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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2019
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                                      to                                      .
 
Commission File Number: 001-06605
 
 
  
EQUIFAX INC.
(Exact name of registrant as specified in its charter) 
Georgia
58-0401110
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
 
1550 Peachtree Street
N.W.
Atlanta
Georgia
30309
(Address of principal executive offices)
(Zip Code)
 
404-885-8000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, $1.25 par value per share
 
EFX
 
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes       No   
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No   
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  

On July 12, 2019, there were 120,884,329 shares of the registrant’s common stock outstanding.



EQUIFAX INC.
 
QUARTERLY REPORT ON FORM 10-Q
 
QUARTER ENDED June 30, 2019
 
INDEX
 
 
 
Page
 
 
 
 
 
 
 

 
 
 





2


FORWARD-LOOKING STATEMENTS
 
This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “may” and similar expressions identify forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events, plans or developments that we expect or anticipate will occur in the future, including statements relating to future operating results and statements related to the 2017 cybersecurity incident, possible outcomes of legal proceedings and investigations related to the 2017 cybersecurity incident, the ultimate amount and timing of payments the Company may be required to make in connection with the Consumer Settlement (as defined below in Part II, "Item 1. Legal Proceedings"), and improvements in our information technology and data security infrastructure, including as part of our technology transformation, and similar statements about our business plans, are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company’s historical experience and our present expectations or projections, including without limitation our expectation regarding the Company’s outlook, long-term organic and inorganic growth, and expected increases in costs related to the 2017 cybersecurity incident referenced below in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Business Overview—Business Environment and Company Outlook.” These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2018, in Part II, “Item 1A. Risk Factors” and elsewhere in this report, and those described from time to time in our future reports filed with the Securities and Exchange Commission. As a result of such risks and uncertainties, we urge you not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 



3


PART I.  FINANCIAL INFORMATION
 
ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)
 
EQUIFAX INC.
 
CONSOLIDATED STATEMENTS OF INCOME 
 
(Unaudited)

 
 
Three Months Ended 
June 30,
 
 
2019
 
2018
(In millions, except per share amounts)
 
 
Operating revenue
 
$
880.0

 
$
876.9

Operating expenses:
 
 

 
 

Cost of services (exclusive of depreciation and amortization below)
 
376.9

 
348.6

Selling, general and administrative expenses
 
306.8

 
257.5

Depreciation and amortization
 
82.5

 
77.2

Total operating expenses
 
766.2

 
683.3

Operating income
 
113.8

 
193.6

Interest expense
 
(27.6
)
 
(26.4
)
Other income, net
 
2.8

 
2.2

Consolidated income before income taxes
 
89.0

 
169.4

Provision for income taxes
 
(20.7
)
 
(23.3
)
Consolidated net income
 
68.3

 
146.1

Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests
 
(1.5
)
 
(1.3
)
Net income attributable to Equifax
 
$
66.8

 
$
144.8

Basic earnings per common share:
 
 

 
 

Net income attributable to Equifax
 
$
0.55

 
$
1.20

Weighted-average shares used in computing basic earnings per share
 
120.8

 
120.3

Diluted earnings per common share:
 
 

 
 

Net income attributable to Equifax
 
$
0.55

 
$
1.19

Weighted-average shares used in computing diluted earnings per share
 
122.0

 
121.4

Dividends per common share
 
$
0.39

 
$
0.39




See Notes to Consolidated Financial Statements.


4





EQUIFAX INC.
 
CONSOLIDATED STATEMENTS OF (LOSS) INCOME 
 
(Unaudited)

 
 
Six Months Ended 
June 30,
 
 
2019
 
2018
(In millions, except per share amounts)
 
 
Operating revenue
 
$
1,726.1

 
$
1,742.6

Operating expenses:
 
 
 
 
Cost of services (exclusive of depreciation and amortization below)
 
764.4

 
691.5

Selling, general and administrative expenses
 
1,305.6

 
558.0

Depreciation and amortization
 
160.1

 
155.3

Total operating expenses
 
2,230.1

 
1,404.8

Operating (loss) income
 
(504.0
)
 
337.8

Interest expense
 
(54.3
)
 
(50.3
)
Other income, net
 
4.9

 
5.1

Consolidated (loss) income before income taxes
 
(553.4
)
 
292.6

Benefit (provision) for income taxes
 
67.3

 
(52.6
)
Consolidated net (loss) income
 
(486.1
)
 
240.0

Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests
 
(3.0
)
 
(4.2
)
Net (loss) income attributable to Equifax
 
$
(489.1
)
 
$
235.8

Basic earnings per common share:
 
 
 
 
Net (loss) income attributable to Equifax
 
$
(4.05
)
 
$
1.96

Weighted-average shares used in computing basic earnings per share
 
120.8

 
120.3

Diluted earnings per common share:
 
 
 
 
Net (loss) income attributable to Equifax
 
$
(4.02
)
 
$
1.94

Weighted-average shares used in computing diluted earnings per share
 
121.8

 
121.4

Dividends per common share
 
$
0.78

 
$
0.78




See Notes to Consolidated Financial Statements.


5

EQUIFAX INC.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
 
(Unaudited)
 
 
 
Three Months Ended June 30,
 
 
2019
 
2018
 
 
Equifax
Shareholders
 
Noncontrolling
Interests
 
Total
 
Equifax
Shareholders
 
Noncontrolling
Interests
 
Total
 
 
(In millions)
Net income
 
$
66.8

 
$
1.5

 
$
68.3

 
$
144.8

 
$
1.3

 
$
146.1

Other comprehensive (loss) income:
 
 

 
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustment
 
(57.1
)
 
(1.0
)
 
(58.1
)
 
(159.2
)
 
5.3

 
(153.9
)
Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net
 
3.0

 

 
3.0

 
3.9

 

 
3.9

Comprehensive (loss) income
 
$
12.7

 
$
0.5

 
$
13.2

 
$
(10.5
)
 
$
6.6

 
$
(3.9
)


 
 
Six Months Ended June 30,
 
 
2019
 
2018
 
 
Equifax
Shareholders
 
Noncontrolling
Interests
 
Total
 
Equifax
Shareholders
 
Noncontrolling
Interests
 
Total
 
 
(In millions)
Net income
 
$
(489.1
)
 
$
3.0

 
$
(486.1
)
 
$
235.8

 
$
4.2

 
$
240.0

Other comprehensive (loss) income:
 
 

 
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustment
 
(19.8
)
 
(0.2
)
 
(20.0
)
 
(117.9
)
 
6.9

 
(111.0
)
Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net
 
6.0

 

 
6.0

 
7.9

 

 
7.9

Change in cumulative loss from cash flow hedging transactions, net
 
0.1

 

 
0.1

 

 

 

Comprehensive (loss) income
 
$
(502.8
)
 
$
2.8

 
$
(500.0
)
 
$
125.8

 
$
11.1

 
$
136.9




See Notes to Consolidated Financial Statements.

6

EQUIFAX INC.


CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
 
June 30, 2019
 
December 31, 2018
(In millions, except par values)
 
 
 
 
ASSETS
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
135.8

 
$
223.6

Trade accounts receivable, net of allowance for doubtful accounts of $13.3 and $10.9 at June 30, 2019 and December 31, 2018, respectively
 
502.6

 
469.1

Prepaid expenses
 
97.9

 
100.0

Other current assets
 
77.5

 
109.6

Total current assets
 
813.8

 
902.3

Property and equipment:
 
 

 
 

Capitalized internal-use software and system costs
 
837.1

 
684.1

Data processing equipment and furniture
 
342.4

 
344.6

Land, buildings and improvements
 
231.2

 
216.1

Total property and equipment
 
1,410.7

 
1,244.8

Less accumulated depreciation and amortization
 
(538.2
)
 
(480.0
)
Total property and equipment, net
 
872.5

 
764.8

Goodwill
 
4,282.5

 
4,129.7

Indefinite-lived intangible assets
 
94.9

 
94.8

Purchased intangible assets, net
 
1,104.1

 
1,099.2

Other assets, net
 
305.7

 
162.4

Total assets
 
$
7,473.5

 
$
7,153.2

LIABILITIES AND EQUITY
 
 

 
 
Current liabilities:
 
 

 
 

Short-term debt and current maturities of long-term debt
 
$
32.3

 
$
4.9

Accounts payable
 
156.9

 
175.7

Accrued expenses
 
213.4

 
213.2

Accrued salaries and bonuses
 
98.6

 
131.0

Deferred revenue
 
97.1

 
98.0

Other current liabilities
 
899.6

 
204.0

Total current liabilities
 
1,497.9

 
826.8

Long-term debt
 
2,833.3

 
2,630.6

Deferred income tax liabilities, net
 
249.9

 
316.2

Long-term pension and other postretirement benefit liabilities
 
134.4

 
139.3

Other long-term liabilities
 
170.1

 
84.6

Total liabilities
 
4,885.6

 
3,997.5

Commitments and Contingencies (see Note 6)
 


 


Equifax shareholders' equity:
 
 
 
 

Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none
 

 

Common stock, $1.25 par value: Authorized shares - 300.0;
Issued shares - 189.3 at June 30, 2019 and December 31, 2018;
Outstanding shares - 120.9 and 120.6 at June 30, 2019 and December 31, 2018, respectively
 
236.6

 
236.6

Paid-in capital
 
1,381.5

 
1,356.6

Retained earnings
 
4,135.5

 
4,717.8

Accumulated other comprehensive loss
 
(640.0
)
 
(626.3
)
Treasury stock, at cost, 67.8 shares and 68.1 shares at June 30, 2019 and December 31, 2018, respectively
 
(2,564.3
)
 
(2,571.0
)
Stock held by employee benefit trusts, at cost, 0.6 shares at June 30, 2019 and December 31, 2018
 
(5.9
)
 
(5.9
)
Total Equifax shareholders’ equity
 
2,543.4

 
3,107.8

Noncontrolling interests including redeemable noncontrolling interests
 
44.5

 
47.9

Total equity
 
$
2,587.9

 
$
3,155.7

Total liabilities and equity
 
7,473.5

 
7,153.2


 See Notes to Consolidated Financial Statements.

7

EQUIFAX INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(Unaudited)

 
 
Six Months Ended June 30,
 
 
2019
 
2018
 
 
(In millions)
Operating activities:
 
 

 
 

Consolidated net (loss) income
 
$
(486.1
)
 
$
240.0

Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
163.1

 
157.5

Stock-based compensation expense
 
29.8

 
20.7

Deferred income taxes
 
(84.6
)
 
(10.0
)
Changes in assets and liabilities, excluding effects of acquisitions:
 
 
 
 

Accounts receivable, net
 
(30.2
)
 
(36.3
)
Other assets, current and long-term
 
34.8

 
64.5

Current and long term liabilities, excluding debt
 
621.2

 
(81.6
)
Cash provided by operating activities
 
248.0

 
354.8

Investing activities:
 
 
 
 

Capital expenditures
 
(208.5
)
 
(118.7
)
Acquisitions, net of cash acquired
 
(234.8
)
 
(30.7
)
Investment in unconsolidated affiliates, net
 
(25.0
)
 

Cash used in investing activities
 
(468.3
)
 
(149.4
)
Financing activities:
 
 
 
 

Net short-term borrowings (repayments)
 
27.2

 
(960.2
)
Payments on long-term debt
 
(50.0
)
 
(100.0
)
Borrowings on long-term debt
 
250.0

 
994.8

Dividends paid to Equifax shareholders
 
(94.2
)
 
(93.9
)
Dividends paid to noncontrolling interests
 
(4.7
)
 
(8.7
)
Proceeds from exercise of stock options
 
6.1

 
5.7

Payment of taxes related to settlement of equity awards
 
(4.6
)
 
(12.6
)
Purchase of redeemable noncontrolling interests
 

 
(21.3
)
Debt issuance costs
 

 
(7.3
)
Payment of contingent consideration
 

 
(1.5
)
Cash provided by (used in) financing activities
 
129.8

 
(205.0
)
Effect of foreign currency exchange rates on cash and cash equivalents
 
2.7

 
(9.4
)
Decrease in cash and cash equivalents
 
(87.8
)
 
(9.0
)
Cash and cash equivalents, beginning of period
 
223.6

 
336.4

Cash and cash equivalents, end of period
 
$
135.8

 
$
327.4

 
See Notes to Consolidated Financial Statements.

8

EQUIFAX INC.


CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE (LOSS) INCOME
 
(Unaudited)

For the Three Months Ended June 30, 2019
 
 
 
Equifax Shareholders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
 
 
Stock
Held By Employee Benefits Trusts
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
Outstanding
 
Amount
 
Paid-In
Capital
 
Retained
Earnings
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
Total
Equity
 
 
(In millions, except per share amounts)
Balance, March 31, 2019
 
120.8

 
$
236.6

 
$
1,369.4

 
$
4,115.4

 
$
(585.9
)
 
$
(2,567.9
)
 
$
(5.9
)
 
$
49.2

 
$
2,610.9

Net income
 

 

 

 
66.8

 

 

 

 
1.5

 
68.3

Other comprehensive (loss)
 

 

 

 


 
(54.1
)
 

 

 
(1.0
)
 
(55.1
)
Shares issued under stock and benefit plans, net of minimum tax withholdings
 
0.1

 

 
0.1

 

 

 
3.6

 

 

 
3.7

Cash dividends ($0.39 per share)
 

 

 

 
(47.3
)
 

 

 

 

 
(47.3
)
Dividends paid to employee benefits trusts
 

 

 
0.2

 

 

 

 

 

 
0.2

Stock-based compensation expense
 

 

 
11.8

 

 

 

 

 

 
11.8

Redeemable noncontrolling interest adjustment
 

 

 

 
0.6

 

 

 

 
(0.6
)
 

Dividends paid to noncontrolling interests
 

 

 

 

 

 

 

 
(4.6
)
 
(4.6
)
Balance, June 30, 2019
 
120.9

 
$
236.6

 
$
1,381.5

 
$
4,135.5

 
$
(640.0
)
 
$
(2,564.3
)
 
$
(5.9
)
 
$
44.5

 
$
2,587.9


At June 30, 2019, $590.1 million was available for future purchases of common stock under our share repurchase authorization.

For the Three Months Ended June 30, 2018

 
 
Equifax Shareholders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
 
 
Stock
Held By Employee Benefits Trusts
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
Outstanding
 
Amount
 
Paid-In
Capital
 
Retained
Earnings
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
Total
Equity
 
 
(In millions, except per share amounts)
Balance, March 31, 2018
 
120.3

 
$
236.6

 
$
1,336.6

 
$
4,653.1

 
$
(366.8
)
 
$
(2,578.9
)
 
$
(5.9
)
 
$
62.2

 
$
3,336.9

Net income
 

 

 

 
144.8

 

 

 

 
1.3

 
146.1

Other comprehensive (loss) income
 

 

 

 

 
(147.2
)
 

 

 
5.2

 
(142.0
)
Shares issued under stock and benefit plans, net of minimum tax withholdings
 
0.1

 

 
(1.4
)
 

 

 
4.7

 

 

 
3.3

Cash dividends ($0.39 per share)
 

 

 

 
(47.1
)
 

 

 

 

 
(47.1
)
Dividends paid to employee benefits trusts
 

 

 
0.2

 

 

 

 

 

 
0.2

Stock-based compensation expense
 

 

 
7.9

 

 

 

 

 

 
7.9

Purchases of redeemable noncontrolling interests
 

 

 
(3.4
)
 

 
(8.0
)
 

 

 
(7.8
)
 
(19.2
)
Redeemable noncontrolling interest adjustment
 

 

 

 
(2.5
)
 

 

 

 
2.5

 

Dividends paid to noncontrolling interests
 

 

 

 

 

 

 

 
(6.3
)
 
(6.3
)
Other
 

 

 
(0.1
)
 

 

 

 

 

 
(0.1
)
Balance, June 30, 2018
 
120.4

 
$
236.6

 
$
1,339.8

 
$
4,748.3

 
$
(522.0
)
 
$
(2,574.2
)
 
$
(5.9
)
 
$
57.1

 
$
3,279.7




9

EQUIFAX INC.



CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE (LOSS) INCOME
 
(Unaudited)

For the Six Months Ended June 30, 2019

 
 
Equifax Shareholders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
 
 
Stock
Held By Employee Benefits Trusts
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
Outstanding
 
Amount
 
Paid-In
Capital
 
Retained
Earnings
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
Total
Equity
 
 
(In millions, except per share amounts)
Balance, December 31, 2018
 
120.6

 
$
236.6

 
$
1,356.6

 
$
4,717.8

 
$
(626.3
)
 
$
(2,571.0
)
 
$
(5.9
)
 
$
47.9

 
$
3,155.7

Net (loss) income
 

 

 

 
(489.1
)
 

 

 

 
3.0

 
(486.1
)
Other comprehensive (loss)
 

 

 

 
 
 
(13.7
)
 

 

 
(0.2
)
 
(13.9
)
Shares issued under stock and benefit plans, net of minimum tax withholdings
 
0.3

 

 
(5.4
)
 

 

 
6.7

 

 

 
1.3

Cash dividends ($0.78 per share)
 

 

 

 
(94.7
)
 

 

 

 

 
(94.7
)
Dividends paid to employee benefits trusts
 

 

 
0.5

 

 

 

 

 

 
0.5

Stock-based compensation expense
 

 

 
29.8

 

 

 

 

 

 
29.8

Redeemable noncontrolling interest adjustment
 

 

 

 
1.5

 

 

 

 
(1.5
)
 

Dividends paid to noncontrolling interests
 

 

 

 

 

 

 

 
(4.7
)
 
(4.7
)
Balance, June 30, 2019
 
120.9

 
$
236.6

 
$
1,381.5

 
$
4,135.5

 
$
(640.0
)
 
$
(2,564.3
)
 
$
(5.9
)
 
$
44.5

 
$
2,587.9


At June 30, 2019, $590.1 million was available for future purchases of common stock under our share repurchase authorization.

For the Six Months Ended June 30, 2018

 
 
Equifax Shareholders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Loss
 
 
 
Stock
Held By Employee Benefits Trusts
 
 
 
 
 
 
Common Stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
Outstanding
 
Amount
 
Paid-In
Capital
 
Retained
Earnings
 
 
Treasury
Stock
 
 
Noncontrolling
Interests
 
Total
Equity
 
 
(In millions, except per share amounts)
Balance, December 31, 2017
 
120.1

 
$
236.6

 
$
1,332.7

 
$
4,600.6

 
$
(412.0
)
 
$
(2,577.6
)
 
$
(5.9
)
 
$
64.6

 
$
3,239.0

Net income
 

 

 

 
235.8

 

 

 

 
4.2


240.0

Other comprehensive (loss) income
 

 

 

 

 
(102.0
)
 

 

 
6.9

 
(95.1
)
Shares issued under stock and benefit plans, net of minimum tax withholdings
 
0.3

 

 
(10.3
)
 

 

 
3.4

 

 

 
(6.9
)
Cash dividends ($0.78 per share)
 

 

 

 
(94.3
)
 

 

 

 

 
(94.3
)
Dividends paid to employee benefits trusts
 

 

 
0.4

 

 

 

 

 

 
0.4

Stock-based compensation expense
 

 

 
20.7

 

 

 

 

 

 
20.7

Purchases of redeemable noncontrolling interests
 

 

 
(3.7
)
 

 
(8.0
)
 

 

 
(7.9
)
 
(19.6
)
Redeemable noncontrolling interest adjustment
 

 

 

 
2.0

 

 

 

 
(2.0
)
 

Dividends paid to noncontrolling interests
 

 

 

 

 

 

 

 
(8.7
)
 
(8.7
)
Cumulative adjustment from change in accounting principle
 

 

 

 
4.2

 

 

 

 

 
4.2

Balance, June 30, 2018
 
120.4

 
$
236.6

 
$
1,339.8

 
$
4,748.3

 
$
(522.0
)
 
$
(2,574.2
)
 
$
(5.9
)
 
$
57.1

 
$
3,279.7



10






Accumulated Other Comprehensive Loss consists of the following components:
 
 
 
June 30, 2019
 
December 31, 2018
 
 
(In millions)
Foreign currency translation              
 
$
(347.8
)
 
$
(328.0
)
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $91.7 and $93.1 at June 30, 2019 and December 31, 2018, respectively
 
(291.1
)
 
(297.1
)
Cash flow hedging transactions, net of accumulated tax of $0.7 at June 30, 2019 and December 31, 2018, respectively
 
(1.1
)
 
(1.2
)
Accumulated other comprehensive loss
 
$
(640.0
)
 
$
(626.3
)
 

See Notes to Consolidated Financial Statements.

11


EQUIFAX INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
June 30, 2019
 
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc.

Nature of Operations.  We collect, organize and manage various types of financial, demographic, employment and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of June 30, 2019, we operated in the following countries: Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom, or U.K., Uruguay and the United States of America, or U.S. We also offer Equifax branded credit services in India and Russia through joint ventures, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and the United Arab Emirates, have an investment in a consumer and commercial credit information company in Brazil, and have an investment in an identity authentication company in Canada.
 
We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, and income and tax information primarily from large to mid-sized companies in the U.S. We process this information utilizing our proprietary information management systems. We also provide information, technology and services to support debt collections and recovery management.
 
Basis of Presentation.  The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, the instructions to Form 10-Q and applicable sections of SEC Regulation S-X. To understand our complete financial position and results, as defined by GAAP, this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our annual report on Form 10-K for the year ended December 31, 2018 (“2018 Form 10-K”).
 
Our unaudited Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented and are of a normal recurring nature.
 
Earnings Per Share.  Our basic earnings per share, or EPS, is calculated as net income attributable to Equifax divided by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. The net income (loss) amounts used in both our basic and diluted EPS calculations are the same.