Equifax 2015 Annual Report Download - page 72

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– 71 –
1-Percentage
Point Increase
1-Percentage
Point Decrease
(Inmillions)
Effect on total service and interest cost components $0.1 $(0.1)
Effect on accumulated postretirement benefit obligation $1.4 $(1.3)
We estimate that the future benefits payable for our retirement and postretirement plans are as follows at December 31,
2015:
Years ending December 31,
U.S. Defined
Benefit Plans
Non-U.S.
Defined
Benefit Plans
Other Benefit
Plans
(Inmillions)
2016 $ 41.2 $ 1.8 $ 1.7
2017 $ 41.6 $ 1.9 $ 1.7
2018 $ 41.7 $ 1.9 $ 1.6
2019 $ 41.7 $ 2.0 $ 1.6
2020 $ 42.8 $ 2.0 $ 1.6
Next five fiscal years to December 31, 2025 $ 209.2 $ 11.6 $ 8.0
Fair Value of Plan Assets. The fair value of the pension assets at December 31, 2015, is as follows:
Fair Value Measurements at Reporting Date Using:
Description
Fair Value at
December 31,
2015
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(Inmillions)
Large-Cap Equity (1) $ 123.0 $ 123.0 $ — $ —
Small and Mid-Cap Equity (1) 28.8 28.8 — —
International Equity (1) (2) 79.1 16.0 63.1 —
Fixed Income (2) 163.0 — 163.0 —
Private Equity (3) 41.9 — — 41.9
Hedge Funds (4) 54.0 — — 54.0
Real Assets (5) 17.4 — — 17.4
Cash (1) 11.7 11.7 — —
Total $ 518.9 $ 179.5 $ 226.1 $ 113.3
(1) Fair value is based on observable market prices for the assets.
(2) For the portion of this asset class categorized as Level 2, fair value is determined using dealer and broker quotations,
certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that
are observable or can be corroborated by observable market data.
(3) Private equity investments are initially valued at cost. Fund managers periodically review the valuations utilizing
subsequent company-specific transactions or deterioration in the company’s financial performance to determine if fair
value adjustments are necessary. Private equity investments are typically viewed as long term, less liquid investments
with return of capital coming via cash distributions from the sale of underlying fund assets. The Plan intends to hold
these investments through each fund’s normal life cycle and wind down period. As of December 31, 2015, we had $12.8
million of remaining commitments related to these private equity investments.
(4) Fair value is reported by the fund manager based on observable market prices for actively traded assets within the funds,
as well as financial models, comparable financial transactions or other factors relevant to the specific asset for assets
with no observable market. These investments are redeemable quarterly with a range of 30 – 90 days notice.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
88
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