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 |
|
|