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Item 1. Financial Statements

2021-04-22 compared with 2020-10-22 · 123 added, 326 removed, 450 unchanged (50% of the section changed)

2 unchanged sentences

Three Months Ended

September 30,

(In millions, except per share amounts)

7 unchanged sentences

Interest expense ( 37.2 ) ( 30.7 )

Other income, net 133.4 2.9

Other (expense) income, net ( 0.9 ) 51.1

Consolidated income before income taxes 268.5 156.3

11 unchanged sentences

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Nine Months Ended September 30,

(In millions, except per share amounts)

Operating revenue $ 3,009.1 $ 2,601.8

Operating expenses:

Cost of services (exclusive of depreciation and amortization below) 1,256.5 1,138.9

Selling, general and administrative expenses 955.9 1,601.2

Depreciation and amortization 289.5 244.2

Total operating expenses 2,501.9 2,984.3

Operating income (loss) 507.2 ( 382.5 )

Interest expense ( 104.7 ) ( 82.3 )

Other income, net 171.1 7.9

Consolidated income (loss) before income taxes 573.6 ( 456.9 )

(Provision) benefit for income taxes ( 138.0 ) 53.3

Consolidated net income (loss) 435.6 ( 403.6 )

Net income attributable to noncontrolling interests including redeemable noncontrolling interests ( 2.9 ) ( 4.4 )

Net income (loss) attributable to Equifax $ 432.7 $ ( 408.0 )

Basic earnings per common share:

Net income (loss) attributable to Equifax $ 3.56 $ ( 3.38 )

Weighted-average shares used in computing basic earnings per share 121.4 120.8

Diluted earnings per common share:

Net income (loss) attributable to Equifax $ 3.53 $ ( 3.35 )

Weighted-average shares used in computing diluted earnings per share 122.7 122.0

Dividends per common share $ 1.17 $ 1.17

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,

Three Months Ended March 31,

Shareholders Noncontrolling

6 unchanged sentences

Foreign currency translation adjustment 10.4 1.0 11.4 ( 291.0 ) ( 2.2 ) ( 293.2 )

Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net 3.8 — 3.8 3.0 — 3.0

Comprehensive income $ 277.4 $ 1.0 $ 278.4 $ 3.6 $ — $ 3.6

Nine Months Ended September 30,

Shareholders Noncontrolling

Interests Total Equifax

Shareholders Noncontrolling

Interests Total

(In millions)

Net income (loss) $ 432.7 $ 2.9 $ 435.6 $ ( 408.0 ) $ 4.4 $ ( 403.6 )

Other comprehensive income (loss):

Foreign currency translation adjustment ( 8.2 ) ( 1.5 ) ( 9.7 ) ( 100.3 ) ( 1.5 ) ( 101.8 )

Change in unrecognized prior service cost and actuarial losses related to our pension and other postretirement benefit plans, net 11.3 — 11.3 9.0 — 9.0

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

Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net ( 0.3 ) — ( 0.3 ) ( 0.6 ) — ( 0.6 )

Comprehensive income (loss) $ 211.7 $ 2.3 $ 214.0 $ ( 174.7 ) $ ( 0.3 ) $ ( 175.0 )

1 unchanged sentence

CONSOLIDATED BALANCE SHEETS

September 30, 2020 December 31, 2019

March 31, 2021 December 31, 2020

(In millions, except par values)

1 unchanged sentence

Cash and cash equivalents $ 765.9 $ 1,684.6

Trade accounts receivable, net of allowance for doubtful accounts of $ 15.8 and $ 11.2 at September 30, 2020 and December 31, 2019, respectively

Trade accounts receivable, net of allowance for doubtful accounts of $ 11.8 and $ 12.9 at March 31, 2021 and December 31, 2020, respectively

Prepaid expenses 138.8 104.1

34 unchanged sentences

Authorized shares - 300.0 ;

Issued shares - 189.3 at September 30, 2020 and December 31, 2019;

Outstanding shares - 121.6 and 121.2 at September 30, 2020 and December 31, 2019, respectively

Issued shares - 189.3 at March 31, 2021 and December 31, 2020;

Outstanding shares - 121.7 and 121.8 at March 31, 2021 and December 31, 2020, respectively

Paid-in capital 1,489.5 1,470.7

1 unchanged sentence

Accumulated other comprehensive loss ( 161.3 ) ( 171.4 )

Treasury stock, at cost, 67.1 shares and 67.5 shares at September 30, 2020 and December 31, 2019, respectively

Treasury stock, at cost, 67.0 shares and 66.9 shares at March 31, 2021 and December 31, 2020, respectively

( 2,582.9 ) ( 2,547.0 )

Stock held by employee benefit trusts, at cost, 0.6 shares at September 30, 2020 and December 31, 2019

Stock held by employee benefit trusts, at cost, 0.6 shares at March 31, 2021 and December 31, 2020

( 5.9 ) ( 5.9 )

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions)

Operating activities:

Consolidated net income (loss) $ 435.6 $ ( 403.6 )

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

Consolidated net income $ 202.9 $ 118.8

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

Depreciation and amortization 116.7 94.3

1 unchanged sentence

Deferred income taxes 23.1 18.5

Gain on fair market value adjustment of equity investments ( 162.8 ) —

Loss (gain) on fair market value adjustment of equity investments 11.9 ( 32.9 )

Gain on divestiture ( 0.2 ) —

Changes in assets and liabilities, excluding effects of acquisitions:

6 unchanged sentences

Acquisitions, net of cash acquired ( 862.0 ) ( 48.1 )

Investment in unconsolidated affiliates, net ( 10.0 ) ( 25.0 )

Cash received from divestiture 1.5 —

Cash used in investing activities ( 973.5 ) ( 136.1 )

1 unchanged sentence

Net short-term borrowings ( 0.7 ) 0.2

Payments on long-term debt ( 125.0 ) ( 50.0 )

Borrowings on long-term debt — 125.0

Treasury stock purchases ( 34.1 ) —

Dividends paid to Equifax shareholders ( 47.5 ) ( 47.3 )

4 unchanged sentences

Debt issuance costs — ( 1.6 )

Cash provided by financing activities 865.3 426.4

Cash (used in) provided by financing activities ( 88.6 ) 92.7

Effect of foreign currency exchange rates on cash and cash equivalents — ( 18.8 )

Increase (decrease) in cash and cash equivalents 1,134.3 ( 56.1 )

Decrease in cash and cash equivalents ( 918.7 ) ( 31.4 )

Cash and cash equivalents, beginning of period 1,684.6 401.3

1 unchanged sentence

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE LOSS

For the Three Months Ended September 30, 2020

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS

For the Three Months Ended March 31, 2021

Equifax Shareholders

7 unchanged sentences

(In millions, except per share amounts)

Balance, June 30, 2020 121.5 $ 236.6 $ 1,447.8 $ 4,248.0 $ ( 681.7 ) $ ( 2,550.7 ) $ ( 5.9 ) $ 40.2 $ 2,734.3

Balance, December 31, 2020 121.8 $ 236.6 $ 1,470.7 $ 4,185.4 $ ( 171.4 ) $ ( 2,547.0 ) $ ( 5.9 ) $ 41.9 $ 3,210.3

Net income — — — 201.6 — — — 1.3 202.9

1 unchanged sentence

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.1 — ( 0.3 ) — — ( 1.8 ) — — ( 2.1 )

Treasury stock purchased under share repurchase program* ( 0.2 ) — — — — ( 34.1 ) — — ( 34.1 )

Cash dividends ($ 0.39 per share)

5 unchanged sentences

Purchases of noncontrolling interests — — ( 1.8 ) — — — — ( 1.8 ) ( 3.6 )

Balance, September 30, 2020 121.6 $ 236.6 $ 1,454.1 $ 4,423.1 $ ( 628.5 ) $ ( 2,550.4 ) $ ( 5.9 ) $ 37.8 $ 2,966.8

At September 30, 2020, $ 590.1 million was available for future purchases of common stock under our share repurchase authorization.

For the Three Months Ended September 30, 2019

Equifax Shareholders

Accumulated Other Comprehensive Loss Stock

Held By Employee Benefits Trusts

Outstanding Amount Paid-In

Capital Retained

Earnings Treasury

Stock Noncontrolling

Interests Total

(In millions, except per share amounts)

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

Net income — — — 81.1 — — — 1.4 82.5

Other comprehensive loss — — — — ( 77.5 ) — — ( 1.4 ) ( 78.9 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.2 — 0.1 — — 3.9 — — 4.0

Cash dividends ($ 0.39 per share)

— — — ( 47.4 ) — — — — ( 47.4 )

Dividends paid to employee benefits trusts — — 0.2 — — — — — 0.2

Stock-based compensation expense — — 10.8 — — — — — 10.8

Redeemable noncontrolling interest adjustment — — — 1.2 — — — ( 1.2 ) —

Balance, September 30, 2019 121.1 $ 236.6 $ 1,392.6 $ 4,170.4 $ ( 717.5 ) $ ( 2,560.4 ) $ ( 5.9 ) $ 43.3 $ 2,559.1

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND OTHER COMPREHENSIVE LOSS

For the Nine Months Ended September 30, 2020

Balance, March 31, 2021 121.7 $ 236.6 $ 1,489.5 $ 4,342.0 $ ( 161.3 ) $ ( 2,582.9 ) $ ( 5.9 ) $ 39.0 $ 3,357.0

* At March 31, 2021, $ 556.0 million was available for future purchases of common stock under our share repurchase authorization.

For the Three Months Ended March 31, 2020

Equifax Shareholders

9 unchanged sentences

Net income — — — 116.9 — — — 1.9 118.8

Other comprehensive income (loss) — — — — 3.1 — — ( 1.5 ) 1.6

Other comprehensive loss — — — — ( 291.6 ) — — ( 2.2 ) ( 293.8 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.2 — 7.6 — — 3.5 — — 11.1

5 unchanged sentences

Dividends paid to noncontrolling interests — — — — — — — ( 0.3 ) ( 0.3 )

Purchases of noncontrolling interests — — ( 5.1 ) — — — — ( 3.9 ) ( 9.0 )

Cumulative adjustment from change in accounting principle — — — ( 0.4 ) — — — — ( 0.4 )

Other — — ( 0.1 ) 0.1 — — — — —

Balance, September 30, 2020 121.6 $ 236.6 $ 1,454.1 $ 4,423.1 $ ( 628.5 ) $ ( 2,550.4 ) $ ( 5.9 ) $ 37.8 $ 2,966.8

At September 30, 2020, $ 590.1 million was available for future purchases of common stock under our share repurchase authorization.

For the Nine Months Ended September 30, 2019

Equifax Shareholders

Accumulated Other Comprehensive Loss Stock

Held By Employee Benefits Trusts

Outstanding Amount Paid-In

Capital Retained

Earnings Treasury

Stock Noncontrolling

Interests Total

(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 — — — ( 408.0 ) — — — 4.4 ( 403.6 )

Other comprehensive loss — — — — ( 91.2 ) — — ( 1.5 ) ( 92.7 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.5 — ( 5.3 ) — — 10.6 — — 5.3

Cash dividends ($ 1.17 per share)

— — — ( 142.1 ) — — — — ( 142.1 )

Dividends paid to employee benefits trusts — — 0.7 — — — — — 0.7

Stock-based compensation expense — — 40.6 — — — — — 40.6

Redeemable noncontrolling interest adjustment — — — 2.7 — — — ( 2.7 ) —

Dividends paid to noncontrolling interests — — — — — — — ( 4.8 ) ( 4.8 )

Balance, September 30, 2019 121.1 $ 236.6 $ 1,392.6 $ 4,170.4 $ ( 717.5 ) $ ( 2,560.4 ) $ ( 5.9 ) $ 43.3 $ 2,559.1

Balance, March 31, 2020 121.4 $ 236.6 $ 1,431.6 $ 3,924.1 $ ( 646.0 ) $ ( 2,553.9 ) $ ( 5.9 ) $ 43.3 $ 2,429.8

Accumulated Other Comprehensive Loss consists of the following components:

September 30, 2020 December 31, 2019

March 31, 2021 December 31, 2020

(In millions)

Foreign currency translation $ ( 158.0 ) $ ( 168.4 )

Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 84.5 and $ 88.4 at September 30, 2020 and December 31, 2019, respectively

Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 0.6 and $ 0.5 at March 31, 2021 and December 31, 2020, respectively

( 2.3 ) ( 2.0 )

Cash flow hedging transactions, net of accumulated tax of $ 0.7 at September 30, 2020 and December 31, 2019, respectively

Cash flow hedging transactions, net of accumulated tax of $ 0.6 and $ 0.7 at March 31, 2021 and December 31, 2020, respectively

( 1.0 ) ( 1.0 )

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2020

March 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

5 unchanged sentences

We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers.

As of September 30, 2020, we operated in the following countries:

As of March 31, 2021, 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 Russia through a joint venture, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and the United Arab Emirates and have an investment in a consumer and commercial credit information company in Brazil.

We also offer Equifax branded credit services in Russia through a joint venture, have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia and Singapore and have an investment in a consumer and commercial credit information company in Brazil.

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.

9 unchanged sentences

Diluted EPS is calculated to reflect the potential dilution that would occur if stock options, restricted stock units, 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.

The net income amounts used in both our basic and diluted EPS calculations are the same.

A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

Three Months Ended March 31,

(In millions)

3 unchanged sentences

Weighted-average shares outstanding (diluted) 123.2 122.6

For the three months ended September 30, 2020 and 2019, stock options that were anti-dilutive were no t material.

For the nine months ended September 30, 2020 and 2019, stock options that were anti-dilutive were 0.6 million and 1.1 million, respectively.

For the three months ended March 31, 2021 and 2020, stock options that were anti-dilutive were no t material.

Financial Instruments.

Our financial instruments consist of cash and cash equivalents, accounts and notes receivable, accounts payable and short- and long-term debt.

The carrying amounts of these items, other than long-term debt, approximate their fair market values due to the short-term nature of these instruments.

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and short and long-term debt.

The carrying amounts of these items, other than long-term debt, approximate their fair

market values due to the short-term nature of these instruments.

The fair value of our fixed-rate debt is determined using Level 2 inputs such as quoted market prices for similar publicly traded instruments and for non-publicly traded instruments through valuation techniques involving observable inputs based on the specific characteristics of the debt instrument.

As of September 30, 2020 and December 31, 2019, the fair value of our long-term debt, including the current portion, was $ 4.7 billion and $ 3.6 billion, respectively, compared to its carrying value of $ 4.4 billion and $ 3.4 billion, respectively.

As of March 31, 2021 and December 31, 2020, the fair value of our long-term debt, including the current portion, was $ 4.7 billion and $ 4.8 billion, respectively, compared to its carrying value of $ 4.4 billion and $ 4.4 billion, respectively.

Fair Value Measurements.

1 unchanged sentence

We use a three level fair value hierarchy to prioritize the inputs used in valuation techniques between observable inputs that reflect quoted prices in active markets, inputs other than quoted prices with observable market data and unobservable data (e.g., a company’s own data).

The following table presents items measured at fair value on a recurring basis:

Fair Value Measurements at Reporting Date Using:

Description Fair Value of Assets

(Liabilities) at

September 30, 2020 Quoted Prices in

Active Markets for

Identical Assets

(Level 1) Significant

(Level 2) Significant

(In millions)

Deferred Compensation Plan Assets (1)

$ 38.5 $ 38.5 $ — $ —

Deferred Compensation Plan Liability (1)

( 38.5 ) — ( 38.5 ) —

Total $ — $ 38.5 $ ( 38.5 ) $ —

(1) We maintain deferred compensation plans that allow for certain management employees to defer the receipt of compensation (such as salary and incentive compensation) until a later date based on the terms of the plan.

The liability representing benefits accrued for plan participants is valued at the quoted market prices of the participants’ investment elections.

The asset consists of mutual funds reflective of the participants’ investment selections and is valued at daily quoted market prices.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis.

We completed various acquisitions during the nine months ended September 30, 2020 and the year ended December 31, 2019.

We completed various acquisitions during the three months ended March 31, 2021 and the year ended December 31, 2020.

The values of net assets acquired and the resulting goodwill were recorded at fair value using Level 3 inputs.

9 unchanged sentences

The allowance for doubtful accounts is based on management's estimate for expected credit losses for outstanding trade accounts receivables.

We determine expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns, the establishment of specific reserves for customers in an adverse financial condition and adjusted based upon our expectations of changes in macro-economic conditions that may impact the collectability of outstanding receivables.

We determine expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns, the establishment of specific reserves for customers in an adverse financial condition and is adjusted based upon our expectations of changes in macroeconomic conditions that may impact the collectability of outstanding receivables.

We reassess the adequacy of the allowance for doubtful accounts each reporting period.

Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income (Loss).

Below is a rollforward of our allowance for doubtful accounts for the three and nine months ended September 30, 2020 and 2019, respectively.

Three Months Ended September 30, Nine Months Ended September 30,

2020 2019 2020 2019

Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income.

Below is a rollforward of our allowance for doubtful accounts for the three months ended March 31, 2021 and 2020, respectively.

Three Months Ended March 31,

(In millions)

Allowance for doubtful accounts, beginning of period $ 12.9 $ 11.2

Current period bad debt expense 0.2 0.9 7.1 4.6

Current period bad debt (recoveries) expense ( 0.3 ) 2.5

Write-offs, net of recoveries ( 0.8 ) ( 0.3 )

1 unchanged sentence

Other Current Assets.

Other current assets on our Consolidated Balance Sheets include amounts receivable from tax authorities and director and officers liability insurance receivable for costs incurred to date related to the 2017 cybersecurity incident that are reimbursable and probable for recovery under our insurance coverage.

Other current assets on our Consolidated Balance Sheets include amounts receivable from tax authorities.

Other current assets also include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

As of September 30, 2020, these assets were approximately $ 18.1 million, with a corresponding balance in other current liabilities.

As of March 31, 2021, these assets were approximately $ 17.9 million, with a corresponding balance in other current liabilities.

These amounts are restricted as to their current use, and will be released according to the specific customer agreements.

2 unchanged sentences

Equity Investment.

We record our equity investment in Brazil within Other Assets using the new measurement method of cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions.

As the fair value of the investment has not historically been readily determinable, our investment has been recorded at cost, less impairment.

On September 30, 2020, the company in which we are invested in Brazil underwent an initial public offering and began to trade publicly in Brazilian stock markets.

The carrying value of the investment has been adjusted to $ 133.8 million based on observable Level 1 inputs as of the date noted above, resulting in an unrealized gain of $ 129.9 million for the three and nine months ended September 30, 2020.

All unrealized gains or losses on the investment are recorded in Other Income (Expense), Net within the Consolidated Statements of Income (Loss).

We record our equity investment in Brazil within Other Assets at fair value, using observable Level 1 inputs.

The carrying value of the investment has been adjusted to $ 106.0 million as of March 31, 2021 based on quoted market prices as of the date noted above, resulting in an unrealized loss of $ 11.9 million for the three months ended March 31, 2021.

All unrealized gains or losses on the investment are recorded in Other income (expense), net within the Consolidated Statements of Income.

Other Current Liabilities.

1 unchanged sentence

Other current liabilities also include corresponding amounts of other current assets related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services.

As of September 30, 2020, these funds were approximately $ 18.1 million.

As of March 31, 2021, these funds were approximately $ 17.9 million.

These amounts are restricted as to their current use and will be released according to the specific customer agreements.

Change in Accounting Principle.

In June 2016, the FASB issued ASU No.

2016-13 “Financial Instruments-Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments” which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost.

ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses.

ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019.

As of January 1, 2020, we adopted the standard.

The adoption of the standard did not have a material impact on our consolidated financial statements with the most significant impact being the increase in allowance for doubtful accounts related to our trade accounts receivable.

The adoption adjustment was recorded to Retained Earnings, as seen in the Consolidated Statements of Changes in Equity.

In January 2017, the FASB issued ASU 2017-04 “Simplifying the Test for Goodwill Impairment (Topic 350).” This standard eliminates Step 2 from the current goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds the reporting unit’s fair value.

This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted.

This guidance must be applied on a prospective basis.

The adoption of this standard did not materially impact our consolidated financial statements or disclosures.

In August 2018, the FASB issued ASU No.

2018-13 “Fair Value Measurement (Topic 820):

Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which eliminates, adds, and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project.

ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods therein, but entities are permitted to early adopt either

the entire standard or only the provisions that eliminate or modify the requirements.

The adoption of this standard did not materially impact our consolidated financial statements or disclosures.

In August 2018, the FASB issued ASU No.

2018-15 “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40):

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” ASU 2018-15 requires that issuers follow the internal-use software guidance in Accounting Standards Codification (ASC) 350-40 to determine which costs to capitalize as assets or expense as incurred.

The ASC 350-40 guidance requires that certain costs incurred during the application development stage be capitalized and other costs incurred during the preliminary project and post-implementation stages be expensed as they are incurred.

ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods therein.

The adoption of the standard did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements.

Retirement Benefits .

In August 2018, the FASB issued ASU No.

2018-14 “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20):

Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans” which requires minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans.

ASU 2018-14 is effective for fiscal years ending after December 15, 2020 and early adoption is permitted.

The adoption of this standard will have an impact on our disclosures and will not materially impact our consolidated financial statements.

Reference Rate Reform .

In March 2020, the FASB issued ASU No.

5 unchanged sentences

Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows:

Three Months Ended September 30, Change Nine Months Ended September 30, Change

Three Months Ended March 31, Change

Consolidated Operating Revenue 2021 2020 $ %

(In millions) (In millions)

(In millions)

Verification Services $ 385.2 $ 220.2 $ 165.0 75 %

Employer Services 95.7 81.4 14.3 17 %

Total Workforce Solutions 480.9 301.6 179.3 59 %

Online Information Solutions 302.0 252.8 49.2 19 %

2 unchanged sentences

Information Solutions 409.4 343.2 66.2 19 %

Verification Services 301.1 185.3 115.8 63 % 773.2 506.5 266.7 53 %

Employer Services 75.7 55.3 20.4 37 % 258.2 192.7 65.5 34 %

Total Workforce Solutions 376.8 240.6 136.2 57 % 1,031.4 699.2 332.2 48 %

Asia Pacific 86.9 69.7 17.2 25 %

6 unchanged sentences

Remaining Performance Obligation – We have elected to disclose only the remaining performance obligations for those contracts with an expected duration of greater than one year and do not disclose the value of remaining performance obligations for contracts in which we recognize revenue at the amount to which we have the right to invoice.

We expect to recognize as revenue the following amounts related to our remaining performance obligations as of September 30, 2020 inclusive of foreign exchange impact:

We expect to recognize as revenue the following amounts related to our remaining performance obligations as of March 31, 2021 inclusive of foreign exchange impact:

Performance Obligation Amount

5 unchanged sentences

Total remaining performance obligation $ 138.3

ACQUISITIONS AND INVESTMENTS

2021 Acquisitions and Investments.

On February 10, 2021, the Company acquired 100 % of the ordinary shares of Kount, a provider of fraud prevention and digital identity solutions for $ 640 million within the USIS business unit.

Additionally in the first quarter of 2021, the Company acquired 100 % of HIREtech and i2Verify within the Workforce Solutions business unit as well as a small acquisition and purchase of the remaining noncontrolling interest of a business within our International business unit.

All of these acquisitions expand the Company's data assets as well as product offerings.

The purchase price allocations for these acquisitions are not yet finalized and open areas related to measurement of intangible assets, income taxes and working capital, as well as the assignment of goodwill recognized in the transactions to the appropriate reporting units.

For the Workforce Solutions acquisitions, management estimated the allocation of purchased intangible assets and goodwill based on an analysis of previous acquisitions.

Accordingly, adjustments will be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date.

2020 Acquisitions and Investments.

In February 2020, we acquired the remaining 40.6 % interest in our India joint venture.

GOODWILL AND INTANGIBLE ASSETS

2 unchanged sentences

We perform our annual goodwill impairment tests as of September 30.

Our annual goodwill impairment testing was completed during the third quarter of 2020.

The estimated fair value for all reporting units exceeded the carrying value for those units as of September 30, 2020.

As a result, no goodwill impairment was recorded.

Changes in the amount of goodwill for the nine months ended September 30, 2020, are as follows:

Solutions Workforce Solutions International Global Consumer Solutions Total

(In millions)

Changes in the amount of goodwill for the three months ended March 31, 2021, are as follows:

Workforce Solutions U.S.

Solutions International Global Consumer Solutions Total

Balance, December 31, 2020 $ 1,010.7 $ 1,286.7 $ 2,007.9 $ 190.5 $ 4,495.8

Acquisitions 128.2 433.1 18.4 — 579.7

Adjustments to initial purchase price allocation — 0.3 — — 0.3

Foreign currency translation — — 13.1 2.0 15.1

Balance, September 30, 2020 $ 1,286.7 $ 1,010.7 $ 1,882.0 $ 186.6 $ 4,366.0

Divestitures — — ( 1.3 ) — ( 1.3 )

Balance, March 31, 2021 $ 1,138.9 $ 1,719.8 $ 2,038.1 $ 192.5 $ 5,089.3

Indefinite-Lived Intangible Assets.

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As a result, no impairment was recorded.

Our indefinite-lived intangible asset carrying amounts did not change materially during the nine months ended September 30, 2020.

Our indefinite-lived intangible asset carrying amounts did not change materially during the three months ended March 31, 2021.

Purchased Intangible Assets.

Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business.

Purchased data files represent the estimated acquisition date fair value of consumer credit files acquired primarily through the purchase of independent credit reporting agencies in the U.S., Canada and Australia.

Purchased data files represent the estimated acquisition date fair value of consumer information files acquired primarily through the purchase of independent credit reporting agencies in the U.S., Canada and Australia.

We expense the cost of modifying and updating credit files in the period such costs are incurred.

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For additional information about the useful lives related to our purchased intangible assets, see Note 1 of the Notes to Consolidated Financial Statements in our 2020 Form 10-K.

Purchased intangible assets at September 30, 2020 and December 31, 2019 consisted of the following:

September 30, 2020 December 31, 2019

Purchased intangible assets at March 31, 2021 and December 31, 2020 consisted of the following:

March 31, 2021 December 31, 2020

Gross Accumulated

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Total definite-lived intangible assets $ 2,104.3 $ ( 838.8 ) $ 1,265.5 $ 1,878.6 $ ( 880.8 ) $ 997.8

Amortization expense related to purchased intangible assets was $ 36.0 million and $ 35.1 million during the three months ended September 30, 2020 and 2019, respectively.

Amortization expense related to purchased intangible assets was $ 105.8 million and $ 104.9 million for the nine months ended September 30, 2020 and 2019, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at September 30, 2020 is as follows:

Amortization expense related to purchased intangible assets was $ 39.4 million and $ 35.0 million during the three months ended March 31, 2021 and 2020, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at March 31, 2021 is as follows:

Years ending December 31, Amount (1)

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Thereafter 561.9

Debt outstanding at September 30, 2020 and December 31, 2019 was as follows:

September 30, 2020 December 31, 2019

(1) Future amortization expense amounts are subject to change as we finalize purchase price allocations.

Debt outstanding at March 31, 2021 and December 31, 2020 was as follows:

March 31, 2021 December 31, 2020

(In millions)

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On April 22, 2020, we issued $ 400.0 million aggregate principal amount of 2.6 % five-year Senior Notes due 2025 (the "2025 Notes") and $ 600.0 million aggregate principal amount of 3.1 % ten-year Senior Notes due 2030 (the "2030 Notes") in an underwritten public offering.

Interest on the 2025 Notes accrues at a rate of 2.6 % per year and is payable semi-annually in arrears on June 15 and December 15, beginning on December 15, 2020.

Interest on the 2030 Notes accrues at a rate of 3.1 % per year and is payable semi-annually in arrears on May 15 and November 15, beginning on November 15, 2020.

The net proceeds of the sale of the notes were used to repay borrowings under our Receivables Facility, while the remaining funds are intended for general corporate purposes, which may include the repayment of a portion of the 2021 debt maturities or borrowings under our Revolver.

We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets.

The 2025 Notes and 2030 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

2.6 % Senior Notes.

On November 15, 2019, we issued $ 750.0 million aggregate principal amount of 2.6 % five-year Senior Notes due 2024 (the “2024 Notes”) in an underwritten public offering.

Interest on the 2025 Notes accrues at a rate of 2.6 % per year and is payable semi-annually in arrears on June 15 and December 15 of each year.

The net proceeds of the sale of the notes were used to repay borrowings under our Receivables Facility and our Commercial Paper program and for general corporate purposes.

Interest on the 2030 Notes accrues at a rate of 3.1 % per year and is payable semi-annually in arrears on May 15 and November 15 of each year.

The net proceeds of the sale of the notes were used to repay borrowings under a $ 225.0 million receivables funding facility (“Receivables Facility”) that was terminated in November 2020, while the remaining funds are intended for general corporate purposes, which may include the repayment of a portion of the 2021 debt maturities or borrowings under our Revolver.

The 2024 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

The 2025 Notes and 2030 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

Senior Credit Facility.

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Availability of the Revolver is reduced by the outstanding principal balance of our commercial paper notes and by any letters of credit issued under the facility.

As of September 30, 2020, there were $ 0.7 million of letters of credit outstanding, no principal drawn amounts under the Revolver, and no commercial paper borrowings.

Availability under the Revolver was $ 1.1 billion at September 30, 2020.

As of March 31, 2021, there were $ 0.7 million of letters of credit outstanding, no principal drawn amounts under the Revolver, and no commercial paper borrowings.

Availability under the Revolver was $ 1.1 billion at March 31, 2021.

Commercial Paper Program.

In the second quarter of 2019, we increased our commercial paper program to $ 1.1 billion.

Our commercial paper program has been established through the private placement of commercial paper notes from time-to-time, in which borrowings bear interest at either a floating rate (based on LIBOR or other benchmarks), or a fixed rate, plus the applicable margin.

Our commercial paper program has been established through the private placement of commercial paper notes from time-to-time, in which borrowings may bear interest at either a floating rate or a fixed rate, plus the applicable margin.

Maturities of commercial paper can range from overnight to 397 days.

Because the CP is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver.

At September 30, 2020, there were no outstanding commercial paper notes.

Receivables Funding Facility.

In 2017, Equifax entered into a $ 225.0 million, two-year receivables funding facility (the “Receivables Facility”), which had an original maturity in November 2019.

In November 2018, we amended the Receivables Facility to extend the maturity to November 2020.

In December 2019, we amended the Receivables Facility to extend the maturity to December 2022.

Under the Receivables Facility, Equifax and certain of its U.S.

subsidiaries sell the eligible third-party receivables of its U.S.

based business, to Equifax Receivables Funding LLC, a consolidated, wholly-owned, bankruptcy-remote subsidiary that may subsequently transfer, without recourse, an undivided interest in these accounts receivable to investors.

The investors have no recourse to the Company’s other assets except for customary repurchase, warranty and indemnity claims.

Creditors of Equifax do not have recourse to the assets of Equifax Receivables Funding LLC.

The Receivables Facility contains standard representations, warranties and covenants made by Equifax and its U.S.

subsidiaries in connection with the sale of the receivables, and any repurchase, warranty or indemnity obligations of the U.S.

subsidiaries in connection with the sale of the receivables (but no obligations of Equifax Receivables Funding LLC) are guaranteed by Equifax.

There were no outstanding borrowings under the Receivables Facility at September 30, 2020.

The Receivables Facility was supported by $ 313.5 million of accounts receivable as collateral at September 30, 2020 which, as a retained interest, is included in accounts receivable, net in our Consolidated Balance Sheets.

Because the commercial paper is backstopped by our Revolver, the amount of commercial paper which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver.

At March 31, 2021, there were no outstanding commercial paper notes.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2020 Form 10-K.

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2800 (the “U.S.

Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the Attorneys General of 48 states, the District of Columbia and Puerto Rico (the "MSAG Group") and the NYDFS (collectively, the “Consumer Settlement”).

Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the Attorneys General of 48 states, the District of Columbia and Puerto Rico and the NYDFS (collectively, the “Consumer Settlement”).

Under the terms of the Consumer Settlement, the Company will contribute $380.5 million to a non-reversionary settlement fund (the “Consumer Restitution Fund”) to provide restitution for U.S.

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Consumer MDL Litigation on acceptable terms or at all, which could have a material adverse effect on our financial condition.

Other Settlements.

Financial Institutions MDL Class Action .

On May 15, 2020, the Company entered into a settlement agreement to resolve the consolidated financial institutions class action cases pending before the MDL Court (the “Financial Institutions MDL Litigation”).

Under the settlement, the Company agreed to pay for valid claims submitted by class members up to a maximum amount, reasonable settlement administration and notice costs, and reasonable attorneys’ fees and expenses.

The Company also agreed to adopt and/or maintain certain business practices related to its information security program.

The court granted final approval of the settlement on October 22, 2020.

Pennsylvania State Court Financial Institution Class Action .

The Company entered into a settlement agreement to resolve the individual claims brought by one of the original named plaintiffs in the Financial Institutions MDL Litigation in the Court of Common Pleas of Lawrence County, Pennsylvania on behalf of itself and a class of financial institutions headquartered in Pennsylvania.

The claims asserted in this matter were substantially similar to claims asserted by financial institutions that previously were dismissed in the MDL proceeding for lack of standing.

The court granted approval of the settlement on July 13, 2020.

Other Matters .

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We continue to respond to the information requirements and are cooperating with the investigation.

The New York State Attorney General Investor Protection Bureau (“IPB”) issued a subpoena in September 2017 relating to its investigation of whether there has been a violation of the Martin Act.

We have cooperated with the IPB in its investigation, and the IPB has not contacted us regarding the investigation since January 2019.

Although we continue to cooperate in the above investigations and inquiries, an adverse outcome to any such investigations and inquiries could subject us to fines or other obligations, which may have an adverse effect on how we operate our business or our results of operations.

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We may issue standby letters of credit and performance and surety bonds in the normal course of business.

The aggregate notional amounts of all performance and surety bonds and standby letters of credit was no t material at September 30, 2020 and generally have a remaining maturity of one year or less.

The aggregate notional amounts of all performance and surety bonds and standby letters of credit was not material at March 31, 2021 and generally have a remaining maturity of one year or less.

We may issue other guarantees in the ordinary course of business.

The maximum potential future payments we could be required to make under the guarantees in the ordinary course of business was no t material at September 30, 2020.

The maximum potential future payments we could be required to make under the guarantees in the ordinary course of business was not material at March 31, 2021.

We have agreed to guarantee the liabilities and performance obligations (some of which have limitations) of a certain debt collections and recovery management variable interest entity under its commercial agreements.

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In addition to the matters set forth above, we are involved in legal and regulatory matters, government investigations, claims and litigation arising in the ordinary course of business.

We periodically assess our exposure related to these matters based on the information which is available.

We periodically assess our exposure related to these matters based on the information that is available.

We have recorded accruals in our Consolidated Financial Statements for those matters in which it is probable that we have incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated.

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federal, state and international income taxes.

We are generally no longer subject to federal, state, or international income tax examinations by tax authorities for years before 2017 with few exceptions.

We are generally no longer subject to federal, state, or international income tax examinations by tax authorities for years before 2017 with a few exceptions.

Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefit balance may change within the next twelve months by a range of $ 0 to $ 7.0 million.

Effective Tax Rate

Our effective income tax rate was 25.1 % for the three months ended September 30, 2020, compared to 14.5 % for the three months ended September 30, 2019.

Our third quarter effective 2020 tax rate was adversely impacted by the tax treatment associated with the gain on the fair value adjustment of the Brazil investment.

Our effective income tax rate was 24.1 % for the nine months ended September 30, 2020, compared to an 11.7 % benefit for the nine months ended September 30, 2019.

Our effective tax rate was higher year-to-date for 2020 as compared to 2019 due to permanent tax differences resulting from the accrual for losses associated with certain legal proceedings and investigations related to the 2017 cybersecurity incident included in the 2019 effective tax rate.

The 2020 year-to-date rate has been adversely impacted by valuation allowances against the deferred tax assets of certain international operations as well as the tax treatment associated with the gain on the fair value adjustment of the Brazil investment.

However, these impacts were partially offset by favorable adjustments related to the 2019 legal proceedings.

2019 income taxes were calculated using the discrete method, applying the actual year-to-date effective tax rate to our pre-tax loss.

On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (The CARES Act), also known as the Third COVID-19 Supplemental Relief bill, and the President of the United States signed the legislation into law.

The provisions of the legislation have not had a significant impact on the effective tax rate or the income tax payable and deferred income tax positions of the Company.

The adverse economic effects of the current COVID-19 pandemic have caused the Company to reassess the need for valuation allowances against deferred tax assets.

Our effective income tax rate is 24.4 % for the three months ended March 31, 2021, compared to 24.0 % for the three months ended March 31, 2020.

Our effective tax rate was slightly higher during the first quarter of 2021 as compared to 2020 due to a slightly greater foreign income tax rate differential and lower forecasted research and development credits in 2021.

In the first quarter of 2020, the adverse economic effects of the COVID-19 pandemic caused the Company to reassess the need for valuation allowances against deferred tax assets.

As a result of this analysis, the Company determined it was necessary to place valuation allowances against deferred tax assets of certain subsidiaries.

The total amount of the valuation allowances recorded year-to-date is approximately $ 7.0 million.

The total amount of the valuation allowances recorded in the first quarter of 2020 was approximately $ 7.0 million.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the nine months ended September 30, 2020, are as follows:

Changes in accumulated other comprehensive loss by component, after tax, for the three months ended March 31, 2021, are as follows:

currency Pension and other

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Net current-period other comprehensive (loss) income 10.4 ( 0.3 ) — 10.1

Balance, September 30, 2020 $ ( 360.6 ) $ ( 266.8 ) $ ( 1.1 ) $ ( 628.5 )

Reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2020, are as follows:

Details about accumulated other

comprehensive loss components Amount reclassified

from accumulated other

comprehensive loss Affected line item in

the statement where

net income is presented

(In millions)

Amortization of pension and other postretirement plan items:

Prior service cost $ ( 0.3 ) (1)

Recognized actuarial loss 15.3 (1)

15.0 Total before tax

( 3.7 ) Tax benefit

$ 11.3 Net of tax

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (See Note 8 Benefit Plans for additional details).

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of September 30, 2020.

BENEFIT PLANS

We sponsor defined benefit pension plans and defined contribution plans.

For additional information about our benefit plans, see Note 9 of the Notes to Consolidated Financial Statements in our 2019 Form 10-K.

The following table provides the components of net periodic benefit cost.

The service cost component is included in selling, general and administrative expenses and the other components of net periodic benefit cost are included in other income, net in the Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2020 and 2019:

Pension Benefits Other Benefits

Three Months Ended September 30,

2020 2019 2020 2019

(In millions)

Service cost $ 0.4 $ 0.7 $ 0.1 $ 0.1

Interest cost 5.9 7.1 0.1 0.2

Expected return on plan assets ( 8.8 ) ( 9.0 ) ( 0.2 ) ( 0.2 )

Amortization of prior service cost — 0.1 ( 0.1 ) ( 0.3 )

Recognized actuarial loss 4.9 3.7 0.2 0.3

Total net periodic benefit cost $ 2.4 $ 2.6 $ 0.1 $ 0.1

Pension Benefits Other Benefits

Nine months ended September 30,

2020 2019 2020 2019

(In millions)

Service cost $ 1.2 $ 2.1 $ 0.3 $ 0.3

Interest cost 17.7 21.3 0.3 0.6

Expected return on plan assets ( 26.4 ) ( 27.0 ) ( 0.6 ) ( 0.6 )

Amortization of prior service cost — 0.3 ( 0.3 ) ( 0.9 )

Recognized actuarial loss 14.7 11.1 0.6 0.9

Total net periodic benefit cost $ 7.2 $ 7.8 $ 0.3 $ 0.3

Balance, March 31, 2021 $ ( 158.0 ) $ ( 2.3 ) $ ( 1.0 ) $ ( 161.3 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of March 31, 2021.

RESTRUCTURING CHARGES

In the fourth quarter of 2020, we recorded $ 31.9 million ($ 24.3 million, net of tax) of restructuring charges, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income.

These charges were recorded to general corporate expense and resulted from our continuing efforts to realign our internal resources to support the Company’s strategic objectives and primarily relate to a reduction in headcount.

To date, we have paid $ 14.1 million of the 2020 restructuring costs with $ 10.1 million of it paid during the three months ended March 31, 2021.

The remaining future payments are expected to be completed later in 2021.

SEGMENT INFORMATION

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We manage our business and report our financial results through the following four reportable segments, which are the same as our operating segments:

Information Solutions (“USIS”)

– Workforce Solutions

Information Solutions (“USIS”)

– International

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A summary of segment products and services is as follows:

Workforce Solutions.

This segment includes employment, income and social security number verification services as well as complementary payroll-based transaction services and employment tax management services.

Information Solutions.

This segment includes consumer and commercial information services (such as credit information and credit scoring, credit modeling services and portfolio analytics (decisioning tools), which are derived from our databases of business credit and financial information, locate services, fraud detection and prevention services, identity verification services and other consulting services);

mortgage loan origination information;

mortgage loan origination services;

financial marketing services;

and identity management.

Workforce Solutions.

This segment includes employment, income and social security number verification services as well as complementary payroll-based transaction services and employment tax management services.

International.

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We also sell consumer and credit information to resellers who combine our information with other information to provide direct to consumer monitoring, reports and scores.

Operating revenue and operating income by operating segment during the three and nine months ended September 30, 2020 and 2019 are as follows:

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

Operating revenue and operating income by operating segment during the three months ended March 31, 2021 and 2020 are as follows:

Three Months Ended

(In millions) March 31,

Operating revenue:

2020 2019 2020 2019

Information Solutions $ 386.3 $ 315.5 $ 1,095.1 $ 946.5

Workforce Solutions $ 480.9 $ 301.6

Information Solutions 409.4 343.2

International 241.3 216.0

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Total operating revenue $ 1,213.0 $ 957.9

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

Operating income (loss):

2020 2019 2020 2019

Information Solutions $ 128.6 $ 98.2 $ 349.3 $ 312.2

Three Months Ended

(In millions) March 31,

Operating income:

Workforce Solutions $ 264.8 $ 133.5

Information Solutions 139.7 107.6

International 27.8 15.3

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General Corporate Expense ( 139.7 ) ( 133.6 )

Total operating income (loss) $ 204.4 $ 121.6 $ 507.2 $ ( 382.5 )

Total assets by operating segment at September 30, 2020 and December 31, 2019 are as follows:

September 30, December 31,

Total operating income $ 306.6 $ 135.9

Total assets by operating segment at March 31, 2021 and December 31, 2020 are as follows:

March 31, December 31,

(In millions) 2021 2020

Total assets:

Information Solutions $ 1,966.7 $ 1,922.9

Workforce Solutions $ 1,842.1 $ 1,601.3

Information Solutions 2,848.2 2,177.1

International 3,385.6 3,368.3

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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-Q

Item 1. Financial Statements