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INCOME TAXES (Tables)

12 Months Ended

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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