What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-02-25 compared with 2020-02-20 · 19 added, 22 removed, 65 unchanged (39% of the section changed)

27 unchanged sentences

At December 31, 2020, the amount authorized for future share repurchases under the Program was $590.1 million.

Information relating to compensation plans under which the Company’s equity securities are authorized for issuance is included in the section captioned “Equity Compensation Plan Information” in our 2020 Proxy Statement and is incorporated herein by reference.

Information relating to compensation plans under which the Company’s equity securities are authorized for issuance will be included in the section captioned “Equity Compensation Plan Information” in our 2021 Proxy Statement and is incorporated herein by reference.

SELECTED FINANCIAL DATA

1 unchanged sentence

The summary of operations data for the years ended December 31, 2020, 2019, and 2018, and the balance sheet data as of December 31, 2020 and 2019, have been derived from our audited Consolidated Financial Statements included in this report.

The summary of operations data for the years ended December 31, 2016 and 2015, and the balance sheet data as of December 31, 2017, 2016 and 2015, have been derived from our audited Consolidated Financial Statements not included in this report.

All periods presented in this table have been revised for the pension accounting change discussed in Note 1 of the Notes to the Consolidated Financial Statements in Item 8 of this report.

The historical selected financial information may not be indicative of our future performance and should be read in conjunction with the information contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this report.

Twelve Months Ended

2020 (1) (3) (4)

2019 (1) (2) (3) (4)

2018 (1) (3) (4)

2017 (1) (3) (5)

(In millions, except per share data)

2 unchanged sentences

Operating expenses 3,450.9 3,843.0 2,964.1 2,530.5 2,319.8

Operating (loss) income (335.4) 448.0 831.7 825.1 700.0

Consolidated (loss) income from continuing operations (392.8) 306.3 598.0 495.1 434.8

Net (loss) income attributable to Equifax $ (398.8) $ 299.8 $ 587.3 $ 488.8 $ 429.1

Operating income (loss) 676.6 (335.4) 448.0 831.7 825.1

Consolidated income (loss) from continuing operations 526.2 (378.1) 317.0 606.8 475.1

Net income (loss) attributable to Equifax $ 520.1 $ (384.1) $ 310.5 $ 596.1 $ 468.8

Dividends paid to Equifax shareholders $ 189.5 $ 188.7 $ 187.9 $ 187.4 $ 157.6

Diluted earnings per share

Net (loss) income attributable to Equifax $ (3.27) $ 2.47 $ 4.83 $ 4.04 $ 3.55

Net income (loss) attributable to Equifax $ 4.24 $ (3.15) $ 2.56 $ 4.90 $ 3.87

Cash dividends declared per share $ 1.56 $ 1.56 $ 1.56 $ 1.56 $ 1.32

1 unchanged sentence

As of December 31,

2019 (1) (2) (4)

(In millions)

5 unchanged sentences

Total equity 3,210.3 2,622.9 3,155.7 3,239.0 2,721.3

(1) The selected financial data above reflects the change in accounting method for recognizing actuarial gains and losses and expected returns on plan assets for our defined benefit pension and postretirement benefit plans.

Under the accounting method change, remeasurement of projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other Income (Expense) on the Consolidated Statements of Income (Loss), This change in accounting was applied retrospectively to all of the prior periods.

For additional information, see Note 1 of the Notes to the Consolidated Financial Statements in this report.

(2) During the year ended December 31, 2019, the Company recorded $800.9 million of losses, net of insurance recoveries, associated with certain legal proceedings and government investigations related to the 2017 cybersecurity incident, exclusive of our legal professional services expenses.

3 unchanged sentences

legal fees and professional services costs to investigate the 2017 cybersecurity incident and respond to legal, government and regulatory claims;

as well as costs to provide free product

and related support to consumers.

as well as costs to provide free credit monitoring product and related support to consumers.

For additional information, see Note 6 of the Notes to the Consolidated Financial Statements in this report.

(3) During the fourth quarter of 2018 and the first quarter of 2015, we recorded a restructuring charge of $46.1 million and $20.7 million, respectively, all of which is recorded in selling, general, and administrative expenses in our Consolidated Statements of (Loss) Income.

(4) During the fourth quarter of 2020, first quarter of 2019 and fourth quarter of 2018, we recorded $31.9 million ($24.3 million, net of tax), $11.5 million ($8.8 million, net of tax) and $46.1 million ($35.0 million, net of tax) of restructuring charges, respectively.

All restructuring charges were recorded in selling, general, and administrative expenses in our Consolidated Statements of Income (Loss).

These restructuring charges primarily relate to a reduction in headcount to support the Company’s strategic objectives and increase the integration of our global operations.

For additional information, see Note 11 of the Notes to the Consolidated Financial Statements in this report.

(4) The Tax Cuts and Jobs Act of 2017 (“Tax Act”), as signed by the President of the United States on December 22, 2017, significantly revised U.S.

For additional information, see Note 11 of the Notes to the Consolidated Financial Statements in Item 8 of this report.

(5) The Tax Cuts and Jobs Act of 2017 (“Tax Act”) significantly revised U.S.

The legislation positively impacted the Company’s ongoing effective tax rate due to the reduction of the U.S.

2 unchanged sentences

international tax system.

Under previous law, foreign earnings were subject to U.S.

tax when repatriated to the U.S.

Under the Tax Act, foreign earnings are generally exempt from U.S.

Additionally, there is a one-time deemed repatriation tax on undistributed foreign earnings and profits.

The Tax Act imposes other U.S.

taxes on “global intangible low taxed income” and “base erosion anti-abuse transactions.” Other significant changes included limitations on the deductibility of interest expense and executive compensation, and repeal of the deduction for domestic production activities.

As a result of the Tax Act, the Company recorded adjustments totaling a net tax benefit of $48.3 million in the fourth quarter of 2017 to provisionally account for the estimated impact.

3 unchanged sentences

For the year ended December 31, 2016, we recorded $40.2 million ($28.2 million, net of tax) for Veda acquisition related amounts.

Of this amount, $30.1 million relates to transaction and integration costs in operating income, $9.2 million is recorded in other income and is the impact of foreign currency changes on the transaction structure, including economic hedges, $0.2 million is recorded in depreciation and amortization, and $0.7 million is recorded in interest expense.

(6) During the second quarter of 2015, the management of Boa Vista Servicos S.A.

(“BVS”), in which we hold a 15% cost method investment, updated the financial projections of BVS.

The updated projections, along with the continued weakness in the Brazilian consumer and small commercial credit markets were considered indicators of impairment.

As a result of these changes, and the associated near-term changes in cash flow expected from the business, we recorded a 46.0 million Brazilian Reais ($14.8 million) impairment of our investment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity