Equifax 2015 Annual Report Download - page 26

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The Company does not have any credit rating triggers that would accelerate the maturity of a material amount of the
outstanding debt; however, the 6.3% Senior Notes due 2017, 3.3% Senior Notes due 2022 and 7.0% Senior Notes due 2037
(together, the “Senior Notes”) contain change in control provisions. If the Company experiences a change of control or publicly
announce the Company's intention to effect a change of control and the rating on the senior notes is lowered by Standard &
Poor’s, or S&P, and Moody’s Investors Service, or Moody’s, below an investment grade rating within 60 days of such change
of control or notice thereof, then the Company will be required to offer to repurchase the senior notes at a price equal to 101%
of the aggregate principal amount of the senior notes plus accrued and unpaid interest.
Credit Ratings. Credit ratings reflect an independent agency’s judgment on the likelihood that a borrower will repay
a debt obligation at maturity. The ratings reflect many considerations, such as the nature of the borrower’s industry and its
competitive position, the size of the company, its liquidity and access to capital and the sensitivity of a company’s cash flows to
changes in the economy. The two largest rating agencies, S&P and Moody’s, use alphanumeric codes to designate their ratings.
The highest quality rating for long-term credit obligations is AAA and Aaa for S&P and Moody’s, respectively. A security
rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the
assigning rating agency.
Long-term ratings of BBB- and Baa3 or better by S&P and Moody’s, respectively, reflect ratings on debt obligations
that fall within a band of credit quality considered to be “investment grade”. At December 31, 2015, the long-term ratings for
our obligations were BBB+ and Baa1, which are consistent with the ratings and outlooks which existed at December 31, 2014.
A downgrade in our credit rating would increase the cost of borrowings under our CP program and credit facilities, and could
limit, or in the case of a significant downgrade, preclude our ability to issue CP. If our credit ratings were to decline to lower
levels, we could experience increases in the interest cost for any new debt. In addition, the market’s demand for, and thus our
ability to readily issue, new debt could become further affected by the economic and credit market environment.
For additional information about our debt, including the terms of our financing arrangements, basis for variable
interest rates and debt covenants, see Note 6 of the Notes to Consolidated Financial Statements in this report.
Equity Transactions
Twelve Months Ended December 31, Change
Net cash provided by (used in): 2015 2014 2013 2015 vs. 2014 2014 vs. 2013
(Inmillions)
Treasury stock purchases $(196.3)$(301.6) $ (11.9)$105.3 $(289.7)
Dividends paid to Equifax shareholders $(137.8)$(121.2) $ (106.7)$(16.6)$(14.5)
Dividends paid to noncontrolling
interests $(6.4)$(7.9) $ (10.5)$1.5 $2.6
Proceeds from exercise of stock options $34.4 $39.7 $47.8 $(5.3)$(8.1)
Excess tax benefits from stock-based
compensation plans $30.0 $17.7 $14.6 $12.3 $3.1
Contributions from noncontrolling
interests $—$—$16.7 $—$(16.7)
Sources and uses of cash related to equity during the twelve months ended December 31, 2015, 2014 and 2013 were as
follows:
• Under share repurchase programs authorized by our Board of Directors, we repurchased 2.1 million,
3.9 million, and 0.2 million common shares during the twelve months ended December 31, 2015, 2014 and
2013, respectively, for $196.3 million, $301.6 million and $11.9 million, respectively, at an average price per
common share of $94.97, $76.55 and $59.74, respectively. As of December 31, 2015, under the existing board
authorization, the Company is approved for additional stock repurchases valued at $667.2 million.
• During the twelve months ended December 31, 2015, 2014 and 2013, we paid cash dividends to Equifax
shareholders of $137.8 million, $121.2 million and $106.7 million, respectively, at $1.16 per share for 2015,
$1.00 per share for 2014 and $0.88 per share for 2013.
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