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Condensed Consolidating Financial Statements (Tables)
9 Months Ended
Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Statement of Income
 
Statement of Income
 
Three Months Ended September 30, 2016
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
175

 
$
383

 
$
914

 
$
(33
)
 
$
1,439

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
27

 
111

 
333

 
(33
)
 
438

Selling and general expenses
45

 
49

 
236

 

 
330

Depreciation
8

 
2

 
12

 

 
22

Amortization of intangibles

 

 
23

 

 
23

Total expenses
80

 
162

 
604

 
(33
)
 
813

Gain on dispositions
(705
)
 

 
(17
)
 

 
(722
)
Operating profit
800

 
221

 
327

 

 
1,348

Interest expense (income), net
43

 

 
(4
)
 

 
39

Non-operating intercompany transactions
14

 
(21
)
 
(41
)
 
48

 

Income before taxes on income
743

 
242

 
372

 
(48
)
 
1,309

Provision for taxes on income
184

 
95

 
107

 

 
386

Equity in net income of subsidiaries
457

 
76

 

 
(533
)
 

Net income
$
1,016

 
$
223

 
$
265

 
$
(581
)
 
$
923

Less: net income attributable to noncontrolling interests

 

 

 
(31
)
 
(31
)
Net income attributable to S&P Global Inc.
$
1,016

 
$
223

 
$
265

 
$
(612
)
 
$
892

Comprehensive income
$
1,069

 
$
216

 
$
191

 
$
(561
)
 
$
915


 
Statement of Income
 
Nine Months Ended September 30, 2016
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
516

 
$
1,138

 
$
2,703

 
$
(95
)
 
$
4,262

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
78

 
342

 
1,038

 
(95
)
 
1,363

Selling and general expenses
95

 
145

 
735

 

 
975

Depreciation
28

 
7

 
28

 

 
63

Amortization of intangibles

 

 
71

 

 
71

Total expenses
201

 
494

 
1,872

 
(95
)
 
2,472

Gain on dispositions
(705
)
 

 
(17
)
 

 
(722
)
Operating profit
1,020

 
644

 
848

 

 
2,512

Interest expense (income), net
129

 

 
(7
)
 

 
122

Non-operating intercompany transactions
249

 
(62
)
 
(739
)
 
552

 

Income before taxes on income
642

 
706

 
1,594

 
(552
)
 
2,390

Provision for taxes on income
166

 
263

 
302

 

 
731

Equity in net income of subsidiaries
1,865

 
220

 

 
(2,085
)
 

Net income
$
2,341

 
$
663

 
$
1,292

 
$
(2,637
)
 
$
1,659

Less: net income attributable to noncontrolling interests

 

 

 
(90
)
 
(90
)
Net income attributable to S&P Global Inc.
$
2,341

 
$
663

 
$
1,292

 
$
(2,727
)
 
$
1,569

Comprehensive income
$
2,351

 
$
662

 
$
1,247

 
$
(2,636
)
 
$
1,624



 
Statement of Income
 
Three Months Ended September 30, 2015
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
165

 
$
523

 
$
665

 
$
(29
)
 
$
1,324

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
26

 
167

 
255

 
(29
)
 
419

Selling and general expenses
200

 
1

 
257

 

 
458

Depreciation
9

 
4

 
7

 

 
20

Amortization of intangibles

 

 
17

 

 
17

Total expenses
235

 
172

 
536

 
(29
)
 
914

Operating (loss) profit
(70
)
 
351

 
129

 

 
410

Interest expense (income), net
32

 

 
(2
)
 

 
30

Non-operating intercompany transactions
51

 
48

 
(99
)
 

 

(Loss) income before taxes on income
(153
)
 
303

 
230

 

 
380

(Benefit) provision for taxes on income
(74
)
 
100

 
73

 

 
99

Equity in net income of subsidiaries
1,180

 
206

 

 
(1,386
)
 

Net income
$
1,101

 
$
409

 
$
157

 
$
(1,386
)
 
$
281

Less: net income attributable to noncontrolling interests

 

 

 
(29
)
 
(29
)
Net income attributable to S&P Global Inc.
$
1,101

 
$
409

 
$
157

 
$
(1,415
)
 
$
252

Comprehensive income
$
1,095

 
$
408

 
$
123

 
$
(1,386
)
 
$
240



 
Statement of Income
 
Nine Months Ended September 30, 2015
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
481

 
$
1,640

 
$
1,902

 
$
(85
)
 
$
3,938

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
87

 
546

 
693

 
(85
)
 
1,241

Selling and general expenses
259

 
93

 
759

 

 
1,111

Depreciation
29

 
14

 
21

 

 
64

Amortization of intangibles

 

 
40

 

 
40

Total expenses
375

 
653

 
1,513

 
(85
)
 
2,456

Gain on dispositions

 

 
(11
)
 

 
(11
)
Operating profit
106

 
987

 
400

 

 
1,493

Interest expense (income), net
69

 

 
(7
)
 

 
62

Non-operating intercompany transactions
180

 
139

 
(319
)
 

 

(Loss) income before taxes on income
(143
)
 
848

 
726

 

 
1,431

(Benefit) provision for taxes on income
(57
)
 
291

 
205

 

 
439

Equity in net income of subsidiaries
1,180

 
205

 

 
(1,385
)
 

Net income
$
1,094

 
$
762

 
$
521

 
$
(1,385
)
 
$
992

Less: net income attributable to noncontrolling interests

 

 

 
(83
)
 
(83
)
Net income attributable to S&P Global Inc.
$
1,094

 
$
762

 
$
521

 
$
(1,468
)
 
$
909

Comprehensive income
$
1,102

 
$
761

 
$
480

 
$
(1,390
)
 
$
953

Balance Sheet
 
Balance Sheet
 
September 30, 2016
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
738

 
$

 
$
1,661

 
$

 
$
2,399

Accounts receivable, net of allowance for doubtful accounts
108

 
160

 
712

 

 
980

Intercompany receivable
346

 
397

 
836

 
(1,579
)
 

Deferred income taxes
74

 
10

 
23

 

 
107

Prepaid and other current assets
75

 

 
77

 

 
152

Assets of businesses held for sale
1

 

 
65

 

 
66

Total current assets
1,342

 
567

 
3,374

 
(1,579
)
 
3,704

Property and equipment, net of accumulated depreciation
138

 
1

 
116

 

 
255

Goodwill
182

 

 
2,767

 
9

 
2,958

Other intangible assets, net

 

 
1,518

 

 
1,518

Investments in subsidiaries
5,232

 
672

 
7,316

 
(13,220
)
 

Intercompany loans receivable
18

 

 
1,842

 
(1,860
)
 

Other non-current assets
85

 
23

 
133

 

 
241

Total assets
$
6,997

 
$
1,263

 
$
17,066

 
$
(16,650
)
 
$
8,676

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
71

 
$
23

 
$
105

 
$

 
$
199

Intercompany payable
1,492

 
(22
)
 
109

 
(1,579
)
 

Accrued compensation and contributions to retirement plans
108

 
41

 
166

 

 
315

Short-term debt
400

 

 

 

 
400

Unearned revenue
274

 
202

 
932

 

 
1,408

Income taxes currently payable
236

 

 
85

 

 
321

Other current liabilities
166

 
(133
)
 
351

 

 
384

Liabilities of businesses held for sale
1

 

 
23

 

 
24

Total current liabilities
2,748

 
111

 
1,771

 
(1,579
)
 
3,051

Long-term debt
3,563

 

 

 

 
3,563

Intercompany loans payable
11

 

 
1,849

 
(1,860
)
 

Pension and postretirement benefits
208

 

 
51

 

 
259

Other non-current liabilities
(14
)
 
85

 
301

 

 
372

Total liabilities
6,516

 
196

 
3,972

 
(3,439
)
 
7,245

Redeemable noncontrolling interest

 

 

 
920

 
920

Equity:
 
 
 
 
 
 
 
 
 
Common stock
412

 

 
2,336

 
(2,336
)
 
412

Additional paid-in capital
(300
)
 
1,148

 
10,132

 
(10,613
)
 
367

Retained income
9,288

 
(81
)
 
1,003

 
(1,286
)
 
8,924

Accumulated other comprehensive loss
(313
)
 

 
(367
)
 
45

 
(635
)
Less: common stock in treasury
(8,606
)
 

 
(10
)
 
10

 
(8,606
)
Total equity - controlling interests
481

 
1,067

 
13,094

 
(14,180
)
 
462

Total equity - noncontrolling interests

 

 

 
49

 
49

Total equity
481

 
1,067

 
13,094

 
(14,131
)
 
511

Total liabilities and equity
$
6,997

 
$
1,263

 
$
17,066

 
$
(16,650
)
 
$
8,676

 
Balance Sheet
 
December 31, 2015
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
167

 
$

 
$
1,314

 
$

 
$
1,481

Accounts receivable, net of allowance for doubtful accounts
116

 
319

 
556

 

 
991

Intercompany receivable
208

 
1,872

 
1,273

 
(3,353
)
 

Deferred income taxes
75

 
10

 
24

 

 
109

Prepaid and other current assets
120

 
13

 
80

 
(1
)
 
212

Assets of businesses held for sale
4

 

 
499

 

 
503

Total current assets
690

 
2,214

 
3,746

 
(3,354
)
 
3,296

Property and equipment, net of accumulated depreciation
141

 
3

 
126

 

 
270

Goodwill
17

 
40

 
2,816

 
9

 
2,882

Other intangible assets, net

 

 
1,522

 

 
1,522

Investments in subsidiaries
4,651

 
659

 
7,316

 
(12,626
)
 

Intercompany loans receivable
16

 
368

 
1,733

 
(2,117
)
 

Other non-current assets
67

 
19

 
127

 

 
213

Total assets
$
5,582

 
$
3,303

 
$
17,386

 
$
(18,088
)
 
$
8,183

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
71

 
$
54

 
$
81

 
$

 
$
206

Intercompany payable
2,144

 
675

 
535

 
(3,354
)
 

Accrued compensation and contributions to retirement plans
127

 
89

 
167

 

 
383

Short-term debt
143

 

 

 

 
143

Unearned revenue
254

 
586

 
582

 
(1
)
 
1,421

Income taxes currently payable
1

 

 
55

 

 
56

Other current liabilities
190

 
65

 
238

 

 
493

Liabilities of businesses held for sale
80

 

 
126

 

 
206

Total current liabilities
3,010

 
1,469

 
1,784

 
(3,355
)
 
2,908

Long-term debt
3,468

 

 

 

 
3,468

Intercompany loans payable
21

 

 
2,096

 
(2,117
)
 

Pension and postretirement benefits
230

 

 
46

 

 
276

Other non-current liabilities
(25
)
 
98

 
295

 

 
368

Total liabilities
6,704

 
1,567

 
4,221

 
(5,472
)
 
7,020

Redeemable noncontrolling interest

 

 

 
920

 
920

Equity:
 
 
 
 
 
 
 
 
 
Common stock
412

 

 
2,337

 
(2,337
)
 
412

Additional paid-in capital
(184
)
 
1,179

 
10,174

 
(10,694
)
 
475

Retained income
6,701

 
557

 
987

 
(609
)
 
7,636

Accumulated other comprehensive loss
(322
)
 

 
(322
)
 
44

 
(600
)
Less: common stock in treasury
(7,729
)
 

 
(12
)
 
12

 
(7,729
)
Total equity - controlling interests
(1,122
)
 
1,736

 
13,164

 
(13,584
)
 
194

Total equity - noncontrolling interests

 

 
1

 
48

 
49

Total equity
(1,122
)
 
1,736

 
13,165

 
(13,536
)
 
243

Total liabilities and equity
$
5,582

 
$
3,303

 
$
17,386

 
$
(18,088
)
 
$
8,183

Statement of Cash Flows
 
Statement of Cash Flows
 
Nine Months Ended September 30, 2016
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Operating Activities:
 
 
 
 
 
 
 
 
 
Net income
$
2,341

 
$
663

 
$
1,292

 
$
(2,637
)
 
$
1,659

Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
 
 
 
 
 
 
 
 
 
     Depreciation
28

 
7

 
28

 

 
63

     Amortization of intangibles

 

 
71

 

 
71

     Provision for losses on accounts receivable
2

 

 
8

 

 
10

     Deferred income taxes
(80
)
 

 
72

 

 
(8
)
     Stock-based compensation
17

 
12

 
25

 

 
54

     Gain on dispositions
(705
)
 

 
(17
)
 

 
(722
)
     Other
14

 
3

 
39

 

 
56

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
5

 
159

 
(190
)
 

 
(26
)
     Prepaid and other current assets
(14
)
 
13

 
(1
)
 

 
(2
)
     Accounts payable and accrued expenses
(70
)
 
(147
)
 
90

 

 
(127
)
     Unearned revenue
20

 
(385
)
 
359

 

 
(6
)
     Accrued legal and regulatory settlements

 
(108
)
 
(26
)
 

 
(134
)
     Other current liabilities
(17
)
 
(25
)
 
30

 

 
(12
)
     Net change in prepaid/accrued income taxes
297

 

 
55

 

 
352

     Net change in other assets and liabilities
(35
)
 
29

 
(51
)
 

 
(57
)
Cash provided by operating activities from continuing operations
1,803

 
221

 
1,784

 
(2,637
)
 
1,171

Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(34
)
 
(11
)
 
(22
)
 

 
(67
)
     Acquisitions, net of cash acquired
(140
)
 

 
(5
)
 

 
(145
)
     Proceeds from dispositions
1,047

 

 
24

 

 
1,071

     Changes in short-term investments

 

 
(1
)
 

 
(1
)
Cash provided by (used for) investing activities from continuing operations
873

 
(11
)
 
(4
)
 

 
858

Financing Activities:
 
 
 
 
 
 
 
 
 
     Payments on short-term debt, net
(143
)
 

 

 

 
(143
)
     Proceeds from issuance of senior notes, net
493

 

 

 

 
493

     Dividends paid to shareholders
(286
)
 

 

 

 
(286
)
 Dividends and other payments paid to noncontrolling interests

 

 
(59
)
 

 
(59
)
     Contingent consideration payments
(5
)
 

 
(10
)
 

 
(15
)
     Repurchase of treasury shares
(1,123
)
 

 

 

 
(1,123
)
     Exercise of stock options
83

 

 
1

 

 
84

     Excess tax benefits from share-based payments
31

 

 

 

 
31

     Intercompany financing activities
(1,155
)
 
(210
)
 
(1,272
)
 
2,637

 

Cash used for financing activities from continuing operations
(2,105
)
 
(210
)
 
(1,340
)
 
2,637

 
(1,018
)
Effect of exchange rate changes on cash from continuing operations

 

 
(93
)
 

 
(93
)
Net change in cash and cash equivalents
571

 

 
347

 

 
918

Cash and cash equivalents at beginning of period
167

 

 
1,314

 

 
1,481

Cash and cash equivalents at end of period
$
738

 
$

 
$
1,661

 
$

 
$
2,399


 
Statement of Cash Flows
 
Nine Months Ended September 30, 2015
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Operating Activities:
 
 
 
 
 
 
 
 
 
Net income
$
1,094

 
$
762

 
$
521

 
$
(1,385
)
 
$
992

Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
 
 
 
 
 
 
 
 
 
     Depreciation
29

 
14

 
21

 

 
64

     Amortization of intangibles

 

 
40

 

 
40

     Provision for losses on accounts receivable

 
(4
)
 
7

 

 
3

     Deferred income taxes
(139
)
 
161

 
144

 

 
166

     Stock-based compensation
16

 
16

 
23

 

 
55

     Gain on dispositions

 

 
(11
)
 

 
(11
)
     Other
107

 
22

 
21

 

 
150

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
10

 
16

 
(70
)
 

 
(44
)
     Prepaid and other current assets
(35
)
 
22

 
7

 

 
(6
)
     Accounts payable and accrued expenses
(100
)
 
(76
)
 
(10
)
 

 
(186
)
     Unearned revenue
10

 
(20
)
 
28

 

 
18

     Accrued legal and regulatory settlements

 
(1,624
)
 

 

 
(1,624
)
     Other current liabilities
(19
)
 
(12
)
 
(22
)
 

 
(53
)
     Net change in prepaid/accrued income taxes
166

 

 
(26
)
 

 
140

     Net change in other assets and liabilities
91

 
4

 
(155
)
 

 
(60
)
Cash provided by (used for) operating activities from continuing operations
1,230

 
(719
)
 
518

 
(1,385
)
 
(356
)
Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(38
)
 
(7
)
 
(29
)
 

 
(74
)
     Acquisitions, net of cash acquired
(2,241
)
 

 
(152
)
 

 
(2,393
)
     Proceeds from dispositions

 

 
14

 

 
14

     Changes in short-term investments

 

 
(3
)
 

 
(3
)
Cash used for investing activities from continuing operations
(2,279
)
 
(7
)
 
(170
)
 

 
(2,456
)
Financing Activities:
 
 
 
 
 
 
 
 
 
     Proceeds from issuance of senior notes, net
2,674

 

 

 

 
2,674

     Dividends paid to shareholders
(274
)
 

 

 

 
(274
)
 Dividends and other payments paid to noncontrolling interests

 

 
(67
)
 

 
(67
)
     Contingent consideration payments
(5
)
 

 

 

 
(5
)
     Purchase of CRISIL shares

 

 
(16
)
 

 
(16
)
     Repurchase of treasury shares
(501
)
 

 

 

 
(501
)
     Exercise of stock options
76

 

 
1

 

 
77

     Excess tax benefits from share-based payments
39

 

 

 

 
39

     Intercompany financing activities
(2,192
)
 
727

 
80

 
1,385

 

Cash (used for) provided by financing activities from continuing operations
(183
)
 
727

 
(2
)
 
1,385

 
1,927

Effect of exchange rate changes on cash from continuing operations
(9
)
 

 
(33
)
 

 
(42
)
Cash (used for) provided by continuing operations
(1,241
)
 
1

 
313

 

 
(927
)
Discontinued Operations:
 
 
 
 
 
 
 
 
 
     Cash used for operating activities

 

 
(129
)
 

 
(129
)
Cash used for discontinued operations

 

 
(129
)
 

 
(129
)
Net change in cash and cash equivalents
(1,241
)
 
1

 
184

 

 
(1,056
)
Cash and cash equivalents at beginning of period
1,402

 

 
1,095

 

 
2,497

Cash and cash equivalents at end of period
$
161

 
$
1

 
$
1,279

 
$

 
$
1,441