Equifax 2013 Annual Report Download - page 6

7 EQUIFAX 2013 ANNUAL REPORT
The table below summarizes our selected historical financial information for each of the last five years. The summary of operations data for the
years ended December 31, 2013, 2012, 2011, and the balance sheet data as of December 31, 2013 and 2012, have been derived from our
audited Consolidated Financial Statements included in this report. The summary of operations data for the years ended December 31, 2010
and 2009, and the balance sheet data as of December 31, 2011, 2010 and 2009, have been derived from our audited Consolidated Financial
Statements not included in this report. The historical selected financial information may not be indicative of our future performance and should
be read in conjunction with the information contained in Management’s Discussion and Analysis of Financial Condition and Results of Opera-
tions, and the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this report.
Twelve Months Ended
December 31,
(In millions, except per share data) 2013
(1)(2)
2012
(3)(4)
2011
(5)
2010
(6)
2009
(7)(8)(9)
Summary of Operations:
Operating revenue $2,303.9 $2,073.0 $1,893.2 $1,797.5 $1,669.1
Operating expenses 1,692.7 1,593.0 1,424.6 1,375.1 1,288.5
Operating income 611.2 480.0 468.6 422.4 380.6
Consolidated income from continuing operations 341.5 275.3 238.8 238.8 223.3
Discontinued operations, net of tax
(1)(6)
18.4 5.5 2.9 36.0 17.2
Net income attributable to Equifax 351.8 272.1 232.9 266.7 233.9
Dividends paid to Equifax shareholders 106.7 86.0 78.1 35.2 20.2
Diluted earnings per common share
Net income from continuing operations attributable to
Equifax $ 2.69 $ 2.18 $ 1.86 $ 1.83 $ 1.69
Discontinued operations attributable to Equifax 0.15 0.04 0.02 0.28 0.14
Net income attributable to Equifax $ 2.84 $ 2.22 $ 1.88 $ 2.11 $ 1.83
Cash dividends declared per common share $ 0.88 $ 0.72 $ 0.64 $ 0.28 $ 0.16
Weighted-average common shares outstanding (diluted) 123.7 122.5 123.7 126.5 127.9
As of December 31,
(In millions) 2013 2012
(3)
2011 2010 2009
(7)
Balance Sheet Data:
Total assets $4,539.9 $4,520.1 $3,518.7 $3,437.5 $3,550.5
Short-term debt and current maturities 296.5 283.3 47.2 20.7 183.2
Long-term debt, net of current portion 1,145.5 1,447.4 966.0 978.9 990.9
Total debt, net 1,442.0 1,730.7 1,013.2 999.6 1,174.1
Total equity 2,341.0 1,959.2 1,722.1 1,708.4 1,615.0
(1) 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 $47.5 million. We have presented the Equifax Settlement
Services and Talent Management Services operations as discontinued operations for all periods presented. For additional information
about these divestitures, see Note 3 of the Notes to Consolidated Financial Statements in this report.
(2) During the fourth quarter of 2013, the management of Boa Vista Servicos S.A., in which we hold a 15% cost method investment, revised
its near-term outlook and its operating plans to reflect reduced near-term market expectations for credit information services in Brazil and
increased investment needed to achieve its strategic objectives. As a result of these changes, and the associated near-term changes in
cash flow expected from the business, we recorded a 40 million Brazilian Reais ($17.0 million) impairment of our original investment of
130 million Brazilian Reais. For additional information, see Note 2 of the Notes to Consolidated Financial Statements in this report.
(3) On December 28, 2012, we acquired certain credit services business assets and operations of Computer Sciences Corporation (the
‘‘CSC Credit Services Acquisition’’) for $1.0 billion. We financed the acquisition with available cash, the issuance of $500 million of 3.30%
ten-year senior notes, and commercial paper borrowings under our CP program. The results of this acquisition are included in our USCIS
segment after the date of acquisition and were not material for 2012. For additional information, see Note 4 of the Notes to Consolidated
Financial Statements in this report.
(4) 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 from the assets in the pension plan. An amendment 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 in this report.
(5) On May 31, 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 was deconsolidated. BVS, an unrelated third party whose results we do not
consolidate, is the second largest consumer and commercial credit information company in Brazil.
SELECTED FINANCIAL DATA
8 EQUIFAX 2013 ANNUAL REPORT
(6) On April 23, 2010, we sold our APPRO product line (‘‘APPRO’’) for approximately $72 million. On July 1, 2010, we sold the assets of our
Direct Marketing Services division (‘‘DMS’’) for approximately $117 million. Both of these were previously reported in our U.S. Consumer
Information Solutions segment. We have presented the APPRO and DMS operations as discontinued operations for all periods
presented.
(7) On October 27, 2009, we acquired IXI Corporation for $124.0 million. On November 2, 2009, we acquired Rapid Reporting Verification
Company for $72.5 million. The results of these acquisitions are included in our Consolidated Financial Statements subsequent to the
acquisition dates.
(8) During 2009, we recorded restructuring and asset write-down charges of $24.8 million ($15.8 million, net of tax).
(9) During 2009, we recorded a $7.3 million income tax benefit related to our ability to utilize foreign tax credits beyond 2009.
SELECTED FINANCIAL DATA continued