Equifax 2015 Annual Report Download - page 67

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date, and $31.3 million, $17.2 million and $15.8 million, respectively, based on the weighted-average fair value on the date of
grant. At December 31, 2015, our total unrecognized compensation cost related to nonvested stock was $29.2 million with a
weighted-average recognition period of 1.9 years.
10. SHAREHOLDER RIGHTS PLAN
The Company's Board of Directors terminated the previously adopted shareholder rights plan (sometimes referred to as a
‘poison pill’) effective February 19, 2015.
11. BENEFIT PLANS
We have defined benefit pension plans and defined contribution plans. We also maintain certain healthcare and life
insurance benefit plans for eligible retired employees. The measurement date for our defined benefit pension plans and other
postretirement benefit plans is December 31 of each year.
Pension Benefits. Pension benefits are provided through U.S. and Canadian defined benefit pension plans and two
supplemental executive defined benefit pension plans.
U.S.andCanadianRetirementPlans. We sponsor a qualified defined benefit retirement plan (the U.S. Retirement
Income Plan, or USRIP) that covers approximately 20% of current U.S. salaried employees who were hired on or before June
30, 2007, the last date on which an individual could be hired and enter the plan before the USRIP was frozen to new
participation at December 31, 2008. This plan also covers many retirees as well as certain terminated but vested individuals not
yet in retirement status. We also sponsor a defined benefit plan that covers most salaried and hourly employees in Canada (the
Canadian Retirement Income Plan, or CRIP), also frozen to new hires on October 1, 2011.
During 2015, we adopted the new generational projection scale with MP-2015 in determining the liability for the U.S.
pensions plan. This updated scale, along with the change in the discount rate, contributed to the decrease in the projected
benefit obligation as of December 31, 2015.
During 2014, we adopted the new RP-2014 mortality tables and generational projection scale with MP-2014 in
determining the liability for USRIP. This new table, along with the change in the discount rate, contributed to the increase in the
projected benefit obligation as of December 31, 2014.
In September 2014, an amendment to the USRIP was approved, which froze future salary increases and service
accruals for grandfathered participants and provided a one-time 9% increase to the accrued benefit as determined on December
31, 2014. This amendment did not have a material impact on our pension expense for 2014.
On October 1, 2012, we offered certain former U.S. employees the option to receive their USRIP pension benefits in
either a lump sum payable by December 31, 2012, or a reduced monthly annuity that will commence December 1, 2012. The
voluntary lump sum payment option was based on the present value of the participant’s pension benefit, and was payable at the
participant’s election in cash or rollover into a qualified retirement plan or IRA. The offer was made to approximately 3,500
vested participants in the pension plan who had terminated employment prior to January 1, 2012, and had not yet started to
receive monthly payment of their pension benefit. Participants were required to make an irrevocable election to receive the
lump sum payment by November 26, 2012. Approximately 64% of the vested terminated participants elected to receive the
lump sum payment which resulted in a payment of $62.6 million. The payment was made on December 21, 2012, from existing
plan assets. Approximately 90 vested terminated participants elected the accelerated reduced monthly annuity which is being
paid from the pension plan.
On September 14, 2011, the Compensation Committee of the Board of Directors approved a redesign of our retirement
plans for our currently active Canadian employees, effective January 1, 2013, and for our new hires hired on or after October 1,
2011. The changes to our retirement plan froze the Canadian Retirement Income Plan, or CRIP, a registered defined benefit
pension plan, for employees who did not meet retirement-eligibility status under the CRIP as of December 31, 2012 (“Non-
Grandfathered” participants). Under the plan amendment, the service credit for Non-Grandfathered participants froze, but these
participants will continue to receive credit for salary increases and vesting service. Additionally, Non-Grandfathered employees
and certain other employees not eligible to participate in the CRIP (i.e., new hires on or after October 1, 2011) are eligible to
participate in the enhanced defined contribution component of the CRIP.
During the twelve months ended December 31, 2015, we did not make any contributions to the USRIP and made
contributions of $0.2 million to the CRIP. During the twelve months ended December 31, 2014, we did not make any
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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