Equifax 2000 Annual Report Download - page 35

In November 1997, the Company replaced its
$550 million revolving credit facility with a new,
committed $750 million revolving credit facility
with a group of commercial banks. The new facil-
ity expires November 2002. The agreement
provides interest rate options tied to Base
Rate, LIBOR, or Money Market indexes and
contains certain financial covenants related
to interest coverage, funded debt to cash flow,
and limitations on subsidiary indebtedness. At
December 31, 2000, $34,533,000 of the revolv-
ing credit facility’s outstanding balance was
denominated in foreign currencies. These for-
eign denominated obligations are used to
hedge the impacts of foreign exchange rate
fluctuations related to intercompany advances
between the Company and several of its for-
eign subsidiaries.
Scheduled maturities of long-term debt during
the five years subsequent to December 31,
2000, are as follows:
(In thousands) Amount
2001 $ 3,093
2002 395,387
2003 200,311
2004 –
2005 249,246
The Company’s short-term borrowings at
December 31, 2000 and 1999, totaled $51,516,000
and $75,696,000, respectively, and consisted
primarily of notes payable to banks. These notes
had a weighted average interest rate of 6.25% at
December 31, 2000 and 5.20% at December 31,
1999. In October 1999, a Canadian subsidiary of
the Company entered into a C$100,000,000 loan,
renewable annually, with a group of banks. The
loan agreement provides interest rate options
tied to Prime, Base Rate, LIBOR, and Canadian
Banker’s Acceptances, and contains financial
covenants related to interest coverage, funded
debt to cash flow, and limitations on subsidiary
indebtedness. Borrowings under this loan (which
are included in the short-term borrowings totals
above) at December 31, 2000 and 1999 were
C$69,000,000 and C$100,000,000 respectively.
"5.INCOME TAXES
The Company records 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.
The provision for income taxes consists of
the following:
(In thousands) 2000 1999 1998
Current:
Federal $105,383 $ 96,342 $ 74,769
State 7,925 15,855 10,854
Foreign 26,766 16,355 17,020
140,074 128,552 102,643
Deferred:
Federal 9,544 11,467 26,309
State 1,906 2,596 4,952
Foreign 5,823 7,432 (92)
17,273 21,495 31,169
$157,347 $150,047 $133,812
The provision for income taxes is based on
income before income taxes as follows:
(In thousands) 2000 1999 1998
United States $346,491 $322,782 $299,815
Foreign 38,878 43,142 27,430
$385,369 $365,924 $327,245
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued...
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