EXHIBIT 99.2

THOMSON REUTERS CORPORATION

CONSOLIDATED INCOME STATEMENT

(unaudited)

			THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(millions of U.S. dollars, except per share amounts)	NOTES		2016		2015		2016		2015
CONTINUING OPERATIONS
Revenues				2,744		2,747		8,306		8,370
Operating expenses		5		(1,964)		(1,958)		(6,064)		(6,083)
Depreciation				(78)		(85)		(239)		(263)
Amortization of computer software				(177)		(173)		(518)		(529)
Amortization of other identifiable intangible assets				(128)		(135)		(388)		(415)
Other operating (losses) gains, net		6		(12)		(10)		(1)		13
Operating profit				385		386		1,096		1,093
Finance costs, net:
Net interest expense		7		(108)		(102)		(304)		(314)
Other finance (costs) income		7		(3)		(15)		(28)		24
Income before tax and equity method investments				274		269		764		803
Share of post-tax earnings in equity method investments				2		1		2		8
Tax (expense) benefit		8		(8)		(7)		16		(42)
Earnings from continuing operations				268		263		782		769
Earnings from discontinued operations, net of tax		10		18		30		126		125
Net earnings				286		293		908		894
Earnings attributable to:
Common shareholders				273		280		872		847
Non-controlling interests				13		13		36		47
Earnings per share:		9
Basic earnings per share
From continuing operations				$0.34		$0.32		$0.99		$0.92
From discontinued operations				0.03		0.04		0.17		0.16
Basic earnings per share				$0.37		$0.36		$1.16		$1.08
Diluted earnings per share
From continuing operations				$0.34		$0.32		$0.99		$0.91
From discontinued operations				0.02		0.04		0.16		0.16
Diluted earnings per share				$0.36		$0.36		$1.15		$1.07

The related notes form an integral part of these consolidated financial statements.

Page 32

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited)

			THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(millions of U.S. dollars)	NOTES		2016		2015		2016		2015
Net earnings				286		293		908		894
Other comprehensive income (loss):
Items that have been or may be subsequently reclassified to net earnings:
Cash flow hedges adjustments to net earnings		7		16		110		(74)		260
Cash flow hedges adjustments to equity				(3)		(144)		55		(271)
Foreign currency translation adjustments to equity				(63)		(246)		(162)		(401)
				(50)		(280)		(181)		(412)
Items that will not be reclassified to net earnings:
Remeasurement on defined benefit pension plans				(42)		(118)		(266)		(29)
Related tax benefit on remeasurement on defined benefit pension plans				6		45		76		2
				(36)		(73)		(190)		(27)
Other comprehensive loss				(86)		(353)		(371)		(439)
Total comprehensive income (loss)				200		(60)		537		455
Comprehensive income (loss) for the period attributable to:
Common shareholders:
Continuing operations				167		(100)		397		282
Discontinued operations				20		27		104		128
Non-controlling interests				13		13		36		45
Total comprehensive income (loss)				200		(60)		537		455

The related notes form an integral part of these consolidated financial statements.

Page 33

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited)

(millions of U.S. dollars)	NOTES		SEPTEMBER 30, 2016		DECEMBER 31, 2015
ASSETS
Cash and cash equivalents		11		831		966
Trade and other receivables				1,403		1,755
Other financial assets		11		125		176
Prepaid expenses and other current assets				668		683
Current assets excluding assets held for sale				3,027		3,580
Assets held for sale		10		1,674		-
Current assets				4,701		3,580
Computer hardware and other property, net				943		1,067
Computer software, net				1,399		1,486
Other identifiable intangible assets, net				5,862		6,417
Goodwill				14,795		15,878
Other financial assets		11		109		116
Other non-current assets		12		555		544
Deferred tax				49		47
Total assets				28,413		29,135
LIABILITIES AND EQUITY
Liabilities
Current indebtedness		11		2,855		1,595
Payables, accruals and provisions		13		2,128		2,278
Deferred revenue				896		1,319
Other financial liabilities		11		193		238
Current liabilities excluding liabilities associated with assets held for sale				6,072		5,430
Liabilities associated with assets held for sale		10		474		-
Current liabilities				6,546		5,430
Long-term indebtedness		11		6,307		6,829
Provisions and other non-current liabilities		14		2,404		2,124
Other financial liabilities		11		344		387
Deferred tax				982		1,265
Total liabilities				16,583		16,035
Equity
Capital		15		9,627		9,852
Retained earnings				5,599		6,458
Accumulated other comprehensive loss				(3,878)		(3,697)
Total shareholders’ equity				11,348		12,613
Non-controlling interests				482		487
Total equity				11,830		13,100
Total liabilities and equity				28,413		29,135

Contingencies (note 18)

The related notes form an integral part of these consolidated financial statements.

Page 34

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOW

(unaudited)

			THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
(millions of U.S. dollars)	NOTES		2016		2015		2016		2015
Cash provided by (used in):
OPERATING ACTIVITIES
Earnings from continuing operations				268		263		782		769
Adjustments for:
Depreciation				78		85		239		263
Amortization of computer software				177		173		518		529
Amortization of other identifiable intangible assets				128		135		388		415
Net (gains) losses on disposals of businesses and investments				(2)		1		(4)		(24)
Deferred tax				(46)		(43)		(130)		(108)
Other		16		129		88		354		184
Changes in working capital and other items		16		37		(35)		(344)		(401)
Operating cash flows from continuing operations				769		667		1,803		1,627
Operating cash flows from discontinued operations				(11)		13		183		248
Net cash provided by operating activities				758		680		1,986		1,875
INVESTING ACTIVITIES
Acquisitions, net of cash acquired		17		-		(2)		(111)		(17)
Proceeds from disposals of businesses and investments, net of taxes paid				3		-		4		75
Capital expenditures, less proceeds from disposals				(213)		(203)		(658)		(703)
Other investing activities				3		2		23		5
Investing cash flows from continuing operations				(207)		(203)		(742)		(640)
Investing cash flows from discontinued operations				(13)		(14)		(38)		(40)
Net cash used in investing activities				(220)		(217)		(780)		(680)
FINANCING ACTIVITIES
Proceeds from debt		11		-		4		498		4
Repayments of debt		11		-		(593)		(503)		(593)
Net borrowings under short-term loan facilities		11		398		529		702		1,099
Repurchases of common shares		15		(542)		(554)		(1,232)		(1,250)
Dividends paid on preference shares				(1)		(1)		(2)		(2)
Dividends paid on common shares		15		(243)		(253)		(740)		(765)
Dividends paid to non-controlling interests				(15)		(15)		(44)		(42)
Other financing activities				9		11		22		63
Net cash used in financing activities				(394)		(872)		(1,299)		(1,486)
Increase (decrease) in cash and bank overdrafts				144		(409)		(93)		(291)
Translation adjustments				(2)		(10)		(3)		(19)
Cash and bank overdrafts at beginning of period				684		1,124		922		1,015
Cash and bank overdrafts at end of period				826		705		826		705
Cash and bank overdrafts at end of period comprised of:
Cash and cash equivalents				831		900		831		900
Bank overdrafts				(5)		(195)		(5)		(195)
				826		705		826		705
Supplemental cash flow information is provided in note 16.
From continuing operations:
Interest paid				(75)		(90)		(240)		(271)
Interest received				1		-		4		1
Income taxes paid				(31)		(31)		(120)		(157)

Prior-year period amounts have been reclassified to reflect the current presentation.

Interest paid and received is reflected as an operating cash flow. Interest paid is net of debt-related hedges. Income taxes paid and received are reflected as either operating or investing cash flows depending on the nature of the underlying transaction.

The related notes form an integral part of these consolidated financial statements.

Page 35

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited)

(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain (loss) on cash flow hedges		Foreign currency translation adjustments		Total accumulated other comprehensive (loss) income (“AOCL”)		Shareholders’ equity		Non- controlling interests		Total
Balance, December 31, 2015		9,686		166		9,852		6,458		36		(3,733)		(3,697)		12,613		487		13,100
Net earnings		-		-		-		872		-		-		-		872		36		908
Other comprehensive loss		-		-		-		(190)		(19)		(162)		(181)		(371)		-		(371)
Total comprehensive income (loss)		-		-		-		682		(19)		(162)		(181)		501		36		537
Change in ownership interest of subsidiary		-		-		-		15		-		-		-		15		3		18
Distributions to non-controlling interests		-		-		-		-		-		-		-		-		(44)		(44)
Dividends declared on preference shares		-		-		-		(2)		-		-		-		(2)		-		(2)
Dividends declared on common shares		-		-		-		(766)		-		-		-		(766)		-		(766)
Shares issued under Dividend Reinvestment Plan (“DRIP”)		26		-		26		-		-		-		-		26		-		26
Repurchases of common shares(1)		(365)		-		(365)		(788)		-		-		-		(1,153)		-		(1,153)
Stock compensation plans		97		17		114		-		-		-		-		114		-		114
Balance, September 30, 2016		9,444		183		9,627		5,599		17		(3,895)		(3,878)		11,348		482		11,830
(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain (loss) on cash flow hedges		Foreign currency translation adjustments		AOCL		Shareholders’ equity		Non- controlling interests		Total
Balance, December 31, 2014		9,976		181		10,157		7,168		18		(3,165)		(3,147)		14,178		481		14,659
Net earnings		-		-		-		847		-		-		-		847		47		894
Other comprehensive loss		-		-		-		(27)		(11)		(399)		(410)		(437)		(2)		(439)
Total comprehensive income (loss)		-		-		-		820		(11)		(399)		(410)		410		45		455
Change in ownership interest of subsidiary		-		-		-		16		-		-		-		16		5		21
Distributions to non- controlling interests		-		-		-		-		-		-		-		-		(42)		(42)
Dividends declared on preference shares		-		-		-		(2)		-		-		-		(2)		-		(2)
Dividends declared on common shares		-		-		-		(789)		-		-		-		(789)		-		(789)
Shares issued under DRIP		24		-		24		-		-		-		-		24		-		24
Repurchases of common shares(1)		(370)		-		(370)		(792)		-		-		-		(1,162)		-		(1,162)
Stock compensation plans		131		(24)		107		-		-		-		-		107		-		107
Balance, September 30, 2015		9,761		157		9,918		6,421		7		(3,564)		(3,557)		12,782		489		13,271

(1) Includes stated share capital of $26 million and retained earnings of $59 million for the nine months ended September 30, 2016 related to the Company’s pre-defined share repurchase plan (2015—stated share capital of $6 million and retained earnings of $14 million). See note 15.

The related notes form an integral part of these consolidated financial statements.

Page 36

THOMSON REUTERS CORPORATION

Notes to Consolidated Financial Statements (unaudited)

(unless otherwise stated, all amounts are in millions of U.S. dollars)

Note 1: Business description and basis of preparation

General business description

Thomson Reuters Corporation (the “Company” or “Thomson Reuters”) is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and Series II preference shares listed on the TSX. The Company is a major source of news and information for professional markets, operating in more than 100 countries.

Basis of preparation

The unaudited consolidated interim financial statements (“interim financial statements”) were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2015, except as described below. The interim financial statements are in compliance with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed. The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been set out in note 2 of the Company’s consolidated financial statements for the year ended December 31, 2015. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2015, which are included in the Company’s 2015 annual report.

In October 2016, the Company sold its Intellectual Property & Science business, which is reported as a discontinued operation. See note 20. Prior-year period amounts have been restated to conform to the current period’s presentation, as prescribed by IFRS 5, Non-current Assets Held for Sale and Discontinued Operations.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars.

Changes in accounting policy

In April 2016, the IFRS Interpretations Committee issued an agenda decision regarding the treatment of offsetting and cash-pooling arrangements in accordance with IAS 32, Financial Instruments: Presentation. This decision provided additional guidance regarding when bank overdrafts in cash-pooling arrangements would meet the requirements for offsetting in accordance with IAS 32. Following this additional guidance, the Company changed its accounting policy and revised the amounts of cash and cash equivalents and current indebtedness in the consolidated statement of financial position and cash and cash equivalents and bank overdrafts in the consolidated statement of cash flow. The impact was as follows:

^•  cash and cash equivalents and current indebtedness increased $40 million in equal and offsetting amounts in the consolidated statement of financial position at December 31, 2015; and

^•  cash and cash equivalents and bank overdrafts increased $190 million in equal and offsetting amounts in the consolidated statement of cash flow in the three and nine months ended September 30, 2015.

Note 2: Recent accounting pronouncements

Certain pronouncements were issued by the IASB or International Financial Reporting Interpretations Committee that are effective for accounting periods beginning on or after January 1, 2016. Many of these updates are not applicable or consequential to the Company and have been excluded from the discussion below.

Page 37

Pronouncements effective for annual periods beginning January 1, 2018:

IFRS 15	Revenue from Contracts with Customers	IFRS 15 is the culmination of a joint project between the IASB and the Financial Accounting Standards Board, the accounting standard setter in the U.S., to create a single revenue standard. The core principle of IFRS 15 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard moves away from a revenue recognition model based on an earnings process to an approach that is based on transfer of control of a good or service to a customer. Additionally, the new standard requires disclosures as to the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. IFRS 15 shall be applied retrospectively to each period presented or retrospectively as a cumulative-effect adjustment as of the date of adoption. The Company continues to assess the impact of IFRS 15 on its consolidated financial statements and expects to provide more information in connection with its year-end reporting.
IFRS 9	Financial Instruments	IFRS 9 replaces IAS 39 – Financial Instruments: Recognition and Measurement. The new standard addresses classification and measurement, impairment and hedge accounting.
		Classification and measurement The new standard requires the classification of financial assets based on business model and cash flow characteristics measured at either (a) amortized cost; (b) fair value through profit or loss; or (c) fair value through other comprehensive income. For financial liabilities, the standard retains most of the IAS 39 requirements, but where the fair value option is taken, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement.
		Impairment Under the forward looking impairment model, expected credit losses are recognized as soon as a financial asset is originated or purchased, rather than waiting for a trigger event to record a loss.
		Hedge accounting The new standard more closely aligns hedge accounting with an entity’s risk management activities. Specifically, the new standard (a) no longer requires the use of a specific quantitative threshold to determine if the hedging relationship is highly effective in order to qualify for hedge accounting; (b) removes restrictions that prevented some economically rational hedging strategies from qualifying for hedge accounting; and (c) allows purchased options, forwards and non-derivative financial instruments to be hedging instruments in applicable circumstances.
		IFRS 9 shall be applied retrospectively to each period presented, subject to the various transition provisions within IFRS 9. The Company is assessing the impact of the new standard on its consolidated financial statements.
IFRS 2	Share-based Payment	IFRS 2, Classification and Measurement of Share-based Payment Transactions, was amended to clarify the accounting for (a) the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; (b) share-based payment transactions with a net settlement feature for withholding tax obligations; and (c) a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. Early adoption is permitted. Retrospective application is permitted, but not required. Upon adoption, the Company expects to reclassify certain withholding tax obligations for share-based payments from liabilities to equity and therefore will no longer mark-to-market these or similar instruments awarded in the future. For reference, operating expenses included $3 million of income from mark-to-market adjustments in the year ended December 31, 2015 and $18 million of expense in the nine months ended September 30, 2016. The Company expects that a portion of these amounts would no longer be required once the amendment is adopted.

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Pronouncement effective for annual periods beginning January 1, 2019:

IFRS 16 Leases IFRS 16 introduces a single accounting model for leases. The standard requires a lessee to recognize right-of-use assets and lease liabilities on the statement of financial position for almost all leases having a term of more than 12 months. Early application is permitted as long as IFRS 15 has already been applied. The Company is assessing the impact of the new standard on its consolidated financial statements.

Note 3: Segment information

The Company is organized as three reportable segments reflecting how the businesses are managed: Financial & Risk, Legal and Tax & Accounting. The accounting policies applied by the segments are the same as those applied by the Company.

Results from the Reuters News business are excluded from reportable segments as they do not qualify as a component of the Company’s three reportable segments, nor as a separate reportable segment. The operating results of Intellectual Property & Science, which was previously a reportable segment, are reported as a discontinued operation (see note 10), except for the Westlaw IP business, which the Company will retain as part of the Legal segment. Prior-year period amounts have been restated to conform to the current year’s presentation.

The reportable segments offer products and services to target markets as described below.

Financial & Risk

The Financial & Risk segment is a provider of critical news, information and analytics, enabling transactions and connecting communities of trading, investment, financial and corporate professionals. Financial & Risk also provides regulatory and operational risk management solutions.

Legal

The Legal segment is a provider of critical online and print information, decision tools, software and services that support legal, investigation, business and government professionals around the world.

Tax & Accounting

The Tax & Accounting segment is a provider of integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government.

The Company also reports “Corporate & Other”, which includes expenses for corporate functions, shared costs previously allocated to Intellectual Property & Science, and the results of the Reuters News business. Neither Corporate & Other nor the Reuters News business qualify as a component of another reportable segment nor as a separate reportable segment.

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Revenues
Financial & Risk		1,516		1,517		4,549		4,621
Legal		835		851		2,503		2,527
Tax & Accounting		323		307		1,036		1,007
Corporate & Other (includes Reuters News)		73		74		227		222
Eliminations		(3)		(2)		(9)		(7)
Consolidated revenues		2,744		2,747		8,306		8,370
Operating profit
Segment operating profit
Financial & Risk		313		271		905		786
Legal		264		271		749		749
Tax & Accounting		59		50		197		211
Corporate & Other (includes Reuters News)		(77)		(68)		(289)		(251)
Underlying operating profit		559		524		1,562		1,495
Fair value adjustments (see note 5)		(34)		7		(77)		-
Amortization of other identifiable intangible assets		(128)		(135)		(388)		(415)
Other operating (losses) gains, net		(12)		(10)		(1)		13
Consolidated operating profit		385		386		1,096		1,093

Page 39

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. These measures are described below and may not be comparable to similar measures of other companies.

Segment operating profit

^•  Segment operating profit represents operating profit before (i) amortization of other identifiable intangible assets; (ii) other operating gains and losses; (iii) certain asset impairment charges; (iv) corporate-related items; and (v) fair value adjustments.

^•  The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

^•  Each segment includes an allocation of costs for centralized support services such as technology, editorial, real estate and certain global transaction processing functions that are based on usage or other applicable measures.

Additionally, the Company assesses its consolidated performance using the following measures.

Consolidated revenues and underlying operating profit

^•  Consolidated revenues are revenues from reportable segments and Corporate & Other, less eliminations.

^•  Underlying operating profit is comprised of operating profit from reportable segments and Corporate & Other.

Note 4: Seasonality

The Company’s revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as it records a large portion of its revenues ratably over a contract term and its costs are generally incurred evenly throughout the year. However, non-recurring revenues can cause changes in the Company’s performance from quarter to consecutive quarter. Additionally, the release of certain print-based offerings can be seasonal as can certain product releases for the regulatory markets, which tend to be concentrated at the end of the year. The Company’s quarterly performance may also be impacted by volatile foreign currency exchange rates. As a consequence, the results of certain of the Company’s segments can be impacted by seasonality to a greater extent than its consolidated revenues and operating profit.

Note 5: Operating expenses

The components of operating expenses include the following:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Salaries, commissions and allowances		992		990		3,055		3,049
Share-based payments		29		20		80		52
Post-employment benefits		63		62		188		185
Total staff costs		1,084		1,072		3,323		3,286
Goods and services(1)		452		461		1,461		1,455
Data		206		219		630		668
Telecommunications		96		119		298		380
Real estate		92		94		275		294
Fair value adjustments(2)		34		(7)		77		-
Total operating expenses		1,964		1,958		6,064		6,083

(1) Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

(2) Fair value adjustments primarily represent mark-to-market impacts on embedded derivatives and certain share-based awards.

Note 6: Other operating (losses) gains, net

Other operating (losses) gains, net, were $(12) million and $(10) million for the three months ended September 30, 2016 and 2015, respectively, and $(1) million and $13 million for the nine months ended September 30, 2016 and 2015, respectively. The nine months ended September 30, 2015 included a gain on sale of the Fiduciary Services and Competitive Intelligence unit of the Lipper business, which was formerly managed within the Financial & Risk segment.

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Note 7: Finance costs, net

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Interest expense:
Debt		88		81		256		256
Derivative financial instruments - hedging activities		1		3		4		10
Other, net		6		5		8		10
Fair value losses (gains) on financial instruments:
Cash flow hedges, transfer from equity		16		110		(74)		260
Net foreign exchange (gains) losses on debt		(16)		(110)		74		(260)
Net interest expense - debt and other		95		89		268		276
Net interest expense - pension and other post-employment benefit plans		14		13		40		39
Interest income		(1)		-		(4)		(1)
Net interest expense		108		102		304		314

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Net (gains) losses due to changes in foreign currency exchange rates		(6)		7		(22)		14
Net losses (gains) on derivative instruments		9		8		50		(38)
Other finance costs (income)		3		15		28		(24)

Net (gains) losses due to changes in foreign currency exchange rates

Net (gains) losses due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements.

Net losses (gains) on derivative instruments

Net losses (gains) on derivative instruments were principally comprised of amounts relating to foreign exchange contracts.

Note 8: Taxation

Tax expense (benefit) was $8 million and $7 million for the three months ended September 30, 2016 and 2015, respectively, and $(16) million and $42 million for the nine months ended September 30, 2016 and 2015, respectively. The tax expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of tax expense for the full year.

Note 9: Earnings per share

Basic earnings per share was calculated by dividing earnings attributable to common shareholders less dividends declared on preference shares by the sum of the weighted-average number of common shares and vested deferred share units (“DSUs”) outstanding during the period. DSUs represent common shares that certain employees have elected to receive in the future upon vesting of share-based compensation awards or in lieu of cash compensation.

Diluted earnings per share was calculated using the denominator of the basic calculation described above adjusted to include the potentially dilutive effect of outstanding stock options and time-based restricted share units (“TRSUs”).

Page 41

Earnings used in determining consolidated earnings per share and earnings per share from continuing operations are as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Earnings attributable to common shareholders		273		280		872		847
Less: Dividends declared on preference shares		(1)		(1)		(2)		(2)
Earnings used in consolidated earnings per share		272		279		870		845
Less: Earnings from discontinued operations, net of tax		(18)		(30)		(126)		(125)
Earnings used in earnings per share from continuing operations		254		249		744		720

The weighted-average number of shares outstanding, as well as a reconciliation of the weighted-average number of shares outstanding used in the basic earnings per share computation to the weighted-average number of shares outstanding used in the diluted earnings per share computation, is presented below:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Weighted-average number of common shares outstanding		743,286,632		777,722,687		751,589,786		785,317,508
Weighted-average number of vested DSUs		652,470		612,119		636,699		614,495
Basic		743,939,102		778,334,806		752,226,485		785,932,003
Effect of stock options and TRSUs		1,833,109		2,835,269		1,690,114		2,865,814
Diluted		745,772,211		781,170,075		753,916,599		788,797,817

Note 10: Discontinued operations

In October 2016, the Company sold its Intellectual Property & Science business, which is reported as discontinued operations in the consolidated financial statements for all periods presented. See note 20.

Earnings from discontinued operations are summarized as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Revenues		233		232		704		691
Expenses		(212)		(198)		(557)		(555)
Earnings from discontinued operations before income tax		21		34		147		136
Tax expense(1)		(3)		(4)		(21)		(11)
Earnings from discontinued operations, net of tax		18		30		126		125

(1) Includes nil and a $16 million tax benefit in the three and nine months ended September 30, 2016, respectively, that reflects changes in the Company’s estimate of the net deferred tax asset it expects to realize in connection with the sale of its Intellectual Property & Science business.

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The assets and liabilities associated with the Intellectual Property & Science business that are classified as held for sale in the consolidated statement of financial position are as follows:

	SEPTEMBER 30,
	2016
Trade and other receivables		232
Computer hardware and other property, net		26
Computer software, net		124
Other identifiable intangible assets, net		180
Goodwill		1,057
Other assets		50
Deferred tax		5
Total assets held for sale		1,674
Payables, accruals and provisions		117
Deferred revenue		286
Other liabilities		32
Deferred tax		39
Total liabilities associated with assets held for sale		474

Relative to assets held for sale, foreign currency translation adjustments recorded within accumulated other comprehensive loss in the consolidated statement of financial position were gains of $15 million at September 30, 2016.

Note 11: Financial instruments

Financial assets and liabilities

Financial assets and liabilities in the consolidated statement of financial position were as follows:

SEPTEMBER 30, 2016	CASH, TRADE AND OTHER RECEIVABLES		ASSETS/ (LIABILITIES) AT FAIR VALUE THROUGH EARNINGS		DERIVATIVES USED FOR HEDGING		AVAILABLE FOR SALE		OTHER FINANCIAL LIABILITIES		TOTAL
Cash and cash equivalents		831		-		-		-		-		831
Trade and other receivables		1,403		-		-		-		-		1,403
Other financial assets - current		54		71		-		-		-		125
Other financial assets - non-current		50		27		-		32		-		109
Current indebtedness		-		-		-		-		(2,855)		(2,855)
Trade payables (see note 13)		-		-		-		-		(222)		(222)
Accruals (see note 13)		-		-		-		-		(1,415)		(1,415)
Other financial liabilities - current(1)		-		(53)		-		-		(140)		(193)
Long-term indebtedness		-		-		-		-		(6,307)		(6,307)
Other financial liabilities - non current		-		(29)		(314)		-		(1)		(344)
Total		2,338		16		(314)		32		(10,940)		(8,868)

Page 43

DECEMBER 31, 2015	CASH, TRADE AND OTHER RECEIVABLES		ASSETS/ (LIABILITIES) AT FAIR VALUE THROUGH EARNINGS		DERIVATIVES USED FOR HEDGING		AVAILABLE FOR SALE		OTHER FINANCIAL LIABILITIES		TOTAL
Cash and cash equivalents		966		-		-		-		-		966
Trade and other receivables		1,755		-		-		-		-		1,755
Other financial assets - current		55		121		-		-		-		176
Other financial assets - non-current		56		24		-		36		-		116
Current indebtedness		-		-		-		-		(1,595)		(1,595)
Trade payables (see note 13)		-		-		-		-		(305)		(305)
Accruals (see note 13)		-		-		-		-		(1,520)		(1,520)
Other financial liabilities - current(1)		-		(15)		-		-		(223)		(238)
Long-term indebtedness		-		-		-		-		(6,829)		(6,829)
Other financial liabilities - non current		-		(15)		(370)		-		(2)		(387)
Total		2,832		115		(370)		36		(10,474)		(7,861)

(1) Includes a commitment to repurchase up to $85 million (December 31, 2015 - $165 million) related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period. See note 15.

Cash and cash equivalents

Of total cash and cash equivalents, $119 million and $106 million at September 30, 2016 and December 31, 2015, respectively, was held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and are therefore not available for general use by the Company.

Debt-related activity

The following table provides information regarding notes that the Company issued and repaid in the nine months ended September 30, 2016 and 2015:

MONTH/YEAR	TRANSACTION	PRINCIPAL AMOUNT (IN MILLIONS)
	Notes issued
May 2016	3.35% Notes, due 2026	US$500
	Notes repaid
May 2016	0.875% Notes, due 2016	US$500
July 2015	5.70% Notes, due 2015	C$600

The Company used the net proceeds of its May 2016 debt issuance to repay the notes which matured that month. In July 2015, the Company repaid C$600 million ($593 million after swaps) of notes upon their maturity, principally from cash on hand which included proceeds from earlier commercial paper issuances in 2015.

Under its commercial paper programs, the Company may issue up to $2.0 billion of notes. At September 30, 2016, current indebtedness included $1.740 billion (December 31, 2015—$1.037 billion) of outstanding commercial paper within the consolidated statement of financial position. See note 20.

The Company has a $2.5 billion syndicated credit facility agreement which matures in May 2018. The facility may be utilized to provide liquidity for general corporate purposes (including to support its commercial paper programs). There were no borrowings under the credit facility during the nine months ended September 30, 2016.

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Fair Value

The fair values of cash, trade and other receivables, trade payables and accruals approximate their carrying amounts because of the short-term maturity of these instruments. The fair value of long-term debt and related derivative instruments is set forth below.

Debt and Related Derivative Instruments

Carrying Amounts

Amounts recorded in the consolidated statement of financial position are referred to as “carrying amounts”. The carrying amounts of primary debt are reflected in “Long-term indebtedness” and “Current indebtedness” and the carrying amounts of derivative instruments are included in “Other financial assets” and “Other financial liabilities”, both current and non-current in the consolidated statement of financial position, as appropriate.

Fair Value

The fair value of debt is estimated based on either quoted market prices for similar issues or current rates offered to the Company for debt of the same maturity. The fair value of interest rate swaps are estimated based upon discounted cash flows using applicable current market rates and taking into account non-performance risk.

The following is a summary of debt and related derivative instruments that hedge the cash flows or fair value of the debt:

	CARRYING AMOUNT				FAIR VALUE
SEPTEMBER 30, 2016	PRIMARY DEBT INSTRUMENTS		DERIVATIVE INSTRUMENTS LIABILITY		PRIMARY DEBT INSTRUMENTS		DERIVATIVE INSTRUMENTS LIABILITY
Bank and other		17		-		18		-
Commercial paper		1,740		-		1,740		-
C$500, 3.369% Notes, due 2019		379		93		396		93
C$750, 4.35% Notes, due 2020		568		158		622		158
C$550, 3.309% Notes, due 2021		417		63		442		63
$550, 1.30% Notes, due 2017		550		-		550		-
$550, 1.65% Notes, due 2017		549		-		551		-
$1,000, 6.50% Notes, due 2018		997		-		1,086		-
$500, 4.70% Notes, due 2019		498		-		541		-
$350, 3.95% Notes, due 2021		348		-		376		-
$600, 4.30% Notes, due 2023		595		-		653		-
$450, 3.85% Notes, due 2024		446		-		476		-
$500, 3.35% Notes, due 2026		494		-		512		-
$350, 4.50% Notes, due 2043		341		-		357		-
$350, 5.65% Notes, due 2043		340		-		410		-
$400, 5.50% Debentures, due 2035		394		-		458		-
$500, 5.85% Debentures, due 2040		489		-		600		-
Total		9,162		314		9,788		314
Current portion		2,855		-
Long-term portion		6,307		314

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	CARRYING AMOUNT				FAIR VALUE
DECEMBER 31, 2015	PRIMARY DEBT INSTRUMENTS		DERIVATIVE INSTRUMENTS LIABILITY		PRIMARY DEBT INSTRUMENTS		DERIVATIVE INSTRUMENTS LIABILITY
Bank and other		57		-		59		-
Commercial paper		1,037		-		1,037		-
C$500, 3.369% Notes, due 2019		358		109		374		109
C$750, 4.35% Notes, due 2020		537		182		581		182
C$550, 3.309% Notes, due 2021		394		79		405		79
$500, 0.875% Notes, due 2016		500		-		499		-
$550, 1.30% Notes, due 2017		548		-		546		-
$550, 1.65% Notes, due 2017		548		-		547		-
$1,000, 6.50% Notes, due 2018		997		-		1,102		-
$500, 4.70% Notes, due 2019		498		-		535		-
$350, 3.95% Notes, due 2021		348		-		361		-
$600, 4.30% Notes, due 2023		594		-		615		-
$450, 3.85% Notes, due 2024		445		-		442		-
$350, 4.50% Notes, due 2043		340		-		300		-
$350, 5.65% Notes, due 2043		340		-		351		-
$400, 5.50% Debentures, due 2035		394		-		411		-
$500, 5.85% Debentures, due 2040		489		-		531		-
Total		8,424		370		8,696		370
Current portion		1,595		-
Long-term portion		6,829		370

Fair value estimation

The following fair value measurement hierarchy is used for financial instruments that are measured in the consolidated statement of financial position at fair value:

^•  Level 1 –  quoted prices (unadjusted) in active markets for identical assets or liabilities;

^•  Level 2 – inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

^•  Level 3 – inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

SEPTEMBER 30, 2016				TOTAL
Assets	LEVEL 1	LEVEL 2	LEVEL 3		BALANCE
Embedded derivatives(1)	-	94	-		94
Forward exchange contracts(2)	-	4	-		4
Financial assets at fair value through earnings	-	98	-		98
Available for sale investments(3)	5	27	-		32
Total assets	5	125	-		130
Liabilities
Embedded derivatives(1)	-	(47)	-		(47)
Forward exchange contracts(2)	-	(33)	-		(33)
Contingent consideration(4)	-	-	(2)		(2)
Financial liabilities at fair value through earnings	-	(80)	(2)		(82)
Derivatives used for hedging(5)	-	(314)	-		(314)
Total liabilities	-	(394)	(2)		(396)

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DECEMBER 31, 2015				TOTAL
Assets	LEVEL 1	LEVEL 2	LEVEL 3		BALANCE
Embedded derivatives(1)	-	132	-		132
Forward exchange contracts(2)	-	13	-		13
Financial assets at fair value through earnings	-	145	-		145
Available for sale investments(3)	6	30	-		36
Total assets	6	175	-		181
Liabilities
Embedded derivatives(1)	-	(20)	-		(20)
Forward exchange contracts(2)	-	(8)	-		(8)
Contingent consideration(4)	-	-	(2)		(2)
Financial liabilities at fair value through earnings	-	(28)	(2)		(30)
Derivatives used for hedging(5)	-	(370)	-		(370)
Total liabilities	-	(398)	(2)		(400)

(1) Largely related to U.S. dollar pricing of customer agreements by subsidiaries outside of the U.S.

(2) Used to manage foreign exchange risk on cash flows, excluding indebtedness.

(3) Investments in entities over which the Company does not have control, joint control or significant influence.

(4) Obligations to pay additional consideration for prior acquisitions.

(5) Comprised of fixed-to-fixed cross-currency swaps on indebtedness.

The Company recognizes transfers into and transfers out of the fair value measurement hierarchy levels as of the date of the event or a change in circumstances that caused the transfer. There were no transfers between hierarchy levels for the nine months ended September 30, 2016.

Valuation Techniques

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments include:

^•  quoted market prices or dealer quotes for similar instruments;

^•  the fair value of currency and interest rate swaps and forward foreign exchange contracts is calculated as the present value of the estimated future cash flows based on observable yield curves; and

^•  the fair value of contingent consideration is calculated based on estimates of future revenue performance.

Note 12: Other non-current assets

	SEPTEMBER 30, 2016		DECEMBER 31, 2015
Net defined benefit plan surpluses		27		19
Cash surrender value of life insurance policies		288		283
Equity method investments		164		173
Other non-current assets		76		69
Total other non-current assets		555		544

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Note 13: Payables, accruals and provisions

	SEPTEMBER 30, 2016		DECEMBER 31, 2015
Trade payables		222		305
Accruals		1,415		1,520
Provisions		134		176
Other current liabilities		357		277
Total payables, accruals and provisions		2,128		2,278

Note 14: Provisions and other non-current liabilities

	SEPTEMBER 30, 2016		DECEMBER 31, 2015
Net defined benefit plan obligations		1,645		1,311
Deferred compensation and employee incentives		232		242
Provisions		108		117
Uncertain tax positions		337		338
Other non-current liabilities		82		116
Total provisions and other non-current liabilities		2,404		2,124

Note 15: Capital

Share repurchases

The Company may buy back shares (and subsequently cancel them) from time to time as part of its capital strategy. In May 2016, the Company renewed its current normal course issuer bid (“NCIB”) for an additional 12 months. Under the renewed NCIB, the Company may repurchase up to 37.5 million common shares between May 30, 2016 and May 29, 2017 in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases if the Company receives an issuer bid exemption order from applicable securities regulatory authorities in Canada for such purchases. In the nine months ended September 30, 2016, the Company privately repurchased 4.1 million common shares at a discount to the then-prevailing market price.

Details of share repurchases were as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Share repurchases (millions of U.S. dollars)		542		554		1,232		1,250
Shares repurchased (millions)		13.2		14.4		31.2		31.7
Share repurchases - average price per share		$41.40		$38.60		$39.56		$39.48

Decisions regarding any future repurchases will be based on factors such as market conditions, share price, and other opportunities to invest capital for growth. The Company may elect to suspend or discontinue its share repurchases at any time, in accordance with applicable laws. From time to time when the Company does not possess material nonpublic information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. The Company entered into such plans with its broker on September 30, 2016 and on December 31, 2015. As a result, the Company recorded an $85 million liability in “Other financial liabilities” within current liabilities at September 30, 2016 ($165 million at December 31, 2015) with a corresponding amount recorded in equity in the consolidated statement of financial position in both periods.

Page 48

Dividends

Dividends on common shares are declared in U.S. dollars. In the consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in the Company under its dividend reinvestment plan. Details of dividends declared per share and dividends paid on common shares are as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Dividends declared per common share	$	0.34	$	0.335	$	1.02	$	1.005
Dividends declared		252		261		766		789
Dividends reinvested		(9)		(8)		(26)		(24)
Dividends paid		243		253		740		765

Note 16: Supplemental cash flow information

Details of “Other” in the consolidated statement of cash flow are as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Non-cash employee benefit charges		72		66		222		191
Fair value adjustments		34		(7)		77		-
Net losses (gains) on foreign exchange and derivative financial instruments		7		15		28		(26)
Other		16		14		27		19
		129		88		354		184

Details of “Changes in working capital and other items” are as follows:

	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
	2016		2015		2016		2015
Trade and other receivables		83		(9)		75		(17)
Prepaid expenses and other current assets		14		(13)		(46)		(60)
Other financial assets		(5)		44		26		95
Payables, accruals and provisions		49		41		(148)		(226)
Deferred revenue		(100)		(59)		(103)		(23)
Other financial liabilities		(6)		(26)		(48)		(39)
Income taxes		24		10		(11)		(40)
Other(1)		(22)		(23)		(89)		(91)
		37		(35)		(344)		(401)

(1) Includes $(18) million (2015—$(13) million) and $(69) million (2015—$(63) million) related to employee benefit plans for the three and nine months ended September 30, 2016 and 2015, respectively.

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Note 17: Acquisitions

Acquisitions primarily comprise the purchase of businesses that are integrated into existing operations to broaden the Company’s range of offerings to customers as well as its presence in global markets.

Acquisition activity

There were no acquisitions in the three months ended September 30, 2016. The number of acquisitions completed, and the related cash consideration for the nine months ended September 30, 2016, were as follows:

	NINE MONTHS ENDED SEPTEMBER 30, 2016
	NUMBER OF TRANSACTIONS		CASH CONSIDERATION
Businesses and identifiable intangible assets acquired, net of cash		4		110
Investments in businesses		2		1
		6		111

Purchase price allocation

Each business combination has been accounted for using the acquisition method and the results of acquired businesses are included in the consolidated financial statements from the dates of acquisition. Purchase price allocations related to certain acquisitions may be subject to adjustment pending completion of final valuations.

The details of net assets acquired were as follows:

	NINE MONTHS ENDED SEPTEMBER 30, 2016(1)
Trade receivables		9
Prepaid expenses and other current assets		3
Current assets		12
Computer software		19
Other identifiable intangible assets		33
Other financial assets		1
Total assets		65
Payables and accruals		(4)
Deferred revenue		(10)
Current liabilities		(14)
Deferred tax		(2)
Total liabilities		(16)
Net assets acquired		49
Goodwill		61
Total		110

(1) Includes valuation adjustments for acquisitions that closed in the first half of the year.

The excess of the purchase price over the net tangible and identifiable intangible assets acquired and assumed liabilities was recorded as goodwill and reflects synergies and the value of the acquired workforce. The majority of goodwill for acquisitions completed in 2016 is not expected to be deductible for tax purposes.

Acquisition transactions were completed by acquiring all equity interests or the net assets of the acquired business.

Other

The revenues and operating profit of acquired businesses since the date of acquisition were not material to the Company’s results of operations.

Page 50

Note 18: Contingencies

Lawsuits and legal claims

The Company is engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, antitrust/competition claims, intellectual property infringement claims, employment matters and commercial matters. The outcome of all of the matters against the Company is subject to future resolution, including the uncertainties of litigation. Based on information currently known to the Company and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Uncertain tax positions

The Company is subject to taxation in numerous jurisdictions and is routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of the Company’s positions and propose adjustments or changes to its tax filings.

As a result, the Company maintains provisions for uncertain tax positions that it believes appropriately reflect its risk. These provisions are made using the Company’s best estimates of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax audits, it is possible that at some future date, liabilities resulting from such audits or related litigation could vary significantly from the Company’s provisions. However, based on currently enacted legislation, information currently known by the Company and after consultation with outside tax advisors, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

In June 2016, certain U.S. subsidiaries received a statutory notice of deficiency from the Internal Revenue Service (IRS) for the 2010 and 2011 tax years. In the notice, the IRS claims that the taxable income of these subsidiaries should be increased by an amount that creates an aggregate potential additional income tax liability of approximately $250 million for the period, including interest. The IRS claim relates to the Company’s intercompany transfer pricing practices. The Company plans to pursue all available administrative and judicial remedies necessary to resolve the matter. To that end, the Company filed a petition in U.S. Tax Court in September 2016. Management believes the Company will prevail in this dispute.

Note 19: Related party transactions

As of September 30, 2016, The Woodbridge Company Limited (“Woodbridge”) beneficially owned approximately 61% of the Company’s shares.

In January 2016, the Company sold a Canadian wholly owned subsidiary to a company affiliated with Woodbridge for $16 million. The subsidiary’s assets consisted of accumulated losses that management did not expect to utilize against future taxable income prior to their expiry. As such, no tax benefit for the losses had been recognized in the consolidated financial statements. Under Canadian law, certain losses may only be transferred to related companies, such as those affiliated with Woodbridge. A gain of $16 million was recorded within “Other operating (losses) gains, net” within the consolidated income statement. In connection with this transaction, the board of directors’ Corporate Governance Committee obtained an independent fairness opinion. The Company utilized the independent fairness opinion to determine that the negotiated price between the Company and the purchaser was reasonable. After receiving the recommendation of the Corporate Governance Committee, the board of directors approved the transaction. Directors who were not considered independent because of their positions with Woodbridge refrained from deliberating and voting on the matter at both the committee and board meetings.

Except for the above transaction, there were no new significant related party transactions during the nine months ended September 30, 2016. Refer to “Related party transactions” set out in note 29 of the Company’s consolidated financial statements for the year ended December 31, 2015, which are included in the Company’s 2015 annual report, for information regarding related party transactions.

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Note 20: Subsequent events

Sale of Intellectual Property & Science

In October 2016, the Company sold its Intellectual Property & Science business for $3.55 billion and expects to record a post-tax gain of approximately $2.0 billion on the transaction in the fourth quarter of 2016. The Company is providing a range of transitional services to the business in connection with its separation from Thomson Reuters.

Repayment of commercial paper

In October 2016, the Company repaid $1.7 billion of commercial paper with some of the net proceeds from the sale of its Intellectual Property & Science business.

Charge

On November 1, 2016, the Company announced that it plans to record a charge of between $200 million and $250 million to be incurred in the fourth quarter of 2016. The charge is intended to accelerate the pace of the Company’s Transformation program to simplify and streamline its business.

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