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

Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS

BENEFIT PLANS

12 Months Ended

Dec. 31, 2018

We have defined benefit pension plans and defined contribution plans. We also maintain certain healthcare and life insurance benefit plans for eligible retired employees. The measurement date for our defined benefit pension plans and other postretirement benefit plans is December 31 of each year.

Pension Benefits. Pension benefits are provided through U.S. and Canadian defined benefit pension plans and two supplemental executive defined benefit pension plans.

U.S. and Canadian Retirement Plans. We sponsor a qualified defined benefit retirement plan (the U.S. Retirement Income Plan, or USRIP) that covers approximately 12% of current U.S. salaried employees who were hired on or before June 30, 2007, the last date on which an individual could be hired and enter the plan before the USRIP was closed to new participation at December 31, 2008. This plan also covers retirees as well as certain terminated but vested individuals not yet in retirement status. We also sponsor a retirement plan with both defined benefit and defined contribution components that cover most salaried and hourly employees in Canada (the Canadian Retirement Income Plan, or CRIP); the defined benefit component was also closed to new hires on October 1, 2011.

Effective December 31, 2014, the USRIP plan was frozen for all participants eligible to accrue benefits. Accordingly, pension plan participants earn no new benefits under the plan formula. Additionally, the CRIP, a registered defined benefit pension plan, was changed for employees who did not meet retirement-eligibility status under the CRIP as of December 31, 2012 (“Non-Grandfathered” participants). Under the plan amendment, the service credit for Non-Grandfathered participants froze, but these participants will continue to receive credit for salary increases and vesting service. Additionally, Non-Grandfathered employees and certain other employees not eligible to participate in the CRIP (i.e., new hires on or after October 1, 2011) are eligible to participate in the enhanced defined contribution component of the CRIP.

During the twelve months ended December 31, 2018, we made voluntary contributions of $30.0 million to the USRIP and made contributions of $0.4 million to the CRIP. During the twelve months ended December 31, 2017, we did not make any contributions to the USRIP and made contributions of $1.5 million to the CRIP. At December 31, 2018, the USRIP met or exceeded ERISA’s minimum funding requirements.

The annual report produced by our consulting actuaries specifies the funding requirements for our plans, based on projected benefits for plan participants, historical investment results on plan assets, current discount rates for liabilities, assumptions for future demographic developments and recent changes in statutory requirements. We may elect to make additional discretionary contributions to our plans in excess of minimum funding requirements, subject to statutory limitations.

Supplemental Retirement Plans. We maintain two supplemental executive retirement programs for certain key employees. The plans, which are unfunded, provide supplemental retirement payments, based on salary and years of service.

Other Benefits. We maintain certain healthcare and life insurance benefit plans for eligible retired employees. Substantially all of our U.S. employees may become eligible for the retiree healthcare benefits if they reach retirement age while working for us and satisfy certain years of service requirements. Employees hired on or after January 1, 2009 are required to pay the full cost of coverage after retirement. The retiree life insurance program covers employees who retired on or before December 31, 2003. We accrue the cost of providing healthcare benefits over the active service period of the employee.

Obligations and Funded Status. A reconciliation of the projected benefit obligations, plan assets and funded status of the plans is as follows:



	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(In millions)
Change in projected benefit obligation
Benefit obligation at January 1,	$	731.6		$	693.6		$	24.2		$	22.5
Service cost	3.6			4.0			0.4			0.4
Interest cost	26.4			28.5			0.8			0.9
Plan participants’ contributions	—			—			0.7			0.5
Actuarial loss (gain)	(49.4		)	45.5			(1.5		)	2.5
Foreign currency exchange rate changes	(3.3		)	3.1			(0.1		)	0.1
Benefits paid	(42.9		)	(43.1		)	(2.6		)	(2.7		)
Projected benefit obligation at December 31,	666.0			731.6			21.9			24.2
Change in plan assets
Fair value of plan assets at January 1,	561.1			515.3			17.1			16.6
Actual return on plan assets	(18.7		)	81.2			(0.6		)	2.9
Employer contributions	36.3			5.9			1.9			2.2
Plan participants’ contributions	—			—			0.7			0.5
Foreign currency exchange rate changes	(2.0		)	1.8			—			—
Other disbursements	—			—			(2.6		)	(2.4		)
Benefits paid	(42.9		)	(43.1		)	(2.6		)	(2.7		)
Fair value of plan assets at December 31,	533.8			561.1			13.9			17.1
Funded status of plan	$	(132.2	)	$	(170.5	)	$	(8.0	)	$	(7.1	)

The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $659.8 million at December 31, 2018. The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $722.3 million at December 31, 2017.

At December 31, 2018, the USRIP and Supplemental Retirement Plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans in the aggregate were $615.7 million, $615.6 million and $488.8 million, respectively, at December 31, 2018. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the CRIP were $50.3 million, $44.3 million and $45.0 million, respectively, at December 31, 2018.

At December 31, 2017, the USRIP and Supplemental Retirement Plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for these plans in the aggregate were $675.2 million, $673.1 million and $510.9 million, respectively, at December 31, 2017. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the CRIP were $56.4 million, $49.2 million and $50.2 million, respectively, at December 31, 2017.

The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2018 and 2017:



	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(In millions)
Amounts recognized in the statements of financial position consist of:
Noncurrent assets	$	—		$	—		$	—		$	—
Current liabilities	(5.6		)	(5.4		)	(0.1		)	(0.2		)
Long-term liabilities	(126.6		)	(165.1		)	(7.9		)	(6.9		)
Net amount recognized	$	(132.2	)	$	(170.5	)	$	(8.0	)	$	(7.1	)

Included in accumulated other comprehensive loss at December 31, 2018 and 2017, were the following amounts that have not yet been recognized in net periodic pension cost:



	Pension Benefits				Other Benefits
	2018		2017		2018			2017
	(In millions)
Prior service cost, net of accumulated taxes of $1.9 and $2.0 in 2018 and 2017, respectively, for pension benefits and $(0.3) and $(0.5) in 2018 and 2017, respectively, for other benefits	$	5.9	$	6.3	$	(0.9	)	$	(1.8	)
Net actuarial loss, net of accumulated taxes of $88.7 and $91.0 in 2018 and 2017, respectively, for pension benefits and $2.8 and $3.1 in 2018 and 2017, respectively, for other benefits	283.4		243.2		8.7			9.8
Impact of Tax Cuts and Jobs Act of 2017	—		48.7		—			1.3
Accumulated other comprehensive loss	$	289.3	$	298.2	$	7.8		$	9.3

The following shows amounts recognized in other comprehensive income (loss) during the twelve months ended December 31, 2018 and 2017:

Changes in plan assets and benefit obligations recognized in other comprehensive income:



	Pension Benefits						Other Benefits
	2018			2017			2018			2017
	(In millions)
Amounts arising during the period:
Net actuarial loss (gain), net of taxes of $2.6 in 2018 and $0.0 in 2017, respectively, for pension benefits and $0.0 in 2018 and $0.1 in 2017, respectively, for other benefits	$	6.6		$	2.5		$	(1.5	)	$	0.9
Foreign currency exchange rate gain, net of taxes of ($0.1) in 2018 and $(1.2) in 2017, respectively, for pension benefits and $0.0 in 2018 and 2017, respectively, for other benefits	(0.2		)	(0.4		)	0.3			1.1

Amounts recognized in net periodic benefit cost during the period:
Recognized actuarial loss, net of taxes of $(4.8) and $(3.7) in 2018 and 2017, respectively, for pension benefits and $(0.3) in 2018 and 2017, respectively, for other benefits	(14.9		)	(11.8		)	(1.1		)	(1.0		)
Amortization of prior service cost, net of taxes of $(0.1) 2018 and 2017, for pension benefits and $0.2 in 2018 and 2017 for other benefits	(0.4		)	(0.5		)	0.8			0.8
Total recognized in other comprehensive income	$	(8.9	)	$	(10.2	)	$	(1.5	)	$	1.8

Components of Net Periodic Benefit Cost



	Pension Benefits									Other Benefits
	2018			2017			2016			2018			2017			2016
	(In millions)
Service cost	$	3.6		$	4.0		$	3.6		$	0.4		$	0.4		$	0.3
Interest cost	26.4			28.5			31.3			0.8			0.9			0.8
Expected return on plan assets	(37.5		)	(37.4		)	(37.6		)	(1.1		)	(1.2		)	(1.4		)
Amortization of prior service cost	0.5			0.6			0.8			(1.0		)	(1.0		)	(1.1		)
Recognized actuarial loss (gain)	19.7			15.5			13.6			1.4			1.3			0.8
Total net periodic benefit cost (income)	$	12.7		$	11.2		$	11.7		$	0.5		$	0.4		$	(0.6	)

The following represents the amount of prior service cost and actuarial loss included in accumulated other comprehensive loss that is expected to be recognized in net periodic benefit cost during the twelve months ending December 31, 2018:



	Pension Benefits		Other Benefits
	(In millions)
Actuarial loss, net of taxes of $3.7 for pension benefits and $0.3 for other benefits	$	11.5	$	1.0
Prior service cost, net of taxes of $0.1 for pension benefits and $(0.2) for other benefits	$	0.4	$	(0.8	)

Weighted-Average Assumptions



Weighted-average assumptions used to determine benefit obligations at December 31,	Pension Benefits				Other Benefits
	2018		2017		2018		2017
Discount rate	4.39	%	3.73	%	4.30	%	3.60	%
Rate of compensation increase	4.93	%	4.88	%	N/A		N/A



Weighted-average assumptions used to determine net periodic benefit cost at December 31,	Pension Benefits						Other Benefits
	2018		2017		2016		2018		2017		2016
Discount rate	3.73	%	4.23	%	4.86	%	3.60	%	3.98	%	4.39	%
Expected return on plan assets	7.14	%	7.14	%	7.14	%	7.25	%	7.25	%	7.25	%
Rate of compensation increase	4.88	%	4.88	%	4.80	%	N/A		N/A		N/A

During 2018, we adopted the new MP-2018 mortality improvement projection scale in determining the liability for the U.S. pension plan. This updated scale, along with the change in the discount rate, contributed to a decrease in the projected benefit obligation as of December 31, 2018.

During 2017, we adopted the new MP-2017 mortality improvement projection scale in determining the liability for the U.S. pension plan. This updated scale partially offset the decrease in the discount rate in 2017, the net of which resulted in the increase in the projected benefit obligation as of December 31, 2017.

During 2016, we adopted the new MP-2016 mortality improvement projection scale in determining the liability for the U.S. pension plan. This updated scale partially offset the decrease in the discount rate in 2016, the net of which resulted in the increase in the projected benefit obligation as of December 31, 2016.

Discount Rates. We determine our discount rates primarily based on high-quality, fixed-income investments and yield-to-maturity analyses specific to our estimated future benefit payments available as of the measurement date. Discount rates are reset annually on the measurement date to reflect current market conditions. To determine the discount rate for our U.S. pension and postretirement benefit plans, we use a bond matching approach to select specific bonds that would satisfy our projected benefit payments. We believe the bond matching approach reflects the process we would employ to settle our pension and postretirement benefit obligations. For our Canadian plans we use a third-party yield curve to develop our discount rates. The yield curve provides discount rates related to a dedicated high-quality bond portfolio whose cash flows extend beyond the current period, from which we choose a rate matched to the expected benefit payments required for each plan.

Expected Return on Plan Assets. The expected rate of return on plan assets is based on both our historical returns and forecasted future investment returns by asset class, as provided by our external investment advisor. In 2018, our U.S. pension plan investment loss of 3.2% was below the expected return of 7.25%. The expected return for the USRIP for 2019 is 6.70% following asset allocation changes that resulted in higher allocation to fixed income securities. The CRIP investment loss was 1.3% in 2018 versus the expected return of 6.0%. The expected return for the CRIP for 2019 is 6.0%.

The calculation of the net periodic benefit cost for the USRIP and CRIP utilizes a market-related value of assets. The market-related value of assets recognizes the difference between actual returns and expected returns over five years at a rate of 20% per year.

Healthcare Costs. For the U.S. plan, an initial 6.7% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2019 for pre-Medicare coverage. The rate was assumed to decrease gradually to an ultimate rate of 5.0% by 2024. For the Canadian plan, a flat 5.0% annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2019 and thereafter. Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan. A one-percentage point change in assumed healthcare cost trend rates at December 31, 2018 would have had the following effects:



	1-Percentage Point Increase		1-Percentage Point Decrease
	(In millions)
Effect on total service and interest cost components	$	0.1	$	(0.1	)
Effect on accumulated postretirement benefit obligation	$	1.4	$	(1.2	)

We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2018:



Years ending December 31, 2018	U.S. Defined Benefit Plans		Non-U.S. Defined Benefit Plans		Other Benefit Plans
	(In millions)
2019	$	42.9	$	1.9	$	1.6
2020	$	43.1	$	1.9	$	1.8
2021	$	43.4	$	1.9	$	1.8
2022	$	43.3	$	2.0	$	1.8
2023	$	43.0	$	2.0	$	1.8
Next five fiscal years to December 31, 2028	$	204.8	$	11.7	$	9.6

Fair Value of Plan Assets. The fair value of the pension assets at December 31, 2018 and 2017, are as follows:



				Fair Value Measurements at Reporting Date Using:
		Fair Value at December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
		(In millions)
Large-Cap Equity	⁽¹⁾	$	64.6	$	64.6	$	—	$	—
Small- and Mid-Cap Equity	⁽¹⁾	18.3		18.3		—		—
International Equity	^{(1) (2)}	90.4		10.0		80.4		—
Fixed Income	⁽²⁾	281.7		—		281.7		—
Private Equity	⁽³⁾	18.6		—		—		18.6
Hedge Funds	⁽⁴⁾	34.3		—		—		34.3
Real Assets	⁽⁵⁾	19.9		—		—		19.9
Cash	⁽¹⁾	6.0		6.0		—		—
Total		$	533.8	$	98.9	$	362.1	$	72.8



				Fair Value Measurements at Reporting Date Using:
		Fair Value at December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
		(In millions)
Large-Cap Equity	⁽¹⁾	$	125.5	$	125.5	$	—	$	—
Small- and Mid-Cap Equity	⁽¹⁾	39.0		39.0		—		—
International Equity	^{(1) (2)}	105.1		13.2		91.9		—
Fixed Income	⁽²⁾	204.0		—		204.0		—
Private Equity	⁽³⁾	24.1		—		—		24.1
Hedge Funds	⁽⁴⁾	35.0		—		—		35.0
Real Assets	⁽⁵⁾	18.7		—		—		18.7
Cash	⁽¹⁾	9.7		9.7		—		—
Total		$	561.1	$	187.4	$	295.9	$	77.8


⁽¹⁾	Fair value is based on observable market prices for the assets.


⁽²⁾	For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

⁽³⁾

Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold these investments through each fund’s normal life cycle and wind down period. As of December 31, 2018 and 2017, we had $9.9 million and $10.7 million, respectively, of remaining commitments related to these private equity investments.


⁽⁴⁾	Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice.

⁽⁵⁾

The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams, and comparable market sales. As of December 31, 2018 and 2017, we had $0.1 million and $0.5 million, respectively, of remaining commitments related to the real asset investments.

The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs for the years ended December 31, 2018 and 2017:



	Private Equity			Hedge Funds			Real Assets
	(In millions)
Balance at December 31, 2016	$	33.5		$	33.7		$	19.3
Return on plan assets:
Unrealized	(1.8		)	1.8			0.1
Realized	1.0			—			(0.1		)
Purchases	1.0			—			0.5
Sales	(9.6		)	(0.5		)	(1.1		)
Balance at December 31, 2017	$	24.1		$	35.0		$	18.7
Return on plan assets:
Unrealized	$	1.3		$	(0.6	)	$	1.6
Realized	1.7			—			—
Purchases	1.1			—			0.3
Sales	(9.6		)	(0.1		)	(0.7		)
Balance at December 31, 2018	$	18.6		$	34.3		$	19.9

The fair value of the postretirement assets at December 31, 2018 and 2017, are as follows:



				Fair Value Measurements at Reporting Date Using:
Description		Fair Value at December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
		(In millions)
Large-Cap Equity	⁽¹⁾	$	1.8	$	1.8	$	—	$	—
Small- and Mid-Cap Equity	⁽¹⁾	0.5		0.5		—		—
International Equity	^{(1) (2)}	1.9		0.3		1.6		—
Fixed Income	⁽²⁾	7.4		—		7.4		—
Private Equity	⁽³⁾	0.5		—		—		0.5
Hedge Funds	⁽⁴⁾	1.0		—		—		1.0
Real Assets	⁽⁵⁾	0.6		—		—		0.6
Cash	⁽¹⁾	0.2		0.2		—		—
Total		$	13.9	$	2.8	$	9.0	$	2.1



				Fair Value Measurements at Reporting Date Using:
Description		Fair Value at December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
		(In millions)
Large-Cap Equity	⁽¹⁾	$	4.2	$	4.2	$	—	$	—
Small- and Mid-Cap Equity	⁽¹⁾	1.3		1.3		—		—
International Equity	^{(1) (2)}	2.7		0.5		2.2		—
Fixed Income	⁽²⁾	6.0		—		6.0		—
Private Equity	⁽³⁾	0.8		—		—		0.8
Hedge Funds	⁽⁴⁾	1.2		—		—		1.2
Real Assets	⁽⁵⁾	0.6		—		—		0.6
Cash	⁽¹⁾	0.3		0.3		—		—
Total		$	17.1	$	6.3	$	8.2	$	2.6


⁽¹⁾	Fair value is based on observable market prices for the assets.


⁽²⁾	For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.

⁽³⁾


⁽⁴⁾	Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice.


⁽⁵⁾	The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches: current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales.

Gross realized and unrealized gains and losses, purchases and sales for Level 3 postretirement assets were not material for the twelve months ended December 31, 2018.

USRIP, or the Plan, Investment and Asset Allocation Strategies. The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company. Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate negative impact on the Plan. Investment managers are required to abide by the provisions of ERISA. Standards of performance for each manager include an expected return versus an assigned benchmark, a measure of volatility, and a time period of evaluation.

The asset allocation strategy and investment manager recommendations are determined by the Investment Committee, with the advice of our external advisor. The asset allocation and ranges are approved by our in-house Investment Committee and Plan Administrators, who are Named Fiduciaries under ERISA.

The Investment Committee made the decision in the fourth quarter of 2018, following the completion of an Asset Liability Management study by a third party, to reduce risk in the portfolio by (1) reducing the overall exposure to equities and (2) increasing exposure to fixed income assets that better track the movement in liability. These actions are designed to better protect the funded status of the plan and reduce future funded status volatility. The Investment Committee may elect to make further changes to the asset allocation strategy as the funded status of the Plan improves.

In an effort to meet asset allocation and funded status objectives of the Plan, assets are categorized as Return-Seeking Assets and Liability-Hedging Assets. As of December 31, 2018, the approved allocation ranges were 35% to 65% for each asset category, with a 50/50 targeted allocation. Return-Seeking Assets include any asset class not intended to hedge the Plan’s liabilities. At December 31, 2018, these assets included domestic and international equities, private equity (including secondary private equity), real assets, and hedge funds. Alternative assets have become a smaller part of the asset allocation strategy, as the Plan seeks to maintain a high degree of liquidity. Liability-Hedging Assets represent investments which are meant to provide a hedge relative to the Plan’s liabilities and consist primarily of fixed income securities. Additionally, the Plan allows certain of their managers, subject to specific risk constraints, to utilize derivative instruments in order to enhance asset return, reduce volatility or both. Derivatives are primarily employed by the Plans in their fixed income portfolios and in the hedge fund-of-funds area. Derivatives can be used for hedging purposes to reduce risk.

No shares of Equifax common stock were directly owned by the Plan at December 31, 2018 or 2017. Not more than 5% of the portfolio (at cost), and 10% of the equity portfolio’s market value, shall be invested in the securities of any one issuer, except the U.S. Government and U.S. Government Agencies.

The following asset allocation ranges and actual allocations were in effect as of December 31, 2018 and 2017:



	Range		Actual
USRIP	2018	2017	2018		2017
Large-Cap Equity	5% - 20%	15% - 40%	13.2	%	24.7	%
Small- and Mid-Cap Equity	0% - 15%	0% - 15%	3.7	%	7.6	%
International Equity	5% - 20%	10% - 30%	13.8	%	15.6	%
Private Equity	0% - 10%	2% - 10%	3.8	%	4.7	%
Hedge Funds	0% - 10%	0% - 10%	7.0	%	6.8	%
Real Assets	0% - 10%	2% - 10%	4.1	%	3.7	%
Fixed Income	35% - 65%	20% - 55%	53.2	%	35.1	%
Cash	0% - 15%	0% - 15%	1.2	%	1.8	%

CRIP Investment and Asset Allocation Strategies. The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company. Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate impact on the Plan. Due to the high funded status of the Plan, the Investment Committee of the CRIP has adopted a conservative asset allocation of 50/50 in equities and fixed income. The Investment Committee maintains an investment policy for the CRIP, which imposes certain limitations and restrictions regarding allowable types of investments. The current investment policy imposes those restrictions on investments or transactions such as (1) Equifax common stock or securities, except as might be incidental to any pooled funds which the plan may have, (2) commodities or loans, (3) short sales and the use of margin accounts, (4) put and call options, (5) private placements, and (6) transactions which are “related-party” in nature as specified by the Canadian Pension Benefits Standards Act and its regulations.

The following specifies the asset allocation ranges and actual allocation as of December 31, 2018 and 2017:



		Actual
CRIP	Range	2018		2017
Canadian Equities	25% - 50%	35.7	%	35.2	%
International Equities (including U.S. Equities)	0% - 38%	15.6	%	14.9	%
Fixed Income	40% - 60%	48.2	%	49.1	%
Money Market	0% - 10%	0.5	%	0.8	%

Equifax Retirement Savings Plans. Equifax sponsors a tax qualified defined contribution plan, the Equifax Inc.

401(k) Plan, or the Plan. We provide a discretionary match of participants’ contributions, up to four or six percent of employees eligible pay depending on certain eligibility rules under the Plan. We also provide a discretionary direct contribution to certain eligible employees, the percentage of which is based upon an employee’s credited years of service. Company contributions for the Plan during the twelve months ended December 31, 2018, 2017 and 2016 were $30.7 million, $29.7 million and $27.1 million, respectively.

Foreign Retirement Plans. We also maintain defined contribution plans for certain employees in Australia, the U.K., Ireland and Canada. For the years ended December 31, 2018, 2017 and 2016, our contributions related to these plans were $14.1 million, $7.3 million, and $5.9 million, respectively.

Deferred Compensation Plans. We maintain deferred compensation plans that allow for certain management employees and the Board of Directors to defer the receipt of compensation (such as salary, incentive compensation, commissions or shares payable under vested restricted stock units) until a later date based on the terms of the plans. The Company also makes contributions to the accounts of certain executives who are not eligible to participate in either of the Supplemental Retirement Plans. The benefits under our deferred compensation plans are guaranteed by the assets of a grantor trust which, through our funding, make investments in certain mutual funds. The purpose of this trust is to ensure the distribution of benefits accrued by participants of the deferred compensation plans in case of a change in control, as defined in the trust agreement.

Annual Incentive Plan. We have a shareholder-approved Annual Incentive Plan, which is a component of our amended and restated 2008 Omnibus Incentive Plan, for certain key officers that provides for annual or long-term cash awards at the end of various measurement periods, based on the earnings per share, revenue and/or various other criteria over the measurement period. Our total accrued incentive compensation for all incentive plans included in accrued salaries and bonuses on our Consolidated Balance Sheets was $61.7 million and $44.9 million at December 31, 2018 and 2017, respectively.

Employee Benefit Trusts. We maintain employee benefit trusts for the purpose of satisfying obligations under certain benefit plans. These trusts held 0.6 million shares of Equifax stock with a value, at cost, of $5.9 million at December 31, 2018 and 2017, as well as cash, which was not material for both periods presented. The employee benefits trusts are as follows:


•	The Executive Life and Supplemental Retirement Benefit Plan Grantor Trust was used to ensure that the insurance premiums due under the Executive Life and Supplemental Retirement Benefit Plan were paid in case we fail to make scheduled payments following a change in control, as defined in this trust agreement. This trust was terminated in 2016 as the obligations noted above were satisfied.


•	The Supplemental Retirement Plan Grantor Trust’s assets are dedicated to ensure the payment of benefits accrued under our Supplemental Retirement Plan in case of a change in control, as defined in this trust agreement.

The assets in these plans which are recorded on our Consolidated Balance Sheets are subject to creditor’s claims in case of insolvency of Equifax Inc.