10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2016

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-1023

S&P Global Inc.

(Exact name of registrant as specified in its charter)

New York	13-1026995
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

55 Water Street, New York, New York	10041
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: 212-438-1000

Title of each class	Name of exchange on which registered
Common Stock — $1 par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES ¨   NO þ

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES ¨    NO þ

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES þ    NO ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).

YES þ    NO ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “small reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

þ Large accelerated filer	o Accelerated filer	o Non-accelerated filer	o Smaller reporting company
	(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨    NO þ

The aggregate market value of voting stock held by non-affiliates of the Registrant as of the last business day of the second fiscal quarter ended June 30, 2016, was $28.3 billion, based on the closing price of the common stock as reported on the New York Stock Exchange of $107.26 per common share. For purposes of this calculation, it is assumed that directors, executive officers and beneficial owners of more than 10% of the registrant outstanding stock are affiliates. The number of shares of common stock of the Registrant outstanding as of January 27, 2017 was 258.4 million shares.

Part III incorporates information by reference from the definitive proxy statement for the 2017 annual meeting of shareholders.

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TABLE OF CONTENTS

	PART I
Item		Page
1	Business	5
1a.	Risk Factors	7
1b.	Unresolved Staff Comments	16
2	Properties	16
3	Legal Proceedings	16
4	Mine Safety Disclosures	16
	Executive Officers of the Registrant	17
	PART II
5	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	19
6	Selected Financial Data	22
7	Management’s Discussion and Analysis of Financial Condition and Results of Operation	23
7a.	Quantitative and Qualitative Disclosures about Market Risk	51
8.	Consolidated Financial Statements and Supplementary Data	52
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	105
9a.	Controls and Procedures	105
9b.	Other Information	105
	PART III
10	Directors, Executive Officers and Corporate Governance	107
11	Executive Compensation	107
12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	107
13	Certain Relationships and Related Transactions, and Director Independence	107
14	Principal Accountant Fees and Services	107
	PART IV
15	Exhibits and Financial Statement Schedules	109
	Schedule II — Valuation and Qualifying Accounts	110
	Signatures	111
	Exhibit Index and Exhibits	112

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FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• worldwide economic, political and regulatory conditions, including conditions that may result from legislative, regulatory and policy changes associated with the current U.S. administration or the United Kingdom’s likely exit from the European Union;

• the rapidly evolving regulatory environment, in the United States and abroad, affecting Ratings, Market and Commodities Intelligence and Indices, including new and amended regulations and the Company’s compliance therewith;

• the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for unauthorized access to our systems or a system or network disruption that results in improper disclosure of confidential information or data, regulatory penalties and remedial costs;

• our ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

• the health of debt and equity markets, including credit quality and spreads, the level of liquidity and future debt issuances;

• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

• concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings;

• the effect of competitive products and pricing, including the level of success of new product developments and global expansion;

• consolidation in the Company’s end-customer markets;

• the impact of customer cost-cutting pressures, including in the financial services industry and commodities markets;

• a decline in the demand for credit risk management tools by financial institutions;

• the level of merger and acquisition activity in the United States and abroad;

• the volatility of the energy marketplace and the health of the commodities markets;

• our ability to attract, incentivize and retain key employees;

• the Company’s ability to successfully recover should it experience a disaster or other business continuity problem from a hurricane, flood, earthquake, terrorist attack, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event;

• changes in applicable tax or accounting requirements, including potential tax reform under the current U.S. administration;

• the level of the Company’s future cash flows and capital investments;

• the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and

• the Company’s exposure to potential criminal sanctions or civil penalties if it fails to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia, Sudan and Syria, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1a, Risk Factors, in this Annual Report on Form 10-K.

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PART I

Item 1. Business

Overview

S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; and the commodity markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels. We were incorporated in December of 1925 under the laws of the state of New York.

On April 27, 2016, we changed our name to S&P Global Inc. from McGraw Hill Financial, Inc.

We have repositioned S&P Global as a more focused company in the capital and commodity markets by exiting non-core assets and investing for growth in markets that have size and scale. In 2016, we continued to create a portfolio focused on scalable, industry leading, interrelated businesses in the capital and commodity markets. A discussion of significant changes that were made to our portfolio during the three years ended December 31, 2016 can be found within “MD&A – Overview” contained in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K.

Our Businesses

Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices"). For a discussion on the competitive conditions in our businesses, see “MD&A – Segment Review” contained in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

Ratings

Ratings is an independent provider of credit ratings, research and analytics to investors, issuers and other market participants. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the debt issue may default.

With offices in over 25 countries around the world, Ratings is an important part of the world's financial infrastructure and has played a leading role for over 150 years in providing investors with information and independent benchmarks for their investment and financial decisions as well as access to the capital markets. The key constituents Ratings serves are investors, corporations, governments, municipalities, commercial and investment banks, insurance companies, asset managers, and other debt issuers.

As the capital markets continue to evolve, Ratings is well-positioned to capitalize on opportunities, driven by continuing regulatory changes, through its global network, well-established position in corporate markets and strong investor reputation.

Ratings differentiates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

• ratings related to new issuance of corporate and government debt instruments, and structured finance debt instruments;

• bank loan ratings; and

• corporate credit estimates, which are intended, based on an abbreviated analysis, to provide an indication of our opinion regarding creditworthiness of a company which does not currently have a Ratings credit rating.

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Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics.

Market and Commodities Intelligence

Market and Commodities Intelligence's portfolio of capabilities are designed to help the financial community track performance, generate better investment returns, identify new trading and investment ideas, perform risk analysis, develop mitigation strategies and provide high-value information to the commodity and energy markets that enable its customers to make better informed trading and business decisions. The key constituents Market and Commodities Intelligence serves are asset managers; investment banks; investors; brokers; financial advisors; insurance companies; investment sponsors; companies’ back-office functions, including compliance, operations, risk, clearance, and settlement; and producers, traders, and intermediaries within energy, metals and agriculture markets.

Market and Commodities Intelligence includes the following business lines:

• Financial Data & Analytics — a product suite that provides data, analytics and third-party research for global finance professionals, which includes the S&P Capital IQ Desktop, SNL, Leveraged Commentary & Data, Investment Advisory and integrated bulk data feeds that can be customized, which include CUSIP and Compustat;

• Risk Services — commercial arm that sells Ratings' credit ratings and related data, analytics and research, which includes subscription-based offerings, RatingsDirect® and RatingsXpress®; and

• S&P Global Platts — the leading independent provider of information and benchmark prices for the commodity and energy markets. S&P Global Platts provides essential price data, analytics, and industry insight that enable the commodities and energy markets to perform with greater transparency and efficiency. Additionally, S&P Global Platts generates revenue from licensing of our proprietary market price data and price assessments to commodity exchanges.

As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

Indices

Indices is a global index provider that maintains a wide variety of indices to meet an array of investor needs. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products and provide investors with tools to monitor world markets.

Indices primarily derives revenue from asset linked fees based on the S&P and Dow Jones indices and to a lesser extent generates subscription revenue and transaction revenue. Specifically, Indices generates revenue from the following sources:

• Investment vehicles — asset linked fees such as exchange traded funds (“ETFs”) and mutual funds, that are based on S&P Dow Jones Indices' benchmarks and generate revenue through fees based on assets and underlying funds;

• Exchange traded derivatives — generate royalties based on trading volumes of derivatives contracts listed on various exchanges;

• Index-related licensing fees — fixed or variable annual and per-issue fees for over-the-counter derivatives and retail-structured products; and

• Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

Segment and Geographic Data

The relative contribution of our operating segments to operating revenue, operating profit, long-lived assets and geographic area for the three years ended December 31, 2016 are included in Note 12 – Segment and Geographic Information to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K.

Our Personnel

As of December 31, 2016, we had approximately 20,000 employees located worldwide, of which approximately 5,100 were employed in the U.S.

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Available Information

The Company's investor kit includes Annual Reports on Form 10-K, Proxy Statements, Quarterly Reports on Form 10-Q, current reports on Form 8-K, the current earnings release and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. For online access, go to http://investor.spglobal.com. Requests for printed copies, free of charge, can be e-mailed to investor.relations@spglobal.com or mailed to Investor Relations, S&P Global Inc., 55 Water Street, New York, NY 10041-0001. Interested parties can also call Investor Relations toll-free at 866-436-8502 (domestic callers) or 212-438-2192 (international callers). The information on our website is not, and shall not be deemed to be part hereof or incorporated into this or any of our filings with the Securities and Exchange Commission (“SEC”).

Access to more than 10 years of the Company's filings made with the SEC is available through the Company's Investor Relations website. Go to http://investor.spglobal.com and click on the SEC Filings link. In addition, these filings are available to the public on the Commission's website through their EDGAR filing system at www.sec.gov. Interested parties may also read and copy materials that the Company has filed with the SEC at the SEC's public reference room located at 100 F Street, NE, Washington, D.C. 20549 on official business days between the hours of 10AM and 3PM. Please call the Commission at 1-800-SEC-0330 for further information on the public reference room.

Item 1a. Risk Factors

We are providing the following cautionary statements which identify all known material risks, uncertainties and other factors that could cause our actual results to differ materially from historical and expected results.

We operate in the capital, commodities and commercial markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; the commodities markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture; and the commercial markets include professionals and corporate executives within automotive, financial services, insurance and marketing / research information services. Certain risk factors are applicable to certain of our individual segments while other risk factors are applicable company-wide.

Exposure to litigation and government and regulatory proceedings, investigations and inquiries could have a material adverse effect on our business, financial condition or results of operations.

• In the normal course of business, both in the United States and abroad, we and our subsidiaries are defendants in numerous legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries, as discussed under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K and in Note 13 - Commitments and Contingencies to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K, and we face the risk that additional proceedings, investigations and inquiries will arise in the future.

• Many of these proceedings, investigations and inquiries relate to the ratings activity of S&P Global Ratings brought by issuers and alleged purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters.

• Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could have a material adverse effect on our business, financial condition or results of operations.

• In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of the matters we are currently facing or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions may be. As a result, we cannot provide assurance that the outcome of the matters we are currently facing or that we may face in the future will not have a material adverse effect on our business, financial condition or results of operations.

• As litigation or the process to resolve pending matters progresses, as the case may be, we continuously review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business and competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

• Legal proceedings impose additional expenses on the Company and require the attention of senior management to an extent that may significantly reduce their ability to devote time addressing other business issues.

• Risks relating to legal proceedings may be heightened in foreign jurisdictions that lack the legal protections or liability standards comparable to those that exist in the United States. In addition, new laws and regulations have been and may continue to be enacted that establish lower liability standards, shift the burden of proof or relax pleading requirements,

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thereby increasing the risk of successful litigations against the Company in the United States and in foreign jurisdictions. These litigation risks are often difficult to assess or quantify and could have a material adverse effect on our business, financial condition or results of operations.

• We may not have adequate insurance or reserves to cover these risks, and the existence and magnitude of these risks often remains unknown for substantial periods of time and could have a material adverse effect on our business, financial condition or results of operations.

Our acquisitions and other strategic transactions may not produce anticipated results.

• We have made and expect to continue to make acquisitions or enter into other strategic transactions to strengthen our business and grow our Company. Such transactions present significant challenges and risks.

• The market for acquisition targets and other strategic transactions is highly competitive, especially in light of industry consolidation, which may affect our ability to complete such transactions.

• If we are unsuccessful in completing such transactions or if such opportunities for expansion do not arise, our business, financial condition or results of operations could be materially adversely affected.

• If such transactions are completed, the anticipated growth and other strategic objectives of such transactions may not be fully realized, and a variety of factors may adversely affect any anticipated benefits from such transactions. For instance, the process of integration may require more resources than anticipated, we may assume unintended liabilities, there may be unexpected regulatory and operating difficulties and expenditures, we may fail to retain key personnel of the acquired business and such transactions may divert management’s focus from other business operations.

• The anticipated benefits from an acquisition or other strategic transaction may not be realized fully, or may take longer to realize than expected. As a result, the failure of acquisitions and other strategic transactions to perform as expected could have a material adverse effect on our business, financial condition or results of operations.

Changes in the volume of securities issued and traded in domestic and/or global capital markets, asset levels and flows into investment products, changes in interest rates and volatility in the financial markets, and volatility in the commodities markets could have a material adverse effect on our business, financial condition or results of operations.

• Our business is impacted by general economic conditions and volatility in the United States and world financial markets. Therefore, since a significant component of our credit-rating based revenue is transaction-based, and is essentially dependent on the number and dollar volume of debt securities issued in the capital markets, unfavorable financial or economic conditions that either reduce investor demand for debt securities or reduce issuers’ willingness or ability to issue such securities could reduce the number and dollar volume of debt issuances for which Ratings provides credit ratings.

• Our Indices business is impacted by market volatility, asset levels of investment products tracking indices, and trading volumes of certain exchange traded derivatives. A decrease in our revenues attributable to these products could have a material adverse effect on our business, financial condition or results of operations. Volatile capital markets, as well as changing investment styles, among other factors, may influence an investor’s decision to invest in and maintain an investment in an index-linked investment product.

• Increases in interest rates or credit spreads, volatility in financial markets or the interest rate environment, significant political or economic events, defaults of significant issuers and other market and economic factors may negatively impact the general level of debt issuance, the debt issuance plans of certain categories of borrowers, the level of derivatives trading and/or the types of credit-sensitive products being offered, any of which could have a material adverse effect on our business, financial condition or results of operations.

• Our Platts business is impacted by volatility in the commodities markets. Weak economic conditions, especially in our key markets, including the energy industry, could reduce demand for our products, impacting our revenues and margins. As a result of volatility in commodity prices and trading activity in physical commodities and commodities derivatives, we may encounter difficulty in achieving sustained market acceptance of past or future contract terms, which could have a material adverse effect on our financial position, results of operations and cash flows.

• Any weakness in the macroeconomic environment could constrain customer budgets across the markets we serve, potentially leading to a reduction in their employee headcount and a decrease in demand for our subscription-based products.

Increasing regulation of our Ratings business in the United States, Europe and elsewhere can increase our costs of doing business and therefore could have a material adverse effect on our business, financial condition or results of operations.

• The financial services industry is highly regulated, rapidly evolving and subject to the potential for increasing regulation in the United States, Europe and elsewhere. The businesses conducted by Ratings are in certain cases regulated under the Credit Rating Agency Reform Act of 2006 (the “Reform Act”), the Dodd-Frank Wall Street Reform and Consumer

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Protection Act (the “Dodd-Frank Act”), the U.S. Securities Exchange Act of 1934 (the “Exchange Act”), and/or the laws of the states or other jurisdictions in which they conduct business.

• In the past several years, the U.S. Congress, the International Organization of Securities Commissions ("IOSCO"), the SEC and the European Commission, including through the European Securities Market Authority ("ESMA"), as well as regulators in other countries in which Ratings operates, have been reviewing the role of rating agencies and their processes and the need for greater oversight or regulations concerning the issuance of credit ratings or the activities of credit rating agencies. Other laws, regulations and rules relating to credit rating agencies are being considered by local, national and multinational bodies and are likely to continue to be considered in the future, including provisions seeking to reduce regulatory and investor reliance on credit ratings, rotation of credit rating agencies and liability standards applicable to credit rating agencies.

• These laws and regulations, and any future rulemaking, could result in reduced demand for credit ratings and increased costs, which we may be unable to pass through to customers. In addition, there may be uncertainty over the scope, interpretation and administration of such laws and regulations. We may be required to incur significant expenses in order to comply with such laws and regulations and to mitigate the risk of fines, penalties or other sanctions. Legal proceedings could become increasingly lengthy and there may be uncertainty over and exposure to liability. It is difficult to accurately assess the future impact of legislative and regulatory requirements on our business and our customers’ businesses, and they may affect Ratings’ communications with issuers as part of the rating assignment process, alter the manner in which Ratings’ ratings are developed, affect the manner in which Ratings or its customers or users of credit ratings operate, impact the demand for ratings and alter the economics of the credit ratings business. Each of these developments increases the costs and legal risk associated with the issuance of credit ratings and may have a material adverse effect on our operations, profitability and competitiveness, the demand for credit ratings and the manner in which such ratings are utilized.

• Additional information regarding rating agencies is provided under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in this Annual Report on Form 10-K.

Our Indices and Market and Commodities Intelligence businesses are subject to the potential for increased or changing regulation in the United States, Europe and elsewhere, which can increase our costs of doing business globally and therefore could have a material adverse effect on our business, financial condition or results of operations.

• In addition to the extensive and evolving U.S. laws and regulations, foreign jurisdictions, principally in Europe, have taken measures to increase regulation of the financial services and commodities industries.

• In October of 2012, IOSCO issued its Principles for Oil Price Reporting Agencies ("PRA Principles"), which IOSCO states are intended to enhance the reliability of oil price assessments that are referenced in derivative contracts subject to regulation by IOSCO members. Platts has taken steps to align its operations with the PRA Principles and, as recommended by IOSCO in its final report on the PRA Principles, has aligned to the PRA Principles for other commodities for which it publishes benchmarks.

• In July of 2013, IOSCO issued its Principles for Financial Benchmarks ("Financial Benchmark Principles"), which are intended to promote the reliability of benchmark determinations, and address governance, benchmark quality and accountability mechanisms, including with regard to the indices published by Indices. Indices has taken steps to align its governance regime and operations with the Financial Benchmark Principles and engaged an independent auditor to perform a reasonable assurance review of such alignment.

• The financial benchmarks industry is subject to the new pending benchmark regulation in the European Union (the “E.U. Benchmark Regulation”) as well as potential increased regulation in other jurisdictions, including Australia. The E.U. Benchmark Regulation was published on June 30, 2016 and included provisions applicable to Indices and Platts, which will become effective January 1, 2018. The E.U. Benchmark Regulation requires Indices and Platts in due course to obtain registration or authorization in connection with their respective benchmark activities in Europe. This legislation will likely cause additional operating obligations but they are not expected to be material at this time, although the exact impact remains unclear.

• The European Union has recently finalized a package of legislative measures known as MiFID II ("MiFID II"), which revise and update the existing E.U. Markets in Financial Instruments Directive framework. MiFID II applies in full in all E.U. Member States as of January 3, 2017. MiFID II includes provisions that, among other things: (i) impose new conditions and requirements on the licensing of benchmarks and provide for non-discriminatory access to exchanges and clearing houses; (ii) modify the categorization and treatment of certain classes of derivatives; (iii) expand the categories of trading venue that are subject to regulation; and (iv) provide for the mandatory trading of certain derivatives on exchanges (complementing the mandatory derivative clearing requirements in the E.U. Market Infrastructure Regulation of 2011). Although the MiFID II package is “framework” legislation (meaning that much of the detail of the rules will be set out in subordinate measures to be agreed upon in the period before 2017), it is possible that the introduction of these laws and rules could affect Indices’ and Platts’ abilities both to administer and license their indices and price assessments, respectively. MiFID II and the Market Abuse Regulation (“MAR”) may impose additional regulatory

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burdens on Market and Commodities Intelligence's activities in the European Union, although the exact severity and cost are not yet known.

• Market and Commodities Intelligence operates regulated investment advisory businesses in the United States, the European Union and Malaysia. These and other Market and Commodities Intelligence businesses may increasingly become subject to new or more stringent regulations that will increase the cost of doing business, which could have a material adverse effect on our business, financial condition or results of operations.

Future legislation, regulatory reform or policy changes under the current U.S. administration could have a material effect on our business and results of operations.

• There exists the potential for comprehensive tax reform in the United States that may significantly change the tax rules applicable to U.S. domiciled corporations. Changes such as lower corporate tax rates, repatriation allowances, removal of the interest expense deduction, removal of the municipal bond tax exemption or the introduction of a border adjustment tax could impact the Company as a U.S. taxpayer, as well as the demand for our products and services. At this time, we cannot assess what the overall effect of such potential legislation could be on our results of operations or cash flows.

• Other legislation, regulatory reform or policy changes under the current U.S. administration, such as financial services regulatory reform, U.S. oil deregulation, government-sponsored enterprise (GSE) reform and increased infrastructure spending, could impact our business. At this time, we cannot predict the scope or nature of these changes or assess what the overall effect of such potential changes could be on our results of operations or cash flows.

Regulatory changes and economic conditions leading up to and following the United Kingdom’s likely exit from the European Union could have a material adverse effect on our business and results of operations.

• Following a referendum on June 23, 2016 in which voters in the United Kingdom ("U.K.") approved an exit from the European Union ("EU"), it is expected that the U.K. government will initiate a process to leave the EU (often referred to as Brexit) and begin negotiating the terms of the U.K.’s future relationship with the EU.

• Any impact from Brexit on the Company will depend, in part, on the outcome of tariff, trade and other negotiations. In addition, Brexit could lead to legal uncertainty and potentially divergent national laws and regulations between the U.K and the EU as the U.K. determines which EU laws to replace or replicate and the EU determines how to treat regulated activities (e.g., the activities of credit rating agencies) originating in the U.K. Our businesses are subject to increasing regulation of the financial services and commodities industries in Europe. Potential changes in EU regulation and/or additional regulation in the U.K. could cause additional operating obligations and increased costs for our businesses.

• Any of these effects of Brexit, and others we cannot anticipate, could adversely affect our business, business opportunities, results of operations, financial condition and cash flows.

We may become subject to liability based on the use of our products by our clients.

• Some of our products support the investment processes of our clients, which, in the aggregate, manage trillions of dollars of assets. Use of our products as part of the investment process creates the risk that clients, or the parties whose assets are managed by our clients, may pursue claims against us for very significant dollar amounts, which could have a material adverse effect on our business, financial condition or results of operations.

• Any such claim, even if the outcome were to be ultimately favorable to us, would involve a significant commitment of our management, personnel, financial and other resources and could have a negative impact on our reputation. In addition, such claims and lawsuits could have a material adverse effect on our business, financial condition or results of operations.

Increased competition could result in a loss of market share or revenue.

• The markets for credit ratings, financial research, investment and advisory services, market data, index-based products, and commodities price assessments and related news and information about these markets are intensely competitive. Ratings, Market and Commodities Intelligence and Indices compete domestically and internationally on the basis of a number of factors, including the quality of its ratings, data, research and advisory services, client service, reputation, price, geographic scope, range of products and technological innovation.

• While our businesses face competition from traditional content and analytics providers, we also face competition from non-traditional providers such as exchanges, asset managers, investment banks and technology-led companies that are adding content and analytics capabilities to their core businesses.

• In addition, in some of the countries in which Ratings competes, governments may provide financial or other support to locally-based rating agencies and may from time to time establish official credit rating agencies, credit ratings criteria or procedures for evaluating local issuers.

10

• Sustained downward pressure on oil and other commodities prices and trading activity in those markets could have a material adverse effect on the rate of growth of Platts’ revenue, including subscription and licensing fees.

Introduction of new products, services or technologies could impact our profitability.

• We operate in highly competitive markets that continue to change to adapt to customer needs. In order to maintain a competitive position, we must continue to invest in new offerings and new ways to deliver our products and services. These investments may not be profitable or may be less profitable than what we have experienced historically.

• We could experience threats to our existing businesses from the rise of new competitors due to the rapidly changing environment in which we operate.

• We rely on our information technology environment and certain critical databases, systems and applications to support key product and service offerings. We believe we have appropriate policies, processes and internal controls to ensure the stability of our information technology, provide security from unauthorized access to our systems and maintain business continuity, but our business could be subject to significant disruption and our business, financial condition or results of operations could be materially and adversely affected by unanticipated system failures, data corruption or unauthorized access to our systems.

A significant increase in operating costs and expenses could have a material adverse effect on our profitability.

• Our major expenditures include employee compensation and capital investments.

• We offer competitive salary and benefit packages in order to attract and retain the quality employees required to grow and expand our businesses. Compensation costs are influenced by general economic factors, including those affecting the cost of health insurance and postretirement benefits, and any trends specific to the employee skill sets we require.

• We make significant investments in information technology data centers and other technology initiatives and we cannot provide assurances that such investments will result in increased revenues.

• Although we believe we are prudent in our investment strategies and execution of our implementation plans, there is no assurance as to the ultimate recoverability of these investments.

Increased availability of free or relatively inexpensive information sources may reduce demand for our products and have a could have a material adverse effect on our business, financial condition or results of operations.

• In recent years, more public sources of free or relatively inexpensive information have become available, particularly through the Internet, and advances in public cloud computing and open source software may continue.

• Public sources of free or relatively inexpensive information may reduce demand for our products and services. Demand could also be reduced as a result of cost-cutting initiatives at certain companies and organizations. Although we believe our products are enhanced by our analysis, tools and applications, our financial results may be adversely affected if our customers choose to use these public sources as a substitute for our products or services.

Consolidation of customers as well as staffing levels across our customer base could impact our available markets and revenue growth.

• Our businesses have a customer base which is largely comprised of members from the corporate, financial services and commodities industries. The consolidation of customers resulting from mergers and acquisitions across these industries can result in reductions in the number of firms and workforce which can impact the size of our customer base.

• Our customers that strive to reduce their operating costs may seek to reduce their spending on our products and services. If a large number of smaller customers or a critical number of larger customers reduce their spending with us, our business, financial condition or results of operations could be materially and adversely affected.

• Alternatively, customers may use other strategies to reduce their overall spending on financial and commodity market products and services by consolidating their spending with fewer vendors, including by selecting other vendors with lower-cost offerings, or by self-sourcing their need for financial and commodity market products and services. If customers elect to consolidate their spending on financial and commodity market products and services with other vendors and not us, if we lose business to lower priced competitors, or if customers elect to self-source their product and service needs, our business, financial condition or results of operations could be materially and adversely affected.

• A material portion of our revenues in our Indices business is concentrated in some of our largest customers, who have significant assets under management in index funds and exchange-traded funds. A loss of a substantial portion of revenue from our largest customers could have a material and adverse effect on our business, financial condition or results of operations.

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If we lose key outside suppliers of data and products or if the data or products of these suppliers have errors or are delayed, we may not be able to provide our clients with the information and products they desire.

• Our ability to produce our products and develop new products is dependent upon the products of other suppliers, including certain data, software and service suppliers. Some of our products are dependent upon (and of little value without) updates from our data suppliers and most of our information and data products are dependent upon (and of little value without) continuing access to historical and current data.

• We utilize certain data provided by third-party data sources in a variety of ways, including large volumes of data from certain stock exchanges around the world.

• If the data from our suppliers has errors, is delayed, has design defects, is unavailable on acceptable terms or is not available at all, it could have a material adverse effect on our business, financial condition or results of operations.

• Some of our agreements with data suppliers allow them to cancel on short notice. Termination of one or more of our significant data agreements or exclusion from, or restricted use of, or litigation in connection with, a data provider’s information could decrease the available information for us to use (and offer our clients) and could have a material adverse effect on our business, financial condition or results of operations.

Changes in the legislative, regulatory, and commercial environments in which we operate may materially and adversely impact our ability to collect, compile, use, and publish data and may impact our financial results.

• Certain types of information we collect, compile, use, and publish, including offerings in our Market and Commodities Intelligence business, are subject to regulation by governmental authorities in jurisdictions in which we operate. In addition, there is increasing concern among certain privacy advocates and government regulators regarding marketing and privacy matters, particularly as they relate to individual privacy interests.

• These concerns may result in new or amended laws and regulations. Future laws and regulations with respect to the collection, compilation, use, and publication of information and consumer privacy could result in limitations on our operations, increased compliance or litigation expense, adverse publicity, or loss of revenue, which could have a material adverse effect on our business, financial condition, and results of operations. It is also possible that we could be prohibited from collecting or disseminating certain types of data, which could affect our ability to meet our customers’ needs.

Our ability to protect our intellectual property rights could impact our competitive position.

• Our products contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property against infringement. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in some jurisdictions and markets.

• Our products also contain intellectual property of third party sources. Any violation by us of the intellectual property rights of such third parties could result in litigation and reputational damage which materially and adversely affects our business, financial condition or results of operations.

We are exposed to multiple risks associated with the global nature of our operations.

• The geographic breadth of our activities subjects us to significant legal, economic, operational, market, compliance and reputational risks. These include, among others, risks relating to:

▪ economic and political conditions around the world,

▪ inflation,

▪ fluctuation in interest rates and currency exchange rates,

▪ limitations that foreign governments may impose on the conversion of currency or the payment of dividends or other remittances to us from our non-U.S. subsidiaries,

▪ differing accounting principles and standards,

▪ unexpected increases in taxes or changes in U.S. or foreign tax laws,

▪ the costs of repatriating cash held by entities outside the United States, including withholding or other taxes that foreign governments may impose on the payment of dividends or other remittances to us from our non-U.S. subsidiaries,

▪ potential costs and difficulties in complying with a wide variety of foreign laws and regulations (including tax systems) administered by foreign government agencies, some of which may conflict with U.S. or other sources of law,

▪ changes in applicable laws and regulatory requirements,

▪ the possibility of nationalization, expropriation, price controls and other restrictive governmental actions,

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▪ competition with local rating agencies that have greater familiarity, longer operating histories and/or support from local governments or other institutions,

▪ civil unrest, terrorism, unstable governments and legal systems, and other factors.

Adverse developments in any of these areas could have a material adverse effect on our business, financial condition or results of operations.

• Additionally, we are subject to complex U.S., European and other local laws and regulations that are applicable to our operations abroad, including trade sanctions laws, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010, anti-bribery laws, anti-money laundering laws, and other financial crimes laws. Although we have implemented internal controls, policies and procedures and employee training and compliance programs to deter prohibited practices, such measures may not be effective in preventing employees, contractors or agents from violating or circumventing such internal policies and violating applicable laws and regulations. Any determination that we have violated trade sanctions, anti-bribery or anti-corruption laws could have a material adverse effect on our business, financial condition or results of operations.

• Compliance with international and U.S. laws and regulations that apply to our international operations increases the cost of doing business in foreign jurisdictions. Violations of such laws and regulations may result in fines and penalties, criminal sanctions, administrative remedies, restrictions on business conduct and could have a material adverse effect on our reputation, our ability to attract and retain employees, our business, financial condition or results of operations.

Our inability to successfully recover should we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm or legal liability.

• Should we experience a local or regional disaster or other business continuity problem, such as an earthquake, hurricane, flood, terrorist attack, pandemic, security breach, cyber attack, power loss, telecommunications failure or other natural or man-made disaster, our ability to continue to operate will depend, in part, on the availability of our personnel, our office facilities and the proper functioning of our computer, telecommunication and other related systems and operations. In such an event, we could experience operational challenges with regard to particular areas of our operations, such as key executive officers or personnel, that could have a material adverse effect on our business.

• We regularly assess and take steps to improve our existing business continuity plans and key management succession. However, a disaster on a significant scale or affecting certain of our key operating areas within or across regions, or our inability to successfully recover should we experience a disaster or other business continuity problem, could materially interrupt our business operations and result in material financial loss, loss of human capital, regulatory actions, reputational harm, damaged client relationships or legal liability.

Outsourcing certain aspects of our business could result in disruption and increased costs.

• We have outsourced certain support functions to third-party service providers to leverage leading specialized capabilities and achieve cost efficiencies. Outsourcing these functions involves the risk that the third-party service providers may not perform to our standards or legal requirements, may not produce reliable results, may not perform in a timely manner, may not maintain the confidentiality of our proprietary information, or may fail to perform at all. Failure of these third parties to meet their contractual, regulatory, confidentiality, or other obligations to us could result in material financial loss, higher costs, regulatory actions and reputational harm.

• Outsourcing these functions also involves the risk that the third-party service providers may not maintain adequate physical, technical and administrative safeguards to protect the security of our confidential information and data. Failure of these third parties to maintain these safeguards could result in unauthorized access to our systems or a system or network disruption that could lead to improper disclosure of confidential information or data, regulatory penalties and remedial costs.

We rely heavily on network systems and the Internet and any failures or disruptions may adversely affect our ability to serve our customers.

• Many of our products and services are delivered electronically, and our customers rely on our ability to process transactions rapidly and deliver substantial quantities of data on computer-based networks. Our customers also depend on the continued capacity, reliability and security of our electronic delivery systems, our websites and the Internet.

• Our ability to deliver our products and services electronically may be impaired due to infrastructure or network failures, malicious or defective software, human error, natural disasters, service outages at third-party Internet providers or increased government regulation.

• Delays in our ability to deliver our products and services electronically may harm our reputation and result in the loss of customers. In addition, a number of our customers entrust us with storing and securing their data and information on our servers.

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• Although we have disaster recovery plans that include backup facilities for our primary data centers, our systems are not always fully redundant, and our disaster planning may not always be sufficient or effective. As such, these disruptions may affect our ability to store, handle and secure such data and information.

Our operations and infrastructure may malfunction or fail, which could have a material adverse effect on our business, financial condition or results of operations.

• Our ability to conduct business may be materially and adversely impacted by a disruption in the infrastructure that supports our businesses and the communities in which we are located, including New York City, the location of our headquarters, and major cities worldwide in which we have offices.

• This may include a disruption involving physical or technological infrastructure used by us or third parties with or through whom we conduct business, whether due to human error, natural disasters, power loss, telecommunication failures, break-ins, sabotage, intentional acts of vandalism, acts of terrorism, political unrest, war or otherwise. Our efforts to secure and plan for potential disruptions of our major operating systems may not be successful.

• We also do not have fully redundant systems for most of our smaller office locations and low-risk systems, and our disaster recovery plan does not include restoration of non-essential services. If a disruption occurs in one of our locations or systems and our personnel in those locations or those who rely on such systems are unable to utilize other systems or communicate with or travel to other locations, such persons’ ability to service and interact with our clients and customers may suffer.

• We cannot predict with certainty all of the adverse effects that could result from our failure, or the failure of a third party, to efficiently address and resolve these delays and interruptions. A disruption to our operations or infrastructure could have a material adverse effect on our business, financial condition or results of operations.

We are exposed to risks related to cybersecurity and protection of confidential information.

• Our operations rely on the secure processing, storage and transmission of confidential, sensitive and other types of data and information in our computer systems and networks and those of our third-party vendors.

• All of our businesses have access to material non-public information concerning the Company’s customers, including sovereigns, corporate issuers and other third parties around the world, the unauthorized disclosure of which could affect the trading markets for such customers’ securities and could damage such customers’ competitive positions. The cyber risks the Company faces range from cyber-attacks common to most industries, to more sophisticated and targeted attacks intended to obtain unauthorized access to certain information or systems due in part to our prominence in the global marketplace, such as our ratings on debt issued by sovereigns and corporate issuers, or the composition of our indices. Unauthorized disclosure of this information could cause our customers to lose faith in our ability to protect their confidential information and therefore cause customers to cease doing business with us.

• Breaches of our or our vendors’ systems and networks, whether from circumvention of security systems, denial-of-service attacks or other cyber-attacks, hacking, computer viruses or malware, employee error, malfeasance, physical breaches or other actions, may cause material interruptions or malfunctions in our or such vendors’ websites, applications or data processing, or may compromise the confidentiality and integrity of material information regarding us, our business or our customers.

• Misappropriation, improper modification, destruction, corruption or unavailability of our data and information due to cyber incidents, attacks or other security breaches could damage our brand and reputation, result in litigation and regulatory actions, and lead to loss of customer confidence in our security measures and reliability, which would harm our ability to retain customers and gain new ones.

• Although S&P Global and its affiliates devote significant resources to maintain and regularly update their systems and processes that are designed to protect the security of our computer systems, software, networks and other technology assets and the confidentiality, integrity and availability of information belonging to the enterprise and our customers, clients and employees, there is no assurance that all of our security measures will provide absolute security.

• Measures that we take to avoid or mitigate material incidents can be expensive, and may be insufficient, circumvented, or become obsolete. Any material incidents could cause us to experience reputational harm, loss of customers, regulatory actions, sanctions or other statutory penalties, litigation or financial losses that are either not insured against or not fully covered through any insurance maintained by us, and increased expenses related to addressing or mitigating the risks associated with any such material incidents.

• Cyber threats are rapidly evolving and are becoming increasingly sophisticated. Despite our efforts to ensure the integrity of our systems, as cyber threats evolve and become more difficult to detect and successfully defend against, one or more cyber threats might defeat the measures that we or our vendors take to anticipate, detect, avoid or mitigate such threats. Certain techniques used to obtain unauthorized access, introduce malicious software, disable or degrade service, or sabotage systems may be designed to remain dormant until a triggering event and we may be unable to anticipate these

14

techniques or implement adequate preventative measures since techniques change frequently or are not recognized until launched, and because cyberattacks can originate from a wide variety of sources.

• If an actual or perceived breach of our security occurs, the market perception of the effectiveness of our security measures could be harmed and could result in damage to our reputation and a loss of confidence in the security of our products and services.

• The theft, loss, or misuse of personal data collected, used, stored, or transferred by us to run our business could result in significantly increased security costs or costs related to defending legal claims. Global privacy legislation, enforcement, and policy activity in this area are rapidly expanding and creating a complex regulatory compliance environment. Costs to comply with and implement these privacy-related and data protection measures could be significant. In addition, if despite our best efforts an inadvertent failure to comply with federal, state, or international privacy-related or data protection laws and regulations should occur, this could result in proceedings against us by governmental entities or others.

• Any of the foregoing could have a material adverse effect on our business, financial condition or results of operations.

Inability to attract and retain key qualified personnel could have a material adverse effect on our business and results of operations.

• The development, maintenance and support of our products and services are dependent upon the knowledge, experience and ability of our highly skilled, educated and trained employees. Accordingly, our business is dependent on successfully attracting and retaining talented employees. If the Company is less successful in its recruiting efforts, or if it is unable to retain key employees, its ability to develop and deliver successful products and services or achieve strategic goals may be adversely affected.

Hiver2016!

Our brand and reputation are key assets and competitive advantages of our Company and our business may be affected by how we are perceived in the marketplace.

• Our ability to attract and retain customers is affected by external perceptions of our brand and reputation. Negative perceptions or publicity could damage our reputation with customers, prospects and the public generally, which could negatively impact, among other things, our ability to attract and retain customers, employees and suppliers, as well as suitable candidates for acquisition or other combinations.

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Item 1b. Unresolved Staff Comments

None.

Item 2. Properties

Our corporate headquarters are located in leased premises located at 55 Water Street, New York, NY 10041. We lease office facilities at 102 locations; 32 are in the U.S. In addition, we own real property at 7 locations, of which 2 are in the U.S. Our properties consist primarily of office space used by each of our segments. We believe that all of our facilities are well maintained and are suitable and adequate for our current needs.

Item 3. Legal Proceedings

For information on our legal proceedings, see Note 13 – Commitments and Contingencies under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures

Not applicable.

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Executive Officers of the Registrant

The following individuals are the executive officers of the Company:

Name	Age	Position
Douglas L. Peterson	58	President and Chief Executive Officer
Ewout Steenbergen	47	Executive Vice President, Chief Financial Officer
Ratings
John L. Berisford	53	President, S&P Global Ratings
Market and Commodities Intelligence
Michael Chinn	44	President, Market and Commodities Intelligence
Martin Fraenkel	56	President, S&P Global Platts
Martina L. Cheung	41	Head of Global Risk Services
Indices
Alex J. Matturri, Jr.	58	Chief Executive Officer, S&P Dow Jones Indices
S&P Global Functions
Courtney Geduldig	41	Executive Vice President, Public Affairs
France M. Gingras	52	Executive Vice President, Human Resources
Steve Kemps	52	Executive Vice President, General Counsel
Nancy Luquette	51	Senior Vice President, Chief Risk & Audit Executive
Krishna Nathan	54	Chief Information Officer
Paul Sheard	62	Executive Vice President and Chief Economist

Mr. Berisford, prior to becoming President of S&P Global Ratings on November 3, 2015, was Executive Vice President, Human Resources since 2011. Prior to that, he held senior management positions at PepsiCo, including Senior Vice President, Human Resources for Pepsi Beverages Company.

Ms. Cheung, prior to becoming Head of Global Risk Services on November 3, 2015, held management positions at S&P Global Ratings and was most recently S&P Global’s Chief Strategy Officer. Prior to joining S&P Global, she worked in the consulting industry, first in Accenture’s Financial Services Strategy group and later as a Partner at Mitchell Madison Consulting.

Mr. Chinn, prior to becoming President of Market and Commodities Intelligence in September 2016 and President of S&P Global Market Intelligence in September 2015, was Chief Executive Officer of SNL since 2010 and President of SNL since 2000.

Mr. Fraenkel, prior to becoming President of S&P Global Platts in September 2016, was Global Head of Content, responsible for leading Platts’ 450-member global editorial and analytics team, as well as being a member of the Platts Executive Committee regarding the division’s strategy and offerings in data, pricing, news and analysis. Mr. Fraenkel joined S&P Global Platts in June 2015 from CME Group, where he was Managing Director and Global Head of Energy.

Ms. Geduldig, prior to becoming Executive Vice President, Public Affairs on May 1, 2015, was Managing Director, Global Government and Public Policy since 2013, and Vice President of Global Regulatory Affairs at S&P Global Ratings. Prior to that, she was Managing Director and Head of Federal Government Relations at the Financial Services Forum.

Ms. Gingras, prior to becoming Executive Vice President, Human Resources on November 3, 2015, was Senior Vice President, Total Rewards since 2012. Prior to that, she was Head of Compensation and Benefits at Time, Inc.

Mr. Kemps, prior to becoming Executive Vice President, General Counsel at S&P Global in August 2016, served as Executive Vice President and General Counsel at Quanta Services, where he oversaw all legal affairs and advised the business on regulatory, ethical and compliance matters. Prior to joining Quanta, he served as General Counsel of Hess Retail Corporation and Dean Foods Company.

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Ms. Luquette, prior to becoming Senior Vice President, Chief Risk & Audit Executive for S&P Global in June 2016, led the S&P Global Internal Audit function and the Ratings Risk Review function for S&P Global Ratings as the Chief Audit Executive for the Company. She became S&P Global’s Chief Risk & Audit Executive and assumed leadership of the Risk Management function in June 2016. Before joining the Company, Ms. Luquette was Vice President and General Auditor for Avaya, and prior to that was a Partner in PwC’s Internal Audit and Global Risk Management Services practices.

Mr. Matturri, prior to becoming Chief Executive Officer at S&P Dow Jones Indices on July 2, 2012, served as an Executive Managing Director of S&P Indices. Prior to joining S&P Indices, Mr. Matturri served as Senior Vice President and Director of Global Equity Index Management at Northern Trust Global Investments (NTGI). He previously held management positions with Deutsche Asset Management’s Index and Quantitative Investment business and The Bank of New York.

Mr. Nathan, prior to becoming Chief Information Officer at S&P Global in May 2016, was Vice President of Systems at IBM, responsible for the development and execution of the research strategy and activity in a variety of areas such as next generation data centers, cognitive systems design, security and a range of future Systems technologies. At IBM, he held a wide variety of leadership positions, both corporate and business-aligned, spanning the U.S. and Europe.

Mr. Peterson, prior to becoming President and Chief Executive Officer on November 1, 2013, was President of Standard & Poor's Ratings Services since 2011. Prior to that, he was Chief Operating Officer of Citibank, NA.

Mr. Sheard, prior to becoming Executive Vice President and Chief Economist on November 3, 2015, was Chief Global Economics and Head of Global Economics and Research of Standard & Poor’s Ratings Services. Prior to that, he held economist positions at Nomura Securities and at Lehman Brothers.

Mr. Steenbergen, prior to becoming Executive Vice President and Chief Financial Officer at S&P Global in November 2016, was Executive Vice President and Chief Financial Officer of Voya Financial, Inc. Prior to his role as Voya's Chief Financial Officer, Mr. Steenbergen was Chief Financial Officer and Chief Risk Officer for ING Asia-Pacific and held a number of management roles for ING Group, including serving as regional general manager in Hong Kong and as a Chief Executive Officer of RVS, an ING Group company based in the Netherlands.

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PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Price Range of Common Stock

On January 27, 2017, the closing price of our common stock was $120.69 per share as reported on the New York Stock Exchange (“NYSE”) under the ticker symbol “SPGI”. S&P Global Inc. began trading under its new ticker symbol "SPGI" on April 28, 2016. Previously, the Company's common stock traded on the NYSE under the ticker symbol "MHFI". The approximate number of record holders of our common stock as of January 27, 2017 was 3,220. The high and low sales prices of S&P Global Inc.'s common stock on the NYSE for the past two fiscal years are as follows:

	2016	2015
First Quarter	$99.85 - $78.55	$109.13 - $85.06
Second Quarter	112.75 - 95.83	108.14 - 100.44
Third Quarter	128.40 - 104.75	107.50 - 84.64
Fourth Quarter	127.68 - 107.21	101.27 - 86.10
Year	128.40 - 78.55	109.13 - 84.64

The performance graph below compares our cumulative total shareholder return during the previous five years with a performance indicator of the overall market (i.e., S&P 500), and our peer group. The peer group consists of the following companies: Thomson Reuters Corporation, Moody’s Corporation, CME Group Inc., MSCI Inc., FactSet Research Systems Inc. and IHS Markit Ltd. Returns assume $100 invested on December 31, 2011 and total return includes reinvestment of dividends through December 31, 2016.

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Dividends

We expect to continue our policy of paying regular cash dividends, although there is no assurance as to future dividend payments because they depend on future earnings, capital requirements and our financial condition. Regular quarterly dividends per share of our common stock for 2016 and 2015 were as follows:

	2016		2015
$0.36 per quarter in 2016	$	1.44
$0.33 per quarter in 2015			$	1.32

On January 25, 2017, the Board of Directors approved an increase in the quarterly common stock dividend from $0.36 per share to $0.41 per share.

Transfer Agent and Registrar for Common Stock

Computershare is the transfer agent for S&P Global. Computershare maintains the records for the Company's registered shareholders and can assist with a variety of shareholder related services.

Shareholder correspondence should be mailed to:

Computershare

P.O. Box 30170

College Station, TX 77842-3170

Overnight correspondence should be mailed to:

Computershare

211 Quality Circle, Suite 210

College Station, TX 77845

Visit the Investor Center™ website to view and manage shareholder account online: www.computershare.com/investor

For shareholder assistance:

In the U.S. and Canada:	888-201-5538
Outside the U.S. and Canada:	201-680-6578
TDD for the hearing impaired:	800-231-5469
TDD outside the U.S. and Canada:	201-680-6610
E-mail address:	web.queries@computershare.com
Shareholder online inquiries	https://www-us.computershare.com/investor/Contact

Repurchase of Equity Securities

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of up to 50 million shares, which was approximately 18% of the Company's outstanding shares at that time. During the fourth quarter of 2016, we received an additional 0.9 million shares from the conclusion of our accelerated share repurchase ("ASR") agreement that we entered into on September 7, 2016. Further discussion relating to our ASR agreement can be found in Note 9 - Equity. As of December 31, 2016, 25.8 million shares remained under our current repurchase program.

Repurchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. Our current repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

The following table provides information on our purchases of our outstanding common stock during the fourth quarter of 2016 pursuant to our current share repurchase program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees’ tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

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There were no other share repurchases during the quarter outside the repurchases noted below.

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Programs	(d) Maximum Number of Shares that may yet be Purchased Under the Programs
Oct. 1 - Oct. 31, 2016	624	$	126.56	—	26.6 million
Nov. 1 - Nov. 30, 2016	369	119.46		—	26.6 million
Dec. 1 - Dec. 31, 2016	861,632	122.18		861,478	25.8 million
Total — Qtr	862,625	$	122.18	861,478	25.8 million

Equity Compensation Plan

For information on securities authorized under our equity compensation plans, see Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

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Item 6. Selected Financial Data

(in millions, except per share data)	2016				2015				2014				2013				2012
Income statement data:
Revenue	$	5,661			$	5,313			$	5,051			$	4,702			$	4,270
Operating profit	3,369				1,917				113				1,358				1,170
Income from continuing operations before taxes on income	3,188			1	1,815			2	54			3	1,299			4	1,089			5
Provision for taxes on income	960				547				245				425				388
Net income (loss) from continuing operations attributable to S&P Global Inc.	2,106				1,156				(293		)		783				651
Earnings (loss) per share from continuing operations attributable to the S&P Global Inc. common shareholders:
Basic	8.02				4.26				(1.08		)		2.85				2.33
Diluted	7.94				4.21				(1.08		)		2.80				2.29
Dividends per share	1.44				1.32				1.20				1.12				1.02
Special dividend declared per common share	—				—				—				—				2.50
Operating statistics:
Return on average equity 6	472.0		%		324.3		%		(1.4		)%		134.2		%		40.5		%
Income from continuing operations before taxes on income as a percent of revenue from continuing operations	56.3		%		34.2		%		1.1		%		27.6		%		25.5		%
Net income (loss) from continuing operations as a percent of revenue from continuing operations	39.4		%		23.9		%		(3.8		)%		18.6		%		16.4		%
Balance sheet data: 7
Working capital	$	1,060			$	388			$	42			$	612			$	(1,018	)
Total assets	8,669				8,183				6,773				6,060				5,081
Total debt	3,564				3,611				795				794				1,251
Redeemable noncontrolling interest	1,080				920				810				810				810
Equity	701				243				539				1,344				840
Number of employees 7	20,000				20,400				17,000				16,400				15,900

¹ Includes the impact of the following items: a $1.1 billion gain from our dispositions, a benefit related to net legal settlement insurance recoveries of $10 million, disposition-related costs of $48 million, a technology-related impairment charge of $24 million, restructuring charges of $6 million, a $3 million disposition-related reserve release, acquisition-related costs of $1 million and amortization of intangibles from acquisitions of $96 million.

²  Includes the impact of the following items: costs related to identified operating efficiencies primarily related to restructuring of $56 million, net legal settlement expenses of $54 million, acquisition-related costs of $37 million, an $11 million gain on dispositions, and amortization of intangibles from acquisitions of $67 million.

³  Includes the impact of the following items: $1.6 billion of legal and regulatory settlements, restructuring charges of $86 million, $4 million of professional fees largely related to corporate development activities, and amortization of intangibles from acquisitions of $48 million.

⁴  Includes the impact of the following items: $77 million of legal settlements, $64 million charge for costs necessary to enable the separation of McGraw-Hill Education ("MHE") and reduce our cost structure, a $36 million non-cash impairment charge related to the sale of our data center, a $28 million restructuring charge in the fourth quarter primarily related to severance, $13 million related to terminating various leases as we reduce our real estate portfolio and a $24 million net gain from our dispositions, and amortization of intangibles from acquisitions of $51 million.

⁵  Includes the impact of the following items: $135 million charge for costs necessary to enable the separation of MHE and reduce our cost structure, a $65 million restructuring charge, transaction costs of $15 million for our S&P Dow Jones Indices LLC joint venture, an $8 million charge related to a reduction in our lease commitments, partially offset by a vacation accrual reversal of $52 million, and amortization of intangibles from acquisitions of $48 million.

⁶  Includes the impact of the $1.1 billion gain on dispositions in 2016, the gain on sale of McGraw Hill Construction in 2014 and the gain on sale of McGraw-Hill Education in 2013.

⁷  Excludes discontinued operations.

22

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management's Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) for the years ended December 31, 2016 and 2015, respectively. The MD&A should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K for the year ended December 31, 2016, which have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”).

The MD&A includes the following sections:

• Overview

• Results of Operations

• Liquidity and Capital Resources

• Reconciliation of Non-GAAP Financial Information

• Critical Accounting Estimates

• Recent Accounting Standards

Certain of the statements below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, any projections of future results of operations and cash flows are subject to substantial uncertainty. See Forward-Looking Statements on page 4 of this report.

OVERVIEW

We are a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; and the commodity markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture.

On April 27, 2016, we changed our name to S&P Global Inc. from McGraw Hill Financial, Inc.

We have repositioned S&P Global as a more focused company in the capital and commodity markets by exiting non-core assets and investing for growth in markets that have size and scale. In 2016, we continued to create a portfolio focused on scalable, industry leading, interrelated businesses in the capital and commodity markets.

Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market and Commodities Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services and deliver their customers in the commodity and energy markets access to high-value information, data, analytic services and pricing and quality benchmarks. As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

Major Portfolio Changes

The following significant changes by segment were made to our portfolio during the three years ended December 31, 2016:

23

2016

Market and Commodities Intelligence

• In October of 2016, we completed the sale of Standard & Poor's Securities Evaluations, Inc. ("SPSE") and Credit Market Analysis ("CMA") for $425 million in cash to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. During year ended December 31, 2016, we recorded a pre-tax gain of $364 million ($297 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of SPSE and CMA.

• In September of 2016, we completed the sale of J.D. Power for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power and initiated an active program to sell the business. The assets and liabilities of J.D. Power were classified as held for sale in our consolidated balance sheet as of December 31, 2015. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of J.D. Power. Following the sale, the assets and liabilities of J.D. Power are no longer reported in our consolidated balance sheet as of December 31, 2016.

• In September of 2016, we acquired PIRA Energy Group ("PIRA"), a global provider of energy research and forecasting products and services. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by expanding its oil offering and strengthening its position in the natural gas and power markets.

• In June of 2016, we acquired RigData, a provider of daily information on rig activity for the natural gas and oil markets across North America. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by strengthening its position in natural gas and enhancing its oil offering.

2015

Market and Commodities Intelligence

• In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, media & communications, and metals & mining. SNL delivers information through its suite of web, mobile and direct data feed platforms that helps clients, including investment and commercial banks, investors, corporations, and regulators make decisions, improve efficiency, and manage risk.

• In July of 2015, we acquired the entire issued share capital of Petromedia Ltd and its operating subsidiaries (“Petromedia”), an independent provider of data, intelligence, news and tools to the global fuels market that offers a suite of products providing clients with actionable data and intelligence that enable informed decisions, minimize risk and increase efficiency.

In 2015, we further reduced our real estate footprint by completing the consolidation of our corporate headquarters with our operations in New York City.

2014

Market and Commodities Intelligence

• In November of 2014, we completed the sale of McGraw Hill Construction to Symphony Technology Group for $320 million in cash. We recorded an after-tax gain on the sale of $160 million, which is included in discontinued operations, net in the consolidated statement of income for the year ended December 31, 2014.

• In July of 2014, we acquired Eclipse Energy Group AS, which complements our North American natural gas capabilities, which we obtained from our Bentek Energy LLC acquisition in 2011.

In 2014, in addition to the divestiture of McGraw Hill Construction discussed above, we streamlined our infrastructure by reducing our real estate footprint through selling our data facility, initiating the consolidation of our corporate headquarters with our operations in New York City, as well as disposing of our corporate aircraft.

24

Increased Shareholder Return

During the three years ended December 31, 2016, we have returned approximately $3.5 billion to our shareholders through a combination of share repurchases and our quarterly dividends: we completed share repurchases of approximately $2.4 billion and distributed regular quarterly dividends totaling approximately $1.1 billion. Also, on January 25, 2017, the Board of Directors approved an increase in the quarterly common stock dividend from $0.36 per share to $0.41 per share.

Key Results

(in millions)	Year ended December 31,									% Change 1
	2016			2015			2014			’16 vs ’15	’15 vs ’14
Revenue	$	5,661		$	5,313		$	5,051		7%	5%
Operating profit2	$	3,369		$	1,917		$	113		76%	N/M
% Operating margin	60		%	36		%	2		%
Diluted earnings (loss) per share from continuing operations	$	7.94		$	4.21		$	(1.08	)	89%	N/M

N/M - not meaningful

 ¹  % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

 ²  2016 includes a $1.1 billion gain from our dispositions, a benefit related to net legal settlement insurance recoveries of $10 million, disposition-related costs of $48 million, a technology-related impairment charge of $24 million, restructuring charges of $6 million, a $3 million disposition-related reserve release and acquisition-related costs of $1 million. 2015 includes costs related to identified operating efficiencies primarily related to restructuring of $56 million, net legal settlement expenses of $54 million, acquisition-related costs of $37 million and a gain of $11 million on the sale of our interest in a legacy McGraw Hill Construction investment. 2014 includes $1.6 billion of legal and regulatory settlements, restructuring charges of $86 million and $4 million of professional fees largely related to corporate development activities. 2016, 2015 and 2014 also includes amortization of intangibles from acquisitions of $96 million, $67 million and $48 million, respectively.

2016

Revenue increased 7% driven by increases at all of our reportable segments. Revenue growth at Market and Commodities Intelligence was favorably impacted by the acquisition of SNL in September of 2015 and annualized contract value growth primarily driven by the S&P Capital IQ Desktop, Global Risk Services and certain data feed products. Continued demand for S&P Global Platts’ proprietary content also contributed to revenue growth. These increases were partially offset by the unfavorable impact from our dispositions in 2016. Revenue growth at Ratings was driven by an increase in U.S. bank loan ratings revenue, corporate bond ratings revenue and surveillance fees. Revenue growth at Indices was due to higher average levels of assets under management for exchange traded funds ("ETFs") and mutual funds, an increase in data revenue and higher volumes for exchange-traded derivatives. The unfavorable impact of foreign exchange reduced revenue by less than 1 percentage point.

Operating profit increased 76%. Excluding the favorable impact of the gain from our dispositions of 59 percentage points, higher net legal settlement insurance recoveries in 2016 of 3 percentage points, higher restructuring charges in 2015 of 3 percentage points and higher acquisition-related costs in 2015 of 2 percentage points, partially offset by the unfavorable impact of higher disposition-related costs of 3 percentage points, higher amortization of intangibles from acquisitions of 2 percentage points and a technology-related impairment charge of 1 percentage point, operating profit increased 15%. This increase was primarily driven by revenue growth as discussed above. Decreased costs at Ratings and our legacy Capital IQ business due to reduced headcount following our 2015 restructuring actions also contributed to operating profit growth.

2015

Revenue increased 5% driven by increases at Market and Commodities Intelligence and Indices, partially offset by a decrease at Ratings. Revenue growth at Market and Commodities Intelligence was favorably impacted by the acquisition of SNL in September of 2015 and the acquisition of National Automobile Dealers Association's Used Car Guide (“UCG”) at J.D. Power in July of 2015. The revenue increase at Market and Commodities Intelligence was also driven by increases in average contract values in the S&P Capital IQ Desktop and Global Risk Services products, continued demand for S&P Global Platts' proprietary content and an increase in auto consulting engagements in the U.S. at J.D. Power. Revenue growth at Indices was due to higher average levels of assets under management for ETFs and mutual funds and higher volumes for exchange-traded derivatives. The revenue decrease at Ratings was driven by the unfavorable impact of foreign exchange rates. The unfavorable impact of foreign exchange rates reduced revenue by 2 percentage points which was offset by the favorable impact from acquisitions of 2 percentage points.

25

The increase in operating profit was primarily due to the impact of $1.6 billion in legal and regulatory settlements in 2014 compared

to net legal settlement expenses of $54 million in 2015. In addition, 2015 includes costs related to identified operating efficiencies primarily related to restructuring of $56 million in 2015 compared to $86 million in 2014. 2015 also includes acquisition-related costs related to the acquisition of SNL of $37 million and an $11 million gain on the sale of our interest in a legacy McGraw Hill Construction investment. 2014 includes $4 million of professional fees largely related to corporate development activities. Excluding these items, operating profit increased 13%. This increase was driven by revenue growth at Market and Commodities Intelligence and Indices and cost containment efforts at Ratings during 2015.

Outlook

We are a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. Our purpose is to provide the intelligence that is essential for companies, governments and individuals to make decisions with conviction. We seek to deliver on this purpose within the framework of our core values of integrity, excellence and relevance.

With the successful completion of our Growth and Performance Plan, we are aligning our efforts against two key strategic priorities, growth and excellence. We strive to deliver on our strategic priorities in the following four categories by:

Financial

• Delivering strong financial performance and long-term value to our shareholders.

Growth

• Engaging with the world around us;

• Investing to meet customer needs in high growth areas; and

• Expanding in international markets.

Excellence

• Embracing operational excellence in all that we do; and

• Accelerating digital transformation and stimulating innovation.

Talent

• Enhancing leadership and accountability.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1a, Risk Factors, in this Annual Report on Form 10-K.

Further projections and discussion on our 2017 outlook for our segments can be found within “ – Results of Operations”.

26

RESULTS OF OPERATIONS

Consolidated Review

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			'16 vs '15	'15 vs '14
Revenue	$	5,661		$	5,313		$	5,051		7%	5%
Expenses:
Operating-related expenses	1,769			1,700			1,651			4%	3%
Selling and general expenses	1,443			1,550			3,144			(7)%	(51)%
Depreciation and amortization	181			157			134			15%	17%
Total expenses	3,393			3,407			4,929			—%	(31)%
(Gain) loss on dispositions	(1,101		)	(11		)	9			N/M	N/M
Operating profit	3,369			1,917			113			76%	N/M
Interest expense, net	181			102			59			77%	73%
Provision for taxes on income	960			547			245			76%	N/M
Income (loss) from continuing operations	2,228			1,268			(191		)	76%	N/M
Discontinued operations, net	—			—			178			N/M	N/M
Less: net income from continuing operations attributable to noncontrolling interests	(122		)	(112		)	(102		)	9%	9%
Net income (loss) attributable to S&P Global Inc.	$	2,106		$	1,156		$	(115	)	82%	N/M

N/M - not meaningful

Revenue

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			’16 vs ’15	’15 vs ’14
Subscription / Non-transaction revenue	$	3,623		$	3,260		$	3,042		11%	7%
Asset linked fees	$	381		$	369		$	345		3%	7%
Non-subscription / Transaction revenue	$	1,657		$	1,684		$	1,664		(2)%	1%
% of total revenue:
Subscription / Non-transaction revenue	64		%	61		%	60		%
Asset linked fees	7		%	7		%	7		%
Non-subscription / Transaction revenue	29		%	32		%	33		%
U.S. revenue	$	3,461		$	3,202		$	2,911		8%	10%
International revenue:
European region	1,330			1,265			1,316			5%	(4)%
Asia	575			566			528			2%	7%
Rest of the world	295			280			296			6%	(5)%
Total international revenue	$	2,200		$	2,111		$	2,140		4%	(1)%
% of total revenue:
U.S. revenue	61		%	60		%	58		%
International revenue	39		%	40		%	42		%

27

2016

Revenue increased 7% as compared to 2015. Subscription / non-transaction revenue increased primarily from the favorable impact of the acquisition of SNL in September of 2015, growth in average contract values for our legacy Capital IQ products driven by an expansion in new and existing accounts, continued demand for S&P Global Platts’ proprietary content and an increase in surveillance fees at Ratings. Asset linked fees increased due to higher average levels of assets under management for ETFs and mutual funds. Non-subscription / transaction revenue decreased primarily due to the unfavorable impact of the sale of J.D. Power on September 7, 2016, partially offset by an increase in U.S. bank loan ratings revenue and corporate bond ratings revenue at Ratings and higher volumes for exchange traded derivatives at Indices. See " – Segment Review" below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

2015

Revenue increased 5% as compared to 2014. Subscription / non-transaction revenue increased primarily due to growth at Market and Commodities Intelligence due to an increase in the average contract values in the S&P Capital IQ Desktop and Global Risk Services products as well as continued demand for S&P Global Platts’ proprietary content. Assets linked fees increased due to higher average levels of assets under management for ETFs and mutual funds. Non-subscription / transaction revenue increased primarily due to growth at Indices due to higher volumes for exchange-traded derivatives, partially offset by a decrease at Ratings which includes the unfavorable impact of foreign exchange rates. Subscription / non-transaction revenue growth was also favorably impacted by the acquisitions of SNL and UCG in September of 2015 and July of 2015, respectively. See " – Segment Review" below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by 2 percentage points. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. The unfavorable impact of foreign exchange rates on revenue primarily related to Ratings and was driven by the weakening of the Euro to the U.S. dollar.

28

Total Expenses

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the years ended December 31, 2016 and 2015:

(in millions)	2016					2015					% Change
	Operating- related expenses			Selling and general expenses		Operating- related expenses			Selling and general expenses		Operating- related expenses	Selling and general expenses
Ratings 1	$	776		$	463	$	737		$	571	5%	(19)%
Market and Commodities Intelligence 2	946			786		925			769		2%	2%
Indices	145			75		126			70		14%	6%
Intersegment eliminations 3	(98		)	—		(88		)	—		(10)%	N/M
Total segments	1,769			1,324		1,700			1,410		4%	(6)%
Corporate 4	—			119		—			140		N/M	(15)%
	$	1,769		$	1,443	$	1,700		$	1,550	4%	(7)%

N/M - not meaningful

¹  In 2016, selling and general expenses include a benefit related to net legal settlement insurance recoveries of $10 million. In 2015, selling and general expenses include net legal settlement expenses of $54million. Additionally, 2016 and 2015 include restructuring charges of $6 million and $13 million, respectively.

²  In 2016, selling and general expenses include disposition-related costs of $48 million, a technology-related impairment charge of $24 million and acquisition-related costs of $1 million. In 2015, selling and general expenses include acquisition-related costs related to the acquisition of SNL of $37 million and costs related to identified operating efficiencies primarily related to restructuring of $33 million.

³  Intersegment eliminations relate to a royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.

⁴  In 2016, selling and general expenses include $3 million from a disposition-related reserve release and 2015 includes costs related to identified operating efficiencies primarily related to restructuring of $10 million

Operating-Related Expenses

Operating-related expenses increased $69 million or 4% as compared to 2015. The increase at Market and Commodities Intelligence was primarily driven by the acquisition of SNL in September of 2015, partially offset by decreases from our dispositions in 2016. Increases at Ratings and Indices were due to higher compensation costs related to additional headcount and increased incentive costs.

Selling and General Expenses

Selling and general expenses decreased 7%. Excluding the favorable impact of higher net legal settlement insurance recoveries in 2016 of 4 percentage points, higher restructuring charges in 2015 of 3 percentage points, higher acquisition-related costs in 2015 of 2 percentage points, partially offset by the unfavorable impact of disposition-related costs of 3 percentage points and a technology-related impairment charge of 1 percentage point, selling and general expenses decreased 2%. Decreases at Ratings were driven by reduced professional fees following the completion of the Company's program for the 2015 implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and reduced legal fees following the resolution of a number of significant legal matters. This decrease was partially offset by an increase at Market and Commodities Intelligence driven by the acquisition of SNL in September of 2015, partially offset by decreases from our dispositions in 2016.

Depreciation and Amortization

Depreciation and amortization increased $24 million or 15% as compared to 2015 primarily due to higher intangible asset amortization in 2016 from the acquisition of SNL in September of 2015.

29

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the years ended December 31, 2015 and 2014:

(in millions)	2015					2014					% Change
	Operating- related expenses			Selling and general expenses		Operating- related expenses			Selling and general expenses		Operating- related expenses	Selling and general expenses
Ratings 1	$	737		$	571	$	777		$	2,219	(5)%	(74)%
Market and Commodities Intelligence 2	925			769		839			700		10%	10%
Indices 3	126			70		120			77		6%	(9)%
Intersegment eliminations 4	(88		)	—		(86		)	—		(3)%	N/M
Total segments	1,700			1,410		1,650			2,996		3%	(53)%
Corporate 5	—			140		1			148		N/M	(6)%
	$	1,700		$	1,550	$	1,651		$	3,144	3%	(51)%

N/M - not meaningful

¹  In 2015, selling and general expenses include net legal settlement expenses of $54million and restructuring charges of $13 million, respectively. In 2014, selling and general expenses include $1.6 billion for legal and regulatory settlements and restructuring charges of $45 million.

²  In 2015, selling and general expenses include acquisition-related costs related to the acquisition of SNL of $37 million and costs related to identified operating efficiencies primarily related to restructuring of $33 million. In 2014, selling and general expenses include $25 million of restructuring charges.

³  In 2014, selling and general expenses include the impact of professional fees largely related to corporate development activities of $4 million.

⁴  Intersegment eliminations relate to a royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.

⁵  In 2015, selling and general expenses include costs related to identified operating efficiencies primarily related to restructuring of $10 million and 2014 includes restructuring charges of $16 million.

Operating-Related Expenses

Operating-related expenses increased $49 million or 3% as compared to 2014. Increases at Market and Commodities Intelligence were primarily driven by higher data processing costs, the acquisition of SNL in September of 2015 and higher incentive costs. These increases were partially offset by declines at Ratings driven by our compensation cost containment efforts resulting from 2014 restructuring actions.

Selling and General Expenses

Selling and general expenses decreased 51%. Excluding the favorable net impact of legal settlement and regulatory settlement charges and insurance recoveries of 48 percentage points, higher costs recorded in 2014 related to identified operating efficiencies primarily related to restructuring of 1 percentage point, partially offset by the unfavorable impact of acquisition-related costs related to the acquisition of SNL of 1 percentage point, selling and general expenses decreased 3%. The decline was due to a decrease at Ratings driven by lower incentive and legal costs, partially offset by increased costs related to the 2015 implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and an increase at Market and Commodities Intelligence driven by the acquisition of SNL in September of 2015.

Depreciation and Amortization

Depreciation and amortization increased $23 million or 17% as compared to 2014, primarily due to higher intangible asset amortization in 2015 due to the acquisition of SNL in September of 2015 and the acquisition of UCG in July of 2015.

30

(Gain) Loss on Dispositions

During 2016, we completed the following transactions that resulted in a pre-tax gain of $1.1 billion in (gain) loss on dispositions in the consolidated statement of income:

• In October of 2016, we completed the sale of Equity and Fund Research ("Equity Research"), a business within our Market and Commodities Intelligence segment to CFRA, a leading independent provider of forensic accounting research, analytics and advisory services. During the year ended December 31, 2016, we recorded a pre-tax gain of $9 million in (gain) loss on dispositions in the consolidated statement of income related to the sale of Equity Research.

• In October of 2016, we completed the sale of SPSE and CMA for $425 million in cash to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. We recorded a pre-tax gain of $364 million in (gain) loss on dispositions in the consolidated statement of income related to the sale of SPSE and CMA.

• In September of 2016, we completed the sale of J.D. Power for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. We recorded a pre-tax gain of $728 million in (gain) loss on dispositions in the consolidated statement of income related to the sale of J.D. Power.

During 2015, we completed the sale of our interest in a legacy McGraw Hill Construction investment that resulted in a pre-tax gain of $11 million in (gain) loss on dispositions in the consolidated statement of income.

During 2014, we completed the following transactions that resulted in a pre-tax loss of $9 million in (gain) loss on dispositions in the consolidated statement of income:

• On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company ("Mr. McGraw") for a purchase price of $20 million, which was modestly higher than the independent appraisal obtained. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 – Related Party Transactions to our consolidated financial statements for further discussion.

• On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) which owns, operates, and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge we recorded in the fourth quarter of 2013.

Operating Profit

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

We internally manage our operations by reference to “segment operating profit” with economic resources allocated primarily based on segment operating profit. Segment operating profit is defined as operating profit before unallocated expense. Segment operating profit is one of the key metrics we use to evaluate operating performance. Segment operating profit is not, however, a measure of financial performance under U.S. GAAP, and may not be defined and calculated by other companies in the same manner.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

31

The table below reconciles segment operating profit to total operating profit:

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			'16 vs '15	'15 vs '14
Ratings 1	$	1,262		$	1,078		$	(583	)	17%	N/M
Market and Commodities Intelligence 2	1,822			585			518			N/M	13%
Indices 3	412			392			347			5%	13%
Total segment operating profit	3,496			2,055			282			70%	N/M
Unallocated expense 4	(127		)	(138		)	(169		)	(8)%	(18)%
Total operating profit	$	3,369		$	1,917		$	113		76%	N/M

N/M - not meaningful

¹  2016includes a benefit related to net legal settlement insurance recoveries of $10 million and restructuring charges of $6 million. 2015 includes net legal settlement expenses of $54 million and restructuring charges of $13 million. 2014 includes $1.6 billion of legal and regulatory settlements and restructuring charges of $45 million. 2016, 2015 and 2014 also includes amortization of intangibles from acquisitions of $5 million, $5 million and $6 million, respectively.

²  2016 includes a $1.1 billion gain from our dispositions, disposition-related costs of $48 million, a technology-related impairment charge of $24 million and an acquisition-related cost of $1 million. 2015 includes acquisition-related costs related to the acquisition of SNL of $37 million and costs identified operating efficiencies primarily related to restructuring of $33 million. 2014 includes $25 million of restructuring charges. 2016, 2015 and 2014 includes amortization of intangibles from acquisitions of $85 million, $57 million and $37 million, respectively.

³  2014 includes the impact of professional fees largely related to corporate development activities of $4 million. 2016, 2015 and 2014 includes amortization of intangibles from acquisitions of $6 million, $5 million and $5 million, respectively.

⁴  2016 includes $3 million from a disposition-related reserve release. 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million. 2014 includes restructuring charges of $16 million.

2016

Segment Operating Profit — Increased $1.4 billion, or 70% as compared to 2015. Excluding the favorable impact of the gain from our dispositions of 55 percentage points, higher net legal settlement insurance recoveries in 2016 of 3 percentage points, higher acquisition-related costs in 2015 of 2 percentage points, higher restructuring charges in 2015 of 2 percentage points, partially offset by the unfavorable impact of a technology-related impairment charge of 1 percentage point, higher amortization of intangibles from acquisitions of 2 percentage points and higher disposition-related costs of 2 percentage points, segment operating profit increased 13%. Revenue growth at Market and Commodities Intelligence, Ratings and Indices were the primary drivers for the increase. Decreased costs at Ratings and our legacy Capital IQ business due to reduced headcount following our 2015 restructuring actions also contributed to segment operating profit growth. See “ – Segment Review” below for further information.

Unallocated Expense— Decreased by $11 million or 8% as compared to 2015. These expenses, included in selling and general expenses, mainly include costs for corporate center functions, select initiatives and unoccupied office space. Excluding the unfavorable impact of a gain on the sale of our interest in a legacy McGraw Hill Construction investment in 2015 of 8 percentage points, partially offset by the favorable impact of a disposition-related reserve release of 2 percentage points and higher restructuring charges in 2015 of 7 percentage points, unallocated expense decreased 7% due to higher 2016 pension income as well as a reduction in professional service fees.

Foreign exchange rates had a favorable impact on operating profit of 2 percentage points. The foreign exchange rate impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on monetary assets and liabilities denominated in currencies other than the individual business' functional currency.

2015

Segment Operating Profit — Increased $1.8 billion, or 629% as compared to 2014. 2015 includes net legal settlement charges of $54 million compared to legal and regulatory settlement charges of $1.6 billion in 2014. Excluding the favorable impact of lower net legal and regulatory settlement charges of 621 percentage points, higher costs recorded in 2014 related to identified operating

32

efficiencies primarily related to restructuring of 9 percentage points and the impact of professional fees largely related to corporate development activities recorded in 2014 of 2 percentage points, partially offset by the unfavorable impact of acquisition-related costs related to the acquisition of SNL of 15 percentage points, segment operating profit increased 11%. Revenue growth at Market and Commodities Intelligence and Indices, and cost containment efforts at Ratings during 2015 were the primary drivers for the increase. See “ – Segment Review” below for further information.

Unallocated Expense— Decreased by $31 million or 18% as compared to 2014. These expenses, included in selling and general expenses, mainly include costs for corporate center functions, select initiatives and unoccupied office space. Excluding the favorable impact of the sale of our interest in a legacy McGraw Hill Construction investment of 6 percentage points and higher costs recorded in 2014 related to identified operating efficiencies primarily related to restructuring of 4 percentage points, unallocated expense decreased by 9 percentage points as compared to 2014. This decrease was primarily driven by the impact of a $9 million loss recorded in the second quarter of 2014 related to the sale of the Company's aircraft and the sale of our data center.

Foreign currency exchange rates had a negligible impact on operating profit. The foreign exchange rate impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on monetary assets and liabilities denominated in currencies other than the individual business' functional currency.

Interest Expense, net

Net interest expense for 2016 increased $79 million or 77% as compared to 2015, primarily as a result of the $700 million of senior notes issued in the second quarter of 2015, the $2.0 billion of senior notes issued in the third quarter of 2015 and the $500 million of senior notes issued in the third quarter of 2016. Additionally, net interest expense in 2016 includes a redemption fee on the early payment of our 5.9% senior notes due in 2017. These increases were partially offset by the favorable impact of lower interest rates on the $500 million of senior notes issued in the third quarter of 2016.

Net interest expense for 2015 increased 73% compared to 2014 as a result of the $700 million of senior notes issued in the second quarter of 2015 and the $2.0 billion of senior notes issued in the third quarter of 2015.

Provision for Income Taxes

Our effective tax rate from continuing operations was 30.1% for 2016 and 2015, and 453.7% for 2014. The decrease in the 2015 effective tax rate was primarily due to the reduction in charges for legal settlements, improved profitability in several lower tax jurisdictions outside of the United States, and continuing resolution of prior year tax audits.

Discontinued Operations, net

Income from discontinued operations was $178 million in 2014, primarily as a result of the after-tax gain of $160 million recorded on the sale of McGraw Hill Construction in 2014.

Segment Review

Ratings

Ratings is an independent provider of credit ratings, research and analytics to investors, issuers and other market participants. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

Ratings differentiates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

• ratings related to new issuance of corporate and government debt instruments, and structured finance debt instruments;

• bank loan ratings; and

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• corporate credit estimates, which are intended, based on an abbreviated analysis, to provide an indication of our opinion regarding creditworthiness of a company which does not currently have a Ratings credit rating.

Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics. Non-transaction revenue also includes an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue for 2016, 2015 and 2014 was $92 million, $83 million and $77 million, respectively.

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			’16 vs ’15		’15 vs ’14
Revenue	$	2,535		$	2,428		$	2,455		4	%	(1	)%
Non-transaction	$	1,357		$	1,321		$	1,326		3	%	—	%
Transaction	$	1,178		$	1,107		$	1,129		6	%	(2	)%
% of total revenue:
Non-transaction	54		%	54		%	54		%
Transaction	46		%	46		%	46		%
U.S. revenue	$	1,462		$	1,390		$	1,305		5	%	7	%
International revenue	$	1,073		$	1,038		$	1,150		3	%	(10	)%
% of total revenue:
U.S. revenue	58		%	57		%	53		%
International revenue	42		%	43		%	47		%
Operating profit (loss) 1	$	1,262		$	1,078		$	(583	)	17	%	N/M
% Operating margin	50		%	44		%	(24		)%

N/M - not meaningful

¹  2016includes a benefit related to net legal settlement insurance recoveries of $10 million and restructuring charges of $6 million. 2015 includes net legal settlement expenses of $54 million and restructuring charges of $13 million. 2014 includes $1.6 billion of legal and regulatory settlements and restructuring charges of $45 million. 2016, 2015 and 2014 also includes amortization of intangibles from acquisitions of $5 million, $5 million and $6 million, respectively.

2016

Revenue increased 4%, which includes the unfavorable impact of foreign exchange rates that reduced revenue by 1 percentage point. Transaction revenue increased due to growth in U.S. bank loan ratings revenue and an increase in corporate bond ratings revenue largely driven by refinancing activity from the low interest rate environment, partially offset by a decrease in structured finance revenue. Revenue growth benefited from increased contract realization. Non-transaction revenue grew primarily due to an increase in surveillance fees, partially offset by a decline in Ratings Evaluation Service ("RES") activity.

Operating profit increased 17%. Excluding the favorable impact of higher net legal settlement insurance recoveries in 2016 of 6 percentage points and lower restructuring charges in 2016 of 1 percentage point, operating profit increased 10%. The increase is due to both revenue growth and expense reduction. Reduced expenses were primarily driven by reduced professional fees following the completion of the Company's program for the 2015 implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and reduced legal fees following the resolution of a number of significant legal matters. These decreases were partially offset by higher compensation costs related to increased incentive costs and additional headcount. Foreign exchange rates had a favorable impact on operating profit of 1 percentage point.

2015

Revenue decreased 1%, which includes the unfavorable impact of foreign exchange rates that reduced revenue by 4 percentage points. Excluding the unfavorable impact of foreign exchange rates, transaction revenue increased primarily due to an increase in U.S. Public Finance issuance, partially offset by a decline in structured finance revenue driven by reduced global market issuance.

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Excluding the unfavorable impact of foreign exchange rates, non-transaction revenue also increased due to growth in surveillance revenues and additional RES activity, partially offset by lower revenue associated with new client relationships.

Operating profit increased 285%. Excluding the favorable net impact of legal and regulatory settlement charges and insurance recoveries of 273 percentage points and net higher restructuring costs recorded in 2014 of 6 percentage points, operating profit increased 7%. Foreign currency exchange rates had an unfavorable impact of 1 percentage point on the operating profit growth of 7%. This increase was driven by decreased compensation costs primarily driven by lower incentive costs and cost containment resulting from 2014 restructuring actions and reduced legal fees following the resolution of a number of significant legal matters, partially offset by increased costs related to the 2015 implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the decrease in revenue discussed above.

Market Issuance Volumes

We monitor market issuance volumes as an indicator of trends in transaction revenue streams within Ratings. Market issuance volumes noted within the discussion that follows are based on the domicile of the issuer. Issuance volumes can be reported in two ways: by "domicile", which is based on where an issuer is located or where the assets associated with an issue are located, or based on "marketplace", which is where the bonds are sold. The following tables depict changes in market issuance levels as compared to the prior year, based on a composite of Thomson Financial, Harrison Scott Publications, Dealogic and Rating’s internal estimates.

	2016 Compared to 2015
Corporate Bond Issuance	U.S.	Europe	Global
High-Yield Issuance	(14)%	(21)%	(12)%
Investment Grade	(5)%	8%	11%
Total New Issue Dollars—Corporate Issuance	(6)%	4%	8%

• Decreases in high-yield issuance in the year-to-date period reflect weakness in the first half of the year due to market volatility and political and economic uncertainty in the European markets. High-yield issuance in the U.S. and Europe was up for the second half of the year as a result of more favorable market conditions primarily due to tightening credit spreads. Although the number of investment-grade issuances in the U.S. was up, issuance dollars declined due to fewer high par value issuance deals.

	2016 Compared to 2015
Structured Finance	U.S.	Europe	Global
Asset-Backed Securities (“ABS”)	1%	14%	7%
Structured Credit	(4)%	36%	2%
Commercial Mortgage-Backed Securities (“CMBS”)	(29)%	(26)%	(30)%
Residential Mortgage-Backed Securities (“RMBS”)	(29)%	37%	9%
Covered Bonds	*	(25)%	(20)%
Total New Issue Dollars—Structured Finance	(10)%	(7)%	(5)%

* Represents no activity in 2016 and 2015.

• ABS issuance was up in the U.S. and Europe driven by an increase in credit card transactions, consumer loans and small business loans.

• Issuance was down in the U.S. Structured Credit markets driven by lower availability of leveraged loans. Issuance was up in the European Structured Credit markets driven by new collateralized loan obligations ("CLO") engagements.

• CMBS issuance in the U.S. and Europe was down reflecting lower market volume due to overall market conditions.

• RMBS volume in the U.S. was down driven by minimal activity in the private label securities market. The increase in European RMBS volume was driven by several large issuances in 2016.

• Covered bond (debt securities backed by mortgages or other high-quality assets that remain on the issuer's balance sheet) issuance in Europe was down due to the impact of central bank lending policies.

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Industry Highlights and Outlook

Revenue increased in 2016 primarily due to an increase in U.S. bank loan ratings and corporate bond ratings revenue driven by refinancing activity from the low interest rate environment. These increases were partially offset by a decrease in structured finance revenue. High-yield corporate issuance volumes increased in the second half of the year as a result of more favorable market conditions primarily due to tightening credit spreads. Weakness in high-yield corporate issuance volumes in the first half of the year was due to market volatility and political and economic uncertainty largely in the European markets.

Legal and Regulatory Environment

General

Ratings and many of the securities that it rates are subject to extensive regulation in both the U.S. and in other countries, and therefore existing and proposed laws and regulations can impact the Company’s operations and the markets in which it operates. Additional laws and regulations have been adopted but not yet implemented or have been proposed or are being considered. In addition, in certain countries, governments may provide financial or other support to locally-based rating agencies. For example, governments may from time to time establish official rating agencies or credit ratings criteria or procedures for evaluating local issuers. We have reviewed the new laws, regulations and rules which have been adopted and we have implemented, or are planning to implement, changes as required. We do not believe that such new laws, regulations or rules will have a material adverse effect on our financial condition or results of operations. Other laws, regulations and rules relating to credit rating agencies are being considered by local, national, foreign and multinational bodies and are likely to continue to be considered in the future, including provisions seeking to reduce regulatory and investor reliance on credit ratings, rotation of credit rating agencies and liability standards applicable to credit rating agencies. The impact on us of the adoption of any such laws, regulations or rules remains uncertain, but could increase the costs and legal risks relating to Ratings’ rating activities, or adversely affect our ability to compete, or result in changes in the demand for credit ratings.

In the normal course of business both in the U.S. and abroad, Ratings (or the legal entities comprising Ratings) are defendants in numerous legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries relate to the ratings activity of Ratings and are or have been brought by purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into Ratings’ compliance with applicable laws and regulations. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

U.S.

The businesses conducted by our Ratings segment are, in certain cases, regulated under the Credit Rating Agency Reform Act of 2006 (the “Reform Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act”), the Securities Exchange Act of 1934 (the “Exchange Act”) and/or the laws of the states or other jurisdictions in which they conduct business. The financial services industry is subject to the potential for increased regulation in the U.S.

S&P Global Ratings is a credit rating agency that is registered with the SEC as a Nationally Recognized Statistical Rating Organization (“NRSRO”). The SEC first began informally designating NRSROs in 1975 for use of their credit ratings in the determination of capital charges for registered brokers and dealers under the SEC’s Net Capital Rule. The Reform Act created a new SEC registration system for rating agencies that choose to register as NRSROs. Under the Reform Act, the SEC is given authority and oversight of NRSROs and can censure NRSROs, revoke their registration or limit or suspend their registration in certain cases. The rules implemented by the SEC pursuant to the Reform Act, the Dodd Frank Act and the Exchange Act address, among other things, prevention or misuse of material non-public information, conflicts of interest, documentation and assessment of internal controls, and improving transparency of ratings performance and methodologies. The public portions of the current version of S&P Global Ratings’ Form NRSRO are available on S&P Global Ratings’ website.

European Union

In the European Union, the credit rating industry is registered and supervised through a pan-European regulatory framework which is a compilation of three sets of legislative actions. In 2009, the European Parliament passed a regulation (“CRA1”) that established an oversight regime for the credit rating industry in the European Union, which became effective in 2010. CRA1 requires the registration, formal regulation and periodic inspection of credit rating agencies operating in the European Union. Ratings was granted registration in October of 2011. In January of 2011, the European Union established the European Securities and Markets Authority (“ESMA”), which, among other things, has direct supervisory responsibility for the registered credit rating industry throughout the European Union.

36

Additional rules augmenting the supervisory framework for credit rating agencies went into effect in 2013. Commonly referred to as CRA3, these rules, among other things:

• impose various additional procedural requirements with respect to ratings of sovereign issuers;

• require member states to adopt laws imposing liability on credit rating agencies for an intentional or grossly negligent failure to abide by the applicable regulations;

• impose mandatory rotation requirements on credit rating agencies hired by issuers of securities for ratings of resecuritizations, which may limit the number of years a credit rating agency can issue ratings for such securities of a particular issuer;

• impose restrictions on credit rating agencies or their shareholders if certain ownership thresholds are crossed; and

• impose additional procedural and substantive requirements on the pricing of services.

The financial services industry is subject to the potential for increased regulation in the European Union.

Other Jurisdictions

Outside of the U.S. and the European Union, regulators and government officials have also been implementing formal oversight of credit rating agencies. Ratings is subject to regulations in most of the foreign jurisdictions in which it operates and continues to work closely with regulators globally to promote the global consistency of regulatory requirements. Regulators in additional countries may introduce new regulations in the future.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1a, Risk Factors, in this Annual Report on Form 10-K. For a further discussion of the legal and regulatory environment in our Ratings business, see Note 13 - Commitments and Contingencies to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K.

Market and Commodities Intelligence

Market and Commodities Intelligence's portfolio of capabilities are designed to help the financial community track performance, generate better investment returns, identify new trading and investment ideas, perform risk analysis, develop mitigation strategies and provide high-value information to the commodity and energy markets that enable its customers to make better informed trading and business decisions.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

In November of 2016, we entered into a put option agreement that gave the Company the right, but not the obligation, to put the entire share capital of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale in our consolidated balance sheet as of December 31, 2016 resulting in an aggregate loss of $31 million. On January 4, 2017, we exercised the put option, thereby entering into a definitive agreement to sell QuantHouse to QH Holdco. On January 9, 2017, we completed the sale of QuantHouse to QH Holdco.

In October of 2016, we completed the sale of Equity Research, a business within our Market and Commodities Intelligence segment to CFRA, a leading independent provider of forensic accounting research, analytics and advisory services. During the year ended December 31, 2016, we recorded a pre-tax gain of $9 million ($5 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of Equity Research.

In October of 2016, we completed the sale of SPSE and CMA for $425 million in cash to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. During the year ended December 31, 2016, we recorded a pre-tax gain of $364 million ($297 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of SPSE and CMA.

In September of 2016, we completed the sale of J.D. Power for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power and initiated an active program to sell the business. The assets and liabilities of J.D. Power were classified as held for sale in our consolidated balance sheet as of December 31, 2015. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of J.D. Power.

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Following the sale, the assets and liabilities of J.D. Power are no longer reported in our consolidated balance sheet as of December 31, 2016.

On November 3, 2014, we completed the sale of McGraw Hill Construction to Symphony Technology Group for $320 million in cash. Accordingly, the results of operations for the year ended December 31, 2014 and all prior periods presented were reclassified to reflect the business as a discontinued operation. See Note 2 — Acquisitions and Divestitures for further discussion.

Market and Commodities Intelligence includes the following business lines:

• Financial Data & Analytics — a product suite that provides data, analytics and third-party research for global finance professionals, which includes the S&P Capital IQ Desktop, SNL, Leveraged Commentary & Data, Investment Advisory and integrated bulk data feeds that can be customized, which include CUSIP and Compustat;

• Risk Services — commercial arm that sells Ratings' credit ratings and related data, analytics and research, which includes subscription-based offerings, RatingsDirect® and RatingsXpress®; and

• S&P Global Platts — the leading independent provider of information and benchmark prices for the commodity and energy markets. S&P Global Platts provides essential price data, analytics, and industry insight that enable the commodity and energy markets to perform with greater transparency and efficiency. Additionally, S&P Global Platts generates revenue from licensing of our proprietary market price data and price assessments to commodity exchanges.

As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			’16 vs ’15		’15 vs ’14
Revenue	$	2,585		$	2,376		$	2,130		9	%	12	%
Subscription revenue	$	2,231		$	1,911		$	1,694		17	%	13	%
Non-subscription revenue	$	354		$	465		$	436		(24	)%	7	%
% of total revenue:
Subscription revenue	86		%	80		%	80		%
Non-subscription revenue	14		%	20		%	20		%
U.S. revenue	$	1,523		$	1,368		$	1,210		11	%	13	%
International revenue	$	1,062		$	1,008		$	920		6	%	10	%
% of total revenue:
U.S. revenue	59		%	58		%	57		%
International revenue	41		%	42		%	43		%
Operating profit 1	$	1,822		$	585		$	518		212	%	13	%
% Operating margin	70		%	25		%	24		%

N/M - not meaningful

¹  2016 includes a $1.1 billion gain from our dispositions, disposition-related costs of $48 million, a technology-related impairment charge of $24 million and an acquisition-related cost of $1 million. 2015 includes acquisition-related costs related to the acquisition of SNL of $37 million and costs identified operating efficiencies primarily related to restructuring of $33 million. 2014 includes $25 million of restructuring charges. 2016, 2015 and 2014 includes amortization of intangibles from acquisitions of $85 million, $57 million and $37 million, respectively.

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2016

Revenue increased 9% and was favorably impacted by 1 percentage point of growth from the net impact of acquisitions and dispositions discussed below. Revenue growth was also driven by increases in annualized contract values in the S&P Capital IQ Desktop, RatingsXpress® and RatingsDirect® from new and existing customers. The number of users on the S&P Capital IQ Desktop and the number of customers at RatingsXpress® continued to grow in 2016. Increases in annualized contract value for certain of our data feed products also contributed to revenue growth. Additionally, strength in S&P Global Platts' proprietary content due to continued demand for S&P Global Platts’ market data and price assessment products across all commodity sectors, led by petroleum, and continued licensing of our proprietary market price data and price assessments to various commodity exchanges contributed to revenue growth. The unfavorable impact of foreign exchange rates reduced revenue by less than 1 percentage point. Both domestic and international revenue increased, with international revenue representing 41% of Market and Commodities Intelligence's total revenue. Revenue was favorably impacted by the acquisitions of SNL, PIRA Energy Group ("PIRA"), RigData and Petromedia Ltd, partially offset by the unfavorable impact of the dispositions of J.D. Power, SPSE and CMA and Equity Research. See Note 2 — Acquisitions and Divestitures for further discussion.

Operating profit increased 212%. Excluding the favorable impact from the gain on dispositions of 194 percentage points, the favorable impact of higher acquisition-related costs in 2015 of 6 percentage points and higher restructuring charges in 2015 of 6 percentage points, partially offset by the unfavorable impact of higher disposition-related costs of 9 percentage points, higher amortization of intangibles from acquisitions of 5 percentage points and a technology-related impairment charge of 4 percentage points, operating profit increased 24%. This increase is due to revenue growth and the favorable impact of foreign exchange rates of 5 percentage points, partially offset by higher compensation costs and increased technology costs primarily as a result of the acquisition of SNL in September of 2015.

2015

Revenue increased 12% and was favorably impacted by 5 percentage points of growth from the impact of acquisitions discussed below. Revenue growth was also driven by increases in annualized contract values in the S&P Capital IQ Desktop, RatingsXpress® and RatingsDirect® from new and existing customers. The number of users on the S&P Capital IQ Desktop and the number of customers at RatingsXpress® continued to grow in 2015. Additionally, strength in S&P Global Platts' proprietary content due to continued demand for S&P Global Platts’ market data and price assessment products across all commodity sectors, led by petroleum product offerings, and continued licensing of our proprietary market price data and price assessments to various commodity exchanges contributed to revenue growth. The unfavorable impact of foreign exchange rates reduced revenue by less than 1 percentage point. Revenue was favorably impacted by the acquisitions of SNL, National Automobile Dealers Association's Used Car Guide ("UCG"), Petromedia in July of 2015 and Eclipse Energy Group AS and its operating subsidiaries (“Eclipse”). See Note 2 — Acquisitions and Divestitures for further discussion.

Operating profit increased 13%. Excluding the unfavorable impact of acquisition-related costs related to the acquisition of SNL of 6 percentage points, higher amortization of intangibles from acquisitions of 3 percentage points and higher costs recorded in 2015 related to identified operating efficiencies primarily related to restructuring of 1 percentage point, operating profit increased 23%. This increase is due to revenue growth and the favorable impact of foreign exchange rates of 5 percentage points, partially offset by higher technology costs and increased compensation costs driven by additional headcount related to the acquisitions of SNL and UCG.

Industry Highlights and Outlook

In 2016, Market and Commodities Intelligence benefited from organic revenue growth and continued revenue and costs synergies resulting from progress on the integration of SNL. In 2016, the segment completed the sale of J.D. Power, and SPSE and CMA, resulting in a portfolio focused on scalable, industry leading, interrelated businesses in the capital and commodity markets. Additionally, in 2016, the segment completed the acquisitions of PIRA and RigData to enhance Market and Commodities Intelligence's energy analytical capabilities.

In 2017, Market and Commodities Intelligence will seek to develop new products and deliver enhancements to existing content and analytical capabilities. The segment also expects to further expand its presence in selected markets and geographies to accelerate international growth. Market and Commodities Intelligence will continue to focus on integrating and leveraging recent acquisitions to expand its analytical offerings.

39

Legal and Regulatory Environment

Market Intelligence

The financial services industry is subject to the potential for increased regulation in the U.S. and abroad. Market Intelligence operates investment advisory businesses that are regulated in the U.S. under the U.S. Investment Advisers Act of 1940 (the “Investment Advisers Act”) and/or the laws of the states or other jurisdictions in which they conduct business.

Market Intelligence operates a business that is authorized and regulated in the United Kingdom by the Financial Conduct Authority (the “FCA”). As such, this business is authorized to arrange and advise on investments, and is also entitled to exercise a passport right to provide specified cross border services into other European Economic Area (“EEA”) States, and is to the conditions under the E.U. Markets in Financial Instruments Directive (“MiFID”).

On October 4, 2016, S&P Global completed the sale of Standard & Poor’s Securities Evaluations, Inc. (one of Market Intelligence’s investment advisory businesses) to Intercontinental Exchange. On October 3, 2016 Market Intelligence completed the sale of substantially all of its Equity Research business by transferring the assets of the business to Accounting Research & Analytics, LLC (“CFRA”). On September 7, 2016 Market Intelligence entered into a stock purchase agreement with CFRA to sell and transfer its entire ownership in Standard & Poor’s Malaysia Sdn. Bhd (S&P Malaysia) and its research business. Until the completion of this transaction, Market Intelligence will continue to operate the Equity Research business conducted by S&P Malaysia.

The markets for research and investment advisory services are very competitive. Market Intelligence competes domestically and internationally on the basis of a number of factors, including the quality of its research and advisory services, client service, reputation, price, geographic scope, range of products and services, and technological innovation. For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1a, Risk Factors, in this Annual Report on Form 10-K.

S&P Global Platts

S&P Global Platts’ commodities price assessment and information business is subject to increasing regulatory scrutiny in the U.S. and abroad. As discussed below under the heading “Indices-Legal and Regulatory Environment”, the financial benchmarks industry is subject to the new pending benchmark regulation in the European Union (the “E.U. Benchmark Regulation”) as well as potential increased regulation in other jurisdictions. As a result of these measures, as well as measures that could be taken in other jurisdictions outside of Europe, S&P Global Platts will be required in due course to obtain registration or authorization in connection with its benchmark and price assessment activities in Europe and potentially elsewhere.

Also as discussed above under the heading “Indices-Legal and Regulatory Environment”, the European Union has recently finalized a package of legislative measures known as MiFID II, which may also impact S&P Global Platts’ business. Although the MiFID II package is “framework” legislation, it is possible that the introduction of these laws and rules could affect S&P Global Platts’ ability both to administer and license its price assessments.

In October of 2012, IOSCO issued its PRA Principles which set out principles, which are intended to enhance the reliability of oil price assessments referenced in derivative contracts subject to regulation by IOSCO members. S&P Global Platts has taken steps to align its operations with the PRA Principles and as recommended by IOSCO in its final report on the PRA Principles, has aligned to the PRA Principles for other commodities for which it publishes benchmarks.

The markets for commodities price assessments and information are very competitive. S&P Global Platts competes domestically and internationally on the basis of a number of factors, including the quality of its assessments and other information it provides to the commodities and related markets, client service, reputation, price, range of products and services (including geographic coverage) and technological innovation. Furthermore, sustained downward pressure on oil and other commodities prices and trading activity in those markets could have a material adverse impact on the rate of growth of S&P Global Platts’ revenue. For a further discussion of competitive and other risks inherent in our Platts business, see Item 1a, Risk Factors, in this Annual Report on Form 10-K.

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Indices

Indices is a global index provider that maintains a wide variety of indices to meet an array of investor needs. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products and provide investors with tools to monitor world markets.

Indices primarily derives revenue from asset linked fees based on the S&P and Dow Jones indices and to a lesser extent generates subscription revenue and transaction revenue. Specifically, Indices generates revenue from the following sources:

• Investment vehicles — asset linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices' benchmarks and generate revenue through fees based on assets and underlying funds;

• Exchange traded derivatives — generate royalties based on trading volumes of derivatives contracts listed on various exchanges;

• Index-related licensing fees — fixed or variable annual and per-issue fees for over-the-counter derivatives and retail-structured products; and

• Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			’16 vs ’15	’15 vs ’14
Revenue	$	639		$	597		$	552		7%	8%
Asset linked fees	$	381		$	369		$	345		3%	7%
Subscription revenue	$	133		$	116		$	108		14%	8%
Transaction revenue	$	125		$	112		$	99		11%	13%
% of total revenue:
Asset linked fees	60		%	62		%	62		%
Subscription revenue	21		%	19		%	20		%
Transaction revenue	19		%	19		%	18		%
U.S. revenue	$	525		$	488		$	440		8%	11%
International revenue	$	114		$	109		$	112		5%	(2)%
% of total revenue:
U.S. revenue	82		%	82		%	80		%
International revenue	18		%	18		%	20		%
Operating profit 1	$	412		$	392		$	347		5%	13%
Less: net income attributable to noncontrolling interests	$	109		$	101		$	92		8%	10%
Net operating profit	$	303		$	291		$	255		4%	14%
% Operating margin	64		%	66		%	63		%
% Net operating margin	47		%	49		%	46		%

¹  2014 includes $4 million of professional fees largely related to corporate development activities. 2016, 2015 and 2014 includes amortization of intangibles from acquisitions of $6 million, $5 million and $5 million, respectively.

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2016

Revenue at Indices increased 7%, primarily driven by higher average levels of assets under management ("AUM") for ETFs and mutual funds, an increase in data revenue and higher volumes for exchange-traded derivatives. Revenue growth was favorably impacted by less than one percentage point from the acquisition of Trucost plc ("Trucost") in October of 2016. See Note 2 — Acquisitions and Divestitures for further discussion. Ending AUM for ETFs increased 25% to $1.023 trillion and average AUM for ETFs increased 8% to $869 billion compared to 2015. Higher average levels of AUM for ETFs contributed to revenue growth primarily driven by the flow of investment funds to the U.S. equity markets in the second half of the year. Foreign exchange rates had a favorable impact on revenue of less than 1 percentage point.

Operating profit grew 5%. Revenue growth was partially offset by higher compensation costs primarily driven by additional headcount related to the acquisition of Trucost plc, increased incentive costs and increased operating costs to support revenue growth and business initiatives at Indices. Foreign exchange rates had a favorable impact on operating profit of less than 1 percentage point.

2015

Revenue at Indices increased 8%, primarily driven by higher average levels of AUM for ETFs and mutual funds. Volumes for exchange-traded derivatives continued to increase for certain products which also contributed to revenue growth. Additionally, the year-over-year revenue increase was slightly unfavorably impacted by the refinement of our process for estimating revenue for certain products that favorably impacted 2014 which caused a one-time revenue increase in the prior-year period. Ending AUM for ETFs decreased 2% to $815 billion in 2015 from $832 billion in 2014, primarily due to the flow of investment funds to the developed international equity markets and the impact of lower equity prices. The unfavorable impact of foreign exchange rates reduced revenue by 1 percentage point.

Operating profit grew 13%. Excluding the favorable impact of professional fees largely related to corporate development activities recorded in 2014 of 1 percentage point, operating profit increased 12%. This increase was primarily due to revenue growth as expenses remained relatively flat as a result of cost containment measures.

Industry Highlights and Outlook

Indices continues to be the leading index provider for the ETF market space. In 2016, higher average levels of AUM for ETFs contributed to revenue growth. Additionally, data revenue and higher volumes for exchange-traded derivatives contributed to the increase in revenue.

In October of 2016, the segment completed the acquisition of Trucost to build on it's current portfolio of Environmental, Social and Governance solutions.

Indices will continue to seek to expand index offerings through asset class expansion, new geographies, and investment strategies by remaining focused on:

• organic growth initiatives focused on building out its index and service offering;

• acquisitions to expand into adjacent markets;

• strategic acquisitions/partnerships to accelerate strategic areas of growth; and

• expanding relationships with global exchanges to expand geographic reach and gain access to regional data sets.

Legal and Regulatory Environment

The financial benchmarks industry is subject to the new pending benchmark regulation in the European Union (the “E.U. Benchmark Regulation”) as well as potential increased regulation in other jurisdictions.

The E.U. Benchmark Regulation was published June 30, 2016 and included provisions applicable to Indices and Platts, which will become effective January 1, 2018. The E.U. Benchmark Regulation requires Indices and Platts in due course to obtain registration or authorization in connection with their respective benchmark activities in Europe. This legislation will likely cause additional operating obligations but they are not expected to be material at this time, although the exact impact remains unclear.

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In addition, the European Union has recently finalized a package of legislative measures known as MiFID II, which revise and update the existing E.U. Markets in Financial Instruments Directive framework. MiFID II applies in full in all E.U. Member States as of January 3, 2017. MiFID II includes provisions that, among other things: (i) impose new conditions and requirements on the licensing of benchmarks and provide for non-discriminatory access to exchanges and clearing houses; (ii) modify the categorization and treatment of certain classes of derivatives; (iii) expand the categories of trading venue that are subject to regulation; and (iv) provide for the mandatory trading of certain derivatives on exchanges (complementing the mandatory derivative clearing requirements in the E.U. Market Infrastructure Regulation of 2011). Although the MiFID II package is “framework” legislation (meaning that much of the detail of the rules will be set out in subordinate measures to be agreed upon in the period before 2017), it is possible that the introduction of these laws and rules could affect Indices’ ability both to administer and license its indices.

In July of 2013, the International Organization of Securities Commissions (“IOSCO”) issued Financial Benchmark Principles, intended to promote the reliability of benchmark determinations, and address governance, benchmark quality and accountability mechanisms, including with regard to the indices published by Indices. Even though the Financial Benchmark Principles are not binding law, Indices has taken steps to align its governance regime and operations with the Financial Benchmark Principles and engaged an independent auditor to perform a reasonable assurance review of such alignment.

The markets for index providers are very competitive. Indices competes domestically and internationally on the basis of a number of factors, including the quality of its benchmark indices, client service, reputation, price, range of products and services (including geographic coverage) and technological innovation. For a further discussion of competitive and other risks inherent in our Indices business, see Item 1a, Risk Factors, in this Annual Report on Form 10-K.

LIQUIDITY AND CAPITAL RESOURCES

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses and our core businesses have been strong cash generators. In 2017, cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

Cash Flow Overview

Cash and cash equivalents were $2.4 billion as of December 31, 2016, an increase of $0.9 billion as compared to December 31, 2015, and consisted of approximately 30% of domestic cash and 70% of cash held abroad. Typically, cash held outside the U.S. is anticipated to be utilized to fund international operations or to be reinvested outside of the U.S., as a significant portion of our opportunities for growth in the coming years is expected to be abroad. In the event funds from international operations are needed to fund operations in the U.S., we would be required to accrue for and pay taxes in the U.S. to repatriate these funds.

(in millions)	Year ended December 31,
	2016			2015			2014
Net cash provided by (used for):
Operating activities from continuing operations	$	1,464		$	195		$	1,209
Investing activities from continuing operations	1,205			(2,525		)	(65		)
Financing activities from continuing operations	(1,600		)	1,510			(462		)

In 2016, free cash flow increased to $1.2 billion compared to $(48.0) million in 2015. The increase is primarily due to the increase in cash provided from operating activities as discussed below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and dividends and other payments paid to noncontrolling interests. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow and free cash flow excluding certain items.

Operating activities

Cash provided by operating activities increased $1.3 billion to $1.5 billion in 2016 compared to $195 million in 2015. The increase is mainly due to the payment of legal and regulatory settlements in 2015 of $1.6 billion, partially offset by higher income tax payments in 2016.

Cash provided by operating activities decreased $1.0 billion to $195 million in 2015 compared to $1.2 billion in 2014. The decrease is mainly due to the payment of legal and regulatory settlements in 2015 of $1.6 billion.

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Investing activities

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash provided by investing activities increased to $1.2 billion for 2016 as compared to cash used for investing activities of $2.5 billion in 2015. The increase is primarily due to proceeds from the sale of J.D. Power of $1.1 billion in 2016 compared to cash used for the acquisition of SNL of $2.2 billion in 2015.

Cash used for investing activities increased to $2.5 billion for 2015 from $65 million in 2014, primarily due to the acquisition of SNL in 2015.

Refer to Note 2 – Acquisitions and Divestitures to our consolidated financial statements for further information.

Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends and repayment of debt, while cash inflows are primarily inflows from long-term and short-term debt borrowings and proceeds from the exercise of stock options.

Cash used for financing activities was $1.6 billion in 2016 compared to cash provided by financing activities of $1.5 billion in 2015. The decrease is primarily attributable to higher proceeds received from the issuance of senior notes in 2015.

Cash provided by financing activities was $1.5 billion in 2015 compared to cash used for financing activities of $462 million in 2014, driven by proceeds from the issuance of senior notes in 2015, partially offset by an increase in cash used for the repurchase of treasury shares.

During 2016, we used cash to repurchase 10 million shares for $1,123 million. In December of 2015, we repurchased 0.3 million shares for approximately $26 million, which settled in January of 2016. Using a portion of the proceeds received from the sale of J.D. Power, we entered into an accelerated share repurchase ("ASR") agreement with a financial institution on September 7, 2016 to initiate share repurchases aggregating $750 million. We repurchased a total of 6.1 million shares under the ASR agreement for an average purchase price of $122.18 per share. See Note 9 —Equity for further discussion.

During 2015, we used cash to repurchase 9.8 million shares for $974 million. An additional 0.3 million shares were repurchased in the fourth quarter of 2015 for approximately $26 million, which settled in January of 2016.

During 2014, we used cash to repurchase 4.6 million shares for $362 million. Included in the repurchase were 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company ("Mr. McGraw"). The shares were purchased at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price pursuant to a private transaction with Mr. McGraw. We repurchased these shares with cash for $41 million. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee.

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of up to 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time. Our current repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions. As of December 31, 2016, 25.8 million shares remained available under our current repurchase program.

Discontinued Operations

Cash flows from discontinued operations reflects the classification of McGraw Hill Construction as a discontinued operation. Cash used for operating activities from discontinued operations decreased to $129 million in 2015 compared to cash provided by operating activities from discontinued operations of $18 million in 2014 due to the tax payment on the gain on sale of McGraw Hill Construction in 2015. Cash provided by investing activities from discontinued operations of $320 million in 2014 relates to proceeds received from the sale of McGraw Hill Construction.

Additional Financing

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2015. This credit facility will terminate

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on June 30, 2020. There were no commercial paper borrowings outstanding as of December 31, 2016. Commercial paper borrowings outstanding as of December 31, 2015 totaled $143 million with an average interest rate and term of 0.95% and 17 days, respectively.

Depending on our indebtedness to cash flow ratio, we pay a commitment fee of 10 to 20 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 15 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offered Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

Dividends

On January 25, 2017, the Board of Directors approved an increase in the quarterly common stock dividend from $0.36 per share to $0.41 per share.

Contractual Obligations

We typically have various contractual obligations, which are recorded as liabilities in our consolidated balance sheets, while other items, such as certain purchase commitments and other executory contracts, are not recognized, but are disclosed herein. For example, we are contractually committed to contracts for information-technology outsourcing, certain enterprise-wide information-technology software licensing and maintenance and make certain minimum lease payments for the use of property under operating lease agreements.

We believe that the amount of cash and cash equivalents on hand, cash flow expected from operations and availability under our credit facility will be adequate for us to execute our business strategy and meet anticipated requirements for lease obligations, capital expenditures, working capital and debt service for 2017.

The following table summarizes our significant contractual obligations and commercial commitments as of December 31, 2016, over the next several years that relate to our continuing operations. Additional details regarding these obligations are provided in the notes to our consolidated financial statements, as referenced in the footnotes to the table:

(in millions)	Less than 1 Year		1-3 Years		3-5 Years		More than 5 Years		Total
Debt: 1
Principal payments	—		398		696		2,470		3,564
Interest payments	165		269		232		766		1,432
Operating leases 2	116		210		136		540		1,002
Purchase obligations and other 3	107		84		31		79		301
Total contractual cash obligations	$	388	$	961	$	1,095	$	3,855	$	6,299

¹  Our debt obligations are described in Note 5 – Debt to our consolidated financial statements.

²  Amounts shown include taxes and escalation payments, see Note 13 – Commitments and Contingencies to our consolidated financial statements for further discussion on our operating lease obligations.

³  Other consists primarily of commitments for unconditional purchase obligations in contracts for information-technology outsourcing and certain enterprise-wide information-technology software licensing and maintenance.

As of December 31, 2016, we had $161 million of liabilities for unrecognized tax benefits. We have excluded the liabilities for unrecognized tax benefits from our contractual obligations table because reasonable estimates of the timing of cash settlements with the respective taxing authorities are not practicable.

As of December 31, 2016, we have recorded $1,080 million for our redeemable noncontrolling interest in our S&P Dow Jones Indices LLC partnership discussed in Note 9 – Equity to our consolidated financial statements.  Specifically, this amount relates to the put option under the terms of the operating agreement of S&P Dow Jones Indices LLC, whereby, after December 31, 2017, CME Group and CME Group Index Services LLC ("CGIS") will have the right at any time to sell, and we are obligated to buy,

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at least 20% of their share in S&P Dow Jones Indices LLC. We have excluded this amount from our contractual obligations table because we are uncertain as to the timing and the ultimate amount of the potential payment we may be required to make.

We make contributions to our pension and postretirement plans in order to satisfy minimum funding requirements as well as additional contributions that we consider appropriate to improve the funded status of our plans. During 2016, we contributed $8 million and $6 million to our domestic and international retirement and postretirement plans, respectively. Expected employer contributions in 2017 are $8 million for each of our domestic and international retirement and postretirement plans. In 2017, we may elect to make additional non-required contributions depending on investment performance and the pension plan status. See Note 7 – Employee Benefits to our consolidated financial statements for further discussion.

Off-Balance Sheet Arrangements

As of December 31, 2016 and 2015, we did not have any relationships with unconsolidated entities, such as entities often referred to as specific purpose or variable interest entities where we are the primary beneficiary, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such we are not exposed to any financial liquidity, market or credit risk that could arise if we had engaged in such relationships.

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RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and dividends and other payments paid to noncontrolling interests. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow. Additionally, we have considered certain items in evaluating free cash flow, which are included in the table below.

We believe the presentation of free cash flow and free cash flow excluding certain items allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and dividends and other payments paid to noncontrolling interests are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to service debt, make strategic acquisitions and investments, repurchase stock and fund ongoing operation and working capital needs.

The presentation of free cash flow and free cash flow excluding certain items are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow excluding the impact of the items below:

(in millions)	Year ended December 31,									% Change
	2016			2015			2014			'16 vs '15	'15 vs '14
Cash provided by operating activities	$	1,464		$	195		$	1,209		N/M	(84)%
Capital expenditures	(115		)	(139		)	(92		)
Dividends and other payments paid to noncontrolling interests	(116		)	(104		)	(84		)
Free cash flow	$	1,233		$	(48	)	$	1,033		N/M	N/M
Tax on gain from sale of J.D. Power	200			—			—
Payment of legal and regulatory settlements	150			1,624			35
Legal settlement insurance recoveries	(77		)	(101		)	—
Tax benefit from legal settlements	(24		)	(250		)	—
Free cash flow excluding above items	$	1,482		$	1,225		$	1,068		21%	15%

CRITICAL ACCOUNTING ESTIMATES

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Unless otherwise indicated, all discussion and analysis of our financial condition and results of operations relate to our continuing operations.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates.

Management considers an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. Management has discussed the development and selection of our critical accounting estimates with the Audit Committee of our Board of Directors. The Audit Committee has reviewed our disclosure relating to them in this MD&A.

We believe the following critical accounting policies require us to make significant judgments and estimates in the preparation of our consolidated financial statements:

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Revenue recognition

Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the services’ standalone selling price and recognize revenue as earned as the services are delivered. The allocation of consideration received from multiple element arrangements that involve initial assignment of ratings and the future surveillance of ratings is determined through an analysis that considers cash consideration that would be received for instances when the service components are sold separately. In such cases, we defer portions of rating fees that we estimate will be attributed to future surveillance and recognize the deferred revenue ratably over the estimated surveillance periods. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period.

For the years ended December 31, 2016, 2015 and 2014, no significant changes have been made to the underlying assumptions related to estimates of revenue or the methodologies applied. We are currently evaluating the impact that the adoption of the new accounting standard of recognition of revenue will have on our consolidated financial statements. See Note 1 - Accounting Policies to our consolidated financial statements for further information. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Allowance for doubtful accounts

The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators. The impact on operating profit for a one percentage point change in the allowance for doubtful accounts is approximately $12 million.

For the years ended December 31, 2016, 2015 and 2014, there were no material changes in our assumptions regarding the determination of the allowance for doubtful accounts. Based on our current outlook these assumptions are not expected to significantly change in 2017.

Accounting for the impairment of long-lived assets (including other intangible assets)

We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

For the year ended December 31, 2016, we recorded a non-cash impairment charge of $24 million related to a technology project at our Market and Commodities segment in selling and general expenses in our consolidated statement of income.

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 – Related Party Transactions to our consolidated financial statements for further information.

On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) which owns, operates, and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value of the facilities and associated infrastructure classified as held for sale to their fair value.

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Goodwill and indefinite-lived intangible assets

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. As of December 31, 2016 and 2015, the carrying value of goodwill and other indefinite-lived intangible assets was $3.7 billion and $3.6 billion, respectively. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year or more frequently if events or changes in circumstances indicate that the asset might be impaired.

Goodwill

As part of our annual impairment test of our four reporting units, we initially perform a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. Reporting units are generally an operating segment or one level below an operating segment. Our qualitative assessment included, but was not limited to, consideration of macroeconomic conditions, industry and market conditions, cost factors, cash flows, changes in key Company personnel and our share price. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than its respective carrying amount we perform a two-step quantitative impairment test. For 2016, based on our qualitative assessments, we determined that it is more likely than not that our reporting units’ fair value was greater than their respective carrying amounts.

If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit's goodwill to the carrying value of the goodwill. The implied fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge.

Indefinite-Lived Intangible Assets

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess. Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for this indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.

We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2016, 2015, and 2014.

Retirement plans and postretirement healthcare and other benefits

Our employee pension and other postretirement benefit costs and obligations are dependent on assumptions concerning the outcome of future events and circumstances, including compensation increases, long-term return on pension plan assets, healthcare cost trends, discount rates and other factors. In determining such assumptions, we consult with outside actuaries and other advisors where deemed appropriate. In accordance with relevant accounting standards, if actual results differ from our assumptions, such differences are deferred and amortized over the estimated remaining lifetime of the plan participants. While we believe that the assumptions used in these calculations are reasonable, differences in actual experience or changes in assumptions could affect the expense and liabilities related to our pension and other postretirement benefits.

The following is a discussion of some significant assumptions that we make in determining costs and obligations for pension and other postretirement benefits:

• Discount rate assumptions are based on current yields on high-grade corporate long-term bonds.

• Healthcare cost trend assumptions are based on historical market data, the near-term outlook and an assessment of likely long-term trends.

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• The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term.

Our discount rate and return on asset assumptions used to determine the net periodic pension and postretirement benefit cost on our U.S. retirement plans are as follows:

	Retirement Plans						Postretirement Plans
January 1	2017		2016		2015		2017		2016		2015
Discount rate 1	4.14	%	4.47	%	4.15	%	3.69	%	3.90	%	3.60	%
Return on assets	6.25	%	6.25	%	6.25	%
Weighted-average healthcare cost rate							7.00	%	7.00	%	7.00	%

¹  At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. See Note 7 – Employee Benefits to our consolidated financial statements for further information.

Stock-based compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in our consolidated statements of income.

We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:

	Year Ended December 31,
	2015		2014
Risk-free average interest rate	0.2 - 1.9%		0.1 - 2.9%
Dividend yield	1.4%		1.4 - 1.8%
Volatility	21 - 39%		18 - 41%
Expected life (years)	6.3		6.21 - 6.25
Weighted-average grant-date fair value per option	$	27.57	$	23.41

Because lattice-based option-pricing models incorporate ranges of assumptions, those ranges are disclosed. These assumptions are based on multiple factors, including historical exercise patterns, post-vesting termination rates, expected future exercise patterns and the expected volatility of our stock price. The risk-free interest rate is the imputed forward rate based on the U.S. Treasury yield at the date of grant. We use the historical volatility of our stock price over the expected term of the options to estimate the expected volatility. The expected term of options granted is derived from the output of the lattice model and represents the period of time that options granted are expected to be outstanding.

During 2015, we stopped granting stock options as part of our employees' total stock-based incentive awards. There were no stock options granted in 2016 and a minimal amount of stock options granted in 2015.

Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled

50

prior to December 31, 2017. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, it is our opinion that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements.

We have determined that the undistributed earnings of our foreign subsidiaries are permanently reinvested within those foreign operations. Accordingly, we have not provided deferred income taxes on these indefinitely reinvested earnings. A future distribution by the foreign subsidiaries of these earnings could result in additional tax liability, which may be material to our future reported results, financial position and cash flows.

For the years ended December 31, 2016, 2015 and 2014, we made no material changes in our assumptions regarding the determination of the provision for income taxes. However, certain events could occur that would materially affect our estimates and assumptions regarding deferred taxes. Changes in current tax laws and applicable enacted tax rates could affect the valuation of deferred tax assets and liabilities, thereby impacting our income tax provision.

Contingencies

We are subject to a number of lawsuits and claims that arise in the ordinary course of business. We recognize a liability for such contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred.

Redeemable Noncontrolling Interest

The fair value component of the redeemable noncontrolling interest in Indices business is based on a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features.

RECENTACCOUNTING STANDARDS

See Note 1 – Accounting Policies to our consolidated financial statements for a detailed description of recent accounting standards. We do not expect these recent accounting standards to have a material impact on our results of operations, financial condition, or liquidity in future periods.

Item 7a. Quantitative and Qualitative Disclosures about Market Risk

There have been no significant changes in our exposure to market risk during the year ended December 31, 2016. Our exposure to market risk includes changes in foreign exchange rates. We have operations in various foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. During the year ended December 31, 2016, we entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. We have not entered into any derivative financial instruments for speculative purposes. See Note 6 – Derivative Instruments to our consolidated financial statements for further information.

51

Item 8. Consolidated Financial Statements and Supplementary Data

TABLE OF CONTENTS

	Page
Reports of Independent Registered Public Accounting Firm	53
Consolidated Statements of Income	55
Consolidated Statements of Comprehensive Income	56
Consolidated Balance Sheets	57
Consolidated Statements of Cash Flows	58
Consolidated Statements of Equity	59
Notes to the Consolidated Financial Statements	60
1 Accounting Policies	60
2 Acquisitions and Divestitures	66
3 Goodwill and Other Intangible Assets	72
4 Taxes on Income	74
5 Debt	76
6 Derivative Instruments	77
7 Employee Benefits	78
8 Stock-Based Compensation	84
9 Equity	87
10 Earnings (Loss) per Share	89
11 Restructuring	90
12 Segment and Geographic Information	91
13 Commitments and Contingencies	93
14 Related Party Transactions	95
15 Quarterly Financial Information	96
16 Condensed Consolidating Financial Statements	97

52

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of S&P Global Inc.

We have audited the accompanying consolidated balance sheets of S&P Global Inc. (the “Company”) as of December 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, cash flows and equity for each of the three years in the period ended December 31, 2016. Our audits also included the financial statement schedule listed in Item 15(a)(2). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of S&P Global Inc. at December 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), S&P Global Inc.’s internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 9, 2017 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

New York, New York

February 9, 2017

53

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of S&P Global Inc.

We have audited S&P Global Inc.’s (the “Company”) internal control over financial reporting as of December 31, 2016, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). S&P Global Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate

In our opinion, S&P Global Inc. maintained, in all material respects, effective internal control over financial reporting as of December 31, 2016, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of S&P Global Inc. as of December 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, cash flows and equity for each of the three years in the period ended December 31, 2016 of S&P Global Inc. and our report dated February 9, 2017 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

New York, New York

February 9, 2017

54

Consolidated Statements of Income

(in millions, except per share data)	Year Ended December 31,
	2016			2015			2014
Revenue	$	5,661		$	5,313		$	5,051
Expenses:
Operating-related expenses	1,769			1,700			1,651
Selling and general expenses	1,443			1,550			3,144
Depreciation	85			90			86
Amortization of intangibles	96			67			48
Total expenses	3,393			3,407			4,929
(Gain) loss on dispositions	(1,101		)	(11		)	9
Operating profit	3,369			1,917			113
Interest expense, net	181			102			59
Income from continuing operations before taxes on income	3,188			1,815			54
Provision for taxes on income	960			547			245
Income (loss) from continuing operations	2,228			1,268			(191		)
Discontinued operations, net of tax:
Income from discontinued operations	—			—			18
Gain on sale of discontinued operations	—			—			160
Discontinued operations, net	—			—			178
Net income (loss)	2,228			1,268			(13		)
Less: net income from continuing operations attributable to noncontrolling interests	(122		)	(112		)	(102		)
Net income (loss) attributable to S&P Global Inc.	$	2,106		$	1,156		$	(115	)
Amounts attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations	$	2,106		$	1,156		$	(293	)
Income from discontinued operations	—			—			178
Net income (loss)	$	2,106		$	1,156		$	(115	)
Earnings (loss) per share attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations:
Basic	$	8.02		$	4.26		$	(1.08	)
Diluted	$	7.94		$	4.21		$	(1.08	)
Income from discontinued operations:
Basic	$	—		$	—		$	0.66
Diluted	$	—		$	—		$	0.66
Net income (loss):
Basic	$	8.02		$	4.26		$	(0.42	)
Diluted	$	7.94		$	4.21		$	(0.42	)
Weighted-average number of common shares outstanding:
Basic	262.8			271.6			271.5
Diluted	265.2			274.6			271.5
Actual shares outstanding at year end	258.3			265.2			272.0
Dividend declared per common share	$	1.44		$	1.32		$	1.20

See accompanying notes to the consolidated financial statements.

55

Consolidated Statements of Comprehensive Income

(in millions)	Year Ended December 31,
	2016			2015			2014
Net income (loss)	$	2,228		$	1,268		$	(13	)
Other comprehensive income (loss):
Foreign currency translation adjustment	(132		)	(111		)	(108		)
Income tax effect	(7		)	1			2
	(139		)	(110		)	(106		)
Pension and other postretirement benefit plans	(27		)	34			(357		)
Income tax effect	(10		)	(9		)	142
	(37		)	25			(215		)
Unrealized gain (loss) on forward exchange contracts	4			(1		)	4
Income tax effect	(1		)	—			(1		)
	3			(1		)	3
Comprehensive income (loss)	2,055			1,182			(331		)
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(13		)	(11		)	(10		)
Less: comprehensive income attributable to redeemable noncontrolling interests	(109		)	(101		)	(92		)
Comprehensive income (loss) attributable to S&P Global Inc.	$	1,933		$	1,070		$	(433	)

See accompanying notes to the consolidated financial statements.

56

Consolidated Balance Sheets

(in millions)	December 31,
	2016			2015
ASSETS
Current assets:
Cash and cash equivalents	$	2,392		$	1,481
Short-term investments	8			6
Accounts receivable, net of allowance for doubtful accounts: 2016 - $28; 2015 - $37	1,122			991
Deferred income taxes	—			109
Prepaid and other current assets	142			206
Assets of a business held for sale	7			503
Total current assets	3,671			3,296
Property and equipment:
Buildings and leasehold improvements	356			352
Equipment and furniture	452			503
Total property and equipment	808			855
Less: accumulated depreciation	(537		)	(585		)
Property and equipment, net	271			270
Goodwill	2,949			2,882
Other intangible assets, net	1,506			1,522
Other non-current assets	272			213
Total assets	$	8,669		$	8,183
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	183		$	206
Accrued compensation and contributions to retirement plans	409			383
Short-term debt	—			143
Income taxes currently payable	95			56
Unearned revenue	1,509			1,421
Accrued legal and regulatory settlements	56			121
Other current liabilities	314			372
Liabilities of a business held for sale	45			206
Total current liabilities	2,611			2,908
Long-term debt	3,564			3,468
Pension and other postretirement benefits	274			276
Other non-current liabilities	439			368
Total liabilities	6,888			7,020
Redeemable noncontrolling interest	1,080			920
Commitments and contingencies (Note 13)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 412 million shares in 2016 and 2015	412			412
Additional paid-in capital	502			475
Retained income	9,210			7,636
Accumulated other comprehensive loss	(773		)	(600		)
Less: common stock in treasury - at cost: 2016 - 153 million shares; 2015 - 146 million shares	(8,701		)	(7,729		)
Total equity – controlling interests	650			194
Total equity – noncontrolling interests	51			49
Total equity	701			243
Total liabilities and equity	$	8,669		$	8,183

See accompanying notes to the consolidated financial statements.

57

Consolidated Statements of Cash Flows

(in millions)	Year Ended December 31,
	2016			2015			2014
Operating Activities:
Net income (loss)	$	2,228		$	1,268		$	(13	)
Less: income from discontinued operations	—			—			178
Net income (loss) from continuing operations	2,228			1,268			(191		)
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities from continuing operations:
Depreciation	85			90			86
Amortization of intangibles	96			67			48
Provision for losses on accounts receivable	9			8			11
Deferred income taxes	79			280			(245		)
Stock-based compensation	76			78			100
(Gain) loss on dispositions	(1,101		)	(11		)	9
Accrued legal and regulatory settlements	54			119			1,587
Other	30			57			71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(177		)	(118		)	(9		)
Prepaid and other current assets	(2		)	(4		)	(7		)
Accounts payable and accrued expenses	(26		)	(92		)	(130		)
Unearned revenue	107			129			78
Accrued legal and regulatory settlements	(150		)	(1,624		)	(35		)
Other current liabilities	(21		)	(78		)	(16		)
Net change in prepaid / accrued income taxes	132			61			(93		)
Net change in other assets and liabilities	45			(35		)	(55		)
Cash provided by operating activities from continuing operations	1,464			195			1,209
Investing Activities:
Capital expenditures	(115		)	(139		)	(92		)
Acquisitions, net of cash acquired	(177		)	(2,396		)	(71		)
Proceeds from dispositions	1,498			14			83
Changes in short-term investments	(1		)	(4		)	15
Cash provided by (used for) investing activities from continuing operations	1,205			(2,525		)	(65		)
Financing Activities:
(Payments on) / additions to short-term debt, net	(143		)	143			—
Proceeds from issuance of senior notes, net	493			2,674			—
Payments on senior notes	(421		)	—			—
Dividends paid to shareholders	(380		)	(363		)	(326		)
Dividends and other payments paid to noncontrolling interests	(116		)	(104		)	(84		)
Repurchase of treasury shares	(1,123		)	(974		)	(362		)
Exercise of stock options	88			86			193
Contingent consideration payments	(39		)	(5		)	(11		)
Purchase of additional CRISIL shares	—			(16		)	—
Excess tax benefits from share-based payments	41			69			128
Cash (used for) provided by financing activities from continuing operations	(1,600		)	1,510			(462		)
Effect of exchange rate changes on cash from continuing operations	(158		)	(67		)	(65		)
Cash provided by (used for) continuing operations	911			(887		)	617
Discontinued Operations:
Cash (used for) provided by operating activities	—			(129		)	18
Cash provided by investing activities	—			—			320
Cash (used for) provided by discontinued operations	—			(129		)	338
Net change in cash and cash equivalents	911			(1,016		)	955
Cash and cash equivalents at beginning of year	1,481			2,497			1,542
Cash and cash equivalents at end of year	$	2,392		$	1,481		$	2,497
Cash paid during the year for:
Interest (including discontinued operations)	$	150		$	65		$	50
Income taxes (including discontinued operations)	$	683		$	260		$	419

See accompanying notes to the consolidated financial statements.

58

Consolidated Statements of Equity

(in millions)	Common Stock $1 par		Additional Paid-in Capital			Retained Income			Accumulated Other Comprehensive Loss			Less: Treasury Stock			Total SPGI Equity			Noncontrolling Interests			Total Equity
Balance as of December 31, 2013	$	412	$	447		$	7,384		$	(196	)	$	6,746		$	1,301		$	43		$	1,344
Comprehensive (loss) income 1						(115		)	(318		)				(433		)	10			(423		)
Dividends						(324		)							(324		)	(8		)	(332		)
Share repurchases												352			(352		)	6			(346		)
Employee stock plans, net of tax benefit			46									(249		)	295						295
Change in redemption value of redeemable noncontrolling interest						(1		)							(1		)				(1		)
Other						2									2						2
Balance as of December 31, 2014	$	412	$	493		$	6,946		$	(514	)	$	6,849		$	488		$	51		$	539
Comprehensive income1						1,156			(86		)				1,070			11			1,081
Dividends						(359		)							(359		)	(9		)	(368		)
Share repurchases												1,000			(1,000		)	(2		)	(1,002		)
Employee stock plans, net of tax benefit			(18		)							(120		)	102						102
Change in redemption value of redeemable noncontrolling interest						(107		)							(107		)				(107		)
Other															—			(2		)	(2		)
Balance as of December 31, 2015	$	412	$	475		$	7,636		$	(600	)	$	7,729		$	194		$	49		$	243
Comprehensive income 1						2,106			(173		)				1,933			13			1,946
Dividends						(380		)							(380		)	(10		)	(390		)
Share repurchases												1,097			(1,097		)	—			(1,097		)
Employee stock plans, net of tax benefit			27									(125		)	152						152
Change in redemption value of redeemable noncontrolling interest						(153		)							(153		)				(153		)
Other						1									1			(1		)	—
Balance as of December 31, 2016	$	412	$	502		$	9,210		$	(773	)	$	8,701		$	650		$	51		$	701

¹ Excludes $109 million, $101 million and $92 million in 2016, 2015 and 2014, respectively, attributable to redeemable noncontrolling interest.

See accompanying notes to the consolidated financial statements.

59

Notes to the Consolidated Financial Statements

1. Accounting Policies

Nature of operations

S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; and the commodity markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture.

Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market and Commodities Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services and deliver their customers in the commodity and energy markets access to high-value information, data, analytic services and pricing and quality benchmarks. As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

See Note 12 – Segment and Geographic Information for further discussion on our operating segments, which are also our reportable segments.

Assets and Liabilities Held for Sale and Discontinued Operations

Assets and Liabilities Held for Sale

We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

An entity that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale.

The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets.

60

Discontinued Operations

Beginning on January 1, 2015, we adopted revised guidance for discontinued operations that raises the threshold for a disposal to qualify as a discontinued operation. In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

For the year ended December 31, 2014, we applied the previous guidance for discontinued operations in determining whether a group of assets disposed or to be disposed of should be presented as a discontinued operation. We determined whether the group of assets being disposed of comprised a component of the entity. We also determined whether the cash flows associated with the group of assets had been or would have been eliminated from our ongoing operations as a result of the disposal transaction and whether we would have had significant continuing involvement in the operations of the group of assets after the disposal transaction. If we concluded that the cash flows had been eliminated and we had no significant continuing involvement, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) were aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

See Note 2 – Acquisitions and Divestitures for a summary of discontinued operations. Unless otherwise indicated, all disclosures and amounts in the notes to our consolidated financial statements relate to our continuing operations.

Principles of consolidation

The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $2.4 billion and $1.5 billion as of December 31, 2016 and 2015, respectively. These investments are not subject to significant market risk.

Short-term investments

Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit and mutual funds, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded into income when earned.

Accounts receivable

Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.

Allowance for doubtful accounts

The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.

Deferred technology costs

We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and

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website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization. Gross deferred technology costs were $145 million and $128 million as of December 31, 2016 and 2015, respectively. Accumulated amortization of deferred technology costs was $91 million and $72 million as of December 31, 2016 and 2015, respectively.

Fair Value

Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have an immaterial amount of forward exchange contracts that are adjusted to fair value on a recurring basis.

Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our long-term debt borrowings were $3.7 billion and $3.6 billion as of December 31, 2016 and 2015, respectively, and was estimated based on quoted market prices.

Accounting for the impairment of long-lived assets (including other intangible assets)

We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

For the year ended December 31, 2016, we recorded a non-cash impairment charge of $24 million related to a technology project at our Market and Commodities Intelligence segment in selling and general expenses in our consolidated statement of income.

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 – Related Party Transactions for further discussion.

On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) which owns, operates, and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value of the facilities and associated infrastructure classified as held for sale to their fair value.

Goodwill and other indefinite-lived intangible assets

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a two-step quantitative impairment test.

When conducting the first step of our two step impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of a discounted free cash flow (“DCF”) analyses and are

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corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums.

If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the carrying value of the goodwill. The fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge.

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess.

Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.

We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2016, 2015 and 2014.

Foreign currency translation

We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.

Revenue recognition

Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, management makes its best estimate of the services’ stand-alone selling price and records revenue as it is earned over the service period. For arrangements that include multiple services, fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period.

Depreciation

The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.

Advertising expense

The cost of advertising is expensed as incurred. We incurred $35 million, $33 million and $35 million in advertising costs for the years ended December 31, 2016, 2015 and 2014, respectively.

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Stock-based compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income.

Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled prior to December 31, 2017. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, our opinion is that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements.

Redeemable Noncontrolling Interest

The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture established in June of 2012 contains redemption features whereby interests held by our minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would be required to purchase all of such interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income. See Note 9 – Equity for further detail.

Contingencies

We accrue for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.

Recent Accounting Standards

In August of 2016, the Financial Accounting Standards Board ("FASB") issued guidance providing amendments to eight specific statement of cash flows classification issues. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In March of 2016, the FASB issued guidance to modify several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance will require recognizing excess tax benefits and deficiencies as income tax expense or

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benefit in the statement of income, instead of in equity as under the current guidance. We reported excess tax benefits from share -based payments of $41 million, $69 million and $128 million for the years ended December 31, 2016, 2015 and 2014, respectively. In addition, these amounts will be classified as an operating activity in the statement of cash flows, instead of as a financing activity. Cash paid for shares withheld on the employees' behalf will be classified as a financing activity, instead of as an operating activity. Cash paid for employee taxes was $55 million, $92 million and $95 million for the years ended December 31, 2016, 2015 and 2014, respectively. The 2016, 2015 and 2014 amounts of excess tax benefits from share-based payments and cash paid for employee taxes are not necessarily indicative of future amounts that may arise from the implementation of the new accounting guidance. The guidance is effective for reporting periods beginning after December 15, 2016 is required to be adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively or prospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows, and 3) retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows.

In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognizeassets and liabilities but will recognize expenses similar to current lease accounting. The guidance is effective for reporting periods beginning after December 15, 2018; however, early adoption is permitted. The new guidance must be adopted using a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. The guidance is effective for reporting periods beginning after December 15, 2017. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2015, the FASB issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

In September of 2015, the FASB issued guidance intended to simplify the accounting for measurement-period adjustments made to provisional amounts recognized in a business combination. The guidance eliminates the requirement to retrospectively account for those adjustments. The guidance was effective on January 1, 2016, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In February of 2015, the FASB issued guidance that requires management to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2015, the FASB issued guidance that eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In August of 2014, the FASB issued guidance that requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for reporting periods ending after December 15, 2016; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In May of 2014, the FASB and the International Accounting Standards Board (“IASB”) issued jointly a converged standard on the recognition of revenue from contracts with customers which is intended to improve the financial reporting of revenue and comparability of the top line in financial statements globally. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In August of 2015, the FASB issued guidance deferring the effective date of the new revenue standard by one year. Subsequently, the FASB issued implementation guidance related to the new revenue standard, including the following: In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations; in April of

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2016, the FASB clarified guidance on performance obligations and the licensing implementation guidance; in May of 2016, the FASB issued a practical expedient in response to identified implementation issues. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the application of a transition method and the impact that adoption of these updates will have on our consolidated financial statements. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Reclassification

Certain prior year amounts have been reclassified for comparability purposes.

2. Acquisitions and Divestitures

Acquisitions

2016

For the year ended December 31, 2016, we paid cash for acquisitions, net of cash acquired, totaling $177 million. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2016 by segment included:

Market and Commodities Intelligence

• In December of 2016, Market and Commodities Intelligence acquired a 2.54% equity investment in Kensho Technologies, Inc. ("Kensho"), a financial technology startup in market data analytics. We accounted for the acquisition of Kensho on a cost basis. Our investment in Kensho is not material to our consolidated financial statements.

• In September of 2016, Market and Commodities Intelligence acquired PIRA Energy Group ("PIRA"), a global provider of energy research and forecasting products and services. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by expanding its oil offering and strengthening its position in the natural gas and power markets. We accounted for the acquisition of PIRA using the purchase method of accounting. The acquisition of PIRA is not material to our consolidated financial statements.

• In June of 2016, Market and Commodities Intelligence acquired RigData, a provider of daily information on rig activity for the natural gas and oil markets across North America. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by strengthening its position in natural gas and enhancing its oil offering. We accounted for the acquisition of RigData using the purchase method of accounting. The acquisition of RigData is not material to our consolidated financial statements.

• In March of 2016, Market and Commodities Intelligence acquired Commodity Flow, a specialist technology and business intelligence service for the global waterborne commodity and energy markets. The purchase helps extend Market and Commodities Intelligence's trade flow analytical capabilities and complements its existing shipping services. We accounted for the acquisition of Commodity Flow using the purchase method of accounting. The acquisition of Commodity Flow is not material to our consolidated financial statements.

Following our acquisition of PIRA, we made a contingent purchase price payment in 2016 for $34 million that has been reflected in the consolidated statement of cash flows as a financing activity.

Following our acquisition of National Automobile Dealers Association's Used Car Guide ("UCG") at J.D. Power in July of 2015, we made a contingent purchase price payment in 2016 for $5 million that has been reflected in the consolidated statement of cash flows as a financing activity.

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Indices

• In October of 2016, Indices acquired Trucost plc, a leader in carbon and environmental data and risk analysis through its subsidiary S&P Global Indices UK Limited. The purchase will build on Indices' current portfolio of Environmental, Social and Governance solutions. The acquisition of Trucost plc is not material to our consolidated financial statements.

Ratings

• In June of 2016, Ratings acquired a 49% equity investment in Thailand's TRIS Rating Company Limited from its parent company, TRIS Corporation Limited. The transaction extends an existing association between Ratings and TRIS Rating and deepens their commitment to capital markets in Thailand. We accounted for the acquisition of TRIS Rating Company using the equity method of accounting. The equity investment in TRIS Rating is not material to our consolidated financial statements.

For acquisitions during 2016 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisitions is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 3 and 10 years which will be determined when we finalize our purchase price allocations. The goodwill for PIRA and RigData is expected to be deductible for tax purposes.

2015

For the year ended December 31, 2015, we paid cash for acquisitions, net of cash acquired, totaling $2.4 billion. We used the net proceeds of our $2.0 billion of senior notes issued in August of 2015 and cash on hand to finance the acquisition of SNL. All other acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2015 by segment included:

Market and Commodities Intelligence

• In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, media & communications, and metals & mining. SNL delivers information through its suite of web, mobile and direct data feed platforms that helps clients, including investment and commercial banks, investors, corporations, and regulators make decisions, improve efficiency, and manage risk. See below for further detail related to this transaction.

• In July of 2015, we acquired the entire issued share capital of Petromedia Ltd and its operating subsidiaries (“Petromedia”), an independent provider of data, intelligence, news and tools to the global fuels market that offers a suite of products that provides clients with actionable data and intelligence that enable informed decisions, minimize risk and increase efficiency. We accounted for the acquisition of Petromedia using the purchase method of accounting. The acquisition of Petromedia is not material to our consolidated financial statements.

Following our acquisition of UCG at J.D. Power in July of 2015, we made a contingent purchase price payment in 2015 for $5 million that has been reflected in the consolidated statement of cash flows as a financing activity.

For acquisitions during 2015 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 18 years.

Acquisition of SNL

Acquisition-Related Expenses

During the year ended December 31, 2015, the Company incurred approximately $37 million of acquisition-related costs related to the acquisition of SNL. These expenses are included in selling and general expenses in our consolidated statements of income.

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Allocation of Purchase Price

Our acquisition of SNL was accounted for using the purchase method. Under the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 10 and 18 years. The goodwill is expected to be deductible for tax purposes.

The following table presents the final allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition.

(in millions)
Current assets	$	29
Property, plant and equipment	19
Goodwill	1,574
Other intangible assets, net:
Databases and software	421
Customer relationships	162
Tradenames	185
Other intangibles	4
Other intangible assets, net	772
Other non-current assets	1
Total assets acquired	2,395
Current liabilities	(43		)
Unearned revenue	(117		)
Other non-current liabilities	(1		)
Total liabilities acquired	(161		)
Net assets acquired	$	2,234

Supplemental Pro Forma Information

Supplemental information on an unaudited pro forma basis is presented below for the years ended December 31, 2015 and 2014 as if the acquisition of SNL occurred on January 1, 2014. The pro forma financial information is presented for comparative purposes only, based on estimates and assumptions, which the Company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015. The unaudited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition, net of related tax, estimated using the Company's effective tax rate for continuing operations for the periods presented.

(in millions)	Year Ended December 31,
	2015		2014
Pro forma revenue	$	5,477	$	5,275
Pro forma net income (loss) from continuing operations	$	1,258	$	(251	)

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2014

For the year ended December 31, 2014, we paid cash for acquisitions, net of cash acquired, totaling $82 million. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2014 by segment included:

Ratings

• In October of 2014, we acquired BRC Investor Services S.A. (“BRC”), a Colombia-based ratings firm providing risk classifications of banks, financial services providers, insurance companies, corporate bonds and structured issues that will expand our presence in the Latin American credit markets. We accounted for the acquisition of BRC using the purchase method of accounting. The acquisition is not material to our consolidated financial statements.

• Following CRISIL's acquisition of Coalition Development Ltd. ("Coalition") that occurred in July of 2012, we made a contingent purchase price payment in 2014 for $11 million that has been reflected in the consolidated statement of cash flows as a financing activity.

Market and Commodities Intelligence

• In July of 2014, we acquired Eclipse Energy Group AS and its operating subsidiaries (“Eclipse”), which provides a comprehensive suite of data and analytics products on the European natural gas and liquefied natural gas markets as well as a range of advisory services leveraging Eclipse’s knowledge base, data capabilities, and modeling suite of products. This transaction complements our North American natural gas capabilities, which we obtained from our Bentek Energy LLC acquisition in 2011. We accounted for the acquisition of Eclipse using the purchase method of accounting. The acquisition of Eclipse is not material to our consolidated financial statements.

Indices

• In March of 2014, we acquired the intellectual property of a family of Broad Market Indices (“BMI”) from Citigroup Global Markets Inc. The BMI provides a broad measure of the global equities markets which includes approximately 11,000 companies in more than 52 countries covering both developed and emerging markets. We accounted for the acquisition of the intellectual property on a cost basis and it was not material to our consolidated financial statements.

For acquisitions during 2014 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 7 years. None of the goodwill acquired from our acquisitions during 2014 will be deductible for tax purposes.

Non-cash investing activities

Liabilities assumed in conjunction with the acquisition of businesses are as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Fair value of assets acquired	$	253	$	2,576	$	67
Cash paid (net of cash acquired)	211		2,401		52
Liabilities assumed	$	42	$	175	$	15

Divestitures - Continuing Operations

In November of 2016, we entered into a put option agreement that gave the Company the right, but not the obligation, to put the entire share capital of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale in our consolidated balance sheet as of December 31, 2016 resulting in an aggregate loss of $31 million. On January 4, 2017, we exercised the put option, thereby entering into a definitive agreement to sell QuantHouse to QH Holdco. On January 9, 2017, we completed the sale of QuantHouse to QH Holdco.

2016

During the year ended December 31, 2016, we completed the following dispositions that resulted in a net pre-tax gain of $1.1 billion, which was included in (gain) loss on dispositions in the consolidated statement of income:

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• In October of 2016, we completed the sale of Equity and Fund Research ("Equity Research"), a business within our Market and Commodities Intelligence segment to CFRA, a leading independent provider of forensic accounting research, analytics and advisory services. During the year ended December 31, 2016, we recorded a pre-tax gain of $9 million ($5 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of Equity Research.

• In October of 2016, we completed the sale of Standard & Poor's Securities Evaluations, Inc. ("SPSE") and Credit Market Analysis ("CMA"), two businesses within our Market and Commodities Intelligence segment, for $425 million in cash to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. During the year ended December 31, 2016, we recorded a pre-tax gain of $364 million ($297 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of SPSE and CMA.

• In September of 2016, we completed the sale of J.D. Power, included within our Market and Commodities Intelligence segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of J.D. Power. Following the sale, the assets and liabilities of J.D. Power are no longer reported in our consolidated balance sheet as of December 31, 2016.

2015

During the year ended December 31, 2015, we recorded a pre-tax gain of $11 million in (gain) loss on dispositions in the consolidated statement of income related to the sale of our interest in a legacy McGraw Hill Construction investment.

In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power, included within our Market and Commodities Intelligence segment, and initiated an active program to sell the business. The assets and liabilities of J.D. Power were classified as held for sale in our consolidated balance sheet as of December 31, 2015.

2014

During the year ended December 31, 2014, we completed the following dispositions that resulted in a net pre-tax loss of $9 million, which was included in (gain) loss on dispositions in the consolidated statement of income:

• On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 — Related Party Transactions for further information.

• On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC which owns, operates and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale included all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge we recorded in the fourth quarter of 2013.

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The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:

(in millions)	December 31,		December 31,
	2016 1		2015 2
Accounts receivable, net	$	4	$	58
Goodwill	—		75
Other intangible assets, net	—		335
Other assets	3		35
Assets of a business held for sale	$	7	$	503
Accounts payable and accrued expenses	$	3	$	42
Unearned revenue	7		64
Other liabilities	35		100
Liabilities of a business held for sale	$	45	$	206

¹ Assets and liabilities held for sale as of December 31, 2016 relate to QuantHouse.

² Assets and liabilities held for sale as of December 31, 2015 relate to J.D. Power.

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2016, 2015, and 2014 is as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Operating profit 1	$	62	$	85	$	71

¹ The year ended December 31, 2016 excludes a pre-tax gain of $1.1 billion on our dispositions.

Discontinued Operations

On November 3, 2014, we completed the sale of McGraw Hill Construction, which has historically been part of the Market and Commodities Intelligence segment, to Symphony Technology Group for $320 million in cash. We recorded an after-tax gain on the sale of $160 million, which is included in discontinued operations, net in the consolidated statement of income for the year ended December 31, 2014. We used the after-tax proceeds from the sale to make selective acquisitions, investments, share repurchases and for general corporate purposes.

The key components of income from discontinued operations for the year ended December 31, 2014 consist of the following:

(in millions)	Year ended
	December 31, 2014
Revenue	$	139
Expenses	110
Operating income	29
Provision for taxes on income	11
Income from discontinued operations, net of tax	18
Pre-tax gain on sale from discontinued operations	289
Provision for taxes on gain on sale	129
Gain on sale of discontinued operations, net of tax	160
Income from discontinued operations attributable to S&P Global Inc. common shareholders	$	178

Results from discontinued operations for the year ended December 31, 2014 included the after-tax gain on sale of McGraw Hill Construction of $160 million.

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3. Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired.

The change in the carrying amount of goodwill by segment is shown below:

(in millions)	Ratings			Market and Commodities Intelligence			Indices		Total
Balance as of December 31, 2014	$	122		$	889		$	376	$	1,387
Acquisitions	—			1,602			—		1,602
Reclassifications 1	—			(75		)	—		(75		)
Other (primarily Fx)	(8		)	(24		)	—		(32		)
Balance as of December 31, 2015	114			2,392			376		2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other (primarily Fx)	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	$	109		$	2,457		$	383	$	2,949

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 – Acquisitions and Divestitures.

Other Intangible Assets

Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $714 million as of December 31, 2016 and 2015 that consist of the following:

• $380 million and $90 million for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012.

• $185 million within our Market and Commodities Intelligence segment for the SNL tradename.

• $59 million within our Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property.

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The following table summarizes our definite-lived intangible assets:

(in millions)
Cost	Databases and software			Content		Customer relationships			Tradenames			Other intangibles			Total
Balance as of December 31, 2014	$	113		$	139	$	228		$	46		$	111		$	637
Acquisitions	421			—		—			—			177			598
Reclassifications 1	(19		)	—		(62		)	(2		)	(8		)	(91		)
Other (primarily Fx)	(5		)	—		2			3			(11		)	(11		)
Balance as of December 31, 2015	510			139		168			47			269			1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 2	(2		)	—		—			—			(22		)	(24		)
Reclassifications	—			—		165			1			(166		)	—
Other (primarily Fx)	(2		)	—		(3		)	(1		)	(8		)	(14		)
Balance as of December 31, 2016	$	506		$	139	$	330		$	45		$	163		$	1,183
Accumulated amortization
Balance as of December 31, 2014	$	88		$	59	$	80		$	35		$	64		$	326
Current year amortization	20			14		9			2			22			67
Reclassifications 1	(18		)	—		(30		)	(2		)	(14		)	(64		)
Other (primarily Fx)	(2		)	—		1			1			(5		)	(5		)
Balance as of December 31, 2015	88			73		60			36			67			324
Current year amortization	47			14		21			2			12			96
Dispositions	—			—		—			(1		)	(6		)	(7		)
Impairment 2	(2		)	—		—			—			(10		)	(12		)
Reclassifications	2			—		5			—			(7		)	—
Other (primarily Fx)	(3		)	—		(2		)	(1		)	(4		)	(10		)
Balance as of December 31, 2016	$	132		$	87	$	84		$	36		$	52		$	391
Net definite-lived intangibles:
December 31, 2015	$	422		$	66	$	108		$	11		$	202		$	809
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

²  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in our consolidated statement of income.

Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 20 years. The weighted-average life of the intangible assets as of December 31, 2016 is approximately 12 years.

Amortization expense for the years ended December 31, 2016, 2015 and 2014 was $96 million, $67 million, and $48 million, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:

(in millions)	2017		2018		2019		2020		2021
Amortization expense	$	88	$	84	$	79	$	73	$	62

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4. Taxes on Income

Income before taxes on income resulted from domestic and foreign operations is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Domestic operations	$	2,585	$	1,266	$	(423	)
Foreign operations	603		549		477
Total continuing income before taxes	$	3,188	$	1,815	$	54

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2016			2015			2014
Federal:
Current	$	641		$	90		$	285
Deferred	79			276			(213		)
Total federal	720			366			72
Foreign:
Current	133			111			135
Deferred	(4		)	(1		)	1
Total foreign	129			110			136
State and local:
Current	99			34			62
Deferred	12			37			(25		)
Total state and local	111			71			37
Total provision for taxes for continuing operations	960			547			245
Provision for discontinued operations	—			—			140
Total provision for taxes	$	960		$	547		$	385

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:

	Year Ended December 31,
	2016		2015		2014
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Legal and regulatory settlements	—		—		524.1
State and local income taxes	2.7		2.6		64.2
Divestitures	(4.3	)	—		—
Foreign operations	(2.0	)	(3.2	)	(79.6	)
S&P Dow Jones Indices LLC joint venture	(1.2	)	(2.0	)	(60.2	)
Tax credits and incentives	(1.6	)	(2.9	)	(91.5	)
Other, net	1.5		0.6		61.7
Effective income tax rate for continuing operations	30.1	%	30.1	%	453.7	%

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The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows:

(in millions)	December 31,
	2016			2015
Deferred tax assets:
Legal and regulatory settlements	$	23		$	45
Employee compensation	78			91
Accrued expenses	87			72
Postretirement benefits	105			126
Unearned revenue	33			39
Allowance for doubtful accounts	11			12
Loss carryforwards	112			114
Other	3			18
Total deferred tax assets	452			517
Deferred tax liabilities:
Goodwill and intangible assets	(320		)	(299		)
Fixed assets	(3		)	(9		)
Other	—			—
Total deferred tax liabilities	(323		)	(308		)
Net deferred income tax asset (liability) before valuation allowance	129			209
Valuation allowance	(116		)	(98		)
Net deferred income tax asset (liability)	$	13		$	111
Reported as:
Current deferred tax assets	$	—		$	109
Current deferred tax liabilities	—			(8		)
Non-current deferred tax assets	61			33
Non-current deferred tax liabilities	(48		)	(23		)
Net deferred income tax asset (liability)	$	13		$	111

In November of 2015, the FASB issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not based upon all the available evidence that such deferred income tax assets will not be realized. The valuation allowance is primarily related to operating losses.

We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Undistributed earnings that are indefinitely reinvested in foreign operations amounted to $1.7 billion at December 31, 2016. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable.

We made net income tax payments for continuing and discontinued operations totaling $683 million in 2016, $260 million in 2015, and $419 million in 2014. As of December 31, 2016, we had net operating loss carryforwards of $446 million, of which a major portion has an unlimited carryover period under current law.

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A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Balance at beginning of year	$	120		$	118		$	82
Additions based on tax positions related to the current year	35			22			30
Additions for tax positions of prior years	14			12			33
Reduction for tax positions of prior years	(3		)	(14		)	(11		)
Reduction for settlements	(5		)	(18		)	(16		)
Balance at end of year	$	161		$	120		$	118

The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2016, 2015 and 2014 was $161 million, $120 million and $118 million, respectively, exclusive of interest and penalties. The increase of $46 million in 2016 (excluding settlements) is the amount of unrecognized tax benefits that unfavorably impacted tax expense. The unfavorable impact to the tax provision was partially offset by the resolution of tax audits in multiple jurisdictions.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition to the unrecognized tax benefits, as of December 31, 2016 and 2015, we had $44 million and $31 million, respectively, of accrued interest and penalties associated with uncertain tax positions.

During 2016, we completed the federal income tax audit for 2014. The U.S. federal income tax audits for 2016 and 2015 are in process. During 2016, we completed various state and foreign tax audits and, with few exceptions, we are no longer subject to federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2008. The impact to tax expense in 2016, 2015 and 2014 was not material.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2017. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable.

5. Debt

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	December 31,
	2016		2015
5.9% Senior Notes, due 2017 1	$	—	$	399
2.5% Senior Notes, due 2018 2	398		398
3.3% Senior Notes, due 2020 3	696		695
4.0% Senior Notes, due 2025 4	691		690
4.4% Senior Notes, due 2026 5	891		890
2.95% Senior Notes, due 20276	492		—
6.55% Senior Notes, due 2037 7	396		396
Commercial paper	—		143
Total debt	3,564		3,611
Less: short-term debt including current maturities	—		143
Long-term debt	$	3,564	$	3,468

¹  We made a $400 million early repayment of our 5.9% senior notes on October 20, 2016.

²  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $2 million.

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³  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

⁴  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁵  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁶  Interest payments are due semiannually on January 22 and July 22, beginning on January 22, 2017, and as of December 31, 2016, the unamortized debt discount and issuance costs total $8 million.

⁷  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2016: no amounts due in 2017, $398 million due in 2018, no amounts due in 2019, $696 million due in 2020, no amounts due in 2021, and $2.5 billion due thereafter.

On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to fund the $400 million early repayment of our 5.9% senior notes due in 2017 on October 20, 2016, and intend to use the balance for general corporate purposes.

On August 18, 2015, we issued $2.0 billion of senior notes consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to finance the acquisition of SNL.

On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025 and used a portion of the net proceeds for the repayment of short-term debt, including commercial paper. The 4.0% senior notes will mature on June 15, 2025 and are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billionfive-year credit agreement (our "credit facility") that we entered into on June 30, 2015. This credit facility will terminate on June 30, 2020. There were no commercial paper borrowings outstanding as of December 31, 2016. Commercial paper borrowings as of December 31, 2015 totaled $143 million with an average interest rate and term of 0.95% and 17 days, respectively.

Depending on our indebtedness to cash flow ratio, we pay a commitment fee of 10 to 20 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 15 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offered Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

6. Derivative Instruments

Cash Flow Hedges

Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of December 31, 2016 and December 31, 2015, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. We do not enter into any derivative financial instruments for speculative purposes.

During the three months ended March 31, 2016, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian Rupee exposure through the fourth quarter of 2016. These contracts were intended to offset the impact of movement of exchange rates on future operating costs and matured at the end of each quarter during 2016. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into selling and general expenses in the same period that the hedge contract matures. As of December 31, 2016, we

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estimate that $2 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income (loss) is expected to be reclassified into earnings within the next twelve months. There was no hedge ineffectiveness for the year ended December 31, 2016.

As of December 31, 2016 and December 31, 2015, the aggregate notional value of our outstanding foreign currency forward contracts was $65 million and $58 million, respectively.

The following table provides information on the location and fair value amounts of our cash flow hedges as of December 31, 2016 and December 31, 2015:

(in millions)
Balance Sheet Location		December 31, 2016		December 31, 2015
Prepaid and other current assets 1	Foreign exchange forward contracts	$	3	$	1

¹  We use the income approach to measure the fair value of our forward currency forward contracts. The income approach uses pricing models that rely on observable inputs such as forward rates, and therefore are classified as Level 2.

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the years ended December 31:

(in millions)	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2016		2015		2014			2016		2015		2014
Foreign exchange forward contracts	$	3	$	—	$	2	Selling and general expenses	$	4	$	—	$	—

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:

(in millions)	Year ended December 31,
	2016			2015			2014
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	(1	)	$	(1	)	$	(3	)
Change in fair value, net of tax	7			—			2
Reclassification into earnings, net of tax	(4		)	—			—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	(1	)	$	(1	)

7. Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor voluntary 401(k) plans under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

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We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of taxes. The amounts in accumulated other comprehensive income represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Benefit Obligation

A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):

(in millions)	Retirement Plans						Postretirement Plans
	2016			2015			2016			2015
Net benefit obligation at beginning of year	$	2,199		$	2,462		$	80		$	96
Service cost	3			6			—			—
Interest cost	78			96			2			3
Plan participants’ contributions	—			—			4			4
Actuarial loss (gain)	196			(189		)	(6		)	(12		)
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(75		)	(26		)	—			—
Other adjustments	(20		)	—			(13		)	1
Net benefit obligation at end of year	2,260			2,199			57			80
Fair value of plan assets at beginning of year	2,023			2,236			—			—
Actual return on plan assets	259			(57		)	—			—
Employer contributions	8			15			6			8
Plan participants’ contributions	—			—			4			4
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(74		)	(21		)	—			—
Other adjustments	(22		)	—			—			—
Fair value of plan assets at end of year	2,073			2,023			—			—
Funded status	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	46		$	36		$	—		$	—
Current liabilities	(8		)	(8		)	(8		)	(8		)
Non-current liabilities	(225		)	(204		)	(49		)	(72		)
	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Accumulated benefit obligation	$	2,251		$	2,190
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	674		$	1,810
Accumulated benefit obligation	$	665		$	1,801
Fair value of plan assets	$	441		$	1,598
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	483		$	433		$	(35	)	$	(24	)
Prior service credit	1			1			(13		)	(5		)
Total recognized	$	484		$	434		$	(48	)	$	(29	)

The actuarial loss included in accumulated other comprehensive loss for our retirement plans and expected to be recognized in net periodic pension cost during the year ending December 31, 2017 is $18 million. There is no prior service credit included in

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accumulated other comprehensive loss for our retirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2017.

There is an immaterial amount of actuarial loss and prior service credit included in accumulated other comprehensive loss for our postretirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2017.

Net Periodic Benefit Cost

For purposes of determining annual pension cost, prior service costs are being amortized straight-line over the average expected remaining lifetime of plan participants expected to receive benefits.

A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Service cost	$	3		$	6		$	5		$	—		$	—		$	1
Interest cost	78			96			99			2			3			4
Expected return on assets	(122		)	(127		)	(138		)							—
Amortization of:
Actuarial loss (gain)	16			20			11			(1		)	—			(1		)
Prior service (credit) cost	—			—			—			—			(1		)	—
Curtailment 1	—			—			—			—			—			(1		)
Net periodic benefit cost	$	(25	)	$	(5	)	$	(23	)	$	1		$	2		$	3

¹  The curtailment gain for our postretirement plans in 2014 is a result of plan changes effective October 31, 2014 eliminating retiree medical and life insurance benefits for active employees not retiring by July 1, 2016.

Our U.K. retirement plan accounted for a benefit of $10 million in 2016, $10 million in 2015, and $8 million in 2014 of the net periodic benefit cost attributable to the funded plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Net actuarial loss (gain)	$	60		$	(6	)	$	232		$	(12	)	$	(17	)	$	3
Recognized actuarial (gain) loss	(10		)	(13		)	(7		)	1			—			1
Prior service cost (credit)	—			—			—			(8		)	1			(5		)
Total recognized	$	50		$	(19	)	$	225		$	(19	)	$	(16	)	$	(1	)

The total cost for our retirement plans was $69 million for 2016, $91 million for 2015 and $81 million for 2014. Included in the total retirement plans cost are defined contribution plans cost of $65 million for 2016, $67 million for 2015 and $74 million for 2014.

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Assumptions

	Retirement Plans						Postretirement Plans
	2016		2015		2014		2016		2015		2014
Benefit obligation:
Discount rate 2	4.14	%	4.47	%	4.15	%	3.69	%	3.90	%	3.60	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.0	%	7.0	%	7.0	%
Discount rate - U.S. plan 2	4.47	%	4.15	%	5.0	%	3.94	%	3.60	%	4.125	%
Discount rate - U.K. plan 2	3.84	%	3.8	%	4.5	%
Return on assets 3	6.25	%	6.25	%	7.125	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2016 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects:

(in millions)	1% point increase		1% point decrease
Effect on postretirement obligation	$	1	$	(1	)

²  Effective January 1, 2016, we changed our discount rate assumption on our U.S. retirement plans to 4.47% from 4.15% in 2015 and changed our discount rate assumption on our U.K. plan to 3.84% from 3.8% in 2015. At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015 and prior periods presented, we measured service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. We believe this new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our benefit obligation. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, have accounted for it on a prospective basis. Pension and postretirement medical costs decreased by approximately $14 million in 2016 as a result of this change.

³  The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2017, our return on assets assumption for the U.S. plan and U.K. plan remained unchanged at 6.25%.

Cash Flows

In December of 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) was enacted. The Act established a prescription drug benefit under Medicare, known as “Medicare Part D”, and a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare Part D. Our benefits provided to certain participants are at least actuarially equivalent to Medicare Part D, and, accordingly, we are entitled to a subsidy.

Expected employer contributions in 2017 are $8 million for each of our retirement and postretirement plans. In 2017, we may elect to make additional non-required contributions depending on investment performance and the pension plan status. Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows:

(in millions)			Postretirement Plans 2
	Retirement 1 Plans		Gross payments		Retiree contributions			Medicare subsidy 3		Net payments
2017	$	88	$	12	$	(4	)	$	—	$	8
2018	90		11		(4		)	—		7
2019	93		10		(3		)	—		7
2020	96		9		(3		)	—		6
2021	98		8		(3		)	—		5
2022-2026	527		30		(12		)	—		18

¹  Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.

²  Reflects the total benefits expected to be paid from our assets.

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³  Expected medicare subsidy amounts, for the years presented, are less than $1 million.

Fair Value of Plan Assets

In accordance with authoritative guidance for fair value measurements certain assets and liabilities are required to be recorded at fair value. Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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The fair value of our defined benefit plans assets as of December 31, 2016 and 2015, by asset class is as follows:

(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	38	$	38	$	—	$	—
Equities:
U.S. indexes 1	69		69		—		—
U.S. growth and value	103		103		—		—
U.K.	3		3		—		—
International, excluding U.K.	38		38		—		—
Fixed income:
Long duration strategy 2	970		—		970		—
Intermediate duration securities	32		—		32		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	20		—		20		—
International	16		—		16		—
Real Estate
U.K. 4	11		—		—		11
Other	—		—		—		—
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	749
Total	$	2,073

(in millions)	December 31, 2015
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	1	$	1	$	—	$	—
Equities:
U.S. indexes 1	63		63		—		—
U.S. growth and value	92		92		—		—
U.K.	6		6		—		—
International, excluding U.K.	35		35		—		—
Fixed income:
Long duration strategy 2	969		—		969		—
Intermediate duration securities	31		—		31		—
Agency mortgage backed securities	6		—		6		—
Asset backed securities	17		—		17		—
Non-agency mortgage backed securities 3	23		—		23		—
International	17		—		17		—
Other	—		—		—		—
Total	$	1,260	$	197	$	1,063	$	—
Collective investment funds	763
Total	$	2,023

¹  Includes securities that are tracked in the S&P Smallcap 600 index.

²  Includes securities that are mainly investment grade obligations of issuers in the U.S.

³  Includes U.S. mortgage-backed securities that are not backed by the U.S. government.

⁴  Includes a fund which holds real estate properties in the U.K.

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For securities that are quoted in active markets, the trustee/custodian determines fair value by applying securities’ prices obtained from its pricing vendors. For commingled funds that are not actively traded, the trustee applies pricing information provided by investment management firms to the unit quantities of such funds. Investment management firms employ their own pricing vendors to value the securities underlying each commingled fund. Underlying securities that are not actively traded derive their prices from investment managers, which in turn, employ vendors that use pricing models (e.g., discounted cash flow, comparables). The domestic defined benefit plans have no investment in our stock, except through the S&P 500 commingled trust index fund.

The trustee obtains estimated prices from vendors for securities that are not easily quotable and they are categorized accordingly as Level 3. The following table details further information on our plan assets where we have used significant unobservable inputs (Level 3):

(in millions)	Level 3
Balance as of December 31, 2015	$	—
Purchases	11
Balance as of December 31, 2016	$	11

Pension Trusts’ Asset Allocations

There are two pension trusts, one in the U.S. and one in the U.K.

• The U.S. pension trust had assets of $1.6 billion as of December 31, 2016 and 2015, and the target allocations in 2016 include 68% debt securities and short-term investments, 27% domestic equities and 5% international equities.

• The U.K. pension trust had assets of $441 million and $425 million as of December 31, 2016 and 2015, respectively, and the target allocations in 2016 include 40% fixed income, 30% diversified growth funds, 20% equities and 10% real estate .

The pension assets are invested with the goal of producing a combination of capital growth, income and a liability hedge. The mix of assets is established after consideration of the long-term performance and risk characteristics of asset classes. Investments are selected based on their potential to enhance returns, preserve capital and reduce overall volatility. Holdings are diversified within each asset class. The portfolios employ a mix of index and actively managed equity strategies by market capitalization, style, geographic regions and economic sectors. The fixed income strategies include U.S. long duration securities, opportunistic fixed income securities and U.K. debt instruments. The short-term portfolio, whose primary goal is capital preservation for liquidity purposes, is composed of government and government-agency securities, uninvested cash, receivables and payables. The portfolios do not employ any financial leverage.

U.S. Defined Contribution Plans

Assets of the defined contribution plans in the U.S. consist primarily of investment options which include actively managed equity, indexed equity, actively managed equity/bond funds, target date funds, S&P Global Inc. common stock, stable value and money market strategies. There is also a self-directed mutual fund investment option. The plans purchased 216,035 shares and sold 437,283 shares of S&P Global Inc. common stock in 2016 and purchased 223,656 shares and sold 247,984 shares of S&P Global Inc. common stock in 2015. The plans held approximately 1.6 million shares of S&P Global Inc. common stock as of December 31, 2016 and 1.8 million shares as of December 31, 2015, with market values of $171 million and $179 million, respectively. The plans received dividends on S&P Global Inc. common stock of $2 million during both the years ended December 31, 2016 and December 31, 2015.

8. Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees and Directors under the 2002 Employee Stock Incentive Plan and a Director Deferred Stock Ownership Plan.

• 2002 Employee Stock Incentive Plan (the “2002 Plan”) – The 2002 Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.

• Director Deferred Stock Ownership Plan – Under this plan, common stock reserved may be credited to deferred stock accounts for eligible Directors. In general, the plan requires that 50% of eligible Directors’ annual compensation plus dividend equivalents be credited to deferred stock accounts. Each Director may also elect to defer all or a portion of the remaining compensation and have an equivalent number of shares credited to the deferred stock account. Recipients under this plan are not required to provide consideration to us other than rendering service. Shares will be delivered as of the

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date a recipient ceases to be a member of the Board of Directors or within five years thereafter, if so elected. The plan will remain in effect until terminated by the Board of Directors or until no shares of stock remain available under the plan.

The number of common shares reserved for issuance are as follows:

(in millions)	December 31,
	2016	2015
Shares available for granting under the 2002 Plan	33.5	32.8
Options outstanding	3.8	5.8
Total shares reserved for issuance 1	37.3	38.6

¹ Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million.

We issue treasury shares upon exercise of stock options and the issuance of restricted stock and unit awards. To offset the dilutive effect of the exercise of employee stock options, we periodically repurchase shares. See Note 9 – Equity for further discussion.

Stock-based compensation expense and the corresponding tax benefit are as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Stock option expense	$	7	$	14	$	21
Restricted stock and unit awards expense	69		64		79
Total stock-based compensation expense	$	76	$	78	$	100
Tax benefit	$	29	$	29	$	38

Stock-based compensation of $2 million is recorded in discontinued operations for the year ended December 31, 2014, as a result of the sale of McGraw Hill Construction described further in Note 2 – Acquisitions and Divestitures.

Stock Options

Stock options may not be granted at a price less than the fair market value of our common stock on the date of grant. Stock options granted vest over a three year service period in equal annual installments and have a maximum term of 10 years. Stock option compensation costs are recognized from the date of grant, utilizing a three-year graded vesting method. Under this method, one-third of the costs are ratably recognized over the first twelve months, one-third of the costs are ratably recognized over a twenty-four month period starting from the date of grant with the remaining costs ratably recognized over a thirty-six month period starting from the date of grant.

We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:

	Year Ended December 31,
	2015		2014
Risk-free average interest rate	0.2 - 1.9%		0.1 - 2.9%
Dividend yield	1.4%		1.4 - 1.8%
Volatility	21 - 39%		18 - 41%
Expected life (years)	6.3		6.21 - 6.25
Weighted-average grant-date fair value per option	$	27.57	$	23.41

Because lattice-based option-pricing models incorporate ranges of assumptions, those ranges are disclosed. These assumptions are based on multiple factors, including historical exercise patterns, post-vesting termination rates, expected future exercise patterns and the expected volatility of our stock price. The risk-free interest rate is the imputed forward rate based on the U.S. Treasury yield at the date of grant. We use the historical volatility of our stock price over the expected term of the options to estimate the expected volatility. The expected term of options granted is derived from the output of the lattice model and represents the period of time that options granted are expected to be outstanding.

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During 2015, we stopped granting stock options as part of our employees' total stock-based incentive awards. There were no stock options granted in 2016 and a minimal amount of stock options granted in 2015.

Stock option activity is as follows:

(in millions, except per award amounts)	Shares		Weighted average exercise price		Weighted-average remaining years of contractual term	Aggregate intrinsic value
Options outstanding as of December 31, 2015	5.8		$	45.61
Exercised	(1.9	)	$	95.87
Canceled, forfeited and expired	(0.1	)	$	69.93
Options outstanding as of December 31, 2016	3.8		$	43.36	3.6	$	246
Options exercisable as of December 31, 2016	3.7		$	41.87	3.5	$	242

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2015	0.8			$	19.82
Vested	(0.5		)	$	19.35
Forfeited	(0.1		)	$	21.84
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Total unrecognized compensation expense related to nonvested options 1	$	—
Weighted-average years to be recognized over	0.3

¹  There is less than $1 million of unrecognized compensation expense related to nonvested options.

The total fair value of our stock options that vested during the years ended December 31, 2016, 2015 and 2014 was $7 million, $11 million and $6 million, respectively.

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Net cash proceeds from the exercise of stock options	$	88	$	86	$	193
Total intrinsic value of stock option exercises	$	95	$	94	$	168
Income tax benefit realized from stock option exercises	$	41	$	49	$	73

Restricted Stock and Unit Awards

Restricted stock and unit awards (performance and non-performance) have been granted under the 2002 Plan. Performance unit awards will vest only if we achieve certain financial goals over the performance period. Restricted stock non-performance awards have various vesting periods (generally three years), with vesting beginning on the first anniversary of the awards. Recipients of restricted stock and unit awards are not required to provide consideration to us other than rendering service.

The stock-based compensation expense for restricted stock and unit awards is determined based on the market price of our stock at the grant date of the award applied to the total number of awards that are anticipated to fully vest. For performance unit awards, adjustments are made to expense dependent upon financial goals achieved.

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Restricted stock and unit activity for performance and non-performance awards is as follows:

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested shares as of December 31, 2015	1.2			$	92.39
Granted	0.9			$	93.01
Vested	(0.9		)	$	106.81
Forfeited	(0.2		)	$	95.41
Nonvested shares as of December 31, 2016	1.0			$	106.31
Total unrecognized compensation expense related to nonvested awards	$	55
Weighted-average years to be recognized over	1.7

	Year Ended December 31,
	2016		2015		2014
Weighted-average grant-date fair value per award	$	93.01	$	77.06	$	77.74
Total fair value of restricted stock and unit awards vested	$	99	$	155	$	88
Tax benefit relating to restricted stock activity	$	26	$	24	$	30

For the years ended December 31, 2016, 2015 and 2014, $41 million, $69 million and $128 million, respectively, of excess tax benefits from stock options exercises and restricted stock and unit award vestings are reported in our cash flows used for financing activities.

9. Equity

Capital Stock

Two million shares of preferred stock, par value $1 per share, are authorized; none have been issued.

On January 25, 2017, the Board of Directors approved an increase in the dividends for 2017 to a quarterly rate of $0.41 per common share.

	Year Ended December 31,
	2016		2015		2014
Quarterly dividend rate	$	0.36	$	0.33	$	0.30
Annualized dividend rate	$	1.44	$	1.32	$	1.20
Dividends paid (in millions)	$	380	$	363	$	326

Stock Repurchases

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time.

Share repurchases were as follows:

(in millions, except average price)	Year Ended December 31,
	2016		2015		2014
Total number of shares purchased 1	9.7		10.1		4.4
Average price paid per share 2, 3	$	113.36	$	99.00	$	79.06
Total cash utilized 2	$	1,097	$	1,000	$	352

¹  2016 includes shares received as part of our accelerated share repurchase agreement as described in more detail below.

²  In December of 2015, 0.3 million shares were repurchased for approximately $26 million, which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98. In December of 2013, 0.1 million shares were repurchased for

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approximately $10 million, which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2016, 2015 and 2014 resulting in $1,123 million, $974 million and $362 million of cash used to repurchase shares, respectively.

³  On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 14 —Related Party Transactions for further information.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of December 31, 2016, 25.8 million shares remained available under our current share repurchase program. Our current share repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

Accelerated Share Repurchase Program

Using a portion of the proceeds received from the sale of J.D. Power, we entered into an accelerated share repurchase ("ASR") agreement with a financial institution on September 7, 2016 to initiate share repurchases aggregating $750 million. The ASR agreement was structured as a capped ASR agreement in which we paid $750 million and received an initial delivery of approximately 4.4 million shares and an additional amount of 0.9 million shares during the month of September 2016, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on December 7, 2016 and received an additional 0.9 million shares, which settled on December 12, 2016. We repurchased a total of 6.1 million shares under the ASR agreement for an average purchase price of $122.18 per share. The total number of shares repurchased under the ASR agreement was based on the volume weighted-average share price, minus a discount, of our common stock over the term of the ASR agreement. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

The ASR agreement was accounted for as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreement resulted in a reduction of our outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The forward stock purchase contract was classified as an equity instrument.

Redeemable Noncontrolling Interests

The agreement with the minority partners of our S&P Dow Jones Indices LLC partnership contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of Indices LLC, after December 31, 2017, CME Group and CME Group Index Services LLC ("CGIS") will have the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, considering a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 fair value measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

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Changes to redeemable noncontrolling interest during the year ended December 31, 2016 were as follows:

(in millions)
Balance as of December 31, 2015	$	920
Net income attributable to noncontrolling interest	109
Distributions to noncontrolling interest	(102		)
Redemption value adjustment	153
Balance as of December 31, 2016	$	1,080

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2016:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2015	$	(193	)	$	(406	)		$	(1	)		$	(600	)
Other comprehensive income before reclassifications	(139		)	(47		)		7				(179		)
Reclassifications from accumulated other comprehensive loss to net earnings	—			10			1	(4		)	2	6
Net other comprehensive income	(139		)	(37		)		3				(173		)
Balance as of December 31, 2016	$	(332	)	$	(443	)		$	2			$	(773	)

¹  See Note 7 —Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

²  See Note 6 —Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income is net of a tax provision of $5 million for the year ended December 31, 2016.

10. Earnings (Loss) per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed in the same manner as basic earnings (loss) per share, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options, restricted stock and restricted stock units calculated using the treasury stock method.

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The calculation for basic and diluted earnings (loss) per share is as follows:

(in millions, except per share data)	Year Ended December 31,
	2016		2015		2014
Amount attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations	$	2,106	$	1,156	$	(293	)
Income from discontinued operations	—		—		178
Net income (loss) attributable to the Company	$	2,106	$	1,156	$	(115	)
Basic weighted-average number of common shares outstanding	262.8		271.6		271.5
Effect of stock options and other dilutive securities	2.4		3.0		—
Diluted weighted-average number of common shares outstanding	265.2		274.6		271.5
Income (loss) from continuing operations:
Basic	$	8.02	$	4.26	$	(1.08	)
Diluted	$	7.94	$	4.21	$	(1.08	)
Income from discontinued operations:
Basic	$	—	$	—	$	0.66
Diluted	$	—	$	—	$	0.66
Net income (loss):
Basic	$	8.02	$	4.26	$	(0.42	)
Diluted	$	7.94	$	4.21	$	(0.42	)

Each period we have certain stock options and restricted performance shares that are excluded from the computation of diluted earnings (loss) per share. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a loss from continuing operations exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a loss from continuing operations exists. As of December 31, 2016 and 2015, there were no stock options excluded as compared to 2.9 million stock options excluded for the year ended December 31, 2014. Additionally, restricted performance shares outstanding of 0.7 million, 0.9 million and 3.2 million as of December 31, 2016, 2015 and 2014, respectively, were excluded.

11. Restructuring

During 2016 and 2015, we continued to evaluate our cost structure and further identified cost savings associated with streamlining our management structure and our decision to exit non-strategic businesses. Our 2016 and 2015 restructuring plans consisted of a company-wide workforce reduction of approximately 230 positions and 550 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed. There was approximately $7 million of reserves from the 2015 restructuring plan that we have reversed in 2016, which offset the initial charge of $63 million recorded for the 2015 restructuring plan. Also, there was approximately $7 million of reserves from the 2014 restructuring plan that we have reversed in 2015, which offset the initial charge of $86 million recorded for the 2014 restructuring plan.

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The initial restructuring charge recorded and the ending reserve balance as of December 31, 2016 by segment is as follows:

	2016 Restructuring Plan				2015 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	14	$	10	$	18	2
Market and Commodities Intelligence	10		8		34		4
Indices	1		1		—		—
Corporate	5		4		11		4
Total	$	30	$	23	$	63	$	10

For the year ended December 31, 2016, we have reduced the reserve for the 2016 restructuring plan by $7 million and for the years ended December 31, 2016 and 2015, we have reduced the reserve for the 2015 restructuring plan by $40 million and $13 million, respectively. The reductions primarily related to cash payments for employee severance costs.

12. Segment and Geographic Information

As discussed in Note 1 – Accounting Policies, we have three reportable segments: Ratings, Market and Commodities Intelligence and Indices.

Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include unallocated expense or interest expense, as these are costs that do not affect the operating results of our segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

Segment information for the years ended December 31 is as follows:

(in millions)	Revenue									Operating Profit (Loss)
	2016			2015			2014			2016			2015			2014
Ratings 1	$	2,535		$	2,428		$	2,455		$	1,262		$	1,078		$	(583	)
Market and Commodities Intelligence 2	2,585			2,376			2,130			1,822			585			518
Indices 3	639			597			552			412			392			347
Intersegment elimination 4	(98		)	(88		)	(86		)	—			—			—
Total operating segments	5,661			5,313			5,051			3,496			2,055			282
Unallocated expense 5	—			—			—			(127		)	(138		)	(169		)
Total	$	5,661		$	5,313		$	5,051		$	3,369		$	1,917		$	113

¹  Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and restructuring charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and restructuring charges of $13 million. Operating profit for the year ended December 31, 2014 includes legal and regulatory settlements of $1.6 billion and restructuring charges of $45 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $5 million for the years ended December 31, 2016 and 2015 and $6 million for the year ended December 31, 2014.

²  Operating profit for the year ended December 31, 2016 includes a $1.1 billion gain from our dispositions, disposition-related costs of $48 million, a technology-related impairment charge of $24 million and an acquisition-related cost of $1 million. Operating profit for the year ended December 31, 2015 includes acquisition-related costs related to the acquisition of SNL of $37 million and costs identified operating efficiencies primarily related to restructuring of $33 million. Operating profit for the year ended December 31, 2014 includes restructuring

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charges of $25 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $85 million, $57 million and $37 million for the years ended December 31, 2016, 2015, and 2014, respectively.

³  Operating profit for the year ended December 31, 2014 includes the impact of professional fees largely related to corporate development activities of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $6 million for the year ended December 31, 2016 and $5 million for the years ended December 31, 2015 and 2014.

⁴  Revenue for Ratings and expenses for Market and Commodities Intelligence include an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.

⁵  The year ended December 31, 2016 includes $3 million from a disposition-related reserve release. The year ended December 31, 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million. The year ended December 31, 2014 includes restructuring charges of $16 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2016		2015		2014		2016		2015		2014
Ratings	$	34	$	43	$	43	$	42	$	48	$	33
Market and Commodities Intelligence	131		99		74		57		78		49
Indices	8		8		7		3		4		2
Total operating segments	173		150		124		102		130		84
Corporate	8		7		10		13		9		8
Total	$	181	$	157	$	134	$	115	$	139	$	92

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2016		2015
Ratings	$	612	$	620
Market and Commodities Intelligence	4,104		4,011
Indices	1,247		1,181
Total operating segments	5,963		5,812
Corporate 1	2,699		1,868
Assets of a business held for sale 2	7		503
Total	$	8,669	$	8,183

¹  Corporate assets consist principally of cash and cash equivalents, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas.

²  Includes QuantHouse and J.D. Power as of December 31, 2016 and 2015, respectively.

We have operations with foreign revenue and long-lived assets in approximately 95 countries. We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region:

(in millions)	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	$	3,461	$	3,202	$	2,911	$	4,335	$	4,198
European region	1,330		1,265		1,316		341		419
Asia	575		566		528		58		63
Rest of the world	295		280		296		46		50
Total	$	5,661	$	5,313	$	5,051	$	4,780	$	4,730

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	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	61	%	60	%	58	%	91	%	89	%
European region	24		24		26		7		9
Asia	10		11		10		1		1
Rest of the world	5		5		6		1		1
Total	100	%	100	%	100	%	100	%	100	%

See Note 2 – Acquisitions andDivestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.

13. Commitments and Contingencies

Rental Expense and Lease Obligations

We are committed under lease arrangements covering property, computer systems and office equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of their economic lives or their lease term. Certain lease arrangements contain escalation clauses covering increased costs for various defined real estate taxes and operating services and the associated fees are recognized on a straight-line basis over the minimum lease period.

Rental expense for property and equipment under all operating lease agreements is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Gross rental expense	$	179		$	182		$	199
Less: sublease revenue	(16		)	(14		)	(16		)
Less: Rock-McGraw rent credit	—			(4		)	(23		)
Net rental expense	$	163		$	164		$	160

In December of 2003, we sold our 45% equity investment in Rock-McGraw, Inc., which owned our then headquarters building in New York City, and remained an anchor tenant by concurrently leasing back space from the buyer through 2020. Proceeds from the disposition were $382 million and the sale resulted in a pre-tax gain, net of transaction costs, of $131 million ($58 million after-tax) upon disposition. As a result of the amount of building space we retained through our leaseback, a pre-tax gain of $212 million ($126 million after-tax) was deferred upon the disposition in 2003. In December of 2013, we entered into an arrangement with the buyer to shorten the lease to December of 2015 in exchange for approximately $60 million which was recorded as a reduction to the unrecognized deferred gain from the sale. The remaining gain was amortized over the remaining lease term as a reduction in rent expense. The amount of gain recognized for the years ended December 31, 2015 and 2014 was $4 million and $21 million, respectively. The lease terminated in December of 2015.

Cash amounts for future minimum rental commitments under existing non-cancelable leases with a remaining term of more than one year, along with minimum sublease rental income to be received under non-cancelable subleases are shown in the following table.

(in millions)	Rent commitment		Sublease income			Net rent
2017	$	116	$	(17	)	$	99
2018	110		(17		)	93
2019	100		(17		)	83
2020	73		(3		)	70
2021	63		—			63
2022 and beyond	540		—			540
Total	$	1,002	$	(54	)	$	948

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Legal & Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries relate to the ratings activity of S&P Global Ratings brought by issuers and alleged purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

The Company believes that it has meritorious defenses to the pending claims and potential claims in the matters described below and is diligently pursuing these defenses, and in some cases working to reach an acceptable negotiated resolution. However, in view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of these matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions may be. As a result, we cannot provide assurance that the outcome of the matters described below will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business and competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

With respect to the matters identified below, we have recognized a liability when both (a) information available indicates that it is probable that a liability has been incurred as of the date of these financial statements and (b) the amount of loss can reasonably be estimated.

S&P Global Ratings

Financial Crisis Litigation

The Company and its subsidiaries continue to defend civil cases brought by private and public plaintiffs arising out of ratings activities prior to and during the global financial crisis of 2008-2009. Included in these civil cases are seven lawsuits in Australia against the Company and Standard & Poor’s International, LLC relating to alleged investment losses in collateralized debt obligations (“CDOs”) rated by S&P Global Ratings. Discovery in certain of these cases, including the Australia matters, is ongoing. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable.

U.S. Securities and Exchange Commission

As a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global Ratings seeks to promptly address any compliance issues that it detects or that the staff of the SEC raises, there can be no assurance that the SEC will not seek remedies against S&P Global Ratings for one or more compliance deficiencies.

Trani Prosecutorial Proceeding

The prosecutor in the Italian city of Trani has obtained criminal indictments against several current and former S&P Global Ratings managers and ratings analysts for alleged market manipulation, and against Standard & Poor’s Credit Market Services Europe under Italy’s vicarious liability statute, for having allegedly failed to properly supervise the ratings analysts and prevent them from committing market manipulation. The prosecutor’s theories are based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. Trial commenced in February of 2015 and closing arguments are scheduled for January and February of 2017. Apart from criminal penalties that might be imposed following a conviction, such conviction could also lead to civil damages claims and other sanctions against Standard & Poor’s Credit Market Services Europe or the Company. Such claims and sanctions cannot be quantified at this stage.

Shareholder Derivative Actions

In August of 2015, two purported shareholders commenced a putative derivative action on behalf of the Company in New York State Supreme Court titled Retirement Plan for General Employees of the City of North Miami Beach and Robin Stein v. Harold McGraw III, et al. The complaint asserts claims for, inter alia, breach of fiduciary duty, waste of corporate assets, and

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mismanagement against the board of directors, certain former directors of the Company, and three former S&P Global Ratings employees. Plaintiffs seek recovery from the defendants based primarily on allegations that S&P Global Ratings’ credit ratings practices for certain residential mortgage-backed securities and collateralized debt obligations misrepresented the credit risks of those securities, allegedly resulting in losses to the Company. The Company and the individual defendants filed motions to dismiss the complaint in October of 2015. Plaintiffs filed an opposition in December of 2015, and the Company and the individual defendants filed their reply briefs in January of 2016.

In January of 2016, a different purported shareholder commenced a separate putative derivative action on behalf of the Company in New York State Supreme Court titled L.A. Grika v. Harold McGraw III, et al. The allegations in the complaint are substantially similar to those in the North Miami Beach matter described above. The complaint asserts claims for, inter alia, breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, unjust enrichment, contribution and indemnification against Harold McGraw III, Douglas L. Peterson, and nine former S&P Global Ratings employees. The case was transferred to the judge presiding over the North Miami Beach action. The Company and the individual defendants filed motions to dismiss the Grika complaint in May of 2016. Plaintiffs filed an opposition in June of 2016, and the Company and the individual defendants filed their reply briefs in July of 2016.

The court notified the parties in August of 2016 that it will be issuing written decisions on the outstanding motions to dismiss without oral argument.  In December 2016, the court issued two orders granting the motions to dismiss in both the North Miami Beach and the Grika matters. In January 2017, the plaintiffs in the North Miami Beach and Grika matters filed notices of appeal of the court’s dismissal of those actions.

14. Related Party Transactions

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company ("Mr. McGraw") for a purchase price of $20 million, which was modestly higher than the independent appraisal obtained. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale.

On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Mr. McGraw. The shares were purchased at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price pursuant to a private transaction with Mr. McGraw. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee.

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, which replaced the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the years ended December 31, 2016, 2015 and 2014, S&P Dow Jones Indices LLC earned $76 million, $63 million and $52 million of revenue under the terms of the License Agreement, respectively. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

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15. Quarterly Financial Information (Unaudited)

(in millions, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter		Total year
2016(1)
Revenue	$	1,341	$	1,482	$	1,439	$	1,399	$	5,661
Operating profit	$	512	$	651	$	1,348	$	857	$	3,369
Net income	$	323	$	412	$	923	$	569	$	2,228
Net income attributable to S&P Global common shareholders	$	294	$	383	$	892	$	537	$	2,106
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.45	$	3.39	$	2.07	$	8.02
Diluted	$	1.10	$	1.44	$	3.36	$	2.05	$	7.94
2015
Revenue	$	1,273	$	1,342	$	1,324	$	1,374	$	5,313
Operating profit	$	501	$	582	$	410	$	424	$	1,917
Net income	$	329	$	381	$	281	$	276	$	1,268
Net income attributable to S&P Global common shareholders	$	303	$	353	$	252	$	248	$	1,156
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.29	$	0.93	$	0.92	$	4.26
Diluted	$	1.10	$	1.28	$	0.92	$	0.91	$	4.21

Note - Totals presented may not sum due to rounding.

¹  The third quarter of 2016 and the fourth of 2016 include a pre-tax gain on our dispositions of $722 million ($521 million after-tax) and $379 million ($297 million after-tax), respectively. See Note 2 – Acquisitions and Divestitures for further information.

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16. Condensed Consolidating Financial Statements

On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 5 —Debt for additional information.

The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

	Statement of Income
	Year Ended December 31, 2016
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	667		$	1,513		$	3,607		$	(126	)	$	5,661
Expenses:
Operating-related expenses	109			451			1,335			(126		)	1,769
Selling and general expenses	113			243			1,087			—			1,443
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Total expenses	260			703			2,556			(126		)	3,393
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Operating profit	1,479			810			1,080			—			3,369
Interest expense (income), net	191			—			(10		)	—			181
Non-operating intercompany transactions	356			(83		)	(941		)	668			—
Income before taxes on income	932			893			2,031			(668		)	3,188
Provision for taxes on income	275			420			265			—			960
Equity in net income of subsidiaries	2,412			294			—			(2,706		)	—
Net income	3,069			767			1,766			(3,374		)	2,228
Less: net income attributable to noncontrolling interests	—			—			—			(122		)	(122		)
Net income attributable to S&P Global Inc.	$	3,069		$	767		$	1,766		$	(3,496	)	$	2,106
Comprehensive income	$	3,099		$	767		$	1,563		$	(3,374	)	$	2,055

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	Statement of Income
	Year Ended December 31, 2015
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	624		$	2,141	$	2,663		$	(115	)	$	5,313
Expenses:
Operating-related expenses	119			737		959			(115		)	1,700
Selling and general expenses	202			254		1,094			—			1,550
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on dispositions	—			—		(11		)	—			(11		)
Operating profit	263			1,132		522			—			1,917
Interest expense (income), net	112			—		(10		)	—			102
Non-operating intercompany transactions	282			222		(504		)	—			—
(Loss) income before taxes on income	(131		)	910		1,036			—			1,815
(Benefit) provision for taxes on income	(107		)	358		296			—			547
Equity in net income of subsidiaries	1,473			272		—			(1,745		)	—
Net income	1,449			824		740			(1,745		)	1,268
Less: net income from continuing operations attributable to noncontrolling interests	—			—		—			(112		)	(112		)
Net income attributable to S&P Global Inc.	$	1,449		$	824	$	740		$	(1,857	)	$	1,156
Comprehensive income	$	1,446		$	822	$	655		$	(1,741	)	$	1,182

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	Statement of Income
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	598		$	2,043		$	2,525		$	(115	)	$	5,051
Expenses:
Operating-related expenses	117			764			885			(115		)	1,651
Selling and general expenses	257			1,975			912			—			3,144
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Total expenses	419			2,756			1,869			(115		)	4,929
Loss on dispositions	3			—			6			—			9
Operating profit (loss)	176			(713		)	650			—			113
Interest expense (income), net	66			—			(7		)	—			59
Non-operating intercompany transactions	193			38			(231		)	—			—
(Loss) income from continuing operations before taxes on income	(83		)	(751		)	888			—			54
(Benefit) provision for taxes on income	(22		)	16			251			—			245
Equity in net (loss) income of subsidiaries	(443		)	248			—			195			—
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Discontinued operations, net of tax:
Income from discontinued operations	18			—			—			—			18
Gain on sale of discontinued operations	160			—			—			—			160
Discontinued operations, net	178			—			—			—			178
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: net income from continuing operations attributable to noncontrolling interests	—			—			—			(102		)	(102		)
Net (loss) income attributable to S&P Global Inc.	$	(326	)	$	(519	)	$	637		$	93		$	(115	)
Comprehensive income	$	(495	)	$	(544	)	$	513		$	195		$	(331	)

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	Balance Sheet
	December 31, 2016
(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	$	711		$	—		$	1,681		$	—		$	2,392
Accounts receivable, net of allowance for doubtful accounts	138			131			853						1,122
Intercompany receivable	(165		)	837			870			(1,542		)	—
Prepaid and other current assets	77			2			72			(1		)	150
Assets of a business held for sale	—			—			7			—			7
Total current assets	761			970			3,483			(1,543		)	3,671
Property and equipment, net of accumulated depreciation	159			1			111						271
Goodwill	261			—			2,679			9			2,949
Other intangible assets, net	—			—			1,506			—			1,506
Investments in subsidiaries	5,464			680			7,826			(13,970		)	—
Intercompany loans receivable	17			—			1,354			(1,371		)	—
Other non-current assets	134			24			114			—			272
Total assets	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	73		$	22		$	88		$	—		$	183
Intercompany payable	1,324			40			177			(1,541		)	—
Accrued compensation and contributions to retirement plans	129			69			211			—			409
Income taxes currently payable	43			—			52			—			95
Unearned revenue	273			191			1,045			—			1,509
Accrued legal and regulatory settlements	2			3			51						56
Other current liabilities	163			(54		)	205			—			314
Liabilities of a business held for sale	—			—			45			—			45
Total current liabilities	2,007			271			1,874			(1,541		)	2,611
Long-term debt	3,564			—			—			—			3,564
Intercompany loans payable	11			—			1,360			(1,371		)	—
Pension and other postretirement benefits	196			—			78			—			274
Other non-current liabilities	52			74			314			(1		)	439
Total liabilities	5,830			345			3,626			(2,913		)	6,888
Redeemable noncontrolling interest										1,080			1,080
Equity:
Common stock	412			—			2,460			(2,460		)	412
Additional paid-in capital	(174		)	1,154			10,485			(10,963		)	502
Retained income	9,721			176			1,034			(1,721		)	9,210
Accumulated other comprehensive loss	(292		)	—			(525		)	44			(773		)
Less: common stock in treasury	(8,701		)	—			(7		)	7			(8,701		)
Total equity - controlling interests	966			1,330			13,447			(15,093		)	650
Total equity - noncontrolling interests										51			51
Total equity	966			1,330			13,447			(15,042		)	701
Total liabilities and equity	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669

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	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 a business 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
Income taxes currently payable	1			—			55			—			56
Unearned revenue	254			586			582			(1		)	1,421
Accrued legal and regulatory settlements	—			115			6			—			121
Other current liabilities	190			(50		)	232			—			372
Liabilities of a business 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 other 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

101

	Statement of Cash Flows
	Year Ended December 31, 2016
(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	$	3,069		$	767		$	1,766		$	(3,374	)	$	2,228
Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Provision for losses on accounts receivable	1			—			8			—			9
Deferred income taxes	16			(9		)	72			—			79
Stock-based compensation	22			17			37			—			76
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Accrued legal and regulatory settlements	3			1			50			—			54
Other	48			5			(23		)	—			30
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(24		)	187			(340		)	—			(177		)
Prepaid and current assets	(9		)	10			(3		)	—			(2		)
Accounts payable and accrued expenses	(53		)	(39		)	66			—			(26		)
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlement	—			(108		)	(42		)	—			(150		)
Other current liabilities	(29		)	(27		)	35			—			(21		)
Net change in prepaid/accrued income taxes	99			—			33			—			132
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities from continuing operations	2,119			456			2,263			(3,374		)	1,464
Investing Activities:
Capital expenditures	(68		)	(15		)	(32		)	—			(115		)
Acquisitions, net of cash acquired	(144		)	—			(33		)	—			(177		)
Proceeds from dispositions	1,422			—			76			—			1,498
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash provided by (used for) investing activities from continuing operations	1,210			(15		)	10			—			1,205
Financing Activities:
Payments on short-term debt, net	(143		)	—			—			—			(143		)
Proceeds from issuance of senior notes, net	493			—			—			—			493
Payments on senior notes	(421		)	—			—			—			(421		)
Dividends paid to shareholders	(380		)	—			—			—			(380		)
Dividends and other payments paid to noncontrolling interests	—			—			(116		)	—			(116		)
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Excess tax benefits from share-based payments	41			—			—			—			41
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities from continuing operations	(2,785		)	(441		)	(1,748		)	3,374			(1,600		)
Effect of exchange rate changes on cash from continuing operations	—			—			(158		)	—			(158		)
Net change in cash and cash equivalents	544			—			367			—			911
Cash and cash equivalents at beginning of year	167			—			1,314			—			1,481
Cash and cash equivalents at end of year	$	711		$	—		$	1,681		$	—		$	2,392

102

	Statement of Cash Flows
	Year Ended December 31, 2015
(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	$	1,449		$	824		$	740		$	(1,745	)	$	1,268
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	40			18			32			—			90
Amortization of intangibles	—			—			67			—			67
Provision for losses on accounts receivable	1			1			6			—			8
Deferred income taxes	33			290			(43		)	—			280
Stock-based compensation	23			24			31			—			78
Gain on dispositions	—			—			(11		)	—			(11		)
Accrued legal and regulatory settlements	—			110			9			—			119
Other	23			16			18			—			57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	3			(27		)	(94		)	—			(118		)
Prepaid and current assets	(13		)	14			(5		)	—			(4		)
Accounts payable and accrued expenses	(75		)	(34		)	17			—			(92		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlement	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(32		)	(35		)	(11		)	—			(78		)
Net change in prepaid/accrued income taxes	(54		)	—			115			—			61
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,471			(349		)	818			(1,745		)	195
Investing Activities:
Capital expenditures	(67		)	(10		)	(62		)	—			(139		)
Acquisitions, net of cash acquired	(2,243		)	—			(153		)	—			(2,396		)
Proceeds from dispositions	—			—			14			—			14
Changes in short-term investments	—			—			(4		)	—			(4		)
Cash used for investing activities from continuing operations	(2,310		)	(10		)	(205		)	—			(2,525		)
Financing Activities:
Additions to short-term debt, net	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Dividends and other payments paid to noncontrolling interests	—			—			(104		)	—			(104		)
Contingent consideration payments	(5		)	—			—			—			(5		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Excess tax benefits from share-based payments	69			—			—			—			69
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(396		)	359			(198		)	1,745			1,510
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash (used for) provided by continuing operations	(1,235		)	—			348			—			(887		)
Discontinued Operations:
Cash used for operating activities	—			—			(129		)	—			(129		)
Cash used for discontinued operations	—			—			(129		)	—			(129		)
Net change in cash and cash equivalents	(1,235		)	—			219			—			(1,016		)
Cash and cash equivalents at beginning of year	1,402			—			1,095			—			2,497
Cash and cash equivalents at end of year	$	167		$	—		$	1,314		$	—		$	1,481

103

	Statement of Cash Flows
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: discontinued operations, net	178			—			—			—			178
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Provision for losses on accounts receivable	—			5			6			—			11
Deferred income taxes	42			(272		)	(15		)	—			(245		)
Stock-based compensation	31			34			35			—			100
Loss on dispositions	3			—			6			—			9
Accrued legal and regulatory settlements	—			1,587			—			—			1,587
Other	18			39			14			—			71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(11		)	47			(45		)	—			(9		)
Prepaid and current assets	(42		)	(17		)	52			—			(7		)
Accounts payable and accrued expenses	(83		)	(47		)	—			—			(130		)
Unearned revenue	8			26			44			—			78
Accrued legal and regulatory settlement	—			(35		)	—			—			(35		)
Other current liabilities	(51		)	45			(10		)	—			(16		)
Net change in prepaid/accrued income taxes	13			3			(109		)	—			(93		)
Net change in other assets and liabilities	(131		)	5			71			—			(55		)
Cash (used for) provided by operating activities from continuing operations	(662		)	918			758			195			1,209
Investing Activities:
Capital expenditures	(26		)	(14		)	(52		)	—			(92		)
Acquisitions, net of cash acquired	—			—			(71		)	—			(71		)
Proceeds from dispositions	63			—			20			—			83
Changes in short-term investments	—			—			15			—			15
Cash provided by (used for) investing activities from continuing operations	37			(14		)	(88		)	—			(65		)
Financing Activities:
Dividends paid to shareholders	(326		)	—			—			—			(326		)
Dividends and other payments paid to noncontrolling interests	—			—			(84		)	—			(84		)
Contingent consideration payments	—			—			(11		)	—			(11		)
Repurchase of treasury shares	(362		)	—			—			—			(362		)
Exercise of stock options	184			—			9			—			193
Excess tax benefits from share-based payments	128			—			—			—			128
Intercompany financing activities	1,377			(904		)	(278		)	(195		)	—
Cash provided by (used for) financing activities from continuing operations	1,001			(904		)	(364		)	(195		)	(462		)
Effect of exchange rate changes on cash from continuing operations	3			—			(68		)	—			(65		)
Cash provided by continuing operations	379			—			238			—			617
Discontinued Operations:
Cash provided by operating activities	18			—			—			—			18
Cash provided by investing activities	320			—			—			—			320
Cash provided by discontinued operations	338			—			—			—			338
Net change in cash and cash equivalents	717			—			238			—			955
Cash and cash equivalents at beginning of year	685			—			857			—			1,542
Cash and cash equivalents at end of year	$	1,402		$	—		$	1,095		$	—		$	2,497

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9a. Controls and Procedures

We have filed the required certifications under Section 302 of the Sarbanes-Oxley Act of 2002 incorporated herein by reference from Exhibits (31.1) and (31.2) to this Annual Report on Form 10-K. In addition we have filed the required certifications under Section 906 of the Sarbanes-Oxley Act of 2002 incorporated herein by reference from Exhibit (32) to this Annual Report on Form 10-K.

This Item 9a. includes information concerning the controls and control evaluations referred to in the required certifications.

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of December 31, 2016, an evaluation was performed under the supervision and with the participation of management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the U.S. Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of December 31, 2016.

Management’s Annual Report on Internal Control Over Financial Reporting

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 and as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, management is required to provide the following report on our internal control over financial reporting:

1. Management is responsible for establishing and maintaining adequate internal control over financial reporting.

2. Management has evaluated the system of internal control using the Committee of Sponsoring Organizations of the Treadway Commission 2013 framework (“COSO 2013 framework”). Management has selected the COSO 2013 framework for its evaluation as it is a control framework recognized by the SEC and the Public Company Accounting Oversight Board that is free from bias, permits reasonably consistent qualitative and quantitative measurement of our internal controls, is sufficiently complete so that relevant controls are not omitted and is relevant to an evaluation of internal controls over financial reporting.

3. Based on management’s evaluation under this framework, management has concluded that our internal controls over financial reporting were effective as of December 31, 2016. There are no material weaknesses in our internal control over financial reporting that have been identified by management.

4. Our independent registered public accounting firm, Ernst & Young LLP, has audited our consolidated financial statements for the year ended December 31, 2016, and has issued their reports on the financial statements and the effectiveness of our internal control over financial reporting. These reports are located on pages 53 and 54 of this Annual Report on Form 10-K.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9b. Other Information

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or

105

entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

Revenue in 2016 attributable to the transactions or dealings by the Company described below was approximately $790,900 with net profit from such sales being a fraction of the revenues.

During 2016, one of the Company’s divisions, a provider of energy-related information in over 150 countries, sold information and informational materials, which are generally exempt from U.S. economic sanctions, to fifteen subscribers that are owned or controlled, or appear to be owned or controlled, by the Government of Iran (the “GOI”), including one that was also designated by the Treasury Department’s Office of Foreign Assets Control (“OFAC”) pursuant to Executive Order 13382 for part of the first quarter of 2016. The Company, among other things, offers customers that subscribe to its publications access to proprietary data, analytics, and industry information that enable commodities markets to perform with greater transparency and efficiency. This division provided such data related to the energy and petrochemicals markets to the subscribers referenced above, generating revenue that was a de minimis portion of both the division's and the Company’s revenue. One of the subscribers is designated by OFAC as a GOI entity and was, until January 16, 2016, designated by OFAC pursuant to Executive Order 13382; seven of the subscribers are designated by OFAC as GOI entities; and seven appear, based on publicly available information, to be owned or controlled by GOI entities. We believe that these transactions were permissible under U.S. sanctions pursuant to certain statutory and regulatory exemptions for the exportation of information and informational materials. The Company will continue to monitor its provision of products and services to these Iranian customers so that such activity continues to be permissible under U.S. sanctions. 

106

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information about our directors is contained under the caption “Board of Directors and Corporate Governance-Director Biographies” in our Proxy Statement for our 2017 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2016 (the “2017 Proxy Statement”) and is incorporated herein by reference.

The information under the heading “Executive Officers of the Registrant” in Part I of this Annual Report on Form 10-K is also incorporated herein by reference.

Code of Ethics

We have adopted a Code of Ethics that applies to our CEO, CFO, chief accounting officer and senior financial officers. To access such code, go to the Corporate Governance section of our Investor Relations website at http://investor.spglobal.com. Any waivers that may in the future be granted from such Code will be posted at such website address. In addition to our Code of Ethics for the CEO and senior financial officers noted above, the following documents may be found on our website at the above website address:

• Code of Business Ethics for all employees;

• Code of Business Conduct and Ethics for Directors;

• Employee Complaint Procedures (Accounting and Auditing Matters);

• Certificate of Incorporation;

• By-Laws;

• Corporate Governance Guidelines;

• Audit Committee Charter;

• Compensation and Leadership Development Committee Charter;

• Nominating and Corporate Governance Committee Charter;

• Financial Policy Committee Charter; and

• Executive Committee Charter.

The foregoing documents are also available in print, free of charge, to any shareholder who requests them. Requests for printed copies may be e-mailed to corporate.secretary@spglobal.com or mailed to the Corporate Secretary, S&P Global Inc., 55 Water Street, New York, NY 10041-0001.

Information about the procedures by which security holders may recommend nominees to our Board of Directors can be found in our 2017 Proxy Statement under the caption “Board of Directors and Corporate Governance-Committees of the Board of Directors-Nominating and Corporate Governance Committee” and is incorporated herein by reference.

Information concerning the composition of the Audit Committee and our Audit Committee financial experts is contained in our 2017 Proxy Statement under the caption “Board of Directors and Corporate Governance-Committees of the Board of Directors-Audit Committee” and is incorporated herein by reference.

New York Stock Exchange Certification

Promptly following the 2017 annual meeting of shareholders, we intend to file with the NYSE the CEO certification regarding our compliance with the NYSE’s corporate governance listing standards as required by NYSE Rule 303A.12. Last year, we filed this CEO certification with the NYSE on June 1, 2016.

Item 11. Executive Compensation

Information about director and executive officer compensation, Compensation Committee interlocks and the Compensation Committee Report is contained in our 2017 Proxy Statement under the captions “2016 Director Compensation,” “Board of Directors and Corporate Governance-Compensation Committee Interlocks and Insider Participation,” and is incorporated herein by reference.

107

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Set forth below is information with respect to securities authorized for issuance under equity compensation plans:

The following table details our equity compensation plans as of December 31, 2016:

	Equity Compensation Plans’ Information
	(a)		(b)		(c)
Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted-average exercise price of outstanding options, warrants and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by security holders	3,836,841		$	43.36	33,597,670
Equity compensation plans not approved by security holders	—		—		—
Total	3,836,841	1	$	43.36	33,597,670	2,3

¹  Shares to be issued upon exercise of outstanding options under our Stock Incentive Plans.

²  Included in this number are 68,910 shares reserved for issuance under the Director Deferred Stock Ownership Plan. The remaining 33,528,760 shares are reserved for issuance under the 2002 Stock Incentive Plan (the “2002 Plan”) for Performance Stock, Restricted Stock, Other Stock-Based Awards, Stock Options and Stock Appreciation Rights.

³  Under the terms of the 2002 Plan, shares subject to an award or shares paid in settlement of a dividend equivalent reduce the number of shares available under the 2002 Plan by one share for each such share granted or paid.

The 2002 Plan is also governed by certain share recapture provisions. The aggregate number of shares of stock available under the 2002 Plan for issuance are increased by the number of shares of stock granted as an award under the 2002 Plan that are:

• forfeited, cancelled, settled in cash or property other than stock, or otherwise not distributable under the 2002 Plan;

• tendered or withheld to pay the exercise or purchase price of an award under the 2002 Plan or to satisfy applicable wage or other required tax withholding in connection with the exercise, vesting or payment of, or other event related to, an award under the 2002 Plan; or

• repurchased by us with the option proceeds in respect of the exercise of a stock option under the 2002 Plan.

Information on the number of shares our common stock beneficially owned by each director and named executive officer, by all directors and executive officers as a group and on each beneficial owner of more than 5% of our common stock is contained under the caption “Ownership of Company Stock” in our 2017 Proxy Statement and is incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information with respect to certain relationships and related transactions and director independence is contained under the captions “Board of Directors and Corporate Governance-Transactions with Related Persons” in our 2017 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

During the year ended December 31, 2016, Ernst & Young LLP audited the consolidated financial statements of the Registrant and its subsidiaries.

Information on our Audit Committee’s pre-approval policy for audit services and information on our principal accountant fees and services is contained in our 2017 Proxy Statement under the caption “Independent Registered Public Accounting Firm’s Fees and Services” and is incorporated herein by reference.

108

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a) Documents filed as part of this Annual Report on Form 10-K:

1. Financial Statements

• Reports of Independent Registered Public Accounting Firm

• Consolidated Statements of Income for the three years ended December 31, 2016

• Consolidated Statements of Comprehensive Income for the three years ended December 31, 2016

• Consolidated Balance Sheets as of December 31, 2016 and 2015

• Consolidated Statements of Cash Flows for the three years ended December 31, 2016

• Consolidated Statements of Equity for the three years ended December 31, 2016

• Notes to the Consolidated Financial Statements

2. Financial Schedule

• Schedule II—Valuation and Qualifying Accounts

All other schedules have been omitted since the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements or the notes thereto.

3. Exhibits – The exhibits filed as part of this Annual Report on Form 10-K are listed in the Exhibit Index immediately preceding such Exhibits, and such Exhibit Index is incorporated herein by reference.

109

S&P Global

Schedule II – Valuation and Qualifying Accounts

(in millions)

Additions/(deductions)	Balance at beginning of year		Net charges to income		Deductions and other 1			Balance at end of year
Year ended December 31, 2016
Allowance for doubtful accounts	$	37	$	8	$	(17	)	$	28
Year ended December 31, 2015
Allowance for doubtful accounts	$	38	$	12	$	(13	)	$	37
Year ended December 31, 2014
Allowance for doubtful accounts	$	50	$	2	$	(14	)	$	38

¹  Primarily includes uncollectible accounts written off, net of recoveries, impact of acquisitions and divestitures and adjustments for foreign currency translation.

110

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

S&P Global Inc.

Registrant

By:

/s/ Douglas L. Peterson

Douglas L. Peterson

President and Chief Executive Officer

February 9, 2017

Each individual whose signature appears below constitutes and appoints Douglas L. Peterson and Ewout L. Steenbergen, and each of them singly, his or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this Form 10-K filed with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all the said attorneys-in-fact and agents or any of them or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed on February 9, 2017 on behalf of the Registrant by the following persons who signed in the capacities as set forth below under their respective names.

/s/ Douglas L. Peterson

Douglas L. Peterson

President and Chief Executive Officer and Director

/s/ Ewout L. Steenbergen

Ewout L. Steenbergen

Executive Vice President and Chief Financial Officer

/s/ Robert J. MacKay

Robert J. MacKay

Senior Vice President and Corporate Controller

/s/ Charles E. Haldeman, Jr.

Charles E. Haldeman, Jr.

Chairman of the Board and Director

/s/Sir Winfried F.W. Bischoff

Sir Winfried F.W. Bischoff

Director

/s/ William D. Green

William D. Green

Director

/s/ Stephanie C. Hill

Stephanie C. Hill

Director

/s/Rebecca Jacoby

Rebecca Jacoby

Director

/s/Monique F. Leroux

Monique F. Leroux

Director

/s/Maria R. Morris

Maria R. Morris

Director

/s/Hilda Ochoa-Brillembourg

Hilda Ochoa-Brillembourg

Director

/s/ Sir Michael Rake

Sir Michael Rake

Director

/s/Edward B. Rust, Jr.

Edward B. Rust, Jr.

Director

/s/Kurt L. Schmoke

Kurt L. Schmoke

Director

/s/Richard E. Thornburgh

Richard E. Thornburgh

Director

111

Exhibit Number		Exhibit Index
(2.1	)	Purchase and Sale Agreement between the Registrant, McGraw-Hill Education LLC, various sellers named therein and MHE Acquisition, LLC, dated November 26, 2012 (“Sale Agreement”), incorporated by reference from Registrant's Form 8-K filed November 26, 2012.
(2.2	)	Amendment No. 1 to Sale Agreement, dated March 4, 2013, incorporated by reference from Registrant’s Form 8-K filed March 5, 2013.
(2.3	)	Agreement and Plan of Merger, dated as of July 24, 2015, among the Company, Venus Sub LLC, SNL Financial LC and New Mountain Partners III (AIV-C), L.P., as incorporated by reference from the Registrant’s Form 8-K filed on July 29, 2015.
(2.4)		Stock and Asset Purchase Agreement between McGraw Hill Financial, Inc. and Jefferson Bidco Inc., dated as of April 15, 2016, incorporated by reference from the Registrant's Form 10-K filed July 28, 2016.
(3.1)		Amended and Restated Certificate of Incorporation of Registrant, incorporated by reference from Registrant’s Form 8-K filed April 29, 2016.
(3.2)		By-Laws of Registrant, as amended and restated on April 27, 2016, incorporated by reference from the Registrant’s Form 8-K filed April 29, 2016.
(4.1	)	Indenture dated as of November 2, 2007 between the Registrant, as issuer, and The Bank of New York, as trustee, incorporated by reference from Registrant’s Form 8-K filed November 2, 2007.
(4.2	)	First Supplemental Indenture, dated January 1, 2009, between the Company and The Bank of New York Mellon, as trustee, incorporated by reference from Registrant’s Form 8-K filed January 2, 2009.
(4.3	)	Indenture dated as of May 26, 2015, among the Company, Standard & Poor's Financial Services LLC and U.S. Bank National Association, as trustee, as incorporated by reference from the Registrant’s Form 8-K filed on May 26, 2015.
(4.4)		First Supplemental Indenture dated as of May 26, 2015, among the Company, Standard & Poor's Financial Services LLC and U.S. Bank National Association, as trustee, as incorporated by reference from the Registrant’s Form 8-K filed on May 26, 2015.
(4.5)		Second Supplemental Indenture dated as of August 18, 2015, among the Company, Standard & Poor’s Financial Services LLC and U.S. Bank National Association, as trustee, as incorporated by reference from the Registrant’s Form 8-K filed on August 18, 2015.
(4.6)		Third Supplemental Indenture dated as of September 22, 2016, among S&P Global Inc., Standard & Poor’s Financial Services LLC and U.S. Bank National Association, as trustee, incorporated by reference from the Registrant's Form 8-K filed on September 22, 2016.
(4.7)		Form of 2.500% Senior Note due 2018, as incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2015.
(4.8)		Form of 3.300% Senior Note due 2020, as incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2015.
(4.9)		Form of 4.000% Senior Note due 2025, as incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2015.
(4.10)		Form of 4.400% Senior Note due 2026, as incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2015.
(4.11)		Form of 2.950% Senior Note due 2027, incorporated by reference from the Registrant's Form 8-K filed on September 22, 2016.

112

(10.1	)	Form of Indemnification Agreement between Registrant and each of its directors and certain of its executive officers, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 2004.
(10.2)*		Registrant’s 2002 Stock Incentive Plan, as amended and restated as of January 1, 2016, incorporated by reference from the Registrant’s Form 10-Q filed April 26, 2016.
(10.3)*		Form of Performance Share Unit Terms and Conditions, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.4)*		Form of Performance Share Unit Terms and Conditions, as incorporated by reference from the Registrant’s Form 10-Q filed on April 28, 2015.
(10.5)*		Form of Performance Share Unit Terms and Conditions, incorporated by reference from the Registrant's Form 10-Q filed on April 26, 2016.
(10.6)*		Form of Restricted Stock Unit Award Terms and Conditions, as incorporated by reference from the Registrant’s Form 10-Q filed on April 28, 2015.
(10.7)*		Form of Restricted Stock Unit Award Terms and Conditions, incorporated by reference from the Registrant's Form 10-Q filed on April 26, 2016.
(10.8)*		Form of Stock Option Award, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2013.
(10.9)*		Registrant’s Key Executive Short Term Incentive Compensation Plan, as amended effective January 1, 2016, incorporated by reference from Registrant’s Form 10-Q filed November 3, 2016.
(10.10)*		Registrant’s Key Executive Short-Term Incentive Deferred Compensation Plan, as amended and restated as of January 1, 2008, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 2007.
(10.11)*		Resolutions terminating deferrals under the Key Executive Short-Term Deferred Compensation Plan, dated October 23, 2014, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.12)*		Registrant's Senior Executive Severance Plan, amended and restated as of January 1, 2016, incorporated by reference from the Registrant's Form 10-Q filed April 26, 2016.
(10.13)		$1,000,000,000 Four-Year Credit Agreement dated as of June 19, 2013 among the Registrant, Standard & Poor’s Financial Services LLC, as guarantor, the lenders listed therein, JP Morgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A., as syndication agent, incorporated by reference from the Registrant’s Form 8-K filed June 20, 2013.
(10.14	)	Revolving Five-Year Credit Agreement, dated as of June 30, 2015, among the Company, Standard & Poor's Financial Services LLC, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as incorporated by reference from the Registrant’s Form 8-K filed on July 1, 2015.
(10.15)*		Registrant’s Employee Retirement Plan Supplement, as amended and restated as of January 1, 2008, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 2007.
(10.16)*		First Amendment to Registrant’s Employee Retirement Plan Supplement, effective as of January 1, 2009, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.17)*		Second Amendment to Registrant’s Employee Retirement Plan Supplement, effective generally as of January 1, 2010, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.18)*		Third Amendment to Registrant’s Employee Retirement Plan Supplement, effective generally as of January 1, 2012, incorporated from the Registrant's Form 10-K for the fiscal year ended December 31, 2011.

113

(10.19)*	Fourth Amendment to Registrant’s Employee Retirement Plan Supplement, effective generally as of May 1, 2013, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2013.
(10.20)*	Standard & Poor’s Employee Retirement Plan Supplement, as amended and restated as of January 1, 2008, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.21)*	First Amendment to Standard & Poor’s Employee Retirement Plan Supplement, effective as of December 2, 2009, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.22)*	Second Amendment to Standard & Poor’s Employee Retirement Plan Supplement, effective as of January 1, 2010, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.23)*	Third Amendment to Standard & Poor’s Employee Retirement Plan Supplement, effective as of January 1, 2012, incorporated from the Registrant's Form 10-K for the fiscal year ended December 31, 2011.
(10.24)*	Fourth Amendment to Standard & Poor’s Employee Retirement Plan Supplement, effective generally as of January 1, 2014, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2013.
(10.25)*	Fifth Amendment to Standard & Poor’s Employee Retirement Plan Supplement, dated December 23, 2014, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.26)*	Registrant’s 401(k) Savings and Profit Sharing Supplement, as amended and restated as of January 1, 2016, incorporated by reference from the Registrant's Form 10-Q filed April 26, 2016.
(10.27)*	Registrant’s Management Supplemental Death and Disability Benefits Plan, as amended and restated effective as of September 23, 2014, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.28)*	Registrant’s Senior Executive Supplemental Death, Disability & Retirement Benefits Plan, as amended and restated as of January 1, 2008, incorporated by reference from Registrant's Form 10-K for the fiscal year ended December 31, 2007.
(10.29)*	Amendment to Registrant’s Senior Executive Supplemental Death, Disability & Retirement Benefits Plan, effective as of January 1, 2010, incorporated by reference from the Registrant’s Form 10-K for the fiscal year ended December 31, 2009.
(10.30)*	Registrant's Director Retirement Plan, incorporated by reference from Registrant’s Form SE filed March 29, 1990 in connection with Registrant’s Form 10-K for the fiscal year ended December 31, 1989.
(10.31)*	Resolutions Freezing Existing Benefits and Terminating Additional Benefits under Registrant’s Directors Retirement Plan, as adopted on January 31, 1996, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 1996.
(10.32)*	Registrant’s Director Deferred Compensation Plan, as amended and restated as of January 1, 2008, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 2007.
(10.33)*	Registrant’s Director Deferred Stock Ownership Plan, incorporated by reference from Registrant’s Form 10-K for the fiscal year ended December 31, 2010.
(10.34)*	Amendment dated December 9, 2011 to offer letter dated November 2, 2010 to Jack F. Callahan, Jr., Executive Vice President and Chief Financial Officer, incorporated from the Registrant's Form 10-K for the fiscal year ended December 31, 2011.
(10.35)*	Amendment dated December 9, 2011 to offer letter dated October 27, 2010 to John L. Berisford, Executive Vice President, Human Resources, incorporated from the Registrant's Form 10-K for the fiscal year ended December 31, 2011.
(10.36)*	Letter Agreement, dated July 11, 2013, with Harold McGraw III regarding his compensation arrangement for serving as Non-Executive Chairman of the Board, incorporated by reference from Registrant’s Form 8-K filed July 11, 2013.

114

(10.37)*		Separation Agreement dated September 24, 2015 between the Company and Neeraj Sahai, as incorporated by reference from the Registrant’s Registration Statement on Form S-4 filed on October 30, 2015.
(10.38)*		Letter Agreement dated February 18, 2016, with Imogen Dillon Hatcher regarding certain amendments to her Contract of Employment with McGraw-Hill International (U.K.) Limited, dated November 27, 2013, incorporated by reference from the Registrant's Form 10-Q filed on April 26, 2016.
(10.39)*		Separation Agreement and Release dated October 30, 2015 between the Company and Lucy Fato, incorporated by reference from the Registrant's Form 10-Q filed on April 26, 2016.
(10.40)*		Registrant’s Pay Recovery Policy, restated effective as of January 1, 2015, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.41)*		S&P Ratings Services Pay Recovery Policy, effective as of October 1, 2014, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.42)		Settlement Agreement dated February 2, 2015 among the Company, Standard & Poor's Financial Services LLC, the United States, acting through the Department of Justice, and various States and the District of Columbia, acting through their respective Attorneys General, incorporated by reference from the Registrant's Form 10-K for the fiscal year ended December 31, 2014.
(10.43	)	S&P Dow Jones Indices 2014 Long-Term Cash Incentive Compensation Plan dated April 1, 2014.
(12)		Computation of Ratio of Earnings to Fixed Charges.
(21)		Subsidiaries of the Registrant.
(23)		Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
(31.1)		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
(31.2)		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
(32)		Certification of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101.INS)		XBRL Instance Document
(101.SCH)		XBRL Taxonomy Extension Schema
(101.CAL)		XBRL Taxonomy Extension Calculation Linkbase
(101.LAB)		XBRL Taxonomy Extension Label Linkbase
(101.PRE)		XBRL Taxonomy Extension Presentation Linkbase
(101.DEF)		XBRL Taxonomy Extension Definition Linkbase
(101.LAB)		XBRL Taxonomy Extension Label Linkbase
(101.PRE)		XBRL Taxonomy Extension Presentation Linkbase
(101.DEF)		XBRL Taxonomy Extension Definition Linkbase

 * These exhibits relate to management contracts or compensatory plan arrangements.

115

EX-10.43

S&P Dow Jones Indices

2014 LONG-TERM CASH INCENTIVE COMPENSATION PLAN

I. PURPOSE

The purpose of the S&P Dow Jones Indices 2014 Long-Term Cash Incentive Compensation Plan (the “Plan”) is to provide Participants with the opportunity to earn long-term cash incentives based on the financial performance of S&P Dow Jones Indices LLC (“S&P Dow Jones Indices” or the “Company”) and of McGraw Hill Financial. The Plan is constructed to grant Participants Awards that vest over time, conditional on continued service and the attainment of the 2014-2016 performance targets set forth in Article V.

II. DEFINITIONS

For purposes of the Plan, the following terms shall have meanings set forth in this Section II or otherwise defined in this Plan:

AWARD GRANT or AWARD. Any cash-based award granted pursuant to the Plan.

AWARD PAYMENT DATE. The date on which Payout of the Award is made.

MATURITY DATE. The maturity date of the Award shall be December 31, 2016.

BOARD OF DIRECTORS. The Board of Directors of the Company.

CAUSE. This term is defined in Section VIII of this Plan.

COMPENSATION COMMITTEE. The President of S&P Dow Jones Indices; the Senior Director of Finance of S&P Dow Jones Indices; the Vice President, Human Resources of S&P Capital IQ and S&P Dow Jones Indices; and the Vice President of Global Executive Compensation, McGraw Hill Financial.

MHFI. McGraw Hill Financial, Inc. (MHFI) or any of its affiliates.

MHFI BOARD. The Board of Directors of MHFI.

NOI. Net Operating Income.

PARTICIPANT. An executive or other key employee of the Company or one or more of its subsidiaries, or a person who has agreed to commence serving in any of such capacities through secondment, leasing, or otherwise by MHFI, and who is designated to participate in the Plan.

PAYOUT. The final value of the Award provided to the Participant, calculated as a result of performance over the Performance Period.

PERFORMANCE PERIOD. This term is defined in Section V of this Plan.

RETIREMENT. An employee that ceases employment with the company by means of Normal or Early Retirement

III. ELIGIBILITY

S&P Dow Jones Indices executives and employees who are identified as key employees during the Performance Period will be eligible as Participants for Award Grants under the Plan.

Executives who are selected to be Participants in the Plan may include the following:

• Those individuals who have been assigned to grades 14 and above within the job leveling structure of MHFI

• Those executives who are expected to have significant impact on results of S&P Dow Jones Indices

• Those who are expected to impact the long term strategy of S&P Dow Jones Indices

IV. AWARD GRANTS

The size of individual Award Grants will vary by Participant grade level, performance and assessed potential of the individual and business performance.

All Award Grants will be subject to satisfaction of the performance measures set forth in Article V and, except as otherwise provided in Article VIII, a Participant’s continued employment through the Award Payment Date.

V. PERFORMANCE PERIOD

Payouts to participants can range from 0% to 200% of the original Award Grant value based on the achievement of the S&P Dow Jones Indices performance measures described below during the period from January 1, 2014 until December 31, 2016 (the “Performance Period”). The final Payout will be determined based on the following outcomes: 70% will be determined based on S&P Dow Jones Indices’ overall performance against its 3 year NOI growth target for the Performance Period, and 30% will be based on MHFI’s performance against its EPS goal articulated for the same Performance Period.

As it pertains to the NOI performance measure, final Payout is determined by a straight line interpolation of performance between the following points: if the achievement for the goal is below 80%, the component linked to that goal will not fund; at 100% achievement, the component will fund at 100%; if the achievement exceeds 100% and to a maximum of 150%, the component will fund on a straight line basis above 100% to a maximum of 200%.

3 Year NOI Growth Goal		3 Year MHFI Compounded EPS Goal
70% Component		30% Component
NOI Growth	Payment	EPS Growth	Payment
0%	0%	3.0%	0%
7.2%	50%	8.3%	50%
9.4% or $385.8M	100% Target	12.6%	100% Target
11.5%	150%	16.0%	150%
13.6% or above	Up to 200%	20% or above	200%

The S&P Dow Jones Indices Board of Directors may amend or modify the NOI performance goal (A) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or development affecting the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal) or (B) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal), or the financial statements of the Company or any of its subsidiaries, divisions or operating units (to the extent applicable to such performance measure and corresponding performance goal), or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting principles, law or business conditions.

The MHFI EPS performance goal may not be modified without the approval of the MHFI Board. Funding for the MHFI EPS goal will be based on MHFI’s achievement of the 2014-2016 Compounded Annual Earnings Per Share Growth Goal of 12.6%. Achievement levels between the stated EPS goals will be interpolated between those points stated in the chart above.

Payouts will be calculated after final financial results for the Performance Period are determined and will be paid in accordance with Article VI after the S&P Dow

Jones Indices Board of Directors has certified in writing that the performance measures for the Performance Period have been achieved.

The Compensation Committee will approve all results and Payout calculations, subject to formal approval by the S&P Dow Jones Indices Board of Directors, which may, in its discretion, exercise negative discretion to reduce the amount of, or eliminate, a payout that would otherwise be payable. Award Grants made to executives in grades 18 or above will also be subject to approval by the MHFI Board.

If the performance goals are not achieved, then no Payouts will be paid in respect of Award Grants pursuant to the Plan.

VI. PAYMENT OF AWARDS

Except as provided in Section VIII, in order to receive a Payout, a Participant must be an active employee of S&P Dow Jones Indices or MHFI through the Award Maturity date. Participants will receive calculated payouts between January 1, 2017 and March 15, 2017. The employee shall not have the right to interest on awards during the performance period. Payouts with respect to Award Grants shall be made in cash. Payouts are also subject to all applicable tax withholding.

VII. CHANGE IN CONTROL

In connection with any actual or potential change in control of the Company, as determined by the Board of Directors of MHFI, the Board of Directors of MHFI will take all actions hereunder as it may determine necessary or appropriate to treat Participants equitably hereunder, including without limitation the modification or waiver of applicable performance measures, the Performance Period, or Awards, notwithstanding the terms of any initial Award Grant, and the creation of a fund, a trust or other arrangement intended to secure the payment of such Award

Grants; provided however, that no such action shall accelerate the timing of the

Award Payment Date.

VIII. TERMINATION OF SERVICE

If an individual ceases to be a Participant before the Award Payment Date for reasons of death, retirement or job elimination/redundancy, the Participant’s Payout will be calculated as a result of performance over the Performance Period and prorated to reflect the number of full and partial months of participation during the Performance Period. Such prorated Payouts will be paid on the Award Payment Date that the Award Grants payable to all other Participants are paid in accordance with Article VI.

In the event the employee’s employment with the Company, its subsidiaries, or MHFI is terminated for Cause, or if the Participant voluntarily terminates his or her employment (other than due to retirement) before the Award Payment Date the Participant will not be entitled to any Payout in respect of such Award, unless otherwise determined by the Board of Directors or MHFI.

For purposes of this Plan, “Cause” shall mean, for any Participant with an employment agreement that is in effect at such time and that defines “Cause,” the meaning set forth in such employment agreement, for any Participant with Award documentation that defines “Cause,” with respect to such Award, the meaning such forth in such Award documentation, and in all other cases, the employee’s misconduct in respect of the employee’s obligations to the Company, its subsidiaries, or MHFI or other acts of misconduct by the employee occurring during the course of the employee’s employment, which in either case results in or could reasonably be expected to result in material damage to the property, business or reputation of the Company, its subsidiaries, or MHFI; provided that in no event shall unsatisfactory job performance alone be deemed to be “Cause”; and provided further that no termination of employment that is carried out at the request of a person seeking to accomplish a change in control (as determined by the S&P Dow Jones Indices Board of Directors or the Board of Directors of MHFI) or otherwise in anticipation of a change in control (as determined by the Board of Directors of MHFI) shall be deemed to be for “Cause”.

IX. SPECIAL AWARDS AND OTHER PLANS

Nothing contained in the Plan shall prohibit the Company or any of its subsidiaries from granting special performance or recognition awards, under such conditions and in such form and manner as it sees fit, to employees (including Participants) for meritorious service of any nature.

In addition, nothing contained in the Plan shall prohibit the Company or any of its subsidiaries from establishing other incentive compensation plans providing for the payment of incentive compensation to employees (including Participants).

X. ADMINISTRATION, AMENDMENT AND INTERPRETATION OF THE PLAN

The S&P Dow Jones Indices Board of Directors shall have the right to amend the Plan from time to time or to repeal it entirely, or to direct the discontinuance of Awards either temporarily or permanently; provided, however, that:

(i) No amendment of the Plan shall operate to annul, without the consent of the Participant, an Award already made hereunder; and

(ii) In the event this Plan is terminated before the last day of the Performance Period, Awards will be prorated on the basis of the ratio of the number of

full and partial weeks in such Performance Period prior to such termination to 156 and will be paid in accordance with Section VI.

This Plan will be administered by the S&P Dow Jones Indices Board of Directors, provided that officers of the Company and the MHFI Board shall be permitted to make certain determinations under the Plan as set forth herein. The decision of the S&P Dow Jones Indices Board of Directors, officers of the Company or the MHFI Board, as applicable, with respect to any questions arising in connection with the administration or interpretation of the Plan shall be final, conclusive and binding. In the event of any conflict between a determination of the S&P Dow Jones Indices Board of Directors, officers of the Company or the MHFI Board, the determination of the Board of Directors of MHFI shall be final, conclusive and binding. Notwithstanding the terms of Section IX, neither the Company nor MHFI (or any subsidiary, affiliate, director, employee or other service provider thereof) makes any representation to any Participant with respect to the application of Section 409A of the Internal Revenue Code of 1986, as amended to such Participant’s Awards.

XII. MISCELLANEOUS

All expenses and costs in connection with the operation of the Plan shall be borne by the Company.

All Awards under the Plan are subject to withholding, where applicable, for federal, state and local taxes.

Unless otherwise determined by the S&P Dow Jones Indices Board of Directors, all Awards will be paid from the Company’s general assets, and nothing contained in this Plan will require the Company to set aside or hold in trust any funds for the benefit of any Participant, who will have the status of a general unsecured creditor of the Company.

This Plan will not confer upon any Participant any right with respect to continuance of employment or other service with the Company or any subsidiary, nor will it interfere in any way with any right the Company or any subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time.

Except as otherwise provided in this Plan, no right or benefit under this Plan will be subject to alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to alienate, sell, assign, pledge, encumber, or charge such right or benefit will be void. No such right or benefit will in any manner be liable for or subject to the debts, liabilities, or torts of a Participant.

If any provision in this Plan is held to be invalid or unenforceable, no other provision of this Plan will be affected thereby.

This Plan will be governed by and construed in accordance with applicable United States federal law and, to the extent not preempted by such federal law, in accordance with the laws of the State of New York, without giving effect to the principles of conflict of laws thereof.

The Board of Directors of S&P Dow Jones Indices hereby adopts the S&P Dow

Jones Indices 2014 Long-Term Cash Incentive Compensation Plan as of April 1,

2014.

EX-12

Exhibit (12)

S&P Global Inc.

Computation of Ratio of Earnings to Fixed Charges

(in millions)

	Years ended December 31,
	2016			2015			2014			2013			2012
Earnings:
Income from continuing operations before taxes on income	$	3,188	1	$	1,815	2	$	54	3	$	1,299	4	$	1,089	5
Fixed charges 6	243			162			118			124			128
Total earnings	$	3,431		$	1,977		$	172		$	1,423		$	1,217
Fixed charges:6
Interest expense	$	179		$	101		$	58		$	62		$	81
Portion of rental payments deemed to be interest	59			59			59			61			46
Amortization of debt issuance costs and discount	5			2			1			1			1
Total fixed charges	$	243		$	162		$	118		$	124		$	128
Ratio of earnings to fixed charges:	14.1		x	12.2		x	1.5		x	11.5		x	9.5		x

¹ Includes the impact of the following items: a $1.1 billion gain from our dispositions, a benefit related to net legal settlement insurance recoveries of $10 million, disposition-related costs of $48 million, a technology-related impairment charge of $24 million, restructuring charges of $6 million, a $3 million disposition-related reserve release, acquisition-related costs of $1 million and amortization of intangibles from acquisitions of $96 million.

² Includes the impact of the following items: costs related to identified operating efficiencies primarily related to restructuring of $56 million, net legal settlement expenses of $54 million, acquisition-related costs of $37 million, an $11 million gain on dispositions, and amortization of intangibles from acquisitions of $67 million.

³ Includes the impact of the following items: $1.6 billion of legal and regulatory settlements, restructuring charges of $86 million, $4 million of professional fees largely related to corporate development activities, and amortization of intangibles from acquisitions of $48 million.

⁴ Includes the impact of the following items: $77 million of legal settlements, $64 million charge for costs necessary to enable the separation of McGraw-Hill Education ("MHE") and reduce our cost structure, a $36 million non-cash impairment charge related to the sale of our data center, a $28 million restructuring charge in the fourth quarter primarily related to severance, $13 million related to terminating various leases as we reduce our real estate portfolio and a $24 million net gain from our dispositions, and amortization of intangibles from acquisitions of $51 million.

⁵ Includes the impact of the following items: $135 million charge for costs necessary to enable the separation of MHE and reduce our cost structure, a $65 million restructuring charge, transaction costs of $15 million for our S&P Dow Jones Indices LLC joint venture, an $8 million charge related to a reduction in our lease commitments, partially offset by a vacation accrual reversal of $52 million, and amortization of intangibles from acquisitions of $48 million.

⁶"Fixed charges" consist of (1) interest on debt and interest related to the sale leaseback of Rock-McGraw, Inc. (see Note 13 - Commitments and Contingencies to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K), (2) the portion of our rental expense deemed representative of the interest factor in rental expense, and (3) amortization of debt issue costs and discount to any indebtedness.

EX-21

Exhibit (21)

S&P Global, Inc.

Subsidiaries of Registrant

Listed below are all the subsidiaries of S&P Global, Inc. ("SPGI"), except certain inactive subsidiaries and certain other SPGI subsidiaries which are not included in the listing because considered in the aggregate they do not constitute a significant subsidiary as of the date this list was compiled.

Subsidiaries	State or Jurisdiction of Incorporation	Percentage of Voting  Securities Owned
716 Park Street LC	Virginia, United States	100
Asia Index Private Limited	India	36.5
Bentek Energy, LLC	Colorado, United States	100
BIZNET.TV, Inc.	New York, United States	100
BRC Investor Services S.A.	Colombia	100
Capital IQ, SRL	Argentina	98.93
CME Group Beijing Holdings, LLC	Delaware, United States	73
CME Group Index Services Germany GmbH	Germany	73
CME Information Services (Beijing) Co., Ltd.	China	73
Coalition Development Ltd.	United Kingdom	67.05
Coalition Singapore Pte. Ltd.	Singapore	67.05
Colinalibros, S.A.	Argentina	100
Commodity Flow Limited	United Kingdom	100
Crisil Irevna Argentina S.A.	Argentina	67.05
CRISIL Irevna Information Technology (Hangzhou) Company Ltd.	China	67.05
CRISIL Irevna Sp s o. o.	Poland	67.05
CRISIL Irevna UK Limited (U.K.)	United Kingdom	67.05
CRISIL Irevna US LLC	Delaware, United States	67.05
CRISIL Limited	India	67.05
CRISIL Risk and Infrastructure Solutions, Ltd.	India	67.05
DataWright Corporation	Texas, United States	100
DJI OpCo, LLC	Delaware, United States	73
Dormantco Zero Two Limited	United Kingdom	100
Eclipse Gas and Power Limited	United Kingdom	100
Eclipse Energy Group AS	Norway	100
Editoriales Pedagogicas Asociados, S.A.	Guatemala	100
Funds Research USA LLC	Delaware, United States	100
Grupo SPGI Mexico, S. de. R.L. de C.V.	Mexico	100
Grupo Standard & Poor's S de RL de C.V	Mexico	100
Intierrarmg Pty Limited	Australia	100
J Kingsman Limited	United Kingdom	100
Kingsman SA	Switzerland	100
McGraw-Hill Financial Publications, Inc.	New York, United States	100
McGraw-Hill Interamericana de Venezuela, S.A.	Venezuela	100
McGraw-Hill News Bureaus, Inc.	New York, United States	100
McGraw-Hill International Holdings LLC	Delaware, United States	100
McGraw-Hill New York, Inc.	New York, United States	100
McGraw-Hill Publications Overseas LLC	Delaware, United States	100

MHFSCO Ltd. (Virgin Islands Company)	U.S. Virgin Islands	100
Minerals Value Service GmbH	Germany	100
Minerals Value Service UK Limited	United Kingdom	100
Nippon Standard & Poor's K.K.	Japan	100
Petroleum Industry Research Associates, Inc.	New York, United States	100
PetroMedia Ltd.	Canada	100
Petromedia Marine Intelligence Private Limited	India	100
Platts (U.K.) Limited	United Kingdom	100
Platts Finance (Luxembourg) S.à r.l.	Luxembourg	100
R2 Financial Technologies, Inc.	Canada	100
Regulatory Research Associates, Inc	New Jersey, United States	100
S&P Argentina LLC	Delaware, United States	100
S&P Capital IQ (India) Private Limited	India	100
S&P DJ Indices UK Limited	United Kingdom	73
S&P Dow Jones Indices LLC	Delaware, United States	73
S&P Global Advertising LLC	Delaware, United States	100
S&P Global Asia Pacific LLC	Delaware, United States	100
S&P Global Asian Holdings Pte. Limited	Singapore	100
S&P Global Australia Pty Ltd	Australia	100
S&P Global Belgium	Belgium	100
S&P Global Canada Corp.	Canada	100
S&P Global Commodities UK Limited	United Kingdom	100
S&P Global Europe Limited	United Kingdom	100
S&P Global European Holdings Luxembourg S.a.r.l.	Luxembourg	100
S&P Global Finance Europe Limited	United Kingdom	100
S&P Global Finance Luxembourg S.a.r.l	Luxembourg	100
S&P Global France SAS	France	100
S&P Global Germany GmbH	Germany	100
S&P Global Holdings Luxembourg S.a.r.l.	Luxembourg	100
S&P Global Holdings UK Limited	United Kingdom	100
S&P Global Indices UK Limited	United Kingdom	73
S&P Global Informacoes do Brasil Ltda.	Brazil	100
S&P Global International LLC	Delaware, United States	100
S&P Global Italy S.r.l	Italy	100
S&P Global Korea Inc	Korea, Republic of	100
S&P Global Limited	United Kingdom	100
S&P Global Market Intelligence Inc.	Delaware, United States	100
S&P Global Market Intelligence Japan K.K.	Japan	100
S&P Global Market Intelligence LLC	Delaware, United States	100
S&P Global Netherlands B.V.	Netherlands	100
S&P Global Pakistan (Private) Limited	Pakistan	99.90
S&P Global Real Estate Inc.	New York, United States	100
S&P Global Research Europe Limited	United Kingdom	100
S&P Global Singapore Pte. Limited	Singapore	100
S&P Global Sweden AB	Sweden	100
S&P Global UK Limited	United Kingdom	100

S&P Global Ventures Inc.	Delaware, United States	100
S&P India LLC	Delaware, United States	100
S&P OpCo, LLC	Delaware, United States	73
SNL Downtown Development LC	Virginia, United States	100
SNL Financial (India) Private Ltd.	India	98.35
SNL Financial Australia Pty Ltd	Australia	100
SNL Financial Germany GmbH	Germany	100
SNL Financial LC	Virginia, United States	100
SNL Financial Limited	United Kingdom	100
SNL Financial Sweden AB	Sweden	100
SNL Financial ULC	Canada	100
SNL Hong Kong Limited	Hong Kong	100
SNL Information Services Philippines, Inc.	Philippines	100
SNL Information Services Pte. Ltd.	Singapore	100
SP Global Financial Iberia, S.L.U.	Spain	100
SPDJ Singapore Pte. Ltd	Singapore	73
SPGI Malaysia Sdn. Bhd.	Malaysia	100
SPGI Market Intelligence Ireland Unlimited Company	Ireland	100
Standard & Poor’s RUS Ratings LLC	Russian Federation	100
Standard & Poor's (Australia) Pty. Ltd.	Australia	100
Standard & Poor's (Dubai) Limited	United Arab Emirates	100
Standard & Poor's Compustat Services, Inc.	Delaware, United States	100
Standard & Poor's Credit Market Services Europe Limited	United Kingdom	100
Standard & Poor's Credit Market Services France, SAS	France	100
Standard & Poor's Credit Market Services Italy Srl	Italy	100
Standard & Poor's EA Ratings Ltd	Russian Federation	100
Standard & Poor's Enterprises, LLC	Delaware, United States	100
Standard & Poor's Europe LLC	Delaware, United States	100
Standard & Poor's Financial Services LLC	Delaware, United States	100
Standard & Poor's Hong Kong Limited	Hong Kong	100
Standard & Poor's Information Services (Australia) Pty. Ltd.	Australia	100
Standard & Poor's Information Services (Beijing) Co., Ltd	China	100
Standard & Poor's International Enterprises, LLC	Delaware, United States	100
Standard & Poor's International Services, LLC	Delaware, United States	100
Standard & Poor's International, LLC	Delaware, United States	100
Standard & Poor's Investment Advisory Services (HK) Ltd	Hong Kong	100
Standard & Poor's Investment Advisory Services, LLC	Delaware, United States	100
Standard & Poor's Maalot Ltd.	Israel	100
Standard & Poor's Malaysia Sdn. Bhd.	Malaysia	100
Standard & Poor's Philippines Inc.	Philippines	100
Standard & Poor's Ratings (Thailand), Ltd.	Delaware, United States	100
Standard & Poor's Ratings Argentina S.r.l., Agente de Calificacion de Riesgo	Argentina	100
Standard & Poor's Ratings Chile Clasificadora de Riesgo Limitada	Chile	100
Standard & Poor's Ratings do Brazil Ltda	Brazil	100
Standard & Poor's Ratings Japan K.K.	Japan	100
Standard & Poor's Ratings Management Service (Shanghai) Company Ltd	China	100

Standard & Poor's S.A. de C.V.	Mexico	100
Standard & Poor's Singapore Pte. Ltd.	Singapore	100
Standard & Poor's South Asia Services Private Limited	India	100
Standard & Poor's, LLC	Delaware, United States	100
Steel Business Briefing (Shanghai) Co. Ltd	China	100
Steel Business Briefing North America, Inc.	Pennsylvania, United States	100
Taiwan Ratings Corporation	Taiwan	51
The McGraw-Hill Companies Switzerland GmbH	Switzerland	100
The Steel Index Limited	United Kingdom	100
Trucost plc	United Kingdom	100
Trucost Inc.	Massachusetts, United States	100
Trucost China Limited	China	100
WaterRock Insurance, LLC	New York, United States	100

EX-23

Exhibit (23)

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

1. Registration Statement on Form S-8 (No. 33-49743) pertaining to the 1993 Key Employee Stock Incentive Plan,

2. Registration Statements on Form S-8 (No. 333-30043 and No. 333-40502) pertaining to the 1993 Employee Stock Incentive Plan,

3. Registration Statement on Form S-8 (No. 333-92224) pertaining to the 2002 Stock Incentive Plan,

4. Registration Statement on Form S-8 (No. 333-116993) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

5. Registration Statement on Form S-8 (No. 333-06871) pertaining to the Director Deferred Stock Ownership Plan,

6. Registration Statement on Form S-8 (No. 33-50856) pertaining to the Savings Incentive Plan of McGraw-Hill, Inc. and its Subsidiaries, the Employee Retirement Account Plan of McGraw-Hill, Inc. and its Subsidiaries, the Standard & Poor’s Savings Incentive Plan for Represented Employees, the Standard & Poor’s Employee Retirement Account Plan for Represented Employees, the Employees’ Investment Plan of McGraw-Hill Broadcasting Company, Inc. and its Subsidiaries,

7. Registration Statement on Form S-8 (No. 333-126465) pertaining to the Savings Incentive Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Employee Retirement Account Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Standard & Poor’s Savings Incentive Plan for Represented Employees, and the Standard & Poor’s Employee Retirement Account Plan for Represented Employees,

8. Registration Statement on Form S-8 (No. 333-157570) pertaining to the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, and the Standard & Poor’s 401(k) Savings and Profit Sharing Plan for Represented Employees,

9. Registration Statement on Form S-8 (No. 333-167885) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

10. Registration Statement on Form S-8 (No. 333-170902) pertaining to the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, and the Standard & Poor’s 401(k) Savings and Profit Sharing Plan for Represented Employees, and

11. Registration Statement on Form S-3 (No. 333-212304) pertaining to the Common Stock, Preferred Stock, Debt Securities, Warrants, Purchase Contracts, Units and Guarantees of Debt Securities of S&P Global Inc.;

of our reports dated February 9, 2017, with respect to the consolidated financial statements and schedule of S&P Global Inc. and the effectiveness of internal control over financial reporting of S&P Global Inc. included in this Annual Report on Form 10-K of S&P Global Inc. for the year ended December 31, 2016.

/s/ERNST & YOUNG LLP

New York, New York

February 9, 2017

EX-31.1

Exhibit (31.1)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Douglas L. Peterson, certify that:

1. I have reviewed this Form 10-K of S&P Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: February 9, 2017	/s/Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer

EX-31.2

Exhibit (31.2)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Ewout L. Steenbergen, certify that:

1. I have reviewed this Form 10-K of S&P Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: February 9, 2017	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

EX-32.2

Exhibit (32)

Certifications pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, each of the undersigned officers of S&P Global Inc. (the “Company”), does hereby certify, to such officer's knowledge, that:

The Form 10-K of the Company for the year ended December 31, 2016 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 9, 2017	/s/Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer
Date: February 9, 2017	/s/Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 27, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	S&P Global Inc.
Entity Central Index Key	0000064040
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 28.3
Entity Common Stock, Shares Outstanding		258.4

XML

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenue	$ 1,399	$ 1,374	$ 5,661	$ 5,313	$ 5,051
Expenses:
Operating-related expenses			1,769	1,700	1,651
Selling and general expenses			1,443	1,550	3,144
Depreciation			85	90	86
Amortization of intangibles			96	67	48
Total expenses			3,393	3,407	4,929
(Gain) loss on dispositions			(1,101)	(11)	9
Operating profit	857	424	3,369	1,917	113
Interest expense, net			181	102	59
Income from continuing operations before taxes on income			3,188	1,815	54
Provision for taxes on income			960	547	245
Income (loss) from continuing operations			2,228	1,268	(191)
Discontinued operations, net of tax:
Income from discontinued operations			0	0	18
Gain on sale of discontinued operations			0	0	160
Discontinued operations, net			0	0	178
Net income (loss)	569	276	2,228	1,268	(13)
Less: net income from continuing operations attributable to noncontrolling interests			(122)	(112)	(102)
Net income (loss) attributable to S&P Global Inc.	537	248	2,106	1,156	(115)
Amounts attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations			2,106	1,156	(293)
Income from discontinued operations			0	0	178
Net income (loss) attributable to S&P Global Inc.	$ 537	$ 248	$ 2,106	$ 1,156	$ (115)
Income (loss) from continuing operations:
Basic (in dollars per share)			$ 8.02	$ 4.26	$ (1.08)
Diluted (in dollars per share)			7.94	4.21	(1.08)
Income from discontinued operations:
Basic (in dollars per share)			0.00	0.00	0.66
Diluted (in dollars per share)			0.00	0.00	0.66
Net income (loss):
Basic (in dollars per share)	$ 2.07	$ 0.92	8.02	4.26	(0.42)
Diluted (in dollars per share)	$ 2.05	$ 0.91	$ 7.94	$ 4.21	$ (0.42)
Weighted-average number of common shares outstanding:
Basic (in shares)			262.8	271.6	271.5
Diluted (in shares)			265.2	274.6	271.5
Actual shares outstanding at year end (in shares)	258.3	265.2	258.3	265.2	272.0
Dividend declared per common share (in dollars per share)			$ 1.44	$ 1.32	$ 1.20

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,228	$ 1,268	$ (13)
Other comprehensive income (loss):
Foreign currency translation adjustment	(132)	(111)	(108)
Income tax effect	(7)	1	2
Foreign currency translation adjustment, net of income tax effect	(139)	(110)	(106)
Pension and other postretirement benefit plans	(27)	34	(357)
Income tax effect	(10)	(9)	142
Pension and other postretirement benefit plans, net of income tax effect	(37)	25	(215)
Unrealized gain (loss) on forward exchange contracts	4	(1)	4
Income tax effect	(1)	0	(1)
Unrealized (loss) gain on investments and forward exchange contracts, net of income tax effect	3	(1)	3
Comprehensive income (loss)	2,055	1,182	(331)
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(13)	(11)	(10)
Less: comprehensive income attributable to redeemable noncontrolling interests	(109)	(101)	(92)
Comprehensive income (loss) attributable to S&P Global Inc.	$ 1,933	$ 1,070	$ (433)

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 2,392	$ 1,481
Short-term investments	8	6
Accounts receivable, net of allowance for doubtful accounts: 2016 - $28; 2015 - $37	1,122	991
Deferred income taxes		109
Prepaid and other current assets	142	206
Assets of a business held for sale	7	503
Total current assets	3,671	3,296
Property and equipment:
Buildings and leasehold improvements	356	352
Equipment and furniture	452	503
Total property and equipment	808	855
Less: accumulated depreciation	(537)	(585)
Property and equipment, net	271	270
Goodwill	2,949	2,882
Other intangible assets, net	1,506	1,522
Other non-current assets	272	213
Total assets	8,669	8,183
Current liabilities:
Accounts payable	183	206
Accrued compensation and contributions to retirement plans	409	383
Short-term debt	0	143
Income taxes currently payable	95	56
Unearned revenue	1,509	1,421
Accrued legal and regulatory settlements	56	121
Other current liabilities	314	372
Liabilities of a business held for sale	45	206
Total current liabilities	2,611	2,908
Long-term debt	3,564	3,468
Pension and other postretirement benefits	274	276
Other non-current liabilities	439	368
Total liabilities	6,888	7,020
Redeemable noncontrolling interest	1,080	920
Commitments and contingencies (Note 13)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 412 million shares in 2016 and 2015	412	412
Additional paid-in capital	502	475
Retained income	9,210	7,636
Accumulated other comprehensive loss	(773)	(600)
Less: common stock in treasury - at cost: 2016 - 153 million shares; 2015 - 146 million shares	(8,701)	(7,729)
Total equity – controlling interests	650	194
Total equity – noncontrolling interests	51	49
Total equity	701	243
Total liabilities and equity	$ 8,669	$ 8,183

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 28	$ 37
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	412,000,000	412,000,000
Common stock, in treasury (in shares)	153,000,000	146,000,000

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net income (loss)	$ 2,228	$ 1,268	$ (13)
Less: income from discontinued operations	0	0	178
Net income (loss) from continuing operations	2,228	1,268	(191)
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities from continuing operations:
Depreciation	85	90	86
Current year amortization	96	67	48
Provision for losses on accounts receivable	9	8	11
Deferred income taxes	79	280	(245)
Stock-based compensation	76	78	100
Gain on dispositions	(1,101)	(11)	9
Accrued legal and regulatory settlements	54	119	1,587
Other	30	57	71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(177)	(118)	(9)
Prepaid and other current assets	(2)	(4)	(7)
Accounts payable and accrued expenses	(26)	(92)	(130)
Unearned revenue	107	129	78
Accrued legal and regulatory settlements	(150)	(1,624)	(35)
Other current liabilities	(21)	(78)	(16)
Net change in prepaid / accrued income taxes	132	61	(93)
Net change in other assets and liabilities	45	(35)	(55)
Cash provided by operating activities from continuing operations	1,464	195	1,209
Investing Activities:
Capital expenditures	(115)	(139)	(92)
Acquisitions, net of cash acquired	(177)	(2,396)	(71)
Proceeds from dispositions	1,498	14	83
Changes in short-term investments	(1)	(4)	15
Cash provided by (used for) investing activities from continuing operations	1,205	(2,525)	(65)
Financing Activities:
(Payments on) / additions to short-term debt, net	(143)	143	0
Proceeds from issuance of senior notes, net	493	2,674	0
Payments on senior notes	(421)	0	0
Dividends paid to shareholders	(380)	(363)	(326)
Dividends and other payments paid to noncontrolling interests	(116)	(104)	(84)
Repurchase of treasury shares	(1,123)	(974)	(362)
Exercise of stock options	88	86	193
Contingent consideration payments	(39)	(5)	(11)
Purchase of additional CRISIL shares	0	(16)	0
Excess tax benefits from share-based payments	41	69	128
Cash (used for) provided by financing activities from continuing operations	(1,600)	1,510	(462)
Effect of exchange rate changes on cash from continuing operations	(158)	(67)	(65)
Cash provided by (used for) continuing operations	911	(887)	617
Discontinued Operations:
Cash (used for) provided by operating activities	0	(129)	18
Cash provided by investing activities	0	0	320
Cash (used for) provided by discontinued operations	0	(129)	338
Net change in cash and cash equivalents	911	(1,016)	955
Cash and cash equivalents at beginning of year	1,481	2,497	1,542
Cash and cash equivalents at end of year	2,392	1,481	2,497
Cash paid during the year for:
Interest (including discontinued operations)	150	65	50
Income taxes (including discontinued operations)	$ 683	$ 260	$ 419

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Consolidated Statements of Equity - USD ($) $ in Millions		Total	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Total SPGI Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2013		$ 1,344	$ 412	$ 447	$ 7,384	$ (196)	$ 6,746	$ 1,301	$ 43
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	(423)			(115)	(318)		(433)	10
Dividends		(332)			(324)			(324)	(8)
Share repurchases		(346)					352	(352)
Employee stock plans, net of tax benefit		295		46			(249)	295
Change in redemption value of redeemable noncontrolling interest		(1)			(1)			(1)
Other		2			2			2
Ending Balance at Dec. 31, 2014		539	412	493	6,946	(514)	6,849	488	51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,081			1,156	(86)		1,070	11
Dividends		(368)			(359)			(359)	(9)
Share repurchases		(1,002)					1,000	(1,000)	(2)
Employee stock plans, net of tax benefit		102		(18)			(120)	102
Change in redemption value of redeemable noncontrolling interest		(107)			(107)			(107)
Other		(2)						0	(2)
Ending Balance at Dec. 31, 2015		243	412	475	7,636	(600)	7,729	194	49
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,946			2,106	(173)		1,933	13
Dividends		(390)			(380)			(380)	(10)
Share repurchases		(1,097)					1,097	(1,097)	0
Employee stock plans, net of tax benefit		152		27			(125)	152
Change in redemption value of redeemable noncontrolling interest		(153)			(153)			(153)
Other		0			1			1	(1)
Ending Balance at Dec. 31, 2016		$ 701	$ 412	$ 502	$ 9,210	$ (773)	$ 8,701	$ 650	$ 51

[1] Excludes $109 million, $101 million and $92 million in 2016, 2015 and 2014, respectively, attributable to redeemable noncontrolling interest.

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Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Comprehensive income attributable to redeemable noncontrolling interests	$ 109	$ 101	$ 92

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Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Accounting Policies

Accounting Policies

Nature of operations

S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; and the commodity markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture.

Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market and Commodities Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services and deliver their customers in the commodity and energy markets access to high-value information, data, analytic services and pricing and quality benchmarks. As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

See Note 12 – Segment and Geographic Information for further discussion on our operating segments, which are also our reportable segments.

Assets and Liabilities Held for Sale and Discontinued Operations

Assets and Liabilities Held for Sale

We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

An entity that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale.

The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets.

Discontinued Operations

Beginning on January 1, 2015, we adopted revised guidance for discontinued operations that raises the threshold for a disposal to qualify as a discontinued operation. In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

For the year ended December 31, 2014, we applied the previous guidance for discontinued operations in determining whether a group of assets disposed or to be disposed of should be presented as a discontinued operation. We determined whether the group of assets being disposed of comprised a component of the entity. We also determined whether the cash flows associated with the group of assets had been or would have been eliminated from our ongoing operations as a result of the disposal transaction and whether we would have had significant continuing involvement in the operations of the group of assets after the disposal transaction. If we concluded that the cash flows had been eliminated and we had no significant continuing involvement, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) were aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

See Note 2 – Acquisitions and Divestitures for a summary of discontinued operations. Unless otherwise indicated, all disclosures and amounts in the notes to our consolidated financial statements relate to our continuing operations.

Principles of consolidation

The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $2.4 billion and $1.5 billion as of December 31, 2016 and 2015, respectively. These investments are not subject to significant market risk.

Short-term investments

Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit and mutual funds, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded into income when earned.

Accounts receivable

Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.

Allowance for doubtful accounts

The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.

Deferred technology costs

We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization. Gross deferred technology costs were $145 million and $128 million as of December 31, 2016 and 2015, respectively. Accumulated amortization of deferred technology costs was $91 million and $72 million as of December 31, 2016 and 2015, respectively.

Fair Value

Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have an immaterial amount of forward exchange contracts that are adjusted to fair value on a recurring basis.

Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our long-term debt borrowings were $3.7 billion and $3.6 billion as of December 31, 2016 and 2015, respectively, and was estimated based on quoted market prices.

Accounting for the impairment of long-lived assets (including other intangible assets)

We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

For the year ended December 31, 2016, we recorded a non-cash impairment charge of $24 million related to a technology project at our Market and Commodities Intelligence segment in selling and general expenses in our consolidated statement of income.

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 – Related Party Transactions for further discussion.

On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) which owns, operates, and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value of the facilities and associated infrastructure classified as held for sale to their fair value.

Goodwill and other indefinite-lived intangible assets

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a two-step quantitative impairment test.

When conducting the first step of our two step impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of a discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums.

If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the carrying value of the goodwill. The fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge.

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess.

Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.

We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2016, 2015 and 2014.

Foreign currency translation

We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.

Revenue recognition

Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, management makes its best estimate of the services’ stand-alone selling price and records revenue as it is earned over the service period. For arrangements that include multiple services, fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period.

Depreciation

The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.

Advertising expense

The cost of advertising is expensed as incurred. We incurred $35 million, $33 million and $35 million in advertising costs for the years ended December 31, 2016, 2015 and 2014, respectively.

Stock-based compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income.

Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled prior to December 31, 2017. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, our opinion is that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements.

Redeemable Noncontrolling Interest

The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture established in June of 2012 contains redemption features whereby interests held by our minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would be required to purchase all of such interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income. See Note 9 – Equity for further detail.

Contingencies

We accrue for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.

Recent Accounting Standards

In August of 2016, the Financial Accounting Standards Board ("FASB") issued guidance providing amendments to eight specific statement of cash flows classification issues. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In March of 2016, the FASB issued guidance to modify several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance will require recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity as under the current guidance. We reported excess tax benefits from share -based payments of $41 million, $69 million and $128 million for the years ended December 31, 2016, 2015 and 2014, respectively. In addition, these amounts will be classified as an operating activity in the statement of cash flows, instead of as a financing activity. Cash paid for shares withheld on the employees' behalf will be classified as a financing activity, instead of as an operating activity. Cash paid for employee taxes was $55 million, $92 million and $95 million for the years ended December 31, 2016, 2015 and 2014, respectively. The 2016, 2015 and 2014 amounts of excess tax benefits from share-based payments and cash paid for employee taxes are not necessarily indicative of future amounts that may arise from the implementation of the new accounting guidance. The guidance is effective for reporting periods beginning after December 15, 2016 is required to be adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively or prospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows, and 3) retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows.

In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognizeassets and liabilities but will recognize expenses similar to current lease accounting. The guidance is effective for reporting periods beginning after December 15, 2018; however, early adoption is permitted. The new guidance must be adopted using a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. The guidance is effective for reporting periods beginning after December 15, 2017. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2015, the FASB issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

In September of 2015, the FASB issued guidance intended to simplify the accounting for measurement-period adjustments made to provisional amounts recognized in a business combination. The guidance eliminates the requirement to retrospectively account for those adjustments. The guidance was effective on January 1, 2016, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In February of 2015, the FASB issued guidance that requires management to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2015, the FASB issued guidance that eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In August of 2014, the FASB issued guidance that requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for reporting periods ending after December 15, 2016; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In May of 2014, the FASB and the International Accounting Standards Board (“IASB”) issued jointly a converged standard on the recognition of revenue from contracts with customers which is intended to improve the financial reporting of revenue and comparability of the top line in financial statements globally. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In August of 2015, the FASB issued guidance deferring the effective date of the new revenue standard by one year. Subsequently, the FASB issued implementation guidance related to the new revenue standard, including the following: In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations; in April of 2016, the FASB clarified guidance on performance obligations and the licensing implementation guidance; in May of 2016, the FASB issued a practical expedient in response to identified implementation issues. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the application of a transition method and the impact that adoption of these updates will have on our consolidated financial statements. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Reclassification

Certain prior year amounts have been reclassified for comparability purposes.

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Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

2016

For the year ended December 31, 2016, we paid cash for acquisitions, net of cash acquired, totaling $177 million. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2016 by segment included:

Market and Commodities Intelligence

• In December of 2016, Market and Commodities Intelligence acquired a 2.54% equity investment in Kensho Technologies, Inc. ("Kensho"), a financial technology startup in market data analytics. We accounted for the acquisition of Kensho on a cost basis. Our investment in Kensho is not material to our consolidated financial statements.

• In September of 2016, Market and Commodities Intelligence acquired PIRA Energy Group ("PIRA"), a global provider of energy research and forecasting products and services. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by expanding its oil offering and strengthening its position in the natural gas and power markets. We accounted for the acquisition of PIRA using the purchase method of accounting. The acquisition of PIRA is not material to our consolidated financial statements.

• In June of 2016, Market and Commodities Intelligence acquired RigData, a provider of daily information on rig activity for the natural gas and oil markets across North America. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by strengthening its position in natural gas and enhancing its oil offering. We accounted for the acquisition of RigData using the purchase method of accounting. The acquisition of RigData is not material to our consolidated financial statements.

• In March of 2016, Market and Commodities Intelligence acquired Commodity Flow, a specialist technology and business intelligence service for the global waterborne commodity and energy markets. The purchase helps extend Market and Commodities Intelligence's trade flow analytical capabilities and complements its existing shipping services. We accounted for the acquisition of Commodity Flow using the purchase method of accounting. The acquisition of Commodity Flow is not material to our consolidated financial statements.

Following our acquisition of PIRA, we made a contingent purchase price payment in 2016 for $34 million that has been reflected in the consolidated statement of cash flows as a financing activity.

Following our acquisition of National Automobile Dealers Association's Used Car Guide ("UCG") at J.D. Power in July of 2015, we made a contingent purchase price payment in 2016 for $5 million that has been reflected in the consolidated statement of cash flows as a financing activity.

Indices

• In October of 2016, Indices acquired Trucost plc, a leader in carbon and environmental data and risk analysis through its subsidiary S&P Global Indices UK Limited. The purchase will build on Indices' current portfolio of Environmental, Social and Governance solutions. The acquisition of Trucost plc is not material to our consolidated financial statements.

Ratings

• In June of 2016, Ratings acquired a 49% equity investment in Thailand's TRIS Rating Company Limited from its parent company, TRIS Corporation Limited. The transaction extends an existing association between Ratings and TRIS Rating and deepens their commitment to capital markets in Thailand. We accounted for the acquisition of TRIS Rating Company using the equity method of accounting. The equity investment in TRIS Rating is not material to our consolidated financial statements.

For acquisitions during 2016 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisitions is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 3 and 10 years which will be determined when we finalize our purchase price allocations. The goodwill for PIRA and RigData is expected to be deductible for tax purposes.

2015

For the year ended December 31, 2015, we paid cash for acquisitions, net of cash acquired, totaling $2.4 billion. We used the net proceeds of our $2.0 billion of senior notes issued in August of 2015 and cash on hand to finance the acquisition of SNL. All other acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2015 by segment included:

Market and Commodities Intelligence

• In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, media & communications, and metals & mining. SNL delivers information through its suite of web, mobile and direct data feed platforms that helps clients, including investment and commercial banks, investors, corporations, and regulators make decisions, improve efficiency, and manage risk. See below for further detail related to this transaction.

• In July of 2015, we acquired the entire issued share capital of Petromedia Ltd and its operating subsidiaries (“Petromedia”), an independent provider of data, intelligence, news and tools to the global fuels market that offers a suite of products that provides clients with actionable data and intelligence that enable informed decisions, minimize risk and increase efficiency. We accounted for the acquisition of Petromedia using the purchase method of accounting. The acquisition of Petromedia is not material to our consolidated financial statements.

Following our acquisition of UCG at J.D. Power in July of 2015, we made a contingent purchase price payment in 2015 for $5 million that has been reflected in the consolidated statement of cash flows as a financing activity.

For acquisitions during 2015 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 18 years.

Acquisition of SNL

Acquisition-Related Expenses

During the year ended December 31, 2015, the Company incurred approximately $37 million of acquisition-related costs related to the acquisition of SNL. These expenses are included in selling and general expenses in our consolidated statements of income.

Allocation of Purchase Price

Our acquisition of SNL was accounted for using the purchase method. Under the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 10 and 18 years. The goodwill is expected to be deductible for tax purposes.

The following table presents the final allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition.

(in millions)
Current assets	$	29
Property, plant and equipment	19
Goodwill	1,574
Other intangible assets, net:
Databases and software	421
Customer relationships	162
Tradenames	185
Other intangibles	4
Other intangible assets, net	772
Other non-current assets	1
Total assets acquired	2,395
Current liabilities	(43		)
Unearned revenue	(117		)
Other non-current liabilities	(1		)
Total liabilities acquired	(161		)
Net assets acquired	$	2,234

Supplemental Pro Forma Information

Supplemental information on an unaudited pro forma basis is presented below for the years ended December 31, 2015 and 2014 as if the acquisition of SNL occurred on January 1, 2014. The pro forma financial information is presented for comparative purposes only, based on estimates and assumptions, which the Company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015. The unaudited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition, net of related tax, estimated using the Company's effective tax rate for continuing operations for the periods presented.

(in millions)	Year Ended December 31,
	2015		2014
Pro forma revenue	$	5,477	$	5,275
Pro forma net income (loss) from continuing operations	$	1,258	$	(251	)

2014

For the year ended December 31, 2014, we paid cash for acquisitions, net of cash acquired, totaling $82 million. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2014 by segment included:

Ratings

• In October of 2014, we acquired BRC Investor Services S.A. (“BRC”), a Colombia-based ratings firm providing risk classifications of banks, financial services providers, insurance companies, corporate bonds and structured issues that will expand our presence in the Latin American credit markets. We accounted for the acquisition of BRC using the purchase method of accounting. The acquisition is not material to our consolidated financial statements.

• Following CRISIL's acquisition of Coalition Development Ltd. ("Coalition") that occurred in July of 2012, we made a contingent purchase price payment in 2014 for $11 million that has been reflected in the consolidated statement of cash flows as a financing activity.

Market and Commodities Intelligence

• In July of 2014, we acquired Eclipse Energy Group AS and its operating subsidiaries (“Eclipse”), which provides a comprehensive suite of data and analytics products on the European natural gas and liquefied natural gas markets as well as a range of advisory services leveraging Eclipse’s knowledge base, data capabilities, and modeling suite of products. This transaction complements our North American natural gas capabilities, which we obtained from our Bentek Energy LLC acquisition in 2011. We accounted for the acquisition of Eclipse using the purchase method of accounting. The acquisition of Eclipse is not material to our consolidated financial statements.

Indices

• In March of 2014, we acquired the intellectual property of a family of Broad Market Indices (“BMI”) from Citigroup Global Markets Inc. The BMI provides a broad measure of the global equities markets which includes approximately 11,000 companies in more than 52 countries covering both developed and emerging markets. We accounted for the acquisition of the intellectual property on a cost basis and it was not material to our consolidated financial statements.

For acquisitions during 2014 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 7 years. None of the goodwill acquired from our acquisitions during 2014 will be deductible for tax purposes.

Non-cash investing activities

Liabilities assumed in conjunction with the acquisition of businesses are as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Fair value of assets acquired	$	253	$	2,576	$	67
Cash paid (net of cash acquired)	211		2,401		52
Liabilities assumed	$	42	$	175	$	15

Divestitures - Continuing Operations

In November of 2016, we entered into a put option agreement that gave the Company the right, but not the obligation, to put the entire share capital of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale in our consolidated balance sheet as of December 31, 2016 resulting in an aggregate loss of $31 million. On January 4, 2017, we exercised the put option, thereby entering into a definitive agreement to sell QuantHouse to QH Holdco. On January 9, 2017, we completed the sale of QuantHouse to QH Holdco.

2016

During the year ended December 31, 2016, we completed the following dispositions that resulted in a net pre-tax gain of $1.1 billion, which was included in (gain) loss on dispositions in the consolidated statement of income:

• In October of 2016, we completed the sale of Equity and Fund Research ("Equity Research"), a business within our Market and Commodities Intelligence segment to CFRA, a leading independent provider of forensic accounting research, analytics and advisory services. During the year ended December 31, 2016, we recorded a pre-tax gain of $9 million ($5 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of Equity Research.

• In October of 2016, we completed the sale of Standard & Poor's Securities Evaluations, Inc. ("SPSE") and Credit Market Analysis ("CMA"), two businesses within our Market and Commodities Intelligence segment, for $425 million in cash to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. During the year ended December 31, 2016, we recorded a pre-tax gain of $364 million ($297 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of SPSE and CMA.

• In September of 2016, we completed the sale of J.D. Power, included within our Market and Commodities Intelligence segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in (gain) loss on dispositions in the consolidated statement of income related to the sale of J.D. Power. Following the sale, the assets and liabilities of J.D. Power are no longer reported in our consolidated balance sheet as of December 31, 2016.

2015

During the year ended December 31, 2015, we recorded a pre-tax gain of $11 million in (gain) loss on dispositions in the consolidated statement of income related to the sale of our interest in a legacy McGraw Hill Construction investment.

In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power, included within our Market and Commodities Intelligence segment, and initiated an active program to sell the business. The assets and liabilities of J.D. Power were classified as held for sale in our consolidated balance sheet as of December 31, 2015.

2014

During the year ended December 31, 2014, we completed the following dispositions that resulted in a net pre-tax loss of $9 million, which was included in (gain) loss on dispositions in the consolidated statement of income:

• On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 — Related Party Transactions for further information.

• On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC which owns, operates and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale included all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge we recorded in the fourth quarter of 2013.

The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:

(in millions)	December 31,		December 31,
	2016 1		2015 2
Accounts receivable, net	$	4	$	58
Goodwill	—		75
Other intangible assets, net	—		335
Other assets	3		35
Assets of a business held for sale	$	7	$	503
Accounts payable and accrued expenses	$	3	$	42
Unearned revenue	7		64
Other liabilities	35		100
Liabilities of a business held for sale	$	45	$	206

¹ Assets and liabilities held for sale as of December 31, 2016 relate to QuantHouse.

² Assets and liabilities held for sale as of December 31, 2015 relate to J.D. Power.

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2016, 2015, and 2014 is as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Operating profit 1	$	62	$	85	$	71

¹ The year ended December 31, 2016 excludes a pre-tax gain of $1.1 billion on our dispositions.

Discontinued Operations

On November 3, 2014, we completed the sale of McGraw Hill Construction, which has historically been part of the Market and Commodities Intelligence segment, to Symphony Technology Group for $320 million in cash. We recorded an after-tax gain on the sale of $160 million, which is included in discontinued operations, net in the consolidated statement of income for the year ended December 31, 2014. We used the after-tax proceeds from the sale to make selective acquisitions, investments, share repurchases and for general corporate purposes.

The key components of income from discontinued operations for the year ended December 31, 2014 consist of the following:

(in millions)	Year ended
	December 31, 2014
Revenue	$	139
Expenses	110
Operating income	29
Provision for taxes on income	11
Income from discontinued operations, net of tax	18
Pre-tax gain on sale from discontinued operations	289
Provision for taxes on gain on sale	129
Gain on sale of discontinued operations, net of tax	160
Income from discontinued operations attributable to S&P Global Inc. common shareholders	$	178

Results from discontinued operations for the year ended December 31, 2014 included the after-tax gain on sale of McGraw Hill Construction of $160 million.

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired.

The change in the carrying amount of goodwill by segment is shown below:

(in millions)	Ratings			Market and Commodities Intelligence			Indices		Total
Balance as of December 31, 2014	$	122		$	889		$	376	$	1,387
Acquisitions	—			1,602			—		1,602
Reclassifications 1	—			(75		)	—		(75		)
Other (primarily Fx)	(8		)	(24		)	—		(32		)
Balance as of December 31, 2015	114			2,392			376		2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other (primarily Fx)	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	$	109		$	2,457		$	383	$	2,949

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 – Acquisitions and Divestitures.

Other Intangible Assets

Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $714 million as of December 31, 2016 and 2015 that consist of the following:

• $380 million and $90 million for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012.

• $185 million within our Market and Commodities Intelligence segment for the SNL tradename.

• $59 million within our Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property.

The following table summarizes our definite-lived intangible assets:

(in millions)
Cost	Databases and software			Content		Customer relationships			Tradenames			Other intangibles			Total
Balance as of December 31, 2014	$	113		$	139	$	228		$	46		$	111		$	637
Acquisitions	421			—		—			—			177			598
Reclassifications 1	(19		)	—		(62		)	(2		)	(8		)	(91		)
Other (primarily Fx)	(5		)	—		2			3			(11		)	(11		)
Balance as of December 31, 2015	510			139		168			47			269			1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 2	(2		)	—		—			—			(22		)	(24		)
Reclassifications	—			—		165			1			(166		)	—
Other (primarily Fx)	(2		)	—		(3		)	(1		)	(8		)	(14		)
Balance as of December 31, 2016	$	506		$	139	$	330		$	45		$	163		$	1,183
Accumulated amortization
Balance as of December 31, 2014	$	88		$	59	$	80		$	35		$	64		$	326
Current year amortization	20			14		9			2			22			67
Reclassifications 1	(18		)	—		(30		)	(2		)	(14		)	(64		)
Other (primarily Fx)	(2		)	—		1			1			(5		)	(5		)
Balance as of December 31, 2015	88			73		60			36			67			324
Current year amortization	47			14		21			2			12			96
Dispositions	—			—		—			(1		)	(6		)	(7		)
Impairment 2	(2		)	—		—			—			(10		)	(12		)
Reclassifications	2			—		5			—			(7		)	—
Other (primarily Fx)	(3		)	—		(2		)	(1		)	(4		)	(10		)
Balance as of December 31, 2016	$	132		$	87	$	84		$	36		$	52		$	391
Net definite-lived intangibles:
December 31, 2015	$	422		$	66	$	108		$	11		$	202		$	809
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

²  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in our consolidated statement of income.

Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 20 years. The weighted-average life of the intangible assets as of December 31, 2016 is approximately 12 years.

Amortization expense for the years ended December 31, 2016, 2015 and 2014 was $96 million, $67 million, and $48 million, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:

(in millions)	2017		2018		2019		2020		2021
Amortization expense	$	88	$	84	$	79	$	73	$	62

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Taxes on Income

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Taxes on Income

Taxes on Income

Income before taxes on income resulted from domestic and foreign operations is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Domestic operations	$	2,585	$	1,266	$	(423	)
Foreign operations	603		549		477
Total continuing income before taxes	$	3,188	$	1,815	$	54

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2016			2015			2014
Federal:
Current	$	641		$	90		$	285
Deferred	79			276			(213		)
Total federal	720			366			72
Foreign:
Current	133			111			135
Deferred	(4		)	(1		)	1
Total foreign	129			110			136
State and local:
Current	99			34			62
Deferred	12			37			(25		)
Total state and local	111			71			37
Total provision for taxes for continuing operations	960			547			245
Provision for discontinued operations	—			—			140
Total provision for taxes	$	960		$	547		$	385

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:

	Year Ended December 31,
	2016		2015		2014
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Legal and regulatory settlements	—		—		524.1
State and local income taxes	2.7		2.6		64.2
Divestitures	(4.3	)	—		—
Foreign operations	(2.0	)	(3.2	)	(79.6	)
S&P Dow Jones Indices LLC joint venture	(1.2	)	(2.0	)	(60.2	)
Tax credits and incentives	(1.6	)	(2.9	)	(91.5	)
Other, net	1.5		0.6		61.7
Effective income tax rate for continuing operations	30.1	%	30.1	%	453.7	%

The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows:

(in millions)	December 31,
	2016			2015
Deferred tax assets:
Legal and regulatory settlements	$	23		$	45
Employee compensation	78			91
Accrued expenses	87			72
Postretirement benefits	105			126
Unearned revenue	33			39
Allowance for doubtful accounts	11			12
Loss carryforwards	112			114
Other	3			18
Total deferred tax assets	452			517
Deferred tax liabilities:
Goodwill and intangible assets	(320		)	(299		)
Fixed assets	(3		)	(9		)
Other	—			—
Total deferred tax liabilities	(323		)	(308		)
Net deferred income tax asset (liability) before valuation allowance	129			209
Valuation allowance	(116		)	(98		)
Net deferred income tax asset (liability)	$	13		$	111
Reported as:
Current deferred tax assets	$	—		$	109
Current deferred tax liabilities	—			(8		)
Non-current deferred tax assets	61			33
Non-current deferred tax liabilities	(48		)	(23		)
Net deferred income tax asset (liability)	$	13		$	111

In November of 2015, the FASB issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not based upon all the available evidence that such deferred income tax assets will not be realized. The valuation allowance is primarily related to operating losses.

We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Undistributed earnings that are indefinitely reinvested in foreign operations amounted to $1.7 billion at December 31, 2016. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable.

We made net income tax payments for continuing and discontinued operations totaling $683 million in 2016, $260 million in 2015, and $419 million in 2014. As of December 31, 2016, we had net operating loss carryforwards of $446 million, of which a major portion has an unlimited carryover period under current law.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Balance at beginning of year	$	120		$	118		$	82
Additions based on tax positions related to the current year	35			22			30
Additions for tax positions of prior years	14			12			33
Reduction for tax positions of prior years	(3		)	(14		)	(11		)
Reduction for settlements	(5		)	(18		)	(16		)
Balance at end of year	$	161		$	120		$	118

The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2016, 2015 and 2014 was $161 million, $120 million and $118 million, respectively, exclusive of interest and penalties. The increase of $46 million in 2016 (excluding settlements) is the amount of unrecognized tax benefits that unfavorably impacted tax expense. The unfavorable impact to the tax provision was partially offset by the resolution of tax audits in multiple jurisdictions.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition to the unrecognized tax benefits, as of December 31, 2016 and 2015, we had $44 million and $31 million, respectively, of accrued interest and penalties associated with uncertain tax positions.

During 2016, we completed the federal income tax audit for 2014. The U.S. federal income tax audits for 2016 and 2015 are in process. During 2016, we completed various state and foreign tax audits and, with few exceptions, we are no longer subject to federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2008. The impact to tax expense in 2016, 2015 and 2014 was not material.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2017. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable.

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Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

Debt

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	December 31,
	2016		2015
5.9% Senior Notes, due 2017 1	$	—	$	399
2.5% Senior Notes, due 2018 2	398		398
3.3% Senior Notes, due 2020 3	696		695
4.0% Senior Notes, due 2025 4	691		690
4.4% Senior Notes, due 2026 5	891		890
2.95% Senior Notes, due 20276	492		—
6.55% Senior Notes, due 2037 7	396		396
Commercial paper	—		143
Total debt	3,564		3,611
Less: short-term debt including current maturities	—		143
Long-term debt	$	3,564	$	3,468

¹  We made a $400 million early repayment of our 5.9% senior notes on October 20, 2016.

²  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $2 million.

³  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

⁴  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁵  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁶  Interest payments are due semiannually on January 22 and July 22, beginning on January 22, 2017, and as of December 31, 2016, the unamortized debt discount and issuance costs total $8 million.

⁷  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2016: no amounts due in 2017, $398 million due in 2018, no amounts due in 2019, $696 million due in 2020, no amounts due in 2021, and $2.5 billion due thereafter.

On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to fund the $400 million early repayment of our 5.9% senior notes due in 2017 on October 20, 2016, and intend to use the balance for general corporate purposes.

On August 18, 2015, we issued $2.0 billion of senior notes consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to finance the acquisition of SNL.

On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025 and used a portion of the net proceeds for the repayment of short-term debt, including commercial paper. The 4.0% senior notes will mature on June 15, 2025 and are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billionfive-year credit agreement (our "credit facility") that we entered into on June 30, 2015. This credit facility will terminate on June 30, 2020. There were no commercial paper borrowings outstanding as of December 31, 2016. Commercial paper borrowings as of December 31, 2015 totaled $143 million with an average interest rate and term of 0.95% and 17 days, respectively.

Depending on our indebtedness to cash flow ratio, we pay a commitment fee of 10 to 20 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 15 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offered Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

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Derivative Instruments Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Cash Flow Hedges

Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of December 31, 2016 and December 31, 2015, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. We do not enter into any derivative financial instruments for speculative purposes.

During the three months ended March 31, 2016, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian Rupee exposure through the fourth quarter of 2016. These contracts were intended to offset the impact of movement of exchange rates on future operating costs and matured at the end of each quarter during 2016. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into selling and general expenses in the same period that the hedge contract matures. As of December 31, 2016, we estimate that $2 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income (loss) is expected to be reclassified into earnings within the next twelve months. There was no hedge ineffectiveness for the year ended December 31, 2016.

As of December 31, 2016 and December 31, 2015, the aggregate notional value of our outstanding foreign currency forward contracts was $65 million and $58 million, respectively.

The following table provides information on the location and fair value amounts of our cash flow hedges as of December 31, 2016 and December 31, 2015:

(in millions)
Balance Sheet Location		December 31, 2016		December 31, 2015
Prepaid and other current assets 1	Foreign exchange forward contracts	$	3	$	1

¹  We use the income approach to measure the fair value of our forward currency forward contracts. The income approach uses pricing models that rely on observable inputs such as forward rates, and therefore are classified as Level 2.

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the years ended December 31:

(in millions)	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2016		2015		2014			2016		2015		2014
Foreign exchange forward contracts	$	3	$	—	$	2	Selling and general expenses	$	4	$	—	$	—

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:

(in millions)	Year ended December 31,
	2016			2015			2014
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	(1	)	$	(1	)	$	(3	)
Change in fair value, net of tax	7			—			2
Reclassification into earnings, net of tax	(4		)	—			—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	(1	)	$	(1	)

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Employee Benefits

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Employee Benefits

Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor voluntary 401(k) plans under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of taxes. The amounts in accumulated other comprehensive income represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Benefit Obligation

A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):

(in millions)	Retirement Plans						Postretirement Plans
	2016			2015			2016			2015
Net benefit obligation at beginning of year	$	2,199		$	2,462		$	80		$	96
Service cost	3			6			—			—
Interest cost	78			96			2			3
Plan participants’ contributions	—			—			4			4
Actuarial loss (gain)	196			(189		)	(6		)	(12		)
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(75		)	(26		)	—			—
Other adjustments	(20		)	—			(13		)	1
Net benefit obligation at end of year	2,260			2,199			57			80
Fair value of plan assets at beginning of year	2,023			2,236			—			—
Actual return on plan assets	259			(57		)	—			—
Employer contributions	8			15			6			8
Plan participants’ contributions	—			—			4			4
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(74		)	(21		)	—			—
Other adjustments	(22		)	—			—			—
Fair value of plan assets at end of year	2,073			2,023			—			—
Funded status	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	46		$	36		$	—		$	—
Current liabilities	(8		)	(8		)	(8		)	(8		)
Non-current liabilities	(225		)	(204		)	(49		)	(72		)
	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Accumulated benefit obligation	$	2,251		$	2,190
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	674		$	1,810
Accumulated benefit obligation	$	665		$	1,801
Fair value of plan assets	$	441		$	1,598
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	483		$	433		$	(35	)	$	(24	)
Prior service credit	1			1			(13		)	(5		)
Total recognized	$	484		$	434		$	(48	)	$	(29	)

The actuarial loss included in accumulated other comprehensive loss for our retirement plans and expected to be recognized in net periodic pension cost during the year ending December 31, 2017 is $18 million. There is no prior service credit included in accumulated other comprehensive loss for our retirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2017.

There is an immaterial amount of actuarial loss and prior service credit included in accumulated other comprehensive loss for our postretirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2017.

Net Periodic Benefit Cost

For purposes of determining annual pension cost, prior service costs are being amortized straight-line over the average expected remaining lifetime of plan participants expected to receive benefits.

A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Service cost	$	3		$	6		$	5		$	—		$	—		$	1
Interest cost	78			96			99			2			3			4
Expected return on assets	(122		)	(127		)	(138		)							—
Amortization of:
Actuarial loss (gain)	16			20			11			(1		)	—			(1		)
Prior service (credit) cost	—			—			—			—			(1		)	—
Curtailment 1	—			—			—			—			—			(1		)
Net periodic benefit cost	$	(25	)	$	(5	)	$	(23	)	$	1		$	2		$	3

¹  The curtailment gain for our postretirement plans in 2014 is a result of plan changes effective October 31, 2014 eliminating retiree medical and life insurance benefits for active employees not retiring by July 1, 2016.

Our U.K. retirement plan accounted for a benefit of $10 million in 2016, $10 million in 2015, and $8 million in 2014 of the net periodic benefit cost attributable to the funded plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Net actuarial loss (gain)	$	60		$	(6	)	$	232		$	(12	)	$	(17	)	$	3
Recognized actuarial (gain) loss	(10		)	(13		)	(7		)	1			—			1
Prior service cost (credit)	—			—			—			(8		)	1			(5		)
Total recognized	$	50		$	(19	)	$	225		$	(19	)	$	(16	)	$	(1	)

The total cost for our retirement plans was $69 million for 2016, $91 million for 2015 and $81 million for 2014. Included in the total retirement plans cost are defined contribution plans cost of $65 million for 2016, $67 million for 2015 and $74 million for 2014.

Assumptions

	Retirement Plans						Postretirement Plans
	2016		2015		2014		2016		2015		2014
Benefit obligation:
Discount rate 2	4.14	%	4.47	%	4.15	%	3.69	%	3.90	%	3.60	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.0	%	7.0	%	7.0	%
Discount rate - U.S. plan 2	4.47	%	4.15	%	5.0	%	3.94	%	3.60	%	4.125	%
Discount rate - U.K. plan 2	3.84	%	3.8	%	4.5	%
Return on assets 3	6.25	%	6.25	%	7.125	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2016 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects:

(in millions)	1% point increase		1% point decrease
Effect on postretirement obligation	$	1	$	(1	)

²  Effective January 1, 2016, we changed our discount rate assumption on our U.S. retirement plans to 4.47% from 4.15% in 2015 and changed our discount rate assumption on our U.K. plan to 3.84% from 3.8% in 2015. At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015 and prior periods presented, we measured service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. We believe this new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our benefit obligation. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, have accounted for it on a prospective basis. Pension and postretirement medical costs decreased by approximately $14 million in 2016 as a result of this change.

³  The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2017, our return on assets assumption for the U.S. plan and U.K. plan remained unchanged at 6.25%.

Cash Flows

In December of 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) was enacted. The Act established a prescription drug benefit under Medicare, known as “Medicare Part D”, and a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare Part D. Our benefits provided to certain participants are at least actuarially equivalent to Medicare Part D, and, accordingly, we are entitled to a subsidy.

Expected employer contributions in 2017 are $8 million for each of our retirement and postretirement plans. In 2017, we may elect to make additional non-required contributions depending on investment performance and the pension plan status. Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows:

(in millions)			Postretirement Plans 2
	Retirement 1 Plans		Gross payments		Retiree contributions			Medicare subsidy 3		Net payments
2017	$	88	$	12	$	(4	)	$	—	$	8
2018	90		11		(4		)	—		7
2019	93		10		(3		)	—		7
2020	96		9		(3		)	—		6
2021	98		8		(3		)	—		5
2022-2026	527		30		(12		)	—		18

¹  Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.

²  Reflects the total benefits expected to be paid from our assets.

³  Expected medicare subsidy amounts, for the years presented, are less than $1 million.

Fair Value of Plan Assets

In accordance with authoritative guidance for fair value measurements certain assets and liabilities are required to be recorded at fair value. Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.

• Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

• Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The fair value of our defined benefit plans assets as of December 31, 2016 and 2015, by asset class is as follows:

(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	38	$	38	$	—	$	—
Equities:
U.S. indexes 1	69		69		—		—
U.S. growth and value	103		103		—		—
U.K.	3		3		—		—
International, excluding U.K.	38		38		—		—
Fixed income:
Long duration strategy 2	970		—		970		—
Intermediate duration securities	32		—		32		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	20		—		20		—
International	16		—		16		—
Real Estate
U.K. 4	11		—		—		11
Other	—		—		—		—
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	749
Total	$	2,073

(in millions)	December 31, 2015
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	1	$	1	$	—	$	—
Equities:
U.S. indexes 1	63		63		—		—
U.S. growth and value	92		92		—		—
U.K.	6		6		—		—
International, excluding U.K.	35		35		—		—
Fixed income:
Long duration strategy 2	969		—		969		—
Intermediate duration securities	31		—		31		—
Agency mortgage backed securities	6		—		6		—
Asset backed securities	17		—		17		—
Non-agency mortgage backed securities 3	23		—		23		—
International	17		—		17		—
Other	—		—		—		—
Total	$	1,260	$	197	$	1,063	$	—
Collective investment funds	763
Total	$	2,023

¹  Includes securities that are tracked in the S&P Smallcap 600 index.

²  Includes securities that are mainly investment grade obligations of issuers in the U.S.

³  Includes U.S. mortgage-backed securities that are not backed by the U.S. government.

⁴  Includes a fund which holds real estate properties in the U.K.

For securities that are quoted in active markets, the trustee/custodian determines fair value by applying securities’ prices obtained from its pricing vendors. For commingled funds that are not actively traded, the trustee applies pricing information provided by investment management firms to the unit quantities of such funds. Investment management firms employ their own pricing vendors to value the securities underlying each commingled fund. Underlying securities that are not actively traded derive their prices from investment managers, which in turn, employ vendors that use pricing models (e.g., discounted cash flow, comparables). The domestic defined benefit plans have no investment in our stock, except through the S&P 500 commingled trust index fund.

The trustee obtains estimated prices from vendors for securities that are not easily quotable and they are categorized accordingly as Level 3. The following table details further information on our plan assets where we have used significant unobservable inputs (Level 3):

(in millions)	Level 3
Balance as of December 31, 2015	$	—
Purchases	11
Balance as of December 31, 2016	$	11

Pension Trusts’ Asset Allocations

There are two pension trusts, one in the U.S. and one in the U.K.

• The U.S. pension trust had assets of $1.6 billion as of December 31, 2016 and 2015, and the target allocations in 2016 include 68% debt securities and short-term investments, 27% domestic equities and 5% international equities.

• The U.K. pension trust had assets of $441 million and $425 million as of December 31, 2016 and 2015, respectively, and the target allocations in 2016 include 40% fixed income, 30% diversified growth funds, 20% equities and 10% real estate .

The pension assets are invested with the goal of producing a combination of capital growth, income and a liability hedge. The mix of assets is established after consideration of the long-term performance and risk characteristics of asset classes. Investments are selected based on their potential to enhance returns, preserve capital and reduce overall volatility. Holdings are diversified within each asset class. The portfolios employ a mix of index and actively managed equity strategies by market capitalization, style, geographic regions and economic sectors. The fixed income strategies include U.S. long duration securities, opportunistic fixed income securities and U.K. debt instruments. The short-term portfolio, whose primary goal is capital preservation for liquidity purposes, is composed of government and government-agency securities, uninvested cash, receivables and payables. The portfolios do not employ any financial leverage.

U.S. Defined Contribution Plans

Assets of the defined contribution plans in the U.S. consist primarily of investment options which include actively managed equity, indexed equity, actively managed equity/bond funds, target date funds, S&P Global Inc. common stock, stable value and money market strategies. There is also a self-directed mutual fund investment option. The plans purchased 216,035 shares and sold 437,283 shares of S&P Global Inc. common stock in 2016 and purchased 223,656 shares and sold 247,984 shares of S&P Global Inc. common stock in 2015. The plans held approximately 1.6 million shares of S&P Global Inc. common stock as of December 31, 2016 and 1.8 million shares as of December 31, 2015, with market values of $171 million and $179 million, respectively. The plans received dividends on S&P Global Inc. common stock of $2 million during both the years ended December 31, 2016 and December 31, 2015.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees and Directors under the 2002 Employee Stock Incentive Plan and a Director Deferred Stock Ownership Plan.

• 2002 Employee Stock Incentive Plan (the “2002 Plan”) – The 2002 Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.

• Director Deferred Stock Ownership Plan – Under this plan, common stock reserved may be credited to deferred stock accounts for eligible Directors. In general, the plan requires that 50% of eligible Directors’ annual compensation plus dividend equivalents be credited to deferred stock accounts. Each Director may also elect to defer all or a portion of the remaining compensation and have an equivalent number of shares credited to the deferred stock account. Recipients under this plan are not required to provide consideration to us other than rendering service. Shares will be delivered as of the date a recipient ceases to be a member of the Board of Directors or within five years thereafter, if so elected. The plan will remain in effect until terminated by the Board of Directors or until no shares of stock remain available under the plan.

The number of common shares reserved for issuance are as follows:

(in millions)	December 31,
	2016	2015
Shares available for granting under the 2002 Plan	33.5	32.8
Options outstanding	3.8	5.8
Total shares reserved for issuance 1	37.3	38.6

¹ Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million.

We issue treasury shares upon exercise of stock options and the issuance of restricted stock and unit awards. To offset the dilutive effect of the exercise of employee stock options, we periodically repurchase shares. See Note 9 – Equity for further discussion.

Stock-based compensation expense and the corresponding tax benefit are as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Stock option expense	$	7	$	14	$	21
Restricted stock and unit awards expense	69		64		79
Total stock-based compensation expense	$	76	$	78	$	100
Tax benefit	$	29	$	29	$	38

Stock-based compensation of $2 million is recorded in discontinued operations for the year ended December 31, 2014, as a result of the sale of McGraw Hill Construction described further in Note 2 – Acquisitions and Divestitures.

Stock Options

Stock options may not be granted at a price less than the fair market value of our common stock on the date of grant. Stock options granted vest over a three year service period in equal annual installments and have a maximum term of 10 years. Stock option compensation costs are recognized from the date of grant, utilizing a three-year graded vesting method. Under this method, one-third of the costs are ratably recognized over the first twelve months, one-third of the costs are ratably recognized over a twenty-four month period starting from the date of grant with the remaining costs ratably recognized over a thirty-six month period starting from the date of grant.

We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:

	Year Ended December 31,
	2015		2014
Risk-free average interest rate	0.2 - 1.9%		0.1 - 2.9%
Dividend yield	1.4%		1.4 - 1.8%
Volatility	21 - 39%		18 - 41%
Expected life (years)	6.3		6.21 - 6.25
Weighted-average grant-date fair value per option	$	27.57	$	23.41

Because lattice-based option-pricing models incorporate ranges of assumptions, those ranges are disclosed. These assumptions are based on multiple factors, including historical exercise patterns, post-vesting termination rates, expected future exercise patterns and the expected volatility of our stock price. The risk-free interest rate is the imputed forward rate based on the U.S. Treasury yield at the date of grant. We use the historical volatility of our stock price over the expected term of the options to estimate the expected volatility. The expected term of options granted is derived from the output of the lattice model and represents the period of time that options granted are expected to be outstanding.

During 2015, we stopped granting stock options as part of our employees' total stock-based incentive awards. There were no stock options granted in 2016 and a minimal amount of stock options granted in 2015.

Stock option activity is as follows:

(in millions, except per award amounts)	Shares		Weighted average exercise price		Weighted-average remaining years of contractual term	Aggregate intrinsic value
Options outstanding as of December 31, 2015	5.8		$	45.61
Exercised	(1.9	)	$	95.87
Canceled, forfeited and expired	(0.1	)	$	69.93
Options outstanding as of December 31, 2016	3.8		$	43.36	3.6	$	246
Options exercisable as of December 31, 2016	3.7		$	41.87	3.5	$	242

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2015	0.8			$	19.82
Vested	(0.5		)	$	19.35
Forfeited	(0.1		)	$	21.84
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Total unrecognized compensation expense related to nonvested options 1	$	—
Weighted-average years to be recognized over	0.3

¹  There is less than $1 million of unrecognized compensation expense related to nonvested options.

The total fair value of our stock options that vested during the years ended December 31, 2016, 2015 and 2014 was $7 million, $11 million and $6 million, respectively.

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Net cash proceeds from the exercise of stock options	$	88	$	86	$	193
Total intrinsic value of stock option exercises	$	95	$	94	$	168
Income tax benefit realized from stock option exercises	$	41	$	49	$	73

Restricted Stock and Unit Awards

Restricted stock and unit awards (performance and non-performance) have been granted under the 2002 Plan. Performance unit awards will vest only if we achieve certain financial goals over the performance period. Restricted stock non-performance awards have various vesting periods (generally three years), with vesting beginning on the first anniversary of the awards. Recipients of restricted stock and unit awards are not required to provide consideration to us other than rendering service.

The stock-based compensation expense for restricted stock and unit awards is determined based on the market price of our stock at the grant date of the award applied to the total number of awards that are anticipated to fully vest. For performance unit awards, adjustments are made to expense dependent upon financial goals achieved.

Restricted stock and unit activity for performance and non-performance awards is as follows:

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested shares as of December 31, 2015	1.2			$	92.39
Granted	0.9			$	93.01
Vested	(0.9		)	$	106.81
Forfeited	(0.2		)	$	95.41
Nonvested shares as of December 31, 2016	1.0			$	106.31
Total unrecognized compensation expense related to nonvested awards	$	55
Weighted-average years to be recognized over	1.7

	Year Ended December 31,
	2016		2015		2014
Weighted-average grant-date fair value per award	$	93.01	$	77.06	$	77.74
Total fair value of restricted stock and unit awards vested	$	99	$	155	$	88
Tax benefit relating to restricted stock activity	$	26	$	24	$	30

For the years ended December 31, 2016, 2015 and 2014, $41 million, $69 million and $128 million, respectively, of excess tax benefits from stock options exercises and restricted stock and unit award vestings are reported in our cash flows used for financing activities.

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Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Equity

Equity

Capital Stock

Two million shares of preferred stock, par value $1 per share, are authorized; none have been issued.

On January 25, 2017, the Board of Directors approved an increase in the dividends for 2017 to a quarterly rate of $0.41 per common share.

	Year Ended December 31,
	2016		2015		2014
Quarterly dividend rate	$	0.36	$	0.33	$	0.30
Annualized dividend rate	$	1.44	$	1.32	$	1.20
Dividends paid (in millions)	$	380	$	363	$	326

Stock Repurchases

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time.

Share repurchases were as follows:

(in millions, except average price)	Year Ended December 31,
	2016		2015		2014
Total number of shares purchased 1	9.7		10.1		4.4
Average price paid per share 2, 3	$	113.36	$	99.00	$	79.06
Total cash utilized 2	$	1,097	$	1,000	$	352

¹  2016 includes shares received as part of our accelerated share repurchase agreement as described in more detail below.

²  In December of 2015, 0.3 million shares were repurchased for approximately $26 million, which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98. In December of 2013, 0.1 million shares were repurchased for approximately $10 million, which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2016, 2015 and 2014 resulting in $1,123 million, $974 million and $362 million of cash used to repurchase shares, respectively.

³  On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 14 —Related Party Transactions for further information.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of December 31, 2016, 25.8 million shares remained available under our current share repurchase program. Our current share repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

Accelerated Share Repurchase Program

Using a portion of the proceeds received from the sale of J.D. Power, we entered into an accelerated share repurchase ("ASR") agreement with a financial institution on September 7, 2016 to initiate share repurchases aggregating $750 million. The ASR agreement was structured as a capped ASR agreement in which we paid $750 million and received an initial delivery of approximately 4.4 million shares and an additional amount of 0.9 million shares during the month of September 2016, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on December 7, 2016 and received an additional 0.9 million shares, which settled on December 12, 2016. We repurchased a total of 6.1 million shares under the ASR agreement for an average purchase price of $122.18 per share. The total number of shares repurchased under the ASR agreement was based on the volume weighted-average share price, minus a discount, of our common stock over the term of the ASR agreement. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

The ASR agreement was accounted for as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreement resulted in a reduction of our outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The forward stock purchase contract was classified as an equity instrument.

Redeemable Noncontrolling Interests

The agreement with the minority partners of our S&P Dow Jones Indices LLC partnership contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of Indices LLC, after December 31, 2017, CME Group and CME Group Index Services LLC ("CGIS") will have the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, considering a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 fair value measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the year ended December 31, 2016 were as follows:

(in millions)
Balance as of December 31, 2015	$	920
Net income attributable to noncontrolling interest	109
Distributions to noncontrolling interest	(102		)
Redemption value adjustment	153
Balance as of December 31, 2016	$	1,080

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2016:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2015	$	(193	)	$	(406	)		$	(1	)		$	(600	)
Other comprehensive income before reclassifications	(139		)	(47		)		7				(179		)
Reclassifications from accumulated other comprehensive loss to net earnings	—			10			1	(4		)	2	6
Net other comprehensive income	(139		)	(37		)		3				(173		)
Balance as of December 31, 2016	$	(332	)	$	(443	)		$	2			$	(773	)

¹  See Note 7 —Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

²  See Note 6 —Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income is net of a tax provision of $5 million for the year ended December 31, 2016.

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Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed in the same manner as basic earnings (loss) per share, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options, restricted stock and restricted stock units calculated using the treasury stock method.

The calculation for basic and diluted earnings (loss) per share is as follows:

(in millions, except per share data)	Year Ended December 31,
	2016		2015		2014
Amount attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations	$	2,106	$	1,156	$	(293	)
Income from discontinued operations	—		—		178
Net income (loss) attributable to the Company	$	2,106	$	1,156	$	(115	)
Basic weighted-average number of common shares outstanding	262.8		271.6		271.5
Effect of stock options and other dilutive securities	2.4		3.0		—
Diluted weighted-average number of common shares outstanding	265.2		274.6		271.5
Income (loss) from continuing operations:
Basic	$	8.02	$	4.26	$	(1.08	)
Diluted	$	7.94	$	4.21	$	(1.08	)
Income from discontinued operations:
Basic	$	—	$	—	$	0.66
Diluted	$	—	$	—	$	0.66
Net income (loss):
Basic	$	8.02	$	4.26	$	(0.42	)
Diluted	$	7.94	$	4.21	$	(0.42	)

Each period we have certain stock options and restricted performance shares that are excluded from the computation of diluted earnings (loss) per share. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a loss from continuing operations exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a loss from continuing operations exists. As of December 31, 2016 and 2015, there were no stock options excluded as compared to 2.9 million stock options excluded for the year ended December 31, 2014. Additionally, restricted performance shares outstanding of 0.7 million, 0.9 million and 3.2 million as of December 31, 2016, 2015 and 2014, respectively, were excluded.

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Restructuring

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During 2016 and 2015, we continued to evaluate our cost structure and further identified cost savings associated with streamlining our management structure and our decision to exit non-strategic businesses. Our 2016 and 2015 restructuring plans consisted of a company-wide workforce reduction of approximately 230 positions and 550 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed. There was approximately $7 million of reserves from the 2015 restructuring plan that we have reversed in 2016, which offset the initial charge of $63 million recorded for the 2015 restructuring plan. Also, there was approximately $7 million of reserves from the 2014 restructuring plan that we have reversed in 2015, which offset the initial charge of $86 million recorded for the 2014 restructuring plan.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2016 by segment is as follows:

	2016 Restructuring Plan				2015 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	14	$	10	$	18	2
Market and Commodities Intelligence	10		8		34		4
Indices	1		1		—		—
Corporate	5		4		11		4
Total	$	30	$	23	$	63	$	10

For the year ended December 31, 2016, we have reduced the reserve for the 2016 restructuring plan by $7 million and for the years ended December 31, 2016 and 2015, we have reduced the reserve for the 2015 restructuring plan by $40 million and $13 million, respectively. The reductions primarily related to cash payments for employee severance costs.

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Segment and Geographic Information

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment and Geographic Information

Segment and Geographic Information

As discussed in Note 1 – Accounting Policies, we have three reportable segments: Ratings, Market and Commodities Intelligence and Indices.

Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include unallocated expense or interest expense, as these are costs that do not affect the operating results of our segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.

Effective beginning with the fourth quarter of 2016, we realigned certain of our reportable segments to be consistent with changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Beginning in the fourth quarter of 2016, S&P Global Market Intelligence and S&P Global Platts are included in a new reportable segment named Market and Commodities Intelligence. Our historical segment reporting has been retroactively revised to reflect the current organizational structure.

Segment information for the years ended December 31 is as follows:

(in millions)	Revenue									Operating Profit (Loss)
	2016			2015			2014			2016			2015			2014
Ratings 1	$	2,535		$	2,428		$	2,455		$	1,262		$	1,078		$	(583	)
Market and Commodities Intelligence 2	2,585			2,376			2,130			1,822			585			518
Indices 3	639			597			552			412			392			347
Intersegment elimination 4	(98		)	(88		)	(86		)	—			—			—
Total operating segments	5,661			5,313			5,051			3,496			2,055			282
Unallocated expense 5	—			—			—			(127		)	(138		)	(169		)
Total	$	5,661		$	5,313		$	5,051		$	3,369		$	1,917		$	113

¹  Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and restructuring charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and restructuring charges of $13 million. Operating profit for the year ended December 31, 2014 includes legal and regulatory settlements of $1.6 billion and restructuring charges of $45 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $5 million for the years ended December 31, 2016 and 2015 and $6 million for the year ended December 31, 2014.

²  Operating profit for the year ended December 31, 2016 includes a $1.1 billion gain from our dispositions, disposition-related costs of $48 million, a technology-related impairment charge of $24 million and an acquisition-related cost of $1 million. Operating profit for the year ended December 31, 2015 includes acquisition-related costs related to the acquisition of SNL of $37 million and costs identified operating efficiencies primarily related to restructuring of $33 million. Operating profit for the year ended December 31, 2014 includes restructuring charges of $25 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $85 million, $57 million and $37 million for the years ended December 31, 2016, 2015, and 2014, respectively.

³  Operating profit for the year ended December 31, 2014 includes the impact of professional fees largely related to corporate development activities of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $6 million for the year ended December 31, 2016 and $5 million for the years ended December 31, 2015 and 2014.

⁴  Revenue for Ratings and expenses for Market and Commodities Intelligence include an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.

⁵  The year ended December 31, 2016 includes $3 million from a disposition-related reserve release. The year ended December 31, 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million. The year ended December 31, 2014 includes restructuring charges of $16 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2016		2015		2014		2016		2015		2014
Ratings	$	34	$	43	$	43	$	42	$	48	$	33
Market and Commodities Intelligence	131		99		74		57		78		49
Indices	8		8		7		3		4		2
Total operating segments	173		150		124		102		130		84
Corporate	8		7		10		13		9		8
Total	$	181	$	157	$	134	$	115	$	139	$	92

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2016		2015
Ratings	$	612	$	620
Market and Commodities Intelligence	4,104		4,011
Indices	1,247		1,181
Total operating segments	5,963		5,812
Corporate 1	2,699		1,868
Assets of a business held for sale 2	7		503
Total	$	8,669	$	8,183

¹  Corporate assets consist principally of cash and cash equivalents, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas.

²  Includes QuantHouse and J.D. Power as of December 31, 2016 and 2015, respectively.

We have operations with foreign revenue and long-lived assets in approximately 95 countries. We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region:

(in millions)	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	$	3,461	$	3,202	$	2,911	$	4,335	$	4,198
European region	1,330		1,265		1,316		341		419
Asia	575		566		528		58		63
Rest of the world	295		280		296		46		50
Total	$	5,661	$	5,313	$	5,051	$	4,780	$	4,730

	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	61	%	60	%	58	%	91	%	89	%
European region	24		24		26		7		9
Asia	10		11		10		1		1
Rest of the world	5		5		6		1		1
Total	100	%	100	%	100	%	100	%	100	%

See Note 2 – Acquisitions andDivestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Rental Expense and Lease Obligations

We are committed under lease arrangements covering property, computer systems and office equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of their economic lives or their lease term. Certain lease arrangements contain escalation clauses covering increased costs for various defined real estate taxes and operating services and the associated fees are recognized on a straight-line basis over the minimum lease period.

Rental expense for property and equipment under all operating lease agreements is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Gross rental expense	$	179		$	182		$	199
Less: sublease revenue	(16		)	(14		)	(16		)
Less: Rock-McGraw rent credit	—			(4		)	(23		)
Net rental expense	$	163		$	164		$	160

In December of 2003, we sold our 45% equity investment in Rock-McGraw, Inc., which owned our then headquarters building in New York City, and remained an anchor tenant by concurrently leasing back space from the buyer through 2020. Proceeds from the disposition were $382 million and the sale resulted in a pre-tax gain, net of transaction costs, of $131 million ($58 million after-tax) upon disposition. As a result of the amount of building space we retained through our leaseback, a pre-tax gain of $212 million ($126 million after-tax) was deferred upon the disposition in 2003. In December of 2013, we entered into an arrangement with the buyer to shorten the lease to December of 2015 in exchange for approximately $60 million which was recorded as a reduction to the unrecognized deferred gain from the sale. The remaining gain was amortized over the remaining lease term as a reduction in rent expense. The amount of gain recognized for the years ended December 31, 2015 and 2014 was $4 million and $21 million, respectively. The lease terminated in December of 2015.

Cash amounts for future minimum rental commitments under existing non-cancelable leases with a remaining term of more than one year, along with minimum sublease rental income to be received under non-cancelable subleases are shown in the following table.

(in millions)	Rent commitment		Sublease income			Net rent
2017	$	116	$	(17	)	$	99
2018	110		(17		)	93
2019	100		(17		)	83
2020	73		(3		)	70
2021	63		—			63
2022 and beyond	540		—			540
Total	$	1,002	$	(54	)	$	948

Legal & Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries relate to the ratings activity of S&P Global Ratings brought by issuers and alleged purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

The Company believes that it has meritorious defenses to the pending claims and potential claims in the matters described below and is diligently pursuing these defenses, and in some cases working to reach an acceptable negotiated resolution. However, in view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of these matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions may be. As a result, we cannot provide assurance that the outcome of the matters described below will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business and competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

With respect to the matters identified below, we have recognized a liability when both (a) information available indicates that it is probable that a liability has been incurred as of the date of these financial statements and (b) the amount of loss can reasonably be estimated.

S&P Global Ratings

Financial Crisis Litigation

The Company and its subsidiaries continue to defend civil cases brought by private and public plaintiffs arising out of ratings activities prior to and during the global financial crisis of 2008-2009. Included in these civil cases are seven lawsuits in Australia against the Company and Standard & Poor’s International, LLC relating to alleged investment losses in collateralized debt obligations (“CDOs”) rated by S&P Global Ratings. Discovery in certain of these cases, including the Australia matters, is ongoing. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable.

U.S. Securities and Exchange Commission

As a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global Ratings seeks to promptly address any compliance issues that it detects or that the staff of the SEC raises, there can be no assurance that the SEC will not seek remedies against S&P Global Ratings for one or more compliance deficiencies.

Trani Prosecutorial Proceeding

The prosecutor in the Italian city of Trani has obtained criminal indictments against several current and former S&P Global Ratings managers and ratings analysts for alleged market manipulation, and against Standard & Poor’s Credit Market Services Europe under Italy’s vicarious liability statute, for having allegedly failed to properly supervise the ratings analysts and prevent them from committing market manipulation. The prosecutor’s theories are based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. Trial commenced in February of 2015 and closing arguments are scheduled for January and February of 2017. Apart from criminal penalties that might be imposed following a conviction, such conviction could also lead to civil damages claims and other sanctions against Standard & Poor’s Credit Market Services Europe or the Company. Such claims and sanctions cannot be quantified at this stage.

Shareholder Derivative Actions

In August of 2015, two purported shareholders commenced a putative derivative action on behalf of the Company in New York State Supreme Court titled Retirement Plan for General Employees of the City of North Miami Beach and Robin Stein v. Harold McGraw III, et al. The complaint asserts claims for, inter alia, breach of fiduciary duty, waste of corporate assets, and mismanagement against the board of directors, certain former directors of the Company, and three former S&P Global Ratings employees. Plaintiffs seek recovery from the defendants based primarily on allegations that S&P Global Ratings’ credit ratings practices for certain residential mortgage-backed securities and collateralized debt obligations misrepresented the credit risks of those securities, allegedly resulting in losses to the Company. The Company and the individual defendants filed motions to dismiss the complaint in October of 2015. Plaintiffs filed an opposition in December of 2015, and the Company and the individual defendants filed their reply briefs in January of 2016.

In January of 2016, a different purported shareholder commenced a separate putative derivative action on behalf of the Company in New York State Supreme Court titled L.A. Grika v. Harold McGraw III, et al. The allegations in the complaint are substantially similar to those in the North Miami Beach matter described above. The complaint asserts claims for, inter alia, breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, unjust enrichment, contribution and indemnification against Harold McGraw III, Douglas L. Peterson, and nine former S&P Global Ratings employees. The case was transferred to the judge presiding over the North Miami Beach action. The Company and the individual defendants filed motions to dismiss the Grika complaint in May of 2016. Plaintiffs filed an opposition in June of 2016, and the Company and the individual defendants filed their reply briefs in July of 2016.

The court notified the parties in August of 2016 that it will be issuing written decisions on the outstanding motions to dismiss without oral argument.  In December 2016, the court issued two orders granting the motions to dismiss in both the North Miami Beach and the Grika matters. In January 2017, the plaintiffs in the North Miami Beach and Grika matters filed notices of appeal of the court’s dismissal of those actions.

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Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company ("Mr. McGraw") for a purchase price of $20 million, which was modestly higher than the independent appraisal obtained. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale.

On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Mr. McGraw. The shares were purchased at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price pursuant to a private transaction with Mr. McGraw. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee.

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, which replaced the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the years ended December 31, 2016, 2015 and 2014, S&P Dow Jones Indices LLC earned $76 million, $63 million and $52 million of revenue under the terms of the License Agreement, respectively. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

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Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

Quarterly Financial Information (Unaudited)

(in millions, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter		Total year
2016(1)
Revenue	$	1,341	$	1,482	$	1,439	$	1,399	$	5,661
Operating profit	$	512	$	651	$	1,348	$	857	$	3,369
Net income	$	323	$	412	$	923	$	569	$	2,228
Net income attributable to S&P Global common shareholders	$	294	$	383	$	892	$	537	$	2,106
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.45	$	3.39	$	2.07	$	8.02
Diluted	$	1.10	$	1.44	$	3.36	$	2.05	$	7.94
2015
Revenue	$	1,273	$	1,342	$	1,324	$	1,374	$	5,313
Operating profit	$	501	$	582	$	410	$	424	$	1,917
Net income	$	329	$	381	$	281	$	276	$	1,268
Net income attributable to S&P Global common shareholders	$	303	$	353	$	252	$	248	$	1,156
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.29	$	0.93	$	0.92	$	4.26
Diluted	$	1.10	$	1.28	$	0.92	$	0.91	$	4.21

Note - Totals presented may not sum due to rounding.

¹  The third quarter of 2016 and the fourth of 2016 include a pre-tax gain on our dispositions of $722 million ($521 million after-tax) and $379 million ($297 million after-tax), respectively. See Note 2 – Acquisitions and Divestitures for further information.

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Condensed Consolidating Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Financial Statements

Condensed Consolidating Financial Statements

On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 5 —Debt for additional information.

The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

	Statement of Income
	Year Ended December 31, 2016
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	667		$	1,513		$	3,607		$	(126	)	$	5,661
Expenses:
Operating-related expenses	109			451			1,335			(126		)	1,769
Selling and general expenses	113			243			1,087			—			1,443
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Total expenses	260			703			2,556			(126		)	3,393
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Operating profit	1,479			810			1,080			—			3,369
Interest expense (income), net	191			—			(10		)	—			181
Non-operating intercompany transactions	356			(83		)	(941		)	668			—
Income before taxes on income	932			893			2,031			(668		)	3,188
Provision for taxes on income	275			420			265			—			960
Equity in net income of subsidiaries	2,412			294			—			(2,706		)	—
Net income	3,069			767			1,766			(3,374		)	2,228
Less: net income attributable to noncontrolling interests	—			—			—			(122		)	(122		)
Net income attributable to S&P Global Inc.	$	3,069		$	767		$	1,766		$	(3,496	)	$	2,106
Comprehensive income	$	3,099		$	767		$	1,563		$	(3,374	)	$	2,055

	Statement of Income
	Year Ended December 31, 2015
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	624		$	2,141	$	2,663		$	(115	)	$	5,313
Expenses:
Operating-related expenses	119			737		959			(115		)	1,700
Selling and general expenses	202			254		1,094			—			1,550
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on dispositions	—			—		(11		)	—			(11		)
Operating profit	263			1,132		522			—			1,917
Interest expense (income), net	112			—		(10		)	—			102
Non-operating intercompany transactions	282			222		(504		)	—			—
(Loss) income before taxes on income	(131		)	910		1,036			—			1,815
(Benefit) provision for taxes on income	(107		)	358		296			—			547
Equity in net income of subsidiaries	1,473			272		—			(1,745		)	—
Net income	1,449			824		740			(1,745		)	1,268
Less: net income from continuing operations attributable to noncontrolling interests	—			—		—			(112		)	(112		)
Net income attributable to S&P Global Inc.	$	1,449		$	824	$	740		$	(1,857	)	$	1,156
Comprehensive income	$	1,446		$	822	$	655		$	(1,741	)	$	1,182

	Statement of Income
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	598		$	2,043		$	2,525		$	(115	)	$	5,051
Expenses:
Operating-related expenses	117			764			885			(115		)	1,651
Selling and general expenses	257			1,975			912			—			3,144
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Total expenses	419			2,756			1,869			(115		)	4,929
Loss on dispositions	3			—			6			—			9
Operating profit (loss)	176			(713		)	650			—			113
Interest expense (income), net	66			—			(7		)	—			59
Non-operating intercompany transactions	193			38			(231		)	—			—
(Loss) income from continuing operations before taxes on income	(83		)	(751		)	888			—			54
(Benefit) provision for taxes on income	(22		)	16			251			—			245
Equity in net (loss) income of subsidiaries	(443		)	248			—			195			—
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Discontinued operations, net of tax:
Income from discontinued operations	18			—			—			—			18
Gain on sale of discontinued operations	160			—			—			—			160
Discontinued operations, net	178			—			—			—			178
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: net income from continuing operations attributable to noncontrolling interests	—			—			—			(102		)	(102		)
Net (loss) income attributable to S&P Global Inc.	$	(326	)	$	(519	)	$	637		$	93		$	(115	)
Comprehensive income	$	(495	)	$	(544	)	$	513		$	195		$	(331	)

	Balance Sheet
	December 31, 2016
(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	$	711		$	—		$	1,681		$	—		$	2,392
Accounts receivable, net of allowance for doubtful accounts	138			131			853						1,122
Intercompany receivable	(165		)	837			870			(1,542		)	—
Prepaid and other current assets	77			2			72			(1		)	150
Assets of a business held for sale	—			—			7			—			7
Total current assets	761			970			3,483			(1,543		)	3,671
Property and equipment, net of accumulated depreciation	159			1			111						271
Goodwill	261			—			2,679			9			2,949
Other intangible assets, net	—			—			1,506			—			1,506
Investments in subsidiaries	5,464			680			7,826			(13,970		)	—
Intercompany loans receivable	17			—			1,354			(1,371		)	—
Other non-current assets	134			24			114			—			272
Total assets	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	73		$	22		$	88		$	—		$	183
Intercompany payable	1,324			40			177			(1,541		)	—
Accrued compensation and contributions to retirement plans	129			69			211			—			409
Income taxes currently payable	43			—			52			—			95
Unearned revenue	273			191			1,045			—			1,509
Accrued legal and regulatory settlements	2			3			51						56
Other current liabilities	163			(54		)	205			—			314
Liabilities of a business held for sale	—			—			45			—			45
Total current liabilities	2,007			271			1,874			(1,541		)	2,611
Long-term debt	3,564			—			—			—			3,564
Intercompany loans payable	11			—			1,360			(1,371		)	—
Pension and other postretirement benefits	196			—			78			—			274
Other non-current liabilities	52			74			314			(1		)	439
Total liabilities	5,830			345			3,626			(2,913		)	6,888
Redeemable noncontrolling interest										1,080			1,080
Equity:
Common stock	412			—			2,460			(2,460		)	412
Additional paid-in capital	(174		)	1,154			10,485			(10,963		)	502
Retained income	9,721			176			1,034			(1,721		)	9,210
Accumulated other comprehensive loss	(292		)	—			(525		)	44			(773		)
Less: common stock in treasury	(8,701		)	—			(7		)	7			(8,701		)
Total equity - controlling interests	966			1,330			13,447			(15,093		)	650
Total equity - noncontrolling interests										51			51
Total equity	966			1,330			13,447			(15,042		)	701
Total liabilities and equity	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669

	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 a business 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
Income taxes currently payable	1			—			55			—			56
Unearned revenue	254			586			582			(1		)	1,421
Accrued legal and regulatory settlements	—			115			6			—			121
Other current liabilities	190			(50		)	232			—			372
Liabilities of a business 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 other 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
	Year Ended December 31, 2016
(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	$	3,069		$	767		$	1,766		$	(3,374	)	$	2,228
Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Provision for losses on accounts receivable	1			—			8			—			9
Deferred income taxes	16			(9		)	72			—			79
Stock-based compensation	22			17			37			—			76
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Accrued legal and regulatory settlements	3			1			50			—			54
Other	48			5			(23		)	—			30
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(24		)	187			(340		)	—			(177		)
Prepaid and current assets	(9		)	10			(3		)	—			(2		)
Accounts payable and accrued expenses	(53		)	(39		)	66			—			(26		)
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlement	—			(108		)	(42		)	—			(150		)
Other current liabilities	(29		)	(27		)	35			—			(21		)
Net change in prepaid/accrued income taxes	99			—			33			—			132
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities from continuing operations	2,119			456			2,263			(3,374		)	1,464
Investing Activities:
Capital expenditures	(68		)	(15		)	(32		)	—			(115		)
Acquisitions, net of cash acquired	(144		)	—			(33		)	—			(177		)
Proceeds from dispositions	1,422			—			76			—			1,498
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash provided by (used for) investing activities from continuing operations	1,210			(15		)	10			—			1,205
Financing Activities:
Payments on short-term debt, net	(143		)	—			—			—			(143		)
Proceeds from issuance of senior notes, net	493			—			—			—			493
Payments on senior notes	(421		)	—			—			—			(421		)
Dividends paid to shareholders	(380		)	—			—			—			(380		)
Dividends and other payments paid to noncontrolling interests	—			—			(116		)	—			(116		)
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Excess tax benefits from share-based payments	41			—			—			—			41
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities from continuing operations	(2,785		)	(441		)	(1,748		)	3,374			(1,600		)
Effect of exchange rate changes on cash from continuing operations	—			—			(158		)	—			(158		)
Net change in cash and cash equivalents	544			—			367			—			911
Cash and cash equivalents at beginning of year	167			—			1,314			—			1,481
Cash and cash equivalents at end of year	$	711		$	—		$	1,681		$	—		$	2,392

	Statement of Cash Flows
	Year Ended December 31, 2015
(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	$	1,449		$	824		$	740		$	(1,745	)	$	1,268
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	40			18			32			—			90
Amortization of intangibles	—			—			67			—			67
Provision for losses on accounts receivable	1			1			6			—			8
Deferred income taxes	33			290			(43		)	—			280
Stock-based compensation	23			24			31			—			78
Gain on dispositions	—			—			(11		)	—			(11		)
Accrued legal and regulatory settlements	—			110			9			—			119
Other	23			16			18			—			57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	3			(27		)	(94		)	—			(118		)
Prepaid and current assets	(13		)	14			(5		)	—			(4		)
Accounts payable and accrued expenses	(75		)	(34		)	17			—			(92		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlement	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(32		)	(35		)	(11		)	—			(78		)
Net change in prepaid/accrued income taxes	(54		)	—			115			—			61
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,471			(349		)	818			(1,745		)	195
Investing Activities:
Capital expenditures	(67		)	(10		)	(62		)	—			(139		)
Acquisitions, net of cash acquired	(2,243		)	—			(153		)	—			(2,396		)
Proceeds from dispositions	—			—			14			—			14
Changes in short-term investments	—			—			(4		)	—			(4		)
Cash used for investing activities from continuing operations	(2,310		)	(10		)	(205		)	—			(2,525		)
Financing Activities:
Additions to short-term debt, net	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Dividends and other payments paid to noncontrolling interests	—			—			(104		)	—			(104		)
Contingent consideration payments	(5		)	—			—			—			(5		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Excess tax benefits from share-based payments	69			—			—			—			69
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(396		)	359			(198		)	1,745			1,510
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash (used for) provided by continuing operations	(1,235		)	—			348			—			(887		)
Discontinued Operations:
Cash used for operating activities	—			—			(129		)	—			(129		)
Cash used for discontinued operations	—			—			(129		)	—			(129		)
Net change in cash and cash equivalents	(1,235		)	—			219			—			(1,016		)
Cash and cash equivalents at beginning of year	1,402			—			1,095			—			2,497
Cash and cash equivalents at end of year	$	167		$	—		$	1,314		$	—		$	1,481

	Statement of Cash Flows
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: discontinued operations, net	178			—			—			—			178
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Provision for losses on accounts receivable	—			5			6			—			11
Deferred income taxes	42			(272		)	(15		)	—			(245		)
Stock-based compensation	31			34			35			—			100
Loss on dispositions	3			—			6			—			9
Accrued legal and regulatory settlements	—			1,587			—			—			1,587
Other	18			39			14			—			71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(11		)	47			(45		)	—			(9		)
Prepaid and current assets	(42		)	(17		)	52			—			(7		)
Accounts payable and accrued expenses	(83		)	(47		)	—			—			(130		)
Unearned revenue	8			26			44			—			78
Accrued legal and regulatory settlement	—			(35		)	—			—			(35		)
Other current liabilities	(51		)	45			(10		)	—			(16		)
Net change in prepaid/accrued income taxes	13			3			(109		)	—			(93		)
Net change in other assets and liabilities	(131		)	5			71			—			(55		)
Cash (used for) provided by operating activities from continuing operations	(662		)	918			758			195			1,209
Investing Activities:
Capital expenditures	(26		)	(14		)	(52		)	—			(92		)
Acquisitions, net of cash acquired	—			—			(71		)	—			(71		)
Proceeds from dispositions	63			—			20			—			83
Changes in short-term investments	—			—			15			—			15
Cash provided by (used for) investing activities from continuing operations	37			(14		)	(88		)	—			(65		)
Financing Activities:
Dividends paid to shareholders	(326		)	—			—			—			(326		)
Dividends and other payments paid to noncontrolling interests	—			—			(84		)	—			(84		)
Contingent consideration payments	—			—			(11		)	—			(11		)
Repurchase of treasury shares	(362		)	—			—			—			(362		)
Exercise of stock options	184			—			9			—			193
Excess tax benefits from share-based payments	128			—			—			—			128
Intercompany financing activities	1,377			(904		)	(278		)	(195		)	—
Cash provided by (used for) financing activities from continuing operations	1,001			(904		)	(364		)	(195		)	(462		)
Effect of exchange rate changes on cash from continuing operations	3			—			(68		)	—			(65		)
Cash provided by continuing operations	379			—			238			—			617
Discontinued Operations:
Cash provided by operating activities	18			—			—			—			18
Cash provided by investing activities	320			—			—			—			320
Cash provided by discontinued operations	338			—			—			—			338
Net change in cash and cash equivalents	717			—			238			—			955
Cash and cash equivalents at beginning of year	685			—			857			—			1,542
Cash and cash equivalents at end of year	$	1,402		$	—		$	1,095		$	—		$	2,497

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2016

Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II – Valuation and Qualifying Accounts

(in millions)

Additions/(deductions)	Balance at beginning of year		Net charges to income		Deductions and other 1			Balance at end of year
Year ended December 31, 2016
Allowance for doubtful accounts	$	37	$	8	$	(17	)	$	28
Year ended December 31, 2015
Allowance for doubtful accounts	$	38	$	12	$	(13	)	$	37
Year ended December 31, 2014
Allowance for doubtful accounts	$	50	$	2	$	(14	)	$	38

¹  Primarily includes uncollectible accounts written off, net of recoveries, impact of acquisitions and divestitures and adjustments for foreign currency translation.

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Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Nature of operations

Nature of operations

S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; and the commodity markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture.

Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market and Commodities Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services and deliver their customers in the commodity and energy markets access to high-value information, data, analytic services and pricing and quality benchmarks. As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Assets and Liabilities Held for Sale and Discontinued Operations

Assets and Liabilities Held for Sale and Discontinued Operations

Assets and Liabilities Held for Sale

We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

An entity that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale.

The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets.

Discontinued Operations

Beginning on January 1, 2015, we adopted revised guidance for discontinued operations that raises the threshold for a disposal to qualify as a discontinued operation. In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

For the year ended December 31, 2014, we applied the previous guidance for discontinued operations in determining whether a group of assets disposed or to be disposed of should be presented as a discontinued operation. We determined whether the group of assets being disposed of comprised a component of the entity. We also determined whether the cash flows associated with the group of assets had been or would have been eliminated from our ongoing operations as a result of the disposal transaction and whether we would have had significant continuing involvement in the operations of the group of assets after the disposal transaction. If we concluded that the cash flows had been eliminated and we had no significant continuing involvement, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) were aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

Principles of consolidation

Principles of consolidation

The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.

Use of estimates

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents

Cash and cash equivalents

Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $2.4 billion and $1.5 billion as of December 31, 2016 and 2015, respectively. These investments are not subject to significant market risk.

Short-term investments

Short-term investments

Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit and mutual funds, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded into income when earned.

Accounts receivable

Accounts receivable

Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.

Allowance for doubtful accounts

Allowance for doubtful accounts

The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.

Deferred technology costs

Deferred technology costs

We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization.

Fair Value

Fair Value

Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have an immaterial amount of forward exchange contracts that are adjusted to fair value on a recurring basis.

Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments.

Accounting for the impairment of long-lived assets (including other intangible assets)

Accounting for the impairment of long-lived assets (including other intangible assets)

We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

For the year ended December 31, 2016, we recorded a non-cash impairment charge of $24 million related to a technology project at our Market and Commodities Intelligence segment in selling and general expenses in our consolidated statement of income.

On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million in (gain) loss on dispositions in our consolidated statement of income as a result of the pending sale. See Note 14 – Related Party Transactions for further discussion.

On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) which owns, operates, and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded in (gain) loss on dispositions in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value of the facilities and associated infrastructure classified as held for sale to their fair value.

Goodwill and other indefinite-lived intangible assets

Goodwill and other indefinite-lived intangible assets

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a two-step quantitative impairment test.

When conducting the first step of our two step impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of a discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums.

If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the carrying value of the goodwill. The fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge.

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess.

Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.

Foreign currency translation

Foreign currency translation

We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.

Revenue recognition

Revenue recognition

Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, management makes its best estimate of the services’ stand-alone selling price and records revenue as it is earned over the service period. For arrangements that include multiple services, fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period.

Depreciation

Depreciation

The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.

Advertising expense

Advertising expense

The cost of advertising is expensed as incurred.

Stock-based compensation

Stock-based compensation

Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income.

Income taxes

Income taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled prior to December 31, 2017. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, our opinion is that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements.

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest

The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture established in June of 2012 contains redemption features whereby interests held by our minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would be required to purchase all of such interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income.

Contingencies

Contingencies

We accrue for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.

Recent Accounting Standards

Recent Accounting Standards

In August of 2016, the Financial Accounting Standards Board ("FASB") issued guidance providing amendments to eight specific statement of cash flows classification issues. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In March of 2016, the FASB issued guidance to modify several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, as well as classification in the statement of cash flows. This guidance will require recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity as under the current guidance. We reported excess tax benefits from share -based payments of $41 million, $69 million and $128 million for the years ended December 31, 2016, 2015 and 2014, respectively. In addition, these amounts will be classified as an operating activity in the statement of cash flows, instead of as a financing activity. Cash paid for shares withheld on the employees' behalf will be classified as a financing activity, instead of as an operating activity. Cash paid for employee taxes was $55 million, $92 million and $95 million for the years ended December 31, 2016, 2015 and 2014, respectively. The 2016, 2015 and 2014 amounts of excess tax benefits from share-based payments and cash paid for employee taxes are not necessarily indicative of future amounts that may arise from the implementation of the new accounting guidance. The guidance is effective for reporting periods beginning after December 15, 2016 is required to be adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively or prospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows, and 3) retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows.

In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognizeassets and liabilities but will recognize expenses similar to current lease accounting. The guidance is effective for reporting periods beginning after December 15, 2018; however, early adoption is permitted. The new guidance must be adopted using a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. The guidance is effective for reporting periods beginning after December 15, 2017. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2015, the FASB issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

In September of 2015, the FASB issued guidance intended to simplify the accounting for measurement-period adjustments made to provisional amounts recognized in a business combination. The guidance eliminates the requirement to retrospectively account for those adjustments. The guidance was effective on January 1, 2016, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In February of 2015, the FASB issued guidance that requires management to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2015, the FASB issued guidance that eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In August of 2014, the FASB issued guidance that requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for reporting periods ending after December 15, 2016; however, early adoption is permitted. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

In May of 2014, the FASB and the International Accounting Standards Board (“IASB”) issued jointly a converged standard on the recognition of revenue from contracts with customers which is intended to improve the financial reporting of revenue and comparability of the top line in financial statements globally. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In August of 2015, the FASB issued guidance deferring the effective date of the new revenue standard by one year. Subsequently, the FASB issued implementation guidance related to the new revenue standard, including the following: In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations; in April of 2016, the FASB clarified guidance on performance obligations and the licensing implementation guidance; in May of 2016, the FASB issued a practical expedient in response to identified implementation issues. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the application of a transition method and the impact that adoption of these updates will have on our consolidated financial statements. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Reclassification

Reclassification

Certain prior year amounts have been reclassified for comparability purposes.

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Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Preliminary Purchase Price Allocation

The following table presents the final allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition.

(in millions)
Current assets	$	29
Property, plant and equipment	19
Goodwill	1,574
Other intangible assets, net:
Databases and software	421
Customer relationships	162
Tradenames	185
Other intangibles	4
Other intangible assets, net	772
Other non-current assets	1
Total assets acquired	2,395
Current liabilities	(43		)
Unearned revenue	(117		)
Other non-current liabilities	(1		)
Total liabilities acquired	(161		)
Net assets acquired	$	2,234

Supplemental Information on an Unaudited Pro Forma Basis

Supplemental information on an unaudited pro forma basis is presented below for the years ended December 31, 2015 and 2014 as if the acquisition of SNL occurred on January 1, 2014. The pro forma financial information is presented for comparative purposes only, based on estimates and assumptions, which the Company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015. The unaudited pro forma information includes intangible asset charges and incremental borrowing costs as a result of the acquisition, net of related tax, estimated using the Company's effective tax rate for continuing operations for the periods presented.

(in millions)	Year Ended December 31,
	2015		2014
Pro forma revenue	$	5,477	$	5,275
Pro forma net income (loss) from continuing operations	$	1,258	$	(251	)

Schedule of Liabilities Assumed in Conjunction with Acquisition of Businesses

Liabilities assumed in conjunction with the acquisition of businesses are as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Fair value of assets acquired	$	253	$	2,576	$	67
Cash paid (net of cash acquired)	211		2,401		52
Liabilities assumed	$	42	$	175	$	15

Key Components of Disposal Groups

The key components of income from discontinued operations for the year ended December 31, 2014 consist of the following:

(in millions)	Year ended
	December 31, 2014
Revenue	$	139
Expenses	110
Operating income	29
Provision for taxes on income	11
Income from discontinued operations, net of tax	18
Pre-tax gain on sale from discontinued operations	289
Provision for taxes on gain on sale	129
Gain on sale of discontinued operations, net of tax	160
Income from discontinued operations attributable to S&P Global Inc. common shareholders	$	178

The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:

(in millions)	December 31,		December 31,
	2016 1		2015 2
Accounts receivable, net	$	4	$	58
Goodwill	—		75
Other intangible assets, net	—		335
Other assets	3		35
Assets of a business held for sale	$	7	$	503
Accounts payable and accrued expenses	$	3	$	42
Unearned revenue	7		64
Other liabilities	35		100
Liabilities of a business held for sale	$	45	$	206

¹ Assets and liabilities held for sale as of December 31, 2016 relate to QuantHouse.

² Assets and liabilities held for sale as of December 31, 2015 relate to J.D. Power.

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2016, 2015, and 2014 is as follows:

(in millions)	Year ended December 31,
	2016		2015		2014
Operating profit 1	$	62	$	85	$	71

¹ The year ended December 31, 2016 excludes a pre-tax gain of $1.1 billion on our dispositions.

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Change in Carrying Amount of Goodwill

The change in the carrying amount of goodwill by segment is shown below:

(in millions)	Ratings			Market and Commodities Intelligence			Indices		Total
Balance as of December 31, 2014	$	122		$	889		$	376	$	1,387
Acquisitions	—			1,602			—		1,602
Reclassifications 1	—			(75		)	—		(75		)
Other (primarily Fx)	(8		)	(24		)	—		(32		)
Balance as of December 31, 2015	114			2,392			376		2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other (primarily Fx)	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	$	109		$	2,457		$	383	$	2,949

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

Other Intangible Assets

The following table summarizes our definite-lived intangible assets:

(in millions)
Cost	Databases and software			Content		Customer relationships			Tradenames			Other intangibles			Total
Balance as of December 31, 2014	$	113		$	139	$	228		$	46		$	111		$	637
Acquisitions	421			—		—			—			177			598
Reclassifications 1	(19		)	—		(62		)	(2		)	(8		)	(91		)
Other (primarily Fx)	(5		)	—		2			3			(11		)	(11		)
Balance as of December 31, 2015	510			139		168			47			269			1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 2	(2		)	—		—			—			(22		)	(24		)
Reclassifications	—			—		165			1			(166		)	—
Other (primarily Fx)	(2		)	—		(3		)	(1		)	(8		)	(14		)
Balance as of December 31, 2016	$	506		$	139	$	330		$	45		$	163		$	1,183
Accumulated amortization
Balance as of December 31, 2014	$	88		$	59	$	80		$	35		$	64		$	326
Current year amortization	20			14		9			2			22			67
Reclassifications 1	(18		)	—		(30		)	(2		)	(14		)	(64		)
Other (primarily Fx)	(2		)	—		1			1			(5		)	(5		)
Balance as of December 31, 2015	88			73		60			36			67			324
Current year amortization	47			14		21			2			12			96
Dispositions	—			—		—			(1		)	(6		)	(7		)
Impairment 2	(2		)	—		—			—			(10		)	(12		)
Reclassifications	2			—		5			—			(7		)	—
Other (primarily Fx)	(3		)	—		(2		)	(1		)	(4		)	(10		)
Balance as of December 31, 2016	$	132		$	87	$	84		$	36		$	52		$	391
Net definite-lived intangibles:
December 31, 2015	$	422		$	66	$	108		$	11		$	202		$	809
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792

¹  Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.

²  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in our consolidated statement of income.

Projected Amortization Expense for Intangible Assets

Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:

(in millions)	2017		2018		2019		2020		2021
Amortization expense	$	88	$	84	$	79	$	73	$	62

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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Before Taxes from Domestic and Foreign Operations

Income before taxes on income resulted from domestic and foreign operations is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Domestic operations	$	2,585	$	1,266	$	(423	)
Foreign operations	603		549		477
Total continuing income before taxes	$	3,188	$	1,815	$	54

Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2016			2015			2014
Federal:
Current	$	641		$	90		$	285
Deferred	79			276			(213		)
Total federal	720			366			72
Foreign:
Current	133			111			135
Deferred	(4		)	(1		)	1
Total foreign	129			110			136
State and local:
Current	99			34			62
Deferred	12			37			(25		)
Total state and local	111			71			37
Total provision for taxes for continuing operations	960			547			245
Provision for discontinued operations	—			—			140
Total provision for taxes	$	960		$	547		$	385

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:

	Year Ended December 31,
	2016		2015		2014
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Legal and regulatory settlements	—		—		524.1
State and local income taxes	2.7		2.6		64.2
Divestitures	(4.3	)	—		—
Foreign operations	(2.0	)	(3.2	)	(79.6	)
S&P Dow Jones Indices LLC joint venture	(1.2	)	(2.0	)	(60.2	)
Tax credits and incentives	(1.6	)	(2.9	)	(91.5	)
Other, net	1.5		0.6		61.7
Effective income tax rate for continuing operations	30.1	%	30.1	%	453.7	%

Differences Between the Accounting for Income and Expenses for Financial Reporting and Income Tax

The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows:

(in millions)	December 31,
	2016			2015
Deferred tax assets:
Legal and regulatory settlements	$	23		$	45
Employee compensation	78			91
Accrued expenses	87			72
Postretirement benefits	105			126
Unearned revenue	33			39
Allowance for doubtful accounts	11			12
Loss carryforwards	112			114
Other	3			18
Total deferred tax assets	452			517
Deferred tax liabilities:
Goodwill and intangible assets	(320		)	(299		)
Fixed assets	(3		)	(9		)
Other	—			—
Total deferred tax liabilities	(323		)	(308		)
Net deferred income tax asset (liability) before valuation allowance	129			209
Valuation allowance	(116		)	(98		)
Net deferred income tax asset (liability)	$	13		$	111
Reported as:
Current deferred tax assets	$	—		$	109
Current deferred tax liabilities	—			(8		)
Non-current deferred tax assets	61			33
Non-current deferred tax liabilities	(48		)	(23		)
Net deferred income tax asset (liability)	$	13		$	111

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Balance at beginning of year	$	120		$	118		$	82
Additions based on tax positions related to the current year	35			22			30
Additions for tax positions of prior years	14			12			33
Reduction for tax positions of prior years	(3		)	(14		)	(11		)
Reduction for settlements	(5		)	(18		)	(16		)
Balance at end of year	$	161		$	120		$	118

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Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of Short-term and Long-term Debt Outstanding

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	December 31,
	2016		2015
5.9% Senior Notes, due 2017 1	$	—	$	399
2.5% Senior Notes, due 2018 2	398		398
3.3% Senior Notes, due 2020 3	696		695
4.0% Senior Notes, due 2025 4	691		690
4.4% Senior Notes, due 2026 5	891		890
2.95% Senior Notes, due 20276	492		—
6.55% Senior Notes, due 2037 7	396		396
Commercial paper	—		143
Total debt	3,564		3,611
Less: short-term debt including current maturities	—		143
Long-term debt	$	3,564	$	3,468

¹  We made a $400 million early repayment of our 5.9% senior notes on October 20, 2016.

²  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $2 million.

³  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

⁴  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁵  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $9 million.

⁶  Interest payments are due semiannually on January 22 and July 22, beginning on January 22, 2017, and as of December 31, 2016, the unamortized debt discount and issuance costs total $8 million.

⁷  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2016, the unamortized debt discount and issuance costs total $4 million.

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of location and fair value amounts of cash flow hedges

The following table provides information on the location and fair value amounts of our cash flow hedges as of December 31, 2016 and December 31, 2015:

(in millions)
Balance Sheet Location		December 31, 2016		December 31, 2015
Prepaid and other current assets 1	Foreign exchange forward contracts	$	3	$	1

¹  We use the income approach to measure the fair value of our forward currency forward contracts. The income approach uses pricing models that rely on observable inputs such as forward rates, and therefore are classified as Level 2.

Schedule of pre-tax gains (losses) on cash flow hedges

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the years ended December 31:

(in millions)	Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2016		2015		2014			2016		2015		2014
Foreign exchange forward contracts	$	3	$	—	$	2	Selling and general expenses	$	4	$	—	$	—

Schedule of cash flow hedges included in AOCI

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:

(in millions)	Year ended December 31,
	2016			2015			2014
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	(1	)	$	(1	)	$	(3	)
Change in fair value, net of tax	7			—			2
Reclassification into earnings, net of tax	(4		)	—			—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	(1	)	$	(1	)

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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Summary of the Benefit Obligation and the Fair Value of Plan Assets, as well as the Funded Status

A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):

(in millions)	Retirement Plans						Postretirement Plans
	2016			2015			2016			2015
Net benefit obligation at beginning of year	$	2,199		$	2,462		$	80		$	96
Service cost	3			6			—			—
Interest cost	78			96			2			3
Plan participants’ contributions	—			—			4			4
Actuarial loss (gain)	196			(189		)	(6		)	(12		)
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(75		)	(26		)	—			—
Other adjustments	(20		)	—			(13		)	1
Net benefit obligation at end of year	2,260			2,199			57			80
Fair value of plan assets at beginning of year	2,023			2,236			—			—
Actual return on plan assets	259			(57		)	—			—
Employer contributions	8			15			6			8
Plan participants’ contributions	—			—			4			4
Gross benefits paid	(121		)	(150		)	(10		)	(12		)
Foreign currency effect	(74		)	(21		)	—			—
Other adjustments	(22		)	—			—			—
Fair value of plan assets at end of year	2,073			2,023			—			—
Funded status	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	46		$	36		$	—		$	—
Current liabilities	(8		)	(8		)	(8		)	(8		)
Non-current liabilities	(225		)	(204		)	(49		)	(72		)
	$	(187	)	$	(176	)	$	(57	)	$	(80	)
Accumulated benefit obligation	$	2,251		$	2,190
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	674		$	1,810
Accumulated benefit obligation	$	665		$	1,801
Fair value of plan assets	$	441		$	1,598
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	483		$	433		$	(35	)	$	(24	)
Prior service credit	1			1			(13		)	(5		)
Total recognized	$	484		$	434		$	(48	)	$	(29	)

Summary of Net Periodic Benefit Cost

A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Service cost	$	3		$	6		$	5		$	—		$	—		$	1
Interest cost	78			96			99			2			3			4
Expected return on assets	(122		)	(127		)	(138		)							—
Amortization of:
Actuarial loss (gain)	16			20			11			(1		)	—			(1		)
Prior service (credit) cost	—			—			—			—			(1		)	—
Curtailment 1	—			—			—			—			—			(1		)
Net periodic benefit cost	$	(25	)	$	(5	)	$	(23	)	$	1		$	2		$	3

¹  The curtailment gain for our postretirement plans in 2014 is a result of plan changes effective October 31, 2014 eliminating retiree medical and life insurance benefits for active employees not retiring by July 1, 2016.

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax

Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:

(in millions)	Retirement Plans									Postretirement Plans
	2016			2015			2014			2016			2015			2014
Net actuarial loss (gain)	$	60		$	(6	)	$	232		$	(12	)	$	(17	)	$	3
Recognized actuarial (gain) loss	(10		)	(13		)	(7		)	1			—			1
Prior service cost (credit)	—			—			—			(8		)	1			(5		)
Total recognized	$	50		$	(19	)	$	225		$	(19	)	$	(16	)	$	(1	)

Schedule of Assumptions Used

	Retirement Plans						Postretirement Plans
	2016		2015		2014		2016		2015		2014
Benefit obligation:
Discount rate 2	4.14	%	4.47	%	4.15	%	3.69	%	3.90	%	3.60	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.0	%	7.0	%	7.0	%
Discount rate - U.S. plan 2	4.47	%	4.15	%	5.0	%	3.94	%	3.60	%	4.125	%
Discount rate - U.K. plan 2	3.84	%	3.8	%	4.5	%
Return on assets 3	6.25	%	6.25	%	7.125	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2016 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects:

(in millions)	1% point increase		1% point decrease
Effect on postretirement obligation	$	1	$	(1	)

²  Effective January 1, 2016, we changed our discount rate assumption on our U.S. retirement plans to 4.47% from 4.15% in 2015 and changed our discount rate assumption on our U.K. plan to 3.84% from 3.8% in 2015. At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015 and prior periods presented, we measured service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. We believe this new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our benefit obligation. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, have accounted for it on a prospective basis. Pension and postretirement medical costs decreased by approximately $14 million in 2016 as a result of this change.

³  The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2017, our return on assets assumption for the U.S. plan and U.K. plan remained unchanged at 6.25%.

Effects Created by One Percentage Point Change in Assumed Healthcare Cost Trend

A one percentage point change in assumed healthcare cost trend creates the following effects:

(in millions)	1% point increase		1% point decrease
Effect on postretirement obligation	$	1	$	(1	)

Information About the Expected Cash Flows for Retirement and Post-Retirement Plans and Impact of the Medicare Subsidy

Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows:

(in millions)			Postretirement Plans 2
	Retirement 1 Plans		Gross payments		Retiree contributions			Medicare subsidy 3		Net payments
2017	$	88	$	12	$	(4	)	$	—	$	8
2018	90		11		(4		)	—		7
2019	93		10		(3		)	—		7
2020	96		9		(3		)	—		6
2021	98		8		(3		)	—		5
2022-2026	527		30		(12		)	—		18

¹  Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.

²  Reflects the total benefits expected to be paid from our assets.

³  Expected medicare subsidy amounts, for the years presented, are less than $1 million.

Fair Value of Defined Benefit Plan Assets by Asset Class

The fair value of our defined benefit plans assets as of December 31, 2016 and 2015, by asset class is as follows:

(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	38	$	38	$	—	$	—
Equities:
U.S. indexes 1	69		69		—		—
U.S. growth and value	103		103		—		—
U.K.	3		3		—		—
International, excluding U.K.	38		38		—		—
Fixed income:
Long duration strategy 2	970		—		970		—
Intermediate duration securities	32		—		32		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	20		—		20		—
International	16		—		16		—
Real Estate
U.K. 4	11		—		—		11
Other	—		—		—		—
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	749
Total	$	2,073

(in millions)	December 31, 2015
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	1	$	1	$	—	$	—
Equities:
U.S. indexes 1	63		63		—		—
U.S. growth and value	92		92		—		—
U.K.	6		6		—		—
International, excluding U.K.	35		35		—		—
Fixed income:
Long duration strategy 2	969		—		969		—
Intermediate duration securities	31		—		31		—
Agency mortgage backed securities	6		—		6		—
Asset backed securities	17		—		17		—
Non-agency mortgage backed securities 3	23		—		23		—
International	17		—		17		—
Other	—		—		—		—
Total	$	1,260	$	197	$	1,063	$	—
Collective investment funds	763
Total	$	2,023

¹  Includes securities that are tracked in the S&P Smallcap 600 index.

²  Includes securities that are mainly investment grade obligations of issuers in the U.S.

³  Includes U.S. mortgage-backed securities that are not backed by the U.S. government.

⁴  Includes a fund which holds real estate properties in the U.K.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The trustee obtains estimated prices from vendors for securities that are not easily quotable and they are categorized accordingly as Level 3. The following table details further information on our plan assets where we have used significant unobservable inputs (Level 3):

(in millions)	Level 3
Balance as of December 31, 2015	$	—
Purchases	11
Balance as of December 31, 2016	$	11

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Number of Common Shares Reserved for Issuance

The number of common shares reserved for issuance are as follows:

(in millions)	December 31,
	2016	2015
Shares available for granting under the 2002 Plan	33.5	32.8
Options outstanding	3.8	5.8
Total shares reserved for issuance 1	37.3	38.6

¹ Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million.

Stock-based Compensation Expense

Stock-based compensation expense and the corresponding tax benefit are as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Stock option expense	$	7	$	14	$	21
Restricted stock and unit awards expense	69		64		79
Total stock-based compensation expense	$	76	$	78	$	100
Tax benefit	$	29	$	29	$	38

Assumptions Used in Valuing the Options Granted

The following assumptions were used in valuing the options granted:

	Year Ended December 31,
	2015		2014
Risk-free average interest rate	0.2 - 1.9%		0.1 - 2.9%
Dividend yield	1.4%		1.4 - 1.8%
Volatility	21 - 39%		18 - 41%
Expected life (years)	6.3		6.21 - 6.25
Weighted-average grant-date fair value per option	$	27.57	$	23.41

Stock Option Activity

Stock option activity is as follows:

(in millions, except per award amounts)	Shares		Weighted average exercise price		Weighted-average remaining years of contractual term	Aggregate intrinsic value
Options outstanding as of December 31, 2015	5.8		$	45.61
Exercised	(1.9	)	$	95.87
Canceled, forfeited and expired	(0.1	)	$	69.93
Options outstanding as of December 31, 2016	3.8		$	43.36	3.6	$	246
Options exercisable as of December 31, 2016	3.7		$	41.87	3.5	$	242

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2015	0.8			$	19.82
Vested	(0.5		)	$	19.35
Forfeited	(0.1		)	$	21.84
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Total unrecognized compensation expense related to nonvested options 1	$	—
Weighted-average years to be recognized over	0.3

¹  There is less than $1 million of unrecognized compensation expense related to nonvested options.

Stock Option Exercises

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2016		2015		2014
Net cash proceeds from the exercise of stock options	$	88	$	86	$	193
Total intrinsic value of stock option exercises	$	95	$	94	$	168
Income tax benefit realized from stock option exercises	$	41	$	49	$	73

Restricted Stock and Unit Activity

Restricted stock and unit activity for performance and non-performance awards is as follows:

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested shares as of December 31, 2015	1.2			$	92.39
Granted	0.9			$	93.01
Vested	(0.9		)	$	106.81
Forfeited	(0.2		)	$	95.41
Nonvested shares as of December 31, 2016	1.0			$	106.31
Total unrecognized compensation expense related to nonvested awards	$	55
Weighted-average years to be recognized over	1.7

	Year Ended December 31,
	2016		2015		2014
Weighted-average grant-date fair value per award	$	93.01	$	77.06	$	77.74
Total fair value of restricted stock and unit awards vested	$	99	$	155	$	88
Tax benefit relating to restricted stock activity	$	26	$	24	$	30

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Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Dividend History

	Year Ended December 31,
	2016		2015		2014
Quarterly dividend rate	$	0.36	$	0.33	$	0.30
Annualized dividend rate	$	1.44	$	1.32	$	1.20
Dividends paid (in millions)	$	380	$	363	$	326

Share Repurchases

Share repurchases were as follows:

(in millions, except average price)	Year Ended December 31,
	2016		2015		2014
Total number of shares purchased 1	9.7		10.1		4.4
Average price paid per share 2, 3	$	113.36	$	99.00	$	79.06
Total cash utilized 2	$	1,097	$	1,000	$	352

¹  2016 includes shares received as part of our accelerated share repurchase agreement as described in more detail below.

²  In December of 2015, 0.3 million shares were repurchased for approximately $26 million, which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98. In December of 2013, 0.1 million shares were repurchased for approximately $10 million, which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2016, 2015 and 2014 resulting in $1,123 million, $974 million and $362 million of cash used to repurchase shares, respectively.

³  On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 14 —Related Party Transactions for further information.

Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interest during the year ended December 31, 2016 were as follows:

(in millions)
Balance as of December 31, 2015	$	920
Net income attributable to noncontrolling interest	109
Distributions to noncontrolling interest	(102		)
Redemption value adjustment	153
Balance as of December 31, 2016	$	1,080

Schedule of Changes in the Components of Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2016:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2015	$	(193	)	$	(406	)		$	(1	)		$	(600	)
Other comprehensive income before reclassifications	(139		)	(47		)		7				(179		)
Reclassifications from accumulated other comprehensive loss to net earnings	—			10			1	(4		)	2	6
Net other comprehensive income	(139		)	(37		)		3				(173		)
Balance as of December 31, 2016	$	(332	)	$	(443	)		$	2			$	(773	)

¹  See Note 7 —Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

²  See Note 6 —Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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Earnings (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Calculation for Basic and Diluted Earnings (Loss) Per Share

The calculation for basic and diluted earnings (loss) per share is as follows:

(in millions, except per share data)	Year Ended December 31,
	2016		2015		2014
Amount attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations	$	2,106	$	1,156	$	(293	)
Income from discontinued operations	—		—		178
Net income (loss) attributable to the Company	$	2,106	$	1,156	$	(115	)
Basic weighted-average number of common shares outstanding	262.8		271.6		271.5
Effect of stock options and other dilutive securities	2.4		3.0		—
Diluted weighted-average number of common shares outstanding	265.2		274.6		271.5
Income (loss) from continuing operations:
Basic	$	8.02	$	4.26	$	(1.08	)
Diluted	$	7.94	$	4.21	$	(1.08	)
Income from discontinued operations:
Basic	$	—	$	—	$	0.66
Diluted	$	—	$	—	$	0.66
Net income (loss):
Basic	$	8.02	$	4.26	$	(0.42	)
Diluted	$	7.94	$	4.21	$	(0.42	)

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Restructuring (Tables)

12 Months Ended

Dec. 31, 2016

Restructuring and Related Activities [Abstract]

Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2016 by segment is as follows:

	2016 Restructuring Plan				2015 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	14	$	10	$	18	2
Market and Commodities Intelligence	10		8		34		4
Indices	1		1		—		—
Corporate	5		4		11		4
Total	$	30	$	23	$	63	$	10

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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Information

Segment information for the years ended December 31 is as follows:

(in millions)	Revenue									Operating Profit (Loss)
	2016			2015			2014			2016			2015			2014
Ratings 1	$	2,535		$	2,428		$	2,455		$	1,262		$	1,078		$	(583	)
Market and Commodities Intelligence 2	2,585			2,376			2,130			1,822			585			518
Indices 3	639			597			552			412			392			347
Intersegment elimination 4	(98		)	(88		)	(86		)	—			—			—
Total operating segments	5,661			5,313			5,051			3,496			2,055			282
Unallocated expense 5	—			—			—			(127		)	(138		)	(169		)
Total	$	5,661		$	5,313		$	5,051		$	3,369		$	1,917		$	113

¹  Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and restructuring charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and restructuring charges of $13 million. Operating profit for the year ended December 31, 2014 includes legal and regulatory settlements of $1.6 billion and restructuring charges of $45 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $5 million for the years ended December 31, 2016 and 2015 and $6 million for the year ended December 31, 2014.

²  Operating profit for the year ended December 31, 2016 includes a $1.1 billion gain from our dispositions, disposition-related costs of $48 million, a technology-related impairment charge of $24 million and an acquisition-related cost of $1 million. Operating profit for the year ended December 31, 2015 includes acquisition-related costs related to the acquisition of SNL of $37 million and costs identified operating efficiencies primarily related to restructuring of $33 million. Operating profit for the year ended December 31, 2014 includes restructuring charges of $25 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $85 million, $57 million and $37 million for the years ended December 31, 2016, 2015, and 2014, respectively.

³  Operating profit for the year ended December 31, 2014 includes the impact of professional fees largely related to corporate development activities of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $6 million for the year ended December 31, 2016 and $5 million for the years ended December 31, 2015 and 2014.

⁴  Revenue for Ratings and expenses for Market and Commodities Intelligence include an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.

⁵  The year ended December 31, 2016 includes $3 million from a disposition-related reserve release. The year ended December 31, 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million. The year ended December 31, 2014 includes restructuring charges of $16 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2016		2015		2014		2016		2015		2014
Ratings	$	34	$	43	$	43	$	42	$	48	$	33
Market and Commodities Intelligence	131		99		74		57		78		49
Indices	8		8		7		3		4		2
Total operating segments	173		150		124		102		130		84
Corporate	8		7		10		13		9		8
Total	$	181	$	157	$	134	$	115	$	139	$	92

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2016		2015
Ratings	$	612	$	620
Market and Commodities Intelligence	4,104		4,011
Indices	1,247		1,181
Total operating segments	5,963		5,812
Corporate 1	2,699		1,868
Assets of a business held for sale 2	7		503
Total	$	8,669	$	8,183

¹  Corporate assets consist principally of cash and cash equivalents, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas.

²  Includes QuantHouse and J.D. Power as of December 31, 2016 and 2015, respectively.

Schedule of Revenue and Long-lived Assets by Geographic Region

The following provides revenue and long-lived assets by geographic region:

(in millions)	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	$	3,461	$	3,202	$	2,911	$	4,335	$	4,198
European region	1,330		1,265		1,316		341		419
Asia	575		566		528		58		63
Rest of the world	295		280		296		46		50
Total	$	5,661	$	5,313	$	5,051	$	4,780	$	4,730

	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2016		2015		2014		2016		2015
U.S.	61	%	60	%	58	%	91	%	89	%
European region	24		24		26		7		9
Asia	10		11		10		1		1
Rest of the world	5		5		6		1		1
Total	100	%	100	%	100	%	100	%	100	%

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Rental Expense for Property and Equipment Under Operating Lease Agreements

Rental expense for property and equipment under all operating lease agreements is as follows:

(in millions)	Year ended December 31,
	2016			2015			2014
Gross rental expense	$	179		$	182		$	199
Less: sublease revenue	(16		)	(14		)	(16		)
Less: Rock-McGraw rent credit	—			(4		)	(23		)
Net rental expense	$	163		$	164		$	160

Future Minimum Rental Commitments

Cash amounts for future minimum rental commitments under existing non-cancelable leases with a remaining term of more than one year, along with minimum sublease rental income to be received under non-cancelable subleases are shown in the following table.

(in millions)	Rent commitment		Sublease income			Net rent
2017	$	116	$	(17	)	$	99
2018	110		(17		)	93
2019	100		(17		)	83
2020	73		(3		)	70
2021	63		—			63
2022 and beyond	540		—			540
Total	$	1,002	$	(54	)	$	948

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Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

(in millions, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter		Total year
2016(1)
Revenue	$	1,341	$	1,482	$	1,439	$	1,399	$	5,661
Operating profit	$	512	$	651	$	1,348	$	857	$	3,369
Net income	$	323	$	412	$	923	$	569	$	2,228
Net income attributable to S&P Global common shareholders	$	294	$	383	$	892	$	537	$	2,106
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.45	$	3.39	$	2.07	$	8.02
Diluted	$	1.10	$	1.44	$	3.36	$	2.05	$	7.94
2015
Revenue	$	1,273	$	1,342	$	1,324	$	1,374	$	5,313
Operating profit	$	501	$	582	$	410	$	424	$	1,917
Net income	$	329	$	381	$	281	$	276	$	1,268
Net income attributable to S&P Global common shareholders	$	303	$	353	$	252	$	248	$	1,156
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.11	$	1.29	$	0.93	$	0.92	$	4.26
Diluted	$	1.10	$	1.28	$	0.92	$	0.91	$	4.21

Note - Totals presented may not sum due to rounding.

¹  The third quarter of 2016 and the fourth of 2016 include a pre-tax gain on our dispositions of $722 million ($521 million after-tax) and $379 million ($297 million after-tax), respectively. See Note 2 – Acquisitions and Divestitures for further information.

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Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statement of Income

	Statement of Income
	Year Ended December 31, 2016
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	667		$	1,513		$	3,607		$	(126	)	$	5,661
Expenses:
Operating-related expenses	109			451			1,335			(126		)	1,769
Selling and general expenses	113			243			1,087			—			1,443
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Total expenses	260			703			2,556			(126		)	3,393
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Operating profit	1,479			810			1,080			—			3,369
Interest expense (income), net	191			—			(10		)	—			181
Non-operating intercompany transactions	356			(83		)	(941		)	668			—
Income before taxes on income	932			893			2,031			(668		)	3,188
Provision for taxes on income	275			420			265			—			960
Equity in net income of subsidiaries	2,412			294			—			(2,706		)	—
Net income	3,069			767			1,766			(3,374		)	2,228
Less: net income attributable to noncontrolling interests	—			—			—			(122		)	(122		)
Net income attributable to S&P Global Inc.	$	3,069		$	767		$	1,766		$	(3,496	)	$	2,106
Comprehensive income	$	3,099		$	767		$	1,563		$	(3,374	)	$	2,055

	Statement of Income
	Year Ended December 31, 2015
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	624		$	2,141	$	2,663		$	(115	)	$	5,313
Expenses:
Operating-related expenses	119			737		959			(115		)	1,700
Selling and general expenses	202			254		1,094			—			1,550
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on dispositions	—			—		(11		)	—			(11		)
Operating profit	263			1,132		522			—			1,917
Interest expense (income), net	112			—		(10		)	—			102
Non-operating intercompany transactions	282			222		(504		)	—			—
(Loss) income before taxes on income	(131		)	910		1,036			—			1,815
(Benefit) provision for taxes on income	(107		)	358		296			—			547
Equity in net income of subsidiaries	1,473			272		—			(1,745		)	—
Net income	1,449			824		740			(1,745		)	1,268
Less: net income from continuing operations attributable to noncontrolling interests	—			—		—			(112		)	(112		)
Net income attributable to S&P Global Inc.	$	1,449		$	824	$	740		$	(1,857	)	$	1,156
Comprehensive income	$	1,446		$	822	$	655		$	(1,741	)	$	1,182

	Statement of Income
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	598		$	2,043		$	2,525		$	(115	)	$	5,051
Expenses:
Operating-related expenses	117			764			885			(115		)	1,651
Selling and general expenses	257			1,975			912			—			3,144
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Total expenses	419			2,756			1,869			(115		)	4,929
Loss on dispositions	3			—			6			—			9
Operating profit (loss)	176			(713		)	650			—			113
Interest expense (income), net	66			—			(7		)	—			59
Non-operating intercompany transactions	193			38			(231		)	—			—
(Loss) income from continuing operations before taxes on income	(83		)	(751		)	888			—			54
(Benefit) provision for taxes on income	(22		)	16			251			—			245
Equity in net (loss) income of subsidiaries	(443		)	248			—			195			—
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Discontinued operations, net of tax:
Income from discontinued operations	18			—			—			—			18
Gain on sale of discontinued operations	160			—			—			—			160
Discontinued operations, net	178			—			—			—			178
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: net income from continuing operations attributable to noncontrolling interests	—			—			—			(102		)	(102		)
Net (loss) income attributable to S&P Global Inc.	$	(326	)	$	(519	)	$	637		$	93		$	(115	)
Comprehensive income	$	(495	)	$	(544	)	$	513		$	195		$	(331	)

Balance Sheet

	Balance Sheet
	December 31, 2016
(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	$	711		$	—		$	1,681		$	—		$	2,392
Accounts receivable, net of allowance for doubtful accounts	138			131			853						1,122
Intercompany receivable	(165		)	837			870			(1,542		)	—
Prepaid and other current assets	77			2			72			(1		)	150
Assets of a business held for sale	—			—			7			—			7
Total current assets	761			970			3,483			(1,543		)	3,671
Property and equipment, net of accumulated depreciation	159			1			111						271
Goodwill	261			—			2,679			9			2,949
Other intangible assets, net	—			—			1,506			—			1,506
Investments in subsidiaries	5,464			680			7,826			(13,970		)	—
Intercompany loans receivable	17			—			1,354			(1,371		)	—
Other non-current assets	134			24			114			—			272
Total assets	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	73		$	22		$	88		$	—		$	183
Intercompany payable	1,324			40			177			(1,541		)	—
Accrued compensation and contributions to retirement plans	129			69			211			—			409
Income taxes currently payable	43			—			52			—			95
Unearned revenue	273			191			1,045			—			1,509
Accrued legal and regulatory settlements	2			3			51						56
Other current liabilities	163			(54		)	205			—			314
Liabilities of a business held for sale	—			—			45			—			45
Total current liabilities	2,007			271			1,874			(1,541		)	2,611
Long-term debt	3,564			—			—			—			3,564
Intercompany loans payable	11			—			1,360			(1,371		)	—
Pension and other postretirement benefits	196			—			78			—			274
Other non-current liabilities	52			74			314			(1		)	439
Total liabilities	5,830			345			3,626			(2,913		)	6,888
Redeemable noncontrolling interest										1,080			1,080
Equity:
Common stock	412			—			2,460			(2,460		)	412
Additional paid-in capital	(174		)	1,154			10,485			(10,963		)	502
Retained income	9,721			176			1,034			(1,721		)	9,210
Accumulated other comprehensive loss	(292		)	—			(525		)	44			(773		)
Less: common stock in treasury	(8,701		)	—			(7		)	7			(8,701		)
Total equity - controlling interests	966			1,330			13,447			(15,093		)	650
Total equity - noncontrolling interests										51			51
Total equity	966			1,330			13,447			(15,042		)	701
Total liabilities and equity	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669

	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 a business 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
Income taxes currently payable	1			—			55			—			56
Unearned revenue	254			586			582			(1		)	1,421
Accrued legal and regulatory settlements	—			115			6			—			121
Other current liabilities	190			(50		)	232			—			372
Liabilities of a business 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 other 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
	Year Ended December 31, 2016
(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	$	3,069		$	767		$	1,766		$	(3,374	)	$	2,228
Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Provision for losses on accounts receivable	1			—			8			—			9
Deferred income taxes	16			(9		)	72			—			79
Stock-based compensation	22			17			37			—			76
Gain on dispositions	(1,072		)	—			(29		)	—			(1,101		)
Accrued legal and regulatory settlements	3			1			50			—			54
Other	48			5			(23		)	—			30
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(24		)	187			(340		)	—			(177		)
Prepaid and current assets	(9		)	10			(3		)	—			(2		)
Accounts payable and accrued expenses	(53		)	(39		)	66			—			(26		)
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlement	—			(108		)	(42		)	—			(150		)
Other current liabilities	(29		)	(27		)	35			—			(21		)
Net change in prepaid/accrued income taxes	99			—			33			—			132
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities from continuing operations	2,119			456			2,263			(3,374		)	1,464
Investing Activities:
Capital expenditures	(68		)	(15		)	(32		)	—			(115		)
Acquisitions, net of cash acquired	(144		)	—			(33		)	—			(177		)
Proceeds from dispositions	1,422			—			76			—			1,498
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash provided by (used for) investing activities from continuing operations	1,210			(15		)	10			—			1,205
Financing Activities:
Payments on short-term debt, net	(143		)	—			—			—			(143		)
Proceeds from issuance of senior notes, net	493			—			—			—			493
Payments on senior notes	(421		)	—			—			—			(421		)
Dividends paid to shareholders	(380		)	—			—			—			(380		)
Dividends and other payments paid to noncontrolling interests	—			—			(116		)	—			(116		)
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Excess tax benefits from share-based payments	41			—			—			—			41
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities from continuing operations	(2,785		)	(441		)	(1,748		)	3,374			(1,600		)
Effect of exchange rate changes on cash from continuing operations	—			—			(158		)	—			(158		)
Net change in cash and cash equivalents	544			—			367			—			911
Cash and cash equivalents at beginning of year	167			—			1,314			—			1,481
Cash and cash equivalents at end of year	$	711		$	—		$	1,681		$	—		$	2,392

	Statement of Cash Flows
	Year Ended December 31, 2015
(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	$	1,449		$	824		$	740		$	(1,745	)	$	1,268
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	40			18			32			—			90
Amortization of intangibles	—			—			67			—			67
Provision for losses on accounts receivable	1			1			6			—			8
Deferred income taxes	33			290			(43		)	—			280
Stock-based compensation	23			24			31			—			78
Gain on dispositions	—			—			(11		)	—			(11		)
Accrued legal and regulatory settlements	—			110			9			—			119
Other	23			16			18			—			57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	3			(27		)	(94		)	—			(118		)
Prepaid and current assets	(13		)	14			(5		)	—			(4		)
Accounts payable and accrued expenses	(75		)	(34		)	17			—			(92		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlement	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(32		)	(35		)	(11		)	—			(78		)
Net change in prepaid/accrued income taxes	(54		)	—			115			—			61
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,471			(349		)	818			(1,745		)	195
Investing Activities:
Capital expenditures	(67		)	(10		)	(62		)	—			(139		)
Acquisitions, net of cash acquired	(2,243		)	—			(153		)	—			(2,396		)
Proceeds from dispositions	—			—			14			—			14
Changes in short-term investments	—			—			(4		)	—			(4		)
Cash used for investing activities from continuing operations	(2,310		)	(10		)	(205		)	—			(2,525		)
Financing Activities:
Additions to short-term debt, net	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Dividends and other payments paid to noncontrolling interests	—			—			(104		)	—			(104		)
Contingent consideration payments	(5		)	—			—			—			(5		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Excess tax benefits from share-based payments	69			—			—			—			69
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(396		)	359			(198		)	1,745			1,510
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash (used for) provided by continuing operations	(1,235		)	—			348			—			(887		)
Discontinued Operations:
Cash used for operating activities	—			—			(129		)	—			(129		)
Cash used for discontinued operations	—			—			(129		)	—			(129		)
Net change in cash and cash equivalents	(1,235		)	—			219			—			(1,016		)
Cash and cash equivalents at beginning of year	1,402			—			1,095			—			2,497
Cash and cash equivalents at end of year	$	167		$	—		$	1,314		$	—		$	1,481

	Statement of Cash Flows
	Year Ended December 31, 2014
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: discontinued operations, net	178			—			—			—			178
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Provision for losses on accounts receivable	—			5			6			—			11
Deferred income taxes	42			(272		)	(15		)	—			(245		)
Stock-based compensation	31			34			35			—			100
Loss on dispositions	3			—			6			—			9
Accrued legal and regulatory settlements	—			1,587			—			—			1,587
Other	18			39			14			—			71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(11		)	47			(45		)	—			(9		)
Prepaid and current assets	(42		)	(17		)	52			—			(7		)
Accounts payable and accrued expenses	(83		)	(47		)	—			—			(130		)
Unearned revenue	8			26			44			—			78
Accrued legal and regulatory settlement	—			(35		)	—			—			(35		)
Other current liabilities	(51		)	45			(10		)	—			(16		)
Net change in prepaid/accrued income taxes	13			3			(109		)	—			(93		)
Net change in other assets and liabilities	(131		)	5			71			—			(55		)
Cash (used for) provided by operating activities from continuing operations	(662		)	918			758			195			1,209
Investing Activities:
Capital expenditures	(26		)	(14		)	(52		)	—			(92		)
Acquisitions, net of cash acquired	—			—			(71		)	—			(71		)
Proceeds from dispositions	63			—			20			—			83
Changes in short-term investments	—			—			15			—			15
Cash provided by (used for) investing activities from continuing operations	37			(14		)	(88		)	—			(65		)
Financing Activities:
Dividends paid to shareholders	(326		)	—			—			—			(326		)
Dividends and other payments paid to noncontrolling interests	—			—			(84		)	—			(84		)
Contingent consideration payments	—			—			(11		)	—			(11		)
Repurchase of treasury shares	(362		)	—			—			—			(362		)
Exercise of stock options	184			—			9			—			193
Excess tax benefits from share-based payments	128			—			—			—			128
Intercompany financing activities	1,377			(904		)	(278		)	(195		)	—
Cash provided by (used for) financing activities from continuing operations	1,001			(904		)	(364		)	(195		)	(462		)
Effect of exchange rate changes on cash from continuing operations	3			—			(68		)	—			(65		)
Cash provided by continuing operations	379			—			238			—			617
Discontinued Operations:
Cash provided by operating activities	18			—			—			—			18
Cash provided by investing activities	320			—			—			—			320
Cash provided by discontinued operations	338			—			—			—			338
Net change in cash and cash equivalents	717			—			238			—			955
Cash and cash equivalents at beginning of year	685			—			857			—			1,542
Cash and cash equivalents at end of year	$	1,402		$	—		$	1,095		$	—		$	2,497

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Accounting Policies (Details)			3 Months Ended				12 Months Ended
	Jul. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2016 USD ($) units Segment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Property, Plant and Equipment [Line Items]
Number of reportable segments | Segment							3
Market value of cash and cash equivalents			$ 2,392,000,000			$ 1,542,000,000	$ 2,392,000,000	$ 1,481,000,000	$ 2,497,000,000
Deferred technology costs, gross			145,000,000				145,000,000	128,000,000
Accumulated amortization of deferred technology costs			91,000,000				91,000,000	72,000,000
Fair value of our long-term debt borrowings			3,700,000,000				3,700,000,000	3,600,000,000
Non-cash impairment charge associated with finite-lived intangible assets							24,000,000
Non-cash impairment charge on long-lived assets to be disposed						$ 36,000,000
Pre-tax gain (loss) on dispositions			$ 379,000,000	$ 722,000,000			$ 1,100,000,000
Number of reporting units | units							4
Cost of advertisement							$ 35,000,000	33,000,000	35,000,000
Goodwill impairment							0	0	0
Indefinite-lived intangible asset impairment							0	0	0
Excess tax benefits from share-based payments							41,000,000	69,000,000	128,000,000
Payments related to tax withholding for share-based compensation							$ 55,000,000	92,000,000	95,000,000
Minimum | Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							3 years
Minimum | Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							15 years
Minimum | Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							2 years
Maximum | Software and Software Development Costs
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							7 years
Maximum | Building Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							40 years
Maximum | Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life							10 years
Data Center
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of business		$ 58,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Non-cash impairment charge on long-lived assets to be disposed					$ 6,000,000
Pre-tax gain (loss) on dispositions									$ (9,000,000)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harold W. McGraw III
Property, Plant and Equipment [Line Items]
Amount of transaction with related party	$ 20,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | McGraw Hill Construction
Property, Plant and Equipment [Line Items]
Pre-tax gain (loss) on dispositions								$ 11,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Data Center
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of business		58,000,000
Pre-tax gain (loss) on dispositions		$ (3,000,000)

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Acquisitions and Divestitures - Acquisitions Narrative (Details) company in Thousands		1 Months Ended	12 Months Ended
	Sep. 01, 2015 USD ($)	Mar. 31, 2014 country company	Dec. 31, 2016 USD ($) sector	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jun. 30, 2016	Aug. 31, 2015 USD ($)	Aug. 18, 2015 USD ($)	Dec. 31, 2003
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired			$ 177,000,000	$ 2,400,000,000	$ 82,000,000
Payments for previous acquisition			$ 39,000,000	$ 5,000,000	$ 11,000,000
Equity method investment, ownership percentage									45.00%
Minimum number of companies represented in broad market indices | company		11
Minimum number of countries represented in broad market indices | country		52
Maximum
Business Acquisition [Line Items]
Amortization period for intangible assets (in years)				18 years	7 years
Senior Notes
Business Acquisition [Line Items]
Debt face amount							$ 2,000,000,000.0	$ 2,000,000,000.0
Kensho Technologies
Business Acquisition [Line Items]
Cost method investment ownership percentage			2.54%
TRIS Rating Company Limited
Business Acquisition [Line Items]
Equity method investment, ownership percentage						49.00%
PIRA Energy Group
Business Acquisition [Line Items]
Payments for previous acquisition			$ 34,000,000
UCG
Business Acquisition [Line Items]
Payments for previous acquisition			$ 5,000,000	$ 5,000,000
SNL Financial LC
Business Acquisition [Line Items]
Fair value of business acquired	$ 2,200,000,000
Number of sectors in global economy served by acquiree | sector			5
Acquisition-related costs				$ 37,000,000
SNL Financial LC | Minimum
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)				10 years
SNL Financial LC | Maximum
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)				18 years
Series of Individually Immaterial Business Acquisitions | Minimum
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)			3 years
Series of Individually Immaterial Business Acquisitions | Maximum
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)			10 years
Coalition Development Ltd
Business Acquisition [Line Items]
Payments for previous acquisition					$ 11,000,000

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Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Sep. 01, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 2,949	$ 2,882		$ 1,387
SNL Financial LC
Business Acquisition [Line Items]
Current assets			$ 29
Property, plant and equipment			19
Goodwill			1,574
Other intangible assets, net			772
Other non-current assets			1
Total assets acquired			2,395
Current liabilities			(43)
Unearned revenue			(117)
Other non-current liabilities			(1)
Total liabilities acquired			(161)
Net assets acquired			2,234
SNL Financial LC | Databases and software
Business Acquisition [Line Items]
Other intangible assets, net			421
SNL Financial LC | Customer relationships
Business Acquisition [Line Items]
Other intangible assets, net			162
SNL Financial LC | Tradenames
Business Acquisition [Line Items]
Other intangible assets, net			185
SNL Financial LC | Other intangibles
Business Acquisition [Line Items]
Other intangible assets, net			$ 4

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Acquisitions and Divestitures - Supplemental Pro Forma Information (Details) - SNL Financial LC - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Pro forma revenue	$ 5,477	$ 5,275
Pro forma net income (loss) from continuing operations	$ 1,258	$ (251)

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Acquisitions and Divestitures - Liabilities Assumed From Acquisition of Businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Fair value of assets acquired	$ 253	$ 2,576	$ 67
Cash paid (net of cash acquired)	211	2,401	52
Liabilities assumed	$ 42	$ 175	$ 15

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Acquisitions and Divestitures - Divestitures Narrative (Details) $ in Millions				1 Months Ended			3 Months Ended				12 Months Ended
	Nov. 03, 2014 USD ($)	Jul. 31, 2014 USD ($)	Jun. 30, 2014 USD ($)	Nov. 30, 2016 USD ($)	Oct. 31, 2016 USD ($) business	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions							$ 379	$ 722			$ 1,100
Gain on dispositions											1,101	$ 11	$ (9)
Gain (loss) on disposition of business, net of tax							$ 297	$ 521
Non-cash impairment charge on long-lived assets to be disposed										$ 36
Gain on sale of discontinued operations											$ 0	0	160
Data Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business			$ 58
Disposal Group, Held-for-sale, Not Discontinued Operations | QuantHouse
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on write-down				$ 31
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions													(9)
Non-cash impairment charge on long-lived assets to be disposed									$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Equity Research
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions					$ 9
Gain (loss) on disposition of business, net of tax					5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | SPSE and CMA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions					364
Gain (loss) on disposition of business, net of tax					$ 297
Number of businesses disposed | business					2
Cash proceeds from sale of business					$ 425
Disposal Group, Disposed of by Sale, Not Discontinued Operations | J.D. Power
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions						$ 728
Gain (loss) on disposition of business, net of tax						516
Cash proceeds from sale of business						$ 1,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations | McGraw Hill Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions												$ 11
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Data Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions			(3)
Cash proceeds from sale of business			$ 58
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harold W. McGraw III
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of transaction with related party		$ 20
Discontinued Operations, Disposed of by Sale | McGraw Hill Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business	$ 320
Gain on sale of discontinued operations													$ 160

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Acquisitions and Divestitures - Components of Business Held For Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of Assets and Liabilities Held For Sale
Liabilities of a business held for sale	$ 45	$ 206
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax income	62	85	$ 71
Disposal Group, Held-for-sale, Not Discontinued Operations | QuantHouse
Components of Assets and Liabilities Held For Sale
Accounts receivable, net	4
Goodwill	0
Other intangible assets, net	0
Other assets	3
Assets of a business held for sale	7
Accounts payable and accrued expenses	3
Unearned revenue	7
Other liabilities	35
Liabilities of a business held for sale	$ 45
Disposal Group, Held-for-sale, Not Discontinued Operations | J.D. Power
Components of Assets and Liabilities Held For Sale
Accounts receivable, net		58
Goodwill		75
Other intangible assets, net		335
Other assets		35
Assets of a business held for sale		503
Accounts payable and accrued expenses		42
Unearned revenue		64
Other liabilities		100
Liabilities of a business held for sale		$ 206

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Acquisitions and Divestitures - Components of Income From Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income	$ 62	$ 85	$ 71
Income from discontinued operations, net of tax	0	0	18
Gain on sale of discontinued operations, net of tax	0	0	160
Income from discontinued operations attributable to S&P Global Inc. common shareholders	$ 0	$ 0	178
Discontinued Operations, Disposed of by Sale | McGraw Hill Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue			139
Expenses			110
Operating income			29
Provision for taxes on income			11
Income from discontinued operations, net of tax			18
Pre-tax gain on sale from discontinued operations			289
Provision for taxes on gain on sale			129
Gain on sale of discontinued operations, net of tax			160
Income from discontinued operations attributable to S&P Global Inc. common shareholders			$ 178

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 714
Weighted-average life of the intangible assets	12 years
Amortization of intangibles	$ 96	$ 67	$ 48
Maximum
Indefinite-lived Intangible Assets by Major Class [Line Items]
Weighted-average life of the intangible assets	20 years
Dow Jones Index | Intellectual Property
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses		380
Dow Jones Index | Tradenames
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses		90
Market and Commodities Intelligence | Tradenames
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses		185
Indices | Goldman Sachs Commodity and Broad Market Intellectual Property [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses		$ 59

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Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 2,882	$ 1,387
Acquisitions	113	1,602
Dispositions	(35)
Reclassifications		(75)
Other (primarily Fx)	(11)	(32)
Goodwill, Ending balance	2,949	2,882
Ratings
Goodwill [Roll Forward]
Goodwill, Beginning balance	114	122
Acquisitions	0	0
Dispositions	0
Reclassifications		0
Other (primarily Fx)	(5)	(8)
Goodwill, Ending balance	109	114
Market and Commodities Intelligence
Goodwill [Roll Forward]
Goodwill, Beginning balance	2,392	889
Acquisitions	106	1,602
Dispositions	(35)
Reclassifications		(75)
Other (primarily Fx)	(6)	(24)
Goodwill, Ending balance	2,457	2,392
Indices
Goodwill [Roll Forward]
Goodwill, Beginning balance	376	376
Acquisitions	7	0
Dispositions	0
Reclassifications		0
Other (primarily Fx)	0	0
Goodwill, Ending balance	$ 383	$ 376

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 1,133	$ 637
Acquisitions	98	598
Dispositions	(10)
Impairment	(24)
Reclassifications	0	(91)
Other (primarily Fx)	(14)	(11)
Ending balance	1,183	1,133	$ 637
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	324	326
Current year amortization	96	67	48
Dispositions	(7)
Impairment	(12)
Reclassifications	0	(64)
Other (primarily Fx)	(10)	(5)
Accumulated amortization, Ending balance	391	324	326
Net amount	792	809
Databases and software
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	510	113
Acquisitions	0	421
Dispositions	0
Impairment	(2)
Reclassifications	0	(19)
Other (primarily Fx)	(2)	(5)
Ending balance	506	510	113
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	88	88
Current year amortization	47	20
Dispositions	0
Impairment	(2)
Reclassifications	2	(18)
Other (primarily Fx)	(3)	(2)
Accumulated amortization, Ending balance	132	88	88
Net amount	374	422
Content
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	139	139
Acquisitions	0	0
Dispositions	0
Impairment	0
Reclassifications	0	0
Other (primarily Fx)	0	0
Ending balance	139	139	139
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	73	59
Current year amortization	14	14
Dispositions	0
Impairment	0
Reclassifications	0	0
Other (primarily Fx)	0	0
Accumulated amortization, Ending balance	87	73	59
Net amount	52	66
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	168	228
Acquisitions	0	0
Dispositions	0
Impairment	0
Reclassifications	165	(62)
Other (primarily Fx)	(3)	2
Ending balance	330	168	228
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	60	80
Current year amortization	21	9
Dispositions	0
Impairment	0
Reclassifications	5	(30)
Other (primarily Fx)	(2)	1
Accumulated amortization, Ending balance	84	60	80
Net amount	246	108
Tradenames
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	47	46
Acquisitions	0	0
Dispositions	(2)
Impairment	0
Reclassifications	1	(2)
Other (primarily Fx)	(1)	3
Ending balance	45	47	46
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	36	35
Current year amortization	2	2
Dispositions	(1)
Impairment	0
Reclassifications	0	(2)
Other (primarily Fx)	(1)	1
Accumulated amortization, Ending balance	36	36	35
Net amount	9	11
Other intangibles
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	269	111
Acquisitions	98	177
Dispositions	(8)
Impairment	(22)
Reclassifications	(166)	(8)
Other (primarily Fx)	(8)	(11)
Ending balance	163	269	111
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, Beginning balance	67	64
Current year amortization	12	22
Dispositions	(6)
Impairment	(10)
Reclassifications	(7)	(14)
Other (primarily Fx)	(4)	(5)
Accumulated amortization, Ending balance	52	67	$ 64
Net amount	$ 111	$ 202

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Goodwill and Other Intangible Assets - Projected Amortization Expense (Details) $ in Millions	Dec. 31, 2016 USD ($)
Projected amortization expense for intangible assets
Expected amortization expense, 2017	$ 88
Expected amortization expense, 2018	84
Expected amortization expense, 2019	79
Expected amortization expense, 2020	73
Expected amortization expense, 2021	$ 62

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Taxes on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income before taxes domestic and foreign operations
Domestic operations	$ 2,585	$ 1,266	$ (423)
Foreign operations	603	549	477
Income from continuing operations before taxes on income	3,188	1,815	54
Federal:
Current	641	90	285
Deferred	79	276	(213)
Total federal	720	366	72
Foreign:
Current	133	111	135
Deferred	(4)	(1)	1
Total foreign	129	110	136
State and local:
Current	99	34	62
Deferred	12	37	(25)
Total state and local	111	71	37
Total provision for taxes for continuing operations	960	547	245
Provision for discontinued operations	0	0	140
Total provision for taxes	$ 960	$ 547	$ 385
Reconciliation of federal statutory income tax rate
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
Legal and regulatory settlements	0.00%	0.00%	524.10%
State and local income taxes	2.70%	2.60%	64.20%
Divestitures	(4.30%)	0.00%	0.00%
Foreign operations	(2.00%)	(3.20%)	(79.60%)
S&P Dow Jones Indices LLC joint venture	(1.20%)	(2.00%)	(60.20%)
Tax credits and incentives	(1.60%)	(2.90%)	(91.50%)
Other, net	1.50%	0.60%	61.70%
Effective income tax rate for continuing operations	30.10%	30.10%	453.70%

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Taxes on Income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Undistributed earnings of foreign subsidiaries for income tax purposes	$ 1,700
Net income tax payments	683	$ 260	$ 419
Operating loss carryforwards	446
Total amount of federal, state and local, and foreign unrecognized tax benefits excluding interest and penalties	161	120	$ 118	$ 82
Increase in amount of unrecognized tax benefits that unfavorably impact tax expense	46
Accrued interest and penalties associated with uncertain tax positions	$ 44	$ 31

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Taxes on Income - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Legal and regulatory settlements	$ 23	$ 45
Employee compensation	78	91
Accrued expenses	87	72
Postretirement benefits	105	126
Unearned revenue	33	39
Allowance for doubtful accounts	11	12
Loss carryforwards	112	114
Other	3	18
Total deferred tax assets	452	517
Deferred tax liabilities:
Goodwill and intangible assets	(320)	(299)
Fixed assets	(3)	(9)
Other	0	0
Total deferred tax liabilities	(323)	(308)
Net deferred income tax asset (liability) before valuation allowance	129	209
Valuation allowance	(116)	(98)
Net deferred income tax asset (liability)	13	111
Reported as:
Current deferred tax assets		109
Current deferred tax liabilities		(8)
Non-current deferred tax assets	61
Non-current deferred tax assets		33
Non-current deferred tax liabilities	(48)
Non-current deferred tax liabilities		(23)
Net deferred income tax asset (liability)	$ 13	$ 111

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Taxes on Income - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at beginning of year	$ 120	$ 118	$ 82
Additions based on tax positions related to the current year	35	22	30
Additions for tax positions of prior years	14	12	33
Reduction for tax positions of prior years	(3)	(14)	(11)
Reduction for settlements	(5)	(18)	(16)
Balance at end of year	$ 161	$ 120	$ 118

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Debt (Details) - USD ($) $ in Millions	Oct. 20, 2016	Dec. 31, 2016	Sep. 22, 2016	Dec. 31, 2015	Aug. 18, 2015	May 26, 2015
Debt Instrument [Line Items]
Total debt		$ 3,564		$ 3,611
Less: short-term debt including current maturities		0		143
Long-term debt		3,564		3,468
Commercial Paper
Debt Instrument [Line Items]
Short-term debt		0		143
Senior Notes | 5.9% Senior Notes, due 2017
Debt Instrument [Line Items]
Senior notes		$ 0		399
Early repayment of senior debt	$ 400
Interest rate	5.90%	5.90%
Unamortized debt discount and issuance costs		$ 2
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Senior notes		$ 398		398
Interest rate		2.50%			2.50%
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Senior notes		$ 696		695
Interest rate		3.30%			3.30%
Unamortized debt discount and issuance costs		$ 4
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Senior notes		$ 691		690
Interest rate		4.00%				4.00%
Unamortized debt discount and issuance costs		$ 9
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Senior notes		$ 891		890
Interest rate		4.40%			4.40%
Unamortized debt discount and issuance costs		$ 9
Senior Notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Senior notes		$ 492		0
Interest rate		2.95%	2.95%
Unamortized debt discount and issuance costs		$ 8
Senior Notes | 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Senior notes		$ 396		$ 396
Interest rate		6.55%
Unamortized debt discount and issuance costs		$ 4

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Debt - Narrative (Details)		12 Months Ended
	Oct. 20, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 22, 2016 USD ($)	Jun. 30, 2016 USD ($)	Aug. 31, 2015 USD ($)	Aug. 18, 2015 USD ($)	May 26, 2015 USD ($)
Debt Instrument [Line Items]
Annual long term debt maturity year 2017		$ 0
Annual long term debt maturity year 2018		398,000,000
Annual long term debt maturity year 2019		0
Annual long term debt maturity 2020		696,000,000
Annual long term debt maturity 2021		0
Annual long term debt maturity thereafter		$ 2,500,000,000
Indebtedness to cash flow (not greater than)		4
Commercial Paper
Debt Instrument [Line Items]
Commercial paper, borrowings outstanding		$ 0	$ 143,000,000
Senior Notes
Debt Instrument [Line Items]
Debt face amount						$ 2,000,000,000.0	$ 2,000,000,000.0
2.95% Senior Notes, due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt face amount				$ 500,000,000
Interest rate		2.95%		2.95%
5.9% Senior Notes, due 2017 | Senior Notes
Debt Instrument [Line Items]
Interest rate	5.90%	5.90%
Early repayment of senior debt	$ 400,000,000
2.5% Senior Notes, due 2018 | Senior Notes
Debt Instrument [Line Items]
Debt face amount							$ 400,000,000
Interest rate		2.50%					2.50%
3.3% Senior Notes, due 2020 | Senior Notes
Debt Instrument [Line Items]
Debt face amount							$ 700,000,000
Interest rate		3.30%					3.30%
4.4% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt face amount							$ 900,000,000
Interest rate		4.40%					4.40%
4.0% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Debt face amount								$ 700,000,000
Interest rate		4.00%						4.00%
Five-year Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity					$ 1,200,000,000.0
Commercial paper, borrowing term		5 years
Commitment fee		0.15%
Five-year Revolving Credit Facility | Commercial Paper
Debt Instrument [Line Items]
Commercial paper, borrowings outstanding		$ 0	$ 143,000,000
Commercial paper, weighted average interest rate			0.95%
Commercial paper, weighted average term			17 days
Minimum | Five-year Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee		0.10%
Maximum | Five-year Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee		0.20%

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Derivative Instruments - Narrative (Details) - Foreign exchange forward contracts - Designated as hedging instrument - USD ($)	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) be be reclassified within 12 months	$ 2,000,000
Gain (loss) on cash flow hedge ineffectiveness	0
Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	$ 65,000,000	$ 58,000,000

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Derivative Instruments - Fair Value Amounts of Cash Flow Hedges (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Foreign exchange forward contracts | Prepaid and other current assets | Designated as hedging instrument | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fair Value, Net	$ 3	$ 1

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Derivative Instruments - Pre-tax Gains (Losses) on Cash Flow Hedges (Details) - Foreign exchange forward contracts - Designated as hedging instrument - Cash flow hedging - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 3	$ 0	$ 2
Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 4	$ 0	$ 0

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Derivative Instruments - Change in Unrealized Gains (Losses) in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 243	$ 539	$ 1,344
Ending Balance	701	243	539
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1)	(1)	(3)
Other comprehensive income before reclassifications	7	0	2
Reclassifications from accumulated other comprehensive loss to net earnings	(4)	0	0
Ending Balance	$ 2	$ (1)	$ (1)

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Employee Benefits - Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 2,023
Fair value of plan assets at end of year	2,073	$ 2,023
Amounts recognized in consolidated balance sheets:
Non-current liabilities	(274)	(276)
Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	2,199	2,462
Service cost	3	6	$ 5
Interest cost	78	96	99
Plan participants’ contributions	0	0
Actuarial loss (gain)	196	(189)
Gross benefits paid	(121)	(150)
Foreign currency effect	(75)	(26)
Other adjustments	(20)	0
Net benefit obligation at end of year	2,260	2,199	2,462
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	2,023	2,236
Actual return on plan assets	259	(57)
Employer contributions	8	15
Plan participants’ contributions	0	0
Gross benefits paid	(121)	(150)
Foreign currency effect	(74)	(21)
Other adjustments	(22)	0
Fair value of plan assets at end of year	2,073	2,023	2,236
Funded status	(187)	(176)
Amounts recognized in consolidated balance sheets:
Non-current assets	46	36
Current liabilities	(8)	(8)
Non-current liabilities	(225)	(204)
Total amounts recognized in consolidated balance sheets	(187)	(176)
Accumulated benefit obligation	2,251	2,190
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	674	1,810
Accumulated benefit obligation	665	1,801
Fair value of plan assets	441	1,598
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	483	433
Prior service credit	1	1
Total recognized	484	434
Postretirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	80	96
Service cost	0	0	1
Interest cost	2	3	4
Plan participants’ contributions	4	4
Actuarial loss (gain)	(6)	(12)
Gross benefits paid	(10)	(12)
Foreign currency effect	0	0
Other adjustments	(13)	1
Net benefit obligation at end of year	57	80	96
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	6	8
Plan participants’ contributions	4	4
Gross benefits paid	(10)	(12)
Foreign currency effect	0	0
Other adjustments	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded status	(57)	(80)
Amounts recognized in consolidated balance sheets:
Non-current assets	0	0
Current liabilities	(8)	(8)
Non-current liabilities	(49)	(72)
Total amounts recognized in consolidated balance sheets	(57)	(80)
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	(35)	(24)
Prior service credit	(13)	(5)
Total recognized	$ (48)	$ (29)

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Employee Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Total recognized	$ 37	$ (25)	$ 215
Retirement Plans
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	3	6	5
Interest cost	78	96	99
Expected return on assets	(122)	(127)	(138)
Actuarial loss (gain)	16	20	11
Prior service (credit) cost	0	0	0
Curtailment	0	0	0
Net periodic benefit cost	(25)	(5)	(23)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial loss (gain)	60	(6)	232
Recognized actuarial (gain) loss	(10)	(13)	(7)
Prior service cost (credit)	0	0	0
Total recognized	50	(19)	225
Postretirement Plans
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	0	0	1
Interest cost	2	3	4
Expected return on assets			0
Actuarial loss (gain)	(1)	0	(1)
Prior service (credit) cost	0	(1)	0
Curtailment	0	0	(1)
Net periodic benefit cost	1	2	3
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial loss (gain)	(12)	(17)	3
Recognized actuarial (gain) loss	1	0	1
Prior service cost (credit)	(8)	1	(5)
Total recognized	$ (19)	$ (16)	$ (1)

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Employee Benefits - Assumptions (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2017	Dec. 31, 2024	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effects created by one percentage point change in assumed healthcare cost trend
Effect of 1% point increase on postretirement obligation			$ 1
Effect of 1% point decrease on postretirement obligation			$ (1)
Retirement Plans
Benefit obligation
Discount rate			4.14%	4.47%	4.15%
Net periodic cost
Return on assets			6.25%	6.25%	7.125%
United States Retirement Plans
Net periodic cost
Discount rate			4.47%	4.15%	5.00%
United Kingdom Retirement Plan
Net periodic cost
Discount rate			3.84%	3.80%	4.50%
Postretirement Plans
Benefit obligation
Discount rate			3.69%	3.90%	3.60%
Net periodic cost
Weighted-average healthcare cost rate			7.00%	7.00%	7.00%
Discount rate			3.94%	3.60%	4.125%
Subsequent Event | Retirement Plans
Net periodic cost
Return on assets	6.25%
Scenario, Forecast | Postretirement Plans
Net periodic cost
Weighted-average healthcare cost rate		5.00%
Change in Accounting Method Accounted for as Change in Estimate
Net periodic cost
Decrease in pension and postretirement medical costs			$ 14

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Employee Benefits - Cash Flows (Details) $ in Millions	Dec. 31, 2016 USD ($)
Retirement Plans
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2017, Net payments	$ 88
2018, Net payments	90
2019, Net payments	93
2020, Net payments	96
2021, Net payments	98
2022-2026, Net payments	527
Postretirement Plans
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2017, Gross payments	12
2018, Gross payments	11
2019, Gross payments	10
2020, Gross payments	9
2021, Gross payments	8
2022-2026, Gross payments	30
2017, Retiree Contributions	(4)
2018, Retiree Contributions	(4)
2019, Retiree Contributions	(3)
2020, Retiree Contributions	(3)
2021, Retiree Contributions	(3)
2022-2026, Retiree Contributions	(12)
2017, Medicare subsidy	0
2018, Medicare subsidy	0
2019, Medicare subsidy	0
2020, Medicare subsidy	0
2021, Medicare subsidy	0
2022-2026, Medicare subsidy	0
2017, Net payments	8
2018, Net payments	7
2019, Net payments	7
2020, Net payments	6
2021, Net payments	5
2022-2026, Net payments	$ 18

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Employee Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair value of defined benefit plans assets by asset class
Collective investment funds	$ 749	$ 763
Fair value of plan assets, excluding collective investment funds	1,324	1,260
Fair value of defined benefit plans assets by asset class, total	2,073	2,023
Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	251	197
Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	1,062	1,063
Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	11	0
Cash and short-term investments
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	38	1
Cash and short-term investments | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	38	1
Cash and short-term investments | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Cash and short-term investments | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
US indexed equity securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	69	63
US indexed equity securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	69	63
US indexed equity securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
US indexed equity securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
U.S. growth and value
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	103	92
U.S. growth and value | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	103	92
U.S. growth and value | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
U.S. growth and value | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
UK equity securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	3	6
UK equity securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	3	6
UK equity securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
UK equity securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International equity securities excluding UK
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	38	35
International equity securities excluding UK | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	38	35
International equity securities excluding UK | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International equity securities excluding UK | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Long duration strategy
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	970	969
Long duration strategy | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Long duration strategy | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	970	969
Long duration strategy | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Intermediate duration securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	32	31
Intermediate duration securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Intermediate duration securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	32	31
Intermediate duration securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Agency mortgage backed securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	5	6
Agency mortgage backed securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Agency mortgage backed securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	5	6
Agency mortgage backed securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Asset-backed securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	19	17
Asset-backed securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Asset-backed securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	19	17
Asset-backed securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Non-agency mortgage backed securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	20	23
Non-agency mortgage backed securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Non-agency mortgage backed securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	20	23
Non-agency mortgage backed securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International fixed income securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	16	17
International fixed income securities | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International fixed income securities | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	16	17
International fixed income securities | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Real estate funds
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	11
Real estate funds | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0
Real estate funds | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0
Real estate funds | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	11
Other
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Other | Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Other | Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Other | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	$ 0	$ 0

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Employee Benefits - Level 3 Roll Forward of Fair Value of Plan Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 2,023
Fair value of plan assets at end of year	2,073
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	0
Purchases	11
Fair value of plan assets at end of year	$ 11

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Employee Benefits - Narrative (Details)	12 Months Ended
	Dec. 31, 2016 USD ($) trust shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Total cost for retirement plans	$ 69,000,000	$ 91,000,000	$ 81,000,000
Defined contribution plan cost	65,000,000	67,000,000	74,000,000
Pension trust assets	$ 2,073,000,000	$ 2,023,000,000
Shares purchased by US plan under defined contribution plan | shares	216,035	223,656
Shares sold by US plan under defined contribution plan | shares	437,283	247,984
Shares held by the US plan under defined contribution plan | shares	1,600,000	1,800,000
Shares held by the US plan under defined contribution plan, market value	$ 171,000,000	$ 179,000,000
Dividend received by the plan	2,000,000	2,000,000
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss to be recognized in net periodic pension cost	18,000,000
Prior service cost to be recognized in net periodic benefit cost	0
Net periodic benefit cost (credit)	(25,000,000)	(5,000,000)	(23,000,000)
Expected required employer contribution	$ 8,000,000
Number of pension trust accounts | trust	2
Pension trust assets	$ 2,073,000,000	2,023,000,000	2,236,000,000
United States Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Number of pension trust accounts | trust	1
Pension trust assets	$ 1,600,000,000	1,600,000,000
United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (credit)	$ (10,000,000)	(10,000,000)	(8,000,000)
Number of pension trust accounts | trust	1
Pension trust assets	$ 441,000,000	425,000,000
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss to be recognized in net periodic pension cost	0
Prior service cost to be recognized in net periodic benefit cost	0
Net periodic benefit cost (credit)	1,000,000	2,000,000	3,000,000
Pension trust assets	$ 0	$ 0	$ 0
Equity Securities, Domestic | United States Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	27.00%
Equity Securities, International | United States Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	5.00%
Debt Securities and Short-Term Investments | United States Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	68.00%
Equity Securities | United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	20.00%
Diversified Growth Funds | United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	30.00%
Fixed Income Funds | United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	40.00%
Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Pension trust assets	$ 11,000,000
Real estate funds | United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	10.00%

XML

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director deferred stock ownership plan amount to be credited to deferred stock accounts	50.00%
Share delivery term if elected	5 years
Award vesting period	3 years
Shares, granted (in shares)	0	0
Total fair value of stock options, vested	$ 7	$ 11	$ 6
Excess tax benefits from share-based payments	$ 41	$ 69	128
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Award expiration period	10 years
Employee Stock Option | Graded Vesting Method
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Employee Stock Option | Ratable Vest One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award cost recognition period	12 months
Percentage of compensation costs recognized	33.33%
Employee Stock Option | Ratable Vest Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award cost recognition period	24 months
Percentage of compensation costs recognized	33.33%
Employee Stock Option | Ratable Vest Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award cost recognition period	36 months
McGraw Hill Education
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation from discontinued operations			$ 2

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Stock-Based Compensation - Common Shares Reserved for Issuance (Details) - shares shares in Millions	Dec. 31, 2016	Dec. 31, 2015
Number of common shares reserved for issuance
Shares available for granting under the 2002 plan (in shares)	33.5	32.8
Options outstanding (in shares)	3.8	5.8
Total shares reserved for issuance (in shares)	37.3	38.6
Director Deferred Stock Ownership Plan
Number of common shares reserved for issuance
Total shares reserved for issuance (in shares)	0.1	0.1

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Stock-Based Compensation - Stock-Based Compensation Expense and Stock Option Fair Value Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation
Stock option expense	$ 7	$ 14	$ 21
Restricted stock and unit awards expense	69	64	79
Total stock-based compensation expense	76	78	100
Tax benefit	$ 29	$ 29	$ 38
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		1.40%
Expected life (years)		6 years 3 months 18 days
Weighted-average grant-date fair value per option		$ 27.57	$ 23.41
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free average interest rate		0.20%	0.10%
Dividend yield			1.40%
Volatility		21.00%	18.00%
Expected life (years)			6 years 2 months 16 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free average interest rate		1.90%	2.90%
Dividend yield			1.80%
Volatility		39.00%	41.00%
Expected life (years)			6 years 3 months

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Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) $ / shares shares
Options, Outstanding, Shares
Options, Beginning balance (in shares) | shares	5.8
Shares, exercised (in shares) | shares	(1.9)
Shares, cancelled, forfeited and expired (in shares) | shares	(0.1)
Options, Ending balance (in shares) | shares	3.8
Weighted average exercise price
Weighted-average exercise price, Beginning balance (in dollars per share) | $ / shares	$ 45.61
Weighted-average exercise price, exercised (in dollars per share) | $ / shares	95.87
Weighted-average exercise price, cancelled, forfeited and expired (in dollars per share) | $ / shares	69.93
Weighted-average exercise price, Ending balance (in dollars per share) | $ / shares	$ 43.36
Shares, options exercisable (in shares) | shares	3.7
Weighted-average exercise price, options exercisable (in dollars per share) | $ / shares	$ 41.87
Weighted-average remaining years of contractual term, Options outstanding	3 years 7 months 6 days
Weighted-average remaining years of contractual term, Options exercisable	3 years 6 months
Aggregate intrinsic value, options outstanding | $	$ 246
Aggregate intrinsic value, options exercisable | $	$ 242
Non Vested Options
Nonvested Options Outstanding
Options, Beginning balance (in shares) | shares	0.8
Shares, vested (in shares) | shares	(0.5)
Shares, forfeited (in shares) | shares	(0.1)
Options, Ending balance (in shares) | shares	0.2
Weighted-average grant-date fair value
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 19.82
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	19.35
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares	21.84
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 23.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total unrecognized compensation expense related to nonvested options | $	$ 0
Weighted-average years to be recognized over	3 months 18 days

XML

Stock-Based Compensation - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Net cash proceeds from the exercise of stock options	$ 88	$ 86	$ 193
Total intrinsic value of stock option exercises	95	94	168
Income tax benefit realized from stock option exercises	$ 41	$ 49	$ 73

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Stock-Based Compensation - Restricted Stock and Unit Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Tax benefit relating to restricted stock activity	$ 29	$ 29	$ 38
Restricted Stock Activity [Member]
Restricted stock and unit activity
Nonvested shares, Beginning Balance (in shares)	1.2
Shares, Granted (in shares)	0.9
Shares, Vested (in shares)	(0.9)
Shares, Forfeited (in shares)	(0.2)
Nonvested shares, Ending Balance (in shares)	1.0	1.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-average grant-date fair value, Beginning balance (in dollars per share)	$ 92.39
Weighted-average grant-date fair value, Granted (in dollars per share)	93.01	$ 77.06	$ 77.74
Weighted-average grant-date fair value, Vested (in dollars per share)	106.81
Weighted-average grant-date fair value, Forfeited (in dollars per share)	95.41
Weighted-average grant-date fair value, Ending balance (in dollars per share)	$ 106.31	$ 92.39
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Total unrecognized compensation expense related to nonvested options	$ 55
Weighted-average years to be recognized over	1 year 8 months 12 days
Total fair value of restricted stock and unit awards vested	$ 99	$ 155	$ 88
Tax benefit relating to restricted stock activity	$ 26	$ 24	$ 30

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Equity - Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 25, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock authorized (shares)		2,000,000
Par value of Preferred stock (in usd per share)		$ 1
Preferred stock issued (in shares)		0
Dividend history
Quarterly dividend rate (in usd per share)		$ 0.36	$ 0.330	$ 0.3
Annualized dividend rate (in usd per share)		$ 1.44	$ 1.32	$ 1.2
Dividends paid		$ 380	$ 363	$ 326
Subsequent Event
Dividend history
Quarterly dividend rate (in usd per share)	$ 0.41

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Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		12 Months Ended
	Jun. 25, 2014	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 04, 2013
Share repurchases
Total number of shares purchased (in shares)		300,000
Average price paid per share (in dollars per share)		$ 98.98		$ 113.36	$ 99.00	$ 79.06
Repurchase of treasury shares				$ 1,123	$ 974	$ 362
Total cash utilized		$ 26		$ 1,097	$ 1,002	$ 346
2013 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program number of shares authorized to be repurchased (shares)							50,000,000
Maximum number of shares authorized for repurchase under stock repurchase plan as percentage of outstanding common stock							18.00%
Share repurchases
Total number of shares purchased (in shares)				9,700,000	10,100,000	4,400,000
Remaining shares available under repurchase program				25,800,000
2011 Repurchase Program
Share repurchases
Total number of shares purchased (in shares)			100,000
Total cash utilized			$ 10
Stock Repurchases
Share repurchases
Repurchase of treasury shares				$ 974	$ 1,123	$ 362
Total cash utilized				$ 1,097	$ 1,000	$ 352
Harold W. McGraw III
Share repurchases
Total number of shares purchased (in shares)	500,000
Average price paid per share (in dollars per share)	$ 82.66
Total cash utilized	$ 41
Repurchase discount	0.35%

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Equity - Accelerated Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 07, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 07, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 07, 2016
Accelerated Share Repurchases [Line Items]
Total number of shares purchased (in shares)			0.3
Average price paid per share (in dollars per share)			$ 98.98		$ 113.36	$ 99.00	$ 79.06
Accelerated Share Repurchases, September 2016
Accelerated Share Repurchases [Line Items]
Authorized amount								$ 750,000,000
Accelerated share repurchase, settlement (payment) or re		$ (750,000,000)
Total number of shares purchased (in shares)	0.9			6.1
Average price paid per share (in dollars per share)				$ 122.18
Accelerated Share Repurchases, September 2016 | Initial Award
Accelerated Share Repurchases [Line Items]
Total number of shares purchased (in shares)		4.4
Accelerated Share Repurchases, September 2016 | Additional Award
Accelerated Share Repurchases [Line Items]
Total number of shares purchased (in shares)		0.9

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Equity - Redeemable Noncontrolling Interests (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Equity [Abstract]
Interest in joint venture minimum percentage	20.00%
Change in control period	15 days
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance as of December 31, 2015	$ 920
Net income attributable to noncontrolling interest	109
Distributions to noncontrolling interest	(102)
Redemption value adjustment	153
Balance as of December 31, 2016	$ 1,080

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Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 243	$ 539	$ 1,344
Ending Balance	701	243	539
Tax provision of net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income	5
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(193)
Other comprehensive income before reclassifications	(139)
Reclassifications from accumulated other comprehensive loss to net earnings	0
Net other comprehensive income	(139)
Ending Balance	(332)	(193)
Pension and Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(406)
Other comprehensive income before reclassifications	(47)
Reclassifications from accumulated other comprehensive loss to net earnings	10
Net other comprehensive income	(37)
Ending Balance	(443)	(406)
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1)
Other comprehensive income before reclassifications	7
Reclassifications from accumulated other comprehensive loss to net earnings	(4)
Net other comprehensive income	3
Ending Balance	2	(1)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(600)	(514)	(196)
Other comprehensive income before reclassifications	(179)
Reclassifications from accumulated other comprehensive loss to net earnings	6
Net other comprehensive income	(173)
Ending Balance	$ (773)	$ (600)	$ (514)

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Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amount attributable to S&P Global Inc. common shareholders:
Income (loss) from continuing operations									$ 2,106	$ 1,156	$ (293)
Income from discontinued operations									0	0	178
Net income (loss) attributable to S&P Global Inc.	$ 537	$ 892	$ 383	$ 294	$ 248	$ 252	$ 353	$ 303	$ 2,106	$ 1,156	$ (115)
Basic weighted-average number of common shares outstanding (in shares)									262,800,000	271,600,000	271,500,000
Effect of stock options and other dilutive securities (in shares)									2,400,000	3,000,000	0
Diluted weighted-average number of common shares outstanding (in shares)									265,200,000	274,600,000	271,500,000
Income (loss) from continuing operations:
Basic (in dollars per share)									$ 8.02	$ 4.26	$ (1.08)
Diluted (in dollars per share)									7.94	4.21	(1.08)
Income from discontinued operations:
Basic (in dollars per share)									0.00	0.00	0.66
Diluted (in dollars per share)									0.00	0.00	0.66
Net income (loss):
Basic (in dollars per share)	$ 2.07	$ 3.39	$ 1.45	$ 1.11	$ 0.92	$ 0.93	$ 1.29	$ 1.11	8.02	4.26	(0.42)
Diluted (in dollars per share)	$ 2.05	$ 3.36	$ 1.44	$ 1.10	$ 0.91	$ 0.92	$ 1.28	$ 1.10	$ 7.94	$ 4.21	$ (0.42)
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share for both restricted stock and stock options (in shares)									0	0	2,900,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share for both restricted stock and stock options (in shares)									700,000	900,000	3,200,000

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Restructuring - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) Positions	Dec. 31, 2015 USD ($) Positions
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions	230
Initial Charge Recorded	$ 30
Restructuring charges paid	7
Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions		550
Restructuring reserve reversed	7
Initial Charge Recorded	63	$ 63
Restructuring charges paid	40	13
Restructuring Plan, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring reserve reversed		$ 7
Initial Charge Recorded	$ 86

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Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 30
Ending Reserve Balance	23
Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	63	$ 63
Ending Reserve Balance	10
Operating segments | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	6	13	$ 45
Operating segments | Ratings | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	14
Ending Reserve Balance	10
Operating segments | Ratings | Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		18
Ending Reserve Balance	2
Operating segments | Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		33	$ 25
Operating segments | Market and Commodities Intelligence | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	10
Ending Reserve Balance	8
Operating segments | Market and Commodities Intelligence | Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		34
Ending Reserve Balance	4
Operating segments | Indices | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	1
Ending Reserve Balance	1
Operating segments | Indices | Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		0
Ending Reserve Balance	0
Corporate | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	5
Ending Reserve Balance	4
Corporate | Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		$ 11
Ending Reserve Balance	$ 4

XML

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2016 Segment country
Segment Reporting [Abstract]
Number of reportable segments | Segment	3
Number of countries in which operations is carried on | country	95
Maximum percentage of consolidated revenue represented by foreign countries (more than)	8.00%
Maximum percentage of consolidated revenue represented by single customer (more than)	10.00%

XML

Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment information
Revenue	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 5,661	$ 5,313	$ 5,051
Operating Profit (Loss)	857	1,348	$ 651	$ 512	424	$ 410	$ 582	$ 501	3,369	1,917	113
Amortization of intangibles									96	67	48
Pre-tax gain (loss) on dispositions	379	$ 722							1,100
Depreciation & Amortization									181	157	134
Capital Expenditures									115	139	92
Total Assets	8,669				8,183				8,669	8,183
Assets of a business held for sale	7				503				7	503
Operating segments
Segment information
Operating Profit (Loss)									3,496	2,055	282
Depreciation & Amortization									173	150	124
Capital Expenditures									102	130	84
Total Assets	5,963				5,812				5,963	5,812
Intersegment elimination
Segment information
Revenue									(98)	(88)	(86)
Segment reconciling items
Segment information
Operating Profit (Loss)									(127)	(138)	(169)
Restructuring costs										10	16
Pre-tax gain (loss) on dispositions									3	11
Corporate
Segment information
Depreciation & Amortization									8	7	10
Capital Expenditures									13	9	8
Total Assets	2,699				1,868				2,699	1,868
Ratings
Segment information
Total Assets	612				620				612	620
Ratings | Operating segments
Segment information
Revenue									2,535	2,428	2,455
Operating Profit (Loss)									1,262	1,078	(583)
Insurance Recoveries									10	54	1,600
Restructuring costs									6	13	45
Amortization of intangibles									5	5	6
Depreciation & Amortization									34	43	43
Capital Expenditures									42	48	33
Market and Commodities Intelligence
Segment information
Total Assets	4,104				4,011				4,104	4,011
Market and Commodities Intelligence | Operating segments
Segment information
Revenue									2,585	2,376	2,130
Operating Profit (Loss)									1,822	585	518
Restructuring costs										33	25
Amortization of intangibles									85	57	37
Impairment of intangible assets									24
Acquisition-related costs									1	37
Pre-tax gain (loss) on dispositions									1,100
Gain (loss) on write-down									(48)
Depreciation & Amortization									131	99	74
Capital Expenditures									57	78	49
Indices
Segment information
Total Assets	$ 1,247				$ 1,181				1,247	1,181
Indices | Operating segments
Segment information
Revenue									639	597	552
Operating Profit (Loss)									412	392	347
Amortization of intangibles									6	5	5
Legal fees											4
Depreciation & Amortization									8	8	7
Capital Expenditures									$ 3	$ 4	$ 2

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Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 5,661	$ 5,313	$ 5,051
Long-lived Assets	4,780				4,730				4,780	4,730
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									3,461	3,202	2,911
Long-lived Assets	4,335				4,198				4,335	4,198
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,330	1,265	1,316
Long-lived Assets	341				419				341	419
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									575	566	528
Long-lived Assets	58				63				58	63
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									295	280	$ 296
Long-lived Assets	$ 46				$ 50				$ 46	$ 50
Geographic Concentration Risk | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									100.00%	100.00%	100.00%
Geographic Concentration Risk | Revenue | U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									61.00%	60.00%	58.00%
Geographic Concentration Risk | Revenue | European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									24.00%	24.00%	26.00%
Geographic Concentration Risk | Revenue | Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									10.00%	11.00%	10.00%
Geographic Concentration Risk | Revenue | Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									5.00%	5.00%	6.00%
Geographic Concentration Risk | Long-lived Assets
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									100.00%	100.00%
Geographic Concentration Risk | Long-lived Assets | U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									91.00%	89.00%
Geographic Concentration Risk | Long-lived Assets | European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									7.00%	9.00%
Geographic Concentration Risk | Long-lived Assets | Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									1.00%	1.00%
Geographic Concentration Risk | Long-lived Assets | Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									1.00%	1.00%

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Commitments and Contingencies - Rental Expense for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Gross rental expense	$ 179	$ 182	$ 199
Less: sublease revenue	(16)	(14)	(16)
Less: Rock-McGraw rent credit	0	(4)	(23)
Net rental expense	$ 163	$ 164	$ 160

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Commitments and Contingencies - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2016 claims lawsuit	Dec. 31, 2003 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jan. 31, 2016 employee	Aug. 30, 2015 shareholder employee	Dec. 31, 2013 USD ($)
Loss Contingencies [Line Items]
Sale of equity investment in Rock-McGraw, Inc., percentage		45.00%
Proceeds from the disposition of equity investment in Rock-McGraw		$ 382
Pre-tax gain from Sale of equity investment in Rock-McGraw		131
After-tax gain from Sale of equity investment in Rock-McGraw		58
Pre-tax gain pursuant to sale-leaseback accounting rules		212
After-tax gain pursuant to sale-leaseback accounting rules		$ 126
Deferred gain							$ 60
Gain amortized during year			$ 4	$ 21
Financial Crisis Litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | lawsuit	7
Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of shareholders commencing punitive derivative action | shareholder						2
Number of former employees named as defendants | employee					9	3
Number of claims dismissed | claims	2

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Commitments and Contingencies - Future Minimum Rental Commitments (Details) $ in Millions	Dec. 31, 2016 USD ($)
Future minimum rental commitments
Rent commitment, 2017	$ 116
Rent commitment, 2018	110
Rent commitment, 2019	100
Rent commitment, 2020	73
Rent commitment, 2021	63
Rent commitment, 2022 and beyond	540
Rent commitment, Total	1,002
Sublease income, 2017	(17)
Sublease income, 2018	(17)
Sublease income, 2019	(17)
Sublease income, 2020	(3)
Sublease income, 2021	0
Sublease income, 2022 and beyond	0
Sublease income, Total	(54)
Net rent, 2017	99
Net rent, 2018	93
Net rent, 2019	83
Net rent, 2020	70
Net rent, 2021	63
Net rent, 2022 and beyond	540
Net rent, Total	$ 948

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Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions			1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 31, 2014	Jun. 25, 2014	Dec. 31, 2015	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2013
Related Party Transaction [Line Items]
Non-cash impairment charge on long-lived assets to be disposed					$ 36
Total number of shares purchased (in shares)			0.3
Total cash utilized			$ 26			$ 1,097	$ 1,002	$ 346
Average price paid per share (in dollars per share)			$ 98.98			$ 113.36	$ 99.00	$ 79.06
Harold W. McGraw III
Related Party Transaction [Line Items]
Total number of shares purchased (in shares)		0.5
Repurchase discount		0.35%
Total cash utilized		$ 41
Average price paid per share (in dollars per share)		$ 82.66
CME Group [Member] | S&P/DJ Indices [Member]
Related Party Transaction [Line Items]
Revenues earned under license agreement						$ 76	$ 63	$ 52
Noncontrolling interest ownership by noncontrolling owners									27.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Related Party Transaction [Line Items]
Non-cash impairment charge on long-lived assets to be disposed				$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Harold W. McGraw III
Related Party Transaction [Line Items]
Amount of transaction with related party	$ 20

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Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 5,661	$ 5,313	$ 5,051
Operating profit	857	1,348	651	512	424	410	582	501	3,369	1,917	113
Net income (loss)	569	923	412	323	276	281	381	329	2,228	1,268	(13)
Net income attributable to S&P Global common shareholders	$ 537	$ 892	$ 383	$ 294	$ 248	$ 252	$ 353	$ 303	$ 2,106	$ 1,156	$ (115)
Net income (loss):
Basic (in dollars per share)	$ 2.07	$ 3.39	$ 1.45	$ 1.11	$ 0.92	$ 0.93	$ 1.29	$ 1.11	$ 8.02	$ 4.26	$ (0.42)
Diluted (in dollars per share)	$ 2.05	$ 3.36	$ 1.44	$ 1.10	$ 0.91	$ 0.92	$ 1.28	$ 1.10	$ 7.94	$ 4.21	$ (0.42)
Pre-tax gain (loss) on dispositions	$ 379	$ 722							$ 1,100
Gain (loss) on disposition of business, net of tax	$ 297	$ 521

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Condensed Consolidating Financial Statements - Narrative (Details) - USD ($)	Dec. 31, 2016	Sep. 22, 2016	Aug. 31, 2015	Aug. 18, 2015	May 26, 2015
Debt Instrument [Line Items]
Ownership interest of subsidiary	100.00%
Senior Notes
Debt Instrument [Line Items]
Debt face amount			$ 2,000,000,000.0	$ 2,000,000,000.0
Senior Notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Debt face amount		$ 500,000,000
Interest rate	2.95%	2.95%
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Debt face amount					$ 700,000,000
Interest rate	4.00%				4.00%
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Debt face amount				$ 400,000,000
Interest rate	2.50%			2.50%
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Debt face amount				$ 700,000,000
Interest rate	3.30%			3.30%
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Debt face amount				$ 900,000,000
Interest rate	4.40%			4.40%

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Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 5,661	$ 5,313	$ 5,051
Expenses:
Operating-related expenses									1,769	1,700	1,651
Selling and general expenses									1,443	1,550	3,144
Depreciation									85	90	86
Amortization of intangibles									96	67	48
Total expenses									3,393	3,407	4,929
Gain on dispositions									(1,101)	(11)	9
Operating profit	857	1,348	651	512	424	410	582	501	3,369	1,917	113
Interest expense (income), net									181	102	59
Non-operating intercompany transactions									0	0	0
Income from continuing operations before taxes on income									3,188	1,815	54
Provision for taxes on income									960	547	245
Equity in net income of subsidiaries									0	0	0
Income (loss) from continuing operations									2,228	1,268	(191)
Discontinued operations, net of tax:
Income from discontinued operations									0	0	18
Gain on sale of discontinued operations									0	0	160
Discontinued operations, net									0	0	178
Net income (loss)	569	923	412	323	276	281	381	329	2,228	1,268	(13)
Less: net income from continuing operations attributable to noncontrolling interests									(122)	(112)	(102)
Net income (loss) attributable to S&P Global Inc.	$ 537	$ 892	$ 383	$ 294	$ 248	$ 252	$ 353	$ 303	2,106	1,156	(115)
Comprehensive income (loss)									2,055	1,182	(331)
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue									(126)	(115)	(115)
Expenses:
Operating-related expenses									(126)	(115)	(115)
Selling and general expenses									0	0	0
Depreciation									0	0	0
Amortization of intangibles									0	0	0
Total expenses									(126)	(115)	(115)
Gain on dispositions									0	0	0
Operating profit									0	0	0
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									668	0	0
Income from continuing operations before taxes on income									(668)	0	0
Provision for taxes on income									0	0	0
Equity in net income of subsidiaries									(2,706)	(1,745)	195
Income (loss) from continuing operations											195
Discontinued operations, net of tax:
Income from discontinued operations											0
Gain on sale of discontinued operations											0
Discontinued operations, net											0
Net income (loss)									(3,374)	(1,745)	195
Less: net income from continuing operations attributable to noncontrolling interests									(122)	(112)	(102)
Net income (loss) attributable to S&P Global Inc.									(3,496)	(1,857)	93
Comprehensive income (loss)									(3,374)	(1,741)	195
S&P Global Inc. | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									667	624	598
Expenses:
Operating-related expenses									109	119	117
Selling and general expenses									113	202	257
Depreciation									38	40	41
Amortization of intangibles									0	0	4
Total expenses									260	361	419
Gain on dispositions									(1,072)	0	3
Operating profit									1,479	263	176
Interest expense (income), net									191	112	66
Non-operating intercompany transactions									356	282	193
Income from continuing operations before taxes on income									932	(131)	(83)
Provision for taxes on income									275	(107)	(22)
Equity in net income of subsidiaries									2,412	1,473	(443)
Income (loss) from continuing operations											(504)
Discontinued operations, net of tax:
Income from discontinued operations											18
Gain on sale of discontinued operations											160
Discontinued operations, net											178
Net income (loss)									3,069	1,449	(326)
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to S&P Global Inc.									3,069	1,449	(326)
Comprehensive income (loss)									3,099	1,446	(495)
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									1,513	2,141	2,043
Expenses:
Operating-related expenses									451	737	764
Selling and general expenses									243	254	1,975
Depreciation									9	18	17
Amortization of intangibles									0	0	0
Total expenses									703	1,009	2,756
Gain on dispositions									0	0	0
Operating profit									810	1,132	(713)
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									(83)	222	38
Income from continuing operations before taxes on income									893	910	(751)
Provision for taxes on income									420	358	16
Equity in net income of subsidiaries									294	272	248
Income (loss) from continuing operations											(519)
Discontinued operations, net of tax:
Income from discontinued operations											0
Gain on sale of discontinued operations											0
Discontinued operations, net											0
Net income (loss)									767	824	(519)
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to S&P Global Inc.									767	824	(519)
Comprehensive income (loss)									767	822	(544)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									3,607	2,663	2,525
Expenses:
Operating-related expenses									1,335	959	885
Selling and general expenses									1,087	1,094	912
Depreciation									38	32	28
Amortization of intangibles									96	67	44
Total expenses									2,556	2,152	1,869
Gain on dispositions									(29)	(11)	6
Operating profit									1,080	522	650
Interest expense (income), net									(10)	(10)	(7)
Non-operating intercompany transactions									(941)	(504)	(231)
Income from continuing operations before taxes on income									2,031	1,036	888
Provision for taxes on income									265	296	251
Equity in net income of subsidiaries									0	0	0
Income (loss) from continuing operations											637
Discontinued operations, net of tax:
Income from discontinued operations											0
Gain on sale of discontinued operations											0
Discontinued operations, net											0
Net income (loss)									1,766	740	637
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Net income (loss) attributable to S&P Global Inc.									1,766	740	637
Comprehensive income (loss)									$ 1,563	$ 655	$ 513

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Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 2,392	$ 1,481	$ 2,497	$ 1,542
Accounts receivable, net of allowance for doubtful accounts	1,122	991
Intercompany receivable	0	0
Deferred income taxes		109
Prepaid and other current assets	150	212
Assets of a business held for sale	7	503
Total current assets	3,671	3,296
Property and equipment, net of accumulated depreciation	271	270
Goodwill	2,949	2,882	1,387
Other intangible assets, net	1,506	1,522
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	272	213
Total assets	8,669	8,183
Current liabilities:
Accounts payable	183	206
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	409	383
Short-term debt	0	143
Income taxes currently payable	95	56
Unearned revenue	1,509	1,421
Accrued legal and regulatory settlements	56	121
Other current liabilities	314	372
Liabilities of a business held for sale	45	206
Total current liabilities	2,611	2,908
Long-term debt	3,564	3,468
Intercompany loans payable	0	0
Pension and other postretirement benefits	274	276
Other non-current liabilities	439	368
Total liabilities	6,888	7,020
Redeemable noncontrolling interest	1,080	920
Equity:
Common stock	412	412
Additional paid-in capital	502	475
Retained income	9,210	7,636
Accumulated other comprehensive loss	(773)	(600)
Less: common stock in treasury	(8,701)	(7,729)
Total equity – controlling interests	650	194
Total equity – noncontrolling interests	51	49
Total equity	701	243	539	1,344
Total liabilities and equity	8,669	8,183
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts		0
Intercompany receivable	(1,542)	(3,353)
Deferred income taxes		0
Prepaid and other current assets	(1)	(1)
Assets of a business held for sale	0	0
Total current assets	(1,543)	(3,354)
Property and equipment, net of accumulated depreciation		0
Goodwill	9	9
Other intangible assets, net	0	0
Investments in subsidiaries	(13,970)	(12,626)
Intercompany loans receivable	(1,371)	(2,117)
Other non-current assets	0	0
Total assets	(16,875)	(18,088)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(1,541)	(3,354)
Accrued compensation and contributions to retirement plans	0	0
Short-term debt		0
Income taxes currently payable	0	0
Unearned revenue	0	(1)
Accrued legal and regulatory settlements		0
Other current liabilities	0	0
Liabilities of a business held for sale	0	0
Total current liabilities	(1,541)	(3,355)
Long-term debt	0	0
Intercompany loans payable	(1,371)	(2,117)
Pension and other postretirement benefits	0	0
Other non-current liabilities	(1)	0
Total liabilities	(2,913)	(5,472)
Redeemable noncontrolling interest	1,080	920
Equity:
Common stock	(2,460)	(2,337)
Additional paid-in capital	(10,963)	(10,694)
Retained income	(1,721)	(609)
Accumulated other comprehensive loss	44	44
Less: common stock in treasury	7	12
Total equity – controlling interests	(15,093)	(13,584)
Total equity – noncontrolling interests	51	48
Total equity	(15,042)	(13,536)
Total liabilities and equity	(16,875)	(18,088)
S&P Global Inc. | Reportable Legal Entities
Current assets:
Cash and cash equivalents	711	167	1,402	685
Accounts receivable, net of allowance for doubtful accounts	138	116
Intercompany receivable	(165)	208
Deferred income taxes		75
Prepaid and other current assets	77	120
Assets of a business held for sale	0	4
Total current assets	761	690
Property and equipment, net of accumulated depreciation	159	141
Goodwill	261	17
Other intangible assets, net	0	0
Investments in subsidiaries	5,464	4,651
Intercompany loans receivable	17	16
Other non-current assets	134	67
Total assets	6,796	5,582
Current liabilities:
Accounts payable	73	71
Intercompany payable	1,324	2,144
Accrued compensation and contributions to retirement plans	129	127
Short-term debt		143
Income taxes currently payable	43	1
Unearned revenue	273	254
Accrued legal and regulatory settlements	2	0
Other current liabilities	163	190
Liabilities of a business held for sale	0	80
Total current liabilities	2,007	3,010
Long-term debt	3,564	3,468
Intercompany loans payable	11	21
Pension and other postretirement benefits	196	230
Other non-current liabilities	52	(25)
Total liabilities	5,830	6,704
Redeemable noncontrolling interest		0
Equity:
Common stock	412	412
Additional paid-in capital	(174)	(184)
Retained income	9,721	6,701
Accumulated other comprehensive loss	(292)	(322)
Less: common stock in treasury	(8,701)	(7,729)
Total equity – controlling interests	966	(1,122)
Total equity – noncontrolling interests		0
Total equity	966	(1,122)
Total liabilities and equity	6,796	5,582
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	131	319
Intercompany receivable	837	1,872
Deferred income taxes		10
Prepaid and other current assets	2	13
Assets of a business held for sale	0	0
Total current assets	970	2,214
Property and equipment, net of accumulated depreciation	1	3
Goodwill	0	40
Other intangible assets, net	0	0
Investments in subsidiaries	680	659
Intercompany loans receivable	0	368
Other non-current assets	24	19
Total assets	1,675	3,303
Current liabilities:
Accounts payable	22	54
Intercompany payable	40	675
Accrued compensation and contributions to retirement plans	69	89
Short-term debt		0
Income taxes currently payable	0	0
Unearned revenue	191	586
Accrued legal and regulatory settlements	3	115
Other current liabilities	(54)	(50)
Liabilities of a business held for sale	0	0
Total current liabilities	271	1,469
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	74	98
Total liabilities	345	1,567
Redeemable noncontrolling interest		0
Equity:
Common stock	0	0
Additional paid-in capital	1,154	1,179
Retained income	176	557
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity – controlling interests	1,330	1,736
Total equity – noncontrolling interests		0
Total equity	1,330	1,736
Total liabilities and equity	1,675	3,303
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents	1,681	1,314	$ 1,095	$ 857
Accounts receivable, net of allowance for doubtful accounts	853	556
Intercompany receivable	870	1,273
Deferred income taxes		24
Prepaid and other current assets	72	80
Assets of a business held for sale	7	499
Total current assets	3,483	3,746
Property and equipment, net of accumulated depreciation	111	126
Goodwill	2,679	2,816
Other intangible assets, net	1,506	1,522
Investments in subsidiaries	7,826	7,316
Intercompany loans receivable	1,354	1,733
Other non-current assets	114	127
Total assets	17,073	17,386
Current liabilities:
Accounts payable	88	81
Intercompany payable	177	535
Accrued compensation and contributions to retirement plans	211	167
Short-term debt		0
Income taxes currently payable	52	55
Unearned revenue	1,045	582
Accrued legal and regulatory settlements	51	6
Other current liabilities	205	232
Liabilities of a business held for sale	45	126
Total current liabilities	1,874	1,784
Long-term debt	0	0
Intercompany loans payable	1,360	2,096
Pension and other postretirement benefits	78	46
Other non-current liabilities	314	295
Total liabilities	3,626	4,221
Redeemable noncontrolling interest		0
Equity:
Common stock	2,460	2,337
Additional paid-in capital	10,485	10,174
Retained income	1,034	987
Accumulated other comprehensive loss	(525)	(322)
Less: common stock in treasury	(7)	(12)
Total equity – controlling interests	13,447	13,164
Total equity – noncontrolling interests		1
Total equity	13,447	13,165
Total liabilities and equity	$ 17,073	$ 17,386

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Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Activities:
Net income (loss)	$ 569	$ 923	$ 412	$ 323	$ 276	$ 281	$ 381	$ 329	$ 2,228	$ 1,268	$ (13)
Less: income from discontinued operations									0	0	178
Net income (loss) from continuing operations									2,228	1,268	(191)
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation									85	90	86
Amortization of intangibles									96	67	48
Provision for losses on accounts receivable									9	8	11
Deferred income taxes									79	280	(245)
Stock-based compensation									76	78	100
Gain on dispositions									(1,101)	(11)	9
Accrued legal and regulatory settlements									54	119	1,587
Other									30	57	71
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(177)	(118)	(9)
Prepaid and other current assets									(2)	(4)	(7)
Accounts payable and accrued expenses									(26)	(92)	(130)
Unearned revenue									107	129	78
Accrued legal and regulatory settlements									(150)	(1,624)	(35)
Other current liabilities									(21)	(78)	(16)
Net change in prepaid / accrued income taxes									132	61	(93)
Net change in other assets and liabilities									45	(35)	(55)
Cash provided by operating activities from continuing operations									1,464	195	1,209
Investing Activities:
Capital expenditures									(115)	(139)	(92)
Acquisitions, net of cash acquired									(177)	(2,396)	(71)
Proceeds from dispositions									1,498	14	83
Changes in short-term investments									(1)	(4)	15
Cash provided by (used for) investing activities from continuing operations									1,205	(2,525)	(65)
Financing Activities:
(Payments on) / additions to short-term debt, net									(143)	143	0
Proceeds from issuance of senior notes, net									493	2,674	0
Payments on senior notes									(421)	0	0
Dividends paid to shareholders									(380)	(363)	(326)
Dividends and other payments paid to noncontrolling interests									(116)	(104)	(84)
Repurchase of treasury shares									(1,123)	(974)	(362)
Exercise of stock options									88	86	193
Contingent consideration payments									(39)	(5)	(11)
Purchase of additional CRISIL shares									0	(16)	0
Excess tax benefits from share-based payments									41	69	128
Intercompany financing activities									0	0	0
Cash (used for) provided by financing activities from continuing operations									(1,600)	1,510	(462)
Effect of exchange rate changes on cash from continuing operations									(158)	(67)	(65)
Cash provided by (used for) continuing operations									911	(887)	617
Discontinued Operations:
Cash (used for) provided by operating activities									0	(129)	18
Cash provided by investing activities									0	0	320
Cash (used for) provided by discontinued operations									0	(129)	338
Net change in cash and cash equivalents									911	(1,016)	955
Cash and cash equivalents at beginning of year				1,481				2,497	1,481	2,497	1,542
Cash and cash equivalents at end of year	2,392				1,481				2,392	1,481	2,497
Eliminations
Operating Activities:
Net income (loss)									(3,374)	(1,745)	195
Less: income from discontinued operations											0
Net income (loss) from continuing operations											195
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation									0	0	0
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									0	0	0
Deferred income taxes									0	0	0
Stock-based compensation									0	0	0
Gain on dispositions									0	0	0
Accrued legal and regulatory settlements									0	0	0
Other									0	0	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									0	0	0
Prepaid and other current assets									0	0	0
Accounts payable and accrued expenses									0	0	0
Unearned revenue									0	0	0
Accrued legal and regulatory settlements									0	0	0
Other current liabilities									0	0	0
Net change in prepaid / accrued income taxes									0	0	0
Net change in other assets and liabilities									0	0	0
Cash provided by operating activities from continuing operations									(3,374)	(1,745)	195
Investing Activities:
Capital expenditures									0	0	0
Acquisitions, net of cash acquired									0	0	0
Proceeds from dispositions									0	0	0
Changes in short-term investments									0	0	0
Cash provided by (used for) investing activities from continuing operations									0	0	0
Financing Activities:
(Payments on) / additions to short-term debt, net									0	0
Proceeds from issuance of senior notes, net									0	0
Payments on senior notes									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payments									0	0	0
Purchase of additional CRISIL shares										0
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									3,374	1,745	(195)
Cash (used for) provided by financing activities from continuing operations									3,374	1,745	(195)
Effect of exchange rate changes on cash from continuing operations									0	0	0
Cash provided by (used for) continuing operations										0	0
Discontinued Operations:
Cash (used for) provided by operating activities										0	0
Cash provided by investing activities											0
Cash (used for) provided by discontinued operations										0	0
Net change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
S&P Global Inc. | Reportable Legal Entities
Operating Activities:
Net income (loss)									3,069	1,449	(326)
Less: income from discontinued operations											178
Net income (loss) from continuing operations											(504)
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation									38	40	41
Amortization of intangibles									0	0	4
Provision for losses on accounts receivable									1	1	0
Deferred income taxes									16	33	42
Stock-based compensation									22	23	31
Gain on dispositions									(1,072)	0	3
Accrued legal and regulatory settlements									3	0	0
Other									48	23	18
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(24)	3	(11)
Prepaid and other current assets									(9)	(13)	(42)
Accounts payable and accrued expenses									(53)	(75)	(83)
Unearned revenue									19	(5)	8
Accrued legal and regulatory settlements									0	0	0
Other current liabilities									(29)	(32)	(51)
Net change in prepaid / accrued income taxes									99	(54)	13
Net change in other assets and liabilities									(9)	78	(131)
Cash provided by operating activities from continuing operations									2,119	1,471	(662)
Investing Activities:
Capital expenditures									(68)	(67)	(26)
Acquisitions, net of cash acquired									(144)	(2,243)	0
Proceeds from dispositions									1,422	0	63
Changes in short-term investments									0	0	0
Cash provided by (used for) investing activities from continuing operations									1,210	(2,310)	37
Financing Activities:
(Payments on) / additions to short-term debt, net									(143)	143
Proceeds from issuance of senior notes, net									493	2,674
Payments on senior notes									(421)
Dividends paid to shareholders									(380)	(363)	(326)
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									(1,123)	(974)	(362)
Exercise of stock options									86	80	184
Contingent consideration payments									(5)	(5)	0
Purchase of additional CRISIL shares										0
Excess tax benefits from share-based payments									41	69	128
Intercompany financing activities									(1,333)	(2,020)	1,377
Cash (used for) provided by financing activities from continuing operations									(2,785)	(396)	1,001
Effect of exchange rate changes on cash from continuing operations									0	0	3
Cash provided by (used for) continuing operations										(1,235)	379
Discontinued Operations:
Cash (used for) provided by operating activities										0	18
Cash provided by investing activities											320
Cash (used for) provided by discontinued operations										0	338
Net change in cash and cash equivalents									544	(1,235)	717
Cash and cash equivalents at beginning of year				167				1,402	167	1,402	685
Cash and cash equivalents at end of year	711				167				711	167	1,402
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Operating Activities:
Net income (loss)									767	824	(519)
Less: income from discontinued operations											0
Net income (loss) from continuing operations											(519)
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation									9	18	17
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									0	1	5
Deferred income taxes									(9)	290	(272)
Stock-based compensation									17	24	34
Gain on dispositions									0	0	0
Accrued legal and regulatory settlements									1	110	1,587
Other									5	16	39
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									187	(27)	47
Prepaid and other current assets									10	14	(17)
Accounts payable and accrued expenses									(39)	(34)	(47)
Unearned revenue									(395)	66	26
Accrued legal and regulatory settlements									(108)	(1,624)	(35)
Other current liabilities									(27)	(35)	45
Net change in prepaid / accrued income taxes									0	0	3
Net change in other assets and liabilities									38	8	5
Cash provided by operating activities from continuing operations									456	(349)	918
Investing Activities:
Capital expenditures									(15)	(10)	(14)
Acquisitions, net of cash acquired									0	0	0
Proceeds from dispositions									0	0	0
Changes in short-term investments									0	0	0
Cash provided by (used for) investing activities from continuing operations									(15)	(10)	(14)
Financing Activities:
(Payments on) / additions to short-term debt, net									0	0
Proceeds from issuance of senior notes, net									0	0
Payments on senior notes									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payments									0	0	0
Purchase of additional CRISIL shares										0
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									(441)	359	(904)
Cash (used for) provided by financing activities from continuing operations									(441)	359	(904)
Effect of exchange rate changes on cash from continuing operations									0	0	0
Cash provided by (used for) continuing operations										0	0
Discontinued Operations:
Cash (used for) provided by operating activities										0	0
Cash provided by investing activities											0
Cash (used for) provided by discontinued operations										0	0
Net change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating Activities:
Net income (loss)									1,766	740	637
Less: income from discontinued operations											0
Net income (loss) from continuing operations											637
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation									38	32	28
Amortization of intangibles									96	67	44
Provision for losses on accounts receivable									8	6	6
Deferred income taxes									72	(43)	(15)
Stock-based compensation									37	31	35
Gain on dispositions									(29)	(11)	6
Accrued legal and regulatory settlements									50	9	0
Other									(23)	18	14
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(340)	(94)	(45)
Prepaid and other current assets									(3)	(5)	52
Accounts payable and accrued expenses									66	17	0
Unearned revenue									483	68	44
Accrued legal and regulatory settlements									(42)	0	0
Other current liabilities									35	(11)	(10)
Net change in prepaid / accrued income taxes									33	115	(109)
Net change in other assets and liabilities									16	(121)	71
Cash provided by operating activities from continuing operations									2,263	818	758
Investing Activities:
Capital expenditures									(32)	(62)	(52)
Acquisitions, net of cash acquired									(33)	(153)	(71)
Proceeds from dispositions									76	14	20
Changes in short-term investments									(1)	(4)	15
Cash provided by (used for) investing activities from continuing operations									10	(205)	(88)
Financing Activities:
(Payments on) / additions to short-term debt, net									0	0
Proceeds from issuance of senior notes, net									0	0
Payments on senior notes									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									(116)	(104)	(84)
Repurchase of treasury shares									0	0	0
Exercise of stock options									2	6	9
Contingent consideration payments									(34)	0	(11)
Purchase of additional CRISIL shares										(16)
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									(1,600)	(84)	(278)
Cash (used for) provided by financing activities from continuing operations									(1,748)	(198)	(364)
Effect of exchange rate changes on cash from continuing operations									(158)	(67)	(68)
Cash provided by (used for) continuing operations										348	238
Discontinued Operations:
Cash (used for) provided by operating activities										(129)	0
Cash provided by investing activities											0
Cash (used for) provided by discontinued operations										(129)	0
Net change in cash and cash equivalents									367	219	238
Cash and cash equivalents at beginning of year				$ 1,314				$ 1,095	1,314	1,095	857
Cash and cash equivalents at end of year	$ 1,681				$ 1,314				$ 1,681	$ 1,314	$ 1,095

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Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Valuation Allowances [Roll Forward]
Balance at beginning of year	$ 37	$ 38	$ 50
Net charges to income	8	12	2
Deductions and other	(17)	(13)	(14)
Balance at end of year	$ 28	$ 37	$ 38