Equifax 2012 Annual Report Download - page 54

52 Equifax 2012 Annual Report
Purchased Intangible Assets. Purchased intangible assets net, recorded on our Consolidated Balance Sheets at December 31, 2012 and
2011, are as follows:
December 31, 2012 December 31, 2011
(In millions) Gross
Accumulated
Amortization Net Gross
Accumulated
Amortization Net
Definite-lived intangible assets:
Purchased data files $ 795.6 $(229.2) $566.4 $ 316.2 $(240.5) $ 75.7
Acquired software and technology 34.4 (13.5) 20.9 68.3 (41.1) 27.2
Customer relationships 522.1 (164.5) 357.6 518.2 (130.3) 387.9
Proprietary database 125.0 (115.9) 9.1 125.0 (95.5) 29.5
Non-compete agreements 19.4 (5.5) 13.9 9.0 (3.1) 5.9
Trade names and other intangible assets 41.5 (21.7) 19.8 40.7 (16.7) 24.0
Total definite-lived intangible assets $1,538.0 $(550.3) $987.7 $1,077.4 $(527.2) $550.2
Amortization expense related to purchased intangible assets was $88.7 million, $90.5 million, and $90.0 million during the twelve months
ended December 31, 2012, 2011, and 2010, respectively.
Estimated future amortization expense related to definite-lived
purchased intangible assets at December 31, 2012 is as follows:
Years ending December 31,
(In millions) Amount
2013 $106.3
2014 93.7
2015 88.7
2016 83.3
2017 73.5
Thereafter 542.2
$987.7
6. DEBT
Debt outstanding at December 31, 2012 and 2011 was as follows:
December 31,
(In millions) 2012 2011
Commercial paper (‘‘CP’’) $ 265.0 $ 30.0
Notes, 7.34%, due in installments
through May 2014 30.0 45.0
Notes, 4.45%, due December 2014 275.0 275.0
Notes, 6.30%, due July 2017 272.5 272.5
Notes, 3.30%, due Dec 2022 500.0 —
Debentures, 6.90%, due July 2028 125.0 125.0
Notes, 7.00%, due July 2037 250.0 250.0
Capitalized lease obligation 2.2 1.1
Other 0.7 0.6
Total debt 1,720.4 999.2
Less short-term debt and
current maturities (283.3) (47.2)
Less unamortized discounts (2.3) (1.8)
Plus fair value adjustments 12.6 15.8
Total long-term debt, net of discount $1,447.4 $966.0
Scheduled future maturities of debt at December 31, 2012, are
as follows:
Years ending December 31,
(In millions) Amount
2013 $ 282.9
2014 290.0
2015 —
2016 —
2017 272.5
Thereafter 875.0
Total debt $1,720.4
Senior Credit Facility. During the fourth quarter of 2012, we
extended the maturity date and increased the borrowing limits of our
existing unsecured revolving credit facility, which we refer to as the
Senior Credit Facility, by entering into a Third Amended and Restated
Credit Agreement dated as of December 19, 2012 (the ‘‘Amended
Agreement’’). The Senior Credit Facility had been scheduled to expire
on February 18, 2015, and provided $500.0 million of borrowing
capacity. The Amended Agreement provides for a maturity date of
December 19, 2017. We elected to increase the size of the facility to
$750.0 million in line with our liquidity needs and current credit
market conditions. The Amended Agreement also provides an
accordion feature that allows us to request an increase in the total
commitment to $1.0 billion. Borrowings may be used for general
corporate purposes, including working capital, capital expenditures,
acquisitions and share repurchase programs. Availability of the Senior
Credit Facility for borrowings is reduced by the outstanding face
amount of any letters of credit issued under the facility and, pursuant
to our existing Board of Directors authorization, by the outstanding
principal amount of our CP notes.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued