8-KOther EventsExhibits & Filings

EQUIFAX INC 8-K Report, Corporate Update (Jul 26, 2013)

Filed July 26, 2013For Securities:EFX

Summary

Equifax Inc. (EFX) filed this Form 8-K on July 26, 2013, to report significant financial restatements related to discontinued operations and internal segment realignments. The company has divested two non-strategic business lines, Equifax Settlement Services and Talent Management Services, for a combined $47.5 million during the quarter ended March 31, 2013. These divested businesses are now being accounted for as discontinued operations, requiring prior financial periods to be recast for comparability. In addition to the divestitures, Equifax has realigned certain account management responsibilities within its U.S. operations, shifting responsibility for selected wholesale accounts from North America Personal Solutions to U.S. Consumer Information Services. This realignment also necessitates conforming adjustments to historical segment results. The filing includes revised sections of the company's 2012 Form 10-K, specifically the Selected Financial Data, Management's Discussion and Analysis (MD&A), and Financial Statements, to reflect these changes.

Key Highlights

  • 1Divestiture of Equifax Settlement Services and Talent Management Services for $47.5 million, effective in Q1 2013.
  • 2These divested businesses are now classified as discontinued operations, necessitating financial restatements.
  • 3Prior period financial information will be recast to present continuing operations on a comparable basis.
  • 4Realignment of wholesale account management responsibilities between North America Personal Solutions and U.S. Consumer Information Services.
  • 5Conforming adjustments made to historical segment results for comparability due to the realignment.
  • 6Key financial sections of the 2012 10-K (Selected Financial Data, MD&A, Financial Statements) have been revised.
  • 7The filing includes updated consents from independent registered public accounting firms reflecting these changes.

Frequently Asked Questions

This 8-K filing is primarily to report the divestiture of two business lines (Equifax Settlement Services and Talent Management Services) as discontinued operations and to disclose internal segment realignments within the U.S. operations. Both actions require the restatement and recasting of prior financial periods for accuracy and comparability.

The filing states the divestiture of Equifax Settlement Services and Talent Management Services for a total of $47.5 million. However, the specific revenue figures for these divested businesses are not detailed in this 8-K itself, but would be reflected in the recast financial statements provided as exhibits.

Yes, by divesting these businesses and presenting them as discontinued operations, their results will be separated from the company's continuing operations in future financial reporting. This will allow investors to better assess the performance of Equifax's core, ongoing businesses. The realignment of account management responsibilities is also intended to improve operational efficiency and comparability of segment performance.

This filing provides revised versions of the Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), and Financial Statements and Supplementary Data from Equifax's 2012 Form 10-K to reflect the impact of discontinued operations and segment realignments.