Equifax Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES

12 Months Ended

Dec. 31, 2023

Restructuring costs consist of severance costs, contract termination and associated costs, and other exit and disposal costs. Severance costs relate to a reduction in headcount, contract termination costs primarily relate to penalties for early termination of contracts and associated costs of transition, and other exit and disposal costs primarily relate to real estate exit costs.

During the twelve months ended December 31, 2023, we recorded $37.6 million of restructuring charges, all of which was 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 and contract termination and associated costs. As of December 31, 2023, $19.6 million of the 2023 restructuring charges have been paid.

In the fourth quarter of 2022, we recorded $24.0 million ($18.0 million, net of tax) of restructuring charges, all of which were recorded in selling, general and administrative expenses on 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. As of December 31, 2023, payments for the 2022 restructuring charge were substantially completed.

In the fourth quarter of 2021, we recorded $8.6 million ($6.5 million, net of tax) of restructuring charges, all of which were recorded in selling, general and administrative expenses on 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. As of December 31, 2023, payments for the 2021 restructuring charge were substantially completed.

The changes in the liabilities associated with the restructuring charges recorded during 2023, including expenses incurred and cash payments, are as follows:


Restructuring charges:	Liability balance as of 12/31/2022		Expenses Incurred		Cash Payments		Liability balance as of 12/31/2023
	(In millions)
Severance costs	$	24.1	$	26.8	$	(37.5)	$	13.4
Contract terminations and other associated costs	—		9.0		(4.1)		4.9
Other exit and disposal costs	—		1.8		(1.8)		—
Total	$	24.1	$	37.6	$	(43.4)	$	18.3