| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
Below reflects the quarterly impact of the change in accounting principle on the quarterly financial data presented:
|
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|
|
|
|
Three Months Ended December 31, 2020 |
| (In millions, except per share data) |
|
|
| Consolidated net income, as computed under previous method |
|
$ |
97.7 |
|
| Impact of pension accounting change |
|
(20.0) |
|
| Consolidated net income, as reported under new method |
|
$ |
77.7 |
|
|
|
|
| Net income attributable to Equifax, as computed under previous method |
|
$ |
94.5 |
|
| Impact of pension accounting change |
|
(20.0) |
|
| Net income attributable to Equifax, as reported under new method |
|
$ |
74.5 |
|
|
|
|
| Basic earnings per share* |
|
|
| Net income attributable to Equifax, as computed under previous method |
|
$ |
0.77 |
|
| Impact of pension accounting change |
|
(0.16) |
|
| Net income attributable to Equifax, as reported under new method |
|
$ |
0.61 |
|
|
|
|
| Diluted earnings per share* |
|
|
| Net income attributable to Equifax, as computed under previous method |
|
$ |
0.77 |
|
| Impact of pension accounting change |
|
(0.16) |
|
| Net income attributable to Equifax, as reported under new method |
|
$ |
0.61 |
|
|
|
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|
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|
|
Three Months Ended |
| 2020 |
|
March 31, |
|
June 30, |
|
September 30, |
|
|
(In millions, except per share data) |
| Consolidated net income, previously reported |
|
$ |
114.5 |
|
|
$ |
96.1 |
|
|
$ |
225.0 |
|
| Impact of pension accounting change |
|
4.3 |
|
|
4.3 |
|
|
4.3 |
|
| Consolidated net income, revised |
|
$ |
118.8 |
|
|
$ |
100.4 |
|
|
$ |
229.3 |
|
|
|
|
|
|
|
|
| Net income attributable to Equifax, previously reported |
|
$ |
112.6 |
|
|
$ |
95.9 |
|
|
$ |
224.2 |
|
| Impact of pension accounting change |
|
4.3 |
|
|
4.3 |
|
|
4.3 |
|
| Net income attributable to Equifax, revised |
|
$ |
116.9 |
|
|
$ |
100.2 |
|
|
$ |
228.5 |
|
|
|
|
|
|
|
|
| Basic earnings per share* |
|
|
|
|
|
|
| Net income attributable to Equifax, previously reported |
|
$ |
0.93 |
|
|
$ |
0.79 |
|
|
$ |
1.84 |
|
| Impact of pension accounting change |
|
0.03 |
|
|
0.04 |
|
|
0.04 |
|
| Net income attributable to Equifax, revised |
|
$ |
0.96 |
|
|
$ |
0.83 |
|
|
$ |
1.88 |
|
|
|
|
|
|
|
|
| Diluted earnings per share* |
|
|
|
|
|
|
| Net income attributable to Equifax, previously reported |
|
$ |
0.92 |
|
|
$ |
0.78 |
|
|
$ |
1.82 |
|
| Impact of pension accounting change |
|
0.03 |
|
|
0.04 |
|
|
0.04 |
|
| Net income attributable to Equifax, revised |
|
$ |
0.95 |
|
|
$ |
0.82 |
|
|
$ |
1.86 |
|
|
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|
Three Months Ended |
| 2019 |
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
|
(In millions, except per share data) |
| Consolidated net (loss) income, previously reported |
|
$ |
(554.4) |
|
|
$ |
68.3 |
|
|
$ |
82.5 |
|
|
$ |
10.8 |
|
| Impact of pension accounting change |
|
2.7 |
|
|
2.7 |
|
|
2.7 |
|
|
6.6 |
|
| Consolidated net (loss) income, revised |
|
$ |
(551.7) |
|
|
$ |
71.0 |
|
|
$ |
85.2 |
|
|
$ |
17.4 |
|
|
|
|
|
|
|
|
|
|
| Net (loss) income attributable to Equifax, previously reported |
|
$ |
(555.9) |
|
|
$ |
66.8 |
|
|
$ |
81.1 |
|
|
$ |
9.2 |
|
| Impact of pension accounting change |
|
2.7 |
|
|
2.7 |
|
|
2.7 |
|
|
6.6 |
|
| Net (loss) income attributable to Equifax, revised |
|
$ |
(553.2) |
|
|
$ |
69.5 |
|
|
$ |
83.8 |
|
|
$ |
15.8 |
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share* |
|
|
|
|
|
|
|
|
| Net (loss) income attributable to Equifax, previously reported |
|
$ |
(4.60) |
|
|
$ |
0.55 |
|
|
$ |
0.67 |
|
|
$ |
0.08 |
|
| Impact of pension accounting change |
|
0.02 |
|
|
0.03 |
|
|
0.02 |
|
|
0.05 |
|
| Net (loss) income attributable to Equifax, revised |
|
$ |
(4.58) |
|
|
$ |
0.58 |
|
|
$ |
0.69 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per share* |
|
|
|
|
|
|
|
|
| Net (loss) income attributable to Equifax, previously reported |
|
$ |
(4.57) |
|
|
$ |
0.55 |
|
|
$ |
0.66 |
|
|
$ |
0.07 |
|
| Impact of pension accounting change |
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
|
0.06 |
|
| Net (loss) income attributable to Equifax, revised |
|
$ |
(4.55) |
|
|
$ |
0.57 |
|
|
$ |
0.69 |
|
|
$ |
0.13 |
|
*The sum of the quarterly EPS does not equal the annual EPS due to changes in the weighted-average shares between periods. Other amounts may not equal the annual total due to rounding between periods.
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
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|
|
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) |
|
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|
|
|
|
|
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|
|
| 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 |
|
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|
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|
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) |
|
|
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|
| 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
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|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
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
|
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|
|
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|
|
|
|
|
|
|
|
|
|
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
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|
|
|
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|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
|
|
|
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) |
|
|
|
|
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|
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|
|
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) |
|
|