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Twelve Months Ended
December 31,
(In millions) 2006 2005 2004
Operating activities:
Net income $ 274.5 $ 246.5 $ 234.7
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 82.8 82.2 78.7
Gain on sale of investment in Intersections Inc. – – (36.8)
Loss from discontinued operations – – 2.6
Stock-based compensation expense 17.4 8.2 2.4
Tax effects of stock-based compensation plans 8.9 18.1 5.9
Excess tax benefi ts from from stock-based compensation plans (5.0) – –
Asset impairment and related charges – – 2.4
Deferred income taxes (2.6) 11.8 25.3
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net (22.8) (14.3) (17.2)
Prepaid expenses and other current assets (2.4) 10.5 7.9
Other assets (1.6) 0.5 (7.2)
Current liabilities, excluding debt 49.1 (14.0) 7.6
Other long-term liabilities, excluding debt (24.0) (11.7) 2.7
Cash provided by operating activities 374.3 337.8 309.0
Investing activities:
Capital expenditures (52.0) (46.2) (47.5)
Acquisitions, net of cash acquired (34.4) (121.8) (17.4)
Proceeds from sale of investments – 10.1 59.4
Other (0.4) – (1.0)
Cash used in investing activities (86.8) (157.9) (6.5)
Financing activities:
Net short-term (repayments) borrowings (12.2) 92.3 (22.5)
Net (repayments) borrowings under long-term revolving
credit facilities (40.0) 65.0 (138.0)
Payments on long-term debt – (250.0) (0.6)
Treasury stock purchases (215.2) (144.0) (138.0)
Dividends paid (20.3) (20.2) (15.0)
Proceeds from exercise of stock options 26.1 62.8 28.1
Excess tax benefi ts from stock-based compensation plans 5.0 – –
Other (0.6) 0.6 (3.0)
Cash used in fi nancing activities (257.2) (193.5) (289.0)
Effect of foreign currency exchange rates on cash and cash equivalents – (1.0) (1.2)
Cash provided by discontinued operations (see Note 12) – – 1.7
Increase (decrease) in cash and cash equivalents 30.3 (14.6) 14.0
Cash and cash equivalents, beginning of period 37.5 52.1 38.1
Cash and cash equivalents, end of period $ 67.8 $ 37.5 $ 52.1
See Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
EQUIFAX 2006 ANNUAL REPORT 51