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ACQUISITIONS AND INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Summary of Consideration Transferred | The following table summarizes the fair value of consideration exchanged to complete the acquisition of BVS:
Fair value of consideration | Amount
| (In millions)
Cash transferred (1) | $ | 509.7 |
Equifax do Brasil common shares issued (2) | 176.4 |
Equifax Brazilian Depositary Receipts ("Equifax BDRs") issued (3) | 94.6 |
Fair value of 10% investment | 88.9 |
Total value of consideration | $ | 869.6 |
(1) The cash transferred represents the actual cash transferred as part of the transaction. The cash portion of the consideration was funded primarily with borrowings under our commercial paper program. (2) The fair value of the 2,171,615 Equifax do Brasil common shares issued was determined based on the offer price for the outstanding BVS shares. (3) One Equifax BDR represents one share of Equifax Inc. common stock. The fair value of the 479,725 Equifax BDRs issued was determined based on the share price of Equifax Inc. as of August 7, 2023.
Estimated Fair Value of Net Assets Acquired and Liabilities Assumed at Acquisition Dates | The preliminary valuation of acquired assets and assumed liabilities at the date of the acquisition, include the following:
Net assets acquired: | Amount
| (In millions)
Cash and cash equivalents | $ | 239.5 |
Trade accounts receivable and other current assets | 36.2 |
Other assets, net | 48.6 |
Purchased intangible assets (1) | 241.9 |
Goodwill (2) | $ | 407.2 |
Total assets acquired | $ | 973.4 |
Total liabilities assumed | $ | (103.8) |
Net assets acquired | $ | 869.6 |
(1) Purchased intangible assets are further disaggregated in the following table. (2) The goodwill related to BVS is included in the Latin America reporting unit within our International reportable segment. The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates during 2023 and 2022.
| December 31,
| 2023 |  | 2022
| (In millions)
Cash | $ | 239.6 |  |  | $ | 10.8 |
Accounts receivable and other current assets | 36.2 |  |  | 5.9 |
Other assets | 49.3 |  |  | 6.0 |
Purchased intangible assets (1) | 242.7 |  |  | 187.4 |
Goodwill (2) | 413.2 |  |  | 283.9 |
Total assets acquired | 981.0 |  |  | 494.0 |
Total liabilities assumed | (107.7) |  |  | (49.4) |
Net assets acquired | $ | 873.3 |  |  | $ | 444.6 |
(1)Purchased intangible assets are further disaggregated in the following table. (2)The goodwill related to the 2023 acquisitions was recognized in the International operating segments. An immaterial amount of the goodwill related to the 2023 acquisitions was tax deductible. The balance includes purchase price allocation adjustments made during the year. The goodwill related to the 2022 acquisitions was recognized in the Workforce Solutions, USIS and International operating segments. $196.1 million of goodwill related to the 2022 acquisitions was tax deductible, which excludes goodwill related to Data Crédito within International and a portion of goodwill related to Midigator within USIS.
Acquired Intangible Assets Fair Value and Weighted-Average Useful Life |
Purchased intangible assets |  | Amount |  | Weighted-average useful life
|  | (In millions) |  | (In years)
Customer relationships |  | $ | 172.4 |  |  | 10.0
Purchased data files |  | 64.3 |  |  | 5.6
Trade names and other intangible assets |  | 5.2 |  |  | 2.4
Total acquired definite-lived intangibles |  | $ | 241.9 |  |  |
The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.
|  | December 31,
|  | 2023 |  | 2022
Intangible asset category |  | Fair value |  | Weighted-average useful life |  | Fair value |  | Weighted-average useful life
|  | (in millions) |  | (in years) |  | (in millions) |  | (in years)
Purchased data files |  | $ | 64.3 |  |  | 5.6 |  | $ | 14.9 |  |  | 15.0
Customer relationships |  | 172.9 |  |  | 10.0 |  | 89.5 |  |  | 10.0
Acquired software and technology |  | 0.5 |  |  | 5.0 |  | 74.8 |  |  | 6.6
Trade names and other intangible assets |  | 4.8 |  |  | 2.0 |  | 4.5 |  |  | 2.0
Non-compete agreements |  | 0.2 |  |  | 5.0 |  | 3.7 |  |  | 7.9
Total acquired intangibles |  | $ | 242.7 |  |  |  |  | $ | 187.4 |  |  |

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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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