Selected Financial Data The table below summarizes our selected historical financial information for each of the last five years.
The summary of operations data for the years ended December 31, 2016, 2015, 2014, and the balance sheet data as of December 31, 2016 and 2015, have been derived from our audited Consolidated Financial Statements included in this report.
The summary of operations data for the years ended December 31, 2013 and 2012, and the balance sheet data as of December 31, 2014, 2013 and 2012, have been derived from our audited Consolidated Financial Statements not included in this report.
The historical selected financial information may not be indicative of our future performance and should be read in conjunction with the information contained in Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Consolidated Financial Statements and the accompanying Notes to the Consolidated Financial Statements in this report.
## Table 0 ##
Balance Sheet Data:
## Table 1 ##
(1) In the first quarter of 2016, we completed the acquisition of 100% of the ordinary voting shares of Veda for cash consideration plus debt assumed of approximately $1.9 billion.
The acquisition provides a strong platform for Equifax to offer data and analytic services and further broaden the Company’s geographic footprint.
Additionally, on August 23, 2016, the Company completed the acquisition of 100% of the assets and certain liabilities of unemployment tax and claims management specialists Barnett & Associates (“Barnett”), as well as the verifications business, Computersoft, LLC (“Computersoft”).
For the year ended December 31, 2016, we recorded $40.2 million ($28.2 million, net of tax) for Veda acquisition related amounts.
Of this amount, $30.1 million relates to transaction and integration costs in operating income, $9.2 million is recorded in other income and is the impact of
was part of our Employer Services business within our Workforce Solutions operating segment, for a total of $47.5 million.
$3.5 million of the proceeds of the sale of Talent Management Services was placed into an escrow account to be released to us at a later date.
During 2014, we received $0.6 million of the proceeds from the escrow.
For additional information about our acquisitions, see Note 3 of the Notes to Consolidated Financial Statements in this report.
Financing Activities
## Table 2 ##
Credit Facility Availability.
Our principal unsecured revolving credit facility with a group of banks, which we refer to as the Revolver, permits us to borrow up to $900.0 million through November 2020.
The Revolver may be used for general corporate purposes.
Availability of the Revolver for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding principal amount of our commercial paper (CP) notes.
Our $900.0 million CP program has been established to allow for borrowing through the private placement of CP with maturities ranging from overnight to 397 days.
We may use the proceeds of CP for general corporate purposes.
The CP program is supported by our Revolver and, pursuant to our existing Board of Directors authorization, the total amount of CP which may be issued is reduced by the amount of any outstanding borrowings under our Revolver.
At December 31, 2016, the Company had $310.3 million of CP and $0.5 million of letters of credit outstanding, and there were no borrowings outstanding under the Revolver.
At December 31, 2016, a total of $589.2 million was available under the Revolver.
At December 31, 2016, approximately 72% of our debt was fixed rate and 28% was effectively variable rate.
Our variable-rate debt consists of our issued commercial paper, which bears short-term interest rates based on the CP market for investment grade issuers.
The interest rates reset periodically, depending on the terms of the respective financing arrangements.
At December 31, 2016, interest rates on our variable-rate debt ranged from 1.0% to 1.9%.
Borrowing and Repayment Activity.
Net short-term borrowings (repayments) primarily represent borrowings or repayments of outstanding amounts under our CP program.
We primarily borrow under our CP program, as needed and availability allows.
The increase in net short-term borrowings (repayments) primarily relates to the net activity of CP notes in 2016, as well as the draw down on the 364-Day Revolver during the first quarter of 2016 and the pay off of the Veda assumed debt in the first quarter and the 364-Day Revolver during the second quarter of 2016.
The decrease in net short-term borrowings (repayments) in 2015 primarily relates to the net activity of CP notes in 2015, and reflects the increase in cash flow from operations as well as no material acquisitions entered into during the year.
On May 12, 2016, we issued $500.0 million principal amount of 2.3%, five-year senior notes and $275.0 million principal amount of 3.25%, ten-year senior notes in an underwritten public offering.
Interest is payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2016.
The net proceeds of the sale of the notes were used to repay borrowings under our 364-Day Revolver and a portion of the borrowings under our commercial paper program incurred to finance the acquisition of Veda.
We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets.
The senior notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.
Payments on long-term debt in 2016 reflect $350 million of payments on our Term Loan Facility.
Borrowings on longterm debt reflect an $800 million draw down in the first quarter of 2016 on our Term Loan Facility and the issuance of $500.0 million of senior notes due 2021 and $275.0 million of senior notes due 2026 during the second quarter of 2016, as discussed above
Sources and uses of cash related to equity during the twelve months ended December 31, 2016, 2015 and 2014 were as follows: ?
Under share repurchase programs authorized by our Board of Directors, we repurchased 2.1 million and 3.9 million common shares during the twelve months ended December 31, 2015 and 2014, respectively, for $196.3 million and $301.6 million, respectively, at an average price per common share of $94.97 and $76.55, respectively.
We did not repurchase any shares in 2016.
As of December 31, 2016, under the existing board authorization, the Company is approved for additional stock repurchases valued at $667.2 million.  ?
During the twelve months ended December 31, 2016, 2015 and 2014, we paid cash dividends to Equifax shareholders of $157.6 million, $137.8 million and $121.2 million, respectively, at $1.32 per share for 2016, $1.16 per share for 2015 and $1.00 per share for 2014.
Contractual Obligations and Commercial Commitments The following table summarizes our significant contractual obligations and commitments as of December 31, 2016.
The table excludes commitments that are contingent based on events or factors uncertain at this time.
Some of the excluded commitments are discussed below the footnotes to the table.
## Table 3 ##
(1) The amounts are gross of unamortized discounts totaling $13.2 million at December 31, 2016.
Total debt on our Consolidated Balance Sheets is net of the unamortized discounts and fair value adjustments.
There were no fair value adjustments to our debt at December 31, 2016.
(2) Our operating lease obligations principally involve office space and equipment, which include the ground lease associated with our headquarters building that expires in 2048.
(3) These agreements primarily represent our minimum contractual obligations for services that we outsource associated with our computer data processing operations and related functions, and certain administrative functions.
These agreements expire between 2017 and 2021.
(4) These long-term liabilities primarily relate to obligations associated with certain pension, postretirement and other compensationrelated plans, some of which are discounted in accordance with U. S.  generally accepted accounting principles, or GAAP.
We made certain assumptions about the timing of such future payments.
In the table above, we have not included amounts related to future pension plan obligations, as such required funding amounts beyond 2017 have not been deemed necessary due to our current expectations regarding future plan asset performance.
(5) For future interest payments on variable-rate debt, which are generally based on a specified margin plus a base rate (LIBOR) or on CP rates for investment grade issuers, we used the variable rate in effect at December 31, 2016 to calculate these payments.
Our variable rate debt at December 31, 2016, consisted of CP.
Future interest payments related to our Senior Credit Facilities and our CP program are based on the borrowings outstanding at December 31, 2016 through their respective maturity dates, assuming such borrowings are outstanding until that time.
The variable portion of the rate at December 31, 2016 ranged from 1.0% to 1.9% for all of our variable-rate debt.
Future interest payments may be different depending on future borrowing activity and interest rates.
(6) This table excludes $36.0 million of unrecognized tax benefits, including interest and penalties, as we cannot make a reasonably reliable estimate of the period of cash settlement with the respective taxing authorities.
Off-Balance Sheet Transactions We do not engage in off-balance sheet financing activities.
Pursuant to the terms of certain industrial revenue bonds, we have transferred title to certain of our fixed assets with total costs of $117.0 million and $108.5 million, as of December 31, 2016 and 2015, respectively, to a local governmental authority in the U. S.  to receive a property tax abatement related to economic development.
The title to these assets will revert back to us upon retirement or cancellation of the applicable bonds.
These fixed assets are still recognized on the Company’s Consolidated Balance Sheets as all risks and rewards remain with the Company.
selling price resulting in the creation of a contract asset or contract liability as transactions are delivered.
We continue to review and evaluate our contracts under the new revenue recognition model to ascertain whether additional contract types will be affected by the new standard.2.
Cost Method Investment We hold a 15% equity interest in BVS, which is the second largest consumer and commercial credit information company in Brazil.
This investment is recorded in other assets, net, on the Consolidated Balance Sheets and is accounted for using the cost method.
As of December 31, 2012, our investment in BVS was valued at 130 million Brazilian Reais, which was the same as the initial fair value.
The initial fair value was determined by a third-party using income, market and transaction approaches.
During 2016, BVS issued new shares through which our ownership interest was diluted by approximately 1%.
This dilution did not result in an impairment of our investment.
During the second quarter of 2015, we received updated management financial projections, which, along with continued weakness in the Brazilian consumer and small commercial credit markets were considered indicators of impairment.
Management of Equifax prepared an analysis to estimate the fair value of our investment at June 30, 2015 and estimated that value to be 44 million Brazilian Reais ($14.1 million).
As a result, we decreased the carrying value of our investment and recorded a loss at that time of 46 million Brazilian Reais ($14.8 million) which is included in other income (expense), net, in the Consolidated Statements of Income.
Additionally, the carrying value has decreased by $37.1 million related to the foreign exchange impact since 2011, which is included in the foreign currency translation adjustments in accumulated other comprehensive income.
As of December 31, 2016, our investment in BVS, recorded at 44 million Brazilian Reais ($13.4 million), approximated the fair value.3.
Acquisitions and Investments 2016 Acquisitions and Investments.
On February 24, 2016, the Company completed the acquisition of 100% of the ordinary voting shares of Veda for cash consideration of approximately $1.7 billion (2.4 billion Australian dollars) and debt assumed of approximately $189.5 million (261.9 million Australian dollars).
The acquisition provides a strong platform for Equifax to offer data and analytic services and further broaden the Company’s geographic footprint.
Veda stockholders received 2.825 Australian dollars in cash for each share of Veda common stock they owned.
The Company financed the transaction with $1.7 billion of debt, consisting of commercial paper, an $800.0 million 364-Day revolving credit facility (the “364-Day Revolver”), and an $800.0 million three-year delayed draw term loan facility (the “Term Loan”).
Refer to Note 5 for further discussion on debt.
On August 23, 2016, the Company completed the acquisition of 100% of the assets and certain liabilities of unemployment tax and claims management specialists Barnett & Associates (“Barnett”), as well as the verifications business, Computersoft, LLC (“Computersoft”).
We have completed the allocation of the Veda, Barnett and Computersoft purchase prices.2014 Acquisitions and Investments.
To further broaden our product offerings, we made two acquisitions during 2014.
During the first quarter of 2014, we acquired TDX, a data, technology and services company in the United Kingdom that specializes in debt collections and recovery management through the use of analytics, data exchanges and technology platforms.
It was included as part of our International and USIS operating segments.
During the first quarter of 2014, we also completed the acquisition of Forseva, a provider of end-to-end, cloud-based creditmanagement software solutions, that was included as part of our USIS operating segment.
The total purchase price of these acquisitions was $338.8 million.
Purchase Price Allocation.
The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates during 2016.
## Table 4 ##
(1) Identifiable intangible assets are further disaggregated in the following table.
(2) The goodwill related to Veda is included in the International operating segment and is not deductible for tax purposes.
The goodwill related to the Barnett and Computersoft acquisition is included in the Workforce Solutions operating segment and is deductible for tax purposes.
(3) The Veda debt of $191 million was paid in full on March 10, 2016.
The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities, and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.
Debt Maturities – The following table presents aggregate debt maturities as of December 31, 2011, excluding market value adjustments:
## Table 5 ##
As of both December 31, 2011 and December 31, 2010, we have reclassified as long-term debt approximately $100 million of debt due within one year that we intend to refinance.
This reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of longterm debt on a long-term basis.
Mortgaged Properties – Equipment with a carrying value of approximately $2.9 billion and $3.2 billion at December 31, 2011 and 2010, respectively, served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment.
As a result of the merger of Missouri Pacific Railroad Company (MPRR) with and into UPRR on January 1, 1997, and pursuant to the underlying indentures for the MPRR mortgage bonds, UPRR must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds.
As of the merger date, the value of the MPRR assets that secured the mortgage bonds was approximately $6.0 billion.
In accordance with the terms of the indentures, this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds.
Credit Facilities – During the second quarter of 2011, we replaced our $1.9 billion revolving credit facility, which was scheduled to expire in April 2012, with a new $1.8 billion facility that expires in May 2015 (the facility).
The facility is based on substantially similar terms as those in the previous credit facility.
On December 31, 2011, we had $1.8 billion of credit available under the facility, which is designated for general corporate purposes and supports the issuance of commercial paper.
We did not draw on either facility during 2011.
Commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated, investment-grade borrowers.
The facility allows for borrowings at floating rates based on London Interbank Offered Rates, plus a spread, depending upon our senior unsecured debt ratings.
The facility requires the Corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing.
At December 31, 2011, and December 31, 2010 (and at all times during the year), we were in compliance with this covenant.
The definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes, among other things, certain credit arrangements, capital leases, guarantees and unfunded and vested pension benefits under Title IV of ERISA.
At December 31, 2011, the debt-to-net-worth coverage ratio allowed us to carry up to $37.2 billion of debt (as defined in the facility), and we had $9.5 billion of debt (as defined in the facility) outstanding at that date.
Under our current capital plans, we expect to continue to satisfy the debt-to-net-worth coverage ratio; however, many factors beyond our reasonable control (including the Risk Factors in Item 1A of this report) could affect our ability to comply with this provision in the future.
The facility does not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require us to post collateral.
The facility also includes a $75 million cross-default provision and a change-of-control provision.
During 2011, we did not issue or repay any commercial paper and, at December 31, 2011, we had no commercial paper outstanding.
Outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility.
Dividend Restrictions – Our revolving credit facility includes a debt-to-net worth covenant (discussed in the Credit Facilities section above) that, under certain circumstances, restricts the payment of cash

<table><tr><td></td><td colspan="5">Twelve Months EndedDecember 31,</td></tr><tr><td></td><td>2016<sup>-1</sup></td><td>2015<sup>-2(3)</sup></td><td>2014<sup>-4</sup></td><td>2013<sup>-5(6)</sup></td><td>2012<sup>-7(8)</sup></td></tr><tr><td></td><td colspan="5">(In millions, except per share data)</td></tr><tr><td>Summary of Operations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating revenue</td><td>$3,144.9</td><td>$2,663.6</td><td>$2,436.4</td><td>$2,303.9</td><td>$2,073.0</td></tr><tr><td>Operating expenses</td><td>2,327.0</td><td>1,969.7</td><td>1,798.2</td><td>1,692.7</td><td>1,593.0</td></tr><tr><td>Operating income</td><td>817.9</td><td>693.6</td><td>638.2</td><td>611.2</td><td>480.0</td></tr><tr><td>Consolidated income from continuing operations</td><td>495.1</td><td>434.8</td><td>374.0</td><td>341.5</td><td>275.3</td></tr><tr><td>Discontinued operations, net of tax-2(7)</td><td>—</td><td>—</td><td>—</td><td>18.4</td><td>5.5</td></tr><tr><td>Net income attributable to Equifax</td><td>$488.8</td><td>$429.1</td><td>$367.4</td><td>$351.8</td><td>$272.1</td></tr><tr><td>Dividends paid to Equifax shareholders</td><td>$157.6</td><td>$137.8</td><td>$121.2</td><td>$106.7</td><td>$86.0</td></tr><tr><td>Diluted earnings per share</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income from continuing operations attributable to Equifax</td><td>$4.04</td><td>$3.55</td><td>$2.97</td><td>$2.69</td><td>$2.18</td></tr><tr><td>Discontinued operations attributable to Equifax</td><td>—</td><td>—</td><td>—</td><td>0.15</td><td>0.04</td></tr><tr><td>Net income attributable to Equifax</td><td>$4.04</td><td>$3.55</td><td>$2.97</td><td>$2.84</td><td>$2.22</td></tr><tr><td>Cash dividends declared per share</td><td>$1.32</td><td>$1.16</td><td>$1.00</td><td>$0.88</td><td>$0.72</td></tr><tr><td>Weighted-average shares outstanding (diluted)</td><td>121.1</td><td>120.9</td><td>123.5</td><td>123.7</td><td>122.5</td></tr></table>
<table><tr><td></td><td colspan="5">As of December 31,</td></tr><tr><td></td><td>2016<sup>-1</sup></td><td>2015<sup>-2(3)</sup></td><td>2014<sup>-4</sup></td><td>2013<sup>-5(6)</sup></td><td>2012<sup>-7(8)</sup></td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Balance Sheet Data:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>$6,664.0</td><td>$4,501.5</td><td>$4,661.0</td><td>$4,522.5</td><td>$4,505.9</td></tr><tr><td>Short-term debt and current maturities</td><td>585.4</td><td>49.3</td><td>380.4</td><td>296.5</td><td>283.3</td></tr><tr><td>Long-term debt, net of current portion</td><td>2,086.8</td><td>1,138.4</td><td>1,145.7</td><td>1,145.5</td><td>1,447.4</td></tr><tr><td>Total debt, net</td><td>2,672.2</td><td>1,187.7</td><td>1,526.1</td><td>1,442.0</td><td>1,730.7</td></tr><tr><td>Total equity</td><td>2,721.3</td><td>2,350.4</td><td>2,234.6</td><td>2,341.0</td><td>1,959.2</td></tr></table>
<table><tr><td></td><td colspan="3">Twelve Months Ended December 31,</td><td colspan="2">Change</td></tr><tr><td>Net cash provided by (used in):</td><td>2016</td><td>2015</td><td>2014</td><td>2016 vs. 2015</td><td>2015 vs. 2014</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Net short-term borrowings (repayments)</td><td>$73.0</td><td>$-331.0</td><td>$379.9</td><td>$404.0</td><td>$-710.9</td></tr><tr><td>Proceeds from issuance of long-term debt</td><td>$1,574.7</td><td>$—</td><td>$—</td><td>$1,574.7</td><td>$—</td></tr><tr><td>Payments on long-term debt</td><td>$-350.0</td><td>$—</td><td>$-290.0</td><td>$-350.0</td><td>$290.0</td></tr><tr><td>Payment of contingent consideration</td><td>$-4.4</td><td>$—</td><td>$—</td><td>$-4.4</td><td>$—</td></tr><tr><td>Debt issuance costs</td><td>$-6.2</td><td>$-4.9</td><td>$—</td><td>$-1.3</td><td>$-4.9</td></tr></table>
<table><tr><td></td><td colspan="5">Payments due by</td></tr><tr><td></td><td>Total</td><td>Less than 1 year</td><td>1 to 3 years</td><td>3 to 5 years</td><td>Thereafter</td></tr><tr><td></td><td colspan="5">(In millions)</td></tr><tr><td>Debt<sup>-1</sup></td><td>$2,685.4</td><td>$585.4</td><td>$450.0</td><td>$500.0</td><td>$1,150.0</td></tr><tr><td>Operating leases<sup>-2</sup></td><td>162.7</td><td>29.5</td><td>42.2</td><td>31.9</td><td>59.1</td></tr><tr><td>Data processing, outsourcing agreements and other purchase obligations<sup>-3</sup></td><td>137.6</td><td>74.6</td><td>27.9</td><td>13.6</td><td>21.5</td></tr><tr><td>Other long-term liabilities<sup>-4 (6)</sup></td><td>122.6</td><td>8.6</td><td>13.9</td><td>16.0</td><td>84.1</td></tr><tr><td>Interest payments<sup>-5</sup></td><td>725.8</td><td>88.8</td><td>133.7</td><td>120.4</td><td>382.9</td></tr><tr><td></td><td>$3,834.1</td><td>$786.9</td><td>$667.7</td><td>$681.9</td><td>$1,697.6</td></tr></table>
<table><tr><td></td><td>(In millions)</td></tr><tr><td>Cash</td><td>$23.7</td></tr><tr><td>Accounts receivable and other current assets</td><td>39.6</td></tr><tr><td>Other assets</td><td>42.0</td></tr><tr><td>Identifiable intangible assets<sup>-1</sup></td><td>681.0</td></tr><tr><td>Goodwill<sup>-2</sup></td><td>1,456.3</td></tr><tr><td>Total assets acquired</td><td>2,242.6</td></tr><tr><td>Debt<sup>-3</sup></td><td>-189.5</td></tr><tr><td>Other current liabilities</td><td>-40.2</td></tr><tr><td>Other liabilities</td><td>-178.1</td></tr><tr><td>Non-controlling interest</td><td>-11.7</td></tr><tr><td>Net assets acquired</td><td>$1,823.1</td></tr></table>
<table><tr><td>2012</td><td>$309</td></tr><tr><td>2013</td><td>636</td></tr><tr><td>2014</td><td>706</td></tr><tr><td>2015</td><td>467</td></tr><tr><td>2016</td><td>517</td></tr><tr><td>Thereafter</td><td>6,271</td></tr><tr><td>Total debt</td><td>$8,906</td></tr></table>

Question: In the year with the most Total assets, what is the growth rate of Total equity?