Condensed Financial Information of TransUnion |
Schedule I—Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Balance Sheet (in millions, except per share data) | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | Assets | | | | Current assets: | | | | Other current assets | $ | 0.3 | | | $ | 0.1 | | Total current assets | 0.3 | | | 0.1 | | Investment in TransUnion Intermediate | 2,748.7 | | | 2,368.4 | | Other assets | 6.3 | | | 6.5 | | Total assets | $ | 2,755.3 | | | $ | 2,375.0 | | Liabilities and stockholders’ equity | | | | Current liabilities: | | | | Trade accounts payable | $ | — | | | $ | — | | Due to TransUnion Intermediate | 211.4 | | | 126.4 | | Other current liabilities | 1.4 | | | 0.8 | | Total current liabilities | 212.8 | | | 127.2 | | Other liabilities | 2.3 | | | 2.4 | | Total liabilities | 215.1 | | | 129.6 | | Stockholders’ equity: | | | | Common stock, $0.01 par value; 1.0 billion shares authorized at December 31, 2020 and December 31, 2019; 195.7 million and 193.5 million shares issued as of December 31, 2020 and December 31, 2019, respectively; and 190.5 million and 188.7 million shares outstanding as of December 31, 2020 and December 31, 2019, respectively | 2.0 | | | 1.9 | | Additional paid-in capital | 2,088.1 | | | 2,022.3 | | Treasury stock at cost; 5.2 and 4.8 million shares at December 31, 2020 and December 31, 2019, respectively | (215.2) | | | (179.2) | | Retained earnings | 937.4 | | | 652.0 | | Accumulated other comprehensive loss | (272.1) | | | (251.6) | | Total stockholders’ equity | 2,540.2 | | | 2,245.4 | | Total liabilities and stockholders’ equity | $ | 2,755.3 | | | $ | 2,375.0 | |
See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statement of Income (in millions) | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, | | 2020 | | 2019 | | 2018 | Revenue | $ | — | | | $ | — | | | $ | — | | Operating expenses | | | | | | Selling, general and administrative | 3.1 | | | 3.5 | | | 3.2 | | Total operating expenses | 3.1 | | | 3.5 | | | 3.2 | | Operating loss | (3.1) | | | (3.5) | | | (3.2) | | Non-operating income and expense | | | | | | Equity Income from TransUnion Intermediate | 345.0 | | | 349.2 | | | 279.3 | | Other income and (expense), net | 0.2 | | | — | | | (0.4) | | Total non-operating income and expense | 345.2 | | | 349.2 | | | 278.9 | | Income from continuing operations before income taxes | 342.1 | | | 345.7 | | | 275.7 | | Benefit (provision) for income taxes | 1.1 | | | 1.2 | | | 0.9 | | Net income | $ | 343.2 | | | $ | 346.9 | | | $ | 276.6 | |
See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statements of Comprehensive Income (in millions)
| | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, | | 2020 | | 2019 | | 2018 | Net income | $ | 343.2 | | | $ | 346.9 | | | $ | 276.6 | | Other comprehensive income: | | | | | | Foreign currency translation: | | | | | | Foreign currency translation adjustment | 8.4 | | | 65.5 | | | (145.1) | | Benefit (expense) for income taxes | 0.8 | | | (0.5) | | | — | | Foreign currency translation, net | 9.2 | | | 65.0 | | | (145.1) | | Hedge instruments: | | | | | | Net change on interest rate cap | 4.1 | | | (11.0) | | | 7.6 | | Net change on interest rate swap | (43.5) | | | (35.4) | | | (10.7) | | Cumulative effect of adopting ASU 2017-12 | — | | | 1.0 | | | — | | Benefit for income taxes | 9.5 | | | 11.5 | | | 0.8 | | Hedge instruments, net | (29.9) | | | (33.9) | | | (2.3) | | Available-for-sale securities: | | | | | | Net unrealized gain | 0.3 | | | — | | | — | | Expense for income taxes | (0.1) | | | — | | | — | | Available-for-sale securities, net | 0.2 | | | — | | | — | | Total other comprehensive (loss) income, net of tax | (20.5) | | | 31.1 | | | (147.4) | | Comprehensive income attributable to TransUnion | $ | 322.7 | | | $ | 378.0 | | | $ | 129.2 | |
See accompanying notes to condensed financial statements. Schedule I —Condensed Financial Information of TransUnion TRANSUNION Parent Company Only Statement of Cash Flows (in millions) | | | | | | | | | | | | | | | | | | | Twelve Months Ended December 31, | | 2020 | | 2019 | | 2018 | Cash provided by (used in) operating activities | $ | 70.8 | | | $ | 71.7 | | | $ | 16.6 | | Cash used in investing activities | — | | | — | | | — | | Cash flows from financing activities: | | | | | | Proceeds from issuance of common stock and exercise of stock options | 22.9 | | | 24.4 | | | 26.2 | | Dividends to shareholders | (57.6) | | | (56.8) | | | (41.6) | | Treasury stock purchased | (36.1) | | | (39.3) | | | (1.2) | | Cash (used in) provided by financing activities | (70.8) | | | (71.7) | | | (16.6) | | 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 Basis of PresentationIn 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.Income tax TransUnion entered into an intercompany tax allocation agreement with TransUnion Intermediate Holdings, Inc. in 2013, effective for all taxable periods from May 1, 2012, forward, in which they are members of the same consolidated federal or state tax groups. The agreement allocates the consolidated tax liability from those filings among the various members of the group.Dividends to StockholdersOn February 13, 2018, we announced that our board of directors approved a dividend policy pursuant to which we intend to pay quarterly cash dividends on our common stock. Beginning in the second quarter of 2018 and each subsequent quarter, the board of directors declared quarterly dividends of $0.075 per share. During 2020, 2019 and 2018, we paid dividends of $57.6 million, $56.8 million and $41.6 million, respectively. Portions of the dividends declared are payable as dividend equivalents to employees who hold restricted stock units when those units vest.
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