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These excerpts taken from the EFX 10-Q filed Apr 28, 2009. 5. INCOME TAXES We are subject to U.S. federal, state and international income taxes. We are generally no longer subject to federal, state, or international income tax examinations by tax authorities for years ending prior to December 31, 2002, with few exceptions. In Canada, we are under audit by the Canada Revenue Agency for the 1995 through 2000 tax years (see Note 4 of the Notes to Consolidated Financial Statements). For the U.K., tax years after 1999 are open for examination. Due to the potential for resolution of state and foreign examinations, and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefit balance may change within the next twelve months by a range of zero to $6.0 million, related primarily to issues involving our U.K. operations. 15
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (Continued) March 31, 2009 5. INCOME TAXES (Continued) Effective Tax Rate. Our effective income tax rate was 38.2% for the three months ended March 31, 2009, up from 36.9% for the same period in 2008, due primarily to a discrete item recorded in the first quarter of 2009 related to the effect of a change in California state income taxes on our deferred tax liabilities. Income Taxes
The increase in our effective income tax rate was primarily due to a discrete item recorded in the first quarter of 2009 related to the effect of a change in California state income taxes on our deferred tax liabilities. 22 This excerpt taken from the EFX 10-K filed Feb 26, 2009. Income Taxes We account for income taxes in accordance with SFAS No. 109, "Accounting for Income Taxes," and FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109." We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. We periodically assess the likelihood that our net deferred tax assets will be recovered from future taxable income or other tax planning strategies. To the extent that we believe that recovery is not likely, we must establish a valuation allowance to reduce the deferred tax asset to the amount we estimate will be recoverable. Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions in which we believe are more likely than not of being sustained under such examinations. Regularly, we assess the 45 potential outcome of such examinations to determine the adequacy of our income tax accruals. Judgments and uncertainties — We consider accounting for income taxes critical because management is required to make significant judgments in determining our provision for income taxes, our deferred tax assets and liabilities, and our future taxable income for purposes of assessing our ability to realize any future benefit from our deferred tax assets. These judgments and estimates are affected by our expectations of future taxable income, mix of earnings among different taxing jurisdictions, and timing of the reversal of deferred tax assets and liabilities. We also use our judgment to determine whether it is more likely than not that we will sustain positions that we have taken on tax returns and, if so, the amount of benefit to initially recognize within our financial statements. We regularly review our uncertain tax positions and adjust our unrecognized tax benefits in light of changes in facts and circumstances, such as changes in tax law, interactions with taxing authorities and developments in case law. These adjustments to our unrecognized tax benefits may affect our income tax expense. Settlement of uncertain tax positions may require use of our cash. At December 31, 2008, we have $22.3 million recorded for uncertain tax benefits, including interest and penalties, of which it is reasonably possible that up to $6.0 million of our unrecognized tax benefit may change within the next twelve months. Effect if actual results differ from assumptions — Although management believes that the judgments and estimates discussed herein are reasonable, actual results could differ, and we may be exposed to increases or decreases in income tax expense that could be material. This excerpt taken from the EFX 10-Q filed Oct 28, 2008. Income Taxes
Our effective income tax rate was 19.9% for the third quarter of 2008, down from 37.6% for the same period in 2007, primarily due to the recognition of a $14.6 million income tax benefit related to uncertain tax positions associated with our Brazilian operations, for which the statute of limitations expired during the third quarter of 2008, and a lower foreign income tax rate. The effective income tax rate was 31.5% for the first nine months of 2008, down from 36.6% for the same period in 2007 due primarily to the items discussed above. This excerpt taken from the EFX 10-Q filed Jul 29, 2008. Income Taxes
24 The three-month decrease in our effective income tax rate was primarily due to a greater amount of favorable discrete items in 2008 than 2007; both related to our foreign tax credit utilization. The six-month increase in our effective income tax rate was primarily due to the matters discussed above and favorable discrete items recorded during the first quarter of 2007 related to state and foreign taxes, which did not recur in 2008. This excerpt taken from the EFX 10-Q filed Apr 29, 2008. Income Taxes
The increase in our effective income tax rate was due to favorable discrete items recorded during the first quarter of 2007 related to state and foreign taxes which did not recur in 2008. 22 This excerpt taken from the EFX 10-K filed Feb 27, 2008. Income Taxes We account for income taxes in accordance with SFAS No. 109, "Accounting for Income Taxes," and FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109." We record deferred income taxes using enacted tax laws and rates for the years in which the taxes are expected to be paid. We periodically assess the likelihood that our net deferred tax assets will be recovered from future taxable income or other tax planning strategies. To the extent that we believe that recovery is not likely, we must establish a valuation allowance to reduce the deferred tax asset to the amount we estimate will be recoverable. Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions in which we believe are probable of being sustained under such examinations. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. 48 Judgments and uncertainties—We consider accounting for income taxes critical because management is required to make significant judgments in determining our provision for income taxes, our deferred tax assets and liabilities, and our future taxable income for purposes of assessing our ability to realize any future benefit from our deferred tax assets. These judgments and estimates are affected by our expectations of future taxable income, mix of earnings among different taxing jurisdictions, and timing of the reversal of deferred tax assets and liabilities. Effect if actual results differ from assumptions—Although management believes that the judgments and estimates discussed herein are reasonable, actual results could differ, and we may be exposed to increases or decreases in income tax expense that could be material. This excerpt taken from the EFX 10-Q filed Oct 30, 2007. Income Taxes The effective income tax rate was 36.6% for the nine months ended September 30, 2007, up from 32.9% for the same period in 2006 due to the $14.1 million non-taxable litigation settlement recorded during the second quarter of 2006 and the reversal of the $9.5 million income tax reserves during the third quarter of 2006 discussed above. These discrete items impacted our prior year effective tax rate favorably by 4.8%. The September 30, 2007 rate reflects a lower foreign and state tax rate compared to 2006 and a favorable second quarter 2007 discrete item related to our foreign tax credit utilization. This excerpt taken from the EFX 10-Q filed Aug 1, 2007. Income
Taxes. We account for income taxes in
accordance with SFAS No. 109, “Accounting for Income Taxes.” As part
of the process of preparing our Consolidated Financial Statements, we are
required to estimate our income taxes in each of the domestic and international
jurisdictions in which we operate. This process involves us estimating our
current tax exposure together with assessing temporary differences resulting
from differing treatment of items for tax and accounting purposes. These
differences result in deferred tax assets and liabilities, which are included
in our Consolidated Balance Sheets. We are required to assess the likelihood
that our net deferred tax assets will be recovered from future taxable income
or other tax planning strategies. To the extent we believe that recovery is not
likely, we must establish a valuation allowance to reduce the deferred tax
asset to the amount we estimate will be recoverable. To the extent we establish
a valuation allowance or increase this allowance in a period, we must include
an expense within the tax provision in the Consolidated Statement of Income. A
valuation allowance is currently set against certain net deferred tax assets
because we believe it is more likely than not that these deferred tax assets
will not be realized through the generation of future taxable income or other
tax planning strategies. Significant management judgment is required in
determining our provision for income taxes, our deferred tax assets and
liabilities, and our future taxable income for purposes of assessing our
ability to realize any future benefit from our deferred tax assets.
Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. Historically, we record tax benefits for positions in which we believe they are probable of being sustained under such examinations. In July 2006, the FASB issued FIN 48, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our Consolidated Financial Statements. FIN 48 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. Regularly, we assess the potential outcome of such examinations to determine the adequacy of 41 our income tax accruals. We adjust our income tax provision during the period in which we determine new facts or circumstances arise, or when actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. Changes in these assumptions in future periods or actual results different from our estimates may have a material impact on our Consolidated Financial Statements. For additional information about our income taxes, see Note 6 of the Notes to Consolidated Financial Statements in this Form 10-Q. These excerpts taken from the EFX 8-K filed May 4, 2007. Income Taxes We account for income taxes in accordance with SFAS No. 109, “Accounting for Income Taxes.” As part of the process of preparing our Consolidated Financial Statements, we are required to estimate our income taxes in each of the domestic and international jurisdictions in which we operate. This process involves us estimating our current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in our Consolidated Balance Sheets. We are required to assess the likelihood that our net deferred tax assets will be recovered from future taxable income or other tax planning 28 strategies. To the extent we believe that recovery is not likely, we must establish a valuation allowance to reduce the deferred tax asset to the amount we estimate will be recoverable. To the extent we establish a valuation allowance or increase this allowance in a period, we must include an expense within the tax provision in the Consolidated Statement of Income. A valuation allowance is currently set against certain net deferred tax assets because we believe it is more likely than not that these deferred tax assets will not be realized through the generation of future taxable income or other tax planning strategies. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and our future taxable income for purposes of assessing our ability to realize any future benefit from our deferred tax assets. Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions in which we believe they are probable of being sustained under such examinations. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. Changes in these assumptions in future periods or actual results different from our estimates may have a material impact on our Consolidated Financial Statements. For additional information about our income taxes, see Note 7 of the Notes to Consolidated Financial Statements Income Taxes. In accordance with Statement of Financial Accounting Standards (“SFAS”)
No. 109, “Accounting for Income Taxes,” we account for income taxes under
the liability method. Deferred income tax assets and liabilities are determined
based on the estimated future tax effects of temporary differences between the
financial statement and tax bases of assets and liabilities, as measured by
current enacted tax rates. We periodically assess whether it is more likely
than not that we will generate sufficient taxable income to realize our
deferred tax assets. We record a valuation allowance, as necessary, to reduce
our deferred tax assets to the amount of future tax benefit that we estimate is
more likely than not to be realized.
Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions that we believe are probable 12 of being sustained under such examinations. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. See Note 7 for additional information about income taxes. This excerpt taken from the EFX 10-Q filed May 4, 2007. Income
Taxes. We account for income taxes in accordance
with SFAS No. 109, “Accounting for Income Taxes.” As part of the
process of preparing our Consolidated Financial Statements, we are required to
estimate our income taxes in each of the domestic and international jurisdictions
in which we operate. This process involves us estimating our current tax
exposure together with assessing temporary differences resulting from differing
treatment of items for tax and accounting purposes. These differences result in
deferred tax assets and liabilities, which are included in our Consolidated
Balance Sheets. We are required to assess the likelihood that our net deferred
tax assets will be recovered from future taxable income or other tax planning
strategies. To the extent we believe that recovery is not likely, we must
establish a valuation allowance to reduce the deferred tax asset to the amount
we estimate will be recoverable. To the extent we establish a valuation
allowance or increase this allowance in a period, we must include an expense
within the tax provision in the Consolidated Statement of Income. A valuation
allowance is currently set against certain net deferred tax assets because we
believe it is more likely than not that these deferred tax assets will not be
realized through the generation of future taxable income or other tax planning
strategies. Significant management judgment is required in determining our
provision for income taxes, our deferred tax assets and liabilities, and our
future taxable income for purposes of assessing our ability to realize any
future benefit from our deferred tax assets.
29 Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. Historically, we record tax benefits for positions in which we believe they are probable of being sustained under such examinations. In July 2006, the FASB issued FIN 48, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our Consolidated Financial Statements. FIN 48 prescribes a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We adjust our income tax provision during the period in which we determine new facts or circumstances arise, or when actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. Changes in these assumptions in future periods or actual results different from our estimates may have a material impact on our Consolidated Financial Statements. For additional information about our income taxes, see Note 6 of the Notes to Consolidated Financial Statements in this Form 10-Q. This excerpt taken from the EFX 10-K filed Feb 28, 2007. Income Taxes. In accordance with Statement of Financial Accounting Standards (“SFAS”)
No. 109, “Accounting for Income Taxes,” we account for income taxes under
the liability method. Deferred income tax assets and liabilities are determined
based on the estimated future tax effects of temporary differences between the
financial statement and tax bases of assets and liabilities, as measured by
current enacted tax rates. We periodically assess whether it is more likely
than not that we will generate sufficient taxable income to realize our
deferred tax assets. We record a valuation allowance, as necessary, to reduce
our deferred tax assets to the amount of future tax benefit that we estimate is
more likely than not to be realized.
Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions that we believe are probable of being sustained under such examinations. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. See Note 7 for additional information about income taxes. This excerpt taken from the EFX 10-Q filed Nov 1, 2006. Income Taxes Our effective income tax rate was 32.9% for the nine months ended September 30, 2006 down from 37.7% for the same period in 2005. The reduction was due primarily to the reversal of $9.5 million in income tax reserves related to uncertain tax positions for which the applicable statute of limitations expired in the third quarter of 2006 and the non-taxable gain on the litigation settlement associated with Naviant, Inc. during the second quarter of 2006 (as discussed in Note 5 of the Notes to Consolidated Financial Statements in this Form 10-Q). For additional information about our effective tax rate, see Note 6 of the Notes to Consolidated Financial Statements in this Form 10-Q. This excerpt taken from the EFX 10-Q filed Aug 2, 2006. Income Taxes Our effective income tax rate was 34.7% for the six months ended June 30, 2006, down slightly from 37.0% for the same period in 2005. The reduction was primarily due to the non-taxable litigation settlement during the second quarter of 2006 and lower state income taxes, partially offset by additional tax expense related to non-deductible executive compensation and a higher foreign tax rate. This excerpt taken from the EFX 10-Q filed May 4, 2006. Income Taxes Our effective income tax rate was 37.7% for the three months ended March 31, 2006, down slightly from 37.9% for the same period in 2005. The reduction was primarily due to lower state income taxes and a reduction to the tax contingency reserve, partially offset by additional tax expense related to non-deductible executive compensation and a higher foreign tax rate. This excerpt taken from the EFX 10-K filed Mar 2, 2006. Income Taxes. In accordance with Statement of Financial Accounting Standards (“SFAS”)
No. 109, “Accounting for Income Taxes,” we account for income taxes under
the liability method. Deferred income tax assets and liabilities are determined
based on the estimated future tax effects of temporary differences between the
financial statement and tax bases of assets and liabilities, as measured by
current enacted tax rates. We periodically assess whether it is more likely
than not that we will generate sufficient taxable income to realize our
deferred tax assets. We record a valuation allowance, as necessary, to reduce
our deferred tax assets to the amount of future tax benefit that we estimate is
more likely than not to be realized. We believe that our estimates are
reasonable, however, the final outcome of tax matters may be different than the
estimates reflected in our Consolidated Financial Statements.
Our income tax provisions are based on assumptions and calculations which will be subject to examination by various tax authorities. We record tax benefits for positions that we believe are probable of being sustained under such examinations. Regularly, we assess the potential outcome of such examinations to determine the adequacy of our income tax accruals. We adjust our income tax provision during the period in which we determine that the actual results of the examinations may differ from our estimates. Changes in tax laws and rates are reflected in our income tax provision in the period in which they occur. For additional information about income taxes, see Note 6 of the Notes to Consolidated Financial Statements. This excerpt taken from the EFX 10-Q filed Nov 7, 2005. Income Taxes. Our tax filings for various periods are subjected to
audit by tax authorities in most jurisdictions where we conduct business. These
audits may result in assessments of additional taxes that are subsequently
resolved with the authorities or potentially through the courts. Currently,
there are assessments involving certain of our subsidiaries, including Canada
(see Part II, Other Information, Item 1, Legal Proceedings), that may not
be resolved for many years. We believe we have substantial defenses to the
questions being raised and would pursue all legal remedies should an
unfavorable outcome result. We believe we have adequately provided for any
ultimate amounts that would result from these proceedings where it is probable
we will pay some amounts and the amounts can be estimated; however, it is too
early to predict a final outcome of these matters.
17 This excerpt taken from the EFX 10-Q filed Aug 4, 2005. Income
taxes. Our tax filings for
various periods are subjected to audit by tax authorities in most jurisdictions
where we conduct business. These audits may result in assessments of additional
taxes that are subsequently resolved with the authorities or potentially
through the courts. Currently, there are assessments involving certain of our
subsidiaries, including Canada (see Part II, Other Information, Item 1,
Legal Proceedings), that may not be resolved for many years. We believe we have
substantial defenses to the questions being raised and would pursue all legal
remedies should an unfavorable outcome result. We believe we have adequately
provided for any ultimate amounts that would result from these proceedings
where it is probable we will pay some amounts and the amounts can be estimated;
however, it is too early to predict a final outcome of these matters.
This excerpt taken from the EFX 10-Q filed May 5, 2005. Income taxes.
Our tax filings for various periods are subjected to
audit by tax authorities in most jurisdictions where we conduct business. These audits may result in assessments of
additional taxes that are subsequently resolved with the authorities or
potentially through the courts.
Currently, there are assessments involving certain of our subsidiaries,
including Canada (see Part II, Other Information, Item 1, Legal Proceedings),
that may not be resolved for many years.
We believe we have substantial
13
defenses to the questions being raised and would pursue all legal remedies should an unfavorable outcome result. We believe we have adequately provided for any ultimate amounts that would result from these proceedings where it is probable we will pay some amounts and the amounts can be estimated; however, it is too early to predict a final outcome of these matters.
This excerpt taken from the EFX 10-K filed Apr 1, 2005. Income Taxes. We
base income tax expense on pre-tax financial accounting income, and recognize
deferred tax assets and liabilities for the expected tax consequences of
temporary differences between the tax bases of assets and liabilities and their
reported amounts. Significant judgment is required to determine our overall
local, state, federal and foreign income tax expense due to transactions and
calculations where the ultimate tax consequence is uncertain. We have recorded
a valuation allowance to reduce our deferred tax assets to the amount of future
tax benefit that we estimate is likely to be received. We believe that our
estimates are reasonable, however, the final outcome of tax matters may be
different than the estimates reflected on our financial statements.
This excerpt taken from the EFX 10-K filed Mar 16, 2005. Income Taxes. We
base income tax expense on pre-tax financial accounting income, and recognize
deferred tax assets and liabilities for the expected tax consequences of
temporary differences between the tax bases of assets and liabilities and their
reported amounts. Significant judgment is required to determine our overall
local, state, federal and foreign income tax expense due to transactions and
calculations where the ultimate tax consequence is uncertain. We have recorded
a valuation allowance to reduce our deferred tax assets to the amount of future
tax benefit that we estimate is likely to be received. We believe that our
estimates are reasonable, however, the final outcome of tax matters may be
different than the estimates reflected on our financial statements.
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