Equifax 2007 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2007 Equifax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

EQUIFAX | 2007 ANNUAL REPORT 75
The accumulated benefi t obligation for the USRIP, EIPP, CRIP
and Supplemental Retirement Plans was $553.7 million and
$557.1 million at December 31, 2007 and 2006, respectively.
At December 31, 2007, the Supplemental Retirement Plans had
projected benefi t obligations and accumulated benefi t obligations
in excess of those plans’ respective assets. The projected benefi t
obligation, accumulated benefi t obligation and fair value of plan
assets for these plans were $47.1 million, $43.6 million and zero,
respectively, at December 31, 2007.
At December 31, 2006, the Supplemental Retirement Plans had
projected benefi t obligations and accumulated benefi t obligations
in excess of those plans’ respective assets. The projected benefi t
obligation, accumulated benefi t obligation and fair value of plan
assets for these plans were $46.8 million, $43.7 million and zero,
respectively, at December 31, 2006. The EIPP had a projected
benefi t obligation of $108.2 million which is greater than the
$103.9 million of plan assets; however, the plan assets were in
excess of the $92.3 million accumulated benefi t obligation.
The following table represents the net amounts recognized, or
the funded status of our pension and other postretirement benefi t
plans, in our Consolidated Balance Sheets at December 31, 2007
and 2006:
Pension Benefits Other Benefits
(In millions) 2007 2006 2007 2006
Amounts recognized
in the statements of
financial position
consist of:
Prepaid pension asset $ 72.2 $ 47.7 $ – $ –
Current liabilities (3.7) (3.5) – –
Long-term liabilities (43.5) (47.7) (13.9) (13.4)
Net amount recognized $ 25.0 $ (3.5) $(13.9) $(13.4)
Included in accumulated other comprehensive loss at December 31, 2007 and 2006, were the following amounts that have not yet
been recognized in net periodic pension cost:
Pension Benefi ts Other Benefi ts
(In millions) 2007 2006 2007 2006
Prior service cost, net of accumulated taxes of $2.2 and
$2.4 in 2007 and 2006, respectively, for pension benefits
and $1.1 and $1.3, respectively, for other benefits $ 3.7 $ 4.3 $2.0 $2.3
Net actuarial loss, net of accumulated taxes of $54.8 and
$62.4 in 2007 and 2006 for pension benefits and $3.2
and $2.2, respectively, for other benefits 95.2 108.1 5.6 3.7
Accumulated other comprehensive loss $98.9 $112.4 $7.6 $6.0
The following indicates amounts recognized in other comprehensive income during the twelve months ended December 31, 2007:
(In millions) Pension Benefi ts Other Benefi ts
Amounts arising during the period:
Net actuarial (gain) loss, net of taxes of $(4.7) for pension benefits and $1.2 for other benefits $ (8.2) $ 2.1
Foreign currency exchange rate loss, net of taxes of $0.5 for pension benefits 0.8 –
Prior service cost, net of taxes of $0.1 for pension benefits 0.1 –
Amounts recognized in net periodic benefit cost during the period:
Recognized actuarial loss, net of taxes of $(3.3) for pension benefits and $(0.1) for other benefits (5.6) (0.2)
Amortization of prior service cost, net of taxes of $(0.4) for pension benefits and $(0.2) for other benefits (0.6) (0.3)
Total recognized in other comprehensive income $(13.5) $ 1.6
Components of Net Periodic Benefit Cost.
Pension Benefi ts Other Benefi ts
(In millions) 2007 2006 2005 2007 2006 2005
Service cost $ 10.8 $ 10.0 $ 7.7 $ 0.4 $ 0.4 $ 0.4
Interest cost 33.2 32.1 31.8 1.7 1.6 1.6
Expected return on plan assets (42.9) (41.0) (40.5) (1.5) (1.2) (1.0)
Amortization of prior service cost 1.0 0.8 4.7 0.5 0.5 0.6
Recognized actuarial loss 8.9 10.0 8.3 0.3 0.2 –
Special termination benefit – 0.5 – – – –
Total net periodic benefit cost $ 11.0 $ 12.4 $ 12.0 $ 1.4 $ 1.5 $ 1.6
The following represents the amount of prior service cost and actuarial loss included in accumulated other comprehensive loss that
is expected to be recognized in net periodic benefi t cost during the twelve months ended December 31, 2008:
(In millions) Pension Benefi ts Other Benefi ts
Prior service cost, net of taxes of $0.4 for pension benefits and $0.1 for other benefits $0.6 $0.3
Actuarial loss, net of taxes of $2.2 for pension benefits and $0.2 for other benefits $3.9 $0.4