Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 13, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EFX | |
Entity Registrant Name | EQUIFAX INC | |
Entity Central Index Key | 33,185 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 120,211,795 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Operating revenue | $ 832.2 | $ 728.3 |
Operating expenses: | ||
Cost of services (exclusive of depreciation and amortization below) | 300.8 | 253.3 |
Selling, general and administrative expenses | 243.3 | 243.1 |
Depreciation and amortization | 71.3 | 55.7 |
Total operating expenses | 615.4 | 552.1 |
Operating income | 216.8 | 176.2 |
Interest expense | (24.2) | (20.1) |
Other income (expense), net | 3.1 | (2.1) |
Consolidated income from operations before income taxes | 195.7 | 154 |
Provision for income taxes | (40.3) | (51.6) |
Consolidated net income | 155.4 | 102.4 |
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests | (2.1) | (0.3) |
Net income attributable to Equifax | $ 153.3 | $ 102.1 |
Basic earnings per common share: | ||
Net income attributable to Equifax (in dollars per share) | $ 1.28 | $ 0.86 |
Weighted-average shares used in computing basic earnings per share (in shares) | 120 | 118.8 |
Diluted earnings per common share: | ||
Net income attributable to Equifax (in dollars per share) | $ 1.26 | $ 0.85 |
Weighted-average shares used in computing diluted earnings per share (in shares) | 121.9 | 120.8 |
Dividends per common share (in dollars per share) | $ 0.39 | $ 0.33 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 155.4 | $ 102.4 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 113.8 | 98.1 |
Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net | 2.5 | 2.2 |
Change in cumulative loss from cash flow hedging transactions, net | (0.4) | 0.2 |
Comprehensive income | 271.3 | 202.9 |
Equifax Shareholders | ||
Net income | 153.3 | 102.1 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 112.4 | 98.4 |
Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net | 2.5 | 2.2 |
Change in cumulative loss from cash flow hedging transactions, net | (0.4) | 0.2 |
Comprehensive income | 267.8 | 202.9 |
Noncontrolling Interests | ||
Net income | 2.1 | 0.3 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 1.4 | (0.3) |
Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net | 0 | 0 |
Change in cumulative loss from cash flow hedging transactions, net | 0 | 0 |
Comprehensive income | $ 3.5 | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 123.2 | $ 129.3 |
Trade accounts receivable, net of allowance for doubtful accounts of $8.3 and $7.8 at March 31, 2017 and December 31, 2016, respectively | 459.7 | 433.3 |
Prepaid expenses | 76.2 | 60.2 |
Other current assets | 46.1 | 50.1 |
Total current assets | 705.2 | 672.9 |
Property and equipment: | ||
Capitalized internal-use software and system costs | 332.1 | 307 |
Data processing equipment and furniture | 280.3 | 273.2 |
Land, buildings and improvements | 206.6 | 203.8 |
Total property and equipment | 819 | 784 |
Less accumulated depreciation and amortization | (340) | (317.1) |
Total property and equipment, net | 479 | 466.9 |
Goodwill | 4,057.5 | 3,974.3 |
Indefinite-lived intangible assets | 94.8 | 94.8 |
Purchased intangible assets, net | 1,312.3 | 1,323.8 |
Other assets, net | 140.2 | 131.3 |
Total assets | 6,789 | 6,664 |
Current liabilities: | ||
Short-term debt and current maturities of long-term debt | 631.8 | 585.4 |
Accounts payable | 79.6 | 81 |
Accrued expenses | 133.7 | 149.3 |
Accrued salaries and bonuses | 59.3 | 158.8 |
Deferred revenue | 113.5 | 110.7 |
Other current liabilities | 183.4 | 174.4 |
Total current liabilities | 1,201.3 | 1,259.6 |
Long-term debt | 2,037.4 | 2,086.8 |
Deferred income tax liabilities, net | 330.3 | 325.4 |
Long-term pension and other postretirement benefit liabilities | 181 | 184.4 |
Other long-term liabilities | 86.8 | 86.5 |
Total liabilities | 3,836.8 | 3,942.7 |
Commitments and Contingencies (see Note 5) | ||
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 March 31, 2017 and December 31, 2016; Outstanding shares - 120.2 and 119.9 at March 31, 2017 and December 31, 2016, respectively | 236.6 | 236.6 |
Paid-in capital | 1,322.7 | 1,313.3 |
Retained earnings | 4,255.9 | 4,153.2 |
Accumulated other comprehensive loss | (414.4) | (528.9) |
Treasury stock, at cost, 68.5 shares and 68.8 shares at March 31, 2017 and December 31, 2016, respectively | (2,506.8) | (2,505.6) |
Stock held by employee benefit trusts, at cost, 0.6 shares at March 31, 2017 and December 31, 2016 | (5.9) | (5.9) |
Total Equifax shareholders' equity | 2,888.1 | 2,662.7 |
Noncontrolling interests including redeemable noncontrolling interests | 64.1 | 58.6 |
Total equity | 2,952.2 | 2,721.3 |
Total liabilities and equity | $ 6,789 | $ 6,664 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 8.3 | $ 7.8 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Authorized shares (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, Issued shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Common stock, Issued shares (in shares) | 189,300,000 | 189,300,000 |
Common stock, Outstanding shares (in shares) | 120,200,000 | 119,900,000 |
Treasury stock, shares (in shares) | 68,500,000 | 68,800,000 |
Stock held by employee benefits trusts, shares (in shares) | 600,000 | 600,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Consolidated net income | $ 155.4 | $ 102.4 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Depreciation and amortization | 72.1 | 56.8 |
Stock-based compensation expense | 18.7 | 16.3 |
Excess tax benefits from stock-based compensation plans | 0 | (10.9) |
Deferred income taxes | (2.6) | 1.1 |
Changes in assets and liabilities, excluding effects of acquisitions: | ||
Accounts receivable, net | (22.7) | (45.4) |
Other assets, current and long-term | (29.2) | 17 |
Current and long term liabilities, excluding debt | (88) | (29.2) |
Cash provided by operating activities | 103.7 | 108.1 |
Investing activities: | ||
Capital expenditures | (50.3) | (40.2) |
Acquisitions, net of cash acquired | (7.3) | (1,727.8) |
Economic hedges | 0 | (10.8) |
Cash received from sale of asset | 8.6 | 0 |
Cash used in investing activities | (49) | (1,778.8) |
Financing activities: | ||
Net short-term borrowings | 46.4 | 900.1 |
Payments on long-term debt | (50) | (10) |
Borrowings on long-term debt | 0 | 800 |
Dividends paid to Equifax shareholders | (46.9) | (39.2) |
Dividends paid to noncontrolling interests | (1.9) | (1.7) |
Proceeds from exercise of stock options | 9.4 | 4.1 |
Payment of taxes related to settlement of equity awards | (20.3) | (17.8) |
Excess tax benefits from stock-based compensation plans | 0 | 10.9 |
Cash (used in) provided by financing activities | (63.3) | 1,646.4 |
Effect of foreign currency exchange rates on cash and cash equivalents | 2.5 | 27.8 |
(Decrease) increase in cash and cash equivalents | (6.1) | 3.5 |
Cash and cash equivalents, beginning of period | 129.3 | 93.3 |
Cash and cash equivalents, end of period | $ 123.2 | $ 96.8 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE INCOME (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) shares in Millions, $ in Millions | Total | Common Stock Repurchase Program | Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Stock Held By Employee Benefits Trusts | Noncontrolling Interests | |
Beginning Balance at Dec. 31, 2016 | $ 2,721.3 | $ 236.6 | $ 1,313.3 | $ 4,153.2 | $ (528.9) | $ (2,505.6) | $ (5.9) | $ 58.6 | ||
Beginning Balance (in shares) at Dec. 31, 2016 | 119.9 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 155.4 | 153.3 | 2.1 | |||||||
Other comprehensive loss | 115.9 | 114.5 | 1.4 | |||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | (10.7) | (9.5) | (1.2) | |||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 0.3 | |||||||||
Treasury stock purchased under share repurchase program | [1] | $ 0 | ||||||||
Cash dividends ($0.39 per share) | (47.1) | (47.1) | ||||||||
Dividends paid to employee benefits trusts | 0.2 | 0.2 | ||||||||
Stock-based compensation expense | 18.7 | 18.7 | ||||||||
Redeemable noncontrolling interest adjustment | 0.4 | (3.5) | 3.9 | |||||||
Dividends paid to noncontrolling interests | (1.9) | (1.9) | ||||||||
Ending Balance at Mar. 31, 2017 | 2,952.2 | $ 236.6 | $ 1,322.7 | $ 4,255.9 | $ (414.4) | $ (2,506.8) | $ (5.9) | $ 64.1 | ||
Ending Balance (in shares) at Mar. 31, 2017 | 120.2 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Common stock authorized, amount for future purchases | $ 667.2 | |||||||||
[1] | At March 31, 2017, $667.2 million was available for future purchases of common stock under our share repurchase authorization. |
CONSOLIDATED STATEMENT OF CHAN8
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE INCOME (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends, per share (in dollars per share) | $ 0.39 | $ 0.33 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation | $ (149.6) | $ (262) |
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $149.2 and $150.6 at March 31, 2017 and December 31, 2016, respectively | (263.4) | (265.9) |
Cash flow hedging transactions, net of accumulated tax of $0.8 and $0.9 at March 31, 2017 and December 31, 2016, respectively | (1.4) | (1) |
Accumulated other comprehensive loss | $ (414.4) | $ (528.9) |
ACCUMULATED OTHER COMPREHENSI10
ACCUMULATED OTHER COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Comprehensive Income [Abstract] | ||
Unrecognized actuarial losses and prior service cost related to pension and other postretirement benefit plans, accumulated tax | $ 149.2 | $ 150.6 |
Cash flow hedging transactions, accumulated tax | $ 0.8 | $ 0.9 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
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 services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain human resources, employment tax and payroll-related 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. We also provide information, technology and services to support debt collections and recovery management. As of March 31, 2017 , we operated in the following countries: Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay, and the United States of America, or U.S. We also offer Equifax branded credit services in India and Russia through joint ventures, we have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore, and have an investment in a consumer and commercial credit information company in Brazil. We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, 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, 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. Basis of Presentation. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, the instructions to Form 10-Q and applicable sections of SEC Regulation S-X. To understand our complete financial position and results, as defined by GAAP, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our annual report on Form 10-K for the year ended December 31, 2016 (“ 2016 Form 10-K”). Our unaudited Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented and are of a normal recurring nature. Earnings Per Share. Our basic earnings per share, or EPS, is calculated as net income attributable to Equifax divided by the weighted-average number of common shares outstanding during the 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: Three Months Ended March 31, 2017 2016 (In millions) Weighted-average shares outstanding (basic) 120.0 118.8 Effect of dilutive securities: Stock options and restricted stock units 1.9 2.0 Weighted-average shares outstanding (diluted) 121.9 120.8 For the three months ended March 31, 2017 and 2016 , the stock options that were anti-dilutive were no t material. Financial Instruments. Our financial instruments consist 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. As of March 31, 2017 and December 31, 2016 , the fair value of our long-term debt, including the current portion, based on observable inputs was $2.4 billion compared to its carrying value of $2.3 billion and $2.4 billion , respectively. 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 acquisition of Veda Group Limited ("Veda"), 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 were marked to market. The options had an expiry date of February 18, 2016. 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 settled 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 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 following table presents items measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Description Fair Value of Assets (Liabilities) at March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Deferred Compensation Plan Assets (1) $ 30.7 $ 30.7 $ — $ — Deferred Compensation Plan Liability (1) (30.7 ) — (30.7 ) — Total $ — $ 30.7 $ (30.7 ) $ — (1) 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 plan. 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. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. As disclosed in Note 2, we completed various acquisitions during the year ended December 31, 2016 . The values of net assets acquired and the resulting goodwill were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and definite-lived intangible assets acquired in this acquisition were internally estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates in the present value calculations. The fair value of the equity method investment assets acquired were internally estimated based on the market approach. Under the market approach, we estimated fair value based on market multiples of comparable companies. Other Current Assets. Other current assets on our Consolidated Balance Sheets primarily represent amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of March 31, 2017 , these assets were approximately $23.9 million , with a corresponding balance 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 certain current tax accounts. 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 $17.7 million at March 31, 2017 , representing our maximum exposure to loss, with the exception of the guarantees referenced in Note 5. 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 Accounting Standards Codification ("ASC") 810, Consolidation . 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. No ne 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. Other Assets. Other assets on our Consolidated Balance Sheets primarily represents our investment in unconsolidated affiliates, our cost method investment in Brazil, assets related to life insurance policies covering certain officers of the Company, and employee benefit trust assets. 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 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. As of March 31, 2017 , our investment in Brazil, recorded at 44 million Reais ( $14.1 million ), approximated the fair value. Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of corresponding amounts of 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. As of March 31, 2017 , these funds were approximately $23.9 million . 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 liabilities such as interest expense, accrued employee benefits, accrued taxes, accrued payroll, and accrued legal expenses. Change in Accounting Principle. In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09 "Compensation - Stock Compensation (Topic 718)". This standard requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. The new guidance requires the related payments to taxing authorities to be retrospectively presented as a cash outflow from financing activities. As a result, we reclassified $17.8 million of cash outflows from operating activities in the first quarter of 2016 to a cash outflow from financing activities. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The adoption of this guidance resulted in the recognition of $14.9 million , or $0.12 per diluted common share, of tax benefits in our Consolidated Statement of Income for the three months ended March 31, 2017 . We also prospectively applied the provisions of the new guidance related to the presentation of windfall tax benefits as cash flows from operating activities which resulted in classifying $14.9 million of cash flows from financing activities to operating activities for the three months ended March 31, 2017 . We have elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized each period. Recent Accounting Pronouncements. Pension Costs. In March 2017, the FASB issued ASU 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)". This new guidance changes how employers that sponsor defined benefit pension plans and other postretirement plans present the net periodic benefit cost in the income statement. An employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendment also allows only the service cost component to be eligible for capitalization, when applicable. This new guidance will be effective for the Company for the first reporting period beginning after December 15, 2017, with early adoption permitted in the first quarter of 2017. The amendment will be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The Company does not expect that the adoption of this guidance will have a material impact on the Company’s financial position or results of operations. Goodwill. In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment (Topic 350)". This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. We do not expect the adoption of this guidance to have a material impact on our financial position, results of operations or cash flows. Definition of a business. In January 2017, the FASB issued ASU 2017-01 "Clarifying the Definition of a Business (Topic 805)". This standard provides criteria to determine when an asset acquired or group of assets acquired is not a business. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This reduces the number of transactions that need to be further evaluated. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 with early adoption permitted. We are currently evaluating the impact of the adoption of this guidance on our financial position, results of operations and cash flows. Leases. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”. This standard requires lessees to record most leases on their balance sheets and expenses on their income statements in a manner similar to current lease accounting. The guidance also eliminates current real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. All entities will classify leases to determine how to recognize lease-related revenue and expense. The guidance becomes effective for fiscal years and interim reporting periods beginning after December 15, 2018. The Company is evaluating the potential effects of the adoption of this standard on its Consolidated Financial Statements. 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. Based on our current assessment, we anticipate adopting the standard using the modified retrospective method. The new standard will impact our contracts that have a known quantity over a defined term with price increases or decreases over the contract life. Under the current standard, the revenue related to these contracts were limited by billings in a period. Under the new standard the total contract value will be recognized ratably over the defined term or by using a transactional standalone selling price resulting in the creation of a contract asset or contract liability as transactions are delivered. We continue to review and evaluate our contracts under the new revenue recognition model to ascertain whether additional contract types will be affected by the new standard. Additionally, we are reviewing the impact of contract costs and additional disclosures required by the new revenue standard. |
ACQUISITIONS AND INVESTMENTS
ACQUISITIONS AND INVESTMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND INVESTMENTS | ACQUISITIONS AND INVESTMENTS 2016 Acquisitions and Investments. On February 24, 2016, the Company completed the acquisition of 100% of the ordinary voting shares of Veda for cash consideration of approximately $1.7 billion ( 2.4 billion Australian dollars) and debt assumed of approximately $189.5 million ( 261.9 million Australian dollars). The acquisition provides a strong platform for Equifax to offer data and analytic services and further broaden the Company's geographic footprint. Veda stockholders received 2.825 Australian dollars in cash for each share of Veda common stock they owned. The Company financed the transaction with $1.7 billion of debt, consisting of commercial paper, an $800 million 364 -day revolving credit facility (the "364-day Revolver"), and an $800 million three -year delayed draw term loan facility (the "Term Loan"). Refer to Note 4 for further discussion on debt. Additionally, on August 23, 2016, the Company completed the acquisition of 100% of the assets and certain liabilities of unemployment tax and claims management specialists Barnett & Associates ("Barnett"), as well as the verifications business, Computersoft, LLC ("Computersoft"). Pro Forma Financial Information. The following table presents unaudited consolidated pro forma information as if our acquisition of Veda had occurred at the beginning of the earliest period presented. The pro forma amounts may not be necessarily indicative of the operating revenues and results of operations had the acquisition actually taken place at the beginning of the earliest period presented. Furthermore, the pro forma information may not be indicative of future performance. Three months ended March 31, 2016 As Reported Pro Forma (In millions, except per share data) Operating revenues $ 728.3 $ 765.0 Net income attributable to Equifax 102.1 101.5 Net income per share (basic) 0.86 0.85 Net income per share (diluted) 0.85 0.84 The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are (1) directly related to the business combination; (2) factually supportable; and (3) expected to have a continuing impact. These adjustments include, but are not limited to, the application of our accounting policies and depreciation and amortization related to fair value adjustments and intangible assets. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill. Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. 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 reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests as of September 30. Changes in the amount of goodwill for the three months ended March 31, 2017 , are as follows: U.S. International Workforce Global Consumer Solutions Total (In millions) Balance, December 31, 2016 $ 1,071.3 $ 1,814.6 $ 952.1 $ 136.3 $ 3,974.3 Adjustments to initial purchase price allocation — 0.9 — — 0.9 Foreign currency translation — 81.4 — 0.9 82.3 Balance, March 31, 2017 $ 1,071.3 $ 1,896.9 $ 952.1 $ 137.2 $ 4,057.5 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. The estimated fair value of our indefinite-lived intangible assets exceeded the carrying value as of September 30, 2016. As a result, no impairment was recorded. Our indefinite-lived intangible asset carrying amounts did not change materially during the three months ended March 31, 2017 . Purchased Intangible Assets. Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business. Purchased data files represent the estimated acquisition date fair value of consumer credit files acquired primarily through the purchase of independent credit reporting agencies in the U.S. and Canada and the Veda acquisition. We expense the cost of modifying and updating credit files in the period such costs are incurred. Our reacquired rights represent the value of rights which we had granted to Computer Sciences Corporation that were reacquired in connection with the acquisition of certain assets of CSC Credit Services (“CSC Credit Services Acquisition”) in the fourth quarter of 2012. These reacquired rights are being amortized over the remaining term of the affiliation agreement on a straight-line basis until August 1, 2018. We amortize all of our purchased intangible assets on a straight-line basis. For additional information about the useful lives related to our purchased intangible assets, see Note 1 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. Purchased intangible assets at March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Definite-lived intangible assets: (In millions) Purchased data files $ 1,032.7 $ (293.7 ) $ 739.0 $ 1,012.7 $ (276.0 ) $ 736.7 Acquired software and technology 134.2 (41.9 ) 92.3 131.5 (36.1 ) 95.4 Customer relationships 723.3 (286.5 ) 436.8 712.7 (273.0 ) 439.7 Reacquired rights 73.3 (55.8 ) 17.5 73.3 (52.5 ) 20.8 Proprietary database 21.5 (7.2 ) 14.3 21.5 (6.7 ) 14.8 Non-compete agreements 17.7 (14.4 ) 3.3 26.8 (22.2 ) 4.6 Trade names and other intangible assets 54.8 (45.7 ) 9.1 54.1 (42.3 ) 11.8 Total definite-lived intangible assets $ 2,057.5 $ (745.2 ) $ 1,312.3 $ 2,032.6 $ (708.8 ) $ 1,323.8 Amortization expense related to purchased intangible assets was $45.0 million and $35.7 million during the three months ended March 31, 2017 and 2016 , respectively. Estimated future amortization expense related to definite-lived purchased intangible assets at March 31, 2017 is as follows: Years ending December 31, Amount (In millions) 2017 $ 146.8 2018 138.3 2019 122.0 2020 116.9 2021 101.0 Thereafter 687.3 $ 1,312.3 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt outstanding at March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (In millions) Commercial paper $ 356.9 $ 310.3 Notes, 6.30%, due July 2017 272.5 272.5 Term Loan, due Nov 2018 400.0 450.0 Notes, 2.30%, due June 2021 500.0 500.0 Notes, 3.30%, due Dec 2022 500.0 500.0 Notes, 3.25%, due June 2026 275.0 275.0 Debentures, 6.90%, due July 2028 125.0 125.0 Notes, 7.00%, due July 2037 250.0 250.0 Other 2.4 2.6 Total debt 2,681.8 2,685.4 Less short-term debt and current maturities (631.8 ) (585.4 ) Less unamortized discounts and debt issuance costs (12.6 ) (13.2 ) Total long-term debt, net $ 2,037.4 $ 2,086.8 Senior Credit Facilities. We are party to a $900.0 million five -year unsecured revolving credit facility (the "Revolver") and the previously described Term Loan, (the Revolver and the Term Loan collectively, the "Senior Credit Facilities"), with a group of financial institutions. The Revolver also has an accordion feature that allows us to request an increase in the total commitment to $1.2 billion . Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Revolver and the Term Loan are scheduled to expire in November 2020 and November 2018 , respectively, with an option to request a maximum of two one -year extensions of the maturity date of the revolving credit facility. Availability of the Senior Credit Facility for borrowings is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the facility. As of March 31, 2017 , there were $0.5 million of letters of credit outstanding. As of March 31, 2017 , there were no outstanding borrowings under the Revolver and $542.6 million was available for borrowing. Commercial Paper Program. Our $900.0 million commercial paper program has been established through the private placement of commercial paper 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 commercial paper can range from overnight to 397 days. Because the commercial paper ("CP") 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 March 31, 2017 , $356.9 million in commercial paper notes was outstanding. For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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. 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. Guarantees and General Indemnifications. We may issue standby letters of credit and performance bonds in the normal course of business. The aggregate notional amount of all performance bonds and standby letters of credit was no t material at March 31, 2017 , and all have a remaining maturity of one year or less. We may issue other guarantees in the ordinary course of business. The maximum potential future payments we could be required to make under the guarantees in the ordinary course of business is no t material at March 31, 2017 . 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 have agreed to standard indemnification clauses in many of our lease agreements for office space, covering such things as tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. 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 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. Additionally, the Company has entered into indemnification agreements with its directors and executive officers to indemnify such individuals to the fullest extent permitted by applicable law against liabilities that arise by reason of their status as directors or officers. 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 guarantees and indemnities 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 and indemnities on our Consolidated Balance Sheets at March 31, 2017 or December 31, 2016 . Contingencies. We are involved in legal and regulatory matters, government investigations, 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. These amounts do not have a material impact on our Consolidated Financial Statements, either individually or in the aggregate. For additional information about these and other commitments and contingencies, see Note 6 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We 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 2014 with few exceptions. Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefit balance may change within the next twelve months by a range of $0 to $1.6 million . Effective Tax Rate . Our effective income tax rate was 20.6% and 33.5% for the three months ended March 31, 2017 and March 31, 2016 , respectively. The decrease in our effective income tax rate is primarily attributable to the adoption of the new stock-based compensation guidance we prospectively adopted in the first quarter of 2017 that requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled. These amounts were previously recognized in additional paid-in-capital. Additionally, the 2017 rate is lower due to adjustments for uncertain tax positions related to the recent settlement of an income tax audit. |
ACCUMULATED OTHER COMPREHENSI17
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in accumulated other comprehensive income by component, after tax, for the three months ended March 31, 2017 , are as follows: Foreign Pension and other Cash flow Total (In millions) Balance, December 31, 2016 $ (262.0 ) $ (265.9 ) $ (1.0 ) $ (528.9 ) Other comprehensive income before reclassifications 112.4 — (0.4 ) 112.0 Amounts reclassified from accumulated other comprehensive income — 2.5 — 2.5 Net current-period other comprehensive income 112.4 2.5 (0.4 ) 114.5 Balance, March 31, 2017 $ (149.6 ) $ (263.4 ) $ (1.4 ) $ (414.4 ) Reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2017 , are as follows: Details about accumulated other Amount reclassified Affected line item in (In millions) Amortization of pension and other postretirement plan items: Prior service cost $ 0.1 (1) Recognized actuarial loss (4.2 ) (1) (4.1 ) Total before tax 1.6 Tax benefit $ (2.5 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 8 Benefit Plans for additional details). Changes in accumulated other comprehensive income related to noncontrolling interests were not material as of March 31, 2017 . |
BENEFIT PLANS
BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS We sponsor defined benefit pension plans and defined contribution plans. For additional information about our benefit plans, see Note 10 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. The following table provides the components of net periodic benefit cost, included in selling, general and administrative expenses in the Consolidated Statements of Income, for the three months ended March 31, 2017 and 2016 : Pension Benefits Other Benefits Three months ended March 31, 2017 2016 2017 2016 (In millions) Service cost $ 1.0 $ 0.9 $ 0.1 $ 0.1 Interest cost 7.1 8.0 0.2 0.2 Expected return on plan assets (9.3 ) (9.6 ) (0.3 ) (0.3 ) Amortization of prior service cost 0.2 0.2 (0.3 ) (0.3 ) Recognized actuarial loss 3.8 3.5 0.4 0.2 Total net periodic benefit cost $ 2.8 $ 3.0 $ 0.1 $ (0.1 ) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION 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 ("USIS") - International - Workforce Solutions - Global Consumer Solutions The accounting policies of the reportable segments are the same as those described in our summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in our 2016 Form 10-K. We evaluate the performance of these reportable segments based on their operating revenues, operating income and operating margins, excluding unusual or infrequent items, if any. Inter-segment sales and transfers are not material for all periods presented. The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment. 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 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, Asia Pacific 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. Global Consumer Solutions. This segment includes credit information, credit monitoring and identity theft protection products sold directly and indirectly to consumers via the internet and in various hard-copy formats in the U.S., Canada, and the U.K. Operating revenue and operating income by operating segment during the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended (In millions) March 31, Operating revenue: 2017 2016 U.S. Information Solutions $ 310.1 $ 294.9 International 216.2 158.1 Workforce Solutions 200.0 180.1 Global Consumer Solutions 105.9 95.2 Total operating revenue $ 832.2 $ 728.3 Three Months Ended (In millions) March 31, Operating income: 2017 2016 U.S. Information Solutions $ 129.7 $ 122.8 International 29.8 19.4 Workforce Solutions 89.5 78.6 Global Consumer Solutions 30.8 27.0 General Corporate Expense (63.0 ) (71.6 ) Total operating income $ 216.8 $ 176.2 Total assets by operating segment at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, (In millions) 2017 2016 Total assets: U.S. Information Solutions $ 1,800.5 $ 1,824.0 International 3,032.3 2,932.5 Workforce Solutions 1,342.4 1,337.0 Global Consumer Solutions 191.8 193.7 General Corporate 422.0 376.8 Total assets $ 6,789.0 $ 6,664.0 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. We collect, organize and manage various types of financial, demographic, employment and marketing information. Our services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain human resources, employment tax and payroll-related 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. We also provide information, technology and services to support debt collections and recovery management. As of March 31, 2017 , we operated in the following countries: Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay, and the United States of America, or U.S. We also offer Equifax branded credit services in India and Russia through joint ventures, we have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore, and have an investment in a consumer and commercial credit information company in Brazil. We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, 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, 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. |
Basis of Presentation | Basis of Presentation. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, the instructions to Form 10-Q and applicable sections of SEC Regulation S-X. To understand our complete financial position and results, as defined by GAAP, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our annual report on Form 10-K for the year ended December 31, 2016 (“ 2016 Form 10-K”). Our unaudited Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented and are of a normal recurring nature. |
Earnings Per Share | Earnings Per Share. Our basic earnings per share, or EPS, is calculated as net income attributable to Equifax divided by the weighted-average number of common shares outstanding during the 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. |
Financial Instruments | Financial Instruments. Our financial instruments consist 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. |
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 acquisition of Veda Group Limited ("Veda"), 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 were marked to market. |
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 following table presents items measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Description Fair Value of Assets (Liabilities) at March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Deferred Compensation Plan Assets (1) $ 30.7 $ 30.7 $ — $ — Deferred Compensation Plan Liability (1) (30.7 ) — (30.7 ) — Total $ — $ 30.7 $ (30.7 ) $ — (1) 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 plan. 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. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. As disclosed in Note 2, we completed various acquisitions during the year ended December 31, 2016 . The values of net assets acquired and the resulting goodwill were recorded at fair value using Level 3 inputs. The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature. The fair values of goodwill and definite-lived intangible assets acquired in this acquisition were internally estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future. We developed internal estimates for the expected cash flows and discount rates in the present value calculations. The fair value of the equity method investment assets acquired were internally estimated based on the market approach. Under the market approach, we estimated fair value based on market multiples of comparable companies. |
Other Current Assets | Other Current Assets. Other current assets on our Consolidated Balance Sheets primarily represent amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of March 31, 2017 , these assets were approximately $23.9 million , with a corresponding balance 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 certain current tax accounts. |
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 $17.7 million at March 31, 2017 , representing our maximum exposure to loss, with the exception of the guarantees referenced in Note 5. 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 Accounting Standards Codification ("ASC") 810, Consolidation . 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. No ne 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. |
Other Assets | Other Assets. Other assets on our Consolidated Balance Sheets primarily represents our investment in unconsolidated affiliates, our cost method investment in Brazil, assets related to life insurance policies covering certain officers of the Company, and employee benefit trust assets. 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 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. |
Other Current Liabilities | Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of corresponding amounts of 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. As of March 31, 2017 , these funds were approximately $23.9 million . 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 liabilities such as interest expense, accrued employee benefits, accrued taxes, accrued payroll, and accrued legal expenses. |
Change in Accounting Principle | Change in Accounting Principle. In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09 "Compensation - Stock Compensation (Topic 718)". This standard requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid-in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. The new guidance requires the related payments to taxing authorities to be retrospectively presented as a cash outflow from financing activities. As a result, we reclassified $17.8 million of cash outflows from operating activities in the first quarter of 2016 to a cash outflow from financing activities. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The adoption of this guidance resulted in the recognition of $14.9 million , or $0.12 per diluted common share, of tax benefits in our Consolidated Statement of Income for the three months ended March 31, 2017 . We also prospectively applied the provisions of the new guidance related to the presentation of windfall tax benefits as cash flows from operating activities which resulted in classifying $14.9 million of cash flows from financing activities to operating activities for the three months ended March 31, 2017 . We have elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized each period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. Pension Costs. In March 2017, the FASB issued ASU 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)". This new guidance changes how employers that sponsor defined benefit pension plans and other postretirement plans present the net periodic benefit cost in the income statement. An employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The amendment also allows only the service cost component to be eligible for capitalization, when applicable. This new guidance will be effective for the Company for the first reporting period beginning after December 15, 2017, with early adoption permitted in the first quarter of 2017. The amendment will be applied retrospectively for the presentation requirements and prospectively for the capitalization of the service cost component requirements. The Company does not expect that the adoption of this guidance will have a material impact on the Company’s financial position or results of operations. Goodwill. In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment (Topic 350)". This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit’s fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. We do not expect the adoption of this guidance to have a material impact on our financial position, results of operations or cash flows. Definition of a business. In January 2017, the FASB issued ASU 2017-01 "Clarifying the Definition of a Business (Topic 805)". This standard provides criteria to determine when an asset acquired or group of assets acquired is not a business. When substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This reduces the number of transactions that need to be further evaluated. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017 with early adoption permitted. We are currently evaluating the impact of the adoption of this guidance on our financial position, results of operations and cash flows. Leases. In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)”. This standard requires lessees to record most leases on their balance sheets and expenses on their income statements in a manner similar to current lease accounting. The guidance also eliminates current real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. All entities will classify leases to determine how to recognize lease-related revenue and expense. The guidance becomes effective for fiscal years and interim reporting periods beginning after December 15, 2018. The Company is evaluating the potential effects of the adoption of this standard on its Consolidated Financial Statements. 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. Based on our current assessment, we anticipate adopting the standard using the modified retrospective method. The new standard will impact our contracts that have a known quantity over a defined term with price increases or decreases over the contract life. Under the current standard, the revenue related to these contracts were limited by billings in a period. Under the new standard the total contract value will be recognized ratably over the defined term or by using a transactional standalone selling price resulting in the creation of a contract asset or contract liability as transactions are delivered. We continue to review and evaluate our contracts under the new revenue recognition model to ascertain whether additional contract types will be affected by the new standard. Additionally, we are reviewing the impact of contract costs and additional disclosures required by the new revenue standard. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three Months Ended March 31, 2017 2016 (In millions) Weighted-average shares outstanding (basic) 120.0 118.8 Effect of dilutive securities: Stock options and restricted stock units 1.9 2.0 Weighted-average shares outstanding (diluted) 121.9 120.8 |
Items Measured at Fair Value on Recurring Basis | The following table presents items measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using: Description Fair Value of Assets (Liabilities) at March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In millions) Deferred Compensation Plan Assets (1) $ 30.7 $ 30.7 $ — $ — Deferred Compensation Plan Liability (1) (30.7 ) — (30.7 ) — Total $ — $ 30.7 $ (30.7 ) $ — (1) 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 plan. 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) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Information | The following table presents unaudited consolidated pro forma information as if our acquisition of Veda had occurred at the beginning of the earliest period presented. The pro forma amounts may not be necessarily indicative of the operating revenues and results of operations had the acquisition actually taken place at the beginning of the earliest period presented. Furthermore, the pro forma information may not be indicative of future performance. Three months ended March 31, 2016 As Reported Pro Forma (In millions, except per share data) Operating revenues $ 728.3 $ 765.0 Net income attributable to Equifax 102.1 101.5 Net income per share (basic) 0.86 0.85 Net income per share (diluted) 0.85 0.84 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Amount of Goodwill | Changes in the amount of goodwill for the three months ended March 31, 2017 , are as follows: U.S. International Workforce Global Consumer Solutions Total (In millions) Balance, December 31, 2016 $ 1,071.3 $ 1,814.6 $ 952.1 $ 136.3 $ 3,974.3 Adjustments to initial purchase price allocation — 0.9 — — 0.9 Foreign currency translation — 81.4 — 0.9 82.3 Balance, March 31, 2017 $ 1,071.3 $ 1,896.9 $ 952.1 $ 137.2 $ 4,057.5 |
Purchased Intangible Assets | Purchased intangible assets at March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Definite-lived intangible assets: (In millions) Purchased data files $ 1,032.7 $ (293.7 ) $ 739.0 $ 1,012.7 $ (276.0 ) $ 736.7 Acquired software and technology 134.2 (41.9 ) 92.3 131.5 (36.1 ) 95.4 Customer relationships 723.3 (286.5 ) 436.8 712.7 (273.0 ) 439.7 Reacquired rights 73.3 (55.8 ) 17.5 73.3 (52.5 ) 20.8 Proprietary database 21.5 (7.2 ) 14.3 21.5 (6.7 ) 14.8 Non-compete agreements 17.7 (14.4 ) 3.3 26.8 (22.2 ) 4.6 Trade names and other intangible assets 54.8 (45.7 ) 9.1 54.1 (42.3 ) 11.8 Total definite-lived intangible assets $ 2,057.5 $ (745.2 ) $ 1,312.3 $ 2,032.6 $ (708.8 ) $ 1,323.8 |
Estimated Future Amortization Expense | Estimated future amortization expense related to definite-lived purchased intangible assets at March 31, 2017 is as follows: Years ending December 31, Amount (In millions) 2017 $ 146.8 2018 138.3 2019 122.0 2020 116.9 2021 101.0 Thereafter 687.3 $ 1,312.3 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | Debt outstanding at March 31, 2017 and December 31, 2016 was as follows: March 31, 2017 December 31, 2016 (In millions) Commercial paper $ 356.9 $ 310.3 Notes, 6.30%, due July 2017 272.5 272.5 Term Loan, due Nov 2018 400.0 450.0 Notes, 2.30%, due June 2021 500.0 500.0 Notes, 3.30%, due Dec 2022 500.0 500.0 Notes, 3.25%, due June 2026 275.0 275.0 Debentures, 6.90%, due July 2028 125.0 125.0 Notes, 7.00%, due July 2037 250.0 250.0 Other 2.4 2.6 Total debt 2,681.8 2,685.4 Less short-term debt and current maturities (631.8 ) (585.4 ) Less unamortized discounts and debt issuance costs (12.6 ) (13.2 ) Total long-term debt, net $ 2,037.4 $ 2,086.8 |
ACCUMULATED OTHER COMPREHENSI25
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income by component, after tax, for the three months ended March 31, 2017 , are as follows: Foreign Pension and other Cash flow Total (In millions) Balance, December 31, 2016 $ (262.0 ) $ (265.9 ) $ (1.0 ) $ (528.9 ) Other comprehensive income before reclassifications 112.4 — (0.4 ) 112.0 Amounts reclassified from accumulated other comprehensive income — 2.5 — 2.5 Net current-period other comprehensive income 112.4 2.5 (0.4 ) 114.5 Balance, March 31, 2017 $ (149.6 ) $ (263.4 ) $ (1.4 ) $ (414.4 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2017 , are as follows: Details about accumulated other Amount reclassified Affected line item in (In millions) Amortization of pension and other postretirement plan items: Prior service cost $ 0.1 (1) Recognized actuarial loss (4.2 ) (1) (4.1 ) Total before tax 1.6 Tax benefit $ (2.5 ) Net of tax (1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 8 Benefit Plans for additional details). |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | The following table provides the components of net periodic benefit cost, included in selling, general and administrative expenses in the Consolidated Statements of Income, for the three months ended March 31, 2017 and 2016 : Pension Benefits Other Benefits Three months ended March 31, 2017 2016 2017 2016 (In millions) Service cost $ 1.0 $ 0.9 $ 0.1 $ 0.1 Interest cost 7.1 8.0 0.2 0.2 Expected return on plan assets (9.3 ) (9.6 ) (0.3 ) (0.3 ) Amortization of prior service cost 0.2 0.2 (0.3 ) (0.3 ) Recognized actuarial loss 3.8 3.5 0.4 0.2 Total net periodic benefit cost $ 2.8 $ 3.0 $ 0.1 $ (0.1 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Operating Revenue, Operating Income and Total Assets by Operating Segment | Operating revenue and operating income by operating segment during the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended (In millions) March 31, Operating revenue: 2017 2016 U.S. Information Solutions $ 310.1 $ 294.9 International 216.2 158.1 Workforce Solutions 200.0 180.1 Global Consumer Solutions 105.9 95.2 Total operating revenue $ 832.2 $ 728.3 Three Months Ended (In millions) March 31, Operating income: 2017 2016 U.S. Information Solutions $ 129.7 $ 122.8 International 29.8 19.4 Workforce Solutions 89.5 78.6 Global Consumer Solutions 30.8 27.0 General Corporate Expense (63.0 ) (71.6 ) Total operating income $ 216.8 $ 176.2 Total assets by operating segment at March 31, 2017 and December 31, 2016 are as follows: March 31, December 31, (In millions) 2017 2016 Total assets: U.S. Information Solutions $ 1,800.5 $ 1,824.0 International 3,032.3 2,932.5 Workforce Solutions 1,342.4 1,337.0 Global Consumer Solutions 191.8 193.7 General Corporate 422.0 376.8 Total assets $ 6,789.0 $ 6,664.0 |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Weighted-Average Outstanding Shares used in Calculations of Basic and Diluted EPS (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||
Weighted-average shares outstanding (basic) (in shares) | 120 | 118.8 |
Effect of dilutive securities: | ||
Stock options and restricted stock units (in shares) | 1.9 | 2 |
Weighted-average shares outstanding (diluted) (in shares) | 121.9 | 120.8 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Items Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Millions | Mar. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | $ 30.7 | [1] |
Deferred Compensation Plan Liability | (30.7) | [1] |
Total | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | 30.7 | [1] |
Deferred Compensation Plan Liability | 0 | [2] |
Total | 30.7 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | 0 | [2] |
Deferred Compensation Plan Liability | (30.7) | [1] |
Total | (30.7) | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred Compensation Plan Assets | 0 | [2] |
Deferred Compensation Plan Liability | 0 | [2] |
Total | $ 0 | |
[1] | 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 plan. 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. | |
[2] | At March 31, 2017, $667.2 million was available for future purchases of common stock under our share repurchase authorization. |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, shares in Millions, BRL in Millions | 3 Months Ended | ||||||||
Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2017BRL | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Jan. 31, 2016AUD | Dec. 31, 2015USD ($) | Dec. 31, 2015AUD | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 20,300,000 | $ 17,800,000 | |||||||
Fair value of long term debt | $ 2,400,000,000 | $ 2,400,000,000 | |||||||
Carrying value of long term debt | 2,300,000,000 | $ 2,400,000,000 | |||||||
Variable interest entities, maximum exposure to loss | $ 17,700,000 | ||||||||
Variable interest entity, ownership interest | 75.00% | 75.00% | |||||||
Redemption premium | 0 | ||||||||
Investment fair value | BRL 44 | $ 14,100,000 | |||||||
Cash provided by operating activities | 103,700,000 | 108,100,000 | |||||||
Cash used in financing activities | $ 63,300,000 | $ (1,646,400,000) | |||||||
Earnings per share, diluted (in dollars per share) | $ / shares | $ 1.26 | $ 0.85 | |||||||
Accounting Standards Update 2016-09 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Cash provided by operating activities | $ 0 | $ 17,800,000 | |||||||
Cash used in financing activities | 14,900,000 | $ 17,800,000 | |||||||
Effective income tax rate reconciliation, share-based compensation, excess tax benefit, amount | $ 14,900,000 | ||||||||
Earnings per share, diluted (in dollars per share) | $ / shares | $ 0.12 | ||||||||
Other Current Assets | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash and cash equivalents | 23,900,000 | ||||||||
Other Current Liabilities | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash and cash equivalents | $ 23,900,000 | ||||||||
Foreign Exchange Option | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Foreign currency option, weighted average strike price | $ 0.7091 | $ 0.7225 | |||||||
Derivative, notional amount | AUD | AUD 1,000,000,000 | AUD 1,000,000,000 | |||||||
Derivative, loss on derivative | $ 15,400,000 | ||||||||
Employee Stock Option | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Options, antidilutive (in shares) | shares | 0 | 0 |
ACQUISITIONS AND INVESTMENTS -
ACQUISITIONS AND INVESTMENTS - Additional Information (Details) AUD / shares in Units, AUD in Millions | Feb. 24, 2016USD ($) | Feb. 24, 2016AUD | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 23, 2016 | Feb. 24, 2016AUDAUD / shares |
Business Acquisition [Line Items] | ||||||
Debt, long term | $ 2,681,800,000 | $ 2,685,400,000 | ||||
Bridge loan, term | 364 days | 364 days | ||||
364-Day Revolver | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, debt instrument, face amount | $ 800,000,000 | |||||
Term Loan, due Nov 2018 | ||||||
Business Acquisition [Line Items] | ||||||
Debt, long term | $ 400,000,000 | $ 450,000,000 | ||||
Business combination, debt instrument, face amount | $ 800,000,000 | |||||
Debt instrument, term | 3 years | 3 years | ||||
Veda | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 100.00% | 100.00% | ||||
Business combination, consideration transferred | $ 1,700,000,000 | AUD 2,400 | ||||
Business combination, separately recognized transactions, liabilities recognized | 189,500,000 | AUD 261.9 | ||||
Business acquisition, share price (in Australian dollars per share) | AUD / shares | AUD 2.825 | |||||
Debt, long term | $ 1,700,000,000 | |||||
Barnett and Computersoft | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 100.00% |
ACQUISITIONS AND INVESTMENTS 32
ACQUISITIONS AND INVESTMENTS - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Combinations [Abstract] | ||
Operating revenues | $ 832.2 | $ 728.3 |
Operating revenues, pro forma | 765 | |
Net income attributable to Equifax | $ 153.3 | 102.1 |
Net income attributable to Equifax, pro forma | $ 101.5 | |
Net income per share (basic) (in dollars per share) | $ 1.28 | $ 0.86 |
Net income per share (basic), pro forma (in dollars per share) | 0.85 | |
Net income per share (diluted) (in dollars per share) | $ 1.26 | 0.85 |
Net income per share (diluted), pro forma (in dollars per share) | $ 0.84 |
GOODWILL AND INTANGIBLE ASSET33
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment of intangible assets, indefinite-lived | $ 0 | ||
Amortization expense related to purchased intangible assets | $ 45,000,000 | $ 35,700,000 |
GOODWILL AND INTANGIBLE ASSET34
GOODWILL AND INTANGIBLE ASSETS - Changes in Amount of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | $ 3,974.3 |
Adjustments to initial purchase price allocation | 0.9 |
Foreign currency translation | 82.3 |
Balance, End of period | 4,057.5 |
U.S. Information Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 1,071.3 |
Adjustments to initial purchase price allocation | 0 |
Foreign currency translation | 0 |
Balance, End of period | 1,071.3 |
International | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 1,814.6 |
Adjustments to initial purchase price allocation | 0.9 |
Foreign currency translation | 81.4 |
Balance, End of period | 1,896.9 |
Workforce Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 952.1 |
Adjustments to initial purchase price allocation | 0 |
Foreign currency translation | 0 |
Balance, End of period | 952.1 |
Global Consumer Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 136.3 |
Adjustments to initial purchase price allocation | 0 |
Foreign currency translation | 0.9 |
Balance, End of period | $ 137.2 |
GOODWILL AND INTANGIBLE ASSET35
GOODWILL AND INTANGIBLE ASSETS - Purchased Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,057.5 | $ 2,032.6 |
Accumulated Amortization | (745.2) | (708.8) |
Net | 1,312.3 | 1,323.8 |
Purchased data files | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,032.7 | 1,012.7 |
Accumulated Amortization | (293.7) | (276) |
Net | 739 | 736.7 |
Acquired software and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 134.2 | 131.5 |
Accumulated Amortization | (41.9) | (36.1) |
Net | 92.3 | 95.4 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 723.3 | 712.7 |
Accumulated Amortization | (286.5) | (273) |
Net | 436.8 | 439.7 |
Reacquired rights | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 73.3 | 73.3 |
Accumulated Amortization | (55.8) | (52.5) |
Net | 17.5 | 20.8 |
Proprietary database | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 21.5 | 21.5 |
Accumulated Amortization | (7.2) | (6.7) |
Net | 14.3 | 14.8 |
Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 17.7 | 26.8 |
Accumulated Amortization | (14.4) | (22.2) |
Net | 3.3 | 4.6 |
Trade names and other intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 54.8 | 54.1 |
Accumulated Amortization | (45.7) | (42.3) |
Net | $ 9.1 | $ 11.8 |
GOODWILL AND INTANGIBLE ASSET36
GOODWILL AND INTANGIBLE ASSETS - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 146.8 | |
2,018 | 138.3 | |
2,019 | 122 | |
2,020 | 116.9 | |
2,021 | 101 | |
Thereafter | 687.3 | |
Net | $ 1,312.3 | $ 1,323.8 |
DEBT - Debt Outstanding (Detail
DEBT - Debt Outstanding (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Total debt | $ 2,681.8 | $ 2,685.4 |
Less short-term debt and current maturities | (631.8) | (585.4) |
Less unamortized discounts and debt issuance costs | (12.6) | (13.2) |
Total long-term debt, net | 2,037.4 | 2,086.8 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Total debt | 356.9 | 310.3 |
Notes, 6.30%, due July 2017 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 272.5 | 272.5 |
Debt, interest rate | 6.30% | |
Debt, maturity date | 2017-07 | |
Term Loan, due Nov 2018 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 400 | 450 |
Notes, 2.30%, due June 2021 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500 | 500 |
Debt, interest rate | 2.30% | |
Debt, maturity date | 2021-06 | |
Notes, 3.30%, due Dec 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 500 | 500 |
Debt, interest rate | 3.30% | |
Debt, maturity date | 2022-12 | |
Notes, 3.25%, due June 2026 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 275 | 275 |
Debt, interest rate | 3.25% | |
Debt, maturity date | 2026-06 | |
Debentures, 6.90%, due July 2028 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 125 | 125 |
Debt, interest rate | 6.90% | |
Debt, maturity date | 2028-07 | |
Notes, 7.00%, due July 2037 | ||
Debt Instrument [Line Items] | ||
Total debt | $ 250 | 250 |
Debt, interest rate | 7.00% | |
Debt, maturity date | 2037-07 | |
Other | ||
Debt Instrument [Line Items] | ||
Total debt | $ 2.4 | $ 2.6 |
DEBT - Additional Information (
DEBT - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)extension | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Credit facility borrowing capacity | $ 900,000,000 | |
Line of credit facility, potential maximum borrowing capacity | 1,200,000,000 | |
Line of credit facility, available for borrowing | 542,600,000 | |
Commercial paper notes | 900,000,000 | |
Commercial paper, notes outstanding | 356,900,000 | |
Long-term debt | $ 2,681,800,000 | $ 2,685,400,000 |
Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 1 year | |
Commercial paper, maturity period range | 397 days | |
Notes, 2.30%, due June 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 500,000,000 | 500,000,000 |
Debt, interest rate | 2.30% | |
Notes, 3.25%, due June 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 275,000,000 | $ 275,000,000 |
Debt, interest rate | 3.25% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years | |
Line of credit facility, expiration date | Nov. 30, 2020 | |
Line of credit facility, expiration date, maximum number of extensions | extension | 2 | |
Line of credit facility, expiration date, extension period | 1 year | |
Long-term line of credit | $ 0 | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Line of credit facility, expiration date | Nov. 30, 2018 | |
Letter of Credit | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding, amount | $ 500,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |
Maximum potential future payments required to make under guarantees | $ 0 |
Letter of Credit | |
Commitments and Contingencies Disclosure [Line Items] | |
Notional amount | 0 |
Performance Bonds | |
Commitments and Contingencies Disclosure [Line Items] | |
Notional amount | $ 0 |
Maximum | |
Commitments and Contingencies Disclosure [Line Items] | |
Debt instrument, term (or less) | 1 year |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Effective income tax rate | 20.60% | 33.50% |
Minimum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Decrease unrecognized tax benefits is reasonably possible | $ 0 | |
Increase in unrecognized tax benefits is reasonably possible | 0 | |
Maximum | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||
Decrease unrecognized tax benefits is reasonably possible | 1.6 | |
Increase in unrecognized tax benefits is reasonably possible | $ 6.8 |
ACCUMULATED OTHER COMPREHENSI41
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes In Accumulated Other Comprehensive Income (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning Balance | $ 2,721.3 |
Net current-period other comprehensive income | 115.9 |
Ending Balance | 2,952.2 |
Foreign currency | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning Balance | (262) |
Other comprehensive income before reclassifications | 112.4 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current-period other comprehensive income | 112.4 |
Ending Balance | (149.6) |
Pension and other postretirement benefit plans | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning Balance | (265.9) |
Other comprehensive income before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive income | 2.5 |
Net current-period other comprehensive income | 2.5 |
Ending Balance | (263.4) |
Cash flow hedging transactions | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning Balance | (1) |
Other comprehensive income before reclassifications | (0.4) |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current-period other comprehensive income | (0.4) |
Ending Balance | (1.4) |
Total | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning Balance | (528.9) |
Other comprehensive income before reclassifications | 112 |
Amounts reclassified from accumulated other comprehensive income | 2.5 |
Net current-period other comprehensive income | 114.5 |
Ending Balance | $ (414.4) |
ACCUMULATED OTHER COMPREHENSI42
ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications Out Of Accumulated Other Comprehensive Income (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Prior service cost | ||
Amortization of pension and other postretirement plan items: | ||
Total net periodic benefit cost, before tax | $ 0.1 | [1] |
Recognized actuarial loss | ||
Amortization of pension and other postretirement plan items: | ||
Total net periodic benefit cost, before tax | (4.2) | [1] |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
Amortization of pension and other postretirement plan items: | ||
Total net periodic benefit cost, before tax | (4.1) | |
Total net periodic benefit cost, tax benefit | 1.6 | |
Total net periodic benefit cost, net of tax | $ (2.5) | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (See Note 8 Benefit Plans for additional details). |
BENEFIT PLANS - Components of N
BENEFIT PLANS - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1 | $ 0.9 |
Interest cost | 7.1 | 8 |
Expected return on plan assets | (9.3) | (9.6) |
Amortization of prior service cost | 0.2 | 0.2 |
Recognized actuarial loss | 3.8 | 3.5 |
Total net periodic benefit cost | 2.8 | 3 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.1 | 0.1 |
Interest cost | 0.2 | 0.2 |
Expected return on plan assets | (0.3) | (0.3) |
Amortization of prior service cost | (0.3) | (0.3) |
Recognized actuarial loss | 0.4 | 0.2 |
Total net periodic benefit cost | $ 0.1 | $ (0.1) |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Revenue and Operating Income by Operating Segment (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Operating revenue | $ 832.2 | $ 728.3 | |
Operating income | 216.8 | 176.2 | |
Total assets | $ 6,789 | $ 6,664 | |
Number of reporting segments | segment | 4 | ||
Number of operating segments | segment | 4 | ||
General Corporate Expense | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ (63) | (71.6) | |
Total assets | 422 | 376.8 | |
U.S. Information Solutions | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 310.1 | 294.9 | |
Operating income | 129.7 | 122.8 | |
Total assets | 1,800.5 | 1,824 | |
International | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 216.2 | 158.1 | |
Operating income | 29.8 | 19.4 | |
Total assets | 3,032.3 | 2,932.5 | |
Workforce Solutions | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 200 | 180.1 | |
Operating income | 89.5 | 78.6 | |
Total assets | 1,342.4 | 1,337 | |
Global Consumer Solutions | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating revenue | 105.9 | 95.2 | |
Operating income | 30.8 | $ 27 | |
Total assets | $ 191.8 | $ 193.7 |