contributions from noncontrolling interests, noncash | 1.5 | 1.5 | |||||||||||
Dividends paid to noncontrolling interests | (6.4) | (6.4) | |||||||||||
Contributions from noncontrolling interests | 0 | ||||||||||||
Redeemable noncontrolling interest adjustment | 0 | (11.1) | 11.1 | ||||||||||
Purchases of noncontrolling interests | 0.3 | 0.1 | 0.2 | ||||||||||
Other | [2] | 11.5 | 11.5 | 0 | |||||||||
Ending Balance (in shares) at Dec. 31, 2015 | 118.7 | ||||||||||||
Ending Balance at Dec. 31, 2015 | $ 2,350.4 | $ 236.6 | $ 1,260.5 | $ 3,834.4 | $ (484.8) | $ (2,529.9) | $ (5.9) | $ 39.5 | |||||
[1] | At December 31, 2015, $667.2 million was authorized for future repurchases of our common stock. | ||||||||||||
[2] | At December 31, 2014, the paid-in capital includes the $11.5 million holdback related to the accelerated share repurchase program discussed in Note 1. At December 31, 2015, the paid-in capital reflects the $11.5 million settlement of the accelerated share repurchase program discussed in Note 1. |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY AND OTHER COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash dividends, per share | $ 1.16 | $ 1 | $ 0.88 |
Common stock authorized amount for future purchases | $ 667.2 | ||
Common Stock Repurchase Program | |||
Treasury stock purchased, per share | $ 94.97 | $ 76.55 | $ 59.74 |
Accelerated Share Repurchase Program | |||
Accelerated Share Repurchase Program, Adjustment | $ (11.5) | $ 11.5 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation | $ (237.4) | $ (170.3) | $ (108.5) |
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans net of accumulated tax of $138.2, $150.1 and $115.3 in 2015, 2014 and 2013, respectively | (245.8) | (263.3) | (202.2) |
Cash flow hedging transactions, net of tax of $1.0, $1.1 and $1.2 in 2015, 2014 and 2013, respectively | (1.6) | (1.8) | (1.9) |
Accumulated other comprehensive loss | $ (484.8) | $ (435.4) | $ (312.6) |
Accumulated Other Comprehensi10
Accumulated Other Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Unrecognized actuarial losses and prior service cost related to pension and other postretirement benefit plans, accumulated tax | $ 138.2 | $ 150.1 | $ 115.3 |
Cash flow hedging transactions, tax | $ 1 | $ 1.1 | $ 1.2 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc. Nature of Operations. We collect, organize and manage various types of financial, demographic, employment and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of December 31, 2015 , we operated in the following countries: Argentina, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay, and the United States of America, or U.S. We also maintain support operations in the Republic of Ireland. We have an investment in a consumer and commercial credit information company in Brazil and offer consumer credit services in India and Russia through joint ventures. We develop, maintain and enhance secured proprietary information databases through the compilation of actual consumer data, including credit, employment, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, public record information (including bankruptcies, liens and judgments), income and tax information primarily from large to mid-sized companies in the U.S., and survey-based marketing information. We process this information utilizing our proprietary information management systems.We also provide information, technology and services to support debt collections and recovery management. Basis of Consolidation. Our Consolidated Financial Statements and the accompanying notes, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, include Equifax and all its subsidiaries. We consolidate all majority-owned and controlled subsidiaries as well as variable interest entities in which we are the primary beneficiary. Other parties’ interests in consolidated entities are reported as noncontrolling interests. We use the equity method of accounting for investments in which we are able to exercise significant influence and use the cost method for all other investments. All significant intercompany transactions and balances are eliminated. Our Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented therein. Segments. We manage our business and report our financial results through the following four reportable segments, which are our operating segments: • U.S. Information Solutions, or USIS • International • Workforce Solutions • Personal Solutions USIS is our largest reportable segment, with 44% of total operating revenue for 2015. Our most significant foreign operations are located in the U.K. and Canada. Use of Estimates. The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions in accordance with GAAP. Accordingly, we make these estimates and assumptions after exercising judgment. We believe that the estimates and assumptions inherent in our Consolidated Financial Statements are reasonable, based upon information available to us at the time they are made including the consideration of events that have occurred up until the point these Consolidated Financial Statements have been filed. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. Revenue Recognition and Deferred Revenue. Revenue is recognized when persuasive evidence of an arrangement exists, collectibility of arrangement consideration is reasonably assured, the arrangement fees are fixed or determinable and delivery of the product or service has been completed. A significant portion of our revenue is derived from the provision of information services to our customers on a transaction basis, in which case revenue is recognized, assuming all other revenue recognition criteria are met, when the services are provided. A smaller portion of our revenues relates to subscription-based contracts under which a customer pays a preset fee for a predetermined or unlimited number of transactions or services provided during the subscription period, generally one year. Revenue related to subscription-based contracts having a preset number of transactions is recognized as the services are provided, using an effective transaction rate as the actual transactions are completed. Any remaining revenue related to unfulfilled units is not recognized until the end of the related contract’s subscription period. Revenue related to subscription-based contracts having an unlimited volume is recognized ratably during the contract term. Revenue is recorded net of sales taxes. If at the outset of an arrangement, we determine that collectibility is not reasonably assured, revenue is deferred until the earlier of when collectibility becomes probable or the receipt of payment. If there is uncertainty as to the customer’s acceptance of our deliverables, revenue is not recognized until the earlier of receipt of customer acceptance or expiration of the acceptance period. If at the outset of an arrangement, we determine that the arrangement fee is not fixed or determinable, revenue is deferred until the arrangement fee becomes fixed or determinable, assuming all other revenue recognition criteria have been met. The determination of certain of our tax management services revenue requires the use of estimates, principally related to transaction volumes in instances where these volumes are reported to us by our clients on a monthly basis in arrears. In these instances, we estimate transaction volumes based on average actual volumes reported in the past. Differences between our estimates and actual final volumes reported are recorded in the period in which actual volumes are reported. We have not experienced significant variances between our estimates and actual reported volumes in the past. We monitor actual volumes to ensure that we will continue to make reasonable estimates in the future. If we determine that we are unable to make reasonable future estimates, revenue may be deferred until actual customer data is obtained. Also within our Workforce Solutions operating segment, the fees for certain of our tax credits and incentives revenue are based on a portion of the credit delivered to our clients. Revenue for these arrangements is recognized based on the achievement of milestones, upon calculation of the credit, or when the credit is utilized by our client, depending on the provisions of the client contract. We have certain offerings that are sold as multiple element arrangements. The multiple elements may include consumer or commercial information, file updates for certain solutions, services provided by our decisioning technologies personnel, training services, statistical models and other services. To account for each of these elements separately, the delivered elements must have stand-alone value to our customer. For certain customer contracts, the total arrangement fee is allocated to the undelivered elements. If we are unable to unbundle the arrangement into separate units of accounting, we apply one of the accounting policies described above. This may lead to the arrangement consideration being recognized as the final contract element is delivered to our customer or ratably over the contract. Many of our multiple element arrangements involve the delivery of services generated by a combination of services provided by one or more of our operating segments. No individual information service impacts the value or usage of other information services included in an arrangement and each service can be sold alone or, in most cases, purchased from another vendor without affecting the quality of use or value to the customer of the other information services included in the arrangement. Some of our products require the development of interfaces or platforms by our decisioning technologies personnel that allow our customers to interact with our proprietary information databases. These development services do not meet the requirement for having stand-alone value, thus any related development fees are deferred when billed and are recognized over the expected period that the customer will benefit from the related decisioning technologies service. Revenue from the provision of statistical models is recognized as the service is provided and accepted, assuming all other revenue recognition criteria are met. The direct costs of set up of a customer are capitalized and amortized as a cost of service during the term of the related customer contract. We have some multiple element arrangements that include software. We recognize the elements for which we have established vendor specific objective evidence at fair value upon delivery, in accordance with the applicable guidance. We record revenue on a net basis for those sales in which we have in substance acted as an agent or broker in the transaction. The debt collections and recovery management revenue is calculated as a percentage of debt collected on behalf of the customer and, as such, is primarily recognized when the cash is collected assuming all other revenue recognition criteria are met. Deferred revenue consists of amounts billed in excess of revenue recognized on sales of our information services relating generally to the deferral of subscription fees and arrangement consideration from elements not meeting the criteria for having stand-alone value discussed above. Deferred revenues are subsequently recognized as revenue in accordance with our revenue recognition policies. Cost of Services. Cost of services consist primarily of (1) data acquisition and royalty fees; (2) customer service costs, which include: personnel costs to collect, maintain and update our proprietary databases, to develop and maintain software application platforms and to provide consumer and customer call center support; (3) hardware and software expense associated with transaction processing systems; (4) telecommunication and computer network expense; and (5) occupancy costs associated with facilities where these functions are performed by Equifax employees. Selling, General and Administrative Expenses. Selling, general and administrative expenses consist primarily of personnel-related costs, restructuring costs, corporate costs, fees for professional and consulting services, advertising costs, and other costs of administration. Advertising. Advertising costs from continuing operations, which are expensed as incurred, totaled $65.1 million , $57.1 million and $57.5 million during 2015, 2014 and 2013, respectively. Stock-Based Compensation. We recognize the cost of stock-based payment transactions in the financial statements over the period services are rendered according to the fair value of the stock-based awards issued. All of our stock-based awards, which are stock options and nonvested stock, are classified as equity instruments. Income Taxes. We account for income taxes under the liability method. Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. We assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred tax assets. We record a valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized. We record tax benefits for positions that we believe are more likely than not of being sustained under audit examinations. We assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes on our Consolidated Statements of Income. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates or when statutory terms expire. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. Earnings Per Share. Our basic earnings per share, or EPS, is calculated as net income divided by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. The net income amounts used in both our basic and diluted EPS calculations are the same. A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Weighted-average shares outstanding (basic) 118.7 121.2 121.2 Effect of dilutive securities: Stock options and restricted stock units 2.2 2.3 2.5 Weighted-average shares outstanding (diluted) 120.9 123.5 123.7 For the twelve months ended December 31, 2015 , 2014 and 2013 , 0.1 million , 0.1 million and 0.1 million stock options, respectively, were anti-dilutive and therefore excluded from this calculation. Accelerated Share Repurchase Program. On October 24, 2014, we entered into an accelerated share repurchase (“ASR”) program to repurchase shares of our common stock under our approved share repurchase program. Under the ASR program, the number of shares to be repurchased is based generally on the daily volume weighted average price of our common stock during the term of the ASR program. On October 24, 2014, we paid $115 million in exchange for an initial delivery of 1.4 million shares to us, subject to a 10% , or $11.5 million , holdback. The maximum number of shares to be received or delivered under the contracts was 3.2 million . The ASR program was accounted for as an initial treasury stock transaction and a forward stock purchase contract. The initial repurchase of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share on the effective date of the agreement. The forward stock purchase contracts are classified as equity instruments under ASC 815-40 for “Contracts in Entity's Own Equity,” and were deemed to have a fair value of zero at the effective date. On February 4, 2015, we settled the ASR and received approximately 0.02 million shares. Cash Equivalents. We consider all highly-liquid investments with an original maturity of three months or less to be cash equivalents. Trade Accounts Receivable and Allowance for Doubtful Accounts. We do not recognize interest income on our trade accounts receivable. Additionally, we generally do not require collateral from our customers related to our trade accounts receivable. The allowance for doubtful accounts for estimated losses on trade accounts receivable is based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in an adverse financial condition. We reassess the adequacy of the allowance for doubtful accounts each reporting period. Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income. Bad debt expense from continuing operations was $4.3 million , $2.5 million and $2.8 million during the twelve months ended December 31, 2015 , 2014 , and 2013 , respectively. Other Current Assets. Other current assets on our Consolidated Balance Sheets includes amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of December 31, 2015 and 2014 , respectively, these assets were approximately $30.2 million and $50.8 million with fully offsetting balances in other current liabilities. These amounts are restricted as to their current use, and will be released according to the specific customer agreements. Other current assets also include foreign currency options, receivables related to life insurance policies covering certain officers of the Company, deferred charges, as well as certain current tax accounts. Long-Lived Assets. Property and equipment are stated at cost less accumulated depreciation and amortization. The cost of additions is capitalized. Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives, which are generally three to ten years for data processing equipment and capitalized internal-use software and systems costs. Leasehold improvements are depreciated over the shorter of their estimated useful lives or lease terms that are reasonably assured. Buildings are depreciated over a forty -year period. Other fixed assets are depreciated over three to seven years. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized and included in income from operations on the Consolidated Statements of Income, with the classification of any gain or loss dependent on the characteristics of the asset sold or retired. Certain internal-use software and system development costs are capitalized. Accordingly, the specifically identified costs incurred to develop or obtain software, which is intended for internal use are not capitalized until the determination is made as to the availability of a technically feasible solution to solve the predefined user and operating performance requirements as established during the preliminary stage of an internal-use software development project. Costs incurred during a software development project’s preliminary stage and post-implementation stage are expensed as incurred. Application development activities that are eligible for capitalization include software design and configuration, development of interfaces, coding, testing, and installation. Capitalized internal-use software and systems costs are subsequently amortized on a straight-line basis over a three - to ten -year period after project completion and when the related software or system is ready for its intended use. Depreciation and amortization expense from continuing operations related to property and equipment was $75.7 million , $71.7 million and $71.2 million during the twelve months ended December 31, 2015 , 2014 , and 2013 , respectively. Industrial Revenue Bonds. Pursuant to the terms of certain industrial revenue bonds, we have transferred title to certain of our fixed assets with total costs of $108.5 million and $92.3 million as of December 31, 2015 and 2014 , respectively, to a local governmental authority in the U.S. to receive a property tax abatement related to economic development. The title to these assets will revert back to us upon retirement or cancellation of the applicable bonds. These fixed assets are still recognized in the Company’s Consolidated Balance Sheets as all risks and rewards remain with the Company. Impairment of Long-Lived Assets. We monitor the status of our long-lived assets in order to determine if conditions exist or events and circumstances indicate that an asset group may be impaired in that its carrying amount may not be recoverable. Significant factors that are considered that could be indicative of an impairment include: changes in business strategy, market conditions or the manner in which an asset group is used; underperformance relative to historical or expected future operating results; and negative industry or economic trends. If potential indicators of impairment exist, we estimate recoverability based on the asset group’s ability to generate cash flows greater than the carrying value of the asset group. We estimate the undiscounted future cash flows arising from the use and eventual disposition of the related long-lived asset group. If the carrying value of the long-lived asset group exceeds the estimated future undiscounted cash flows, an impairment loss is recorded based on the amount by which the asset group’s carrying amount exceeds its fair value. We utilize estimates of discounted future cash flows to determine the asset group’s fair value. We did not record any impairment losses of long-lived assets in any of the periods presented. Goodwill and Indefinite-Lived Intangible Assets. Goodwill represents the cost in excess of the fair value of the net assets of acquired businesses. Goodwill is not amortized. We are required to test goodwill for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of September 30 each year. Under ASC 350, we have an option to perform a “qualitative” assessment of our reporting units to determine whether further impairment testing is necessary. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For reporting units that we determine meet these criteria, we perform a qualitative assessment. In this qualitative assessment, we consider the following items for each of the reporting units: macroeconomic conditions, industry and market conditions, overall financial performance and other entity specific events. In addition, for each of these reporting units, the most recent fair value determination results in an amount that significantly exceeds the carrying amount of the reporting units. Based on these assessments, we determine whether the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is not more likely than not. If it is determined it is not more likely than not, no further testing is required. If further testing is required, we continue with the quantitative impairment test. In analyzing goodwill for potential impairment in the quantitative impairment test, we use a combination of the income and market approaches to estimate the reporting unit’s fair value. Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows. The assumptions we use are based on what we believe a hypothetical marketplace participant would use in estimating fair value. Under the market approach, we estimate the fair value based on market multiples of revenue or earnings before interest, income taxes, depreciation and amortization for benchmark companies. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its implied value. Indefinite-lived reacquired rights represent the value of rights which we had granted to various affiliate credit reporting agencies that were reacquired in the U.S. and Canada. A portion of our reacquired rights are perpetual in nature and, therefore, the useful lives are considered indefinite in accordance with the accounting guidance in place at the time of the acquisitions. Indefinite-lived intangible assets are not amortized. We are required to test indefinite-lived intangible assets for impairment annually and whenever events and circumstances indicate that there may be an impairment of the asset value. Our annual impairment test date is September 30. We perform the impairment test for our indefinite-lived intangible assets by first assessing qualitative factors to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that we need to perform a quantitative impairment test, we compare the asset’s fair value to its carrying value. We estimate the fair value based on projected discounted future cash flows. An impairment charge is recognized if the asset’s estimated fair value is less than its carrying value. We completed our annual impairment testing for goodwill and indefinite-lived intangible assets during the twelve months ended December 31, 2015 , 2014 and 2013 , and we determined that there was no impairment in any of these years. Purchased Intangible Assets. Purchased intangible assets represent the estimated fair value of acquired intangible assets used in our business. Purchased data files represent the estimated fair value of consumer credit files acquired primarily through the purchase of independent credit reporting agencies in the U.S. and Canada. We expense the cost of modifying and updating credit files in the period such costs are incurred. We amortize purchased data files, which primarily consist of acquired credit files, on a straight-line basis. All of our other purchased intangible assets are also amortized on a straight-line basis. Asset Useful Life (In years) Purchased data files 2 to 15 Acquired software and technology 1 to 10 Non-compete agreements 1 to 5 Proprietary database 6 to 10 Customer relationships 2 to 25 Trade names 3 to 15 Reacquired rights represent the value of rights which we had granted to Computer Sciences Corporation that were reacquired in connection with the acquisition of CSC Credit Services in the fourth quarter of 2012 based on the accounting guidance in place at that time. These reacquired rights are being amortized over the remaining term of the affiliation agreement on a straight-line basis until August 1, 2018. Other Assets. Other assets on our Consolidated Balance Sheets primarily represents our investment in unconsolidated affiliates, our cost method investment in Boa Vista Servicos (“BVS”), assets related to life insurance policies covering certain officers of the Company, employee benefit trust assets, and debt issuance costs. Impairment of Cost Method Investment . We monitor the status of our cost method investment in order to determine if conditions exist or events and circumstances indicate that it may be impaired in that its carrying amount may exceed the fair value of the investment. Significant factors that are considered that could be indicative of an impairment include: changes in business strategy, market conditions, underperformance relative to historical or expected future operating results; and negative industry or economic trends. If potential indicators of impairment exist, we estimate the fair value of the investment using a combination of a discounted cash flow analysis and an evaluation of EBITDA and transaction multiples for comparable companies. If the carrying value of the investment exceeds the estimated fair value, an impairment loss is recorded based on the amount by which the investment’s carrying amount exceeds its fair value. There were no indicators of impairment for 2014. We recorded an impairment of our cost method investment in 2015 and 2013. See Note 2 for further discussion. Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of the offset to other current assets, related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. These funds were approximately $30.2 million and $50.8 million as of December 31, 2015 and 2014 , respectively. These amounts are restricted as to their current use, and will be released according to the specific customer agreements. Other current liabilities also include various accrued expenses such as interest expense, accrued employee benefits, accrued taxes, accrued payroll, and accrued legal expenses. Benefit Plans. We sponsor various pension and defined contribution plans. We also maintain certain healthcare and life insurance benefit plans for eligible retired U.S. employees. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using several actuarial assumptions, the most significant of which are the discount rate and the expected return on plan assets. Our Consolidated Balance Sheets reflect the funded status of the pension and other postretirement plans. Foreign Currency Translation. The functional currency of each of our foreign operating subsidiaries is that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end rate of exchange and revenue and expenses at the monthly average rates during the year. We record the resulting translation adjustment in other comprehensive income, a component of shareholders’ equity. We also record gains and losses resulting from the translation of intercompany balances of a long-term investment nature in accumulated other comprehensive loss. In the year ended December 31, 2015 , we recorded $2.0 million of foreign currency transaction gains. In the year ended December 31, 2014 and December 31, 2013, we recorded $7.0 million and $6.8 million of foreign currency transaction losses, respectively. Financial Instruments. Our financial instruments consist primarily of cash and cash equivalents, accounts and notes receivable, accounts payable and short and long-term debt. The carrying amounts of these items, other than long-term debt, approximate their fair market values due to the short-term nature of these instruments. The fair value of our fixed-rate debt is determined using Level 2 inputs such as quoted market prices for publicly traded instruments, and for non-publicly traded instruments through valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk. As of December 31, 2015 and 2014 , the fair value of our fixed-rate debt was $1.2 billion and $1.3 billion , respectively, compared to its carrying value of $1.1 billion and $1.1 billion , respectively, based on recent trading prices. Derivatives and Hedging Activities. Although derivative financial instruments are not utilized for speculative purposes or as the Company’s primary risk management tool, derivatives have been used as a risk management tool to hedge the Company’s exposure to changes in interest rates and foreign exchange rates. We have used interest rate swaps and interest rate lock agreements to manage interest rate risk associated with our fixed and floating-rate borrowings. Forward contracts on various foreign currencies have been used to manage the foreign currency exchange rate risk of certain firm commitments denominated in foreign currencies. We recognize all derivatives on the balance sheet at fair value. Derivative valuations reflect the value of the instrument including the value associated with any material counterparty risk. Economic Hedges. In December 2015, in anticipation of the Veda acquisition, we purchased foreign currency options to buy Australian dollars with a weighted average strike price of $0.7225 and a notional value of 1.0 billion Australian dollars. These foreign currency options ("options") were designed to act as economic hedges |
COST METHOD INVESTMENT
COST METHOD INVESTMENT | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
COST METHOD INVESTMENT | COST METHOD INVESTMENT We hold a 15% equity interest in BVS, which is the second largest consumer and commercial credit information company in Brazil. This investment is recorded in other assets, net, on the Consolidated Balance Sheets and is accounted for using the cost method. As of December 31, 2012, our investment in BVS was valued at 130 million Brazilian Reais, which was the same as the initial fair value. The initial fair value was determined by a third-party using income, market and transaction approaches. During the fourth quarter of 2013, management of BVS updated financial projections in connection with a request for additional financing. The financial projections reflected the effects of reduced near-term market expectations for consumer credit and for credit information services in Brazil and increased investment to achieve the strategic objectives and capitalize on future market opportunities, such as positive data, resulting in reduced expected cash flows. The request for financing, the projections received, along with the near-term weakness in the Brazilian consumer and small commercial credit markets were considered indicators of impairment. Management of Equifax performed an analysis to estimate the fair value of our investment at December 31, 2013 and estimated that value to be 90 million Reais ( $38.2 million ). As a result, we wrote-down the carrying value of our investment and recorded a loss of 40 million Reais ( $17.0 million ) which is included in other income (expense) in the Consolidated Statements of Income. At December 31, 2014, we estimated the fair value of the investment approximated the fair value of the investment recorded. During the second quarter of 2015, management updated the financial projections. The updated projections, along with the continued weakness in the Brazilian consumer and small commercial credit markets were considered indicators of impairment. Management of Equifax prepared an analysis to estimate the fair value of our investment at June 30, 2015 and estimated that value to be 44 million Brazilian Reais ( $14.1 million ). As a result, we decreased the carrying value of our investment and recorded a loss of 46 million Brazilian Reais ( $14.8 million ) which is included in other income (expense), net, in the Consolidated Statements of Income. Additionally, the carrying value has decreased by $39.0 million related to the foreign exchange impact since 2011, which is included in the foreign currency translation adjustments in accumulated other comprehensive income. As of December 31, 2015, our investment in BVS, recorded at 44 million Brazilian Reais ( $11.5 million ), approximated the fair value. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS During the first quarter of 2013, we divested of two non-strategic business lines, Equifax Settlement Services, which was part of our Mortgage business within the USIS operating segment, and Talent Management Services, which was part of our Employer Services business within our Workforce Solutions operating segment, for a total of $47.5 million . The historical results of these operations are classified as discontinued operations in the Consolidated Statements of Income. Revenue for these business lines for the twelve months ended December 31, 2013 was $9.3 million . Pretax income was $0.5 million for the twelve months ended December 31, 2013. We recorded a gain on the disposals in the first quarter of 2013 of $18.4 million , including an income tax benefit of $18.1 million , of which $14.3 million was current tax benefits. The tax benefit is primarily a result of our tax basis in Talent Management Services. The gain was classified as discontinued operations in the Consolidated Statements of Income. |
ACQUISITIONS AND INVESTMENTS
ACQUISITIONS AND INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND INVESTMENTS | ACQUISITIONS AND INVESTMENTS 2014 Acquisitions and Investments. To further broaden our product offerings, we made two acquisitions during 2014. During the first quarter of 2014, we acquired TDX, a data, technology and services company in the United Kingdom that specializes in debt collections and recovery management through the use of analytics, data exchanges and technology platforms. It was included as part of our International and USIS operating segments. During the first quarter of 2014, we also completed the acquisition of Forseva, a provider of end-to-end, cloud-based credit-management software solutions, that was included as part of our USIS operating segment. The total purchase price of these acquisitions was $ 338.8 million . 2013 Acquisitions and Investments. To further broaden our product offerings, we made several acquisitions during 2013. During the third quarter of 2013, we acquired TrustedID, a direct-to-consumer identity protection business that is included as part of our Personal Solutions business unit. During the fourth quarter of 2013, we also completed two acquisitions in Paraguay and Mexico in the Latin America region of our International segment. The total purchase price of these acquisitions was $98.8 million . Purchase Price Allocation. The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates. December 31, 2015 2014 (In millions) Current assets $ — $ 39.1 Property and equipment — 3.6 Identifiable intangible assets (1) — 118.1 Goodwill (2) — 240.7 Total assets acquired — 401.5 Total liabilities assumed — (62.7 ) Net assets acquired $ — $ 338.8 (1) Identifiable intangible assets are further disaggregated in the following table. (2) None of the goodwill resulting from 2014 acquisitions is tax deductible. The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities, and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill. December 31, 2015 2014 Intangible asset category Fair value Weighted-average useful life Fair value Weighted-average useful life (In millions) (In years) (In millions) (In years) Customer relationships $ — 0.0 $ 72.1 9.7 Acquired software and technology — 0.0 21.7 4.6 Non-compete agreements — 0.0 12.8 2.4 Trade names and other intangible assets — 0.0 11.5 9.7 Total acquired intangibles $ — 0.0 $ 118.1 8.0 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill. Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. As discussed in Note 1, goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests as of September 30 each year. The fair value estimates for our reporting units were determined using a combination of the income and market approaches in accordance with the Company’s methodology. Our annual impairment tests as of September 30, 2015, 2014 and 2013 resulted in no impairment of goodwill. In 2015, the personal solutions business in the United Kingdom was consolidated into the North America Personal Solutions segment, which was reorganized into the Personal Solutions segment. Additionally in 2015, the direct to consumer reseller businesses in the U.S., Canada, and the United Kingdom were also consolidated into the Personal Solutions segment. These changes were driven by an enterprise wide strategy to maximize the penetration of our products and services in our targeted markets. We determined that market focus and operating efficiency could be further improved by reorganizing and consolidating the United States, Canada and the United Kingdom Personal Solutions and direct to consumer reseller operating activities into one segment, Personal Solutions. To reflect this new organizational structure, we have reallocated goodwill from the USIS, Canada, and Europe reporting units to the Personal Solutions reporting unit based on the relative fair values of the respective portions of USIS, Canada, and Europe. A change in reporting units requires that goodwill be tested for impairment. During 2015, we performed goodwill impairment tests prior to and following the reallocation of goodwill for USIS, Canada, Europe and Personal Solutions, which resulted in no impairment. On July 1, 2014 the North America Commercial Solutions operating segment was consolidated into the U.S. Consumer Information Solutions and International operating segments. The change was driven by an enterprise wide distribution marketing strategy to maximize the penetration of our products and services in our targeted markets. In an effort to accelerate our penetration and simplify how our commercial information customers interact with us, we have reorganized our operating segments. The U.S. portion of the North America Commercial Solutions (“NACS”) operating segment was consolidated into the U.S. Consumer Information Solutions operating segment. The combined operating segment was renamed U.S. Information Solutions. The Canadian portion of the NACS operating segment was consolidated into the Canada operations of the International operating segment. To reflect this new organizational structure, we have reallocated goodwill from NACS reporting unit to U.S. Information Solutions and Canada reporting units based on the relative fair values of the respective portions of NACS, in accordance with ASC 350. When reporting units are changed, ASC 350 requires that goodwill be tested for impairment. During the third quarter of 2014, we performed our goodwill impairment test prior to and following the reallocation of goodwill, which resulted in no impairment. Changes in the amount of goodwill for the twelve months ended December 31, 2015 and 2014 , are as follows: U.S. International Workforce Solutions Total (In millions) Balance, December 31, 2013 (1) (2) $ 1,004.9 $ 322.7 $ 907.7 $ 159.8 $ 2,395.1 Acquisitions 66.4 173.8 — — 240.2 Adjustments to initial purchase price allocation — 2.1 — — 2.1 Foreign currency translation — (25.5 ) — (5.0 ) (30.5 ) Tax benefits of options exercised — — (0.1 ) — (0.1 ) Balance, December 31, 2014 (1) 1,071.3 473.1 907.6 154.8 2,606.8 Foreign currency translation — (31.6 ) — (4.2 ) (35.8 ) Balance, December 31, 2015 $ 1,071.3 $ 441.5 $ 907.6 $ 150.6 $ 2,571.0 (1) The December 31, 2014 and 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2014, the Personal Solutions goodwill includes $49.3 million and $88.8 million of goodwill from the USIS and International segments, respectively. As of December 31, 2013, the Personal Solutions goodwill includes $49.3 million and $93.8 million of goodwill from the USIS and International segments, respectively. (2) The December 31, 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2013, the USIS and International goodwill include $21.7 million and $15.5 million of goodwill, respectively, from the legacy NACS segment. Indefinite-Lived Intangible Assets. Indefinite-lived intangible assets consist of indefinite-lived reacquired rights representing the value of rights which we had granted to various affiliate credit reporting agencies that were reacquired in the U.S. and Canada. At the time we acquired these agreements, they were considered perpetual in nature under the accounting guidance in place at that time and, therefore, the useful lives are considered indefinite. Indefinite-lived intangible assets are not amortized. We are required to test indefinite-lived intangible assets for impairment annually and whenever events or circumstances indicate that there may be an impairment of the asset value. We perform our annual indefinite-lived intangible asset impairment test as of September 30. Our 2015 annual impairment test completed during the third quarter of 2015 resulted in no impairment of indefinite-lived intangible assets. Amount (In millions) Balance, December 31, 2013 $ 95.5 Foreign currency translation (0.3 ) Balance, December 31, 2014 95.2 Foreign currency translation (0.5 ) Balance, December 31, 2015 $ 94.7 Purchased Intangible Assets. Purchased intangible assets net, recorded on our Consolidated Balance Sheets at December 31, 2015 and 2014 , are as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: (In millions) Purchased data files $ 665.9 $ (240.6 ) $ 425.3 $ 692.0 $ (218.8 ) $ 473.2 Acquired software and technology 52.4 (35.5 ) 16.9 53.9 (26.4 ) 27.5 Customer relationships 565.9 (239.3 ) 326.6 570.7 (204.3 ) 366.4 Reacquired rights 73.3 (39.4 ) 33.9 73.3 (26.3 ) 47.0 Proprietary database 7.4 (5.8 ) 1.6 7.4 (5.4 ) 2.0 Non-compete agreements 25.8 (18.3 ) 7.5 27.0 (11.8 ) 15.2 Trade names and other intangible assets 49.1 (33.0 ) 16.1 51.1 (28.5 ) 22.6 Total definite-lived intangible assets $ 1,439.8 $ (611.9 ) $ 827.9 $ 1,475.4 $ (521.5 ) $ 953.9 Amortization expense related to purchased intangible assets was $122.3 million , $129.9 million , and $118.4 million during the twelve months ended December 31, 2015 , 2014 , and 2013 , respectively. Estimated future amortization expense related to definite-lived purchased intangible assets at December 31, 2015 is as follows: Years ending December 31, Amount (In millions) 2016 $ 113.9 2017 102.4 2018 84.0 2019 65.4 2020 60.6 Thereafter 401.6 $ 827.9 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt outstanding at December 31, 2015 and 2014 was as follows: December 31, 2015 2014 (In millions) Commercial paper ("CP") $ 47.2 $ 379.7 Notes, 6.30%, due July 2017 272.5 272.5 Notes, 3.30%, due Dec 2022 500.0 500.0 Debentures, 6.90%, due July 2028 125.0 125.0 Notes, 7.00%, due July 2037 250.0 250.0 Other 2.1 0.7 Total debt 1,196.8 1,527.9 Less short-term debt and current maturities 49.3 380.4 Less unamortized discounts 1.6 1.8 Total long-term debt, net of discount $ 1,145.9 $ 1,145.7 Scheduled future maturities of debt at December 31, 2015 , are as follows: Years ending December 31, Amount (In millions) 2016 $ 49.3 2017 272.5 2018 — 2019 — 2020 — Thereafter 875.0 Total debt $ 1,196.8 On November 21, 2015, the Company refinanced the existing unsecured revolving credit facility of $750.0 million set to expire on December 19, 2017, and entered into a new Credit Agreement (the “Senior Credit Facility”). The Senior Credit Facility includes a revolving credit facility of $900.0 million ("Revolver") and a delayed draw term loan of $800.0 million ("Term Loan Facility"), with maturity dates of November 21, 2020 and November 21, 2018 , respectively, with an option to extend the maturity of the revolving credit facility by an additional two years. The Senior Credit Facility allows the Company to request incremental loans of up to $300.0 million . Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. Availability of the Senior Credit Facility for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding principal amount of our commercial paper notes. Additionally, the Company entered into an $800.0 million 364 -Day revolving credit facility on November 21, 2015 (the “364-Day Revolver” and together with the Revolver and the Term Loan Facility, the “Senior Credit Facilities”). The Company expects to use proceeds from the Term Loan Facility and the 364-Day Revolver to finance the Veda acquisition. The commitments under the Term Loan Facility and the 364-Day Revolver will terminate if the agreement to acquire Veda is terminated or if the initial funding of such facility has not occurred by May 22, 2016. The obligations of the lenders to fund the Term Loan Facility and the 364-Day Revolver are subject to certain conditions, including the approval by Veda shareholders of the acquisition and the nonoccurence of a material adverse change related to Veda. The Term Loan Facility and the 364-Day Revolver provide that the Company may, upon notice to the administrative agent, terminate or permanently reduce any class of commitments. Commitments with respect to the 364-Day Revolver will also be reduced on a dollar-for-dollar basis to the extent the Company issues other senior indebtedness. Under the Senior Credit Facilities, the Company must comply with various financial and non-financial covenants. The financial covenants require the Company to maintain a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA (as set forth in the Senior Credit Facilities) for the preceding four quarters, of not more than 3.5 to 1.0. The Company may, subject to the terms of the Senior Credit Facilities, increase the covenant by 0.5 (i.e. to 4.0 to1.0) for a four consecutive fiscal quarter period following a material acquisition. Compliance with this financial covenant is tested quarterly. The non-financial covenants include limitations on liens, subsidiary debt, mergers, liquidations, asset dispositions and acquisitions. As of December 31, 2015 , we were in compliance with our covenants under the Senior Credit Facilities. Our borrowings under these facilities, which have not been guaranteed by any of our subsidiaries, are unsecured and will rank on parity in right of payment with all of our other unsecured and unsubordinated indebtedness from time to time outstanding. At December 31, 2015 , interest was payable on borrowings under the Senior Credit Facilities at the base rate or London Interbank Offered Rate, or LIBOR, plus a specified margin. The specified margin and the annual unused fee, which we pay on the unused portion of the Revolver, are subject to adjustment based on our debt ratings. As of December 31, 2015, we had $0.5 million of letters of credit outstanding under our Senior Credit Facility. As of December 31, 2015 , $852.3 million was available for borrowings and there were no outstanding borrowings under the Senior Credit Facilities, which is included in long-term debt on our Consolidated Balance Sheets. While the underlying final maturity date of the Revolver is November 2020, it is structured to provide borrowings under short-term loans. Because these borrowings primarily have a maturity of ninety days, the borrowings and repayments are presented on a net basis within the financing activities portion of our Consolidated Statements of Cash Flows as net (repayments) borrowings under long-term revolving credit facilities. CP Program. The Company's $900.0 million CP program has been established through the private placement of CP notes from time to time, in which borrowings bear interest at either a variable rate (based on LIBOR or other benchmarks) or a fixed rate, with the applicable rate and margin. Maturities of CP can range from overnight to 397 days . Because the CP program is backstopped by our Senior Credit Facility, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding borrowings under our Senior Credit Facility. At December 31, 2015 , there were $47.2 million CP notes outstanding. 6.3% and 7.0% Senior Notes. On June 28, 2007, we issued $300.0 million principal amount of 6.3% , ten -year senior notes and $250.0 million principal amount of 7.0% , thirty -year senior notes in underwritten public offerings. Interest is payable semi-annually in arrears on January 1 and July 1 of each year. The net proceeds of the financing were used to repay short-term indebtedness, a substantial portion of which was incurred in connection with our acquisition of TALX. We must comply with various non-financial covenants, including certain limitations on liens, additional debt and mortgages, mergers, asset dispositions and sale-leaseback arrangements. The senior notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness. 3.3% Senior Notes. On December 17, 2012, we issued $500.0 million principal amount of 3.3% , ten -year senior notes in an underwritten public offering. Interest is payable semi-annually in arrears on December 15 and June 15 of each year. The net proceeds of the sale of the notes were used to partially finance the acquisition of CSC Credit Services in December 2012. We must comply with various non-financial covenants, including certain limitations on liens, additional debt and mortgages, mergers, asset dispositions and sale-leaseback arrangements. The senior notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness. 6.9% Debentures. We have $125 million of debentures outstanding with a maturity date of 2028. The debentures are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness. Cash paid for interest was $61.6 million , $67.9 million and $67.8 million during the twelve months ended December 31, 2015 , 2014 and 2013 , respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Leases. Our operating leases principally involve office space and office equipment. Rental expense for operating leases, which is recognized on a straight-line basis over the lease term, was $24.2 million , $22.6 million and $24.2 million for the twelve months ended December 31, 2015 , 2014 and 2013 , respectively. Our headquarters building ground lease has purchase options exercisable beginning in 2019, renewal options exercisable in 2048 and escalation clauses that began in 2009. Expected future minimum payment obligations for non-cancelable operating leases exceeding one year are as follows as of December 31, 2015 : Years ending December 31, Amount (In millions) 2016 $ 21.2 2017 17.7 2018 14.3 2019 12.4 2020 12.2 Thereafter 60.7 $ 138.5 We have no material sublease agreements and as a result, expected sublease income is not reflected as a reduction in the total minimum rental obligations under operating leases in the table above. Data Processing, Outsourcing Services and Other Agreements. We have separate agreements with IBM, Tata Consultancy Services, and others to outsource portions of our computer data processing operations, applications development, business continuity and recovery services, help desk service and desktop support functions, operation of our voice and data networks, maintenance and related functions and to provide certain other administrative and operational services. The agreements expire between 2016 and 2023 . The estimated aggregate minimum contractual obligation remaining under these agreements is approximately $55 million as of December 31, 2015 , with no future year’s minimum contractual obligation expected to exceed approximately $35 million . Annual payment obligations in regard to these agreements vary due to factors such as the volume of data processed; changes in our servicing needs as a result of new product offerings, acquisitions or divestitures; the introduction of significant new technologies; foreign currency; or the general rate of inflation. In certain circumstances (e.g., a change in control or for our convenience), we may terminate these data processing and outsourcing agreements, and, in doing so, certain of these agreements require us to pay significant termination fees. During 2012, we amended certain portions and terminated certain other portions of our operations support services agreement for North America with IBM. The amended agreement extends certain terms through December 2016 and changes certain variable cost to fixed cost intended to provide financial savings to the Company. In 2015, we further amended our IBM agreement to extend our commitment for services provided in the U.S. to 2020. Under our agreement with IBM (which covers our operations in North America and Europe), we have outsourced certain of our mainframe and midrange operations, help desk service and desktop support functions, and the operation of our voice and data networks. The scope of services provided by IBM, and the term of our agreement with respect to such services, varies by geography and location. The estimated future minimum contractual obligation under the revised North America (US and Canada) agreements is approximately $30 million for the remaining term, with no individual year's minimum expected to exceed approximately $20 million . We may terminate certain portions of this agreement without penalty in the event that IBM is in material breach of the terms of the agreement. During 2015, 2014 and 2013, we paid approximately $50 million , $50 million and $60 million , respectively, for these services. Change in Control Agreements. We have entered into change in control severance agreements with certain key executives. The agreements provide for, among other things, certain payments and benefits in the event of a qualifying termination of employment (i.e., termination of employment by the executive for “good reason” or termination of employment by the Company without “cause,” each as defined in the agreements) following a change in control of the Company. In the event of a qualifying termination, the executive will become entitled to continuation of group health, dental, vision, life, disability, 401(k) and similar benefits for two or three years, depending on the eligibility, as well as a lump sum severance payment, all of which differs by executive. The change in control agreements have a three -year term and automatically renew for another three years unless we elect not to renew the agreements. Change in control events potentially triggering benefits under the agreements would occur, subject to certain exceptions, if (1) any person acquires 20% or more of our voting stock; (2) upon a merger or other business combination, our shareholders receive less than two-thirds of the common stock and combined voting power of the new company; (3) we sell or otherwise dispose of all or substantially all of our assets; or (4) we liquidate or dissolve. If these change in control agreements had been triggered as of December 31, 2015 , payments of approximately $54.7 million would have been made (excluding tax gross-up amounts of $30.8 million ). Under the Company’s existing director and employee stock benefit plans, a change in control generally would result in the immediate vesting of all outstanding stock options and satisfaction of the restrictions on any outstanding nonvested stock awards. With respect to unvested performance based share awards dependent upon the Company’s three-year relative total shareholder return, if at least one calendar year of performance during the performance period has been completed prior to the change in control event, the awards will be paid out based on the Company’s performance at that time; otherwise the payout of shares will be at 100% of the target award. Guarantees. We will from time to time issue standby letters of credit, performance bonds or other guarantees in the normal course of business. The aggregate notional amount of all performance bonds and standby letters of credit is not material at December 31, 2015 , and all have a remaining maturity of one year or less. We may issue other guarantees in ordinary course of business. The maximum potential future payments we could be required to make under the guarantees is not material at December 31, 2015 . We have agreed to guarantee the liabilities and performance obligations (some of which have limitations) of a certain debt collections and recovery management VIE under its commercial agreements. We cannot reasonably estimate our potential future payments under the guarantees and related provisions described above because we cannot predict when and under what circumstances these provisions may be triggered. We had no accruals related to guarantees on our Consolidated Balance Sheets at December 31, 2015 . General Indemnifications. We are the lessee under many real estate leases. It is common in these commercial lease transactions for us, as the lessee, to agree to indemnify the lessor and other related third parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at or in connection with the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence and their willful misconduct. Certain of our credit agreements include provisions which require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations. In certain of these credit agreements, we also bear the risk of certain changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes. In conjunction with certain transactions, such as sales or purchases of operating assets or services in the ordinary course of business, or the disposition of certain assets or businesses, we sometimes provide routine indemnifications, the terms of which range in duration and sometimes are not limited. The Company has entered into indemnification agreements with its directors and executive officers. Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with the related legal proceedings. The Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations. We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict when and under what circumstances these provisions may be triggered. We have no accrual related to indemnifications on our Consolidated Balance Sheets at December 31, 2015 and 2014 . Subsidiary Dividend and Fund Transfer Limitations. The ability of some of our subsidiaries and associated companies to transfer funds to us is limited, in some cases, by certain restrictions imposed by foreign governments, which do not, individually or in the aggregate, materially limit our ability to service our indebtedness, meet our current obligations or pay dividends. Contingencies. We are involved in legal proceedings, claims and litigation arising in the ordinary course of business. We periodically assess our exposure related to these matters based on the information which is available. We have recorded accruals in our Consolidated Financial Statements for those matters in which it is probable that we have incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. Although the final outcome of these matters cannot be predicted with certainty, any possible adverse outcome arising from these matters is not expected to have a material impact on our Consolidated Financial Statements, either individually or in the aggregate. However, our evaluation of the likely impact of these matters may change in the future. We accrue for unpaid legal fees for services performed to date. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes from continuing operations consisted of the following: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Current: Federal $ 159.0 $ 140.7 $ 130.9 State 14.7 18.3 16.4 Foreign 56.8 50.8 51.3 230.5 209.8 198.6 Deferred: Federal (7.5 ) 0.8 (3.7 ) State (9.3 ) (0.2 ) 2.8 Foreign (11.9 ) (10.2 ) (8.8 ) (28.7 ) (9.6 ) (9.7 ) Provision for income taxes $ 201.8 $ 200.2 $ 188.9 The provision for income taxes from discontinued operations was $17.9 million benefit for the year ended December 31, 2013 . Domestic and foreign income from continuing operations before income taxes was as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) U.S. $ 607.6 $ 521.5 $ 458.4 Foreign 29.0 52.7 72.0 $ 636.6 $ 574.2 $ 530.4 The provision for income taxes reconciles with the U.S. federal statutory rate, as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Federal statutory rate 35.0 % 35.0 % 35.0 % Provision computed at federal statutory rate $ 222.8 $ 201.0 $ 185.6 State and local taxes, net of federal tax benefit 5.2 13.1 12.1 Foreign (21.8 ) (7.3 ) (4.1 ) Valuation allowance — (2.2 ) (0.6 ) Tax reserves 0.9 0.6 (1.2 ) Other (5.3 ) (5.0 ) (2.9 ) Provision for income taxes $ 201.8 $ 200.2 $ 188.9 Effective income tax rate 31.7 % 34.9 % 35.6 % We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities. For additional information about our income tax policy, see Note 1 of the Notes to Consolidated Financial Statements. The intercompany restructuring of legal entity ownership resulted in the recognition of tax-effected net operating losses for non-US tax purposes in the amount of $106.2 million in 2015. We do not anticipate being able to recognize the benefit of the net operating losses in the foreseeable future resulting in a full valuation allowance as of December 31, 2015. Components of the deferred income tax assets and liabilities at December 31, 2015 and 2014 , were as follows: December 31, 2015 2014 (In millions) Deferred income tax assets: Employee pension benefits $ 131.7 $ 142.6 Net operating and capital loss carryforwards 236.1 136.1 Foreign tax credits 50.7 94.7 Employee compensation programs 70.9 67.1 Reserves and accrued expenses 13.9 6.4 Deferred revenue 3.4 3.3 Other 7.6 8.7 Gross deferred income tax assets 514.3 458.9 Valuation allowance (222.9 ) (121.4 ) Total deferred income tax assets, net $ 291.4 $ 337.5 Deferred income tax liabilities: Goodwill and intangible assets (332.8 ) (334.5 ) Pension expense (99.3 ) (99.9 ) Undistributed earnings of foreign subsidiaries (32.6 ) (96.1 ) Depreciation (15.1 ) (13.4 ) Other (10.8 ) (15.4 ) Total deferred income tax liability (490.6 ) (559.3 ) Net deferred income tax liability $ (199.2 ) $ (221.8 ) Our deferred income tax assets and deferred income tax liabilities at December 31, 2015 and 2014 , are included in the accompanying Consolidated Balance Sheets as follows: December 31, 2015 2014 (In millions) Long-term deferred income tax assets, included in other assets $ 6.3 $ 6.5 Long-term deferred income tax liabilities (205.5 ) (228.3 ) Net deferred income tax liability $ (199.2 ) $ (221.8 ) We record deferred income taxes on the temporary differences of our foreign subsidiaries and branches, except for the temporary differences related to undistributed earnings of subsidiaries which we consider indefinitely invested. As of December 31, 2015 , we have indefinitely invested $85.7 million attributable to pre-2004 undistributed earnings of our Canadian and Chilean subsidiaries. If the pre-2004 earnings were not considered indefinitely invested, it would not result in any additional income tax. At December 31, 2015 , we had U.S. federal and state net operating loss carryforwards of $66.3 million which will expire at various times between 2016 and 2032. We also had foreign net operating loss carryforwards totaling $719.9 million of which $13.3 million will expire between 2016 and 2035 and the remaining $706.6 million will carryforward indefinitely. Foreign capital loss carryforwards of $18.2 million may be carried forward indefinitely, and state capital loss carryforwards of $2.5 million will expire in 2018. The deferred tax asset related to the net operating loss and capital loss carryforwards is $236.1 million of which $222.0 million has been fully reserved in the deferred tax valuation allowance. Additionally, we had foreign tax credit carryforwards of $50.7 million , of which $21.6 million will expire in the years 2022 through 2025 and $ 29.1 million will be available to be utilized upon repatriation of foreign earnings. Cash paid for income taxes, net of amounts refunded, was $202.9 million , $148.2 million and $174.8 million during the twelve months ended December 31, 2015 , 2014 and 2013 , respectively. We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes on our Consolidated Statements of Income. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 (In millions) Beginning balance (January 1) $ 19.8 $ 19.1 Increases related to prior year tax positions 5.5 3.0 Decreases related to prior year tax positions (2.2 ) (0.4 ) Increases related to current year tax positions 4.0 4.4 Decreases related to settlements (0.5 ) (0.6 ) Expiration of the statute of limitations for the assessment of taxes (4.5 ) (5.3 ) Currency translation adjustment (0.5 ) (0.4 ) Ending balance (December 31) $ 21.6 $ 19.8 We recorded liabilities of $24.6 million and $23.3 million for unrecognized tax benefits as of December 31, 2015 and 2014 , respectively, which included interest and penalties of $3.0 million and $3.5 million , respectively. As of December 31, 2015 and 2014 , the total amount of unrecognized benefits that, if recognized, would have affected the effective tax rate was $22.0 million and $20.4 million , respectively, which included interest and penalties of $2.6 million and $3.1 million , respectively. During 2015 and 2014 interest and penalties of $1.3 million and $1.0 million respectively were accrued. Equifax and its subsidiaries are subject to U.S. federal, state and international income taxes. We are generally no longer subject to federal, state or international income tax examinations by tax authorities for years before 2011. Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that Equifax’s gross unrecognized tax benefit balance may change within the next twelve months by a range of zero to $9.4 million . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We have one active share-based award plan, the amended and restated 2008 Omnibus Incentive Plan. This plan was originally approved by our shareholders in 2008 and was amended and restated with shareholder approval in May 2013 to, among other things, increase the reserve for awards under the plan by 11 million shares. The plan provides our directors, officers and certain key employees with stock options and nonvested stock. The plan is described below. We expect to issue common shares held as either treasury stock or new issue shares upon the exercise of stock options or once nonvested shares vest. Total stock-based compensation expense in our Consolidated Statements of Income during the twelve months ended December 31, 2015 , 2014 and 2013 , was as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Cost of services $ 5.0 $ 4.6 $ 4.2 Selling, general and administrative expenses 33.4 33.5 28.0 Stock-based compensation expense, before income taxes $ 38.4 $ 38.1 $ 32.2 The total income tax benefit recognized for stock-based compensation expense was $13.8 million , $13.7 million and $11.6 million for the twelve months ended December 31, 2015 , 2014 and 2013 , respectively. Benefits of tax deductions in excess of recognized compensation cost are reported as a financing cash flow, rather than as an operating cash flow. This requirement reduced operating cash flows and increased financing cash flows by $30.0 million , $17.7 million and $14.6 million during the twelve months ended December 31, 2015 , 2014 and 2013 , respectively. Stock Options. The 2008 Omnibus Incentive Plan provides that qualified and nonqualified stock options may be granted to officers and other employees. In conjunction with our acquisition of TALX, we assumed options outstanding under the legacy TALX stock option plan, which was approved by TALX shareholders. In addition, stock options remain outstanding under three shareholder-approved plans and three non-shareholder-approved plans from which no new grants may be made. The 2008 Omnibus Incentive Plan requires that stock options be granted at exercise prices not less than market value on the date of grant. Generally, stock options are subject to graded vesting for periods of up to three years based on service, with 33% vesting for each year of completed service, and expire ten years from the grant date. We use the binomial model to calculate the fair value of stock options granted on or after January 1, 2006. The binomial model incorporates assumptions regarding anticipated employee exercise behavior, expected stock price volatility, dividend yield and risk-free interest rate. Anticipated employee exercise behavior and expected post-vesting cancellations over the contractual term used in the binomial model were primarily based on historical exercise patterns. These historical exercise patterns indicated there was not significantly different exercise behavior between employee groups. For our expected stock price volatility assumption, we weighted historical volatility and implied volatility. We used daily observations for historical volatility, while our implied volatility assumption was based on actively traded options related to our common stock. The expected term is derived from the binomial model, based on assumptions incorporated into the binomial model as described above. The fair value for stock options granted during the twelve months ended December 31, 2015 , 2014 and 2013 , was estimated at the date of grant, using the binomial model with the following weighted-average assumptions: Twelve Months Ended December 31, 2015 2014 2013 Dividend yield 1.2 % 1.4 % 1.5 % Expected volatility 21.2 % 21.1 % 25.8 % Risk-free interest rate 1.3 % 1.6 % 1.3 % Expected term (in years) 4.8 4.8 4.9 Weighted-average fair value of stock options granted $ 16.75 $ 12.63 $ 11.95 The following table summarizes changes in outstanding stock options during the twelve months ended December 31, 2015 , as well as stock options that are vested and expected to vest and stock options exercisable at December 31, 2015 : Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Outstanding at December 31, 2014 2,579 $ 42.54 Granted (all at market price) 189 $ 97.21 Exercised (888 ) $ 38.74 Forfeited and canceled (14 ) $ 37.17 Outstanding at December 31, 2015 1,866 $ 57.95 5.9 $ 114.8 Vested and expected to vest at December 31, 2015 1,796 $ 48.62 5.8 $ 112.8 Exercisable at December 31, 2015 1,411 $ 39.90 5.0 $ 100.8 The aggregate intrinsic value amounts in the table above represent the difference between the closing price of Equifax’s common stock on December 31, 2015 and the exercise price, multiplied by the number of in-the-money stock options as of the same date. This represents the value that would have been received by the stock option holders if they had all exercised their stock options on December 31, 2015 . In future periods, this amount will change depending on fluctuations in Equifax’s stock price. The total intrinsic value of stock options exercised during the twelve months ended December 31, 2015 , 2014 and 2013 , was $52.3 million , $42.8 million and $43.2 million , respectively. At December 31, 2015 , our total unrecognized compensation cost related to stock options was $2.9 million with a weighted-average recognition period of 1.5 years . The following table summarizes changes in outstanding options and the related weighted-average exercise price per share for the twelve months ended December 31, 2014 and 2013: December 31, 2014 2013 Shares Weighted- Average Price Shares Weighted- Average Price (Shares in thousands) (Shares in thousands) Outstanding at the beginning of the year 3,530 $ 37.85 4,748 $ 34.64 Granted (all at market price) 249 $ 73.46 346 $ 60.15 Exercised (1,145 ) $ 34.81 (1,469 ) $ 32.58 Forfeited and canceled (55 ) $ 49.12 (95 ) $ 44.24 Outstanding at the end of the year 2,579 $ 42.54 3,530 $ 37.85 Exercisable at end of year 1,970 $ 36.39 2,495 $ 34.45 Nonvested Stock. Our 2008 Omnibus Incentive Plan also provides for awards of nonvested shares of our common stock that can be granted to executive officers, employees and directors. Nonvested stock awards are generally subject to cliff vesting over a period between one to three years based on service. The fair value of nonvested stock is based on the fair market value of our common stock on the date of grant. However, since our nonvested stock does not accrue or pay dividends during the vesting period, the fair value on the date of grant is reduced by the present value of the expected dividends over the requisite service period (discounted using the appropriate risk-free interest rate). Pursuant to our 2008 Omnibus Incentive Plan, certain executive officers are granted nonvested shares in which the number of shares is dependent upon the Company’s three-year relative total shareholder return as compared to the three-year cumulative average shareholder return of the companies in the S&P 500 stock index, as comprised on the grant date, subject to adjustment. The number of shares which could potentially be issued ranges from zero to 200% of the target award. The grants outstanding subject to market performance as of December 31, 2015 would result in 379,607 shares outstanding at 100% of target and 759,214 at 200% of target at the end of the vesting period. Compensation expense is recognized on a straight-line basis over the measurement period and is based upon the fair market value of the shares estimated to be earned at the date of grant. The fair value of the performance-based shares is estimated on the date of grant using a Monte-Carlo simulation. The following table summarizes changes in our nonvested stock during the twelve months ended December 31, 2015 , 2014 and 2013 and the related weighted-average grant date fair value: Shares Weighted-Average Grant Date Fair Value (In thousands) Nonvested at December 31, 2012 1,616 $ 37.95 Granted 621 $ 57.82 Vested (479 ) $ 33.05 Forfeited (63 ) $ 40.99 Nonvested at December 31, 2013 1,695 $ 46.50 Granted 580 $ 70.89 Vested (480 ) $ 35.83 Forfeited (95 ) $ 52.16 Nonvested at December 31, 2014 1,700 $ 57.52 Granted 472 $ 79.26 Vested (698 ) $ 39.21 Forfeited (43 ) $ 59.05 Nonvested at December 31, 2015 1,431 $ 72.64 The total fair value of nonvested stock that vested during the twelve months ended December 31, 2015 , 2014 and 2013 , was $65.0 million , $34.4 million and $29.1 million , respectively, based on the weighted-average fair value on the vesting date, and $31.3 million , $17.2 million and $15.8 million , respectively, based on the weighted-average fair value on the date of grant. At December 31, 2015 , our total unrecognized compensation cost related to nonvested stock was $29.2 million with a weighted-average recognition period of 1.9 years . |
SHAREHOLDER RIGHTS PLAN
SHAREHOLDER RIGHTS PLAN | 12 Months Ended |
Dec. 31, 2015 | |
Stockholder Rights Plan [Abstract] | |
SHAREHOLDER RIGHTS PLAN | SHAREHOLDER RIGHTS PLAN The Company's Board of Directors terminated the previously adopted shareholder rights plan (sometimes referred to as a ‘poison pill’) effective February 19, 2015. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS We have defined benefit pension plans and defined contribution plans. We also maintain certain healthcare and life insurance benefit plans for eligible retired employees. The measurement date for our defined benefit pension plans and other postretirement benefit plans is December 31 of each year. Pension Benefits. Pension benefits are provided through U.S. and Canadian defined benefit pension plans and two supplemental executive defined benefit pension plans. U.S. and Canadian Retirement Plans. We sponsor a qualified defined benefit retirement plan (the U.S. Retirement Income Plan, or USRIP) that covers approximately 20% of current U.S. salaried employees who were hired on or before June 30, 2007, the last date on which an individual could be hired and enter the plan before the USRIP was frozen to new participation at December 31, 2008. This plan also covers many retirees as well as certain terminated but vested individuals not yet in retirement status. We also sponsor a defined benefit plan that covers most salaried and hourly employees in Canada (the Canadian Retirement Income Plan, or CRIP), also frozen to new hires on October 1, 2011. During 2015, we adopted the new generational projection scale with MP-2015 in determining the liability for the U.S. pensions plan. This updated scale, along with the change in the discount rate, contributed to the decrease in the projected benefit obligation as of December 31, 2015. During 2014, we adopted the new RP-2014 mortality tables and generational projection scale with MP-2014 in determining the liability for USRIP. This new table, along with the change in the discount rate, contributed to the increase in the projected benefit obligation as of December 31, 2014. In September 2014, an amendment to the USRIP was approved, which froze future salary increases and service accruals for grandfathered participants and provided a one-time 9% increase to the accrued benefit as determined on December 31, 2014. This amendment did not have a material impact on our pension expense for 2014. On October 1, 2012, we offered certain former U.S. employees the option to receive their USRIP pension benefits in either a lump sum payable by December 31, 2012, or a reduced monthly annuity that will commence December 1, 2012. The voluntary lump sum payment option was based on the present value of the participant’s pension benefit, and was payable at the participant’s election in cash or rollover into a qualified retirement plan or IRA. The offer was made to approximately 3,500 vested participants in the pension plan who had terminated employment prior to January 1, 2012, and had not yet started to receive monthly payment of their pension benefit. Participants were required to make an irrevocable election to receive the lump sum payment by November 26, 2012. Approximately 64% of the vested terminated participants elected to receive the lump sum payment which resulted in a payment of $62.6 million . The payment was made on December 21, 2012, from existing plan assets. Approximately 90 vested terminated participants elected the accelerated reduced monthly annuity which is being paid from the pension plan. On September 14, 2011, the Compensation Committee of the Board of Directors approved a redesign of our retirement plans for our currently active Canadian employees, effective January 1, 2013, and for our new hires hired on or after October 1, 2011. The changes to our retirement plan froze the Canadian Retirement Income Plan, or CRIP, a registered defined benefit pension plan, for employees who did not meet retirement-eligibility status under the CRIP as of December 31, 2012 (“Non-Grandfathered” participants). Under the plan amendment, the service credit for Non-Grandfathered participants froze, but these participants will continue to receive credit for salary increases and vesting service. Additionally, Non-Grandfathered employees and certain other employees not eligible to participate in the CRIP (i.e., new hires on or after October 1, 2011) are eligible to participate in the enhanced defined contribution component of the CRIP. During the twelve months ended December 31, 2015 , we did not make any contributions to the USRIP and made contributions of $0.2 million to the CRIP. During the twelve months ended December 31, 2014 , we did not make any contributions to the USRIP and made contributions of $1.2 million to the CRIP. At December 31, 2015 , the USRIP met or exceeded ERISA’s minimum funding requirements. The annual report produced by our consulting actuaries specifies the funding requirements for our plans, based on projected benefits for plan participants, historical investment results on plan assets, current discount rates for liabilities, assumptions for future demographic developments and recent changes in statutory requirements. We may elect to make additional discretionary contributions to our plans in excess of minimum funding requirements, subject to statutory limitations. Supplemental Retirement Plans. We maintain two supplemental executive retirement programs for certain key employees. The plans, which are unfunded, provide supplemental retirement payments, based on salary and years of service. Other Benefits. We maintain certain healthcare and life insurance benefit plans for eligible retired employees. Substantially all of our U.S. employees may become eligible for the retiree healthcare benefits if they reach retirement age while working for us and satisfy certain years of service requirements. The retiree life insurance program covers employees who retired on or before December 31, 2003. We accrue the cost of providing healthcare benefits over the active service period of the employee. Obligations and Funded Status. A reconciliation of the projected benefit obligations, plan assets and funded status of the plans is as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Change in projected benefit obligation Benefit obligation at January 1, $ 739.1 $ 636.8 $ 19.4 $ 19.6 Service cost 4.2 4.5 0.3 0.3 Interest cost 30.4 31.1 0.7 0.8 Plan participants' contributions — — 0.6 0.5 Amendments — 3.2 — — Actuarial loss (gain) (59.9 ) 113.2 1.4 0.5 Foreign currency exchange rate changes (9.7 ) (5.5 ) (0.4 ) (0.2 ) Curtailments — (2.6 ) — — Settlements — — — — Benefits paid (41.4 ) (41.6 ) (2.4 ) (2.1 ) Projected benefit obligation at December 31, 662.7 739.1 19.6 19.4 Change in plan assets Fair value of plan assets at January 1, 570.1 568.1 20.8 21.6 Actual return on plan assets (5.3 ) 43.7 (0.2 ) 1.7 Employer contributions 4.3 5.2 1.8 1.6 Plan participants' contributions — — 0.6 0.5 Foreign currency exchange rate changes (8.8 ) (5.3 ) — — Settlements — — (1.7 ) (2.5 ) Benefits paid (41.4 ) (41.6 ) (2.4 ) (2.1 ) Fair value of plan assets at December 31, 518.9 570.1 18.9 20.8 Funded status of plan $ (143.8 ) $ (169.0 ) $ (0.7 ) $ 1.4 The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $653.8 million at December 31, 2015 . The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $727.8 million at December 31, 2014 . At December 31, 2015 , the USRIP and Supplemental Retirement Plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans in the aggregate were $613.1 million , $611.1 million and $474.6 million , respectively, at December 31, 2015 . The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the CRIP were $49.6 million , $42.7 million and $44.3 million , respectively, at December 31, 2015 . At December 31, 2014 , the USRIP and Supplemental Retirement Plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans in the aggregate were $679.5 million , $676.8 million and $515.6 million , respectively, at December 31, 2014 . The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the CRIP were $59.6 million , $51.0 million and $54.5 million , respectively, at December 31, 2014 . The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2015 and 2014 : Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Amounts recognized in the statements of financial position consist of: Noncurrent assets $ — $ — $ 1.5 $ 4.2 Current liabilities (4.2 ) (4.0 ) (0.2 ) (0.2 ) Long-term liabilities (139.6 ) (165.0 ) (2.0 ) (2.6 ) Net amount recognized $ (143.8 ) $ (169.0 ) $ (0.7 ) $ 1.4 Included in accumulated other comprehensive loss at December 31, 2015 and 2014 , were the following amounts that have not yet been recognized in net periodic pension cost: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Prior service cost, net of accumulated taxes of $3.6 and $4.0 in 2015 and 2014, respectively, for pension benefits and $(1.6) and $(2.1) in 2015 and 2014, respectively, for other benefits $ 6.1 $ 6.6 $ (2.8 ) $ (3.5 ) Net actuarial loss, net of accumulated taxes of $132.6 and $145.5 in 2015 and 2014, respectively, for pension benefits and $3.6 and $2.7 in 2015 and 2014, respectively, for other benefits 236.4 255.7 6.1 4.5 Accumulated other comprehensive loss $ 242.5 $ 262.3 $ 3.3 $ 1.0 The following shows amounts recognized in other comprehensive income (loss) during the twelve months ended December 31, 2015 and 2014 : Changes in plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Amounts arising during the period: Net actuarial loss (gain), net of taxes of $(6.7) and $39.6 in 2015 and 2014, respectively, for pension benefits and $1.2 and $0.1 in 2015 and 2014, respectively, for other benefits $ (8.4 ) $ 69.0 $ 1.9 $ 0.3 Foreign currency exchange rate gain, net of taxes of $(0.3) and $(0.1) in 2015 and 2014, respectively, for pension benefits and $(0.1) in 2015 for other benefits (0.6 ) (0.2 ) (0.3 ) (0.2 ) Prior service cost, net of taxes of $1.2 in 2014, for pension benefits — 2.0 — — Amounts recognized in net periodic benefit cost during the period: Recognized actuarial loss, net of taxes of $(5.9) and $(4.8) in 2015 and 2014, respectively, for pension benefits and $(0.2) and $0.4 in 2015 and 2014, respectively, for other benefits (9.9 ) (8.1 ) (0.4 ) 0.8 Amortization of prior service cost, net of taxes of $(0.3) and $(0.3) in 2015 and 2014, respectively, for pension benefits and $0.4 and $(0.2) in 2015 and 2014, respectively, for other benefits (0.6 ) (0.5 ) 0.8 (0.4 ) Curtailments, net of taxes of $(1.0) in 2014 for pension benefits — (1.6 ) — — Total recognized in other comprehensive income $ (19.5 ) $ 60.6 $ 2.0 $ 0.5 Components of Net Periodic Benefit Cost Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ 4.2 $ 4.5 $ 5.4 $ 0.3 $ 0.3 $ 0.5 Interest cost 30.4 31.1 28.9 0.7 0.8 1.1 Expected return on plan assets (39.6 ) (39.7 ) (39.0 ) (1.5 ) (1.6 ) (1.6 ) Amortization of prior service cost 0.9 0.8 1.3 (1.2 ) 0.6 (0.5 ) Recognized actuarial loss (gain) 15.8 12.9 17.0 0.6 (1.2 ) 3.2 Net periodic benefit cost 11.7 9.6 13.6 (1.1 ) (1.1 ) 2.7 Curtailments — — — — — — Settlements — — — — — — Total net periodic benefit cost $ 11.7 $ 9.6 $ 13.6 $ (1.1 ) $ (1.1 ) $ 2.7 The following represents the amount of prior service cost and actuarial loss included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost during the twelve months ending December 31, 2016: Pension Benefits Other Benefits (In millions) Actuarial loss, net of taxes of $5.1 for pension benefits and $0.3 for other benefits $ 8.5 $ 0.5 Prior service cost, net of taxes of $0.3 for pension benefits and $(0.4) for other benefits $ 0.5 $ (0.7 ) Weighted-Average Assumptions Weighted-average assumptions used to determine benefit obligations at December 31, Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate 4.86 % 4.26 % 4.39 % 4.05 % Rate of compensation increase 4.71 % 4.59 % N/A N/A Weighted-average assumptions used to determine net periodic benefit cost at December 31, Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 4.26 % 5.07 % 4.17 % 4.05 % 4.49 % 4.03 % Expected return on plan assets 7.44 % 7.43 % 7.43 % 7.50 % 7.50 % 7.50 % Rate of compensation increase 4.71 % 3.34 % 3.26 % N/A N/A N/A Discount Rates. We determine our discount rates primarily based on high-quality, fixed-income investments and yield-to-maturity analyses specific to our estimated future benefit payments available as of the measurement date. Discount rates are reset annually on the measurement date to reflect current market conditions. We use a third-party yield curve to develop our discount rates. The yield curve provides discount rates related to a dedicated high-quality bond portfolio whose cash flows extend beyond the current period, from which we choose a rate matched to the expected benefit payments required for each plan. Expected Return on Plan Assets. The expected rate of return on plan assets is based on both our historical returns and forecasted future investment returns by asset class, as provided by our external investment advisor. In 2015, our U.S. pension plan investment losses of 1.1% were below the expected return of 7.5% for the second time in seven years. The expected return for the USRIP for 2016 is 7.25% , which is a reduction from the rate used in 2015. The CRIP earned 2.9% in 2015 which was below its expected return of 6.75% for the second time in seven years. The expected return for the CRIP for 2016 is 6.0% , which is a reduction from the rate used in 2015. The CRIP has a lower expected return due to a higher asset allocation to fixed income securities. The calculation of the net periodic benefit cost for the USRIP and CRIP utilizes a market-related value of assets. The market-related value of assets recognizes the difference between actual returns and expected returns over five years at a rate of 20% per year. Healthcare Costs. For the U.S. plan, an initial 7.0% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2016 for pre-Medicare coverage. The rate was assumed to decrease gradually to an ultimate rate of 5.0% by 2022. An initial 7.0% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2016 for post-Medicare coverage. For the Canadian plan, an initial 6.5% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2016. The rate was assumed to decrease gradually to an ultimate rate of 5.0% by 2019. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan. A one-percentage point change in assumed healthcare cost trend rates at December 31, 2015 would have had the following effects: 1-Percentage Point Increase 1-Percentage Point Decrease (In millions) Effect on total service and interest cost components $ 0.1 $ (0.1 ) Effect on accumulated postretirement benefit obligation $ 1.4 $ (1.3 ) We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2015 : Years ending December 31, U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Other Benefit Plans (In millions) 2016 $ 41.2 $ 1.8 $ 1.7 2017 $ 41.6 $ 1.9 $ 1.7 2018 $ 41.7 $ 1.9 $ 1.6 2019 $ 41.7 $ 2.0 $ 1.6 2020 $ 42.8 $ 2.0 $ 1.6 Next five fiscal years to December 31, 2025 $ 209.2 $ 11.6 $ 8.0 Fair Value of Plan Assets. The fair value of the pension assets at December 31, 2015 , is as follows: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Large-Cap Equity (1) $ 123.0 $ 123.0 $ — $ — Small and Mid-Cap Equity (1) 28.8 28.8 — — International Equity (1) (2) 79.1 16.0 63.1 — Fixed Income (2) 163.0 — 163.0 — Private Equity (3) 41.9 — — 41.9 Hedge Funds (4) 54.0 — — 54.0 Real Assets (5) 17.4 — — 17.4 Cash (1) 11.7 11.7 — — Total $ 518.9 $ 179.5 $ 226.1 $ 113.3 (1) Fair value is based on observable market prices for the assets. (2) For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3) Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. As of December 31, 2015 , we had $12.8 million of remaining commitments related to these private equity investments. (4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice. (5) For all assets categorized as Level 3, fair value is reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams, and comparable market sales. As of December 31, 2015 , we had $2.5 million of remaining commitments related to the real asset investments. The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs: Private Equity Hedge Funds Real Assets (In millions) Balance at December 31, 2014 $ 35.7 $ 69.7 $ 16.5 Return on plan assets: Unrealized 2.9 0.7 — Realized 1.6 0.2 1.7 Purchases 5.9 9.6 0.4 Sales (4.2 ) (26.2 ) (1.2 ) Balance at December 31, 2015 $ 41.9 $ 54.0 $ 17.4 The fair value of the postretirement assets at December 31, 2015 , is as follows: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Large-Cap Equity (1) $ 4.8 $ 4.8 $ — $ — Small and Mid-Cap Equity (1) 1.1 1.1 — — International Equity (1) (2) 2.2 0.6 1.6 — Fixed Income — 5.4 — 5.4 — Private Equity (3) 1.6 — — 1.6 Hedge Funds (4) 2.1 — — 2.1 Real Assets — 0.7 — — 0.7 Cash (1) 1.0 0.4 — — Total $ 18.9 $ 6.9 $ 7.0 $ 4.4 (1) Fair value is based on observable market prices for the assets. (2) For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3) Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. (4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice. (5) For the portion of this asset class categorized as Level 3, fair value is reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales. Gross realized and unrealized gains and losses, purchases and sales for Level 3 postretirement assets were not material for the twelve months ended December 31, 2015 . USRIP, or the Plan, Investment and Asset Allocation Strategies. The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company. Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate impact on the Plan. Investment managers are required to abide by the provisions of ERISA. Standards of performance for each manager include an expected return versus an assigned benchmark, a measure of volatility, and a time period of evaluation. The asset allocation strategy is determined by our external advisor forecasting investment returns by asset class and providing allocation guidelines to maximize returns while minimizing the volatility and correlation of those returns. Investment recommendations are made by our external advisor, working in conjunction with our in-house Investment Committee. The asset allocation and ranges are approved by in-house investment fiduciaries and Plan Administrators, who are Named Fiduciaries under ERISA. The Plan, in an effort to meet asset allocation objectives, utilizes a variety of asset classes which has historically produced returns which are relatively uncorrelated to those of the S&P 500 in most environments. Asset classes included in this category of alternative assets include hedge funds, private equity (including secondary private equity) and real assets (real estate, funds of hard asset securities and private equity funds focused on real assets). The primary benefits of using these types of asset classes are: (1) their non-correlated returns reduce the overall volatility of the Plan’s portfolio of assets, and (2) their ability to produce superior risk-adjusted returns. Additionally, the Plan allows certain of their managers, subject to specific risk constraints, to utilize derivative instruments, in order to enhance asset return, reduce volatility or both. Derivatives are primarily employed by the Plans in their fixed income portfolios and in the hedge fund-of-funds area. Derivatives can be used for hedging purposes to reduce risk. No shares of Equifax common stock were directly owned by the Plan at December 31, 2015 or at December 31, 2014 . Not more than 5% of the portfolio (at cost) shall be invested in the securities of any one issuer, with the exceptions of Equifax common stock or other securities, and U.S. Treasury and government agency securities. The following asset allocation ranges and actual allocations were in effect as of December 31, 2015 and 2014 : Range Actual USRIP 2015 2014 2015 2014 Large-Cap Equity 10%-40% 10%-35% 25.9 % 22.4 % Small- and Mid-Cap Equity 0%-15% 0%-15% 6.1 % 5.6 % International Equity 10%-30% 10%-30% 12.0 % 13.1 % Private Equity 2%-10% 2%-10% 8.8 % 6.9 % Hedge Funds 0%-10% 1 10%-30% 11.4 % 13.5 % Real Assets 2%-10% 2%-10% 3.7 % 7.1 % Fixed Income 20%-55% 15%-40% 29.7 % 29.9 % Cash 0%-15% 0%-15% 2.4 % 1.5 % 1 Not all of the requested hedge fund redemptions were yet received as of December 31, 2015. CRIP Investment and Asset Allocation Strategies. The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company. Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate impact on the Plan. Due to the high funded status of the Plan, the Investment Committee of the CRIP has adopted a conservative asset allocation of 50/50 in equities and fixed income. The Investment Committee maintains an investment policy for the CRIP, which imposes certain limitations and restrictions regarding allowable types of investments. The current investment policy imposes those restrictions on investments or transactions such as (1) Equifax common stock or securities, except as might be incidental to any pooled funds which the plan may have, (2) commodities or loans, (3) short sales and the use of margin accounts, (4) put and call options, (5) private placements, and (6) transactions which are “related-party” in nature as specified by the Canadian Pension Benefits Standards Act and its regulations. The following specifies the asset allocation ranges and actual allocation as of December 31, 2015 and 2014 : Actual CRIP Range 2015 2014 Canadian Equities 25%-50% 34.6 % 34.9 % International Equities (including U.S. Equities) 0%-19% 15.1 % 14.8 % Fixed Income 40%-60% 49.3 % 49.3 % Money Market 0%-10% 1.0 % 1.0 % Equifax Retirement Savings Plans. Equifax sponsors a tax qualified defined contribution plan, the Equifax Inc. 401(k) Plan, or the Plan. We provide a discretionary match of participants’ contributions, up to four or six percent of employee eligible pay depending on certain eligibility rules under the Plan. We also provide a discretionary direct contribution to certain eligible employees, the percentage of which is based upon an employee’s credited years of service. Company contributions for the Plan during the twelve months ended December 31, 2015 , 2014 and 2013 were $23.9 million , $21.5 million and $21.3 million , respectively. Foreign Retirement Plans. We also maintain defined contribution plans for certain employees in the U.K., Ireland and Canada. For the years ended December 31, 2015 , 2014 and 2013 , our expenses related to these plans were not material. Deferred Compensation Plans. We maintain deferred compensation plans that allow for certain management employees and the Board of Directors to defer the receipt of compensation (such as salary, incentive compensation, commissions or vested restricted stock units) until a later date based on the terms of the plans. The benefits under our deferred compensation plans are guaranteed by the assets of a grantor trust which, through our funding, make investments in certain mutual funds. The purpose of this trust is to ensure the distribution of benefits accrued by participants of the deferred compensation plans in case of a change in control, as defined in the trust agreement. Annual Incentive Plan. We have a shareholder-approved Key Management Incentive Plan (Annual Incentive Plan), which is a component of our amended and restated 2008 Omnibus Incentive Plan, for certain key officers that provides for annual or long-term cash awards at the end of various measurement periods, based on the earnings per share, revenue and/or various other criteria over the measurement period. Our total accrued incentive compensation for all incentive plans included in accrued salaries and bonuses on our Consolidated Balance Sheets was $83.1 million and $60.7 million at December 31, 2015 and 2014 , respectively. Employee Benefit Trusts. We maintain employee benefit trusts for the purpose of satisfying obligations under certain benefit plans. These trusts held 0.6 million shares of Equifax stock with a value, at cost, of $5.9 million at December 31, 2015 and 2014 , as well as cash, which was not material for both periods presented. The employee benefits trusts are as follows: • The Executive Life and Supplemental Retirement Benefit Plan Grantor Trust is used to ensure that the insurance premiums due under the Executive Life and Supplemental Retirement Benefit Plan are paid in case we fail to make scheduled payments following a change in control, as defined in this trust agreement. • The Supplemental Retirement Plan Grantor Trust’s assets are dedicated to ensure the payment of benefits accrued under our Supplemental Retirement Plan in case of a change in control, as defined in this trust agreement. The assets in these plans which are recorded on our Consolidated Balance Sheets are subject to creditor’s claims in case of insolvency of Equifax Inc. |
ACCUMULATED OTHER COMPREHENSI22
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in accumulated other comprehensive income by component, after tax, for the twelve months ended December 31, 2015 , are as follows: Foreign currency Pension and other postretirement benefit plans Cash flow hedging transactions Total (In millions) Balance, December 31, 2014 $ (170.3 ) $ (263.3 ) $ (1.8 ) $ (435.4 ) Other comprehensive income before reclassifications (67.1 ) 7.4 0.2 (59.5 ) Amounts reclassified from accumulated other comprehensive income — 10.1 — 10.1 Net current-period other comprehensive income (67.1 ) 17.5 0.2 (49.4 ) Balance, December 31, 2015 $ (237.4 ) $ (245.8 ) $ (1.6 ) $ (484.8 ) Reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2015 , are as follows: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented (In millions) Amortization of pension and other postretirement plan items: Prior service cost $ 0.3 (1) Recognized actuarial loss (16.4 ) (1) (16.1 ) Total before tax 6.0 Tax benefit $ (10.1 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 11 Benefit Plans for additional details). Changes in accumulated other comprehensive income related to noncontrolling interests were not material as of December 31, 2015 . |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES In the first quarter of 2015, we recorded a $20.7 million restructuring charge ( $13.2 million , net of tax) all of which was recorded in selling, general and administrative expenses on our Consolidated Statements of Income. This charge resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and increase the integration of our global operations. The restructuring charge primarily relates to a reduction of headcount of approximately 300 positions resulting in a charge of $16.2 million , which was accrued for under existing severance plans or statutory requirements. The remainder was related to costs associated with real estate exits of $1.2 million and other integration costs of $3.3 million . Generally, severance benefits for our U.S. and international employees are paid in the form of a lump sum cash payment according to the number of weeks of severance benefit provided to the employee. Payments related to the above restructuring charges totaled $16.6 million for the twelve months ended December 31, 2015. Payments related to the above restructuring charges will be substantially completed in the first quarter of 2016. In the fourth quarter of 2013, we recorded a restructuring charge to realign internal resources of $9.3 million ( $5.9 million , net of tax) in selling, general and administrative expenses on our Consolidated Statements of Income primarily related to headcount reductions of approximately 160 positions. This charge resulted from our continuing efforts to align our business to better support our strategic objectives. Generally, severance benefits for our U.S. employees are paid through monthly payroll according to the number of weeks of severance benefit provided to the employee, while our international employees receive a lump sum severance payment for their benefit. All payments were substantially completed by December 31, 2014. Restructuring charges are recorded in general corporate expense. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Organizational Realignment. In 2015, the personal solutions business in the United Kingdom was consolidated into the North America Personal Solutions segment, which was reorganized into the Personal Solutions segment. Additionally in 2015, the direct to consumer reseller businesses in the U.S., Canada, and the United Kingdom were also consolidated into the Personal Solutions segment. These changes were driven by an enterprise wide strategy to maximize the penetration of our products and services in our targeted markets. We determined that market focus and operating efficiency could be further improved by reorganizing and consolidating the United States, Canada and the United Kingdom Personal Solutions and Direct to Consumer Reseller operating activities into one segment, Personal Solutions. As a result, we modified our segment reporting effective 2015. Our financial results for the years ended December 31, 2014 and 2013 have been recast below to reflect our new organizational structure. On July 1, 2014 the North America Commercial Solutions operating segment was consolidated into the U.S. Consumer Information Solutions and International operating segments. The change was driven by an enterprise wide distribution marketing strategy to maximize the penetration of our products and services in our targeted markets. In an effort to accelerate our penetration and simplify how our commercial information customers interact with us, we have reorganized our operating segments. The U.S. portion of the North America Commercial Solutions (“NACS”) operating segment was consolidated into the U.S. Consumer Information Solutions operating segment. The combined operating segment was renamed U.S. Information Solutions. The Canadian portion of the NACS operating segment was consolidated into the Canada operations of the International operating segment. As a result, we modified our segment reporting effective in the third quarter of 2014. Our financial results for the year ended December 31, 2013 have been recast below to reflect our new organizational structure. Reportable Segments. We manage our business and report our financial results through the following four reportable segments, which are the same as our operating segments: • U.S. Information Solutions • International • Workforce Solutions • Personal Solutions The accounting policies of the reportable segments are the same as those described in our summary of significant accounting policies (see Note 1). We evaluate the performance of these reportable segments based on their operating revenue, operating income and operating margins, excluding any unusual or infrequent items, if any. The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment. Inter-segment sales are not material for all periods presented. All transactions between segments are accounted for at fair market value or cost depending on the nature of the transaction, and no timing differences occur between segments. A summary of segment products and services is as follows: U.S. Information Solutions. This segment includes consumer and commercial information services (such as credit information and credit scoring, credit modeling services and portfolio analytics (decisioning tools), which are derived from our databases of business credit and financial information, locate services, fraud detection and prevention services, identity verification services and other consulting services); mortgage loan origination information; financial marketing services; and identity management. International. This segment includes information services products, which includes consumer and commercial services (such as credit and financial information, credit scoring and credit modeling services), credit and other marketing products and services. In Europe and Latin America, we also provide information, technology and services to support debt collections and recovery management. Workforce Solutions. This segment includes employment, income and social security number verification services as well as complementary payroll-based transaction services and employment tax management services. Personal Solutions. This segment includes credit information, credit monitoring and identity theft protection products sold directly to consumers via the internet and in various hard-copy formats in the U.S., Canada, and the U.K. We also sell consumer and credit information to resellers who combine our information with other information to provide direct to consumer monitoring, reports and scores. Segment information for the twelve months ended December 31, 2015 , 2014 and 2013 and as of December 31, 2015 and 2014 is as follows: Twelve Months Ended December 31, Operating revenue: 2015 2014 2013 (In millions) U.S. Information Solutions $ 1,171.3 $ 1,079.9 $ 1,054.5 International 568.5 572.2 497.8 Workforce Solutions 577.7 490.1 474.1 Personal Solutions 346.1 294.2 277.5 Total operating revenue $ 2,663.6 $ 2,436.4 $ 2,303.9 Twelve Months Ended Operating income: 2015 2014 2013 (In millions) U.S. Information Solutions $ 491.2 $ 421.0 $ 401.3 International 113.5 121.0 145.3 Workforce Solutions 218.8 160.7 142.6 Personal Solutions 95.2 93.4 79.3 General Corporate Expense (224.8 ) (157.9 ) (157.3 ) Total operating income $ 693.9 $ 638.2 $ 611.2 December 31, Total assets: 2015 2014 (In millions) U.S. Information Solutions $ 1,869.6 $ 1,931.3 International 830.2 965.3 Workforce Solutions 1,268.5 1,271.3 Personal Solutions 197.9 194.9 General Corporate 342.8 298.2 Total assets $ 4,509.0 $ 4,661.0 Twelve Months Ended Depreciation and amortization expense: 2015 2014 2013 (In millions) U.S. Information Solutions $ 83.3 $ 86.7 $ 88.8 International 40.1 44.2 24.1 Workforce Solutions 42.0 42.6 51.7 Personal Solutions 9.4 8.2 7.5 General Corporate 23.2 20.1 17.5 Total depreciation and amortization expense $ 198.0 $ 201.8 $ 189.6 Twelve Months Ended Capital expenditures: 2015 2014 2013 (In millions) U.S. Information Solutions $ 21.9 $ 16.6 $ 16.7 International 25.7 15.2 19.7 Workforce Solutions 22.1 13.1 14.6 Personal Solutions 11.2 9.2 6.9 General Corporate 69.8 32.3 25.4 Total capital expenditures $ 150.7 $ 86.4 $ 83.3 Financial information by geographic area is as follows: Twelve Months Ended 2015 2014 2013 (In millions) Operating revenue (based on location of customer): Amount % Amount % Amount % U.S. $ 2,041.7 77 % $ 1,810.2 74 % $ 1,766.0 77 % U.K. 224.1 8 % 217.0 9 % 144.7 6 % Canada 135.5 5 % 154.2 6 % 155.6 7 % Other 262.3 10 % 255.0 11 % 237.6 10 % Total operating revenue $ 2,663.6 100 % $ 2,436.4 100 % $ 2,303.9 100 % December 31, 2015 2014 (In millions) Long-lived assets: Amount % Amount % U.S. $ 3,248.3 82 % $ 3,287.5 81 % U.K. 353.1 9 % 371.9 9 % Canada 45.5 1 % 55.8 1 % Other 300.5 8 % 355.3 9 % Total long-lived assets $ 3,947.4 100 % $ 4,070.5 100 % |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2015 and 2014 was as follows: Three Months Ended 2015 March 31, June 30, September 30, December 31, (In millions, except per share data) Operating revenue $ 651.8 $ 678.1 $ 667.4 $ 666.3 Operating income $ 154.2 $ 188.5 $ 174.3 $ 176.9 Consolidated net income $ 89.6 $ 112.5 $ 119.7 $ 113.0 Net income attributable to Equifax $ 88.3 $ 111.0 $ 117.9 $ 111.9 Basic earnings per share* Net income attributable to Equifax $ 0.74 $ 0.94 $ 1.00 $ 0.94 Diluted earnings per share* Net income attributable to Equifax $ 0.73 $ 0.92 $ 0.98 $ 0.93 Three Months Ended 2014 March 31, June 30, September 30, December 31, (In millions, except per share data) Operating revenue $ 584.5 $ 613.9 $ 613.4 $ 624.6 Operating income $ 151.9 $ 167.4 $ 153.7 $ 165.2 Consolidated net income $ 86.3 $ 94.5 $ 94.4 $ 98.8 Net income attributable to Equifax $ 83.9 $ 92.8 $ 92.7 $ 98.0 Basic earnings per share* Net income attributable to Equifax $ 0.69 $ 0.76 $ 0.77 $ 0.82 Diluted earnings per share* Net income attributable to Equifax $ 0.67 $ 0.75 $ 0.75 $ 0.80 * The sum of the quarterly EPS does not equal the annual EPS due to changes in the weighted-average shares between periods. The comparability of our quarterly financial results during 2015 and 2014 was impacted by certain events, as follows: • During Q1 2015, we recorded a $20.7 million restructuring charge ( $13.2 million , net of tax) all of which was recorded in selling, general and administrative expenses on our Consolidated Statements of Income. For additional information about our acquisitions, see Note 13 of the Notes to Consolidated Financial Statements. • During Q2 2015, we recorded a 46.0 million Brazilian Reais ( $14.8 million ) impairment of our investment in BVS. For additional information about our acquisitions, see Note 2 of the Notes to Consolidated Financial Statements. • During Q1 2014, we made two acquisitions, the TDX and Forseva, for a total of $338.8 million . For additional information about our acquisitions, see Note 4 of the Notes to Consolidated Financial Statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENT The Company intends to acquire 100% of the ordinary shares of Veda, as announced on November 21, 2015, for cash consideration of approximately $1.7 billion ( 2.4 billion Australian dollars) and debt assumed of approximately $188.4 million ( 261.5 million Australian dollars). The Company will account for this acquisition in accordance with ASC 805, Business Combinations , which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition. The Company has not included the unaudited pro forma information in this filing, as the Company has not yet finalized the acquisition. In connection with the Veda acquisition, on February 9, 2016 we have drawn down on the Term Loan Facility for $800.0 million , and on February 16, 2016, we have drawn down on the 364-day Revolver for $275.0 million . |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. We collect, organize and manage various types of financial, demographic, employment and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of December 31, 2015 , we operated in the following countries: Argentina, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay, and the United States of America, or U.S. We also maintain support operations in the Republic of Ireland. We have an investment in a consumer and commercial credit information company in Brazil and offer consumer credit services in India and Russia through joint ventures. We develop, maintain and enhance secured proprietary information databases through the compilation of actual consumer data, including credit, employment, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, public record information (including bankruptcies, liens and judgments), income and tax information primarily from large to mid-sized companies in the U.S., and survey-based marketing information. We process this information utilizing our proprietary information management systems.We also provide information, technology and services to support debt collections and recovery management. |
Basis of Consolidation | Basis of Consolidation. Our Consolidated Financial Statements and the accompanying notes, which are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, include Equifax and all its subsidiaries. We consolidate all majority-owned and controlled subsidiaries as well as variable interest entities in which we are the primary beneficiary. Other parties’ interests in consolidated entities are reported as noncontrolling interests. We use the equity method of accounting for investments in which we are able to exercise significant influence and use the cost method for all other investments. All significant intercompany transactions and balances are eliminated. Our Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented therein. |
Segments | Segments. We manage our business and report our financial results through the following four reportable segments, which are our operating segments: • U.S. Information Solutions, or USIS • International • Workforce Solutions • Personal Solutions USIS is our largest reportable segment, with 44% of total operating revenue for 2015. Our most significant foreign operations are located in the U.K. and Canada. |
Use of Estimates | Use of Estimates. The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions in accordance with GAAP. Accordingly, we make these estimates and assumptions after exercising judgment. We believe that the estimates and assumptions inherent in our Consolidated Financial Statements are reasonable, based upon information available to us at the time they are made including the consideration of events that have occurred up until the point these Consolidated Financial Statements have been filed. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements, as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates. |
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue. Revenue is recognized when persuasive evidence of an arrangement exists, collectibility of arrangement consideration is reasonably assured, the arrangement fees are fixed or determinable and delivery of the product or service has been completed. A significant portion of our revenue is derived from the provision of information services to our customers on a transaction basis, in which case revenue is recognized, assuming all other revenue recognition criteria are met, when the services are provided. A smaller portion of our revenues relates to subscription-based contracts under which a customer pays a preset fee for a predetermined or unlimited number of transactions or services provided during the subscription period, generally one year. Revenue related to subscription-based contracts having a preset number of transactions is recognized as the services are provided, using an effective transaction rate as the actual transactions are completed. Any remaining revenue related to unfulfilled units is not recognized until the end of the related contract’s subscription period. Revenue related to subscription-based contracts having an unlimited volume is recognized ratably during the contract term. Revenue is recorded net of sales taxes. If at the outset of an arrangement, we determine that collectibility is not reasonably assured, revenue is deferred until the earlier of when collectibility becomes probable or the receipt of payment. If there is uncertainty as to the customer’s acceptance of our deliverables, revenue is not recognized until the earlier of receipt of customer acceptance or expiration of the acceptance period. If at the outset of an arrangement, we determine that the arrangement fee is not fixed or determinable, revenue is deferred until the arrangement fee becomes fixed or determinable, assuming all other revenue recognition criteria have been met. The determination of certain of our tax management services revenue requires the use of estimates, principally related to transaction volumes in instances where these volumes are reported to us by our clients on a monthly basis in arrears. In these instances, we estimate transaction volumes based on average actual volumes reported in the past. Differences between our estimates and actual final volumes reported are recorded in the period in which actual volumes are reported. We have not experienced significant variances between our estimates and actual reported volumes in the past. We monitor actual volumes to ensure that we will continue to make reasonable estimates in the future. If we determine that we are unable to make reasonable future estimates, revenue may be deferred until actual customer data is obtained. Also within our Workforce Solutions operating segment, the fees for certain of our tax credits and incentives revenue are based on a portion of the credit delivered to our clients. Revenue for these arrangements is recognized based on the achievement of milestones, upon calculation of the credit, or when the credit is utilized by our client, depending on the provisions of the client contract. We have certain offerings that are sold as multiple element arrangements. The multiple elements may include consumer or commercial information, file updates for certain solutions, services provided by our decisioning technologies personnel, training services, statistical models and other services. To account for each of these elements separately, the delivered elements must have stand-alone value to our customer. For certain customer contracts, the total arrangement fee is allocated to the undelivered elements. If we are unable to unbundle the arrangement into separate units of accounting, we apply one of the accounting policies described above. This may lead to the arrangement consideration being recognized as the final contract element is delivered to our customer or ratably over the contract. Many of our multiple element arrangements involve the delivery of services generated by a combination of services provided by one or more of our operating segments. No individual information service impacts the value or usage of other information services included in an arrangement and each service can be sold alone or, in most cases, purchased from another vendor without affecting the quality of use or value to the customer of the other information services included in the arrangement. Some of our products require the development of interfaces or platforms by our decisioning technologies personnel that allow our customers to interact with our proprietary information databases. These development services do not meet the requirement for having stand-alone value, thus any related development fees are deferred when billed and are recognized over the expected period that the customer will benefit from the related decisioning technologies service. Revenue from the provision of statistical models is recognized as the service is provided and accepted, assuming all other revenue recognition criteria are met. The direct costs of set up of a customer are capitalized and amortized as a cost of service during the term of the related customer contract. We have some multiple element arrangements that include software. We recognize the elements for which we have established vendor specific objective evidence at fair value upon delivery, in accordance with the applicable guidance. We record revenue on a net basis for those sales in which we have in substance acted as an agent or broker in the transaction. The debt collections and recovery management revenue is calculated as a percentage of debt collected on behalf of the customer and, as such, is primarily recognized when the cash is collected assuming all other revenue recognition criteria are met. Deferred revenue consists of amounts billed in excess of revenue recognized on sales of our information services relating generally to the deferral of subscription fees and arrangement consideration from elements not meeting the criteria for having stand-alone value discussed above. Deferred revenues are subsequently recognized as revenue in accordance with our revenue recognition policies. |
Cost of Services | Cost of Services. Cost of services consist primarily of (1) data acquisition and royalty fees; (2) customer service costs, which include: personnel costs to collect, maintain and update our proprietary databases, to develop and maintain software application platforms and to provide consumer and customer call center support; (3) hardware and software expense associated with transaction processing systems; (4) telecommunication and computer network expense; and (5) occupancy costs associated with facilities where these functions are performed by Equifax employees. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses. Selling, general and administrative expenses consist primarily of personnel-related costs, restructuring costs, corporate costs, fees for professional and consulting services, advertising costs, and other costs of administration. |
Advertising | Advertising. Advertising costs from continuing operations, which are expensed as incurred, totaled $65.1 million , $57.1 million and $57.5 million during 2015, 2014 and 2013, respectively. |
Stock-Based Compensation | Stock-Based Compensation. We recognize the cost of stock-based payment transactions in the financial statements over the period services are rendered according to the fair value of the stock-based awards issued. All of our stock-based awards, which are stock options and nonvested stock, are classified as equity instruments. |
Income Taxes | Income Taxes. We account for income taxes under the liability method. Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. We assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred tax assets. We record a valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized. We record tax benefits for positions that we believe are more likely than not of being sustained under audit examinations. We assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes on our Consolidated Statements of Income. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates or when statutory terms expire. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. |
Earnings Per Share | Earnings Per Share. Our basic earnings per share, or EPS, is calculated as net income divided by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. The net income amounts used in both our basic and diluted EPS calculations are the same. |
Accelerated Share Repurchase Program | Accelerated Share Repurchase Program. On October 24, 2014, we entered into an accelerated share repurchase (“ASR”) program to repurchase shares of our common stock under our approved share repurchase program. Under the ASR program, the number of shares to be repurchased is based generally on the daily volume weighted average price of our common stock during the term of the ASR program. On October 24, 2014, we paid $115 million in exchange for an initial delivery of 1.4 million shares to us, subject to a 10% , or $11.5 million , holdback. The maximum number of shares to be received or delivered under the contracts was 3.2 million . The ASR program was accounted for as an initial treasury stock transaction and a forward stock purchase contract. The initial repurchase of shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted net income per share on the effective date of the agreement. The forward stock purchase contracts are classified as equity instruments under ASC 815-40 for “Contracts in Entity's Own Equity,” and were deemed to have a fair value of zero at the effective date. On February 4, 2015, we settled the ASR and received approximately 0.02 million shares. |
Cash Equivalents | Cash Equivalents. We consider all highly-liquid investments with an original maturity of three months or less to be cash equivalents. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts. We do not recognize interest income on our trade accounts receivable. Additionally, we generally do not require collateral from our customers related to our trade accounts receivable. The allowance for doubtful accounts for estimated losses on trade accounts receivable is based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in an adverse financial condition. We reassess the adequacy of the allowance for doubtful accounts each reporting period. Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income. Bad debt expense from continuing operations was $4.3 million , $2.5 million and $2.8 million during the twelve months ended December 31, 2015 , 2014 , and 2013 , respectively. |
Other Current Assets | Other Current Assets. Other current assets on our Consolidated Balance Sheets includes amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of December 31, 2015 and 2014 , respectively, these assets were approximately $30.2 million and $50.8 million with fully offsetting balances in other current liabilities. These amounts are restricted as to their current use, and will be released according to the specific customer agreements. Other current assets also include foreign currency options, receivables related to life insurance policies covering certain officers of the Company, deferred charges, as well as certain current tax accounts. |
Long-Lived Assets | Long-Lived Assets. Property and equipment are stated at cost less accumulated depreciation and amortization. The cost of additions is capitalized. Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives, which are generally three to ten years for data processing equipment and capitalized internal-use software and systems costs. Leasehold improvements are depreciated over the shorter of their estimated useful lives or lease terms that are reasonably assured. Buildings are depreciated over a forty -year period. Other fixed assets are depreciated over three to seven years. Upon sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized and included in income from operations on the Consolidated Statements of Income, with the classification of any gain or loss dependent on the characteristics of the asset sold or retired. Certain internal-use software and system development costs are capitalized. Accordingly, the specifically identified costs incurred to develop or obtain software, which is intended for internal use are not capitalized until the determination is made as to the availability of a technically feasible solution to solve the predefined user and operating performance requirements as established during the preliminary stage of an internal-use software development project. Costs incurred during a software development project’s preliminary stage and post-implementation stage are expensed as incurred. Application development activities that are eligible for capitalization include software design and configuration, development of interfaces, coding, testing, and installation. Capitalized internal-use software and systems costs are subsequently amortized on a straight-line basis over a three - to ten -year period after project completion and when the related software or system is ready for its intended use. Depreciation and amortization expense from continuing operations related to property and equipment was $75.7 million , $71.7 million and $71.2 million during the twelve months ended December 31, 2015 , 2014 , and 2013 , respectively. Industrial Revenue Bonds. Pursuant to the terms of certain industrial revenue bonds, we have transferred title to certain of our fixed assets with total costs of $108.5 million and $92.3 million as of December 31, 2015 and 2014 , respectively, to a local governmental authority in the U.S. to receive a property tax abatement related to economic development. The title to these assets will revert back to us upon retirement or cancellation of the applicable bonds. These fixed assets are still recognized in the Company’s Consolidated Balance Sheets as all risks and rewards remain with the Company. Impairment of Long-Lived Assets. We monitor the status of our long-lived assets in order to determine if conditions exist or events and circumstances indicate that an asset group may be impaired in that its carrying amount may not be recoverable. Significant factors that are considered that could be indicative of an impairment include: changes in business strategy, market conditions or the manner in which an asset group is used; underperformance relative to historical or expected future operating results; and negative industry or economic trends. If potential indicators of impairment exist, we estimate recoverability based on the asset group’s ability to generate cash flows greater than the carrying value of the asset group. We estimate the undiscounted future cash flows arising from the use and eventual disposition of the related long-lived asset group. If the carrying value of the long-lived asset group exceeds the estimated future undiscounted cash flows, an impairment loss is recorded based on the amount by which the asset group’s carrying amount exceeds its fair value. We utilize estimates of discounted future cash flows to determine the asset group’s fair value. We did not record any impairment losses of long-lived assets in any of the periods presented. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets. Goodwill represents the cost in excess of the fair value of the net assets of acquired businesses. Goodwill is not amortized. We are required to test goodwill for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of September 30 each year. Under ASC 350, we have an option to perform a “qualitative” assessment of our reporting units to determine whether further impairment testing is necessary. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. For reporting units that we determine meet these criteria, we perform a qualitative assessment. In this qualitative assessment, we consider the following items for each of the reporting units: macroeconomic conditions, industry and market conditions, overall financial performance and other entity specific events. In addition, for each of these reporting units, the most recent fair value determination results in an amount that significantly exceeds the carrying amount of the reporting units. Based on these assessments, we determine whether the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is not more likely than not. If it is determined it is not more likely than not, no further testing is required. If further testing is required, we continue with the quantitative impairment test. In analyzing goodwill for potential impairment in the quantitative impairment test, we use a combination of the income and market approaches to estimate the reporting unit’s fair value. Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows. The assumptions we use are based on what we believe a hypothetical marketplace participant would use in estimating fair value. Under the market approach, we estimate the fair value based on market multiples of revenue or earnings before interest, income taxes, depreciation and amortization for benchmark companies. If the fair value of a reporting unit exceeds its carrying value, then no further testing is required. However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its implied value. Indefinite-lived reacquired rights represent the value of rights which we had granted to various affiliate credit reporting agencies that were reacquired in the U.S. and Canada. A portion of our reacquired rights are perpetual in nature and, therefore, the useful lives are considered indefinite in accordance with the accounting guidance in place at the time of the acquisitions. Indefinite-lived intangible assets are not amortized. We are required to test indefinite-lived intangible assets for impairment annually and whenever events and circumstances indicate that there may be an impairment of the asset value. Our annual impairment test date is September 30. We perform the impairment test for our indefinite-lived intangible assets by first assessing qualitative factors to determine whether it is necessary to perform a quantitative impairment test. If the qualitative assessment indicates that we need to perform a quantitative impairment test, we compare the asset’s fair value to its carrying value. We estimate the fair value based on projected discounted future cash flows. An impairment charge is recognized if the asset’s estimated fair value is less than its carrying value. We completed our annual impairment testing for goodwill and indefinite-lived intangible assets during the twelve months ended December 31, 2015 , 2014 and 2013 , and we determined that there was no impairment in any of these years. |
Purchased Intangible Assets | Purchased Intangible Assets. Purchased intangible assets represent the estimated fair value of acquired intangible assets used in our business. Purchased data files represent the estimated fair value of consumer credit files acquired primarily through the purchase of independent credit reporting agencies in the U.S. and Canada. We expense the cost of modifying and updating credit files in the period such costs are incurred. We amortize purchased data files, which primarily consist of acquired credit files, on a straight-line basis. All of our other purchased intangible assets are also amortized on a straight-line basis. Asset Useful Life (In years) Purchased data files 2 to 15 Acquired software and technology 1 to 10 Non-compete agreements 1 to 5 Proprietary database 6 to 10 Customer relationships 2 to 25 Trade names 3 to 15 Reacquired rights represent the value of rights which we had granted to Computer Sciences Corporation that were reacquired in connection with the acquisition of CSC Credit Services in the fourth quarter of 2012 based on the accounting guidance in place at that time. These reacquired rights are being amortized over the remaining term of the affiliation agreement on a straight-line basis until August 1, 2018. |
Other Assets | Other Assets. Other assets on our Consolidated Balance Sheets primarily represents our investment in unconsolidated affiliates, our cost method investment in Boa Vista Servicos (“BVS”), assets related to life insurance policies covering certain officers of the Company, employee benefit trust assets, and debt issuance costs. Impairment of Cost Method Investment . We monitor the status of our cost method investment in order to determine if conditions exist or events and circumstances indicate that it may be impaired in that its carrying amount may exceed the fair value of the investment. Significant factors that are considered that could be indicative of an impairment include: changes in business strategy, market conditions, underperformance relative to historical or expected future operating results; and negative industry or economic trends. If potential indicators of impairment exist, we estimate the fair value of the investment using a combination of a discounted cash flow analysis and an evaluation of EBITDA and transaction multiples for comparable companies. If the carrying value of the investment exceeds the estimated fair value, an impairment loss is recorded based on the amount by which the investment’s carrying amount exceeds its fair value. There were no indicators of impairment for 2014. We recorded an impairment of our cost method investment in 2015 and 2013. See Note 2 for further discussion. |
Other Current Liabilities | Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of the offset to other current assets, related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. These funds were approximately $30.2 million and $50.8 million as of December 31, 2015 and 2014 , respectively. These amounts are restricted as to their current use, and will be released according to the specific customer agreements. Other current liabilities also include various accrued expenses such as interest expense, accrued employee benefits, accrued taxes, accrued payroll, and accrued legal expenses. |
Benefit Plans | Benefit Plans. We sponsor various pension and defined contribution plans. We also maintain certain healthcare and life insurance benefit plans for eligible retired U.S. employees. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using several actuarial assumptions, the most significant of which are the discount rate and the expected return on plan assets. Our Consolidated Balance Sheets reflect the funded status of the pension and other postretirement plans. |
Foreign Currency Translation | Foreign Currency Translation. The functional currency of each of our foreign operating subsidiaries is that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end rate of exchange and revenue and expenses at the monthly average rates during the year. We record the resulting translation adjustment in other comprehensive income, a component of shareholders’ equity. We also record gains and losses resulting from the translation of intercompany balances of a long-term investment nature in accumulated other comprehensive loss. In the year ended December 31, 2015 , we recorded $2.0 million of foreign currency transaction gains. In the year ended December 31, 2014 and December 31, 2013, we recorded $7.0 million and $6.8 million of foreign currency transaction losses, respectively. |
Financial Instruments | Financial Instruments. Our financial instruments consist primarily of cash and cash equivalents, accounts and notes receivable, accounts payable and short and long-term debt. The carrying amounts of these items, other than long-term debt, approximate their fair market values due to the short-term nature of these instruments. The fair value of our fixed-rate debt is determined using Level 2 inputs such as quoted market prices for publicly traded instruments, and for non-publicly traded instruments through valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk. As of December 31, 2015 and 2014 , the fair value of our fixed-rate debt was $1.2 billion and $1.3 billion , respectively, compared to its carrying value of $1.1 billion and $1.1 billion , respectively, based on recent trading prices. |
Derivatives and Hedging Activities | Derivatives and Hedging Activities. Although derivative financial instruments are not utilized for speculative purposes or as the Company’s primary risk management tool, derivatives have been used as a risk management tool to hedge the Company’s exposure to changes in interest rates and foreign exchange rates. We have used interest rate swaps and interest rate lock agreements to manage interest rate risk associated with our fixed and floating-rate borrowings. Forward contracts on various foreign currencies have been used to manage the foreign currency exchange rate risk of certain firm commitments denominated in foreign currencies. We recognize all derivatives on the balance sheet at fair value. Derivative valuations reflect the value of the instrument including the value associated with any material counterparty risk. Economic Hedges. In December 2015, in anticipation of the Veda acquisition, we purchased foreign currency options to buy Australian dollars with a weighted average strike price of $0.7225 and a notional value of 1.0 billion Australian dollars. These foreign currency options ("options") were designed to act as economic hedges for the pending Veda acquisition and have been marked to market. The options have an expiry date of February 18, 2016, and are reflected in other current assets, net, on our Consolidated Balance Sheet. We recorded a mark-to-market gain on the options of $4.7 million for the year ended December 31, 2015, which was recorded in other income (expense), net. The fair value of these options at December 31, 2015 were $14.4 million , recorded in other current assets, net, on our Consolidated Balance Sheet. In January 2016, we purchased additional options for a notional amount of 1.0 billion Australian dollars, with a weighted average strike price of $0.7091 , with expiry dates of February 11, 2016 and February 16, 2016. We closed out all of the options on the respective settlement dates in February 2016. We recognized a net loss of $15.4 million related to the options in the first quarter of 2016, which was recorded in other income (expense), net. Fair Value Hedges. In conjunction with our fourth quarter 2009 sale of five-year Senior Notes, we entered into five-year interest rate swaps, designated as fair value hedges, which convert the debt’s fixed interest rate to a variable rate. These swaps involve the receipt of fixed rate amounts for floating interest rate payments over the life of the swaps without exchange of the underlying principal amount. Changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed-rate Senior Notes they hedge due to changes in the designated benchmark interest rate and are recorded in interest expense. We settled the interest rate swaps on their maturity date during the fourth quarter of 2014, with receipt of $3.8 million from the counterparties. There was no ineffectiveness on our fair value hedge that impacted 2014 earnings. Cash Flow Hedges. Changes in the fair value of highly effective derivatives designated as cash flow hedges are initially recorded in accumulated other comprehensive income and are reclassified into the line item in the Consolidated Statements of Income in which the hedged item is recorded in the same period the hedged item impacts earnings. Any ineffective portion is recorded in current period earnings. We did not have any unsettled cash flow hedges outstanding as of December 31, 2015 or December 31, 2014 . |
Fair Value Measurements | Fair Value Measurements. Fair value is determined based on the assumptions marketplace participants use in pricing the asset or liability. We use a three level fair value hierarchy to prioritize the inputs used in valuation techniques between observable inputs that reflect quoted prices in active markets, inputs other than quoted prices with observable market data and unobservable data (e.g., a company’s own data). The adoption of fair value guidance for nonfinancial assets and nonfinancial liabilities on January 1, 2009 did not have a material impact on our Consolidated Financial Statements. The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Assets and Liabilities: Foreign Currency Options (1) $ 14.4 $ — $ 14.4 $ — Deferred Compensation Plan Assets (2) 24.9 24.9 — — Deferred Compensation Plan Liability (2) (24.9 ) — (24.9 ) — Total assets and liabilities $ 14.4 $ 24.9 $ (10.5 ) $ — (1) The fair value of our call options, designated as economic hedges, are calculated using a valuation model based on the underlying currency exchange rates and related volatility, and are classified within Level 2 of the fair value hierarchy. (2) We maintain deferred compensation plans that allow for certain management employees to defer the receipt of compensation (such as salary, incentive compensation and commissions) until a later date based on the terms of the plans. The liability representing benefits accrued for plan participants is valued at the quoted market prices of the participants’ investment elections. The asset consists of mutual funds reflective of the participants investment selections and is valued at daily quoted market prices. |
Variable Interest Entities | Variable Interest Entities. We hold interests in certain entities, including credit data, information solutions and debt collections and recovery management ventures, that are considered variable interest entities, or VIEs. These variable interests relate to ownership interests that require financial support for these entities. Our investments related to these VIEs totaled $10.5 million at December 31, 2015 , representing our maximum exposure to loss, with the exception of the guarantees referenced in Note 7. We are not the primary beneficiary and are not required to consolidate any of these VIEs, with the exception of a debt collections and recovery management venture, for which we meet the consolidation criteria under ASC 810. In regards to that consolidated VIE, we have a 75% equity ownership interest and control of the activities that most significantly impact the VIE's economic performance. The assets and liabilities of the VIE for which we are the primary beneficiary were not significant to the Company’s consolidated financial statements, and no gain or loss was recognized because of its consolidation. In evaluating whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider the purpose for which the VIE was created, the importance of each of the activities in which it is engaged and our decision-making role, if any, in those activities that significantly determine the entity's economic performance as compared to other economic interest holders. This evaluation requires consideration of all facts and circumstances relevant to decision-making that affects the entity's future performance and the exercise of professional judgment in deciding which decision-making rights are most important. In determining whether we have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE, we evaluate all of our economic interests in the entity, regardless of form (debt, equity, management and servicing fees, and other contractual arrangements). This evaluation considers all relevant factors of the entity's design, including: the entity's capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, as well as other contractual arrangements that have the potential to be economically significant. The evaluation of each of these factors in reaching a conclusion about the potential significance of our economic interests is a matter that requires the exercise of professional judgment. Certain of our VIEs have redeemable noncontrolling interests that are subject to classification outside of permanent equity on the Company's Consolidated Balance Sheet. The redeemable noncontrolling interests are reflected using the redemption method as of the balance sheet date. Redeemable noncontrolling interest adjustments to the redemption values are reflected in retained earnings. The adjustment of redemption value at the period end that reflects a redemption value in excess of fair value is included as an adjustment to net income attributable to Equifax stockholders for the purposes of the calculation of earnings per share. None of the current period adjustments reflect a redemption in excess of fair value. Additionally, due to the immaterial balance of the redeemable noncontrolling interest, we have elected to maintain the noncontrolling interest in permanent equity, rather than temporary equity, within our Consolidated Balance Sheet. |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Change in Accounting Principle. In November 2015, the FASB issued ASU 2015-17 "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. As permitted under this update, the Company has adopted the new guidance and retrospectively presented the deferred tax liabilities and assets as noncurrent on our Consolidated Balance Sheet for the years ended December 31, 2015 and 2014. We have also updated Item 6 "Selected Financial Data" for this change. The Company believes that this presentation leads to further simplification of financial reporting. This change did not affect our consolidated statements of income, cash flows, or shareholders' equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. Reporting of Provisional Amounts in a Business Combination. In September 2015, the FASB issued ASU 2015-03 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”. This standard eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination. The new standard requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The prior period impact of the adjustment should be either presented separately on the face of the income statement or disclosed in the notes. The guidance becomes effective for fiscal years and interim reporting periods beginning after December 15, 2015, with early adoption permitted for financial statements that have not been issued. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and cash flows. Cloud Computing Arrangements. In April 2015, the FASB issued ASU 2015-05 “Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Fees Paid in a cloud Computing Arrangement.” The update provides criteria for customers in a cloud computing arrangement to use to determine whether the arrangement includes a license of software. The guidance becomes effective for fiscal years and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and cash flows. Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU 2015-03 “Interest - Imputation of Interest.” The guidance modified the presentation of debt issuance costs, to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance becomes effective for fiscal years and interim reporting periods beginning after December 15, 2015, with early adoption permitted. In August 2015, the FASB issued ASU 2015-15 "Interest - Imputation of Interest", which updated the ASU 2015-03 guidance to state that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and cash flows. Revenue Recognition. In May 2014, the FASB issued ASU No. 2014-9, "Revenue from Contracts with Customers." ASU 2014-9 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. ASU 2014-9 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-9 was originally effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 and early adoption was not permitted. On July 9, 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-9. The Company is evaluating the potential effects of the adoption of this standard on its Consolidated Financial Statements. |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Reconciliation of Weighted-Average Outstanding Shares Used in Calculations of Basic and Diluted EPS | A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Weighted-average shares outstanding (basic) 118.7 121.2 121.2 Effect of dilutive securities: Stock options and restricted stock units 2.2 2.3 2.5 Weighted-average shares outstanding (diluted) 120.9 123.5 123.7 |
Useful Life of Other Purchased Intangible Assets | All of our other purchased intangible assets are also amortized on a straight-line basis. Asset Useful Life (In years) Purchased data files 2 to 15 Acquired software and technology 1 to 10 Non-compete agreements 1 to 5 Proprietary database 6 to 10 Customer relationships 2 to 25 Trade names 3 to 15 |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Assets and Liabilities: Foreign Currency Options (1) $ 14.4 $ — $ 14.4 $ — Deferred Compensation Plan Assets (2) 24.9 24.9 — — Deferred Compensation Plan Liability (2) (24.9 ) — (24.9 ) — Total assets and liabilities $ 14.4 $ 24.9 $ (10.5 ) $ — (1) The fair value of our call options, designated as economic hedges, are calculated using a valuation model based on the underlying currency exchange rates and related volatility, and are classified within Level 2 of the fair value hierarchy. (2) We maintain deferred compensation plans that allow for certain management employees to defer the receipt of compensation (such as salary, incentive compensation and commissions) until a later date based on the terms of the plans. The liability representing benefits accrued for plan participants is valued at the quoted market prices of the participants’ investment elections. The asset consists of mutual funds reflective of the participants investment selections and is valued at daily quoted market prices. |
ACQUISITIONS AND INVESTMENTS (T
ACQUISITIONS AND INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Estimated Fair Value of Net Assets Acquired and Liabilities Assumed at Acquisition Dates | The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates. December 31, 2015 2014 (In millions) Current assets $ — $ 39.1 Property and equipment — 3.6 Identifiable intangible assets (1) — 118.1 Goodwill (2) — 240.7 Total assets acquired — 401.5 Total liabilities assumed — (62.7 ) Net assets acquired $ — $ 338.8 (1) Identifiable intangible assets are further disaggregated in the following table. (2) None of the goodwill resulting from 2014 acquisitions is tax deductible. |
Acquired Intangible Assets Fair Value and Weighted-Average Useful Life | The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities, and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill. December 31, 2015 2014 Intangible asset category Fair value Weighted-average useful life Fair value Weighted-average useful life (In millions) (In years) (In millions) (In years) Customer relationships $ — 0.0 $ 72.1 9.7 Acquired software and technology — 0.0 21.7 4.6 Non-compete agreements — 0.0 12.8 2.4 Trade names and other intangible assets — 0.0 11.5 9.7 Total acquired intangibles $ — 0.0 $ 118.1 8.0 |
GOODWILL AND OTHER INTANGIBLE30
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Amount of Goodwill | Changes in the amount of goodwill for the twelve months ended December 31, 2015 and 2014 , are as follows: U.S. International Workforce Solutions Total (In millions) Balance, December 31, 2013 (1) (2) $ 1,004.9 $ 322.7 $ 907.7 $ 159.8 $ 2,395.1 Acquisitions 66.4 173.8 — — 240.2 Adjustments to initial purchase price allocation — 2.1 — — 2.1 Foreign currency translation — (25.5 ) — (5.0 ) (30.5 ) Tax benefits of options exercised — — (0.1 ) — (0.1 ) Balance, December 31, 2014 (1) 1,071.3 473.1 907.6 154.8 2,606.8 Foreign currency translation — (31.6 ) — (4.2 ) (35.8 ) Balance, December 31, 2015 $ 1,071.3 $ 441.5 $ 907.6 $ 150.6 $ 2,571.0 (1) The December 31, 2014 and 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2014, the Personal Solutions goodwill includes $49.3 million and $88.8 million of goodwill from the USIS and International segments, respectively. As of December 31, 2013, the Personal Solutions goodwill includes $49.3 million and $93.8 million of goodwill from the USIS and International segments, respectively. (2) The December 31, 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2013, the USIS and International goodwill include $21.7 million and $15.5 million of goodwill, respectively, from the legacy NACS segment. |
Schedule of Indefinite-Lived Intangible Assets | Our 2015 annual impairment test completed during the third quarter of 2015 resulted in no impairment of indefinite-lived intangible assets. Amount (In millions) Balance, December 31, 2013 $ 95.5 Foreign currency translation (0.3 ) Balance, December 31, 2014 95.2 Foreign currency translation (0.5 ) Balance, December 31, 2015 $ 94.7 |
Purchased Intangible Assets | Purchased intangible assets net, recorded on our Consolidated Balance Sheets at December 31, 2015 and 2014 , are as follows: December 31, 2015 December 31, 2014 Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: (In millions) Purchased data files $ 665.9 $ (240.6 ) $ 425.3 $ 692.0 $ (218.8 ) $ 473.2 Acquired software and technology 52.4 (35.5 ) 16.9 53.9 (26.4 ) 27.5 Customer relationships 565.9 (239.3 ) 326.6 570.7 (204.3 ) 366.4 Reacquired rights 73.3 (39.4 ) 33.9 73.3 (26.3 ) 47.0 Proprietary database 7.4 (5.8 ) 1.6 7.4 (5.4 ) 2.0 Non-compete agreements 25.8 (18.3 ) 7.5 27.0 (11.8 ) 15.2 Trade names and other intangible assets 49.1 (33.0 ) 16.1 51.1 (28.5 ) 22.6 Total definite-lived intangible assets $ 1,439.8 $ (611.9 ) $ 827.9 $ 1,475.4 $ (521.5 ) $ 953.9 |
Estimated Future Amortization Expense | Estimated future amortization expense related to definite-lived purchased intangible assets at December 31, 2015 is as follows: Years ending December 31, Amount (In millions) 2016 $ 113.9 2017 102.4 2018 84.0 2019 65.4 2020 60.6 Thereafter 401.6 $ 827.9 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | Debt outstanding at December 31, 2015 and 2014 was as follows: December 31, 2015 2014 (In millions) Commercial paper ("CP") $ 47.2 $ 379.7 Notes, 6.30%, due July 2017 272.5 272.5 Notes, 3.30%, due Dec 2022 500.0 500.0 Debentures, 6.90%, due July 2028 125.0 125.0 Notes, 7.00%, due July 2037 250.0 250.0 Other 2.1 0.7 Total debt 1,196.8 1,527.9 Less short-term debt and current maturities 49.3 380.4 Less unamortized discounts 1.6 1.8 Total long-term debt, net of discount $ 1,145.9 $ 1,145.7 |
Scheduled Future Maturities of Debt | Scheduled future maturities of debt at December 31, 2015 , are as follows: Years ending December 31, Amount (In millions) 2016 $ 49.3 2017 272.5 2018 — 2019 — 2020 — Thereafter 875.0 Total debt $ 1,196.8 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expected Future Minimum Payment Obligations for Non-Cancelable Operating Leases Exceeding One Year | Expected future minimum payment obligations for non-cancelable operating leases exceeding one year are as follows as of December 31, 2015 : Years ending December 31, Amount (In millions) 2016 $ 21.2 2017 17.7 2018 14.3 2019 12.4 2020 12.2 Thereafter 60.7 $ 138.5 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes from Continuing Operations | The provision for income taxes from continuing operations consisted of the following: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Current: Federal $ 159.0 $ 140.7 $ 130.9 State 14.7 18.3 16.4 Foreign 56.8 50.8 51.3 230.5 209.8 198.6 Deferred: Federal (7.5 ) 0.8 (3.7 ) State (9.3 ) (0.2 ) 2.8 Foreign (11.9 ) (10.2 ) (8.8 ) (28.7 ) (9.6 ) (9.7 ) Provision for income taxes $ 201.8 $ 200.2 $ 188.9 |
Domestic and Foreign Income from Continuing Operations before Income Taxes | Domestic and foreign income from continuing operations before income taxes was as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) U.S. $ 607.6 $ 521.5 $ 458.4 Foreign 29.0 52.7 72.0 $ 636.6 $ 574.2 $ 530.4 |
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate | The provision for income taxes reconciles with the U.S. federal statutory rate, as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Federal statutory rate 35.0 % 35.0 % 35.0 % Provision computed at federal statutory rate $ 222.8 $ 201.0 $ 185.6 State and local taxes, net of federal tax benefit 5.2 13.1 12.1 Foreign (21.8 ) (7.3 ) (4.1 ) Valuation allowance — (2.2 ) (0.6 ) Tax reserves 0.9 0.6 (1.2 ) Other (5.3 ) (5.0 ) (2.9 ) Provision for income taxes $ 201.8 $ 200.2 $ 188.9 Effective income tax rate 31.7 % 34.9 % 35.6 % |
Components of Deferred Income Tax Assets and Liabilities | Components of the deferred income tax assets and liabilities at December 31, 2015 and 2014 , were as follows: December 31, 2015 2014 (In millions) Deferred income tax assets: Employee pension benefits $ 131.7 $ 142.6 Net operating and capital loss carryforwards 236.1 136.1 Foreign tax credits 50.7 94.7 Employee compensation programs 70.9 67.1 Reserves and accrued expenses 13.9 6.4 Deferred revenue 3.4 3.3 Other 7.6 8.7 Gross deferred income tax assets 514.3 458.9 Valuation allowance (222.9 ) (121.4 ) Total deferred income tax assets, net $ 291.4 $ 337.5 Deferred income tax liabilities: Goodwill and intangible assets (332.8 ) (334.5 ) Pension expense (99.3 ) (99.9 ) Undistributed earnings of foreign subsidiaries (32.6 ) (96.1 ) Depreciation (15.1 ) (13.4 ) Other (10.8 ) (15.4 ) Total deferred income tax liability (490.6 ) (559.3 ) Net deferred income tax liability $ (199.2 ) $ (221.8 ) |
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities | Our deferred income tax assets and deferred income tax liabilities at December 31, 2015 and 2014 , are included in the accompanying Consolidated Balance Sheets as follows: December 31, 2015 2014 (In millions) Long-term deferred income tax assets, included in other assets $ 6.3 $ 6.5 Long-term deferred income tax liabilities (205.5 ) (228.3 ) Net deferred income tax liability $ (199.2 ) $ (221.8 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 (In millions) Beginning balance (January 1) $ 19.8 $ 19.1 Increases related to prior year tax positions 5.5 3.0 Decreases related to prior year tax positions (2.2 ) (0.4 ) Increases related to current year tax positions 4.0 4.4 Decreases related to settlements (0.5 ) (0.6 ) Expiration of the statute of limitations for the assessment of taxes (4.5 ) (5.3 ) Currency translation adjustment (0.5 ) (0.4 ) Ending balance (December 31) $ 21.6 $ 19.8 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total Stock-Based Compensation Expense | Total stock-based compensation expense in our Consolidated Statements of Income during the twelve months ended December 31, 2015 , 2014 and 2013 , was as follows: Twelve Months Ended December 31, 2015 2014 2013 (In millions) Cost of services $ 5.0 $ 4.6 $ 4.2 Selling, general and administrative expenses 33.4 33.5 28.0 Stock-based compensation expense, before income taxes $ 38.4 $ 38.1 $ 32.2 |
Assumptions Used to Estimate Fair Value of Stock Options Granted | The fair value for stock options granted during the twelve months ended December 31, 2015 , 2014 and 2013 , was estimated at the date of grant, using the binomial model with the following weighted-average assumptions: Twelve Months Ended December 31, 2015 2014 2013 Dividend yield 1.2 % 1.4 % 1.5 % Expected volatility 21.2 % 21.1 % 25.8 % Risk-free interest rate 1.3 % 1.6 % 1.3 % Expected term (in years) 4.8 4.8 4.9 Weighted-average fair value of stock options granted $ 16.75 $ 12.63 $ 11.95 |
Changes in Outstanding Options and Weighed-Average Exercise Price Per Share | The following table summarizes changes in outstanding options and the related weighted-average exercise price per share for the twelve months ended December 31, 2014 and 2013: December 31, 2014 2013 Shares Weighted- Average Price Shares Weighted- Average Price (Shares in thousands) (Shares in thousands) Outstanding at the beginning of the year 3,530 $ 37.85 4,748 $ 34.64 Granted (all at market price) 249 $ 73.46 346 $ 60.15 Exercised (1,145 ) $ 34.81 (1,469 ) $ 32.58 Forfeited and canceled (55 ) $ 49.12 (95 ) $ 44.24 Outstanding at the end of the year 2,579 $ 42.54 3,530 $ 37.85 Exercisable at end of year 1,970 $ 36.39 2,495 $ 34.45 The following table summarizes changes in outstanding stock options during the twelve months ended December 31, 2015 , as well as stock options that are vested and expected to vest and stock options exercisable at December 31, 2015 : Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In millions) Outstanding at December 31, 2014 2,579 $ 42.54 Granted (all at market price) 189 $ 97.21 Exercised (888 ) $ 38.74 Forfeited and canceled (14 ) $ 37.17 Outstanding at December 31, 2015 1,866 $ 57.95 5.9 $ 114.8 Vested and expected to vest at December 31, 2015 1,796 $ 48.62 5.8 $ 112.8 Exercisable at December 31, 2015 1,411 $ 39.90 5.0 $ 100.8 |
Summary of Changes in Nonvested Stock and Weighted-Average Grant Date Fair Value | The following table summarizes changes in our nonvested stock during the twelve months ended December 31, 2015 , 2014 and 2013 and the related weighted-average grant date fair value: Shares Weighted-Average Grant Date Fair Value (In thousands) Nonvested at December 31, 2012 1,616 $ 37.95 Granted 621 $ 57.82 Vested (479 ) $ 33.05 Forfeited (63 ) $ 40.99 Nonvested at December 31, 2013 1,695 $ 46.50 Granted 580 $ 70.89 Vested (480 ) $ 35.83 Forfeited (95 ) $ 52.16 Nonvested at December 31, 2014 1,700 $ 57.52 Granted 472 $ 79.26 Vested (698 ) $ 39.21 Forfeited (43 ) $ 59.05 Nonvested at December 31, 2015 1,431 $ 72.64 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Reconciliation of Projected Benefit Obligations, Plan Assets and Funded Status of Plans | Obligations and Funded Status. A reconciliation of the projected benefit obligations, plan assets and funded status of the plans is as follows: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Change in projected benefit obligation Benefit obligation at January 1, $ 739.1 $ 636.8 $ 19.4 $ 19.6 Service cost 4.2 4.5 0.3 0.3 Interest cost 30.4 31.1 0.7 0.8 Plan participants' contributions — — 0.6 0.5 Amendments — 3.2 — — Actuarial loss (gain) (59.9 ) 113.2 1.4 0.5 Foreign currency exchange rate changes (9.7 ) (5.5 ) (0.4 ) (0.2 ) Curtailments — (2.6 ) — — Settlements — — — — Benefits paid (41.4 ) (41.6 ) (2.4 ) (2.1 ) Projected benefit obligation at December 31, 662.7 739.1 19.6 19.4 Change in plan assets Fair value of plan assets at January 1, 570.1 568.1 20.8 21.6 Actual return on plan assets (5.3 ) 43.7 (0.2 ) 1.7 Employer contributions 4.3 5.2 1.8 1.6 Plan participants' contributions — — 0.6 0.5 Foreign currency exchange rate changes (8.8 ) (5.3 ) — — Settlements — — (1.7 ) (2.5 ) Benefits paid (41.4 ) (41.6 ) (2.4 ) (2.1 ) Fair value of plan assets at December 31, 518.9 570.1 18.9 20.8 Funded status of plan $ (143.8 ) $ (169.0 ) $ (0.7 ) $ 1.4 |
Net Amount Recognized, or Funded Status of Pension and Other Postretirement Benefit Plans | The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2015 and 2014 : Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Amounts recognized in the statements of financial position consist of: Noncurrent assets $ — $ — $ 1.5 $ 4.2 Current liabilities (4.2 ) (4.0 ) (0.2 ) (0.2 ) Long-term liabilities (139.6 ) (165.0 ) (2.0 ) (2.6 ) Net amount recognized $ (143.8 ) $ (169.0 ) $ (0.7 ) $ 1.4 |
Benefit Costs Included in Accumulated Other Comprehensive Loss that have not yet Recognized in Net Periodic Pension Cost | Included in accumulated other comprehensive loss at December 31, 2015 and 2014 , were the following amounts that have not yet been recognized in net periodic pension cost: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Prior service cost, net of accumulated taxes of $3.6 and $4.0 in 2015 and 2014, respectively, for pension benefits and $(1.6) and $(2.1) in 2015 and 2014, respectively, for other benefits $ 6.1 $ 6.6 $ (2.8 ) $ (3.5 ) Net actuarial loss, net of accumulated taxes of $132.6 and $145.5 in 2015 and 2014, respectively, for pension benefits and $3.6 and $2.7 in 2015 and 2014, respectively, for other benefits 236.4 255.7 6.1 4.5 Accumulated other comprehensive loss $ 242.5 $ 262.3 $ 3.3 $ 1.0 |
Amounts Recognized in Other Comprehensive Income (Loss) | The following shows amounts recognized in other comprehensive income (loss) during the twelve months ended December 31, 2015 and 2014 : Changes in plan assets and benefit obligations recognized in other comprehensive income: Pension Benefits Other Benefits 2015 2014 2015 2014 (In millions) Amounts arising during the period: Net actuarial loss (gain), net of taxes of $(6.7) and $39.6 in 2015 and 2014, respectively, for pension benefits and $1.2 and $0.1 in 2015 and 2014, respectively, for other benefits $ (8.4 ) $ 69.0 $ 1.9 $ 0.3 Foreign currency exchange rate gain, net of taxes of $(0.3) and $(0.1) in 2015 and 2014, respectively, for pension benefits and $(0.1) in 2015 for other benefits (0.6 ) (0.2 ) (0.3 ) (0.2 ) Prior service cost, net of taxes of $1.2 in 2014, for pension benefits — 2.0 — — Amounts recognized in net periodic benefit cost during the period: Recognized actuarial loss, net of taxes of $(5.9) and $(4.8) in 2015 and 2014, respectively, for pension benefits and $(0.2) and $0.4 in 2015 and 2014, respectively, for other benefits (9.9 ) (8.1 ) (0.4 ) 0.8 Amortization of prior service cost, net of taxes of $(0.3) and $(0.3) in 2015 and 2014, respectively, for pension benefits and $0.4 and $(0.2) in 2015 and 2014, respectively, for other benefits (0.6 ) (0.5 ) 0.8 (0.4 ) Curtailments, net of taxes of $(1.0) in 2014 for pension benefits — (1.6 ) — — Total recognized in other comprehensive income $ (19.5 ) $ 60.6 $ 2.0 $ 0.5 |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 (In millions) Service cost $ 4.2 $ 4.5 $ 5.4 $ 0.3 $ 0.3 $ 0.5 Interest cost 30.4 31.1 28.9 0.7 0.8 1.1 Expected return on plan assets (39.6 ) (39.7 ) (39.0 ) (1.5 ) (1.6 ) (1.6 ) Amortization of prior service cost 0.9 0.8 1.3 (1.2 ) 0.6 (0.5 ) Recognized actuarial loss (gain) 15.8 12.9 17.0 0.6 (1.2 ) 3.2 Net periodic benefit cost 11.7 9.6 13.6 (1.1 ) (1.1 ) 2.7 Curtailments — — — — — — Settlements — — — — — — Total net periodic benefit cost $ 11.7 $ 9.6 $ 13.6 $ (1.1 ) $ (1.1 ) $ 2.7 |
Amount of Prior Service Cost and Actuarial Loss Included in Accumulated Other Comprehensive Loss that is Expected to Be Recognized in Net Periodic Benefit Cost | The following represents the amount of prior service cost and actuarial loss included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost during the twelve months ending December 31, 2016: Pension Benefits Other Benefits (In millions) Actuarial loss, net of taxes of $5.1 for pension benefits and $0.3 for other benefits $ 8.5 $ 0.5 Prior service cost, net of taxes of $0.3 for pension benefits and $(0.4) for other benefits $ 0.5 $ (0.7 ) |
Effect of One-Percentage Point Change in Assumed Healthcare Cost Trend Rates | A one-percentage point change in assumed healthcare cost trend rates at December 31, 2015 would have had the following effects: 1-Percentage Point Increase 1-Percentage Point Decrease (In millions) Effect on total service and interest cost components $ 0.1 $ (0.1 ) Effect on accumulated postretirement benefit obligation $ 1.4 $ (1.3 ) |
Estimated Future Benefits Payable for Retirement and Postretirement Plans | We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2015 : Years ending December 31, U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Other Benefit Plans (In millions) 2016 $ 41.2 $ 1.8 $ 1.7 2017 $ 41.6 $ 1.9 $ 1.7 2018 $ 41.7 $ 1.9 $ 1.6 2019 $ 41.7 $ 2.0 $ 1.6 2020 $ 42.8 $ 2.0 $ 1.6 Next five fiscal years to December 31, 2025 $ 209.2 $ 11.6 $ 8.0 |
Reconciliation of Beginning and Ending Balances for Plan Assets Valued using Significant Unobservable Inputs | The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs: Private Equity Hedge Funds Real Assets (In millions) Balance at December 31, 2014 $ 35.7 $ 69.7 $ 16.5 Return on plan assets: Unrealized 2.9 0.7 — Realized 1.6 0.2 1.7 Purchases 5.9 9.6 0.4 Sales (4.2 ) (26.2 ) (1.2 ) Balance at December 31, 2015 $ 41.9 $ 54.0 $ 17.4 |
Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Benefit Cost | Weighted-average assumptions used to determine net periodic benefit cost at December 31, Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 4.26 % 5.07 % 4.17 % 4.05 % 4.49 % 4.03 % Expected return on plan assets 7.44 % 7.43 % 7.43 % 7.50 % 7.50 % 7.50 % Rate of compensation increase 4.71 % 3.34 % 3.26 % N/A N/A N/A Weighted-Average Assumptions Weighted-average assumptions used to determine benefit obligations at December 31, Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate 4.86 % 4.26 % 4.39 % 4.05 % Rate of compensation increase 4.71 % 4.59 % N/A N/A |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Fair Value of Plan Assets | The fair value of the pension assets at December 31, 2015 , is as follows: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Large-Cap Equity (1) $ 123.0 $ 123.0 $ — $ — Small and Mid-Cap Equity (1) 28.8 28.8 — — International Equity (1) (2) 79.1 16.0 63.1 — Fixed Income (2) 163.0 — 163.0 — Private Equity (3) 41.9 — — 41.9 Hedge Funds (4) 54.0 — — 54.0 Real Assets (5) 17.4 — — 17.4 Cash (1) 11.7 11.7 — — Total $ 518.9 $ 179.5 $ 226.1 $ 113.3 (1) Fair value is based on observable market prices for the assets. (2) For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3) Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. As of December 31, 2015 , we had $12.8 million of remaining commitments related to these private equity investments. (4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice. (5) For all assets categorized as Level 3, fair value is reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams, and comparable market sales. As of December 31, 2015 , we had $2.5 million of remaining commitments related to the real asset investments. |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Fair Value of Plan Assets | The fair value of the postretirement assets at December 31, 2015 , is as follows: Fair Value Measurements at Reporting Date Using: Description Fair Value at December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Large-Cap Equity (1) $ 4.8 $ 4.8 $ — $ — Small and Mid-Cap Equity (1) 1.1 1.1 — — International Equity (1) (2) 2.2 0.6 1.6 — Fixed Income — 5.4 — 5.4 — Private Equity (3) 1.6 — — 1.6 Hedge Funds (4) 2.1 — — 2.1 Real Assets — 0.7 — — 0.7 Cash (1) 1.0 0.4 — — Total $ 18.9 $ 6.9 $ 7.0 $ 4.4 (1) Fair value is based on observable market prices for the assets. (2) For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data. (3) Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. (4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice. (5) For the portion of this asset class categorized as Level 3, fair value is reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales. |
U.S. Retirement Income Plan, or USRIP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Asset Allocation Ranges and Actual Allocations | The following asset allocation ranges and actual allocations were in effect as of December 31, 2015 and 2014 : Range Actual USRIP 2015 2014 2015 2014 Large-Cap Equity 10%-40% 10%-35% 25.9 % 22.4 % Small- and Mid-Cap Equity 0%-15% 0%-15% 6.1 % 5.6 % International Equity 10%-30% 10%-30% 12.0 % 13.1 % Private Equity 2%-10% 2%-10% 8.8 % 6.9 % Hedge Funds 0%-10% 1 10%-30% 11.4 % 13.5 % Real Assets 2%-10% 2%-10% 3.7 % 7.1 % Fixed Income 20%-55% 15%-40% 29.7 % 29.9 % Cash 0%-15% 0%-15% 2.4 % 1.5 % |
Canadian Retirement Income Plan, or CRIP | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Asset Allocation Ranges and Actual Allocations | The following specifies the asset allocation ranges and actual allocation as of December 31, 2015 and 2014 : Actual CRIP Range 2015 2014 Canadian Equities 25%-50% 34.6 % 34.9 % International Equities (including U.S. Equities) 0%-19% 15.1 % 14.8 % Fixed Income 40%-60% 49.3 % 49.3 % Money Market 0%-10% 1.0 % 1.0 % |
ACCUMULATED OTHER COMPREHENSI36
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income by component, after tax, for the twelve months ended December 31, 2015 , are as follows: Foreign currency Pension and other postretirement benefit plans Cash flow hedging transactions Total (In millions) Balance, December 31, 2014 $ (170.3 ) $ (263.3 ) $ (1.8 ) $ (435.4 ) Other comprehensive income before reclassifications (67.1 ) 7.4 0.2 (59.5 ) Amounts reclassified from accumulated other comprehensive income — 10.1 — 10.1 Net current-period other comprehensive income (67.1 ) 17.5 0.2 (49.4 ) Balance, December 31, 2015 $ (237.4 ) $ (245.8 ) $ (1.6 ) $ (484.8 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2015 , are as follows: Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented (In millions) Amortization of pension and other postretirement plan items: Prior service cost $ 0.3 (1) Recognized actuarial loss (16.4 ) (1) (16.1 ) Total before tax 6.0 Tax benefit $ (10.1 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 11 Benefit Plans for additional details). |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment information for the twelve months ended December 31, 2015 , 2014 and 2013 and as of December 31, 2015 and 2014 is as follows: Twelve Months Ended December 31, Operating revenue: 2015 2014 2013 (In millions) U.S. Information Solutions $ 1,171.3 $ 1,079.9 $ 1,054.5 International 568.5 572.2 497.8 Workforce Solutions 577.7 490.1 474.1 Personal Solutions 346.1 294.2 277.5 Total operating revenue $ 2,663.6 $ 2,436.4 $ 2,303.9 Twelve Months Ended Operating income: 2015 2014 2013 (In millions) U.S. Information Solutions $ 491.2 $ 421.0 $ 401.3 International 113.5 121.0 145.3 Workforce Solutions 218.8 160.7 142.6 Personal Solutions 95.2 93.4 79.3 General Corporate Expense (224.8 ) (157.9 ) (157.3 ) Total operating income $ 693.9 $ 638.2 $ 611.2 December 31, Total assets: 2015 2014 (In millions) U.S. Information Solutions $ 1,869.6 $ 1,931.3 International 830.2 965.3 Workforce Solutions 1,268.5 1,271.3 Personal Solutions 197.9 194.9 General Corporate 342.8 298.2 Total assets $ 4,509.0 $ 4,661.0 Twelve Months Ended Depreciation and amortization expense: 2015 2014 2013 (In millions) U.S. Information Solutions $ 83.3 $ 86.7 $ 88.8 International 40.1 44.2 24.1 Workforce Solutions 42.0 42.6 51.7 Personal Solutions 9.4 8.2 7.5 General Corporate 23.2 20.1 17.5 Total depreciation and amortization expense $ 198.0 $ 201.8 $ 189.6 Twelve Months Ended Capital expenditures: 2015 2014 2013 (In millions) U.S. Information Solutions $ 21.9 $ 16.6 $ 16.7 International 25.7 15.2 19.7 Workforce Solutions 22.1 13.1 14.6 Personal Solutions 11.2 9.2 6.9 General Corporate 69.8 32.3 25.4 Total capital expenditures $ 150.7 $ 86.4 $ 83.3 |
Financial Information by Geographic Area | Financial information by geographic area is as follows: Twelve Months Ended 2015 2014 2013 (In millions) Operating revenue (based on location of customer): Amount % Amount % Amount % U.S. $ 2,041.7 77 % $ 1,810.2 74 % $ 1,766.0 77 % U.K. 224.1 8 % 217.0 9 % 144.7 6 % Canada 135.5 5 % 154.2 6 % 155.6 7 % Other 262.3 10 % 255.0 11 % 237.6 10 % Total operating revenue $ 2,663.6 100 % $ 2,436.4 100 % $ 2,303.9 100 % December 31, 2015 2014 (In millions) Long-lived assets: Amount % Amount % U.S. $ 3,248.3 82 % $ 3,287.5 81 % U.K. 353.1 9 % 371.9 9 % Canada 45.5 1 % 55.8 1 % Other 300.5 8 % 355.3 9 % Total long-lived assets $ 3,947.4 100 % $ 4,070.5 100 % |
QUARTERLY FINANCIAL DATA (UNA38
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2015 and 2014 was as follows: Three Months Ended 2015 March 31, June 30, September 30, December 31, (In millions, except per share data) Operating revenue $ 651.8 $ 678.1 $ 667.4 $ 666.3 Operating income $ 154.2 $ 188.5 $ 174.3 $ 176.9 Consolidated net income $ 89.6 $ 112.5 $ 119.7 $ 113.0 Net income attributable to Equifax $ 88.3 $ 111.0 $ 117.9 $ 111.9 Basic earnings per share* Net income attributable to Equifax $ 0.74 $ 0.94 $ 1.00 $ 0.94 Diluted earnings per share* Net income attributable to Equifax $ 0.73 $ 0.92 $ 0.98 $ 0.93 Three Months Ended 2014 March 31, June 30, September 30, December 31, (In millions, except per share data) Operating revenue $ 584.5 $ 613.9 $ 613.4 $ 624.6 Operating income $ 151.9 $ 167.4 $ 153.7 $ 165.2 Consolidated net income $ 86.3 $ 94.5 $ 94.4 $ 98.8 Net income attributable to Equifax $ 83.9 $ 92.8 $ 92.7 $ 98.0 Basic earnings per share* Net income attributable to Equifax $ 0.69 $ 0.76 $ 0.77 $ 0.82 Diluted earnings per share* Net income attributable to Equifax $ 0.67 $ 0.75 $ 0.75 $ 0.80 * The sum of the quarterly EPS does not equal the annual EPS due to changes in the weighted-average shares between periods. The comparability of our quarterly financial results during 2015 and 2014 was impacted by certain events, as follows: • During Q1 2015, we recorded a $20.7 million restructuring charge ( $13.2 million , net of tax) all of which was recorded in selling, general and administrative expenses on our Consolidated Statements of Income. For additional information about our acquisitions, see Note 13 of the Notes to Consolidated Financial Statements. • During Q2 2015, we recorded a 46.0 million Brazilian Reais ( $14.8 million ) impairment of our investment in BVS. For additional information about our acquisitions, see Note 2 of the Notes to Consolidated Financial Statements. • During Q1 2014, we made two acquisitions, the TDX and Forseva, for a total of $338.8 million . For additional information about our acquisitions, see Note 4 of the Notes to Consolidated Financial Statements. |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reconciliation of Weighted-Average Outstanding Shares Used in Calculations of Basic and Diluted EPS) (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted-average shares outstanding (basic) | 118.7 | 121.2 | 121.2 |
Effect of dilutive securities: | |||
Stock options and restricted stock units | 2.2 | 2.3 | 2.5 |
Weighted-average shares outstanding (diluted) | 120.9 | 123.5 | 123.7 |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Useful Life of Other Purchased Intangible Assets) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Purchased data files | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 15 years |
Purchased data files | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 2 years |
Acquired software and technology | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 10 years |
Acquired software and technology | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 1 year |
Non-compete agreements | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 5 years |
Non-compete agreements | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 1 year |
Proprietary database | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 10 years |
Proprietary database | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 6 years |
Customer relationships | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 25 years |
Customer relationships | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 2 years |
Trade Names | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 15 years |
Trade Names | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) $ in Millions | Dec. 31, 2015USD ($) | |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Asset | $ 14.4 | [1] |
Deferred Compensation Plan Assets | 24.9 | [2] |
Deferred Compensation Plan Liability | (24.9) | [2] |
Total assets and liabilities | 14.4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Deferred Compensation Plan Assets | 24.9 | [2] |
Deferred Compensation Plan Liability | 0 | |
Total assets and liabilities | 24.9 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Asset | 14.4 | [1] |
Deferred Compensation Plan Assets | 0 | |
Deferred Compensation Plan Liability | (24.9) | [2] |
Total assets and liabilities | (10.5) | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Deferred Compensation Plan Assets | 0 | |
Deferred Compensation Plan Liability | 0 | |
Total assets and liabilities | $ 0 | |
[1] | (1)The fair value of our call options, designated as economic hedges, are calculated using a valuation model based on the underlying currency exchange rates and related volatility, and are classified within Level 2 of the fair value hierarchy. | |
[2] | (2)We maintain deferred compensation plans that allow for certain management employees to defer the receipt of compensation (such as salary, incentive compensation and commissions) until a later date based on the terms of the plans. The liability representing benefits accrued for plan participants is valued at the quoted market prices of the participants’ investment elections. The asset consists of mutual funds reflective of the participants investment selections and is valued at daily quoted market prices. |
SUMMARY OF SIGNIFICANT ACCOUN42
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Detail) shares in Thousands | Feb. 05, 2015shares | Oct. 24, 2014USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)segmentshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Jan. 31, 2016USD ($) | Jan. 31, 2016AUD | Dec. 31, 2015AUD | |
Significant Accounting Policies [Line Items] | ||||||||||||
Goodwill and Intangible Asset Impairment | $ 0 | $ 0 | $ 0 | |||||||||
Number of reportable segments | segment | 4 | |||||||||||
Advertising costs from continuing operation | $ 65,100,000 | 57,100,000 | 57,500,000 | |||||||||
Bad debt expense from continuing operations | 4,300,000 | 2,500,000 | 2,800,000 | |||||||||
Depreciation expense | 75,700,000 | 71,700,000 | 71,200,000 | |||||||||
Fixed assets ,Collateral | $ 108,500,000 | $ 92,300,000 | 108,500,000 | 92,300,000 | ||||||||
Foreign currency transaction loss | 2,000,000 | 7,000,000 | $ 6,800,000 | |||||||||
Long term debt | 1,196,800,000 | 1,527,900,000 | 1,196,800,000 | 1,527,900,000 | ||||||||
Variable interest maximum exposure to loss | 10,500,000 | 10,500,000 | ||||||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 0 | |||||||||||
Variable Interest Entity, Initial Consolidation, Gain (Loss) | 0 | |||||||||||
Redemption Adjustment in Excess of Fair Value | 0 | |||||||||||
Fair Value | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Derivative Asset | [1] | 14,400,000 | $ 14,400,000 | |||||||||
Computer Software Intangible Asset | Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 10 years | |||||||||||
Computer Software Intangible Asset | Minimum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 3 years | |||||||||||
Fixed Rate Debt | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Fair value of debt | 1,200,000,000 | 1,300,000,000 | $ 1,200,000,000 | 1,300,000,000 | ||||||||
Long term debt | 1,100,000,000 | 1,100,000,000 | $ 1,100,000,000 | $ 1,100,000,000 | ||||||||
Data Processing Equipment Capitalized Internal Use Software and Systems Costs | Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 10 years | |||||||||||
Data Processing Equipment Capitalized Internal Use Software and Systems Costs | Computer Software Intangible Asset | Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 3 years | |||||||||||
Building | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 40 years | |||||||||||
Other Capitalized Property Plant and Equipment | Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 7 years | |||||||||||
Other Capitalized Property Plant and Equipment | Minimum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Property Plant And Equipment Useful Life | 3 years | |||||||||||
Stock Options | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Antidilutive stock options excluded from computation of earnings per share | shares | 100 | 100 | 100 | |||||||||
U.S. Information Solutions | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Percentage of revenue from a segment | 44.00% | |||||||||||
Accelerated Share Repurchase Program | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ 115,000,000 | |||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | shares | 20 | 1,400 | ||||||||||
Treasury Stock, Holdback Provision, Percent | 10.00% | |||||||||||
Accelerated Share Repurchase Program, Adjustment | $ 11,500,000 | $ 11,500,000 | $ (11,500,000) | |||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 3,200 | |||||||||||
Other Current Assets | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Restricted cash | 30,200,000 | 50,800,000 | 30,200,000 | 50,800,000 | ||||||||
Other Current Liabilities | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Restricted cash | 30,200,000 | 50,800,000 | $ 30,200,000 | $ 50,800,000 | ||||||||
Intersegment Eliminations | International | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Number of operating segments | segment | 4 | |||||||||||
Foreign Exchange Option [Member] | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Derivative, Notional Amount | AUD | AUD 1,000,000,000 | |||||||||||
Foreign currency option, weighted average strike price | $ 0.7091 | |||||||||||
Derivative, Loss on Derivative | $ 15,400,000 | |||||||||||
Foreign Exchange Option [Member] | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Derivative Asset | 14,400,000 | $ 14,400,000 | ||||||||||
Derivative, Notional Amount | AUD | AUD 1,000,000,000 | |||||||||||
Derivative, Gain on Derivative | 4,700,000 | |||||||||||
Foreign currency option, weighted average strike price | $ 0.7225 | $ 0.7225 | ||||||||||
Interest Rate Swap | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Derivative, Cash Received on Hedge | $ 3,800,000 | |||||||||||
[1] | (1)The fair value of our call options, designated as economic hedges, are calculated using a valuation model based on the underlying currency exchange rates and related volatility, and are classified within Level 2 of the fair value hierarchy. |
COST METHOD INVESTMENT (Additio
COST METHOD INVESTMENT (Additional Information) (Detail) BRL in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2015BRL | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013BRL | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015BRL | Jun. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012BRL | |
Schedule of Cost-method Investments [Line Items] | ||||||||||
Cost Method Investments, Fair Value Disclosure | BRL 44 | BRL 90 | $ 11.5 | BRL 44 | $ 14.1 | $ 38.2 | ||||
Cost-method Investments, Other than Temporary Impairment | BRL 46 | $ 14.8 | $ 0 | BRL 40 | $ 17 | |||||
Cumulative Translation Adjustment balance in Accumulated Other Comprehensive Income | $ | $ 39 | |||||||||
Boa Vista Servicos S.A. | ||||||||||
Schedule of Cost-method Investments [Line Items] | ||||||||||
Percentage of interest in Boa Vista Servicos S.A. | 15.00% | 15.00% | ||||||||
Investment in Boa Vista Servicos S.A. | BRL | BRL 130 |
DISCONTINUED OPERATIONS (Additi
DISCONTINUED OPERATIONS (Additional Information) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013USD ($)business_line | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of non-strategic business lines divested | business_line | 2 | |||
Proceeds From Divestiture Of Businesses | $ 47.5 | $ 2.9 | $ 0.6 | $ 47.5 |
Revenue from discontinued operations | 9.3 | |||
Pretax income from discontinued operations | $ 0.5 | |||
Gain on divestitures | 18.4 | |||
Income tax benifits from disposals | 18.1 | |||
Discontinued Operation Income Loss From Discontinued Operation Income Tax Benefit Current | $ 14.3 |
ACQUISITIONS AND INVESTMENTS (E
ACQUISITIONS AND INVESTMENTS (Estimated Fair Value of Net Assets Acquired and Liabilities Assumed at Acquisition Dates) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||
Current assets | $ 0 | $ 39.1 | |
Property and equipment | 0 | 3.6 | |
Identifiable intangible assets | [1] | 0 | 118.1 |
Goodwill | [2] | 0 | 240.7 |
Total assets acquired | 0 | 401.5 | |
Total liabilities assumed | 0 | (62.7) | |
Net assets acquired | $ 0 | 338.8 | |
Goodwill, tax deductible | $ 0 | ||
[1] | Identifiable intangible assets are further disaggregated in the following table. | ||
[2] | None of the goodwill resulting from 2014 acquisitions is tax deductible. |
ACQUISITIONS AND INVESTMENTS (A
ACQUISITIONS AND INVESTMENTS (Acquired Intangible Assets Fair Value and Weighted-Average Useful Life) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Fair value | [1] | $ 0 | $ 118.1 |
Weighted-average useful life | 0 years | 8 years | |
Customer relationships | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Fair value | $ 0 | $ 72.1 | |
Weighted-average useful life | 0 years | 9 years 8 months 12 days | |
Acquired software and technology | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Fair value | $ 0 | $ 21.7 | |
Weighted-average useful life | 0 years | 4 years 7 months 6 days | |
Non-compete agreements | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Fair value | $ 0 | $ 12.8 | |
Weighted-average useful life | 0 years | 2 years 4 months 24 days | |
Trade names and other intangible assets | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Fair value | $ 0 | $ 11.5 | |
Weighted-average useful life | 0 years | 9 years 8 months 12 days | |
[1] | Identifiable intangible assets are further disaggregated in the following table. |
ACQUISITIONS AND INVESTMENTS 47
ACQUISITIONS AND INVESTMENTS (Additional Information) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2014USD ($)acquisition | Dec. 31, 2013USD ($)acquisition | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||
Goodwill, tax deductible | $ 0 | ||
Business acquisition | $ 338.8 | ||
Number of business acquisitions | acquisition | 2 | 2 | |
International Entity | |||
Business Acquisition [Line Items] | |||
Business acquisition | $ 98.8 |
GOODWILL AND OTHER INTANGIBLE48
GOODWILL AND OTHER INTANGIBLE ASSETS (Changes in Amount of Goodwill) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | $ 2,606.8 | [1] | $ 2,395.1 | |||
Acquisitions | 240.2 | |||||
Adjustments to initial purchase price allocation | 2.1 | |||||
Foreign currency translation | (35.8) | (30.5) | ||||
Tax benefits of options exercised | (0.1) | |||||
Ending Balance | 2,571 | 2,606.8 | [1] | |||
U.S. Information Solutions | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | [1] | 1,071.3 | 1,004.9 | [2] | ||
Acquisitions | 66.4 | |||||
Adjustments to initial purchase price allocation | 0 | |||||
Foreign currency translation | 0 | 0 | ||||
Tax benefits of options exercised | 0 | |||||
Ending Balance | 1,071.3 | 1,071.3 | [1] | |||
International | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | [1] | 473.1 | 322.7 | [2] | ||
Acquisitions | 173.8 | |||||
Adjustments to initial purchase price allocation | 2.1 | |||||
Foreign currency translation | (31.6) | (25.5) | ||||
Tax benefits of options exercised | 0 | |||||
Ending Balance | 441.5 | 473.1 | [1] | |||
Workforce Solutions | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 907.6 | 907.7 | ||||
Acquisitions | 0 | |||||
Adjustments to initial purchase price allocation | 0 | |||||
Foreign currency translation | 0 | 0 | ||||
Tax benefits of options exercised | (0.1) | |||||
Ending Balance | 907.6 | 907.6 | ||||
Personal Solutions | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 154.8 | 159.8 | ||||
Acquisitions | 0 | |||||
Adjustments to initial purchase price allocation | 0 | |||||
Foreign currency translation | (4.2) | (5) | ||||
Tax benefits of options exercised | 0 | |||||
Ending Balance | $ 150.6 | 154.8 | ||||
Intersegment Eliminations [Member] | Personal Solutions [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill Reallocated from USIS segment | 49.3 | $ 49.3 | ||||
Goodwill [Roll Forward] | ||||||
Goodwill Reallocated from International segment | 88.8 | $ 93.8 | ||||
Intersegment Eliminations [Member] | U.S. Information Solutions | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | 21.7 | |||||
Intersegment Eliminations [Member] | International | ||||||
Goodwill [Roll Forward] | ||||||
Beginning Balance | $ 15.5 | |||||
[1] | (1)The December 31, 2014 and 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2014, the Personal Solutions goodwill includes $49.3 million and $88.8 million of goodwill from the USIS and International segments, respectively. As of December 31, 2013, the Personal Solutions goodwill includes $49.3 million and $93.8 million of goodwill from the USIS and International segments, respectively. | |||||
[2] | (2) The December 31, 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2013, the USIS and International goodwill include $21.7 million and $15.5 million of goodwill, respectively, from the legacy NACS segment. |
GOODWILL AND OTHER INTANGIBLE49
GOODWILL AND OTHER INTANGIBLE ASSETS (Indefinite-Lived Intangible Assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Roll Forward] | ||
Balance | $ 95.2 | $ 95.5 |
Foreign currency translation | (0.5) | (0.3) |
Balance | $ 94.7 | $ 95.2 |
GOODWILL AND OTHER INTANGIBLE50
GOODWILL AND OTHER INTANGIBLE ASSETS (Purchased Intangible Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,439.8 | $ 1,475.4 |
Accumulated Amortization | (611.9) | (521.5) |
Net | 827.9 | 953.9 |
Purchased data files | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 665.9 | 692 |
Accumulated Amortization | (240.6) | (218.8) |
Net | 425.3 | 473.2 |
Acquired software and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 52.4 | 53.9 |
Accumulated Amortization | (35.5) | (26.4) |
Net | 16.9 | 27.5 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 565.9 | 570.7 |
Accumulated Amortization | (239.3) | (204.3) |
Net | 326.6 | 366.4 |
Reacquired rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 73.3 | 73.3 |
Accumulated Amortization | (39.4) | (26.3) |
Net | 33.9 | 47 |
Proprietary database | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 7.4 | 7.4 |
Accumulated Amortization | (5.8) | (5.4) |
Net | 1.6 | 2 |
Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 25.8 | 27 |
Accumulated Amortization | (18.3) | (11.8) |
Net | 7.5 | 15.2 |
Trade names and other intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 49.1 | 51.1 |
Accumulated Amortization | (33) | (28.5) |
Net | $ 16.1 | $ 22.6 |
GOODWILL AND OTHER INTANGIBLE51
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 113.9 | |
2,017 | 102.4 | |
2,018 | 84 | |
2,019 | 65.4 | |
2,020 | 60.6 | |
Thereafter | 401.6 | |
Net | $ 827.9 | $ 953.9 |
GOODWILL AND OTHER INTANGIBLE52
GOODWILL AND OTHER INTANGIBLE ASSETS (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 2,571 | $ 2,606.8 | [1] | $ 2,395.1 | |
Amortization expense related to purchased intangible assets | 122.3 | 129.9 | 118.4 | ||
Intangible assests, gross | 1,439.8 | 1,475.4 | |||
U.S. Information Solutions | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | 1,071.3 | 1,071.3 | [1] | 1,004.9 | [1],[2] |
International | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 441.5 | 473.1 | [1] | 322.7 | [1],[2] |
Intersegment Eliminations | Personal Solutions [Member] | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill Reallocated from International segment | $ 88.8 | 93.8 | |||
Intersegment Eliminations | U.S. Information Solutions | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | 21.7 | ||||
Intersegment Eliminations | International | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 15.5 | ||||
[1] | (1)The December 31, 2014 and 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2014, the Personal Solutions goodwill includes $49.3 million and $88.8 million of goodwill from the USIS and International segments, respectively. As of December 31, 2013, the Personal Solutions goodwill includes $49.3 million and $93.8 million of goodwill from the USIS and International segments, respectively. | ||||
[2] | (2) The December 31, 2013 balances have been recast to reflect the new organizational structure. As of December 31, 2013, the USIS and International goodwill include $21.7 million and $15.5 million of goodwill, respectively, from the legacy NACS segment. |
DEBT (Debt Outstanding) (Detail
DEBT (Debt Outstanding) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Total debt | $ 1,196.8 | $ 1,527.9 |
Short-term debt and current maturities | (49.3) | (380.4) |
Less unamortized discounts | (1.6) | (1.8) |
Total long-term debt, net of discount | 1,145.9 | 1,145.7 |
Commercial paper (CP) | ||
Debt Instrument [Line Items] | ||
Commercial Paper | 47.2 | 379.7 |
Notes, 6.30%, due July 2017 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 272.5 | $ 272.5 |
Debt, interest rate | 6.30% | 6.30% |
Debt, maturity date | 2017-07 | 2017-07 |
Notes, 3.30%, due Dec 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500 | $ 500 |
Debt, interest rate | 3.30% | 3.30% |
Debt, maturity date | 2022-12 | 2022-12 |
Debentures, 6.90%, due July 2028 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 125 | $ 125 |
Debt, interest rate | 6.90% | 6.90% |
Debt, maturity date | 2028-07 | 2028-07 |
Notes, 7.00%, due July 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250 | $ 250 |
Debt, interest rate | 7.00% | 7.00% |
Debt, maturity date | 2037-07 | 2037-07 |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2.1 | $ 0.7 |
DEBT (Scheduled Future Maturiti
DEBT (Scheduled Future Maturities of Debt) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 49.3 | |
2,017 | 272.5 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 875 | |
Total debt | $ 1,196.8 | $ 1,527.9 |
DEBT (Additional Information) (
DEBT (Additional Information) (Detail) | 1 Months Ended | 12 Months Ended | |||||
Dec. 17, 2012USD ($) | Jun. 28, 2007USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 09, 2016USD ($) | Nov. 21, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Commercial Paper Maximum Borrowing Capacity after amendment | $ 900,000,000 | ||||||
Delayed Draw Term Loan | $ 800,000,000 | ||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 300,000,000 | ||||||
Bridge Loan | $ 800,000,000 | ||||||
Bridge Loan, Term | 364 days | ||||||
Maximum leverage ratio | 3.5 | ||||||
Debt Instrument, Covenant, Leverage Ratio Maximum Allowed Increase Following a Material Acquisition | 0.5 | ||||||
Debt Instrument, Covenant, Leverage Ratio, Maximum Allowed Following a Material Acquisition | 4 | ||||||
Long term debt | $ 1,196,800,000 | $ 1,527,900,000 | |||||
Cash paid for interest, net of capitalized interest | $ 61,600,000 | 67,900,000 | $ 67,800,000 | ||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Commercial paper, maturity date | 397 days | ||||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Commercial paper, maturity date | 1 day | ||||||
Notes, 6.30%, due July 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 272,500,000 | $ 272,500,000 | |||||
Long term debt, interest rate | 6.30% | 6.30% | |||||
Notes, 7.00%, due July 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 250,000,000 | $ 250,000,000 | |||||
Long term debt, interest rate | 7.00% | 7.00% | |||||
Notes, 3.30%, due Dec 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 500,000,000 | $ 500,000,000 | |||||
Long term debt, interest rate | 3.30% | 3.30% | |||||
Debentures, 6.90%, due July 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 125,000,000 | $ 125,000,000 | |||||
Long term debt, interest rate | 6.90% | 6.90% | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Commercial Paper Maximum Borrowing Capacity | $ 750,000,000 | ||||||
Commercial Paper Maximum Borrowing Capacity after amendment | $ 900,000,000 | ||||||
Credit facility expiration date | Nov. 21, 2020 | ||||||
Credit facility covenants compliance | The financial covenants require the Company to maintain a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA (as set forth in the Senior Credit Facilities) for the preceding four quarters, of not more than 3.5 to 1.0. The Company may, subject to the terms of the Senior Credit Facilities, increase the covenant by 0.5 (i.e. to 4.0 to1.0) for a four consecutive fiscal quarter period following a material acquisition. Compliance with this financial covenant is tested quarterly. The non-financial covenants include limitations on liens, subsidiary debt, mergers, liquidations, asset dispositions and acquisitions. As of December 31, 2015 , we were in compliance with our covenants under the Senior Credit Facilities. | ||||||
Credit facility, available for borrowings | $ 852,300,000 | ||||||
Borrowings outstanding | 0 | ||||||
Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Delayed Draw Term Loan | $ 800,000,000 | ||||||
Term Loan, Maturity date | Nov. 21, 2018 | ||||||
Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 500,000 | ||||||
Senior Notes | Notes, 6.30%, due July 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 300,000,000 | ||||||
Long term debt, interest rate | 6.30% | ||||||
Debt instrument, maturity term | 10 years | ||||||
Senior Notes | Notes, 7.00%, due July 2037 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 250,000,000 | ||||||
Long term debt, interest rate | 7.00% | ||||||
Debt instrument, maturity term | 30 years | ||||||
Senior Notes | Notes, 3.30%, due Dec 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 500,000,000 | ||||||
Long term debt, interest rate | 3.30% | ||||||
Debt instrument, maturity term | 10 years |
COMMITMENTS AND CONTINGENCIES56
COMMITMENTS AND CONTINGENCIES (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Rental expense for operating leases | $ 24.2 | $ 22.6 | $ 24.2 |
Cash paid for data processing, outsourcing services and other agreements | $ 50 | $ 50 | $ 60 |
Severance benefit term | In the event of a qualifying termination, the executive will become entitled to continuation of group health, dental, vision, life, disability, 401(k) and similar benefits for two or three years, depending on the eligibility, as well as a lump sum severance payment, all of which differs by executive. | ||
Potential Percentage Of Stock Acquired With Change In Control | any person acquires 20% or more of our voting stock | ||
Qualifying termination, continuation of benefits for executives | 3 years | ||
Qualifying termination, continuation of benefits for executives, automatic renewal | 3 years | ||
Conditional payment for unrecognized severance benefit for key executives | $ 54.7 | ||
Assumed tax on expected payment for unrecognized severance benefit for key executives | $ 30.8 | ||
Conditional payout percentage of target award | 100.00% | ||
Guarantees | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Performance bonds and standby letters of credit remaining maturity date | one year or less. | ||
Data Processing, Outsourcing Services And Other Agreements | Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Service agreements expiration year | 2,016 | ||
Estimated aggregate minimum contractual obligation | $ 35 | ||
Data Processing, Outsourcing Services And Other Agreements | Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Service agreements expiration year | 2,023 | ||
Estimated aggregate minimum contractual obligation | $ 55 | ||
IBM Operations Support Services Agreement | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Service agreements expiration date | Dec. 31, 2016 | ||
IBM Operations Support Services Agreement | Minimum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Expected future year's minimum contractual obligation | 20 | ||
IBM Operations Support Services Agreement | Maximum | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Expected future year's minimum contractual obligation | $ 30 |
COMMITMENTS AND CONTINGENCIES57
COMMITMENTS AND CONTINGENCIES (Expected Future Minimum Payment Obligations for Non-Cancelable Operating Leases Exceeding One Year) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 21.2 |
2,017 | 17.7 |
2,018 | 14.3 |
2,019 | 12.4 |
2,020 | 12.2 |
Thereafter | 60.7 |
Total debt | $ 138.5 |
INCOME TAXES (Provision for Inc
INCOME TAXES (Provision for Income Taxes from Continuing Operations) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 159 | $ 140.7 | $ 130.9 |
State | 14.7 | 18.3 | 16.4 |
Foreign | 56.8 | 50.8 | 51.3 |
Current Income Tax Expense (Benefit), Total | 230.5 | 209.8 | 198.6 |
Deferred: | |||
Federal | (7.5) | 0.8 | (3.7) |
State | (9.3) | (0.2) | 2.8 |
Foreign | (11.9) | (10.2) | (8.8) |
Deferred Income Tax Expense (Benefit), Total | (28.7) | (9.6) | (9.7) |
Provision for income taxes | $ 201.8 | $ 200.2 | $ 188.9 |
INCOME TAXES (Domestic and Fore
INCOME TAXES (Domestic and Foreign Income from Continuing Operations before Income Taxes) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 607.6 | $ 521.5 | $ 458.4 |
Foreign | 29 | 52.7 | 72 |
Consolidated income from continuing operations before income taxes | $ 636.6 | $ 574.2 | $ 530.4 |
INCOME TAXES (Provision for I60
INCOME TAXES (Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Provision computed at federal statutory rate | $ 222.8 | $ 201 | $ 185.6 |
State and local taxes, net of federal tax benefit | 5.2 | 13.1 | 12.1 |
Foreign | (21.8) | (7.3) | (4.1) |
Valuation allowance | 0 | (2.2) | (0.6) |
Tax reserves | 0.9 | 0.6 | (1.2) |
Other | (5.3) | (5) | (2.9) |
Provision for income taxes | $ 201.8 | $ 200.2 | $ 188.9 |
Effective income tax rate | 31.70% | 34.90% | 35.60% |
INCOME TAXES (Components of Def
INCOME TAXES (Components of Deferred Income Tax Assets and Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Employee pension benefits | $ 131.7 | $ 142.6 |
Net operating and capital loss carryforwards | 236.1 | 136.1 |
Foreign tax credits | 50.7 | 94.7 |
Employee compensation programs | 70.9 | 67.1 |
Reserves and accrued expenses | 13.9 | 6.4 |
Deferred revenue | 3.4 | 3.3 |
Other | 7.6 | 8.7 |
Gross deferred income tax assets | 514.3 | 458.9 |
Valuation allowance | (222.9) | (121.4) |
Total deferred income tax assets, net | 291.4 | 337.5 |
Deferred income tax liabilities: | ||
Goodwill and intangible assets | (332.8) | (334.5) |
Pension expense | (99.3) | (99.9) |
Undistributed earnings of foreign subsidiaries | (32.6) | (96.1) |
Depreciation | (15.1) | (13.4) |
Other | (10.8) | (15.4) |
Deferred Tax Liabilities, Gross | 490.6 | 559.3 |
Total deferred income tax liability | $ (199.2) | $ (221.8) |
INCOME TAXES (Deferred Income T
INCOME TAXES (Deferred Income Tax Assets and Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Long-term deferred income tax assets, included in other assets | $ 6.3 | $ 6.5 |
Deferred Tax Liabilities Noncurrent | (205.5) | (228.3) |
Deferred Tax Liabilities, Net | $ (199.2) | $ (221.8) |
INCOME TAXES (Reconciliation of
INCOME TAXES (Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance (January 1) | $ 19.8 | $ 19.1 |
Increases related to prior year tax positions | 5.5 | 3 |
Decreases related to prior year tax positions | (2.2) | (0.4) |
Increases related to current year tax positions | 4 | 4.4 |
Decreases related to settlements | (0.5) | (0.6) |
Expiration of the statute of limitations for the assessment of taxes | (4.5) | (5.3) |
Currency translation adjustment | (0.5) | (0.4) |
Ending balance (December 31) | $ 21.6 | $ 19.8 |
INCOME TAXES (Additional Inform
INCOME TAXES (Additional Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Net Operating Losses recognized, tax effected | $ 106.2 | ||
Provision for income taxes from discontinued operation | $ 17.9 | ||
Undistributed earnings of foreign subsidiaries indefinitely invested | 85.7 | ||
Deferred tax asset valuation allowance | $ 222.9 | $ 121.4 | |
Foreign Earnings Repatriated under American Jobs Creation Act of 2004, Description | 29.1 million will be available to be utilized upon repatriation of foreign earnings. | ||
Cash paid for income taxes, net of amounts refunded | $ 202.9 | 148.2 | $ 174.8 |
Unrecognized tax benefits | 24.6 | 23.3 | |
Unrecognized tax benefits, interest and penalties | 3 | 3.5 | |
Unrecognized tax benefits that would have affected the effective tax rate | 22 | 20.4 | |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate Income Tax Penalties and Interest Accrued | 2.6 | 3.1 | |
Income Tax Examination, Penalties and Interest Accrued | 1.3 | $ 1 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Lower bound | 0 | ||
Gross unrecognized tax benefit balance, change within the next twelve months, upper limit | 9.4 | ||
Foreign Country | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 719.9 | ||
Deferred tax asset related to net operating loss and capital loss carryforwards | 236.1 | ||
Deferred tax asset valuation allowance | 222 | ||
Tax credit carryforward | 50.7 | ||
Foreign Country | Expire at various times between 2016 and 2035 | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 13.3 | ||
Foreign Country | Net Operating Loss, Indefinite Life | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 706.6 | ||
Foreign Country | Capital Loss Indefinite Life | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 18.2 | ||
Foreign Country | Expire in the years 2022 through 2025 | |||
Income Taxes [Line Items] | |||
Tax credit carryforward | 21.6 | ||
United States Federal | Expire at various times between 2016 and 2032 | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 66.3 | ||
State | Expire in 2018 | |||
Income Taxes [Line Items] | |||
Capital loss carryforwards | $ 2.5 |
STOCK-BASED COMPENSATION (Total
STOCK-BASED COMPENSATION (Total Stock-Based Compensation Expense) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 38.4 | $ 38.1 | $ 32.2 |
Cost of services | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | 5 | 4.6 | 4.2 |
Selling, general and administrative expenses | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense, before income taxes | $ 33.4 | $ 33.5 | $ 28 |
STOCK-BASED COMPENSATION (Assum
STOCK-BASED COMPENSATION (Assumptions Used to Estimate Fair Value of Stock Options Granted) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 1.20% | 1.40% | 1.50% |
Expected volatility | 21.20% | 21.10% | 25.80% |
Risk-free interest rate | 1.30% | 1.60% | 1.30% |
Expected term (in years) | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 10 months 24 days |
Weighted-average fair value of stock options granted | $ 16.75 | $ 12.63 | $ 11.95 |
STOCK-BASED COMPENSATION (Chang
STOCK-BASED COMPENSATION (Changes in Outstanding Options and Weighed-Average Exercise Price Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Outstanding at the beginning of the year | 2,579 | 3,530 | 4,748 |
Granted (all at market price) | 189 | 249 | 346 |
Exercised | (888) | (1,145) | (1,469) |
Forfeited and cancelled | (14) | (55) | (95) |
Outstanding at the end of the year | 1,866 | 2,579 | 3,530 |
Vested and expected to vest at end of year | 1,796 | ||
Exercisable at end of year | 1,411 | 1,970 | 2,495 |
Weighted-Average Exercise Price | |||
Outstanding at the beginning of the year | $ 42.54 | $ 37.85 | $ 34.64 |
Granted (all at market price) | 97.21 | 73.46 | 60.15 |
Exercised | 38.74 | 34.81 | 32.58 |
Forfeited and cancelled | 37.17 | 49.12 | 44.24 |
Outstanding at the end of the year | 57.95 | 42.54 | 37.85 |
Vested and expected to vest at end of year | 48.62 | ||
Exercisable at end of year | $ 39.90 | $ 36.39 | $ 34.45 |
Weighted-Average Remaining Contractual Term | |||
Outstanding at the end of the year | 5 years 10 months 24 days | ||
Vested and expected to vest at end of year | 5 years 9 months 18 days | ||
Exercisable at end of year | 5 years | ||
Aggregate Intrinsic Value | |||
Outstanding at the end of the year | $ 114.8 | ||
Vested and expected to vest at end of year | 112.8 | ||
Exercisable at end of year | $ 100.8 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Changes in Nonvested Stock and Weighted-Average Grant Date Fair Value) (Detail) - Nonvested Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Nonvested at the beginning of the year | 1,700 | 1,695 | 1,616 |
Granted | 472 | 580 | 621 |
Vested | (698) | (480) | (479) |
Forfeited | (43) | (95) | (63) |
Nonvested at the ending of the year | 1,431 | 1,700 | 1,695 |
Weighted-Average Grant Date Fair Value | |||
Nonvested at the beginning of the year | $ 57.52 | $ 46.50 | $ 37.95 |
Granted | 79.26 | 70.89 | 57.82 |
Vested | 39.21 | 35.83 | 33.05 |
Forfeited | 59.05 | 52.16 | 40.99 |
Nonvested at the ending of the year | $ 72.64 | $ 57.52 | $ 46.50 |
STOCK-BASED COMPENSATION (Addit
STOCK-BASED COMPENSATION (Additional Information) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)OptionPlanshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares reserved under share-based award plan | shares | 11,000,000 | ||
Total income tax benefit recognized for stock-based compensation expense | $ 13.8 | $ 13.7 | $ 11.6 |
Excess Tax Benefit From Share Based Compensation Operating Activities | $ 30 | 17.7 | 14.6 |
Stock options vesting percentage for each year of completed service | 33.00% | ||
Stock options expiration periods | 10 years | ||
Stock options valuation method description | We use the binomial model to calculate the fair value of stock options granted on or after January 1, 2006. | ||
Minimum Percentage Of Target To Which Shares May Be Issued | 0.00% | ||
Maximum Percentage Of Target To Which Shares May Be Issued | 200.00% | ||
Number of active share-based award plan | OptionPlan | 1 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Sharebased Payment Award Options Nonvested Number Of Shares | shares | 379,607 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Sharebased Payment Award Options Nonvested Number Of Shares | shares | 759,214 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 52.3 | 42.8 | 43.2 |
Total unrecognized compensation cost | $ 2.9 | ||
Total unrecognized compensation cost, weighted-average period of recognition | 1 year 6 months | ||
Stock Options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting periods | 3 years | ||
Nonvested Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 29.2 | ||
Total unrecognized compensation cost, weighted-average period of recognition | 1 year 11 months | ||
Total weighted-average fair value on the vesting date | $ 65 | 34.4 | 29.1 |
Total weighted-average grant date fair value | $ 31.3 | $ 17.2 | $ 15.8 |
Nonvested Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting periods | 1 year | ||
Nonvested Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting periods | 3 years |
SHAREHOLDER RIGHTS PLAN (Additi
SHAREHOLDER RIGHTS PLAN (Additional Information) (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholder Rights [Line Items] | |
Shareholder rights plan description | SHAREHOLDER RIGHTS PLAN The Company's Board of Directors terminated the previously adopted shareholder rights plan (sometimes referred to as a ‘poison pill’) effective February 19, 2015. |
BENEFIT PLANS (Reconciliation o
BENEFIT PLANS (Reconciliation of Projected Benefit Obligations, Plan Assets and Funded Status of Plans) (Detail) - USD ($) $ in Millions | Dec. 21, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Change in projected benefit obligation | ||||
Benefits paid | $ (62.6) | |||
Change in plan assets | ||||
Employer contributions | $ 23.9 | $ 21.5 | $ 21.3 | |
Benefits paid | $ (62.6) | |||
Pension Benefits | ||||
Change in projected benefit obligation | ||||
Benefit obligation at January 1, | 739.1 | 636.8 | ||
Service cost | 4.2 | 4.5 | 5.4 | |
Interest cost | 30.4 | 31.1 | 28.9 | |
Plan participants' contributions | 0 | 0 | ||
Amendments | 0 | 3.2 | ||
Actuarial loss (gain) | (59.9) | 113.2 | ||
Foreign currency exchange rate changes | (9.7) | (5.5) | ||
Curtailments | 0 | (2.6) | ||
Settlements | 0 | 0 | ||
Benefits paid | (41.4) | (41.6) | ||
Projected benefit obligation at December 31, | 662.7 | 739.1 | 636.8 | |
Change in plan assets | ||||
Fair value of plan assets at January 1, | 570.1 | 568.1 | ||
Actual return on plan assets | (5.3) | 43.7 | ||
Employer contributions | 4.3 | 5.2 | ||
Plan participants' contributions | 0 | 0 | ||
Foreign currency exchange rate changes | (8.8) | (5.3) | ||
Settlements | 0 | 0 | ||
Benefits paid | (41.4) | (41.6) | ||
Fair value of plan assets at December 31, | 518.9 | 570.1 | 568.1 | |
Funded status of plan | (143.8) | (169) | ||
Other Benefits | ||||
Change in projected benefit obligation | ||||
Benefit obligation at January 1, | 19.4 | 19.6 | ||
Service cost | 0.3 | 0.3 | 0.5 | |
Interest cost | 0.7 | 0.8 | 1.1 | |
Plan participants' contributions | 0.6 | 0.5 | ||
Amendments | 0 | 0 | ||
Actuarial loss (gain) | 1.4 | 0.5 | ||
Foreign currency exchange rate changes | (0.4) | (0.2) | ||
Curtailments | 0 | 0 | ||
Settlements | 0 | 0 | ||
Benefits paid | (2.4) | (2.1) | ||
Projected benefit obligation at December 31, | 19.6 | 19.4 | 19.6 | |
Change in plan assets | ||||
Fair value of plan assets at January 1, | 20.8 | 21.6 | ||
Actual return on plan assets | (0.2) | 1.7 | ||
Employer contributions | 1.8 | 1.6 | ||
Plan participants' contributions | 0.6 | 0.5 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Settlements | (1.7) | (2.5) | ||
Benefits paid | (2.4) | (2.1) | ||
Fair value of plan assets at December 31, | 18.9 | 20.8 | $ 21.6 | |
Funded status of plan | $ (0.7) | $ 1.4 |
BENEFIT PLANS (Net Amounts Reco
BENEFIT PLANS (Net Amounts Recognized, or Funded Status of Pension and Other Postretirement Benefit Plans) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Amounts recognized in the statements of financial position consist of: | ||
Long-term liabilities | $ (146.4) | $ (173) |
Pension Benefits | ||
Amounts recognized in the statements of financial position consist of: | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (4.2) | (4) |
Long-term liabilities | (139.6) | (165) |
Net amount recognized | (143.8) | (169) |
Other Benefits | ||
Amounts recognized in the statements of financial position consist of: | ||
Noncurrent assets | 1.5 | 4.2 |
Current liabilities | (0.2) | (0.2) |
Long-term liabilities | (2) | (2.6) |
Net amount recognized | $ (0.7) | $ 1.4 |
BENEFIT PLANS (Benefit Costs In
BENEFIT PLANS (Benefit Costs Included in Accumulated Other Comprehensive Loss that have not yet Recognized in Net Periodic Pension Cost) (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated other comprehensive loss | $ 245.8 | $ 263.3 | $ 202.2 |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost, net of accumulated taxes of $3.6 and $4.0 in 2015 and 2014, respectively, for pension benefits and $(1.6) and $(2.1) in 2015 and 2014, respectively, for other benefits | 6.1 | 6.6 | |
Net actuarial loss, net of accumulated taxes of $132.6 and $145.5 in 2015 and 2014, respectively, for pension benefits and $3.6 and $2.7 in 2015 and 2014, respectively, for other benefits | 236.4 | 255.7 | |
Accumulated other comprehensive loss | 242.5 | 262.3 | |
Prior service cost, accumulated taxes | 4 | 4 | |
Net Actuarial Loss, Accumulated Taxes | 132.6 | 146 | |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost, net of accumulated taxes of $3.6 and $4.0 in 2015 and 2014, respectively, for pension benefits and $(1.6) and $(2.1) in 2015 and 2014, respectively, for other benefits | (2.8) | (3.5) | |
Net actuarial loss, net of accumulated taxes of $132.6 and $145.5 in 2015 and 2014, respectively, for pension benefits and $3.6 and $2.7 in 2015 and 2014, respectively, for other benefits | 6.1 | 4.5 | |
Accumulated other comprehensive loss | 3.3 | 1 | |
Prior service cost, accumulated taxes | (1.6) | (2.1) | |
Net Actuarial Loss, Accumulated Taxes | $ 3.6 | $ 2.7 |
BENEFIT PLANS (Amounts Recogniz
BENEFIT PLANS (Amounts Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amounts recognized in net periodic benefit cost during the period: | |||
Net of tax | $ (17.5) | $ 61.1 | $ (74.2) |
Pension Benefits | |||
Amounts arising during the period: | |||
Net actuarial loss (gain), net of taxes of $(6.7) and $39.6 in 2015 and 2014, respectively, for pension benefits and $1.2 and $0.1 in 2015 and 2014, respectively, for other benefits | (8.4) | 69 | |
Foreign currency exchange rate (gain) loss, net of taxes of $(0.3) and $(0.1) in 2015 and 2014, respectively, for pension benefits | (0.6) | (0.2) | |
Prior service cost (credit), net of taxes of $1.2 in 2014, for pension benefits | 0 | 2 | |
Amounts recognized in net periodic benefit cost during the period: | |||
Recognized actuarial loss, net of taxes of $(5.9) and $(4.8) in 2015 and 2014, respectively, for pension benefits and $(0.2) and $0.4 in 2015 and 2014, respectively, for other benefits | (9.9) | (8.1) | |
Amortization of prior service cost, net of taxes of $(0.3) and $(0.3) in 2015 and 2014, respectively, for pension benefits and $0.4 and ($0.2) in 2015 and 2014, respectively, for other benefits | (0.6) | (0.5) | |
Curtailments, net of taxes of $(1.0) in 2014 for pension benefits | 0 | (1.6) | |
Net of tax | (19.5) | 60.6 | |
Net actuarial loss (gain), taxes | (6.7) | 39.6 | |
Foreign currency exchange rate (gain) loss, taxes | (0.3) | (0.1) | |
Prior service (credit) cost, taxes | 0 | 1.2 | |
Recognized actuarial loss, taxes | (5.9) | (4.8) | |
Amortization of prior service cost, taxes | (0.3) | (0.3) | |
Curtailments, taxes | 0 | $ (1) | |
Settlements, taxes | |||
Other Benefits | |||
Amounts arising during the period: | |||
Net actuarial loss (gain), net of taxes of $(6.7) and $39.6 in 2015 and 2014, respectively, for pension benefits and $1.2 and $0.1 in 2015 and 2014, respectively, for other benefits | 1.9 | $ 0.3 | |
Foreign currency exchange rate (gain) loss, net of taxes of $(0.3) and $(0.1) in 2015 and 2014, respectively, for pension benefits | (0.3) | (0.2) | |
Prior service cost (credit), net of taxes of $1.2 in 2014, for pension benefits | 0 | 0 | |
Amounts recognized in net periodic benefit cost during the period: | |||
Recognized actuarial loss, net of taxes of $(5.9) and $(4.8) in 2015 and 2014, respectively, for pension benefits and $(0.2) and $0.4 in 2015 and 2014, respectively, for other benefits | (0.4) | 0.8 | |
Amortization of prior service cost, net of taxes of $(0.3) and $(0.3) in 2015 and 2014, respectively, for pension benefits and $0.4 and ($0.2) in 2015 and 2014, respectively, for other benefits | 0.8 | (0.4) | |
Curtailments, net of taxes of $(1.0) in 2014 for pension benefits | 0 | 0 | |
Net of tax | 2 | 0.5 | |
Net actuarial loss (gain), taxes | 1.2 | 0.1 | |
Foreign currency exchange rate (gain) loss, taxes | (0.1) | 0 | |
Prior service (credit) cost, taxes | 0 | 0 | |
Recognized actuarial loss, taxes | (0.2) | 0.4 | |
Amortization of prior service cost, taxes | $ 0.4 | $ (0.2) |
BENEFIT PLANS (Components of Ne
BENEFIT PLANS (Components of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4.2 | $ 4.5 | $ 5.4 |
Interest cost | 30.4 | 31.1 | 28.9 |
Expected return on plan assets | (39.6) | (39.7) | (39) |
Amortization of prior service cost | 0.9 | 0.8 | 1.3 |
Recognized actuarial loss | 15.8 | 12.9 | 17 |
Net periodic benefit cost | 11.7 | 9.6 | 13.6 |
Curtailments | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Total net periodic benefit cost | 11.7 | 9.6 | 13.6 |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.3 | 0.5 |
Interest cost | 0.7 | 0.8 | 1.1 |
Expected return on plan assets | (1.5) | (1.6) | (1.6) |
Amortization of prior service cost | (1.2) | 0.6 | (0.5) |
Recognized actuarial loss | 0.6 | (1.2) | 3.2 |
Net periodic benefit cost | (1.1) | (1.1) | 2.7 |
Curtailments | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Total net periodic benefit cost | $ (1.1) | $ (1.1) | $ 2.7 |
BENEFIT PLANS (Amount of Prior
BENEFIT PLANS (Amount of Prior Service Cost and Actuarial Loss Included in Accumulated Other Comprehensive Loss that is Expected to Be Recognized in Net Periodic Benefit Cost) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, net of taxes of ($5.1) for pension benefits and ($0.3) for other benefits | $ 8.5 |
Prior service cost, net of taxes of $(0.3) for pension benefits and $0.4 for other benefits | 0.5 |
Actuarial loss, taxes | (5.1) |
Prior service cost, taxes | (0.3) |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, net of taxes of ($5.1) for pension benefits and ($0.3) for other benefits | 0.5 |
Prior service cost, net of taxes of $(0.3) for pension benefits and $0.4 for other benefits | (0.7) |
Actuarial loss, taxes | (0.3) |
Prior service cost, taxes | $ 0.4 |
BENEFIT PLANS (Weighted-Average
BENEFIT PLANS (Weighted-Average Assumptions used to Determine Benefit Obligations) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.86% | 4.26% |
Rate of compensation increase | 4.71% | 4.59% |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.39% | 4.05% |
BENEFIT PLANS (Weighted-Avera78
BENEFIT PLANS (Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost) (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.26% | 5.07% | 4.17% |
Expected return on plan assets | 7.44% | 7.43% | 7.43% |
Rate of compensation increase | 4.71% | 3.34% | 3.26% |
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.05% | 4.49% | 4.03% |
Expected return on plan assets | 7.50% | 7.50% | 7.50% |
BENEFIT PLANS (Effect of One-Pe
BENEFIT PLANS (Effect of One-Percentage Point Change in Assumed Healthcare Cost Trend Rates) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Effect of 1-percentage point increase on total service and interest cost components | $ 0.1 |
Effect of 1-percentage point increase on accumulated postretirement benefit obligation | 1.4 |
Effect of 1-percentage point decrease on total service and interest cost components | (0.1) |
Effect of 1-percentage point decrease on accumulated postretirement benefit obligation | $ (1.3) |
BENEFIT PLANS (Estimated Future
BENEFIT PLANS (Estimated Future Benefits Payable for Retirement and Postretirement Plans) (Detail) $ in Millions | Dec. 31, 2015USD ($) |
U.S. Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 41.2 |
2,017 | 41.6 |
2,018 | 41.7 |
2,019 | 41.7 |
2,020 | 42.8 |
Next five fiscal years to December 31, 2025 | 209.2 |
Non-U.S. Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1.8 |
2,017 | 1.9 |
2,018 | 1.9 |
2,019 | 2 |
2,020 | 2 |
Next five fiscal years to December 31, 2025 | 11.6 |
Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1.7 |
2,017 | 1.7 |
2,018 | 1.6 |
2,019 | 1.6 |
2,020 | 1.6 |
Next five fiscal years to December 31, 2025 | $ 8 |
BENEFIT PLANS (Fair Value of Pe
BENEFIT PLANS (Fair Value of Pension Assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Hedge funds, minimum number of days notice prior to redemption | 30 days | ||
Hedge funds, maximum number of days notice prior to redemption | 90 days | ||
Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commitments related to investments | $ 12.8 | ||
Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Commitments related to investments | 2.5 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 518.9 | $ 570.1 | $ 568.1 |
Pension Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123 | ||
Pension Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.8 | ||
Pension Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79.1 | ||
Pension Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 163 | ||
Pension Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.9 | ||
Pension Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54 | ||
Pension Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.4 | ||
Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.7 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 179.5 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.8 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.7 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 226.1 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63.1 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 163 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 113.3 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.9 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 54 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17.4 | ||
Significant Unobservable Inputs (Level 3) | Pension Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
BENEFIT PLANS (Reconciliation82
BENEFIT PLANS (Reconciliation of Beginning and Ending Balances for Plan Assets Valued using Significant Unobservable Inputs) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Private Equity | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance at December 31, 2014 | $ 35.7 |
Return on plan assets: | |
Unrealized | 2.9 |
Realized | 1.6 |
Purchases | 5.9 |
Sales | (4.2) |
Balance at December 31, 2015 | 41.9 |
Hedge Funds | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance at December 31, 2014 | 69.7 |
Return on plan assets: | |
Unrealized | 0.7 |
Realized | 0.2 |
Purchases | 9.6 |
Sales | (26.2) |
Balance at December 31, 2015 | 54 |
Real Assets | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance at December 31, 2014 | 16.5 |
Return on plan assets: | |
Unrealized | 0 |
Realized | 1.7 |
Purchases | 0.4 |
Sales | (1.2) |
Balance at December 31, 2015 | $ 17.4 |
BENEFIT PLANS (Fair Value of Po
BENEFIT PLANS (Fair Value of Postretirement Assets) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Hedge funds, minimum number of days notice prior to redemption | 30 days | ||
Hedge funds, maximum number of days notice prior to redemption | 90 days | ||
Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 18.9 | $ 20.8 | $ 21.6 |
Other Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | ||
Other Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | ||
Other Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.2 | ||
Other Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.4 | ||
Other Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | ||
Other Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.1 | ||
Other Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | ||
Other Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.1 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.6 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.4 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.4 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs (Level 2) | Other Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.4 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Large-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Small- and Mid-Cap Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Private Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.6 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Hedge Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.1 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Real Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.7 | ||
Significant Unobservable Inputs (Level 3) | Other Benefits | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
BENEFIT PLANS (Asset Allocation
BENEFIT PLANS (Asset Allocation Ranges and Actual Allocation, USRIP)) (Detail) - U.S. Retirement Income Plan, or USRIP | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Large-Cap Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 10.00% | 10.00% |
Range maximum | 40.00% | 35.00% |
Actual | 25.90% | 22.40% |
Small- and Mid-Cap Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 0.00% | 0.00% |
Range maximum | 15.00% | 15.00% |
Actual | 6.10% | 5.60% |
International Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 10.00% | 10.00% |
Range maximum | 30.00% | 30.00% |
Actual | 12.00% | 13.10% |
Private Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 2.00% | 2.00% |
Range maximum | 10.00% | 10.00% |
Actual | 8.80% | 6.90% |
Hedge Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 0.00% | 10.00% |
Range maximum | 10.00% | 30.00% |
Actual | 11.40% | 13.50% |
Real Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 2.00% | 2.00% |
Range maximum | 10.00% | 10.00% |
Actual | 3.70% | 7.10% |
Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 20.00% | 15.00% |
Range maximum | 55.00% | 40.00% |
Actual | 29.70% | 29.90% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 0.00% | 0.00% |
Range maximum | 15.00% | 15.00% |
Actual | 2.40% | 1.50% |
BENEFIT PLANS (Asset Allocati85
BENEFIT PLANS (Asset Allocation Ranges and Actual Allocation, CRIP) (Detail) - Canadian Retirement Income Plan, or CRIP | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Canadian Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 25.00% | |
Range maximum | 50.00% | |
Actual | 34.60% | 34.90% |
International Equities (including U.S. Equities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 0.00% | |
Range maximum | 19.00% | |
Actual | 15.10% | 14.80% |
Fixed Income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 40.00% | |
Range maximum | 60.00% | |
Actual | 49.30% | 49.30% |
Money Market | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Range minimum | 0.00% | |
Range maximum | 10.00% | |
Actual | 1.00% | 1.00% |
BENEFIT PLANS (Additional Infor
BENEFIT PLANS (Additional Information) (Detail) shares in Millions, $ in Millions | Dec. 21, 2012USD ($)participant | Dec. 31, 2016 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Sep. 30, 2015 | Dec. 31, 2012participant |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Number of Vested Participants | participant | 3,500 | ||||||
Percentage of Employees Received Lump Sum Payment | 64.00% | ||||||
Benefits paid | $ 62.6 | ||||||
Defined Benefit Plan, Number of Vested Participants Who Elected The Monthly Annuity | participant | 90 | ||||||
Defined Benefit Plan Increase To The Service Benefit | 9.00% | ||||||
Employer contributions to retirement income plan | $ 23.9 | $ 21.5 | $ 21.3 | ||||
Accumulated benefit obligation | $ 653.8 | 727.8 | |||||
Pension Plans investment return | 1.10% | ||||||
Defined benefit plan expected return | 7.50% | ||||||
Difference between actual returns and expected returns rate over five years period | 20.00% | ||||||
Defined Benefit Plan, Narrative Description of Basis Used to Determine Overall Expected Long-term Rate-of-Return on Assets Assumption | The market-related value of assets recognizes the difference between actual returns and expected returns over five years | ||||||
Accrued incentive compensations | $ 83.1 | $ 60.7 | |||||
Stock held by employee benefits trusts, shares | shares | 0.6 | 0.6 | |||||
Shares of Equifax stock included in Employee Benefit Trusts at cost | $ 5.9 | $ 5.9 | |||||
U.S. Defined Benefit Plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan Percentage Of Employees Covered | 20.00% | ||||||
U.S. Retirement Income Plan, or USRIP | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, projected benefit obligation | $ 613.1 | 679.5 | |||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, accumulated benefit obligation | 611.1 | 676.8 | |||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, fair value of plan assets | $ 474.6 | 515.6 | |||||
Initial annual rate increase in the per capita cost of of covered healthcare benefits | 7.00% | ||||||
Ultimate annual rate decrease in the per capita cost of of covered healthcare benefits | 5.00% | ||||||
Defined Benefit Plan, Expected Return On Plan Assets Percentage | 7.30% | ||||||
Canadian Retirement Income Plan, or CRIP | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions to retirement income plan | $ 0.2 | 1.2 | |||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, projected benefit obligation | 49.6 | 59.6 | |||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, accumulated benefit obligation | 42.7 | 51 | |||||
Plans with projected benefit obligations and accumulated benefits benefit obligations in excess of plan's respective assets, fair value of plan assets | $ 44.3 | 54.5 | |||||
Pension Plans investment return | 2.90% | ||||||
Initial annual rate increase in the per capita cost of of covered healthcare benefits | 6.50% | ||||||
Ultimate annual rate decrease in the per capita cost of of covered healthcare benefits | 5.00% | ||||||
Defined Benefit Plan, Expected Return On Plan Assets Percentage | 6.00% | 6.75% | |||||
Other Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Benefits paid | $ 2.4 | 2.1 | |||||
Employer contributions to retirement income plan | $ 1.8 | $ 1.6 |
ACCUMULATED OTHER COMPREHENSI87
ACCUMULATED OTHER COMPREHENSIVE INCOME (Changes In Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (74.2) | $ (64.6) | $ (27.8) |
Balance, December 31, 2014 | (435.4) | (312.6) | |
Other comprehensive income before reclassifications | (59.5) | ||
Amounts reclassified from accumulated other comprehensive income | 10.1 | ||
Net current-period other comprehensive income | (49.4) | ||
Balance, December 31, 2015 | (484.8) | (435.4) | (312.6) |
Cash flow hedging transactions | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2014 | (1.8) | ||
Other comprehensive income before reclassifications | 0.2 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | ||
Net current-period other comprehensive income | 0.2 | ||
Balance, December 31, 2015 | (1.6) | (1.8) | |
Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (67.1) | (61.8) | $ (24.9) |
Pension and other postretirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2014 | (263.3) | ||
Other comprehensive income before reclassifications | 7.4 | ||
Amounts reclassified from accumulated other comprehensive income | 10.1 | ||
Net current-period other comprehensive income | 17.5 | ||
Balance, December 31, 2015 | (245.8) | (263.3) | |
Foreign currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, December 31, 2014 | (170.3) | ||
Other comprehensive income before reclassifications | (67.1) | ||
Amounts reclassified from accumulated other comprehensive income | 0 | ||
Net current-period other comprehensive income | (67.1) | ||
Balance, December 31, 2015 | $ (237.4) | $ (170.3) |
ACCUMULATED OTHER COMPREHENSI88
ACCUMULATED OTHER COMPREHENSIVE INCOME (Reclassifications Out Of Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Amortization of pension and other postretirement plan items: | ||||
Net of tax | $ (17.5) | $ 61.1 | $ (74.2) | |
Amount reclassified from accumulated other comprehensive income | ||||
Amortization of pension and other postretirement plan items: | ||||
Prior service cost | [1] | 0.3 | ||
Recognized actuarial loss | [1] | (16.4) | ||
Total before tax | (16.1) | |||
Tax benefit | 6 | |||
Net of tax | $ (10.1) | |||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 11 Benefit Plans for additional details). |
RESTRUCTURING CHARGES (Addition
RESTRUCTURING CHARGES (Additional Information) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015USD ($)position | Dec. 31, 2013USD ($)position | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Number of positions eliminated | position | 300 | 160 | |
Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 20.7 | ||
Restructuring Charges, Net of Tax | 13.2 | ||
Severance Costs | 16.2 | $ 9.3 | |
Real Estate Exit Costs | 1.2 | ||
Other Restructuring Costs | $ 3.3 | ||
Payments for Restructuring | $ 16.6 | ||
Severance Costs Net Of Tax | $ 5.9 |
SEGMENT INFORMATION (Segment In
SEGMENT INFORMATION (Segment Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating revenue | $ 666.3 | $ 667.4 | $ 678.1 | $ 651.8 | $ 624.6 | $ 613.4 | $ 613.9 | $ 584.5 | $ 2,663.6 | $ 2,436.4 | $ 2,303.9 |
Operating income | 176.9 | $ 174.3 | $ 188.5 | $ 154.2 | 165.2 | $ 153.7 | $ 167.4 | $ 151.9 | 693.9 | 638.2 | 611.2 |
Total Assets | 4,509 | 4,661 | 4,509 | 4,661 | |||||||
Depreciation and amortization | 198 | 201.8 | 189.6 | ||||||||
Capital expenditures | 146.2 | 86.4 | 83.3 | ||||||||
Expenditures to Acquire Productive Assets | 150.7 | ||||||||||
U.S. Information Solutions | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating revenue | 1,171.3 | 1,079.9 | 1,054.5 | ||||||||
Operating income | 491.2 | 421 | 401.3 | ||||||||
Total Assets | 1,869.6 | 1,931.3 | 1,869.6 | 1,931.3 | |||||||
Depreciation and amortization | 83.3 | 86.7 | 88.8 | ||||||||
Capital expenditures | 21.9 | 16.6 | 16.7 | ||||||||
International | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating revenue | 568.5 | 572.2 | 497.8 | ||||||||
Operating income | 113.5 | 121 | 145.3 | ||||||||
Total Assets | 830.2 | 965.3 | 830.2 | 965.3 | |||||||
Depreciation and amortization | 40.1 | 44.2 | 24.1 | ||||||||
Capital expenditures | 25.7 | 15.2 | 19.7 | ||||||||
Workforce Solutions | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating revenue | 577.7 | 490.1 | 474.1 | ||||||||
Operating income | 218.8 | 160.7 | 142.6 | ||||||||
Total Assets | 1,268.5 | 1,271.3 | 1,268.5 | 1,271.3 | |||||||
Depreciation and amortization | 42 | 42.6 | 51.7 | ||||||||
Capital expenditures | 22.1 | 13.1 | 14.6 | ||||||||
Personal Solutions | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating revenue | 346.1 | 294.2 | 277.5 | ||||||||
Operating income | 95.2 | 93.4 | 79.3 | ||||||||
Total Assets | 197.9 | 194.9 | 197.9 | 194.9 | |||||||
Depreciation and amortization | 9.4 | 8.2 | 7.5 | ||||||||
Capital expenditures | 11.2 | 9.2 | 6.9 | ||||||||
General Corporate Expense | |||||||||||
Segment Reporting Disclosure [Line Items] | |||||||||||
Operating income | (224.8) | (157.9) | (157.3) | ||||||||
Total Assets | $ 342.8 | $ 298.2 | 342.8 | 298.2 | |||||||
Depreciation and amortization | 23.2 | 20.1 | 17.5 | ||||||||
Capital expenditures | $ 69.8 | $ 32.3 | $ 25.4 |
SEGMENT INFORMATION (Financial
SEGMENT INFORMATION (Financial Information by Geographic Area) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenue | $ 666.3 | $ 667.4 | $ 678.1 | $ 651.8 | $ 624.6 | $ 613.4 | $ 613.9 | $ 584.5 | $ 2,663.6 | $ 2,436.4 | $ 2,303.9 |
Percentage of operating revenues | 100.00% | 100.00% | 100.00% | ||||||||
Long-lived assets | 3,947.4 | 4,070.5 | $ 3,947.4 | $ 4,070.5 | |||||||
Percentage of consolidated long-lived assets | 100.00% | 100.00% | |||||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenue | $ 2,041.7 | $ 1,810.2 | $ 1,766 | ||||||||
Percentage of operating revenues | 77.00% | 74.00% | 77.00% | ||||||||
Long-lived assets | 3,248.3 | 3,287.5 | $ 3,248.3 | $ 3,287.5 | |||||||
Percentage of consolidated long-lived assets | 82.00% | 81.00% | |||||||||
U.K. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-lived assets | 45.5 | 55.8 | $ 45.5 | $ 55.8 | |||||||
Percentage of consolidated long-lived assets | 1.00% | 1.00% | |||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenue | $ 224.1 | $ 217 | $ 144.7 | ||||||||
Percentage of operating revenues | 8.00% | 9.00% | 6.00% | ||||||||
Long-lived assets | 353.1 | 371.9 | $ 353.1 | $ 371.9 | |||||||
Percentage of consolidated long-lived assets | 9.00% | 9.00% | |||||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenue | $ 262.3 | $ 255 | $ 237.6 | ||||||||
Percentage of operating revenues | 10.00% | 11.00% | 10.00% | ||||||||
Long-lived assets | $ 300.5 | $ 355.3 | $ 300.5 | $ 355.3 | |||||||
Percentage of consolidated long-lived assets | 8.00% | 9.00% |
SEGMENT INFORMATION (Additional
SEGMENT INFORMATION (Additional Information) (Detail) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
QUARTERLY FINANCIAL DATA (Quart
QUARTERLY FINANCIAL DATA (Quarterly Financial Data) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenue | $ 666.3 | $ 667.4 | $ 678.1 | $ 651.8 | $ 624.6 | $ 613.4 | $ 613.9 | $ 584.5 | $ 2,663.6 | $ 2,436.4 | $ 2,303.9 |
Operating income | 176.9 | 174.3 | 188.5 | 154.2 | 165.2 | 153.7 | 167.4 | 151.9 | 693.9 | 638.2 | 611.2 |
Consolidated net income | 113 | 119.7 | 112.5 | 89.6 | 98.8 | 94.4 | 94.5 | 86.3 | 434.8 | 374 | 359.9 |
Net income attributable to Equifax | $ 111.9 | $ 117.9 | $ 111 | $ 88.3 | $ 98 | $ 92.7 | $ 92.8 | $ 83.9 | $ 429.1 | $ 367.4 | $ 351.8 |
Basic earnings per share | |||||||||||
Net income attributable to Equifax | $ 0.94 | $ 1 | $ 0.94 | $ 0.74 | $ 0.82 | $ 0.77 | $ 0.76 | $ 0.69 | $ 3.61 | $ 3.03 | $ 2.90 |
Diluted earnings per common share | |||||||||||
Net income attributable to Equifax | $ 0.93 | $ 0.98 | $ 0.92 | $ 0.73 | $ 0.80 | $ 0.75 | $ 0.75 | $ 0.67 | $ 3.55 | $ 2.97 | $ 2.84 |
QUARTERLY FINANCIAL DATA (Addit
QUARTERLY FINANCIAL DATA (Additional Information) (Detail) BRL in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($)acquisition | Dec. 31, 2013acquisition | Dec. 31, 2015BRL | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013BRL | Dec. 31, 2013USD ($) | |
quarterly financial data [Line Items] | ||||||||
Cost-method Investments, Other than Temporary Impairment | BRL 46 | $ 14.8 | $ 0 | BRL 40 | $ 17 | |||
Number of business acquisitions | acquisition | 2 | 2 | ||||||
Consideration | $ 338.8 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
quarterly financial data [Line Items] | ||||||||
Restructuring Charges | $ 20.7 | |||||||
Restructuring Charges, Net of Tax | $ 13.2 |
SUBSEQUENT EVENTS Business Acqu
SUBSEQUENT EVENTS Business Acquisitions Cost of Acquired Entity Purchase Price (Details) AUD in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016USD ($) | Mar. 31, 2016AUD | Mar. 31, 2016AUD | Feb. 16, 2016USD ($) | Feb. 09, 2016USD ($) | |
Subsequent Event [Line Items] | |||||
Business Acquisitions Cost Of Acquired Entity Purchase Price | $ 1,700 | AUD 2,400 | |||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | $ 188.4 | AUD 261.5 | |||
Delayed Draw Term Loan | $ 800 | ||||
Bridge Loan | $ 275 |