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IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS | IMPACT OF CHANGE IN ACCOUNTING PRINCIPLE ON CURRENT AND PRIOR PERIOD FINANCIAL STATEMENTS As discussed in Note 1, we voluntarily changed our method of accounting for recognizing actuarial gains and losses and expected return on plan assets for our defined benefit pension and other postretirement benefit plans. The following tables reflect the effects of the change in accounting principles on the 2020 and previously reported Consolidated Financial Statements: Consolidated Statements of Income
|  | Twelve Months Ended December 31, 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Other income (expense), net |  | $ | 159.4 |  |  | $ | (9.2) |  |  | $ | 150.2 |
Consolidated income before income taxes |  | 694.4 |  |  | (9.2) |  |  | 685.2 |
Provision for income taxes |  | (161.3) |  |  | 2.3 |  |  | (159.0) |
Consolidated net income |  | 533.1 |  |  | (6.9) |  |  | 526.2 |
Net income attributable to Equifax |  | $ | 527.0 |  |  | $ | (6.9) |  |  | $ | 520.1 |
Basic earnings per common share |  | $ | 4.34 |  |  | $ | (0.06) |  |  | $ | 4.28 |
Diluted earnings per common share |  | $ | 4.30 |  |  | $ | (0.06) |  |  | $ | 4.24 |
|  | Twelve Months Ended December 31, 2019 |  | Twelve Months Ended December 31, 2018
|  | As Reported |  | Revisions |  | Revised |  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Other income (expense), net |  | $ | 14.1 |  |  | $ | 19.2 |  |  | $ | 33.3 |  |  | $ | 11.8 |  |  | $ | 14.1 |  |  | $ | 25.9 |
Consolidated income before income taxes |  | (433.0) |  |  | 19.2 |  |  | (413.8) |  |  | 356.3 |  |  | 14.1 |  |  | 370.4 |
Provision for income taxes |  | 40.2 |  |  | (4.5) |  |  | 35.7 |  |  | (50.0) |  |  | (3.4) |  |  | (53.4) |
Consolidated net income |  | (392.8) |  |  | 14.7 |  |  | (378.1) |  |  | 306.3 |  |  | 10.7 |  |  | 317.0 |
Net income attributable to Equifax |  | $ | (398.8) |  |  | $ | 14.7 |  |  | $ | (384.1) |  |  | $ | 299.8 |  |  | $ | 10.7 |  |  | $ | 310.5 |
Basic earnings per common share |  | $ | (3.30) |  |  | $ | 0.12 |  |  | $ | (3.18) |  |  | $ | 2.49 |  |  | $ | 0.09 |  |  | $ | 2.58 |
Diluted earnings per common share |  | $ | (3.27) |  |  | $ | 0.12 |  |  | $ | (3.15) |  |  | $ | 2.47 |  |  | $ | 0.09 |  |  | $ | 2.56 |
Consolidated Statements of Comprehensive Income Attributable to Equifax
|  | Twelve Months Ended December 31, 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Net Income |  | $ | 527.0 |  |  | $ | (6.9) |  |  | $ | 520.1 |
Other comprehensive income: |  |  |  |  |  |
Foreign currency translation adjustment |  | 184.0 |  |  | — |  |  | 184.0 |
Change in unrecognized prior service cost and actuarial (losses) gains related to our pension and other postretirement benefit plans, net |  | (8.0) |  |  | 6.9 |  |  | (1.1) |
Change in cumulative gain from cash flow hedging, net |  | 0.1 |  |  | — |  |  | 0.1 |
Comprehensive income |  | $ | 703.1 |  |  | $ | — |  |  | $ | 703.1 |
|  | Twelve Months Ended December 31, 2019 |  | Twelve Months Ended December 31, 2018
|  | As Reported |  | Revisions |  | Revised |  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Net Income |  | $ | (398.8) |  |  | $ | 14.7 |  |  | $ | (384.1) |  |  | $ | 299.8 |  |  | $ | 10.7 |  |  | $ | 310.5 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  | (24.4) |  |  | — |  |  | (24.4) |  |  | (224.7) |  |  | — |  |  | (224.7) |
Change in unrecognized prior service cost and actuarial gains (losses) related to our pension and other postretirement benefit plans, net |  | 19.0 |  |  | (14.7) |  |  | 4.3 |  |  | 10.4 |  |  | 291.8 |  |  | 302.2 |
Change in cumulative gain from cash flow hedging, net |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | — |
Comprehensive income |  | $ | (404.1) |  |  | $ | — |  |  | $ | (404.1) |  |  | $ | 85.5 |  |  | $ | 302.5 |  |  | $ | 388.0 |
Consolidated Statements of Financial Position
|  | December 31, 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Retained Earnings |  | $ | 4,469.5 |  |  | $ | (284.1) |  |  | $ | 4,185.4 |
Accumulated other comprehensive loss |  | $ | (455.5) |  |  | $ | 284.1 |  |  | $ | (171.4) |
|  | December 31, 2019
|  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Retained Earnings |  | $ | 4,131.8 |  |  | $ | (277.2) |  |  | $ | 3,854.6 |
Accumulated other comprehensive loss |  | $ | (631.6) |  |  | $ | 277.2 |  |  | $ | (354.4) |
Consolidated Statements of Cash Flows
|  | December 31, 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Operating activities: |  |  |  |  |  |
Consolidated net income |  | $ | 533.1 |  |  | $ | (6.9) |  |  | $ | 526.2 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Deferred Income Taxes |  | $ | 68.6 |  |  | $ | (2.1) |  |  | $ | 66.5 |
Changes in assets and liabilities, excluding effects of acquisitions: |  |  |  |  |  |
Current and long-term liabilities, excluding debt |  | $ | 97.9 |  |  | $ | 9.0 |  |  | $ | 106.9 |
Cash provided by operating activities |  | $ | 946.2 |  |  | $ | — |  |  | $ | 946.2 |
|  | Twelve Months Ended December 31, 2019 |  | Twelve Months Ended December 31, 2018
|  | As Reported |  | Revisions |  | Revised |  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Consolidated net (loss) income |  | $ | (392.8) |  |  | $ | 14.7 |  |  | $ | (378.1) |  |  | $ | 306.3 |  |  | $ | 10.7 |  |  | $ | 317.0 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Deferred Income Taxes |  | $ | (87.2) |  |  | $ | 4.5 |  |  | $ | (82.7) |  |  | $ | (2.3) |  |  | $ | 3.6 |  |  | $ | 1.3 |
Changes in assets and liabilities, excluding effects of acquisitions: |  |  |  |  |  |  |  |  |  |  |  |
Current and long-term liabilities, excluding debt |  | $ | 546.9 |  |  | $ | (19.2) |  |  | $ | 527.7 |  |  | $ | 62.6 |  |  | $ | (14.3) |  |  | $ | 48.3 |
Cash provided by operating activities |  | $ | 313.8 |  |  | $ | — |  |  | $ | 313.8 |  |  | $ | 672.2 |  |  | $ | — |  |  | $ | 672.2 |
Consolidated Statements of Shareholders' Equity and Accumulated Other Comprehensive Loss
|  | 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Beginning of period retained earnings |  | $ | 4,131.8 |  |  | $ | (277.2) |  |  | $ | 3,854.6 |
Net income |  | $ | 527.0 |  |  | $ | (6.9) |  |  | $ | 520.1 |
End of period retained earnings |  | $ | 4,469.5 |  |  | $ | (284.1) |  |  | $ | 4,185.4 |
Beginning of period accumulated other comprehensive loss |  | $ | (631.6) |  |  | $ | 277.2 |  |  | $ | (354.4) |
Other comprehensive income |  | $ | 176.1 |  |  | $ | 6.9 |  |  | $ | 183.0 |
End of period accumulated other comprehensive loss |  | $ | (455.5) |  |  | $ | 284.1 |  |  | $ | (171.4) |
|  | 2019 |  | 2018
|  | As Reported |  | Revisions |  | Revised |  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Beginning of period retained earnings |  | $ | 4,717.8 |  |  | $ | (291.9) |  |  | $ | 4,425.9 |  |  | $ | 4,600.6 |  |  | $ | — |  |  | $ | 4,600.6 |
Net (loss) income |  | $ | (398.8) |  |  | $ | 14.7 |  |  | $ | (384.1) |  |  | $ | 299.8 |  |  | $ | 10.7 |  |  | $ | 310.5 |
Cumulative adjustment from change in accounting principle |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.2 |  |  | $ | (302.6) |  |  | $ | (298.4) |
End of period retained earnings |  | $ | 4,131.8 |  |  | $ | (277.2) |  |  | $ | 3,854.6 |  |  | $ | 4,717.8 |  |  | $ | (291.9) |  |  | $ | 4,425.9 |
Beginning of period accumulated other comprehensive loss |  | $ | (626.3) |  |  | $ | 291.9 |  |  | $ | (334.4) |  |  | $ | (412.0) |  |  | $ | — |  |  | $ | (412.0) |
Other comprehensive loss |  | $ | (5.3) |  |  | $ | (14.7) |  |  | $ | (20.0) |  |  | $ | (207.3) |  |  | $ | (10.7) |  |  | $ | (218.0) |
Cumulative adjustment from change in accounting principle |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 302.6 |  |  | $ | 302.6 |
End of period accumulated other comprehensive loss |  | $ | (631.6) |  |  | $ | 277.2 |  |  | $ | (354.4) |  |  | $ | (626.3) |  |  | $ | 291.9 |  |  | $ | (334.4) |
Accumulated Other Comprehensive Loss
|  | 2020
|  | As Computed Under Previous Method |  | Effect of Accounting Change |  | As Reported Under New Method
|  | (In millions, except per share amounts)
Foreign currency translation |  | $ | (168.5) |  |  | $ | — |  |  | $ | (168.5) |
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax |  | (286.0) |  |  | 284.1 |  |  | (1.9) |
Cash flow hedging transactions, net of tax |  | (1.0) |  |  | — |  |  | (1.0) |
Accumulated other comprehensive loss |  | $ | (455.5) |  |  | $ | 284.1 |  |  | $ | (171.4) |
|  | 2019 |  | 2018
|  | As Reported |  | Revisions |  | Revised |  | As Reported |  | Revisions |  | Revised
|  | (In millions, except per share amounts)
Foreign currency translation |  | $ | (352.4) |  |  | $ | — |  |  | $ | (352.4) |  |  | $ | (328.0) |  |  | $ | — |  |  | $ | (328.0) |
Unrecognized actuarial losses and prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax |  | (278.1) |  |  | 277.2 |  |  | $ | (0.9) |  |  | (297.1) |  |  | 291.9 |  |  | $ | (5.2) |
Cash flow hedging transactions, net of tax |  | (1.1) |  |  | — |  |  | $ | (1.1) |  |  | (1.2) |  |  | — |  |  | $ | (1.2) |
Accumulated other comprehensive loss |  | $ | (631.6) |  |  | $ | 277.2 |  |  | $ | (354.4) |  |  | $ | (626.3) |  |  | $ | 291.9 |  |  | $ | (334.4) |

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- Definition The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 65 -Paragraph 1 -Subparagraph (g)(2) -URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 65 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 6 -URI 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