Item 1. FINANCIAL STATEMENTS (UNAUDITED)

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

						Three Months Ended March 31,
						2025						2024
(In millions, except per share amounts)
Operating revenue						$	1,442.0					$	1,389.4
Operating expenses:
Cost of services (exclusive of depreciation and amortization below)						656.7						627.7
Selling, general and administrative expenses						374.9						372.6
Depreciation and amortization						174.6						164.4
Total operating expenses						1,206.2						1,164.7
Operating income						235.8						224.7
Interest expense						(52.9)						(59.7)
Other income, net						2.5						1.6
Consolidated income before income taxes						185.4						166.6
Provision for income taxes						(51.6)						(40.5)
Consolidated net income						133.8						126.1
Less: Net income attributable to noncontrolling interests including redeemable noncontrolling interests						(0.7)						(1.2)
Net income attributable to Equifax						$	133.1					$	124.9
Basic earnings per common share:
Net income attributable to Equifax						$	1.07					$	1.01
Weighted-average shares used in computing basic earnings per share						124.1						123.5
Diluted earnings per common share:
Net income attributable to Equifax						$	1.06					$	1.00
Weighted-average shares used in computing diluted earnings per share						125.1						124.8
Dividends per common share						$	0.39					$	0.39

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

						Three Months Ended March 31,
						2025																		2024
						Equifax Shareholders						Noncontrolling Interests including Redeemable Noncontrolling Interests												Total						Equifax Shareholders						Noncontrolling Interests including Redeemable Noncontrolling Interests						Total
						(In millions)
Net income						$	133.1					$	0.7											$	133.8					$	124.9					$	1.2					$	126.1
Other comprehensive income (loss):
Foreign currency translation adjustment						65.4						7.9												73.3						(95.4)						(3.5)						(98.9)
Change in cumulative gain from cash flow hedging transactions, net						—						—												—						0.1						—						0.1
Comprehensive income (loss)						$	198.5					$	8.6											$	207.1					$	29.6					$	(2.3)					$	27.3

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions, except par values)						March 31, 2025						December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents						$	195.2					$	169.9
Trade accounts receivable, net of allowance for doubtful accounts of $18.2 and $16.9 at March 31, 2025 and December 31, 2024, respectively						1,017.8						957.6
Prepaid expenses						177.7						134.9
Other current assets						85.0						98.2
Total current assets						1,475.7						1,360.6
Property and equipment:
Capitalized internal-use software and system costs						2,863.6						2,817.5
Data processing equipment and furniture						232.9						229.6
Land, buildings and improvements						285.1						285.0
Total property and equipment						3,381.6						3,332.1
Less accumulated depreciation and amortization						(1,492.2)						(1,440.2)
Total property and equipment, net						1,889.4						1,891.9
Goodwill						6,590.5						6,547.8
Indefinite-lived intangible assets						94.7						94.7
Purchased intangible assets, net						1,474.0						1,521.0
Other assets, net						330.5						343.4
Total assets						$	11,854.8					$	11,759.4
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current maturities of long-term debt						$	639.7					$	687.7
Accounts payable						172.3						138.2
Accrued expenses						281.4						251.1
Accrued salaries and bonuses						124.2						215.8
Deferred revenue						136.0						115.5
Other current liabilities						377.3						403.2
Total current liabilities						1,730.9						1,811.5
Long-term debt						4,324.4						4,322.8
Deferred income tax liabilities, net						342.6						351.6
Long-term pension and other postretirement benefit liabilities						106.1						106.7
Other long-term liabilities						238.3						247.2
Total liabilities						6,742.3						6,839.8
Commitments and Contingencies (see Note 6)
Redeemable noncontrolling interests						112.7						105.2
Equifax shareholders' equity:
Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none						—						—
Common stock, $1.25 par value: Authorized shares - 300.0; Issued shares - 189.3 at March 31, 2025 and December 31, 2024; Outstanding shares - 124.2 and 124.0 at March 31, 2025 and December 31, 2024, respectively						236.6						236.6
Paid-in capital						1,953.0						1,915.2
Retained earnings						6,103.0						6,018.6
Accumulated other comprehensive loss						(657.3)						(722.7)
Treasury stock, at cost, 64.5 shares and 64.7 shares at March 31, 2025 and December 31, 2024, respectively						(2,648.2)						(2,644.9)
Stock held by employee benefits trusts, at cost, 0.6 shares at March 31, 2025 and December 31, 2024						(5.9)						(5.9)
Total Equifax shareholders’ equity						4,981.2						4,796.9
Noncontrolling interests						18.6						17.5
Total shareholders' equity						4,999.8						4,814.4
Total liabilities, redeemable noncontrolling interests, and shareholders' equity						$	11,854.8					$	11,759.4

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

						Three Months Ended March 31,
						2025						2024
						(In millions)
Operating activities:
Consolidated net income						$	133.8					$	126.1
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization						176.4						166.6
Stock-based compensation expense						33.5						41.2
Deferred income taxes						(3.0)						(17.9)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net						(55.0)						(102.5)
Other assets, current and long-term						(5.5)						(15.2)
Current and long term liabilities, excluding debt						(56.3)						54.4
Cash provided by operating activities						223.9						252.7
Investing activities:
Capital expenditures						(107.2)						(131.9)
Cash used in investing activities						(107.2)						(131.9)
Financing activities:
Net short-term payments						(48.1)						(83.4)
Payments on long-term debt						—						(4.4)
Dividends paid to Equifax shareholders						(48.5)						(48.2)
Distributions paid to noncontrolling interests						—						(0.4)
Proceeds from exercise of stock options and employee stock purchase plan						12.3						19.9
Payment of taxes related to settlement of equity awards						(11.5)						(15.4)
Cash used in financing activities						(95.8)						(131.9)
Effect of foreign currency exchange rates on cash and cash equivalents						4.4						(4.7)
Increase (decrease) in cash and cash equivalents						25.3						(15.8)
Cash and cash equivalents, beginning of period						169.9						216.8
Cash and cash equivalents, end of period						$	195.2					$	201.0

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS

(Unaudited)

For the Three Months Ended March 31, 2025

						Equifax Shareholders
																														Accumulated Other Comprehensive Loss												Stock Held By Employee Benefits Trusts												Total Shareholders' Equity
						Common Stock
						Shares Outstanding						Amount						Paid-In Capital						Retained Earnings									Treasury Stock									Noncontrolling Interests
						(In millions, except per share amounts)
Balance, December 31, 2024						124.0						$	236.6					$	1,915.2					$	6,018.6					$	(722.7)					$	(2,644.9)					$	(5.9)					$	17.5					$	4,814.4
Net income						—						—						—						133.1						—						—						—						0.8						133.9
Other comprehensive income						—						—						—						—						65.4						—						—						0.3						65.7
Shares issued under stock and benefit plans, net of minimum tax withholdings						0.2						—						4.1						—						—						(3.3)						—						—						0.8
Cash dividends ($0.39 per share)						—						—						—						(48.7)						—						—						—						—						(48.7)
Dividends paid to employee benefits trusts						—						—						0.2						—						—						—						—						—						0.2
Stock-based compensation expense						—						—						33.5						—						—						—						—						—						33.5
Balance, March 31, 2025						124.2						$	236.6					$	1,953.0					$	6,103.0					$	(657.3)					$	(2,648.2)					$	(5.9)					$	18.6					$	4,999.8

For the Three Months Ended March 31, 2024

						Equifax Shareholders
																														Accumulated Other Comprehensive Loss												Stock Held By Employee Benefits Trusts												Total Shareholders' Equity
						Common Stock
						Shares Outstanding						Amount						Paid-In Capital						Retained Earnings									Treasury Stock									Noncontrolling Interests
						(In millions, except per share amounts)
Balance, December 31, 2023						123.3						$	236.6					$	1,761.3					$	5,608.6					$	(431.2)					$	(2,635.3)					$	(5.9)					$	18.3					$	4,552.4
Net income						—						—						—						124.9						—						—						—						1.2						126.1
Other comprehensive loss						—						—						—						—						(95.3)						—						—						—						(95.3)
Shares issued under stock and benefit plans, net of minimum tax withholdings						0.3						—						21.9						—						—						(17.1)						—						—						4.8
Cash dividends ($0.39 per share)						—						—						—						(48.5)						—						—						—						—						(48.5)
Dividends paid to employee benefits trusts						—						—						0.3						—						—						—						—						—						0.3
Stock-based compensation expense						—						—						41.2						—						—						—						—						—						41.2
Dividends paid to noncontrolling interests						—						—						—						—						—						—						—						(0.4)						(0.4)
Balance, March 31, 2024						123.6						$	236.6					$	1,824.7					$	5,685.0					$	(526.5)					$	(2,652.4)					$	(5.9)					$	19.1					$	4,580.6

Accumulated Other Comprehensive Loss consists of the following components:

						March 31, 2025						December 31, 2024
						(In millions)
Foreign currency translation						$	(653.0)					$	(718.4)
Unrecognized prior service cost related to our pension and other postretirement benefit plans, net of accumulated tax of $1.1 at March 31, 2025 and December 31, 2024						(3.5)						(3.5)
Cash flow hedging transactions, net of tax of $0.5 at March 31, 2025 and December 31, 2024						(0.8)						(0.8)
Accumulated other comprehensive loss						$	(657.3)					$	(722.7)

See Notes to Consolidated Financial Statements.

EQUIFAX INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As used herein, the terms Equifax, the Company, we, our and us refer to Equifax Inc., a Georgia corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Equifax Inc.

Nature of Operations. We collect, organize and manage various types of financial, demographic, employment, criminal justice data and marketing information. Our products and services enable businesses to make credit and service decisions, manage their portfolio risk, automate or outsource certain payroll-related, tax and human resources business processes, and develop marketing strategies concerning consumers and commercial enterprises. We serve customers across a wide range of industries, including the financial services, mortgage, retail, telecommunications, utilities, automotive, brokerage, healthcare and insurance industries, as well as government agencies. We also enable consumers to manage and protect their financial health through a portfolio of products offered directly to consumers. As of March 31, 2025, we operated in the following countries: Argentina, Australia, Brazil, Canada, Chile, Costa Rica, Dominican Republic, Ecuador, El Salvador, Honduras, India, Ireland, Mexico, New Zealand, Paraguay, Peru, Portugal, Spain, the United Kingdom ("U.K."), Uruguay and the United States of America ("U.S."). We also have investments in consumer and/or commercial credit information companies through joint ventures in Brazil, Cambodia, Malaysia and Singapore.

We develop, maintain and enhance secured proprietary information databases through the compilation of consumer specific data, including credit, income, employment, criminal justice data, asset, liquidity, net worth and spending activity, and business data, including credit and business demographics, that we obtain from a variety of sources, such as credit granting institutions, payroll processors, and income and tax information primarily from large to mid-sized companies in the U.S. We process this information utilizing our proprietary information management systems. We also provide information, technology and services to support debt collections and recovery management.

Basis of Presentation. The unaudited Consolidated Financial Statements and the accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, the instructions to Form 10-Q and applicable sections of SEC Regulation S-X. This Form 10-Q should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”).

Our unaudited Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the periods presented and are of a normal recurring nature.

Earnings Per Share. Our basic earnings per share, or EPS, is calculated as net income attributable to Equifax divided by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS is calculated to reflect the potential dilution that would occur if stock options or other contracts to issue common stock were exercised and resulted in additional common shares outstanding. The net income amounts used in both our basic and diluted EPS calculations are the same. A reconciliation of the weighted-average outstanding shares used in the two calculations is as follows:

						Three Months Ended March 31,
						2025						2024
						(In millions)
Weighted-average shares outstanding (basic)						124.1						123.5
Effect of dilutive securities:
Stock options and restricted stock units						1.0						1.3
Weighted-average shares outstanding (diluted)						125.1						124.8

For the three months ended March 31, 2025 and 2024, stock options that were anti-dilutive were not material.

Financial Instruments. Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and short and long-term debt. The carrying amounts of these items, other than long-term debt, approximate their fair market values due to the short-term nature of these instruments. The fair value of our fixed-rate debt is determined using Level 2 inputs such as quoted market prices for publicly traded instruments, and for non-publicly traded instruments, through valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk. As of March 31, 2025 and December 31, 2024, the fair value of our long-term debt, including the current portion, based on observable inputs was $4.6 billion and $4.5 billion, respectively, compared to its carrying value of $4.8 billion for both periods.

Fair Value Measurements. Fair value is determined based on the assumptions marketplace participants use in pricing an asset or liability. We use a three level fair value hierarchy to prioritize the inputs used in valuation techniques between observable inputs that reflect quoted prices in active markets, inputs other than quoted prices with observable market data and unobservable data (e.g., a company’s own data).

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. We did not complete any acquisitions during the three months ended March 31, 2025 or the year ended December 31, 2024.

Trade Accounts Receivable and Allowance for Doubtful Accounts. Accounts receivable are stated at cost and are due in less than a year. Significant payment terms for customers are identified in the contract. We do not recognize interest income on our trade accounts receivable. Additionally, we generally do not require collateral from our customers related to our trade accounts receivable.

The allowance for doubtful accounts is based on management's estimate for expected credit losses for outstanding trade accounts receivables. We determine expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns, the establishment of specific reserves for customers in an adverse financial condition and adjusted based upon our expectations of changes in macroeconomic conditions that may impact the collectability of outstanding receivables. We reassess the adequacy of the allowance for doubtful accounts each reporting period. Increases to the allowance for doubtful accounts are recorded as bad debt expense, which are included in selling, general and administrative expenses on the accompanying Consolidated Statements of Income. Below is a rollforward of our allowance for doubtful accounts for the three months ended March 31, 2025 and 2024, respectively.

			Three Months Ended March 31,
			2025						2024
			(In millions)
Allowance for doubtful accounts, beginning of period			$	16.9					$	16.7
Current period bad debt expense			6.0						4.7
Write-offs, net of recoveries			(4.7)						(5.0)
Allowance for doubtful accounts, end of period			$	18.2					$	16.4

Other Current Assets. Other current assets on our Consolidated Balance Sheets primarily include amounts receivable from tax authorities and related to vendor rebates. Other current assets also include amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of March 31, 2025, these assets were $47.5 million, with a corresponding balance in other current liabilities. These amounts are restricted as to their current use and will be released according to the specific customer agreements.

Other Assets. Other assets on our Consolidated Balance Sheets primarily represent our investments in unconsolidated affiliates, the Company’s operating lease right-of-use assets, employee benefit trust assets, assets related to life insurance policies covering certain officers of the Company and long-term deferred tax assets.

Other Current Liabilities. Other current liabilities on our Consolidated Balance Sheets consist of the current portion of our operating lease liabilities and various accrued liabilities such as interest expense, income taxes, accrued employee benefits, and insurance expense. Other current liabilities also include the offset to other current assets related to amounts in specifically designated accounts that hold the funds that are due to customers from our debt collection and recovery management services. As of March 31, 2025, these funds were $47.5 million. These amounts are restricted as to their current use and will be released according to the specific customer agreements.

Redeemable Noncontrolling Interest. As part of the merger consideration issued to complete the acquisition of BVS, we issued shares of one of our subsidiaries, thus resulting in a noncontrolling interest. We recognized the noncontrolling interest at fair value at the date of acquisition. These shares were issued with specific rights allowing the holders to sell the

shares back to Equifax, at fair value during specified future time periods starting at the fifth anniversary and only when certain conditions exist. Additionally, the shareholder agreements provide Equifax the right to buy the shares back at fair value at future dates beginning after the tenth anniversary of the acquisition, however Equifax is not required to exercise this right at any point.

We determined that the noncontrolling interest shareholder rights meet the requirements to be considered redeemable.

Therefore, we have classified the noncontrolling interest outside of permanent equity within our Consolidated Balance Sheet. Currently, the noncontrolling interest is not redeemable but it is probable that it will become redeemable in the future.

The redeemable noncontrolling interest is reflected using the redemption method as of the balance sheet date. Redeemable noncontrolling interest adjustments to the redemption values are reflected in retained earnings. The adjustment of redemption value at the period end that reflects a redemption value to an amount other than fair value is included as an adjustment to net income attributable to Equifax stockholders for the purposes of the calculation of earnings per share. None of the current period adjustments reflect a redemption value in excess of fair value.

The Company's redeemable noncontrolling interests activities for the three months ended March 31, 2025 are summarized as follows:

						Three Months Ended March 31,
Redeemable noncontrolling interests:						2025						2024
						(In millions)
Redeemable noncontrolling interests, beginning of period						$	105.2					$	135.1
Net loss attributable to redeemable noncontrolling interest						(0.1)						—
Effect of foreign currency translation attributable to redeemable noncontrolling interest						7.6						(3.5)
Redeemable noncontrolling interests, end of period						$	112.7					$	131.6

Adoption of New Accounting Standards. Stock Compensation. In March 2024, the FASB issued ASU No. 2024-01 "Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards." The amendments in this update clarify how an entity determines whether a profits interest or similar award (“profits interest award”) is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and should be accounted for in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics. The amendments specifically add an illustrative example that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether a profits interest award should be accounted for in accordance with Topic 718. The fact patterns in the illustrative example focus on the scope conditions in paragraph 718-10-15-3. The illustrative example is intended to reduce (1) complexity in determining whether a profits interest award is subject to the guidance in Topic 718 and (2) existing diversity in practice. The amendments in this update are effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The adoption of the standard did not have a material impact on our Consolidated Financial Statements.

Recent Accounting Pronouncements. Income Statement — Reporting Comprehensive Income. In November 2024, the FASB issued ASU No. 2024-03 "Disaggregation of Income Statement Expenses." The update requires public business entities to disclose in a tabular format, on an annual and interim basis, purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion for each income statement line item that contains those expenses. Specified expenses, gains and losses that are already disclosed under existing U.S. GAAP are also required to be included in the disaggregated income statement expense line-item disclosures, and any remaining amounts need to be described qualitatively. Separate disclosures of total selling expenses and an entity’s definition of those expenses are also required. The ASU is effective for public entities for annual periods with fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We are still evaluating the impact on our financial statement disclosures.

Income Taxes. In December 2023, the FASB issued ASU No. 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The new ASU requires public business entities, on an annual basis, to provide a tabular rate reconciliation (using both percentages and reporting currency amounts) of (1) the reported income tax expense (or benefit) from continuing operations, to (2) the product of the income (or loss) from continuing operations before income taxes and the applicable statutory federal (national) income tax rate of the jurisdiction (country) of domicile using specific categories and separate disclosure for any reconciling items within certain categories that are equal to or greater than a specified quantitative threshold. A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing

the reconciling items. For each annual period presented, the ASU requires all reporting entities to disclose the year-to-date amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign. It also requires additional disaggregated information on income taxes paid (net of refunds received) to an individual jurisdiction equal to or greater than 5% of total income taxes paid (net of refunds received). The ASU requires that all reporting entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public entities for annual periods beginning after December 15, 2024. We are still evaluating the impact on our annual financial statement disclosures.

2. REVENUE

Revenue Recognition. Based on the information that management reviews internally for evaluating operating segment performance and nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors, we disaggregate revenue as follows:

						Three Months Ended March 31,												Change
Consolidated Operating Revenue						2025						2024						$						%
						(In millions)
Verification Services						$	502.2					$	476.5					$	25.7					5		%
Employer Services						116.4						126.3						(9.9)						(8)		%
Total Workforce Solutions						618.6						602.8						15.8						3		%
Online Information Solutions						448.1						418.2						29.9						7		%
Financial Marketing Services						51.8						47.1						4.7						10		%
Total U.S. Information Solutions						499.9						465.3						34.6						7		%
Latin America						94.2						91.1						3.1						3		%
Europe						86.6						86.2						0.4						—		%
Asia Pacific						79.7						78.2						1.5						2		%
Canada						63.0						65.8						(2.8)						(4)		%
Total International						323.5						321.3						2.2						1		%
Total operating revenue						$	1,442.0					$	1,389.4					$	52.6					4		%

Remaining Performance Obligation – We have elected to disclose only the remaining performance obligations for those contracts with an expected duration of greater than one year and do not disclose the value of remaining performance obligations for contracts in which we recognize revenue at the amount to which we have the right to invoice. We expect to recognize as revenue the following amounts related to our remaining performance obligations as of March 31, 2025, inclusive of foreign exchange impact:

Performance Obligation						Amount
						(In millions)
Less than 1 year						$	31.4
1 to 3 years						33.1
3 to 5 years						19.5
Thereafter						11.7
Total remaining performance obligation						$	95.7

3. ACQUISITIONS AND INVESTMENTS

We did not complete any acquisitions during the first quarter of 2025 or 2024.

4. GOODWILL AND INTANGIBLE ASSETS

Goodwill. Goodwill represents the cost in excess of the fair value of the net assets acquired in a business combination. Goodwill is tested for impairment at the reporting unit level on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. We perform our annual goodwill impairment test as of December 1 each year.

Changes in the amount of goodwill for the three months ended March 31, 2025 are as follows:

						Workforce Solutions						U.S. Information Solutions						International						Total
Balance, December 31, 2024						$	2,519.8					$	2,006.2					$	2,021.8					$	6,547.8
Foreign currency translation						—						—						42.7						42.7
Balance, March 31, 2025						$	2,519.8					$	2,006.2					$	2,064.5					$	6,590.5

Indefinite-Lived Intangible Assets. Indefinite-lived intangible assets consist of indefinite-lived reacquired rights representing the value of rights which we had granted to various affiliate credit reporting agencies that were reacquired in the U.S. and Canada. At the time we acquired these agreements, they were considered perpetual in nature under the accounting guidance in place at that time and, therefore, the useful lives are considered indefinite. Indefinite-lived intangible assets are not amortized. We are required to test indefinite-lived intangible assets for impairment annually and whenever events or circumstances indicate that there may be an impairment of the asset value. We perform our annual indefinite-lived intangible asset impairment test as of December 1 each year. Our indefinite-lived intangible asset carrying amounts did not change during the three months ended March 31, 2025.

Purchased Intangible Assets. Purchased intangible assets represent the estimated acquisition date fair value of acquired intangible assets used in our business. Purchased data files represent the estimated fair value of consumer and commercial data files acquired through our acquisitions of various companies, including a fraud and identity solutions provider and independent credit reporting agencies in the U.S., Australia, Brazil, Canada and Dominican Republic. We expense the cost of modifying and updating credit files in the period such costs are incurred. We amortize all of our purchased intangible assets on a straight-line basis. For additional information about the useful lives related to our purchased intangible assets, see Note 1 of the Notes to Consolidated Financial Statements in our 2024 Form 10-K.

Purchased intangible assets, net, recorded on our Consolidated Balance Sheets at March 31, 2025 and December 31, 2024 consisted of the following:

						March 31, 2025																		December 31, 2024
						Gross						Accumulated Amortization						Net						Gross						Accumulated Amortization						Net
Definite-lived intangible assets:						(In millions)
Purchased data files						$	1,119.7					$	(693.3)					$	426.4					$	1,111.9					$	(669.5)					$	442.4
Customer relationships						946.5						(502.1)						444.4						937.7						(484.2)						453.5
Proprietary database						701.2						(237.9)						463.3						704.9						(227.6)						477.3
Acquired software and technology						216.9						(114.4)						102.5						217.6						(106.3)						111.3
Trade names, non-compete agreements and other intangible assets						49.1						(11.7)						37.4						49.7						(13.2)						36.5
Total definite-lived intangible assets						$	3,033.4					$	(1,559.4)					$	1,474.0					$	3,021.8					$	(1,500.8)					$	1,521.0

Amortization expense related to purchased intangible assets was $62.3 million and $67.0 million during the three months ended March 31, 2025 and 2024, respectively.

Estimated future amortization expense related to definite-lived purchased intangible assets at March 31, 2025 is as follows:

Years ending December 31,						Amount
						(In millions)
2025						$	185.4
2026						234.3
2027						221.2
2028						160.7
2029						149.8
Thereafter						522.6
						$	1,474.0

5. DEBT

Debt outstanding at March 31, 2025 and December 31, 2024 was as follows:

						March 31, 2025						December 31, 2024
						(In millions)
Commercial paper ("CP")						$	229.0					$	286.5
Notes, 2.60%, due December 2025						400.0						400.0
Notes, 3.25%, due June 2026						275.0						275.0
Notes, 5.10%, due December 2027						750.0						750.0
Notes, 5.10%, due June 2028						700.0						700.0
Debentures, 6.90%, due July 2028						125.0						125.0
Notes, 4.80%, due September 2029						650.0						650.0
Notes, 3.10%, due May 2030						600.0						600.0
Notes, 2.35%, due September 2031						1,000.0						1,000.0
Notes, 7.00%, due July 2037						250.0						250.0
Other						10.7						1.2
Total debt						4,989.7						5,037.7
Less short-term debt and current maturities						(639.7)						(687.7)
Less unamortized discounts and debt issuance costs						(25.6)						(27.2)
Total long-term debt, net						$	4,324.4					$	4,322.8

Senior Credit Facility. We have access to a $1.5 billion five year unsecured revolving credit facility (the “Revolver”) which matures in August 2027. Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver. As of March 31, 2025, there were $229.0 million of outstanding CP notes, $1.4 million of letters of credit outstanding, and no outstanding borrowings under the Revolver. Availability under the Revolver was $1.3 billion at March 31, 2025.

Commercial Paper Program. Our $1.5 billion CP program has been established through the private placement of CP notes from time-to-time, in which borrowings may bear interest at either a variable or a fixed rate, plus the applicable margin. Maturities of CP can range from overnight to 397 days. Because the CP program is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At March 31, 2025, there were $229.0 million of outstanding CP notes. We have disclosed the net short-term borrowing activity for the three months ended March 31, 2025 in the Consolidated Statements of Cash Flows. There were no CP borrowings or payments with a maturity date greater than 90 days and less than 365 days for the three months ended March 31, 2025 and 2024.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2024 Form 10-K.

6. COMMITMENTS AND CONTINGENCIES

CFPB Matters

In December 2021, we received a Civil Investigative Demand (a “CID”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of its investigation into our consumer disputes process at our USIS business unit in order to determine whether we have followed Fair Credit Reporting Act (“FCRA”) requirements for the proper handling of consumer disputes. The CID requested the production of documents and answers to written questions. In January 2023, the CFPB informed us that its enforcement division would be investigating our previously-disclosed coding issue identified within a legacy server environment in the U.S. that impacted how some credit scores were calculated during a three-week period in 2022. In January 2025, we entered into a consent order with the CFPB to settle the investigation into our consumer disputes process at our USIS business unit and the investigation into our previously-disclosed coding issue. The consent order resolved these investigations and required the payment of a civil money penalty of $15 million. As part of the settlement, the Company agreed to modify certain business practices.

Data Processing, Outsourcing Services and Other Agreements

We have separate agreements with Google and others to outsource portions of our network and security infrastructure, computer data processing operations, applications development, business continuity and recovery services, help desk service and desktop support functions, operation of our voice and data networks, maintenance and related functions and to provide certain other administrative and operational services. The agreements expire between 2025 and 2030. Annual payment obligations in regard to these agreements vary due to factors such as the volume of data processed; changes in our servicing needs as a result of new product offerings, acquisitions or divestitures; the introduction of significant new technologies; foreign currency; or the general rate of inflation. In certain circumstances (e.g., a change in control or for our convenience), we may terminate these data processing and outsourcing agreements, and, in doing so, certain of these agreements require us to pay significant termination fees.

Guarantees and General Indemnifications

We will from time to time issue standby letters of credit, performance or surety bonds or other guarantees in the normal course of business. The aggregate notional amount of all standby letters of credit, performance bonds and surety bonds is not material at March 31, 2025 and these instruments generally have a remaining maturity of one year or less. We may issue other guarantees in the ordinary course of business. The maximum potential future payments we could be required to make under the guarantees is not material at March 31, 2025. We have agreed to guarantee the liabilities and performance obligations (some of which have limitations) of a certain debt collections and recovery management subsidiary under its commercial agreements.

Many of our commercial agreements contain commercially standard indemnification obligations related to tort, material breach or other liabilities that arise during the course of performance under the agreement. These indemnification obligations are typically mutual.

We are the lessee under many real estate leases. It is common in these commercial lease transactions for us, as the lessee, to agree to indemnify the lessor and other related third parties for tort, environmental and other liabilities that arise out of or relate to our use or occupancy of the leased premises. This type of indemnity would typically make us responsible to indemnified parties for liabilities arising out of the conduct of, among others, contractors, licensees and invitees at or in connection with the use or occupancy of the leased premises. This indemnity often extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by either their sole or gross negligence and their willful misconduct.

Certain of our credit agreements include provisions which require us to make payments to preserve an expected economic return to the lenders if that economic return is diminished due to certain changes in law or regulations. In certain of these credit agreements, we also bear the risk of certain changes in tax laws that would subject payments to non-U.S. lenders to withholding taxes.

In conjunction with certain transactions, such as sales or purchases of operating assets or services in the ordinary course of business, or the disposition of certain assets or businesses, we sometimes provide routine indemnifications, the terms of which range in duration and sometimes are not limited.

The Company has entered into indemnification agreements with its directors and executive officers. Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with the related legal proceedings. The Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations.

We cannot reasonably estimate our potential future payments under the guarantees and indemnities and related provisions described above because we cannot predict when and under what circumstances these provisions may be triggered.

Contingencies

In addition to the matters set forth above, we are involved in legal and regulatory matters, government investigations, claims and litigation arising in the ordinary course of business. We periodically assess our exposure related to these matters based on the information which is available. We have recorded accruals in our Consolidated Financial Statements for those matters in which it is probable that we have incurred a loss and the amount of the loss, or range of loss, can be reasonably estimated. For certain of these matters, it is reasonably possible that we will incur losses, however it is not possible at this time to estimate the amount of loss or range of possible losses that might result from their resolution. The Company will continue to evaluate information as it becomes known and will record an estimate for losses at the time when it is both probable that a loss has been incurred and the amount of the loss is reasonably estimable.

For additional information about these and other commitments and contingencies, see Note 6 of the Notes to Consolidated Financial Statements in our 2024 Form 10-K.

7. INCOME TAXES

Effective Tax Rate

Our effective income tax rate was 27.8% for the three months ended March 31, 2025 compared to 24.3% for the three months ended March 31, 2024. Our effective tax rate was higher for the first three months of 2025 as compared to the same period in 2024 due to less favorable discrete benefits, none of which were individually material.

8. ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the three months ended March 31, 2025 are as follows:

						Foreign currency translation adjustment						Pension and other postretirement benefit plans						Cash flow hedging transactions						Total
						(In millions)
Balance, December 31, 2024						$	(718.4)					$	(3.5)					$	(0.8)					$	(722.7)
Other comprehensive income						65.4						—						—						65.4
Balance, March 31, 2025						$	(653.0)					$	(3.5)					$	(0.8)					$	(657.3)

The change in accumulated other comprehensive loss related to noncontrolling interests including redeemable noncontrolling interests was an increase of $7.9 million and a decrease of $3.5 million for the three months ended March 31, 2025 and 2024, respectively, related to foreign currency translation adjustments.

9. RESTRUCTURING CHARGES

Restructuring costs consist of severance costs, contract termination and associated costs, and other exit and disposal costs. Severance costs relate to a reduction in headcount, contract termination costs primarily relate to penalties for early termination of contracts and associated costs of transition, and other exit and disposal costs primarily relate to real estate exit costs.

During the three months ended March 31, 2025, we recorded $1.4 million of restructuring charges related to contract terminations and associated costs which resulted from our efforts to complete our cloud technology transformation.

During the twelve months ended December 31, 2024, we recorded $48.0 million of restructuring charges for the realignment of resources and other costs, all of which were recorded in selling, general and administrative expenses within our Consolidated Statements of Income. These charges were recorded to general corporate expense and primarily relate to our efforts to complete our technology transformation.

The changes during the three months ended March 31, 2025 in the liabilities associated with the restructuring charges recorded during 2024 and 2025, including expenses incurred and cash payments, are as follows:

						Liability balance as of 12/31/2024						Expenses Incurred						Cash Payments						Liability balance as of 3/31/2025
Restructuring charges:						(In millions)
Severance costs						$	15.6					$	—					$	(5.8)					$	9.8
Contract terminations and other associated costs						2.0						1.4						(2.5)						0.9
Total						$	17.6					$	1.4					$	(8.3)					$	10.7

10. SEGMENT INFORMATION

Reportable Segments. We manage our business and report our financial results through the following three reportable segments, which are the same as our operating segments:

–Workforce Solutions

–U.S. Information Solutions (“USIS”)

–International

The accounting policies of the reportable segments are the same as those described in our summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in our 2024 Form 10-K. We evaluate the performance of these reportable segments based on their operating revenue, operating income and operating margins, excluding any unusual or infrequent items, if any. The measurement criteria for segment profit or loss and segment assets are substantially the same for each reportable segment. Inter-segment sales, expenses and transfers are not material for all periods presented.

A summary of segment products and services is as follows:

Workforce Solutions. This segment provides services enabling customers to verify income, employment, educational history, criminal justice data, healthcare professional licensure and sanctions of people in the U.S., as well as providing our employer customers with services that assist them in complying with and automating certain payroll-related and human resource management processes throughout the entire cycle of the employment relationship, including unemployment cost management, employee screening, employee onboarding, tax credits and incentives, I-9 management and compliance, immigration case management, tax form management services and Affordable Care Act management services.

U.S. Information Solutions. This segment includes consumer and commercial information services (such as credit information and credit scoring, credit modeling services and portfolio analytics, locate services, fraud detection and prevention services, identity verification services and other consulting services); mortgage services; financial marketing services; identity management; and credit monitoring products sold to resellers or directly to consumers.

International. We operate in the following regions: Latin America, Europe, Asia Pacific and Canada. The International segment includes information services products, which includes consumer and commercial services (such as credit and financial information, credit scoring and credit modeling services), credit and other marketing products and services. In Asia Pacific, Europe and Latin America, we also provide information, technology and services to support debt collections and recovery management. In Europe and Canada, we also provide credit monitoring products to resellers or directly to consumers.

Segment information for the three months ended March 31, 2025 and 2024 are as follows:

						Three Months Ended March 31, 2025
						Workforce Solutions						U.S. Information Solutions						International						Total
						(In millions)
Operating Revenue						$	618.6					$	499.9					$	323.5					$	1,442.0
Less: (1)
Cost of services						233.0						232.7						157.5						623.2
Selling, general and administrative expenses						76.9						98.2						96.9						272.0
Depreciation and amortization expenses						44.6						63.3						43.7						151.6
Operating Income						$	264.1					$	105.7					$	25.4					$	395.2
Reconciliation of segment operating income to consolidated income before income taxes:
Unallocated amounts:
General corporate expense (2)																								$	(159.4)
Other income, net																								2.5
Interest expense (3)																								(52.9)
Consolidated income before income taxes																								$	185.4

						Three Months Ended March 31, 2024
						Workforce Solutions						U.S. Information Solutions						International						Total
						(In millions)
Operating Revenue						$	602.8					$	465.3					$	321.3					$	1,389.4
Less: (1)
Cost of services						223.9						213.9						155.3						593.1
Selling, general and administrative expenses						79.5						102.4						89.6						271.5
Depreciation and amortization expenses						44.3						56.4						44.5						145.2
Operating Income						$	255.1					$	92.6					$	31.9					$	379.6
Reconciliation of segment operating income to consolidated income before income taxes:
Unallocated amounts:
General corporate expense (2)																								$	(154.9)
Other income, net																								1.6
Interest expense (3)																								(59.7)
Consolidated income before income taxes																								$	166.6

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker ("CODM").

(2)General corporate expenses include corporate depreciation and amortization expenses that are not related to a specific business unit and are incurred at the corporate level, as well as unallocated costs incurred at the corporate level and those expenses impacted by the overall management and strategic choices of the company, including shared services overhead, technology, security, data and analytics, administrative, legal, restructuring charges to the extent reported in the period, and the portion of management incentive compensation determined by total company-wide performance.

(3)Interest expense includes interest incurred on our outstanding debt agreements.

						March 31,						December 31,
Total assets:						2025						2024
						(in millions)
Workforce Solutions						$	4,098.6					$	4,104.9
U.S. Information Solutions						3,416.6						3,386.2
International						3,519.1						3,451.6
General Corporate						820.5						816.7
Total assets						$	11,854.8					$	11,759.4

						Three Months Ended March 31,
Capital expenditures:						2025						2024
						(in millions)
Workforce Solutions						$	20.3					$	23.6
U.S. Information Solutions						26.4						42.7
International						30.4						30.1
General Corporate						24.1						28.3
Total capital expenditures*						$	101.2					$	124.7

*Amounts above include accruals for capital expenditures.