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Item 8. Financial Statements and Supplementary Data

2025-02-20 compared with 2024-02-22 · 312 added, 353 removed, 1319 unchanged (34% of the section changed)

4 unchanged sentences

Consolidated Statements of Income for each of the three years in the period ended December 31, 202 4

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, 202 3 a nd 2022

Consolidated Statements of Comprehensive Income (Loss) for each of the three years in the period ended December 31, 202 4

Consolidated Balance Sheets at December 31, 202 4 and 202 3

Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 202 4

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(the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 22, 2024 expressed an unqualified opinion thereon.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income (loss), cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 20, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

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To the Shareholders and the Board of Directors of Equifax Inc.

Opinion on the Consolidated Financial Statements

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Equifax Inc.

(the Company) as of December 31, 2023 and 2022, the related consolidated statements of income, comprehensive income, cash flows, and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

(the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income (loss), cash flows and shareholders’ equity and accumulated other comprehensive loss for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S.

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Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits.

These financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

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We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments.

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

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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 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.

In particular, the fair value estimate was sensitive to significant assumptions such as the revenue growth rate, 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.

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.

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Interest expense ( 229.1 ) ( 241.4 ) ( 183.0 )

Other income (expense), net 25.7 56.7 ( 43.2 )

Other (expense) income, net ( 2.5 ) 25.7 56.7

Consolidated income before income taxes 810.5 717.9 929.7

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See Notes to Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Twelve Months Ended December 31,

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Net income $ 604.1 $ 3.2 $ 607.3 $ 545.3 $ 6.4 $ 551.7 $ 696.2 $ 4.0 $ 700.2

Other comprehensive income (loss):

Other comprehensive (loss) income:

Foreign currency translation adjustment ( 291.7 ) ( 29.3 ) ( 321.0 ) 42.6 ( 0.5 ) 42.1 ( 176.8 ) ( 0.8 ) ( 177.6 )

1 unchanged sentence

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

Other comprehensive income (loss)

Other comprehensive (loss) income

( 291.5 ) ( 29.3 ) ( 320.8 ) 42.5 ( 0.5 ) 42.0 ( 178.3 ) ( 0.8 ) ( 179.1 )

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

Comprehensive income (loss) $ 312.6 $ ( 26.1 ) $ 286.5 $ 587.8 $ 5.9 $ 593.7 $ 517.9 $ 3.2 $ 521.1

See Notes to Consolidated Financial Statements.

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Deferred income taxes ( 66.9 ) ( 70.2 ) 88.1

(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 )

(Gain) on divestiture — — ( 0.2 )

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

Changes in assets and liabilities, excluding effects of acquisitions:

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Acquisitions, net of cash acquired — ( 283.8 ) ( 433.8 )

Cash received from sale of asset — — 4.9

Cash received from divestitures — 6.9 98.8

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Financing activities:

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

Net short-term borrowings (payments) 91.2 ( 371.2 ) 242.2

Payments on long-term debt ( 1,445.6 ) ( 579.3 ) ( 500.0 )

Proceeds from issuance of long-term debt 649.8 872.9 749.3

Treasury stock purchases — — ( 69.9 )

Dividends paid to Equifax shareholders ( 193.2 ) ( 191.8 ) ( 191.1 )

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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)

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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

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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

Net income — — — 604.1 — — — 4.7 608.8

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

Other comprehensive loss — — — — ( 291.5 ) — — ( 0.9 ) ( 292.4 )

Shares issued under stock and benefit plans, net of minimum tax withholdings 0.7 — 71.4 — — ( 9.6 ) — — 61.8

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Stock-based compensation expense — — 81.6 — — — — — 81.6

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

Dividends paid to noncontrolling interests — — — — — — — ( 4.6 ) ( 4.6 )

Other — — — — — — — ( 0.1 ) ( 0.1 )

Balance, December 31, 2024 124.0 $ 236.6 $ 1,915.2 $ 6,018.6 $ ( 722.7 ) $ ( 2,644.9 ) $ ( 5.9 ) $ 17.5 $ 4,814.4

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

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.

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Actual results could differ materially from these estimates.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Revenue Recognition and Deferred Revenue.

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 accordance with Accounting Standards Codification ("ASC") 606, “Revenue from Contracts with Customers,” we recognize revenue when a performance obligation has been satisfied by

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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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Within our debt collections and recovery management businesses, revenue is calculated as a percentage of debt collected on behalf of the customer and, as such, is primarily recognized when the debt is collected assuming all other revenue recognition criteria are met.

Within our Workforce Solutions operating segment, the fees for certain of our tax credits and incentives revenue are based on a percentage of the

Within our Workforce Solutions operating segment, the fees for certain of our tax credits and incentives revenue are based on a percentage of the credit delivered to our clients.

Revenue for these arrangements is recognized based on the achievement of milestones, upon

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

credit delivered to our clients.

Revenue for these arrangements is recognized based on the achievement of milestones, upon calculation of the credit, approval from a regulatory agency or when the credit is utilized by our client, depending on the provisions of the client contract.

calculation of the credit, approval from a regulatory agency or when the credit is utilized by our client, depending on the provisions of the client contract.

Certain costs incurred prior to the satisfaction of a performance obligation are deferred as contract costs and are amortized on a systematic basis consistent with the pattern of transfer of the related goods and services.

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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.

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We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid.

Deferred income tax assets and liabilities are recorded based on the differences between the financial reporting and income tax bases of assets and liabilities.

Deferred income tax assets and liabilities are

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

recorded based on the differences between the financial reporting and income tax bases of assets and liabilities.

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

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.

Our accounting policy election with respect to Global Intangible Low-Taxed Income (“GILTI”) is to account for the tax in the period the tax is incurred.

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

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Weighted-average shares outstanding (diluted) 124.9 123.9 123.3

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, 2022, 0.6 million stock options were anti-dilutive and therefore excluded from this calculation.

For the twelve months ended December 31, 2024, stock options with an anti-dilutive effect were not material.

For the twelve months ended December 31, 2023 and 2022, 0.7 million and 0.6 million stock options were anti-dilutive and therefore excluded from this calculation, respectively.

Cash Equivalents.

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Below is a rollforward of our allowance for doubtful accounts for the twelve months ended December 31, 2024 and 2023:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Twelve Months Ended

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Allowance for doubtful accounts, end of period $ 16.9 $ 16.7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Current Assets.

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

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

As of December 31, 2024 and 2023, these assets were approximately $ 39.4 million and $ 40.9 million, respectively.

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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 performed our annual goodwill impairment test as of September 30.

We performed our annual goodwill impairment test as of December 1.

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.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

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

However, if a reporting unit’s fair value were to be less than its carrying value, we would then determine the amount of the impairment charge, if any, which would be the amount that the carrying value of the reporting unit’s goodwill exceeded its fair value.

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

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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.

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 performed our annual indefinite-lived intangible asset impairment test as of December 1.

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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Trade names 2 to 17

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Other Assets.

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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.

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.

The overall sale proceeds exceeded the total carrying value of the investment, and we recorded a gain of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

$ 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.

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

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

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

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 interest expense, income taxes, accrued employee benefits, and insurance expense.

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

Other current liabilities also include accrued revenue share of $ 99.4 million and $ 79.6 million as of December 31, 2024 and 2023, respectively, which represents accruals for royalty costs associated with records utilized.

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The expected rate of return on plan assets is based on both our historical returns and forecasted future investment returns by asset class, as provided by our external investment advisor.

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 (expense) income, net on the Consolidated Statements of Income with pension and postretirement plans remeasured annually in the fourth quarter.

Our Consolidated Balance Sheets reflect the funded status of the pension and other postretirement plans.

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

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.

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 foreign currency losses of $ 1.1 million and $ 3.8 million during the twelve months ended December 31, 2024 and 2023, respectively, and a foreign currency gain of $ 0.2 million during the twelve months ended December 31, 2022.

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

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We also record gains and losses resulting from the translation of intercompany balances of a long-term investment nature in foreign currency translation in other comprehensive income (loss) and accumulated other comprehensive loss.

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

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

For the year ended December 31, 2024, 2023 and 2022, we recorded foreign currency transaction losses of $ 4.5 million, $ 3.6 million and $ 1.8 million, respectively, in our Consolidated Statements of Income.

Financial Instruments.

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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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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,

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

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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.

As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, Equifax do Brasil S.A.

("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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We determined that 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.

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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

The Company's redeemable noncontrolling interests activities for the years ended December 31, 2024 and 2023 are summarized as follows:

Twelve Months Ended December 31,

(In millions)

1 unchanged sentence

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 )

Net (loss) income attributable to redeemable noncontrolling interest ( 1.5 ) 1.5

Return of capital to redeemable noncontrolling interest — ( 42.8 )

Effect of foreign currency translation attributable to redeemable noncontrolling interest ( 28.4 ) —

Redeemable noncontrolling interests, end of period $ 105.2 $ 135.1

Adoption of New Accounting Standards.

Segment Reporting .

In November 2023, the Financial Accounting Standards Board (" 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.

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 have updated our financial statement disclosures in Note 13 to conform with the standard.

Business Combinations .

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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.

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

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

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Recent Accounting Pronouncements.

Income Statement — Reporting Comprehensive Income .

In November 2024, the FASB issued ASU No.

2024-03 "Disaggregation of Income Statement Expenses." The update requires public business entities to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Specified expenses, gains and losses that are already disclosed under existing US GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts need to be described qualitatively.

Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required.

The ASU is effective for public entities for annual periods with fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after 15 December 2027.

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

Stock Compensation.

In March 2024, the FASB issued ASU No.

2024-01 "Compensation—Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards." The amendments in this update clarify how an entity determines whether a profits interest or similar award (“profits interest award”) is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and should be accounted for in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics.

The amendments specifically add an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718.

The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3.

The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice.

The amendments in this update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods.

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.

Income Taxes .

1 unchanged sentence

2023-09 "Income Taxes (Topic 740):

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.

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 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.

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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):

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 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:

Revenue Recognition.

Twelve Months Ended

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Information Solutions 1,893.0 1,720.4 1,657.7 172.6 10 % 62.7 4 %

Asia Pacific 345.3 348.4 356.0 ( 3.1 ) ( 1 ) % ( 7.6 ) ( 2 ) %

Europe 333.2 327.8 319.9 5.4 2 % 7.9 2 %

Latin America 384.9 290.9 206.8 94.0 32 % 84.1 41 %

Europe 369.2 333.2 327.8 36.0 11 % 5.4 2 %

Asia Pacific 335.4 345.3 348.4 ( 9.9 ) ( 3 ) % ( 3.1 ) ( 1 ) %

Canada 264.8 259.6 256.1 5.2 2 % 3.5 1 %

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2023 Acquisitions and Investments.

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.

In the first quarter of 2023, the Company acquired a company in Canada within the International operating segment.

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 total consideration of approximately $ 870 million consisting of approximately $ 510 million in cash, 2,171,615 shares of Equifax do Brasil with a fair value of approximately $ 176 million, and 479,725 shares of Equifax Inc.

common stock with a fair value of approximately $ 95 million.

Additionally, we previously owned a 10 % investment in BVS with a fair value of approximately $ 89 million.

We have completed the allocation of the purchase prices for the 2023 acquisitions.

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 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.

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.

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

In the third quarter of 2021, the Company acquired 100 % of Health e(fx) and Teletrack within the Workforce Solutions and USIS business units, respectively, as well as the purchase of the remaining noncontrolling interest of a business within our International business unit.

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Purchase Price Allocation.

The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates during 2023 and 2022.

The following table summarizes the final fair value of the net assets acquired and the liabilities assumed for the acquisitions occurring in 2023.

(In millions)

Cash $ 239.6 $ 10.8

Accounts receivable and other current assets 35.2

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(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 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

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)

As of December 31, 2023, an immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible.

Intangible asset category Fair Value Weighted-average useful life

(in millions) (in years)

Purchased data files $ 64.3 5.6

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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.

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.

We perform our annual goodwill impairment tests as of December 1 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 December 1, 2024, December 1, 2023 and September 30, 2022 resulted in no impairment of goodwill.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Changes in the amount of goodwill for the twelve months ended December 31, 2024 and 2023, 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

Acquisitions — — 410.4 410.4

Adjustments to initial purchase price allocation — — ( 68.7 ) ( 68.7 )

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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

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.

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.

We perform our annual indefinite-lived intangible asset impairment test as of December 1.

Our 2024 annual impairment test completed during the fourth quarter of 2024 did not identify any impairment charges.

As of December 31, 2024 and 2023, indefinite-lived intangible assets were approximately $ 94.7 million and $ 94.8 million, respectively.

Purchased Intangible Assets.

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Purchased data files $ 1,111.9 $ ( 669.5 ) $ 442.4 $ 1,158.5 $ ( 604.2 ) $ 554.3

Proprietary database 705.8 ( 171.5 ) 534.3 705.9 ( 115.0 ) 590.9

Customer relationships 937.7 ( 484.2 ) 453.5 1,053.5 ( 484.2 ) 569.3

Proprietary database 704.9 ( 227.6 ) 477.3 705.8 ( 171.5 ) 534.3

Acquired software and technology 217.6 ( 106.3 ) 111.3 222.5 ( 75.4 ) 147.1

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Amortization expense related to purchased intangible assets was $ 261.1 million, $ 250.7 million, and $ 236.7 million during the twelve months ended December 31, 2024, 2023, and 2022, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Estimated future amortization expense related to definite-lived purchased intangible assets at December 31, 2024 is as follows:

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Thereafter 517.7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Debt outstanding at December 31, 2024 and 2023 was as follows:

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Commercial paper (“CP”) $ 286.5 $ 196.0

Notes, 3.95 %, due June 2023

Notes, 2.60 %, due December 2024

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Debentures, 6.90 %, due July 2028

Notes, 4.80 %, due September 2029

Notes, 3.10 %, due May 2030

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Total debt $ 5,037.7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4.8 % Senior Notes.

In August 2024, we issued $ 650.0 million in aggregate principal amount of 4.8 % five -year Senior Notes due 2029 (the "2029 Notes") in an underwritten public offering.

Interest on the 2029 Notes accrues at a rate of 4.8 % 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 2029 Notes were ultimately used for general corporate purposes, including the repayment of borrowings under our then-outstanding delayed draw term loan (the "Term Loan") prior to the August 2026 maturity.

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

The 2029 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

5.1 % Senior Notes.

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.

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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.

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

The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our CP program and the funding of acquisitions, including the Company’s $ 1.825 billion acquisition of Appriss Insights.

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

3.6 %, 3.95 %, and Floating Rate Senior Notes.

In May 2018, we issued $ 300.0 million aggregate principal amount of 3.6 % Senior Notes due 2021 (the “2021 Notes”), $ 400.0 million aggregate principal amount of 3.95 % Senior Notes due 2023 (the “2023 Notes”), and $ 300.0 million aggregate principal amount Floating Rate Notes due 2021 (the “Floating Rate Notes”) in an underwritten public offering.

Interest on the 2021 Notes accrued from their date of issuance at a rate of 3.6 % per year and was payable in cash semi-annually in arrears on February 15 and August 15 of each year.

Interest on the 2023 Notes accrues from their date of issuance at a rate of 3.95 % per year and is payable in cash semi-annually in arrears on June 15 and December 15 of each year beginning on December 15, 2018.

Interest on the Floating Rate Notes for a particular interest period was a rate equal to three-month LIBOR on the interest determination date plus 0.87 % per annum and was payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year.

The net proceeds of the sale of the 2021 Notes, 2023 Notes and Floating Rate Notes were used to repay borrowings under our Revolver, our prior $ 800.0 million three-year delayed draw term loan facility (“Term Loan”) and our CP program.

The 2021 Notes, 2023 Notes and Floating Rate Notes were unsecured and rank equally with all of our unsecured and unsubordinated indebtedness.

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.

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 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

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

In December 2024, we repaid the 2.6 % Senior Notes with cash on hand and CP outstanding.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Senior Credit Facility.

We have access to a $ 1.5 billion five -year unsecured revolving credit facility (the Revolver), which matures in August 2027.

In March 2023, we amended the Revolver (as well as our then-outstanding Term Loan) to adjust our debt covenant requirements and incorporate the Secured Overnight Financing Rate (SOFR) into our agreement, among other changes.

Borrowings under the Revolver 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.

In May 2024, we exercised our first option to extend the maturity date by one year , from August 2026 to August 2027, and amended the Revolver agreement to replace a discontinued reference rate for Canadian Dollar-denominated commitments.

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, 2024, there were $ 286.5 million of outstanding CP notes, $ 1.4 million of letters of credit outstanding, and no outstanding borrowings under the Revolver.

Availability under the Revolver was $ 1,212.1 million at December 31, 2024.

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

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.

Under the Revolver, the Company must comply with various financial and non-financial covenants.

The Revolver requires a maximum leverage ratio, defined as consolidated funded debt divided by consolidated EBITDA, of 3.75 to 1.0.

We may also elect to increase the maximum leverage ratio by 0.5 to 1.0 (subject to a maximum leverage ratio of 4.25 to 1.0) in connection with certain material acquisitions if we satisfy certain requirements.

The Senior Credit Facilities also permit cash in excess of $ 175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions.

The Revolver also permits cash in excess of $ 175 million to be netted against debt in the calculation of the leverage ratio, subject to certain restrictions.

Compliance with this financial covenant is tested quarterly.

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

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

As of December 31, 2024, we were in compliance with our covenants under the Revolver.

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, 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.

At December 31, 2024, interest was payable on borrowings under the Revolver 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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We have disclosed the net short-term borrowing activity for the year ended December 31, 2024 in the Consolidated Statements of Cash Flows.

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.

On May 12, 2016, we issued $ 500.0 million principal amount of 2.3 %, five-year senior notes and $ 275.0 million principal amount of 3.25 %, ten-year senior notes in an underwritten public offering.

There were 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, 2024 and 2023.

3.25 % Senior Notes.

On May 12, 2016, we issued $ 275.0 million principal amount of 3.25 % ten-year senior notes in an underwritten public offering.

Interest is payable semi-annually in arrears on June 1 and December 1 of each year.

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

In May 2021, we repaid the 2.3 % Senior Notes with cash on hand.

7.0 % Senior Notes.

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

FCA Investigation.

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

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

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.

In December 2021, we received a Civil Investigative Demand (a “CID”) from the Consumer Financial Protection Bureau ("CFPB") as part of its investigation into our consumer disputes process at our USIS business unit in order to determine whether we have followed Fair Credit Reporting Act ("FCRA") requirements for the proper handling of consumer disputes.

The CID requested the production of documents and answers to written questions.

In January 2023, the CFPB informed us that its enforcement division would be investigating our previously-disclosed coding issue identified within a legacy server environment in the U.S.

that impacted how some credit scores were calculated during a three-week period in 2022.

In January 2025, we entered into a consent order with the CFPB to settle the investigation into our consumer disputes process at our USIS business unit and the investigation into our previously-disclosed coding issue.

The consent order resolves these investigations and requires the payment of a civil money penalty of $ 15 million.

As part of the settlement, the Company has agreed to modify certain business practices.

Data Processing, Outsourcing Services and Other Agreements

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

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

The agreements expire between 2025 and 2030 .

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or the general rate of inflation.

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.

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

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.

During 2023, 2022 and 2021, we paid approximately $ 171 million, $ 152 million and $ 62 million, respectively, for these services.

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

The estimated future minimum contractual obligation under the agreement is approximately $ 840 million 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.

During 2024, 2023 and 2022, we paid approximately $ 198 million, $ 171 million and $ 152 million, respectively, for these services.

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In the event of a qualifying termination, the executive will become entitled to continuation of certain employee benefits for two years , as well as a lump sum severance payment, all of which differs by executive.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Change in control events potentially triggering benefits under the CIC Plan and Mr.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

liquidate or dissolve.

or (5) we liquidate or dissolve.

If these change in control benefits had been triggered as of December 31, 2024, payments of approximately $ 37.1 million would have been made.

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We will from time to time issue standby letters of credit, performance or surety bonds or other guarantees in the normal course of business.

The aggregate notional amount of all performance bonds, surety bonds and standby letters of credit is not material at December 31, 2023 and generally have a remaining maturity of one year or less.

The aggregate notional amount of all standby letters of credit, performance bonds and surety bonds is not material at December 31, 2024 and these instruments generally have a remaining maturity of one year or less.

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

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The Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We cannot reasonably estimate our potential future payments under the indemnities and related provisions described above because we cannot predict when and under what circumstances these provisions may be triggered.

We have no accrual related to indemnifications on our Consolidated Balance Sheets at December 31, 2024 and 2023.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Subsidiary Dividend and Fund Transfer Limitations

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

Although the final outcome of these matters cannot be predicted with certainty, any possible adverse outcome arising from these matters is not expected to have a material impact on our Consolidated Financial Statements, either individually or in the aggregate.

However, our evaluation of the likely impact of these matters may change in the future.

For certain of these matters, it is reasonably possible that we will incur losses, however it is not possible at this time to estimate the amount of loss or range of possible losses that might result from their resolution.

The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable.

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

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Prepaid expenses ( 16.0 ) ( 15.0 )

Investment basis difference ( 0.1 ) ( 23.4 )

Other ( 5.1 ) ( 2.2 )

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If these earnings were not considered indefinitely invested, we estimate that $ 26.1 million of deferred withholding tax liability would have been provided.

Further, we are permanently invested with respect to the original investment in foreign subsidiaries.

Therefore, we have not provided the deferred tax assets on the outside basis of these subsidiaries as we have no intent to sell or divest of these subsidiaries.

However, the Company has provided for local country withholding taxes related to these earnings.

Further, we are indefinitely invested with respect to the original investment in foreign subsidiaries.

We have not recorded a deferred tax asset on the outside basis of foreign subsidiaries as we have no intent to sell or divest of them.

However, we have provided for local country withholding taxes related to the outside basis of our foreign subsidiaries.

At December 31, 2024, we had U.S.

federal and state net operating loss carryforwards of $ 7.0 million and $ 280.3 million, respectively, which will expire at various times between 2028 and 2044.

We also had foreign net operating loss carryforwards totaling $ 264.2 million of which $ 17.7 million will expire between 2024 and 2040 and the remaining $ 246.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

million will carryforward indefinitely.

We also had foreign net operating loss carryforwards totaling $ 241.1 million of which $ 8.6 million will expire between 2025 and 2041 and the remaining $ 232.5 million will carryforward indefinitely.

Foreign capital loss carryforwards of $ 16.6 million may be carried forward indefinitely.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

We had foreign tax credit carryforwards of $ 17.3 million which will expire in the years 2025 through 2028.

Additionally, we had state and foreign research and development credit carryforwards of $ 27.1 million.

The state credits expire between 2029 through 2033 and the foreign credits have an indefinite expiration period.

The state credits expire between 2027 and 2034 and the foreign credits have an indefinite expiration period.

We have state §163(j) interest limitation carryovers of $ 569.1 million which have an indefinite expiration period.

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federal, state and international income taxes.

We are generally no longer subject to federal, state or international income tax examinations by tax authorities for years before 2020.

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

Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that Equifax’s gross unrecognized tax benefit balance may change within the next twelve months by a range of zero to $ 15.8 million.

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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.

Generally, stock options are subject to ratable 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.

We use the binomial model to calculate the fair value of stock options granted.

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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.

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

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.

In addition, 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.

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

The grants outstanding subject to market performance as of December 31, 2024 would result in 356,211 shares outstanding at 100 % of target and 712,422 at 200 % of target at the end of the vesting period.

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Pension Benefits.

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

and Canadian Retirement Plans.

Pension benefits are provided through U.S., and previously, Canadian defined benefit pension plans that were settled in 2022 and three supplemental executive defined benefit pension plans.

Retirement Plans.

We sponsor a qualified defined benefit retirement plan, the U.S.

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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

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

Accordingly, pension plan participants earn no new benefits under the plan formula.

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.

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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.

Accordingly, pension plan participants earn no new benefits under the plan formula.

Additionally, the CRIP, a registered defined benefit pension plan, was changed for employees who did not meet retirement-eligibility status under the CRIP as of December 31, 2012 (“Non-Grandfathered” participants).

Under the plan amendment, the service credit for Non-Grandfathered participants froze, but these participants continued to receive credit for salary increases and vesting service.

Additionally, Non-Grandfathered employees and certain other employees not eligible to participate in the CRIP (i.e., new hires on or after October 1, 2011) are eligible to participate in an enhanced defined contribution plan.

In 2019, the Compensation Committee of the Board of Directors approved the termination of the plan.

The CRIP was frozen effective December 31, 2020 at which date we ceased accruing benefits for all active members.

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, 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.

During the twelve months ended December 31, 2024 and 2023, we made no voluntary contributions to the USRIP.

At December 31, 2024, the USRIP met or exceeded ERISA’s minimum funding requirements.

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We accrue the cost of providing healthcare benefits over the active service period of the employee.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Obligations and Funded Status.

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Interest cost 24.2 27.4 0.6 0.7

Plan participants’ contributions — — — —

Amendments — — — 0.3

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

Actuarial (gain) loss ( 9.5 ) 11.3 ( 0.7 ) ( 1.5 )

Foreign currency exchange rate changes — — ( 0.1 ) —

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Employer contributions 6.9 7.0 0.2 0.2

Plan participants’ contributions — — — —

Foreign currency exchange rate changes — ( 0.9 ) — —

Other disbursements — ( 0.9 ) — —

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The accumulated benefit obligation for the USRIP and supplemental retirement plans was $ 441.8 million at December 31, 2024.

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2024, the USRIP had projected benefit obligations and accumulated benefit obligations in excess of the plan's respective assets.

The fair value of plan assets for this plan were $ 331.9 million and the projected benefit obligation and accumulated benefit obligation were $ 357.4 million at December 31, 2024.

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

At December 31, 2024, our 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 $ 84.4 million and these plans did not have any plan assets at December 31, 2024.

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The fair value of plan assets for this plan were $ 363.5 million and the projected benefit obligation and accumulated benefit obligation were $ 377.9 million at December 31, 2023.

At December 31, 2022, 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2023, our 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 $ 88.2 million and these plans did not have any plan assets at December 31, 2023.

The following table represents the net amounts recognized, or the funded status of our pension and other postretirement benefit plans, in our Consolidated Balance Sheets at December 31, 2024 and 2023:

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At December 31, 2024 and 2023 amounts included in accumulated other comprehensive loss related to pension benefit plans consisted of prior service cost of $ 3.5 million and $ 3.6 million, net of accumulated taxes of $ 1.1 million and $ 1.2 million, respectively.

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, 2024 and 2023, we recognized a loss of $ 11.6 million and $ 0.1 million, 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, 2024 and 2023, amounts recognized through net periodic benefit cost related to prior service cost, curtailments and settlements were not material.

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Total net periodic benefit cost (income) $ 14.8 $ 8.1 $ ( 8.6 ) $ ( 0.6 ) $ ( 2.1 ) $ —

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Weighted-Average Assumptions

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Rate of compensation increase 6.00 % 6.00 % 6.00 % N/A N/A N/A

Mortality Rates.

During 2021, we adopted the MP-2021 mortality improvement projections in determining the liability for the U.S.

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 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 2022, 2023 and 2024, we continued to use the MP-2021 mortality projection scale as a new version has not been issued since 2021.

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 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, 2024:

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Next five fiscal years to December 31, 2034 $ 173.1 $ 4.3

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value of Plan Assets.

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Real Assets (4)

25.1 25.1 — —

Total $ 363.5 $ 25.1 $ 319.8 $ 18.6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Total plan assets in the fair value hierarchy $ 263.1 $ 3.8 $ 241.5 $ 17.8

Investments measured at net asset value (5)

Total plan assets $ 331.9

Fair Value Measurements at Reporting Date Using:

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Real Assets (4)

Total $ 399.0 $ 36.8 $ 344.3 $ 17.9

25.1 25.1 — —

Total plan assets

$ 363.5 $ 25.1 $ 319.8 $ 18.6

(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.

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.

As of both December 31, 2024 and 2023, we had $ 10.0 million of remaining commitments related to these private equity investments.

(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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As of both December 31, 2024 and 2023, we had $ 0.2 million of remaining commitments related to the real asset investments.

(5) In accordance with FASB ASC Subtopic 820-10, certain investments measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

The fair value amounts presented in this

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation.

Investments measured at net asset value include Diversified Credit and Real Assets.

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, 2024 and 2023:

Private Equity Hedge Funds Real Assets

Private Equity Real Assets

(In millions)

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Balance at December 31, 2024 $ 13.3 $ 4.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The fair value of the postretirement assets at December 31, 2024 and 2023 are as follows:

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Real Assets (4)

Total $ 10.7 $ 0.8 $ 9.4 $ 0.5

Total plan assets in the fair value hierarchy $ 8.5 $ 0.1 $ 7.8 $ 0.6

Investments measured at net asset value (5)

Total plan assets $ 10.7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements at Reporting Date Using:

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Real Assets (4)

Total $ 10.7 $ 1.0 $ 9.2 $ 0.5

Total plan assets

$ 10.7 $ 0.8 $ 9.4 $ 0.5

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

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

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets presented in the funded status reconciliation.

Investments measured at net asset value include Diversified Credit and Real Assets.

Gross realized and unrealized gains and losses, purchases and sales for Level 3 postretirement assets were not material for the twelve months ended December 31, 2024.

USRIP, or the Plan, Investment and Asset Allocation Strategies.

The primary goal of the asset allocation strategy of the Plan is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company.

Additionally, this strategy will diversify the plan assets to minimize nonsystemic risk and provide reasonable assurance that no single security or class of security will have a disproportionate negative impact on the Plan.

USRIP Investment and Asset Allocation Strategies.

The primary goal of the asset allocation strategy of the USRIP is to produce a total investment return which will satisfy future annual cash benefit payments to participants and minimize future contributions from the Company.

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

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.

Standards of performance 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.

The asset allocation and ranges are approved by our in-house Investment Committee and plan Administrators, who are Named Fiduciaries under ERISA.

In an effort to meet asset allocation and funded status objectives of the Plan, assets are categorized as Liability-Hedging Assets and Return-Seeking Assets.

During 2020, the Investment Committee made the decision to reduce exposure to Return-Seeking Assets due to the plan's high funded status.

As of December 31, 2023, the approved allocation ranges are set forth in the table below, with an 80 % targeted allocation to Liability-Hedging Assets and a 20 % targeted allocation to Return-Seeking Assets.

Liability-Hedging Assets represent investments which are meant to provide a hedge relative to the Plan’s liabilities and consist primarily of fixed income securities.

Return-Seeking Assets include any asset class not intended to hedge the Plan’s liabilities.

At December 31, 2023, these assets included domestic and international equities, private equity (including secondary private equity) and real assets.

Additionally, the Plan allows certain of their managers, subject to specific risk constraints, to utilize derivative instruments in order to enhance asset return, reduce volatility or both.

Derivatives are primarily employed by the Plans in their fixed income portfolios and in the hedge fund-of-funds area.

In an effort to meet asset allocation and funded status objectives of the USRIP, assets are categorized as Liability-Hedging Assets and Return-Seeking Assets.

As of December 31, 2024, the approved allocation ranges are set forth in the table below, with a 60 % targeted allocation to Liability-Hedging Assets and a 40 % targeted allocation to Return-Seeking Assets.

Liability-Hedging Assets represent investments which are meant to provide a hedge relative to the USRIP’s liabilities and consist primarily of fixed income securities.

Return-Seeking Assets include any asset class not intended to hedge the USRIP’s liabilities.

At December 31, 2024, these assets included domestic and international equities, private equity (including secondary

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

private equity), real assets and diversified credit.

The diversified credit strategy invests in a diversified portfolio of credit assets, including securitized, corporate, high yield, and emerging market debt, among others.

Additionally, the USRIP allows certain of their managers, subject to specific risk constraints, to utilize derivative instruments in order to enhance asset return, reduce volatility or both.

Derivatives are primarily employed by the USRIP in their fixed income portfolios and in the hedge fund-of-funds area.

Derivatives can be used for hedging purposes to reduce risk.

No shares of Equifax common stock were directly owned by the Plan at December 31, 2023 or 2022.

No shares of Equifax common stock were directly owned by the USRIP at December 31, 2024 or 2023.

Not more than 5 % of the portfolio (at cost), and 10 % of the equity portfolio’s market value, shall be invested in the securities of any one issuer, except the U.S.

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Equity 0 % - 20 %

10.3 % 11.3 %

International Equity 0 % - 10 %

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Real Assets 5 % - 20 %

Diversified Credit 5 % - 20 %

Fixed Income 45 % - 90 %

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tax qualified defined contribution plan, the Equifax Inc.

401(k) Plan, or the Plan.

Beginning with the 2019 plan year, we provide a discretionary match of participants’ contributions, up to five or six percent of employees eligible pay depending on certain eligibility rules under the Plan.

Prior to the 2019 plan year, we also provided a discretionary direct contribution to certain eligible employees, the percentage of which was based upon an employee’s credited years of service.

Company contributions for the Plan during the twelve months ended December 31, 2023, 2022 and 2021 were $ 38.3 million, $ 38.1 million and $ 34.5 million, respectively.

Beginning with the 2019 plan year, we provide a discretionary match of participants’ contributions, up to five or six percent of employees' eligible pay depending on certain eligibility rules under the 401(k) Plan.

Company contributions for the 401(k) Plan during the twelve months ended December 31, 2024, 2023 and 2022 were $ 37.8 million, $ 38.3 million and $ 38.1 million, respectively.

Foreign Retirement Plans.

We also maintain defined contribution plans for certain employees in Canada and Spain and meet certain compulsory contribution requirements to retirement funds for employees in Australia, the U.K.

We also maintain defined contribution plans for certain employees in Canada and meet certain compulsory contribution requirements to retirement funds for employees in Australia, the U.K.

For the years ended December 31, 2024, 2023 and 2022, our contributions related to these plans were $ 14.8 million, $ 15.2 million and $ 15.0 million, respectively.

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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.

The Company also makes contributions to the accounts of certain executives who are not eligible to participate in either of these supplemental retirement plans.

The benefits under our deferred compensation plans are guaranteed by the assets of a grantor trust which, through our funding, make investments in certain mutual funds.

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.

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Employee Benefit Trusts.

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, 2023 and December 31, 2022, as well as cash, which was not material for both periods presented.

We maintain two employee benefit trusts for the purpose of satisfying obligations under our 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 both December 31, 2024 and December 31, 2023, 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

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.

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:

Changes in accumulated other comprehensive loss by component, after tax, for the twelve months ended December 31, 2024 and 2023 are as follows:

currency translation adjustment

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Balance, December 31, 2022 $ ( 469.3 ) $ ( 3.4 ) $ ( 1.0 ) $ ( 473.7 )

Other comprehensive loss before reclassifications 42.6 — 0.1 42.7

Other comprehensive income before reclassifications 42.6 — 0.1 42.7

Amounts reclassified from accumulated other comprehensive loss — ( 0.2 ) — ( 0.2 )

Balance, December 31, 2023 ( 426.7 ) ( 3.6 ) ( 0.9 ) ( 431.2 )

Changes in accumulated other comprehensive loss related to noncontrolling interests were not material as of December 31, 2023.

Other comprehensive (loss) income before reclassifications ( 291.7 ) — 0.1 ( 291.6 )

Amounts reclassified from accumulated other comprehensive loss — 0.1 — 0.1

Balance, December 31, 2024 $ ( 718.4 ) $ ( 3.5 ) $ ( 0.8 ) $ ( 722.7 )

The change in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests for the twelve months ended December 31, 2024 was $ 29.3 million, primarily related to foreign currency translation adjustment.

Changes in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests were not material for the twelve months ended December 31, 2023.

RESTRUCTURING CHARGES

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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.

During the twelve months ended December 31, 2024, we recorded $ 48.0 million of restructuring charges for the realignment of resources and other costs, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income.

These charges were recorded to general corporate expense and predominantly relate to our efforts to complete our technology transformation in order to support the Company’s strategic objectives.

As of December 31, 2024, $ 31.8 million of the 2024 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.

During the twelve months ended December 31, 2023, we recorded $ 37.6 million of restructuring charges, all of which were recorded in selling, general and administrative expenses on our Consolidated Statements of Income.

As of December 31, 2024, payments for the 2023 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.

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

1 unchanged sentence

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:

The changes during the twelve months ended December 31, 2024 in the liabilities associated with the restructuring charges recorded during 2023 and 2024, including expenses incurred and cash payments, are as follows:

Restructuring charges:

Liability balance as of 12/31/2022

Expenses Incurred

Liability balance as of 12/31/2023 Expenses Incurred

Cash Payments

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Total $ 18.3 $ 48.0 $ ( 48.7 ) $ 17.6

The changes during the twelve months ended December 31, 2023 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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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, 2024:

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 and transfers are not material for all periods presented.

Inter-segment sales, expenses 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.

Resources are allocated and performance is assessed by our CEO, whom we have determined to be our Chief Operating Decision Maker ("CODM").

The Company prepares a budget of expected financial performance for each of its operating segments on an annual basis.

The CODM considers actual results of operating income to those budgeted for each of the operating segments to assess segment performance and decide how to allocate resources.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of segment products and services is as follows:

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We operate in the following regions:

Asia Pacific, Europe, Canada and Latin America.

Latin America, Europe, Asia Pacific, and Canada.

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.

1 unchanged sentence

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, 2024, 2023 and 2022 and as of December 31, 2024 and 2023 is as follows:

Twelve Months Ended

Twelve Months Ended December 31, 2024

Workforce Solutions U.S.

Information Solutions International Total

(In millions)

Operating Revenue $ 2,433.8 $ 1,893.0 $ 1,354.3 $ 5,681.1

2023 2022 2021

Cost of services 883.4 861.1 637.4 2,381.9

Selling, general and administrative expenses 318.7 390.2 359.7 1,068.6

Depreciation and amortization expenses 178.4 237.3 176.0 591.7

Operating Income $ 1,053.3 $ 404.4 $ 181.2 $ 1,638.9

Reconciliation of segment operating income to consolidated income before income taxes:

Unallocated amounts:

General corporate expense (2)

Other expense, net ( 2.5 )

Interest expense (3)

Consolidated income before income taxes $ 810.5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Twelve Months Ended December 31, 2023

Workforce Solutions U.S.

Information Solutions International Total

(In millions)

Workforce Solutions $ 2,315.8 $ 2,325.4 $ 2,035.4

Information Solutions 1,720.4 1,657.7 1,786.7

International 1,229.0 1,139.1 1,101.8

Total operating revenue $ 5,265.2 $ 5,122.2 $ 4,923.9

Twelve Months Ended

Operating Revenue $ 2,315.8 $ 1,720.4 $ 1,229.0 $ 5,265.2

Cost of services 830.9 751.5 579.0 2,161.4

Selling, general and administrative expenses 339.1 398.1 334.6 1,071.8

Depreciation and amortization expenses 176.5 205.8 147.6 529.9

Operating Income $ 969.3 $ 365.0 $ 167.8 $ 1,502.1

2023 2022 2021

Reconciliation of segment operating income to consolidated income before income taxes:

Unallocated amounts:

General corporate expense (2)

Other income, net 25.7

Interest expense (3)

Consolidated income before income taxes $ 717.9

Twelve Months Ended December 31, 2022

Workforce Solutions U.S.

Information Solutions International Total

(In millions)

Workforce Solutions $ 969.3 $ 1,006.0 $ 1,000.7

Information Solutions 365.0 402.1 551.8

International 167.8 147.0 141.9

Operating Revenue $ 2,325.4 $ 1,657.7 $ 1,139.1 $ 5,122.2

Cost of services 794.9 668.0 557.0 2,019.9

Selling, general and administrative expenses 362.3 396.2 303.1 1,061.6

Depreciation and amortization expenses 162.2 191.4 132.0 485.6

Operating Income $ 1,006.0 $ 402.1 $ 147.0 $ 1,555.1

Reconciliation of segment operating income to consolidated income before income taxes:

Unallocated amounts:

General corporate expense (2)

Total operating income $ 933.6 $ 1,056.0 $ 1,138.0

Other income, net 56.7

Interest expense (3)

Consolidated income before income taxes $ 929.7

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2) General corporate expenses include corporate depreciation and amortization expenses that are not related to a specific business unit and are incurred at the corporate level, as well as unallocated costs incurred at the corporate level and those expenses impacted by the overall management and strategic choices of the company, including shared services overhead, technology, security, data and analytics, administrative, legal, restructuring charges to the extent reported in the period, and the portion of management incentive compensation determined by total company-wide performance.

(3) Interest expense includes interest incurred on our outstanding debt agreements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Total assets:

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Twelve Months Ended

Depreciation and amortization expense:

2023 2022 2021

(In millions)

Workforce Solutions $ 176.5 $ 162.2 $ 106.5

Information Solutions 205.8 191.4 158.5

International 147.6 132.0 141.1

General Corporate 80.9 74.5 74.3

Total depreciation and amortization expense $ 610.8 $ 560.1 $ 480.4

Twelve Months Ended

Capital expenditures:

6 unchanged sentences

Total capital expenditures* $ 495.9 $ 585.8 $ 617.4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

*Amounts above include accruals for capital expenditures.

3 unchanged sentences

(In millions)

Operating revenue (based on location of customer):

Operating revenue:

Amount % Amount % Amount %

10 unchanged sentences

Australia 1,546.1 15 % 1,732.3 16 %

Brazil 513.1 5 % 743.9 7 %

281.7 3 % 283.9 3 %

4 unchanged sentences

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