What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2024-02-22 compared with 2023-02-23 · 364 added, 301 removed, 1308 unchanged (34% of the section changed)

5 unchanged sentences

Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 202 3

Consolidated Balance Sheets at December 31, 2022 and 2021

Consolidated Balance Sheets at December 31, 202 3 a nd 2022

Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 202 3

55 unchanged sentences

The Company determined that a quantitative impairment test was required for the Asia Pacific reporting unit.

Therefore, the Company determined the fair value of this reporting unit as of September 30, 2022, the annual goodwill impairment testing date.

Therefore, the Company determined the fair value of this reporting unit as of the annual goodwill impairment testing date.

In relation to the limited excess fair value of the Asia Pacific reporting unit over the carrying value of the net assets of the reporting unit, auditing management’s annual goodwill impairment test for the Asia Pacific reporting unit required judgement due to the estimation required in determining the fair value of the reporting unit.

In particular, the fair value estimate was sensitive to significant assumptions such as the revenue growth rate for certain businesses, projected EBITDA margins, long-term growth rate, and weighted average cost of capital, which are affected by expectations about future market or economic conditions and the economic performance of the Asia Pacific reporting unit.

In particular, the fair value estimate was sensitive to significant assumptions such as the revenue growth rate and the projected EBITDA margins for certain businesses, long-term growth rate, and weighted average cost of capital, which are affected by expectations about future market or economic conditions and the economic performance of the Asia Pacific reporting unit.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process to quantitatively test the Company’s Asia Pacific reporting unit’s goodwill balance for impairment including among others, controls related to management’s review of the significant assumptions described above and resulting fair value for the Asia Pacific reporting unit.

35 unchanged sentences

2023 2022 2021

Equifax Shareholders Noncontrolling Interests Total Equifax Shareholders Noncontrolling Interests Total Equifax Shareholders Noncontrolling Interests Total

Equifax Shareholders Noncontrolling Interests including Redeemable Noncontrolling Interests Total Equifax Shareholders Noncontrolling Interests including Redeemable Noncontrolling Interests Total Equifax Shareholders Noncontrolling Interests including Redeemable Noncontrolling Interests Total

(In millions)

Net income $ 545.3 $ 6.4 $ 551.7 $ 696.2 $ 4.0 $ 700.2 $ 744.2 $ 4.3 $ 748.5

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustment 42.6 ( 0.5 ) 42.1 ( 176.8 ) ( 0.8 ) ( 177.6 ) ( 124.1 ) ( 0.6 ) ( 124.7 )

Change in unrecognized prior service cost and actuarial (losses) gains related to our pension and other postretirement benefit plans, net ( 1.5 ) — ( 1.5 ) 0.1 — 0.1 ( 1.1 ) — ( 1.1 )

Change in unrecognized prior service cost related to our pension and other postretirement benefit plans, net ( 0.2 ) — ( 0.2 ) ( 1.5 ) — ( 1.5 ) 0.1 — 0.1

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

Other comprehensive (loss) income ( 178.3 ) ( 0.8 ) ( 179.1 ) ( 124.0 ) ( 0.6 ) ( 124.6 ) 183.0 1.2 184.2

Other comprehensive income (loss)

42.5 ( 0.5 ) 42.0 ( 178.3 ) ( 0.8 ) ( 179.1 ) ( 124.0 ) ( 0.6 ) ( 124.6 )

Comprehensive income $ 587.8 $ 5.9 $ 593.7 $ 517.9 $ 3.2 $ 521.1 $ 620.2 $ 3.7 $ 623.9

35 unchanged sentences

Commitments and Contingencies (see Note 6)

Redeemable noncontrolling interests 135.1 —

Equifax shareholders’ equity:

11 unchanged sentences

( 2,635.3 ) ( 2,650.7 )

Stock held by employee benefits trusts, at cost, 0.6 shares at December 31, 2022 and 2021, respectively

Stock held by employee benefits trusts, at cost, 0.6 shares at December 31, 2023 and 2022

( 5.9 ) ( 5.9 )

Total Equifax shareholders’ equity 4,534.1 3,956.5

Noncontrolling interests including redeemable noncontrolling interests 16.8 16.8

Noncontrolling interests 18.3 16.8

Total shareholders’ equity 4,552.4 3,973.3

Total liabilities and equity $ 11,547.9 $ 11,040.9

Total liabilities, redeemable noncontrolling interests, and shareholders' equity $ 12,280.0 $ 11,547.9

See Notes to Consolidated Financial Statements.

8 unchanged sentences

Deferred income taxes ( 70.2 ) 88.1 9.3

(Gain) Loss on fair market value adjustment and gain on sale of equity investment ( 36.8 ) 63.6 ( 149.5 )

(Gain) Loss on fair market value adjustment and gain on sale of equity investments ( 13.8 ) ( 36.8 ) 63.6

(Gain) on sale of asset — — ( 4.6 )

10 unchanged sentences

Cash received from divestitures 6.9 98.8 1.5

Investment in unconsolidated affiliates, net — — ( 10.0 )

Cash used in investing activities ( 878.2 ) ( 959.5 ) ( 3,398.2 )

Financing activities:

Net short-term borrowings 242.2 323.4 ( 0.7 )

Net short-term (payments) borrowings ( 371.2 ) 242.2 323.4

Payments on long-term debt ( 579.3 ) ( 500.0 ) ( 1,100.2 )

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Dividends paid to Equifax shareholders ( 191.8 ) ( 191.1 ) ( 190.0 )

Dividends paid to noncontrolling interests ( 3.1 ) ( 6.5 ) ( 4.6 )

Distributions paid to noncontrolling interests ( 45.6 ) ( 3.1 ) ( 6.5 )

Proceeds from exercise of stock options and employee stock purchase plan 32.3 16.9 46.8

2 unchanged sentences

Debt issuance costs ( 6.2 ) ( 6.2 ) ( 14.5 )

Other — — 0.3

Cash provided by financing activities 273.7 617.7 810.8

Cash (used in) provided by financing activities ( 306.2 ) 273.7 617.7

Effect of foreign currency exchange rates on cash and cash equivalents ( 0.8 ) ( 10.8 ) ( 14.2 )

Increase (decrease) in cash and cash equivalents 60.5 ( 1,459.9 ) 1,283.3

(Decrease) increase in cash and cash equivalents ( 68.4 ) 60.5 ( 1,459.9 )

Cash and cash equivalents, beginning of period 285.2 224.7 1,684.6

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Net income — — — 744.2 — — — 4.3 748.5

Other comprehensive income — — — — 183.0 — — 1.2 184.2

Other comprehensive loss — — — — ( 124.0 ) — — ( 0.6 ) ( 124.6 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.7 — 11.9 — — ( 22.3 ) — — ( 10.4 )

Treasury stock purchased under share repurchase program ($ 197.52 per share)

( 0.4 ) — — — — ( 69.9 ) — — ( 69.9 )

Cash dividends ($ 1.56 per share)

2 unchanged sentences

Stock-based compensation expense — — 54.9 — — — — — 54.9

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

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

Dividends paid to noncontrolling interests — — — — — — — ( 6.5 ) ( 6.5 )

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

Purchases of noncontrolling and redeemable noncontrolling interests — — ( 1.8 ) — — — — ( 9.4 ) ( 11.2 )

Other — — ( 0.2 ) — — — — 0.3 0.1

3 unchanged sentences

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.4 — ( 5.5 ) — — ( 11.5 ) — — ( 17.0 )

Treasury stock purchased under share repurchase program ($ 197.52 per share)*

( 0.4 ) — — — — ( 69.9 ) — — ( 69.9 )

Cash dividends ($ 1.56 per share)

2 unchanged sentences

Stock-based compensation expense — — 62.6 — — — — — 62.6

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

Dividends paid to noncontrolling interests — — — — — — — ( 3.1 ) ( 3.1 )

Purchases of noncontrolling and redeemable noncontrolling interests — — ( 0.3 ) — — — — ( 0.1 ) ( 0.4 )

Other — — ( 0.2 ) — — — — 0.3 0.1

Balance, December 31, 2022 122.5 236.6 1,594.2 5,256.0 ( 473.7 ) ( 2,650.7 ) ( 5.9 ) 16.8 3,973.3

Net income — — — 545.3 — — — 4.9 550.2

Other comprehensive loss — — — — ( 178.3 ) — — ( 0.8 ) ( 179.1 )

Other comprehensive income (loss) — — — — 42.5 — — ( 0.5 ) 42.0

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.3 — 19.1 — — ( 3.9 ) — — 15.2

3 unchanged sentences

Stock-based compensation expense — — 71.8 — — — — — 71.8

Shares issued in acquisition of Boa Vista Serviços 0.5 — 75.3 — — 19.3 — — 94.6

Dividends paid to noncontrolling interests — — — — — — — ( 2.8 ) ( 2.8 )

Purchases of noncontrolling and redeemable noncontrolling interests — — ( 0.3 ) — — — — ( 0.1 ) ( 0.4 )

Other — — — — — — — ( 0.1 ) ( 0.1 )

Balance, December 31, 2023 123.3 $ 236.6 $ 1,761.3 $ 5,608.6 $ ( 431.2 ) $ ( 2,635.3 ) $ ( 5.9 ) $ 18.3 $ 4,552.4

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Nature of Operations.

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

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

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As of December 31, 2023, we operated in the following countries:

Argentina, Australia, Canada, Chile, Costa Rica, Ecuador, El Salvador, Dominican Republic, 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 previously had a joint venture in Russia that offered consumer credit services;

however, during the third quarter of 2022, we completed the sale of this equity method investment.

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.

Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the U.K., Uruguay, and the U.S.

We also have investments in consumer and/or commercial credit information companies through joint ventures in Cambodia, Malaysia, Singapore and Brazil.

On August 7, 2023, we purchased the remaining interest in our equity 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 justice data, 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, payroll processors, 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.

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We consolidate all majority-owned and controlled subsidiaries as well as variable interest entities in which we are the primary beneficiary.

Other parties’ interests in consolidated entities are reported as noncontrolling interests.

Other parties’ interests in consolidated entities are reported as redeemable noncontrolling interests or noncontrolling interests.

We use the equity method of accounting for investments in which we are able to exercise significant influence.

1 unchanged sentence

All intercompany transactions and balances are eliminated.

Our Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented therein.

Our Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented and are of a normal recurring nature.

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

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Revenue Recognition and Deferred Revenue.

In accordance with ASC 606, “Revenue from Contracts with Customers,” we recognize revenue when a performance obligation has been satisfied by transferring a promised good or service to a customer and the customer obtains control of the good or service.

In accordance with Accounting Standards Codification ("ASC") 606, “Revenue from Contracts with Customers,” we recognize revenue when a performance obligation has been satisfied by transferring a promised good or service to a customer and the customer obtains control of the good or service.

In order to recognize revenue, we note that the two parties must have an agreement that creates enforceable rights, the performance obligations must be distinct and the transaction price can be determined.

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Cost of Services.

Cost of services consist primarily of (1) data acquisition and royalty fees;

(2) customer service costs, which include:

personnel costs to collect, maintain and update our proprietary databases, to develop and maintain software application platforms and to provide consumer and customer call center support;

Cost of services consist primarily of (1) data acquisition, royalty fees and revenue share, which represents the cost of amounts owed to our partners for records utilized;

(2) costs to collect information to update and maintain our proprietary databases;

(3) costs to develop and maintain product application fulfillment platforms;

(4) costs to provide consumer and customer support, including call centers;

(5) hardware and software expense associated with transaction processing systems;

2 unchanged sentences

Selling, General and Administrative Expenses.

Selling, general and administrative expenses consist primarily of personnel-related costs, corporate costs, fees for professional and consulting services, advertising costs, restructuring costs and other costs of administration.

Selling, general and administrative expenses consist primarily of personnel-related costs including sales incentives, corporate costs, fees for professional and consulting services, advertising costs, restructuring costs and other costs of administration.

Advertising costs, which are expensed as incurred , totaled $ 67.0 million, $ 70.1 million and $ 70.2 million during 2023, 2022 and 2021, respectively.

1 unchanged sentence

We recognize the cost of stock-based payment transactions in the financial statements over the period services are rendered according to the fair value of the stock-based awards issued.

When employees are identified as retirement eligible and are not required to render additional services to receive the award, the associated expense is recorded at the time of grant.

All of our stock-based awards, which are stock options and nonvested stock, are classified as equity instruments.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Income Taxes.

3 unchanged sentences

We assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred tax assets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized.

We record a valuation allowance, as necessary, to reduce our deferred tax assets to the amount of future tax benefit that we estimate is more likely than not to be realized.

We record tax benefits for positions that we believe are more likely than not of being sustained under audit examinations.

4 unchanged sentences

Earnings Per Share.

Our basic earnings per share, or EPS, is calculated as net income divided by the weighted-average number of common shares outstanding during the reporting period.

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.

9 unchanged sentences

For the twelve months ended December 31, 2023, 0.7 million stock options were anti-dilutive and therefore excluded from this calculation.

For the twelve months ended December 31, 2021, stock options with an anti-dilutive effect were not material.

For the twelve months ended December 31, 2022, 0.6 million stock options were anti-dilutive and therefore excluded from this calculation.

For the twelve months ended December 31, 2021, stock options with an anti-dilutive effect were not material.

Cash Equivalents.

1 unchanged sentence

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.

6 unchanged sentences

Below is a rollforward of our allowance for doubtful accounts for the twelve months ended December 31, 2023 and 2022:

Twelve Months Ended December 30,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Twelve Months Ended

(In millions)

3 unchanged sentences

Allowance for doubtful accounts, end of period $ 16.7 $ 19.1

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Current Assets.

Other current assets also include amounts receivable related to vendor rebates and current tax receivable accounts.

Other current assets on our Consolidated Balance Sheets primarily include amounts receivable related to vendor rebates and from tax authorities.

As of December 31, 2023 and 2022, these assets were approximately $ 40.9 million and $ 55.3 million, respectively.

Additionally, other current assets 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 December 31, 2022 and 2021 these assets were approximately $ 27.0 million and $ 28.5 million, respectively, with fully offsetting balances in other current liabilities.

As of December 31, 2023 and 2022, these assets were approximately $ 34.5 million and $ 27.0 million, respectively, 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

The cost of additions is capitalized.

Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives, which are generally three to ten years for data processing equipment and capitalized internal-use software and systems costs.

Property and equipment are depreciated on a straight-line basis over the assets’ estimated useful lives, which are generally three to seven years for data processing equipment and capitalized internal-use software and systems costs.

Leasehold improvements are depreciated over the shorter of their estimated useful lives or lease terms that are reasonably assured.

6 unchanged sentences

Application development activities that are eligible for capitalization include software design and configuration, development of interfaces, coding, testing and installation.

Capitalized internal-use software and systems costs are subsequently amortized on a straight-line basis over a three - to ten -year period after project completion and when the related software or system is ready for its intended use.

Capitalized internal-use software and systems costs are subsequently amortized on a straight-line basis generally over a three - to seven-year period after project completion and when the related software or system is ready for its intended use.

Depreciation and amortization expense related to property and equipment was $ 360.1 million, $ 323.4 million and $ 304.0 million during the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Industrial Revenue Bonds.

Pursuant to the terms of certain industrial revenue bonds, we previously transferred title to certain of our fixed assets with total costs of $ 156.4 million as of December 31, 2021 to a local governmental authority in the U.S.

to receive a property tax abatement related to economic development.

As of December 31, 2022, the title to these assets had reverted back to us upon the retirement of the applicable bonds.

These fixed assets are recognized in the Company’s Consolidated Balance Sheets as all risks and rewards remain with the Company.

Impairment of Long-Lived Assets.

13 unchanged sentences

We are required to test goodwill for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

We perform our annual goodwill impairment test as of September 30 each year.

We performed our annual goodwill impairment test as of September 30.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

Refer to Note 4 for further information.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Under ASC 350, we have an option to perform a “qualitative” assessment of our reporting units to determine whether further impairment testing is necessary.

3 unchanged sentences

In addition, for each of these reporting units, we assess whether the most recent fair value determination results in an amount that exceeds the carrying amount of the reporting units.

Based on these assessments, we determine whether the likelihood that a current fair

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

value determination would be less than the current carrying amount of the reporting unit is not more likely than not.

Based on these assessments, we determine whether the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is not more likely than not.

If it is determined it is not more likely than not, no further testing is required.

If further testing is required, we continue with the quantitative impairment test.

In analyzing goodwill for potential impairment in the quantitative impairment test, we use a combination of the income and market approaches to estimate the reporting unit’s fair value.

Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows.

In analyzing goodwill for potential impairment in the quantitative impairment test, we use the market approach, when available and appropriate, or a combination of the income and market approaches to estimate the reporting unit’s fair value.

Under the income approach, we calculate the fair value of a reporting unit based on estimated future discounted cash flows which require assumptions about short and long-term revenue growth rates, operating margins for the reporting unit, discount rates, foreign currency exchange rates and estimates of capital expenditures.

The assumptions we use are based on what we believe a hypothetical marketplace participant would use in estimating fair value.

Under the market approach, we estimate the fair value based on market multiples of revenue or earnings before interest, income taxes, depreciation and amortization for benchmark companies.

Under the market approach, we estimate the fair value based on market multiples of earnings before income taxes, depreciation and amortization, for benchmark companies or guideline transactions.

If the fair value of a reporting unit exceeds its carrying value, then no further testing is required.

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We are required to test indefinite-lived intangible assets for impairment annually and whenever events and circumstances indicate that there may be an impairment of the asset value.

Our annual impairment test date is September 30.

We performed our annual indefinite-lived intangible asset impairment test as of September 30.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

Refer to Note 4 for further information.

We perform the impairment test for our indefinite-lived intangible assets by first assessing qualitative factors to determine whether it is necessary to perform a quantitative impairment test.

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Purchased Intangible Assets.

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

Purchased data files represent the estimated fair value of consumer and commercial data files acquired through our acquisitions of various companies, including a fraud and identity solutions provider and independent credit reporting agencies in the U.S., Australia and Canada.

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

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

2 unchanged sentences

Asset Useful Life

Purchased data files 15

Purchased data files 5 to 15

Acquired software and technology 3 to 8

3 unchanged sentences

Trade names 2 to 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Assets.

Other assets on our Consolidated Balance Sheets primarily represent our investment in unconsolidated affiliates, the long-term portion of the Company’s operating lease right-of-use assets, assets related to life insurance policies covering certain officers of the Company and employee benefit trust assets.

Other assets on our Consolidated Balance Sheets primarily represent our investments in unconsolidated affiliates, the Company’s operating lease right-of-use assets, employee benefit trust assets, assets related to life insurance policies covering certain officers of the Company and long-term deferred tax assets.

Equity Investment .

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 $ 74.5 million as of December 31, 2022 based on quoted market prices, resulting in an unrealized gain of $ 13.3 million for the twelve months December 31, 2022.

On August 7, 2023, we purchased the remaining interest of our equity investment in Boa Vista Serviços S.A.

("BVS"), a consumer and commercial credit information bureau in Brazil.

Up until the date of acquisition, we recorded this equity investment within Other Assets at fair value, using observable Level 1 inputs.

The carrying value of the investment was adjusted to $ 88.9 million as of the close date, August 7, 2023 based on quoted market prices, resulting in a gain of $ 7.0 million for the twelve months December 31, 2023.

The carrying value of the investment was $ 74.5 million as of December 31, 2022, resulting in an unrealized gain of $ 13.3 million for the twelve months ended December 31, 2022.

The carrying value of the investment was $ 56.4 million as of December 31, 2021, resulting in an unrealized loss of $ 64.0 million for the twelve months ended December 31, 2021.

During the second quarter of 2022, we sold our interest in two equity investments resulting in a gain of $ 27.5 million recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

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

During the second quarter of 2023, in addition to the BVS activity mentioned above, we sold our interest in a separate equity investment.

The overall sale proceeds exceeded the total carrying value of the investment, and we recorded a gain of $ 6.2 million in Other Income (Expense), Net within the Consolidated Statements of Income.

During the second quarter of 2022, we sold our interest in two other equity investments.

The overall sale proceeds exceeded the total carrying value of the investments, and we recorded a total gain of $ 27.5 million recorded in Other Income (Expense), Net within the Consolidated Statements of Income.

We previously had a joint venture in Russia that offered consumer credit services;

1 unchanged sentence

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Current Liabilities.

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 includes accrued legal expense of $ 22.4 million and $ 373.6 million as of December 31, 2022 and 2021, respectively.

The accrued legal balance primarily consists of $ 5.7 million and $ 350.7 million accruals for losses associated with certain legal proceedings and investigations related to the 2017 cybersecurity incident that have not been paid as of December 31, 2022 and 2021, respectively.

Other current liabilities on our Consolidated Balance Sheets consist of the current portion of our operating lease liabilities and various accrued liabilities such as interest expense, income taxes, accrued employee benefits, and insurance expense.

Other current liabilities also include accrued revenue share of $ 79.6 million and $ 71.3 million as of December 31, 2023 and 2022, respectively, which represents accruals for royalty costs associated with records utilized.

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.

These funds were approximately $ 34.5 million and $ 27.0 million as of December 31, 2023 and 2022, respectively.

The associated assets are restricted as to their current use and will be released according to the specific customer agreements.

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

Benefit Plans.

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Foreign Currency Translation.

The functional currency of each of our foreign operating subsidiaries is that subsidiary’s local currency except for Argentina.

The functional currency of each of our foreign operating subsidiaries is that subsidiary’s local currency except for Costa Rica and Argentina.

Argentina has experienced multiple periods of increasing inflation rates, devaluation of the peso and increasing borrowing rates.

As such, Argentina was deemed a highly inflationary economy by accounting policymakers.

We recorded foreign currency gains of $ 0.8 million and foreign currency losses of $ 0.5 million during the twelve months ended December 31, 2021 and 2020, respectively.

Beginning in the third quarter of 2018, we accounted for Argentina as a highly inflationary economy by remeasuring the peso denominated monetary assets and liabilities which resulted in the recognition of $ 3.8 million of foreign currency losses for the twelve months ended December 31, 2023 and foreign currency gains of $ 0.2 million and $ 0.8 million during the twelve months ended December 31, 2022 and 2021, respectively.

Foreign currency gains and losses are recorded in Other Income (Expense), Net in our Consolidated Statements of Income.

Other than Argentina, we translate the assets and liabilities of foreign subsidiaries at the year-end rate of exchange and revenue and expenses at the monthly average rates during the year.

Other than Argentina and Costa Rica, we translate the assets and liabilities of foreign subsidiaries at the year-end rate of exchange and revenue and expenses at the monthly average rates during the year.

We record the resulting translation adjustment in other comprehensive loss, included in accumulated other comprehensive loss, a component of shareholders’ equity.

1 unchanged sentence

For the year ended December 31, 2023, we recorded $ 3.6 million of foreign currency transaction losses.

For the years ended December 31, 2021 and 2020, we recorded foreign currency transaction gains of $ 2.6 million and foreign currency transaction losses of $ 7.5 million, respectively, in our Consolidated Statements of Income.

For the years ended December 31, 2022 and 2021, we recorded foreign currency transaction losses of $ 1.8 million and foreign currency transaction gains of $ 2.6 million, respectively, in our Consolidated Statements of Income.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Financial Instruments.

6 unchanged sentences

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).

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents assets and liabilities measured at fair value on a recurring basis:

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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 definite-lived intangible assets acquired in these acquisitions were 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 and cost approaches.

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 in the present value calculations.

The cost approach estimates fair value based on determining the amount of money required to replace the asset with another asset with equivalent utility or future service capability.

Variable Interest Entities.

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These variable interests relate to ownership interests that require financial support for these entities.

Our investments related to these VIEs totaled $ 0.3 million and $ 30.2 million at December 31, 2022 and 2021, respectively, representing our maximum exposure to loss, with the exception of the guarantees referenced in Note 6.

Our investments related to these VIEs totaled $ 0.3 million at both December 31, 2023 and 2022, representing our maximum exposure to loss, with the exception of the guarantees referenced in Note 6.

We are not the primary beneficiary and are not required to consolidate any of these VIEs.

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In determining whether we have the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE, we evaluate all of our economic interests in the entity, regardless of form (debt, equity, management and servicing fees, and other contractual arrangements).

This evaluation considers all relevant factors of the entity’s design, including:

This evaluation considers all relevant factors of the entity’s design,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

the entity’s capital structure, contractual rights to earnings (losses), subordination of our interests relative to those of other investors, contingent payments, as well as other contractual arrangements that have the potential to be economically significant.

The evaluation of each of these factors in reaching a conclusion about the potential significance of our economic interests is a matter that requires the exercise of professional judgment.

Certain of our VIEs have redeemable noncontrolling interests that are subject to classification outside of permanent equity on the Company’s Consolidated Balance Sheet.

The redeemable noncontrolling interests are reflected using the redemption method as of the balance sheet date.

Redeemable Noncontrolling Interest.

As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, Equifax do Brasil, thus resulting in a noncontrolling interest.

We recognized the noncontrolling interest at fair value at the date of acquisition.

These shares were issued with specific rights allowing the holders to sell the shares back to Equifax, at fair value during specified future time periods starting at the fifth anniversary and only when certain conditions exist.

Additionally, the shareholder agreements provide Equifax the right to buy the shares back at fair value at future dates beginning after the tenth anniversary of the acquisition, however Equifax is not required to execute this right at any point.

We determined the noncontrolling interest shareholder rights meet the requirements to be considered redeemable.

Therefore, we have classified the noncontrolling interest outside of permanent equity within our Consolidated Balance Sheet.

Currently, the noncontrolling interest is not redeemable but it is probable that it will become redeemable in the future.

The redeemable noncontrolling interest is reflected using the redemption method as of the balance sheet date.

Redeemable noncontrolling interest adjustments to the redemption values are reflected in retained earnings.

The adjustment of redemption value at the period end that reflects a redemption value in excess of fair value is included as an adjustment to net income attributable to Equifax stockholders for the purposes of the calculation of earnings per share.

No ne of the current period adjustments reflect a redemption in excess of fair value.

Additionally, due to the immaterial balance of the redeemable noncontrolling interest, we have elected to maintain the noncontrolling interest in permanent equity, rather than temporary equity, within our Consolidated Balance Sheet.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The adjustment of redemption value at the period end that reflects a redemption value to an amount other than fair value is included as an adjustment to net income attributable to Equifax stockholders for the purposes of the calculation of earnings per share.

No ne of the current period adjustments reflect a redemption value in excess of fair value.

The Company's redeemable noncontrolling interests activities for the year ended December 31, 2023 are summarized as follows:

Twelve Months Ended

(In millions)

Redeemable noncontrolling interests, beginning of period $ —

Fair value of the redeemable noncontrolling interest at the acquisition date 176.4

Net income attributable to redeemable noncontrolling interest 1.5

Return of capital to redeemable noncontrolling interests ( 42.8 )

Redeemable noncontrolling interests, end of period $ 135.1

Adoption of New Accounting Standards.

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 was 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.

2018-14 “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.

We have updated our disclosures in Note 9 to conform with the standard.

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.

Business Combinations .

In October 2021, the FASB issued ASU No.

In October 2021, the Financial Accounting Standards Board (" 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, contract liabilities and deferred revenue 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.

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

As of January 1, 2023, we have adopted this standard as it relates to our current year business combinations.

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

Reference Rate Reform .

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After this date, entities will no longer be permitted to apply the relief in Topic 848.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

The adoption of the standard did not have a material impact on our Consolidated Financial Statements.

Recent Accounting Pronouncements.

Income Taxes .

In December 2023, the FASB issued ASU No.

2023-09 "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures." The new ASU requires public business entities, on an annual basis, to provide a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold.

A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items.

For each annual period presented, the ASU requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign.

It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received).

The ASU requires that all reporting entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign.

The ASU is effective for public entities for annual periods beginning after December 15, 2024.

We are still evaluating the impact on our financial statement disclosures.

Segment Reporting .

In November 2023, the FASB issued ASU No.

2023-07 "Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures." The amendments in this update address the requirement for a public entity to disclose its significant segment expense categories and amounts for each reportable segment.

A significant segment expense is any significant expense incurred by the segment, including direct expenses, shared expenses, allocated corporate overhead, or interest expense that is regularly reported to the chief operating decision maker and is included in the measure of segment profit or loss.

The disclosure of significant segment expenses is in addition to the current specifically-enumerated segment expenses required to be disclosed, such as depreciation and interest expense.

If a public entity does not disclose any significant segment expenses for a reportable segment, it is required to disclose narratively the nature of the expenses used by the chief operating decision maker to manage the segment's operations.

The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024.

We are still evaluating the impact, but do not expect the adoption of the standard to have a material impact on our Consolidated Financial Statements.

Business Combinations .

In August 2023, the FASB issued ASU No.

2023-05 "Business Combinations—Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement." The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements.

The update requires that a joint venture apply a new basis of accounting upon formation.

By applying a new basis of accounting, a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance).

The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.

This update will impact us if we enter into any joint venture agreements after January 1, 2025 and we will evaluate the impact accordingly.

Revenue Recognition.

Based on the information 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:

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

disaggregate revenue as follows:

Twelve Months Ended

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2023 Acquisitions and Investments.

In the first quarter of 2022, the Company acquired 100 % of Efficient Hire, a provider of cloud recruiting, onboarding and human resources management solutions, within the Workforce Solutions operating segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment.

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

In the third quarter of 2022, the Company acquired 100 % of LawLogix, a leading provider of cloud-based I-9 software and immigration case management software, within the Workforce Solutions operating segment, and Midigator, a provider of post-transaction fraud mitigation solutions, within the U.S.

Information Solutions ("USIS") business segment.

These acquisitions expand the Company's data assets as well as product offerings.

The Company accounted 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 primary area of the purchase price that is not yet finalized for LawLogix and Midigator is related to working capital.

In the first quarter of 2023, the Company acquired 100 % of The Food Industry Credit Bureau, which is a provider of credit information for the food industry in Canada, from Profile Credit, within the International operating segment.

The Company accounted 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 purchase price allocation for this acquisition is final as of December 31, 2023.

Acquisition of Boa Vista Serviços

On August 7, 2023, we acquired the remaining interest of our investment in BVS, a consumer and commercial credit information company in Brazil, within the International operating segment for approximately $ 510 million in cash, 2,171,615 shares of Equifax do Brasil, and 479,725 shares of Equifax Inc.

common stock (the "Acquisition").

We previously owned a 10 % investment in BVS.

The following table summarizes the fair value of consideration exchanged to complete the acquisition of BVS:

Fair value of consideration Amount

(In millions)

Cash transferred (1)

Equifax do Brasil common shares issued (2)

Equifax Brazilian Depositary Receipts ("Equifax BDRs") issued (3)

Fair value of 10% investment 88.9

Total value of consideration $ 869.6

(1) The cash transferred represents the actual cash transferred as part of the transaction.

The cash portion of the consideration was funded primarily with borrowings under our commercial paper program.

(2) The fair value of the 2,171,615 Equifax do Brasil common shares issued was determined based on the offer price for the outstanding BVS shares.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(3) One Equifax BDR represents one share of Equifax Inc.

common stock.

The fair value of the 479,725 Equifax BDRs issued was determined based on the share price of Equifax Inc.

as of August 7, 2023.

The purchase price allocation for the acquisition is not yet finalized and open areas relate to the measurement of intangible assets, noncontrolling interest, income taxes, working capital and other reserves, as well as the assignment of goodwill recognized in the transaction.

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.

The preliminary valuation of acquired assets and assumed liabilities at the date of the acquisition, include the following:

Net assets acquired:

(In millions)

Cash and cash equivalents $ 239.5

Trade accounts receivable and other current assets 36.2

Other assets, net 48.6

Purchased intangible assets (1)

Total assets acquired $ 973.4

Total liabilities assumed $ ( 103.8 )

Net assets acquired $ 869.6

(1) Purchased intangible assets are further disaggregated in the following table.

(2) The goodwill related to BVS is included in the Latin America reporting unit within our International reportable segment.

The goodwill recognized in connection with the transaction was due to expanded growth opportunities from expanding geographically into Brazil, the opportunity to create new or enhanced product offerings, as well as cost savings from improved technology and the elimination of duplicative activities that are not recognized as assets apart from goodwill.

Purchased intangible assets Amount Weighted-average useful

(In millions) (In years)

Customer relationships $ 172.4 10.0

Purchased data files 64.3 5.6

Trade names and other intangible assets 5.2 2.4

Total acquired definite-lived intangibles $ 241.9

Redeemable Noncontrolling Interest

As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, Equifax do Brasil, thus resulting in a noncontrolling interest.

We recognized the noncontrolling interest at fair value at the date of acquisition.

We determined the noncontrolling interest shareholder rights meet the requirements to be considered redeemable.

Refer to Note 1 for further information on how we have accounted for the redeemable noncontrolling interest.

2022 Acquisitions and Investments.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

segment, and Data Crédito, a consumer credit reporting agency in the Dominican Republic, within the International operating segment.

In the third quarter of 2022, the Company acquired 100 % of LawLogix, a provider of cloud-based I-9 software and immigration case management software, within the Workforce Solutions operating segment, and Midigator, a provider of post-transaction fraud mitigation solutions, within the USIS business segment.

We have completed the allocation of the purchase prices for the 2022 acquisitions.

2021 Acquisitions and Investments.

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

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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.

Additionally, the Company acquired 100 % of Appriss Insights in October 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.

We have completed the allocation of the purchase prices for the 2021 acquisitions.

2020 Acquisitions and Investments.

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

In 2020, the Company also completed an acquisition in our USIS segment to expand the Company's product offerings.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Additionally, the Company acquired 100 % of Appriss Insights within the Workforce Solutions business unit in October 2021, for cash consideration of approximately $ 1.825 billion.

Appriss Insights is a source of risk and criminal justice intelligence information.

Purchase Price Allocation.

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Other assets 49.3 6.0

Identifiable intangible assets (1)

187.4 1,094.1

283.9 1,842.7

Purchased intangible assets (1)

Total assets acquired 981.0 494.0

Other current liabilities ( 22.6 ) ( 27.2 )

Other liabilities ( 26.8 ) ( 43.7 )

Total liabilities assumed ( 107.7 ) ( 49.4 )

Net assets acquired $ 873.3 $ 444.6

(1) Identifiable intangible assets are further disaggregated in the following table.

(1) Purchased intangible assets are further disaggregated in the following table.

(2) The goodwill related to the 2023 acquisitions was recognized in the International operating segments.

An immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible.

The balance includes purchase price allocation adjustments made during the year.

The goodwill related to the 2022 acquisitions was recognized in the Workforce Solutions, USIS and International operating segments.

$ 196.1 million of goodwill related to the 2022 acquisitions was tax deductible, which excludes goodwill related to Data Crédito within International and a portion of goodwill related to Midigator within USIS.

The goodwill related to the 2021 acquisitions were recognized in the Workforce Solutions, USIS and International operating segments.

$ 1.4 billion of goodwill related to 2021 acquisitions was tax deductible, which excludes goodwill related to Kount within USIS and AccountScore within International.

The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

not recognized as assets apart from goodwill.

Intangible asset category Fair value Weighted-average useful life Fair value Weighted-average useful life

(in millions) (in years) (in millions) (in years)

Proprietary database $ — 0.0 $ 562.3 14.5

Purchased data files $ 64.3 5.6 $ 14.9 15.0

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Total acquired intangibles $ 242.7 $ 187.4

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination.

As discussed in Note 1, goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

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

The fair value estimates for our reporting units were determined using a combination of the income and market approaches in accordance with the Company’s methodology.

Our annual impairment tests as of September 30, 2022, 2021 and 2020 resulted in no impairment of goodwill.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During 2022, we acquired Efficient Hire and LawLogix within the Workforce Solutions operating segment.

We acquired Midigator within the USIS operating segment.

We acquired Data Crédito within the International operating segment.

During 2021, we acquired Appriss Insights, HIREtech, i2Verify and Health e(fx) within the Workforce Solutions operating segment.

We acquired Kount and Teletrack within the USIS operating segment.

We acquired AccountScore, as well as the remaining noncontrolling interest of businesses within our International segment.

During 2020, we acquired the remaining interest in our India joint venture in our International operating segment and completed an additional acquisition in our USIS operating segment.

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

This voluntary change is preferable under the circumstances as it results in better alignment with the Company’s strategic business planning and budgeting process.

The voluntary change in accounting principle related to the annual test date did not delay, accelerate or avoid an impairment charge.

Retrospective application of this accounting change to prior periods is impracticable as the Company is unable to objectively determine, without the use of hindsight, the significant assumptions and estimates that would be used in those earlier periods.

Accordingly, the change will be applied prospectively.

We conducted our goodwill and indefinite-lived intangible asset impairment testing as of September 30, 2023 and December 1, 2023 and did not identify any impairment charges.

The fair value estimates for our reporting units were determined using the market approach, when available and appropriate, or a combination of the income and market approaches in accordance with the Company’s methodology.

Our annual impairment test as of September 30, 2023 and as of December 1, 2023 resulted in no impairment of goodwill.

Our annual impairment tests as of September 30, 2022 and September 30, 2021 resulted in no impairment of goodwill.

Changes in the amount of goodwill for the twelve months ended December 31, 2023 and 2022, are as follows:

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Foreign currency translation 0.1 — 32.7 32.8

Divestitures — — ( 24.6 ) ( 24.6 )

Balance, December 31, 2023 $ 2,520.2 $ 2,006.2 $ 2,303.5 $ 6,829.9

Refer to Note 3 for the acquisitions during the periods presented.

Indefinite-Lived Intangible Assets.

Indefinite-lived intangible assets consist of indefinite-lived reacquired rights representing the value of rights which we had granted to various affiliate credit reporting agencies that were reacquired in the U.S.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At the time we acquired these agreements, they were considered perpetual in nature under the accounting guidance in place at that time and, therefore, the useful lives are considered indefinite.

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We are required to test indefinite-lived intangible assets for impairment annually and whenever events or circumstances indicate that there may be an impairment of the asset value.

We perform our annual indefinite-lived intangible asset impairment test as of September 30.

Our 2022 annual impairment test completed during the third quarter of 2022 resulted in no impairment of indefinite-lived intangible assets.

As of December 31, 2022 and 2021, these assets were approximately $ 94.8 million and $ 94.9 million, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the fourth quarter of 2023, the Company voluntarily changed its goodwill and indefinite-lived intangible asset annual impairment test date from September 30 to December 1.

We conducted our goodwill and indefinite-lived intangible asset impairment testing as of September 30, 2023 and December 1, 2023 and did not identify any impairment charges.

As of both December 31, 2023 and 2022, indefinite-lived intangible assets were approximately $ 94.8 million.

Purchased Intangible Assets.

Purchased intangible assets, net, recorded on our Consolidated Balance Sheets at December 31, 2022 and 2021, are as follows:

Purchased intangible assets, net, recorded on our Consolidated Balance Sheets at December 31, 2023 and 2022, consisted of the following:

December 31, 2023 December 31, 2022

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Acquired software and technology 222.5 ( 75.4 ) 147.1 225.4 ( 42.6 ) 182.8

Trade names and other intangible assets 26.7 ( 19.6 ) 7.1 23.9 ( 12.6 ) 11.3

Non-compete agreements 14.5 ( 6.2 ) 8.3 11.0 ( 3.7 ) 7.3

Trade names, non-compete agreements and other intangible assets 79.6 ( 25.8 ) 53.8 41.2 ( 25.8 ) 15.4

Total definite-lived intangible assets $ 3,219.9 $ ( 1,361.1 ) $ 1,858.8 $ 2,937.1 $ ( 1,118.6 ) $ 1,818.5

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Commercial paper (“CP”) $ 196.0 $ 566.8

Notes, 3.30 %, due Dec 2022

Notes, 3.95 %, due June 2023

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Notes, 5.10 %, due December 2027

Notes, 5.10 %, due June 2028

Debentures, 6.90 %, due July 2028

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Notes, 7.00 %, due July 2037

Other 0.4 3.2

Total debt 5,741.6 5,817.2

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Less unamortized discounts and debt issuance costs ( 30.4 ) ( 29.9 )

Total long-term debt, net of discount $ 4,820.1 $ 4,470.1

Total long-term debt, net $ 4,747.8 $ 4,820.1

Scheduled future maturities of debt at December 31, 2023, are as follows:

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5.1 % Senior Notes.

In September 2022, we issued $ 750.0 million aggregate principal amount of 5.1 % five-year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering.

In May 2023, we issued $ 700.0 million aggregate principal amount of 5.1 % five-year Senior Notes due 2028 (the "2028 Notes") in an underwritten public offering.

Interest on the 2028 Notes accrues at a rate of 5.1 % per year and is payable semi-annually in arrears on June 1 and December 1 of each year.

The net proceeds of the sale of the 2027 Notes were ultimately used to repay, in October 2022, our then-outstanding $ 500.0 million 3.30 % Senior Notes due December 2022.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our commercial paper program.

The net proceeds of the sale of the 2028 Notes were ultimately used to repay our then-outstanding $ 400.0 million 3.95 % Senior Notes due June 2023 at maturity.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program.

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.

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5.1 % Senior Notes.

In September 2022, we issued $ 750.0 million aggregate principal amount of 5.1 % five-year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering.

Interest on the 2027 Notes accrues at a rate of 5.1 % 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 2027 Notes were ultimately used to repay our then-outstanding $ 500.0 million 3.30 % Senior Notes due December 2022.

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program.

We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

transactions, as well as mergers and sales of substantially all of our assets.

The 2027 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

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.

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 the $ 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 CP program and the funding of acquisitions, including the Company’s $ 1.825 billion acquisition of Appriss Insights.

We must comply with various non-financial covenants, including certain limitations on

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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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 our Receivables Facility and Revolver, while the remaining funds were used for general corporate purposes, including the repayment of a portion of the 2021 debt maturities.

The net proceeds of the sale of the notes were used to repay borrowings under our Receivables Facility and our $ 1.5 billion five -year unsecured revolving credit facility (the "Revolver"), while the remaining funds were used for general corporate purposes, including the repayment of a portion of the 2021 debt maturities.

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In August 2021, we repaid the 2021 Notes and Floating Rate Notes using the proceeds from the 2031 Notes.

In the second quarter of 2023, we repaid the 2023 Notes using the proceeds from the 2028 Notes.

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 and a new $ 700.0 million delayed draw 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.

We have access to a $ 1.5 billion five -year unsecured revolving credit facility (the Revolver) and a $ 700.0 million delayed draw term loan ("Term Loan"), collectively known as the “Senior Credit Facilities,” both of which mature in August 2026.

In March 2023, we amended our Senior Credit Facilities agreement to adjust our debt covenant requirements and incorporate the Secured Overnight Financing Rate (SOFR) into our agreement, among other changes.

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 CP notes and by any letters of credit issued under the Revolver.

As of December 31, 2022, there were $ 566.8 million of outstanding CP notes, $ 0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $ 700.0 million outstanding under the Term Loan.

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 December 31, 2023, there were $ 196.0 million of outstanding CP notes, $ 0.4 million of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

letters of credit outstanding, no outstanding borrowings under the Revolver and $ 695.6 million outstanding under the Term Loan.

Availability under the Revolver was $ 1,303.6 million at December 31, 2023.

Under the Senior Credit Facilities, the Company must comply with various financial and non-financial covenants.

The Senior Credit Facilities include a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA for the preceding four quarters, of (i) 3.75 to 1.0 initially, (ii) 4.25 to 1.0 for the first fiscal quarter ending after the consummation of the Appriss Insights acquisition on October 1, 2021, through the third quarter of 2022, (iii) 4.0 to 1.0 for the fourth quarter of 2022 through the first quarter of 2023 and (iv) 3.75 to 1.0 for the second quarter of 2023 through the remaining term of the Revolver.

In March 2023, we amended the Senior Credit Facilities, resulting in a modification of our required maximum leverage ratio, among other changes.

As amended, the Senior Credit Facilities require a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA, of (i) 4.25 to 1.0 commencing with the fourth quarter of 2022 through the fourth quarter of 2023 and (ii) 3.75 to 1.0 commencing with the first quarter of 2024 and for each fiscal quarter ending thereafter through the remaining term of the Senior Credit Facilities.

We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.75 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements.

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The non-financial covenants include limitations on liens, subsidiary debt, mergers, liquidations, asset dispositions and certain government regulations.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2022, we were in compliance with our covenants under the Revolver and Term Loan.

As of December 31, 2023, we were in compliance with our covenants under the Revolver and Term Loan.

Our borrowings under these facilities, which have not been guaranteed by any of our subsidiaries, are unsecured and will rank on parity in right of payment with all of our other unsecured and unsubordinated indebtedness from time to time outstanding.

At December 31, 2022, interest was payable on borrowings under the Revolver and Term Loan at the base rate or London Interbank Offered Rate, or LIBOR, plus a specified margin.

At December 31, 2023, interest was payable on borrowings under the Revolver and Term Loan at the base rate or Secured Overnight Financing Rate, or SOFR, plus a specified margin.

The Company is required to pay on a quarterly basis a commitment fee with respect to our Revolver, which is calculated based upon the amount of daily usage of the Revolver over the available aggregate lender commitments thereunder during the applicable quarterly period.

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Commercial Paper Program.

In the third quarter of 2021, we increased the size of our 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 CP notes from time-to-time, in which borrowings may bear interest at either a variable rate or a fixed rate, plus the applicable margin.

Our $ 1.5 billion CP program has been established through the private placement of CP 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.

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We have disclosed the net short-term borrowing activity for the year ended December 31, 2023 in the Consolidated Statements of Cash Flows.

The amount disclosed includes Commercial Paper borrowings of $ 161.0 million and payments of $ 346.8 million with a maturity date greater than 90 days and less than 365 days for the twelve months ended December 31, 2022.

There are no CP borrowings or payments with a maturity date greater than 90 days and less than 365 days for the twelve months ended December 31, 2023.

The amount disclosed includes CP borrowings of $ 161.0 million and payments of $ 346.8 million with a maturity date greater than 90 days and less than 365 days for the twelve months ended December 31, 2022.

2.3 % and 3.25 % Senior Notes.

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The senior notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

3.3 % Senior Notes.

On December 17, 2012, we issued $ 500.0 million principal amount of 3.3 %, ten-year senior notes in an underwritten public offering.

Interest was payable semi-annually in arrears on December 15 and June 15 of each year.

The net proceeds of the sale of the notes were used to partially finance an acquisition in December 2012.

We must comply with various non-financial covenants, including certain limitations on liens, additional debt and mortgages, mergers, asset dispositions and sale-leaseback arrangements.

The senior notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

6.9 % Debentures.

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Cash paid for interest was $ 231.5 million, $ 161.7 million and $ 139.7 million during the twelve months ended December 31, 2023, 2022 and 2021, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

COMMITMENTS AND CONTINGENCIES

Remaining Matters Related to 2017 Cybersecurity Incident

Canadian Class Actions.

In 2017, we experienced a cybersecurity incident following a criminal attack on our systems that involved the theft of personal information of consumers.

Five putative Canadian class actions, four of which are on behalf of a national class of approximately 19,000 Canadian consumers, are pending against us in Ontario, British Columbia and Alberta.

Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with the 2017 cybersecurity incident.

In addition to seeking class certification on behalf of Canadian

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

On December 13, 2019, the court in Ontario granted certification of a nationwide class that includes all impacted Canadians as well as Canadians who had subscription products with Equifax between March 7, 2017 and July 30, 2017 who were not impacted by the incident.

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 filed a notice of further appeal with the Ontario Court of Appeal, and on November 25, 2022, the Ontario Court of Appeal dismissed the plaintiff’s appeal and upheld the Divisional Court’s ruling in our favor.

On January 24, 2023, the plaintiff appealed this decision to the Supreme Court of Canada.

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

Each of the proposed Canadian class actions asserts a number of common law and statutory claims seeking monetary damages and other related relief in connection with a material cybersecurity incident in 2017.

In addition to seeking class certification on behalf of Canadian consumers whose personal information was allegedly impacted by the 2017 cybersecurity incident, in some cases, plaintiffs also seek class certification on behalf of a larger group of Canadian consumers who had contracts for subscription products with Equifax around the time of the incident or earlier and were not impacted by the incident.

The Ontario class action has been certified in part but is otherwise at a preliminary stage.

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

FCA Investigation.

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subsidiary, Equifax Limited, in October 2017 in connection with the 2017 cybersecurity incident.

The investigation by the FCA has involved a number of information requirements and interviews.

We have responded to the information requirements and continue to cooperate with the investigation.

At this time, we are unable to predict the outcome of this FCA investigation, including whether the investigation will result in any action or proceeding against us.

We received a notice with the FCA's findings on October 13, 2023, and paid a penalty of $ 13.5 million to resolve the matter.

Data Processing, Outsourcing Services and Other Agreements

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The agreements expire between 2024 and 2029 .

The estimated aggregate minimum contractual obligation remaining under these agreements is approximately $ 948 million as of December 31, 2022, with no future year’s minimum contractual obligation expected to exceed approximately $ 361 million.

The estimated aggregate minimum contractual obligation remaining under these agreements is approximately $ 1.4 billion as of December 31, 2023, with no future year’s minimum contractual obligation expected to exceed approximately $ 405 million.

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

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In certain circumstances (e.g., a change in control or for our convenience), we may terminate these data processing and outsourcing agreements, and, in doing so, certain of these agreements require us to pay significant termination fees.

Under our agreement with Google, we have outsourced certain areas of our network and security infrastructure.

The estimated future minimum contractual obligation under the agreement is approximately $ 440 million for the remaining term, with no individual year’s minimum expected to exceed approximately $ 120 million.

Under our agreement with Google, we have agreed to purchase cloud platform services and cloud marketplace software and we have outsourced certain areas of our network and security infrastructure.

The estimated future minimum contractual obligation under the agreement is approximately $ 1.0 billion for the remaining term, with no individual year’s minimum expected to exceed approximately $ 228 million.

We may terminate certain portions of this agreement without penalty in the event that Google is in material breach of the terms of the agreement.

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Begor’s agreement would occur, subject to certain exceptions, if (1) any person acquires 20 % or more of our voting stock;

(2) upon a merger or other business combination, our shareholders receive less than two-thirds of the common stock and combined voting power of the new

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(2) upon a merger or other business combination, our shareholders receive less than two-thirds of the common stock and combined voting power of the new company;

(3) members of the current Board of Directors ceasing to constitute a majority of the Board of Directors, except for new directors that are regularly elected;

(4) we sell or otherwise dispose of all or substantially all of our assets;

or (5) we liquidate or dissolve.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

liquidate or dissolve.

If these change in control benefits had been triggered as of December 31, 2023, payments of approximately $ 34.3 million would have been made.

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We accrue for unpaid legal fees for services performed to date.

The provision from income taxes consisted of the following:

The provision for income taxes consisted of the following:

Twelve Months Ended December 31,

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( 70.2 ) 88.1 9.3

Provision from income taxes $ 229.5 $ 200.7 $ 159.0

Provision for income taxes $ 166.2 $ 229.5 $ 200.7

Domestic and foreign income before income taxes was as follows:

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The provision from income taxes reconciles with the U.S.

The provision for income taxes reconciles with the U.S.

federal statutory rate, as follows:

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Tax reserves 5.8 4.9 ( 0.8 )

Legal settlement — — 0.1

Reversal of BVS deferred tax liability ( 27.3 ) — —

Excess officer’s compensation 8.4 6.1 5.8

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Other 3.5 5.3 2.0

Provision from income taxes $ 229.5 $ 200.7 $ 159.0

Provision for income taxes $ 166.2 $ 229.5 $ 200.7

Effective income tax rate 23.2 % 24.7 % 21.2 %

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As of December 31, 2023 and 2022, the gross amount of unrecognized tax benefits was $ 55.5 million and $ 56.2 million, respectively.

Of the total, $ 19.9 million in 2022 and $ 19.2 million in 2021 relate to unrecognized tax benefits for which no liability has been recorded associated with the carryforward of certain state attributes.

Of the total, $ 14.8 million in 2023 and $ 19.9 million in 2022 relate to unrecognized tax benefits for which no liability has been recorded associated with the carryforward of certain state and foreign attributes.

If we were to prevail on all uncertain tax positions, the net effect would be a benefit of $ 40.7 million and $ 36.3 million in 2023 and 2022, respectively, exclusive of any benefits related to interest and penalties.

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Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that Equifax’s gross unrecognized tax benefit balance may change within the next twelve months by a range of zero to $ 14.4 million.

Inflation Reduction Act

On August 16, 2022, President Biden signed the Inflation Reduction Act into law, which included enactment of a 15% corporate minimum tax effective in 2023.

We currently do not expect the corporate minimum tax to have a material impact on our financial results.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

STOCK-BASED COMPENSATION

We have one active share-based award plan, the amended and restated 2008 Omnibus Incentive Plan.

This plan was originally approved by our shareholders in 2008 and was amended and restated with shareholder approval in May 2013 to, among other things, increase the reserve for awards under the plan by 11 million shares.

The plan provides our directors, officers and certain key employees with stock options, restricted stock units and performance share awards.

The plan is described below.

We have two active share-based award plans, the amended and restated 2008 Omnibus Incentive Plan (the "2008 Plan") and the 2023 Omnibus Incentive Plan (the "2023 Plan" and, together with the 2008 Plan, the "Omnibus Plans").

The 2008 Plan was originally approved by our shareholders in 2008 and was amended and restated with shareholder approval in May 2013 to, among other things, increase the reserve for awards under the 2008 Plan by 11 million shares.

The 2023 Plan was approved by our shareholders on May 4, 2023, at which time the 2008 Plan was terminated other than with respect to then-outstanding awards under the 2008 Plan.

The Omnibus Plans provide our directors, officers and certain key employees (and, in the case of the 2023 Plan, certain consultants and advisors) with stock options, restricted stock units and performance share awards.

The Omnibus Plans are described below.

We expect to issue common shares held as either treasury stock or new issue shares upon the exercise of stock options or once shares vest pursuant to restricted stock units or performance share awards.

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Stock Options.

The 2008 Omnibus Incentive Plan provides that qualified and nonqualified stock options may be granted to officers and other employees.

The 2008 Omnibus Incentive Plan requires that stock options be granted at exercise prices not less than market value on the date of grant.

The Omnibus Plans provide that qualified and nonqualified stock options may be granted to officers and other employees.

The Omnibus Plans require that stock options be granted at exercise prices not less than market value on the date of grant.

Generally, stock options are subject to graded vesting for periods of up to three years based on service, with 33.3 % vesting for each year of completed service, and expire ten years from the grant date.

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Shares Weighted-

Average Price Shares Weighted-

Average Price

Average Exercise Price

Shares Weighted-

Average Exercise Price

(In thousands) (In thousands)

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Other Stock Awards.

Our 2008 Omnibus Incentive Plan also provides for awards of restricted stock units and performance shares or units that are settled in shares of our common stock that can be granted to executive officers, employees and directors.

The Omnibus Plans also provide for awards of restricted stock units and performance shares or units that are settled in shares of our common stock.

Such stock awards are generally subject to cliff vesting over a period between one to three years based on service and may also have vesting conditions based on meeting specified performance goals.

The fair value of these stock awards is based on the fair market value of our common stock on the date of grant.

However, stock awards granted prior to February 16, 2017 did not accrue or pay dividends during the vesting period, so the fair value on the date of grant for the pre-2017 awards was reduced by the present value of the expected dividends over the requisite service period (discounted using the appropriate risk-free interest rate).

Stock awards granted beginning in 2017 include the right to dividends or dividend equivalents, which are accrued and payable only if and when the underlying stock vests and is payable.

Pursuant to our 2008 Omnibus Incentive Plan, certain executives have been granted performance shares pursuant to which the number of shares earned is dependent upon the Company’s three-year total shareholder return relative to the three-year total shareholder return of the companies in the S&P 500 stock index, as comprised on the grant date, subject to adjustment.

In 2017, certain executives were granted performance shares pursuant to which the number of shares earned was

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

dependent upon the Company’s three-year cumulative adjusted earnings per share.

The fair value of these stock awards is based on the fair market value of our common stock on the date of grant and include the right to dividends or dividend equivalents, which are accrued and payable only if and when the underlying stock vests and is payable.

Pursuant to the Omnibus Plans, certain executives have been granted performance shares pursuant to which the number of shares earned is dependent upon the Company’s three-year total shareholder return relative to the three-year total shareholder return of the companies in the S&P 500 stock index, as comprised on the grant date, subject to adjustment.

Beginning in 2022, certain executives have been granted performance shares pursuant to which the number of shares earned is dependent upon the Company's adjusted EBITDA growth over the three-year performance period.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The number of shares which could potentially be issued under these performance share awards ranges from zero to 200 % of the target award.

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Compensation expense for shares earned based on the Company’s three-year total shareholder return is recognized on a straight-line basis over the measurement period and is based upon the fair market value of the shares estimated to be earned at the date of grant using a Monte-Carlo simulation.

Compensation expense for shares earned based on the Company’s three-year cumulative adjusted earnings per share was recognized on a straight-line basis over the measurement period based on the grant date fair value of our common stock and the number of awards expected to vest at each reporting date.

Compensation expense for shares earned based on the Company’s adjusted EBITDA is recognized on a straight-line basis over the measurement period and is based upon the fair market value of the shares estimated to be earned at the date of grant using a Monte-Carlo simulation.

Compensation expense for shares earned based on the Company’s adjusted EBITDA is recognized on a straight-line basis over the measurement period and is based upon the fair market value.

The following table summarizes changes in these other stock awards during the twelve months ended December 31, 2023, 2022 and 2021 and the related weighted-average grant date fair value:

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Employee Stock Purchase Plan.

Effective July 1, 2020, the Equifax board approved the 2020 Employee Stock Purchase Plan (“ESPP”).

Under the ESPP, participating employees will have the option to withhold 1 % - 10 % of their annual salary, up to $ 25,000 annually, to purchase Equifax stock at a 5 % discount based on the closing stock price of the final day of the offering period.

Effective July 1, 2020, the Equifax Board of Directors approved the 2020 Employee Stock Purchase Plan (“ESPP”).

Under the ESPP, participating employees have the option to withhold 1 % to 10 % of their annual salary, up to $ 25,000 annually, to purchase Equifax stock at a 5 % discount based on the closing stock price of the final day of the offering period.

The ESPP is noncompensatory in nature and is treated as any other sale of the Company's equity instruments.

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Pension benefits are provided through U.S., and previously, Canadian defined benefit pension plans and three supplemental executive defined benefit pension plans.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and Canadian Retirement Plans.

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This plan also covers retirees as well as certain terminated but vested individuals not yet in retirement status.

We also sponsored a retirement plan with both defined benefit and defined contribution components that covered most salaried and hourly employees in Canada, the Canadian Retirement Income Plan (“CRIP”);

the defined benefit component was also closed to new hires on October 1, 2011.

We also sponsored a retirement plan with both defined benefit and defined contribution components that

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

covered most salaried and hourly employees in Canada, the Canadian Retirement Income Plan (“CRIP”), until it was settled in 2022.

In 2023, the Company announced a program to offer a voluntary lump-sum pension payout to certain eligible active employees and former employees in the USRIP which would settle the Company’s obligation to them.

The program provided participants with a limited time opportunity to elect to receive a lump-sum settlement of their pension benefit or begin to receive their benefit in the form of a monthly annuity in December 2023.

As a result, the Company paid $ 31.8 million from plan assets and was relieved of the corresponding pension obligation of $ 33.4 million.

The remaining activity was recorded through net periodic benefit cost related to the annual mark-to-market remeasurement.

Effective December 31, 2014, the USRIP plan was frozen for all participants eligible to accrue benefits.

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During the third quarter of 2022, we settled the liabilities under the CRIP with lump sum payments and an annuity purchase.

During the twelve months ended December 31, 2022, we made no voluntary contributions to the USRIP and made contributions of $ 15.5 million to the CRIP.

During the twelve months ended December 31, 2023, we made no voluntary contributions to the USRIP.

During the twelve months ended December 31, 2022, we made no voluntary contributions to the USRIP and made contributions of $ 15.5 million to the CRIP.

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Amendments — — 0.3 —

Actuarial (gain) ( 151.7 ) ( 12.5 ) ( 3.3 ) ( 1.5 )

Actuarial loss (gain) 11.3 ( 151.7 ) ( 1.5 ) ( 3.3 )

Foreign currency exchange rate changes — ( 1.1 ) — ( 0.1 )

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Other disbursements ( 0.9 ) ( 56.4 ) — —

Settlements ( 31.8 ) — — —

Benefits paid ( 40.4 ) ( 42.2 ) ( 1.2 ) ( 1.1 )

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Funded status of plan $ ( 102.6 ) $ ( 102.1 ) $ ( 0.4 ) $ ( 2.1 )

The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $ 500.6 million at December 31, 2022.

The accumulated benefit obligation for the USRIP and Supplemental Retirement Plans was $ 466.1 million at December 31, 2023.

The accumulated benefit obligation for the USRIP, CRIP and Supplemental Retirement Plans was $ 500.6 million at December 31, 2022.

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At December 31, 2023, the Supplemental Retirement Plans had projected benefit obligations and accumulated benefit obligations in excess of those plans’ respective assets.

The projected benefit obligation and accumulated benefit obligation for these plans in the aggregate were $ 87.9 million and $ 87.4 million, respectively, and these plans did not have any plan assets at December 31, 2022.

The projected benefit obligation and accumulated benefit obligation for these plans in the aggregate were $ 88.2 million and these plans did not have any plan assets at December 31, 2023.

At December 31, 2022, the USRIP had projected benefit obligations and accumulated benefit obligations in excess of the plan's respective assets.

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The fair value of plan assets for the CRIP was $ 49.1 million and the projected benefit obligation and accumulated benefit obligation for the CRIP was $ 66.1 million at December 31, 2021.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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2023 2022 2023 2022

(In millions)

Amounts recognized in the statements of financial position consist of:

(In millions)

Noncurrent assets $ — $ — $ 0.9 $ —

Current liabilities ( 6.7 ) ( 6.7 ) ( 0.1 ) ( 0.1 )

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At December 31, 2023 and 2022 amounts included in accumulated other comprehensive loss related to pension benefit plans consisted of prior service cost of $ 3.6 million and $ 3.4 million, net of accumulated taxes of $ 1.2 million and $ 1.2 million, respectively.

For the twelve months ended December 31, 2022 and 2021, we recognized a $ 1.4 million gain and $ 20.2 million loss, respectively, through net periodic benefit cost related to the annual mark-to-market remeasurement of our pension and postretirement plans.

For the twelve months ended December 31, 2023 and 2022, we recognized a $ 0.1 million loss and $ 1.4 million gain, respectively, through net periodic benefit cost related to the annual mark-to-market remeasurement of our pension and postretirement plans.

For the twelve months ended December 31, 2023 and 2022, amounts recognized through net periodic benefit cost related to prior service cost, curtailments and settlements were not material.

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Amortization of prior service cost 0.4 ( 1.7 ) ( 1.8 ) ( 0.5 ) ( 0.5 ) ( 0.1 )

Recognized actuarial (gain) loss - mark to market ( 2.7 ) 21.0 30.4 0.5 ( 0.8 ) 1.8

Recognized actuarial loss (gain) - mark to market 1.9 ( 2.7 ) 21.0 ( 1.8 ) 0.5 ( 0.8 )

Settlements — ( 1.0 ) — — — —

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The updated mortality tables and projection scale contributed to a slight increase in the projected benefit obligation, partially offsetting the increase in the discount rates in 2021, the net of which resulted in the decrease of the projected benefit obligation as of December 31, 2021.

During 2022, we continued to use the MP-2021 mortality projection scale as a new version was not issued during the year.

During 2022 and 2023, we continued to use the MP-2021 mortality projection scale as a new version was not issued during either year.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During 2020, we adopted the MP-2020 mortality improvement scale in determining liability for the U.S.

The updated projection scale contributed to a slight decrease in the projected benefit obligation, partially offsetting the decrease in the discount rates in 2020, the net of which resulted in the increase of the projected benefit obligation as of December 31, 2020.

Discount Rates.

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We use a mark-to-market approach to recognize actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans.

Under this accounting principle the expected returns on plan assets are used to estimate pension expense throughout the year and remeasurement of the projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other Income (Expense) on the Consolidated Statements of Income (Loss) with pension and postretirement plans to be remeasured annually in the fourth quarter.

Healthcare Costs.

For the Canadian plan, a flat 5.0 % annual rate of increase in the per capita cost of covered healthcare benefits was assumed for 2023 and thereafter.

Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plan.

Under this accounting principle, the expected returns on plan assets are used to estimate pension expense throughout the year and remeasurement of the projected benefit obligation and plan assets are immediately recognized in earnings through net periodic benefit cost within Other Income (Expense) on the Consolidated Statements of Income (Loss) with pension and postretirement plans remeasured annually in the fourth quarter.

We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31, 2023:

Years ending December 31, U.S.

Defined Benefit Plans Non-U.S.

Defined Benefit Plans Other Benefit Plans

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Fair Value Measurements at Reporting Date Using:

Fair Value at December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

Description Fair Value at December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

(In millions)

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13.8 — — 13.8

Hedge Funds (4)

Real Assets (4)

25.1 25.1 — —

Total $ 363.5 $ 25.1 $ 319.8 $ 18.6

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Fair Value Measurements at Reporting Date Using:

Fair Value at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

Description Fair Value at December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

(In millions)

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13.1 — — 13.1

Hedge Funds (4)

Real Assets (4)

22.8 22.8 — —

Total $ 399.0 $ 36.8 $ 344.3 $ 17.9

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As of December 31, 2023 and 2022, we had $ 10.0 million and $ 12.2 million, respectively, of remaining commitments related to these private equity investments.

(4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds, as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets with no observable market.

These investments are redeemable quarterly with a range of 30 – 90 days notice.

(4) The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches:

current replacement cost less deterioration and obsolescence, a discounted cash flow model of income streams and comparable market sales.

As of December 31, 2022 and 2021, we had $ 0.2 million and $ 0.3 million, respectively, of remaining commitments related to the real asset investments.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of both December 31, 2023 and 2022, we had $ 0.2 million of remaining commitments related to the real asset investments.

The following table shows a reconciliation of the beginning and ending balances for assets valued using significant unobservable inputs for the years ended December 31, 2023 and 2022:

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Balance at December 31, 2023 $ 13.8 $ — $ 4.8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The fair value of the postretirement assets at December 31, 2023 and 2022, are as follows:

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(In millions)

$ 1.2 $ — $ 1.2 $ —

International Equity (2)

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Private Equity (3)

Hedge Funds (4)

Real Assets (4)

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Fixed Income (2)

12.1 — 12.1 —

Private Equity (3)

Hedge Funds (4)

Real Assets (4)

Total $ 10.7 $ 1.0 $ 9.2 $ 0.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) Fair value is based on observable market prices for the assets.

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The Plan intends to hold these investments through each fund’s normal life cycle and wind down period.

These investments are redeemable quarterly with a range of 30 – 90 days notice.

(4) The fair value of Real Assets are reported by the fund manager based on a combination of the following valuation approaches:

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Investment managers are required to abide by the provisions of ERISA.

Standards of performance for each manager include an expected return versus an assigned benchmark, a measure of volatility and a time period of evaluation.

Standards of performance

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

for each manager include an expected return versus an assigned benchmark, a measure of volatility and a time period of evaluation.

The asset allocation strategy and investment manager recommendations are determined by the Investment Committee, with the advice of our external advisor.

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Government Agencies.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following asset allocation ranges and actual allocations were in effect as of December 31, 2023 and 2022:

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Deferred Compensation Plans.

We maintain deferred compensation plans that allow for certain management employees and the Board of Directors to defer the receipt of compensation (such as salary, incentive compensation or shares payable under vested restricted stock units and performance shares) until a later date based on the terms of the plans.

We maintain deferred compensation plans that allow for certain management employees and the Equifax Board of Directors to defer the receipt of compensation (such as salary, incentive compensation or shares payable under vested restricted stock units and performance shares) until a later date based on the terms of the plans.

The Company also makes contributions to the accounts of certain executives who are not eligible to participate in either of the Supplemental Retirement Plans.

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The purpose of this trust is to ensure, subject to the claims of the Company’s creditors in the event of the Company’s insolvency, the distribution of benefits accrued by participants of the deferred compensation plans, and to ensure full funding, upon a change in control, of the present value of accrued benefits payable to participants or beneficiaries under the plans.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Annual Incentive Plan.

We have a shareholder-approved Annual Incentive Plan, which is a component of our amended and restated 2008 Omnibus Incentive Plan, for certain key officers that provides for annual or long-term cash awards at the end of various measurement periods, based on the earnings per share, revenue and/or various other criteria over the measurement period.

We have a shareholder-approved Annual Incentive Plan, which is a component of the Omnibus Plans, for certain key officers that provides for annual or long-term cash awards at the end of various measurement periods, based on the earnings per share, revenue and/or various other criteria over the measurement period.

Our total accrued incentive compensation for all incentive plans included in accrued salaries and bonuses on our Consolidated Balance Sheets was $ 88.0 million and $ 45.5 million at December 31, 2023 and 2022, respectively.

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We maintain two employee benefit trusts for the purpose of satisfying obligations under the two Supplemental Retirement Plans.

One of these trusts held 0.6 million shares of Equifax stock with a value, at cost, of $ 5.9 million at December 31, 2022 and 2021, as well as cash, which was not material for both periods presented.

One of these trusts held 0.6 million shares of Equifax stock with a value, at cost, of $ 5.9 million at December 31, 2023 and December 31, 2022, as well as cash, which was not material for both periods presented.

These employee benefits trust assets are dedicated to ensure the payment of benefits accrued under our Supplemental Retirement Plans, and to ensure full funding of the accrued benefits in case of a change in control, as defined in the trust agreements.

The assets in these plan trusts which are recorded on our Consolidated Balance Sheets are subject to creditor’s claims in case of insolvency of Equifax Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the twelve months ended December 31, 2023, are as follows:

currency Pension and other postretirement benefit plans Cash flow hedging transactions Total

currency translation adjustment

Pension and other postretirement benefit plans Cash flow hedging transactions Total

(In millions)

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RESTRUCTURING CHARGES

In the fourth quarters of 2022, 2021 and 2020, we recorded $ 24.0 million ($ 18.0 million, net of tax), $ 8.6 million ($ 6.5 million, net of tax) and $ 31.9 million ($ 24.3 million, net of tax) of restructuring charges, respectively, all of which were recorded in selling, general and administrative expenses on 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.

The 2022, 2021 and 2020 restructuring charges primarily relate to a reduction in headcount.

As of December 31, 2022, no payments have been made related to the 2022 restructuring charge.

As of December 31, 2022, payments for the 2021 and 2020 restructuring charges were substantially completed.

Restructuring costs consist of severance costs, contract termination and associated costs, and other exit and disposal costs.

Severance costs relate to a reduction in headcount, contract termination costs primarily relate to penalties for early termination of contracts and associated costs of transition, and other exit and disposal costs primarily relate to real estate exit costs.

During the twelve months ended December 31, 2023, we recorded $ 37.6 million of restructuring charges, all of which was 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 and contract termination and associated costs.

As of December 31, 2023, $ 19.6 million of the 2023 restructuring charges have been paid.

In the fourth quarter of 2022, we recorded $ 24.0 million ($ 18.0 million, net of tax) of restructuring charges, all of which were recorded in selling, general and administrative expenses on our Consolidated Statements of Income.

As of December 31, 2023, payments for the 2022 restructuring charge were substantially completed.

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 on our Consolidated Statements of Income.

As of December 31, 2023, payments for the 2021 restructuring charge were substantially completed.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The changes in the liabilities associated with the restructuring charges recorded during 2023, including expenses incurred and cash payments, are as follows:

Restructuring charges:

Liability balance as of 12/31/2022

Expenses Incurred

Cash Payments

Liability balance as of 12/31/2023

(In millions)

Severance costs $ 24.1 $ 26.8 $ ( 37.5 ) $ 13.4

Contract terminations and other associated costs — 9.0 ( 4.1 ) 4.9

Other exit and disposal costs — 1.8 ( 1.8 ) —

Total $ 24.1 $ 37.6 $ ( 43.4 ) $ 18.3

We determine if an arrangement is a lease at inception.

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Lease expense for operating leases was $ 40.7 million, $ 42.2 million and $ 37.8 million for the twelve months ended December 31, 2023, 2022 and 2021, respectively.

Our leases have remaining lease terms of one year to twelve years, some of which may include options to extend the lease term up to five years and some of which may include options to terminate leases within one year.

Our leases have remaining lease terms of one year to ten years , some of which may include options to extend the lease term up to five years and some of which may include options to terminate leases within one year .

We have elected to not record operating lease ROU assets and liabilities for short-term leases that have a term of twelve months or less.

Our lease expense includes our short-term lease cost which is not material to our Consolidated Financial Statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other information related to our operating leases was as follows:

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Estimated future minimum payment obligations for non-cancelable operating leases are as follows as of December 31, 2023:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Years ending December 31, Amount

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

Inter-segment sales are not material for all periods presented.

Inter-segment sales and transfers are not material for all periods presented.

All transactions between segments are accounted for at fair market value or cost depending on the nature of the transaction and no timing differences occur between segments.

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Workforce Solutions.

This segment provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions) of people in the U.S.

(Verification Services), as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

This segment provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the U.S., as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.

Information Solutions.

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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.

We operate in the following regions:

Asia Pacific, Europe, Canada and Latin America.

The International 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 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Segment information for the twelve months ended December 31, 2023, 2022 and 2021 and as of December 31, 2023 and 2022 is as follows:

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Total depreciation and amortization expense $ 610.8 $ 560.1 $ 480.4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Twelve Months Ended

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Total capital expenditures* $ 585.8 $ 617.4 $ 490.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

*Amounts above include accruals for capital expenditures.

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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-K

Item 8. Financial Statements and Supplementary Data