What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-04-21 compared with 2021-10-21 · 140 added, 268 removed, 428 unchanged (49% of the section changed)

2 unchanged sentences

Three Months Ended

September 30,

(In millions, except per share amounts)

7 unchanged sentences

Interest expense ( 39.7 ) ( 37.2 )

Other income, net 27.2 139.1

Consolidated income before income taxes 265.4 306.1

Provision for income taxes ( 58.8 ) ( 76.8 )

Consolidated net income 206.6 229.3

Net income attributable to noncontrolling interests including redeemable noncontrolling interests ( 1.2 ) ( 0.8 )

Net income attributable to Equifax $ 205.4 $ 228.5

Basic earnings per common share:

Net income attributable to Equifax $ 1.68 $ 1.88

Weighted-average shares used in computing basic earnings per share 121.9 121.5

Diluted earnings per common share:

Net income attributable to Equifax $ 1.66 $ 1.86

Weighted-average shares used in computing diluted earnings per share 123.7 123.0

Dividends per common share $ 0.39 $ 0.39

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF INCOME

Nine Months Ended September 30,

(In millions, except per share amounts)

Operating revenue $ 3,670.7 $ 3,009.1

Operating expenses:

Cost of services (exclusive of depreciation and amortization below) 1,455.3 1,256.5

Selling, general and administrative expenses 981.4 955.9

Depreciation and amortization 348.2 289.5

Total operating expenses 2,784.9 2,501.9

Operating income 885.8 507.2

Interest expense ( 107.1 ) ( 104.7 )

Other income, net 32.3 188.3

Other income (expense), net 11.1 ( 0.9 )

Consolidated income before income taxes 303.8 268.5

11 unchanged sentences

See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30,

Shareholders Noncontrolling

Interests Total Equifax

Shareholders Noncontrolling

Interests Total

(In millions)

Net income $ 205.4 $ 1.2 $ 206.6 $ 228.5 $ 0.8 $ 229.3

Other comprehensive income (loss):

Foreign currency translation adjustment ( 100.1 ) ( 1.2 ) ( 101.3 ) 49.4 0.2 49.6

Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net 1.2 — 1.2 ( 0.6 ) — ( 0.6 )

Comprehensive income $ 106.5 $ — $ 106.5 $ 277.3 $ 1.0 $ 278.3

Nine Months Ended September 30,

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

Shareholders Noncontrolling

10 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30, 2021 December 31, 2020

(In millions, except par values)

(In millions, except par values) March 31, 2022 December 31, 2021

Current assets:

Cash and cash equivalents $ 200.9 $ 224.7

Trade accounts receivable, net of allowance for doubtful accounts of $ 11.3 and $ 12.9 at September 30, 2021 and December 31, 2020, respectively

Trade accounts receivable, net of allowance for doubtful accounts of $ 14.9 and $ 13.9 at March 31, 2022 and December 31, 2021, respectively

Prepaid expenses 147.7 108.4

34 unchanged sentences

Authorized shares - 300.0 ;

Issued shares - 189.3 at September 30, 2021 and December 31, 2020;

Outstanding shares - 122.0 and 121.8 at September 30, 2021 and December 31, 2020, respectively

Issued shares - 189.3 at March 31, 2022 and December 31, 2021;

Outstanding shares - 122.3 and 122.1 at March 31, 2022 and December 31, 2021, respectively

Paid-in capital 1,548.8 1,536.7

1 unchanged sentence

Accumulated other comprehensive loss ( 217.7 ) ( 295.4 )

Treasury stock, at cost, 66.7 shares and 66.9 shares at September 30, 2021 and December 31, 2020, respectively

Treasury stock, at cost, 66.4 shares and 66.6 shares at March 31, 2022 and December 31, 2021, respectively

( 2,653.2 ) ( 2,639.2 )

Stock held by employee benefit trusts, at cost, 0.6 shares at September 30, 2021 and December 31, 2020

Stock held by employee benefit trusts, at cost, 0.6 shares at March 31, 2022 and December 31, 2021

( 5.9 ) ( 5.9 )

5 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(In millions)

5 unchanged sentences

Deferred income taxes 40.2 23.1

Loss (gain) on fair market value adjustment of equity investments 0.1 ( 162.8 )

(Gain) loss on fair market value adjustment of equity investments ( 8.3 ) 11.9

(Gain) on divestiture — ( 0.2 )

3 unchanged sentences

Current and long term liabilities, excluding debt ( 489.3 ) ( 180.6 )

Cash provided by operating activities 949.5 649.0

Cash (used in) provided by operating activities ( 198.5 ) 143.4

Investing activities:

2 unchanged sentences

Cash received from divestiture — 1.5

Investment in unconsolidated affiliates, net — ( 10.0 )

Cash used in investing activities ( 268.2 ) ( 973.5 )

1 unchanged sentence

Net short-term borrowings 516.8 ( 0.7 )

Payments on long-term debt ( 1,100.2 ) ( 125.0 )

Borrowings on long-term debt 1,697.3 1,123.3

Treasury stock purchases — ( 34.1 )

4 unchanged sentences

Purchase of noncontrolling interests — ( 3.6 )

Debt issuance costs ( 13.2 ) ( 9.8 )

Cash provided by financing activities 842.4 865.3

Cash provided by (used in) financing activities 444.3 ( 88.6 )

Effect of foreign currency exchange rates on cash and cash equivalents ( 1.4 ) —

Increase in cash and cash equivalents 340.9 1,134.3

Decrease in cash and cash equivalents ( 23.8 ) ( 918.7 )

Cash and cash equivalents, beginning of period 224.7 1,684.6

2 unchanged sentences

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

For the Three Months Ended September 30, 2021

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, 2021 121.8 $ 236.6 $ 1,506.8 $ 4,505.7 $ ( 156.8 ) $ ( 2,625.9 ) $ ( 5.9 ) $ 38.1 $ 3,498.6

Net income — — — 205.4 — — — 1.2 206.6

Other comprehensive loss — — — — ( 98.9 ) — — ( 1.2 ) ( 100.1 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.2 — ( 0.3 ) — — ( 4.9 ) — — ( 5.2 )

Cash dividends ($ 0.39 per share)

— — — ( 47.8 ) — — — — ( 47.8 )

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

Stock-based compensation expense — — 10.9 — — — — — 10.9

Purchases of redeemable noncontrolling interests — — — — — — — ( 7.6 ) ( 7.6 )

Redeemable noncontrolling interest adjustment — — — 14.0 — — — ( 14.0 ) —

Dividends paid to noncontrolling interests — — — — — — — ( 0.7 ) ( 0.7 )

Other — — — 0.1 — — — 0.1 0.2

Balance, September 30, 2021 122.0 $ 236.6 $ 1,517.6 $ 4,677.4 $ ( 255.7 ) $ ( 2,630.8 ) $ ( 5.9 ) $ 15.9 $ 3,555.1

For the Three Months Ended September 30, 2020

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, 2020 121.5 $ 236.6 $ 1,447.8 $ 3,979.5 $ ( 413.2 ) $ ( 2,550.7 ) $ ( 5.9 ) $ 40.2 $ 2,734.3

Net income — — — 228.5 — — — 0.8 229.3

Other comprehensive income — — — — 48.8 — — 0.2 49.0

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.1 — ( 1.0 ) — — 0.3 — — ( 0.7 )

Cash dividends ($ 0.39 per share)

— — — ( 47.6 ) — — — — ( 47.6 )

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

Stock-based compensation expense — — 12.2 — — — — — 12.2

Redeemable noncontrolling interest adjustment — — — ( 1.5 ) — — — 1.5 —

Dividends paid to noncontrolling interests — — — — — — — ( 1.0 ) ( 1.0 )

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

Balance, September 30, 2020 121.6 $ 236.6 $ 1,454.1 $ 4,158.9 $ ( 364.4 ) $ ( 2,550.4 ) $ ( 5.9 ) $ 37.8 $ 2,966.7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS

For the Nine Months Ended September 30, 2021

For the Three Months Ended March 31, 2022

Equifax Shareholders

9 unchanged sentences

Net income — — — 221.8 — — — 1.0 222.8

Other comprehensive loss — — — — ( 84.3 ) — — ( 0.7 ) ( 85.0 )

Other comprehensive income (loss) — — — — 77.7 — — ( 0.3 ) 77.4

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.2 — ( 10.2 ) — — ( 14.0 ) — — ( 24.2 )

Treasury stock purchased under share repurchase program* ( 0.4 ) — — — — ( 69.9 ) — — ( 69.9 )

Cash dividends ($ 0.39 per share)

— — — ( 47.9 ) — — — — ( 47.9 )

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

Stock-based compensation expense — — 22.3 — — — — — 22.3

Purchases of redeemable noncontrolling interests — — — — — — — ( 7.6 ) ( 7.6 )

Redeemable noncontrolling interest adjustment — — — 13.2 — — — ( 13.2 ) —

Dividends paid to noncontrolling interests — — — — — — — ( 0.5 ) ( 0.5 )

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

Other — — ( 0.2 ) — — — — 0.4 0.2

Balance, September 30, 2021 122.0 $ 236.6 $ 1,517.6 $ 4,677.4 $ ( 255.7 ) $ ( 2,630.8 ) $ ( 5.9 ) $ 15.9 $ 3,555.1

* At September 30, 2021, $ 520.2 million was available for future purchases of common stock under our share repurchase authorization.

For the Nine Months Ended September 30, 2020

Balance, March 31, 2022 122.3 $ 236.6 $ 1,548.8 $ 4,925.5 $ ( 217.7 ) $ ( 2,653.2 ) $ ( 5.9 ) $ 17.0 $ 3,851.1

For the Three Months Ended March 31, 2021

Equifax Shareholders

9 unchanged sentences

Net income — — — 201.6 — — — 1.3 202.9

Other comprehensive loss — — — — ( 10.0 ) — — ( 1.5 ) ( 11.5 )

Other comprehensive income — — — — 10.1 — — 1.0 11.1

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 )

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

Other — — — — — — — 0.4 0.4

Balance, September 30, 2020 121.6 $ 236.6 $ 1,454.1 $ 4,158.9 $ ( 364.4 ) $ ( 2,550.4 ) $ ( 5.9 ) $ 37.8 $ 2,966.7

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

Accumulated Other Comprehensive Loss consists of the following components:

September 30, 2021 December 31, 2020

March 31, 2022 December 31, 2021

(In millions)

Foreign currency translation $ ( 214.4 ) $ ( 292.5 )

Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 0.3 and $ 0.5 at September 30, 2021 and December 31, 2020, respectively

Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $ 0.6 and $ 0.4 at March 31, 2022 and December 31, 2021, respectively

( 2.3 ) ( 1.9 )

Cash flow hedging transactions, net of accumulated tax of $ 0.6 and $ 0.7 at September 30, 2021 and December 31, 2020, respectively

Cash flow hedging transactions, net of accumulated tax of $ 0.6 at March 31, 2022 and December 31, 2021

( 1.0 ) ( 1.0 )

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2021

March 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1 unchanged sentence

Nature of Operations.

We collect, analyze and manage various types of financial, demographic, employment and marketing information.

We collect, organize and manage various types of financial, demographic, employment, criminal history 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.

1 unchanged sentence

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

As of September 30, 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 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.

As of March 31, 2022, we operated in the following countries:

Argentina, Australia, Canada, Chile, Costa Rica, Dominican Republic, 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 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, criminal history, 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.

6 unchanged sentences

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, restricted stock units, or other contracts to issue common stock were exercised and resulted in additional common shares outstanding.

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 reporting 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 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,

2021 2020 2021 2020

Three Months Ended March 31,

(In millions)

3 unchanged sentences

Weighted-average shares outstanding (diluted) 123.5 123.2

For the three and nine months ended September 30, 2021 and for the three months ended September 30, 2020, stock options that were anti-dilutive were no t material.

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

For the three months ended March 31, 2022 and 2021, stock options that were anti-dilutive were no t material.

Financial Instruments.

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

Our financial instruments consist primarily 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, 2021 and December 31, 2020, the fair value of our long-term debt, including the current portion, was $ 5.3 billion and $ 4.8 billion, respectively, compared to its carrying value of $ 5.0 billion and $ 4.4 billion, respectively.

The fair value of our fixed-rate debt is determined

using Level 2 inputs such as quoted market prices for publicly traded instruments, and for non-publicly traded instruments, through valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk.

As of March 31, 2022 and December 31, 2021, the fair value of our long-term debt, including the current portion, was $ 4.9 billion and $ 5.2 billion, respectively, compared to its carrying value of $ 5.0 billion for both periods.

Fair Value Measurements.

Fair value is determined based on the assumptions marketplace participants use in pricing the asset or liability.

Fair value is determined based on the assumptions marketplace participants use in pricing an asset or liability.

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).

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

We completed several acquisitions during the nine months ended September 30, 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.

We completed multiple acquisitions during the three months ended March 31, 2022 and the year ended December 31, 2021.

The values of certain assets acquired were recorded at fair value using Level 3 inputs.

The majority of the related current assets acquired and liabilities assumed were recorded at their carrying values as of the date of acquisition, as their carrying values approximated their fair values due to their short-term nature.

The fair values of goodwill and definite-lived intangible assets acquired in these acquisitions were internally or externally estimated primarily based on the income approach.

The fair values of definite-lived intangible assets acquired in these acquisitions were estimated primarily based on the income approach.

The income approach estimates fair value based on the present value of the cash flows that the assets are expected to generate in the future.

We developed internal estimates for the expected cash flows and discount rates used in the present value calculations.

We developed internal estimates for the expected cash flows and discount rates in the present value calculations.

Trade Accounts Receivable and Allowance for Doubtful Accounts.

Accounts receivable are stated at cost.

Accounts receivable are stated at cost and are due in less than a year.

Significant payment terms for customers are identified in the contract.

2 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 and the establishment of specific reserves for customers in an adverse financial condition.

We also consider expected changes in macroeconomic conditions that may impact the collectability of outstanding receivables in determining expected credit losses.

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 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 in the accompanying Consolidated Statements of Income.

Below is a rollforward of our allowance for doubtful accounts for the three and nine months ended September 30, 2021 and 2020, respectively.

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

2021 2020 2021 2020

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.

Below is a rollforward of our allowance for doubtful accounts for the three months ended March 31, 2022 and 2021, respectively.

Three Months Ended March 31,

(In millions)

6 unchanged sentences

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, 2021, these assets were approximately $ 18.9 million, with a corresponding balance in other current liabilities.

As of March 31, 2022, these assets were $ 26.7 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.

3 unchanged sentences

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 $ 124.9 million as of September 30, 2021 based on quoted market prices, resulting in an unrealized gain of $ 17.3 million and unrealized loss of $ 0.1 million for the three and nine months ended September 30, 2021.

The carrying value of the investment was $ 133.8 million as of September 30, 2020,

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, net within the Consolidated Statements of Income.

The carrying value of the investment has been adjusted to $ 95.0 million as of March 31, 2022 based on quoted market prices, resulting in an unrealized gain of $ 27.8 million for the three months ended March 31, 2022.

The carrying value of the investment was $ 106.0 million as of March 31, 2021, resulting in an unrealized loss of $ 11.9 million for the three months ended March 31, 2021.

We have a joint venture in Russia that offers consumer credit services, however, we have determined as of March 31, 2022 that we expect no future economic benefit from the joint venture going forward and have recorded a $ 19.5 million loss to fully impair the investment for the three months ended March 31, 2022.

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

Other Current Liabilities.

Other current liabilities on our Consolidated Balance Sheets consist of the current portion of operating lease liabilities and various accrued liabilities such as costs related to the 2017 cybersecurity incident as described more fully in Note 6.

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, 2021, these funds were approximately $ 18.9 million.

Other current liabilities on our Consolidated Balance Sheets consist of the current portion of our operating lease liabilities and various accrued liabilities such as costs related to the 2017 cybersecurity incident as described more fully in Note 6, interest expense and accrued employee benefits.

Other current liabilities also include the offset to 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 March 31, 2022, these funds were $ 26.7 million.

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

Recent Accounting Pronouncements.

In October 2021, the FASB issued ASU No.

2021-08 “Business Combinations (Topic 805):

Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The update provides clarifying guidance to reduce diversity in practice stating that contract assets and contract liabilities acquired in business combinations should be measured in accordance with Accounting Standards Topic 606, rather than the fair value principles of Accounting Standards Topic 805.

ASU 2021-08 is effective for all public business entities for annual periods beginning after December 15, 2022, although early adoption is permitted.

This guidance must be applied on a prospective basis.

The adoption of this guidance is not expected to have a material impact on our financial position, results of operations or cash flows.

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 2022 2021 $ %

(In millions) (In millions)

(In millions)

Verification Services $ 513.3 $ 385.1 $ 128.2 33 %

7 unchanged sentences

Europe 85.8 77.0 8.8 11 %

Latin America 44.6 40.4 4.2 11 % 130.3 117.8 12.5 11 %

Canada 61.6 60.7 0.9 1 %

Latin America 47.4 41.7 5.7 14 %

Total International 281.3 266.4 14.9 6 %

Global Consumer Solutions 81.7 87.2 ( 5.5 ) ( 6 ) % 245.5 268.0 ( 22.5 ) ( 8 ) %

Total operating revenue $ 1,363.2 $ 1,213.0 $ 150.2 12 %

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, 2021, inclusive of foreign exchange impact:

We expect to recognize as revenue the following amounts related to our remaining performance obligations as of March 31, 2022, inclusive of foreign exchange impact:

Performance Obligation Amount

7 unchanged sentences

2022 Acquisitions and Investments.

In the first quarter of 2022, the Company acquired 100 % of Efficient Hire within the Workforce Solutions operating segment and Data Crédito within the International operating segment.

These acquisitions expand the Company's data assets and product offerings and broaden our geographic footprint.

The Company will account for these acquisitions in accordance with ASC 805, Business Combinations, which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition.

The purchase price allocation for the acquisitions are not yet finalized and open areas relate to measurement of intangible assets, income taxes and working capital.

2021 Acquisitions and Investments.

On February 10, 2021, the Company acquired 100 % of Kount, a provider of fraud prevention and digital identity solutions for $ 640 million within the U.S.

1 unchanged sentence

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.

In the third quarter of 2021, the Company acquired 100 % of Health e(fx) and Teletrack within the Workforce Solutions and USIS business units, respectively, as well as the 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 consist of income taxes and working capital for all acquisitions and purchased intangibles for third quarter acquisitions.

Accordingly, adjustments may 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.

Additionally, the Company acquired 100 % of Appriss Insights on October 1, 2021, for cash consideration of approximately $ 1.825 billion.

Appriss Insights is a source of risk and criminal justice intelligence information and will be reported within the Workforce Solutions business unit.

The Company will account for this acquisition in accordance with ASC 805, Business Combinations, which requires the assets acquired and the liabilities assumed to be measured at fair value at the date of the acquisition.

The accounting for the acquisition is incomplete as of the date of this filing.

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 2021.

The estimated fair value for all reporting units exceeded the carrying value for those units as of September 30, 2021.

As a result, no goodwill impairment was recorded.

Changes in the amount of goodwill for the nine months ended September 30, 2021, are as follows:

Changes in the amount of goodwill for the three months ended March 31, 2022, are as follows:

Workforce Solutions U.S.

Solutions International Global Consumer Solutions Total

Solutions International Total

Balance, December 31, 2021 $ 2,365.4 $ 1,900.1 $ 1,992.6 $ 6,258.1

2 unchanged sentences

Foreign currency translation — — 47.9 47.9

Divestitures — — ( 1.3 ) — ( 1.3 )

Balance, September 30, 2021 $ 1,234.5 $ 1,774.6 $ 1,968.1 $ 192.0 $ 5,169.2

Balance, March 31, 2022 $ 2,410.6 $ 1,900.1 $ 2,067.4 $ 6,378.1

Indefinite-Lived Intangible Assets.

6 unchanged sentences

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, 2021.

Our indefinite-lived intangible asset carrying amounts did not change materially during the three months ended March 31, 2022.

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 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.

1 unchanged sentence

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 2021 Form 10-K.

Purchased intangible assets at September 30, 2021 and December 31, 2020 consisted of the following:

September 30, 2021 December 31, 2020

Purchased intangible assets at March 31, 2022 and December 31, 2021 consisted of the following:

March 31, 2022 December 31, 2021

Gross Accumulated

10 unchanged sentences

Total definite-lived intangible assets $ 2,884.8 $ ( 977.0 ) $ 1,907.8 $ 2,813.4 $ ( 915.4 ) $ 1,898.0

Amortization expense related to purchased intangible assets was $ 40.1 million and $ 36.0 million during the three months ended September 30, 2021 and 2020, respectively.

Amortization expense related to purchased intangible assets was $ 119.6 million and $ 105.8 million during the nine months ended September 30, 2021 and 2020, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at September 30, 2021 is as follows:

Amortization expense related to purchased intangible assets was $ 57.3 million and $ 39.4 million during the three months ended March 31, 2022 and 2021, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at March 31, 2022 is as follows:

Years ending December 31, Amount

1 unchanged sentence

Thereafter 891.0

Debt outstanding at September 30, 2021 and December 31, 2020 was as follows:

September 30, 2021 December 31, 2020

Debt outstanding at March 31, 2022 and December 31, 2021 was as follows:

March 31, 2022 December 31, 2021

(In millions)

Commercial paper $ 836.0 $ 321.9

Notes, 2.3 %, due June 2021

Notes, 3.6 %, due August 2021

Notes, Floating Rate, due August 2021 — 300.0

Notes, 3.3 %, due December 2022

7 unchanged sentences

Notes, 2.35 %, due September 2031

1,000.0 1,000.0

Notes, 7.0 %, due July 2037

5 unchanged sentences

2.35 % Senior Notes .

On August 11, 2021, we issued $ 1.0 billion aggregate principal amount of 2.35 % ten-year Senior Notes due 2031 (the “2031 Notes”) in an underwritten public offering.

Interest on the 2031 Notes accrues at a rate of 2.35 % per year and is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2022.

The net proceeds of the sale of the 2031 Notes were used to repay the $ 300.0 million 3.6 % Senior Notes due 2021 and $ 300.0 million Floating Rate Notes due 2021.

The remaining proceeds will be used for general corporate purposes, which may include the repayment of borrowings under the our commercial paper program or the funding of acquisitions, including the Company’s $ 1.825 billion acquisition of Appriss Insights.

In August 2021, we issued $ 1.0 billion aggregate principal amount of 2.35 % ten-year Senior Notes due 2031 (the “2031 Notes”) in an underwritten public offering.

Interest on the 2031 Notes accrues at a rate of 2.35 % per year and is payable semi-annually in arrears on March 15 and September 15 of each year.

The net proceeds of the sale of the 2031 Notes were used to repay our then-outstanding $ 300.0 million 3.6 % Senior Notes due 2021 and $ 300.0 million Floating Rate Notes due 2021.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our commercial paper program and the funding of acquisitions, including our acquisition of Appriss Insights in the fourth quarter of 2021.

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 2031 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

2.6 % and 3.1 % Senior Notes.

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 of each year.

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 were used for general corporate purposes, which included the repayment of a portion of the 2021 debt maturities.

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

Senior Credit Facilities.

In August 2021, the Company refinanced the existing unsecured revolving credit facility of $ 1.1 billion set to expire September 2023, and entered into a new $ 1.5 billion five-year unsecured revolving credit facility (the “Revolver”) and a new $ 700.0 million delayed draw term loan (“Term Loan”), collectively known as the “Senior Credit Facilities,” both which mature in August 2026.

Borrowings under the Senior Credit Facilities may be used for working capital, for capital expenditures, to refinance existing debt, to finance acquisitions, including the acquisition of Appriss Insights, and for other general corporate purposes.

In August 2021, we refinanced our existing unsecured revolving credit facility of $ 1.1 billion set to expire September 2023, and entered into a new $ 1.5 billion five-year unsecured revolving credit facility (the “Revolver”) and a new $ 700.0 million delayed draw term loan (“Term Loan”), collectively known as the “Senior Credit Facilities,” both of which mature in August 2026.

Borrowings under the Senior Credit Facilities may be used for working capital, for capital expenditures, to refinance existing debt, to finance acquisitions and for other general corporate purposes.

The Revolver includes an option to request a maximum of three one-year extensions of the maturity date, any time after the first anniversary of the closing date of the Revolver.

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 Revolver.

As of September 30, 2021, there were $ 500.0 million of outstanding commercial paper notes, $ 0.7 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $ 700 million outstanding under the Term Loan.

Availability under the Revolver was $ 1.0 billion at September 30, 2021.

As of March 31, 2022, there were $ 836.0 million of outstanding commercial paper notes, $ 0.7 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $ 700.0 million outstanding under the Term Loan.

Availability under the Revolver was $ 663.3 million at March 31, 2022.

Commercial Paper Program.

In the third quarter of 2021, we increased the size of our commercial paper program from $ 1.1 billion to $ 1.5 billion, consistent with the increase in our Revolver.

The $ 1.5 billion 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 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 September 30, 2021, there were $ 500.0 million of outstanding commercial paper notes.

In the third quarter of 2021, we increased the size of our commercial paper (“CP”) program from $ 1.1 billion to $ 1.5 billion, consistent with the increase in our Revolver.

The $ 1.5 billion CP 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 variable or a fixed rate, plus the applicable margin.

Maturities of CP 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 March 31, 2022, there were $ 836.0 million of outstanding CP notes.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K.

6 unchanged sentences

The Company’s participation in these settlements does not constitute an admission by the Company of any fault or liability, and the Company does not admit fault or liability.

We believe it is probable that we will incur losses associated with certain of the proceedings and investigations related to the 2017 cybersecurity incident.

In 2019, we recorded expenses, net of insurance recoveries, of $ 800.9 million in other current liabilities in our Consolidated Balance Sheets, exclusive of our legal and professional services expenses.

10 unchanged sentences

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.

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

consumers identified by the Company whose personal information was compromised as a result of the 2017 cybersecurity incident as well as to pay reasonable attorneys’ fees and reasonable costs and expenses for the plaintiffs’ counsel in the U.S.

13 unchanged sentences

On August 12, 2021, the MDL Court made the Eleventh Circuit’s mandate the judgment of the MDL Court.

Since that time, one objector has filed a petition for a writ of certiorari with the U.S.

Supreme Court.

The deadline for any other objectors to file such petitions is October 27, 2021.

Until all such petitions to the U.S.

Supreme Court are finally adjudicated or dismissed, we can provide no assurance that the U.S.

Consumer MDL Litigation will be resolved as contemplated by the settlement agreement.

If the Eleventh Circuit’s June 3, 2021 order affirming approval of the settlement (except with respect to incentive awards, as discussed above) is reviewed and reversed by the U.S.

Supreme Court, there is a risk that we would not be able to settle the U.S.

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

Two objectors filed petitions for a writ of certiorari with the U.S.

Supreme Court, and on January 10, 2022, the U.S.

Supreme Court denied the last remaining petition.

On January 11, 2022, the Consumer Settlement became effective.

Other Matters .

5 unchanged sentences

Four putative class actions arising from the 2017 cybersecurity incident were filed against us in Fulton County Superior Court and Fulton County State Court in Georgia based on similar allegations and theories as alleged in the U.S.

Consumer MDL Litigation and seek monetary damages, injunctive relief and other related relief on behalf of Georgia citizens.

Consumer MDL Litigation and seek monetary damages, injunctive relief and other related

relief on behalf of Georgia citizens.

These cases were transferred to a single judge in the Fulton County Business Court and three of the cases were consolidated into a single action.

On July 27, 2018, the Fulton County Business Court granted the Company’s motion to stay the remaining single case, and on August 17, 2018, the Fulton County Business Court granted the Company’s motion to stay the consolidated case.

These cases remain stayed pending final resolution of the U.S.

Consumer MDL Litigation.

Because the plaintiffs in the four putative class actions did not opt out of the Consumer Settlement that became effective on January 11, 2022, these cases have been dismissed and are now closed.

Canadian Class Actions .

4 unchanged sentences

We appealed one of the claims on which a class was certified and on June 9, 2021, our appeal was granted by the Ontario Divisional Court.

The plaintiff has since filed a notice of further appeal.

The plaintiff has since filed a notice of further appeal with the Ontario Court of Appeal, which is scheduled to be heard in June 2022.

All remaining purported class actions are at preliminary stages or stayed.

Government Investigations .

We have cooperated with federal, state and foreign governmental agencies and officials investigating or otherwise seeking information, testimony and/or documents, regarding the 2017 cybersecurity incident and related matters and most of these investigations have been resolved as discussed in prior filings.

We have cooperated with federal, state and foreign governmental agencies and officials investigating or otherwise seeking information, testimony and/or documents, regarding the 2017 cybersecurity incident and related matters and these investigations have been resolved as discussed in prior filings.

The U.K.’s Financial Conduct Authority (“FCA”) opened an enforcement investigation against our U.K.

2 unchanged sentences

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

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 could have a material adverse effect on our financial condition and results of operations.

Although we continue to cooperate in the Canadian class action proceedings and the FCA investigation, an adverse outcome to any such proceedings and investigation could subject us to fines or other obligations, which could have a material adverse effect on our financial condition and results of operations.

Data Processing, Outsourcing Services and Other Agreements

We have separate agreements with Google, Amazon Web Services, IBM, Tata Consultancy Services and others to outsource portions of our network and security infrastructure, computer data processing operations, applications development, business continuity and recovery services, help desk service and desktop support functions, operation of our voice and data networks, maintenance and related functions and to provide certain other administrative and operational services.

We have separate agreements with Google, Amazon Web Services, IBM, Tata Consultancy Services and others to outsource portions of our network and security infrastructure, computer data processing operations, applications development, business continuity and recovery services, help desk service and desktop support functions, operation of our voice, data and cloud computing networks, maintenance and related functions and to provide certain other administrative and operational services.

The agreements expire between 2022 and 2027.

Annual payment obligations in regard to these agreements vary due to factors such as the volume of data processed;

6 unchanged sentences

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 not material at September 30, 2021 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, 2022 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 not material at September 30, 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.

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, 2022.

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

We have agreed to standard indemnification clauses in many of our lease agreements for office space, covering such things as tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises.

Certain of our credit agreements include provisions which require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations.

In conjunction with certain transactions, such as sales or purchases of operating assets or services in the ordinary course of business, or the disposition of certain assets or businesses, we sometimes provide routine indemnifications, the terms of which range in duration and sometimes are not limited.

In conjunction with certain transactions, such as sales or purchases of operating assets or services in the ordinary course of business, or the

disposition of certain assets or businesses, we sometimes provide routine indemnifications, the terms of which range in duration and sometimes are not limited.

Additionally, the Company has entered into indemnification agreements with its directors and executive officers to indemnify such individuals to the fullest extent permitted by applicable law against liabilities that arise by reason of their status as directors or officers.

3 unchanged sentences

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 that is available.

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

5 unchanged sentences

Effective Tax Rate

Our effective income tax rate was 22.1 % for the three months ended September 30, 2021, compared to 25.1 % for the three months ended September 30, 2020.

Our effective income tax rate was 22.9 % for the nine months ended September 30, 2021, compared to 24.1 % for the nine months ended September 30, 2020.

Our effective tax rate was lower for the third quarter and first nine months of 2021 as compared to 2020 due to a lower foreign income tax rate differential in 2021 due to the changes in fair value of our investment in Brazil.

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 in the first quarter of 2020 was approximately $ 7.0 million.

Our effective income tax rate was 26.7 % for the three months ended March 31, 2022, compared to 24.4 % for the three months ended March 31, 2021.

Our effective tax rate was higher during the first quarter of 2022 as compared to 2021 due to a greater foreign income tax rate differential and a change in deferred tax balances driven by a change in state law.

The increase in the foreign rate differential was driven by the fair value adjustment of our equity investment in Brazil and adjustment to fully impair our investment in Russia.

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the nine months ended September 30, 2021, are as follows:

Changes in accumulated other comprehensive loss by component, after tax, for the three months ended March 31, 2022, are as follows:

currency Pension and other

7 unchanged sentences

Net current-period other comprehensive income (loss) 78.1 ( 0.4 ) — 77.7

Balance, September 30, 2021 $ ( 253.3 ) $ ( 1.4 ) $ ( 1.0 ) $ ( 255.7 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of September 30, 2021.

Balance, March 31, 2022 $ ( 214.4 ) $ ( 2.3 ) $ ( 1.0 ) $ ( 217.7 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of March 31, 2022.

RESTRUCTURING CHARGES

In the fourth quarter of 2021, we recorded $ 8.6 million ($ 6.5 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 $ 25.5 million of the 2020 restructuring costs with $ 4.3 million and $ 21.5 million of it paid during the three and nine months ended September 30, 2021, respectively.

The remaining future payments are expected to be completed in the fourth quarter of 2021.

This charge was 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.

As of March 31, 2022, $ 3.1 million of the fourth quarter 2021 restructuring charge has been paid, with the remaining future payments expected to be completed later in 2022.

SEGMENT INFORMATION

Reportable Segments.

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

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

– Workforce Solutions

1 unchanged sentence

– International

– Global Consumer Solutions (“GCS”)

The accounting policies of the reportable segments are the same as those described in our summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in our 2021 Form 10-K.

We evaluate the performance of these reportable segments based on their operating revenues, operating income and operating margins, excluding unusual or infrequent items, if any.

We evaluate the performance of these reportable segments based on their operating revenues, operating income and operating margins, excluding any unusual or infrequent items, if any.

The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment.

3 unchanged sentences

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.

This segment includes employment, income, criminal history and social security number verification services as well as complementary payroll-based transaction services, employment tax management services and identity theft protection products.

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 services;

This segment includes consumer and commercial information services (such as credit information and credit scoring, credit modeling services and portfolio analytics, locate services, fraud detection and prevention services, identity verification services and other consulting services);

mortgage services;

financial marketing services;

and identity management.

identity management;

and credit monitoring products sold to resellers or directly to consumers.

International.

This segment includes information services products, which includes consumer and commercial services (such as credit and financial information, credit scoring and credit modeling services), credit and other marketing products and services.

In Asia Pacific, Europe, Latin America and Canada, we also provide information, technology and services to support debt collections and recovery management.

Global Consumer Solutions.

This segment includes credit information, credit monitoring and identity theft protection products sold directly and indirectly to consumers via the internet and in various hard-copy formats in the U.S., Canada, and the U.K.

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, 2021 and 2020 are as follows:

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

In Asia Pacific, Europe, Canada and Latin America we also provide information, technology and services to support debt collections and recovery management.

In Europe and Canada we also provide credit monitoring products to resellers or directly to consumers.

Operating revenue and operating income by operating segment during the three months ended March 31, 2022 and 2021 are as follows:

Three Months Ended

(In millions) March 31,

Operating revenue:

2021 2020 2021 2020

Workforce Solutions $ 649.0 $ 487.2

1 unchanged sentence

International 281.3 266.4

Global Consumer Solutions 81.7 87.2 245.5 268.0

Total operating revenue $ 1,363.2 $ 1,213.0

Three Months Ended Nine Months Ended

(In millions) September 30, September 30,

Three Months Ended

(In millions) March 31,

Operating income:

2021 2020 2021 2020

Workforce Solutions $ 308.4 $ 265.7

1 unchanged sentence

International 37.0 29.8

Global Consumer Solutions 11.8 12.5 37.7 33.4

General Corporate Expense ( 134.5 ) ( 143.8 )

Total operating income $ 332.4 $ 306.6

Total assets by operating segment at September 30, 2021 and December 31, 2020 are as follows:

September 30, December 31,

Total assets by operating segment at March 31, 2022 and December 31, 2021 are as follows:

March 31, December 31,

(In millions) 2022 2021

3 unchanged sentences

International 3,403.4 3,271.5

Global Consumer Solutions 328.5 319.1

General Corporate 835.3 789.7

1 unchanged sentence

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