Equifax 2007 Annual Report Download - page 81

EQUIFAX | 2007 ANNUAL REPORT 79
• We have an $850.0 million Senior Credit Facility, as
amended during the second quarter of 2007, with a group
of banks, of which SunTrust is committed to $115.0 million.
At December 31, 2007 and 2006, SunTrust’s portion of
the outstanding borrowings under this facility totaled
$50.7 million and $3.8 million, respectively.
• SunTrust is the holder of our $12.5 million mortgage
obligation on the facility that houses our Atlanta, Georgia
data center, which we acquired on July 26, 2007.
• SunTrust provides the $29.0 million synthetic lease facility
related to our Atlanta corporate headquarters building. As
of December 31, 2007 and 2006, the amount of this facility
was $29.0 million.
• A subsidiary of SunTrust, AMA/Lighthouse, Inc., owned a
24.9% minority interest in Lighthouse Investment Partners,
L.L.C., which provides investment management services for
our USRIP; SunTrust sold its minority interest in January
2008. We had a similar arrangement with another of
SunTrust’s subsidiaries, Trusco Capital Management, Inc.,
during 2005 and early 2006. As of December 31, 2007 and
2006, a total of $30.1 million and $26.8 million, respectively,
of USRIP assets were managed by one or both of these
subsidiaries of SunTrust.
• SunTrust is a dealer under our commercial paper program.
Fees paid to the dealers related to our issuance of commercial
paper were immaterial during the twelve months ended
December 31, 2007.
• SunTrust Robinson Humphrey served as underwriter for our
public offering of $550.0 million of Notes in June 2007 for
which they were paid underwriting fees of approximately
$0.4 million.
BANK OF AMERICA, N.A., OR B OF A
We consider B of A a related party because Jacquelyn M. Ward, a
member of our Board of Directors, is also a director of B of A. Our
relationships with B of A are described more fully as follows:
• We provide credit management services to B of A, as a
customer, from whom we recognized revenue of $35.3 million,
$37.1 million and $26.6 million, respectively, during the
twelve months ended December 31, 2007, 2006 and 2005.
The corresponding outstanding accounts receivable balances
due from B of A at December 31, 2007 and 2006 were
$6.0 million and $5.5 million, respectively.
• As referenced above under SunTrust, we have an $850.0 million
Senior Credit Facility, as amended during the second quarter
of 2007, with a group of banks, of which B of A is committed
to $115.0 million. At December 31, 2007 and 2006, B of A’s
portion of the outstanding borrowings under this facility
totaled $50.7 million and $3.8 million, respectively.
• B of A extends an uncommitted $25.0 million working capital
line of credit to Equifax. The facility is cancelable at the
discretion of either party. The uncommitted working capital
line, at both December 31, 2007 and 2006, had an outstanding
balance of zero.
• Bank of America Corporation provides investment management
services for the USRIP and EIPP through its subsidiary, Bank
of America Capital Advisors, LLC. At December 31, 2007
and 2006, a total of $5.0 million and $7.1 million, respectively,
of USRIP and EIPP assets were managed by this subsidiary.
• At December 31, 2007 and 2006, B of A was the counterparty
on interest rate swaps related to our headquarters building
lease with us with a notional value of $29.0 million.
• B of A is a dealer under our commercial paper program. Fees
paid to the dealers related to our issuance of commercial
paper were immaterial during the twelve months ended
December 31, 2007.
• B of A Securities, LLC served as underwriter for our public
offering of $550.0 million of Notes in June 2007 for which they
were paid underwriting fees of approximately $1.4 million.
FIDELITY NATIONAL INFORMATION
SERVICES, INC., OR FNIS
We consider FNIS a related party because Lee A. Kennedy, one
of our directors, is President and Chief Executive Offi cer and a
Director of FNIS. We sell telecommunication credit information
reports and customer portfolio reviews to FNIS. Revenue from FNIS,
as a customer, for credit disclosure reports and portfolio reviews
was not material during the twelve months ended December 31,
2007, 2006 and 2005. The corresponding outstanding accounts
receivable balances due from FNIS at December 31, 2007 and
2006 were also immaterial. In addition, FNIS provides customer
invoice and disclosure notifi cation printing and mailing services to
us. Amounts paid to FNIS for fulfi llment services were $11.5 million,
$10.5 million and $10.0 million for the twelve months ended
December 31, 2007, 2006 and 2005, respectively.
12.
SEGMENT INFORMATION
Organizational Realignment. Effective January 1, 2007, we
implemented certain organizational changes as a result of a strategic
review of our business. The changes to our internal structure
changed our operating segments to the following: U.S. Consumer
Information Solutions, International, North America Personal
Solutions and North America Commercial Solutions. U.S. Consumer
Information Solutions consists of the former Marketing Services
and North America Information Services, excluding U.S.
Commercial Services and Canada. North America Commercial
Solutions represents our former commercial business for the
U.S. and Canada that was within North America Information
Services as well as our October 2006 acquisition of Austin-Tetra.
International consists of our consumer business in Canada and all
of our businesses in Europe and Latin America. North America
Personal Solutions remained unchanged. Our fi nancial results
for the twelve months ended December 31, 2006 and 2005 have
been recast below to refl ect our new organizational structure.