Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-06605 | |
Entity Registrant Name | EQUIFAX INC | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-0401110 | |
Entity Address, Address Line One | 1550 Peachtree Street | |
Entity Address, Address Line Two | N.W. | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30309 | |
City Area Code | 404 | |
Local Phone Number | 885-8000 | |
Title of 12(b) Security | Common stock, $1.25 par value per share | |
Trading Symbol | EFX | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 121,837,277 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000033185 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Operating revenue | $ 1,234.8 | $ 982.8 | $ 2,447.8 | $ 1,940.8 |
Operating expenses: | ||||
Cost of services (exclusive of depreciation and amortization below) | 483 | 409.3 | 966.2 | 823.4 |
Selling, general and administrative expenses | 328.4 | 309.9 | 637.3 | 626 |
Depreciation and amortization | 117.4 | 96.8 | 231.7 | 188.7 |
Total operating expenses | 928.8 | 816 | 1,835.2 | 1,638.1 |
Operating income | 306 | 166.8 | 612.6 | 302.7 |
Interest expense | (34.9) | (36.6) | (72.1) | (67.3) |
Other income (expense), net | 6 | (1.8) | 5.1 | 49.3 |
Consolidated income before income taxes | 277.1 | 128.4 | 545.6 | 284.7 |
Provision for income taxes | (61.2) | (28) | (126.8) | (65.5) |
Consolidated net income | 215.9 | 100.4 | 418.8 | 219.2 |
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests | (0.8) | (0.2) | (2.1) | (2.1) |
Net income attributable to Equifax | $ 215.1 | $ 100.2 | $ 416.7 | $ 217.1 |
Basic earnings per common share: | ||||
Net income attributable to Equifax (in dollars per share) | $ 1.77 | $ 0.83 | $ 3.42 | $ 1.79 |
Weighted-average shares used in computing basic earnings per share (in shares) | 121.8 | 121.4 | 121.8 | 121.4 |
Diluted earnings per common share: | ||||
Net income attributable to Equifax (in dollars per share) | $ 1.74 | $ 0.82 | $ 3.38 | $ 1.77 |
Weighted-average shares used in computing diluted earnings per share (in shares) | 123.5 | 122.7 | 123.4 | 122.7 |
Dividends per common share (in dollars per share) | $ 0.39 | $ 0.39 | $ 0.78 | $ 0.78 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 215.9 | $ 100.4 | $ 418.8 | $ 219.2 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 4.4 | 233.9 | 15.7 | (59.3) |
Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net | (0.3) | (0.6) | (0.6) | (1.2) |
Comprehensive income | 220 | 333.7 | 433.9 | 158.7 |
Equifax Shareholders | ||||
Net income | 215.1 | 100.2 | 416.7 | 217.1 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 4.8 | 233.4 | 15.2 | (57.6) |
Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net | (0.3) | (0.6) | (0.6) | (1.2) |
Comprehensive income | 219.6 | 333 | 431.3 | 158.3 |
Noncontrolling Interests | ||||
Net income | 0.8 | 0.2 | 2.1 | 2.1 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (0.4) | 0.5 | 0.5 | (1.7) |
Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net | 0 | 0 | 0 | 0 |
Comprehensive income | $ 0.4 | $ 0.7 | $ 2.6 | $ 0.4 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 458.1 | $ 1,684.6 |
Trade accounts receivable, net of allowance for doubtful accounts of $11.2 and $12.9 at June 30, 2021 and December 31, 2020, respectively | 694 | 630.6 |
Prepaid expenses | 129.7 | 104.1 |
Other current assets | 47.7 | 59 |
Total current assets | 1,329.5 | 2,478.3 |
Property and equipment: | ||
Capitalized internal-use software and system costs | 1,557.9 | 1,374.5 |
Data processing equipment and furniture | 303.5 | 299.9 |
Land, buildings and improvements | 244.9 | 239.1 |
Total property and equipment | 2,106.3 | 1,913.5 |
Less accumulated depreciation and amortization | (890.7) | (774.1) |
Total property and equipment, net | 1,215.6 | 1,139.4 |
Goodwill | 5,085.1 | 4,495.8 |
Indefinite-lived intangible assets | 95.2 | 94.9 |
Purchased intangible assets, net | 1,221.9 | 997.8 |
Other assets, net | 393 | 405.6 |
Total assets | 9,340.3 | 9,611.8 |
Current liabilities: | ||
Short-term debt and current maturities of long-term debt | 600.7 | 1,101.1 |
Accounts payable | 171.3 | 159.1 |
Accrued expenses | 219.1 | 251.8 |
Accrued salaries and bonuses | 182 | 250.3 |
Deferred revenue | 110.2 | 108.3 |
Other current liabilities | 591.9 | 612.5 |
Total current liabilities | 1,875.2 | 2,483.1 |
Long-term debt | 3,280.9 | 3,277.3 |
Deferred income tax liabilities, net | 378.3 | 332.3 |
Long-term pension and other postretirement benefit liabilities | 122.4 | 130.7 |
Other long-term liabilities | 184.9 | 178.1 |
Total liabilities | 5,841.7 | 6,401.5 |
Commitments and Contingencies (see Note 6) | ||
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 June 30, 2021 and December 31, 2020; Outstanding shares - 121.8 at June 30, 2021 and December 31, 2020 | 236.6 | 236.6 |
Paid-in capital | 1,506.8 | 1,470.7 |
Retained earnings | 4,505.7 | 4,185.4 |
Accumulated other comprehensive loss | (156.8) | (171.4) |
Treasury stock, at cost, 66.9 shares at June 30, 2021 and December 31, 2020 | (2,625.9) | (2,547) |
Stock held by employee benefit trusts, at cost, 0.6 shares at June 30, 2021 and December 31, 2020 | (5.9) | (5.9) |
Total Equifax shareholders’ equity | 3,460.5 | 3,168.4 |
Noncontrolling interests including redeemable noncontrolling interests | 38.1 | 41.9 |
Total equity | 3,498.6 | 3,210.3 |
Total liabilities and equity | $ 9,340.3 | $ 9,611.8 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 11.2 | $ 12.9 |
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) | 121,800,000 | 121,800,000 |
Treasury stock, shares (in shares) | 66,900,000 | 66,900,000 |
Stock held by employee benefits trusts, shares (in shares) | 600,000 | 600,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Consolidated net income | $ 418.8 | $ 219.2 |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||
Depreciation and amortization | 236.4 | 192.1 |
Stock-based compensation expense | 33.9 | 31.7 |
Deferred income taxes | 14.1 | 32.3 |
Loss (gain) on fair market value adjustment of equity investments | 17.5 | (32.9) |
Gain on divestiture | (0.2) | 0 |
Changes in assets and liabilities, excluding effects of acquisitions: | ||
Accounts receivable, net | (51.3) | (65.3) |
Other assets, current and long-term | 5.3 | 29.3 |
Current and long term liabilities, excluding debt | (123.4) | (124.4) |
Cash provided by operating activities | 551.1 | 282 |
Investing activities: | ||
Capital expenditures | (235.5) | (192.8) |
Acquisitions, net of cash acquired | (861.6) | (48.1) |
Cash received from divestiture | 1.5 | 0 |
Investment in unconsolidated affiliates, net | 0 | (10) |
Cash used in investing activities | (1,095.6) | (250.9) |
Financing activities: | ||
Net short-term (repayments) borrowings | (0.6) | |
Net short-term (repayments) borrowings | 0.8 | |
Payments on long-term debt | (500.1) | (125) |
Borrowings on long-term debt | 0 | 1,123.3 |
Treasury stock purchases | (69.9) | 0 |
Dividends paid to Equifax shareholders | (95) | (94.6) |
Dividends paid to noncontrolling interests | (5.8) | (1.6) |
Proceeds from exercise of stock options and employee stock purchase plan | 25.1 | 22.9 |
Payment of taxes related to settlement of equity awards | (30.4) | 0 |
Purchase of redeemable noncontrolling interests | (3.6) | 0 |
Debt issuance costs | 0 | (9.8) |
Other | 0 | 0.3 |
Cash (used in) provided by financing activities | (680.3) | 916.3 |
Effect of foreign currency exchange rates on cash and cash equivalents | (1.7) | (1.3) |
(Decrease) Increase in cash and cash equivalents | (1,226.5) | 946.1 |
Cash and cash equivalents, beginning of period | 1,684.6 | 401.3 |
Cash and cash equivalents, end of period | $ 458.1 | $ 1,347.4 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Treasury Stock | Stock Held By Employee Benefits Trusts | Noncontrolling Interests | |
Beginning Balance (in shares) at Dec. 31, 2019 | 121.2 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ 2,623 | $ (0.4) | $ 236.6 | $ 1,405.1 | $ 3,854.7 | $ (0.4) | $ (354.4) | $ (2,557.4) | $ (5.9) | $ 44.3 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 219.2 | 217.1 | 2.1 | ||||||||
Other comprehensive (loss) income | (60.5) | (58.8) | (1.7) | ||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 0.3 | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | 17.2 | 10.5 | 6.7 | ||||||||
Cash dividends | (95.1) | (95.1) | |||||||||
Dividends paid to employee benefits trusts | 0.5 | 0.5 | |||||||||
Stock-based compensation expense | 31.7 | 31.7 | |||||||||
Redeemable noncontrolling interest adjustment | 0 | 3.2 | (3.2) | ||||||||
Dividends paid to noncontrolling interests | (1.6) | (1.6) | |||||||||
Other | 0.3 | 0.3 | |||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 121.5 | ||||||||||
Ending Balance at Jun. 30, 2020 | 2,734.3 | $ 236.6 | 1,447.8 | 3,979.5 | (413.2) | (2,550.7) | (5.9) | 40.2 | |||
Beginning Balance (in shares) at Mar. 31, 2020 | 121.4 | ||||||||||
Beginning Balance at Mar. 31, 2020 | 2,429.9 | $ 236.6 | 1,431.7 | 3,924.1 | (646) | (2,553.9) | (5.9) | 43.3 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 100.4 | 100.2 | 0.2 | ||||||||
Other comprehensive (loss) income | 233.3 | 232.8 | 0.5 | ||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 0.1 | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | 6 | 2.8 | 3.2 | ||||||||
Cash dividends | (47.6) | (47.6) | |||||||||
Dividends paid to employee benefits trusts | 0.2 | 0.2 | |||||||||
Stock-based compensation expense | 13.1 | 13.1 | |||||||||
Redeemable noncontrolling interest adjustment | 0 | 2.8 | (2.8) | ||||||||
Dividends paid to noncontrolling interests | (1.3) | (1.3) | |||||||||
Other | 0.3 | 0 | 0.3 | ||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 121.5 | ||||||||||
Ending Balance at Jun. 30, 2020 | 2,734.3 | $ 236.6 | 1,447.8 | 3,979.5 | (413.2) | (2,550.7) | (5.9) | 40.2 | |||
Beginning Balance (in shares) at Dec. 31, 2020 | 121.8 | ||||||||||
Beginning Balance at Dec. 31, 2020 | 3,210.3 | $ 236.6 | 1,470.7 | 4,185.4 | (171.4) | (2,547) | (5.9) | 41.9 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 418.8 | 416.7 | 2.1 | ||||||||
Other comprehensive (loss) income | 15.1 | 14.6 | 0.5 | ||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 0.4 | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | (5.3) | 3.7 | (9) | ||||||||
Treasury stock purchased under share repurchase program (in shares) | [1] | (0.4) | |||||||||
Treasury stock purchased under share repurchase program* | [1] | (69.9) | (69.9) | ||||||||
Cash dividends | (95.5) | (95.5) | |||||||||
Dividends paid to employee benefits trusts | 0.5 | 0.5 | |||||||||
Stock-based compensation expense | 33.9 | 33.9 | |||||||||
Redeemable noncontrolling interest adjustment | 0 | (0.9) | 0.9 | ||||||||
Dividends paid to noncontrolling interests | (5.8) | (5.8) | |||||||||
Purchases of noncontrolling interests | (3.6) | (1.8) | (1.8) | ||||||||
Other | 0.1 | (0.2) | 0.3 | ||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 121.8 | ||||||||||
Ending Balance at Jun. 30, 2021 | 3,498.6 | $ 236.6 | 1,506.8 | 4,505.7 | (156.8) | (2,625.9) | (5.9) | 38.1 | |||
Beginning Balance (in shares) at Mar. 31, 2021 | 121.7 | ||||||||||
Beginning Balance at Mar. 31, 2021 | 3,357 | $ 236.6 | 1,489.5 | 4,342 | (161.3) | (2,582.9) | (5.9) | 39 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 215.9 | 215.1 | 0.8 | ||||||||
Other comprehensive (loss) income | 4.1 | 4.5 | (0.4) | ||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings (in shares) | 0.3 | ||||||||||
Shares issued under stock and benefit plans, net of minimum tax withholdings | (3.1) | 4 | (7.1) | ||||||||
Treasury stock purchased under share repurchase program (in shares) | [2] | (0.2) | |||||||||
Treasury stock purchased under share repurchase program* | [2] | (35.9) | (35.9) | ||||||||
Cash dividends | (47.8) | (47.8) | |||||||||
Dividends paid to employee benefits trusts | 0.2 | 0.2 | |||||||||
Stock-based compensation expense | 13.3 | 13.3 | |||||||||
Redeemable noncontrolling interest adjustment | 0 | (3.6) | 3.6 | ||||||||
Dividends paid to noncontrolling interests | (5.1) | (5.1) | |||||||||
Other | 0 | (0.2) | 0.2 | ||||||||
Ending Balance (in shares) at Jun. 30, 2021 | 121.8 | ||||||||||
Ending Balance at Jun. 30, 2021 | $ 3,498.6 | $ 236.6 | $ 1,506.8 | $ 4,505.7 | $ (156.8) | $ (2,625.9) | $ (5.9) | $ 38.1 | |||
[1] | At June 30, 2021, $520.2 million was available for future purchases of common stock under our share repurchase authorization. | ||||||||||
[2] | At June 30, 2021, $520.2 million was available for future purchases of common stock under our share repurchase authorization. |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Parenthetical) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / shares | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends, per share (in dollars per share) | $ / shares | $ 0.39 | $ 0.78 |
Common stock authorized, amount for future purchases | $ | $ 520.2 | $ 520.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss Statement - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Other Comprehensive Income [Abstract] | ||
Foreign currency translation | $ (153.2) | $ (168.4) |
Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $0.7 and $0.5 at June 30, 2021 and December 31, 2020, respectively | (2.6) | (2) |
Cash flow hedging transactions, net of accumulated tax of $0.6 and $0.7 at June 30, 2021 and December 31, 2020, respectively | (1) | (1) |
Accumulated other comprehensive loss | $ (156.8) | $ (171.4) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss Statement (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Other Comprehensive Income [Abstract] | ||
Unrecognized actual losses and prior service cost, related to pension and other postretirement benefit plans, accumulated tax | $ 0.7 | $ 0.5 |
Cash flow hedging transaction, accumulated tax | $ 0.6 | $ 0.7 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
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, analyze and manage various types of financial, demographic, employment and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of June 30, 2021, 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 Russia through a joint venture, 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, and income and tax information primarily from large to mid-sized companies in the U.S. We process this information utilizing our proprietary information management systems. We also provide information, technology and services to support debt collections and recovery management. Basis of 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. 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, 2020 (“2020 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, restricted stock units, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Weighted-average shares outstanding (basic) 121.8 121.4 121.8 121.4 Effect of dilutive securities: Stock options and restricted stock units 1.7 1.3 1.6 1.3 Weighted-average shares outstanding (diluted) 123.5 122.7 123.4 122.7 For the three and six months ended June 30, 2021 and 2020, stock options that were anti-dilutive were not material. Financial Instruments. Our financial instruments consist of cash and cash equivalents, accounts 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 similar publicly traded instruments and for non-publicly traded instruments through valuation techniques involving observable inputs based on the specific characteristics of the debt instrument. As of June 30, 2021 and December 31, 2020, the fair value of our long-term debt, including the current portion, was $4.2 billion and $4.8 billion, respectively, compared to its carrying value of $3.9 billion and $4.4 billion, respectively. 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). Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. We completed various acquisitions during the six months ended June 30, 2021 and the year ended December 31, 2020. 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 these acquisitions were internally or externally 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 used in the present value calculations. Trade Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are stated at cost. Significant payment terms for customers are identified in the contract. We do not recognize interest income on our trade accounts receivable. Additionally, we generally do not require collateral from our customers related to our trade accounts receivable. The allowance for doubtful accounts is based on management's estimate for expected credit losses for outstanding trade accounts receivables. We determine expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns and the establishment of specific reserves for customers in an adverse financial condition. We also consider expected changes in macroeconomic conditions that may impact the collectability of outstanding receivables in determining expected credit losses. We reassess the adequacy of the allowance for doubtful accounts each reporting period. Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. Below is a rollforward of our allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Allowance for doubtful accounts, beginning of period $ 11.8 $ 13.4 $ 12.9 $ 11.2 Current period bad debt expense 0.3 4.4 — 6.9 Write-offs, net of recoveries (0.9) (0.9) (1.7) (1.2) Allowance for doubtful accounts, end of period $ 11.2 $ 16.9 $ 11.2 $ 16.9 Other Current Assets. Other current assets on our Consolidated Balance Sheets include amounts receivable from tax authorities. Other current assets also include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of June 30, 2021, these assets were approximately $18.6 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 Assets. Other assets on our Consolidated Balance Sheets primarily represent our investments in unconsolidated affiliates, the Company’s operating lease right-of-use assets, employee benefit trust assets, long-term deferred tax assets and assets related to life insurance policies covering certain officers of the Company. Equity Investment. We record our equity investment in Brazil within Other Assets at fair value, using observable Level 1 inputs. The carrying value of the investment has been adjusted to $117.9 million as of June 30, 2021 based on quoted market prices as of the date noted above, resulting in an unrealized loss of $5.6 million and $17.5 million for the three and six months ended June 30, 2021. All unrealized gains or losses on the investment are recorded in Other income (expense), net within the Consolidated Statements of Income. Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of the current portion of operating lease liabilities and various accrued liabilities such as costs related to the 2017 cybersecurity incident as described more fully in Note 6. Other current liabilities also include 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 June 30, 2021, these funds were approximately $18.6 million. These amounts are restricted as to their current use and will be released according to the specific customer agreements. Recent Accounting Pronouncements. In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) contract modifications on financial reporting, caused by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue Recognition. Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows: Three Months Ended June 30, Change Six Months Ended June 30, Change Consolidated Operating Revenue 2021 2020 $ % 2021 2020 $ % (In millions) (In millions) Verification Services $ 394.5 $ 251.9 $ 142.6 57 % $ 779.6 $ 472.1 $ 307.5 65 % Employer Services 101.2 101.0 0.2 — % 196.9 182.5 14.4 8 % Total Workforce Solutions 495.7 352.9 142.8 40 % 976.5 654.6 321.9 49 % Online Information Solutions 298.0 262.9 35.1 13 % 600.0 515.7 84.3 16 % Mortgage Solutions 49.3 51.2 (1.9) (4) % 103.4 94.0 9.4 10 % Financial Marketing Services 58.5 51.5 7.0 14 % 111.8 99.1 12.7 13 % Total U.S. Information Solutions 405.8 365.6 40.2 11 % 815.2 708.8 106.4 15 % Asia Pacific 91.4 65.2 26.2 40 % 178.3 134.9 43.4 32 % Europe 68.4 48.0 20.4 42 % 137.1 114.4 22.7 20 % Latin America 44.0 34.2 9.8 29 % 85.7 77.4 8.3 11 % Canada 47.1 33.1 14.0 42 % 91.2 69.8 21.4 31 % Total International 250.9 180.5 70.4 39 % 492.3 396.5 95.8 24 % Global Consumer Solutions 82.4 83.8 (1.4) (2) % 163.8 180.9 (17.1) (9) % Total operating revenue $ 1,234.8 $ 982.8 $ 252.0 26 % $ 2,447.8 $ 1,940.8 $ 507.0 26 % Remaining Performance Obligation – We have elected to disclose only the remaining performance obligations for those contracts with an expected duration of greater than one year and do not disclose the value of remaining performance obligations for contracts in which we recognize revenue at the amount to which we have the right to invoice. We expect to recognize as revenue the following amounts related to our remaining performance obligations as of June 30, 2021, inclusive of foreign exchange impact: Performance Obligation Amount (In millions) Less than 1 year $ 34.9 1 to 3 years 34.8 3 to 5 years 20.9 Thereafter 38.8 Total remaining performance obligation $ 129.4 |
ACQUISITIONS AND INVESTMENTS
ACQUISITIONS AND INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND INVESTMENTS | ACQUISITIONS AND INVESTMENTS 2021 Acquisitions and Investments. On February 10, 2021, the Company acquired 100% of the ordinary shares of Kount, a provider of fraud prevention and digital identity solutions for $640 million within the U.S. Information Solutions business unit. Additionally in the first quarter of 2021, the Company acquired 100% of HIREtech and i2Verify within the Workforce Solutions business unit as well as a small acquisition and purchase of the remaining noncontrolling interest of a business within our International business unit. All of these acquisitions expand the Company's data assets as well as product offerings. The purchase price allocations for these acquisitions are not yet finalized and open areas consist of income taxes and working capital. Accordingly, adjustments may be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date. 2020 Acquisitions and Investments. In February 2020, we acquired the remaining 40.6% interest in our India joint venture. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
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 more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment tests as of September 30. Changes in the amount of goodwill for the six months ended June 30, 2021, are as follows: Workforce Solutions U.S. International Global Consumer Solutions Total Balance, December 31, 2020 $ 1,010.7 $ 1,286.7 $ 2,007.9 $ 190.5 $ 4,495.8 Acquisitions 128.2 433.1 18.4 — 579.7 Adjustments to initial purchase price allocation 1.3 (0.2) — — 1.1 Foreign currency translation — — 7.2 2.6 9.8 Divestitures — — (1.3) — (1.3) Balance, June 30, 2021 $ 1,140.2 $ 1,719.6 $ 2,032.2 $ 193.1 $ 5,085.1 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, 2020. As a result, no impairment was recorded. Our indefinite-lived intangible asset carrying amounts did not change materially during the six months ended June 30, 2021. 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 information files acquired primarily through the purchase of independent credit reporting agencies in the U.S., Canada and Australia. We expense the cost of modifying and updating credit files in the period such costs are incurred. 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 2020 Form 10-K. Purchased intangible assets at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: (In millions) Purchased data files $ 1,121.8 $ (435.8) $ 686.0 $ 913.7 $ (399.2) $ 514.5 Customer relationships 737.0 (350.7) 386.3 680.1 (331.4) 348.7 Proprietary database 165.4 (41.9) 123.5 148.6 (30.7) 117.9 Acquired software and technology 28.9 (17.7) 11.2 115.3 (106.6) 8.7 Trade names and other intangible assets 19.3 (11.3) 8.0 14.4 (9.4) 5.0 Non-compete agreements 10.9 (4.0) 6.9 6.5 (3.5) 3.0 Total definite-lived intangible assets $ 2,083.3 $ (861.4) $ 1,221.9 $ 1,878.6 $ (880.8) $ 997.8 Amortization expense related to purchased intangible assets was $40.1 million and $34.8 million during the three months ended June 30, 2021 and 2020, respectively. Amortization expense related to purchased intangible assets was $79.5 million and $69.8 million during the six months ended June 30, 2021 and 2020, respectively. Estimated future amortization expense related to definite-lived purchased intangible assets at June 30, 2021 is as follows: Years ending December 31, Amount (In millions) 2021 $ 78.5 2022 154.3 2023 147.8 2024 139.2 2025 135.6 Thereafter 566.5 $ 1,221.9 |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt outstanding at June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (In millions) Notes, 2.3%, due June 2021 $ — $ 500.0 Notes, 3.6%, due August 2021 300.0 300.0 Notes, Floating Rate, due August 2021 300.0 300.0 Notes, 3.3%, due December 2022 500.0 500.0 Notes, 3.95%, due June 2023 400.0 400.0 Notes, 2.6%, due December 2024 750.0 750.0 Notes, 2.6%, due December 2025 400.0 400.0 Notes, 3.25%, due June 2026 275.0 275.0 Debentures, 6.9%, due July 2028 125.0 125.0 Notes, 3.1%, due May 2030 600.0 600.0 Notes, 7.0%, due July 2037 250.0 250.0 Other 1.3 2.2 Total debt 3,901.3 4,402.2 Less short-term debt and current maturities (600.7) (1,101.1) Less unamortized discounts and debt issuance costs (19.7) (23.8) Total long-term debt, net $ 3,280.9 $ 3,277.3 2.6% and 3.1% Senior Notes. On April 22, 2020, we issued $400.0 million aggregate principal amount of 2.6% five-year Senior Notes due 2025 (the "2025 Notes") and $600.0 million aggregate principal amount of 3.1% ten-year Senior Notes due 2030 (the "2030 Notes") in an underwritten public offering. Interest on the 2025 Notes accrues at a rate of 2.6% per year and is payable semi-annually in arrears on June 15 and December 15 of each year. Interest on the 2030 Notes accrues at a rate of 3.1% per year and is payable semi-annually in arrears on May 15 and November 15 of each year. The net proceeds of the sale of the notes were used to repay borrowings under a $225.0 million receivables funding facility (“Receivables Facility”) that was terminated in November 2020, while the remaining funds are intended for general corporate purposes, which may include the repayment of a portion of the 2021 debt maturities or borrowings under our $1.1 billion five-year unsecured revolving credit facility. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2025 Notes and 2030 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness. Senior Credit Facility. In September 2018, the Company entered into a $1.1 billion five-year unsecured revolving credit facility with a group of financial institutions, which will mature in September 2023 (the “Revolver”). Borrowings under the Revolver may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Revolver has an accordion feature that allows us to request an increase in the total commitment to $1.6 billion. The Revolver includes an option to request a maximum of two one-year extensions of the maturity date, any time after the first anniversary of the Revolver closing. Availability of the Revolver is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the facility. As of June 30, 2021, there were $0.7 million of letters of credit outstanding, no principal drawn amounts under the Revolver, and no commercial paper borrowings. Availability under the Revolver was $1.1 billion at June 30, 2021. Commercial Paper Program. Our $1.1 billion commercial paper program has been established through the private placement of commercial paper notes from time-to-time, in which borrowings may bear interest at either a floating rate or a fixed rate, plus the applicable margin. Maturities of commercial paper can range from overnight to 397 days. Because the commercial paper is backstopped by our Revolver, the amount of commercial paper which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At June 30, 2021, there were no outstanding commercial paper notes. For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2020 Form 10-K. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation, Claims and Government Investigations Related to the 2017 Cybersecurity Incident. In 2017, we experienced a cybersecurity incident following a criminal attack on our systems that involved the theft of certain personally identifiable information of U.S., Canadian and U.K. consumers. Following the 2017 cybersecurity incident, hundreds of class actions and other lawsuits were filed against us typically alleging harm from the incident and seeking various remedies, including monetary and injunctive relief. We were also subject to investigations and inquiries by federal, state and foreign governmental agencies and officials regarding the 2017 cybersecurity incident and related matters. Most of these lawsuits and government investigations have concluded or been resolved, including pursuant to the settlement agreements described below, while others remain ongoing. The Company’s participation in these settlements does not constitute an admission by the Company of any fault or liability, and the Company does not admit fault or liability. We believe it is probable that we will incur losses associated with certain of the proceedings and investigations related to the 2017 cybersecurity incident. In 2019, we recorded expenses, net of insurance recoveries, of $800.9 million in other current liabilities and selling, general, and administrative expenses in our Consolidated Balance Sheets and Statements of Income (Loss), respectively, exclusive of our legal and professional services expenses. The amount accrued represents our best estimate of the liability related to these matters. The Company will continue to evaluate information as it becomes known and adjust accruals for new information and further developments in accordance with ASC 450-20-25. While it is reasonably possible that losses exceeding the amount accrued may be incurred, it is not possible at this time to estimate the additional possible loss in excess of the amount already accrued that might result from adverse judgments, settlements, penalties or other resolution of the proceedings and investigations described below based on a number of factors, such as the various stages of these proceedings and investigations, including matters on appeal, that alleged damages have not been specified or are uncertain, the uncertainty as to the certification of a class or classes and the size of any certified class, as applicable, and the lack of resolution on significant factual and legal issues. The ultimate amount paid on these actions, claims and investigations in excess of the amount already accrued could be material to the Company’s consolidated financial condition, results of operations, or cash flows in future periods. Consumer Settlement. On July 19, 2019 and July 22, 2019, we entered into multiple agreements that resolve the U.S. consolidated consumer class action cases, captioned In re: Equifax, Inc. Customer Data Security Breach Litigation, MDL No. 2800 (the “U.S. Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the Attorneys General of 48 states, the District of Columbia and Puerto Rico and the NYDFS (collectively, the “Consumer Settlement”). Under the terms of the Consumer Settlement, the Company will contribute $380.5 million to a non-reversionary settlement fund (the “Consumer Restitution Fund”) to provide restitution for U.S. consumers identified by the Company whose personal information was compromised as a result of the 2017 cybersecurity incident as well as to pay reasonable attorneys’ fees and reasonable costs and expenses for the plaintiffs’ counsel in the U.S. Consumer MDL Litigation (not to exceed $80.5 million), settlement administration costs and notice costs. The Company has agreed to contribute up to an additional $125.0 million to the Consumer Restitution Fund to cover certain unreimbursed costs and expenditures incurred by affected U.S. consumers in the event the $380.5 million in the Consumer Restitution Fund is exhausted. The Company also agreed to various business practice commitments related to consumer assistance and its information security program, including conducting third party assessments of its information security program. On January 13, 2020, the Northern District of Georgia, the U.S. District Court overseeing centralized pre-trial proceedings for the U.S. Consumer MDL Litigation and numerous other federal court actions relating to the 2017 cybersecurity incident (the “MDL Court”), entered an order granting final approval of the settlement in connection with the U.S. Consumer MDL Litigation. The MDL Court entered an amended order granting final approval of the settlement (the “Final Approval Order”) on March 17, 2020. Several objectors appealed the Final Approval Order to the U.S. Court of Appeals for the Eleventh Circuit (the “Eleventh Circuit”). On June 3, 2021, the Eleventh Circuit issued an order reversing the MDL Court’s grant of incentive awards to class representatives, but affirming all other aspects of the Final Approval Order. Several objectors have filed petitions with the Eleventh Circuit seeking both a rehearing by the three-judge panel and a rehearing by the entire Eleventh Circuit. Until the appeals are finally adjudicated or dismissed, we can provide no assurance that the U.S. Consumer MDL Litigation will be resolved as contemplated by the settlement agreement. If the MDL Court’s order approving the settlement is reversed by an appellate court, there is a risk that we would not be able to settle the U.S. Consumer MDL Litigation on acceptable terms or at all, which could have a material adverse effect on our financial condition and results of operations. Other Matters . We face other lawsuits and government investigations related to the 2017 cybersecurity incident that have not yet been concluded or resolved. These ongoing matters may result in judgments, fines or penalties, settlements or other relief. We dispute the allegations in the remaining lawsuits and intend to defend against such claims. Set forth below are descriptions of the main categories of these matters. Georgia State Court Consumer Class Actions . Four putative class actions arising from the 2017 cybersecurity incident were filed against us in Fulton County Superior Court and Fulton County State Court in Georgia based on similar allegations and theories as alleged in the U.S. Consumer MDL Litigation and seek monetary damages, injunctive relief and other related relief on behalf of Georgia citizens. These cases were transferred to a single judge in the Fulton County Business Court and three of the cases were consolidated into a single action. On July 27, 2018, the Fulton County Business Court granted the Company’s motion to stay the remaining single case, and on August 17, 2018, the Fulton County Business Court granted the Company’s motion to stay the consolidated case. These cases remain stayed pending final resolution of the U.S. Consumer MDL Litigation. Canadian Class Actions . Five putative Canadian class actions, four of which are on behalf of a national class of approximately 19,000 Canadian consumers, are pending against us in Ontario, British Columbia and Alberta. Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with the 2017 cybersecurity incident. In addition to seeking class certification on behalf of Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident. On December 13, 2019, the court in Ontario granted certification of a nationwide class that includes all impacted Canadians as well as Canadians who had subscription products with Equifax between March 7, 2017 and July 30, 2017 who were not impacted by the incident. We appealed one of the claims on which a class was certified and on June 9, 2021, our appeal was granted by the Ontario Divisional Court. The plaintiff has since filed a notice of further appeal. All remaining purported class actions are at preliminary stages or stayed. Government Investigations . We have cooperated with federal, state and foreign governmental agencies and officials investigating or otherwise seeking information, testimony and/or documents, regarding the 2017 cybersecurity incident and related matters and most of these investigations have been resolved as discussed in prior filings. The U.K.’s Financial Conduct Authority (“FCA”) opened an enforcement investigation against our U.K. subsidiary, Equifax Limited, in October 2017. The investigation by the FCA has involved a number of information requirements and interviews. We continue to respond to the information requirements and are cooperating with the investigation. Although we continue to cooperate in the above investigations and inquiries, an adverse outcome to any such investigations and inquiries could subject us to fines or other obligations, which could have a material adverse effect on our financial condition and results of operations. Data Processing, Outsourcing Services and Other Agreements We have separate agreements with Google, Amazon Web Services, IBM, Tata Consultancy Services and others to outsource portions of our network and security infrastructure, 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 and surety bonds in the normal course of business. The aggregate notional amounts of all performance and surety bonds and standby letters of credit was not material at June 30, 2021 and generally 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 was not material at June 30, 2021. We have agreed to guarantee the liabilities and performance obligations (some of which have limitations) of a certain debt collections and recovery management variable interest entity 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. Contingencies In addition to the matters set forth above, 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 that 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. For additional information about these and other commitments and contingencies, see Note 6 of the Notes to Consolidated Financial Statements in our 2020 Form 10-K. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
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 2017 with a 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 $6.8 million. Effective Tax Rate Our effective income tax rate was 22.1% for the three months ended June 30, 2021, compared to 21.8% for the three months ended June 30, 2020. Our effective income tax rate was 23.2% for the six months ended June 30, 2021, compared to 23.0% for the six months ended June 30, 2020. Our effective tax rate was slightly higher for the second quarter and first six months of 2021 as compared to 2020 due to a greater foreign income tax rate differential. In the first quarter of 2020, the adverse economic effects of the COVID-19 pandemic caused the Company to reassess the need for valuation allowances against deferred tax assets. As a result of this analysis, the Company determined it was necessary to place valuation allowances against deferred tax assets of certain subsidiaries. The total amount of the valuation allowances recorded in the first quarter of 2020 was approximately $7.0 million. |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in accumulated other comprehensive loss by component, after tax, for the six months ended June 30, 2021, are as follows: Foreign Pension and other Cash flow Total (In millions) Balance, December 31, 2020 $ (168.4) $ (2.0) $ (1.0) $ (171.4) Other comprehensive income before reclassifications 15.2 — — 15.2 Amounts reclassified from accumulated other comprehensive loss — (0.6) — (0.6) Net current-period other comprehensive income (loss) 15.2 (0.6) — 14.6 Balance, June 30, 2021 $ (153.2) $ (2.6) $ (1.0) $ (156.8) |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES In the fourth quarter of 2020, we recorded $31.9 million ($24.3 million, net of tax) of restructuring charges, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income. These charges were recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and primarily relate to a reduction in headcount. To date, we have paid $21.3 million of the 2020 restructuring costs with $7.2 million and $17.3 million of it paid during the three and six months ended June 30, 2021, respectively. The remaining future payments are expected to be completed later in 2021. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
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: – Workforce Solutions – U.S. Information Solutions (“USIS”) – International – Global Consumer Solutions (“GCS”) 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 2020 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. The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment. Inter-segment sales and transfers are not material for all periods presented. All transactions between segments are accounted for at fair market value or cost depending on the nature of the transaction, and no timing differences occur between segments. A summary of segment products and services is as follows: 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. U.S. Information Solutions. This segment includes consumer and commercial information services (such as credit information and credit scoring, credit modeling services and portfolio analytics (decisioning tools), which are derived from our databases of business credit and financial information, locate services, fraud detection and prevention services, identity verification services and other consulting services); mortgage loan origination services; 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 Asia Pacific, Europe, Latin America and Canada, we also provide information, technology and services to support debt collections and recovery management. 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. We also sell consumer and credit information to resellers who combine our information with other information to provide direct to consumer monitoring, reports and scores. Operating revenue and operating income by operating segment during the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended (In millions) June 30, June 30, Operating revenue: 2021 2020 2021 2020 Workforce Solutions $ 495.7 $ 352.9 $ 976.5 $ 654.6 U.S. Information Solutions 405.8 365.6 815.2 708.8 International 250.9 180.5 492.3 396.5 Global Consumer Solutions 82.4 83.8 163.8 180.9 Total operating revenue $ 1,234.8 $ 982.8 $ 2,447.8 $ 1,940.8 Three Months Ended Six Months Ended (In millions) June 30, June 30, Operating income: 2021 2020 2021 2020 Workforce Solutions $ 265.2 $ 174.2 $ 529.9 $ 307.7 U.S. Information Solutions 126.1 113.1 265.8 220.7 International 29.3 (6.2) 57.2 9.1 Global Consumer Solutions 11.9 7.8 25.9 20.9 General Corporate Expense (126.5) (122.1) (266.2) (255.7) Total operating income $ 306.0 $ 166.8 $ 612.6 $ 302.7 Total assets by operating segment at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, (In millions) 2021 2020 Total assets: Workforce Solutions $ 1,855.7 $ 1,601.3 U.S. Information Solutions 2,823.1 2,177.1 International 3,404.5 3,368.3 Global Consumer Solutions 328.6 319.1 General Corporate 928.4 2,146.0 Total assets $ 9,340.3 $ 9,611.8 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. We collect, analyze and manage various types of financial, demographic, employment and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of June 30, 2021, 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 Russia through a joint venture, 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, and income and tax information primarily from large to mid-sized companies in the U.S. We process this information utilizing our proprietary information management systems. We also provide information, technology and services to support debt collections and recovery management. |
Basis of 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. 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, 2020 (“2020 Form 10-K”). |
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, restricted stock units, 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 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 |
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). Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. We completed various acquisitions during the six months ended June 30, 2021 and the year ended December 31, 2020. 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 these acquisitions were internally or externally 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 used in the present value calculations. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are stated at cost. Significant payment terms for customers are identified in the contract. We do not recognize interest income on our trade accounts receivable. Additionally, we generally do not require collateral from our customers related to our trade accounts receivable. |
Other Current Assets | Other Current Assets. |
Other Assets | Other Assets. Other assets on our Consolidated Balance Sheets primarily represent our investments in unconsolidated affiliates, the Company’s operating lease right-of-use assets, employee benefit trust assets, long-term deferred tax assets and assets related to life insurance policies covering certain officers of the Company. |
Equity Investment | Equity Investment. We record our equity investment in Brazil within Other Assets at fair value, using observable Level 1 inputs. |
Other Current Liabilities | Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of the current portion of operating lease liabilities and various accrued liabilities such as costs related to the 2017 cybersecurity incident as described more fully in Note 6. Other current liabilities also include corresponding amounts of other current assets related to amounts in |
Recent Accounting Pronouncements | Recent Accounting Pronouncements. In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The update provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) contract modifications on financial reporting, caused by reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Weighted-average shares outstanding (basic) 121.8 121.4 121.8 121.4 Effect of dilutive securities: Stock options and restricted stock units 1.7 1.3 1.6 1.3 Weighted-average shares outstanding (diluted) 123.5 122.7 123.4 122.7 |
Rollforward of Allowance for Doubtful Accounts | Below is a rollforward of our allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Allowance for doubtful accounts, beginning of period $ 11.8 $ 13.4 $ 12.9 $ 11.2 Current period bad debt expense 0.3 4.4 — 6.9 Write-offs, net of recoveries (0.9) (0.9) (1.7) (1.2) Allowance for doubtful accounts, end of period $ 11.2 $ 16.9 $ 11.2 $ 16.9 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows: Three Months Ended June 30, Change Six Months Ended June 30, Change Consolidated Operating Revenue 2021 2020 $ % 2021 2020 $ % (In millions) (In millions) Verification Services $ 394.5 $ 251.9 $ 142.6 57 % $ 779.6 $ 472.1 $ 307.5 65 % Employer Services 101.2 101.0 0.2 — % 196.9 182.5 14.4 8 % Total Workforce Solutions 495.7 352.9 142.8 40 % 976.5 654.6 321.9 49 % Online Information Solutions 298.0 262.9 35.1 13 % 600.0 515.7 84.3 16 % Mortgage Solutions 49.3 51.2 (1.9) (4) % 103.4 94.0 9.4 10 % Financial Marketing Services 58.5 51.5 7.0 14 % 111.8 99.1 12.7 13 % Total U.S. Information Solutions 405.8 365.6 40.2 11 % 815.2 708.8 106.4 15 % Asia Pacific 91.4 65.2 26.2 40 % 178.3 134.9 43.4 32 % Europe 68.4 48.0 20.4 42 % 137.1 114.4 22.7 20 % Latin America 44.0 34.2 9.8 29 % 85.7 77.4 8.3 11 % Canada 47.1 33.1 14.0 42 % 91.2 69.8 21.4 31 % Total International 250.9 180.5 70.4 39 % 492.3 396.5 95.8 24 % Global Consumer Solutions 82.4 83.8 (1.4) (2) % 163.8 180.9 (17.1) (9) % Total operating revenue $ 1,234.8 $ 982.8 $ 252.0 26 % $ 2,447.8 $ 1,940.8 $ 507.0 26 % |
Remaining Performance Obligation | We expect to recognize as revenue the following amounts related to our remaining performance obligations as of June 30, 2021, inclusive of foreign exchange impact: Performance Obligation Amount (In millions) Less than 1 year $ 34.9 1 to 3 years 34.8 3 to 5 years 20.9 Thereafter 38.8 Total remaining performance obligation $ 129.4 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Amount of Goodwill | Changes in the amount of goodwill for the six months ended June 30, 2021, are as follows: Workforce Solutions U.S. International Global Consumer Solutions Total Balance, December 31, 2020 $ 1,010.7 $ 1,286.7 $ 2,007.9 $ 190.5 $ 4,495.8 Acquisitions 128.2 433.1 18.4 — 579.7 Adjustments to initial purchase price allocation 1.3 (0.2) — — 1.1 Foreign currency translation — — 7.2 2.6 9.8 Divestitures — — (1.3) — (1.3) Balance, June 30, 2021 $ 1,140.2 $ 1,719.6 $ 2,032.2 $ 193.1 $ 5,085.1 |
Purchased Intangible Assets | Purchased intangible assets at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Definite-lived intangible assets: (In millions) Purchased data files $ 1,121.8 $ (435.8) $ 686.0 $ 913.7 $ (399.2) $ 514.5 Customer relationships 737.0 (350.7) 386.3 680.1 (331.4) 348.7 Proprietary database 165.4 (41.9) 123.5 148.6 (30.7) 117.9 Acquired software and technology 28.9 (17.7) 11.2 115.3 (106.6) 8.7 Trade names and other intangible assets 19.3 (11.3) 8.0 14.4 (9.4) 5.0 Non-compete agreements 10.9 (4.0) 6.9 6.5 (3.5) 3.0 Total definite-lived intangible assets $ 2,083.3 $ (861.4) $ 1,221.9 $ 1,878.6 $ (880.8) $ 997.8 |
Estimated Future Amortization Expense | Estimated future amortization expense related to definite-lived purchased intangible assets at June 30, 2021 is as follows: Years ending December 31, Amount (In millions) 2021 $ 78.5 2022 154.3 2023 147.8 2024 139.2 2025 135.6 Thereafter 566.5 $ 1,221.9 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Outstanding | Debt outstanding at June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (In millions) Notes, 2.3%, due June 2021 $ — $ 500.0 Notes, 3.6%, due August 2021 300.0 300.0 Notes, Floating Rate, due August 2021 300.0 300.0 Notes, 3.3%, due December 2022 500.0 500.0 Notes, 3.95%, due June 2023 400.0 400.0 Notes, 2.6%, due December 2024 750.0 750.0 Notes, 2.6%, due December 2025 400.0 400.0 Notes, 3.25%, due June 2026 275.0 275.0 Debentures, 6.9%, due July 2028 125.0 125.0 Notes, 3.1%, due May 2030 600.0 600.0 Notes, 7.0%, due July 2037 250.0 250.0 Other 1.3 2.2 Total debt 3,901.3 4,402.2 Less short-term debt and current maturities (600.7) (1,101.1) Less unamortized discounts and debt issuance costs (19.7) (23.8) Total long-term debt, net $ 3,280.9 $ 3,277.3 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive loss by component, after tax, for the six months ended June 30, 2021, are as follows: Foreign Pension and other Cash flow Total (In millions) Balance, December 31, 2020 $ (168.4) $ (2.0) $ (1.0) $ (171.4) Other comprehensive income before reclassifications 15.2 — — 15.2 Amounts reclassified from accumulated other comprehensive loss — (0.6) — (0.6) Net current-period other comprehensive income (loss) 15.2 (0.6) — 14.6 Balance, June 30, 2021 $ (153.2) $ (2.6) $ (1.0) $ (156.8) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Revenue, Operating Income and Total Assets by Operating Segment | Operating revenue and operating income by operating segment during the three and six months ended June 30, 2021 and 2020 are as follows: Three Months Ended Six Months Ended (In millions) June 30, June 30, Operating revenue: 2021 2020 2021 2020 Workforce Solutions $ 495.7 $ 352.9 $ 976.5 $ 654.6 U.S. Information Solutions 405.8 365.6 815.2 708.8 International 250.9 180.5 492.3 396.5 Global Consumer Solutions 82.4 83.8 163.8 180.9 Total operating revenue $ 1,234.8 $ 982.8 $ 2,447.8 $ 1,940.8 Three Months Ended Six Months Ended (In millions) June 30, June 30, Operating income: 2021 2020 2021 2020 Workforce Solutions $ 265.2 $ 174.2 $ 529.9 $ 307.7 U.S. Information Solutions 126.1 113.1 265.8 220.7 International 29.3 (6.2) 57.2 9.1 Global Consumer Solutions 11.9 7.8 25.9 20.9 General Corporate Expense (126.5) (122.1) (266.2) (255.7) Total operating income $ 306.0 $ 166.8 $ 612.6 $ 302.7 Total assets by operating segment at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, (In millions) 2021 2020 Total assets: Workforce Solutions $ 1,855.7 $ 1,601.3 U.S. Information Solutions 2,823.1 2,177.1 International 3,404.5 3,368.3 Global Consumer Solutions 328.6 319.1 General Corporate 928.4 2,146.0 Total assets $ 9,340.3 $ 9,611.8 |
SUMMARY OF SIGNIFICANT ACCOUN_4
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Weighted-average shares outstanding (basic) (in shares) | 121.8 | 121.4 | 121.8 | 121.4 |
Effect of dilutive securities: | ||||
Stock options and restricted stock units (in shares) | 1.7 | 1.3 | 1.6 | 1.3 |
Weighted-average shares outstanding (diluted) (in shares) | 123.5 | 122.7 | 123.4 | 122.7 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Fair value of long-term debt | $ 4,200 | $ 4,200 | $ 4,800 | ||
Carrying value of long-term debt | 3,900 | 3,900 | $ 4,400 | ||
Carrying value of equity investment | 117.9 | 117.9 | |||
Unrealized loss on equity investment | (5.6) | (17.5) | |||
Other Current Assets | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Restricted cash and cash equivalents | 18.6 | 18.6 | |||
Other Current Liabilities | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Restricted cash and cash equivalents | $ 18.6 | $ 18.6 | |||
Stock options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive stock options (in shares) | 0 | 0 | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for doubtful accounts, beginning of period | $ 11.8 | $ 13.4 | $ 12.9 | $ 11.2 |
Current period bad debt expense | 0.3 | 4.4 | 0 | 6.9 |
Write-offs, net of recoveries | (0.9) | (0.9) | (1.7) | (1.2) |
Allowance for doubtful accounts, end of period | $ 11.2 | $ 16.9 | $ 11.2 | $ 16.9 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 1,234.8 | $ 982.8 | $ 2,447.8 | $ 1,940.8 |
Change in revenue | $ 252 | $ 507 | ||
Change in revenue (as a percent) | 26.00% | 26.00% | ||
Workforce Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 495.7 | 352.9 | $ 976.5 | 654.6 |
Change in revenue | $ 142.8 | $ 321.9 | ||
Change in revenue (as a percent) | 40.00% | 49.00% | ||
Workforce Solutions | Verification Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 394.5 | 251.9 | $ 779.6 | 472.1 |
Change in revenue | $ 142.6 | $ 307.5 | ||
Change in revenue (as a percent) | 57.00% | 65.00% | ||
Workforce Solutions | Employer Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 101.2 | 101 | $ 196.9 | 182.5 |
Change in revenue | $ 0.2 | $ 14.4 | ||
Change in revenue (as a percent) | 0.00% | 8.00% | ||
U.S. Information Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 405.8 | 365.6 | $ 815.2 | 708.8 |
Change in revenue | $ 40.2 | $ 106.4 | ||
Change in revenue (as a percent) | 11.00% | 15.00% | ||
U.S. Information Solutions | Online Information Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 298 | 262.9 | $ 600 | 515.7 |
Change in revenue | $ 35.1 | $ 84.3 | ||
Change in revenue (as a percent) | 13.00% | 16.00% | ||
U.S. Information Solutions | Mortgage Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 49.3 | 51.2 | $ 103.4 | 94 |
Change in revenue | $ (1.9) | $ 9.4 | ||
Change in revenue (as a percent) | (4.00%) | 10.00% | ||
U.S. Information Solutions | Financial Marketing Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 58.5 | 51.5 | $ 111.8 | 99.1 |
Change in revenue | $ 7 | $ 12.7 | ||
Change in revenue (as a percent) | 14.00% | 13.00% | ||
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 250.9 | 180.5 | $ 492.3 | 396.5 |
Change in revenue | $ 70.4 | $ 95.8 | ||
Change in revenue (as a percent) | 39.00% | 24.00% | ||
International | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 91.4 | 65.2 | $ 178.3 | 134.9 |
Change in revenue | $ 26.2 | $ 43.4 | ||
Change in revenue (as a percent) | 40.00% | 32.00% | ||
International | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 68.4 | 48 | $ 137.1 | 114.4 |
Change in revenue | $ 20.4 | $ 22.7 | ||
Change in revenue (as a percent) | 42.00% | 20.00% | ||
International | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 44 | 34.2 | $ 85.7 | 77.4 |
Change in revenue | $ 9.8 | $ 8.3 | ||
Change in revenue (as a percent) | 29.00% | 11.00% | ||
International | Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 47.1 | 33.1 | $ 91.2 | 69.8 |
Change in revenue | $ 14 | $ 21.4 | ||
Change in revenue (as a percent) | 42.00% | 31.00% | ||
Global Consumer Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenue | $ 82.4 | $ 83.8 | $ 163.8 | $ 180.9 |
Change in revenue | $ (1.4) | $ (17.1) | ||
Change in revenue (as a percent) | (2.00%) | (9.00%) |
REVENUE - Remaining Performance
REVENUE - Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Total remaining performance obligation | $ 129.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Total remaining performance obligation | $ 34.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Total remaining performance obligation | $ 34.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Total remaining performance obligation | $ 20.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Total remaining performance obligation | $ 38.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation period |
ACQUISITIONS AND INVESTMENTS (D
ACQUISITIONS AND INVESTMENTS (Details) - USD ($) $ in Millions | Feb. 10, 2021 | Mar. 31, 2021 | Feb. 29, 2020 |
Kount | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
Consideration transferred | $ 640 | ||
Hiretech and i2Verify | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
India Joint Venture | |||
Business Acquisition [Line Items] | |||
Remaining ownership interest acquired (as a percent) | 40.60% |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Amount of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | $ 4,495.8 |
Acquisitions | 579.7 |
Adjustments to initial purchase price allocation | 1.1 |
Foreign currency translation | 9.8 |
Divestitures | (1.3) |
Balance, End of period | 5,085.1 |
Workforce Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 1,010.7 |
Acquisitions | 128.2 |
Adjustments to initial purchase price allocation | 1.3 |
Foreign currency translation | 0 |
Divestitures | 0 |
Balance, End of period | 1,140.2 |
U.S. Information Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 1,286.7 |
Acquisitions | 433.1 |
Adjustments to initial purchase price allocation | (0.2) |
Foreign currency translation | 0 |
Divestitures | 0 |
Balance, End of period | 1,719.6 |
International | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 2,007.9 |
Acquisitions | 18.4 |
Adjustments to initial purchase price allocation | 0 |
Foreign currency translation | 7.2 |
Divestitures | (1.3) |
Balance, End of period | 2,032.2 |
Global Consumer Solutions | |
Goodwill [Roll Forward] | |
Balance, Beginning of period | 190.5 |
Acquisitions | 0 |
Adjustments to initial purchase price allocation | 0 |
Foreign currency translation | 2.6 |
Divestitures | 0 |
Balance, End of period | $ 193.1 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of intangible assets, indefinite-lived | $ 0 | ||||
Amortization expense related to purchased intangible assets | $ 40,100,000 | $ 34,800,000 | $ 79,500,000 | $ 69,800,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Purchased Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 2,083.3 | $ 1,878.6 |
Accumulated Amortization | (861.4) | (880.8) |
Net | 1,221.9 | 997.8 |
Purchased data files | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 1,121.8 | 913.7 |
Accumulated Amortization | (435.8) | (399.2) |
Net | 686 | 514.5 |
Customer relationships | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 737 | 680.1 |
Accumulated Amortization | (350.7) | (331.4) |
Net | 386.3 | 348.7 |
Proprietary database | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 165.4 | 148.6 |
Accumulated Amortization | (41.9) | (30.7) |
Net | 123.5 | 117.9 |
Acquired software and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 28.9 | 115.3 |
Accumulated Amortization | (17.7) | (106.6) |
Net | 11.2 | 8.7 |
Trade names and other intangible assets | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 19.3 | 14.4 |
Accumulated Amortization | (11.3) | (9.4) |
Net | 8 | 5 |
Non-compete agreements | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross | 10.9 | 6.5 |
Accumulated Amortization | (4) | (3.5) |
Net | $ 6.9 | $ 3 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 78.5 | |
2022 | 154.3 | |
2023 | 147.8 | |
2024 | 139.2 | |
2025 | 135.6 | |
Thereafter | 566.5 | |
Net | $ 1,221.9 | $ 997.8 |
DEBT - Schedule of Debt Outstan
DEBT - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Apr. 22, 2020 |
Debt Instrument [Line Items] | |||
Total debt | $ 3,901.3 | $ 4,402.2 | |
Less short-term debt and current maturities | (600.7) | (1,101.1) | |
Less unamortized discounts and debt issuance costs | (19.7) | (23.8) | |
Total long-term debt, net | 3,280.9 | 3,277.3 | |
Notes, 2.3%, due June 2021 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 0 | 500 | |
Debt instrument, interest rate (as a percent) | 2.30% | ||
Notes, 3.6%, due August 2021 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 300 | 300 | |
Debt instrument, interest rate (as a percent) | 3.60% | ||
Notes, Floating Rate, due August 2021 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 300 | 300 | |
Notes, 3.3%, due December 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 500 | 500 | |
Debt instrument, interest rate (as a percent) | 3.30% | ||
Notes, 3.95%, due June 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 400 | 400 | |
Debt instrument, interest rate (as a percent) | 3.95% | ||
Notes, 2.6%, due December 2024 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 750 | 750 | |
Debt instrument, interest rate (as a percent) | 2.60% | ||
Notes, 2.6%, due December 2025 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 400 | 400 | $ 400 |
Debt instrument, interest rate (as a percent) | 2.60% | 2.60% | |
Notes, 3.25%, due June 2026 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 275 | 275 | |
Debt instrument, interest rate (as a percent) | 3.25% | ||
Debentures, 6.9%, due July 2028 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 125 | 125 | |
Debt instrument, interest rate (as a percent) | 6.90% | ||
Notes, 3.1%, due May 2030 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 600 | 600 | $ 600 |
Debt instrument, interest rate (as a percent) | 3.10% | 3.10% | |
Notes, 7.0%, due July 2037 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 250 | 250 | |
Debt instrument, interest rate (as a percent) | 7.00% | ||
Other | |||
Debt Instrument [Line Items] | |||
Total debt | $ 1.3 | $ 2.2 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Apr. 22, 2020USD ($) | Sep. 30, 2018USD ($)extension | Jun. 30, 2021USD ($) | Jun. 30, 2019 | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Aggregate principal amount of debt issued | $ 3,901,300,000 | $ 4,402,200,000 | |||
Line of credit facility, potential maximum borrowing capacity | $ 1,600,000,000 | ||||
Letters of credit outstanding, amount | 700,000 | ||||
Commercial paper notes | $ 1,100,000,000 | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 1 year | ||||
Commercial paper, maturity period range | 397 days | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, term | 5 years | ||||
Repayments of revolving credit facility | $ 225,000,000 | ||||
Credit facility borrowing capacity | $ 1,100,000,000 | ||||
Line of credit, maximum number of extensions | extension | 2 | ||||
Line of credit facility, expiration date, extension period | 1 year | ||||
Outstanding borrowings | $ 0 | ||||
Line of credit facility, available for borrowing | 1,100,000,000 | ||||
Commercial paper | |||||
Debt Instrument [Line Items] | |||||
Outstanding borrowings | $ 0 | ||||
Notes, 2.6%, due December 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate (as a percent) | 2.60% | 2.60% | |||
Aggregate principal amount of debt issued | $ 400,000,000 | $ 400,000,000 | 400,000,000 | ||
Debt instrument, term | 5 years | ||||
Notes, 3.1%, due May 2030 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate (as a percent) | 3.10% | 3.10% | |||
Aggregate principal amount of debt issued | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | ||
Debt instrument, term | 10 years | ||||
Commercial paper | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Jul. 22, 2019USD ($)office | Mar. 31, 2020USD ($) | Mar. 31, 2018plaintiff | Jun. 30, 2021 | Sep. 30, 2019claim | Dec. 13, 2019claim | Dec. 31, 2017claim |
Maximum | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Debt instrument, term (or less) | 1 year | ||||||
Georgia | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Pending claims | 4 | ||||||
Number of claims combined into a single claim | 3 | ||||||
Canada | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Pending claims | 5 | ||||||
Pending national class actions | 4 | ||||||
Number of plaintiffs | plaintiff | 19,000 | ||||||
Number of claims appealed | 1 | ||||||
Cybersecurity Incident | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss related to settlement | $ | $ 380.5 | ||||||
Number of state attorneys general offices company is in cooperation with | office | 48 | ||||||
Litigation settlement, additional contributions for unreimbursed costs and expenses | $ | $ 125 | ||||||
Cybersecurity Incident | Maximum | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Litigation settlement expense | $ | $ 80.5 | ||||||
Other Current Liabilities | Cybersecurity Incident | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss related to settlement | $ | $ 800.9 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Effective income tax rate | 22.10% | 21.80% | 23.20% | 23.00% | |
Deferred tax assets, valuation allowance | $ 7,000,000 | ||||
Minimum | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Decrease in unrecognized tax benefits is reasonably possible | $ 0 | $ 0 | |||
Increase in unrecognized tax benefits is reasonably possible | 0 | 0 | |||
Maximum | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Decrease in unrecognized tax benefits is reasonably possible | 6,800,000 | 6,800,000 | |||
Increase in unrecognized tax benefits is reasonably possible | $ 6,800,000 | $ 6,800,000 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 3,357 | $ 2,429.9 | $ 3,210.3 | $ 2,623 |
Net current-period other comprehensive income (loss) | 4.1 | 233.3 | 15.1 | (60.5) |
Ending Balance | 3,498.6 | 2,734.3 | 3,498.6 | 2,734.3 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (161.3) | (646) | (171.4) | (354.4) |
Other comprehensive income (loss) before reclassifications | 15.2 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.6) | |||
Net current-period other comprehensive income (loss) | 4.5 | 232.8 | 14.6 | (58.8) |
Ending Balance | (156.8) | $ (413.2) | (156.8) | $ (413.2) |
Foreign currency | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (168.4) | |||
Other comprehensive income (loss) before reclassifications | 15.2 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 15.2 | |||
Ending Balance | (153.2) | (153.2) | ||
Pension and other postretirement benefit plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (2) | |||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (0.6) | |||
Net current-period other comprehensive income (loss) | (0.6) | |||
Ending Balance | (2.6) | (2.6) | ||
Cash flow hedging transactions | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (1) | |||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||
Net current-period other comprehensive income (loss) | 0 | |||
Ending Balance | $ (1) | $ (1) |
RESTRUCTURING CHARGES (Details)
RESTRUCTURING CHARGES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | |
Selling, General and Administrative Expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 31.9 | |||
Restructuring charges, net of tax | $ 24.3 | |||
Restructuring Charges Incurred In 2020 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for restructuring | $ 7.2 | $ 17.3 | $ 21.3 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 4 |
Number of operating segments | 4 |
SEGMENT INFORMATION - Operating
SEGMENT INFORMATION - Operating Revenue and Operating Income by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Operating revenue | $ 1,234.8 | $ 982.8 | $ 2,447.8 | $ 1,940.8 |
Operating income | 306 | 166.8 | 612.6 | 302.7 |
General Corporate Expense | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (126.5) | (122.1) | (266.2) | (255.7) |
Workforce Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 495.7 | 352.9 | 976.5 | 654.6 |
Workforce Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 976.5 | 654.6 | ||
Operating income | 265.2 | 174.2 | 529.9 | 307.7 |
U.S. Information Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 405.8 | 365.6 | 815.2 | 708.8 |
U.S. Information Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 815.2 | 708.8 | ||
Operating income | 126.1 | 113.1 | 265.8 | 220.7 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 250.9 | 180.5 | 492.3 | 396.5 |
International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 492.3 | 396.5 | ||
Operating income | 29.3 | (6.2) | 57.2 | 9.1 |
Global Consumer Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 82.4 | 83.8 | 163.8 | 180.9 |
Global Consumer Solutions | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenue | 163.8 | 180.9 | ||
Operating income | $ 11.9 | $ 7.8 | $ 25.9 | $ 20.9 |
SEGMENT INFORMATION - Total Ass
SEGMENT INFORMATION - Total Assets by Operating Segments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 9,340.3 | $ 9,611.8 |
Operating Segments | Workforce Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,855.7 | 1,601.3 |
Operating Segments | U.S. Information Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,823.1 | 2,177.1 |
Operating Segments | International | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,404.5 | 3,368.3 |
Operating Segments | Global Consumer Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 328.6 | 319.1 |
General Corporate | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 928.4 | $ 2,146 |