Cover Page
Cover Page - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document type | 10-K | ||
Current fiscal year end date | --12-31 | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-37470 | ||
Entity registrant name | TransUnion | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 61-1678417 | ||
Entity Address, Address Line One | 555 West Adams, | ||
Entity Address, City or Town | Chicago, | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60661 | ||
City Area Code | 312 | ||
Local Phone Number | 985-2000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | TRU | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity filer category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 15,100 | ||
Entity Common Stock, Shares Outstanding | 194 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement of TransUnion for the Annual Meeting of Stockholders to be held May 2, 2024 are incorporated by reference to the extent specified in Part III of this Form 10-K. | ||
Amendment flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document fiscal period focus | FY | ||
Entity central index key | 0001552033 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 476.2 | $ 585.3 |
Trade accounts receivable, net of allowance of $16.4 and $11.0 | 723 | 602.2 |
Other current assets | 275.9 | 262.7 |
Total current assets | 1,475.1 | 1,450.2 |
Property, plant and equipment, net of accumulated depreciation and amortization of $804.4 and $711.3 | 199.3 | 218.2 |
Goodwill | 5,176 | 5,551.4 |
Other intangibles, net of accumulated amortization of $2,719.8 and $2,268.6 | 3,515.3 | 3,675.5 |
Other assets | 739.4 | 771 |
Total assets | 11,105.1 | 11,666.3 |
Current liabilities: | ||
Trade accounts payable | 251.3 | 250.4 |
Short-term debt and current portion of long-term debt | 89.6 | 114.6 |
Other current liabilities | 661.8 | 540.5 |
Total current liabilities | 1,002.7 | 905.5 |
Long-term debt | 5,250.8 | 5,555.5 |
Deferred Income Tax Liabilities, Net | 592.9 | 762 |
Other liabilities | 153.2 | 173.9 |
Total liabilities | 6,999.6 | 7,396.9 |
Stockholders’ equity: | ||
Common Stock, Value, Issued | 2 | 2 |
Additional paid-in capital | 2,412.9 | 2,290.3 |
Treasury Stock, Value | (302.9) | (284.5) |
Retained earnings | 2,157.1 | 2,446.6 |
Accumulated other comprehensive loss | (260.9) | (284.5) |
Total TransUnion stockholders’ equity | 4,008.2 | 4,169.9 |
Noncontrolling interests | 97.3 | 99.5 |
Total stockholders’ equity | 4,105.5 | 4,269.4 |
Total liabilities and stockholders’ equity | $ 11,105.1 | $ 11,666.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance | $ 16.4 | $ 11 |
Property, plant and equipment, accumulated depreciation and amortization | 804.4 | 711.3 |
Other intangibles accumulated amortization of | $ 2,719.8 | $ 2,268.6 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 200 | 198.7 |
Common stock, shares outstanding | 193.8 | 192.7 |
Treasury stock at cost, shares | 6.2 | 6 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenue | $ 3,831.2 | $ 3,709.9 | $ 2,960.2 |
Cost of services (exclusive of depreciation and amortization below) | 1,517.3 | 1,385.1 | 1,022.3 |
Operating expenses | |||
Selling, general and administrative | 1,171.6 | 1,179.4 | 909 |
Depreciation and amortization | 524.4 | 519 | 377 |
Goodwill impairment | 414 | 0 | 0 |
Total restructuring expenses | 75.3 | 0 | 0 |
Total operating expenses | 3,702.7 | 3,083.5 | 2,308.3 |
Operating income | 128.5 | 626.3 | 651.9 |
Non-operating income and (expense) | |||
Interest expense | (288.2) | (230.9) | (112.6) |
Interest income | 20.7 | 4.7 | 3.4 |
Earnings from equity method investments | 16.3 | 13 | 12 |
Other income and (expense), net | (22.7) | (30) | (49.2) |
Total non-operating income and (expense) | (273.9) | (243.3) | (146.3) |
(Loss) income from continuing operations before income taxes | (145.3) | 383 | 505.6 |
Provision for income taxes | (44.7) | (118.9) | (131.9) |
(Loss) income from continuing operations | (190.1) | 264.1 | 373.7 |
Discontinued operations, net of tax | (0.7) | 17.4 | 1,031.7 |
Net (loss) income | (190.8) | 281.5 | 1,405.4 |
Less: net income attributable to noncontrolling interests | (15.4) | (15.2) | (15) |
Net (loss) income attributable to TransUnion | (206.2) | 266.3 | 1,390.3 |
Less: income from continuing operations attributable to noncontrolling interests | (15.4) | (15.2) | (15) |
(Loss) income from continuing operations attributable to TransUnion | $ (205.4) | $ 248.9 | $ 358.7 |
Basic (loss) earnings per common share from: | |||
(Loss) income from continuing operations attributable to TransUnion (in dollars per share) | $ (1.06) | $ 1.29 | $ 1.87 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0.09 | 5.39 |
Net (loss) income attributable to TransUnion (in dollars per share) | (1.07) | 1.38 | 7.26 |
Diluted (loss) earnings per common share from: | |||
(Loss) income from continuing operations attributable to TransUnion (in dollars per share) | (1.06) | 1.29 | 1.86 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.09 | 5.35 |
Net (loss) income attributable to TransUnion (in dollars per share) | $ (1.07) | $ 1.38 | $ 7.20 |
Weighted average shares outstanding | 193.4 | 192.5 | 191.4 |
Weighted average dilutive shares outstanding | 193.4 | 193.1 | 193 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (190.8) | $ 281.5 | $ 1,405.4 |
Foreign currency translation: | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 81.1 | (195.7) | (66.4) |
(Expense) benefit for income taxes | (2) | (0.7) | 0.3 |
Foreign currency translation, net | 79.1 | (196.4) | (66.1) |
Hedge instruments: | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (75.5) | 260.1 | 67.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (18.9) | 64.9 | 16.8 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | (56.6) | 195.2 | 50.5 |
Available-for-sale securities: | |||
Net unrealized loss | 0 | (0.3) | 0 |
Benefit for income taxes | 0 | 0.1 | 0 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | (0.2) | 0 |
Total other comprehensive income (loss), net of tax | 22.5 | (1.4) | (15.6) |
Comprehensive (loss) income | (168.3) | 280.1 | 1,389.8 |
Less: comprehensive income attributable to noncontrolling interests | (14.3) | (12.9) | (12.7) |
Comprehensive (loss) income attributable to TransUnion | $ (182.6) | $ 267.2 | $ 1,377.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (190.8) | $ 281.5 | $ 1,405.4 |
Discontinued operations, net of tax | (0.7) | 17.4 | 1,031.7 |
(Loss) income from continuing operations | (190.1) | 264.1 | 373.7 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 524.4 | 519 | 377 |
Goodwill impairment | 414 | 0 | 0 |
Loss on repayment of loans | 7.6 | 9.4 | 17.9 |
Deferred taxes | (162.7) | (88.9) | (17.2) |
Stock-based compensation | 100.3 | 82.8 | 69.2 |
Other | 26 | 22.6 | (13.1) |
Changes in assets and liabilities: | |||
Trade accounts receivable | (135.1) | (37.5) | (36.2) |
Other current and long-term assets | (12.7) | (17.7) | (20.9) |
Trade accounts payable | (6.5) | (16.5) | 41.5 |
Other current and long-term liabilities | 80.4 | (436.3) | (32.5) |
Cash provided by operating activities of continuing operations | 645.6 | 301 | 759.4 |
Cash (used in) provided by operating activities of discontinued operations | (0.2) | (3.8) | 48.9 |
Cash provided by operating activities | 645.4 | 297.2 | 808.3 |
Cash flows from investing activities: | |||
Capital expenditures | (310.7) | (298.2) | (224.2) |
Proceeds from sale/maturity of other investments | 82.3 | 143.5 | 36.3 |
Purchases of other investments | (53.5) | (146.1) | (66.9) |
Investments in consolidated affiliates, net of cash acquired | 0 | (508.1) | (3,596.1) |
Investments in nonconsolidated affiliates and purchase of convertible notes | (36.9) | (16.2) | (75.4) |
(Payments) proceeds related to disposal of discontinued operations | (0.5) | ||
(Payments) proceeds related to disposal of discontinued operations | 103.6 | 1,706.8 | |
Other | 0.4 | 2.7 | (1.1) |
Cash used in investing activities of continuing operations | (318.9) | (718.8) | (2,220.6) |
Cash (used in) provided by investing activities of discontinued operations | 0 | (5.1) | 7.7 |
Cash used in investing activities | (318.9) | (723.9) | (2,212.9) |
Cash flows from financing activities: | |||
Proceeds from Term Loans | 655.8 | 0 | 3,740 |
Repayments of Term Loans | (347.7) | 0 | (640) |
Repayments of debt | 650 | 714.6 | 140.8 |
Debt financing fees | (3.3) | 0 | (68.8) |
Proceeds from issuance of common stock and exercise of stock options | 23.1 | 18.7 | 21.9 |
Dividends to shareholders | (81.8) | (77.8) | (69.8) |
Distributions to noncontrolling interests | (16.5) | (11.5) | (11) |
Employee taxes paid on restricted stock units recorded as treasury stock | (18.4) | (32.5) | (36.8) |
Payment of contingent consideration | 0 | (2.8) | (32.4) |
Cash provided by (used in) financing activities | (438.8) | (820.5) | 2,762.3 |
Effect of exchange rate changes on cash and cash equivalents | 3.2 | (9.9) | (8) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (109.1) | (1,257.1) | 1,349.7 |
Cash and cash equivalents, beginning of period | 585.3 | 1,842.4 | 492.7 |
Cash and cash equivalents, end of period | 476.2 | 585.3 | 1,842.4 |
Cash paid during the period for: | |||
Income taxes, net of refunds | 206.4 | 573.6 | 181.2 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 281.2 | $ 221.1 | $ 109.1 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | Treasury Stock, Common |
Balance, shares at Dec. 31, 2020 | 190.5 | |||||||
Balance at Dec. 31, 2020 | $ 2 | $ 2,088.1 | $ 937.4 | $ (272.1) | $ 95.9 | $ 2,636.1 | $ (215.2) | |
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | $ 1,390.3 | 1,390.3 | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 15 | |||||||
Net (loss) income | 1,405.4 | 1,405.4 | ||||||
Other comprehensive income (loss) | (15.6) | (13.3) | (2.3) | (15.6) | ||||
Distributions to noncontrolling interests | (11) | (11) | ||||||
Stock-based compensation | 75.7 | 75.7 | ||||||
Employee share purchase plan | 0.2 | |||||||
Employee share purchase plan | $ 0 | 22.2 | 22.2 | |||||
Exercise of stock options | 0.3 | |||||||
Exercise of stock options | $ 0 | 2.9 | 2.9 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | (1.2) | |||||||
Treasury stock purchased | (0.4) | |||||||
Treasury stock purchased | (36.8) | (36.8) | ||||||
Dividends, Cash | (69.9) | |||||||
Dividends, Cash | Accounting Standards Update 2014-09 [Member] | (69.9) | |||||||
Stockholders' Equity, Other | 0 | (0.5) | (0.5) | 0 | ||||
Balance, shares at Dec. 31, 2021 | 191.8 | |||||||
Balance at Dec. 31, 2021 | $ 2 | 2,188.9 | 2,257.8 | (285.4) | 98.1 | 4,009.4 | (252) | |
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | 47.9 | 47.9 | ||||||
Net (loss) income | 51.6 | 51.6 | ||||||
Balance at Mar. 31, 2022 | 2,287.3 | 4,144.7 | ||||||
Balance, shares at Dec. 31, 2021 | 191.8 | |||||||
Balance at Dec. 31, 2021 | $ 2 | 2,188.9 | 2,257.8 | (285.4) | 98.1 | 4,009.4 | (252) | |
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | 140.7 | |||||||
Net (loss) income | 148.4 | |||||||
Balance at Jun. 30, 2022 | 2,361.5 | 4,138.9 | ||||||
Balance, shares at Dec. 31, 2021 | 191.8 | |||||||
Balance at Dec. 31, 2021 | $ 2 | 2,188.9 | 2,257.8 | (285.4) | 98.1 | 4,009.4 | (252) | |
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | 266.3 | 266.3 | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 15.2 | |||||||
Net (loss) income | 281.5 | 281.5 | ||||||
Other comprehensive income (loss) | (1.4) | 0.9 | (2.3) | (1.4) | ||||
Distributions to noncontrolling interests | (11.5) | (11.5) | ||||||
Stock-based compensation | 79.6 | 79.6 | ||||||
Employee share purchase plan | 0.2 | |||||||
Employee share purchase plan | $ 0 | 21 | 21 | |||||
Exercise of stock options | 0.1 | |||||||
Exercise of stock options | $ 0 | 0.8 | 0.8 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 0 | 0 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.9 | |||||||
Treasury stock purchased | (0.3) | |||||||
Treasury stock purchased | (32.5) | (32.5) | ||||||
Dividends, Cash | (77.5) | (77.5) | ||||||
Balance, shares at Dec. 31, 2022 | 192.7 | |||||||
Balance at Dec. 31, 2022 | 4,269.4 | $ 2 | 2,290.3 | 2,446.6 | (284.5) | 99.5 | 4,269.4 | (284.5) |
Balance at Mar. 31, 2022 | 2,287.3 | 4,144.7 | ||||||
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | 92.8 | 92.8 | ||||||
Net (loss) income | 96.8 | 96.8 | ||||||
Balance at Jun. 30, 2022 | 2,361.5 | 4,138.9 | ||||||
Balance at Dec. 31, 2022 | 4,269.4 | $ 2 | 2,290.3 | 2,446.6 | (284.5) | 99.5 | 4,269.4 | (284.5) |
Consolidated Statement of Stockholders' Equity | ||||||||
Net income (loss) attributable to TransUnion | (206.2) | (206.2) | ||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 15.4 | |||||||
Net (loss) income | (190.8) | (190.8) | ||||||
Other comprehensive income (loss) | 22.5 | 23.6 | (1.1) | 22.5 | ||||
Distributions to noncontrolling interests | (16.5) | (16.5) | ||||||
Stock-based compensation | 95.6 | 95.6 | ||||||
Employee share purchase plan | 0.4 | |||||||
Employee share purchase plan | $ 0 | 26.4 | 26.4 | |||||
Exercise of stock options | 0.1 | |||||||
Exercise of stock options | $ 0 | 0.6 | 0.6 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ 0 | 0 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.8 | |||||||
Treasury stock purchased | (0.2) | |||||||
Treasury stock purchased | (18.4) | (18.4) | ||||||
Dividends, Cash | (83.3) | (83.3) | ||||||
Balance, shares at Dec. 31, 2023 | 193.8 | |||||||
Balance at Dec. 31, 2023 | $ 4,105.5 | $ 2 | $ 2,412.9 | $ 2,157.1 | $ (260.9) | $ 97.3 | $ 4,105.5 | $ (302.9) |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting and reporting policies | Significant Accounting and Reporting Policies Description of Business TransUnion is a leading global information and insights company that makes trust possible between businesses and consumers, helping people around the world access opportunities that can lead to a higher quality of life. That trust is built on TransUnion’s ability to deliver safe, innovative solutions with credibility and consistency. We call this Information for Good. Grounded in our heritage as a credit reporting agency, we have built robust and accurate databases of information for a large portion of the adult population in the markets we serve. We use our identity resolution methodology to link and match our expanding high-quality datasets. We use this enriched data and analytics, combined with our expertise, to continuously develop more insightful solutions for our customers, all while maintaining compliance with global laws and regulations. Because of our work, organizations can better understand consumers in order to make more informed decisions, and earn consumer trust through great, personalized experiences, and the proactive extension of the right opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities. We provide solutions that enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, mitigate fraud, and effectively manage call center operations. Businesses embed our solutions into their process workflows to deliver critical insights and enable effective actions. Consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. Our addressable market includes the global data and analytics market, which continues to grow as companies around the world increasingly recognize the benefits of data and analytics-based decision making, and as consumers recognize the important role that their data identities play in their ability to procure goods and services. We leverage our differentiated capabilities in order to serve a global customer base across multiple geographies and industry verticals. Basis of Presentation The accompanying consolidated financial statements of TransUnion and subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the periods presented. All significant intercompany transactions and balances have been eliminated. As a result of displaying amounts in millions, rounding differences may exist in the financial statements and footnote tables. We have recast certain items, including the prior year’s revenue disaggregation disclosures in Note 21, “Reportable Segments,” to conform to the current year presentation. Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “our,” “us,” and “its” refers to TransUnion and its consolidated subsidiaries, collectively. For the periods presented, TransUnion does not have any material assets, liabilities, revenues, expenses or operations of any kind other than its ownership investment in TransUnion Intermediate Holdings, Inc. Revision of Previously Issued Financial Statements The Company identified an error in the classification of certain costs between cost of services and selling, general and administrative in the Consolidated Statements of Operations, which resulted in an understatement of cost of services and an overstatement of selling, general and administrative in equal and offsetting amounts resulting in no impact to total operating expenses, operating income or net income. This error was incremental to the classification error of employee costs related to certain of our recent acquisitions that was identified in the second quarter of 2023. In addition, the Company identified an overstatement of the supplemental disclosure for cash paid for interest on its Consolidated Statements of Cash Flows for the twelve months ended December 31, 2022. The Company concluded that, while the expense classification errors and supplemental cash paid for interest disclosure were not material to its consolidated financial statements taken as a whole, it should revise its previously issued consolidated financial statements to correct the errors. In doing so, the Company has also corrected an immaterial error related to an over accrual of expenses, net of the related income tax effect, during the twelve months ended December 31, 2021, that had previously been corrected out of period during the twelve months ended December 31, 2022. Accordingly, the Company has revised its previously issued Consolidated Statements of Operations, Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows, and Consolidated Statements of Stockholders' Equity for the twelve months ended December 31, 2022 and 2021 to correct for these errors that are not material within these consolidated financial statements taken as a whole. The impact of the revisions is presented below. Consolidated Statements of Operations Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 1,222.9 $ 162.2 $ 1,385.1 $ 991.6 $ 30.7 $ 1,022.3 Selling, general and administrative 1,337.4 (158.0) 1,179.4 943.9 (34.9) 909.0 Total operating expenses 3,079.3 4.2 3,083.5 2,312.5 (4.2) 2,308.3 Operating income 630.5 (4.2) 626.3 647.7 4.2 651.9 Income from continuing operations before income taxes 387.2 (4.2) 383.0 501.4 4.2 505.6 Provision for income taxes (119.9) 1.0 (118.9) (130.9) (1.0) (131.9) Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Net income attributable to TransUnion 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Income from continuing operations attributable to TransUnion 252.1 (3.2) 248.9 355.5 3.2 358.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.86 $ 0.02 $ 1.87 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.25 $ 0.02 $ 7.26 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.84 $ 0.02 $ 1.86 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.19 $ 0.02 $ 7.20 Consolidated Statements of Comprehensive Income (Loss) Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Comprehensive income 283.3 (3.2) 280.1 1,386.6 3.2 1,389.8 Comprehensive income attributable to TransUnion 270.4 (3.2) 267.2 1,373.9 3.2 1,377.1 Consolidated Statements of Cash Flows Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Trade accounts payable (20.7) 4.2 (16.5) 45.7 (4.2) 41.5 Other current and long-term liabilities (435.3) (1.0) (436.3) (33.5) 1.0 (32.5) Cash provided by operating activities of continuing operations 301.0 — 301.0 759.4 — 759.4 The Company revised its supplemental disclosure for cash paid for interest for the twelve months ended December 31, 2022 by $91.2 million, reducing it from the previously reported amount of $312.3 million to $221.1 million as revised. Consolidated Statements of Stockholders’ Equity Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 937.4 $ — $ 937.4 Net income 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Retained Earnings, Ending Period Balance $ 2,446.6 $ — $ 2,446.6 $ 2,254.6 $ 3.2 $ 2,257.8 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 2,636.1 $ — $ 2,636.1 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Total Equity Ending Period Balance $ 4,269.4 $ — $ 4,269.4 $ 4,006.2 $ 3.2 $ 4,009.4 The Company will also revise previously reported quarterly and year-to-date financial information for these errors in its future filings, as applicable. A summary of the corrections to the impacted financial statement line items to the Company’s previously issued consolidated financial statements for each quarterly and year-to-date period is presented in Note 26, “Quarterly Financial Data (Unaudited).” Principles of Consolidation The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its controlled subsidiaries. Investments in nonmarketable unconsolidated entities in which the Company is able to exercise significant influence are accounted for using the equity method. Investments in nonmarketable unconsolidated entities in which the Company is not able to exercise significant influence, our “Cost Method Investments,” are accounted for at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Use of Estimates The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the a ccompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts. Segments Operating segments are businesses for which separate financial information is available and evaluated regularly by our chief operating decision maker (“CODM”) deciding how to allocate resources and assess performance. We have three operating and reportable segments; U.S. Markets, International and Consumer Interactive. We also report expenses for Corporate, which provides support services to each segment. Details of our segment results are discussed in Note 21, “Reportable Segments.” Revenue Recognition and Deferred Revenue All of our revenue is derived from contracts with our customers and is reported as revenue in the Consolidated Statements of Operations generally as or at the point in time our performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. We have contracts with two general groups of performance obligations; those that require us to stand ready to provide goods and services to a customer to use as and when requested (“Stand Ready Performance Obligations”) and those that do not require us to stand ready (“Other Performance Obligations”). Our Stand Ready Performance Obligations include obligations to stand ready to provide data, process transactions, access our databases, software-as-a-service and direct-to-consumer products, rights to use our intellectual property and other services. Our Other Performance Obligations include the sale of certain batch data sets and various professional and other services. Deferred revenue generally consists of amounts billed in excess of revenue recognized for the sale of data services, subscriptions and set up fees. The current and long-term portions of deferred revenue are included in other current liabilities and other liabilities. See Note 16, “Revenue,” for a further discussion about our revenue recognition policies. Costs of Services Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and occupancy costs associated with the facilities where these functions are performed. Selling, General and Administrative Expenses Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions. Advertising costs are expensed as incurred. Advertising costs, which include commissions we pay to our partners to promote our products online, for the years ended December 31, 2023, 2022 and 2021 were $64.2 million, $87.7 million and $92.9 million, respectively. Stock-Based Compensation Compensation expense for all stock-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they happen. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our stock-based compensation program are discussed in Note 19, “Stock-Based Compensation.” Restructuring Restructuring expenses consist of employee-separation costs, including severance and other benefits calculated based on long-standing benefit practices and local statutory requirements. In some jurisdictions, the Company has ongoing benefit arrangements under which the Company records estimated severance and other termination benefits when such costs are deemed probable and estimable, approved by the appropriate corporate management, and if actions required to complete the termination plan indicate it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Severance and other termination bene fits for which there is not an ongoing benefit arrangement are recorded when appropriate corporate management has committed to the plan and the benefit arrangement is communicated to the affected employees. In addition, restructuring expenses include impairment of leased facility assets whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. The effect of a tax rate change on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the change. We periodically assess the recoverability of our deferred tax assets, and a valuation allowance is recorded against deferred tax assets if it is more likely than not that some portion of the deferred tax assets will not be realized. See Note 18, “Income Taxes,” for additional information. Foreign Currency Translation The functional currency for each of our foreign subsidiaries is generally that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end exchange rate, and translate revenues and expenses at the monthly average rates during the year. We record the resulting translation adjustment as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency of an entity are included in the results of operations as incurred. The exchange rate losses for the years ended December 31, 2023, 2022 and 2021 were not material. Cash and Cash Equivalents We consider investments in highly liquid debt instruments with original maturities of three months or less to be cash equivalents. The carrying value of our cash and cash equivalents approximate their fair value. Trade Accounts Receivable We base our allowance for doubtful accounts estimate on our historical loss experience, our current expectations of future losses, current economic conditions, an analysis of the aging of outstanding receivables and customer payment patterns, and specific reserves for customers in adverse financial condition or for existing contractual disputes. The following is a roll-forward of the allowance for doubtful accounts for the periods presented: Twelve months ended December 31, 2023 2022 2021 Beginning Balance $ 11.0 $ 10.7 $ 17.1 Provision for losses on trade accounts receivable 8.8 5.9 (2.6) Write-offs, net of recovered accounts (3.4) (5.6) (3.8) Ending balance $ 16.4 $ 11.0 $ 10.7 Contract acquisition costs We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs meet the requirements to be capitalized. We use a portfolio approach to amortize capitalized contract acquisition costs on a straight-line basis over five years, which reflects the estimated average period of benefit and is consistent with the transfer of our services to our customer to which the contract relates. We classify capitalized contract acquisition costs as current or noncurrent based on the timing of expense recognition. The current and noncurrent portions are included in "Other current assets" and "Other assets", respectively, in our Consolidated Balance Sheets. Amortization expense is included in "Selling, general and administrative" within our accompanying Consolidated Statements of Operations. As of December 31, 2023 and 2022, we had capitalized contract acquisition costs of $39.9 million and $20.2 million, respectively, which have been included in "Other current assets" and "Other assets" in our accompanying Consolidated Balance Sheets. Long-Lived Assets Property, Plant, Equipment and Intangibles Property, plant and equipment is depreciated primarily using the straight-line method, over the estimated useful lives of the assets. Buildings and building improvements are generally depreciated over 20 years. Computer equipment and furniture and purchased software are depreciated over 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the lease term. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method, which approximates the pattern of usage, over their economic life, generally 3 to 40 years. Assets to be disposed of, if any, are separately presented in the Consolidated Balance Sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 5, “Property, Plant and Equipment” and Note 7, “Intangible Assets” for additional information about these assets. Internal Use Software We monitor the activities of each of our internal use software and system development projects and analyze the associated costs, making an appropriate distinction between costs to be expensed and costs to be capitalized. Costs incurred during the preliminary project stage are expensed as incurred. Many of the costs incurred during the application development stage are capitalized, including costs of software design and configuration, development of interfaces, coding, testing and installation of the software. Once the software is ready for its intended use, it is amortized on a straight-line basis over its useful life, generally 3 to 10 years. Impairment of Long-Lived Assets We review long-lived asset groups that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. There were no significant impairment charges recorded during 2023, 2022 and 2021. Goodwill Other than goodwill, we have no other indefinite-lived assets. Goodwill is allocated to our reporting units, which are an operating segment or one level below an operating segment. We conduct an impairment test annually in the fourth quarter of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. We have the option to first perform a qualitative analysis to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the qualitative analysis indicates that an impairment is more likely than not for any reporting unit, we perform a quantitative impairment test for that reporting unit. We have the option to bypass the qualitative analysis for any reporting unit and proceed directly to performing a quantitative impairment test. When we perform a quantitative impairment test, we use a combination of an income approach, using the discounted cash flow method, and a market approach, using the guideline public company method, to determine the fair value of each reporting unit. For each reporting unit, we compare the fair value to its carrying value including goodwill. If the fair value of the reporting unit is less than its carrying value, we record an impairment charge based on that difference, up to the amount of goodwill recorded in that reporting unit. The quantitative impairment test requires the application of a number of significant assumptions, including estimates of future revenue growth rates, EBITDA margins, discount rates, and market multiples. The projected future revenue growth rates and EBITDA margins, and the resulting projected cash flows of each reporting unit are based on historical experience and internal operating plans reviewed by management, extrapolated over the forecast period. Discount rates are determined using a weighted average cost of capital adjusted for risk factors specific to each reporting unit. Market multiples are based on the guideline public company method using comparable publicly traded company multiples of EBITDA for a group of benchmark companies. See Note 6, “Goodwill,” for additional information about our 2023 impairment analysis and impairment of our United Kingdom reporting unit goodwill . Marketable Securities We classify our investments in debt and equity securities in accordance with our intent and ability to hold the investments. Held-to-maturity securities are carried at amortized cost, which approximates fair value, and are classified as either short-term or long-term investments based on the contractual maturity date. Earnings from these securities are reported as a component of interest income. Available-for-sale securities, if any, are carried at fair market value, with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income. At December 31, 2023 and 2022, the Company’s marketable securities consisted of available-for-sale securities. The available-for-sale securities relate to foreign exchange-traded corporate bonds. There were no significant realized or unrealized gains or losses for these securities for any of the periods presented. We follow fair value guidance to measure the fair value of our financial assets as further described in Note 20, “Fair Value”. We periodically review our marketable securities to determine if there is an other-than-temporary impairment on any security. If it is determined that an other-than-temporary decline in value exists, we write down the investment to its market value and record the related impairment loss in other income. There were no other-than-temporary impairments of marketable securities in 2023, 2022 or 2021. Benefit Plans We maintain a 401(k) defined-contribution profit sharing plan for eligible employees. We provide a partial matching contribution and a discretionary contribution based on a fixed percentage of a participant’s eligible compensation. Contributions to this plan for the years ended December 31, 2023, 2022 and 2021 were $34.7 million, $32.9 million and $34.5 million, respectively. Recently Adopted Accounting Pronouncements There are no recent accounting pronouncements that have been adopted by TransUnion in 2023. Recent Accounting Pronouncements Not Yet Adopted On November 27, 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 , Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This ASU updates the requirements for segment reporting to include, among other things, disaggregating and quantifying significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included in the measure of segment profit, describing the nature of amounts not separately disaggregated, allowing for additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources, and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The update is effective for annual periods for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application. Early adoption is permitted. We are currently assessing the impact of adopting the updated provisions. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures . This ASU requires income tax disclosures to include consistent categories and greater disaggregation of information in the rate reconciliations and the disaggregation of income taxes paid by federal, state and foreign, and also for individual jurisdictions that are greater than 5% of total income taxes paid. The update is effective for annual periods for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of adopting the updated provisions. |
Nature of Operations [Text Block] | Description of Business TransUnion is a leading global information and insights company that makes trust possible between businesses and consumers, helping people around the world access opportunities that can lead to a higher quality of life. That trust is built on TransUnion’s ability to deliver safe, innovative solutions with credibility and consistency. We call this Information for Good. Grounded in our heritage as a credit reporting agency, we have built robust and accurate databases of information for a large portion of the adult population in the markets we serve. We use our identity resolution methodology to link and match our expanding high-quality datasets. We use this enriched data and analytics, combined with our expertise, to continuously develop more insightful solutions for our customers, all while maintaining compliance with global laws and regulations. Because of our work, organizations can better understand consumers in order to make more informed decisions, and earn consumer trust through great, personalized experiences, and the proactive extension of the right opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities. We provide solutions that enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, mitigate fraud, and effectively manage call center operations. Businesses embed our solutions into their process workflows to deliver critical insights and enable effective actions. Consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Acquisitions | Business Acquisitions The following transactions were accounted for as business combinations under the acquisition method of accounting. The acquisition method requires, among other things, that assets acquired and liabilities assumed in a business combination generally be recognized at their fair values as of the acquisition date. The determination of fair value requires management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets has been recorded as goodwill. The results of operations of these acquisitions are included in our consolidated financial statements from the respective dates of acquisition. 2022 Acquisitions Verisk Financial Services On April 8, 2022, we completed our acquisition of Verisk Financial Services (“VF”), the financial services business unit of Verisk Analytics, Inc. (“Verisk”). We acquired 100% of the outstanding equity interest of the entities that comprise VF for $505.7 million in cash, including a decrease of $2.3 million recorded subsequent to the acquisition date for certain customary purchase price adjustments. We have retained the leading core businesses of Argus Information and Advisory Services, Inc. and Commerce Signals, Inc. (collectively, “Argus”), and identified several non-core businesses that we classified as held-for-sale as of the acquisition date that we have subsequently divested. See Note 3, “Discontinued Operations,” for a further discussion. Argus provides financial institutions, payments providers, and retailers worldwide competitive studies, predictive analytics, models, and advisory services. We leverage the data provider consortium and proprietary and differentiated benchmarking datasets of these entities to provide more enhanced and holistic solution capabilities to our customers to make better and faster decisions that will help them increase financial inclusion, acquire new accounts, and improve fraud prevention, risk management, and other solutions. We engaged in business activities with VF prior to the acquisition that were not material. The results of operations of Argus subsequent to the acquisition date are included in the U.S. Markets segment, including revenue of $71.5 million and net income of $2.8 million in 2022. The pro forma effects of this acquisition are not significant to the Company's reported financial results for any period presented. Accordingly, no pro forma financial statements have been presented herein. Acquisition Costs We recognized transaction costs related to the acquisition of $11.7 million for twelve months ended December 31, 2022, which we have recorded within other income and expense, net. Purchase Price Allocation The purchase price for this acquisition was finalized as of December 31, 2022. As of March 31, 2023, we finalized the valuation of the assets acquired and liabilities assumed, with no significant changes in the amounts and related disclosures compared with December 31, 2022. The table below summarizes the final allocation of fair value of assets acquired and liabilities assumed as of April 8, 2022, the date of acquisition, inclusive of measurement period adjustments: April 8, 2022 Purchase price 1 : $ 505.7 Assets acquired: Cash and cash equivalents $ 4.1 Trade accounts receivable 26.0 Other current assets 3.3 Current assets of discontinued operations 16.5 Right of use lease assets 6.6 Property, plant and equipment 2.1 Goodwill 1,2 167.2 Other intangibles 1 195.0 Other assets 29.0 Other assets of discontinued operations 126.9 Total assets acquired $ 576.7 Liabilities assumed: Trade accounts payable $ 4.0 Other current liabilities 7.6 Current liabilities of discontinued operations 7.8 Deferred revenue 4.6 Lease liabilities 6.5 Deferred taxes 1 39.8 Other liabilities 0.1 Other liabilities of discontinued operations 0.6 Total liabilities assumed $ 71.0 Net assets acquired $ 505.7 1. Since the date of acquisition, we decreased the purchase price for VF by $2.3 million to reflect the final purchase price adjustments. Additionally, we recorded other measurement period adjustments that resulted in a decrease to other intangibles of $25.0 million, an increase to goodwill of $18.0 million, a decrease in deferred taxes of $4.9 million and other insignificant changes. 2. We estimate t hat $46.8 million of the goodwill, which originated from previous acquisitions of VF, is tax deductible. 2021 Acquisitions Neustar On December 1, 2021, we completed the acquisition of Neustar, Inc. (“Neustar”). We acquired 100% of the equity of Neustar for $3,100.1 million in cash, including final purchase price adjustments as set forth in the purchase agreement. The acquisition was funded primarily with the proceeds from the issuance of our Incremental Term B-6 Loan, which closed concurrently with the closing of the transaction. The results of operations of Neustar, which are not material to our results of operations in 2021, have been included as part of our U.S. Markets segment in our Consolidated Statements of Operations since the date of acquisition. The purchase price allocated to total assets acquired was $3,788.9 million, which included current assets of $266.0 million , goodwill of $1,882.2 million, intangible assets of $1,510.0 million, and other non-current assets of $130.7 million, and total liabilities of $688.8 million, which included deferred tax liabilities of $354.4 million, operating lease liabilities of $87.8 million, deferred revenue of $49.3 million, and other current and non-current liabilities of $197.3 million. Intangible assets have a weighted average amortization period of 16 years as of the acquisition date. Sontiq On December 1, 2021, we completed the acquisition of Sontiq, Inc. (“Sontiq”). We acquired 100% of the equity of Sontiq for $642.6 million in cash, including final purchase price adjustments as set forth in the purchase agreement. The acquisition was funded primarily with the proceeds from the issuance of our Second Lien Term Loan, which closed concurrently with the closing of the transaction. The Second Lien Term Loan was repaid in full prior to December 31, 2021. The results of operations of Sontiq, which are not material to our results of operations in 2021, have been included as part of our Consumer Interactive segment in our Consolidated Statements of Operations since the date of acquisition. The purchase price allocated to total assets acquired was $708.7 million, which included current assets of $29.4 million, goodwill of $437.8 million, intangible assets of $237.2 million, and other non-current assets of $4.3 million, and total liabilities of $66.1 million, which included deferred tax liabilities of $32.4 million, deferred revenue of $19.1 million, and other current and non-current liabilities of $14.6 million. Intangible assets have a weighted average amortization period of 15 years as of the acquisition date. Unaudited pro-forma financial information The pro-forma revenues and results of operations of Sontiq and Argus are not included because the impact on our consolidated financial statements is immaterial. The supplemental pro-forma financial information for Neustar has been prepared using the acquisition method of accounting and is based on the historical financial information of TransUnion and Neustar, assuming the transaction occurred on January 1, 2021. Th e supplemental pro-forma financial information does not necessarily represent what the combined companies' revenue or results of operations would have been had the acquisition of Neustar been completed on January 1, 2021, nor is it intended to be a projection of future operating results of the combined company. It also does not reflect any operating efficiencies or potential cost savings that might be achieved from synergies of combining TransUnion and Neustar. The unaudited supplemental pro-forma financial information has been calculated after applying TransUnion’s accounting policies and adjusting the results of the combined company to reflect incremental amortization expense resulting from the fair value adjustments for acquired intangible assets as well as the net decrease to interest expense resulting from the elimination of the historical interest expense on Neustar debt that was paid off at closing partially offset by incremental interest expense resulting from the external debt borrowed by TransUnion to fund the acquisition, and the corresponding income tax impact of these adjustments. Also, during the year ended December 31, 2021, TransUnion and Neustar incurred $29.7 million and $88.2 million of acquisition-related costs, respectively, and are included in other income (expense), net in our Consolidated Statements of Operations. (Unaudited) TransUnion and Neustar combined For the Year Ended December 31, Pro-forma revenue $ 3,493.2 Pro-forma net income from continuing operations attributable to TransUnion $ 247.6 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Non-core businesses from the VF acquisition As discussed in Note 2, “Business Acquisition,” on April 8, 2022, we completed the acquisition of VF, which included Argus and several non-core businesses that we classified as held-for-sale as of the acquisition date. We classified the results of operations of the non-core businesses as discontinued operations, net of tax, in the Consolidated Statements of Operations for the year ended December 31, 2022, including a $7.5 million gain on the sale of these businesses. We sold these non-core businesses on December 30, 2022, and therefore have no assets or liabilities of these businesses on our Consolidated Balance Sheets for the periods presented. In 2022, we received total proceeds of $173.9 million, consisting of $103.6 million in cash, and a note receivable with a face value of $72.0 million and a fair value on the date of sale of $70.3 million. We finalized the purchase price in the third quarter of 2023 and recorded a $0.5 million reduction of the gain on sale included in discontinued operations, net of tax. Expenses related to these non-core businesses for the twelve months ended December 31, 2023 were not significant. Healthcare business On December 17, 2021, we completed the sale of our Healthcare business for total consideration of $1,706.4 million in cash, including a $0.5 million true-up to our estimate of net working capital recorded in the twelve months ended December 31, 2022. The after-tax net proceeds were approximately $1.4 billion. The terms and conditions of the transaction are set forth in the Stock Purchase Agreement dated as of October 26, 2021, by and between Trans Union LLC and nThrive, Inc. (“nThrive”). We also entered into a transition services agreement (“TSA”) that requires Trans Union LLC to provide certain administrative and operational services to nThrive on a transitional basis for generally up to 24 months. This agreement is not material and does not confer upon us the ability to influence the operating or financial policies of nThrive subsequent to the closing date. Income generated from the services provided under the TSA has been recorded in other income and (expense), net in the Consolidated Statements of Operations. As the transaction closed on December 17, 2021, there are no assets or liabilities of the Healthcare business on our Consolidated Balance Sheet as of December 31, 2023 and December 31, 2022. We classified the results of operations of our Healthcare business as discontinued operations, net of tax, in our Consolidated Statements of Operations in 2022 and 2021. We recognized gains on the sale of our Healthcare business within discontinued operations, net of tax, of $0.5 million and $982.5 million, in the Consolidated Statements of Operations for the twelve months ended December 31, 2022 and 2021, respectively, with respect to this sale. Discontinued operations, net of tax The activity reflected in the table below for the twelve months ended December 31, 2022, is related to the non-core businesses from the VF acquisition as well as an incremental gain on sale of discontinued operations, net of tax, related to our Healthcare business. The results reflected for the twelve months ended December 31, 2021, are exclusively attributed to the Healthcare business that we disposed of in December 2021. Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations for the twelve months ended December 31, 2022 and 2021, consisted of the following: Twelve Months Ended December 31, ` 2022 2021 Revenue $ 36.7 $ 184.8 Operating expenses Cost of services (exclusive of depreciation and amortization below) 11.7 65.6 Selling, general and administrative 14.9 39.1 Depreciation and amortization — 16.5 Total operating expenses 26.6 121.2 Operating income of discontinued operations 10.1 63.6 Non-operating income and (expense) (0.5) 1.9 Income before income taxes from discontinued operations 9.6 65.5 Provision for income taxes (0.1) (16.3) Gain on sale of discontinued operations, net of tax 8.0 982.5 Discontinued operations, net of tax $ 17.4 $ 1,031.7 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets | Other Current Assets Other current assets consisted of the following: December 31, December 31, Prepaid expenses $ 145.4 $ 145.1 Marketable securities (Note 20) 2.7 2.6 Other 127.8 115.0 Total other current assets $ 275.9 $ 262.7 The increase in other is due to an increase in an indemnification receivable as discussed in Note 23, “Contingencies,” partially offset by a decrease in other investments in non-negotiable certificates of deposit that are recorded at their carrying value, which approximates fair value. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment, including those acquired by finance lease, consisted of the following: December 31, December 31, Computer equipment and furniture $ 615.8 $ 555.7 Purchased software 240.9 227.6 Building and building improvements 143.8 143.1 Land 3.2 3.2 Total cost of property, plant and equipment 1,003.7 929.6 Less: accumulated depreciation (804.4) (711.3) Total property, plant and equipment, net of accumulated depreciation $ 199.3 $ 218.2 Depreciation expense, including depreciation of assets recorded under finance leases, for the years ended December 31, 2023, 2022 and 2021, was $96.6 million, $105.9 million and $98.8 million, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Goodwill | Goodwill Goodwill is allocated to our reporting units, which are an operating segment or one level below an operating segment. Our reporting units consist of U.S. Markets, Consumer Interactive, and the geographic regions of the United Kingdom, Africa, Canada, Latin America, India and Asia Pacific within our International reportable segment. We test goodwill for impairment on an annual basis in the fourth quarter and monitor throughout the year for impairment triggering events that indicate that the carrying value of one or more of our reporting units exceeds its fair value. Our quantitative impairment test consists of a fair value calculation for each reporting unit that combines an income approach, using the discounted cash flow method, and a market approach, using the guideline public company method. The quantitative impairment test requires the application of a number of significant assumptions, including estimates of future revenue growth rates, EBITDA margins, discount rates, and market multiples. The projected future revenue growth rates and EBITDA margins, and the resulting projected cash flows of each reporting unit are based on historical experience and internal operating plans reviewed by management, extrapolated over the forecast period. Discount rates are determined using a weighted average cost of capital adjusted for risk factors specific to each reporting unit. Market multiples are based on the Guideline Public Company Method using comparable publicly traded company multiples of EBITDA for a group of benchmark companies. Third Quarter Interim Impairment Test for our United Kingdom Reporting Unit During the three months ended September 30, 2023, we identified a triggering event requiring an interim impairment assessment for our United Kingdom reporting unit, which resulted in a goodwill impairment of $414.0 million. The worsening macroeconomic conditions during the third quarter from inflationary pressures and rising interest rates increasingly impacted our United Kingdom business for the third quarter and the near-term outlook. Due to these factors, management believes the U.K. recovery will take longer, and will be at a slower pace, than previously expected. As a result, we revised our short-term and mid-term forecasts for revenue and EBITDA expectations for our United Kingdom reporting unit. These factors particularly impacted the online-only FinTech lenders that represent the largest vertical within our United Kingdom reporting unit. These lenders experienced declines in their access to capital impacting their ability to lend and in some cases leading to bankruptcies. Annual Impairment Test For our 2023 annual impairment test, we elected to bypass the qualitative goodwill impairment analysis similar to 2022 and 2021, and instead performed a quantitative goodwill impairment test for all reporting units. For each of our reporting units, the fair value exceeded the carrying value and no impairment was recorded. For our United Kingdom reporting unit, the fair value approximates the carrying value as a result of the impairment recorded in the three months ended September 30, 2023. Our annual impairment test for the United Kingdom reporting unit indicated no further impairment was required. As of December 31, 2023, we had $288.8 million of goodwill for our United Kingdom reporting unit, and an accumulated goodwill impairment of $414.0 million. We believe the assumptions that we used in our interim and annual impairment assessments for our United Kingdom reporting unit are reasonable and consistent with assumptions that would be used by other marketplace participants. However, such assumptions are inherently uncertain, and a change in assumptions could change the estimated fair value of our United Kingdom reporting unit. Therefore, future impairments of our United Kingdom reporting unit could be required, which could be material to the consolidated financial statements. Additionally, we did not identify any triggering events in the fourth quarter subsequent to our annual test that would require an interim impairment test for any of the reporting units. There were no impairment charges recorded in 2022 or 2021. Goodwill allocated to our reportable segments as of December 31, 2023 and 2022, and the changes in the carrying amount of goodwill during the periods, consisted of the following: U.S. Markets International Consumer Total Balance, December 31, 2021 $ 3,454.6 $ 1,384.1 $ 687.0 $ 5,525.7 Acquisitions 167.5 — — 167.5 Purchase accounting measurement period adjustments (18.1) — (7.9) (26.0) Foreign exchange rate adjustment (1.3) (114.5) — (115.8) Balance, December 31, 2022 $ 3,602.7 $ 1,269.6 $ 679.1 $ 5,551.4 Purchase accounting measurement period adjustments (0.5) — — (0.5) Foreign exchange rate adjustment 0.5 38.5 — 39.0 Impairment — (414.0) — (414.0) Balance, December 31, 2023 $ 3,602.8 $ 894.1 $ 679.1 $ 5,176.0 The gross and net goodwill balances at each period were as follows: December 31, 2023 December 31, 2022 Gross Goodwill Accumulated Impairment Net Goodwill Gross Goodwill Accumulated Impairment Net Goodwill U.S Markets $ 3,602.8 $ — $ 3,602.8 $ 3,602.7 $ — $ 3,602.7 International 1,308.1 (414.0) 894.1 1,269.6 — 1,269.6 Consumer Interactive 679.1 — 679.1 679.1 — 679.1 Total $ 5,590.0 $ (414.0) $ 5,176.0 $ 5,551.4 $ — $ 5,551.4 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets are initially recorded at their acquisition cost, or fair value if acquired as part of a business combination, and amortized over their estimated useful lives. Intangible assets consisted of the following: December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 2,060.2 $ (451.6) $ 1,608.6 $ 2,048.6 $ (330.9) $ 1,717.7 Internal use software 2,204.5 (1,239.7) 964.8 1,959.8 (1,029.8) 930.0 Database and credit files 1,372.2 (829.2) 543.0 1,337.7 (725.6) 612.1 Trademarks, copyrights and patents 587.7 (188.8) 398.9 587.7 (173.2) 414.5 Noncompete and other agreements 10.5 (10.5) — 10.5 (9.1) 1.4 Total intangible assets $ 6,235.1 $ (2,719.8) $ 3,515.3 $ 5,944.1 $ (2,268.6) $ 3,675.5 Changes in the carrying amount of intangible assets between periods consisted of the following: Gross Accumulated Amortization Net Balance, December 31, 2022 $ 5,944.1 $ (2,268.6) $ 3,675.5 Developed internal use software 234.9 — 234.9 Amortization — (427.8) (427.8) Reclassified to assets-held-for-sale (1.1) 0.7 (0.4) Disposals and retirements (0.3) — (0.3) Foreign exchange rate adjustment 57.5 (24.2) 33.3 Balance, December 31, 2023 $ 6,235.1 $ (2,719.8) $ 3,515.3 All intangible assets are amortized on a straight-line basis, which approximates the pattern of benefit, over their estimated useful lives. Database and credit files are generally amortized over a 12 to 15 year period. Internal use software is generally amortized over 3 to 10 year period. Customer relationships are amortized over a 10 to 20 year period. Trademarks primarily consist of the TransUnion trade name, which is being amortized over a 40 year useful life, and the remaining trademark assets are generally amortized over a shorter period based on their estimated useful life, which ranges between 1 and 20 years. Copyrights, patents, noncompete and other agreements are amortized over varying periods based on their estimated useful lives. The weighted average lives of our intangibles is approximately 14 years. Amortization expense related to intangible assets for the years ended December 31, 2023, 2022 and 2021, was $427.8 million, $413.1 million and $278.2 million, respectively. Estimated future amortization expense related to intangible assets at December 31, 2023 is as follows: Annual 2024 $ 443.1 2025 420.8 2026 395.2 2027 332.2 2028 272.0 Thereafter 1,652.0 Total future amortization expense $ 3,515.3 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets December 31, December 31, Investments in affiliated companies (Note 9) $ 291.4 $ 265.9 Right-of-use lease assets (Note 14) 98.9 127.4 Interest rate swaps (Notes 13 and 20) 162.3 237.7 Note receivable (Note 3 and 20) 82.0 70.3 Deferred income tax asset (Note 18) 11.1 8.2 Other 93.7 61.5 Total other assets $ 739.4 $ 771.0 The increase is other is due primarily to an increase in deferred contract acquisition costs for certain commissions paid to employees for new contracts. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Affiliated Companies [Abstract] | |
Investments in Affiliated Companies | Investments in Affiliated Companies Investments in affiliated companies represent our investment in non-consolidated domestic and foreign entities. These entities are in businesses similar to ours. For equity method investments, we adjust the carrying value for our proportionate share of the affiliates’ earnings, losses and distributions, as well as for purchases and sales of our ownership interest. For our Cost Method Investments, we adjust the carryin g value for any purchases or sales of our ownership interests. We record any dividends received from these investments as other income in non-operating income and expense. We have elected to account for our investment in a limited partnership, which is not material, using the net asset value fair value practical expedient. Gains and losses on this investment, which are not material, are included in other income and expense in the Consolidated Statements of Operations. Investments in affiliated companies consisted of the following: December 31, December 31, Cost Method Investments $ 233.8 $ 213.1 Equity method investments 53.9 49.8 Limited partnership investment 3.7 3.0 Total investments in affiliated companies (Note 8) $ 291.4 $ 265.9 These balances are included in other assets in the Consolidated Balance Sheets. The increase in Cost Method Investments is due to three new Cost Method Investments we made during 2023, two of which are recorded in our U.S. Markets segment and one in our International segment. In addition, we recognized impairment losses totaling $15.9 million on Cost Method Investments in our U.S. Markets segment and Corporate unit in 2023. During 2022, we acquired a Cost Method Investment as part of our VF acquisition which had a carrying value of $25.1 million. We also recorded an impairment of $4.8 million of another Cost Method Investment. During 2021, we recorded a $12.5 million gain on a Cost Method Investment resulting from an observable price change for a similar investment of the same issuer. These gains and losses are included in other income and expense in the Consolidated Statements of Operations. Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Earnings from equity method investments (Note 21) $ 16.3 $ 13.0 $ 12.0 Dividends received from equity method investments 18.8 11.6 11.0 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities December 31, December 31, Accrued payroll and employee benefits $ 216.2 $ 208.5 Accrued legal and regulatory matters (Note 23) 147.8 125.0 Deferred revenue (Note 16) 125.1 111.9 Accrued restructuring (Note 11) 64.9 — Operating lease liabilities (Note 14) 26.2 33.7 Income taxes payable (Note 18) 10.2 8.0 Other 71.5 53.5 Total other current liabilities $ 661.8 $ 540.5 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring On November 12, 2023, our Board of Directors (“Board”) a pproved a transformation plan to optimize our operating model and continue to advance our technology. The transformation plan includes an operating model optimization program that will reduce our global workforce, transition certain job responsibilities to global capability centers, and reduce our facility footprint. The Company expects to record pre-tax expenses associated with the operating model optimization program of approximately $155.0 million from the fourth quarter of 2023 through the end of 2025, with the majority of expenses to be incurred by the end of 2024. In total, we anticipate that the pre-tax expenses related to the restructuring component of the plan will consist of approximately $110.0 million of employee separation expenses and $45.0 million of facility exit expenses, of which a total of $75.3 million has been recorded to date. The following table summarizes the expenses recorded to date. Twelve Months Ended December 31, 2023 Employee separation $ 71.9 Facility exit 1 3.4 Total restructuring expenses $ 75.3 1. Consists of impairments of lease right-of-use (“ROU”) assets. The following table summarizes the changes in the accrued restructuring reserve during the period, which is included in other current liabilities on the Consolidated Balance Sheets. Employee Separation Costs Balance, December 31, 2022 $ — Restructuring expense 71.9 Cash payments (7.2) Foreign exchange rate adjustment 0.2 Balance, December 31, 2023 (Note 10) $ 64.9 All restructuring expenses have been recorded in the Corporate unit, as these initiatives are predominantly centrally directed and controlled and are not included in internal measures of segment operating performance. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Liabilities | Other Liabilities Other liabilities December 31, December 31, Operating lease liabilities (Note 14) $ 81.8 $ 102.0 Unrecognized tax benefits, net of indirect tax effects (Note 18) 40.2 40.1 Deferred revenue (Note 16) 15.1 5.3 Put option (Note 20) — 10.0 Other 16.1 16.5 Total other liabilities $ 153.2 $ 173.9 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt outstanding consisted of the following: December 31, December 31, Senior Secured Term Loan B-6, payable in quarterly installments through December 1, 2028, with periodic variable interest (7.72% 1 at December 31, 2023, and 6.63% 2 at December 31, 2022), net of original issue discount and deferred financing fees of $3.5 million and $20.0 million, respectively, at December 31, 2023, and original issue discount and deferred financing fees of $5.3 million and $29.9 million, respectively, at December 31, 2022 $ 1,864.8 $ 2,433.7 Senior Secured Term Loan B-5, payable in quarterly installments through November 15, 2026, with periodic variable interest (7.21% 1 at December 31, 2023, and 6.13% 2 at December 31, 2022), net of original issue discount and deferred financing fees of $1.9 million and $4.6 million, respectively, at December 31, 2023, and original issue discount and deferred financing fees of $2.5 million and $6.2 million, respectively, at December 31, 2022 2,179.4 2,203.3 Senior Secured Term Loan A-4, payable in quarterly installments through October 27, 2028, with periodic variable interest (6.96% 1 at December 31, 2023), net of original issue discount and deferred financing fees of $0.4 million and $3.4 million, respectively, at December 31, 2023 1,296.1 — Senior Secured Term Loan A-3, refinanced in 2023 with A-4 loans, with periodic variable interest (6.13% 2 at December 31, 2022) and original issue discount and deferred financing fees of $1.3 million and $0.8 million, respectively, at December 31, 2022 — 1,033.0 Finance leases 0.1 0.1 Senior Secured Revolving Credit Facility — — Total debt 5,340.4 5,670.1 Less: short-term debt and current portion of long-term debt (89.6) (114.6) Total long-term debt $ 5,250.8 $ 5,555.5 1. Periodic variable interest at Term SOFR, plus a credit spread adjustment, or alternate base rate, plus applicable margin as of December 31, 2023. 2. Periodic variable interest at LIBOR or alternate base rate, plus applicable margin as of December 31, 2022. Excluding any potential additional principal payments which may become due on the Senior Secured Credit Facility based on excess cash flows of the prior year, scheduled future maturities of total debt at December 31, 2023, were as follows: December 31, 2024 $ 89.6 2025 89.5 2026 2,230.0 2027 96.0 2028 2,869.0 Thereafter — Unamortized original issue discounts and deferred financing fees (33.7) Total debt $ 5,340.4 Senior Secured Credit Facility On June 15, 2010, we entered into a Senior Secured Credit Facility with various lenders. This facility has been amended several times and currently consists of the Senior Secured Term Loan B-6, Senior Secured Term Loan B-5, Senior Secured Term Loan A-4 (collectively, the “Senior Secured Term Loans”), and the Senior Secured Revolving Credit Facility. On December 1, 2021, we entered into an agreement to amend certain provisions of the Senior Secured Credit Facility and exercise our right to draw additional debt in an amount of $3,100.0 million, less original issue discount and deferred financing fees of $7.8 million and $43.6 million, respectively. Proceeds from the incremental loan on the Senior Secured Credit Facility were used to fund the acquisition of Neustar. In addition, on December 1, 2021, we entered into a Second Lien Credit Agreement to obtain term loans (the “Second Lien Term Loan”) in an aggregate amount of $640.0 million, less original issue discount and deferred financing fees of $3.2 million and $14.3 million, respectively, used to fund the acquisition of Sontiq. On December 23, 2021, we fully repaid the Second Lien Term Loan using a portion of the proceeds from our sale of the Healthcare business. As a result of the prepayment, we expensed $3.2 million and $14.2 million, respectively, of the unamortized original issue discount and deferred fees to other income and expense in the Consolidated Statements of Operations. On May 15, 2023, we amended the Senior Secured Credit Facility to replace the reference rate from London Interbank Offered Rate (“LIBOR”) to Term Secured Overnight Financing Rate (“Term SOFR”). We applied the practical expedient for reference rate reform to treat the amendment as a continuation of the existing debt agreement. On October 27, 2023, we executed Amendment No. 21 to the Senior Secured Credit Facility pursuant to which we entered into Senior Secured Term Loan A-4 with an aggregate principal amount of $1.3 billion, the proceeds of which were used to repay Senior Secured Term Loan A-3 in full, repay $300.0 million of Senior Secured Term Loan B-6, and pay the related financing fees and expenses. In addition, we increased the borrowing capacity on the Senior Secured Revolving Credit Facility from $300.0 million to $600.0 million and extended the maturity date from December 10, 2024 to October 27, 2028. In connection with the refinancing, we expensed $5.9 million of the unamortized original issue discount, deferred financing fees, and other related fees to other income and expense in the Consolidated Statements of Operations for the year ended December 31, 2023. Additionally, we recorded incremental deferred financing fees of $4.8 million that will be amortized over the new loan term. Senior Secured Term Loans A-3 and A-4 are a syndicated debt instruments. As a result of the refinancing, we repaid $347.7 million of principal to lenders who left the syndicate and received $655.8 million of principal from new or existing lenders. During 2023 and 2022, we prepaid $250.0 million and $600.0 million, respectively, of our Senior Secured Term Loan B-6, funded from our cash on hand. During 2021, we prepaid $85.0 million of Senior Secured Term Loan B-5, funded with cash on hand. As a result of these prepayments, we expensed $3.4 million, $9.3 million and $0.5 million in each respective year of the unamortized original issue discount and deferred fees to other income and expense in the Consolidated Statements of Operations. Interest rates on the Senior Secured Term Loan B-6 are based on Term SOFR with a floor of 0.50%, unless otherwise elected, plus a margin of 2.25% or 2.00% depending on our total net leverage ratio, plus a credit spread adjustment. The Company is required to make principal payments at the end of each quarter of 0.25% of the 2021 incremental principal balance with the remaining balance due December 1, 2028. Interest rates on the Senior Secured Ter m Loan B-5 are based on Term SOFR, unless otherwise elected, plus a margin of 1.75%, plus a credit spread adjustment. The Company is required to make principal payments at the end of each quarter of 0.25% of the 2019 refinanced principal balance with the remaining balance due November 15, 2026. Interest rates on Senior Secured Term Loan A-4 are based on Term SOFR, unless otherwise elected, plus a margin of 1.25%, 1.50% or 1.75% depending on our total net leverage ratio, plus a credit spread adjustment. The Company is required to make principal payments of 0.625%, of the 2023 refinanced principal balance, at the end of each quarter through December 2025; principal payments increase to 1.25% each quarter thereafter with the remaining balance due October 27, 2028. Interest rates on the Senior Secured Revolving Credit Facility are based on Term SOFR, unless otherwise elected, plus a margin of 1.25%, 1.50% or 1.75% depending on our total net leverage ratio, plus a credit spread adjustment. There is a 0.20%, 0.25% or 0.30% annual commitment fee, depending on our total net leverage ratio, payable quarterly based on the undrawn portion of the Senior Secured Revolving Credit Facility. The commitment under the Senior Secured Revolving Line of Credit expires on October 27, 2028. The Company may be required to make additional payments based on excess cash flows of the prior year, as defined in the agreement. Depending on the senior secured net leverage ratio for the year, a principal payment of between zero and fifty percent of the excess cash flows will be due the following year. There is no required excess cash flow payment due for 2023. Additional payments based on excess cash flows could be due in future years. As of December 31, 2023, we have no outstanding balance under the Senior Secured Revolving Credit Facility and $1.2 million of outstanding letters of credit and an available borrowing balance of $598.8 million. TransUnion also has the ability to request incremental loans on the same terms under the Senior Secured Credit Facility up to the sum of the greater of $1,000.0 million and 100% of Consolidated EBITDA, minus the amount of secured indebtedness and the amount incurred prior to the incremental loan, and may incur additional incremental loans so long as the senior secured net leverage ratio does not exceed 4.25-to-1, subject to certain additional conditions and commitments by existing or new lenders to fund any additional borrowings. With certain exceptions, the Senior Secured Credit Facility obligations are secured by a first-priority security interest in substantially all of the assets of Trans Union LLC, including its investment in subsidiaries. The Senior Secured Credit Facility contains various restrictions and nonfinancial covenants, along with a senior secured net leverage ratio test. The nonfinancial covenants include restrictions on dividends, investments, dispositions, future borrowings and other specified payments, as well as additional reporting and disclosure requirements. The senior secured net leverage test must be met as a condition to incur additional indebtedness, make certain investments, and may be required to make certain restricted payments. The senior secured net leverage ratio must not exceed 5.5-to-1 at any such measurement date. Under the terms of the Senior Secured Credit Facility, TransUnion may make dividend payments up to the greater of $100 million or 10.0% of Consolidated EBITDA per year, or an unlimited amount provided that no default or event of default exists and so long as the total net leverage ratio does not exceed 4.75-to-1. As of December 31, 2023, we were in compliance with all debt covenants. Interest Rate Hedging Effective May 31, 2023, we amended all our interest rate swaps to replace the reference rate from LIBOR to Term SOFR. We applied the practical expedient for reference rate reform to continue to apply hedge accounting to the existing relationships. On November 16, 2022, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps commenced on December 30, 2022, and expire on December 31, 2024, with a current aggregate notional amount of $1,300.0 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 4.3380% and 4.3870% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges. On December 23, 2021, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps commenced on December 31, 2021, and expire on December 31, 2026, with a current aggregate notional amount of $1,568.0 million that amortizes each quarter. The swaps require us to pay fixed rates varying between 1.3800% and 1.3915% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges. On March 10, 2020, we entered into two interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loans or similar replacement debt. The first swap commenced on June 30, 2020, and expired on June 30, 2022. The second swap commenced on June 30, 2022, and expires on June 30, 2025, with a current aggregate notional amount of $1,080.0 million that amortizes each quarter after it commences. The second swap requires us to pay fixed rates varying between 0.8680% and 0.8800% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges. The change in the fair value of our hedging instruments, included in our assessment of hedge effectiveness, is recorded in other comprehensive income, and reclassified to interest expense when the corresponding hedged debt affects earnings. The net change in the fair value of the swaps resulted in an unrealized loss of $75.5 million ($56.6 million, net of tax), an unrealized gain of $260.1 million ($195.2 million, net of tax), and an unrealized gain of $67.3 million ($50.5 million, net of tax) for the years ended December 31, 2023, 2022 and 2021, respectively, recorded in other comprehensive income. Interest income on the swaps in the twelve months ended December 31, 2023 and 2022 was $112.6 million ($84.4 million, net of tax) and $8.3 million ($6.2 million, net of tax). Interest expense on the swaps in the twelve months ended December 31, 2021 was $41.8 million ($31.4 million, net of tax), respectively. We expect to recognize a gain of approximately $94.3 million as a reduction to interest expense due to our expectation that the variable rate that we receive will exceed the fixed rates of interest over the next twelve months. Fair Value of Debt As of December 31, 2023 and 2022, the fair value of our Senior Secured Term Loan B-6, excluding original issue discounts and deferred fees, was approximately $1,895.1 million and $2,450.5 million, respectively. As of December 31, 2023 and 2022, the fair value of our Senior Secured Term Loan B-5, excluding original issue discounts and deferred fees, was approximately $2,191.5 million and $2,184.4 million, respectively. As of December 31, 2023 and 2022, the fair value of our variable-rate Senior Secured Term Loan A-4, excluding original issue discounts and deferred fees was approximately $1,291.9 million and $1,026.6 million, respectively. The fair values of our variable-rate term loans are determined using Level 2 inputs, based on quoted market prices for the publicly traded instruments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Our lease obligations consist of operating leases for office space and data centers and a small number of finance leases for equipment. Our operating leases have remaining lease terms of up to 9.2 years. As of December 31, 2023 and 2022, the weighted-average remaining lease terms were 6.1 years and 6.4 years, respectively. We have options to extend many of our operating leases for an additional period of time and options to terminate several of our operating leases early. The lease term consists of the non-cancelable period of the lease, periods covered by options to extend the lease if we are reasonably certain to exercise the option, periods covered by an option to terminate the lease if we are reasonably certain not to exercise the option, and periods covered by an option to extend or not to terminate the lease in which the exercise of the option is controlled by the lessor. On the commencement date of an operating lease, we record a ROU asset, which represents our right to use or control the use of the specified asset for the lease term, and an offsetting lease liability, which represents our obligation to make lease payments arising from the lease, based on the present value of the net fixed future lease payments due over the initial lease term. We use an estimate of the incremental borrowing rate for similarly rated debt issuers, at the inception of the lease or when the lease is assumed, as the discount rate to determine the present value of the net fixed future lease payments, except for leases where the interest rate implicit in the lease is readily determinable. As of December 31, 2023 and 2022, the weighted-average discount rate at lease inception used to calculate the present value of the fixed future lease payments were 4.5% and 4.2%, respectively. Lease accounting guidance under Accounting Standards Codification 842 Leases (“ASC 842”) requires us to expense the net fixed payments of operating leases on a straight-line basis over the lease term. ASC 842 requires us to include any built up deferred or prepaid rent balance resulting from the difference between the straight-line expense and the cash payments as a component of our ROU asset. Also included in our ROU asset is any monthly prepayment of rent. Our rent expense is typically due on the first day of each month, and we typically pay rent several weeks before it is due, so at any given month end, we will have a prepaid rent balance that is included as a component of our ROU asset. Our operating leases principally involve office space with fixed monthly lease payments that may also contain variable non-lease components consisting of common area maintenance, operating expenses, insurance and similar costs of the space that we occupy. We have adopted the practical expedient to not separate these non-lease components from the lease components and instead account for them as a single lease component for all of our leases. This practical expedient allows us to allocate the fixed lease components and the non-lease components based on the contractually stated amounts, with the fixed lease components included in our ROU assets and lease liability values. The variable payments are not included within the operating lease ROU assets or lease liabilities and are expensed in the period in which they are incurred. We have no significant short-term operating leases, finance leases, or subleases. ROU assets are included in Other Assets, and operating lease liabilities are included in Other Current Liabilities and Other Liabilities in our Consolidated Balance Sheet. Finance lease assets are included in Property, Plant and Equipment, and finance lease liabilities, if any, are included in the Current Portion of Long-term Debt and Long-term Debt in our Consolidated Balance Sheet. See Note 8, “Other Assets,” Note 10, “Other Current Liabilities,” Note 12, “Other Liabilities,” and Note 13, “Debt,” for additional information about these items. For the years ended December 31, 2023, 2022 and 2021 our operating lease costs, including fixed, variable and short-term lease costs, were $39.7 million, $44.5 million and $30.4 million, respectively. Cash paid for operating leases are included in operating cash flows and were $39.4 million, $36.5 million and $30.9 million, for the years ended December 31, 2023, 2022 and 2021, respectively. Our finance lease amortization expense, interest expense, and cash paid were not significant for the reported periods. We have elected to use the portfolio approach to assess the discount rate we use to calculate the present value of our future lease payments. Using this approach does not result in a materially different outcome compared with applying separate discount rates to each lease in our portfolio. We have adopted an accounting policy to recognize rent expense for short-term leases, those leases with initial lease terms of twelve months or less, on a straight-line basis in our income statement. For leases where we will derive no economic benefit from leased space that we have vacated, we recognize an impairment of right-of-use assets at the time we vacate. As of December 31, 2023, we recognized an impairment of $3.4 million as disclosed in Note 11, “Restructuring.” Future fixed payments for non-cancelable operating leases in effect as of December 31, 2023 are payable as follows: Operating Leases 2024 $ 30.4 2025 21.1 2026 17.0 2027 13.9 2028 9.0 Thereafter 31.2 Total operating lease payments 122.6 Less imputed interest (14.3) Totals $ 108.3 The future fixed payments for non-cancelable finance leases are $0.1 million and are due in 2024. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity, Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Stockholders’ Equity Common Stock Dividends The dividend rate was $0.105 per share in each quarter of 2023 and the third and fourth quarters of 2022, $0.095 per share in each quarter from the second quarter of 2021 to the second quarter of 2022, and $0.075 per share in the first quarter of 2021. During 2023, 2022 and 2021, we paid dividends of $81.8 million, $77.8 million and $69.8 million, respectively. Dividends declared accrue to outstanding restricted stock units and are paid to employees as dividend equivalents when the restricted stock units vest. Any determination to pay dividends in the future will be at the discretion of our Board and will depend on a number of factors, including our liquidity, results of operations, financial condition, contractual restrictions, restrictions imposed by applicable law, and other factors our Board deems appropriate. We currently have capacity and intend to continue to pay a quarterly dividend, subject to approval by our Board. Treasury Stock In February 2017, our Board authorized the repurchase of up to $300.0 million of our common stock over the next three years. Our Board removed the three-year time limitation in February 2018. To date, we have repurchased $133.5 million of our common stock and have the ability to repurchase the remaining $166.5 million. We have no obligation to repurchase additional shares. Any determination to repurchase additional shares will be at the discretion of management and will depend on a number of factors, including our liquidity, results of operations, financial condition, contractual restrictions, restrictions imposed by applicable law, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, and other factors management deems appropriate. Any repurchased shares will have the status of treasury shares and may be used, if and when needed, for general corporate purposes. During 2023, 2022 and 2021, 0.8 million, 0.8 million and 1.2 million outstanding employee restricted stock units vested and became taxable to the employees. Employees satisfy their payroll tax withholding obligations in a net share settlement arrangement. During 2023, 2022 and 2021 we remitted cash to the respective governmental agencies equivalent to the value of the shares employees used to satisfy their withholding obligations of $18.4 million, $32.5 million and $36.8 million, respectively. Preferred Stock |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue We have contracts with two general groups of performance obligations, Stand Ready Performance Obligations and Other Performance Obligations. Our Stand Ready Performance Obligations include obligations to stand ready to provide data, process transactions, access our databases, software-as-a-service, and direct-to-consumer products, provide rights to use our intellectual property and other services. Our Other Performance Obligations include the sale of certain batch data sets and various professional and other services. Most of our Stand Ready Performance Obligations consist of a series of distinct goods and services that are substantially the same and have the same monthly pattern of transfer to our customers. We consider each month of service in this time series to be a distinct performance obligation and, accordingly, recognize revenue over time. For a majority of these Stand Ready Performance Obligations, the total contractual price is variable because our obligation is to process an unknown quantity of transactions, as and when requested by our customers, over the contract period. We allocate the variable price to each month of service using the time-series concept and recognize revenue based on the most likely amount of consideration to which we will be entitled , which is generally the amount we have the right to invoice. This monthly amount can be based on the actual volume of units delivered or a guaranteed minimum, if higher. Occasionally we have contracts where the amount we will be entitled to for the transactions processed is uncertain, in which case we estimate the revenue based on what we consider to be the most likely amount of consideration we will be entitled to and adjust any estimates as facts and circumstances evolve. For all contracts that include a Stand Ready Performance Obligation with variable pricing, we are unable to estimate the variable price attributable to future performance obligations because the number of units to be purchased is not known. As a result, we use the exception available to forgo disclosures about revenue attributable to the future performance obligations where we recognize revenue using the time-series concept as discussed above, including those qualifying for the right to invoice practical expedient. We also use the exception available to forgo disclosures about revenue attributable to contracts with expected durations of one year or less. Certain of our Other Performance Obligations, including certain batch data sets and certain professional and other services, are delivered at a point in time. Accordingly, we recognize revenue upon delivery once we have satisfied that obligation. For certain Other Performance Obligations, including certain professional and other services, we recognize revenue over time, based on an estimate of progress towards completion of that obligation. These contracts are not material. In certain circumstances, we apply the revenue recognition guidance to a portfolio of contracts with similar characteristics. We use estimates and assumptions when accounting for a portfolio that reflect the size and composition of the portfolio of contracts. Our contracts include standard commercial payment terms generally acceptable in each region, and do not include financing with extended payment terms. We have no significant obligations for refunds, warranties, or similar obligations . Our revenue does not include taxes collected from our customers. Accounts receivable are shown separately on our balance sheet. Contract assets and liabilities result due to the timing of revenue recognition, billings, and cash collections. Contract assets include our right to payment for goods and services already transferred to a customer when the right to payment is conditional on something other than the passage of time, for example, contracts pursuant to which we recognize revenue over time but do not have a contractual right to payment until we complete the contract. Contract assets are included in our other current assets and are not material as of December 31, 2023 and 2022. As most of our contracts with customers have a duration of one year or less, our contract liabilities consist of deferred revenue that is primarily short-term in nature. Contract liabilities include current and long-term deferred revenue that is included in other current liabilities and other liabilities. We expect to recognize the December 31, 2023 current deferred revenue balance as revenue during 2024. The majority of our long-term deferred revenue, which is not material, is expected to be recognized in less than two years. We have certain contracts that have a duration of more than one year. For these contracts, the transaction price allocable to the future performance obligations is primarily fixed but contains a variable component. As of December 31, 2023, the aggregate amount of transaction price attributable to future performance obligations for long-term non-cancelable contracts, excluding the variable component, totals approximately $690 million. We expect to recognize approximately 55% of this amount in 2024, 30% in 2025 and 15% thereafter. For additional disclosures about the disaggregation of our revenue see Note 21, “Reportable Segments.” |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic earnings per share represents income available to common stockholders divided by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflects the effect of the increase in shares outstanding determined by using the treasury stock method for awards issued under our incentive stock plans. As of December 31, 2023, 2022 and 2021, there were less than 1.0 million anti-dilutive weighted stock-based awards outstanding. As of December 31, 2023, 2022 and 2021, there were 0.4 million, 0.2 million and 0.1 million, respectively, of contingently issuable performance-based stock awards outstanding that were excluded from the diluted earnings per share calculation because the contingencies had not been met. Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. Basic and diluted weighted average shares outstanding and earnings per share were as follows: Twelve Months Ended December 31, 2023 2022 2021 (Loss) income from continuing operations $ (190.1) $ 264.1 $ 373.7 Less: income from continuing operations attributable to noncontrolling interests (15.4) (15.2) (15.0) (Loss) income from continuing operations attributable to TransUnion $ (205.4) $ 248.9 $ 358.7 Discontinued operations, net of tax (0.7) 17.4 1,031.7 Net (loss) income attributable to TransUnion $ (206.2) $ 266.3 $ 1,390.3 Basic (loss) earnings per common share 1 from: (Loss) income from continuing operations attributable to TransUnion $ (1.06) $ 1.29 $ 1.87 Discontinued operations, net of tax — 0.09 5.39 Net (loss) income attributable to TransUnion $ (1.07) $ 1.38 $ 7.26 Diluted (loss) earnings per common share 1 from: (Loss) income from continuing operations attributable to TransUnion $ (1.06) $ 1.29 $ 1.86 Discontinued operations, net of tax — 0.09 5.35 Net (loss) income attributable to TransUnion $ (1.07) $ 1.38 $ 7.20 Weighted-average shares outstanding: Basic 193.4 192.5 191.4 Dilutive impact of stock based awards — 0.7 1.6 Diluted 193.4 193.1 193.0 1. For each period presented above, each component of (loss) earnings per share is calculated independently, therefore, rounding differences may exist in the table above. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Federal Current $ 100.0 $ 101.8 $ 62.9 Deferred (102.1) (55.9) (9.3) State Current 11.1 28.7 18.9 Deferred (28.3) (14.6) — Foreign Current 96.3 77.3 67.3 Deferred (32.3) (18.4) (7.9) Provision for income taxes $ 44.7 $ 118.9 $ 131.9 The components of income before income taxes consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Domestic $ (40.6) $ 151.5 $ 322.5 Foreign (104.7) 231.5 183.1 (Loss) income from continuing operations before income taxes $ (145.3) $ 383.0 $ 505.6 The effective income tax rate reconciliation consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Income taxes at statutory rate $ (30.5) 21.0 % $ 80.4 21.0 % $ 106.2 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit (21.9) 15.1 % 8.0 2.1 % 15.6 3.1 % Foreign rate differential (22.5) 15.5 % (4.6) (1.2) % (6.8) (1.3) % Excess tax benefits on stock-based compensation 3.0 (2.0) % (5.0) (1.3) % (10.8) (2.2) % Foreign tax law changes — — % (0.1) — % 22.7 4.5 % Uncertain tax positions 7.5 (5.2) % 5.7 1.5 % 4.6 0.9 % Valuation allowances 3.1 (2.1) % 18.3 4.7 % (5.0) (1.0) % Foreign withholding taxes 13.0 (8.9) % 9.6 2.5 % 6.5 1.3 % U.S. Federal tax on foreign earnings 0.2 (0.1) % (1.4) (0.4) % (15.1) (3.0) % U.S. Federal R&D tax credit (8.6) 5.9 % (9.7) (2.5) % (6.4) (1.3) % Nondeductible expenses 6.8 (4.7) % 14.0 3.6 % 20.0 4.0 % Nondeductible goodwill impairment 97.3 (67.0) % — — % — — % Other (2.7) 1.7 % 3.7 1.0 % 0.4 0.1 % Total $ 44.7 (30.8) % $ 118.9 31.0 % $ 131.9 26.1 % For 2023, we reported a (30.8)% effective tax rate, is lower than the 21.0% U.S. federal corporate statutory rate due primarily to the impact of non-deductible goodwill impairment partially offset by benefits on the remeasurement of deferred taxes due to changes in state apportionment rates. For 2022, we reported a 31.0% effective tax rate, which is higher than the 21.0% U.S. federal corporate statutory rate due primarily to increases in valuation allowances on foreign tax credit carryforwards, nondeductible expenses in connection with certain legal and regulatory matters and executive compensation limitations, and other rate-impacting items, partially offset by benefits from the research and development credit and excess tax benefits on stock-based compensation. For 2021, we reported a 26.1% effective tax rate, which is higher than the 21.0% U.S. federal corporate statutory rate due primarily to recording tax expense related to the remeasurement of our U.K. deferred taxes to reflect an increase in the U.K. corporate tax rate enacted in the second quarter 2021 and nondeductible transaction costs and penalties, partially offset by excess tax benefits on stock based compensation and a tax benefit related to electing the Global Intangible Low Tax Income (“GILTI”) high-tax exclusion retroactively for the 2018 and 2019 tax years. On July 20, 2020, the U.S. Treasury issued and enacted final regulations related to GILTI that allow certain U.S. taxpayers to elect to exclude foreign income that is subject to a high effective tax rate from their GILTI inclusions. The GILTI high-tax exclusion is an annual election and is retroactively available. Components of net deferred income tax consisted of the following: December 31, 2023 December 31, 2022 Deferred income tax assets: Compensation $ 21.7 $ 19.5 Employee benefits 38.4 25.5 Legal reserves and settlements 11.0 10.7 Loss and tax credit carryforwards 228.0 179.2 Leases 26.9 38.4 Section 174 R&D Expense 58.1 37.7 Other 36.3 36.7 Gross deferred income tax assets $ 420.4 $ 347.7 Valuation allowance (104.7) (98.9) Total deferred income tax assets, net $ 315.7 $ 248.8 Deferred income tax liabilities: Depreciation and amortization (789.8) (874.9) Right of use asset (25.1) (36.0) Taxes on unremitted foreign earnings (24.0) (14.6) Investment in affiliated companies (7.6) (7.3) Hedge investments (40.6) (59.3) Other (10.4) (10.5) Total deferred income tax liability (897.5) (1,002.6) Net deferred income tax liability $ (581.8) $ (753.8) Deferred tax assets and liabilities result from temporary differences between tax and accounting methods. Our balance sheet includes a deferred tax assets of $11.1 million and $8.2 million at December 31, 2023 and 2022, respectively, which are included in other assets. If certain deferred tax assets are not likely recoverable in future years a valuation allowance is recorded. As of December 31, 2023 and 2022, a valuation allowance of $104.7 million and $98.9 million, respectively, reduced deferred tax assets related to worldwide net operating losses and tax credit carryforwards. Our estimate of the amount of the deferred tax asset we can realize requires significant assumptions about projected revenues and income that are impacted by future market and economic conditions. Our carryforwards will expire as follows: U.S. federal net operating loss carryforwards over four years to an indefinite number of years, foreign loss carryforwards over one year to an indefinite number of years, foreign tax credit carryforwards over ten years, interest expense carryforwards over an indefinite number of years, state net operating loss carryforwards over one year to an indefinite number of years and state tax credit carryforwards over one year to an indefinite number of years. As of December 31, 2023, the deferred tax assets associated with U.S. foreign tax credit carryforwards and U.S. federal net operating loss carryforwards were $62.9 million and $6.7 million, respectively. Deferred tax assets associated with foreign net operating loss carryforwards and foreign interest expense carryforwards were $31.6 million and $60.3 million, respectively. Deferred tax assets associated with U.S. federal and state interest expense carryforwards is $42.9 million. Deferred tax assets associated with other loss and tax credit carryforwards were not significant. The total amount of gross unrecognized tax benefits consisted of the following: December 31, 2023 December 31, 2022 December 31, 2021 Balance as of beginning of period $ 45.1 $ 45.8 $ 36.9 Increase (decrease) in tax positions due to acquisition — (0.1) 5.3 Increase in tax positions of prior years 2.2 0.3 5.6 Decrease in tax positions of prior years (3.4) (3.7) (4.5) Increase in tax positions of current year 3.0 3.2 2.8 Reductions relating to settlement and lapse of statute (1.9) (0.4) (0.4) Balance as of end of period $ 45.0 $ 45.1 $ 45.8 The amounts that would affect the effective tax rate if recognized are $34.5 million, $30.5 million and $28.3 million, respectively, for the years ended December 31, 2023, 2022 and 2021. We classify interest and penalties as income tax expense in the Consolidated Statements of Operations and their associated liabilities as other liabilities in the Consolidated Balance Sheets. Interest and penalties on unrecognized tax benefits were $14.0 million, $10.1 million and $7.6 million, respectively, for the years ended December 31, 2023, 2022 and 2021. We are regularly audited by federal, state and foreign taxing authorities. Given the uncertainties inherent in the audit process, it is reasonably possible that certain audits could result in a significant increase or decrease in the total amounts of unrecognized tax benefits. An estimate of the range of the increase or decrease in unrecognized tax benefits due to audit results cannot be made at this time. Tax years 2009 and forward remain open for examination in some foreign jurisdictions, 2015 and forward in some state jurisdictions, and 2012 and forward for U.S. federal purposes. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | Stock-Based Compensation Under the TransUnion Holding Company, Inc. 2012 Management Equity Plan (the “2012 Plan”), stock-based awards could be issued to executive officers, employees and independent directors of the Company. A total of 10.1 million shares were authorized for grant under the 2012 Plan. Effective upon the closing of our initial public offering, the Company’s Board and its stockholders adopted the TransUnion 2015 Omnibus Incentive Plan, which has since been amended and restated (the “2015 Plan”), and no more shares can be issued under the 2012 Plan. During 2020, we increased the authorized shares available under the 2015 plan to a total of 12.4 million shares. The 2015 Plan provides for the granting of stock options, restricted stock awards and restricted stock units to key employees, directors or other persons having a service relationship with the Company and its affiliates. As of December 31, 2023, there were approximately 3.4 million of unvested awards outstanding and approximately 5.8 million of awards have vested under the 2015 Plan. Effective upon the closing of the initial public offering, the Company’s Board and its stockholders adopted the TransUnion 2015 Employee Stock Purchase Plan, which has since been amended and restated (the “ESPP”). A total of 2.4 million shares have been authorized to be issued under the ESPP. The ESPP provides certain employees of the Company with an opportunity to purchase the Company’s common stock at a discount. As of December 31, 2023, the Company has issued approximately 1.7 million shares of common stock under the ESPP. For the years ended December 31, 2023, 2022 and 2021, we recognized stock-based compensation expense of $100.6 million, $81.1 million and $70.1 million, respectively, with related income tax benefits of approximately $17.2 million, $13.5 million and $10.0 million, respectively. Stock-based compensation expense for cash-settleable awards was an expense of $0.2 million in 2023, a benefit of $1.7 million in 2022, and an expense of $0.9 million in 2021. Expense associated with the ESPP for the years ended December 31, 2023, 2022 and 2021 was $4.9 million, $3.3 million and $3.2 million, respectively. Stock-based compensation expense includes expense associated with cash-settleable awards and the ESPP. 2012 Plan Stock Options Stock options granted under the 2012 Plan have a 10-year term. For stock options granted to employees, 40% generally vest based on the passage of time (service condition options), and 60% generally vest based on the passage of time, subject to meeting certain stockholder return on investment conditions (market condition options). These stockholder return on investment conditions were satisfied in February 2017, and all remaining outstanding stock options now vest solely on the passage of time. All stock options granted to non-employee directors vest based on the passage of time. Service condition options were valued using the Black-Scholes valuation model and vest over a 5-year service period, with 20% generally vesting one year after the grant date, and 5% vesting each quarter thereafter. Compensation costs for the service condition options are recognized on a straight-line basis over the requisite service period for the entire award. Market condition options were valued using a risk-neutral Monte Carlo valuation model and vest over a 5 year service period now that the market conditions have been satisfied. There were no stock options granted during 2023, 2022 and 2021. Stock option activity as of December 31, 2023 and 2022 and for the year ended December 31, 2023 consisted of the following: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2022 102,298 $ 10.71 1.3 $ 4.7 Granted — — Exercised (74,334) 8.77 Forfeited — — Expired — — Outstanding as of December 31, 2023 27,964 $ 15.88 1.3 $ 1.5 Expected to vest as of December 31, 2023 — $ — 0.0 $ — Exercisable as of December 31, 2023 27,964 $ 15.88 1.3 $ 1.5 As of December 31, 2023, there was no stock-based compensation expense remaining to be recognized in future years related to options. During 2023, cash received from the exercise of stock options was $0.7 million and the tax benefit realized from the exercise of stock options was $0.2 million. The intrinsic value of options exercised and the fair value of options vested for the periods presented are as follows: Twelve Months Ended December 31, 2023 2022 2021 Intrinsic value of options exercised $ 3.9 $ 10.9 $ 31.4 Total fair value of options vested $ 0.3 $ 0.6 $ 1.7 2015 Plan Restricted Stock Units During 2023, 2022 and 2021, restricted stock units were granted under the 2015 Plan. Restricted stock units issued to date generally consist of service-based restricted stock units that vest based on passage of time and performance-based awards. Performance-based restricted stock units consist of revenue and Adjusted EBITDA awards that vest based on the passage of time subject to meeting 3-year cumulative revenue and Adjusted EBITDA targets, and market-based relative total stockholder return (“TSR”) awards that vest based on the passage of time, subject to how our stock price performs relative to a benchmark of similar companies over a three-year period. Service-based awards generally vest over 3.5 years. Performance-based awards generally vest over 3-years and vest between zero and 200% based on the final cumulative performance measures and TSR achievement relative to the targets over the measurement period. We occasionally issue off-cycle or special grants that could have different performance measurements and vesting terms. Service-based and revenue and Adjusted EBITDA performance-based restricted stock units are valued based on the closing market price of our stock on the date of grant. Because of the market condition in our TSR restricted stock units, they are valued using a risk-neutral Monte-Carlo simulation model based on input assumptions that exist as of the date of each grant. The primary input assumptions utilized in determining the grant date fair value of the TSR restricted stock unit are the expected stock volatility for the Company and the benchmark group of companies, the risk-free interest rate, expected dividend yields, and correlations between our stock price and the stock prices of the peer group of companies. For our 2023 grants, the volatility inputs for our stock ranged between 33.60% and 34.22%, and the risk-free interest rate inputs ranged between 3.97% and 4.51%. Restricted stock unit activity as of December 31, 2023 and 2022 and for the year ended December 31, 2023 consisted of the following: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2022 2,320,711 $ 94.73 1.3 $ 131.7 Granted 2,162,731 76.56 Vested (766,282) 93.60 Forfeited (310,457) 82.32 Outstanding as of December 31, 2023 3,406,703 $ 84.59 1.5 $ 234.1 Expected to vest as of December 31, 2023 3,308,803 $ 84.82 1.5 $ 227.3 The fair value and intrinsic value of restricted stock units that vested during the year ended December 31, 2023 was $71.7 million and $54.6 million, respectively. As of December 31, 2023, stock-based compensation expense remaining to be recognized in future years related to restricted stock units that we currently expect to vest was $171.1 million with weighted-average recognition periods of 2.2 years. During 2023, the tax benefit realized from vested restricted stock units was $10.1 million. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2023: Total Level 1 Level 2 Level 3 Assets Interest rate swaps (Note 8 and 13) $ 162.3 $ — $ 162.3 $ — Note receivable (Note 2 and 8) 82.0 — 82.0 — Available-for-sale debt securities (Note 4) 2.7 — 2.7 — Total $ 247.0 $ — $ 247.0 $ — The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2022: Total Level 1 Level 2 Level 3 Assets Interest rate swaps (Note 8 and 13) $ 237.7 $ — $ 237.7 $ — Note receivable (Note 2 and 8) 70.3 — 70.3 — Available-for-sale debt securities (Note 4) 2.6 — 2.6 — Total $ 310.6 $ — $ 310.6 $ — Liabilities Put option on Cost Method Investment (Note 12) 10.0 — — 10.0 Total $ 10.0 $ — $ — $ 10.0 Level 2 instruments consist of foreign exchange-traded corporate bonds, interest rate swaps, and notes receivable. Foreign exchange-traded corporate bonds are available-for-sale debt securities valued at their current quoted prices. These securities mature between 2027 and 2033. Unrealized gains and losses on available-for-sale debt securities, which are not material, are included in other comprehensive income. The interest rate swaps fair values are determined using the market standard methodology of discounting the future expected net cash receipts or payments that would occur if variable interest rates rise above or fall below the fixed rates of the swaps. The variable interest rates used in the calculations of projected receipts on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. As disc ussed in Note 13, “Debt,” there are three tranches of interest rate swaps. In December 2022, we sold the non-core businesses of our VF acquisition. A portion of the consideration was in the form of a $72.0 million note receivable. The note receivable accrues interest semiannually at a per annum rate of 10.6% and is payable at maturity. The note matures on June 30, 2025, subject to an option of the note issuer to extend the maturity date for two successive terms of three months each, at an increased rate of interest at each extension. The note was initially recorded at fair value of $70.3 million using an income approach for fixed income securities where contractual cash flows were discounted to present value at a risk-adjusted rate of return in a lattice model framework. The fair value of the note is determined each period by applying the same approach, considering changes to the risk-adjusted rate of return given observed changes to the interest rate environment, market pricing of credit risk, and issuer-specific credit risk. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reporting Segments | Reportable Segments We have three reportable segments, U.S. Markets, International, and Consumer Interactive, and the Corporate unit, which provides support services to each of the segments. Our Chief Operating Decision Maker (“CODM”) uses the profit measure of Adjusted EBITDA, on both a consolidated and a segment basis, to allocate resources and assess performance of our businesses. We use Adjusted EBITDA as our profit measure because it eliminates the impact of certain items that we do not consider indicative of operating performance, which is useful to compare operating results between periods. Our Board and executive management team also use Adjusted EBITDA as a compensation measure for both segment and corporate management under our incentive compensation plans. Adjusted EBITDA is also a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of the operating performance of companies similar to ours. The segment financial information below aligns with how we report information to our CODM to assess operating performance and how we manage the business. The accounting policies of the segments are the same as described in Note 1, “Significant Accounting and Reporting Policies” and Note 16, “Revenue.” The following is a more detailed description of our reportable segments and the Corporate unit, which provides support services to each segment: U.S. Markets The U.S. Markets segment provides consumer reports, actionable insights and analytics to businesses. These businesses use our services to engage and acquire customers, assess consumers’ ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities, and mitigate fraud risk. The core capabilities and delivery methods in our U.S. Markets segment allow us to serve a broad set of customers across industries. We report disaggregated revenue of our U.S. Markets segment for Financial Services and Emerging Verticals. • Financial Services: The Financial Services vertical is comprised of our consumer lending, mortgage, auto and cards and payments lines of business. Our Financial Services clients consist of most banks, credit unions, finance companies, auto lenders, mortgage lenders, FinTechs, and other consumer lenders in the United States. We also distribute our solutions through most major resellers, secondary market players, and sales agents. Beyond traditional lenders, we work with a variety of credit arrangers, such as auto dealers and peer-to-peer lenders. Our solutions span every aspect of the lending lifecycle, including customer acquisition and engagement, fraud and ID management, retention, and recovery. Our core products include credit reporting, credit marketing, analytics and consulting, identity verification, fraud prevention, outbound calling and contact center solutions, people-based marketing solutions, and authentication and debt recovery solutions. The revenue of Argus is included in Financial Services since the date of the acquisition. • Emerging Verticals: Emerging Verticals include Technology, Commerce & Communications, Insurance, Media, Services & Collections, Tenant & Employment, and Publi c Sector. Our solutions in these verticals are also data-driven and address the entire customer lifecycle. Our core products include outbound calling and contact center solutions, onboarding and transaction processing solutions, scoring and analytic solutions, people-based marketing solutions, fraud and identity management solutions, public record solutions, and customer retention solutions. International The International segment provides services similar to our U.S. Markets segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country, services may include credit reports, analytics and solutions services, and other value-added risk management services. In addition, we have insurance, business, and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, insurance, automotive, collections, and communications and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive segment that help consumers proactively manage their personal finances and take precautions against identity theft. We report disaggregated revenue of our International segment for the following regions: Canada, Latin America, the United Kingdom, Africa, India, and Asia Pacific. Consumer Interactive The Consumer Interactive segment provides solutions that help consumers manage their personal finances and take precautions against identity theft. Services in this segment include paid and free credit reports, scores and freezes, credit monitoring, identity protection and resolution, and financial management for consumers. The segment also provides solutions that help businesses respond to data breach events. Our products are provided through user-friendly online and mobile interfaces and are supported by educational content and customer support. Our Consumer Interactive segment serves consumers through both direct and indirect channels. Corporate Corporate provides support services for each of the segments, holds investments, and conducts enterprise functions. Certain costs incurred in Corporate that are not directly attributable to one or more of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature. Selected segment financial information and disaggregated revenue consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Gross Revenue: U.S. Markets: Financial Services $ 1,280.3 $ 1,255.1 $ 1,090.0 Emerging Verticals 1,223.9 1,192.1 701.0 Total U.S. Markets 2,504.2 2,447.3 1,791.0 International: Canada 139.5 128.2 126.9 Latin America 120.6 112.9 103.2 United Kingdom 197.2 203.0 216.5 Africa 60.6 61.7 59.5 India 218.8 174.2 133.1 Asia Pacific 88.6 75.9 62.7 Total International 825.3 755.9 701.9 Total Consumer Interactive 579.7 585.3 545.8 Total revenue, gross $ 3,909.3 $ 3,788.4 $ 3,038.7 Intersegment revenue eliminations: U.S. Markets $ (71.7) $ (71.5) $ (70.5) International (5.7) (6.0) (5.9) Consumer Interactive (0.6) (1.1) (2.0) Total intersegment eliminations (78.1) (78.6) (78.4) Total revenue as reported $ 3,831.2 $ 3,709.9 $ 2,960.2 A reconciliation of Segment Adjusted EBITDA to (loss) income from continuing operations before income taxes for the periods presented is as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets Adjusted EBITDA $ 846.8 $ 869.0 $ 717.2 International Adjusted EBITDA 361.5 329.3 300.1 Consumer Interactive Adjusted EBITDA 278.2 282.3 263.1 Total $ 1,486.5 $ 1,480.7 $ 1,280.4 Adjustments to reconcile to (loss) income from continuing operations before income taxes: Depreciation and amortization (524.4) (519.0) (377.0) Goodwill impairment (414.0) — — Net interest expense (267.5) (226.2) (109.2) Corporate expenses 1 (142.8) (135.7) (121.9) Stock-based compensation (100.6) (81.1) (70.1) Operating model optimization program 2 (77.6) — — Accelerated technology investment 3 (70.6) (54.0) (39.7) Mergers and acquisitions, divestitures and business 4 (34.6) (50.7) (52.6) Net other 5 (15.2) (46.1) (19.4) Net income attributable to non-controlling interests 15.4 15.2 15.0 Total adjustments $ (1,631.8) $ (1,097.7) $ (774.8) (Loss) income from continuing operations before income taxes $ (145.3) $ 383.0 $ 505.6 1. Certain costs that are not directly attributable to one or more of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature. 2. Consists of restructuring expenses as presented on our Consolidated Statements of Operations and other business process optimization expenses. 3. Accelerated technology investment represents expenses incurred in connection with the transformation of our technology infrastructure. The accelerated technology investment for the twelve months ended December 31, 2022 and 2021 includes the impact of an immaterial error related to an over accrual of expenses discussed in Note 1, “Significant Accounting and Reporting Policies.” 4. Mergers and acquisitions, divestitures and business optimization expenses consist of costs associated with exploratory or executed strategic transactions. 5. Net other expenses consist primarily of other non-operating income and expenses, primarily comprised of deferred loan fee expense from debt prepayments and refinancing, currency remeasurement on foreign operations, and other debt financing expenses, as well as certain legal and regulatory expenses. Earnings from equity method investments included in non-operating income and expense was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 0.6 $ 1.0 $ 2.4 International 15.7 12.0 9.6 Total $ 16.3 $ 13.0 $ 12.0 Total assets by segment consisted of the following: December 31, 2023 December 31, 2022 U.S. Markets $ 7,071.1 $ 7,180.9 International 2,368.6 2,675.7 Consumer Interactive 1,222.3 1,202.9 Total segment assets $ 10,662.0 $ 11,059.5 Corporate 443.2 606.8 Total assets $ 11,105.1 $ 11,666.3 Cash paid for capital expenditures by segment was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 203.7 $ 181.0 $ 145.3 International 87.3 97.5 65.1 Consumer Interactive 18.5 17.7 11.8 Corporate 1.3 2.0 2.0 Total $ 310.7 $ 298.2 $ 224.2 Depreciation and amortization expense by segment was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 359.0 $ 352.5 $ 222.0 International 126.4 126.9 132.4 Consumer Interactive 34.6 34.8 16.8 Corporate 4.4 4.9 5.7 Total $ 524.4 $ 519.0 $ 377.0 Percentage of revenue based on where it was earned was as follows: Twelve Months Ended December 31, 2023 2022 2021 Domestic 79 % 80 % 76 % International 21 % 20 % 24 % Percentage of long-lived assets, other than intangibles, financial assets, and deferred tax assets, based on the location of the legal entity that owns the asset, was as follows: As of December 31, 2023 2022 Domestic 75 % 78 % International 25 % 22 % |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments [Abstract] | |
Commitments | Commitments Future minimum payments for noncancelable operating leases, purchase obligations, and other liabilities in effect as of December 31, 2023 are payable as follows: Operating Purchase Total 2024 $ 30.4 $ 209.0 $ 239.4 2025 21.1 100.9 122.0 2026 17.0 51.7 68.7 2027 13.9 31.5 45.4 2028 9.0 12.3 21.3 Thereafter 31.2 0.3 31.5 Less imputed interest (14.3) — (14.3) Totals $ 108.3 $ 405.7 $ 514.0 Purchase obligations and other excludes trade accounts payable that are included in our balance sheet as of December 31, 2023. Purchase obligations and other include commitments for outsourcing services, royalties, data licenses, and maintenance and other operating expenses. Licensing agreements We have agreements with Fair Isaac Corporation to license credit-scoring algorithms and the right to sell credit scores derived from those algorithms. Payment obligations under these agreements vary due to factors such as the volume of credit scores we sell, what type of credit scores we sell, and how our customers use the credit scores. There are no minimum payments required under these licensing agreements. However, we do have a significant level of sales volume related to these credit scores. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal and Regulatory Matters We are routinely named as defendants in, or parties to, various legal actions and proceedings relating to our current or past business operations. These actions generally assert claims for violations of federal or state credit reporting, consumer protection or privacy laws, or common law claims related to the unfair treatment of consumers, and may include claims for substantial or indeterminate compensatory or punitive damages, or injunctive relief, and may seek business practice changes. We believe that most of these claims are either without merit or we have valid defenses to the claims, and we vigorously defend these matters or seek non-monetary or small monetary settlements, if possible. However, due to the uncertainties inherent in litigation, we cannot predict the outcome of each claim in each instance. In the ordinary course of business, we also are subject to governmental and regulatory examinations, information-gathering requests, investigations and proceedings (both formal and informal), certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. In connection with formal and informal investigations and inquiries by regulators, we sometimes receive civil investigative demands, requests, subpoenas and orders seeking documents, testimony, and other information in connection with various aspects of our activities. In view of the inherent unpredictability of legal and regulatory matters, particularly where the damages sought are substantial or indeterminate or when the proceedings or investigations are in the early stages, we cannot determine with any degree of certainty the timing or ultimate resolution of legal and regulatory matters or the eventual loss, fines or penalties, if any, that may result from such matters. We establish reserves for legal and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. However, for certain of the matters, we are not able to reasonably estimate our exposure because damages or penalties have not been specified and (i) the proceedings are in early stages, (ii) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (iii) there is uncertainty as to the outcome of similar matters pending against our competitors, (iv) there are significant factual issues to be resolved, and/or (v) there are legal issues of a first impression being presented. The actual costs of resolving legal and regulatory matters, however, may be substantially higher than the amounts reserved for those matters, and an adverse outcome in certain of these matters could have a material adverse effect on our consolidated financial statements in particular quarterly or annual periods. We accrue amounts for certain legal and regulatory matters for which losses were considered to be probable of occurring based on our best estimate of the most likely outcome. It is reasonably possible actual losses could be significantly different from our current estimates. In addition, there are some matters for which it is reasonably possible that a loss will occur, however we cannot estimate a range of the potential losses for these matters. To reduce our exposure to an unexpected significant monetary award resulting from an adverse judicial decision, we maintain insurance that we believe is appropriate and adequate based on our historical experience. We regularly advise our insurance carriers of the claims, threatened or pending, against us in legal and regulatory matters and generally receive a reservation of rights letter from the carriers when such claims exceed applicable deductibles. We are not aware of any significant monetary claim that has been asserted against us, except for the lawsuit filed by the Consumer Financial Protection Bureau (the “CFPB”) referenced below, that would not have some level of coverage by insurance after the relevant deductible, if any, is met. As of December 31, 2023 and 2022, we have accrued $147.8 million and $125.0 million, respectively, for legal and regulatory matters. These amounts were recorded in other accrued liabilities in the Consolidated Balance Sheets and the associated expenses were recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. Legal fees incurred in connection with ongoing litigation are considered period costs and are expensed as incurred. CFPB Matters In June 2021, we received a Notice and Opportunity to Respond and Advise (“NORA”) letter from the CFPB, informing us that the CFPB’s Enforcement Division was considering whether to recommend that the CFPB take legal action against us and certain of our executive officers. The NORA letter alleged that we failed to comply with and timely implement the January 2017 Consent Order (the “2017 Consent Order”), and further alleged additional violations related to Consumer Interactive’s marketing practices. On September 27, 2021, the Enforcement Division advised us that it had obtained authority to pursue an enforcement action. On April 12, 2022, after failed settlement negotiations with the CFPB related to the matter, the CFPB filed a lawsuit against us, Trans Union LLC, TransUnion Interactive, Inc. (collectively, the “TU Entities”) and the former President of Consumer Interactive, John Danaher, in the United States District Court for the Northern District of Illinois seeking restitution, civil money penalties, and injunctive relief, among other remedies, and alleging that the TU Entities violated the 2017 Consent Order, engaged in deceptive acts and practices in marketing the TransUnion Credit Monitoring product, failed to obtain signed written authorizations from consumers before debiting their bank accounts for the TransUnion Credit Monitoring product and diverted consumers from their free annual file disclosure into paid subscription products. The CFPB further alleges that Mr. Danaher violated the 2017 Consent Order and that we and Trans Union LLC provided substantial assistance to TransUnion Interactive, Inc. in violating the 2017 Consent Order and the law. We continue to believe that our marketing practices are lawful and appropriate and that we have been, and remain, in compliance with the 2017 Consent Order, and we will vigorously defend against allegations to the contrary in such proceedings. We continue to be in active litigation on this matter. As of December 31, 2023 and 2022, we have accrued $56.0 million, in connection with this matter and there is a reasonable possibility that a loss in excess of the amount accrued may be incurred, and such an outcome could have a material adverse effect on our results of operations and financial condition. However, any possible loss or range of loss in excess of the amount accrued is not reasonably estimable at this time. In addition, we will incur increased costs litigating this matter. In March 2022, we received a NORA letter from the CFPB, informing us that the CFPB’s Enforcement Division was considering whether to recommend that the CFPB take legal action against us related to our tenant and employment screening business, TransUnion Rental Screening Solutions, Inc. (“TURSS”). The NORA letter alleged that Trans Union LLC and TURSS violated the Fair Credit Reporting Act by failing to (i) follow reasonable procedures to assure maximum possible accuracy of information in consumer reports and (ii) disclose to consumers the sources of such information. On July 27, 2022, the CFPB’s Enforcement Division advised us that it had obtained authority to pursue an enforcement action jointly with the Federal Trade Commission (“FTC”). On October 5, 2023, we reached a settlement in the form of a Consent Order with the CFPB and the FTC regarding this matter, pursuant to which we agreed to pay $11.0 million in redress and $4.0 million in civil money penalties and to implement certain business process changes. As of December 31, 2023, the settlement was paid in full to the CFPB. In June 2022, the CFPB informed Trans Union LLC that it intended to issue a NORA letter following an investigation relating to alleged violations of law in connection with the placement and lifting of security freezes resulting from certain system issues. We have corrected associated system issues and have processes in place to monitor and address issues going forward. In August 2022, the TU Entities received a NORA letter from the CFPB, informing us that the CFPB’s Enforcement Division was considering whether to recommend that the CFPB take legal action against us. On April 14, 2023, the CFPB’s Enforcement Division advised us that it had obtained authority to pursue an enforcement action. On October 10, 2023, we reached a settlement in the form of a Consent Order with the CFPB regarding this matter, pursuant to which we agreed to pay $3.0 million in redress and $5.0 million in civil money penalties. As of December 31, 2023, the settlement was paid in full to the CFPB. Argus Department of Justice Matter We are cooperating with an investigation originating from the civil division of the United States Attorney’s Office for the Eastern District of Virginia related to Argus’s use of certain data it collected under certain government contracts. We acquired Argus in connection with our acquisition of VF in April 2022. This matter pertains to alleged conduct that commenced before we acquired Argus. We are cooperating with Verisk Analytics, Inc. (the “Seller”) to respond to the Department of Justice’s (“DOJ”) investigation and, along with the Seller, are engaged in ongoing settlement discussions with the DOJ regarding a potential resolution of the matter, with no assurance that the discussions will lead to resolution. We cannot predict the timing, outcome, or potential impact of this matter, financial or otherwise. Under the stock purchase agreement Trans Union LLC entered into with the Seller pursuant to which we acquired VF, including Argus, the Seller agreed to indemnify us for certain losses with respect to this matter, including all losses directly resulting from any settlement agreement with the DOJ in connection with this matter, including civil money penalties, remediation costs and fees and expenses. As of December 31, 2023, we have recorded an accrued liability of $37.0 million and a related indemnification receivable for this matter. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The following table sets forth the changes in each component of accumulated other comprehensive loss, net of tax: Foreign Currency Net Unrealized (Loss)/Gain On Hedges Net Unrealized Accumulated Other Balance, December 31, 2020 $ (205.4) $ (67.1) $ 0.4 $ (272.1) Change (63.8) 50.5 — (13.3) Balance, December 31, 2021 $ (269.2) $ (16.6) $ 0.4 $ (285.4) Change (194.3) 195.2 (0.2) 0.9 Balance, December 31, 2022 $ (463.5) $ 178.6 $ 0.2 $ (284.5) Change 80.2 (56.6) — 23.6 Balance, December 31, 2023 $ (383.4) $ 122.0 $ 0.2 $ (260.9) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On February 8, 2024, the Company refinanced its Senior Secured Term Loan B-6 with Senior Secured Term Loan B-7. The aggregate principal amount of Senior Secured Term Loan B-7 is approximately $1.9 billion. As a result of the transaction, the margin was set to 2.00% and is no longer a function of our total net leverage ratio. Additionally, the credit spread adjustment was removed. The new rate on our Senior Secured Term Loan B-7 is SOFR plus margin of 2.00%. The Senior Secured Term Loan B-7 remains subject to quarterly principal payments with the remaining balance due December 1, 2028. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue $ 954.3 $ 968.7 $ 968.0 $ 940.3 Operating income (loss) 61.3 (236.3) 158.4 145.2 Income (loss) from continuing operations 9.5 (313.9) 57.3 57.0 Net income (loss) 9.5 (314.4) 57.2 56.9 Net income (loss) attributable to TransUnion 6.1 (318.8) 53.9 52.6 Income (loss) from continuing operations attributable to TransUnion 6.0 (318.3) 54.1 52.7 Basic earnings (loss) per common share from: Income (loss) from continuing operations attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Net income (loss) attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Diluted earnings (loss) per common share from: Income (loss) from continuing operations attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Net income (loss) attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Three Months Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Revenue $ 902.1 $ 938.2 $ 948.3 $ 921.3 Operating income 143.5 169.5 178.9 134.4 Income from continuing operations 35.3 80.3 96.5 51.9 Net income 50.4 82.7 96.8 51.6 Net income attributable to TransUnion 46.4 79.2 92.8 47.9 Income from continuing operations attributable to TransUnion 31.4 76.8 92.5 48.3 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.16 $ 0.40 $ 0.48 $ 0.25 Net Income attributable to TransUnion $ 0.24 $ 0.41 $ 0.48 $ 0.25 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.16 $ 0.40 $ 0.48 $ 0.25 Net Income attributable to TransUnion $ 0.24 $ 0.41 $ 0.48 $ 0.25 As discussed in Note 1, the Company identified errors in the classification of certain expenses between co st of services and selling, general and administrative in the Consolidated Statements of Operations. In addition, the Company corrected an immaterial error related to an over accrual of expenses, net of the related income tax effect, during the twelve months ended December 31, 2021, that had previously been corrected out of period during the twelve months ended December 31, 2022. A summary of the corrections to the impacted financial statement line items of the Company’s previously issued consolidated financial statements previously filed in unaudited Quarterly Reports on Form 10-Q for the period ended March 31, 2023 and the period ended June 30, 2023, and in Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the period ended September 30, 2023, are as follows: Consolidated Statements of Operations Three Months Ended March 31, 2023 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 324.9 $ 55.9 $ 380.8 Selling, general and administrative 340.5 (55.9) 284.6 Total operating expenses 795.1 — 795.1 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 365.5 $ 21.5 $ 387.0 $ 728.2 $ 39.6 $ 767.8 Selling, general and administrative 314.0 (21.5) 292.5 616.7 (39.6) 577.1 Total operating expenses 809.6 — 809.6 1,604.7 — 1,604.7 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 344.8 $ 24.0 $ 368.8 $ 1,073.2 $ 63.6 $ 1,136.8 Selling, general and administrative 314.8 (24.0) 290.8 931.3 (63.6) 867.7 Total operating expenses 1,205.0 — 1,205.0 2,809.6 — 2,809.6 Three Months Ended March 31, 2022 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 298.0 $ 35.4 $ 333.4 Selling, general and administrative 359.5 (34.8) 324.7 Total operating expenses 786.3 0.6 786.9 Operating income 135.0 (0.6) 134.4 Income from continuing operations before income taxes 76.7 (0.6) 76.1 Provision for income taxes (24.4) 0.2 (24.2) Income from continuing operations 52.3 (0.4) 51.9 Net income 52.0 (0.4) 51.6 Net income attributable to TransUnion 48.3 (0.4) 47.9 Income from continuing operations attributable to TransUnion 48.7 (0.4) 48.3 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 328.9 $ 16.7 $ 345.6 $ 650.0 $ 29.0 $ 679.0 Selling, general and administrative 306.3 (13.1) 293.2 642.7 (24.8) 617.9 Total operating expenses 765.8 3.6 769.4 1,552.1 4.2 1,556.3 Operating income 182.5 (3.6) 178.9 317.4 (4.2) 313.2 Income from continuing operations before income taxes 128.5 (3.6) 124.9 205.2 (4.2) 201.0 Provision for income taxes (29.2) 0.8 (28.4) (53.5) 1.0 (52.5) Income from continuing operations 99.3 (2.8) 96.5 151.7 (3.2) 148.5 Net income 99.6 (2.8) 96.8 151.6 (3.2) 148.4 Net income attributable to TransUnion 95.6 (2.8) 92.8 143.9 (3.2) 140.7 Income from continuing operations attributable to TransUnion 95.3 (2.8) 92.5 143.9 (3.2) 140.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.50 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 338.2 $ 13.4 $ 351.6 $ 988.2 $ 42.4 $ 1,030.6 Selling, general and administrative 301.0 (13.4) 287.6 943.6 (38.2) 905.5 Total operating expenses 768.8 — 768.8 2,320.8 4.2 2,325.0 Operating income 169.5 — 169.5 487.0 (4.2) 482.8 Income from continuing operations before income taxes 110.8 — 110.8 316.1 (4.2) 311.9 Provision for income taxes (30.6) — (30.6) (84.1) 1.0 (83.1) Income from continuing operations 80.3 — 80.3 232.0 (3.2) 228.8 Net income 82.7 — 82.7 234.3 (3.2) 231.1 Net income attributable to TransUnion 79.2 — 79.2 223.0 (3.2) 219.8 — Income from continuing operations attributable to TransUnion 76.8 — 76.8 220.7 (3.2) 217.5 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.15 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.16 $ (0.02) $ 1.14 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.14 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.15 $ (0.02) $ 1.14 Consolidated Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2022 As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 Comprehensive income 152.6 (0.4) 152.2 Comprehensive income attributable to TransUnion 148.9 (0.4) 148.5 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 99.6 $ (2.8) $ 96.8 $ 151.6 $ (3.2) $ 148.4 Comprehensive (loss) income (0.7) (2.8) (3.5) 152.0 (3.2) 148.8 Comprehensive (loss) income attributable to TransUnion (3.2) (2.8) (6.0) 145.8 (3.2) 142.6 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Comprehensive income 159.7 (3.2) 156.5 Comprehensive income attributable to TransUnion 151.2 (3.2) 148.0 Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 $ 151.6 $ (3.2) $ 148.4 Income from continuing operations 52.3 (0.4) 51.9 151.7 (3.2) 148.5 Trade accounts payable (10.3) 0.6 (9.7) 6.4 4.2 10.6 Other current and long-term liabilities (116.2) (0.2) (116.4) (461.4) (1.0) (462.4) Cash provided by (used in) operating activities of continuing operations 11.6 — 11.6 (115.4) — (115.4) Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Income from continuing operations 232.0 (3.2) 228.8 Trade accounts payable (20.4) 4.2 (16.2) Other current and long-term liabilities (448.8) (1.0) (449.8) Cash provided by operating activities of continuing operations 70.8 — 70.8 Consolidated Statements of Stockholders’ Equity Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 2,284.5 $ 2.8 $ 2,287.3 Net income 48.3 (0.4) 47.9 95.6 (2.8) 92.8 Retained Earnings, Ending Period Balance $ 2,284.5 $ 2.8 $ 2,287.3 $ 2,361.5 $ — $ 2,361.5 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 4,141.9 $ 2.8 $ 4,144.7 Net income 52.0 (0.4) 51.6 99.6 (2.8) 96.8 Total Equity Ending Period Balance $ 4,141.9 $ 2.8 $ 4,144.7 $ 4,138.9 $ — $ 4,138.9 |
Condensed Financial Information
Condensed Financial Information of TransUnion | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of TransUnion | Schedule I—Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Balance Sheets (in millions, except per share data) December 31, December 31, Assets Current assets: Other current assets $ — $ — Total current assets — — Investment in TransUnion Intermediate Holdings, Inc. 4,524.6 4,587.0 Other assets 6.0 6.0 Total assets $ 4,530.6 $ 4,593.0 Liabilities and stockholders’ equity Current liabilities: Trade accounts payable $ — $ 0.1 Due to TransUnion Intermediate Holdings, Inc. 516.9 419.6 Other current liabilities 1.9 1.2 Total current liabilities 518.8 420.9 Other liabilities 3.6 2.2 Total liabilities 522.4 423.1 Stockholders’ equity: Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2023 and December 31, 2022; 200.0 million and 198.7 million shares issued as of December 31, 2023 and December 31, 2022 respectively; and 193.8 million and 192.7 million shares outstanding as of December 31, 2023 and December 31, 2022, respectively 2.0 2.0 Additional paid-in capital 2,412.9 2,290.3 Treasury stock at cost; 6.2 million and 6.0 million shares at December 31, 2023 and December 31, 2022, respectively (302.9) (284.5) Retained earnings 2,157.1 2,446.6 Accumulated other comprehensive loss (260.9) (284.5) Total stockholders’ equity 4,008.2 4,169.9 Total liabilities and stockholders’ equity $ 4,530.6 $ 4,593.0 See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statements of Operations (in millions) Twelve Months Ended December 31, 2023 2022 2021 Revenue $ — $ — $ — Operating expenses Selling, general and administrative 4.4 3.5 3.5 Total operating expenses 4.4 3.5 3.5 Operating loss (4.4) (3.5) (3.5) Non-operating income and expense Equity income from TransUnion Intermediate Holdings, Inc. (202.9) 269.1 1,391.8 Total non-operating income and expense (202.9) 269.1 1,391.8 (Loss) income from continuing operations before income taxes (207.3) 265.6 1,388.3 Benefit for income taxes 1.1 0.7 2.0 Net (loss) income attributable to TransUnion Holding $ (206.2) $ 266.3 $ 1,390.3 See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statements of Comprehensive Income (Loss) (in millions) Twelve Months Ended December 31, 2023 2022 2021 Net (loss) income attributable to TransUnion Holding $ (206.2) $ 266.3 $ 1,390.3 Other comprehensive (loss) income: Foreign currency translation of TransUnion Intermediate Holdings, Inc.: Foreign currency translation adjustment 82.2 (193.4) (64.1) (Expense) benefit for income taxes (2.0) (0.7) 0.3 Foreign currency translation, net 80.2 (194.1) (63.8) Hedge instruments of TransUnion Intermediate Holdings, Inc.: Net change on interest rate swap (75.5) 260.1 67.3 Benefit (provision) for income taxes 18.9 (64.9) (16.8) Hedge instruments, net (56.6) 195.2 50.5 Available-for-sale securities of TransUnion Intermediate Holdings, Inc.: Net unrealized loss — (0.3) — Benefit for income taxes — 0.1 — Available-for-sale securities, net — (0.2) — Total other comprehensive income (loss), net of tax 23.6 0.9 (13.3) Comprehensive (loss) income attributable to TransUnion $ (182.6) $ 267.2 $ 1,377.0 See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statements of Cash Flows (in millions) Twelve Months Ended December 31, 2023 2022 2021 Cash provided by operating activities $ 77.1 $ 91.6 $ 84.7 Cash used in investing activities — — — Cash flows from financing activities: Proceeds from issuance of common stock and exercise of stock options 23.1 18.7 21.9 Dividends to shareholders (81.8) (77.8) (69.8) Treasury stock purchased (18.4) (32.5) (36.8) Cash used in financing activities (77.1) (91.6) (84.7) Net change in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — $ — $ — See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Notes to Financial Statements In the TransUnion parent company only financial statements, the Company’s investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company’s share of net income of its subsidiaries is included in consolidated income using the equity method. The parent company only financial information should be read in conjunction with TransUnion’s consolidated financial statements. Revision of Previously Issued Financial Statements The Company revised its previously issued consolidated financial statements to correct an immaterial error related to an over accrual of expenses, net of the related income tax effect, during the twelve months ended December 31, 2021, that had previously been corrected out of period during the twelve months ended December 31, 2022. Accordingly, the Company has revised its previously issued Statements of Operations and Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2022 and 2021 to correct for this error. The impact of the revisions is presented below. Statements of Operations Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Equity income from TransUnion Intermediate Holdings, Inc. $ 272.3 $ (3.2) $ 269.1 $ 1,388.6 $ 3.2 $ 1,391.8 Total non-operating income and expense 272.3 (3.2) 269.1 1,388.6 3.2 1,391.8 Income from continuing operations before income taxes 268.8 (3.2) 265.6 1,385.1 3.2 1,388.3 Net income 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Statements of Comprehensive Income (Loss) Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 269.5 $ (3.2) $ 266.3 $ 1,387.1 $ 3.2 $ 1,390.3 Comprehensive income attributable to TransUnion 270.4 (3.2) 267.2 1,373.8 3.2 1,377.0 The dividend rate was $0.105 per share in each quarter of 2023 and the third and fourth quarters of 2022, $0.095 per share in each quarter from the second quarter of 2021 to the second quarter of 2022, and $0.075 per share in the first quarter of 2021. During 2023, 2022 and 2021, we paid dividends of $81.8 million, $77.8 million and $69.8 million, respectively. Dividends declared accrue to outstanding restricted stock units and are paid to employees as dividend equivalents when the restricted stock units vest. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts TRANSUNION (in millions) Balance at Charged to Charged to Deductions Balance at Allowance for deferred tax assets: Year ended December 31, 2023 $ 98.9 $ 9.4 $ 2.7 $ (6.3) $ 104.7 2022 $ 70.8 $ 21.8 $ 9.7 $ (3.4) $ 98.9 2021 $ 65.7 $ 3.8 $ 14.4 $ (13.1) $ 70.8 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||||
Net income (loss) attributable to TransUnion | $ 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | $ 46.4 | $ 79.2 | $ 92.8 | $ 47.9 | $ 140.7 | $ 219.8 | $ (206.2) | $ 266.3 | $ 1,390.3 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares | Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Timothy J. Martin [Member] | ||
Trading Arrangements, by Individual | ||
Name | Timothy J. Martin | |
Title | Executive Vice President, Chief Global Solutions Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 17, 2023 | |
Arrangement Duration | 224 days | |
Aggregate Available | 12,000 | 12,000 |
Steven M. Chaouki [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 20, 2023, Steven M. Chaouki, President, U.S. Markets and Consumer Interactive, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 8,102 shares of the Company’s common stock until June 28, 2024. | |
Name | Steven M. Chaouki | |
Title | President, U.S. Markets and Consumer Interactive | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 20, 2023 | |
Arrangement Duration | 221 days | |
Aggregate Available | 8,102 | 8,102 |
Timothy J. Martin [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 17, 2023, Timothy J. Martin, Executive Vice President, Chief Global Solutions Officer, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 12,000 shares of the Company’s common stock until June 28, 2024. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of TransUnion and subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the periods presented. All significant intercompany transactions and balances have been eliminated. As a result of displaying amounts in millions, rounding differences may exist in the financial statements and footnote tables. We have recast certain items, including the prior year’s revenue disaggregation disclosures in Note 21, “Reportable Segments,” to conform to the current year presentation. Unless the context indicates otherwise, any reference in this report to the “Company,” “we,” “our,” “us,” and “its” refers to TransUnion and its consolidated subsidiaries, collectively. For the periods presented, TransUnion does not have any material assets, liabilities, revenues, expenses or operations of any |
Principles of consolidation | Principles of Consolidation The consolidated financial statements of TransUnion include the accounts of TransUnion and all of its controlled subsidiaries. Investments in nonmarketable unconsolidated entities in which the Company is able to exercise significant influence are accounted for using the equity method. Investments in nonmarketable unconsolidated entities in which the Company is not able to exercise significant influence, our “Cost Method Investments,” are accounted for at our initial cost, minus any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements and related disclosures in accordance with GAAP requires management to make estimates and judgments that affect the amounts reported. We believe that the estimates used in preparation of the a ccompanying consolidated financial statements are reasonable, based upon information available to management at this time. These estimates and judgments affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the balance sheet date, as well as the amounts of revenue and expense during the reporting period. Estimates are inherently uncertain and actual results could differ materially from the estimated amounts. |
Segments | Segments Operating segments are businesses for which separate financial information is available and evaluated regularly by our chief operating decision maker (“CODM”) deciding how to allocate resources and assess performance. We have three operating and reportable segments; U.S. Markets, International and Consumer Interactive. We also report expenses for Corporate, which provides support services to each segment. Details of our segment results are discussed in Note 21, “Reportable Segments.” |
Revenue Recognition and Deferred Revenue and Contract Acquisition Costs | Revenue Recognition and Deferred Revenue All of our revenue is derived from contracts with our customers and is reported as revenue in the Consolidated Statements of Operations generally as or at the point in time our performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. We have contracts with two general groups of performance obligations; those that require us to stand ready to provide goods and services to a customer to use as and when requested (“Stand Ready Performance Obligations”) and those that do not require us to stand ready (“Other Performance Obligations”). Our Stand Ready Performance Obligations include obligations to stand ready to provide data, process transactions, access our databases, software-as-a-service and direct-to-consumer products, rights to use our intellectual property and other services. Our Other Performance Obligations include the sale of certain batch data sets and various professional and other services. Deferred revenue generally consists of amounts billed in excess of revenue recognized for the sale of data services, subscriptions and set up fees. The current and long-term portions of deferred revenue are included in other current liabilities and other liabilities. Contract acquisition costs |
Costs of Services | Costs of Services Costs of services include data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and occupancy costs associated with the facilities where these functions are performed. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses include personnel-related costs for sales, administrative and management employees, costs for professional and consulting services, advertising and occupancy and facilities expense of these functions. Advertising costs are expensed as incurred. Advertising costs, which include commissions we pay to our partners to promote our products online, for the years ended December 31, 2023, 2022 and 2021 were $64.2 million, $87.7 million and $92.9 million, respectively. |
Stock-Based Compensation | Stock-Based Compensation Compensation expense for all stock-based compensation awards is determined using the grant date fair value. For all equity-based plans, we record the impact of forfeitures when they happen. Expense is recognized on a straight-line basis over the requisite service period of the award, which is generally equal to the vesting period. The details of our stock-based compensation program are discussed in Note 19, “Stock-Based Compensation.” |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statement and tax basis of assets and liabilities, as measured by current enacted tax rates. The effect of a tax rate change on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the change. We periodically assess the recoverability of our deferred tax assets, and a valuation allowance is recorded against deferred tax assets if it is more likely than not that some portion of the deferred tax assets will not be realized. See Note 18, “Income Taxes,” for additional information. |
Foreign Currency Translation | Foreign Currency Translation The functional currency for each of our foreign subsidiaries is generally that subsidiary’s local currency. We translate the assets and liabilities of foreign subsidiaries at the year-end exchange rate, and translate revenues and expenses at the monthly average rates during the year. We record the resulting translation adjustment as a component of other comprehensive income in stockholders’ equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency of an entity are included in the results of operations as incurred. The exchange rate losses for the years ended December 31, 2023, 2022 and 2021 were not material. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider investments in highly liquid debt instruments with original maturities of three months or less to be cash equivalents. The carrying value of our cash and cash equivalents approximate their fair value. |
Trade Accounts Receivable | Trade Accounts Receivable We base our allowance for doubtful accounts estimate on our historical loss experience, our current expectations of future losses, current economic conditions, an analysis of the aging of outstanding receivables and customer payment patterns, and specific reserves for customers in adverse financial condition or for existing contractual disputes. The following is a roll-forward of the allowance for doubtful accounts for the periods presented: Twelve months ended December 31, 2023 2022 2021 Beginning Balance $ 11.0 $ 10.7 $ 17.1 Provision for losses on trade accounts receivable 8.8 5.9 (2.6) Write-offs, net of recovered accounts (3.4) (5.6) (3.8) Ending balance $ 16.4 $ 11.0 $ 10.7 |
Long-Lived Assets | Long-Lived Assets Property, Plant, Equipment and Intangibles Property, plant and equipment is depreciated primarily using the straight-line method, over the estimated useful lives of the assets. Buildings and building improvements are generally depreciated over 20 years. Computer equipment and furniture and purchased software are depreciated over 3 to 7 years. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the lease term. Intangibles, other than indefinite-lived intangibles, are amortized using the straight-line method, which approximates the pattern of usage, over their economic life, generally 3 to 40 years. Assets to be disposed of, if any, are separately presented in the Consolidated Balance Sheet and reported at the lower of the carrying amount or fair value, less costs to sell, and are no longer depreciated. See Note 5, “Property, Plant and Equipment” and Note 7, “Intangible Assets” for additional information about these assets. Internal Use Software We monitor the activities of each of our internal use software and system development projects and analyze the associated costs, making an appropriate distinction between costs to be expensed and costs to be capitalized. Costs incurred during the preliminary project stage are expensed as incurred. Many of the costs incurred during the application development stage are capitalized, including costs of software design and configuration, development of interfaces, coding, testing and installation of the software. Once the software is ready for its intended use, it is amortized on a straight-line basis over its useful life, generally 3 to 10 years. Impairment of Long-Lived Assets We review long-lived asset groups that are subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of asset groups to be held and used is measured by a comparison of the carrying amount of an asset group to the estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of an asset group exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. There were no significant impairment charges recorded during 2023, 2022 and 2021. |
Marketable Securities | Marketable Securities We classify our investments in debt and equity securities in accordance with our intent and ability to hold the investments. Held-to-maturity securities are carried at amortized cost, which approximates fair value, and are classified as either short-term or long-term investments based on the contractual maturity date. Earnings from these securities are reported as a component of interest income. Available-for-sale securities, if any, are carried at fair market value, with the unrealized gains and losses, net of tax, included in accumulated other comprehensive income. At December 31, 2023 and 2022, the Company’s marketable securities consisted of available-for-sale securities. The available-for-sale securities relate to foreign exchange-traded corporate bonds. There were no significant realized or unrealized gains or losses for these securities for any of the periods presented. We follow fair value guidance to measure the fair value of our financial assets as further described in Note 20, “Fair Value”. We periodically review our marketable securities to determine if there is an other-than-temporary impairment on any security. If it is determined that an other-than-temporary decline in value exists, we write down the investment to its market value and record the related impairment loss in other income. There were no other-than-temporary impairments of marketable securities in |
Benefit Plans | Benefit Plans |
Recently adopted accounting pronouncements | Recently Adopted Accounting Pronouncements There are no recent accounting pronouncements that have been adopted by TransUnion in 2023. |
Recent Accounting Pronouncement not yet Adopted | Recent Accounting Pronouncements Not Yet Adopted On November 27, 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07 , Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures . This ASU updates the requirements for segment reporting to include, among other things, disaggregating and quantifying significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included in the measure of segment profit, describing the nature of amounts not separately disaggregated, allowing for additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources, and extending nearly all annual segment reporting requirements to quarterly reporting requirements. The update is effective for annual periods for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application. Early adoption is permitted. We are currently assessing the impact of adopting the updated provisions. On December 14, 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures . This ASU requires income tax disclosures to include consistent categories and greater disaggregation of information in the rate reconciliations and the disaggregation of income taxes paid by federal, state and foreign, and also for individual jurisdictions that are greater than 5% of total income taxes paid. The update is effective for annual periods for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of adopting the updated provisions. |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Corrections to Financial Statements | The impact of the revisions is presented below. Consolidated Statements of Operations Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 1,222.9 $ 162.2 $ 1,385.1 $ 991.6 $ 30.7 $ 1,022.3 Selling, general and administrative 1,337.4 (158.0) 1,179.4 943.9 (34.9) 909.0 Total operating expenses 3,079.3 4.2 3,083.5 2,312.5 (4.2) 2,308.3 Operating income 630.5 (4.2) 626.3 647.7 4.2 651.9 Income from continuing operations before income taxes 387.2 (4.2) 383.0 501.4 4.2 505.6 Provision for income taxes (119.9) 1.0 (118.9) (130.9) (1.0) (131.9) Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Net income attributable to TransUnion 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Income from continuing operations attributable to TransUnion 252.1 (3.2) 248.9 355.5 3.2 358.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.86 $ 0.02 $ 1.87 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.25 $ 0.02 $ 7.26 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.84 $ 0.02 $ 1.86 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.19 $ 0.02 $ 7.20 Consolidated Statements of Comprehensive Income (Loss) Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Comprehensive income 283.3 (3.2) 280.1 1,386.6 3.2 1,389.8 Comprehensive income attributable to TransUnion 270.4 (3.2) 267.2 1,373.9 3.2 1,377.1 Consolidated Statements of Cash Flows Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Trade accounts payable (20.7) 4.2 (16.5) 45.7 (4.2) 41.5 Other current and long-term liabilities (435.3) (1.0) (436.3) (33.5) 1.0 (32.5) Cash provided by operating activities of continuing operations 301.0 — 301.0 759.4 — 759.4 Consolidated Statements of Stockholders’ Equity Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 937.4 $ — $ 937.4 Net income 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Retained Earnings, Ending Period Balance $ 2,446.6 $ — $ 2,446.6 $ 2,254.6 $ 3.2 $ 2,257.8 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 2,636.1 $ — $ 2,636.1 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Total Equity Ending Period Balance $ 4,269.4 $ — $ 4,269.4 $ 4,006.2 $ 3.2 $ 4,009.4 A summary of the corrections to the impacted financial statement line items of the Company’s previously issued consolidated financial statements previously filed in unaudited Quarterly Reports on Form 10-Q for the period ended March 31, 2023 and the period ended June 30, 2023, and in Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the period ended September 30, 2023, are as follows: Consolidated Statements of Operations Three Months Ended March 31, 2023 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 324.9 $ 55.9 $ 380.8 Selling, general and administrative 340.5 (55.9) 284.6 Total operating expenses 795.1 — 795.1 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 365.5 $ 21.5 $ 387.0 $ 728.2 $ 39.6 $ 767.8 Selling, general and administrative 314.0 (21.5) 292.5 616.7 (39.6) 577.1 Total operating expenses 809.6 — 809.6 1,604.7 — 1,604.7 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 344.8 $ 24.0 $ 368.8 $ 1,073.2 $ 63.6 $ 1,136.8 Selling, general and administrative 314.8 (24.0) 290.8 931.3 (63.6) 867.7 Total operating expenses 1,205.0 — 1,205.0 2,809.6 — 2,809.6 Three Months Ended March 31, 2022 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 298.0 $ 35.4 $ 333.4 Selling, general and administrative 359.5 (34.8) 324.7 Total operating expenses 786.3 0.6 786.9 Operating income 135.0 (0.6) 134.4 Income from continuing operations before income taxes 76.7 (0.6) 76.1 Provision for income taxes (24.4) 0.2 (24.2) Income from continuing operations 52.3 (0.4) 51.9 Net income 52.0 (0.4) 51.6 Net income attributable to TransUnion 48.3 (0.4) 47.9 Income from continuing operations attributable to TransUnion 48.7 (0.4) 48.3 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 328.9 $ 16.7 $ 345.6 $ 650.0 $ 29.0 $ 679.0 Selling, general and administrative 306.3 (13.1) 293.2 642.7 (24.8) 617.9 Total operating expenses 765.8 3.6 769.4 1,552.1 4.2 1,556.3 Operating income 182.5 (3.6) 178.9 317.4 (4.2) 313.2 Income from continuing operations before income taxes 128.5 (3.6) 124.9 205.2 (4.2) 201.0 Provision for income taxes (29.2) 0.8 (28.4) (53.5) 1.0 (52.5) Income from continuing operations 99.3 (2.8) 96.5 151.7 (3.2) 148.5 Net income 99.6 (2.8) 96.8 151.6 (3.2) 148.4 Net income attributable to TransUnion 95.6 (2.8) 92.8 143.9 (3.2) 140.7 Income from continuing operations attributable to TransUnion 95.3 (2.8) 92.5 143.9 (3.2) 140.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.50 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 338.2 $ 13.4 $ 351.6 $ 988.2 $ 42.4 $ 1,030.6 Selling, general and administrative 301.0 (13.4) 287.6 943.6 (38.2) 905.5 Total operating expenses 768.8 — 768.8 2,320.8 4.2 2,325.0 Operating income 169.5 — 169.5 487.0 (4.2) 482.8 Income from continuing operations before income taxes 110.8 — 110.8 316.1 (4.2) 311.9 Provision for income taxes (30.6) — (30.6) (84.1) 1.0 (83.1) Income from continuing operations 80.3 — 80.3 232.0 (3.2) 228.8 Net income 82.7 — 82.7 234.3 (3.2) 231.1 Net income attributable to TransUnion 79.2 — 79.2 223.0 (3.2) 219.8 — Income from continuing operations attributable to TransUnion 76.8 — 76.8 220.7 (3.2) 217.5 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.15 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.16 $ (0.02) $ 1.14 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.14 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.15 $ (0.02) $ 1.14 Consolidated Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2022 As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 Comprehensive income 152.6 (0.4) 152.2 Comprehensive income attributable to TransUnion 148.9 (0.4) 148.5 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 99.6 $ (2.8) $ 96.8 $ 151.6 $ (3.2) $ 148.4 Comprehensive (loss) income (0.7) (2.8) (3.5) 152.0 (3.2) 148.8 Comprehensive (loss) income attributable to TransUnion (3.2) (2.8) (6.0) 145.8 (3.2) 142.6 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Comprehensive income 159.7 (3.2) 156.5 Comprehensive income attributable to TransUnion 151.2 (3.2) 148.0 Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 $ 151.6 $ (3.2) $ 148.4 Income from continuing operations 52.3 (0.4) 51.9 151.7 (3.2) 148.5 Trade accounts payable (10.3) 0.6 (9.7) 6.4 4.2 10.6 Other current and long-term liabilities (116.2) (0.2) (116.4) (461.4) (1.0) (462.4) Cash provided by (used in) operating activities of continuing operations 11.6 — 11.6 (115.4) — (115.4) Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Income from continuing operations 232.0 (3.2) 228.8 Trade accounts payable (20.4) 4.2 (16.2) Other current and long-term liabilities (448.8) (1.0) (449.8) Cash provided by operating activities of continuing operations 70.8 — 70.8 Consolidated Statements of Stockholders’ Equity Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 2,284.5 $ 2.8 $ 2,287.3 Net income 48.3 (0.4) 47.9 95.6 (2.8) 92.8 Retained Earnings, Ending Period Balance $ 2,284.5 $ 2.8 $ 2,287.3 $ 2,361.5 $ — $ 2,361.5 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 4,141.9 $ 2.8 $ 4,144.7 Net income 52.0 (0.4) 51.6 99.6 (2.8) 96.8 Total Equity Ending Period Balance $ 4,141.9 $ 2.8 $ 4,144.7 $ 4,138.9 $ — $ 4,138.9 |
Accounts Receivable, Allowance for Credit Loss | The following is a roll-forward of the allowance for doubtful accounts for the periods presented: Twelve months ended December 31, 2023 2022 2021 Beginning Balance $ 11.0 $ 10.7 $ 17.1 Provision for losses on trade accounts receivable 8.8 5.9 (2.6) Write-offs, net of recovered accounts (3.4) (5.6) (3.8) Ending balance $ 16.4 $ 11.0 $ 10.7 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below summarizes the final allocation of fair value of assets acquired and liabilities assumed as of April 8, 2022, the date of acquisition, inclusive of measurement period adjustments: April 8, 2022 Purchase price 1 : $ 505.7 Assets acquired: Cash and cash equivalents $ 4.1 Trade accounts receivable 26.0 Other current assets 3.3 Current assets of discontinued operations 16.5 Right of use lease assets 6.6 Property, plant and equipment 2.1 Goodwill 1,2 167.2 Other intangibles 1 195.0 Other assets 29.0 Other assets of discontinued operations 126.9 Total assets acquired $ 576.7 Liabilities assumed: Trade accounts payable $ 4.0 Other current liabilities 7.6 Current liabilities of discontinued operations 7.8 Deferred revenue 4.6 Lease liabilities 6.5 Deferred taxes 1 39.8 Other liabilities 0.1 Other liabilities of discontinued operations 0.6 Total liabilities assumed $ 71.0 Net assets acquired $ 505.7 1. Since the date of acquisition, we decreased the purchase price for VF by $2.3 million to reflect the final purchase price adjustments. Additionally, we recorded other measurement period adjustments that resulted in a decrease to other intangibles of $25.0 million, an increase to goodwill of $18.0 million, a decrease in deferred taxes of $4.9 million and other insignificant changes. 2. We estimate t hat $46.8 million of the goodwill, which originated from previous acquisitions of VF, is tax deductible. |
Business Acquisition, Pro Forma Information | (Unaudited) TransUnion and Neustar combined For the Year Ended December 31, Pro-forma revenue $ 3,493.2 Pro-forma net income from continuing operations attributable to TransUnion $ 247.6 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The activity reflected in the table below for the twelve months ended December 31, 2022, is related to the non-core businesses from the VF acquisition as well as an incremental gain on sale of discontinued operations, net of tax, related to our Healthcare business. The results reflected for the twelve months ended December 31, 2021, are exclusively attributed to the Healthcare business that we disposed of in December 2021. Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations for the twelve months ended December 31, 2022 and 2021, consisted of the following: Twelve Months Ended December 31, ` 2022 2021 Revenue $ 36.7 $ 184.8 Operating expenses Cost of services (exclusive of depreciation and amortization below) 11.7 65.6 Selling, general and administrative 14.9 39.1 Depreciation and amortization — 16.5 Total operating expenses 26.6 121.2 Operating income of discontinued operations 10.1 63.6 Non-operating income and (expense) (0.5) 1.9 Income before income taxes from discontinued operations 9.6 65.5 Provision for income taxes (0.1) (16.3) Gain on sale of discontinued operations, net of tax 8.0 982.5 Discontinued operations, net of tax $ 17.4 $ 1,031.7 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other current assets | Other current assets consisted of the following: December 31, December 31, Prepaid expenses $ 145.4 $ 145.1 Marketable securities (Note 20) 2.7 2.6 Other 127.8 115.0 Total other current assets $ 275.9 $ 262.7 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment, including those acquired by finance lease, consisted of the following: December 31, December 31, Computer equipment and furniture $ 615.8 $ 555.7 Purchased software 240.9 227.6 Building and building improvements 143.8 143.1 Land 3.2 3.2 Total cost of property, plant and equipment 1,003.7 929.6 Less: accumulated depreciation (804.4) (711.3) Total property, plant and equipment, net of accumulated depreciation $ 199.3 $ 218.2 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill [Abstract] | |
Changes in the carrying amount of goodwill | Goodwill allocated to our reportable segments as of December 31, 2023 and 2022, and the changes in the carrying amount of goodwill during the periods, consisted of the following: U.S. Markets International Consumer Total Balance, December 31, 2021 $ 3,454.6 $ 1,384.1 $ 687.0 $ 5,525.7 Acquisitions 167.5 — — 167.5 Purchase accounting measurement period adjustments (18.1) — (7.9) (26.0) Foreign exchange rate adjustment (1.3) (114.5) — (115.8) Balance, December 31, 2022 $ 3,602.7 $ 1,269.6 $ 679.1 $ 5,551.4 Purchase accounting measurement period adjustments (0.5) — — (0.5) Foreign exchange rate adjustment 0.5 38.5 — 39.0 Impairment — (414.0) — (414.0) Balance, December 31, 2023 $ 3,602.8 $ 894.1 $ 679.1 $ 5,176.0 The gross and net goodwill balances at each period were as follows: December 31, 2023 December 31, 2022 Gross Goodwill Accumulated Impairment Net Goodwill Gross Goodwill Accumulated Impairment Net Goodwill U.S Markets $ 3,602.8 $ — $ 3,602.8 $ 3,602.7 $ — $ 3,602.7 International 1,308.1 (414.0) 894.1 1,269.6 — 1,269.6 Consumer Interactive 679.1 — 679.1 679.1 — 679.1 Total $ 5,590.0 $ (414.0) $ 5,176.0 $ 5,551.4 $ — $ 5,551.4 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible assets | Intangible assets consisted of the following: December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 2,060.2 $ (451.6) $ 1,608.6 $ 2,048.6 $ (330.9) $ 1,717.7 Internal use software 2,204.5 (1,239.7) 964.8 1,959.8 (1,029.8) 930.0 Database and credit files 1,372.2 (829.2) 543.0 1,337.7 (725.6) 612.1 Trademarks, copyrights and patents 587.7 (188.8) 398.9 587.7 (173.2) 414.5 Noncompete and other agreements 10.5 (10.5) — 10.5 (9.1) 1.4 Total intangible assets $ 6,235.1 $ (2,719.8) $ 3,515.3 $ 5,944.1 $ (2,268.6) $ 3,675.5 Changes in the carrying amount of intangible assets between periods consisted of the following: Gross Accumulated Amortization Net Balance, December 31, 2022 $ 5,944.1 $ (2,268.6) $ 3,675.5 Developed internal use software 234.9 — 234.9 Amortization — (427.8) (427.8) Reclassified to assets-held-for-sale (1.1) 0.7 (0.4) Disposals and retirements (0.3) — (0.3) Foreign exchange rate adjustment 57.5 (24.2) 33.3 Balance, December 31, 2023 $ 6,235.1 $ (2,719.8) $ 3,515.3 |
Estimated future amortization expense related to purchased intangible | Estimated future amortization expense related to intangible assets at December 31, 2023 is as follows: Annual 2024 $ 443.1 2025 420.8 2026 395.2 2027 332.2 2028 272.0 Thereafter 1,652.0 Total future amortization expense $ 3,515.3 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other assets | Other assets December 31, December 31, Investments in affiliated companies (Note 9) $ 291.4 $ 265.9 Right-of-use lease assets (Note 14) 98.9 127.4 Interest rate swaps (Notes 13 and 20) 162.3 237.7 Note receivable (Note 3 and 20) 82.0 70.3 Deferred income tax asset (Note 18) 11.1 8.2 Other 93.7 61.5 Total other assets $ 739.4 $ 771.0 |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments in Affiliated Companies [Abstract] | |
Investments in and Advances to Affiliates | Investments in affiliated companies consisted of the following: December 31, December 31, Cost Method Investments $ 233.8 $ 213.1 Equity method investments 53.9 49.8 Limited partnership investment 3.7 3.0 Total investments in affiliated companies (Note 8) $ 291.4 $ 265.9 |
Schedule Of Equity Investments Income Statement Information | Earnings from equity method investments, which are included in other non-operating income and expense, and dividends received from equity method investments consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Earnings from equity method investments (Note 21) $ 16.3 $ 13.0 $ 12.0 Dividends received from equity method investments 18.8 11.6 11.0 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | Other current liabilities December 31, December 31, Accrued payroll and employee benefits $ 216.2 $ 208.5 Accrued legal and regulatory matters (Note 23) 147.8 125.0 Deferred revenue (Note 16) 125.1 111.9 Accrued restructuring (Note 11) 64.9 — Operating lease liabilities (Note 14) 26.2 33.7 Income taxes payable (Note 18) 10.2 8.0 Other 71.5 53.5 Total other current liabilities $ 661.8 $ 540.5 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of restructuring expenses | The following table summarizes the expenses recorded to date. Twelve Months Ended December 31, 2023 Employee separation $ 71.9 Facility exit 1 3.4 Total restructuring expenses $ 75.3 1. Consists of impairments of lease right-of-use (“ROU”) assets. |
Schedule of changes in accrued restructuring | The following table summarizes the changes in the accrued restructuring reserve during the period, which is included in other current liabilities on the Consolidated Balance Sheets. Employee Separation Costs Balance, December 31, 2022 $ — Restructuring expense 71.9 Cash payments (7.2) Foreign exchange rate adjustment 0.2 Balance, December 31, 2023 (Note 10) $ 64.9 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities, Noncurrent [Abstract] | |
Other Noncurrent Liabilities | Other liabilities December 31, December 31, Operating lease liabilities (Note 14) $ 81.8 $ 102.0 Unrecognized tax benefits, net of indirect tax effects (Note 18) 40.2 40.1 Deferred revenue (Note 16) 15.1 5.3 Put option (Note 20) — 10.0 Other 16.1 16.5 Total other liabilities $ 153.2 $ 173.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt outstanding | Debt outstanding consisted of the following: December 31, December 31, Senior Secured Term Loan B-6, payable in quarterly installments through December 1, 2028, with periodic variable interest (7.72% 1 at December 31, 2023, and 6.63% 2 at December 31, 2022), net of original issue discount and deferred financing fees of $3.5 million and $20.0 million, respectively, at December 31, 2023, and original issue discount and deferred financing fees of $5.3 million and $29.9 million, respectively, at December 31, 2022 $ 1,864.8 $ 2,433.7 Senior Secured Term Loan B-5, payable in quarterly installments through November 15, 2026, with periodic variable interest (7.21% 1 at December 31, 2023, and 6.13% 2 at December 31, 2022), net of original issue discount and deferred financing fees of $1.9 million and $4.6 million, respectively, at December 31, 2023, and original issue discount and deferred financing fees of $2.5 million and $6.2 million, respectively, at December 31, 2022 2,179.4 2,203.3 Senior Secured Term Loan A-4, payable in quarterly installments through October 27, 2028, with periodic variable interest (6.96% 1 at December 31, 2023), net of original issue discount and deferred financing fees of $0.4 million and $3.4 million, respectively, at December 31, 2023 1,296.1 — Senior Secured Term Loan A-3, refinanced in 2023 with A-4 loans, with periodic variable interest (6.13% 2 at December 31, 2022) and original issue discount and deferred financing fees of $1.3 million and $0.8 million, respectively, at December 31, 2022 — 1,033.0 Finance leases 0.1 0.1 Senior Secured Revolving Credit Facility — — Total debt 5,340.4 5,670.1 Less: short-term debt and current portion of long-term debt (89.6) (114.6) Total long-term debt $ 5,250.8 $ 5,555.5 1. Periodic variable interest at Term SOFR, plus a credit spread adjustment, or alternate base rate, plus applicable margin as of December 31, 2023. 2. Periodic variable interest at LIBOR or alternate base rate, plus applicable margin as of December 31, 2022. |
Schedule of maturities of long-term debt | Excluding any potential additional principal payments which may become due on the Senior Secured Credit Facility based on excess cash flows of the prior year, scheduled future maturities of total debt at December 31, 2023, were as follows: December 31, 2024 $ 89.6 2025 89.5 2026 2,230.0 2027 96.0 2028 2,869.0 Thereafter — Unamortized original issue discounts and deferred financing fees (33.7) Total debt $ 5,340.4 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Future Fixed Payments for non-cancelable operating leases and finance leases [Table Text Block] | Future fixed payments for non-cancelable operating leases in effect as of December 31, 2023 are payable as follows: Operating Leases 2024 $ 30.4 2025 21.1 2026 17.0 2027 13.9 2028 9.0 Thereafter 31.2 Total operating lease payments 122.6 Less imputed interest (14.3) Totals $ 108.3 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted weighted average shares outstanding and earnings per share were as follows: Twelve Months Ended December 31, 2023 2022 2021 (Loss) income from continuing operations $ (190.1) $ 264.1 $ 373.7 Less: income from continuing operations attributable to noncontrolling interests (15.4) (15.2) (15.0) (Loss) income from continuing operations attributable to TransUnion $ (205.4) $ 248.9 $ 358.7 Discontinued operations, net of tax (0.7) 17.4 1,031.7 Net (loss) income attributable to TransUnion $ (206.2) $ 266.3 $ 1,390.3 Basic (loss) earnings per common share 1 from: (Loss) income from continuing operations attributable to TransUnion $ (1.06) $ 1.29 $ 1.87 Discontinued operations, net of tax — 0.09 5.39 Net (loss) income attributable to TransUnion $ (1.07) $ 1.38 $ 7.26 Diluted (loss) earnings per common share 1 from: (Loss) income from continuing operations attributable to TransUnion $ (1.06) $ 1.29 $ 1.86 Discontinued operations, net of tax — 0.09 5.35 Net (loss) income attributable to TransUnion $ (1.07) $ 1.38 $ 7.20 Weighted-average shares outstanding: Basic 193.4 192.5 191.4 Dilutive impact of stock based awards — 0.7 1.6 Diluted 193.4 193.1 193.0 1. For each period presented above, each component of (loss) earnings per share is calculated independently, therefore, rounding differences may exist in the table above. |
Income Taxes (Tables)
Income Taxes (Tables) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Federal Current $ 100.0 $ 101.8 $ 62.9 Deferred (102.1) (55.9) (9.3) State Current 11.1 28.7 18.9 Deferred (28.3) (14.6) — Foreign Current 96.3 77.3 67.3 Deferred (32.3) (18.4) (7.9) Provision for income taxes $ 44.7 $ 118.9 $ 131.9 | ||
Components of net deferred income tax | Components of net deferred income tax consisted of the following: December 31, 2023 December 31, 2022 Deferred income tax assets: Compensation $ 21.7 $ 19.5 Employee benefits 38.4 25.5 Legal reserves and settlements 11.0 10.7 Loss and tax credit carryforwards 228.0 179.2 Leases 26.9 38.4 Section 174 R&D Expense 58.1 37.7 Other 36.3 36.7 Gross deferred income tax assets $ 420.4 $ 347.7 Valuation allowance (104.7) (98.9) Total deferred income tax assets, net $ 315.7 $ 248.8 Deferred income tax liabilities: Depreciation and amortization (789.8) (874.9) Right of use asset (25.1) (36.0) Taxes on unremitted foreign earnings (24.0) (14.6) Investment in affiliated companies (7.6) (7.3) Hedge investments (40.6) (59.3) Other (10.4) (10.5) Total deferred income tax liability (897.5) (1,002.6) Net deferred income tax liability $ (581.8) $ (753.8) | ||
Reconciliation of the U.S. federal statutory tax rate to our effective tax rate | The effective income tax rate reconciliation consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Income taxes at statutory rate $ (30.5) 21.0 % $ 80.4 21.0 % $ 106.2 21.0 % Increase (decrease) resulting from: State taxes, net of federal benefit (21.9) 15.1 % 8.0 2.1 % 15.6 3.1 % Foreign rate differential (22.5) 15.5 % (4.6) (1.2) % (6.8) (1.3) % Excess tax benefits on stock-based compensation 3.0 (2.0) % (5.0) (1.3) % (10.8) (2.2) % Foreign tax law changes — — % (0.1) — % 22.7 4.5 % Uncertain tax positions 7.5 (5.2) % 5.7 1.5 % 4.6 0.9 % Valuation allowances 3.1 (2.1) % 18.3 4.7 % (5.0) (1.0) % Foreign withholding taxes 13.0 (8.9) % 9.6 2.5 % 6.5 1.3 % U.S. Federal tax on foreign earnings 0.2 (0.1) % (1.4) (0.4) % (15.1) (3.0) % U.S. Federal R&D tax credit (8.6) 5.9 % (9.7) (2.5) % (6.4) (1.3) % Nondeductible expenses 6.8 (4.7) % 14.0 3.6 % 20.0 4.0 % Nondeductible goodwill impairment 97.3 (67.0) % — — % — — % Other (2.7) 1.7 % 3.7 1.0 % 0.4 0.1 % Total $ 44.7 (30.8) % $ 118.9 31.0 % $ 131.9 26.1 % | ||
Summary of components of income (loss) from continuing operations before income taxes | The components of income before income taxes consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Domestic $ (40.6) $ 151.5 $ 322.5 Foreign (104.7) 231.5 183.1 (Loss) income from continuing operations before income taxes $ (145.3) $ 383.0 $ 505.6 | ||
Total amount of unrecognized tax benefits | The total amount of gross unrecognized tax benefits consisted of the following: December 31, 2023 December 31, 2022 December 31, 2021 Balance as of beginning of period $ 45.1 $ 45.8 $ 36.9 Increase (decrease) in tax positions due to acquisition — (0.1) 5.3 Increase in tax positions of prior years 2.2 0.3 5.6 Decrease in tax positions of prior years (3.4) (3.7) (4.5) Increase in tax positions of current year 3.0 3.2 2.8 Reductions relating to settlement and lapse of statute (1.9) (0.4) (0.4) Balance as of end of period $ 45.0 $ 45.1 $ 45.8 | ||
Current State and Local Tax Expense (Benefit) | $ 11.1 | $ 28.7 | $ 18.9 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic Value of Options Exercised and Fair Value of Options vested | The intrinsic value of options exercised and the fair value of options vested for the periods presented are as follows: Twelve Months Ended December 31, 2023 2022 2021 Intrinsic value of options exercised $ 3.9 $ 10.9 $ 31.4 Total fair value of options vested $ 0.3 $ 0.6 $ 1.7 |
2012 Management Equity Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock option activity as of December 31, 2023 and 2022 and for the year ended December 31, 2023 consisted of the following: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2022 102,298 $ 10.71 1.3 $ 4.7 Granted — — Exercised (74,334) 8.77 Forfeited — — Expired — — Outstanding as of December 31, 2023 27,964 $ 15.88 1.3 $ 1.5 Expected to vest as of December 31, 2023 — $ — 0.0 $ — Exercisable as of December 31, 2023 27,964 $ 15.88 1.3 $ 1.5 |
2015 Management Equity Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Restricted stock unit activity as of December 31, 2023 and 2022 and for the year ended December 31, 2023 consisted of the following: Shares Weighted Weighted Aggregate Outstanding as of December 31, 2022 2,320,711 $ 94.73 1.3 $ 131.7 Granted 2,162,731 76.56 Vested (766,282) 93.60 Forfeited (310,457) 82.32 Outstanding as of December 31, 2023 3,406,703 $ 84.59 1.5 $ 234.1 Expected to vest as of December 31, 2023 3,308,803 $ 84.82 1.5 $ 227.3 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Financial instruments measured at fair value, on a recurring basis | The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2023: Total Level 1 Level 2 Level 3 Assets Interest rate swaps (Note 8 and 13) $ 162.3 $ — $ 162.3 $ — Note receivable (Note 2 and 8) 82.0 — 82.0 — Available-for-sale debt securities (Note 4) 2.7 — 2.7 — Total $ 247.0 $ — $ 247.0 $ — | The following table summarizes financial instruments measured at fair value, on a recurring basis, as of December 31, 2022: Total Level 1 Level 2 Level 3 Assets Interest rate swaps (Note 8 and 13) $ 237.7 $ — $ 237.7 $ — Note receivable (Note 2 and 8) 70.3 — 70.3 — Available-for-sale debt securities (Note 4) 2.6 — 2.6 — Total $ 310.6 $ — $ 310.6 $ — Liabilities Put option on Cost Method Investment (Note 12) 10.0 — — 10.0 Total $ 10.0 $ — $ — $ 10.0 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Selected segment financial information and disaggregated revenue consisted of the following: Twelve Months Ended December 31, 2023 2022 2021 Gross Revenue: U.S. Markets: Financial Services $ 1,280.3 $ 1,255.1 $ 1,090.0 Emerging Verticals 1,223.9 1,192.1 701.0 Total U.S. Markets 2,504.2 2,447.3 1,791.0 International: Canada 139.5 128.2 126.9 Latin America 120.6 112.9 103.2 United Kingdom 197.2 203.0 216.5 Africa 60.6 61.7 59.5 India 218.8 174.2 133.1 Asia Pacific 88.6 75.9 62.7 Total International 825.3 755.9 701.9 Total Consumer Interactive 579.7 585.3 545.8 Total revenue, gross $ 3,909.3 $ 3,788.4 $ 3,038.7 Intersegment revenue eliminations: U.S. Markets $ (71.7) $ (71.5) $ (70.5) International (5.7) (6.0) (5.9) Consumer Interactive (0.6) (1.1) (2.0) Total intersegment eliminations (78.1) (78.6) (78.4) Total revenue as reported $ 3,831.2 $ 3,709.9 $ 2,960.2 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | A reconciliation of Segment Adjusted EBITDA to (loss) income from continuing operations before income taxes for the periods presented is as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets Adjusted EBITDA $ 846.8 $ 869.0 $ 717.2 International Adjusted EBITDA 361.5 329.3 300.1 Consumer Interactive Adjusted EBITDA 278.2 282.3 263.1 Total $ 1,486.5 $ 1,480.7 $ 1,280.4 Adjustments to reconcile to (loss) income from continuing operations before income taxes: Depreciation and amortization (524.4) (519.0) (377.0) Goodwill impairment (414.0) — — Net interest expense (267.5) (226.2) (109.2) Corporate expenses 1 (142.8) (135.7) (121.9) Stock-based compensation (100.6) (81.1) (70.1) Operating model optimization program 2 (77.6) — — Accelerated technology investment 3 (70.6) (54.0) (39.7) Mergers and acquisitions, divestitures and business 4 (34.6) (50.7) (52.6) Net other 5 (15.2) (46.1) (19.4) Net income attributable to non-controlling interests 15.4 15.2 15.0 Total adjustments $ (1,631.8) $ (1,097.7) $ (774.8) (Loss) income from continuing operations before income taxes $ (145.3) $ 383.0 $ 505.6 1. Certain costs that are not directly attributable to one or more of the segments remain in Corporate. These costs are typically enterprise-level costs and are primarily administrative in nature. 2. Consists of restructuring expenses as presented on our Consolidated Statements of Operations and other business process optimization expenses. 3. Accelerated technology investment represents expenses incurred in connection with the transformation of our technology infrastructure. The accelerated technology investment for the twelve months ended December 31, 2022 and 2021 includes the impact of an immaterial error related to an over accrual of expenses discussed in Note 1, “Significant Accounting and Reporting Policies.” 4. Mergers and acquisitions, divestitures and business optimization expenses consist of costs associated with exploratory or executed strategic transactions. 5. Net other expenses consist primarily of other non-operating income and expenses, primarily comprised of deferred loan fee expense from debt prepayments and refinancing, currency remeasurement on foreign operations, and other debt financing expenses, as well as certain legal and regulatory expenses. |
Other income and expense, net, included earnings (losses) from equity method investments | Earnings from equity method investments included in non-operating income and expense was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 0.6 $ 1.0 $ 2.4 International 15.7 12.0 9.6 Total $ 16.3 $ 13.0 $ 12.0 |
Reconciliation of Assets from Segment to Consolidated | Total assets by segment consisted of the following: December 31, 2023 December 31, 2022 U.S. Markets $ 7,071.1 $ 7,180.9 International 2,368.6 2,675.7 Consumer Interactive 1,222.3 1,202.9 Total segment assets $ 10,662.0 $ 11,059.5 Corporate 443.2 606.8 Total assets $ 11,105.1 $ 11,666.3 |
Cash paid for capital expenditures, by segment | Cash paid for capital expenditures by segment was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 203.7 $ 181.0 $ 145.3 International 87.3 97.5 65.1 Consumer Interactive 18.5 17.7 11.8 Corporate 1.3 2.0 2.0 Total $ 310.7 $ 298.2 $ 224.2 |
Depreciation and amortization expense of continuing operations, by segment | Depreciation and amortization expense by segment was as follows: Twelve Months Ended December 31, 2023 2022 2021 U.S. Markets $ 359.0 $ 352.5 $ 222.0 International 126.4 126.9 132.4 Consumer Interactive 34.6 34.8 16.8 Corporate 4.4 4.9 5.7 Total $ 524.4 $ 519.0 $ 377.0 |
Revenue based on the country | Percentage of revenue based on where it was earned was as follows: Twelve Months Ended December 31, 2023 2022 2021 Domestic 79 % 80 % 76 % International 21 % 20 % 24 % |
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset | Percentage of long-lived assets, other than intangibles, financial assets, and deferred tax assets, based on the location of the legal entity that owns the asset, was as follows: As of December 31, 2023 2022 Domestic 75 % 78 % International 25 % 22 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments [Abstract] | |
Summary of future minimum payments for noncancelable operating leases, purchase obligations and other liabilities | Future minimum payments for noncancelable operating leases, purchase obligations, and other liabilities in effect as of December 31, 2023 are payable as follows: Operating Purchase Total 2024 $ 30.4 $ 209.0 $ 239.4 2025 21.1 100.9 122.0 2026 17.0 51.7 68.7 2027 13.9 31.5 45.4 2028 9.0 12.3 21.3 Thereafter 31.2 0.3 31.5 Less imputed interest (14.3) — (14.3) Totals $ 108.3 $ 405.7 $ 514.0 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Component accumulated other comprehensive income (loss) | The following table sets forth the changes in each component of accumulated other comprehensive loss, net of tax: Foreign Currency Net Unrealized (Loss)/Gain On Hedges Net Unrealized Accumulated Other Balance, December 31, 2020 $ (205.4) $ (67.1) $ 0.4 $ (272.1) Change (63.8) 50.5 — (13.3) Balance, December 31, 2021 $ (269.2) $ (16.6) $ 0.4 $ (285.4) Change (194.3) 195.2 (0.2) 0.9 Balance, December 31, 2022 $ (463.5) $ 178.6 $ 0.2 $ (284.5) Change 80.2 (56.6) — 23.6 Balance, December 31, 2023 $ (383.4) $ 122.0 $ 0.2 $ (260.9) |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Three Months Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Revenue $ 954.3 $ 968.7 $ 968.0 $ 940.3 Operating income (loss) 61.3 (236.3) 158.4 145.2 Income (loss) from continuing operations 9.5 (313.9) 57.3 57.0 Net income (loss) 9.5 (314.4) 57.2 56.9 Net income (loss) attributable to TransUnion 6.1 (318.8) 53.9 52.6 Income (loss) from continuing operations attributable to TransUnion 6.0 (318.3) 54.1 52.7 Basic earnings (loss) per common share from: Income (loss) from continuing operations attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Net income (loss) attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Diluted earnings (loss) per common share from: Income (loss) from continuing operations attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Net income (loss) attributable to TransUnion $ 0.03 $ (1.65) $ 0.28 $ 0.27 Three Months Ended December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Revenue $ 902.1 $ 938.2 $ 948.3 $ 921.3 Operating income 143.5 169.5 178.9 134.4 Income from continuing operations 35.3 80.3 96.5 51.9 Net income 50.4 82.7 96.8 51.6 Net income attributable to TransUnion 46.4 79.2 92.8 47.9 Income from continuing operations attributable to TransUnion 31.4 76.8 92.5 48.3 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.16 $ 0.40 $ 0.48 $ 0.25 Net Income attributable to TransUnion $ 0.24 $ 0.41 $ 0.48 $ 0.25 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.16 $ 0.40 $ 0.48 $ 0.25 Net Income attributable to TransUnion $ 0.24 $ 0.41 $ 0.48 $ 0.25 |
Schedule of Corrections to Financial Statements | The impact of the revisions is presented below. Consolidated Statements of Operations Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 1,222.9 $ 162.2 $ 1,385.1 $ 991.6 $ 30.7 $ 1,022.3 Selling, general and administrative 1,337.4 (158.0) 1,179.4 943.9 (34.9) 909.0 Total operating expenses 3,079.3 4.2 3,083.5 2,312.5 (4.2) 2,308.3 Operating income 630.5 (4.2) 626.3 647.7 4.2 651.9 Income from continuing operations before income taxes 387.2 (4.2) 383.0 501.4 4.2 505.6 Provision for income taxes (119.9) 1.0 (118.9) (130.9) (1.0) (131.9) Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Net income attributable to TransUnion 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Income from continuing operations attributable to TransUnion 252.1 (3.2) 248.9 355.5 3.2 358.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.86 $ 0.02 $ 1.87 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.25 $ 0.02 $ 7.26 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 1.31 $ (0.02) $ 1.29 $ 1.84 $ 0.02 $ 1.86 Net income attributable to TransUnion $ 1.40 $ (0.02) $ 1.38 $ 7.19 $ 0.02 $ 7.20 Consolidated Statements of Comprehensive Income (Loss) Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Comprehensive income 283.3 (3.2) 280.1 1,386.6 3.2 1,389.8 Comprehensive income attributable to TransUnion 270.4 (3.2) 267.2 1,373.9 3.2 1,377.1 Consolidated Statements of Cash Flows Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 284.7 $ (3.2) $ 281.5 $ 1,402.2 $ 3.2 $ 1,405.4 Income from continuing operations 267.3 (3.2) 264.1 370.5 3.2 373.7 Trade accounts payable (20.7) 4.2 (16.5) 45.7 (4.2) 41.5 Other current and long-term liabilities (435.3) (1.0) (436.3) (33.5) 1.0 (32.5) Cash provided by operating activities of continuing operations 301.0 — 301.0 759.4 — 759.4 Consolidated Statements of Stockholders’ Equity Twelve Months Ended December 31, 2022 Twelve Months Ended December 31, 2021 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 937.4 $ — $ 937.4 Net income 269.5 (3.2) 266.3 1,387.1 3.2 1,390.3 Retained Earnings, Ending Period Balance $ 2,446.6 $ — $ 2,446.6 $ 2,254.6 $ 3.2 $ 2,257.8 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 2,636.1 $ — $ 2,636.1 Net income 284.7 (3.2) 281.5 1,402.2 3.2 1,405.4 Total Equity Ending Period Balance $ 4,269.4 $ — $ 4,269.4 $ 4,006.2 $ 3.2 $ 4,009.4 A summary of the corrections to the impacted financial statement line items of the Company’s previously issued consolidated financial statements previously filed in unaudited Quarterly Reports on Form 10-Q for the period ended March 31, 2023 and the period ended June 30, 2023, and in Amendment No. 1 to the Quarterly Report on Form 10-Q/A for the period ended September 30, 2023, are as follows: Consolidated Statements of Operations Three Months Ended March 31, 2023 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 324.9 $ 55.9 $ 380.8 Selling, general and administrative 340.5 (55.9) 284.6 Total operating expenses 795.1 — 795.1 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 365.5 $ 21.5 $ 387.0 $ 728.2 $ 39.6 $ 767.8 Selling, general and administrative 314.0 (21.5) 292.5 616.7 (39.6) 577.1 Total operating expenses 809.6 — 809.6 1,604.7 — 1,604.7 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 344.8 $ 24.0 $ 368.8 $ 1,073.2 $ 63.6 $ 1,136.8 Selling, general and administrative 314.8 (24.0) 290.8 931.3 (63.6) 867.7 Total operating expenses 1,205.0 — 1,205.0 2,809.6 — 2,809.6 Three Months Ended March 31, 2022 As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 298.0 $ 35.4 $ 333.4 Selling, general and administrative 359.5 (34.8) 324.7 Total operating expenses 786.3 0.6 786.9 Operating income 135.0 (0.6) 134.4 Income from continuing operations before income taxes 76.7 (0.6) 76.1 Provision for income taxes (24.4) 0.2 (24.2) Income from continuing operations 52.3 (0.4) 51.9 Net income 52.0 (0.4) 51.6 Net income attributable to TransUnion 48.3 (0.4) 47.9 Income from continuing operations attributable to TransUnion 48.7 (0.4) 48.3 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.25 $ — $ 0.25 Net income attributable to TransUnion $ 0.25 $ — $ 0.25 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 328.9 $ 16.7 $ 345.6 $ 650.0 $ 29.0 $ 679.0 Selling, general and administrative 306.3 (13.1) 293.2 642.7 (24.8) 617.9 Total operating expenses 765.8 3.6 769.4 1,552.1 4.2 1,556.3 Operating income 182.5 (3.6) 178.9 317.4 (4.2) 313.2 Income from continuing operations before income taxes 128.5 (3.6) 124.9 205.2 (4.2) 201.0 Provision for income taxes (29.2) 0.8 (28.4) (53.5) 1.0 (52.5) Income from continuing operations 99.3 (2.8) 96.5 151.7 (3.2) 148.5 Net income 99.6 (2.8) 96.8 151.6 (3.2) 148.4 Net income attributable to TransUnion 95.6 (2.8) 92.8 143.9 (3.2) 140.7 Income from continuing operations attributable to TransUnion 95.3 (2.8) 92.5 143.9 (3.2) 140.7 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.50 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Net income attributable to TransUnion $ 0.49 $ (0.01) $ 0.48 $ 0.75 $ (0.02) $ 0.73 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Cost of services (exclusive of depreciation and amortization) $ 338.2 $ 13.4 $ 351.6 $ 988.2 $ 42.4 $ 1,030.6 Selling, general and administrative 301.0 (13.4) 287.6 943.6 (38.2) 905.5 Total operating expenses 768.8 — 768.8 2,320.8 4.2 2,325.0 Operating income 169.5 — 169.5 487.0 (4.2) 482.8 Income from continuing operations before income taxes 110.8 — 110.8 316.1 (4.2) 311.9 Provision for income taxes (30.6) — (30.6) (84.1) 1.0 (83.1) Income from continuing operations 80.3 — 80.3 232.0 (3.2) 228.8 Net income 82.7 — 82.7 234.3 (3.2) 231.1 Net income attributable to TransUnion 79.2 — 79.2 223.0 (3.2) 219.8 — Income from continuing operations attributable to TransUnion 76.8 — 76.8 220.7 (3.2) 217.5 Basic earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.15 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.16 $ (0.02) $ 1.14 Diluted earnings per common share from: Income from continuing operations attributable to TransUnion $ 0.40 $ — $ 0.40 $ 1.14 $ (0.02) $ 1.13 Net income attributable to TransUnion $ 0.41 $ — $ 0.41 $ 1.15 $ (0.02) $ 1.14 Consolidated Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2022 As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 Comprehensive income 152.6 (0.4) 152.2 Comprehensive income attributable to TransUnion 148.9 (0.4) 148.5 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 99.6 $ (2.8) $ 96.8 $ 151.6 $ (3.2) $ 148.4 Comprehensive (loss) income (0.7) (2.8) (3.5) 152.0 (3.2) 148.8 Comprehensive (loss) income attributable to TransUnion (3.2) (2.8) (6.0) 145.8 (3.2) 142.6 Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Comprehensive income 159.7 (3.2) 156.5 Comprehensive income attributable to TransUnion 151.2 (3.2) 148.0 Consolidated Statements of Cash Flows Three Months Ended March 31, 2022 Six Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Net income $ 52.0 $ (0.4) $ 51.6 $ 151.6 $ (3.2) $ 148.4 Income from continuing operations 52.3 (0.4) 51.9 151.7 (3.2) 148.5 Trade accounts payable (10.3) 0.6 (9.7) 6.4 4.2 10.6 Other current and long-term liabilities (116.2) (0.2) (116.4) (461.4) (1.0) (462.4) Cash provided by (used in) operating activities of continuing operations 11.6 — 11.6 (115.4) — (115.4) Nine Months Ended September 30, 2022 As Reported Adjustment As Revised Net income $ 234.3 $ (3.2) $ 231.1 Income from continuing operations 232.0 (3.2) 228.8 Trade accounts payable (20.4) 4.2 (16.2) Other current and long-term liabilities (448.8) (1.0) (449.8) Cash provided by operating activities of continuing operations 70.8 — 70.8 Consolidated Statements of Stockholders’ Equity Three Months Ended March 31, 2022 Three Months Ended June 30, 2022 As Reported Adjustment As Revised As Reported Adjustment As Revised Retained Earnings, Beginning Period Balance $ 2,254.6 $ 3.2 $ 2,257.8 $ 2,284.5 $ 2.8 $ 2,287.3 Net income 48.3 (0.4) 47.9 95.6 (2.8) 92.8 Retained Earnings, Ending Period Balance $ 2,284.5 $ 2.8 $ 2,287.3 $ 2,361.5 $ — $ 2,361.5 Total Equity Beginning Period Balance $ 4,006.2 $ 3.2 $ 4,009.4 $ 4,141.9 $ 2.8 $ 4,144.7 Net income 52.0 (0.4) 51.6 99.6 (2.8) 96.8 Total Equity Ending Period Balance $ 4,141.9 $ 2.8 $ 4,144.7 $ 4,138.9 $ — $ 4,138.9 |
Significant Accounting and Re_4
Significant Accounting and Reporting Policies (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) performance_obligation segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Cash paid for interest | $ 281.2 | $ 221.1 | $ 109.1 |
Number of Operating Segments | segment | 3 | ||
Number of Types of Performance Obligations | performance_obligation | 2 | ||
Advertising costs | $ 64.2 | 87.7 | 92.9 |
Contract acquisition costs amortization period | 5 years | ||
Contract acquisition costs capitalized | $ 39.9 | 20.2 | |
Impairment of intangible assets, finite-lived | 0 | 0 | 0 |
Debt Securities, Available-for-Sale, Gain (Loss) | 0 | 0 | |
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 |
Expenses related to defined contribution profit sharing plan | $ 34.7 | 32.9 | $ 34.5 |
As Reported | |||
Significant Accounting Policies [Line Items] | |||
Cash paid for interest | 312.3 | ||
Adjustment | |||
Significant Accounting Policies [Line Items] | |||
Cash paid for interest | $ 91.2 | ||
Building and Building Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of the asset | 20 years | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Minimum [Member] | Internal Use Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 3 years | ||
Minimum [Member] | Computer Equipment and Purchased Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of the asset | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 40 years | ||
Maximum [Member] | Internal Use Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life | 10 years | ||
Maximum [Member] | Computer Equipment and Purchased Software [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of the asset | 7 years | ||
Stand Ready Performance Obligations [Member] | |||
Significant Accounting Policies [Line Items] | |||
Revenue, Performance Obligation, Description of Good or Service | Stand Ready Performance Obligations | ||
Other Performance Obligations [Member] | |||
Significant Accounting Policies [Line Items] | |||
Revenue, Performance Obligation, Description of Good or Service | Other Performance Obligations |
Significant Accounting and Re_5
Significant Accounting and Reporting Policies - Impact of the Revision on the Consolidated Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | $ 368.8 | $ 387 | $ 380.8 | $ 351.6 | $ 345.6 | $ 333.4 | $ 767.8 | $ 679 | $ 1,136.8 | $ 1,030.6 | $ 1,517.3 | $ 1,385.1 | $ 1,022.3 | ||
Selling, general and administrative | 290.8 | 292.5 | 284.6 | 287.6 | 293.2 | 324.7 | 577.1 | 617.9 | 867.7 | 905.5 | 1,171.6 | 1,179.4 | 909 | ||
Total operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 769.4 | 786.9 | 1,604.7 | 1,556.3 | 2,809.6 | 2,325 | 3,702.7 | 3,083.5 | 2,308.3 | ||
Operating income | $ 61.3 | (236.3) | 158.4 | 145.2 | $ 143.5 | 169.5 | 178.9 | 134.4 | 313.2 | 482.8 | 128.5 | 626.3 | 651.9 | ||
Income from continuing operations before income taxes | 110.8 | 124.9 | 76.1 | 201 | 311.9 | (145.3) | 383 | 505.6 | |||||||
Provision for income taxes | (30.6) | (28.4) | (24.2) | (52.5) | (83.1) | (44.7) | (118.9) | (131.9) | |||||||
Income from continuing operations | 9.5 | (313.9) | 57.3 | 57 | 35.3 | 80.3 | 96.5 | 51.9 | 148.5 | 228.8 | (190.1) | 264.1 | 373.7 | ||
Net income | 9.5 | (314.4) | 57.2 | 56.9 | 50.4 | 82.7 | 96.8 | 51.6 | 148.4 | 231.1 | (190.8) | 281.5 | 1,405.4 | ||
Net income attributable to TransUnion | 6.1 | (318.8) | 53.9 | 52.6 | 46.4 | 79.2 | 92.8 | 47.9 | 140.7 | 219.8 | (206.2) | 266.3 | 1,390.3 | ||
Income from continuing operations attributable to TransUnion | $ 6 | $ (318.3) | $ 54.1 | $ 52.7 | $ 31.4 | $ 76.8 | $ 92.5 | $ 48.3 | $ 140.7 | $ 217.5 | $ (205.4) | $ 248.9 | $ 358.7 | ||
Basic (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.16 | $ 0.40 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.13 | $ (1.06) | $ 1.29 | $ 1.87 | ||
Net income attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.24 | 0.41 | 0.48 | 0.25 | 0.73 | 1.14 | (1.07) | 1.38 | 7.26 | ||
Diluted (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.16 | 0.40 | 0.48 | 0.25 | 0.73 | 1.13 | (1.06) | 1.29 | 1.86 | ||
Net income attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.14 | $ (1.07) | $ 1.38 | $ 7.20 | ||
As Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | $ 344.8 | $ 365.5 | $ 324.9 | $ 338.2 | $ 328.9 | $ 298 | 728.2 | $ 650 | 1,073.2 | $ 988.2 | $ 1,222.9 | $ 991.6 | |||
Selling, general and administrative | 314.8 | 314 | 340.5 | 301 | 306.3 | 359.5 | 616.7 | 642.7 | 931.3 | 943.6 | 1,337.4 | 943.9 | |||
Total operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 765.8 | 786.3 | 1,604.7 | 1,552.1 | 2,809.6 | 2,320.8 | 3,079.3 | 2,312.5 | |||
Operating income | 169.5 | 182.5 | 135 | 317.4 | 487 | 630.5 | 647.7 | ||||||||
Income from continuing operations before income taxes | 110.8 | 128.5 | 76.7 | 205.2 | 316.1 | 387.2 | 501.4 | ||||||||
Provision for income taxes | (30.6) | (29.2) | (24.4) | (53.5) | (84.1) | (119.9) | (130.9) | ||||||||
Income from continuing operations | 80.3 | 99.3 | 52.3 | 151.7 | 232 | 267.3 | 370.5 | ||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||||
Net income attributable to TransUnion | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | ||||||||
Income from continuing operations attributable to TransUnion | $ 76.8 | $ 95.3 | $ 48.7 | $ 143.9 | $ 220.7 | $ 252.1 | $ 355.5 | ||||||||
Basic (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.25 | $ 0.75 | $ 1.15 | $ 1.31 | $ 1.86 | ||||||||
Net income attributable to TransUnion (in dollars per share) | 0.41 | 0.50 | 0.25 | 0.75 | 1.16 | 1.40 | 7.25 | ||||||||
Diluted (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0.40 | 0.49 | 0.25 | 0.75 | 1.14 | 1.31 | 1.84 | ||||||||
Net income attributable to TransUnion (in dollars per share) | $ 0.41 | $ 0.49 | $ 0.25 | $ 0.75 | $ 1.15 | $ 1.40 | $ 7.19 | ||||||||
Adjustment | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | 24 | 21.5 | 55.9 | $ 13.4 | $ 16.7 | $ 35.4 | 39.6 | $ 29 | 63.6 | $ 42.4 | $ 162.2 | $ 30.7 | |||
Selling, general and administrative | (24) | (21.5) | (55.9) | (13.4) | (13.1) | (34.8) | (39.6) | (24.8) | (63.6) | (38.2) | (158) | (34.9) | |||
Total operating expenses | $ 0 | $ 0 | $ 0 | 0 | 3.6 | 0.6 | $ 0 | 4.2 | $ 0 | 4.2 | 4.2 | (4.2) | |||
Operating income | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | ||||||||
Income from continuing operations before income taxes | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | ||||||||
Provision for income taxes | 0 | 0.8 | 0.2 | 1 | 1 | 1 | (1) | ||||||||
Income from continuing operations | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Net income | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Net income attributable to TransUnion | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Income from continuing operations attributable to TransUnion | $ 0 | $ (2.8) | $ (0.4) | $ (3.2) | $ (3.2) | $ (3.2) | $ 3.2 | ||||||||
Basic (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0 | $ (0.01) | $ 0 | $ (0.02) | $ (0.02) | $ (0.02) | $ 0.02 | ||||||||
Net income attributable to TransUnion (in dollars per share) | 0 | (0.01) | 0 | (0.02) | (0.02) | (0.02) | 0.02 | ||||||||
Diluted (loss) earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0 | (0.01) | 0 | (0.02) | (0.02) | (0.02) | 0.02 | ||||||||
Net income attributable to TransUnion (in dollars per share) | $ 0 | $ (0.01) | $ 0 | $ (0.02) | $ (0.02) | $ (0.02) | $ 0.02 |
Significant Accounting and Re_6
Significant Accounting and Reporting Policies - Impact of the Revision on the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | $ 50.4 | $ 82.7 | $ 96.8 | $ 51.6 | $ 148.4 | $ 231.1 | $ (190.8) | $ 281.5 | $ 1,405.4 |
Comprehensive income | (3.5) | 152.2 | 148.8 | 156.5 | (168.3) | 280.1 | 1,389.8 | ||||||
Comprehensive income attributable to TransUnion | (6) | 148.5 | 142.6 | 148 | $ (182.6) | 267.2 | 1,377.1 | ||||||
As Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||
Comprehensive income | (0.7) | 152.6 | 152 | 159.7 | 283.3 | 1,386.6 | |||||||
Comprehensive income attributable to TransUnion | (3.2) | 148.9 | 145.8 | 151.2 | 270.4 | 1,373.9 | |||||||
Adjustment | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
Comprehensive income | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||
Comprehensive income attributable to TransUnion | $ (2.8) | $ (0.4) | $ (3.2) | $ (3.2) | $ (3.2) | $ 3.2 |
Significant Accounting and Re_7
Significant Accounting and Reporting Policies - Impact of the Revision on the Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | $ 50.4 | $ 82.7 | $ 96.8 | $ 51.6 | $ 148.4 | $ 231.1 | $ (190.8) | $ 281.5 | $ 1,405.4 |
(Loss) income from continuing operations | $ 9.5 | $ (313.9) | $ 57.3 | $ 57 | $ 35.3 | 80.3 | 96.5 | 51.9 | 148.5 | 228.8 | (190.1) | 264.1 | 373.7 |
Trade accounts payable | (9.7) | 10.6 | (16.2) | (6.5) | (16.5) | 41.5 | |||||||
Goodwill impairment | 414 | 0 | 0 | ||||||||||
Other current and long-term liabilities | (116.4) | (462.4) | (449.8) | 80.4 | (436.3) | (32.5) | |||||||
Cash provided by (used in) operating activities of continuing operations | 11.6 | (115.4) | 70.8 | $ 645.6 | 301 | 759.4 | |||||||
Increase (Decrease) in Accounts Payable | (16.5) | 41.5 | |||||||||||
As Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||
(Loss) income from continuing operations | 80.3 | 99.3 | 52.3 | 151.7 | 232 | 267.3 | 370.5 | ||||||
Trade accounts payable | (10.3) | 6.4 | (20.4) | (20.7) | 45.7 | ||||||||
Other current and long-term liabilities | (116.2) | (461.4) | (448.8) | (435.3) | (33.5) | ||||||||
Cash provided by (used in) operating activities of continuing operations | 11.6 | (115.4) | 70.8 | 301 | 759.4 | ||||||||
Adjustment | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
(Loss) income from continuing operations | $ 0 | $ (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
Trade accounts payable | 0.6 | 4.2 | 4.2 | 4.2 | (4.2) | ||||||||
Other current and long-term liabilities | (0.2) | (1) | (1) | (1) | 1 | ||||||||
Cash provided by (used in) operating activities of continuing operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Significant Accounting and Re_8
Significant Accounting and Reporting Policies - Impact of the Revision on the Consolidated Statements of Stockholders’ Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 4,105.5 | $ 4,269.4 | $ 4,105.5 | $ 4,269.4 | ||||||||||
Net income attributable to TransUnion | 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | 46.4 | $ 79.2 | $ 92.8 | $ 47.9 | $ 140.7 | $ 219.8 | (206.2) | 266.3 | $ 1,390.3 | |
Net income | 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | 50.4 | 82.7 | 96.8 | 51.6 | 148.4 | 231.1 | (190.8) | 281.5 | 1,405.4 | |
Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 2,157.1 | 2,446.6 | 2,361.5 | 2,287.3 | 2,361.5 | 2,157.1 | 2,446.6 | 2,257.8 | $ 937.4 | |||||
Net income attributable to TransUnion | 92.8 | 47.9 | (206.2) | 266.3 | 1,390.3 | |||||||||
Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 4,105.5 | 4,269.4 | 4,138.9 | 4,144.7 | 4,138.9 | 4,105.5 | 4,269.4 | 4,009.4 | 2,636.1 | |||||
Net income | 96.8 | 51.6 | $ (190.8) | 281.5 | 1,405.4 | |||||||||
As Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income attributable to TransUnion | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | |||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | |||||||
As Reported | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 2,446.6 | 2,361.5 | 2,284.5 | 2,361.5 | 2,446.6 | 2,254.6 | 937.4 | |||||||
Net income attributable to TransUnion | 95.6 | 48.3 | 269.5 | 1,387.1 | ||||||||||
As Reported | Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 4,269.4 | 4,138.9 | 4,141.9 | 4,138.9 | 4,269.4 | 4,006.2 | 2,636.1 | |||||||
Net income | 99.6 | 52 | 284.7 | 1,402.2 | ||||||||||
Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income attributable to TransUnion | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||
Net income | $ 0 | (2.8) | (0.4) | (3.2) | $ (3.2) | (3.2) | 3.2 | |||||||
Adjustment | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 0 | 0 | 2.8 | 0 | 0 | 3.2 | 0 | |||||||
Net income attributable to TransUnion | (2.8) | (0.4) | (3.2) | 3.2 | ||||||||||
Adjustment | Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 0 | 0 | 2.8 | $ 0 | 0 | 3.2 | $ 0 | |||||||
Net income | $ (2.8) | $ (0.4) | $ (3.2) | $ 3.2 |
Significant Accounting and Re_9
Significant Accounting and Reporting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 11 | $ 10.7 | $ 17.1 |
Provision for losses on trade accounts receivable | 8.8 | 5.9 | (2.6) |
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3.4) | (5.6) | (3.8) |
Ending Balance | $ 16.4 | $ 11 | $ 10.7 |
Business Acquisitions (Details
Business Acquisitions (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Apr. 08, 2022 | Dec. 01, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||||||||||||||
Revenue | $ 954.3 | $ 968.7 | $ 968 | $ 940.3 | $ 902.1 | $ 938.2 | $ 948.3 | $ 921.3 | $ 3,831.2 | $ 3,709.9 | $ 2,960.2 | |||||
Net (loss) income | (9.5) | $ 314.4 | $ (57.2) | $ (56.9) | (50.4) | $ (82.7) | $ (96.8) | $ (51.6) | $ (148.4) | $ (231.1) | 190.8 | (281.5) | (1,405.4) | |||
Goodwill | 5,176 | 5,551.4 | $ 5,551.4 | 5,176 | 5,551.4 | 5,525.7 | ||||||||||
Other current and non-current liabilities assumed | $ 197.3 | |||||||||||||||
U.S. Markets [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | $ 3,602.8 | $ 3,602.7 | 3,602.7 | 3,602.8 | $ 3,602.7 | $ 3,454.6 | ||||||||||
Verisk Financial Services | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||||||||
Business combination, consideration transferred | $ 505.7 | |||||||||||||||
Purchase price adjustment | 2.3 | |||||||||||||||
Revenue | 71.5 | |||||||||||||||
Net (loss) income | $ (2.8) | |||||||||||||||
Business combination, acquisition related costs | 11.7 | |||||||||||||||
Total assets acquired | 576.7 | |||||||||||||||
Current assets acquired | 6.6 | |||||||||||||||
Goodwill | 167.2 | |||||||||||||||
Intangible assets acquired | 195 | |||||||||||||||
Other assets non-current assets acquired | 29 | |||||||||||||||
Total liabilities assumed | 71 | |||||||||||||||
Deferred tax liabilities assumed | 39.8 | |||||||||||||||
Operating lease liabilities assumed | 6.5 | |||||||||||||||
Deferred revenue assumed | 4.6 | |||||||||||||||
Cash and cash equivalents | 4.1 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 26 | |||||||||||||||
Other current assets | 3.3 | |||||||||||||||
Current assets of discontinued operations | 16.5 | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 2.1 | |||||||||||||||
Neustar | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||||||||
Business combination, consideration transferred | $ 3,100.1 | |||||||||||||||
Business combination, acquisition related costs | 29.7 | |||||||||||||||
Total assets acquired | 3,788.9 | |||||||||||||||
Current assets acquired | 266 | |||||||||||||||
Goodwill | 1,882.2 | |||||||||||||||
Intangible assets acquired | 1,510 | |||||||||||||||
Other assets non-current assets acquired | 130.7 | |||||||||||||||
Total liabilities assumed | 688.8 | |||||||||||||||
Deferred tax liabilities assumed | 354.4 | |||||||||||||||
Operating lease liabilities assumed | 87.8 | |||||||||||||||
Deferred revenue assumed | $ 49.3 | |||||||||||||||
Weighted-average amortization period | 16 years | |||||||||||||||
Sontiq | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, percentage of voting interests acquired | 100% | |||||||||||||||
Business combination, consideration transferred | $ 642.6 | |||||||||||||||
Total assets acquired | 708.7 | |||||||||||||||
Current assets acquired | 29.4 | |||||||||||||||
Goodwill | 437.8 | |||||||||||||||
Intangible assets acquired | 237.2 | |||||||||||||||
Other assets non-current assets acquired | 4.3 | |||||||||||||||
Total liabilities assumed | 66.1 | |||||||||||||||
Deferred tax liabilities assumed | 32.4 | |||||||||||||||
Deferred revenue assumed | 19.1 | |||||||||||||||
Other current and non-current liabilities assumed | $ 14.6 | |||||||||||||||
Weighted-average amortization period | 15 years | |||||||||||||||
TransUnion | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business combination, acquisition related costs | $ 88.2 |
Business Acquisitions - Assets
Business Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Apr. 08, 2022 | Dec. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets acquired: | ||||||
Goodwill | $ 5,551.4 | $ 5,176 | $ 5,551.4 | $ 5,525.7 | ||
Liabilities assumed: | ||||||
Intangible Purchase Price Adjustment | 25 | |||||
Goodwill, Purchase Accounting Adjustments | $ (0.5) | $ (26) | ||||
Neustar | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 3,100.1 | |||||
Assets acquired: | ||||||
Right of use lease assets | 266 | |||||
Goodwill | 1,882.2 | |||||
Other intangibles | 1,510 | |||||
Other assets | 130.7 | |||||
Total assets acquired | 3,788.9 | |||||
Liabilities assumed: | ||||||
Deferred revenue | 49.3 | |||||
Lease liabilities | 87.8 | |||||
Deferred taxes | 354.4 | |||||
Total liabilities assumed | 688.8 | |||||
Sontiq | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | 642.6 | |||||
Assets acquired: | ||||||
Right of use lease assets | 29.4 | |||||
Goodwill | 437.8 | |||||
Other intangibles | 237.2 | |||||
Other assets | 4.3 | |||||
Total assets acquired | 708.7 | |||||
Liabilities assumed: | ||||||
Deferred revenue | 19.1 | |||||
Deferred taxes | 32.4 | |||||
Total liabilities assumed | $ 66.1 | |||||
Verisk Financial Services | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred | $ 505.7 | |||||
Assets acquired: | ||||||
Cash and cash equivalents | 4.1 | |||||
Trade accounts receivable | 26 | |||||
Other current assets | 3.3 | |||||
Current assets of discontinued operations | 16.5 | |||||
Right of use lease assets | 6.6 | |||||
Property, plant and equipment | 2.1 | |||||
Goodwill | 167.2 | |||||
Other intangibles | 195 | |||||
Other assets | 29 | |||||
Other assets of discontinued operations | 126.9 | |||||
Total assets acquired | 576.7 | |||||
Liabilities assumed: | ||||||
Trade accounts payable | 4 | |||||
Other current liabilities | 7.6 | |||||
Current liabilities of discontinued operations | 7.8 | |||||
Deferred revenue | 4.6 | |||||
Lease liabilities | 6.5 | |||||
Deferred taxes | 39.8 | |||||
Other liabilities | 0.1 | |||||
Other liabilities of discontinued operations | 0.6 | |||||
Total liabilities assumed | 71 | |||||
Net assets acquired | 505.7 | |||||
Goodwill, Purchase Accounting Adjustments | 18 | |||||
Increase (Decrease) in Deferred Income Taxes | $ 4.9 | |||||
Business acquisition, goodwill, expected tax deductible amount | $ 46.8 |
Business Acquisitions - Pro For
Business Acquisitions - Pro Forma (Details) - Neustar $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 3,493.2 |
Pro-forma net income from continuing operations attributable to TransUnion | $ 247.6 |
Discontinued Operations (Detail
Discontinued Operations (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Apr. 08, 2022 | Dec. 17, 2021 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
(Payments) proceeds related to disposal of discontinued operations | $ 103.6 | $ 1,706.8 | |||||
Discontinued Operations, Disposed of by Sale | Verisk Financial Services | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (reduction to gain) on sale of discontinued operations, net of tax | $ (0.5) | ||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 173.9 | ||||||
(Payments) proceeds related to disposal of discontinued operations | $ 103.6 | ||||||
Discontinued Operations, Disposed of by Sale | Non-core Businesses | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (reduction to gain) on sale of discontinued operations, net of tax | 7.5 | ||||||
Disposal group, including discontinued operation, accounts, notes and loans receivable, face value | $ 72 | ||||||
Disposal group, including discontinued operation, accounts, notes and loans receivable, net | $ 70.3 | ||||||
Discontinued Operations, Disposed of by Sale | Healthcare Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (reduction to gain) on sale of discontinued operations, net of tax | $ 0.5 | 982.5 | |||||
(Payments) proceeds related to disposal of discontinued operations | $ 1,706.4 | ||||||
Proceeds from disposal, net of taxes | $ 1,400 | ||||||
Period of continuing involvement after disposal | 24 months | ||||||
Income (loss) from discontinued operations, net of tax, including portion attributable to noncontrolling interest | 17.4 | $ 1,031.7 | |||||
Healthcare Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net Working Capital Adjustment | $ 0.5 |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | |||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Discontinued operations, net of tax | Discontinued operations, net of tax | Discontinued operations, net of tax |
Discontinued Operations, Disposed of by Sale | Healthcare Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenue | $ 36.7 | $ 184.8 | |
Operating expenses | |||
Cost of services (exclusive of depreciation and amortization below) | 11.7 | 65.6 | |
Selling, general and administrative | 14.9 | 39.1 | |
Depreciation and amortization | 0 | 16.5 | |
Disposal Group, Including Discontinued Operation, Operating Expense | 26.6 | 121.2 | |
Operating income of discontinued operations | 10.1 | 63.6 | |
Non-operating income and (expense) | (0.5) | 1.9 | |
Income before income taxes from discontinued operations | 9.6 | 65.5 | |
Provision for income taxes | (0.1) | (16.3) | |
Gain on sale of discontinued operations, net of tax | 0.5 | 982.5 | |
Discontinued operations, net of tax | 17.4 | $ 1,031.7 | |
Discontinued Operations, Disposed of by Sale | Healthcare and Argus Business | |||
Operating expenses | |||
Gain on sale of discontinued operations, net of tax | $ 8 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other current assets | ||
Prepaid expenses | $ 145.4 | $ 145.1 |
Marketable securities (Note 20) | 2.7 | 2.6 |
Other | 127.8 | 115 |
Other current assets | $ 275.9 | $ 262.7 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment | ||
Computer equipment and furniture | $ 615.8 | $ 555.7 |
Purchased software | 240.9 | 227.6 |
Building and building improvements | 143.8 | 143.1 |
Land | 3.2 | 3.2 |
Total cost of property, plant and equipment | 1,003.7 | 929.6 |
Less: accumulated depreciation | (804.4) | (711.3) |
Total property, plant and equipment, net of accumulated depreciation | $ 199.3 | $ 218.2 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant and Equipment (Textual) [Abstract] | |||
Depreciation | $ 96.6 | $ 105.9 | $ 98.8 |
Goodwill (Details Textual)
Goodwill (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 414 | $ 0 | $ 0 |
Goodwill | 5,176 | 5,551.4 | $ 5,525.7 |
Accumulated goodwill impairment losses | 414 | $ 0 | |
United Kingdom | |||
Goodwill [Line Items] | |||
Goodwill | 288.8 | ||
Accumulated goodwill impairment losses | $ 414 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in the carrying amount of goodwill | |||
Beginning balance | $ 5,551.4 | $ 5,525.7 | |
Acquisitions | 167.5 | ||
Purchase accounting measurement period adjustments | (0.5) | (26) | |
Foreign exchange rate adjustment | 39 | (115.8) | |
Goodwill impairment | (414) | 0 | $ 0 |
Ending balance | 5,176 | 5,551.4 | 5,525.7 |
Gross Goodwill | 5,590 | 5,551.4 | |
Accumulated Impairment | (414) | 0 | |
Net Goodwill | 5,176 | 5,551.4 | 5,525.7 |
U.S. Markets [Member] | |||
Changes in the carrying amount of goodwill | |||
Beginning balance | 3,602.7 | 3,454.6 | |
Acquisitions | 167.5 | ||
Purchase accounting measurement period adjustments | (0.5) | (18.1) | |
Foreign exchange rate adjustment | 0.5 | (1.3) | |
Goodwill impairment | 0 | ||
Ending balance | 3,602.8 | 3,602.7 | 3,454.6 |
Gross Goodwill | 3,602.8 | 3,602.7 | |
Accumulated Impairment | 0 | 0 | |
Net Goodwill | 3,602.8 | 3,602.7 | 3,454.6 |
International [Member] | |||
Changes in the carrying amount of goodwill | |||
Beginning balance | 1,269.6 | 1,384.1 | |
Acquisitions | 0 | ||
Purchase accounting measurement period adjustments | 0 | 0 | |
Foreign exchange rate adjustment | 38.5 | (114.5) | |
Goodwill impairment | (414) | ||
Ending balance | 894.1 | 1,269.6 | 1,384.1 |
Gross Goodwill | 1,308.1 | 1,269.6 | |
Accumulated Impairment | (414) | 0 | |
Net Goodwill | 894.1 | 1,269.6 | 1,384.1 |
Consumer Interactive [Member] | |||
Changes in the carrying amount of goodwill | |||
Beginning balance | 679.1 | 687 | |
Acquisitions | 0 | ||
Purchase accounting measurement period adjustments | 0 | (7.9) | |
Foreign exchange rate adjustment | 0 | 0 | |
Goodwill impairment | 0 | ||
Ending balance | 679.1 | 679.1 | 687 |
Gross Goodwill | 679.1 | 679.1 | |
Accumulated Impairment | 0 | 0 | |
Net Goodwill | $ 679.1 | $ 679.1 | $ 687 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 6,235.1 | $ 5,944.1 |
Other intangibles accumulated amortization of | 2,719.8 | 2,268.6 |
Finite-Lived Intangible Assets, Net, Total | 3,515.3 | 3,675.5 |
Customer relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,060.2 | 2,048.6 |
Other intangibles accumulated amortization of | 451.6 | 330.9 |
Finite-Lived Intangible Assets, Net, Total | 1,608.6 | 1,717.7 |
Internal Use Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,204.5 | 1,959.8 |
Other intangibles accumulated amortization of | 1,239.7 | 1,029.8 |
Finite-Lived Intangible Assets, Net, Total | 964.8 | 930 |
Database and credit files [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,372.2 | 1,337.7 |
Other intangibles accumulated amortization of | 829.2 | 725.6 |
Finite-Lived Intangible Assets, Net, Total | 543 | 612.1 |
Trademarks, copyrights and patents [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 587.7 | 587.7 |
Other intangibles accumulated amortization of | 188.8 | 173.2 |
Finite-Lived Intangible Assets, Net, Total | 398.9 | 414.5 |
Noncompete Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10.5 | 10.5 |
Other intangibles accumulated amortization of | 10.5 | 9.1 |
Finite-Lived Intangible Assets, Net, Total | $ 0 | $ 1.4 |
Intangible Assets - Rollforward
Intangible Assets - Rollforward (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Gross | $ 5,944.1 |
Accumulated Amortization | (2,268.6) |
Net | 3,675.5 |
Gross | 6,235.1 |
Accumulated Amortization | (2,719.8) |
Net | 3,515.3 |
Developed internal use software | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | 234.9 |
Finite-Lived Intangible Assets, Accumulated Amortization, Increase (Decrease) | 0 |
Finite-Lived Intangible Assets, Increase (Decrease), Net | 234.9 |
Amortization | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization, Increase (Decrease) | (427.8) |
Finite-Lived Intangible Assets, Increase (Decrease), Net | (427.8) |
Reclassified to assets-held-for-sale | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (1.1) |
Finite-Lived Intangible Assets, Accumulated Amortization, Increase (Decrease) | 0.7 |
Finite-Lived Intangible Assets, Increase (Decrease), Net | (0.4) |
Disposals and retirements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | (0.3) |
Finite-Lived Intangible Assets, Accumulated Amortization, Increase (Decrease) | 0 |
Finite-Lived Intangible Assets, Increase (Decrease), Net | (0.3) |
Foreign exchange rate adjustment | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Period Increase (Decrease) | 57.5 |
Finite-Lived Intangible Assets, Accumulated Amortization, Increase (Decrease) | (24.2) |
Finite-Lived Intangible Assets, Increase (Decrease), Net | $ 33.3 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Estimated future amortization expense related to purchased intangible | ||
2021 | $ 443.1 | |
2022 | 420.8 | |
2023 | 395.2 | |
2024 | 332.2 | |
2025 | 272 | |
Thereafter | 1,652 | |
Finite-Lived Intangible Assets, Net, Total | $ 3,515.3 | $ 3,675.5 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 14 years | ||
Amortization expense for intangible assets | $ 427.8 | $ 413.1 | $ 278.2 |
Minimum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Maximum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years | ||
Database and credit files [Member] | Minimum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Database and credit files [Member] | Maximum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Internal Use Software [Member] | Minimum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Internal Use Software [Member] | Maximum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer relationships [Member] | Minimum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer relationships [Member] | Maximum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Trademarks, copyrights and patents [Member] | Minimum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Trademarks, copyrights and patents [Member] | Maximum [Member] | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Trade Names | |||
Intangible Assets (Textual) [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 40 years |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Investments in affiliated companies (Note 9) | $ 291.4 | $ 265.9 |
Right-of-use lease assets (Note 14) | 98.9 | 127.4 |
Interest rate swaps (Notes 13 and 20) | 162.3 | 237.7 |
Note receivable (Note 3 and 20) | 82 | 70.3 |
Deferred income tax asset (Note 18) | 11.1 | 8.2 |
Other | 93.7 | 61.5 |
Total other assets | $ 739.4 | $ 771 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets, Total other assets | Other current assets, Total other assets |
Investments in Affiliated Com_3
Investments in Affiliated Companies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in Affiliated Companies [Abstract] | |||
Cost Method Investments | $ 233.8 | $ 213.1 | |
Equity method investments | 53.9 | 49.8 | |
Limited Partnership investment | 3.7 | 3 | |
Total investments in affiliated companies (Note 8) | 291.4 | 265.9 | |
Earnings from equity method investments | 16.3 | 13 | $ 12 |
Dividends received from equity method investments | $ 18.8 | $ 11.6 | $ 11 |
Investments in Affiliated Com_4
Investments in Affiliated Companies (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) investment | Dec. 31, 2022 USD ($) | |
Investments in and Advances to Affiliates [Line Items] | ||
Number of cost method investments acquired | investment | 3 | |
Impairment losses on cost method investments | $ 15.9 | $ 4.8 |
Equity method investments | 53.9 | 49.8 |
Gain on cost method investments | $ 12.5 | |
Other Assets [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Equity method investments | $ 25.1 | |
U.S. Markets [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Number of cost method investments acquired | investment | 2 | |
International [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Number of cost method investments acquired | investment | 1 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other current liabilities | ||
Accrued payroll and employee benefits | $ 216.2 | $ 208.5 |
Accrued legal and regulatory matters (Note 23) | 147.8 | 125 |
Deferred revenue (Note 16) | 125.1 | 111.9 |
Accrued restructuring (Note 11) | 64.9 | 0 |
Operating lease liabilities (Note 14) | 26.2 | 33.7 |
Income taxes payable (Note 18) | 10.2 | 8 |
Other | 71.5 | 53.5 |
Total other current liabilities | $ 661.8 | $ 540.5 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total other current liabilities | Total other current liabilities |
Restructuring (Details Textual)
Restructuring (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Expected cost associated with the operating model optimization program | $ 155 |
Cost recorded associated with the operating model optimization program | 75.3 |
Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost associated with the operating model optimization program | 110 |
Facility Exit [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost associated with the operating model optimization program | $ 45 |
Restructuring - Restructuring E
Restructuring - Restructuring Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |||
Employee separation | $ 71.9 | ||
Facility exit | 3.4 | ||
Total restructuring expenses | $ 75.3 | $ 0 | $ 0 |
Restructuring - Changes in Accr
Restructuring - Changes in Accrued Restructuring (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 0 |
Restructuring expense | 71.9 |
Cash payments | (7.2) |
Foreign exchange rate adjustment | 0.2 |
Ending balance | $ 64.9 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Operating lease liabilities (Note 14) | $ 81.8 | $ 102 |
Unrecognized tax benefits, net of indirect tax effects (Note 18) | 40.2 | 40.1 |
Deferred revenue (Note 16) | 15.1 | 5.3 |
Other | 16.1 | 16.5 |
Total other liabilities | $ 153.2 | $ 173.9 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total other liabilities | Total other liabilities |
Put Option | ||
Derivative [Line Items] | ||
Put option (Note 20) | $ 0 | $ 10 |
Debt - Outstanding (Details)
Debt - Outstanding (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 01, 2021 |
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations Outstanding | $ 5,340,400,000 | $ 5,670,100,000 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | ||
Less: short-term debt and current portion of long-term debt | $ (89,600,000) | (114,600,000) | |
Long-term debt | 5,250,800,000 | 5,555,500,000 | |
Senior Secured Term Loan B-5 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 2,191,500,000 | 2,184,400,000 | |
Debt and Capital Lease Obligations Outstanding | $ 2,179,400,000 | $ 2,203,300,000 | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 7.21% | 6.13% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 1,900,000 | $ 2,500,000 | |
Debt Issuance Costs, Noncurrent, Net | 4,600,000 | 6,200,000 | |
Senior Secured Term Loan A-3 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 1,291,900,000 | 1,026,600,000 | |
Debt and Capital Lease Obligations Outstanding | 0 | $ 1,033,000,000 | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.13% | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 1,300,000 | ||
Debt Issuance Costs, Noncurrent, Net | 800,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations Outstanding | 0 | 0 | |
Finance leases | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations Outstanding | 100,000 | 100,000 | |
Senior Secured Term Loan B-6 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 1,895,100,000 | 2,450,500,000 | |
Debt and Capital Lease Obligations Outstanding | $ 1,864,800,000 | $ 2,433,700,000 | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 7.72% | 6.63% | |
Debt Instrument, Unamortized Discount (Premium), Net | $ 3,500,000 | $ 5,300,000 | $ 7,800,000 |
Debt Issuance Costs, Noncurrent, Net | 20,000,000 | 29,900,000 | $ 43,600,000 |
Senior Secured Term Loan A-4 [Member] | |||
Debt Instrument [Line Items] | |||
Debt and Capital Lease Obligations Outstanding | $ 1,296,100,000 | $ 0 | |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 6.96% | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 400,000 | ||
Debt Issuance Costs, Noncurrent, Net | $ 3,400,000 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Schedule of Debt Maturities | |
2024 | $ 89.6 |
2025 | 89.5 |
2026 | 2,230 |
2027 | 96 |
2028 | 2,869 |
Thereafter | 0 |
Unamortized original issue discounts and deferred financing fees | (33.7) |
Total debt | 5,340.4 |
2022 Interest Rate Swap | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 1,300 |
Debt - Senior Secured Credit Fa
Debt - Senior Secured Credit Facility (Details) - USD ($) | 12 Months Ended | ||||||
Oct. 27, 2023 | Dec. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 26, 2023 | Dec. 01, 2021 | |
Debt Instrument [Line Items] | |||||||
Repayments of debt | $ 650,000,000 | $ 714,600,000 | $ 140,800,000 | ||||
Loss on repayment of loans | 7,600,000 | 9,400,000 | 17,900,000 | ||||
Repayments of Term Loans | 347,700,000 | 0 | 640,000,000 | ||||
Proceeds from Term Loans | 655,800,000 | 0 | 3,740,000,000 | ||||
Debt and Lease Obligation | 5,340,400,000 | 5,670,100,000 | |||||
Incremental Borrowings, Amount | $ 1,000,000,000 | ||||||
Incremental Borrowings Criteria, Percentage of Consolidated EBITDA | 100% | ||||||
Incremental Borrowings Criteria, Senior Secured Leverage ratio | 4.25 | ||||||
Net Leverage Ratio Requirement | 5.5 | ||||||
Covenant Dividend Restriction Amount | $ 100,000,000 | ||||||
Covenant Dividend Restriction Percentage of Consolidated EBITDA | 10% | ||||||
Net Leverage Ratio Requirement, Dividends | 4.75 | ||||||
2021 Interest Rate Swap | |||||||
Debt Instrument [Line Items] | |||||||
Derivative, Notional Amount | $ 1,568,000,000 | ||||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Letters of Credit Outstanding, Amount | 1,200,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 598,800,000 | ||||||
Senior Secured Term Loan B-6 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 3,100,000,000 | ||||||
Debt Instrument, Unamortized Discount (Premium), Net | 3,500,000 | 5,300,000 | 7,800,000 | ||||
Debt Issuance Costs, Noncurrent, Net | $ 20,000,000 | 29,900,000 | 43,600,000 | ||||
Repayments of debt | $ 300,000,000 | ||||||
Principle Payment Quarterly Percent | 0.25% | ||||||
Debt and Lease Obligation | $ 1,864,800,000 | 2,433,700,000 | |||||
Senior Secured Term Loan B-6 | Interest Rate Floor | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
Senior Secured Term Loan B-6 | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||
Senior Secured Term Loan B-6 | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Second Lien Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 640,000,000 | ||||||
Debt Instrument, Unamortized Discount (Premium), Net | 3,200,000 | ||||||
Debt Issuance Costs, Noncurrent, Net | $ 14,300,000 | ||||||
Second Lien Term Loan | Unamortized Original Issue Discount | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Debt Discount (Premium) | $ 3,200,000 | ||||||
Second Lien Term Loan | Deferred Fees | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Debt Discount (Premium) | $ 14,200,000 | ||||||
Senior Secured Term Loan A-4 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | 1,300,000,000 | ||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 400,000 | ||||||
Debt Issuance Costs, Noncurrent, Net | 3,400,000 | ||||||
Deferred financing fees | 4,800,000 | ||||||
Debt and Lease Obligation | 1,296,100,000 | 0 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 600,000,000 | $ 300,000,000 | |||||
Debt and Lease Obligation | 0 | 0 | |||||
Senior Secured Term Loan A-3 And Senior Secured Term Loan B-6 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on repayment of loans | 5,900,000 | ||||||
Senior Secured Term Loan A-3 And Senior Secured Term Loan A-4 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of Term Loans | 347,700,000 | ||||||
Proceeds from Term Loans | $ 655,800,000 | ||||||
Senior Secured Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Debt Discount (Premium) | 3,400,000 | 9,300,000 | 500,000 | ||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 250,000,000 | 600,000,000 | $ 85,000,000 | ||||
Senior Secured Term Loan B-5 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount (Premium), Net | 1,900,000 | 2,500,000 | |||||
Debt Issuance Costs, Noncurrent, Net | $ 4,600,000 | 6,200,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Principle Payment Quarterly Percent | 0.25% | ||||||
Debt and Lease Obligation | $ 2,179,400,000 | 2,203,300,000 | |||||
Senior Secured Term Loan A-3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount (Premium), Net | 1,300,000 | ||||||
Debt Issuance Costs, Noncurrent, Net | 800,000 | ||||||
Principle Payment Quarterly Percent | 0.625% | ||||||
Stepped-up Percent Principle Payment | 1.25% | ||||||
Debt and Lease Obligation | $ 0 | $ 1,033,000,000 | |||||
Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Excess Principal Payments | $ 0 | ||||||
Minimum 1 [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||||
Minimum 1 [Member] | Senior Secured Term Loan A-3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||
Minimum 1 [Member] | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of Excess Cash Flows to Determine Principal Payment | 0% | ||||||
Mid-Point [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||
Mid-Point [Member] | Senior Secured Term Loan A-3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||
Maximum 1 [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||||||
Maximum 1 [Member] | Senior Secured Term Loan A-3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Maximum 1 [Member] | Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of Excess Cash Flows to Determine Principal Payment | 50% |
Debt - Interest Rate Hedging (D
Debt - Interest Rate Hedging (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | $ (75.5) | $ 260.1 | $ 67.3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (56.6) | 195.2 | 50.5 |
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense (Income), Hedge, Gross Of Tax | (112.6) | (8.3) | 41.8 |
Interest Expense, (Income), Hedge, Net Of Tax | (84.4) | $ (6.2) | $ 31.4 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 94.3 | ||
2021 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | 1,568 | ||
2020 3 year Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | 1,080 | ||
2022 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 1,300 | ||
Minimum [Member] | 2021 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 1.38% | ||
Minimum [Member] | 2020 3 year Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 0.868% | ||
Minimum [Member] | 2022 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 4.338% | ||
Maximum [Member] | 2021 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 1.3915% | ||
Maximum [Member] | 2020 3 year Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 0.88% | ||
Maximum [Member] | 2022 Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Derivative, Fixed Interest Rate | 4.387% |
Debt - Fair Value of Debt (Deta
Debt - Fair Value of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Senior Secured Term Loan B-6 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,895.1 | $ 2,450.5 |
Senior Secured Term Loan B-5 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 2,191.5 | 2,184.4 |
Senior Secured Term Loan A-3 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,291.9 | $ 1,026.6 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Leased Assets [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days | 6 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | 4.20% | |
Operating Lease, Cost | $ 39.7 | $ 44.5 | $ 30.4 |
Operating Lease, Payments | 39.4 | $ 36.5 | $ 30.9 |
Impairment of right-of-use asset | 3.4 | ||
Operating Leases | |||
2024 | 30.4 | ||
2025 | 21.1 | ||
2026 | 17 | ||
2027 | 13.9 | ||
2028 | 9 | ||
Thereafter | 31.2 | ||
Total operating lease payments | 122.6 | ||
Less Imputed Interest | (14.3) | ||
Operating Lease, Liability | 108.3 | ||
Future fixed payments for non-cancelable finance leases due in 2024 | 0.1 | ||
Total future fixed payments for non-cancelable finance leases | $ 0.1 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities, Other liabilities | ||
Total, 2021 | $ 239.4 | ||
Total, 2022 | 122 | ||
Total, 2023 | 68.7 | ||
Total, 2024 | 45.4 | ||
Total, 2025 | 21.3 | ||
Total, Thereafter | $ 31.5 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt | ||
Totals | $ 514 | ||
Maximum [Member] | |||
Schedule of Leased Assets [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 9 years 2 months 12 days |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 07, 2018 | Feb. 13, 2017 | |
Dividend rate (in dollars per share) | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.075 | |||||
Stock Repurchase Program, Authorized Amount | $ 300 | ||||||||||||||||
Stock Repurchase Program, Period in Force | 3 years | ||||||||||||||||
Stock Repurchase Program, Amount Repurchased | $ 133.5 | $ 133.5 | |||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 166.5 | $ 166.5 | |||||||||||||||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | 0 | |||||||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 18.4 | $ 32.5 | $ 36.8 | ||||||||||||||
Dividend Paid [Member] | |||||||||||||||||
Dividends paid | $ 81.8 | $ 77.8 | $ 69.8 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 800,000 | 800,000 | 1,200,000 |
Revenue (Details)
Revenue (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) performance_obligation | |
Disaggregation of Revenue [Line Items] | |
Number of Types of Performance Obligations | performance_obligation | 2 |
Contract with Customer, Refund Liability | $ 0 |
Long-term deferred revenue recognition period (less than) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 690 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation percentage | 55% |
Remaining performance obligation, timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation percentage | 30% |
Remaining performance obligation, timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation percentage | 15% |
Remaining performance obligation, timing of satisfaction, period | |
Stand Ready Performance Obligations [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Performance Obligation, Description of Good or Service | Stand Ready Performance Obligations |
Other Performance Obligations [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue, Performance Obligation, Description of Good or Service | Other Performance Obligations |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Weighted average shares outstanding | 193,400,000 | 192,500,000 | 191,400,000 | ||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 700,000 | 1,600,000 | ||||||||||
(Loss) income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.16 | $ 0.40 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.13 | $ (1.06) | $ 1.29 | $ 1.87 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ 0.09 | $ 5.39 | ||||||||||
(Loss) income from continuing operations | $ 9.5 | $ (313.9) | $ 57.3 | $ 57 | $ 35.3 | $ 80.3 | $ 96.5 | $ 51.9 | $ 148.5 | $ 228.8 | $ (190.1) | $ 264.1 | $ 373.7 |
Net Income (Loss) Attributable to Noncontrolling Interest | (15.4) | (15.2) | (15) | ||||||||||
(Loss) income from continuing operations attributable to TransUnion | 6 | (318.3) | 54.1 | 52.7 | 31.4 | 76.8 | 92.5 | 48.3 | 140.7 | 217.5 | (205.4) | 248.9 | 358.7 |
Discontinued operations, net of tax | (0.7) | 17.4 | 1,031.7 | ||||||||||
Net income (loss) attributable to TransUnion | $ 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | $ 46.4 | $ 79.2 | $ 92.8 | $ 47.9 | $ 140.7 | $ 219.8 | $ (206.2) | $ 266.3 | $ 1,390.3 |
(Loss) income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.16 | $ 0.40 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.13 | $ (1.06) | $ 1.29 | $ 1.86 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0.09 | 5.35 | ||||||||||
Net (loss) income attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.24 | 0.41 | 0.48 | 0.25 | 0.73 | 1.14 | $ (1.07) | $ 1.38 | $ 7.26 |
Weighted average dilutive shares outstanding | 193,400,000 | 193,100,000 | 193,000,000 | ||||||||||
Net (loss) income attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.14 | $ (1.07) | $ 1.38 | $ 7.20 |
Antidilutive weighted stock-based awards [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Anti-dilutive stock outstanding | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Contingently Issuable Performance-Based Stock Awards [Member] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||
Anti-dilutive stock outstanding | 400,000 | 200,000 | 100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | ||||||||
Current | $ 100 | $ 101.8 | $ 62.9 | |||||
Deferred | (102.1) | (55.9) | (9.3) | |||||
State | ||||||||
Current | 11.1 | 28.7 | 18.9 | |||||
Deferred | (28.3) | (14.6) | 0 | |||||
Foreign | ||||||||
Current | 96.3 | 77.3 | 67.3 | |||||
Deferred | (32.3) | (18.4) | (7.9) | |||||
Total (benefit) provision for income taxes | $ 30.6 | $ 28.4 | $ 24.2 | $ 52.5 | $ 83.1 | 44.7 | 118.9 | 131.9 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 14 | $ 10.1 | $ 7.6 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (40.6) | $ 151.5 | $ 322.5 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (104.7) | 231.5 | 183.1 | |||||
(Loss) income from continuing operations before income taxes | $ 110.8 | $ 124.9 | $ 76.1 | $ 201 | $ 311.9 | $ (145.3) | $ 383 | $ 505.6 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (30.5) | $ 80.4 | $ 106.2 | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (21.9) | 8 | 15.6 | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (22.5) | (4.6) | (6.8) | |||||
Effective Income Tax Rate Reconciliation, Deductible Expense, Share-based Compensation Cost, Amount | 3 | (5) | (10.8) | |||||
Foreign tax law changes | 0 | (0.1) | 22.7 | |||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Positions, Amount | 7.5 | 5.7 | 4.6 | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 3.1 | 18.3 | (5) | |||||
Foreign withholding taxes | 13 | 9.6 | 6.5 | |||||
Income Tax Reconciliation Dividends and Tax Credits Foreign, Amount | 0.2 | (1.4) | (15.1) | |||||
U.S. Federal R&D tax credit | (8.6) | (9.7) | (6.4) | |||||
Nondeductible expenses | 6.8 | 14 | 20 | |||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 97.3 | 0 | 0 | |||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (2.7) | 3.7 | 0.4 | |||||
Total (benefit) provision for income taxes | $ 30.6 | $ 28.4 | $ 24.2 | $ 52.5 | $ 83.1 | $ 44.7 | $ 118.9 | $ 131.9 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 15.10% | 2.10% | 3.10% | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 15.50% | (1.20%) | (1.30%) | |||||
Effective Income Tax Rate Reconciliation, Deductible Expense, Share-based Compensation Cost, Percent | (2.00%) | (1.30%) | (2.20%) | |||||
Foreign tax law changes | 0% | 0% | 4.50% | |||||
Effective Income Tax Rate Reconciliation, Uncertain Tax Positions, Percent | (5.20%) | 1.50% | 0.90% | |||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (2.10%) | 4.70% | (1.00%) | |||||
Foreign withholding taxes | (8.90%) | 2.50% | 1.30% | |||||
Effective Income Tax Rate Reconciliation Dividend and Tax Credits Foreign, Percent | (0.10%) | (0.40%) | (3.00%) | |||||
U.S. Federal R&D tax credit | 5.90% | (2.50%) | (1.30%) | |||||
Nondeductible expenses | (4.70%) | 3.60% | 4% | |||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 1.70% | 1% | 0.10% | |||||
Effective Income Tax Rate Reconciliation, Percent | (30.80%) | 31% | 26.10% | |||||
Components of Deferred Tax Assets [Abstract] | ||||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other | $ 21.7 | $ 19.5 | ||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 38.4 | 25.5 | ||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements | 11 | 10.7 | ||||||
Deferred Tax Assets, Operating Loss Carryforwards | 228 | 179.2 | ||||||
Deferred Tax Asset, Leases | 26.9 | 38.4 | ||||||
Deferred Tax Assets, Tax Deferred Expense, Other | 58.1 | 37.7 | ||||||
Deferred Tax Assets, Other | 36.3 | 36.7 | ||||||
Deferred Tax Assets, Gross, Total | 420.4 | 347.7 | ||||||
Deferred Tax Assets, Valuation Allowance | (104.7) | (98.9) | ||||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 315.7 | 248.8 | ||||||
Components of Deferred Tax Liabilities [Abstract] | ||||||||
Deferred Tax Liabilities, Property, Plant and Equipment | (789.8) | (874.9) | ||||||
Deferred Tax Liability, Right of Use | (25.1) | (36) | ||||||
Deferred Tax Liabilities, Undistributed Foreign Earnings | (24) | (14.6) | ||||||
Deferred Income Tax Liability, Investment in Affiliates | (7.6) | (7.3) | ||||||
Deferred Tax Liabilities, Hedged Investments | (40.6) | (59.3) | ||||||
Deferred Tax Liabilities, Other | (10.4) | (10.5) | ||||||
Deferred Tax Liabilities, Gross | (897.5) | (1,002.6) | ||||||
Deferred Tax Liabilities, Net | $ (581.8) | $ (753.8) | ||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | (67.00%) | 0% | 0% |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unrecognized tax benefits | |||
Balance as of beginning of period | $ 45.1 | $ 45.8 | $ 36.9 |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 0 | (0.1) | |
Unrecognized Tax Benefits, Increase Resulting from Acquisition | 5.3 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2.2 | 0.3 | 5.6 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (3.4) | (3.7) | (4.5) |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3 | 3.2 | 2.8 |
Reductions relating to settlement and lapse of statute | (1.9) | (0.4) | (0.4) |
Balance as of December 31 | $ 45 | $ 45.1 | $ 45.8 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 30.80% | (31.00%) | (26.10%) | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ (2.7) | $ 3.7 | $ 0.4 | |
Deferred income tax asset (Note 18) | 11.1 | 8.2 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 104.7 | 98.9 | ||
Foreign credit carryforward expiration period | 10 years | |||
State loss carryforward expiration period | 1 year | |||
State credit carryforward expiration period | 1 year | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 62.9 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 31.6 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 228 | 179.2 | ||
Unrecognized Tax Benefits | 45 | 45.1 | 45.8 | $ 36.9 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 34.5 | 30.5 | 28.3 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 14 | $ 10.1 | $ 7.6 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 6.7 | |||
Deferred Tax Asset, Interest Carryforward, Foreign | 60.3 | |||
Deferred Tax Asset, Interest Carryforward, Domestic | $ 42.9 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carry Forward expiration period | 4 years | |||
Foreign loss carryforward expiration period | 1 year |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | 66 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Based Compensation (Textual) [Abstract] | ||||
Stock-based compensation expense | $ 100.6 | $ 81.1 | $ 70.1 | |
Income tax benefit | 17.2 | 13.5 | 10 | |
Employee share purchase plan | 1.7 | |||
Cash-settleable Liability Awards [Member] | ||||
Stock Based Compensation (Textual) [Abstract] | ||||
Stock-based compensation expense | 0.2 | 1.7 | 0.9 | |
Employee Stock [Member] | ||||
Stock Based Compensation (Textual) [Abstract] | ||||
Stock-based compensation expense | $ 4.9 | $ 3.3 | $ 3.2 | |
Shares authorized for grant | 2.4 | |||
2012 Management Equity Plan [Member] | ||||
Stock Based Compensation (Textual) [Abstract] | ||||
Shares authorized for grant | 10.1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||
2015 Management Equity Plan [Member] | ||||
Stock Based Compensation (Textual) [Abstract] | ||||
Shares authorized for grant | 12.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5.8 |
Stock-Based Compensation - 2012
Stock-Based Compensation - 2012 Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 66 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2012 Management Equity Plan [Member] | Equity Option [Member] | ||||
Stock Options [Abstract] | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |||
Percentage of Service Condition Awards Vesting | 20% | |||
Percentage of Grants Based on Service Condition Award Vesting Each Quarter | 5% | |||
Granted | 0 | 0 | 0 | |
Stock option activity consisted of the following: | ||||
Outstanding, shares, beginning balance | 102,298 | |||
Granted | 0 | 0 | 0 | |
Exercise of stock options | 74,334 | |||
Shares, forfeited | 0 | |||
Shares, expired | 0 | |||
Outstanding, shares, ending balance | 27,964 | 102,298 | ||
Expected to vest as of December 31, 2023 | 0 | |||
Exercisable as of December 31, 2023 | 27,964 | |||
Options, Outstanding, Weighted Average Exercise Price | $ 15.88 | $ 10.71 | ||
Options, Grants in Period, Weighted Average Exercise Price | 0 | |||
Options, Exercises in Period, Weighted Average Exercise Price | 8.77 | |||
Options, Forfeited, Weighed Average Grant Date Fair Value | 0 | |||
Options, Expirations in Period, Weighted Average Exercise Price | 0 | |||
Weighted Exercise Price at Grant Expected to Vest | 0 | |||
Weighted Average Exercise Price, Exercisable as of December 31, 2018 | $ 15.88 | |||
Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 3 months 18 days | 1 year 3 months 18 days | ||
Weighted Average Remaining Contractual Term, Expected to vest as of December 31, 2018 | 0 years | |||
Weighted Average Remaining Contractual Term, Exercisable as of December 31, 2018 | 1 year 3 months 18 days | |||
Options, Outstanding, Intrinsic Value | $ 1.5 | $ 4.7 | ||
Aggregate Intrinsic Value Expected to Vest | 0 | |||
Options, Exercisable, Intrinsic Value | 1.5 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 0 | |||
Proceeds from Stock Options Exercised | 0.7 | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 0.2 | |||
Value of Options Exercised [Abstract] | ||||
Intrinsic value of options exercised | 3.9 | 10.9 | $ 31.4 | |
Total fair value of options vested | $ 0.3 | $ 0.6 | $ 1.7 | |
Stock Appreciation Rights [Abstract] | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |||
2012 Management Equity Plan [Member] | Equity Option [Member] | Service Condition Option [Member] | ||||
Stock Options [Abstract] | ||||
Percentage of Stock Options, RSUs and Stock Appreciation Rights Vest Granted Based on Service Condition Award | 40% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Stock Appreciation Rights [Abstract] | ||||
Percentage of Stock Options, RSUs and Stock Appreciation Rights Vest Granted Based on Service Condition Award | 40% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
2012 Management Equity Plan [Member] | Equity Option [Member] | Market Condition Option [Member] | ||||
Stock Options [Abstract] | ||||
Percentage of Stock Options, RSUs and Stock Appreciation Rights Vest Granted Based on Market Condition Award | 60% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Stock Appreciation Rights [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Percentage of Stock Options, RSUs and Stock Appreciation Rights Vest Granted Based on Market Condition Award | 60% | |||
2015 Management Equity Plan [Member] | ||||
Stock Appreciation Rights [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (5,800,000) | |||
2015 Management Equity Plan [Member] | Performance Shares [Member] | ||||
Stock Options [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Stock Appreciation Rights [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock-Based Compensation - 2015
Stock-Based Compensation - 2015 Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 66 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock Units [Abstract] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 33.60% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 34.22% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 3.97% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.51% | |||
2015 Management Equity Plan [Member] | ||||
Restricted stock unit activity consisted of the following: [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,800,000 | |||
Performance Shares [Member] | 2015 Management Equity Plan [Member] | ||||
Restricted Stock Units [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Restricted stock unit activity consisted of the following: [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 800,000 | 800,000 | 1,200,000 | |
Restricted Stock Units (RSUs) [Member] | 2015 Management Equity Plan [Member] | ||||
Restricted Stock Units [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years 6 months | |||
Restricted stock unit activity consisted of the following: [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3,406,703 | 2,320,711 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,162,731 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 766,282 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 310,457 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Option, Expected to Vest | 3,308,803 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 84.59 | $ 94.73 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 76.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 93.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | 82.32 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Expected to Vest Weighted Average Grant Date Fair Value | $ 84.82 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months | 1 year 3 months 18 days | ||
Weighted Average Remaining Contractual Term Expected to Vest, other than options | 1 year 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 234.1 | $ 131.7 | ||
Other than intrinsic value expected to vest other than options | 227.3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 71.7 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 54.6 | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 171.1 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 10.1 | |||
Minimum [Member] | Performance Shares [Member] | 2015 Management Equity Plan [Member] | ||||
Restricted Stock Units [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% | |||
Maximum [Member] | Performance Shares [Member] | 2015 Management Equity Plan [Member] | ||||
Restricted Stock Units [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200% |
Stock-Based Compensation - Othe
Stock-Based Compensation - Other (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance share unit activity associated with the acquisition of iovation [Abstract] | |||
Share-based Payment Arrangement, Expense | $ 100.6 | $ 81.1 | $ 70.1 |
2012 Management Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 10,100,000 | ||
Equity Option [Member] | 2012 Management Equity Plan [Member] | |||
Performance share unit activity associated with the acquisition of iovation [Abstract] | |||
Granted | 0 | 0 | 0 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 30, 2022 |
Financial instruments measured at fair value, on a recurring basis | |||
Interest rate swaps (Notes 13 and 20) | $ 162.3 | $ 237.7 | |
Discontinued Operations, Disposed of by Sale | Non-core Businesses | |||
Financial instruments measured at fair value, on a recurring basis | |||
Disposal group, including discontinued operation, accounts, notes and loans receivable, face value | $ 72 | ||
Disposal group, including discontinued operation, accounts, notes and loans receivable, net | $ 70.3 | ||
Fair Value, Recurring [Member] | |||
Financial instruments measured at fair value, on a recurring basis | |||
Interest rate swaps (Notes 13 and 20) | 162.3 | 237.7 | |
Notes Receivable, Fair Value Disclosure | 82 | 70.3 | |
Debt Securities, Available-for-sale, Current | 2.7 | 2.6 | |
Total | $ 247 | 310.6 | |
Total | 10 | ||
Interest Receivable, Percentage | 10.60% | ||
Fair Value, Recurring [Member] | Put Option | |||
Financial instruments measured at fair value, on a recurring basis | |||
Derivative Liability | 10 | ||
Level 1 [Member] | Fair Value, Recurring [Member] | |||
Financial instruments measured at fair value, on a recurring basis | |||
Interest rate swaps (Notes 13 and 20) | $ 0 | 0 | |
Notes Receivable, Fair Value Disclosure | 0 | 0 | |
Debt Securities, Available-for-sale, Current | 0 | 0 | |
Total | 0 | 0 | |
Total | 0 | ||
Level 1 [Member] | Fair Value, Recurring [Member] | Put Option | |||
Financial instruments measured at fair value, on a recurring basis | |||
Derivative Liability | 0 | ||
Level 2 [Member] | Fair Value, Recurring [Member] | |||
Financial instruments measured at fair value, on a recurring basis | |||
Interest rate swaps (Notes 13 and 20) | 162.3 | 237.7 | |
Notes Receivable, Fair Value Disclosure | 82 | 70.3 | |
Debt Securities, Available-for-sale, Current | 2.7 | 2.6 | |
Total | 247 | 310.6 | |
Total | 0 | ||
Level 2 [Member] | Fair Value, Recurring [Member] | Put Option | |||
Financial instruments measured at fair value, on a recurring basis | |||
Derivative Liability | 0 | ||
Level 3 [Member] | Fair Value, Recurring [Member] | |||
Financial instruments measured at fair value, on a recurring basis | |||
Interest rate swaps (Notes 13 and 20) | 0 | 0 | |
Notes Receivable, Fair Value Disclosure | 0 | 0 | |
Debt Securities, Available-for-sale, Current | 0 | 0 | |
Total | $ 0 | 0 | |
Total | 10 | ||
Level 3 [Member] | Fair Value, Recurring [Member] | Put Option | |||
Financial instruments measured at fair value, on a recurring basis | |||
Derivative Liability | $ 10 |
Reportable Segments - Segment F
Reportable Segments - Segment Financial Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) Segment segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||
Number of Reportable Segments | Segment | 3 | ||||||||||||
Number of Corporate Units | segment | 1 | ||||||||||||
Revenue | $ 954.3 | $ 968.7 | $ 968 | $ 940.3 | $ 902.1 | $ 938.2 | $ 948.3 | $ 921.3 | $ 3,831.2 | $ 3,709.9 | $ 2,960.2 | ||
Adjusted EBITDA Adjustment - Depreciation and Amortization | (524.4) | (519) | (377) | ||||||||||
Goodwill impairment | (414) | 0 | 0 | ||||||||||
Adjusted EBITDA Adjustment - Net interest expense | (267.5) | (226.2) | (109.2) | ||||||||||
Adjusted EBITDA Adjustment - Corporate Expense | (142.8) | (135.7) | (121.9) | ||||||||||
Adjusted EBITDA Adjustment - Stockbased Compensation | (100.6) | (81.1) | (70.1) | ||||||||||
Adjusted EBITDA Adjustment - Operating Model Optimization Program | (77.6) | 0 | 0 | ||||||||||
Adjusted EBITDA Adjustment - Accelerated Technology | (70.6) | (54) | (39.7) | ||||||||||
Adjusted EBITDA Adjustment - Mergers and Acquisition | (34.6) | (50.7) | (52.6) | ||||||||||
Adjusted EBITDA Adjustment - Other | (15.2) | (46.1) | (19.4) | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 15.4 | 15.2 | 15 | ||||||||||
Adjusted EBITDA Adjustment - Total | (1,631.8) | (1,097.7) | (774.8) | ||||||||||
(Loss) income from continuing operations before income taxes | $ 110.8 | $ 124.9 | $ 76.1 | $ 201 | $ 311.9 | (145.3) | 383 | 505.6 | |||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 3,909.3 | 3,788.4 | 3,038.7 | ||||||||||
Segments Adjusted EBITDA | 1,486.5 | 1,480.7 | 1,280.4 | ||||||||||
Intersegment Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | (78.1) | (78.6) | (78.4) | ||||||||||
U.S. Markets [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Goodwill impairment | 0 | ||||||||||||
U.S. Markets [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 2,504.2 | 2,447.3 | 1,791 | ||||||||||
Segments Adjusted EBITDA | 846.8 | 869 | 717.2 | ||||||||||
U.S. Markets [Member] | Intersegment Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | (71.7) | (71.5) | (70.5) | ||||||||||
International [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Goodwill impairment | (414) | ||||||||||||
International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 825.3 | 755.9 | 701.9 | ||||||||||
Segments Adjusted EBITDA | 361.5 | 329.3 | 300.1 | ||||||||||
International [Member] | Intersegment Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | (5.7) | (6) | (5.9) | ||||||||||
Consumer Interactive [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Goodwill impairment | 0 | ||||||||||||
Consumer Interactive [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 579.7 | 585.3 | 545.8 | ||||||||||
Segments Adjusted EBITDA | 278.2 | 282.3 | 263.1 | ||||||||||
Consumer Interactive [Member] | Intersegment Eliminations [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | (0.6) | (1.1) | (2) | ||||||||||
CANADA | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 139.5 | 128.2 | 126.9 | ||||||||||
Asia Pacific [Member] | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 88.6 | 75.9 | 62.7 | ||||||||||
UNITED KINGDOM | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 197.2 | 203 | 216.5 | ||||||||||
Africa [Member] | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 60.6 | 61.7 | 59.5 | ||||||||||
INDIA | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 218.8 | 174.2 | 133.1 | ||||||||||
Latin America [Member] | International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 120.6 | 112.9 | 103.2 | ||||||||||
Financial Services [Member] | U.S. Markets [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | 1,280.3 | 1,255.1 | 1,090 | ||||||||||
Emerging Verticals [Member] | U.S. Markets [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Revenue | $ 1,223.9 | $ 1,192.1 | $ 701 |
Reportable Segments - Adjusted
Reportable Segments - Adjusted EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net income (loss) attributable to TransUnion | $ 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | $ 46.4 | $ 79.2 | $ 92.8 | $ 47.9 | $ 140.7 | $ 219.8 | $ (206.2) | $ 266.3 | $ 1,390.3 | ||
Other income and expense, net, included earnings (losses) from equity method investments | |||||||||||||||
Other income and expense, net from equity method investments | 16.3 | 13 | 12 | ||||||||||||
Discontinued operations, net of tax | (0.7) | 17.4 | 1,031.7 | ||||||||||||
(Loss) income from continuing operations attributable to TransUnion | $ 6 | (318.3) | 54.1 | 52.7 | $ 31.4 | 76.8 | 92.5 | 48.3 | 140.7 | 217.5 | (205.4) | 248.9 | 358.7 | ||
Total (benefit) provision for income taxes | 30.6 | 28.4 | 24.2 | 52.5 | 83.1 | 44.7 | 118.9 | 131.9 | |||||||
Depreciation and amortization | 524.4 | 519 | 377 | ||||||||||||
Selling, general and administrative | $ (290.8) | $ (292.5) | $ (284.6) | $ (287.6) | $ (293.2) | $ (324.7) | $ (577.1) | $ (617.9) | $ (867.7) | $ (905.5) | (1,171.6) | (1,179.4) | (909) | ||
U.S. Markets [Member] | |||||||||||||||
Other income and expense, net, included earnings (losses) from equity method investments | |||||||||||||||
Other income and expense, net from equity method investments | 0.6 | 1 | 2.4 | ||||||||||||
Depreciation and amortization | 359 | 352.5 | 222 | ||||||||||||
International [Member] | |||||||||||||||
Other income and expense, net, included earnings (losses) from equity method investments | |||||||||||||||
Other income and expense, net from equity method investments | 15.7 | 12 | 9.6 | ||||||||||||
Depreciation and amortization | 126.4 | $ 126.9 | $ 132.4 | ||||||||||||
Neustar | |||||||||||||||
Other income and expense, net, included earnings (losses) from equity method investments | |||||||||||||||
Business Combination, Acquisition Related Costs | $ (29.7) |
Reportable Segments - Total Ass
Reportable Segments - Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total assets, by segment | ||
Total assets | $ 11,105.1 | $ 11,666.3 |
Operating Segments [Member] | ||
Total assets, by segment | ||
Total assets | 10,662 | 11,059.5 |
Corporate | ||
Total assets, by segment | ||
Total assets | 443.2 | 606.8 |
U.S. Markets [Member] | Operating Segments [Member] | ||
Total assets, by segment | ||
Total assets | 7,071.1 | 7,180.9 |
International [Member] | Operating Segments [Member] | ||
Total assets, by segment | ||
Total assets | 2,368.6 | 2,675.7 |
Consumer Interactive [Member] | Operating Segments [Member] | ||
Total assets, by segment | ||
Total assets | $ 1,222.3 | $ 1,202.9 |
Reportable Segments - Capital E
Reportable Segments - Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for capital expenditures, by segment | |||
Payments to acquire property, plant, and equipment | $ 310.7 | $ 298.2 | $ 224.2 |
U.S. Markets [Member] | |||
Cash paid for capital expenditures, by segment | |||
Payments to acquire property, plant, and equipment | 203.7 | 181 | 145.3 |
International [Member] | |||
Cash paid for capital expenditures, by segment | |||
Payments to acquire property, plant, and equipment | 87.3 | 97.5 | 65.1 |
Consumer Interactive [Member] | |||
Cash paid for capital expenditures, by segment | |||
Payments to acquire property, plant, and equipment | 18.5 | 17.7 | 11.8 |
Corporate [Member] | |||
Cash paid for capital expenditures, by segment | |||
Payments to acquire property, plant, and equipment | $ 1.3 | $ 2 | $ 2 |
Reportable Segments - Depreciat
Reportable Segments - Depreciation and Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation and amortization expense of continuing operations, by segment | |||
Depreciation and amortization expense of continuing operations, by segment | $ 524.4 | $ 519 | $ 377 |
U.S. Markets [Member] | |||
Depreciation and amortization expense of continuing operations, by segment | |||
Depreciation and amortization expense of continuing operations, by segment | 359 | 352.5 | 222 |
International [Member] | |||
Depreciation and amortization expense of continuing operations, by segment | |||
Depreciation and amortization expense of continuing operations, by segment | 126.4 | 126.9 | 132.4 |
Consumer Interactive [Member] | |||
Depreciation and amortization expense of continuing operations, by segment | |||
Depreciation and amortization expense of continuing operations, by segment | 34.6 | 34.8 | 16.8 |
Corporate [Member] | |||
Depreciation and amortization expense of continuing operations, by segment | |||
Depreciation and amortization expense of continuing operations, by segment | $ 4.4 | $ 4.9 | $ 5.7 |
Reportable Segments - Percentag
Reportable Segments - Percentage of Revenue (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Domestic | |||
Revenue based on the country | |||
Revenue earned | 79% | 80% | 76% |
International | |||
Revenue based on the country | |||
Revenue earned | 21% | 20% | 24% |
Reportable Segments - Percent_2
Reportable Segments - Percentage of Long-Lived Assets (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Domestic | ||
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset | ||
Long-lived assets, other than financial instruments and deferred tax assets | 75% | 78% |
International | ||
Long-lived assets, other than financial instruments and deferred tax assets, based on the location of the legal entity that owns the asset | ||
Long-lived assets, other than financial instruments and deferred tax assets | 25% | 22% |
Reportable Segments (Details Te
Reportable Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2023 segment | |
Reportable Segments (Textual) [Abstract] | |
Number of reportable segments | 3 |
Commitments (Details)
Commitments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 30.4 |
2025 | 21.1 |
2026 | 17 |
2027 | 13.9 |
2028 | 9 |
Thereafter | 31.2 |
Less Imputed Interest | (14.3) |
Totals, Operating leases | 108.3 |
Purchase Obligations and Other | |
2024 | 209 |
2025 | 100.9 |
2026 | 51.7 |
2027 | 31.5 |
2028 | 12.3 |
Thereafter | 0.3 |
Less imputed interest | 0 |
Totals, Purchase Obligations | 405.7 |
Summary of future minimum payments for noncancelable operating leases, purchase obligations and other | |
2024 | 239.4 |
2025 | 122 |
2026 | 68.7 |
2027 | 45.4 |
2028 | 21.3 |
Thereafter | 31.5 |
Totals | $ 514 |
Commitments (Details Textual)
Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments [Abstract] | ||
Trade accounts payable | $ 251.3 | $ 250.4 |
Minimum Payments Licensing Agreements | $ 0 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Oct. 10, 2023 | Oct. 05, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||||
Accrued legal and regulatory matters | $ 147.8 | $ 125 | ||
Consumer Financial Protection Bureau | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 56 | $ 56 | ||
Consumer Financial Protection Bureau | Litigation Settlement, Redress | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 3 | $ 11 | ||
Consumer Financial Protection Bureau | Litigation Settlement, Civil Money Penalty | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 5 | $ 4 | ||
Argus Department of Justice Matter | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 37 | |||
Loss Contingency, Receivable | $ 37 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Component accumulated other comprehensive income (loss) | ||||
Accumulated other comprehensive income (loss), total | $ (260.9) | $ (284.5) | $ (285.4) | $ (272.1) |
Change | 23.6 | 0.9 | (13.3) | |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | (0.2) | 0 | |
Accumulated other comprehensive income (loss), total | (260.9) | (284.5) | (285.4) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 80.2 | (194.3) | (63.8) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (56.6) | 195.2 | 50.5 | |
Foreign Currency Translation Adjustment | ||||
Component accumulated other comprehensive income (loss) | ||||
Accumulated other comprehensive income (loss), total | (383.4) | (463.5) | (269.2) | (205.4) |
Accumulated other comprehensive income (loss), total | (383.4) | (463.5) | (269.2) | |
Net Unrealized Gain/(Loss) On Hedges | ||||
Component accumulated other comprehensive income (loss) | ||||
Accumulated other comprehensive income (loss), total | 122 | 178.6 | (16.6) | (67.1) |
Accumulated other comprehensive income (loss), total | 122 | 178.6 | (16.6) | |
Net Unrealized Gain/(Loss) On Available-for-sale Securities | ||||
Component accumulated other comprehensive income (loss) | ||||
Accumulated other comprehensive income (loss), total | 0.2 | 0.2 | 0.4 | $ 0.4 |
Accumulated other comprehensive income (loss), total | $ 0.2 | $ 0.2 | $ 0.4 |
Subsequent Event (Details)
Subsequent Event (Details) - Senior Secured Term Loan B-6 - USD ($) $ in Millions | Feb. 08, 2024 | Dec. 01, 2021 |
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | $ 3,100 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | $ 1,900 | |
Debt Instrument, Basis Spread on Variable Rate | 2% |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Statements of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Revenue | $ 954.3 | $ 968.7 | $ 968 | $ 940.3 | $ 902.1 | $ 938.2 | $ 948.3 | $ 921.3 | $ 3,831.2 | $ 3,709.9 | $ 2,960.2 | ||
Operating income (loss) | 61.3 | (236.3) | 158.4 | 145.2 | 143.5 | 169.5 | 178.9 | 134.4 | $ 313.2 | $ 482.8 | 128.5 | 626.3 | 651.9 |
Income (loss) from continuing operations | 9.5 | (313.9) | 57.3 | 57 | 35.3 | 80.3 | 96.5 | 51.9 | 148.5 | 228.8 | (190.1) | 264.1 | 373.7 |
Net income (loss) | 9.5 | (314.4) | 57.2 | 56.9 | 50.4 | 82.7 | 96.8 | 51.6 | 148.4 | 231.1 | (190.8) | 281.5 | 1,405.4 |
Net income (loss) attributable to TransUnion | 6.1 | (318.8) | 53.9 | 52.6 | 46.4 | 79.2 | 92.8 | 47.9 | 140.7 | 219.8 | (206.2) | 266.3 | 1,390.3 |
Income (loss) from continuing operations attributable to TransUnion | $ 6 | $ (318.3) | $ 54.1 | $ 52.7 | $ 31.4 | $ 76.8 | $ 92.5 | $ 48.3 | $ 140.7 | $ 217.5 | $ (205.4) | $ 248.9 | $ 358.7 |
Basic earnings (loss) per common share from: | |||||||||||||
Income (loss) from continuing operations attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.16 | $ 0.40 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.13 | $ (1.06) | $ 1.29 | $ 1.87 |
Net income (loss) attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.24 | 0.41 | 0.48 | 0.25 | 0.73 | 1.14 | (1.07) | 1.38 | 7.26 |
Diluted earnings (loss) per common share from: | |||||||||||||
Income (loss) from continuing operations attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.16 | 0.40 | 0.48 | 0.25 | 0.73 | 1.13 | (1.06) | 1.29 | 1.86 |
Net income (loss) attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.14 | $ (1.07) | $ 1.38 | $ 7.20 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Corrections to the Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | $ 368.8 | $ 387 | $ 380.8 | $ 351.6 | $ 345.6 | $ 333.4 | $ 767.8 | $ 679 | $ 1,136.8 | $ 1,030.6 | $ 1,517.3 | $ 1,385.1 | $ 1,022.3 | ||
Selling, general and administrative | 290.8 | 292.5 | 284.6 | 287.6 | 293.2 | 324.7 | 577.1 | 617.9 | 867.7 | 905.5 | 1,171.6 | 1,179.4 | 909 | ||
Total operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 769.4 | 786.9 | 1,604.7 | 1,556.3 | 2,809.6 | 2,325 | 3,702.7 | 3,083.5 | 2,308.3 | ||
Operating income (loss) | $ 61.3 | (236.3) | 158.4 | 145.2 | $ 143.5 | 169.5 | 178.9 | 134.4 | 313.2 | 482.8 | 128.5 | 626.3 | 651.9 | ||
Income from continuing operations before income taxes | 110.8 | 124.9 | 76.1 | 201 | 311.9 | (145.3) | 383 | 505.6 | |||||||
Provision for income taxes | (30.6) | (28.4) | (24.2) | (52.5) | (83.1) | (44.7) | (118.9) | (131.9) | |||||||
Income from continuing operations | 9.5 | (313.9) | 57.3 | 57 | 35.3 | 80.3 | 96.5 | 51.9 | 148.5 | 228.8 | (190.1) | 264.1 | 373.7 | ||
Net income | 9.5 | (314.4) | 57.2 | 56.9 | 50.4 | 82.7 | 96.8 | 51.6 | 148.4 | 231.1 | (190.8) | 281.5 | 1,405.4 | ||
Net income attributable to TransUnion | 6.1 | (318.8) | 53.9 | 52.6 | 46.4 | 79.2 | 92.8 | 47.9 | 140.7 | 219.8 | (206.2) | 266.3 | 1,390.3 | ||
Income from continuing operations attributable to TransUnion | $ 6 | $ (318.3) | $ 54.1 | $ 52.7 | $ 31.4 | $ 76.8 | $ 92.5 | $ 48.3 | $ 140.7 | $ 217.5 | $ (205.4) | $ 248.9 | $ 358.7 | ||
Basic earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.16 | $ 0.40 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.13 | $ (1.06) | $ 1.29 | $ 1.87 | ||
Net income attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.24 | 0.41 | 0.48 | 0.25 | 0.73 | 1.14 | (1.07) | 1.38 | 7.26 | ||
Diluted earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0.03 | (1.65) | 0.28 | 0.27 | 0.16 | 0.40 | 0.48 | 0.25 | 0.73 | 1.13 | (1.06) | 1.29 | 1.86 | ||
Net income attributable to TransUnion (in dollars per share) | $ 0.03 | $ (1.65) | $ 0.28 | $ 0.27 | $ 0.24 | $ 0.41 | $ 0.48 | $ 0.25 | $ 0.73 | $ 1.14 | $ (1.07) | $ 1.38 | $ 7.20 | ||
As Reported | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | $ 344.8 | $ 365.5 | $ 324.9 | $ 338.2 | $ 328.9 | $ 298 | 728.2 | $ 650 | 1,073.2 | $ 988.2 | $ 1,222.9 | $ 991.6 | |||
Selling, general and administrative | 314.8 | 314 | 340.5 | 301 | 306.3 | 359.5 | 616.7 | 642.7 | 931.3 | 943.6 | 1,337.4 | 943.9 | |||
Total operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 765.8 | 786.3 | 1,604.7 | 1,552.1 | 2,809.6 | 2,320.8 | 3,079.3 | 2,312.5 | |||
Operating income (loss) | 169.5 | 182.5 | 135 | 317.4 | 487 | 630.5 | 647.7 | ||||||||
Income from continuing operations before income taxes | 110.8 | 128.5 | 76.7 | 205.2 | 316.1 | 387.2 | 501.4 | ||||||||
Provision for income taxes | (30.6) | (29.2) | (24.4) | (53.5) | (84.1) | (119.9) | (130.9) | ||||||||
Income from continuing operations | 80.3 | 99.3 | 52.3 | 151.7 | 232 | 267.3 | 370.5 | ||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||||
Net income attributable to TransUnion | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | ||||||||
Income from continuing operations attributable to TransUnion | $ 76.8 | $ 95.3 | $ 48.7 | $ 143.9 | $ 220.7 | $ 252.1 | $ 355.5 | ||||||||
Basic earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0.40 | $ 0.49 | $ 0.25 | $ 0.75 | $ 1.15 | $ 1.31 | $ 1.86 | ||||||||
Net income attributable to TransUnion (in dollars per share) | 0.41 | 0.50 | 0.25 | 0.75 | 1.16 | 1.40 | 7.25 | ||||||||
Diluted earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0.40 | 0.49 | 0.25 | 0.75 | 1.14 | 1.31 | 1.84 | ||||||||
Net income attributable to TransUnion (in dollars per share) | $ 0.41 | $ 0.49 | $ 0.25 | $ 0.75 | $ 1.15 | $ 1.40 | $ 7.19 | ||||||||
Adjustment | |||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||||
Cost of services (exclusive of depreciation and amortization below) | 24 | 21.5 | 55.9 | $ 13.4 | $ 16.7 | $ 35.4 | 39.6 | $ 29 | 63.6 | $ 42.4 | $ 162.2 | $ 30.7 | |||
Selling, general and administrative | (24) | (21.5) | (55.9) | (13.4) | (13.1) | (34.8) | (39.6) | (24.8) | (63.6) | (38.2) | (158) | (34.9) | |||
Total operating expenses | $ 0 | $ 0 | $ 0 | 0 | 3.6 | 0.6 | $ 0 | 4.2 | $ 0 | 4.2 | 4.2 | (4.2) | |||
Operating income (loss) | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | ||||||||
Income from continuing operations before income taxes | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | ||||||||
Provision for income taxes | 0 | 0.8 | 0.2 | 1 | 1 | 1 | (1) | ||||||||
Income from continuing operations | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Net income | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Net income attributable to TransUnion | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||||
Income from continuing operations attributable to TransUnion | $ 0 | $ (2.8) | $ (0.4) | $ (3.2) | $ (3.2) | $ (3.2) | $ 3.2 | ||||||||
Basic earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | $ 0 | $ (0.01) | $ 0 | $ (0.02) | $ (0.02) | $ (0.02) | $ 0.02 | ||||||||
Net income attributable to TransUnion (in dollars per share) | 0 | (0.01) | 0 | (0.02) | (0.02) | (0.02) | 0.02 | ||||||||
Diluted earnings per common share from: | |||||||||||||||
Income from continuing operations attributable to TransUnion (in dollars per share) | 0 | (0.01) | 0 | (0.02) | (0.02) | (0.02) | 0.02 | ||||||||
Net income attributable to TransUnion (in dollars per share) | $ 0 | $ (0.01) | $ 0 | $ (0.02) | $ (0.02) | $ (0.02) | $ 0.02 |
Quarterly Financial Data (Una_5
Quarterly Financial Data (Unaudited) - Corrections to the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | $ 50.4 | $ 82.7 | $ 96.8 | $ 51.6 | $ 148.4 | $ 231.1 | $ (190.8) | $ 281.5 | $ 1,405.4 |
Comprehensive income | (3.5) | 152.2 | 148.8 | 156.5 | (168.3) | 280.1 | 1,389.8 | ||||||
Comprehensive income attributable to TransUnion | (6) | 148.5 | 142.6 | 148 | $ (182.6) | 267.2 | 1,377.1 | ||||||
As Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||
Comprehensive income | (0.7) | 152.6 | 152 | 159.7 | 283.3 | 1,386.6 | |||||||
Comprehensive income attributable to TransUnion | (3.2) | 148.9 | 145.8 | 151.2 | 270.4 | 1,373.9 | |||||||
Adjustment | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
Comprehensive income | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||
Comprehensive income attributable to TransUnion | $ (2.8) | $ (0.4) | $ (3.2) | $ (3.2) | $ (3.2) | $ 3.2 |
Quarterly Financial Data (Una_6
Quarterly Financial Data (Unaudited) - Corrections Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | $ 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | $ 50.4 | $ 82.7 | $ 96.8 | $ 51.6 | $ 148.4 | $ 231.1 | $ (190.8) | $ 281.5 | $ 1,405.4 |
Income from continuing operations | $ 9.5 | $ (313.9) | $ 57.3 | $ 57 | $ 35.3 | 80.3 | 96.5 | 51.9 | 148.5 | 228.8 | (190.1) | 264.1 | 373.7 |
Trade accounts payable | (9.7) | 10.6 | (16.2) | (6.5) | (16.5) | 41.5 | |||||||
Other current and long-term liabilities | (116.4) | (462.4) | (449.8) | 80.4 | (436.3) | (32.5) | |||||||
Cash provided by (used in) operating activities of continuing operations | 11.6 | (115.4) | 70.8 | $ 645.6 | 301 | 759.4 | |||||||
As Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | ||||||
Income from continuing operations | 80.3 | 99.3 | 52.3 | 151.7 | 232 | 267.3 | 370.5 | ||||||
Trade accounts payable | (10.3) | 6.4 | (20.4) | (20.7) | 45.7 | ||||||||
Other current and long-term liabilities | (116.2) | (461.4) | (448.8) | (435.3) | (33.5) | ||||||||
Cash provided by (used in) operating activities of continuing operations | 11.6 | (115.4) | 70.8 | 301 | 759.4 | ||||||||
Adjustment | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Net income | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
Income from continuing operations | $ 0 | $ (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | ||||||
Trade accounts payable | 0.6 | 4.2 | 4.2 | 4.2 | (4.2) | ||||||||
Other current and long-term liabilities | (0.2) | (1) | (1) | (1) | 1 | ||||||||
Cash provided by (used in) operating activities of continuing operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Quarterly Financial Data (Una_7
Quarterly Financial Data (Unaudited) - Corrections to the Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 4,105.5 | $ 4,269.4 | $ 4,105.5 | $ 4,269.4 | ||||||||||
Net income attributable to TransUnion | 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | 46.4 | $ 79.2 | $ 92.8 | $ 47.9 | $ 140.7 | $ 219.8 | (206.2) | 266.3 | $ 1,390.3 | |
Net income | 9.5 | $ (314.4) | $ 57.2 | $ 56.9 | 50.4 | 82.7 | 96.8 | 51.6 | 148.4 | 231.1 | (190.8) | 281.5 | 1,405.4 | |
Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 2,157.1 | 2,446.6 | 2,361.5 | 2,287.3 | 2,361.5 | 2,157.1 | 2,446.6 | 2,257.8 | $ 937.4 | |||||
Net income attributable to TransUnion | 92.8 | 47.9 | (206.2) | 266.3 | 1,390.3 | |||||||||
Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 4,105.5 | 4,269.4 | 4,138.9 | 4,144.7 | 4,138.9 | 4,105.5 | 4,269.4 | 4,009.4 | 2,636.1 | |||||
Net income | 96.8 | 51.6 | $ (190.8) | 281.5 | 1,405.4 | |||||||||
As Reported | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income attributable to TransUnion | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | |||||||
Net income | 82.7 | 99.6 | 52 | 151.6 | 234.3 | 284.7 | 1,402.2 | |||||||
As Reported | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 2,446.6 | 2,361.5 | 2,284.5 | 2,361.5 | 2,446.6 | 2,254.6 | 937.4 | |||||||
Net income attributable to TransUnion | 95.6 | 48.3 | 269.5 | 1,387.1 | ||||||||||
As Reported | Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 4,269.4 | 4,138.9 | 4,141.9 | 4,138.9 | 4,269.4 | 4,006.2 | 2,636.1 | |||||||
Net income | 99.6 | 52 | 284.7 | 1,402.2 | ||||||||||
Adjustment | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income attributable to TransUnion | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||
Net income | $ 0 | (2.8) | (0.4) | (3.2) | $ (3.2) | (3.2) | 3.2 | |||||||
Adjustment | Retained Earnings | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | 0 | 0 | 2.8 | 0 | 0 | 3.2 | 0 | |||||||
Net income attributable to TransUnion | (2.8) | (0.4) | (3.2) | 3.2 | ||||||||||
Adjustment | Total Equity | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Stockholders' equity | $ 0 | 0 | 2.8 | $ 0 | 0 | 3.2 | $ 0 | |||||||
Net income | $ (2.8) | $ (0.4) | $ (3.2) | $ 3.2 |
Condensed Financial Informati_2
Condensed Financial Information of TransUnion (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets: | ||||||||||||||||||||
Other current assets | $ 275.9 | $ 262.7 | $ 275.9 | $ 262.7 | ||||||||||||||||
Total current assets | 1,475.1 | 1,450.2 | 1,475.1 | 1,450.2 | ||||||||||||||||
Investment in TransUnion Intermediate Holdings, Inc. | 53.9 | 49.8 | 53.9 | 49.8 | ||||||||||||||||
Other assets | 739.4 | 771 | 739.4 | 771 | ||||||||||||||||
Total assets | 11,105.1 | 11,666.3 | 11,105.1 | 11,666.3 | ||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | 251.3 | 250.4 | 251.3 | 250.4 | ||||||||||||||||
Other current liabilities | 661.8 | 540.5 | 661.8 | 540.5 | ||||||||||||||||
Total current liabilities | 1,002.7 | 905.5 | 1,002.7 | 905.5 | ||||||||||||||||
Other liabilities | 153.2 | 173.9 | 153.2 | 173.9 | ||||||||||||||||
Total liabilities | 6,999.6 | 7,396.9 | 6,999.6 | 7,396.9 | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common Stock, Value, Issued | 2 | 2 | 2 | 2 | ||||||||||||||||
Additional paid-in capital | 2,412.9 | 2,290.3 | 2,412.9 | 2,290.3 | ||||||||||||||||
Treasury Stock, Value | (302.9) | (284.5) | (302.9) | (284.5) | ||||||||||||||||
Retained earnings | 2,157.1 | 2,446.6 | 2,157.1 | 2,446.6 | ||||||||||||||||
Accumulated other comprehensive loss | (260.9) | (284.5) | $ (285.4) | (260.9) | (284.5) | $ (285.4) | $ (272.1) | |||||||||||||
Total stockholders’ equity | 4,105.5 | 4,269.4 | 4,105.5 | 4,269.4 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ 11,105.1 | $ 11,666.3 | $ 11,105.1 | $ 11,666.3 | ||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||
Common Stock, Shares Authorized | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||||||||||
Common stock, shares issued | 200 | 198.7 | 200 | 198.7 | ||||||||||||||||
Common stock, shares outstanding | 193.8 | 192.7 | 193.8 | 192.7 | ||||||||||||||||
Treasury stock at cost, shares | 6.2 | 6 | 6.2 | 6 | ||||||||||||||||
Statement of Income | ||||||||||||||||||||
Revenue | $ 954.3 | $ 968.7 | $ 968 | $ 940.3 | $ 902.1 | $ 938.2 | $ 948.3 | $ 921.3 | $ 3,831.2 | $ 3,709.9 | 2,960.2 | |||||||||
Operating expenses | ||||||||||||||||||||
Selling, general and administrative | 290.8 | 292.5 | 284.6 | 287.6 | 293.2 | 324.7 | $ 577.1 | $ 617.9 | $ 867.7 | $ 905.5 | 1,171.6 | 1,179.4 | 909 | |||||||
Operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 769.4 | 786.9 | 1,604.7 | 1,556.3 | 2,809.6 | 2,325 | 3,702.7 | 3,083.5 | 2,308.3 | |||||||
Operating income | 61.3 | (236.3) | 158.4 | 145.2 | 143.5 | 169.5 | 178.9 | 134.4 | 313.2 | 482.8 | 128.5 | 626.3 | 651.9 | |||||||
Non-operating income and (expense) | ||||||||||||||||||||
Earnings from equity method investments | 16.3 | 13 | 12 | |||||||||||||||||
Total non-operating income and (expense) | (273.9) | (243.3) | (146.3) | |||||||||||||||||
(Loss) income from continuing operations before income taxes | 110.8 | 124.9 | 76.1 | 201 | 311.9 | (145.3) | 383 | 505.6 | ||||||||||||
Provision for income taxes | (30.6) | (28.4) | (24.2) | (52.5) | (83.1) | (44.7) | (118.9) | (131.9) | ||||||||||||
Net (loss) income attributable to TransUnion Holding | 6.1 | (318.8) | 53.9 | 52.6 | 46.4 | 79.2 | 92.8 | 47.9 | 140.7 | 219.8 | (206.2) | 266.3 | 1,390.3 | |||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | $ 6.1 | $ (318.8) | $ 53.9 | $ 52.6 | $ 46.4 | $ 79.2 | 92.8 | 47.9 | 140.7 | 219.8 | (206.2) | 266.3 | 1,390.3 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 81.1 | (195.7) | (66.4) | |||||||||||||||||
(Expense) benefit for income taxes | (2) | (0.7) | 0.3 | |||||||||||||||||
Foreign currency translation, net | 79.1 | (196.4) | (66.1) | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (75.5) | 260.1 | 67.3 | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 18.9 | (64.9) | (16.8) | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (56.6) | 195.2 | 50.5 | |||||||||||||||||
Net unrealized loss | 0 | (0.3) | 0 | |||||||||||||||||
Benefit for income taxes | 0 | 0.1 | 0 | |||||||||||||||||
Available-for-sale securities, net | 0 | (0.2) | 0 | |||||||||||||||||
Total other comprehensive income (loss), net of tax | 22.5 | (1.4) | (15.6) | |||||||||||||||||
Comprehensive income (loss) attributable to TransUnion | $ (6) | $ 148.5 | 142.6 | 148 | (182.6) | 267.2 | 1,377.1 | |||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Net cash provided by (Used in) operating activities | 645.4 | 297.2 | 808.3 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash (used in) provided by investing activities | (318.9) | (723.9) | (2,212.9) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of common stock and exercise of stock options | 23.1 | 18.7 | 21.9 | |||||||||||||||||
Dividends to shareholders | (81.8) | (77.8) | (69.8) | |||||||||||||||||
Cash provided by (used in) financing activities | (438.8) | (820.5) | 2,762.3 | |||||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (109.1) | (1,257.1) | 1,349.7 | |||||||||||||||||
Dividend rate (in dollars per share) | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.075 | ||||||||
Dividend Paid [Member] | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Dividends paid | 81.8 | 77.8 | 69.8 | |||||||||||||||||
As Reported | ||||||||||||||||||||
Operating expenses | ||||||||||||||||||||
Selling, general and administrative | $ 314.8 | $ 314 | $ 340.5 | $ 301 | $ 306.3 | $ 359.5 | 616.7 | 642.7 | 931.3 | 943.6 | 1,337.4 | 943.9 | ||||||||
Operating expenses | 1,205 | 809.6 | 795.1 | 768.8 | 765.8 | 786.3 | 1,604.7 | 1,552.1 | 2,809.6 | 2,320.8 | 3,079.3 | 2,312.5 | ||||||||
Operating income | 169.5 | 182.5 | 135 | 317.4 | 487 | 630.5 | 647.7 | |||||||||||||
Non-operating income and (expense) | ||||||||||||||||||||
(Loss) income from continuing operations before income taxes | 110.8 | 128.5 | 76.7 | 205.2 | 316.1 | 387.2 | 501.4 | |||||||||||||
Provision for income taxes | (30.6) | (29.2) | (24.4) | (53.5) | (84.1) | (119.9) | (130.9) | |||||||||||||
Net (loss) income attributable to TransUnion Holding | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | |||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | 79.2 | 95.6 | 48.3 | 143.9 | 223 | 269.5 | 1,387.1 | |||||||||||||
Comprehensive income (loss) attributable to TransUnion | (3.2) | 148.9 | 145.8 | 151.2 | 270.4 | 1,373.9 | ||||||||||||||
Adjustment | ||||||||||||||||||||
Operating expenses | ||||||||||||||||||||
Selling, general and administrative | (24) | (21.5) | (55.9) | (13.4) | (13.1) | (34.8) | (39.6) | (24.8) | (63.6) | (38.2) | (158) | (34.9) | ||||||||
Operating expenses | $ 0 | $ 0 | $ 0 | 0 | 3.6 | 0.6 | $ 0 | 4.2 | $ 0 | 4.2 | 4.2 | (4.2) | ||||||||
Operating income | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | |||||||||||||
Non-operating income and (expense) | ||||||||||||||||||||
(Loss) income from continuing operations before income taxes | 0 | (3.6) | (0.6) | (4.2) | (4.2) | (4.2) | 4.2 | |||||||||||||
Provision for income taxes | 0 | 0.8 | 0.2 | 1 | 1 | 1 | (1) | |||||||||||||
Net (loss) income attributable to TransUnion Holding | 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | $ 0 | (2.8) | (0.4) | (3.2) | (3.2) | (3.2) | 3.2 | |||||||||||||
Comprehensive income (loss) attributable to TransUnion | $ (2.8) | $ (0.4) | $ (3.2) | $ (3.2) | (3.2) | 3.2 | ||||||||||||||
Parent Company | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Other current assets | $ 0 | $ 0 | 0 | 0 | ||||||||||||||||
Total current assets | 0 | 0 | 0 | 0 | ||||||||||||||||
Investment in TransUnion Intermediate Holdings, Inc. | 4,524.6 | 4,587 | 4,524.6 | 4,587 | ||||||||||||||||
Other assets | 6 | 6 | 6 | 6 | ||||||||||||||||
Total assets | 4,530.6 | 4,593 | 4,530.6 | 4,593 | ||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Trade accounts payable | 0 | 0.1 | 0 | 0.1 | ||||||||||||||||
Other Liability, Related Party, Type [Extensible Enumeration] | 516.9 | 419.6 | 516.9 | 419.6 | ||||||||||||||||
Other current liabilities | 1.9 | 1.2 | 1.9 | 1.2 | ||||||||||||||||
Total current liabilities | 518.8 | 420.9 | 518.8 | 420.9 | ||||||||||||||||
Other liabilities | 3.6 | 2.2 | 3.6 | 2.2 | ||||||||||||||||
Total liabilities | 522.4 | 423.1 | 522.4 | 423.1 | ||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common Stock, Value, Issued | 2 | 2 | 2 | 2 | ||||||||||||||||
Additional paid-in capital | 2,412.9 | 2,290.3 | 2,412.9 | 2,290.3 | ||||||||||||||||
Treasury Stock, Value | (302.9) | (284.5) | (302.9) | (284.5) | ||||||||||||||||
Retained earnings | 2,157.1 | 2,446.6 | 2,157.1 | 2,446.6 | ||||||||||||||||
Accumulated other comprehensive loss | (260.9) | (284.5) | (260.9) | (284.5) | ||||||||||||||||
Total stockholders’ equity | 4,008.2 | 4,169.9 | 4,008.2 | 4,169.9 | ||||||||||||||||
Total liabilities and stockholders’ equity | 4,530.6 | 4,593 | 4,530.6 | 4,593 | ||||||||||||||||
Statement of Income | ||||||||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||
Selling, general and administrative | 4.4 | 3.5 | 3.5 | |||||||||||||||||
Operating expenses | 4.4 | 3.5 | 3.5 | |||||||||||||||||
Operating income | (4.4) | (3.5) | (3.5) | |||||||||||||||||
Non-operating income and (expense) | ||||||||||||||||||||
Earnings from equity method investments | (202.9) | 269.1 | 1,391.8 | |||||||||||||||||
Total non-operating income and (expense) | (202.9) | 269.1 | 1,391.8 | |||||||||||||||||
(Loss) income from continuing operations before income taxes | (207.3) | 265.6 | 1,388.3 | |||||||||||||||||
Provision for income taxes | 1.1 | 0.7 | 2 | |||||||||||||||||
Net (loss) income attributable to TransUnion Holding | (206.2) | 266.3 | 1,390.3 | |||||||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | (206.2) | 266.3 | 1,390.3 | |||||||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 82.2 | (193.4) | (64.1) | |||||||||||||||||
(Expense) benefit for income taxes | (2) | (0.7) | 0.3 | |||||||||||||||||
Foreign currency translation, net | 80.2 | (194.1) | (63.8) | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (75.5) | 260.1 | 67.3 | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 18.9 | (64.9) | (16.8) | |||||||||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (56.6) | 195.2 | 50.5 | |||||||||||||||||
Net unrealized loss | 0 | (0.3) | 0 | |||||||||||||||||
Benefit for income taxes | 0 | 0.1 | 0 | |||||||||||||||||
Available-for-sale securities, net | 0 | (0.2) | 0 | |||||||||||||||||
Total other comprehensive income (loss), net of tax | 23.6 | 0.9 | (13.3) | |||||||||||||||||
Comprehensive income (loss) attributable to TransUnion | (182.6) | 267.2 | 1,377 | |||||||||||||||||
Statement of Cash Flows | ||||||||||||||||||||
Net cash provided by (Used in) operating activities | 77.1 | 91.6 | 84.7 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Cash (used in) provided by investing activities | 0 | 0 | 0 | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from issuance of common stock and exercise of stock options | 23.1 | 18.7 | 21.9 | |||||||||||||||||
Dividends to shareholders | (81.8) | (77.8) | (69.8) | |||||||||||||||||
Treasury stock purchased | (18.4) | (32.5) | (36.8) | |||||||||||||||||
Cash provided by (used in) financing activities | (77.1) | (91.6) | (84.7) | |||||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 0 | 0 | 0 | |||||||||||||||||
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | |||||||||||||
Dividend rate (in dollars per share) | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.075 | ||||||||
Parent Company | Dividend Paid [Member] | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Dividends paid | $ 81.8 | 77.8 | 69.8 | |||||||||||||||||
Parent Company | As Reported | ||||||||||||||||||||
Non-operating income and (expense) | ||||||||||||||||||||
Earnings from equity method investments | 272.3 | 1,388.6 | ||||||||||||||||||
Total non-operating income and (expense) | 272.3 | 1,388.6 | ||||||||||||||||||
(Loss) income from continuing operations before income taxes | 268.8 | 1,385.1 | ||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | 269.5 | 1,387.1 | ||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | 269.5 | 1,387.1 | ||||||||||||||||||
Comprehensive income (loss) attributable to TransUnion | 270.4 | 1,373.8 | ||||||||||||||||||
Parent Company | Adjustment | ||||||||||||||||||||
Non-operating income and (expense) | ||||||||||||||||||||
Earnings from equity method investments | (3.2) | 3.2 | ||||||||||||||||||
Total non-operating income and (expense) | (3.2) | 3.2 | ||||||||||||||||||
(Loss) income from continuing operations before income taxes | (3.2) | 3.2 | ||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | (3.2) | 3.2 | ||||||||||||||||||
Statement of Comprehensive Income [Abstract] | ||||||||||||||||||||
Net (loss) income attributable to TransUnion Holding | (3.2) | 3.2 | ||||||||||||||||||
Comprehensive income (loss) attributable to TransUnion | $ (3.2) | $ 3.2 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in valuation allowances and reserves | |||
Balance at Beginning of Year | $ 98.9 | ||
Balance at End of Year | 104.7 | $ 98.9 | |
Allowance for deferred tax assets [Member] | |||
Movement in valuation allowances and reserves | |||
Balance at Beginning of Year | 98.9 | 70.8 | $ 65.7 |
Charged to Costs and Expenses | 9.4 | 21.8 | 3.8 |
Charged to Other Accounts | 2.7 | 9.7 | 14.4 |
Deductions | (6.3) | (3.4) | (13.1) |
Balance at End of Year | $ 104.7 | $ 98.9 | $ 70.8 |