Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS AND INVESTMENTS (Tables)

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ACQUISITIONS AND INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Summary of Consideration Transferred
The following table summarizes the fair value of consideration exchanged to complete the acquisition of BVS:

Fair value of consideration Amount
(In millions)
Cash transferred (1)
$ 509.7 
Equifax do Brasil common shares issued (2)
176.4 
Equifax Brazilian Depositary Receipts ("Equifax BDRs") issued (3)
94.6 
Fair value of 10% investment 88.9 
Total value of consideration $ 869.6 

(1) The cash transferred represents the actual cash transferred as part of the transaction. The cash portion of the consideration was funded primarily with borrowings under our commercial paper program.
(2) The fair value of the 2,171,615 Equifax do Brasil common shares issued was determined based on the offer price for the outstanding BVS shares.
(3) One Equifax BDR represents one share of Equifax Inc. common stock. The fair value of the 479,725 Equifax BDRs issued was determined based on the share price of Equifax Inc. as of August 7, 2023.
Estimated Fair Value of Net Assets Acquired and Liabilities Assumed at Acquisition Dates
The preliminary valuation of acquired assets and assumed liabilities at the date of the acquisition, include the following:

Net assets acquired: Amount
(In millions)
Cash and cash equivalents $ 239.5 
Trade accounts receivable and other current assets 36.2 
Other assets, net 48.6 
Purchased intangible assets (1)
241.9 
Goodwill (2)
$ 407.2 
Total assets acquired $ 973.4 
Total liabilities assumed $ (103.8)
Net assets acquired $ 869.6 

(1) Purchased intangible assets are further disaggregated in the following table.
(2) The goodwill related to BVS is included in the Latin America reporting unit within our International reportable segment.
The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates during 2023 and 2022.
  December 31,
  2023 2022
  (In millions)
Cash $ 239.6  $ 10.8 
Accounts receivable and other current assets 36.2  5.9 
Other assets 49.3  6.0 
Purchased intangible assets (1)
242.7  187.4 
Goodwill (2)
413.2  283.9 
Total assets acquired 981.0  494.0 
Total liabilities assumed (107.7) (49.4)
Net assets acquired $ 873.3  $ 444.6 
 
(1)Purchased intangible assets are further disaggregated in the following table.
(2)The goodwill related to the 2023 acquisitions was recognized in the International operating segments. An immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible. The balance includes purchase price allocation adjustments made during the year. The goodwill related to the 2022 acquisitions was recognized in the Workforce Solutions, USIS and International operating segments. $196.1 million of goodwill related to the 2022 acquisitions was tax deductible, which excludes goodwill related to Data Crédito within International and a portion of goodwill related to Midigator within USIS.
Acquired Intangible Assets Fair Value and Weighted-Average Useful Life
Purchased intangible assets Amount Weighted-average useful
life
(In millions) (In years)
Customer relationships $ 172.4  10.0
Purchased data files 64.3  5.6
Trade names and other intangible assets 5.2  2.4
Total acquired definite-lived intangibles $ 241.9 
The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities and the acquisition of an assembled workforce that are
not recognized as assets apart from goodwill.
December 31,
2023 2022
Intangible asset category Fair value Weighted-average useful life Fair value Weighted-average useful life
  (in millions) (in years) (in millions) (in years)
Purchased data files $ 64.3  5.6 $ 14.9  15.0
Customer relationships 172.9  10.0 89.5  10.0
Acquired software and technology 0.5  5.0 74.8  6.6
Trade names and other intangible assets 4.8  2.0 4.5  2.0
Non-compete agreements 0.2  5.0 3.7  7.9
Total acquired intangibles $ 242.7  $ 187.4