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70 Equifax 2012 Annual Report
The comparability of our quarterly financial results during 2012 and
2011 was impacted by certain events, as follows:
• During 2012 and 2011, we made several acquisitions, including
CSC Credit Services during the fourth quarter of 2012 which did
not have a material impact on the results of the quarter, and Data-
Vision Resources during the third quarter of 2011. For additional
information about our acquisitions, see Note 4 of the Notes to
Consolidated Financial Statements.
• During the fourth quarter of 2012, we offered certain former
employees a voluntary lump sum payment option of their pension
benefits or a reduced monthly annuity. Approximately 64% of the
vested terminated participants elected to receive the lump sum
payment which resulted in a payment of $62.6 million. An amend-
ment to the USRIP was also approved which froze future salary
increases for non-grandfathered participants and offered a
one-time 9% increase to the service benefit. The settlement and
amendment resulted in a $38.7 million pension charge. For
additional information, see Note 11 of the Notes to Consolidated
Financial Statements.
• During the second quarter of 2011, we completed the merger of
our Brazilian business with Boa Vista Serviços S.A. (‘‘BVS’’) in
exchange for a 15% equity interest in BVS, which was accounted
for as a sale and deconsolidated (the ‘‘Brazilian Transaction’’). For
additional information about the merger, see Note 2 of the Notes
to Consolidated Financial Statements.
14. SUBSEQUENT EVENTS
During the first quarter of 2013, we divested of two non-strategic business lines, Equifax Settlement Services which was part of our Mortgage
business within the USCIS operating segment and Talent Management Services which was part of our Employer Services business within our
Workforce Solutions operating segment, for a total of approximately $48 million. The historical results of these operations will be classified as
discontinued operations in the Consolidated Statements of Income beginning in the first quarter of 2013. The net assets of these business
lines did not meet the held for sale criteria as of December 31, 2012.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued