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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The (benefit) provision for income taxes consisted of the following:
| Twelve Months Ended December 31, |  |  |  |
| 2019 |  | 2018 |  | 2017
| (In millions) |  |  |  |
Current: |  |  |  |  |
Federal | $ | (5.2) |  |  | $ | 9.4 |  |  | $ | 107.8 |
State | 8.5 |  |  | 11.4 |  |  | 13.2 |
Foreign | 43.7 |  |  | 31.5 |  |  | 71.7 |
| 47.0 |  |  | 52.3 |  |  | 192.7 |
Deferred: |  |  |  |  |
Federal | (53.5) |  |  | 22.6 |  |  | (19.2) |
State | (13.4) |  |  | 0.7 |  |  | 1.3 |
Foreign | (20.3) |  |  | (25.6) |  |  | (26.2) |
| (87.2) |  |  | (2.3) |  |  | (44.1) |
(Benefit) Provision for income taxes | $ | (40.2) |  |  | $ | 50.0 |  |  | $ | 148.6 |
Domestic and Foreign Income before Income Taxes | Domestic and foreign (loss) income before income taxes was as follows:
| Twelve Months Ended December 31, |  |  |  |
| 2019 |  | 2018 |  | 2017
| (In millions) |  |  |  |
U.S. | $ | (552.8) |  |  | $ | 339.6 |  |  | $ | 711.1 |
Foreign | 119.8 |  |  | 16.7 |  |  | 35.5 |
| $ | (433.0) |  |  | $ | 356.3 |  |  | $ | 746.6 |
Provision for Income Taxes Reconciles with U.S. Federal Statutory Rate | The (benefit) provision for income taxes reconciles with the U.S. federal statutory rate, as follows:
| Twelve Months Ended December 31, |  |  |  |
| 2019 |  | 2018 |  | 2017
| (In millions) |  |  |  |
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Provision computed at federal statutory rate | $ | (90.9) |  |  | $ | 74.8 |  |  | $ | 261.3 |
State and local taxes, net of federal tax benefit | (7.3) |  |  | 10.7 |  |  | 13.3 |
Foreign | (2.1) |  |  | 0.1 |  |  | (41.9) |
Tax Cuts and Jobs Act of 2017 | — |  |  | — |  |  | (48.3) |
Federal research & development credit | (14.9) |  |  | (13.0) |  |  | (6.7) |
Equity compensation | (3.0) |  |  | (7.5) |  |  | (26.7) |
Tax reserves | 1.2 |  |  | 2.4 |  |  | 2.5 |
Equifax Australia settlement | — |  |  | (14.1) |  |  | — |
Legal settlement | 69.1 |  |  | — |  |  | — |
Excess officer’s compensation | 5.1 |  |  | 2.7 |  |  | — |
Other | 2.6 |  |  | (6.1) |  |  | (4.9) |
(Benefit) Provision for income taxes | $ | (40.2) |  |  | $ | 50.0 |  |  | $ | 148.6 |
Effective income tax rate | 9.3 | % |  | 14.0 | % |  | 19.9 | %
Components of Deferred Income Tax Assets and Liabilities | Components of the deferred income tax assets and liabilities at December 31, 2019 and 2018, were as follows:
| December 31, |  |
| 2019 |  | 2018
| (In millions) |  |
Deferred income tax assets: |  |  |
Net operating and capital loss carryforwards | $ | 285.1 |  |  | $ | 326.8 |
Goodwill and intangible assets | 119.1 |  |  | 119.4 |
Employee compensation programs | 40.5 |  |  | 42.0 |
Foreign tax credits | 16.6 |  |  | 16.8 |
Employee pension benefits | 31.1 |  |  | 35.2 |
Reserves and accrued expenses | 14.9 |  |  | 15.8 |
Accrued legal expense | 136.3 |  |  | 12.5 |
Research and development costs | 32.4 |  |  | 26.7 |
Operating lease asset | 26.6 |  |  | — |
Other | 18.3 |  |  | 11.6 |
Gross deferred income tax assets | 720.9 |  |  | 606.8 |
Valuation allowance | (379.8) |  |  | (428.3) |
Total deferred income tax assets, net | 341.1 |  |  | 178.5 |
Deferred income tax liabilities: |  |  |  |  |
Goodwill and intangible assets | (472.5) |  |  | (431.0) |
Undistributed earnings of foreign subsidiaries | (8.3) |  |  | (8.7) |
Depreciation | (33.6) |  |  | (31.6) |
Operating lease liability | (26.6) |  |  | — |
Accrued insurance | (27.5) |  |  | — |
Prepaid expenses | (8.1) |  |  | (11.0) |
Other | (3.3) |  |  | (1.3) |
Total deferred income tax liability | (579.9) |  |  | (483.6) |
Net deferred income tax liability | $ | (238.8) |  |  | $ | (305.1) |
Deferred Income Tax Assets, Included in Other Current Assets, and Liabilities | Our deferred income tax assets and deferred income tax liabilities at December 31, 2019 and 2018, are included in the accompanying Consolidated Balance Sheets as follows:
| December 31, |  |
| 2019 |  | 2018
| (In millions) |  |
Long-term deferred income tax assets, included in other assets | $ | 9.2 |  |  | $ | 11.1 |
Long-term deferred income tax liabilities | (248.0) |  |  | (316.2) |
Net deferred income tax liability | $ | (238.8) |  |  | $ | (305.1) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2019 |  | 2018
| (In millions) |  |
Beginning balance (January 1) | $ | 25.9 |  |  | $ | 38.6 |
Increases related to prior year tax positions | 2.0 |  |  | 2.0 |
Decreases related to prior year tax positions | (0.1) |  |  | (15.2) |
Increases related to current year tax positions | 7.2 |  |  | 5.0 |
Decreases related to settlements | (1.3) |  |  | (0.5) |
Expiration of the statute of limitations for the assessment of taxes | (5.9) |  |  | (3.5) |
Currency translation adjustment | (0.3) |  |  | (0.5) |
Ending balance (December 31) | $ | 27.5 |  |  | $ | 25.9 |

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