Annual report pursuant to Section 13 and 15(d)

IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS

v3.20.4
IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS
As discussed in Note 1, we voluntarily changed our method of accounting for recognizing actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans. The following tables reflect the effects of the change in accounting principles on the 2020 and previously reported Consolidated Financial Statements:

Consolidated Statements of Income
Twelve Months Ended December 31, 2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Other income (expense), net $ 159.4  $ (9.2) $ 150.2 
Consolidated income before income taxes 694.4  (9.2) 685.2 
Provision for income taxes (161.3) 2.3  (159.0)
Consolidated net income 533.1  (6.9) 526.2 
Net income attributable to Equifax $ 527.0  $ (6.9) $ 520.1 
Basic earnings per common share $ 4.34  $ (0.06) $ 4.28 
Diluted earnings per common share $ 4.30  $ (0.06) $ 4.24 

Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018
As Reported Revisions Revised As Reported Revisions Revised
(In millions, except per share amounts)
Other income (expense), net $ 14.1  $ 19.2  $ 33.3  $ 11.8  $ 14.1  $ 25.9 
Consolidated income before income taxes (433.0) 19.2  (413.8) 356.3  14.1  370.4 
Provision for income taxes 40.2  (4.5) 35.7  (50.0) (3.4) (53.4)
Consolidated net income (392.8) 14.7  (378.1) 306.3  10.7  317.0 
Net income attributable to Equifax $ (398.8) $ 14.7  $ (384.1) $ 299.8  $ 10.7  $ 310.5 
Basic earnings per common share $ (3.30) $ 0.12  $ (3.18) $ 2.49  $ 0.09  $ 2.58 
Diluted earnings per common share $ (3.27) $ 0.12  $ (3.15) $ 2.47  $ 0.09  $ 2.56 
Consolidated Statements of Comprehensive Income Attributable to Equifax
Twelve Months Ended December 31, 2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Net Income $ 527.0  $ (6.9) $ 520.1 
Other comprehensive income:
Foreign currency translation adjustment 184.0  —  184.0 
Change in unrecognized prior service cost and actuarial (losses) gains related to our pension and other postretirement benefit plans, net (8.0) 6.9  (1.1)
Change in cumulative gain from cash flow hedging, net 0.1  —  0.1 
Comprehensive income $ 703.1  $ —  $ 703.1 

Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018
As Reported Revisions Revised As Reported Revisions Revised
(In millions, except per share amounts)
Net Income $ (398.8) $ 14.7  $ (384.1) $ 299.8  $ 10.7  $ 310.5 
Other comprehensive income:
Foreign currency translation adjustment (24.4) —  (24.4) (224.7) —  (224.7)
Change in unrecognized prior service cost and actuarial gains (losses) related to our pension and other postretirement benefit plans, net 19.0  (14.7) 4.3  10.4  291.8  302.2 
Change in cumulative gain from cash flow hedging, net 0.1  —  0.1  —  —  — 
Comprehensive income $ (404.1) $ —  $ (404.1) $ 85.5  $ 302.5  $ 388.0 


Consolidated Statements of Financial Position
December 31, 2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Retained Earnings $ 4,469.5  $ (284.1) $ 4,185.4 
Accumulated other comprehensive loss $ (455.5) $ 284.1  $ (171.4)


December 31, 2019
As Reported Revisions Revised
(In millions, except per share amounts)
Retained Earnings $ 4,131.8  $ (277.2) $ 3,854.6 
Accumulated other comprehensive loss $ (631.6) $ 277.2  $ (354.4)
Consolidated Statements of Cash Flows
December 31, 2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Operating activities:
Consolidated net income $ 533.1  $ (6.9) $ 526.2 
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred Income Taxes $ 68.6  $ (2.1) $ 66.5 
Changes in assets and liabilities, excluding effects of acquisitions:
Current and long-term liabilities, excluding debt $ 97.9  $ 9.0  $ 106.9 
Cash provided by operating activities $ 946.2  $ —  $ 946.2 

Twelve Months Ended December 31, 2019 Twelve Months Ended December 31, 2018
As Reported Revisions Revised As Reported Revisions Revised
(In millions, except per share amounts)
Operating activities:
Consolidated net (loss) income $ (392.8) $ 14.7  $ (378.1) $ 306.3  $ 10.7  $ 317.0 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred Income Taxes $ (87.2) $ 4.5  $ (82.7) $ (2.3) $ 3.6  $ 1.3 
Changes in assets and liabilities, excluding effects of acquisitions:
Current and long-term liabilities, excluding debt $ 546.9  $ (19.2) $ 527.7  $ 62.6  $ (14.3) $ 48.3 
Cash provided by operating activities $ 313.8  $ —  $ 313.8  $ 672.2  $ —  $ 672.2 


Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss
2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Beginning of period retained earnings $ 4,131.8  $ (277.2) $ 3,854.6 
Net income $ 527.0  $ (6.9) $ 520.1 
End of period retained earnings $ 4,469.5  $ (284.1) $ 4,185.4 
Beginning of period accumulated other comprehensive loss $ (631.6) $ 277.2  $ (354.4)
Other comprehensive income $ 176.1  $ 6.9  $ 183.0 
End of period accumulated other comprehensive loss $ (455.5) $ 284.1  $ (171.4)
2019 2018
As Reported Revisions Revised As Reported Revisions Revised
(In millions, except per share amounts)
Beginning of period retained earnings $ 4,717.8  $ (291.9) $ 4,425.9  $ 4,600.6  $ —  $ 4,600.6 
Net (loss) income $ (398.8) $ 14.7  $ (384.1) $ 299.8  $ 10.7  $ 310.5 
Cumulative adjustment from change in accounting principle $ —  $ —  $ —  $ 4.2  $ (302.6) $ (298.4)
End of period retained earnings $ 4,131.8  $ (277.2) $ 3,854.6  $ 4,717.8  $ (291.9) $ 4,425.9 
Beginning of period accumulated other comprehensive loss $ (626.3) $ 291.9  $ (334.4) $ (412.0) $ —  $ (412.0)
Other comprehensive loss $ (5.3) $ (14.7) $ (20.0) $ (207.3) $ (10.7) $ (218.0)
Cumulative adjustment from change in accounting principle $ —  $ —  $ —  $ —  $ 302.6  $ 302.6 
End of period accumulated other comprehensive loss $ (631.6) $ 277.2  $ (354.4) $ (626.3) $ 291.9  $ (334.4)


Accumulated Other Comprehensive Loss

2020
As Computed Under Previous Method Effect of Accounting Change As Reported Under New Method
(In millions, except per share amounts)
Foreign currency translation $ (168.5) $ —  $ (168.5)
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax
 (286.0) 284.1  (1.9)
Cash flow hedging transactions, net of tax
 (1.0) —  (1.0)
Accumulated other comprehensive loss $ (455.5) $ 284.1  $ (171.4)

2019 2018
As Reported Revisions Revised As Reported Revisions Revised
(In millions, except per share amounts)
Foreign currency translation $ (352.4) $ —  $ (352.4) $ (328.0) $ —  $ (328.0)
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax
 (278.1) 277.2  $ (0.9) (297.1) 291.9  $ (5.2)
Cash flow hedging transactions, net of tax
 (1.1) —  $ (1.1) (1.2) —  $ (1.2)
Accumulated other comprehensive loss $ (631.6) $ 277.2  $ (354.4) $ (626.3) $ 291.9  $ (334.4)