Equifax 2001 Annual Report Download - page 51

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at December 31, 2001 and 2000, respectively.
Prepaid pension cost for this plan was $11.8 mil-
lion and $12.5 million at December 31, 2001 and
2000, respectively. The Company also main-
tains defined contribution plans for certain
employees in the United Kingdom.
Supplemental Retirement Plan The Company
maintains a supplemental executive retirement
program for certain key employees. The plan,
which is unfunded, provides supplemental retire-
ment payments based on salary and years of
service. The expense for this plan was $2.4 mil-
lion in 2001, $3.0 million in 2000, and $3.1 mil-
lion in 1999. The accrued liability for this plan at
December 31, 2001 and 2000, was $26.3 million
and $24.2 million, respectively, and is included in
other long-term liabilities in the accompanying
consolidated balance sheets.
Employee Retirement Savings Plans The
Company’s retirement savings plans provide
for annual contributions, within specified
ranges, determined at the discretion of the
Board of Directors for the benefit of eligible
employees in the form of cash or shares of the
Company’s common stock. Employees may
sell their Company stock, including shares con-
tributed as the Company match, at any time.
Expense for these plans was $2.5 million in 2001,
$2.4 million in 2000, and $3.4 million in 1999.
Postretirement BenefitsThe Company main-
tains certain unfunded healthcare and life insur-
ance benefit plans for eligible retired employees.
Substantially all of the Company’s U.S. employ-
ees may become eligible for these benefits if
they reach retirement age while working for the
Company and satisfy certain years of service
requirements. The Company accrues the cost of
providing these benefits over the active service
period of the employee. Expense for these plans
was $1.5 million in 2001, $0.1 million in 2000,
and $0.9 million in 1999. Expense in 2000 was
reduced by a $0.8 million curtailment gain
related to the sale of the U.S. risk management
business (Note 4). The curtailment gain was
included as a component of the loss on sale of
businesses recorded in other income. The
accrued liability for these plans at December 31,
2001 and 2000, was $21.4 million and $24.0 mil-
lion, respectively, and is included in other long-
term liabilities in the accompanying
consolidated balance sheets.
10.
Commitments and Contingencies
LeasesThe Company’s operating leases involve
principally office space and office equipment.
Under the terms of its headquarters building
operating lease, which commenced in 1999, the
Company has guaranteed a portion of the resid-
ual value of the building at the end of the lease
in 2010. The maximum exposure under the
guarantee is approximately $23 million.
Rental expense related to the Company’s oper-
ating leases was $23.8 million in 2001, $28.4 in
2000, and $28.4 million in 1999. Future mini-
mum payment obligations for noncancelable
operating leases exceeding one year are as
follows as of December 31, 2001:
(in millions) Amount
2002 $ 16.3
2003 11.7
2004 9.2
2005 7.9
2006 7.8
Thereafter 76.7
$129.6