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, 2017

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 þ   NO ¨

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

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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	o Emerging growth 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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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, 2017, was $37.5 billion, based on the closing price of the common stock as reported on the New York Stock Exchange of $145.99 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 26, 2018 was 253.9 million shares.

Part III incorporates information by reference from the definitive proxy statement for the 2018 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	17
2	Properties	17
3	Legal Proceedings	17
4	Mine Safety Disclosures	17
	Executive Officers of the Registrant	18
	PART II
5	Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	20
6	Selected Financial Data	23
7	Management’s Discussion and Analysis of Financial Condition and Results of Operation	24
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	103
9a.	Controls and Procedures	103
9b.	Other Information	103
	PART III
10	Directors, Executive Officers and Corporate Governance	105
11	Executive Compensation	105
12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	105
13	Certain Relationships and Related Transactions, and Director Independence	105
14	Principal Accountant Fees and Services	105
	PART IV
15	Exhibits and Financial Statement Schedules	107
	Schedule II — Valuation and Qualifying Accounts	108
	Signatures	109
	Exhibit Index and Exhibits	110
16	Form 10-K Summary	115

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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 withdrawal from the European Union;

• the rapidly evolving regulatory environment, in Europe,the United States and elsewhere, 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;

• our ability to adjust to changes in European and United Kingdom markets as the United Kingdom leaves the European Union, and the impact of the United Kingdom’s departure on our credit rating activities and other European and United Kingdom offerings;

• 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 the impact of recent tax reform in the U.S.;

• 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, trading firms 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.

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.

In December of 2017, we announced that S&P Global Platts, a business line within Market and Commodities Intelligence, will be managed as a separate business and comprise a separate reportable segment effective January 1, 2018. We will begin reporting the financial results of S&P Global Market Intelligence and S&P Global Platts as a separate reportable segments beginning with the first quarter of 2018.

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.

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, corporations and professional service firms 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. Key customers served by Market and Commodities Intelligence include investment managers, investment banks, private equity firms, insurance companies, commercial banks,

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corporations, professional services firms, government agencies and regulators; and producers, traders and intermediaries within energy, metals and agriculture markets.

Market and Commodities Intelligence includes the following business lines:

• Desktop — a product suite that provides data, analytics and third-party research for global finance professionals, which includes the Market Intelligence Desktop (which are inclusive of S&P Capital IQ and SNL Desktop products);

• Data Management Solutions — integrated data feeds and application programming interfaces that can be customized, which includes Computstat, GICS, Point In Time Financials and CUSIP;

• 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.

We completed the sale of J.D. Power on September 7, 2016, with the results included in Market and Commodities Intelligence results through that date.

Indices

Indices is a global index provider maintaining 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, 2017 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, 2017, we had approximately 20,400 employees located worldwide, of which approximately 5,200 were employed in the U.S.

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”).

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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

The following risk factors and other information included in this annual report on Form 10-K should be carefully considered. The risks and uncertainties described below are not the only ones we face. These risks could materially and adversely affect our business, financial condition and results of operations. Additional risks and uncertainties not presently known to us or which we currently believe to be immaterial may also impair our business operations.

We operate in the capital and commodities markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms, and issuers; the commodities markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture. 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, 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.

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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 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

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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, 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 engages an independent auditor to perform an annual reasonable assurance review of such alignment.

• The benchmark industry is subject to the new regulation in the European Union (the “EU Benchmark Regulation”) as well as potential increased regulation of financial benchmarks in other jurisdictions. The EU Benchmark Regulation was published on June 30, 2016, with provisions applicable to Indices and Platts, effective from January 1, 2018. ESMA has published additional guidance clarifying that existing benchmark administrators such as Indices and Platts may utilize the transitional provisions contained in the EU Benchmark Regulation, which provides them two (2) years to implement and seek authorization by an EU National Competent Authority by January 1, 2020, 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 EU has finalized a package of legislative measures called the Markets in Financial Instruments Directive and Regulation (collectively "MiFID II"), which revise and update the existing Markets in Financial Instruments Directive (2004) and its associated secondary legislation. MiFID II entered into force on July 2, 2014, and the substantive provisions apply in all EU Member States as of January 3, 2018. MiFID II includes provisions that, among other things: (i) mandate new conditions and requirements on the licensing of benchmarks for the purposes of clearing related securities and provide for non-discriminatory access to exchanges and clearing houses for this purpose; (ii) modify the categorization and treatment of certain classes of derivatives; (iii) expand the categories of trading venues that are subject to regulation; (iv) require the unbundling of investment research from other services, including execution services, and direct that investment firms must pay for research either out of a dedicated research payment account which is paid for by clients or from the investment firm’s profits; and (v) provide for the mandatory trading of certain derivatives on exchanges (complementing the mandatory derivative clearing requirements in the EU Market Infrastructure Regulation of 2011, or EMIR). The introduction of the MiFID II package may result in changes to the manner in which S&P Dow Jones Indices and Platts license their indices and price assessments, respectively, and could also have an indirect impact on the credit ratings and third-party research products offered by other divisions of the Company for use within the EU. MiFID II and the Market Abuse Regulation (“MAR”) may impose additional regulatory burdens on the activities of S&P Dow Jones Indices and Market and Commodities Intelligence in the EU, although the exact impact and costs are not yet known.

• Market and Commodities Intelligence operates regulated investment advisory businesses in the United States and the European Union. This business and other Market and Commodities Intelligence businesses may increasingly become

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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.

Recent and 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.

• The recently enacted tax reform in the United States significantly changes the tax rules applicable to U.S. domiciled corporations. Changes such as lower corporate tax rates, full expensing for qualified property, taxation of offshore earnings, limitations on interest expense deductions, and changes to the municipal bond tax exemption may impact demand for our products and services. At this time, we cannot assess what the overall effect of such 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 withdrawal from the European Union could have a material adverse effect on our business and results of operations.

• Voters in the United Kingdom ("UK") approved an exit from the EU via a referendum on June 23, 2016. On March 29, 2017, the UK invoked Article 50 of the Treaty on the European Union, commencing the process to leave the EU (“Brexit”). Negotiations on the terms of the UK’s future relationship with the EU are ongoing, with the UK due to exit the EU on March 29, 2019.

• 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 UK and the EU as the UK 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 UK. 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 UK could cause additional operating obligations and increased costs for our businesses.

• Changes to UK immigration policy as a result of Brexit could adversely affect our ability to retain talent for our European operations.

• 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 and other activities of our clients, which, in the aggregate, manage trillions of dollars of assets. Use of our products as part of such activities, including 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 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 their 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.

• 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.

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Introduction of new products or services 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.

Our ability to develop, adapt, or implement new and improved processes and technology may adversely impact our business, financial condition or results of operations.

• The rapid change of technology is a key feature of all of the markets in which we operate. To succeed in the future, we will need to deploy improved processes and technology to innovate, design, develop, assemble, test, market, and support new products and enhancements to our existing products in a timely and cost-effective manner.

• Innovation and constant development in support of new products and enhancements to existing products calls for the implementation of new and improved processes and technologies that require related change management efforts.

• The products we develop or license may contain undetected errors or defects despite testing. Such errors may exist during any part of a product’s life cycle and may persist notwithstanding extensive testing. Deploying products containing such errors may damage our reputation and the costs associated with remediating such errors may have an impact on our profitability.

• While we employ a certain level of internal and external resources to mitigate the risks associated with implementing process and technology improvements, we may face unexpected challenges in execution that may require more management attention than expected, thus diverting management time and energy from other businesses. The foregoing and other unforeseen factors could also result in business being disrupted for a period of time as well as additional commitments of financial resources.

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 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

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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.

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 and their related value are dependent upon updates from our data suppliers and most of our information and data products are dependent upon 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.

• There has been increased public attention regarding the use of personal information and data transfer, accompanied by legislation and regulations intended to strengthen data protection, information security and consumer and personal privacy. The law in these areas continues to develop and the changing nature of privacy laws in the U.S., the European Union and elsewhere could impact our processing of personal and sensitive information of our employees, vendors and customers. The European Union adopted a comprehensive General Data Privacy Regulation (the “GDPR”) in May 2016 that will replace the current EU Data Protection Directive and related country-specific legislation. The GDPR will become fully effective in May 2018. GDPR requires companies to satisfy new requirements regarding the handling of personal and sensitive data, including its use, protection and the ability of persons whose data is stored to correct or delete such data about themselves.

• Failure to comply with GDPR requirements could result in penalties of up to 4% of worldwide revenue. GDPR and other similar laws and regulations, as well as any associated inquiries or investigations or any other government actions, may be costly to comply with, result in negative publicity, increase our operating costs, require significant management time and attention, and subject us to remedies that may harm our business, including fines or demands or orders that we modify or cease existing business practices.

• Continued privacy 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.

• We consider many of our products and services to be proprietary. Failure to protect our intellectual property adequately could harm our reputation and affect our ability to compete effectively. Businesses we acquire may also have intellectual property portfolios which increase the complexity of managing our intellectual property portfolio and protecting our competitive position.

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• 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 rights against infringement and misappropriation. 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 termination of the relevant source agreement, litigation and reputational damage which could 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,

▪ 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,

▪ 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 and anti-bribery laws such as the U.S. Foreign Corrupt Practices Act and the UK Bribery Act 2010, 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, or 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, cyberattack, 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.

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

• We have outsourced certain 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 also rely on the business infrastructure and systems of third parties with whom we do business and to whom we outsource the maintenance and development of operational and technological functionality, including third-party cloud infrastructure. Our cloud infrastructure providers, or other service providers, could experience system breakdowns or failures, outages, downtime, cyberattacks, adverse changes to financial condition, bankruptcy or other adverse conditions, which could have a material adverse effect on our business and reputation. Thus, our plans to increase the amount of our infrastructure that we outsource to “the cloud” or to other third parties may increase our risk exposure.

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.

• 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 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.

• 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.

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• 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 cyberattacks 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 cyberattacks, 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 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.

• Given the extent to which our businesses are privy to material non-public information concerning the Company’s customers, our data could be improperly used, including for insider trading by our employees and third party vendors with access to key systems. It is not always possible to deter misconduct by employees or third party vendors. The precautions we take to detect and prevent such activity, including implementing and training on insider trading policies for our employees and contractual obligations for our third party vendors, may not be effective in all cases. Any breach of our clients’ confidences as a result of employee or third party vendor misconduct could harm our reputation.

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

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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.

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 97 locations; 31 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	59	President and Chief Executive Officer
Ewout L. Steenbergen	48	Executive Vice President, Chief Financial Officer
Ratings
John L. Berisford	54	President, S&P Global Ratings
Market and Commodities Intelligence
Michael A. Chinn	45	President, S&P Global Market Intelligence & Executive Vice President, Data and Technology Innovation, S&P Global
Martin E. Fraenkel	57	President, S&P Global Platts
Martina L. Cheung	42	Head of Global Risk Services
Indices
Alexander J. Matturri, Jr.	59	Chief Executive Officer, S&P Dow Jones Indices
S&P Global Functions
Nicholas D. Cafferillo	46	Chief Technology Officer and Chief Operating Officer, S&P Global Market Intelligence
Courtney C. Geduldig	42	Executive Vice President, Public Affairs
S. Swamy Kocherlakota	51	Chief Information Officer
Steven J. Kemps	53	Executive Vice President, General Counsel
Nancy J. Luquette	52	Senior Vice President, Chief Risk & Audit Executive

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.

Mr. Cafferillo, prior to becoming Chief Technology Officer on January 1, 2018, was and continues to serve as Chief Operating Officer, S&P Global Market Intelligence. Prior to joining S&P Global, Mr. Cafferillo was Chief Operating Officer of SNL Financial LC.

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, S&P Global Market Intelligence and Executive Vice President, Data and Technology Innovation on January 1, 2018, he was President of Market and Commodities Intelligence since September 2016. Mr. Chinn has been and continues to be President of S&P Global Market Intelligence since September 2015. He was previously 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.

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Mr. Kocherlakota, prior to becoming Chief Information Officer on January, 1, 2018, was Global Head of Infrastructure & Cloud and Enterprise Services since July, 2017. Prior to that, he was Senior Vice President, Global Head of Technology Operations & Infrastructure at Visa, 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.

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. 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. 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 26, 2018, the closing price of our common stock was $183.80 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 26, 2018 was 3,093. 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:

	2017	2016
First Quarter	$133.08 - $108.49	$99.85 - $78.55
Second Quarter	150.40 - 127.60	112.75 - 95.83
Third Quarter	158.35 - 145.72	128.40 - 104.75
Fourth Quarter	174.07 - 153.25	127.68 - 107.21
Year	174.07 - 108.49	128.40 - 78.55

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, 2012 and total return includes reinvestment of dividends through December 31, 2017.

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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 2017 and 2016 were as follows:

	2017		2016
$0.41 per quarter in 2017	$	1.64
$0.36 per quarter in 2016			$	1.44

On February 2, 2018, the Board of Directors approved an increase in the quarterly common stock dividend from $0.41 per share to $0.50 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 505000

Louisville, KY 40233

Overnight correspondence should be mailed to:

Computershare

462 South 4th Street, Suite 1600

Louisville, KY 40202

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 2017, we repurchased 1.4 million shares which included 0.5 million shares received from the conclusion of our accelerated share repurchase ("ASR") agreement that we entered into on August 1, 2017. Further discussion relating to our ASR agreement can be found in Note 9 - Equity. As of December 31, 2017, 19 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 2017 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, 2017 1	470,341	$	154.46	470,064	19.9 million
Nov. 1 - Nov. 30, 2017	457,704	161.26		457,500	19.5 million
Dec. 1 - Dec. 31, 2017	483,119	169.37		479,400	19.0 million
Total — Qtr	1,411,164	$	161.77	1,406,964	19.0 million

¹ Includes 0.5 million shares received from the conclusion of our ASR agreement that we entered into on August 1, 2017.

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.

22

Item 6. Selected Financial Data

(in millions, except per share data)	2017				2016				2015				2014				2013
Income statement data:
Revenue	$	6,063			$	5,661			$	5,313			$	5,051			$	4,702
Operating profit	2,610				3,369				1,917				113				1,358
Income before taxes on income	2,461			1	3,188			2	1,815			3	54			4	1,299			5
Provision for taxes on income	823			6	960				547				245				425
Net income (loss) from continuing operations attributable to S&P Global Inc.	1,496				2,106				1,156				(293		)		783
Earnings (loss) per share from continuing operations attributable to the S&P Global Inc. common shareholders:
Basic	5.84				8.02				4.26				(1.08		)		2.85
Diluted	5.78				7.94				4.21				(1.08		)		2.80
Dividends per share	1.64				1.44				1.32				1.20				1.12
Operating statistics:
Return on average equity 7	223.0		%		472.0		%		324.3		%		(1.4		)%		134.2		%
Income from continuing operations before taxes on income as a percent of revenue from continuing operations	40.6		%		56.3		%		34.2		%		1.1		%		27.6		%
Net income (loss) from continuing operations as a percent of revenue from continuing operations	27.0		%		39.4		%		23.9		%		(3.8		)%		18.6		%
Balance sheet data: 7
Working capital	$	1,110			$	1,060			$	388			$	42			$	612
Total assets	9,425				8,669				8,183				6,773				6,060
Total debt	3,569				3,564				3,611				795				794
Redeemable noncontrolling interest	1,350				1,080				920				810				810
Equity	768				701				243				539				1,344
Number of employees 8	20,400				20,000				20,400				17,000				16,400

¹ Includes the impact of the following items: legal settlement expenses of $55 million, employee severance charges of $44 million, a charge to exit leased facilities of $25 million, non-cash acquisition and disposition-related adjustments of $15 million, a pension related charge of $8 million, an asset write-off of $2 million and amortization of intangibles from acquisitions of $98 million.

²  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, employee severance charges of $6 million, a $3 million disposition-related reserve release, an acquisition-related cost of $1 million and amortization of intangibles from acquisitions of $96 million.

³  Includes the impact of the following items: costs related to identified operating efficiencies primarily related to employee severance charges 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.

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

⁵  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 and reduce our cost structure, a $36 million non-cash impairment charge related to the sale of our data center, employee severance charges of $28 million, a charge to exit leased facilities of $13 million, a $24 million net gain from our dispositions and amortization of intangibles from acquisitions of $51 million.

⁶  Includes $149 million of tax expense due to U.S. tax reform, primarily associated with the deemed repatriation of foreign earnings, which was partially offset by a $21 million tax benefit related to prior year divestitures.

⁷  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.

⁸  Excludes discontinued operations.

23

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, 2017 and 2016, 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, 2017, 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, trading firms 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. We completed the sale of J.D. Power on September 7, 2016, with the results included in Market and Commodities Intelligence results through that date.

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

In December of 2017, we announced that S&P Global Platts, a business line within Market and Commodities Intelligence, will be managed as a separate business and comprise a separate reportable segment effective January 1, 2018. We will begin reporting the financial results of S&P Global Market Intelligence and S&P Global Platts as separate reportable segments beginning with the first quarter of 2018.

Major Portfolio Changes    

The following significant changes by segment were made to our portfolio during the three years ended December 31, 2017:

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

24

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 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. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in gain on dispositions in the consolidated statement of income related to the sale of J.D. Power.

• 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.

Increased Shareholder Return

During the three years ended December 31, 2017, we have returned approximately $4.3 billion to our shareholders through a combination of share repurchases and our quarterly dividends: we completed share repurchases of approximately $3.1 billion and distributed regular quarterly dividends totaling approximately $1.2 billion. Also, on February 2, 2018, the Board of Directors approved an increase in the quarterly common stock dividend from $0.41 per share to $0.50 per share.

Key Results

(in millions)	Year ended December 31,									% Change 1
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Revenue	$	6,063		$	5,661		$	5,313		7%	7%
Operating profit2	$	2,610		$	3,369		$	1,917		(23)%	76%
% Operating margin	43		%	60		%	36		%
Diluted earnings per share from net income	$	5.78		$	7.94		$	4.21		(27)%	89%

25

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

 ²  2017 includes legal settlement expenses of $55 million, employee severance charges of $44 million, a charge to exit leased facilities of $25 million, non-cash acquisition and disposition-related adjustments of $15 million, a pension related charge of $8 million and an asset write-off of $2 million. 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, employee severance 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 employee severance charges 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. 2017, 2016 and 2015 also includes amortization of intangibles from acquisitions of $98 million, $96 million, and $67 million, respectively.

2017

Revenue increased 7% driven by increases at Ratings and Indices, partially offset by a decrease at Market and Commodities Intelligence. The increase at Ratings was primarily due to growth in bank loan ratings revenue and corporate bond ratings revenue. Revenue growth at Indices was primarily due to higher levels of assets under management for exchange traded funds ("ETFs") and mutual funds. The decrease at Market and Commodities Intelligence was primarily due to the disposition of non-core businesses in 2016, partially offset by annualized contract value growth in the S&P Global Market Intelligence Desktop and Global Risk Services products and continued demand for Platts’ proprietary content at S&P Global Platts.

Operating profit decreased 23%. Excluding the unfavorable impact of the gain on dispositions in 2016 of 37 percentage points, higher net legal settlement expenses in 2017 of 2 percentage points, higher employee severance charges in 2017 of 1 percentage point, a charge to exit leased facilities of 1 percentage point and non-cash acquisition and disposition-related adjustments in 2017 of 1 percentage point, partially offset by the favorable impact of higher disposition-related costs in 2016 of 1 percentage point, operating profit increased 18%. This increase was primarily due to revenue growth at Ratings and Indices as discussed above, partially offset by higher compensation costs due to increased incentive costs and additional headcount.

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 within Data Management Solutions. 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 ETFs and mutual funds, an increase in data revenue and higher volumes for exchange-traded derivatives.

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 employee severance 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.

Our Strategy

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.

We seek to deliver an exceptional, differentiated customer experience across the globe. We strive for operational excellence, continuous innovation, and a high performance culture driven by our best-in-class talent. In 2018, we will strive to deliver on our strategic priorities in the following four categories by:

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Finance

• Achieving financial targets and creating shareholder value by focusing on organic revenue growth and continuing to deliver margin expansion with a focus on operating leverage and efficiency opportunities; and

• Outperforming traditional and nontraditional competitors.

Customer

• Delivering greater customer value through deeper client and market insights, innovative solutions, stronger internal teamwork and reliable, nimble Go-to-Market processes;

• Enriching and modernizing the user experience to improve customer loyalty;

• Identifying and executing transformative growth opportunities; and

• Accelerating investments and coordination in building new products and in developing new markets.

Operations

• Enhancing planning and software engineering processes to speed up the delivery of content and products;

• Applying lean management, robotics, automation and machine learning to streamline internal workflow and deliver productivity;

• Strengthening our Digital Infrastructure capabilities, with emphasis on workplace services and cybersecurity; and

• Upholding our commitment to a disciplined and practical risk, control and compliance environment.

People

• Creating a performance culture to drive innovation, flexibility and agility to address customer needs;

• Committing to leadership development programs and skills training;

• Embracing and expanding diversity and inclusion in our workforce; and

• Enhancing and augmenting technology talent and skills across the company.

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 2018 outlook for our segments can be found within “ – Results of Operations”.

27

RESULTS OF OPERATIONS

Consolidated Review

(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Revenue	$	6,063		$	5,661		$	5,313		7%	7%
Expenses:
Operating-related expenses	1,713			1,773			1,718			(3)%	3%
Selling and general expenses	1,560			1,439			1,532			8%	(6)%
Depreciation and amortization	180			181			157			(1)%	15%
Total expenses	3,453			3,393			3,407			2%	—%
Gain on dispositions	—			(1,101		)	(11		)	N/M	N/M
Operating profit	2,610			3,369			1,917			(23)%	76%
Interest expense, net	149			181			102			(18)%	77%
Provision for taxes on income	823			960			547			(14)%	76%
Net income	1,638			2,228			1,268			(27)%	76%
Less: net income attributable to noncontrolling interests	(142		)	(122		)	(112		)	16%	9%
Net income attributable to S&P Global Inc.	$	1,496		$	2,106		$	1,156		(29)%	82%

N/M - not meaningful

Revenue

(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Subscription / Non-transaction revenue	$	3,796		$	3,623		$	3,260		5%	11%
Asset-linked fees	$	461		$	381		$	369		21%	3%
Non-subscription / Transaction revenue	$	1,806		$	1,657		$	1,684		9%	(2)%
% of total revenue:
Subscription / Non-transaction revenue	63		%	64		%	61		%
Asset-linked fees	7		%	7		%	7		%
Non-subscription / Transaction revenue	30		%	29		%	32		%
U.S. revenue	$	3,658		$	3,461		$	3,202		6%	8%
International revenue:
European region	1,473			1,330			1,265			11%	5%
Asia	594			575			566			3%	2%
Rest of the world	338			295			280			14%	6%
Total international revenue	$	2,405		$	2,200		$	2,111		9%	4%
% of total revenue:
U.S. revenue	60		%	61		%	60		%
International revenue	40		%	39		%	40		%

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2017

Revenue increased 7% as compared to 2016. Subscription / non-transaction revenue increased primarily from growth in S&P Global Market Intelligence's average contract values, continued demand for Platts’ proprietary content and an increase in surveillance fees at Ratings, partially offset by the unfavorable impact of the disposition of non-core businesses in 2016. Asset-linked fees increased due to the impact of higher levels of assets under management for ETFs and mutual funds. Non-subscription / transaction revenue increased primarily due to bank loan ratings revenue and corporate bond ratings revenue at Ratings, partially offset by the unfavorable impact of the disposition of non-core businesses in 2016. See “Segment Review” below for further information.

Foreign exchange rates had a negligible impact on revenue. 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.

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 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 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.

Foreign exchange rates had a negligible impact on revenue. 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.

29

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, 2017 and 2016:

(in millions)	2017					2016					% Change
	Operating- related expenses			Selling and general expenses		Operating- related expenses			Selling and general expenses		Operating- related expenses	Selling and general expenses
Ratings 1	$	850		$	581	$	797		$	442	7%	32%
Market and Commodities Intelligence 2	833			699		958			774		(13)%	(10)%
Indices	139			111		116			104		21%	7%
Intersegment eliminations 3	(109		)	—		(98		)	—		(12)%	N/M
Total segments	1,713			1,391		1,773			1,320		(3)%	5%
Corporate 4	—			169		—			119		N/M	42%
	$	1,713		$	1,560	$	1,773		$	1,439	(3)%	8%

N/M - not meaningful

¹  In 2017, selling and general expenses include legal settlement expenses of $55 million and employee severance charges of $25 million. In 2016, selling and general expenses include a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million.

²  In 2017, selling and general expenses include non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset write-off of $2 million. 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.

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 2017, selling and general expenses include a charge to exit leased facilities of $19 million, employee severance charges of $10 million and a pension related charge of $8 million. In 2016, selling and general expenses include $3 million from a disposition-related reserve release.

Operating-Related Expenses

Operating-related expenses decreased $60 million or 3% as compared to 2016. The decrease at Market and Commodities Intelligence was due to the disposition of non-core businesses in 2016. This decrease was partially offset by increases at Ratings and Indices due to higher compensation costs related to increased incentive costs and additional headcount.

Selling and General Expenses

Selling and general expenses increased 8%. Excluding the unfavorable impact of higher net legal settlement expenses in 2017 of 4 percentage points, higher employee severance charges in 2017 of 3 percentage points, a charge to exit leased facilities in 2017 of 2 percentage points and non-cash acquisition and disposition related costs in 2017 of 1 percentage point, partially offset by the favorable impact of higher disposition-related costs in 2016 of 3 percentage points and a technology-related impairment charge in 2016 of 2 percentage points, selling and general expenses increased 3 percentage points. The increase is due to higher compensation costs related to incentives and additional headcount at Ratings and Indices and an increase at Corporate primarily due to performance related incentive compensation and Company-wide technology projects. This increase was partially offset by a decrease at Market and Commodities Intelligence as a result of business divestitures in 2016.

Depreciation and Amortization

Depreciation and amortization remained relatively unchanged as compared to 2016, decreasing $1 million or 1%.

30

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	$	797		$	442	$	767		$	541	4%	(18)%
Market and Commodities Intelligence 2	958			774		925			769		4%	1%
Indices	116			104		114			82		1%	26%
Intersegment eliminations 3	(98		)	—		(88		)	—		(10)%	N/M
Total segments	1,773			1,320		1,718			1,392		3%	(5)%
Corporate 4	—			119		—			140		N/M	(15)%
	$	1,773		$	1,439	$	1,718		$	1,532	3%	(6)%

N/M - not meaningful

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

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 employee severance charges 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 employee severance charges of $10 million

Operating-Related Expenses

Operating-related expenses increased $55 million or 3% 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. The increase 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 6%. Excluding the favorable impact of higher net legal settlement insurance recoveries in 2016 of 4 percentage points, higher employee severance 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 1%. 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.

Gain on Dispositions

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

• 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 on dispositions in the consolidated statement of income related to the sale of SPSE and CMA. Additionally, in October of 2016, we completed the sale of Equity and Fund Research ("Equity Research") to CFRA, a leading independent provider

31

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 on dispositions in the consolidated statement of income related to the sale of Equity Research.

• 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 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 on dispositions in the consolidated statement of income.

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 operating profit with economic resources allocated primarily based on each segments contribution to operating profit. Segment operating profit is defined as operating profit before unallocated expense. 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.

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

(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Ratings 1	$	1,524		$	1,262		$	1,078		21%	17%
Market and Commodities Intelligence 2	793			1,822			585			(56)%	N/M
Indices 3	471			412			392			14%	5%
Total segment operating profit	2,788			3,496			2,055			(20)%	70%
Unallocated expense 4	(178		)	(127		)	(138		)	40%	(8)%
Total operating profit	$	2,610		$	3,369		$	1,917		(23)%	76%

N/M - not meaningful

¹  2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. 2016includes a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million. 2015 includes net legal settlement expenses of $54 million and employee severance charges of $13 million. 2017, 2016 and 2015 also includes amortization of intangibles from acquisitions of $4 million, $5 million and $5 million, respectively.

²  2017 includes non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset write-off of $2 million. 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 employee severance charges of $33 million. 2017, 2016 and 2015 includes amortization of intangibles from acquisitions of $87 million, $85 million and $57 million, respectively.

³  2017, 2016 and 2015 includes amortization of intangibles from acquisitions of $7 million, $6 million and $5 million, respectively.

⁴  2017 includes a charge to exit leased facilities of $19 million, employee severance charges of $10 million and a pension related charge of $8 million. 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 employee severance charges of $10 million.

2017

Segment Operating Profit — Decreased $0.7 billion, or 20% as compared to 2016. Excluding the unfavorable impact of the gain on dispositions in 2016 of 36 percentage points, higher net legal settlement expenses in 2017 of 2 percentage points, higher employee severance charges in 2017 of 1 percentage point and non-cash acquisition and disposition-related adjustments in 2017 of 1 percentage point, partially offset by the favorable impact of higher disposition-related costs in 2016 of 2 percentage points and a technology-related impairment charge in 2016 of 1 percentage point, segment operating profit increased 17%. This increase

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was primarily due to revenue growth at Ratings and Indices as discussed above, partially offset by higher compensation costs due to additional increased incentive costs and additional headcount. See “ – Segment Review” below for further information.

Unallocated Expense— Increased by $51 million or 40% as compared to 2016. 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 charge to exit leased facilities in 2017 of 14 percentage points, a pension related charge in 2017 of 7 percentage points, employee severance charges in 2017 of 8 percentage points and a disposition-related reserve release in 2016 of 2 percentage points, unallocated expense increased 9%. This increase was primarily due to performance related incentive compensation and Company-wide technology projects.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. 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.

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 employee severance 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 employee severance 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.

Interest Expense, net

Net interest expense for 2017 decreased $32 million or 18% as compared to 2016, primarily as a result of the favorable impact of lower interest rates on the $500 million of senior notes issued in 2016 compared to the $400 million senior notes that were repaid in the third quarter of 2016.

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.

Provision for Income Taxes

Comprehensive tax legislation, enacted through the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, significantly modified U.S. corporate income tax law. Provisional amounts have been recorded in our financial statements based on the Company’s initial analysis of the TCJA. The Company may adjust these amounts in future periods if our interpretation of the TCJA changes or as additional guidance from the U.S. Treasury becomes available. As a result of the TCJA, a provisional amount of $149 million has been recorded which reflects a one-time tax charge of approximately $173 million on the deemed repatriation of foreign earnings

33

and a one-time tax benefit of approximately $24 million in respect of the re-valuation of net U.S. deferred tax liabilities at the reduced corporate income tax rate. While the TCJA reduced net income in 2017, the Company is anticipating an ongoing future benefit from the lower corporate income tax rate.

Our effective tax rate was 33.4% for 2017, and 30.1% for 2016 and 2015. The increase in 2017 was primarily due to the one-time tax charge for the deemed repatriation of foreign earnings, net of the recognition of excess tax benefits associated with share-based payments in the statement of income and the re-valuation of net U.S. deferred tax liabilities at the reduced corporate income tax rate.

The Company is continuously subject to tax examinations in various jurisdictions.  In May 2017, the IRS issued a 30-Day Letter proposing to increase the Company’s federal income tax for the 2015 tax year by approximately $242 million. The proposed increase relates primarily to the IRS’s proposed disallowance of claimed tax deductions for certain amounts paid in 2015 to settle lawsuits by nineteen states and the District of Columbia.  We vigorously disagree with the proposed adjustment and have filed a formal protest with the IRS to contest the matter before the IRS Appeals Office. This development does not materially change our initial assessment of the deductibility of our settlement payments.

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

• 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 from Market and Commodities Intelligence for 2017, 2016 and 2015 was $100 million, $92 million and $83 million, respectively.

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(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16		’16 vs ’15
Revenue	$	2,988		$	2,535		$	2,428		18	%	4	%
Transaction revenue	$	1,540		$	1,178		$	1,107		31	%	6	%
Non-transaction revenue	$	1,448		$	1,357		$	1,321		7	%	3	%
% of total revenue:
Transaction revenue	52		%	46		%	46		%
Non-transaction revenue	48		%	54		%	54		%
U.S. revenue	$	1,716		$	1,462		$	1,390		17	%	5	%
International revenue	$	1,272		$	1,073		$	1,038		19	%	3	%
% of total revenue:
U.S. revenue	57		%	58		%	57		%
International revenue	43		%	42		%	43		%
Operating profit 1	$	1,524		$	1,262		$	1,078		21	%	17	%
% Operating margin	51		%	50		%	44		%

¹  2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. 2016includes a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million. 2015 includes net legal settlement expenses of $54 million and employee severance charges of $13 million. 2017, 2016 and 2015 also includes amortization of intangibles from acquisitions of $4 million, $5 million and $5 million, respectively.

2017

Revenue increased 18%. Transaction revenue grew primarily due to growth in bank loan ratings revenue in the U.S. and Europe and an increase in corporate bond ratings revenue driven by an increase in corporate bond issuance. The increase in bank loan ratings revenue was driven by refinancing activity from the low interest rate environment. The increase in structured finance revenue driven by increased U.S. collateralized loan obligations and U.S. commercial mortgage-backed securities issuance also contributed to revenue growth. These increases were partially offset by a decline in public finance revenue driven by lower state and municipal bond issuance. Non-transaction revenue grew primarily due to an increase in surveillance fees and higher entity credit ratings revenue.

Operating profit increased 21%. Excluding the unfavorable impact of higher net legal settlement expenses in 2017 of 5 percentage points and higher employee severance charges in 2017 of 1 percentage point, operating profit increased 27%. This increase is primarily due to revenue growth, partially offset by higher compensation costs related to increased incentive costs and additional headcount. A reduction in legal fees and professional service fees also had a favorable impact on operating profit growth.

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 activity.

Operating profit increased 17%. Excluding the favorable impact of higher net legal settlement insurance recoveries in 2016 of 6 percentage points and lower employee severance 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.

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Market Issuance Volumes

We monitor market issuance volumes regularly 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 Ratings' internal estimates.

	2017 Compared to 2016
Corporate Bond Issuance	U.S.	Europe	Global
High-yield issuance	24%	63%	53%
Investment grade	8%	(2)%	1%
Total new issue dollars — Corporate issuance	10%	5%	6%

• Corporate issuance in the U.S. and Europe was up as a result of more favorable market conditions primarily due to tightening credit spreads and some issuers that went to market in advance of expected interest rate increases. Both high-yield and investment grade issuance comparisons also benefited from weakness in 2016 due to market volatility and political and economic uncertainty in the European markets.

	2017 Compared to 2016
Structured Finance	U.S.	Europe	Global
Asset-backed securities (“ABS”)	12%	(12)%	7%
Structured credit	87%	74%	85%
Commercial mortgage-backed securities (“CMBS”)	20%	(5)%	19%
Residential mortgage-backed securities (“RMBS”)	46%	(34)%	3%
Covered bonds	*	9%	—%
Total new issue dollars — Structured finance	36%	2%	18%

* Represents no activity in 2017 and 2016.

• ABS issuance was up in the U.S. driven by an increase in auto transactions, commercial real estate loans and student loans. European ABS declined due to key auto issuers completing financing in the unsecured debt market.

• Issuance was up in the U.S. and European structured credit markets driven by increased collateralized loan obligations ("CLO") refinancing engagements primarily due to overall market conditions.

• CMBS issuance was up in the U.S. reflecting increased market volume due to a low interest rate environment and favorable reaction to the new risk retention rules. European CMBS issuance was down, although from a low 2016 base.

• RMBS volume in the U.S. was up driven primarily by favorable reaction to the new risk retention rules and favorable market conditions leading to increased activity in single family rentals, credit risk transfers, and non-qualified mortgage deals. EMEA issuance declined as central bank liquidity schemes provided other opportunities for funding sources.

• Covered bond (debt securities backed by mortgages or other high-quality assets that remain on the issuer's balance sheet) issuance in Europe was up partially due to the impact from the European Central Bank's covered bond asset purchase program.

Industry Highlights and Outlook

Revenue increased in 2017 primarily due to an increase in bank loan ratings and corporate bond ratings revenue driven by refinancing activity from the low interest rate environment. High-yield and investment grade corporate issuance volumes increased as a result of more favorable market conditions primarily due to tightening credit spreads and some issuers that went to market in advance of expected interest rate increases.

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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.

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

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• 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, corporations and professional service firms 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.

In December of 2017, we announced that S&P Global Platts, a business line within Market and Commodities Intelligence, will be managed as a separate business and comprise a separate reportable segment effective January 1, 2018. We will begin reporting the financial results of S&P Global Market Intelligence and S&P Global Platts as separate reportable segments beginning with the first quarter of 2018.

In January of 2017, we completed the sale of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. 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 QuantHouse to QH Holdco. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale, which is included in prepaid and other current assets and other current liabilities, respectively, 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 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 on dispositions in the consolidated statement of income related to the sale of SPSE and CMA. Additionally, 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 on dispositions in the consolidated statement of income related to the sale of Equity Research.

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. During the year ended December 31, 2016, we recorded a pre-tax gain of $728 million ($516 million after-tax) in gain on dispositions in the consolidated statement of income related to the sale of J.D. Power.

Market and Commodities Intelligence includes the following business lines:

• Desktop — a product suite that provides data, analytics and third-party research for global finance professionals, which includes the Market Intelligence Desktop (which are inclusive of S&P Capital IQ and SNL Desktop products);

• Data Management Solutions — integrated data feeds and application programming interfaces that can be customized, which includes Computstat, GICS, Point In Time Financials and CUSIP;

• 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

38

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.

We completed the sale of J.D. Power on September 7, 2016, with the results included in Market and Commodities Intelligence results through that date.

(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16		’16 vs ’15
Revenue	$	2,452		$	2,585		$	2,376		(5	)%	9	%
Subscription revenue	$	2,317		$	2,231		$	1,911		4	%	17	%
Non-subscription revenue	$	135		$	354		$	465		(62	)%	(24	)%
% of total revenue:
Subscription revenue	95		%	86		%	80		%
Non-subscription revenue	5		%	14		%	20		%
U.S. revenue	$	1,396		$	1,523		$	1,368		(8	)%	11	%
International revenue	$	1,056		$	1,062		$	1,008		(1	)%	6	%
% of total revenue:
U.S. revenue	57		%	59		%	58		%
International revenue	43		%	41		%	42		%
Operating profit 1	$	793		$	1,822		$	585		(56	)%	212	%
% Operating margin	32		%	70		%	25		%

¹  2017 includes non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset write-off of $2 million. 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 employee severance charges of $33 million. 2017, 2016 and 2015 includes amortization of intangibles from acquisitions of $87 million, $85 million and $57 million, respectively.

2017

Revenue decreased 5% and was unfavorably impacted by 13 percentage points from the net impact of acquisitions and dispositions. Excluding these acquisitions and dispositions, revenue increased primarily driven by growth in annualized contract values in the Market Intelligence Desktop products, RatingsXpress® and RatingsDirect® from new and existing customers. The number of users and customers continued to grow for each of these products in 2017. Increases in annualized contract value for certain of our data feed products within Data Management Solutions also contributed to revenue growth. Additionally, strength in S&P Global Platts' proprietary content due to continued demand for market data and price assessment products across all commodity sectors, led by petroleum, contributed to revenue growth. Both domestic and international revenue decreased due to the unfavorable impact of the dispositions discussed below. In 2017, international revenue represented 43% of Market and Commodities Intelligence's total revenue compared to 41% in 2016. Revenue was favorably impacted by the acquisitions of RigData and PIRA in June of 2016 and September of 2016, respectively. Revenue was unfavorably impacted by the dispositions of J.D. Power in September of 2016, SPSE and CMA in October of 2016, Equity Fund Research in October of 2016 and QuantHouse in January of 2017. See Note 2 — Acquisitions and Divestitures for further discussion.

Operating profit decreased 56%. Excluding the unfavorable impact of the gain on dispositions in 2016 of 62 percentage points, non-cash acquisition and disposition-related adjustments in 2017 of 1 percentage point, partially offset by the favorable impact of disposition-related costs in 2016 of 2 percentage points and a technology-related impairment charge in 2016 of 1 percentage point, operating profit increased 4%. The increase is due to margin improvement from existing businesses, partially offset by the unfavorable impact of the dispositions discussed above.

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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 within Data Management Solutions 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. 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, 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 employee severance 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.

Industry Highlights and Outlook

In 2017, Market and Commodities Intelligence continued to benefit from organic revenue growth and SNL integration synergies. The segment also launched a beta version of the new Market Intelligence platform in 2017. Additionally, the segment integrated and leveraged recent acquisitions to develop and expand its analytical capabilities and offerings.

In 2018, both Market Intelligence and S&P Global Platts will continue to enhance its product offerings, pursue growth in new markets and geographies, and develop its analytical capabilities.

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”).

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.

The European Union has 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 entered into force on July 2, 2014, and the substantive

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provisions apply in all E.U. Member States as of January 3, 2018. 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; (iv) require the unbundling of investment research and direct  how asset managers pay for research either out of a research payment account or from a firm’s profits; and (v) 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, including some technical standards yet to be adopted by the European Commission. The introduction of the MiFID II package may result in changes to the manner in which Platts licenses its price assessments. MiFID II and the Market Abuse Regulation (“MAR”) may impose additional regulatory burdens on Platts’s activities in the European Union, although the exact impact and costs are not yet known.

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.

Indices

Indices is a global index provider maintaining 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.

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(in millions)	Year ended December 31,									% Change
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Revenue	$	733		$	639		$	597		15%	7%
Asset-linked fees	$	461		$	381		$	369		21%	3%
Subscription revenue	$	141		$	133		$	116		6%	14%
Transaction revenue	$	131		$	125		$	112		5%	11%
% of total revenue:
Asset-linked fees	63		%	60		%	62		%
Subscription revenue	19		%	21		%	19		%
Transaction revenue	18		%	19		%	19		%
U.S. revenue	$	603		$	525		$	488		15%	8%
International revenue	$	130		$	114		$	109		14%	5%
% of total revenue:
U.S. revenue	82		%	82		%	82		%
International revenue	18		%	18		%	18		%
Operating profit 1	$	471		$	412		$	392		14%	5%
Less: net income attributable to noncontrolling interests	$	127		$	109		$	101		16%	8%
Net operating profit	$	344		$	303		$	291		14%	4%
% Operating margin	64		%	64		%	66		%
% Net operating margin	47		%	47		%	49		%

¹  2017, 2016 and 2015 includes amortization of intangibles from acquisitions of $7 million, $6 million and $5 million, respectively.

2017

Revenue at Indices increased 15%, primarily driven by higher average levels of assets under management ("AUM") for ETFs and mutual funds. Revenue growth was favorably impacted by 1 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 31% to $1.343 trillion and average AUM for ETFs increased 34% to $1.167 trillion compared to 2016.

Operating profit grew 14%. The impact of revenue growth was partially offset by higher compensation costs and increased operating costs to support revenue growth and business initiatives at Indices. Higher compensation costs related to increased incentive costs and additional headcount partially related to the acquisition of Trucost.

2016

Revenue at Indices increased 7%, primarily driven by higher average levels of 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. 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.

Operating profit grew 5%. Revenue growth was partially offset by higher compensation costs primarily driven by additional headcount related to the acquisition of Trucost, increased incentive costs and increased operating costs to support revenue growth and business initiatives at Indices.

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Industry Highlights and Outlook

Indices continues to be the leading index provider for the ETF market space. In 2017, higher average levels of AUM for ETFs contributed to revenue growth. In 2017, Indices focused on continued Index innovation and growing international partnerships. In 2018, Indices will continue to pursue opportunities for innovation and seek to grow international partnerships.

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.

As discussed above under the heading “S&P Global Platts Legal and Regulatory Envioronment”, the European Union has finalized a package of legislative measures known as MiFID II The introduction of the MiFID II package may result in changes to the manner in which S&P Dow Jones Indices licenses its indices. MiFID II and the Market Abuse Regulation (“MAR”) may impose additional regulatory burdens on S&P Dow Jones Indices activities in the European Union, although the exact impact and costs are not yet known.

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 2018, 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 $2.8 billion as of December 31, 2017, an increase of $0.4 billion as compared to December 31, 2016, and consisted of approximately 20% of domestic cash and 80% of cash held abroad.

(in millions)	Year ended December 31,
	2017			2016			2015
Net cash provided by (used for):
Operating activities from continuing operations	$	2,016		$	1,560		$	356
Investing activities from continuing operations	(209		)	1,205			(2,525		)
Financing activities from continuing operations	(1,507		)	(1,696		)	1,349

In 2017, free cash flow increased to $1.8 billion compared to $1.3 billion in 2016. 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 distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-

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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 to $2.0 billion in 2017 compared to $1.6 billion in 2016. The increase is mainly due to higher results from operations, partially offset by the timing of estimated tax payments.

Cash provided by operating activities increased $1.2 billion to $1.6 billion in 2016 compared to $356 million in 2015. The increase is mainly due to the payment of legal and regulatory settlements in 2015 of $1.6 billion.

Investing activities

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

Cash used for investing activities decreased to $209 million for 2017 as compared to cash provided by investing activities of $1.2 billion in 2016. The decrease is primarily due to proceeds from the sale of J.D. Power of $1.1 billion in 2016.

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.

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 decreased to $1.5 billion in 2017 from $1.7 billion in 2016. The decrease is primarily attributable to higher repayments of debt and higher cash paid for share repurchases in 2016, partially offset by the issuance of senior notes in 2016.

Cash used for financing activities was $1.7 billion in 2016 compared to cash provided by financing activities of $1.3 billion in 2015. The decrease is primarily attributable to higher proceeds received from the issuance of senior notes in 2015.

During 2017, we used cash to repurchase 6.8 million shares for $1.0 billion. We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on August 1, 2017 to initiate share repurchases aggregating $500 million. We repurchased a total of 3.2 million shares under the ASR agreement for an average purchase price of $154.46 per share. See Note 9 — Equity for further discussion.

During 2016, we used cash to repurchase 10 million shares for $1.1 billion, which included 0.3 million shares for approximately $26 million that settled in January of 2016. Using a portion of the proceeds received from the sale of J.D. Power, we entered into an 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.

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, 2017, 19 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 of $129 million in 2015 relates to the tax payment on the gain on sale of McGraw Hill Construction.

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Additional Financing

On June 30, 2017, we entered into a $1.2 billion five year-credit agreement (our "credit facility") that will terminate on June 30, 2022. This credit facility replaced our $1.2 billion five year credit facility that was scheduled to terminate on June 30, 2020. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility. There were no commercial paper borrowings outstanding as of December 31, 2017 and 2016.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 12.5 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 Offer 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 corporate credit rating.

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 February 2, 2018, the Board of Directors approved an increase in the quarterly common stock dividend from $0.41 per share to $0.50 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 2018.

The following table summarizes our significant contractual obligations and commercial commitments as of December 31, 2017, over the next several years. 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	$	399	$	697	$	—	$	2,473	$	3,569
Interest payments	138		254		217		657		1,266
Operating leases 2	122		192		140		516		970
Purchase obligations and other 3	110		100		31		78		319
Total contractual cash obligations	$	769	$	1,243	$	388	$	3,724	$	6,124

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.

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As of December 31, 2017, we had $212 million of liabilities for unrecognized tax benefits. We have excluded the liabilities for unrecognized tax benefits from our contractual obligations table because, until formal resolutions are reached, reasonable estimates of the timing of cash settlements with the respective taxing authorities are not practicable.

As of December 31, 2017, we have recorded $1,350 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, 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 2017, we contributed $8 million and $25 million to our domestic and international retirement and postretirement plans, respectively. Expected employer contributions in 2018 are $9 million and $7 million for our domestic and international retirement and postretirement plans, respectively. In 2018, 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, 2017 and 2016, 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 distributions to noncontrolling interest holders. 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 distributions to noncontrolling interest holders 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 prepay debt, make strategic acquisitions and investments and repurchase stock.

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
	2017			2016			2015			’17 vs ’16	’16 vs ’15
Cash provided by operating activities	$	2,016		$	1,560		$	356		29%	N/M
Capital expenditures	(123		)	(115		)	(139		)
Distributions to noncontrolling interest holders	(111		)	(116		)	(104		)
Free cash flow	$	1,782		$	1,329		$	113		34%	N/M
Tax on gain from sale of J.D. Power	—			200			—
Tax on gain from sale of SPSE and CMA	67			—			—
Payment of legal and regulatory settlements	4			150			1,624
Legal settlement insurance recoveries	—			(77		)	(101		)
Tax benefit from legal settlements	(2		)	(24		)	(250		)
Free cash flow excluding above items	$	1,851		$	1,578		$	1,386		17%	14%

N/M - not meaningful

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, 2017, 2016 and 2015, no significant changes have been made to the underlying assumptions related to estimates of revenue or the methodologies applied. In 2018, we will be adopting a new accounting standard for the recognition of revenue. See Note 1 - Accounting Policies to our consolidated financial statements for further information related to the impact of the new revenue standard in 2018.

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 $14 million.

For the years ended December 31, 2017, 2016 and 2015, 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 2018.

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.

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, 2017 and 2016, the carrying value of goodwill and other indefinite-lived intangible assets was $3.7 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.

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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 2017, 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, 2017, 2016, and 2015.

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.

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

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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	2018		2017		2016		2018		2017		2016
Discount rate	3.68	%	4.14	%	4.47	%	3.40	%	3.69	%	3.90	%
Return on assets	6.00	%	6.25	%	6.25	%
Weighted-average healthcare cost rate							6.50	%	7.00	%	7.00	%

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
Risk-free average interest rate	0.2 - 1.9%
Dividend yield	1.4%
Volatility	21 - 39%
Expected life (years)	6.3
Weighted-average grant-date fair value per option	$	27.57

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 2017 and 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 prior to December 31, 2018. 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.

For the years ended December 31, 2016 and 2015, we had determined that the undistributed earnings of our foreign subsidiaries were permanently reinvested within those foreign operations. Accordingly, we had not recorded deferred income taxes on these

50

indefinitely reinvested earnings. As of December 31, 2017, we have approximately $2.6 billion of undistributed earnings of our foreign subsidiaries.  As a result of the TCJA, more than 70% of these $2.6 billion earnings will no longer be permanently reinvested. We will continue to permanently reinvest approximately $780 million of these undistributed earnings.

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

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, 2017, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. During the years ended December 31, 2017 and 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.

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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	70
4 Taxes on Income	72
5 Debt	74
6 Derivative Instruments	75
7 Employee Benefits	77
8 Stock-Based Compensation	83
9 Equity	86
10 Earnings per Share	88
11 Restructuring	89
12 Segment and Geographic Information	89
13 Commitments and Contingencies	91
14 Quarterly Financial Information	94
15 Condensed Consolidating Financial Statements	95

52

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of S&P Global Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of S&P Global Inc. (the Company) as of December 31, 2017 and 2016, and the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedule listed in Item 15(a)(2) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2017 and 2016, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, 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, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ ERNST & YOUNG LLP

We have served as the Company’s auditor since 1969.

New York, New York

February 9, 2018

53

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of S&P Global Inc.

Opinion on Internal Control over Financial Reporting

We have audited S&P Global Inc.’s internal control over financial reporting as of December 31, 2017, 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). In our opinion, S&P Global Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of S&P Global Inc. as of December 31, 2017 and 2016, and the related consolidated statements of income, comprehensive income, equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes and financial statement schedule listed in Item 15(a)(2) and our report dated February 9, 2018 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’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 are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. 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.

Definition and Limitations of Internal Control Over Financial Reporting

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.

/s/ ERNST & YOUNG LLP

New York, New York

February 9, 2018

54

Consolidated Statements of Income

(in millions, except per share data)	Year Ended December 31,
	2017			2016			2015
Revenue	$	6,063		$	5,661		$	5,313
Expenses:
Operating-related expenses	1,713			1,773			1,718
Selling and general expenses	1,560			1,439			1,532
Depreciation	82			85			90
Amortization of intangibles	98			96			67
Total expenses	3,453			3,393			3,407
Gain on dispositions	—			(1,101		)	(11		)
Operating profit	2,610			3,369			1,917
Interest expense, net	149			181			102
Income before taxes on income	2,461			3,188			1,815
Provision for taxes on income	823			960			547
Net income	1,638			2,228			1,268
Less: net income attributable to noncontrolling interests	(142		)	(122		)	(112		)
Net income attributable to S&P Global Inc.	$	1,496		$	2,106		$	1,156
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	5.84		$	8.02		$	4.26
Diluted	$	5.78		$	7.94		$	4.21
Weighted-average number of common shares outstanding:
Basic	256.3			262.8			271.6
Diluted	258.9			265.2			274.6
Actual shares outstanding at year end	253.7			258.3			265.2
Dividend declared per common share	$	1.64		$	1.44		$	1.32

See accompanying notes to the consolidated financial statements.

55

Consolidated Statements of Comprehensive Income

(in millions)	Year Ended December 31,
	2017			2016			2015
Net income	$	1,638		$	2,228		$	1,268
Other comprehensive income:
Foreign currency translation adjustment	93			(132		)	(111		)
Income tax effect	—			(7		)	1
	93			(139		)	(110		)
Pension and other postretirement benefit plans	52			(27		)	34
Income tax effect	(11		)	(10		)	(9		)
	41			(37		)	25
Unrealized loss on investment	(10		)	—			—
Income tax effect	—			—			—
	(10		)	—			—
Unrealized gain (loss) on forward exchange contracts	—			4			(1		)
Income tax effect	—			(1		)	—
	—			3			(1		)
Comprehensive income	1,762			2,055			1,182
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(15		)	(13		)	(11		)
Less: comprehensive income attributable to redeemable noncontrolling interests	(127		)	(109		)	(101		)
Comprehensive income attributable to S&P Global Inc.	$	1,620		$	1,933		$	1,070

See accompanying notes to the consolidated financial statements.

56

Consolidated Balance Sheets

(in millions)	December 31,
	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	2,779		$	2,392
Short-term investments	12			8
Accounts receivable, net of allowance for doubtful accounts: 2017 - $33; 2016 - $28	1,319			1,122
Prepaid and other current assets	214			149
Total current assets	4,324			3,671
Property and equipment:
Buildings and leasehold improvements	354			356
Equipment and furniture	475			452
Total property and equipment	829			808
Less: accumulated depreciation	(554		)	(537		)
Property and equipment, net	275			271
Goodwill	2,989			2,949
Other intangible assets, net	1,388			1,506
Other non-current assets	449			272
Total assets	$	9,425		$	8,669
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	195		$	183
Accrued compensation and contributions to retirement plans	472			409
Short-term debt	399			—
Income taxes currently payable	77			95
Unearned revenue	1,613			1,509
Accrued legal and regulatory settlements	107			56
Other current liabilities	351			359
Total current liabilities	3,214			2,611
Long-term debt	3,170			3,564
Pension and other postretirement benefits	244			274
Other non-current liabilities	679			439
Total liabilities	7,307			6,888
Redeemable noncontrolling interest	1,350			1,080
Commitments and contingencies (Note 13)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 412 million shares in 2017 and 2016	412			412
Additional paid-in capital	525			502
Retained income	10,025			9,210
Accumulated other comprehensive loss	(649		)	(773		)
Less: common stock in treasury - at cost: 2017 - 158 million shares; 2016 - 153 million shares	(9,602		)	(8,701		)
Total equity – controlling interests	711			650
Total equity – noncontrolling interests	57			51
Total equity	768			701
Total liabilities and equity	$	9,425		$	8,669

See accompanying notes to the consolidated financial statements.

57

Consolidated Statements of Cash Flows

(in millions)	Year Ended December 31,
	2017			2016			2015
Operating Activities:
Net income	$	1,638		$	2,228		$	1,268
Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
Depreciation	82			85			90
Amortization of intangibles	98			96			67
Provision for losses on accounts receivable	16			9			8
Deferred income taxes	—			79			280
Stock-based compensation	99			76			78
Gain on dispositions	—			(1,101		)	(11		)
Accrued legal and regulatory settlements	55			54			119
Other	96			30			57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(196		)	(177		)	(118		)
Prepaid and other current assets	10			5			5
Accounts payable and accrued expenses	75			19			(9		)
Unearned revenue	85			107			129
Accrued legal and regulatory settlements	(4		)	(150		)	(1,624		)
Other current liabilities	(85		)	(19		)	(77		)
Net change in prepaid/accrued income taxes	32			174			129
Net change in other assets and liabilities	15			45			(35		)
Cash provided by operating activities from continuing operations	2,016			1,560			356
Investing Activities:
Capital expenditures	(123		)	(115		)	(139		)
Acquisitions, net of cash acquired	(83		)	(177		)	(2,396		)
Proceeds from dispositions	2			1,498			14
Changes in short-term investments	(5		)	(1		)	(4		)
Cash (used for) provided by investing activities from continuing operations	(209		)	1,205			(2,525		)
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	(421		)	(380		)	(363		)
Distributions to noncontrolling interest holders	(111		)	(116		)	(104		)
Repurchase of treasury shares	(1,001		)	(1,123		)	(974		)
Exercise of stock options	75			88			86
Contingent consideration payments	—			(39		)	(5		)
Purchase of additional CRISIL shares	—			—			(16		)
Employee withholding tax on share-based payments	(49		)	(55		)	(92		)
Cash (used for) provided by financing activities from continuing operations	(1,507		)	(1,696		)	1,349
Effect of exchange rate changes on cash	87			(158		)	(67		)
Cash provided by continuing operations	387			911			(887		)
Discontinued Operations:
Cash used for operating activities	—			—			(129		)
Cash used for discontinued operations	—			—			(129		)
Net change in cash and cash equivalents	387			911			(1,016		)
Cash and cash equivalents at beginning of year	2,392			1,481			2,497
Cash and cash equivalents at end of year	$	2,779		$	2,392		$	1,481
Cash paid during the year for:
Interest (including discontinued operations)	$	139		$	150		$	65
Income taxes (including discontinued operations)	$	709		$	683		$	260

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, 2014	$	412	$	493		$	6,946		$	(514	)	$	6,849		$	488		$	51		$	539
Comprehensive income 1						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 income1						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
Comprehensive income 1						1,496			124						1,620			15			1,635
Dividends						(421		)							(421		)	(10		)	(431		)
Share repurchases												1,001			(1,001		)	(5		)	(1,006		)
Employee stock plans			23									(100		)	123			8			131
Change in redemption value of redeemable noncontrolling interest						(260		)							(260		)				(260		)
Other															—			(2		)	(2		)
Balance as of December 31, 2017	$	412	$	525		$	10,025		$	(649	)	$	9,602		$	711		$	57		$	768

¹ Excludes $127 million, $109 million and $101 million in 2017, 2016 and 2015, 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, trading firms 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. We completed the sale of J.D. Power on September 7, 2016, with the results 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.

A disposal group 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. 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 $2.8 billion and $2.4 billion as of December 31, 2017 and 2016, 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 in 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.

Capitalized 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 $186 million and $145 million as of December 31, 2017 and 2016, respectively. Accumulated amortization of deferred technology costs was $104 million and $91 million as of December 31, 2017 and 2016, respectively.

61

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 total debt borrowings were $3.8 billion and $3.7 billion as of December 31, 2017 and 2016, 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.

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 the 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. An impairment charge is recognized in an amount equal to that excess.

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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, 2017, 2016 and 2015.

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 $33 million, $35 million and $33 million in advertising costs for the years ended December 31, 2017, 2016 and 2015, 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

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prior to December 31, 2018. 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.

For the years ended December 31, 2016 and 2015, we had determined that the undistributed earnings of our foreign subsidiaries were permanently reinvested within those foreign operations. Accordingly, we had not recorded deferred income taxes on these

indefinitely reinvested earnings.   As of December 31, 2017, we have approximately $2.6 billion of undistributed earnings of our foreign subsidiaries.  As a result of the TCJA, more than 70% of these $2.6 billion earnings will no longer be permanently reinvested. We will continue to permanently reinvest approximately $780 million of these undistributed earnings.

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 consolidated 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 our 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 2017, the Financial Accounting Standards Board ("FASB") issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2017, the FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but

clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. 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 2017, the FASB issued guidance to enhance the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component outside a subtotal of income from operations. Additionally, only the service cost component is eligible for capitalization. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. The guidance is required to be adopted retrospectively with respect to the income statement presentation requirement and prospectively for the capitalization requirement. The change in capitalization requirement will not have a material impact on our consolidated financial statements.We recorded a benefit of $25 million, $24 million and $3 million in 2017, 2016 and 2015, respectively, related to our net periodic benefit costs for our retirement and postretirement plans. These amounts are not necessarily indicative of future amounts that may arise in years following the implementation of this new guidance. See Note 7 – Employee Benefits for additional information related to our retirement and postretirement plans.

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In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. 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 August of 2016, the 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 requires recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity. The guidance was effective on January 1, 2017 and was adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively 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. For the year ended December 31, 2017, excess tax benefits from share-based payments of $72 million were recognized as an income tax benefit in our consolidated statements of income and classified as an operating activity in our consolidated statements of cash flows. For the years ended December 31, 2016 and 2015, we reclassified $41 million and $69 million, respectively, of excess tax benefits from share-based payments from a financing activity to an operating activity in our consolidated statements of cash flows. In addition, cash paid for shares withheld on the employees' behalf of $49 million was classified as a financing activity in our consolidated statements of cash flows for the year ended December 31, 2017. Cash paid for employee taxes of $55 million and $92 million were reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the years ended December 31, 2016 and 2015, respectively.

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 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. We have completed our evaluation of changes to our accounting policies, business processes, systems and internal controls to support the recognition and disclosure requirements under the new standard. We will adopt the new revenue standard effective January 1,

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2018 using the modified retrospective transition method. Based on our analysis, adoption of the new standard will impact: (1) the capitalization of costs to obtain contracts with our customers and the related amortization period of those costs; (2) the timing of when fees for certain Ratings products that are recognized to match when the customer obtains control of the product; 3) the accounting for long-term deferred revenue in our Ratings segment which contain a financing component; and 4) the presentation of sales of certain of our jointly-owned products in our Market and Commodities Intelligence segment, where revenue will be recognized on a gross rather than net basis. The aggregate impact of these adjustments on our opening balance sheet will be an increase to retained earnings of approximately $40 million, with the increase driven primarily by the capitalization of costs to obtain contracts with our customers of approximately $79 million previously expensed, offset by the deferral of income associated with our Ratings products of approximately $14 million previously recognized in revenue, the net impact of recording expense associated with the significant financing component of Ratings' long term deferred revenue of approximately $12 million, and a net increase to the associated deferred tax assets and deferred tax liabilities associated with these adjustments of approximately $13 million.

Reclassification

Certain prior year amounts have been reclassified for comparability purposes.

2. Acquisitions and Divestitures

Acquisitions

2017

For the year ended December 31, 2017, we paid cash for acquisitions, net of cash acquired, totaling $83 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, 2017 included:

• In August of 2017, we acquired a 6.02% investment in Algomi Limited ("Algomi"), an innovative fintech company focused on providing software-enabled liquidity solutions to both buy-side and sell-side firms within the credit markets. Our investment in Algomi will help facilitate product collaboration and enable future business expansion. We accounted for the investment in Algomi using the cost method of accounting. The investment with Algomi is not material to our consolidated financial statements.

• In June of 2017, CRISIL, included within our Ratings segment, acquired 8.9% of the outstanding shares of CARE Ratings Limited ("CARE") from Canara Bank. CARE is a Securities and Exchange Board of India registered credit rating agency providing various rating and grading services in India whose shares are publicly traded on both the Bombay Stock Exchange and the National Stock Exchange of India. We accounted for the investment in CARE as available-for-sale using the fair value method of accounting. The investment balance as of December 31, 2017 of $54 million is included in other non-current assets in our consolidated balance sheet. The change in the fair value of this investment is reported in accumulated other comprehensive loss in our consolidated balance sheet. The investment in CARE is not material to our consolidated financial statements.

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.

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• 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.

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• 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 year ended December 31, 2015 as if the acquisition of SNL occurred on January 1, 2015. 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

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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
Pro forma revenue	$	5,477
Pro forma net income	$	1,258

Non-cash investing activities

Liabilities assumed in conjunction with our acquisitions are as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Fair value of assets acquired	$	83	$	253	$	2,576
Cash paid (net of cash acquired)	83		211		2,401
Liabilities assumed	$	—	$	42	$	175

Divestitures - Continuing Operations

2017

In April of 2017, we signed a letter of intent to sell our facility at East Windsor, New Jersey. The fixed assets of the facility of $5 million have been classified as held for sale, which is included in prepaid and other current assets in our consolidated balance sheet as of December 31, 2017.

In January of 2017, we completed the sale of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. 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 QuantHouse to QH Holdco. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale, which were included in prepaid and other current assets and other current liabilities, respectively, 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.

The components of assets and liabilities held for sale related to QuantHouse, which were included in prepaid and other current assets and other current liabilities in the consolidated balance sheet, consist of the following:

(in millions)	December 31, 2016
Accounts receivable, net	$	4
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

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 on dispositions in the consolidated statement of income:

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• 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 on dispositions in the consolidated statement of income related to the sale of SPSE and CMA. Additionally, in October of 2016, we completed the sale of Equity and Fund Research ("Equity Research") 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 on dispositions in the consolidated statement of income related to the sale of Equity Research.

• 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 on dispositions in the consolidated statement of income related to the sale of J.D. Power.

2015

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

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2017, 2016, and 2015 is as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Operating profit 1	$	—	$	62	$	85

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

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, 2015	$	114		$	2,392		$	376	$	2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other 1	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	109			2,457			383		2,949
Other 1	5			27			8		40
Balance as of December 31, 2017	$	114		$	2,484		$	391	$	2,989

¹  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2016 includes adjustments related to SNL and Petromedia. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

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, 2017 and 2016 that consist of the following:

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• $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, 2015	$	510		$	139	$	168		$	47		$	269		$	1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 1	(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
Dispositions	(4		)	—		(2		)	—			—			(6		)
Other 2	52			—		19			5			(86		)	(10		)
Balance as of December 31, 2017	$	554		$	139	$	347		$	50		$	77		$	1,167
Accumulated amortization
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 1	(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
Current year amortization	52			14		22			4			6			98
Dispositions	(3		)	—		(2		)	—			(1		)	(6		)
Reclassifications	2			—		1			1			(4		)	—
Other (primarily Fx)	4			—		1			1			4			10
Balance as of December 31, 2017	$	187		$	101	$	106		$	42		$	57		$	493
Net definite-lived intangibles:
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792
December 31, 2017	$	367		$	38	$	241		$	8		$	20		$	674

¹  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in the consolidated statement of income.

²  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

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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, 2017 is approximately 12 years.

Amortization expense for the years ended December 31, 2017, 2016 and 2015 was $98 million, $96 million, and $67 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)	2018		2019		2020		2021		2022
Amortization expense	$	95	$	88	$	82	$	70	$	68

4. Taxes on Income

Comprehensive tax legislation enacted through the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, significantly modified U.S. corporate income tax law. Provisional amounts have been recorded in our financial statements based on the Company’s initial analysis of the TCJA. The Company may adjust these amounts in future periods if our interpretation of the TCJA changes or as additional guidance from the U.S. Treasury becomes available. As a result of the TCJA, a provisional amount of $149 million has been recorded which reflects a one-time tax charge of approximately $173 million on the deemed repatriation of foreign earnings and a one-time tax benefit of approximately $24 million in respect of the re-valuation of net U.S. deferred tax liabilities at the reduced corporate income tax rate.

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Domestic operations	$	1,723	$	2,585	$	1,266
Foreign operations	738		603		549
Total income before taxes	$	2,461	$	3,188	$	1,815

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2017			2016			2015
Federal:
Current	$	489		$	641		$	90
Deferred	63			79			276
Total federal	552			720			366
Foreign:
Current	194			133			111
Deferred	(3		)	(4		)	(1		)
Total foreign	191			129			110
State and local:
Current	73			99			34
Deferred	7			12			37
Total state and local	80			111			71
Total provision for taxes	$	823		$	960		$	547

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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,
	2017		2016		2015
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	2.5		2.7		2.6
Divestitures	—		(4.3	)	—
Foreign operations	(3.9	)	(2.0	)	(3.2	)
Impact of TCJA	6.0		—		—
Stock-based compensation	(2.7	)	—		—
S&P Dow Jones Indices LLC joint venture	(1.8	)	(1.2	)	(2.0	)
Tax credits and incentives	(2.1	)	(1.6	)	(2.9	)
Other, net	0.4		1.5		0.6
Effective income tax rate	33.4	%	30.1	%	30.1	%

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,
	2017			2016
Deferred tax assets:
Legal and regulatory settlements	$	27		$	23
Employee compensation	50			78
Accrued expenses	47			87
Postretirement benefits	34			105
Unearned revenue	26			33
Allowance for doubtful accounts	8			11
Loss carryforwards	135			112
Other	45			3
Total deferred tax assets	372			452
Deferred tax liabilities:
Goodwill and intangible assets	(249		)	(320		)
Fixed assets	(4		)	(3		)
Other	—			—
Total deferred tax liabilities	(253		)	(323		)
Net deferred income tax asset before valuation allowance	119			129
Valuation allowance	(127		)	(116		)
Net deferred income tax (liability) asset	$	(8	)	$	13
Reported as:
Non-current deferred tax assets	$	59		$	61
Non-current deferred tax liabilities	(67		)	(48		)
Net deferred income tax (liability) asset	$	(8	)	$	13

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. 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 $780

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million at December 31, 2017. 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 $709 million in 2017, $683 million in 2016, and $260 million in 2015. As of December 31, 2017, we had net operating loss carryforwards of $564 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,
	2017			2016			2015
Balance at beginning of year	$	221		$	162		$	155
Additions based on tax positions related to the current year	23			48			24
Additions for tax positions of prior years	17			20			16
Reduction for tax positions of prior years	(32		)	(3		)	(15		)
Reduction for settlements	(5		)	(6		)	(18		)
Expiration of applicable statutes of limitations	(12		)	—			—
Balance at end of year	$	212		$	221		$	162

The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2017, 2016 and 2015 was $212 million, $221 million and $162 million, respectively, exclusive of interest and penalties. During the period ending December 31, 2017, the change in unrecognized tax benefits resulted in a net reduction of tax expense of $4 million.

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, 2017 and 2016, we had $59 million and $44 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits on the balance sheet may be reduced by up to approximately $60 million in the next twelve months as a result of the resolution of local tax examinations.

The U.S. federal income tax audits for 2016 and 2015 are in process. During 2017, 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 2010. The impact to tax expense in 2017, 2016 and 2015 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, 2018. 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.

5. Debt

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

(in millions)	December 31,
	2017		2016
2.5% Senior Notes, due 2018 1	$	399	$	398
3.3% Senior Notes, due 2020 2	697		696
4.0% Senior Notes, due 2025 3	692		691
4.4% Senior Notes, due 2026 4	892		891
2.95% Senior Notes, due 2027 5	493		492
6.55% Senior Notes, due 2037 6	396		396
Total debt	3,569		3,564
Less: short-term debt including current maturities	399		—
Long-term debt	$	3,170	$	3,564

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¹  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2017, the unamortized debt discount and issuance costs total $3 million.

³  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁴  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁵  Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2017, the unamortized debt discount and issuance costs total $7 million.

⁶  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $4 million.

Annual debt maturities are scheduled as follows based on book values as of December 31, 2017: $399 million due in 2018, no amounts due in 2019, $697 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.

On June 30, 2017, we entered into a revolving $1.2 billionfive-year credit agreement (our "credit facility") that will terminate on June 30, 2022. This credit facility replaced our $1.2 billionfive-year credit facility that was scheduled to terminate on June 30, 2020. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility. There were no commercial paper borrowings outstanding as of December 31, 2017 and 2016.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 12.5 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 Offer 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 corporate credit rating.

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

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, 2017 and December 31, 2016, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign currency exchange rates. Foreign currency forward contracts are recorded at fair value that is based on foreign currency exchange rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy.We do not enter into any derivative financial instruments for speculative purposes.

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Undesignated Derivative Instruments

During the three months ended December 31, 2017, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of December 31, 2017, the aggregate notional value of these outstanding forward contracts was $130 million. The changes in fair value of these forward contracts are recorded in prepaid and other assets in the consolidated balance sheet with their corresponding change in fair value recognized into selling and general expenses in the consolidated statement of income. The net gain recorded in selling and general expense for the year ended December 31, 2017 related to these contracts was $3 million.

Cash Flow Hedges

During the three months ended March 31, 2017 and December 31, 2017, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian rupee, British pound, and Euro exposures through the fourth quarter of 2017 and 2018, respectively. These contracts are intended to offset the impact of the movement of exchange rates on future revenue and operating costs and are scheduled to mature within twelve months. 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 revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

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 the 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 were initially reported in accumulated other comprehensive loss in our consolidated balance sheet and subsequently reclassified into selling and general expenses in the same period that the hedge contract matures.

As of December 31, 2017, we estimate that $2 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months. There was no material hedge ineffectiveness for the year ended December 31, 2017.

As of December 31, 2017 and December 31, 2016, the aggregate notional value of our outstanding foreign currency forward contracts designated as cash flow hedges was $307 million and $65 million, respectively.

The following table provides information on the location and fair value amounts of our cash flow hedges as of December 31, 2017 and December 31, 2016:

(in millions)		December 31,		December 31,
Balance Sheet Location		2017		2016
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	3	$	3

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	2017		2016		2015			2017		2016		2015
Foreign exchange forward contracts	$	—	$	3	$	—	Selling and general expenses	$	9	$	4	$	—

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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,
	2017			2016			2015
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	2		$	(1	)	$	(1	)
Change in fair value, net of tax	9			7			—
Reclassification into earnings, net of tax	(9		)	(4		)	—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	2		$	(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.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss 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.

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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, 2017 and 2016, 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
	2017			2016			2017			2016
Net benefit obligation at beginning of year	$	2,260		$	2,199		$	57		$	80
Service cost	3			3			—			—
Interest cost	74			78			2			2
Plan participants’ contributions	—			—			3			4
Actuarial loss (gain)	107			196			(5		)	(6		)
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	38			(75		)	—			—
Other adjustments 1	(43		)	(20		)	—			(13		)
Net benefit obligation at end of year	2,329			2,260			49			57
Fair value of plan assets at beginning of year	2,073			2,023			—			—
Actual return on plan assets	263			259			—			—
Employer contributions	8			8			25			6
Plan participants’ contributions	—			—			3			4
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	31			(74		)				—
Other adjustments	(46		)	(22		)				—
Fair value of plan assets at end of year	2,219			2,073			20			—
Funded status	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	114		$	46		$	—		$	—
Current liabilities	(9		)	(8		)	—			(8		)
Non-current liabilities	(215		)	(225		)	(29		)	(49		)
	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Accumulated benefit obligation	$	2,319		$	2,251
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	224		$	674
Accumulated benefit obligation	$	214		$	665
Fair value of plan assets	$	—		$	441
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	451		$	483		$	(37	)	$	(35	)
Prior service credit	1			1			(12		)	(13		)
Total recognized	$	452		$	484		$	(49	)	$	(48	)

¹  Relates to the impact of retiree annuity purchases.

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, 2018 is $19 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, 2018.

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, 2018.

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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
	2017			2016			2015			2017			2016			2015
Service cost	$	3		$	3		$	6		$	—		$	—		$	—
Interest cost	74			78			96			2			2			3
Expected return on assets	(126		)	(122		)	(127		)	—			—			—
Amortization of:
Actuarial loss (gain)	18			16			20			(2		)	(1		)	—
Prior service (credit) cost	—			—			—			(2		)	—			(1		)
Other 1	8			—			—			—			—			—
Net periodic benefit cost	$	(23	)	$	(25	)	$	(5	)	$	(2	)	$	1		$	2

¹  Represents a charge related to our U.K retirement plan.

Our U.K. retirement plan accounted for a benefit of $6 million in 2017, $10 million in 2016, and $10 million in 2015 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
	2017			2016			2015			2017			2016			2015
Net actuarial (gain) loss	$	(20	)	$	60		$	(6	)	$	(3	)	$	(12	)	$	(17	)
Recognized actuarial (gain) loss	(12		)	(10		)	(13		)	1			1			—
Prior service (credit) cost	—			—			—			1			(8		)	1
Other 1	(7		)
Total recognized	$	(39	)	$	50		$	(19	)	$	(1	)	$	(19	)	$	(16	)

¹  Represents a charge related to our U.K retirement plan.

The total cost for our retirement plans was $70 million for 2017, $69 million for 2016 and $91 million for 2015. Included in the total retirement plans cost are defined contribution plans cost of $70 million for 2017, $65 million for 2016 and $67 million for 2015.

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Assumptions

	Retirement Plans						Postretirement Plans
	2017		2016		2015		2017		2016		2015
Benefit obligation:
Discount rate 2	3.68	%	4.14	%	4.47	%	3.40	%	3.69	%	3.90	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.00	%	7.00	%	7.00	%
Discount rate - U.S. plan 2	4.13	%	4.47	%	4.15	%	3.69	%	3.94	%	3.60	%
Discount rate - U.K. plan 2	2.58	%	3.84	%	3.80	%
Return on assets 3	6.25	%	6.25	%	6.25	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2017 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	$	—	$	—

²  Effective January 1, 2017, we changed our discount rate assumption on our U.S. retirement plans to 4.13% from 4.47% in 2016 and changed our discount rate assumption on our U.K. plan to 2.58% from 3.84% in 2016 . 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 and 2017, 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 $10 million in 2017 and $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, 2018, our return on assets assumption for the U.S. plan and U.K. plan decreased to 6.00% from 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 2018 are $9 million and $7 million for our retirement and postretirement plans respectively. In 2018, 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
2018	$	88	$	9	$	(3	)	$	—	$	6
2019	90		8		(3		)	—		5
2020	93		8		(2		)	—		6
2021	96		7		(2		)	—		5
2022	99		6		(2		)	—		4
2023-2027	527		24		(9		)	—		15

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.

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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, 2017 and 2016, by asset class is as follows:

(in millions)	December 31, 2017
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	10	$	10	$	—	$	—
Equities:
U.S. indexes 1	50		50		—		—
U.S. growth and value	109		109		—		—
U.K.	5		5		—		—
International, excluding U.K.	45		45		—		—
Fixed income:
Long duration strategy 2	1,076		—		1,076		—
Intermediate duration securities	35		—		35		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	15		—		15		—
International, excluding U.K.	18		—		18		—
Real Estate
U.K. 4	39		—		—		39
Total	$	1,426	$	219	$	1,168	$	39
Collective investment funds	$	793
Total	$	2,219

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(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	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
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	$	749
Total	$	2,073

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, 2016	$	11
Purchases	28
Distributions	(1		)
Gain (loss)	1
Balance as of December 31, 2017	$	39

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 $1,739 million and $1,632 million as of December 31, 2017 and 2016 respectively, and the target allocations in 2017 include 68% fixed income, 27% domestic equities and 5% international equities.

• The U.K. pension trust had assets of $480 million and $441 million as of December 31, 2017 and 2016, respectively, and the target allocations in 2017 include 40% fixed income, 30% diversified growth funds, 20% equities and 10% real estate.

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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 228,248 shares and sold 297,750 shares of S&P Global Inc. common stock in 2017 and purchased 216,035 shares and sold 437,283 shares of S&P Global Inc. common stock in 2016. The plans held approximately 1.5 million shares of S&P Global Inc. common stock as of December 31, 2017 and 1.6 million shares as of December 31, 2016, with market values of $255 million and $171 million, respectively. The plans received dividends on S&P Global Inc. common stock of $3 million and $2 million during the years ended December 31, 2017 and December 31, 2016 respectively.

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 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,
	2017	2016
Shares available for granting under the 2002 Plan	33.8	33.5
Options outstanding	2.1	3.8
Total shares reserved for issuance 1	35.9	37.3

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

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Stock option expense	$	3	$	7	$	14
Restricted stock and unit awards expense	96		69		64
Total stock-based compensation expense	$	99	$	76	$	78
Tax benefit	$	38	$	29	$	29

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
Risk-free average interest rate	0.2 - 1.9%
Dividend yield	1.4%
Volatility	21 - 39%
Expected life (years)	6.3
Weighted-average grant-date fair value per option	$	27.57

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 2017 and 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, 2016	3.8		$	43.36
Exercised	(1.7	)	$	113.04
Forfeited and expired 1	—		$	72.35
Options outstanding as of December 31, 2017	2.1		$	44.09	3.5	$	270
Options exercisable as of December 31, 2017	2.1		$	44.08	3.5	$	270

¹ There are less 0.1 million shares forfeited and expired.

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(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Vested	(0.2		)	$	23.40
Forfeited 1	—			$	24.22
Nonvested options outstanding as of December 31, 2017	—			$	27.52
Total unrecognized compensation expense related to nonvested options 2	$	—
Weighted-average years to be recognized over	0.1

¹  There are less than 0.1 million shares forfeited.

²  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, 2017, 2016 and 2015 was $4 million, $7 million and $11 million, respectively.

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2017		2016		2015
Net cash proceeds from the exercise of stock options	$	75	$	88	$	86
Total intrinsic value of stock option exercises	$	118	$	95	$	94
Income tax benefit realized from stock option exercises	$	64	$	41	$	49

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, 2016	1.0			$	106.31
Granted	0.8			$	147.12
Vested	(1.0		)	$	156.16
Forfeited 1	—			$	107.96
Nonvested shares as of December 31, 2017	0.8			$	124.91
Total unrecognized compensation expense related to nonvested awards	$	66
Weighted-average years to be recognized over	1.6

¹  There are less than 0.1 million shares forfeited.

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	Year Ended December 31,
	2017		2016		2015
Weighted-average grant-date fair value per award	$	147.12	$	93.01	$	77.06
Total fair value of restricted stock and unit awards vested	$	147	$	99	$	155
Tax benefit relating to restricted stock activity	$	36	$	26	$	24

9. Equity

Capital Stock

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

On February 2, 2018, the Board of Directors approved an increase in the dividends for 2018 to a quarterly rate of $0.50 per common share.

	Year Ended December 31,
	2017		2016		2015
Quarterly dividend rate	$	0.41	$	0.36	$	0.33
Annualized dividend rate	$	1.64	$	1.44	$	1.32
Dividends paid (in millions)	$	421	$	380	$	363

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,
	2017		2016		2015
Total number of shares purchased 1	6.8		9.7		10.1
Average price paid per share 2	$	147.74	$	113.36	$	99.00
Total cash utilized 2	$	1,001	$	1,097	$	1,000

¹  2017 and 2016 includes shares received as part of our accelerated share repurchase agreements 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. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2017, 2016 and 2015 resulting in $1,001 million, $1,123 million and $974 million of cash used to repurchase shares, respectively.

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, 2017, 19 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 Agreements

We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on August 1, 2017 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.8 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on October 31, 2017 and received an additional 0.5 million shares. We repurchased a total of 3.2 million shares under the ASR agreement for an average purchase price of $154.46 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

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Using a portion of the proceeds received from the sale of J.D. Power, we entered into an 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 agreements were 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 that own 27% of our S&P Dow Jones Indices LLC joint venture 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 S&P Dow Jones 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, 2017 were as follows:

(in millions)
Balance as of December 31, 2016	$	1,080
Net income attributable to noncontrolling interest	127
Distributions to noncontrolling interest	(117		)
Redemption value adjustment	260
Balance as of December 31, 2017	$	1,350

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Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2017:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans 1			Unrealized Gain (Loss) on Forward Exchange Contracts 2			Unrealized Loss on Investment			Accumulated Other Comprehensive Loss
Balance as of December 31, 2016	$	(332	)	$	(443	)	$	2		—			$	(773	)
Other comprehensive income before reclassifications	93			30			9			(10		)	122
Reclassifications from accumulated other comprehensive loss to net earnings	—			11			(9		)	—			2
Net other comprehensive income	93			41			—			(10		)	124
Balance as of December 31, 2017	$	(239	)	$	(402	)	$	2		$	(10	)	$	(649	)

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, 2017.

10. Earnings per Share

Basic earnings per common share ("EPS") is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, 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 and restricted performance shares calculated using the treasury stock method.

The calculation for basic and diluted EPS is as follows:

(in millions, except per share data)	Year Ended December 31,
	2017		2016		2015
Amount attributable to S&P Global Inc. common shareholders:
Net income	$	1,496	$	2,106	$	1,156
Basic weighted-average number of common shares outstanding	256.3		262.8		271.6
Effect of stock options and other dilutive securities	2.6		2.4		3.0
Diluted weighted-average number of common shares outstanding	258.9		265.2		274.6
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	5.84	$	8.02	$	4.26
Diluted	$	5.78	$	7.94	$	4.21

Each period we have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. 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 net loss 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 net loss exists. As of December 31, 2017, 2016 and 2015, there were no stock options excluded. Restricted

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performance shares outstanding of 0.6 million, 0.7 million and 0.9 million as of December 31, 2017, 2016 and 2015, respectively, were excluded.

11. Restructuring

During 2017 and 2016, 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 2017 and 2016 restructuring plans consisted of a company-wide workforce reduction of approximately 520 and 230 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 2016 restructuring plan that we have reversed in 2017, which offset the initial charge of $30 million recorded for the 2016 restructuring plan. Also, 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.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2017 by segment is as follows:

	2017 Restructuring Plan				2016 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	25	$	24	$	14	4
Market and Commodities Intelligence	9		5		10		3
Indices	—		—		1		—
Corporate	10		10		5		1
Total	$	44	$	39	$	30	$	8

For the year ended December 31, 2017, we have reduced the reserve for the 2017 restructuring plan by $5 million and for the years ended December 31, 2017 and 2016, we have reduced the reserve for the 2016 restructuring plan by $15 million and $7 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.

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

(in millions)	Revenue									Operating Profit
	2017			2016			2015			2017			2016			2015
Ratings 1	$	2,988		$	2,535		$	2,428		$	1,524		$	1,262		$	1,078
Market and Commodities Intelligence 2	2,452			2,585			2,376			793			1,822			585
Indices 3	733			639			597			471			412			392
Intersegment elimination 4	(110		)	(98		)	(88		)	—			—			—
Total operating segments	6,063			5,661			5,313			2,788			3,496			2,055
Unallocated expense 5	—			—			—			(178		)	(127		)	(138		)
Total	$	6,063		$	5,661		$	5,313		$	2,610		$	3,369		$	1,917

¹  Operating profit for the year ended December 31, 2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and employee severance charges of $13 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $4 million for the year ended December 31, 2017 and $5 million for the years ended December 31, 2016 and 2015.

²  Operating profit for the year ended December 31, 2017 includes non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset-write off of $2 million. 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 related to identified operating efficiencies primarily related to employee severance charges of $33 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $87 million, $85 million and $57 million for the years ended December 31, 2017, 2016 and 2015, respectively.

³  Operating profit includes amortization of intangibles from acquisitions of $7 million, $6 million and $5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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, 2017 includes a charge to exit leased facilities of $19 million, employee severance charges of $10 million and a pension related charge of $8 million. 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 employee severance charges of $10 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2017		2016		2015		2017		2016		2015
Ratings	$	34	$	34	$	43	$	45	$	42	$	48
Market and Commodities Intelligence	128		131		99		52		57		78
Indices	9		8		8		3		3		4
Total operating segments	171		173		150		100		102		130
Corporate	9		8		7		23		13		9
Total	$	180	$	181	$	157	$	123	$	115	$	139

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Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2017		2016
Ratings	$	788	$	612
Market and Commodities Intelligence	4,172		4,104
Indices	1,270		1,247
Total operating segments	6,230		5,963
Corporate 1	3,190		2,699
Assets held for sale 2	5		7
Total	$	9,425	$	8,669

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 East Windsor, New Jersey facility and QuantHouse as of December 31, 2017 and 2016, respectively.

We do not have operations in any foreign country that represent more than 7% 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,
	2017		2016		2015		2017		2016
U.S.	$	3,658	$	3,461	$	3,202	$	4,285	$	4,335
European region	1,473		1,330		1,265		346		341
Asia	594		575		566		54		58
Rest of the world	338		295		280		49		46
Total	$	6,063	$	5,661	$	5,313	$	4,734	$	4,780

	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2017		2016		2015		2017		2016
U.S.	60	%	61	%	60	%	91	%	91	%
European region	24		24		24		7		7
Asia	10		10		11		1		1
Rest of the world	6		5		5		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

Related Party Agreement

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, 2017, 2016 and 2015, S&P Dow Jones Indices LLC earned $74 million, $76 million and $63 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.

91

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,
	2017			2016			2015
Gross rental expense	$	177		$	179		$	182
Less: sublease revenue	(17		)	(16		)	(14		)
Less: rent credit	—			—			(4		)
Net rental expense	$	160		$	163		$	164

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
2018	$	122	$	(17	)	$	105
2019	109		(17		)	92
2020	83		(3		)	80
2021	71		—			71
2022	69		—			69
2023 and beyond	516		—			516
Total	$	970	$	(37	)	$	933

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.

92

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 several 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. 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

In 2014, the prosecutor in the Italian city of Trani 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 were based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. On March 30, 2017, following trial, the court in Trani issued an oral verdict acquitting each of the individual defendants and Standard & Poor’s Credit Market Services Europe of all charges, and on September 27, 2017, the court filed a written opinion supporting the verdict. The prosecutor did not appeal, and the verdict is now final.

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, among other things, breach of fiduciary duty, waste of corporate assets, and mismanagement against the board of directors and certain former directors and employees of the Company. 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. 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. The complaint asserts claims for, among other things, 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 employees of the Company. The Grika matter was transferred to the judge presiding over the North Miami Beach matter. In December of 2016, the court issued orders granting the Company's motions to dismiss both the North Miami Beach and Grika matters. In January of 2017, the plaintiffs in both matters filed notices of appeal. Briefing on the North Miami Beach appeal is now complete, and oral argument was held on January 23, 2018.  The plaintiff in the Grika matter filed a brief in support of his appeal on January 2, 2018, and the Company and the individual defendants filed briefs in opposition to the appeal on January 31, 2018.

93

14. Quarterly Financial Information (Unaudited)

(in millions, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter		Total year
2017
Revenue	$	1,453	$	1,509	$	1,513	$	1,589	$	6,063
Operating profit	$	648	$	677	$	658	$	628	$	2,610
Net income	$	430	$	457	$	452	$	299	$	1,638
Net income attributable to S&P Global common shareholders	$	399	$	421	$	414	$	263	$	1,496
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.54	$	1.63	$	1.62	$	1.03	$	5.84
Diluted	$	1.53	$	1.62	$	1.61	$	1.02	$	5.78
20161
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

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.

94

15. 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, 2017
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	717		$	1,780		$	3,704		$	(138	)	$	6,063
Expenses:
Operating-related expenses	108			482			1,261			(138		)	1,713
Selling and general expenses	162			345			1,053			—			1,560
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Total expenses	301			838			2,452			(138		)	3,453
Operating profit	416			942			1,252			—			2,610
Interest expense (income), net	163			—			(14		)	—			149
Non-operating intercompany transactions	365			(77		)	(2,463		)	2,175			—
(Loss) income before taxes on income	(112		)	1,019			3,729			(2,175		)	2,461
Provision for taxes on income	26			370			427			—			823
Equity in net income of subsidiaries	3,808			—			—			(3,808		)	—
Net income	3,670			649			3,302			(5,983		)	1,638
Less: net income attributable to noncontrolling interests	—			—			—			(142		)	(142		)
Net income attributable to S&P Global Inc.	$	3,670		$	649		$	3,302		$	(6,125	)	$	1,496
Comprehensive income	$	3,694		$	649		$	3,401		$	(5,982	)	$	1,762

95

	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	113			451			1,335			(126		)	1,773
Selling and general expenses	109			243			1,087			—			1,439
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

96

	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	137			737		959			(115		)	1,718
Selling and general expenses	184			254		1,094			—			1,532
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on disposition	—			—		(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 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

97

	Balance Sheet
	December 31, 2017
(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	$	632		$	—		$	2,147		$	—		$	2,779
Accounts receivable, net of allowance for doubtful accounts	138			152			1,029			—			1,319
Intercompany receivable	768			1,784			2,527			(5,079		)	—
Prepaid and other current assets	143			(3		)	86			—			226
Total current assets	1,681			1,933			5,789			(5,079		)	4,324
Property and equipment, net of accumulated depreciation	158			10			107			—			275
Goodwill	261			—			2,719			9			2,989
Other intangible assets, net	—			—			1,388			—			1,388
Investments in subsidiaries	8,364			5			8,028			(16,397		)	—
Intercompany loans receivable	116			—			1,699			(1,815		)	—
Other non-current assets	215			61			174			(1		)	449
Total assets	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	79		$	23		$	93		$	—		$	195
Intercompany payable	3,433			492			1,154			(5,079		)	—
Accrued compensation and contributions to retirement plans	145			86			241			—			472
Short-term debt	399			—			—			—			399
Income taxes currently payable	2			—			75			—			77
Unearned revenue	293			193			1,127			—			1,613
Accrued legal settlements	—			2			105			—			107
Other current liabilities	136			21			194			—			351
Total current liabilities	4,487			817			2,989			(5,079		)	3,214
Long-term debt	3,170			—			—			—			3,170
Intercompany loans payable	101			—			1,715			(1,816		)	—
Pension and other postretirement benefits	180			—			64			—			244
Other non-current liabilities	376			74			229			—			679
Total liabilities	8,314			891			4,997			(6,895		)	7,307
Redeemable noncontrolling interest	—			—			—			1,350			1,350
Equity:
Common stock	412			—			2,318			(2,318		)	412
Additional paid-in capital	(216		)	602			9,256			(9,117		)	525
Retained income	12,156			516			3,782			(6,429		)	10,025
Accumulated other comprehensive loss	(269		)	—			(426		)	46			(649		)
Less: common stock in treasury	(9,602		)	—			(23		)	23			(9,602		)
Total equity - controlling interests	2,481			1,118			14,907			(17,795		)	711
Total equity - noncontrolling interests	—			—			—			57			57
Total equity	2,481			1,118			14,907			(17,738		)	768
Total liabilities and equity	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425

98

	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			79			(1		)	157
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		)	250			—			359
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

99

	Statement of Cash Flows
	Year Ended December 31, 2017
(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	$	3,670		$	649		$	3,302		$	(5,983	)	$	1,638
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Provision for losses on accounts receivable	2			3			11			—			16
Deferred income taxes	108			(10		)	(98		)	—			—
Stock-based compensation	35			22			42			—			99
Accrued legal settlements	—			—			55			—			55
Other	34			19			43			—			96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(23		)	(171		)	—			(196		)
Prepaid and current assets	(5		)	3			12			—			10
Accounts payable and accrued expenses	22			97			(44		)	—			75
Unearned revenue	19			2			64			—			85
Accrued legal settlements	—			(1		)	(3		)	—			(4		)
Other current liabilities	(42		)	(12		)	(31		)	—			(85		)
Net change in prepaid/accrued income taxes	41			(18		)	9			—			32
Net change in other assets and liabilities	7			(6		)	14			—			15
Cash provided by operating activities	3,920			736			3,343			(5,983		)	2,016
Investing Activities:
Capital expenditures	(55		)	(32		)	(36		)	—			(123		)
Acquisitions, net of cash acquired	—			—			(83		)	—			(83		)
Proceeds from dispositions	—			—			2			—			2
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(55		)	(32		)	(122		)	—			(209		)
Financing Activities:
Dividends paid to shareholders	(421		)	—			—			—			(421		)
Distributions to noncontrolling interest holders	—			—			(111		)	—			(111		)
Repurchase of treasury shares	(1,001		)	—			—			—			(1,001		)
Exercise of stock options	68			—			7			—			75
Employee withholding tax on share-based payments	(49		)	—			—			—			(49		)
Intercompany financing activities	(2,546		)	(704		)	(2,733		)	5,983			—
Cash used for financing activities	(3,949		)	(704		)	(2,837		)	5,983			(1,507		)
Effect of exchange rate changes on cash from continuing operations	5			—			82			—			87
Net change in cash and cash equivalents	(79		)	—			466			—			387
Cash and cash equivalents at beginning of year	711			—			1,681			—			2,392
Cash and cash equivalents at end of year	$	632		$	—		$	2,147		$	—		$	2,779

100

	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:
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	(2		)	10			(3		)	—			5
Accounts payable and accrued expenses	(8		)	(39		)	66			—			19
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlements	—			(108		)	(42		)	—			(150		)
Other current liabilities	(27		)	(27		)	35			—			(19		)
Net change in prepaid/accrued income taxes	141			—			33			—			174
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities	2,215			456			2,263			(3,374		)	1,560
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	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		)
Distributions to noncontrolling interest holders	—			—			(116		)	—			(116		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Employee withholding tax on share-based payments	(55		)	—			—			—			(55		)
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities	(2,881		)	(441		)	(1,748		)	3,374			(1,696		)
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

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	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 net income 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 disposition	—			—			(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	(4		)	14			(5		)	—			5
Accounts payable and accrued expenses	8			(34		)	17			—			(9		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlements	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(31		)	(35		)	(11		)	—			(77		)
Net change in prepaid/accrued income taxes	14			—			115			—			129
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,632			(349		)	818			(1,745		)	356
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	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Distributions to noncontrolling interest holders	—			—			(104		)	—			(104		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Contingent consideration payments	(5		)	—			—			—			(5		)
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Employee withholding tax on share-based payments	(92		)	—			—			—			(92		)
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(557		)	359			(198		)	1,745			1,349
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash 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

102

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, 2017, 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, 2017.

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, 2017. 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, 2017, 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

103

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 2017 attributable to the transactions or dealings by the Company described below was approximately $545,000 with net profit from such sales being a fraction of the revenues.

During 2017, 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. Seven of the subscribers are identified by OFAC as GOI entities; and nine appear, based on publicly available information, to be owned or controlled by GOI entities. In addition, as previously reported, during the third quarter of 2017, this division entered into a contract to sell information and informational materials to another subscriber that is owned or controlled by the Government of Iran, and began to provide informational materials to this subscriber under the contract, but no revenues were received under this contract in 2017. 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. 

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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 2018 Annual Meeting of Shareholders to be filed with the SEC within 120 days of the fiscal year ended December 31, 2017 (the “2018 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 2018 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 2018 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 2018 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 May 5, 2017.

Item 11. Executive Compensation

Information about director and executive officer compensation, Compensation Committee interlocks and the Compensation Committee Report is contained in our 2018 Proxy Statement under the captions “2017 Director Compensation,” “Board of Directors and Corporate Governance-Compensation Committee Interlocks and Insider Participation,” and is incorporated herein by reference.

105

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, 2017:

	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	2,153,409	1	$	44.09	33,839,258	2,3

¹  Shares to be issued upon exercise of outstanding options under our Stock Incentive Plans.

²  Included in this number are 48,826 shares reserved for issuance under the Director Deferred Stock Ownership Plan. The remaining 33,790,432 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 2018 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 2018 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accountant Fees and Services

During the year ended December 31, 2017, 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 2018 Proxy Statement under the caption “Independent Registered Public Accounting Firm’s Fees and Services” and is incorporated herein by reference.

106

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, 2017

• Consolidated Statements of Comprehensive Income for the three years ended December 31, 2017

• Consolidated Balance Sheets as of December 31, 2017 and 2016

• Consolidated Statements of Cash Flows for the three years ended December 31, 2017

• Consolidated Statements of Equity for the three years ended December 31, 2017

• 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.

107

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, 2017
Allowance for doubtful accounts	$	28	$	15	$	(11	)	$	33
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

¹  Primarily includes uncollectible accounts written off, net of recoveries, impact of acquisitions and divestitures and adjustments for foreign currency translation.

108

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, 2018

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, 2018 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/Marco Alverà

Marco Alverà

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/ 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

109

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, 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-Q 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.

110

(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.

111

(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.

112

(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.
(10.44	)	S&P Global Inc. Management Supplemental Death & Disability Benefits Plan, Amended and Restated January 1, 2018.
(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

113

 * These exhibits relate to management contracts or compensatory plan arrangements.

114

Item 16. Form 10-K Summary

None.

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-10.44

S&P GLOBAL INC.

MANAGEMENT SUPPLEMENTAL

DEATH & DISABILITY BENEFITS PLAN

Amended and Restated as of January 1, 2018

S&P GLOBAL INC.

MANAGEMENT SUPPLEMENTAL

DEATH & DISABILITY BENEFITS PLAN

(As Amended and Restated effective as of January 1, 2018)

The Company desires to retain the services and provide rewards and incentives to members of a select group of management employees who contribute to the success of the Company. In order to achieve this objective, the Company has adopted the following Plan to provide benefits for certain management employees who become Members of the Plan and their Beneficiaries.

ARTICLE I

TITLE AND EFFECTIVE DATE

SECTION 1.01. This Plan shall be known as the S&P Global Inc. Management Supplemental Death and Disability Benefits Plan (hereinafter referred to as the "Plan").

SECTION 1.02. This amendment and restatement of the Plan shall be effective as of the Effective Date. Members and their Beneficiaries who receive benefits (or who become entitled to receive benefits) prior to the Effective Date shall be governed by the terms and conditions of the Prior Plan.

ARTICLE II

DEFINITIONS AND RULES OF CONSTRUCTION

SECTION 2.01. As used herein, the following words and phrases shall have the meanings specified below unless a different meaning is clearly required by the context:

"Actuarially Determined" shall mean a benefit of equivalent value when computed on the basis of 7% interest compounded annually and the 1971 group mortality tables (determined separately by sex). In the event of a Change of Control, this definition shall not be changed.

“Basic Executive Life Benefit” means the executive life coverage in the form of life insurance as shall be provided through the Insurance Policy as provided under Section 4.01 of the Plan.

"Beneficiary" shall mean with respect to the Basic Executive Life Benefit, the person or persons designated in writing by the Member or Disabled Member to receive the Basic Executive Life Benefit in accordance with any Beneficiary designation submitted to the Company and made on such forms and in such manner as is satisfactory to the Insurer under the Insurance Policy. Any Beneficiary designation made by a Member or Disabled Member under the Prior Plan for the Death Benefit under such Prior Plan shall not be valid on or after January 1, 2018, under this Plan for the Basic Executive Life Benefit. With respect to the self-funded Death Benefit, “Beneficiary” shall mean the person or persons designated in writing by the Grandfathered Member or Grandfathered Disabled Member to receive the Death Benefit under this Plan. Any Beneficiary designation for such Death Benefit shall be made in a written instrument filed with the Company and shall become effective only when accepted and acknowledged in writing by the Company. No Beneficiary designation for a Death Benefit shall be accepted by the Company if it is received after the date of death of the Grandfathered Member or Grandfathered Disabled Member. If no Beneficiary for a Death Benefit has been designated or survives a Grandfathered Member or Grandfathered Disabled

Member, any amounts to be paid to the Grandfathered Member's or Grandfathered Disabled Member’s Beneficiary shall be paid to the Grandfathered Member's or Grandfathered Disabled Member’s estate.

"Board of Directors" shall mean the Board of Directors of the Company.

"CEO" shall mean the individual serving as the Chief Executive Officer of the Company.

"Change of Control" shall mean any of the following:

(i)An acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares of common stock of the Corporation (the “Outstanding Corporation Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Corporation, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Corporation; (2) any acquisition by the Corporation; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any entity controlled by the Corporation; or (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) of this definition; or

(ii) A change in the composition of the Board of Directors such that the individuals who, as of the effective date of the Plan, constitute the Board of Directors (such Board of Directors shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, for purposes of this definition, that any individual who becomes a member of the Board of Directors subsequent to the effective date of the Plan, whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least a majority of those individuals who are members of the Board of Directors and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, providedfurther, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors shall not be so considered as a member of the Incumbent Board; or

(iii)Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Corporation (“Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding

shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Corporation or all or substantially all of the Corporation’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, (2) no Person (other than the Corporation, any employee benefit plan (or related trust) of the Corporation or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

(iv)The approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation.

"Committee" shall mean the Compensation and Leadership Development Committee of the Board of Directors, as the same may be constituted from time to time, and any successor to the Compensation and Leadership Development Committee designated by the Board of Directors.

"Company" shall mean S&P Global Inc. (f/k/a McGraw Hill Financial, Inc.), a New York corporation, and any successor thereto.

"Death Benefit" shall mean any self-funded benefit paid to a Beneficiary of a Grandfathered Member or Grandfathered Disabled Member from the general assets of the Company upon the death of a Grandfathered Member or Grandfathered Disabled Member as provided under Section 4.02 of the Plan. Death Benefit shall not include the fully-insured Basic Executive Life Benefit.

"Disability" or "Disabled" shall mean eligibility for disability benefits under the terms of the Employer's Long Term Disability Plan in effect at the time the Member becomes disabled.

"Disabled Member" shall mean an individual whose employment with an Employer has terminated due to a Disability. An individual's status as a Disabled Member will terminate upon the earlier to occur of (i) the individual's death, (ii) the date on which the individual ceases to be Disabled and (iii) the individual's Normal Retirement Date.

"Effective Date" shall mean January 1, 2018.

"Employer" shall mean the Company and each U.S. direct or indirect wholly-owned subsidiary of the Company.

"Final Monthly Earnings" with respect to a Disability shall mean:

(i)With respect to a Member who is classified as Grade 20 or above, (1) the greater of (A) 1.5 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity during the same portion of such 36-month period (2) divided by twelve; or

(ii)With respect to a Member who is not classified as Grade 20 or above, (1) the greater of (A) 1.3 times such Member's annual base salary in effect immediately preceding the date of such Member's Disability or (B) the sum of (x) such Member's highest rate of annual base salary in effect during any portion of such 36-month period occurring prior to January 1, 2005, and during which such Member participated in the Plan, and (y) such Member's highest 100% target annual short-term incentive opportunity during the same portion of such 36-month period (2) divided by twelve; provided, however, that clause (i) of this definition shall apply to a Member who is not classified as Grade 20 or above immediately following the Grade Reclassification and who was classified as Grade 28 or above immediately prior to the Grade Reclassification.

“Grade Reclassification” shall mean the reclassification of grade levels at the Company that became effective as of the September 23, 2014.

“Grandfathered Member” or “Grandfathered Disabled Member” shall mean an individual who was a Member or Disabled Member, respectively, in the immediately Prior Plan who is not eligible for the Basic Executive Life Benefit as of the Effective Date because, as of that date, he or she is not actively at work with the Employer as defined in the Insurance Policy due to a physical or mental condition.

“Insurance Policy” shall mean one or more policies of insurance issued by an Insurer selected by the Company from time to time to insure the Basic Executive Life Benefit, as may be amended. Such insurance policy or policies shall be paid entirely by the Company and no Member or Disabled Member contributions shall be permitted or required for such coverage.

“Insurer” shall mean the insurance company or companies that is the issuer of the Insurance Policy insuring the Basic Executive Life Benefit.

"Member" shall mean an employee of an Employer who is part of a select group of management and who has become, and continues to be, a Member as provided in Article III hereof.

"Monthly Disability Income" shall mean the monthly income due a Disabled Member as provided in Article V of the Plan.

"Normal Retirement Date" shall mean the first day of the month coincident with or immediately following the Member's sixty-fifth birthday.

"Plan" shall mean S&P Global Inc. Management Supplemental Death and Disability Benefits Plan including the Insurance Policy.

"Plan Administrator" shall have the meaning assigned to such term in Section 6.01.

"Prior Plan" shall mean the terms of the Plan as in effect prior to the Effective Date.

"Qualified Plan" shall mean the Employee Retirement Plan of S&P Global Inc. and Its Subsidiaries and any successor plan thereto.

"Retirement" shall mean a termination of a Member's employment other than by reason of death or Disability on or after the Member's Normal Retirement Date.

"Severance Plan" shall mean the Separation Pay Plan of S&P Global Inc., the S&P Global Inc. Management Severance Plan, the S&P Global Inc. Senior Executive Severance Plan or any other formal severance plan offered by an Employer, as may be amended from time to time, or successor programs thereto.

"Severance Plan Participant" shall mean a former employee of an

Employer who is entitled to remain an active participant in certain Company sponsored plans and programs under a Severance Plan.

SECTION 2.02. In construing the Plan, unless the context requires otherwise, the masculine form of a word shall be deemed to include the feminine form and the singular form of a word shall be construed to include the plural form thereof.

ARTICLE III

MEMBERSHIP IN THE PLAN

SECTION 3.01. Individuals who were members of the Prior Plan immediately prior to the Effective Date shall, subject to the further provisions of this Section 3.01 and Section 3.04, continue to be eligible to participate in the Plan on and after the Effective Date. On and after the Effective Date, the CEO and each other employee of an Employer eligible under Section 3.04 who is designated in writing by the CEO on an individual basis shall be Members of the Plan. The CEO shall have the right to remove any Member from the Plan at any time if the Member is no longer eligible for selection as a Member in accordance with Section 3.04; provided, however, that a Member whose benefits under the Plan have commenced to be paid shall not be removed from membership in the Plan and such benefits shall not be terminated thereafter for any reason, except in the manner contemplated by Sections 4.01 and 4.02. Removal of a Member under this Section 3.01 shall be effective as of the date of the written notice from the Company to the Member informing the Member of such removal.

SECTION 3.02. If a Member whose benefits under the Plan have not commenced to be paid is removed from the Plan under Section 3.01, all rights of such removed Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such removal without further action or notice by any person.

SECTION 3.03. The payment of benefits to the Member or his Beneficiary under this Plan is conditioned upon the continuous employment of the Member by the Employer (including periods of authorized leaves of absence) from the date of the Member's initial participation in the Plan until the Member's Retirement, Disability or death, whichever first occurs. In the event that a Member's employment with an Employer terminates for any reason other than Retirement, Disability or death, all rights of such Member and such Member's Beneficiary to future payments or benefits under the Plan shall terminate as of the date of such

termination of employment without further action or notice by any person. For the avoidance of doubt, except as permitted by the Insurance Policy, a Member or Member’s beneficiary shall not be entitled to future payments or benefits under the Plan while a Severance Plan Participant, including the period such individual is receiving Severance Plan pay in a form of installment payments over a specified period of time under a Severance Plan.

SECTION 3.04. Only individuals who are employees of an Employer and who are Grade 16 and above shall be eligible to be selected as Members of the Plan; provided, however, that an individual who was a Member immediately prior to September 23, 2014 shall not cease to be a Member solely as a result of the individual being classified below Grade 16 immediately following September 23, 2014 solely as a result of the Grade Reclassification.

SECTION 3.05. For purposes of this Article III, all references to a “Member” shall include a “Grandfathered Member.”

ARTICLE IV

BASIC EXECUTIVE LIFE BENEFIT; DEATH BENEFIT

SECTION 4.01. As of the Effective Date, except as provided in the Insurance Policy, in the event of the death of a Member prior to the date of his Retirement or a Disabled Member prior to his Normal Retirement Date, the Beneficiary of the Member or Disabled Member shall be entitled to receive the Basic Executive Life Benefit. Unless the Member makes an Opt Down Election as specified in the Insurance Policy, the amount of such benefit shall be equal to 200% of the Member's annual rate of base salary at the annual rate in effect at the time of his death or, in the case of a Disabled Member, at the time of such Disabled Member's termination of employment due to Disability, up to a maximum Basic Executive Life Benefit of $2,000,000. Notwithstanding the previous sentence, if a Member ceases to be Disabled prior to his Normal Retirement Date or the date of his death and the Member does not return to active employment with an Employer following the cessation of such Member's Disability, then no Basic Executive Life Benefit shall be payable under this Section 4.01 upon the subsequent death of the Member. For purposes of this Section 4.01, “Opt Down Election” means a Member’s election to decline the Basic Executive Life Benefit coverage. An Opt Down Election or revocation of such election shall be made in accordance with procedures established by the Insurer. The Basic Executive Life Benefit shall be funded through the Insurance Policy and paid by the Insurer in accordance with the terms of the Insurance Policy. If the Insurer denies such Member’s or Disabled Member’s eligibility for the Basic Executive Life Benefit, Company shall not be required to provide Member or Disabled Member any other executive life insurance coverage or pay the Basic Executive Life Benefit or Death Benefit under the Plan to that Member.

SECTION 4.02. In the event of the death of a Grandfathered Member prior to the date of his Retirement or a Grandfathered Disabled Member prior to his Normal Retirement Date, the Beneficiary of the Grandfathered Member or Grandfathered Disabled Member shall be entitled to receive a lump sum Death Benefit within sixty days following the date of death. The amount of such benefit shall be equal to 200% of the Grandfathered Member's annual rate of base salary at the annual rate in effect at the time of his death or, in the case of a Grandfathered Disabled Member, at the time of such Grandfathered Disabled Member's termination of employment due to Disability, up to a maximum Death Benefit of $2,000,000. Notwithstanding the previous sentence, if a Grandfathered Member ceases to be Disabled prior to his Normal

Retirement Date or the date of his death and the Grandfathered Member does not return to active employment with an Employer following the cessation of such Grandfathered Member's Disability, then no Death Benefit shall be payable under this Section 4.02 upon the subsequent death of the Grandfathered Member. However, if, on or after the Effective Date, a Grandfathered Member or Grandfathered Disabled Member returns to active employment with an Employer as determined by the Insurer, such Grandfathered Member or Grandfathered Disabled Member shall upon such return to active employment cease to be a Grandfathered Member or Grandfathered Disabled Member and shall automatically be eligible as a Member for the Basic Executive Life Benefit in accordance with the terms of Section 4.01 of this Plan.

ARTICLE V

DISABILITY BENEFITS

SECTION 5.01. If a Member is determined by the Plan Administrator to be Disabled prior to his Normal Retirement Date, the Disabled Member shall be entitled to receive Monthly Disability Income equal to an amount, if any, (not less than zero) determined in accordance with the formula [X - A - B - C], where

"X" equals fifty percent of the Member's Final Monthly Earnings.

"A" equals one hundred percent of the sum of the Member's monthly amounts paid (i) under the Employer's basic long-term disability plan, (ii) from Social Security, (iii) from Workers’ Compensation and (iv) any other federal, state, local, foreign or employer group insurance plans.

"B" equals one hundred percent of his monthly income paid from the Qualified Plans.

"C" equals one hundred percent of the benefits paid to the Member from the tax-qualified pension plans of any previous employers.

SECTION 5.02. The amounts specified under Items B and C of Section 5.01 shall be Actuarially Determined by the Plan Administrator as a straight-life annuity payable in equal monthly installments, regardless of the actual form or timing of payment, commencing with the month that the Monthly Disability Income under Section 5.01 is scheduled to commence. Each Member shall provide the Plan Administrator with the information necessary to calculate the Monthly Disability Income under Section 5.01 and, in the event that the information necessary to calculate the Monthly Disability Income of a Member is not provided to the Plan Administrator, the Plan Administrator may make reasonable estimates of such amounts and conclusively rely on such estimates in calculating the amount of the Monthly Disability Income.

SECTION 5.03. The Monthly Disability Income contemplated by this Article V shall be payable to the Member until the end of the month in which occurs the earliest of (i) the Member's sixty-fifth birthday, (ii) the date of the Member's death and (iii) the end of the Member's Disability.

ARTICLE VI

PLAN ADMINISTRATION

SECTION 6.01. The CEO shall have the authority to select and remove Members of the Plan in accordance with the provisions of Article III. Except as provided in the previous sentence or the Insurance Policy, the Plan shall be administered by the Executive Vice President, Human Resources or other appropriate officer or employee of the Company designated by the Committee. For purposes of the Plan, "Plan Administrator" shall mean the Executive Vice President, Human Resources or any individual to whom the Committee has delegated administrative responsibility under this Section 6.01. The Plan Administrator shall have full authority to construe and interpret the Plan, to establish, amend and rescind rules and regulations relating to the administration of the Plan, and to take all such actions and make all such determinations in connection with the administration of the Plan as he or she may deem necessary or desirable. Notwithstanding the foregoing, the Insurer has sole and complete discretionary authority to administer and interpret the provisions of the Insurance Policy.

SECTION 6.02. The Plan Administrator may from time to time establish rules and procedures for the administration of the Plan. The Plan Administrator will have the right to construe and interpret the Plan and to decide any and all matters arising thereunder or in connection with the administration of the Plan, including, without limitation, the right (i) to determine the eligibility for, and the form, amount and method of payment of any benefit payments under the Plan, (ii) to establish the timing of benefit distributions, (iii) to settle claims according to the provisions in Article VII and (iv) to make any factual determinations related to the amount of or eligibility for benefits. The decisions of the Plan Administrator will, to the extent permitted by law, be conclusive and binding upon all persons having or claiming to have any right or interest in or under the Plan. The Plan Administrator may delegate any of its duties and responsibilities hereunder to one or more officers or employees of the Company or to any third party if the Plan Administrator finds that such delegation would facilitate the administration of the Plan. The Plan Administrator may reasonably rely on the advice of attorneys, actuaries, accountants and other experts in exercising its duties and responsibilities under the Plan. Notwithstanding the foregoing, the Insurer for the Basic Executive Life Benefit has sole and complete discretionary authority to determine claims and appeals for such benefit in accordance with the terms of the Insurance Policy.

SECTION 6.03. The Plan Administrator shall not make any determination with respect to any benefits or other amounts payable to the Plan Administrator in its capacity as a Member. In the event the previous sentence applies, the applicable duties and responsibilities of the Plan Administrator under the Plan shall be performed exclusively by the Committee.

SECTION 6.04. The Company shall, to the fullest extent permitted by law, indemnify and hold harmless the CEO, the Committee, any individual acting as Plan Administrator and any officer or employee of an Employer who is delegated responsibility under the Plan from any liability or expense incurred by such person in connection with the performance of his duties under the Plan or as a result of any facts and circumstances related to the operation or administration of the Plan.

ARTICLE VII

CLAIMS PROCEDURE

SECTION 7.01. A claim for benefits under the Plan must be promptly filed in writing by the Member, Beneficiary, or such person's authorized representative (the "Claimant")

with the Executive Vice President, Human Resources or other appropriate officer of the Company designated by the Committee for this purpose (the "Initial Reviewer"). If a claim is denied in whole or in part, the Claimant will be sent a written notice of denial from the Initial Reviewer within ninety days of receipt of the claim, unless special circumstances require an extension of time for processing the claim. Such extension will not exceed ninety days and notice thereof will be given within the first ninety-day period. The notice of denial of a claim will indicate the reasons for the denial (including reference to the Plan provisions on which the denial is based), will describe any additional information or material needed and the reasons why such additional information or material is necessary, and will explain the claim review procedure. Notwithstanding the foregoing, a claim for Basic Executive Life Benefit that is insured under the Insurance Policy must be directed to the Insurer as described in the Insurance Policy.

SECTION 7.02. If a claim is denied in whole or in part (or if no decision on a claim is rendered within the limitations of time described in Section 7.01), the Claimant may request a review by the Committee of the decision of the Initial Reviewer (or of the claim, if no timely decision has been rendered by the Initial Reviewer). This request must be submitted in writing to the Committee within sixty days of receipt of the notice of denial from the Initial Reviewer (or within sixty days following the expiration of the initial review period where no decision notice is given to the Claimant by the Initial Reviewer). The Claimant may review pertinent documents and may submit in writing additional comments and material. A review decision will be made by the Committee within sixty days of receipt of the request for review, unless there are special circumstances which require an extension of the time for processing. Such extension will not exceed sixty days and notice thereof must be given within the first sixty-day period. The review decision of the Committee will be in writing and will include specific references to the Plan provisions on which the decision is based. The decision of the Committee on review shall be final and binding on all interested persons. Notwithstanding the foregoing, a request for review of a denial of a claim for Basic Executive Life Benefit that is insured under the Insurance Policy must be directed to the Insurer as described in the Insurance Policy.

ARTICLE VIII

MISCELLANEOUS

SECTION 8.01. Nothing contained in this Plan shall be deemed to give any Member or employee the right to be retained in the service of the Employer or to interfere with the right of the Employer to discharge any Member or employee at any time regardless of the effect which such discharge shall have upon him as a Member of the Plan.

SECTION 8.02. The rights of the Member, the Beneficiary of the Member, or any other person claiming through the Member under this Plan, shall be solely those of an unsecured general creditor of the Company.

SECTION 8.03. The Plan does not involve a reduction in salary for the Member or the foregoing of an increase in future salary by the Member.

SECTION 8.04. Except insofar as this provision may be contrary to applicable law or as provided in the Insurance Policy for the Basic Executive Life Benefit, no sale, transfer, alienation, assignment, pledge, collateralization, or attachment of any benefits under this Plan shall be valid or recognized by the Company.

SECTION 8.05. Subject to Article IX hereof, the Company reserves the right at any time and from time to time, by action of the Committee or its Board of Directors, to terminate, modify or amend, in whole or in part, any or all of the provisions of the Plan, including specifically the right to make any such amendments effective retroactively; provided that such action shall not reduce the benefits or rights of any Disabled Member (or Grandfathered Disabled Member) or the Beneficiary of a deceased Member (or deceased Grandfathered Member). In addition, the Company may amend or modify any provision of this Plan as to any particular Member (including a Grandfathered Member) by agreement with such Member; provided that such agreement is in writing, is executed by both the Company and the Member (or Grandfathered Member), and is filed with the Plan records. The provisions of any amendment or modification made by agreement between a Member (or Grandfathered Member) and the Company shall apply only to the Member (or Grandfathered Member) so agreeing and no other. Notwithstanding the foregoing, the Insurer of the Basic Executive Life Benefit may amend the Insurance Policy.

SECTION 8.06. A Member (or Grandfathered Member) shall have the right to change his designated Beneficiary by notifying the Company of such in writing. Such change shall become effective upon written acknowledgment of same by the Company. Any payments made by the Company to a Beneficiary in good faith and under the terms of the Plan shall fully discharge the Company from all further obligations with respect to such payments. With respect to the Basic Executive Life Benefit, any Beneficiary designation or change or cancellation thereof shall be submitted to the Company and made on such forms and in such manner as satisfactory to the Insurer.

SECTION 8.07. This Plan shall be binding upon and inure to the benefit of the Company, its successors and each Member (or Grandfathered Member) and his heirs, executors, administrators and legal representatives.

SECTION 8.08. The Plan shall be governed by the laws of the State of New York, applicable to contracts to be performed entirely in such State and without regard to the choice of law provisions thereof, but only to the extent such laws are not preempted by the Employee Retirement Income Security Act of 1974, as amended. This Plan is solely between the Company and each individual Member (or Grandfathered Member). Notwithstanding the foregoing, the Basic Executive Life Benefit shall be governed by the laws as set forth in the Insurance Policy. The Member (or Grandfathered Member), his Beneficiary or other persons claiming through such Member shall only have recourse against the Company for enforcement of the Plan or against the Insurer of the Basic Executive Life Benefit it insures.

SECTION 8.09. The obligations of the Company under this Plan shall be subject to all applicable laws, rules and regulations, and such approvals, by governmental agencies as may be required or as the Company deems advisable.

SECTION 8.10. The Plan is intended to satisfy the requirements of Section 409A of the Code, and shall be interpreted and administered consistent with such intent. If, in the good faith judgment of the Committee, any provision of the Plan could cause any person to be subject to the interest and penalties imposed under Section 409A of the Code, such provision shall be modified by the Committee in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the requirements of Section 409A of the Code, and, notwithstanding any provision in the Plan to the contrary, the

Committee shall have broad authority to amend or to modify the Plan, without advance notice to or consent by any person, to the extent necessary or desirable to ensure that no Member be subject to tax under Section 409A of the Code. Any determinations made by the Committee under this Section 8.10 shall be final, conclusive and binding on all persons.

SECTION 8.11. In the event of a conflict between the terms of this Plan document and the Insurance Policy with respect to the Basic Executive Life Benefit, the terms of the Insurance Policy will control.

ARTICLE IX

SPECIAL RULES IN THE EVENT OF A CHANGE OF CONTROL

SECTION 9.01. Notwithstanding anything to the contrary in any other section of this Plan, in the event a Change of Control shall occur, neither the Company nor its Board of Directors or the Committee shall thereafter terminate, modify or amend, in whole or in part, any or all of the provisions of this Plan. In no event shall such action reduce the benefits of any Disabled Member (or Grandfathered Disabled Member) or the Beneficiary of a deceased Member (or a deceased Grandfathered Member).

SECTION 9.02. The reasonable legal fees incurred by any Member, including a Grandfathered Member, (or former Member who was a Member when the Change of Control occurred) to enforce his valid rights under this Article IX shall be paid by the Company to such Member in addition to sums otherwise due under this Plan, whether or not such Member is successful in enforcing his rights or whether or not the matter is settled.

SECTION 9.03. The terms of this Article IX shall supersede and take precedence over the terms of any of the other Sections of this Plan.

EX-12

Exhibit (12)

S&P Global Inc.

Computation of Ratio of Earnings to Fixed Charges

(in millions)

	Years ended December 31,
	2017			2016			2015			2014			2013
Earnings:
Income from continuing operations before taxes on income	$	2,461		$	3,188		$	1,815		$	54		$	1,299
Fixed charges	211			243			162			118			124
Total earnings	$	2,672		$	3,431		$	1,977		$	172		$	1,423
Fixed charges:
Interest expense	$	147		$	179		$	101		$	58		$	62
Portion of rental payments deemed to be interest	59			59			59			59			61
Amortization of debt issuance costs and discount	5			5			2			1			1
Total fixed charges	$	211		$	243		$	162		$	118		$	124
Ratio of earnings to fixed charges:	12.7		x	14.1		x	12.2		x	1.5		x	11.5		x

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
Asia Index Private Limited	India	36.50
Bentek Energy LLC	Colorado, United States	100.00
BRC Investor Services S.A.	Colombia	100.00
CME Group Beijing Holdings, LLC	Delaware, United States	73.00
CME Group Index Services Germany GmbH	Germany	73.00
Coalition Development Limited	United Kingdom	67.05
Coalition Singapore Pte. Ltd.	Singapore	67.05
Commodity Flow Limited	United Kingdom	100.00
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	100.00
DJI OpCo, LLC	Delaware, United States	73.00
Eclipse Energy Group AS	Norway	100.00
Grupo SPGI Mexico, S. de R.L. de C.V.	Mexico	100.00
Grupo Standard & Poor's S. de R.L. de C.V.	Mexico	100.00
Kingsman SA	Switzerland	100.00
Minerals Value Service GmbH	Germany	100.00
Petroleum Industry Research Associates, Inc.	New York, United States	100.00
Petromedia Marine Intelligence Private Limited	India	100.00
Platts (U.K.) Limited	United Kingdom	100.00
Platts Benchmarks UK Limited	United Kingdom	100.00
Platts Information Consulting (Shanghai) Co., Ltd	China	100.00
S&P Argentina LLC	Delaware, United States	100.00
S&P Capital IQ (India) Private Limited	India	100.00
S&P DJ Indices UK Limited	United Kingdom	73.00
S&P DJI Netherlands B.V.	Netherlands	73.00
S&P Dow Jones Indices LLC	Delaware, United States	73.00
S&P Global Advertising LLC	Delaware, United States	100.00
S&P Global Asia Pacific LLC	Delaware, United States	100.00
S&P Global Asian Holdings Pte. Limited	Singapore	100.00
S&P Global Australia Pty Ltd	Australia	100.00
S&P Global Belgium	Belgium	100.00
S&P Global Canada Corp.	Canada	100.00

S&P Global Commodities UK Limited	United Kingdom	100.00
S&P Global Europe Limited	United Kingdom	100.00
S&P Global European Holdings Luxembourg S.a.r.l.	Luxembourg	100.00
S&P Global Finance Europe Limited	United Kingdom	100.00
S&P Global Finance Luxembourg S.a.r.l	Luxembourg	100.00
S&P Global France SAS	France	100.00
S&P Global Germany GmbH	Germany	100.00
S&P Global Holdings LLC	Delaware, United States	100.00
S&P Global Holdings Luxembourg S.a.r.l.	Luxembourg	100.00
S&P Global Holdings UK Limited	United Kingdom	100.00
S&P Global Index Information Services (Beijing) Co., Ltd	China	73.00
S&P Global Indices UK Limited	United Kingdom	73.00
S&P Global Informacoes do Brasil Ltda.	Brazil	100.00
S&P Global International LLC	Delaware, United States	100.00
S&P Global Italy S.r.l	Italy	100.00
S&P Global Korea Inc.	Korea, Republic of	100.00
S&P Global Limited	United Kingdom	100.00
S&P Global Market Intelligence (DIFC) Limited	United Arab Emirates	100.00
S&P Global Market Intelligence Argentina SRL	Argentina	98.93
S&P Global Market Intelligence Inc.	Delaware, United States	100.00
S&P Global Market Intelligence LLC	Delaware, United States	100.00
S&P Global MI Information Services (Beijing) Co., Ltd.	China	100.00
S&P Global Netherlands B.V.	Netherlands	100.00
S&P Global New York Hudson Inc.	New York, United States	100.00
S&P Global Pakistan (Private) Limited	Pakistan	99.90
S&P Global Philippines Inc.	Philippines	100.00
S&P Global Ratings Argentina S.r.l., Agente de Calificacion de Riesgo	Argentina	100.00
S&P Global Ratings Australia Pty Ltd	Australia	100.00
S&P Global Ratings Europe Limited	Ireland	100.00
S&P Global Ratings France SAS	France	100.00
S&P Global Ratings Hong Kong Limited	Hong Kong	100.00
S&P Global Ratings Italy S.R.L.	Italy	100.00
S&P Global Ratings Japan Inc.	Japan	100.00
S&P Global Ratings Maalot Ltd.	Israel	100.00
S&P Global Ratings S.A. de C.V.	Mexico	100.00
S&P Global Ratings Singapore Pte. Ltd.	Singapore	100.00
S&P Global Real Estate Inc.	New York, United States	100.00
S&P Global Research Europe Limited	United Kingdom	100.00
S&P Global SF Japan Inc.	Japan	100.00
S&P Global Sweden AB	Sweden	100.00
S&P Global UK Limited	United Kingdom	100.00
S&P Global Ventures Inc.	Delaware, United States	100.00
S&P India LLC	Delaware, United States	100.00
S&P OpCo, LLC	Delaware, United States	73.00
S&P Trucost Limited	United Kingdom	73.00
SNL Financial (India) Private Ltd.	India	100.00

SNL Financial Australia Pty Ltd	Australia	100.00
SNL Financial Germany GmbH	Germany	100.00
SNL Financial Limited	United Kingdom	100.00
SNL Financial Sweden AB	Sweden	100.00
SNL Financial ULC	Canada	100.00
SP Global Financial Iberia, S.L.U.	Spain	100.00
SPDJ Singapore Pte. Ltd	Singapore	73.00
SPDJI Holdings, LLC	Delaware, United States	100.00
SPGI Malaysia Sdn. Bhd.	Malaysia	100.00
Standard & Poor's Credit Market Services Europe Limited	United Kingdom	100.00
Standard & Poor's Enterprises, LLC	Delaware, United States	100.00
Standard & Poor's Financial Services LLC	Delaware, United States	100.00
Standard & Poor's International Enterprises, LLC	Delaware, United States	100.00
Standard & Poor's International Services LLC	Delaware, United States	100.00
Standard & Poor's International, LLC	Delaware, United States	100.00
Standard & Poor's Investment Advisory Services (HK) Ltd	Hong Kong	100.00
Standard & Poor's Investment Advisory Services, LLC	Delaware, United States	100.00
Standard & Poor's Ratings Chile Clasificadora de Riesgo Limitada	Chile	100.00
Standard & Poor's Ratings do Brasil Ltda	Brazil	100.00
Standard & Poor's Ratings Management Service (Shanghai) Company Ltd	China	100.00
Standard & Poor's South Asia Services Private Limited	India	100.00
Standard & Poor's, LLC	Delaware, United States	100.00
Steel Business Briefing North America, Inc.	Pennsylvania, United States	100.00
Taiwan Ratings Corporation	Taiwan	51.00
The Steel Index Limited	United Kingdom	100.00
Trucost China Limited	Hong Kong	73.00
Trucost Inc	Massachusetts, United States	73.00

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, 2018, 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, 2017.

/s/ ERNST & YOUNG LLP

New York, New York

February 9, 2018

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, 2018	/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, 2018	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

EX-32

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, 2017 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, 2018	/s/Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer
Date: February 9, 2018	/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, 2017	Jan. 26, 2018	Jun. 30, 2017
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, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 37.5
Entity Common Stock, Share outstanding		253.9

XML

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenue	$ 1,589	$ 1,399	$ 6,063	$ 5,661	$ 5,313
Expenses:
Operating-related expenses			1,713	1,773	1,718
Selling and general expenses			1,560	1,439	1,532
Depreciation			82	85	90
Amortization of intangibles			98	96	67
Total expenses			3,453	3,393	3,407
Gain on dispositions			0	(1,101)	(11)
Operating profit	628	857	2,610	3,369	1,917
Interest expense, net			149	181	102
Income before taxes on income			2,461	3,188	1,815
Provision for taxes on income			823	960	547
Net income	299	569	1,638	2,228	1,268
Less: net income attributable to noncontrolling interests			(142)	(122)	(112)
Net income attributable to S&P Global Inc.	$ 263	$ 537	$ 1,496	$ 2,106	$ 1,156
Net income:
Basic (in dollars per share)	$ 1.03	$ 2.07	$ 5.84	$ 8.02	$ 4.26
Diluted (in dollars per share)	$ 1.02	$ 2.05	$ 5.78	$ 7.94	$ 4.21
Weighted-average number of common shares outstanding:
Basic (in shares)			256.3	262.8	271.6
Diluted (in shares)			258.9	265.2	274.6
Actual shares outstanding at year end (in shares)	253.7	258.3	253.7	258.3	265.2
Dividend declared per common share (in dollars per share)			$ 1.64	$ 1.44	$ 1.32

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 1,638	$ 2,228	$ 1,268
Other comprehensive income:
Foreign currency translation adjustment	93	(132)	(111)
Income tax effect	0	(7)	1
Foreign currency translation adjustment, net of income tax effect	93	(139)	(110)
Pension and other postretirement benefit plans	52	(27)	34
Income tax effect	(11)	(10)	(9)
Pension and other postretirement benefit plans, net of income tax effect	41	(37)	25
Unrealized loss on investment	(10)	0	0
Income tax effect	0	0	0
Unrealized loss on investment, net of income tax effect	(10)	0	0
Unrealized gain (loss) on forward exchange contracts	0	4	(1)
Income tax effect	0	(1)	0
Unrealized (loss) gain on investments and forward exchange contracts, net of income tax effect	0	3	(1)
Comprehensive income	1,762	2,055	1,182
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(15)	(13)	(11)
Less: comprehensive income attributable to redeemable noncontrolling interests	(127)	(109)	(101)
Comprehensive income attributable to S&P Global Inc.	$ 1,620	$ 1,933	$ 1,070

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 2,779	$ 2,392
Short-term investments	12	8
Accounts receivable, net of allowance for doubtful accounts: 2017 - $33; 2016 - $28	1,319	1,122
Prepaid and other current assets	214	149
Total current assets	4,324	3,671
Property and equipment:
Buildings and leasehold improvements	354	356
Equipment and furniture	475	452
Total property and equipment	829	808
Less: accumulated depreciation	(554)	(537)
Property and equipment, net	275	271
Goodwill	2,989	2,949
Other intangible assets, net	1,388	1,506
Other non-current assets	449	272
Total assets	9,425	8,669
Current liabilities:
Accounts payable	195	183
Accrued compensation and contributions to retirement plans	472	409
Short-term debt	399	0
Income taxes currently payable	77	95
Unearned revenue	1,613	1,509
Accrued legal and regulatory settlements	107	56
Other current liabilities	351	359
Total current liabilities	3,214	2,611
Long-term debt	3,170	3,564
Pension and other postretirement benefits	244	274
Other non-current liabilities	679	439
Total liabilities	7,307	6,888
Redeemable noncontrolling interest	1,350	1,080
Commitments and contingencies (Note 13)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 412 million shares in 2017 and 2016	412	412
Additional paid-in capital	525	502
Retained income	10,025	9,210
Accumulated other comprehensive loss	(649)	(773)
Less: common stock in treasury - at cost: 2017 - 158 million shares; 2016 - 153 million shares	(9,602)	(8,701)
Total equity – controlling interests	711	650
Total equity – noncontrolling interests	57	51
Total equity	768	701
Total liabilities and equity	$ 9,425	$ 8,669

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 33	$ 28
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)	158,000,000	153,000,000

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities:
Net income	$ 1,638	$ 2,228	$ 1,268
Adjustments to reconcile net income to cash provided by operating activities from continuing operations:
Depreciation	82	85	90
Amortization of intangibles	98	96	67
Provision for losses on accounts receivable	16	9	8
Deferred income taxes	0	79	280
Stock-based compensation	99	76	78
Gain on dispositions	0	(1,101)	(11)
Accrued legal and regulatory settlements	55	54	119
Other	96	30	57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(196)	(177)	(118)
Prepaid and other current assets	10	5	5
Accounts payable and accrued expenses	75	19	(9)
Unearned revenue	85	107	129
Accrued legal and regulatory settlements	(4)	(150)	(1,624)
Other current liabilities	(85)	(19)	(77)
Net change in prepaid/accrued income taxes	32	174	129
Net change in other assets and liabilities	15	45	(35)
Cash provided by operating activities from continuing operations	2,016	1,560	356
Investing Activities:
Capital expenditures	(123)	(115)	(139)
Acquisitions, net of cash acquired	(83)	(177)	(2,396)
Proceeds from dispositions	2	1,498	14
Changes in short-term investments	(5)	(1)	(4)
Cash (used for) provided by investing activities from continuing operations	(209)	1,205	(2,525)
Financing Activities:
(Payments on)/additions to short-term debt, net	0	(143)	143
Proceeds from issuance of senior notes, net	0	493	2,674
Payments on senior notes	0	(421)	0
Dividends paid to shareholders	(421)	(380)	(363)
Distributions to noncontrolling interest holders	(111)	(116)	(104)
Repurchase of treasury shares	(1,001)	(1,123)	(974)
Exercise of stock options	75	88	86
Contingent consideration payments	0	(39)	(5)
Purchase of additional CRISIL shares	0	0	(16)
Employee withholding tax on share-based payments	(49)	(55)	(92)
Cash (used for) provided by financing activities from continuing operations	(1,507)	(1,696)	1,349
Effect of exchange rate changes on cash	87	(158)	(67)
Cash provided by continuing operations	387	911	(887)
Discontinued Operations:
Cash used for operating activities	0	0	(129)
Cash used for discontinued operations	0	0	(129)
Net change in cash and cash equivalents	387	911	(1,016)
Cash and cash equivalents at beginning of year	2,392	1,481	2,497
Cash and cash equivalents at end of year	2,779	2,392	1,481
Cash paid during the year for:
Interest (including discontinued operations)	139	150	65
Income taxes (including discontinued operations)	$ 709	$ 683	$ 260

XML

Consolidated Statements of Equity - USD ($) $ in Millions		Total	Total SPGI Equity	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014		$ 539	$ 488	$ 412	$ 493	$ 6,946	$ (514)	$ 6,849	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,081	1,070			1,156	(86)		11
Dividends		(368)	(359)			(359)			(9)
Share repurchases		(1,002)	(1,000)					1,000	(2)
Employee stock plans		102	102		(18)			(120)
Change in redemption value of redeemable noncontrolling interest		(107)	(107)			(107)
Other		(2)	0						(2)
Ending Balance at Dec. 31, 2015		243	194	412	475	7,636	(600)	7,729	49
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,946	1,933			2,106	(173)		13
Dividends		(390)	(380)			(380)			(10)
Share repurchases		(1,097)	(1,097)					1,097
Employee stock plans		152	152		27			(125)
Change in redemption value of redeemable noncontrolling interest		(153)	(153)			(153)
Other		0	1			1			(1)
Ending Balance at Dec. 31, 2016		701	650	412	502	9,210	(773)	8,701	51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,635	1,620			1,496	124		15
Dividends		(431)	(421)			(421)			(10)
Share repurchases		(1,006)	(1,001)					1,001	(5)
Employee stock plans		131	123		23			(100)	8
Change in redemption value of redeemable noncontrolling interest		(260)	(260)			(260)
Other		(2)	0						(2)
Ending Balance at Dec. 31, 2017		$ 768	$ 711	$ 412	$ 525	$ 10,025	$ (649)	$ 9,602	$ 57

[1] Excludes $127 million, $109 million and $101 million in 2017, 2016 and 2015, respectively, attributable to redeemable noncontrolling interest.

XML

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Comprehensive income attributable to redeemable noncontrolling interests	$ 127	$ 109	$ 101

XML

Accounting Policies

12 Months Ended

Dec. 31, 2017

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, trading firms 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. We completed the sale of J.D. Power on September 7, 2016, with the results 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.

A disposal group 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. 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 $2.8 billion and $2.4 billion as of December 31, 2017 and 2016, 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 in 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.

Capitalized 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 $186 million and $145 million as of December 31, 2017 and 2016, respectively. Accumulated amortization of deferred technology costs was $104 million and $91 million as of December 31, 2017 and 2016, 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 total debt borrowings were $3.8 billion and $3.7 billion as of December 31, 2017 and 2016, 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.

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 the 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. An impairment charge 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, 2017, 2016 and 2015.

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 $33 million, $35 million and $33 million in advertising costs for the years ended December 31, 2017, 2016 and 2015, 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, 2018. 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.

For the years ended December 31, 2016 and 2015, we had determined that the undistributed earnings of our foreign subsidiaries were permanently reinvested within those foreign operations. Accordingly, we had not recorded deferred income taxes on these

indefinitely reinvested earnings.   As of December 31, 2017, we have approximately $2.6 billion of undistributed earnings of our foreign subsidiaries.  As a result of the TCJA, more than 70% of these $2.6 billion earnings will no longer be permanently reinvested. We will continue to permanently reinvest approximately $780 million of these undistributed earnings.

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 consolidated 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 our 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 2017, the Financial Accounting Standards Board ("FASB") issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2017, the FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but

clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. 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 2017, the FASB issued guidance to enhance the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component outside a subtotal of income from operations. Additionally, only the service cost component is eligible for capitalization. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. The guidance is required to be adopted retrospectively with respect to the income statement presentation requirement and prospectively for the capitalization requirement. The change in capitalization requirement will not have a material impact on our consolidated financial statements.We recorded a benefit of $25 million, $24 million and $3 million in 2017, 2016 and 2015, respectively, related to our net periodic benefit costs for our retirement and postretirement plans. These amounts are not necessarily indicative of future amounts that may arise in years following the implementation of this new guidance. See Note 7 – Employee Benefits for additional information related to our retirement and postretirement plans.

In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. 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 August of 2016, the 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 requires recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity. The guidance was effective on January 1, 2017 and was adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively 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. For the year ended December 31, 2017, excess tax benefits from share-based payments of $72 million were recognized as an income tax benefit in our consolidated statements of income and classified as an operating activity in our consolidated statements of cash flows. For the years ended December 31, 2016 and 2015, we reclassified $41 million and $69 million, respectively, of excess tax benefits from share-based payments from a financing activity to an operating activity in our consolidated statements of cash flows. In addition, cash paid for shares withheld on the employees' behalf of $49 million was classified as a financing activity in our consolidated statements of cash flows for the year ended December 31, 2017. Cash paid for employee taxes of $55 million and $92 million were reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the years ended December 31, 2016 and 2015, respectively.

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 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. We have completed our evaluation of changes to our accounting policies, business processes, systems and internal controls to support the recognition and disclosure requirements under the new standard. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective transition method. Based on our analysis, adoption of the new standard will impact: (1) the capitalization of costs to obtain contracts with our customers and the related amortization period of those costs; (2) the timing of when fees for certain Ratings products that are recognized to match when the customer obtains control of the product; 3) the accounting for long-term deferred revenue in our Ratings segment which contain a financing component; and 4) the presentation of sales of certain of our jointly-owned products in our Market and Commodities Intelligence segment, where revenue will be recognized on a gross rather than net basis. The aggregate impact of these adjustments on our opening balance sheet will be an increase to retained earnings of approximately $40 million, with the increase driven primarily by the capitalization of costs to obtain contracts with our customers of approximately $79 million previously expensed, offset by the deferral of income associated with our Ratings products of approximately $14 million previously recognized in revenue, the net impact of recording expense associated with the significant financing component of Ratings' long term deferred revenue of approximately $12 million, and a net increase to the associated deferred tax assets and deferred tax liabilities associated with these adjustments of approximately $13 million.

Reclassification

Certain prior year amounts have been reclassified for comparability purposes.

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Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

2017

For the year ended December 31, 2017, we paid cash for acquisitions, net of cash acquired, totaling $83 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, 2017 included:

• In August of 2017, we acquired a 6.02% investment in Algomi Limited ("Algomi"), an innovative fintech company focused on providing software-enabled liquidity solutions to both buy-side and sell-side firms within the credit markets. Our investment in Algomi will help facilitate product collaboration and enable future business expansion. We accounted for the investment in Algomi using the cost method of accounting. The investment with Algomi is not material to our consolidated financial statements.

• In June of 2017, CRISIL, included within our Ratings segment, acquired 8.9% of the outstanding shares of CARE Ratings Limited ("CARE") from Canara Bank. CARE is a Securities and Exchange Board of India registered credit rating agency providing various rating and grading services in India whose shares are publicly traded on both the Bombay Stock Exchange and the National Stock Exchange of India. We accounted for the investment in CARE as available-for-sale using the fair value method of accounting. The investment balance as of December 31, 2017 of $54 million is included in other non-current assets in our consolidated balance sheet. The change in the fair value of this investment is reported in accumulated other comprehensive loss in our consolidated balance sheet. The investment in CARE is not material to our consolidated financial statements.

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 year ended December 31, 2015 as if the acquisition of SNL occurred on January 1, 2015. 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
Pro forma revenue	$	5,477
Pro forma net income	$	1,258

Non-cash investing activities

Liabilities assumed in conjunction with our acquisitions are as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Fair value of assets acquired	$	83	$	253	$	2,576
Cash paid (net of cash acquired)	83		211		2,401
Liabilities assumed	$	—	$	42	$	175

Divestitures - Continuing Operations

2017

In April of 2017, we signed a letter of intent to sell our facility at East Windsor, New Jersey. The fixed assets of the facility of $5 million have been classified as held for sale, which is included in prepaid and other current assets in our consolidated balance sheet as of December 31, 2017.

In January of 2017, we completed the sale of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. 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 QuantHouse to QH Holdco. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale, which were included in prepaid and other current assets and other current liabilities, respectively, 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.

The components of assets and liabilities held for sale related to QuantHouse, which were included in prepaid and other current assets and other current liabilities in the consolidated balance sheet, consist of the following:

(in millions)	December 31, 2016
Accounts receivable, net	$	4
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

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 on dispositions in the consolidated statement of income:

• 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 on dispositions in the consolidated statement of income related to the sale of SPSE and CMA. Additionally, in October of 2016, we completed the sale of Equity and Fund Research ("Equity Research") 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 on dispositions in the consolidated statement of income related to the sale of Equity Research.

• 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 on dispositions in the consolidated statement of income related to the sale of J.D. Power.

2015

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

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2017, 2016, and 2015 is as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Operating profit 1	$	—	$	62	$	85

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

12 Months Ended

Dec. 31, 2017

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, 2015	$	114		$	2,392		$	376	$	2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other 1	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	109			2,457			383		2,949
Other 1	5			27			8		40
Balance as of December 31, 2017	$	114		$	2,484		$	391	$	2,989

¹  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2016 includes adjustments related to SNL and Petromedia. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

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, 2017 and 2016 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, 2015	$	510		$	139	$	168		$	47		$	269		$	1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 1	(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
Dispositions	(4		)	—		(2		)	—			—			(6		)
Other 2	52			—		19			5			(86		)	(10		)
Balance as of December 31, 2017	$	554		$	139	$	347		$	50		$	77		$	1,167
Accumulated amortization
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 1	(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
Current year amortization	52			14		22			4			6			98
Dispositions	(3		)	—		(2		)	—			(1		)	(6		)
Reclassifications	2			—		1			1			(4		)	—
Other (primarily Fx)	4			—		1			1			4			10
Balance as of December 31, 2017	$	187		$	101	$	106		$	42		$	57		$	493
Net definite-lived intangibles:
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792
December 31, 2017	$	367		$	38	$	241		$	8		$	20		$	674

¹  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in the consolidated statement of income.

²  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

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, 2017 is approximately 12 years.

Amortization expense for the years ended December 31, 2017, 2016 and 2015 was $98 million, $96 million, and $67 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)	2018		2019		2020		2021		2022
Amortization expense	$	95	$	88	$	82	$	70	$	68

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Taxes on Income

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Taxes on Income

Taxes on Income

Comprehensive tax legislation enacted through the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, significantly modified U.S. corporate income tax law. Provisional amounts have been recorded in our financial statements based on the Company’s initial analysis of the TCJA. The Company may adjust these amounts in future periods if our interpretation of the TCJA changes or as additional guidance from the U.S. Treasury becomes available. As a result of the TCJA, a provisional amount of $149 million has been recorded which reflects a one-time tax charge of approximately $173 million on the deemed repatriation of foreign earnings and a one-time tax benefit of approximately $24 million in respect of the re-valuation of net U.S. deferred tax liabilities at the reduced corporate income tax rate.

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Domestic operations	$	1,723	$	2,585	$	1,266
Foreign operations	738		603		549
Total income before taxes	$	2,461	$	3,188	$	1,815

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2017			2016			2015
Federal:
Current	$	489		$	641		$	90
Deferred	63			79			276
Total federal	552			720			366
Foreign:
Current	194			133			111
Deferred	(3		)	(4		)	(1		)
Total foreign	191			129			110
State and local:
Current	73			99			34
Deferred	7			12			37
Total state and local	80			111			71
Total provision for taxes	$	823		$	960		$	547

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,
	2017		2016		2015
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	2.5		2.7		2.6
Divestitures	—		(4.3	)	—
Foreign operations	(3.9	)	(2.0	)	(3.2	)
Impact of TCJA	6.0		—		—
Stock-based compensation	(2.7	)	—		—
S&P Dow Jones Indices LLC joint venture	(1.8	)	(1.2	)	(2.0	)
Tax credits and incentives	(2.1	)	(1.6	)	(2.9	)
Other, net	0.4		1.5		0.6
Effective income tax rate	33.4	%	30.1	%	30.1	%

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,
	2017			2016
Deferred tax assets:
Legal and regulatory settlements	$	27		$	23
Employee compensation	50			78
Accrued expenses	47			87
Postretirement benefits	34			105
Unearned revenue	26			33
Allowance for doubtful accounts	8			11
Loss carryforwards	135			112
Other	45			3
Total deferred tax assets	372			452
Deferred tax liabilities:
Goodwill and intangible assets	(249		)	(320		)
Fixed assets	(4		)	(3		)
Other	—			—
Total deferred tax liabilities	(253		)	(323		)
Net deferred income tax asset before valuation allowance	119			129
Valuation allowance	(127		)	(116		)
Net deferred income tax (liability) asset	$	(8	)	$	13
Reported as:
Non-current deferred tax assets	$	59		$	61
Non-current deferred tax liabilities	(67		)	(48		)
Net deferred income tax (liability) asset	$	(8	)	$	13

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. 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 $780 million at December 31, 2017. 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 $709 million in 2017, $683 million in 2016, and $260 million in 2015. As of December 31, 2017, we had net operating loss carryforwards of $564 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,
	2017			2016			2015
Balance at beginning of year	$	221		$	162		$	155
Additions based on tax positions related to the current year	23			48			24
Additions for tax positions of prior years	17			20			16
Reduction for tax positions of prior years	(32		)	(3		)	(15		)
Reduction for settlements	(5		)	(6		)	(18		)
Expiration of applicable statutes of limitations	(12		)	—			—
Balance at end of year	$	212		$	221		$	162

The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2017, 2016 and 2015 was $212 million, $221 million and $162 million, respectively, exclusive of interest and penalties. During the period ending December 31, 2017, the change in unrecognized tax benefits resulted in a net reduction of tax expense of $4 million.

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, 2017 and 2016, we had $59 million and $44 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits on the balance sheet may be reduced by up to approximately $60 million in the next twelve months as a result of the resolution of local tax examinations.

The U.S. federal income tax audits for 2016 and 2015 are in process. During 2017, 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 2010. The impact to tax expense in 2017, 2016 and 2015 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, 2018. 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.

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Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt

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

(in millions)	December 31,
	2017		2016
2.5% Senior Notes, due 2018 1	$	399	$	398
3.3% Senior Notes, due 2020 2	697		696
4.0% Senior Notes, due 2025 3	692		691
4.4% Senior Notes, due 2026 4	892		891
2.95% Senior Notes, due 2027 5	493		492
6.55% Senior Notes, due 2037 6	396		396
Total debt	3,569		3,564
Less: short-term debt including current maturities	399		—
Long-term debt	$	3,170	$	3,564

¹  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2017, the unamortized debt discount and issuance costs total $3 million.

³  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁴  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁵  Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2017, the unamortized debt discount and issuance costs total $7 million.

⁶  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $4 million.

Annual debt maturities are scheduled as follows based on book values as of December 31, 2017: $399 million due in 2018, no amounts due in 2019, $697 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.

On June 30, 2017, we entered into a revolving $1.2 billionfive-year credit agreement (our "credit facility") that will terminate on June 30, 2022. This credit facility replaced our $1.2 billionfive-year credit facility that was scheduled to terminate on June 30, 2020. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility. There were no commercial paper borrowings outstanding as of December 31, 2017 and 2016.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 12.5 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 Offer 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 corporate credit rating.

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

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

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, 2017 and December 31, 2016, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign currency exchange rates. Foreign currency forward contracts are recorded at fair value that is based on foreign currency exchange rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy.We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the three months ended December 31, 2017, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of December 31, 2017, the aggregate notional value of these outstanding forward contracts was $130 million. The changes in fair value of these forward contracts are recorded in prepaid and other assets in the consolidated balance sheet with their corresponding change in fair value recognized into selling and general expenses in the consolidated statement of income. The net gain recorded in selling and general expense for the year ended December 31, 2017 related to these contracts was $3 million.

Cash Flow Hedges

During the three months ended March 31, 2017 and December 31, 2017, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian rupee, British pound, and Euro exposures through the fourth quarter of 2017 and 2018, respectively. These contracts are intended to offset the impact of the movement of exchange rates on future revenue and operating costs and are scheduled to mature within twelve months. 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 revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

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 the 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 were initially reported in accumulated other comprehensive loss in our consolidated balance sheet and subsequently reclassified into selling and general expenses in the same period that the hedge contract matures.

As of December 31, 2017, we estimate that $2 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months. There was no material hedge ineffectiveness for the year ended December 31, 2017.

As of December 31, 2017 and December 31, 2016, the aggregate notional value of our outstanding foreign currency forward contracts designated as cash flow hedges was $307 million and $65 million, respectively.

The following table provides information on the location and fair value amounts of our cash flow hedges as of December 31, 2017 and December 31, 2016:

(in millions)		December 31,		December 31,
Balance Sheet Location		2017		2016
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	3	$	3

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	2017		2016		2015			2017		2016		2015
Foreign exchange forward contracts	$	—	$	3	$	—	Selling and general expenses	$	9	$	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,
	2017			2016			2015
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	2		$	(1	)	$	(1	)
Change in fair value, net of tax	9			7			—
Reclassification into earnings, net of tax	(9		)	(4		)	—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	2		$	(1	)

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Employee Benefits

12 Months Ended

Dec. 31, 2017

Retirement Benefits [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 loss, net of taxes. The amounts in accumulated other comprehensive loss 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, 2017 and 2016, 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
	2017			2016			2017			2016
Net benefit obligation at beginning of year	$	2,260		$	2,199		$	57		$	80
Service cost	3			3			—			—
Interest cost	74			78			2			2
Plan participants’ contributions	—			—			3			4
Actuarial loss (gain)	107			196			(5		)	(6		)
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	38			(75		)	—			—
Other adjustments 1	(43		)	(20		)	—			(13		)
Net benefit obligation at end of year	2,329			2,260			49			57
Fair value of plan assets at beginning of year	2,073			2,023			—			—
Actual return on plan assets	263			259			—			—
Employer contributions	8			8			25			6
Plan participants’ contributions	—			—			3			4
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	31			(74		)				—
Other adjustments	(46		)	(22		)				—
Fair value of plan assets at end of year	2,219			2,073			20			—
Funded status	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	114		$	46		$	—		$	—
Current liabilities	(9		)	(8		)	—			(8		)
Non-current liabilities	(215		)	(225		)	(29		)	(49		)
	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Accumulated benefit obligation	$	2,319		$	2,251
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	224		$	674
Accumulated benefit obligation	$	214		$	665
Fair value of plan assets	$	—		$	441
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	451		$	483		$	(37	)	$	(35	)
Prior service credit	1			1			(12		)	(13		)
Total recognized	$	452		$	484		$	(49	)	$	(48	)

¹  Relates to the impact of retiree annuity purchases.

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, 2018 is $19 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, 2018.

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, 2018.

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
	2017			2016			2015			2017			2016			2015
Service cost	$	3		$	3		$	6		$	—		$	—		$	—
Interest cost	74			78			96			2			2			3
Expected return on assets	(126		)	(122		)	(127		)	—			—			—
Amortization of:
Actuarial loss (gain)	18			16			20			(2		)	(1		)	—
Prior service (credit) cost	—			—			—			(2		)	—			(1		)
Other 1	8			—			—			—			—			—
Net periodic benefit cost	$	(23	)	$	(25	)	$	(5	)	$	(2	)	$	1		$	2

¹  Represents a charge related to our U.K retirement plan.

Our U.K. retirement plan accounted for a benefit of $6 million in 2017, $10 million in 2016, and $10 million in 2015 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
	2017			2016			2015			2017			2016			2015
Net actuarial (gain) loss	$	(20	)	$	60		$	(6	)	$	(3	)	$	(12	)	$	(17	)
Recognized actuarial (gain) loss	(12		)	(10		)	(13		)	1			1			—
Prior service (credit) cost	—			—			—			1			(8		)	1
Other 1	(7		)
Total recognized	$	(39	)	$	50		$	(19	)	$	(1	)	$	(19	)	$	(16	)

¹  Represents a charge related to our U.K retirement plan.

The total cost for our retirement plans was $70 million for 2017, $69 million for 2016 and $91 million for 2015. Included in the total retirement plans cost are defined contribution plans cost of $70 million for 2017, $65 million for 2016 and $67 million for 2015.

Assumptions

	Retirement Plans						Postretirement Plans
	2017		2016		2015		2017		2016		2015
Benefit obligation:
Discount rate 2	3.68	%	4.14	%	4.47	%	3.40	%	3.69	%	3.90	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.00	%	7.00	%	7.00	%
Discount rate - U.S. plan 2	4.13	%	4.47	%	4.15	%	3.69	%	3.94	%	3.60	%
Discount rate - U.K. plan 2	2.58	%	3.84	%	3.80	%
Return on assets 3	6.25	%	6.25	%	6.25	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2017 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	$	—	$	—

²  Effective January 1, 2017, we changed our discount rate assumption on our U.S. retirement plans to 4.13% from 4.47% in 2016 and changed our discount rate assumption on our U.K. plan to 2.58% from 3.84% in 2016 . 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 and 2017, 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 $10 million in 2017 and $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, 2018, our return on assets assumption for the U.S. plan and U.K. plan decreased to 6.00% from 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 2018 are $9 million and $7 million for our retirement and postretirement plans respectively. In 2018, 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
2018	$	88	$	9	$	(3	)	$	—	$	6
2019	90		8		(3		)	—		5
2020	93		8		(2		)	—		6
2021	96		7		(2		)	—		5
2022	99		6		(2		)	—		4
2023-2027	527		24		(9		)	—		15

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, 2017 and 2016, by asset class is as follows:

(in millions)	December 31, 2017
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	10	$	10	$	—	$	—
Equities:
U.S. indexes 1	50		50		—		—
U.S. growth and value	109		109		—		—
U.K.	5		5		—		—
International, excluding U.K.	45		45		—		—
Fixed income:
Long duration strategy 2	1,076		—		1,076		—
Intermediate duration securities	35		—		35		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	15		—		15		—
International, excluding U.K.	18		—		18		—
Real Estate
U.K. 4	39		—		—		39
Total	$	1,426	$	219	$	1,168	$	39
Collective investment funds	$	793
Total	$	2,219

(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	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
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	$	749
Total	$	2,073

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, 2016	$	11
Purchases	28
Distributions	(1		)
Gain (loss)	1
Balance as of December 31, 2017	$	39

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 $1,739 million and $1,632 million as of December 31, 2017 and 2016 respectively, and the target allocations in 2017 include 68% fixed income, 27% domestic equities and 5% international equities.

• The U.K. pension trust had assets of $480 million and $441 million as of December 31, 2017 and 2016, respectively, and the target allocations in 2017 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 228,248 shares and sold 297,750 shares of S&P Global Inc. common stock in 2017 and purchased 216,035 shares and sold 437,283 shares of S&P Global Inc. common stock in 2016. The plans held approximately 1.5 million shares of S&P Global Inc. common stock as of December 31, 2017 and 1.6 million shares as of December 31, 2016, with market values of $255 million and $171 million, respectively. The plans received dividends on S&P Global Inc. common stock of $3 million and $2 million during the years ended December 31, 2017 and December 31, 2016 respectively.

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2017

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,
	2017	2016
Shares available for granting under the 2002 Plan	33.8	33.5
Options outstanding	2.1	3.8
Total shares reserved for issuance 1	35.9	37.3

¹ Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are less than 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,
	2017		2016		2015
Stock option expense	$	3	$	7	$	14
Restricted stock and unit awards expense	96		69		64
Total stock-based compensation expense	$	99	$	76	$	78
Tax benefit	$	38	$	29	$	29

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
Risk-free average interest rate	0.2 - 1.9%
Dividend yield	1.4%
Volatility	21 - 39%
Expected life (years)	6.3
Weighted-average grant-date fair value per option	$	27.57

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 2017 and 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, 2016	3.8		$	43.36
Exercised	(1.7	)	$	113.04
Forfeited and expired 1	—		$	72.35
Options outstanding as of December 31, 2017	2.1		$	44.09	3.5	$	270
Options exercisable as of December 31, 2017	2.1		$	44.08	3.5	$	270

¹ There are less 0.1 million shares forfeited and expired.

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Vested	(0.2		)	$	23.40
Forfeited 1	—			$	24.22
Nonvested options outstanding as of December 31, 2017	—			$	27.52
Total unrecognized compensation expense related to nonvested options 2	$	—
Weighted-average years to be recognized over	0.1

¹  There are less than 0.1 million shares forfeited.

²  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, 2017, 2016 and 2015 was $4 million, $7 million and $11 million, respectively.

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2017		2016		2015
Net cash proceeds from the exercise of stock options	$	75	$	88	$	86
Total intrinsic value of stock option exercises	$	118	$	95	$	94
Income tax benefit realized from stock option exercises	$	64	$	41	$	49

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, 2016	1.0			$	106.31
Granted	0.8			$	147.12
Vested	(1.0		)	$	156.16
Forfeited 1	—			$	107.96
Nonvested shares as of December 31, 2017	0.8			$	124.91
Total unrecognized compensation expense related to nonvested awards	$	66
Weighted-average years to be recognized over	1.6

¹  There are less than 0.1 million shares forfeited.

	Year Ended December 31,
	2017		2016		2015
Weighted-average grant-date fair value per award	$	147.12	$	93.01	$	77.06
Total fair value of restricted stock and unit awards vested	$	147	$	99	$	155
Tax benefit relating to restricted stock activity	$	36	$	26	$	24

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Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Equity

Equity

Capital Stock

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

On February 2, 2018, the Board of Directors approved an increase in the dividends for 2018 to a quarterly rate of $0.50 per common share.

	Year Ended December 31,
	2017		2016		2015
Quarterly dividend rate	$	0.41	$	0.36	$	0.33
Annualized dividend rate	$	1.64	$	1.44	$	1.32
Dividends paid (in millions)	$	421	$	380	$	363

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,
	2017		2016		2015
Total number of shares purchased 1	6.8		9.7		10.1
Average price paid per share 2	$	147.74	$	113.36	$	99.00
Total cash utilized 2	$	1,001	$	1,097	$	1,000

¹  2017 and 2016 includes shares received as part of our accelerated share repurchase agreements 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. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2017, 2016 and 2015 resulting in $1,001 million, $1,123 million and $974 million of cash used to repurchase shares, respectively.

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, 2017, 19 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 Agreements

We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on August 1, 2017 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.8 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on October 31, 2017 and received an additional 0.5 million shares. We repurchased a total of 3.2 million shares under the ASR agreement for an average purchase price of $154.46 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

Using a portion of the proceeds received from the sale of J.D. Power, we entered into an 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 agreements were 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 that own 27% of our S&P Dow Jones Indices LLC joint venture 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 S&P Dow Jones 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, 2017 were as follows:

(in millions)
Balance as of December 31, 2016	$	1,080
Net income attributable to noncontrolling interest	127
Distributions to noncontrolling interest	(117		)
Redemption value adjustment	260
Balance as of December 31, 2017	$	1,350

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2017:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans 1			Unrealized Gain (Loss) on Forward Exchange Contracts 2			Unrealized Loss on Investment			Accumulated Other Comprehensive Loss
Balance as of December 31, 2016	$	(332	)	$	(443	)	$	2		—			$	(773	)
Other comprehensive income before reclassifications	93			30			9			(10		)	122
Reclassifications from accumulated other comprehensive loss to net earnings	—			11			(9		)	—			2
Net other comprehensive income	93			41			—			(10		)	124
Balance as of December 31, 2017	$	(239	)	$	(402	)	$	2		$	(10	)	$	(649	)

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, 2017.

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Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

Basic earnings per common share ("EPS") is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, 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 and restricted performance shares calculated using the treasury stock method.

The calculation for basic and diluted EPS is as follows:

(in millions, except per share data)	Year Ended December 31,
	2017		2016		2015
Amount attributable to S&P Global Inc. common shareholders:
Net income	$	1,496	$	2,106	$	1,156
Basic weighted-average number of common shares outstanding	256.3		262.8		271.6
Effect of stock options and other dilutive securities	2.6		2.4		3.0
Diluted weighted-average number of common shares outstanding	258.9		265.2		274.6
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	5.84	$	8.02	$	4.26
Diluted	$	5.78	$	7.94	$	4.21

Each period we have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. 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 net loss 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 net loss exists. As of December 31, 2017, 2016 and 2015, there were no stock options excluded. Restricted performance shares outstanding of 0.6 million, 0.7 million and 0.9 million as of December 31, 2017, 2016 and 2015, respectively, were excluded.

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Restructuring

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

During 2017 and 2016, 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 2017 and 2016 restructuring plans consisted of a company-wide workforce reduction of approximately 520 and 230 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 2016 restructuring plan that we have reversed in 2017, which offset the initial charge of $30 million recorded for the 2016 restructuring plan. Also, 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.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2017 by segment is as follows:

	2017 Restructuring Plan				2016 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	25	$	24	$	14	4
Market and Commodities Intelligence	9		5		10		3
Indices	—		—		1		—
Corporate	10		10		5		1
Total	$	44	$	39	$	30	$	8

For the year ended December 31, 2017, we have reduced the reserve for the 2017 restructuring plan by $5 million and for the years ended December 31, 2017 and 2016, we have reduced the reserve for the 2016 restructuring plan by $15 million and $7 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, 2017

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.

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

(in millions)	Revenue									Operating Profit
	2017			2016			2015			2017			2016			2015
Ratings 1	$	2,988		$	2,535		$	2,428		$	1,524		$	1,262		$	1,078
Market and Commodities Intelligence 2	2,452			2,585			2,376			793			1,822			585
Indices 3	733			639			597			471			412			392
Intersegment elimination 4	(110		)	(98		)	(88		)	—			—			—
Total operating segments	6,063			5,661			5,313			2,788			3,496			2,055
Unallocated expense 5	—			—			—			(178		)	(127		)	(138		)
Total	$	6,063		$	5,661		$	5,313		$	2,610		$	3,369		$	1,917

¹  Operating profit for the year ended December 31, 2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and employee severance charges of $13 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $4 million for the year ended December 31, 2017 and $5 million for the years ended December 31, 2016 and 2015.

²  Operating profit for the year ended December 31, 2017 includes non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset-write off of $2 million. 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 related to identified operating efficiencies primarily related to employee severance charges of $33 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $87 million, $85 million and $57 million for the years ended December 31, 2017, 2016 and 2015, respectively.

³  Operating profit includes amortization of intangibles from acquisitions of $7 million, $6 million and $5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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, 2017 includes a charge to exit leased facilities of $19 million, employee severance charges of $10 million and a pension related charge of $8 million. 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 employee severance charges of $10 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2017		2016		2015		2017		2016		2015
Ratings	$	34	$	34	$	43	$	45	$	42	$	48
Market and Commodities Intelligence	128		131		99		52		57		78
Indices	9		8		8		3		3		4
Total operating segments	171		173		150		100		102		130
Corporate	9		8		7		23		13		9
Total	$	180	$	181	$	157	$	123	$	115	$	139

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2017		2016
Ratings	$	788	$	612
Market and Commodities Intelligence	4,172		4,104
Indices	1,270		1,247
Total operating segments	6,230		5,963
Corporate 1	3,190		2,699
Assets held for sale 2	5		7
Total	$	9,425	$	8,669

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 East Windsor, New Jersey facility and QuantHouse as of December 31, 2017 and 2016, respectively.

We do not have operations in any foreign country that represent more than 7% 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,
	2017		2016		2015		2017		2016
U.S.	$	3,658	$	3,461	$	3,202	$	4,285	$	4,335
European region	1,473		1,330		1,265		346		341
Asia	594		575		566		54		58
Rest of the world	338		295		280		49		46
Total	$	6,063	$	5,661	$	5,313	$	4,734	$	4,780

	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2017		2016		2015		2017		2016
U.S.	60	%	61	%	60	%	91	%	91	%
European region	24		24		24		7		7
Asia	10		10		11		1		1
Rest of the world	6		5		5		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, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Related Party Agreement

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, 2017, 2016 and 2015, S&P Dow Jones Indices LLC earned $74 million, $76 million and $63 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.

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,
	2017			2016			2015
Gross rental expense	$	177		$	179		$	182
Less: sublease revenue	(17		)	(16		)	(14		)
Less: rent credit	—			—			(4		)
Net rental expense	$	160		$	163		$	164

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
2018	$	122	$	(17	)	$	105
2019	109		(17		)	92
2020	83		(3		)	80
2021	71		—			71
2022	69		—			69
2023 and beyond	516		—			516
Total	$	970	$	(37	)	$	933

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 several 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. 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

In 2014, the prosecutor in the Italian city of Trani 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 were based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. On March 30, 2017, following trial, the court in Trani issued an oral verdict acquitting each of the individual defendants and Standard & Poor’s Credit Market Services Europe of all charges, and on September 27, 2017, the court filed a written opinion supporting the verdict. The prosecutor did not appeal, and the verdict is now final.

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, among other things, breach of fiduciary duty, waste of corporate assets, and mismanagement against the board of directors and certain former directors and employees of the Company. 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. 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. The complaint asserts claims for, among other things, 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 employees of the Company. The Grika matter was transferred to the judge presiding over the North Miami Beach matter. In December of 2016, the court issued orders granting the Company's motions to dismiss both the North Miami Beach and Grika matters. In January of 2017, the plaintiffs in both matters filed notices of appeal. Briefing on the North Miami Beach appeal is now complete, and oral argument was held on January 23, 2018.  The plaintiff in the Grika matter filed a brief in support of his appeal on January 2, 2018, and the Company and the individual defendants filed briefs in opposition to the appeal on January 31, 2018.

XML

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

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
2017
Revenue	$	1,453	$	1,509	$	1,513	$	1,589	$	6,063
Operating profit	$	648	$	677	$	658	$	628	$	2,610
Net income	$	430	$	457	$	452	$	299	$	1,638
Net income attributable to S&P Global common shareholders	$	399	$	421	$	414	$	263	$	1,496
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.54	$	1.63	$	1.62	$	1.03	$	5.84
Diluted	$	1.53	$	1.62	$	1.61	$	1.02	$	5.78
20161
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

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, 2017

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, 2017
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	717		$	1,780		$	3,704		$	(138	)	$	6,063
Expenses:
Operating-related expenses	108			482			1,261			(138		)	1,713
Selling and general expenses	162			345			1,053			—			1,560
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Total expenses	301			838			2,452			(138		)	3,453
Operating profit	416			942			1,252			—			2,610
Interest expense (income), net	163			—			(14		)	—			149
Non-operating intercompany transactions	365			(77		)	(2,463		)	2,175			—
(Loss) income before taxes on income	(112		)	1,019			3,729			(2,175		)	2,461
Provision for taxes on income	26			370			427			—			823
Equity in net income of subsidiaries	3,808			—			—			(3,808		)	—
Net income	3,670			649			3,302			(5,983		)	1,638
Less: net income attributable to noncontrolling interests	—			—			—			(142		)	(142		)
Net income attributable to S&P Global Inc.	$	3,670		$	649		$	3,302		$	(6,125	)	$	1,496
Comprehensive income	$	3,694		$	649		$	3,401		$	(5,982	)	$	1,762

	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	113			451			1,335			(126		)	1,773
Selling and general expenses	109			243			1,087			—			1,439
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	137			737		959			(115		)	1,718
Selling and general expenses	184			254		1,094			—			1,532
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on disposition	—			—		(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 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

	Balance Sheet
	December 31, 2017
(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	$	632		$	—		$	2,147		$	—		$	2,779
Accounts receivable, net of allowance for doubtful accounts	138			152			1,029			—			1,319
Intercompany receivable	768			1,784			2,527			(5,079		)	—
Prepaid and other current assets	143			(3		)	86			—			226
Total current assets	1,681			1,933			5,789			(5,079		)	4,324
Property and equipment, net of accumulated depreciation	158			10			107			—			275
Goodwill	261			—			2,719			9			2,989
Other intangible assets, net	—			—			1,388			—			1,388
Investments in subsidiaries	8,364			5			8,028			(16,397		)	—
Intercompany loans receivable	116			—			1,699			(1,815		)	—
Other non-current assets	215			61			174			(1		)	449
Total assets	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	79		$	23		$	93		$	—		$	195
Intercompany payable	3,433			492			1,154			(5,079		)	—
Accrued compensation and contributions to retirement plans	145			86			241			—			472
Short-term debt	399			—			—			—			399
Income taxes currently payable	2			—			75			—			77
Unearned revenue	293			193			1,127			—			1,613
Accrued legal settlements	—			2			105			—			107
Other current liabilities	136			21			194			—			351
Total current liabilities	4,487			817			2,989			(5,079		)	3,214
Long-term debt	3,170			—			—			—			3,170
Intercompany loans payable	101			—			1,715			(1,816		)	—
Pension and other postretirement benefits	180			—			64			—			244
Other non-current liabilities	376			74			229			—			679
Total liabilities	8,314			891			4,997			(6,895		)	7,307
Redeemable noncontrolling interest	—			—			—			1,350			1,350
Equity:
Common stock	412			—			2,318			(2,318		)	412
Additional paid-in capital	(216		)	602			9,256			(9,117		)	525
Retained income	12,156			516			3,782			(6,429		)	10,025
Accumulated other comprehensive loss	(269		)	—			(426		)	46			(649		)
Less: common stock in treasury	(9,602		)	—			(23		)	23			(9,602		)
Total equity - controlling interests	2,481			1,118			14,907			(17,795		)	711
Total equity - noncontrolling interests	—			—			—			57			57
Total equity	2,481			1,118			14,907			(17,738		)	768
Total liabilities and equity	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425

	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			79			(1		)	157
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		)	250			—			359
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

	Statement of Cash Flows
	Year Ended December 31, 2017
(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	$	3,670		$	649		$	3,302		$	(5,983	)	$	1,638
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Provision for losses on accounts receivable	2			3			11			—			16
Deferred income taxes	108			(10		)	(98		)	—			—
Stock-based compensation	35			22			42			—			99
Accrued legal settlements	—			—			55			—			55
Other	34			19			43			—			96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(23		)	(171		)	—			(196		)
Prepaid and current assets	(5		)	3			12			—			10
Accounts payable and accrued expenses	22			97			(44		)	—			75
Unearned revenue	19			2			64			—			85
Accrued legal settlements	—			(1		)	(3		)	—			(4		)
Other current liabilities	(42		)	(12		)	(31		)	—			(85		)
Net change in prepaid/accrued income taxes	41			(18		)	9			—			32
Net change in other assets and liabilities	7			(6		)	14			—			15
Cash provided by operating activities	3,920			736			3,343			(5,983		)	2,016
Investing Activities:
Capital expenditures	(55		)	(32		)	(36		)	—			(123		)
Acquisitions, net of cash acquired	—			—			(83		)	—			(83		)
Proceeds from dispositions	—			—			2			—			2
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(55		)	(32		)	(122		)	—			(209		)
Financing Activities:
Dividends paid to shareholders	(421		)	—			—			—			(421		)
Distributions to noncontrolling interest holders	—			—			(111		)	—			(111		)
Repurchase of treasury shares	(1,001		)	—			—			—			(1,001		)
Exercise of stock options	68			—			7			—			75
Employee withholding tax on share-based payments	(49		)	—			—			—			(49		)
Intercompany financing activities	(2,546		)	(704		)	(2,733		)	5,983			—
Cash used for financing activities	(3,949		)	(704		)	(2,837		)	5,983			(1,507		)
Effect of exchange rate changes on cash from continuing operations	5			—			82			—			87
Net change in cash and cash equivalents	(79		)	—			466			—			387
Cash and cash equivalents at beginning of year	711			—			1,681			—			2,392
Cash and cash equivalents at end of year	$	632		$	—		$	2,147		$	—		$	2,779

	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:
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	(2		)	10			(3		)	—			5
Accounts payable and accrued expenses	(8		)	(39		)	66			—			19
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlements	—			(108		)	(42		)	—			(150		)
Other current liabilities	(27		)	(27		)	35			—			(19		)
Net change in prepaid/accrued income taxes	141			—			33			—			174
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities	2,215			456			2,263			(3,374		)	1,560
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	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		)
Distributions to noncontrolling interest holders	—			—			(116		)	—			(116		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Employee withholding tax on share-based payments	(55		)	—			—			—			(55		)
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities	(2,881		)	(441		)	(1,748		)	3,374			(1,696		)
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 net income 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 disposition	—			—			(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	(4		)	14			(5		)	—			5
Accounts payable and accrued expenses	8			(34		)	17			—			(9		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlements	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(31		)	(35		)	(11		)	—			(77		)
Net change in prepaid/accrued income taxes	14			—			115			—			129
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,632			(349		)	818			(1,745		)	356
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	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Distributions to noncontrolling interest holders	—			—			(104		)	—			(104		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Contingent consideration payments	(5		)	—			—			—			(5		)
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Employee withholding tax on share-based payments	(92		)	—			—			—			(92		)
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(557		)	359			(198		)	1,745			1,349
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash 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

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Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2017

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, 2017
Allowance for doubtful accounts	$	28	$	15	$	(11	)	$	33
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

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, 2017

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, trading firms 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. We completed the sale of J.D. Power on September 7, 2016, with the results 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.

A disposal group 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.

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 $2.8 billion and $2.4 billion as of December 31, 2017 and 2016, 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 in 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.

Capitalized technology costs

Capitalized 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.

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 the 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. An impairment charge 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, 2018. 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.

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 consolidated 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 our 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 2017, the Financial Accounting Standards Board ("FASB") issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2017, the FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but

clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. 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 2017, the FASB issued guidance to enhance the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component outside a subtotal of income from operations. Additionally, only the service cost component is eligible for capitalization. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. The guidance is required to be adopted retrospectively with respect to the income statement presentation requirement and prospectively for the capitalization requirement. The change in capitalization requirement will not have a material impact on our consolidated financial statements.We recorded a benefit of $25 million, $24 million and $3 million in 2017, 2016 and 2015, respectively, related to our net periodic benefit costs for our retirement and postretirement plans. These amounts are not necessarily indicative of future amounts that may arise in years following the implementation of this new guidance. See Note 7 – Employee Benefits for additional information related to our retirement and postretirement plans.

In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. 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 August of 2016, the 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 requires recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity. The guidance was effective on January 1, 2017 and was adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively 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. For the year ended December 31, 2017, excess tax benefits from share-based payments of $72 million were recognized as an income tax benefit in our consolidated statements of income and classified as an operating activity in our consolidated statements of cash flows. For the years ended December 31, 2016 and 2015, we reclassified $41 million and $69 million, respectively, of excess tax benefits from share-based payments from a financing activity to an operating activity in our consolidated statements of cash flows. In addition, cash paid for shares withheld on the employees' behalf of $49 million was classified as a financing activity in our consolidated statements of cash flows for the year ended December 31, 2017. Cash paid for employee taxes of $55 million and $92 million were reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the years ended December 31, 2016 and 2015, respectively.

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 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. We have completed our evaluation of changes to our accounting policies, business processes, systems and internal controls to support the recognition and disclosure requirements under the new standard. We will adopt the new revenue standard effective January 1, 2018 using the modified retrospective transition method. Based on our analysis, adoption of the new standard will impact: (1) the capitalization of costs to obtain contracts with our customers and the related amortization period of those costs; (2) the timing of when fees for certain Ratings products that are recognized to match when the customer obtains control of the product; 3) the accounting for long-term deferred revenue in our Ratings segment which contain a financing component; and 4) the presentation of sales of certain of our jointly-owned products in our Market and Commodities Intelligence segment, where revenue will be recognized on a gross rather than net basis. The aggregate impact of these adjustments on our opening balance sheet will be an increase to retained earnings of approximately $40 million, with the increase driven primarily by the capitalization of costs to obtain contracts with our customers of approximately $79 million previously expensed, offset by the deferral of income associated with our Ratings products of approximately $14 million previously recognized in revenue, the net impact of recording expense associated with the significant financing component of Ratings' long term deferred revenue of approximately $12 million, and a net increase to the associated deferred tax assets and deferred tax liabilities associated with these adjustments of approximately $13 million.

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, 2017

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

Schedule of Supplemental Information on an Unaudited Pro Forma Basis

Supplemental information on an unaudited pro forma basis is presented below for the year ended December 31, 2015 as if the acquisition of SNL occurred on January 1, 2015. 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
Pro forma revenue	$	5,477
Pro forma net income	$	1,258

Schedule of Liabilities Assumed in Conjunction with Acquisition of Businesses

Liabilities assumed in conjunction with our acquisitions are as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Fair value of assets acquired	$	83	$	253	$	2,576
Cash paid (net of cash acquired)	83		211		2,401
Liabilities assumed	$	—	$	42	$	175

Schedule of Key Components of Disposal Groups

The operating profit of our businesses that were disposed of or held for sale for the years ending December 31, 2017, 2016, and 2015 is as follows:

(in millions)	Year ended December 31,
	2017		2016		2015
Operating profit 1	$	—	$	62	$	85

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

The components of assets and liabilities held for sale related to QuantHouse, which were included in prepaid and other current assets and other current liabilities in the consolidated balance sheet, consist of the following:

(in millions)	December 31, 2016
Accounts receivable, net	$	4
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

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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, 2015	$	114		$	2,392		$	376	$	2,882
Acquisitions	—			106			7		113
Dispositions	—			(35		)	—		(35		)
Other 1	(5		)	(6		)	—		(11		)
Balance as of December 31, 2016	109			2,457			383		2,949
Other 1	5			27			8		40
Balance as of December 31, 2017	$	114		$	2,484		$	391	$	2,989

¹  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2016 includes adjustments related to SNL and Petromedia. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

Schedule of 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, 2015	$	510		$	139	$	168		$	47		$	269		$	1,133
Acquisitions	—			—		—			—			98			98
Dispositions	—			—		—			(2		)	(8		)	(10		)
Impairment 1	(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
Dispositions	(4		)	—		(2		)	—			—			(6		)
Other 2	52			—		19			5			(86		)	(10		)
Balance as of December 31, 2017	$	554		$	139	$	347		$	50		$	77		$	1,167
Accumulated amortization
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 1	(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
Current year amortization	52			14		22			4			6			98
Dispositions	(3		)	—		(2		)	—			(1		)	(6		)
Reclassifications	2			—		1			1			(4		)	—
Other (primarily Fx)	4			—		1			1			4			10
Balance as of December 31, 2017	$	187		$	101	$	106		$	42		$	57		$	493
Net definite-lived intangibles:
December 31, 2016	$	374		$	52	$	246		$	9		$	111		$	792
December 31, 2017	$	367		$	38	$	241		$	8		$	20		$	674

¹  Relates to a technology-related impairment charge at Market and Commodities Intelligence and recorded in selling and general expenses in the consolidated statement of income.

²  Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2017 includes adjustments related to PIRA, Trucost, RigData and Commodity Flow.

Schedule of 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)	2018		2019		2020		2021		2022
Amortization expense	$	95	$	88	$	82	$	70	$	68

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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income Before Taxes from Domestic and Foreign Operations

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Domestic operations	$	1,723	$	2,585	$	1,266
Foreign operations	738		603		549
Total income before taxes	$	2,461	$	3,188	$	1,815

Schedule of Provision for Taxes on Income

The provision for taxes on income consists of the following:

(in millions)	Year Ended December 31,
	2017			2016			2015
Federal:
Current	$	489		$	641		$	90
Deferred	63			79			276
Total federal	552			720			366
Foreign:
Current	194			133			111
Deferred	(3		)	(4		)	(1		)
Total foreign	191			129			110
State and local:
Current	73			99			34
Deferred	7			12			37
Total state and local	80			111			71
Total provision for taxes	$	823		$	960		$	547

Schedule of 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,
	2017		2016		2015
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	2.5		2.7		2.6
Divestitures	—		(4.3	)	—
Foreign operations	(3.9	)	(2.0	)	(3.2	)
Impact of TCJA	6.0		—		—
Stock-based compensation	(2.7	)	—		—
S&P Dow Jones Indices LLC joint venture	(1.8	)	(1.2	)	(2.0	)
Tax credits and incentives	(2.1	)	(1.6	)	(2.9	)
Other, net	0.4		1.5		0.6
Effective income tax rate	33.4	%	30.1	%	30.1	%

Schedule of 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,
	2017			2016
Deferred tax assets:
Legal and regulatory settlements	$	27		$	23
Employee compensation	50			78
Accrued expenses	47			87
Postretirement benefits	34			105
Unearned revenue	26			33
Allowance for doubtful accounts	8			11
Loss carryforwards	135			112
Other	45			3
Total deferred tax assets	372			452
Deferred tax liabilities:
Goodwill and intangible assets	(249		)	(320		)
Fixed assets	(4		)	(3		)
Other	—			—
Total deferred tax liabilities	(253		)	(323		)
Net deferred income tax asset before valuation allowance	119			129
Valuation allowance	(127		)	(116		)
Net deferred income tax (liability) asset	$	(8	)	$	13
Reported as:
Non-current deferred tax assets	$	59		$	61
Non-current deferred tax liabilities	(67		)	(48		)
Net deferred income tax (liability) asset	$	(8	)	$	13

Schedule of 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,
	2017			2016			2015
Balance at beginning of year	$	221		$	162		$	155
Additions based on tax positions related to the current year	23			48			24
Additions for tax positions of prior years	17			20			16
Reduction for tax positions of prior years	(32		)	(3		)	(15		)
Reduction for settlements	(5		)	(6		)	(18		)
Expiration of applicable statutes of limitations	(12		)	—			—
Balance at end of year	$	212		$	221		$	162

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Debt (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017		2016
2.5% Senior Notes, due 2018 1	$	399	$	398
3.3% Senior Notes, due 2020 2	697		696
4.0% Senior Notes, due 2025 3	692		691
4.4% Senior Notes, due 2026 4	892		891
2.95% Senior Notes, due 2027 5	493		492
6.55% Senior Notes, due 2037 6	396		396
Total debt	3,569		3,564
Less: short-term debt including current maturities	399		—
Long-term debt	$	3,170	$	3,564

¹  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on February 14 and August 14, and as of December 31, 2017, the unamortized debt discount and issuance costs total $3 million.

³  Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁴  Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $8 million.

⁵  Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2017, the unamortized debt discount and issuance costs total $7 million.

⁶  Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2017, the unamortized debt discount and issuance costs total $4 million.

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and December 31, 2016:

(in millions)		December 31,		December 31,
Balance Sheet Location		2017		2016
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	3	$	3

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	2017		2016		2015			2017		2016		2015
Foreign exchange forward contracts	$	—	$	3	$	—	Selling and general expenses	$	9	$	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,
	2017			2016			2015
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of year	$	2		$	(1	)	$	(1	)
Change in fair value, net of tax	9			7			—
Reclassification into earnings, net of tax	(9		)	(4		)	—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of year	$	2		$	2		$	(1	)

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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of the Benefit Obligation, the Fair Value of Plan Assets, and 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, 2017 and 2016, 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
	2017			2016			2017			2016
Net benefit obligation at beginning of year	$	2,260		$	2,199		$	57		$	80
Service cost	3			3			—			—
Interest cost	74			78			2			2
Plan participants’ contributions	—			—			3			4
Actuarial loss (gain)	107			196			(5		)	(6		)
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	38			(75		)	—			—
Other adjustments 1	(43		)	(20		)	—			(13		)
Net benefit obligation at end of year	2,329			2,260			49			57
Fair value of plan assets at beginning of year	2,073			2,023			—			—
Actual return on plan assets	263			259			—			—
Employer contributions	8			8			25			6
Plan participants’ contributions	—			—			3			4
Gross benefits paid	(110		)	(121		)	(8		)	(10		)
Foreign currency effect	31			(74		)				—
Other adjustments	(46		)	(22		)				—
Fair value of plan assets at end of year	2,219			2,073			20			—
Funded status	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Amounts recognized in consolidated balance sheets:
Non-current assets	$	114		$	46		$	—		$	—
Current liabilities	(9		)	(8		)	—			(8		)
Non-current liabilities	(215		)	(225		)	(29		)	(49		)
	$	(110	)	$	(187	)	$	(29	)	$	(57	)
Accumulated benefit obligation	$	2,319		$	2,251
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	$	224		$	674
Accumulated benefit obligation	$	214		$	665
Fair value of plan assets	$	—		$	441
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	$	451		$	483		$	(37	)	$	(35	)
Prior service credit	1			1			(12		)	(13		)
Total recognized	$	452		$	484		$	(49	)	$	(48	)

¹  Relates to the impact of retiree annuity purchases.

Schedule 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
	2017			2016			2015			2017			2016			2015
Service cost	$	3		$	3		$	6		$	—		$	—		$	—
Interest cost	74			78			96			2			2			3
Expected return on assets	(126		)	(122		)	(127		)	—			—			—
Amortization of:
Actuarial loss (gain)	18			16			20			(2		)	(1		)	—
Prior service (credit) cost	—			—			—			(2		)	—			(1		)
Other 1	8			—			—			—			—			—
Net periodic benefit cost	$	(23	)	$	(25	)	$	(5	)	$	(2	)	$	1		$	2

Schedule of 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
	2017			2016			2015			2017			2016			2015
Net actuarial (gain) loss	$	(20	)	$	60		$	(6	)	$	(3	)	$	(12	)	$	(17	)
Recognized actuarial (gain) loss	(12		)	(10		)	(13		)	1			1			—
Prior service (credit) cost	—			—			—			1			(8		)	1
Other 1	(7		)
Total recognized	$	(39	)	$	50		$	(19	)	$	(1	)	$	(19	)	$	(16	)

¹  Represents a charge related to our U.K retirement plan.

Schedule of Assumptions Used

	Retirement Plans						Postretirement Plans
	2017		2016		2015		2017		2016		2015
Benefit obligation:
Discount rate 2	3.68	%	4.14	%	4.47	%	3.40	%	3.69	%	3.90	%
Net periodic cost:
Weighted-average healthcare cost rate 1							7.00	%	7.00	%	7.00	%
Discount rate - U.S. plan 2	4.13	%	4.47	%	4.15	%	3.69	%	3.94	%	3.60	%
Discount rate - U.K. plan 2	2.58	%	3.84	%	3.80	%
Return on assets 3	6.25	%	6.25	%	6.25	%

¹  The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2017 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	$	—	$	—

²  Effective January 1, 2017, we changed our discount rate assumption on our U.S. retirement plans to 4.13% from 4.47% in 2016 and changed our discount rate assumption on our U.K. plan to 2.58% from 3.84% in 2016 . 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 and 2017, 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 $10 million in 2017 and $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, 2018, our return on assets assumption for the U.S. plan and U.K. plan decreased to 6.00% from 6.25%.

Schedule of 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	$	—	$	—

Schedule of 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
2018	$	88	$	9	$	(3	)	$	—	$	6
2019	90		8		(3		)	—		5
2020	93		8		(2		)	—		6
2021	96		7		(2		)	—		5
2022	99		6		(2		)	—		4
2023-2027	527		24		(9		)	—		15

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.

Schedule of Fair Value of Defined Benefit Plan Assets by Asset Class

The fair value of our defined benefit plans assets as of December 31, 2017 and 2016, by asset class is as follows:

(in millions)	December 31, 2017
	Total		Level 1		Level 2		Level 3
Cash and short-term investments	$	10	$	10	$	—	$	—
Equities:
U.S. indexes 1	50		50		—		—
U.S. growth and value	109		109		—		—
U.K.	5		5		—		—
International, excluding U.K.	45		45		—		—
Fixed income:
Long duration strategy 2	1,076		—		1,076		—
Intermediate duration securities	35		—		35		—
Agency mortgage backed securities	5		—		5		—
Asset backed securities	19		—		19		—
Non-agency mortgage backed securities 3	15		—		15		—
International, excluding U.K.	18		—		18		—
Real Estate
U.K. 4	39		—		—		39
Total	$	1,426	$	219	$	1,168	$	39
Collective investment funds	$	793
Total	$	2,219

(in millions)	December 31, 2016
	Total		Level 1		Level 2		Level 3
Cash, short-term investments, and other	$	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
Total	$	1,324	$	251	$	1,062	$	11
Collective investment funds	$	749
Total	$	2,073

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, 2016	$	11
Purchases	28
Distributions	(1		)
Gain (loss)	1
Balance as of December 31, 2017	$	39

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Number of Common Shares Reserved for Issuance

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

(in millions)	December 31,
	2017	2016
Shares available for granting under the 2002 Plan	33.8	33.5
Options outstanding	2.1	3.8
Total shares reserved for issuance 1	35.9	37.3

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

Schedule of Stock-based Compensation Expense

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

(in millions)	Year Ended December 31,
	2017		2016		2015
Stock option expense	$	3	$	7	$	14
Restricted stock and unit awards expense	96		69		64
Total stock-based compensation expense	$	99	$	76	$	78
Tax benefit	$	38	$	29	$	29

Schedule of Assumptions Used in Valuing the Options Granted

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
Risk-free average interest rate	0.2 - 1.9%
Dividend yield	1.4%
Volatility	21 - 39%
Expected life (years)	6.3
Weighted-average grant-date fair value per option	$	27.57

Schedule of 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, 2016	3.8		$	43.36
Exercised	(1.7	)	$	113.04
Forfeited and expired 1	—		$	72.35
Options outstanding as of December 31, 2017	2.1		$	44.09	3.5	$	270
Options exercisable as of December 31, 2017	2.1		$	44.08	3.5	$	270

¹ There are less 0.1 million shares forfeited and expired.

(in millions, except per award amounts)	Shares			Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2016	0.2			$	23.42
Vested	(0.2		)	$	23.40
Forfeited 1	—			$	24.22
Nonvested options outstanding as of December 31, 2017	—			$	27.52
Total unrecognized compensation expense related to nonvested options 2	$	—
Weighted-average years to be recognized over	0.1

¹  There are less than 0.1 million shares forfeited.

²  There is less than $1 million of unrecognized compensation expense related to nonvested options.

Schedule of Stock Option Exercises

Information regarding our stock option exercises is as follows:

(in millions)	Year Ended December 31,
	2017		2016		2015
Net cash proceeds from the exercise of stock options	$	75	$	88	$	86
Total intrinsic value of stock option exercises	$	118	$	95	$	94
Income tax benefit realized from stock option exercises	$	64	$	41	$	49

Schedule of 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, 2016	1.0			$	106.31
Granted	0.8			$	147.12
Vested	(1.0		)	$	156.16
Forfeited 1	—			$	107.96
Nonvested shares as of December 31, 2017	0.8			$	124.91
Total unrecognized compensation expense related to nonvested awards	$	66
Weighted-average years to be recognized over	1.6

¹  There are less than 0.1 million shares forfeited.

	Year Ended December 31,
	2017		2016		2015
Weighted-average grant-date fair value per award	$	147.12	$	93.01	$	77.06
Total fair value of restricted stock and unit awards vested	$	147	$	99	$	155
Tax benefit relating to restricted stock activity	$	36	$	26	$	24

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Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Schedule of Dividend History

	Year Ended December 31,
	2017		2016		2015
Quarterly dividend rate	$	0.41	$	0.36	$	0.33
Annualized dividend rate	$	1.64	$	1.44	$	1.32
Dividends paid (in millions)	$	421	$	380	$	363

Schedule of Share Repurchases

Share repurchases were as follows:

(in millions, except average price)	Year Ended December 31,
	2017		2016		2015
Total number of shares purchased 1	6.8		9.7		10.1
Average price paid per share 2	$	147.74	$	113.36	$	99.00
Total cash utilized 2	$	1,001	$	1,097	$	1,000

¹  2017 and 2016 includes shares received as part of our accelerated share repurchase agreements 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. Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2017, 2016 and 2015 resulting in $1,001 million, $1,123 million and $974 million of cash used to repurchase shares, respectively.

Schedule of Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interest during the year ended December 31, 2017 were as follows:

(in millions)
Balance as of December 31, 2016	$	1,080
Net income attributable to noncontrolling interest	127
Distributions to noncontrolling interest	(117		)
Redemption value adjustment	260
Balance as of December 31, 2017	$	1,350

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, 2017:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans 1			Unrealized Gain (Loss) on Forward Exchange Contracts 2			Unrealized Loss on Investment			Accumulated Other Comprehensive Loss
Balance as of December 31, 2016	$	(332	)	$	(443	)	$	2		—			$	(773	)
Other comprehensive income before reclassifications	93			30			9			(10		)	122
Reclassifications from accumulated other comprehensive loss to net earnings	—			11			(9		)	—			2
Net other comprehensive income	93			41			—			(10		)	124
Balance as of December 31, 2017	$	(239	)	$	(402	)	$	2		$	(10	)	$	(649	)

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 per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Earnings per Share

The calculation for basic and diluted EPS is as follows:

(in millions, except per share data)	Year Ended December 31,
	2017		2016		2015
Amount attributable to S&P Global Inc. common shareholders:
Net income	$	1,496	$	2,106	$	1,156
Basic weighted-average number of common shares outstanding	256.3		262.8		271.6
Effect of stock options and other dilutive securities	2.6		2.4		3.0
Diluted weighted-average number of common shares outstanding	258.9		265.2		274.6
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	5.84	$	8.02	$	4.26
Diluted	$	5.78	$	7.94	$	4.21

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Restructuring (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 by segment is as follows:

	2017 Restructuring Plan				2016 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	25	$	24	$	14	4
Market and Commodities Intelligence	9		5		10		3
Indices	—		—		1		—
Corporate	10		10		5		1
Total	$	44	$	39	$	30	$	8

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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of Segment Information

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

(in millions)	Revenue									Operating Profit
	2017			2016			2015			2017			2016			2015
Ratings 1	$	2,988		$	2,535		$	2,428		$	1,524		$	1,262		$	1,078
Market and Commodities Intelligence 2	2,452			2,585			2,376			793			1,822			585
Indices 3	733			639			597			471			412			392
Intersegment elimination 4	(110		)	(98		)	(88		)	—			—			—
Total operating segments	6,063			5,661			5,313			2,788			3,496			2,055
Unallocated expense 5	—			—			—			(178		)	(127		)	(138		)
Total	$	6,063		$	5,661		$	5,313		$	2,610		$	3,369		$	1,917

¹  Operating profit for the year ended December 31, 2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. Operating profit for the year ended December 31, 2016 primarily includes a benefit related to net legal settlement insurance recoveries of $10 million and employee severance charges of $6 million. Operating profit for the year ended December 31, 2015 includes net legal settlement expenses of $54 million and employee severance charges of $13 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $4 million for the year ended December 31, 2017 and $5 million for the years ended December 31, 2016 and 2015.

²  Operating profit for the year ended December 31, 2017 includes non-cash acquisition and disposition-related adjustments of $15 million, employee severance charges of $9 million, a charge to exit a leased facility of $6 million, and an asset-write off of $2 million. 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 related to identified operating efficiencies primarily related to employee severance charges of $33 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $87 million, $85 million and $57 million for the years ended December 31, 2017, 2016 and 2015, respectively.

³  Operating profit includes amortization of intangibles from acquisitions of $7 million, $6 million and $5 million for the years ended December 31, 2017, 2016 and 2015, respectively.

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, 2017 includes a charge to exit leased facilities of $19 million, employee severance charges of $10 million and a pension related charge of $8 million. 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 employee severance charges of $10 million.

(in millions)	Depreciation & Amortization						Capital Expenditures
	2017		2016		2015		2017		2016		2015
Ratings	$	34	$	34	$	43	$	45	$	42	$	48
Market and Commodities Intelligence	128		131		99		52		57		78
Indices	9		8		8		3		3		4
Total operating segments	171		173		150		100		102		130
Corporate	9		8		7		23		13		9
Total	$	180	$	181	$	157	$	123	$	115	$	139

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2017		2016
Ratings	$	788	$	612
Market and Commodities Intelligence	4,172		4,104
Indices	1,270		1,247
Total operating segments	6,230		5,963
Corporate 1	3,190		2,699
Assets held for sale 2	5		7
Total	$	9,425	$	8,669

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 East Windsor, New Jersey facility and QuantHouse as of December 31, 2017 and 2016, 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,
	2017		2016		2015		2017		2016
U.S.	$	3,658	$	3,461	$	3,202	$	4,285	$	4,335
European region	1,473		1,330		1,265		346		341
Asia	594		575		566		54		58
Rest of the world	338		295		280		49		46
Total	$	6,063	$	5,661	$	5,313	$	4,734	$	4,780

	Revenue						Long-lived Assets
	Year ended December 31,						December 31,
	2017		2016		2015		2017		2016
U.S.	60	%	61	%	60	%	91	%	91	%
European region	24		24		24		7		7
Asia	10		10		11		1		1
Rest of the world	6		5		5		1		1
Total	100	%	100	%	100	%	100	%	100	%

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of 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,
	2017			2016			2015
Gross rental expense	$	177		$	179		$	182
Less: sublease revenue	(17		)	(16		)	(14		)
Less: rent credit	—			—			(4		)
Net rental expense	$	160		$	163		$	164

Schedule of 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
2018	$	122	$	(17	)	$	105
2019	109		(17		)	92
2020	83		(3		)	80
2021	71		—			71
2022	69		—			69
2023 and beyond	516		—			516
Total	$	970	$	(37	)	$	933

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Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information (Unaudited)

(in millions, except per share data)	First quarter		Second quarter		Third quarter		Fourth quarter		Total year
2017
Revenue	$	1,453	$	1,509	$	1,513	$	1,589	$	6,063
Operating profit	$	648	$	677	$	658	$	628	$	2,610
Net income	$	430	$	457	$	452	$	299	$	1,638
Net income attributable to S&P Global common shareholders	$	399	$	421	$	414	$	263	$	1,496
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.54	$	1.63	$	1.62	$	1.03	$	5.84
Diluted	$	1.53	$	1.62	$	1.61	$	1.02	$	5.78
20161
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

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, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statement of Income

	Statement of Income
	Year Ended December 31, 2017
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	717		$	1,780		$	3,704		$	(138	)	$	6,063
Expenses:
Operating-related expenses	108			482			1,261			(138		)	1,713
Selling and general expenses	162			345			1,053			—			1,560
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Total expenses	301			838			2,452			(138		)	3,453
Operating profit	416			942			1,252			—			2,610
Interest expense (income), net	163			—			(14		)	—			149
Non-operating intercompany transactions	365			(77		)	(2,463		)	2,175			—
(Loss) income before taxes on income	(112		)	1,019			3,729			(2,175		)	2,461
Provision for taxes on income	26			370			427			—			823
Equity in net income of subsidiaries	3,808			—			—			(3,808		)	—
Net income	3,670			649			3,302			(5,983		)	1,638
Less: net income attributable to noncontrolling interests	—			—			—			(142		)	(142		)
Net income attributable to S&P Global Inc.	$	3,670		$	649		$	3,302		$	(6,125	)	$	1,496
Comprehensive income	$	3,694		$	649		$	3,401		$	(5,982	)	$	1,762

	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	113			451			1,335			(126		)	1,773
Selling and general expenses	109			243			1,087			—			1,439
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	137			737		959			(115		)	1,718
Selling and general expenses	184			254		1,094			—			1,532
Depreciation	40			18		32			—			90
Amortization of intangibles	—			—		67			—			67
Total expenses	361			1,009		2,152			(115		)	3,407
Gain on disposition	—			—		(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 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

Balance Sheet

	Balance Sheet
	December 31, 2017
(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	$	632		$	—		$	2,147		$	—		$	2,779
Accounts receivable, net of allowance for doubtful accounts	138			152			1,029			—			1,319
Intercompany receivable	768			1,784			2,527			(5,079		)	—
Prepaid and other current assets	143			(3		)	86			—			226
Total current assets	1,681			1,933			5,789			(5,079		)	4,324
Property and equipment, net of accumulated depreciation	158			10			107			—			275
Goodwill	261			—			2,719			9			2,989
Other intangible assets, net	—			—			1,388			—			1,388
Investments in subsidiaries	8,364			5			8,028			(16,397		)	—
Intercompany loans receivable	116			—			1,699			(1,815		)	—
Other non-current assets	215			61			174			(1		)	449
Total assets	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	79		$	23		$	93		$	—		$	195
Intercompany payable	3,433			492			1,154			(5,079		)	—
Accrued compensation and contributions to retirement plans	145			86			241			—			472
Short-term debt	399			—			—			—			399
Income taxes currently payable	2			—			75			—			77
Unearned revenue	293			193			1,127			—			1,613
Accrued legal settlements	—			2			105			—			107
Other current liabilities	136			21			194			—			351
Total current liabilities	4,487			817			2,989			(5,079		)	3,214
Long-term debt	3,170			—			—			—			3,170
Intercompany loans payable	101			—			1,715			(1,816		)	—
Pension and other postretirement benefits	180			—			64			—			244
Other non-current liabilities	376			74			229			—			679
Total liabilities	8,314			891			4,997			(6,895		)	7,307
Redeemable noncontrolling interest	—			—			—			1,350			1,350
Equity:
Common stock	412			—			2,318			(2,318		)	412
Additional paid-in capital	(216		)	602			9,256			(9,117		)	525
Retained income	12,156			516			3,782			(6,429		)	10,025
Accumulated other comprehensive loss	(269		)	—			(426		)	46			(649		)
Less: common stock in treasury	(9,602		)	—			(23		)	23			(9,602		)
Total equity - controlling interests	2,481			1,118			14,907			(17,795		)	711
Total equity - noncontrolling interests	—			—			—			57			57
Total equity	2,481			1,118			14,907			(17,738		)	768
Total liabilities and equity	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425

	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			79			(1		)	157
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		)	250			—			359
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

Statement of Cash Flows

	Statement of Cash Flows
	Year Ended December 31, 2017
(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	$	3,670		$	649		$	3,302		$	(5,983	)	$	1,638
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Provision for losses on accounts receivable	2			3			11			—			16
Deferred income taxes	108			(10		)	(98		)	—			—
Stock-based compensation	35			22			42			—			99
Accrued legal settlements	—			—			55			—			55
Other	34			19			43			—			96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(23		)	(171		)	—			(196		)
Prepaid and current assets	(5		)	3			12			—			10
Accounts payable and accrued expenses	22			97			(44		)	—			75
Unearned revenue	19			2			64			—			85
Accrued legal settlements	—			(1		)	(3		)	—			(4		)
Other current liabilities	(42		)	(12		)	(31		)	—			(85		)
Net change in prepaid/accrued income taxes	41			(18		)	9			—			32
Net change in other assets and liabilities	7			(6		)	14			—			15
Cash provided by operating activities	3,920			736			3,343			(5,983		)	2,016
Investing Activities:
Capital expenditures	(55		)	(32		)	(36		)	—			(123		)
Acquisitions, net of cash acquired	—			—			(83		)	—			(83		)
Proceeds from dispositions	—			—			2			—			2
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(55		)	(32		)	(122		)	—			(209		)
Financing Activities:
Dividends paid to shareholders	(421		)	—			—			—			(421		)
Distributions to noncontrolling interest holders	—			—			(111		)	—			(111		)
Repurchase of treasury shares	(1,001		)	—			—			—			(1,001		)
Exercise of stock options	68			—			7			—			75
Employee withholding tax on share-based payments	(49		)	—			—			—			(49		)
Intercompany financing activities	(2,546		)	(704		)	(2,733		)	5,983			—
Cash used for financing activities	(3,949		)	(704		)	(2,837		)	5,983			(1,507		)
Effect of exchange rate changes on cash from continuing operations	5			—			82			—			87
Net change in cash and cash equivalents	(79		)	—			466			—			387
Cash and cash equivalents at beginning of year	711			—			1,681			—			2,392
Cash and cash equivalents at end of year	$	632		$	—		$	2,147		$	—		$	2,779

	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:
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	(2		)	10			(3		)	—			5
Accounts payable and accrued expenses	(8		)	(39		)	66			—			19
Unearned revenue	19			(395		)	483			—			107
Accrued legal and regulatory settlements	—			(108		)	(42		)	—			(150		)
Other current liabilities	(27		)	(27		)	35			—			(19		)
Net change in prepaid/accrued income taxes	141			—			33			—			174
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities	2,215			456			2,263			(3,374		)	1,560
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	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		)
Distributions to noncontrolling interest holders	—			—			(116		)	—			(116		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Contingent consideration payments	(5		)	—			(34		)	—			(39		)
Employee withholding tax on share-based payments	(55		)	—			—			—			(55		)
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities	(2,881		)	(441		)	(1,748		)	3,374			(1,696		)
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 net income 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 disposition	—			—			(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	(4		)	14			(5		)	—			5
Accounts payable and accrued expenses	8			(34		)	17			—			(9		)
Unearned revenue	(5		)	66			68			—			129
Accrued legal and regulatory settlements	—			(1,624		)	—			—			(1,624		)
Other current liabilities	(31		)	(35		)	(11		)	—			(77		)
Net change in prepaid/accrued income taxes	14			—			115			—			129
Net change in other assets and liabilities	78			8			(121		)	—			(35		)
Cash provided by (used for) operating activities from continuing operations	1,632			(349		)	818			(1,745		)	356
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	143			—			—			—			143
Proceeds from issuance of senior notes, net	2,674			—			—			—			2,674
Dividends paid to shareholders	(363		)	—			—			—			(363		)
Distributions to noncontrolling interest holders	—			—			(104		)	—			(104		)
Repurchase of treasury shares	(974		)	—			—			—			(974		)
Exercise of stock options	80			—			6			—			86
Contingent consideration payments	(5		)	—			—			—			(5		)
Purchase of additional CRISIL shares	—			—			(16		)	—			(16		)
Employee withholding tax on share-based payments	(92		)	—			—			—			(92		)
Intercompany financing activities	(2,020		)	359			(84		)	1,745			—
Cash (used for) provided by financing activities from continuing operations	(557		)	359			(198		)	1,745			1,349
Effect of exchange rate changes on cash from continuing operations	—			—			(67		)	—			(67		)
Cash 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

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Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) units Segment	Dec. 31, 2016 USD ($)	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	$ 2,779,000,000	$ 2,392,000,000	$ 1,481,000,000	$ 2,497,000,000
Deferred technology costs, gross	186,000,000	145,000,000
Accumulated amortization of deferred technology costs	104,000,000	91,000,000
Fair value of our long-term debt borrowings	3,800,000,000	3,700,000,000
Non-cash impairment charge associated with finite-lived intangible assets	$ 24,000,000	24,000,000
Number of reporting units | units	4
Cost of advertisement	$ 33,000,000	35,000,000	33,000,000
Undistributed accumulated earnings of foreign subsidiary	$ 2,600,000,000
Percent of undistributed accumulated earnings of foreign subsidiary not to be reinvested (more than)	70.00%
Amount of undistributed accumulated earnings of foreign subsidiary to be reinvested	$ 780,000,000
Income tax benefit from TCJA 2017	25,000,000	24,000,000	3,000,000
Goodwill impairment	0	0	0
Indefinite-lived intangible asset impairment	0	0	0
Excess tax benefit from share-based compensation, operating activities	72,000,000
Excess tax benefit from share-based compensation, financing activities	(49,000,000)	(55,000,000)	(92,000,000)
Employee service share-based compensation, cash payments to settle awards	49,000,000
Impact of restatement on opening retained earnings	40,000,000
Capitalized contract costs	79,000,000
Deferred revenue	14,000,000
Net impact of recording expense associated with noncurrent deferred revenue	12,000,000
Increase (decrease) in income taxes	$ 13,000,000
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
Previously Reported
Property, Plant and Equipment [Line Items]
Excess tax benefit from share-based compensation, financing activities		(41,000,000)	(69,000,000)
Employee service share-based compensation, cash payments to settle awards		(55,000,000)	(92,000,000)
Restatement Adjustment
Property, Plant and Equipment [Line Items]
Excess tax benefit from share-based compensation, operating activities		41,000,000	69,000,000
Employee service share-based compensation, cash payments to settle awards		$ 55,000,000	$ 92,000,000

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Acquisitions and Divestitures - Acquisitions Narrative (Details)		12 Months Ended
	Sep. 01, 2015 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) sector	Aug. 31, 2017	Jun. 30, 2017 USD ($)	Jun. 30, 2016	Aug. 31, 2015 USD ($)	Aug. 18, 2015 USD ($)
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired		$ 83,000,000	$ 177,000,000	$ 2,400,000,000
Payments for previous acquisition		$ 0	$ 39,000,000	$ 5,000,000
Maximum
Business Acquisition [Line Items]
Amortization period for intangible assets (in years)				18 years
Senior Notes
Business Acquisition [Line Items]
Debt face amount								$ 2,000,000,000.0	$ 2,000,000,000.0
Algomi Limited
Business Acquisition [Line Items]
Cost method investment ownership percentage					6.02%
CARE Ratings Limited
Business Acquisition [Line Items]
Cost method investment ownership percentage						8.90%
Investments						$ 54,000,000
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

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Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 01, 2015
Business Acquisition [Line Items]
Goodwill	$ 2,989	$ 2,949	$ 2,882
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 $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Pro forma revenue	$ 5,477
Pro forma net income	$ 1,258

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Acquisitions and Divestitures - Liabilities Assumed From Acquisition of Businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Fair value of assets acquired	$ 83	$ 253	$ 2,576
Cash paid (net of cash acquired)	83	211	2,401
Liabilities assumed	$ 0	$ 42	$ 175

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Acquisitions and Divestitures - Divestitures Narrative (Details) $ in Millions	1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 31, 2017 USD ($)	Oct. 31, 2016 USD ($) business	Sep. 30, 2016 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Apr. 30, 2017 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held-for-sale									$ 5
Pre-tax gain (loss) on dispositions				$ 379	$ 722	$ 1,100
Gain (loss) on disposition of business, net of tax				$ 297	$ 521
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							$ 1,100
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Quant House SAS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions	$ (31)
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

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Acquisitions and Divestitures - Components of Business Held For Sale (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - QuantHouse $ in Millions	Dec. 31, 2017 USD ($)
Components of Assets and Liabilities Held For Sale
Accounts receivable, net	$ 4
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

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Acquisitions and Divestitures - Components of Income From Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Combinations [Abstract]
Operating profit	$ 0	$ 62	$ 85

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 714	$ 714
Weighted-average life of the intangible assets	12 years
Amortization of intangibles	$ 98	96	$ 67
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	380
Dow Jones Index | Tradenames
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	90	90
Market and Commodities Intelligence
Indefinite-lived Intangible Assets by Major Class [Line Items]
Amortization of intangibles	87	85	57
Market and Commodities Intelligence | Tradenames
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	185	185
Indices
Indefinite-lived Intangible Assets by Major Class [Line Items]
Amortization of intangibles	7	6	$ 5
Indices | Goldman Sachs Commodity and Broad Market Intellectual Property
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 59	$ 59

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Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,949	$ 2,882
Acquisitions		113
Dispositions		(35)
Other	40	(11)
Goodwill, ending balance	2,989	2,949
Ratings
Goodwill [Roll Forward]
Goodwill, beginning balance	109	114
Acquisitions		0
Dispositions		0
Other	5	(5)
Goodwill, ending balance	114	109
Market and Commodities Intelligence
Goodwill [Roll Forward]
Goodwill, beginning balance	2,457	2,392
Acquisitions		106
Dispositions		(35)
Other	27	(6)
Goodwill, ending balance	2,484	2,457
Indices
Goodwill [Roll Forward]
Goodwill, beginning balance	383	376
Acquisitions		7
Dispositions		0
Other	8	0
Goodwill, ending balance	$ 391	$ 383

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 1,183	$ 1,133
Acquisitions		98
Dispositions	(6)	(10)
Impairment	(24)	(24)
Reclassifications		0
Other (primarily Fx)	(10)	(14)
Ending balance	1,167	1,183	$ 1,133
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	391	324
Current year amortization	98	96	67
Dispositions	(6)	(7)
Impairment		(12)
Reclassifications	0	0
Other (primarily Fx)	10	(10)
Accumulated amortization, ending balance	493	391	324
Net definite-lived intangibles	674	792
Databases and software
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	506	510
Acquisitions		0
Dispositions	(4)	0
Impairment		(2)
Reclassifications		0
Other (primarily Fx)	52	(2)
Ending balance	554	506	510
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	132	88
Current year amortization	52	47
Dispositions	(3)	0
Impairment		(2)
Reclassifications	2	2
Other (primarily Fx)	4	(3)
Accumulated amortization, ending balance	187	132	88
Net definite-lived intangibles	367	374
Content
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	139	139
Acquisitions		0
Dispositions	0	0
Impairment		0
Reclassifications		0
Other (primarily Fx)	0	0
Ending balance	139	139	139
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	87	73
Current year amortization	14	14
Dispositions	0	0
Impairment		0
Reclassifications	0	0
Other (primarily Fx)	0	0
Accumulated amortization, ending balance	101	87	73
Net definite-lived intangibles	38	52
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	330	168
Acquisitions		0
Dispositions	(2)	0
Impairment		0
Reclassifications		165
Other (primarily Fx)	19	(3)
Ending balance	347	330	168
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	84	60
Current year amortization	22	21
Dispositions	(2)	0
Impairment		0
Reclassifications	1	5
Other (primarily Fx)	1	(2)
Accumulated amortization, ending balance	106	84	60
Net definite-lived intangibles	241	246
Tradenames
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	45	47
Acquisitions		0
Dispositions	0	(2)
Impairment		0
Reclassifications		1
Other (primarily Fx)	5	(1)
Ending balance	50	45	47
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	36	36
Current year amortization	4	2
Dispositions	0	(1)
Impairment		0
Reclassifications	1	0
Other (primarily Fx)	1	(1)
Accumulated amortization, ending balance	42	36	36
Net definite-lived intangibles	8	9
Other intangibles
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	163	269
Acquisitions		98
Dispositions	0	(8)
Impairment		(22)
Reclassifications		(166)
Other (primarily Fx)	(86)	(8)
Ending balance	77	163	269
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]
Accumulated amortization, beginning balance	52	67
Current year amortization	6	12
Dispositions	(1)	(6)
Impairment		(10)
Reclassifications	(4)	(7)
Other (primarily Fx)	4	(4)
Accumulated amortization, ending balance	57	52	$ 67
Net definite-lived intangibles	$ 20	$ 111

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Goodwill and Other Intangible Assets - Projected Amortization Expense (Details) $ in Millions	Dec. 31, 2017 USD ($)
Projected amortization expense for intangible assets
Expected amortization expense, 2018	$ 95
Expected amortization expense, 2019	88
Expected amortization expense, 2020	82
Expected amortization expense, 2021	70
Expected amortization expense, 2022	$ 68

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Taxes on Income - Domestic and Foreign Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income before taxes domestic and foreign operations
Domestic operations	$ 1,723	$ 2,585	$ 1,266
Foreign operations	738	603	549
Income before taxes on income	2,461	3,188	1,815
Federal:
Current	489	641	90
Deferred	63	79	276
Total federal	552	720	366
Foreign:
Current	194	133	111
Deferred	(3)	(4)	(1)
Total foreign	191	129	110
State and local:
Current	73	99	34
Deferred	7	12	37
Total state and local	80	111	71
Total provision for taxes	$ 823	$ 960	$ 547
Reconciliation of federal statutory income tax rate
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
State and local income taxes	2.50%	2.70%	2.60%
Divestitures	0.00%	(4.30%)	0.00%
Foreign operations	(3.90%)	(2.00%)	(3.20%)
Impact of TCJA	6.00%	0.00%	0.00%
Stock-based compensation	(2.70%)	0.00%	0.00%
S&P Dow Jones Indices LLC joint venture	(1.80%)	(1.20%)	(2.00%)
Tax credits and incentives	(2.10%)	(1.60%)	(2.90%)
Other, net	0.40%	1.50%	0.60%
Effective income tax rate	33.40%	30.10%	30.10%

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Taxes on Income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Measurement period adjustment, income tax expense (benefit)		$ 149
Transition tax for accumulated foreign earnings, income tax expense (benefit)		173
Change in tax rate, income tax expense (benefit)		(24)
Undistributed earnings of foreign subsidiaries for income tax purposes		780
Net income tax payments		709	$ 683	$ 260
Operating loss carryforwards		564
Total amount of federal, state and local, and foreign unrecognized tax benefits excluding interest and penalties		212	221	162	$ 155
Decrease in unrecognized tax benefits		4
Accrued interest and penalties associated with uncertain tax positions		59	44
Decrease in amount of unrecognized tax benefits from settlements		$ 5	$ 6	$ 18
Forecast | Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in amount of unrecognized tax benefits from settlements	$ 60

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Taxes on Income - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Legal and regulatory settlements	$ 27	$ 23
Employee compensation	50	78
Accrued expenses	47	87
Postretirement benefits	34	105
Unearned revenue	26	33
Allowance for doubtful accounts	8	11
Loss carryforwards	135	112
Other	45	3
Total deferred tax assets	372	452
Deferred tax liabilities:
Goodwill and intangible assets	(249)	(320)
Fixed assets	(4)	(3)
Other	0	0
Total deferred tax liabilities	(253)	(323)
Net deferred income tax asset before valuation allowance	119	129
Valuation allowance	(127)	(116)
Net deferred income tax (liability) asset	(8)
Net deferred income tax (liability) asset		13
Reported as:
Non-current deferred tax assets	59
Non-current deferred tax assets		61
Non-current deferred tax liabilities	(67)
Non-current deferred tax liabilities		(48)
Net deferred income tax (liability) asset	$ (8)
Net deferred income tax (liability) asset		$ 13

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Taxes on Income - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at beginning of year	$ 221	$ 162	$ 155
Additions based on tax positions related to the current year	23	48	24
Additions for tax positions of prior years	17	20	16
Reduction for tax positions of prior years	(32)	(3)	(15)
Reduction for settlements	(5)	(6)	(18)
Expiration of applicable statutes of limitations	(12)	0	0
Balance at end of year	$ 212	$ 221	$ 162

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Debt - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Sep. 22, 2016	Aug. 18, 2015	May 26, 2015
Debt Instrument [Line Items]
Total debt	$ 3,569	$ 3,564
Less: short-term debt including current maturities	399	0
Long-term debt	3,170	3,564
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Senior notes	$ 399	398
Interest rate (as a percent)	2.50%			2.50%
Unamortized debt discount and issuance costs	$ 1
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Senior notes	$ 697	696
Interest rate (as a percent)	3.30%			3.30%
Unamortized debt discount and issuance costs	$ 3
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Senior notes	$ 692	691
Interest rate (as a percent)	4.00%				4.00%
Unamortized debt discount and issuance costs	$ 8
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Senior notes	$ 892	891
Interest rate (as a percent)	4.40%			4.40%
Unamortized debt discount and issuance costs	$ 8
Senior Notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Senior notes	$ 493	492
Interest rate (as a percent)	2.95%		2.95%
Unamortized debt discount and issuance costs	$ 7
Senior Notes | 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Senior notes	$ 396	$ 396
Interest rate (as a percent)	6.55%
Unamortized debt discount and issuance costs	$ 4

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Debt - Narrative (Details)		12 Months Ended
	Oct. 20, 2016 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Sep. 22, 2016 USD ($)	Aug. 31, 2015 USD ($)	Aug. 18, 2015 USD ($)	May 26, 2015 USD ($)
Debt Instrument [Line Items]
Annual long term debt maturity year 2018		$ 0
Annual long term debt maturity year 2019		0
Annual long term debt maturity year 2020		697,000,000
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
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 (as a percent)		2.95%		2.95%
5.9% Senior Notes, due 2017 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.90%
Early repayment of debt	$ 400,000,000
2.5% Senior Notes, due 2018 | Senior Notes
Debt Instrument [Line Items]
Debt face amount						$ 400,000,000
Interest rate (as a percent)		2.50%				2.50%
3.3% Senior Notes, due 2020 | Senior Notes
Debt Instrument [Line Items]
Debt face amount						$ 700,000,000
Interest rate (as a percent)		3.30%				3.30%
4.4% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt face amount						$ 900,000,000
Interest rate (as a percent)		4.40%				4.40%
4.0% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Debt face amount							$ 700,000,000
Interest rate (as a percent)		4.00%					4.00%
Five-year Revolving Credit Facility | Revolving Credit Facility Due 2022
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 1,200,000,000
Commitment fee		0.125%
Five-year Revolving Credit Facility | Revolving Credit Facility Due 2020
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 1,200,000,000
Minimum | Five-year Revolving Credit Facility | Revolving Credit Facility Due 2022
Debt Instrument [Line Items]
Commitment fee		0.08%
Maximum | Five-year Revolving Credit Facility | Revolving Credit Facility Due 2022
Debt Instrument [Line Items]
Commitment fee		0.175%

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Derivative Instruments - Narrative (Details) - Foreign exchange forward contracts - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Not designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	$ 130,000,000
Designated as hedging instrument
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
Designated as hedging instrument | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount	307,000,000	$ 65,000,000
Selling and general expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain on derivatives not designated as hedging instruments	$ 3,000,000

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Derivative Instruments - Fair Value Amounts of Cash Flow Hedges (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
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	$ 3

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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, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 0	$ 3	$ 0
Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 9	$ 4	$ 0

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Derivative Instruments - Change in Unrealized Gains (Losses) in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 701	$ 243	$ 539
Other comprehensive income before reclassifications	122
Reclassifications from accumulated other comprehensive loss to net earnings	2
Ending Balance	768	701	243
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	2	(1)	(1)
Other comprehensive income before reclassifications	9	7	0
Reclassifications from accumulated other comprehensive loss to net earnings	(9)	(4)	0
Ending Balance	$ 2	$ 2	$ (1)

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Employee Benefits - Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 2,073
Fair value of plan assets at end of year	2,219	$ 2,073
Amounts recognized in consolidated balance sheets:
Non-current liabilities	(244)	(274)
Retirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	2,260	2,199
Service cost	3	3	$ 6
Interest cost	74	78	96
Plan participants’ contributions	0	0
Actuarial loss (gain)	107	196
Gross benefits paid	(110)	(121)
Foreign currency effect	38	(75)
Other adjustments	(43)	(20)
Net benefit obligation at end of year	2,329	2,260	2,199
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	2,073	2,023
Actual return on plan assets	263	259
Employer contributions	8	8
Plan participants’ contributions	0	0
Gross benefits paid	(110)	(121)
Foreign currency effect	31	(74)
Other adjustments	(46)	(22)
Fair value of plan assets at end of year	2,219	2,073	2,023
Funded status	(110)	(187)
Amounts recognized in consolidated balance sheets:
Non-current assets	114	46
Current liabilities	(9)	(8)
Non-current liabilities	(215)	(225)
Total amounts recognized in consolidated balance sheets	(110)	(187)
Accumulated benefit obligation	2,319	2,251
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	224	674
Accumulated benefit obligation	214	665
Fair value of plan assets	0	441
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	451	483
Prior service credit	1	1
Total recognized	452	484
Postretirement Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	57	80
Service cost	0	0	0
Interest cost	2	2	3
Plan participants’ contributions	3	4
Actuarial loss (gain)	(5)	(6)
Gross benefits paid	(8)	(10)
Foreign currency effect	0	0
Other adjustments	0	(13)
Net benefit obligation at end of year	49	57	80
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	25	6
Plan participants’ contributions	3	4
Gross benefits paid	(8)	(10)
Foreign currency effect		0
Other adjustments		0
Fair value of plan assets at end of year	20	0	$ 0
Funded status	(29)	(57)
Amounts recognized in consolidated balance sheets:
Non-current assets	0	0
Current liabilities	0	(8)
Non-current liabilities	(29)	(49)
Total amounts recognized in consolidated balance sheets	(29)	(57)
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	(37)	(35)
Prior service credit	(12)	(13)
Total recognized	$ (49)	$ (48)

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Employee Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Total recognized	$ (41)	$ 37	$ (25)
Retirement Plans
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	3	3	6
Interest cost	74	78	96
Expected return on assets	(126)	(122)	(127)
Actuarial loss (gain)	18	16	20
Prior service (credit) cost	0	0	0
Other	8	0	0
Net periodic benefit cost	(23)	(25)	(5)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial (gain) loss	(20)	60	(6)
Recognized actuarial (gain) loss	(12)	(10)	(13)
Prior service (credit) cost	0	0	0
Other	(7)
Total recognized	(39)	50	(19)
Postretirement Plans
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	0	0	0
Interest cost	2	2	3
Expected return on assets	0	0	0
Actuarial loss (gain)	(2)	(1)	0
Prior service (credit) cost	(2)	0	(1)
Other	0	0	0
Net periodic benefit cost	(2)	1	2
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial (gain) loss	(3)	(12)	(17)
Recognized actuarial (gain) loss	1	1	0
Prior service (credit) cost	1	(8)	1
Other
Total recognized	$ (1)	$ (19)	$ (16)

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Employee Benefits - Assumptions (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 01, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2024
Effects created by one percentage point change in assumed healthcare cost trend
Effect of 1% point increase on postretirement obligation			$ 0
Effect of 1% point decrease on postretirement obligation			$ 0
United States Retirement Plans
Net periodic cost
Discount rate			4.13%	4.47%
United Kingdom Retirement Plan
Net periodic cost
Discount rate			2.58%	3.84%
Retirement Plans
Benefit obligation
Discount rate		4.14%	3.68%	4.14%	4.47%
Net periodic cost
Return on assets	6.25%	6.00%	6.25%	6.25%	6.25%
Retirement Plans | United States Retirement Plans
Net periodic cost
Discount rate			4.13%	4.47%	4.15%
Retirement Plans | United Kingdom Retirement Plan
Net periodic cost
Discount rate			2.58%	3.84%	3.80%
Postretirement Plans
Benefit obligation
Discount rate		3.69%	3.40%	3.69%	3.90%
Net periodic cost
Weighted-average healthcare cost rate		7.00%	7.00%	7.00%	7.00%
Discount rate			3.69%	3.94%	3.60%
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			$ 10	$ 14

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Employee Benefits - Cash Flows (Details) $ in Millions	Dec. 31, 2017 USD ($)
Retirement Plans
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2018, Net payments	$ 88
2019, Net payments	90
2020, Net payments	93
2021, Net payments	96
2022, Net payments	99
2023-2027, Net payments	527
Postretirement Plans
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2018, Gross payments	9
2019, Gross payments	8
2020, Gross payments	8
2021, Gross payments	7
2022, Gross payments	6
2023-2027, Gross payments	24
2018, Retiree Contributions	(3)
2019, Retiree Contributions	(3)
2020, Retiree Contributions	(2)
2021, Retiree Contributions	(2)
2022, Retiree Contributions	(2)
2023-2027, Retiree Contributions	(9)
2018, Medicare subsidy	0
2019, Medicare subsidy	0
2020, Medicare subsidy	0
2021, Medicare subsidy	0
2022, Medicare subsidy	0
2023-2027, Medicare subsidy	0
2018, Net payments	6
2019, Net payments	5
2020, Net payments	6
2021, Net payments	5
2022, Net payments	4
2023-2027, Net payments	$ 15

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Employee Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair value of defined benefit plans assets by asset class
Collective investment funds	$ 793	$ 749
Fair value of plan assets, excluding collective investment funds	1,426	1,324
Fair value of defined benefit plans assets by asset class, total	2,219	2,073
Level 1
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	219	251
Level 2
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	1,168	1,062
Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	39	11
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	10	38
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	10	38
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	50	69
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	50	69
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	109	103
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	109	103
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	5	3
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	5	3
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	45	38
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	45	38
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	1,076	970
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	1,076	970
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	35	32
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	35	32
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	5
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	5
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	19
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	19
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	15	20
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	15	20
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	18	16
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	18	16
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
U.K.
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	39	11
U.K. | 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
U.K. | 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.K. | Level 3
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	$ 39	$ 11

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Employee Benefits - Level 3 Roll Forward of Fair Value of Plan Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 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	$ 2,073
Fair value of plan assets at end of year	2,219
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	11
Purchases	28
Distributions	(1)
Gain (loss)	1
Fair value of plan assets at end of year	$ 39

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Employee Benefits - Narrative (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) trust shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Total cost for retirement plans	$ 70,000,000	$ 69,000,000	$ 91,000,000
Defined contribution plan cost	70,000,000	65,000,000	67,000,000
Pension trust assets	$ 2,219,000,000	$ 2,073,000,000
Shares purchased by US plan under defined contribution plan | shares	228,248	216,035
Shares sold by US plan under defined contribution plan | shares	297,750	437,283
Shares held by the US plan under defined contribution plan | shares	1,500,000	1,600,000
Shares held by the US plan under defined contribution plan, market value	$ 255,000,000	$ 171,000,000
Dividend received by the plan	$ 3,000,000	2,000,000
United States Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Number of pension trust accounts | trust	1
Pension trust assets	$ 1,739,000,000	1,632,000,000
United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (credit)	$ (6,000,000)	(10,000,000)	(10,000,000)
Number of pension trust accounts | trust	1
Pension trust assets	$ 480,000,000	441,000,000
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss to be recognized in net periodic pension cost	19,000,000
Prior service cost to be recognized in net periodic benefit cost	0
Net periodic benefit cost (credit)	(23,000,000)	(25,000,000)	(5,000,000)
Expected required employer contribution	$ 9,000,000
Number of pension trust accounts | trust	2
Pension trust assets	$ 2,219,000,000	2,073,000,000	2,023,000,000
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)	(2,000,000)	1,000,000	2,000,000
Expected required employer contribution	7,000,000
Pension trust assets	$ 20,000,000	$ 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 | United Kingdom Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	10.00%

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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
Total fair value of stock options, vested	$ 4	$ 7	$ 11
Employee withholding tax on share-based payments	$ (49)	$ (55)	$ (92)
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

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Stock-Based Compensation - Common Shares Reserved for Issuance (Details) - shares shares in Millions	Dec. 31, 2017	Dec. 31, 2016
Number of common shares reserved for issuance
Shares available for granting under the 2002 plan (in shares)	33.8	33.5
Options outstanding (in shares)	2.1	3.8
Total shares reserved for issuance (in shares)	35.9	37.3
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-Based Compensation
Stock option expense	$ 3	$ 7	$ 14
Restricted stock and unit awards expense	96	69	64
Total stock-based compensation expense	99	76	78
Tax benefit	$ 38	$ 29	$ 29
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 (USD per share)			$ 27.57
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free average interest rate			0.20%
Volatility			21.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free average interest rate			1.90%
Volatility			39.00%

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Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Options, Outstanding, Shares
Options, Beginning balance (in shares) | shares	3.8
Shares, exercised (in shares) | shares	(1.7)
Shares, cancelled, forfeited and expired (in shares) | shares	0.0
Options, Ending balance (in shares) | shares	2.1
Weighted average exercise price
Weighted-average exercise price, Beginning balance (in dollars per share) | $ / shares	$ 43.36
Weighted-average exercise price, exercised (in dollars per share) | $ / shares	113.04
Weighted-average exercise price, cancelled, forfeited and expired (in dollars per share) | $ / shares	72.35
Weighted-average exercise price, Ending balance (in dollars per share) | $ / shares	$ 44.09
Shares, options exercisable (in shares) | shares	2.1
Weighted-average exercise price, options exercisable (in dollars per share) | $ / shares	$ 44.08
Weighted-average remaining years of contractual term, Options outstanding	3 years 6 months
Weighted-average remaining years of contractual term, Options exercisable	3 years 6 months
Aggregate intrinsic value, options outstanding | $	$ 270
Aggregate intrinsic value, options exercisable | $	$ 270
Non Vested Options
Nonvested Options Outstanding
Options, Beginning balance (in shares) | shares	0.2
Shares, vested (in shares) | shares	(0.2)
Shares, forfeited (in shares) | shares	0.0
Options, Ending balance (in shares) | shares	0.0
Weighted-average grant-date fair value
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 23.42
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	23.40
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares	24.22
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 27.52
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	27 days

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Stock-Based Compensation - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Net cash proceeds from the exercise of stock options	$ 75	$ 88	$ 86
Total intrinsic value of stock option exercises	118	95	94
Income tax benefit realized from stock option exercises	$ 64	$ 41	$ 49

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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, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Tax benefit relating to restricted stock activity	$ 38	$ 29	$ 29
Restricted Stock Activity [Member]
Restricted stock and unit activity
Nonvested shares, Beginning Balance (in shares)	1.0
Shares, Granted (in shares)	0.8
Shares, Vested (in shares)	(1.0)
Shares, Forfeited (in shares)	0.0
Nonvested shares, Ending Balance (in shares)	0.8	1.0
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)	$ 106.31
Weighted-average grant-date fair value, Granted (in dollars per share)	147.12	$ 93.01	$ 77.06
Weighted-average grant-date fair value, Vested (in dollars per share)	156.16
Weighted-average grant-date fair value, Forfeited (in dollars per share)	107.96
Weighted-average grant-date fair value, Ending balance (in dollars per share)	$ 124.91	$ 106.31
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	$ 66
Weighted-average years to be recognized over	1 year 7 months 6 days
Total fair value of restricted stock and unit awards vested	$ 147	$ 99	$ 155
Tax benefit relating to restricted stock activity	$ 36	$ 26	$ 24

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Equity - Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 02, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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)		$ 0.41	$ 0.36	$ 0.330
Annualized dividend rate (in usd per share)		$ 1.64	$ 1.44	$ 1.32
Dividends paid		$ 421	$ 380	$ 363
Subsequent Event
Dividend history
Quarterly dividend rate (in usd per share)	$ 0.50

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Equity - Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	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	$ 147.74	$ 113.36	$ 99.00
Total cash utilized	$ 26	$ 1,006	$ 1,097	$ 1,002
Repurchase of treasury shares		$ 1,001	$ 1,123	$ 974
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)		6,800,000	9,700,000	10,100,000
Remaining shares available under repurchase program (shares)		19,000,000
Stock Repurchases
Share repurchases
Total cash utilized		$ 1,001	$ 1,097	$ 1,000

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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
	Oct. 31, 2017	Aug. 01, 2017	Dec. 07, 2016	Sep. 07, 2016	Dec. 31, 2015	Dec. 07, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
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		$ 147.74	$ 113.36	$ 99.00
Accelerated Share Repurchases, August 2017
Accelerated Share Repurchases [Line Items]
Authorized amount		$ 500,000,000
Accelerated share repurchase, settlement (payment) or receipt		$ (500,000,000)
Total number of shares purchased (in shares)	3.2
Average price paid per share (in dollars per share)	$ 154.46
Accelerated Share Repurchases, August 2017 | Initial Award
Accelerated Share Repurchases [Line Items]
Total number of shares purchased (in shares)		2.8
Authorized amount repurchased (as a percent)		85.00%
Accelerated Share Repurchases, August 2017 | Additional Award
Accelerated Share Repurchases [Line Items]
Total number of shares purchased (in shares)	0.5
Accelerated Share Repurchases, September 2016
Accelerated Share Repurchases [Line Items]
Authorized amount				$ 750,000,000
Accelerated share repurchase, settlement (payment) or receipt				$ (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, 2017 USD ($)
Equity [Abstract]
Noncontrolling interest ownership by noncontrolling owners (as a percent)	27.00%
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, 2016	$ 1,080
Net income attributable to noncontrolling interest	127
Distributions to noncontrolling interest	(117)
Redemption value adjustment	260
Balance as of December 31, 2017	$ 1,350

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Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Tax provision of net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income	$ 5
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	650
Other comprehensive income before reclassifications	122
Reclassifications from accumulated other comprehensive loss to net earnings	2
Net other comprehensive income	124
Ending Balance	711	$ 650
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	(773)
Ending Balance	(649)	(773)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	(332)
Other comprehensive income before reclassifications	93
Reclassifications from accumulated other comprehensive loss to net earnings	0
Net other comprehensive income	93
Ending Balance	(239)	(332)
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	(443)
Other comprehensive income before reclassifications	30
Reclassifications from accumulated other comprehensive loss to net earnings	11
Net other comprehensive income	41
Ending Balance	(402)	(443)
Unrealized Gain (Loss) on Forward Exchange Contracts
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	2
Other comprehensive income before reclassifications	9	7	$ 0
Reclassifications from accumulated other comprehensive loss to net earnings	(9)	(4)	$ 0
Net other comprehensive income	0
Ending Balance	2	2
Unrealized Loss on Investment
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]
Beginning Balance	0
Other comprehensive income before reclassifications	(10)
Reclassifications from accumulated other comprehensive loss to net earnings	0
Net other comprehensive income	(10)
Ending Balance	$ (10)	$ 0

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amount attributable to S&P Global Inc. common shareholders:
Net income	$ 263	$ 414	$ 421	$ 399	$ 537	$ 892	$ 383	$ 294	$ 1,496	$ 2,106	$ 1,156
Basic weighted-average number of common shares outstanding (in shares)									256,300,000	262,800,000	271,600,000
Effect of stock options and other dilutive securities (in shares)									2,600,000	2,400,000	3,000,000
Diluted weighted-average number of common shares outstanding (in shares)									258,900,000	265,200,000	274,600,000
Net income:
Basic (in dollars per share)	$ 1.03	$ 1.62	$ 1.63	$ 1.54	$ 2.07	$ 3.39	$ 1.45	$ 1.11	$ 5.84	$ 8.02	$ 4.26
Diluted (in dollars per share)	$ 1.02	$ 1.61	$ 1.62	$ 1.53	$ 2.05	$ 3.36	$ 1.44	$ 1.10	$ 5.78	$ 7.94	$ 4.21
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	0
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)									600,000	700,000	900,000

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Restructuring - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) Positions	Dec. 31, 2016 USD ($) Positions
Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions	520
Initial Charge Recorded	$ 44
Restructuring charges paid	5
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions		230
Restructuring reserve reversed	7
Initial Charge Recorded	30	$ 30
Restructuring charges paid	$ 15	7
Restructuring Plan, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring reserve reversed		7
Initial Charge Recorded		$ 63

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Restructuring - Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 44
Ending Reserve Balance	39
Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	30	$ 30
Ending Reserve Balance	8
Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	25	6	$ 13
Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded			$ 33
Operating segments | Ratings | Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	25
Ending Reserve Balance	24
Operating segments | Ratings | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		14
Ending Reserve Balance	4
Operating segments | Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	9
Operating segments | Market and Commodities Intelligence | Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	9
Ending Reserve Balance	5
Operating segments | Market and Commodities Intelligence | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		10
Ending Reserve Balance	3
Operating segments | Indices | Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	0
Ending Reserve Balance	0
Operating segments | Indices | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		1
Ending Reserve Balance	0
Corporate | Restructuring Plan, 2017
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	10
Ending Reserve Balance	10
Corporate | Restructuring Plan, 2016
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		$ 5
Ending Reserve Balance	$ 1

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Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2017 Segment
Segment Reporting [Abstract]
Number of reportable segments	3
Maximum percentage of consolidated revenue represented by foreign countries (more than)	7.00%
Maximum percentage of consolidated revenue represented by single customer (more than)	10.00%

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Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment information
Revenue	$ 1,589	$ 1,513	$ 1,509	$ 1,453	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 6,063	$ 5,661	$ 5,313
Operating Profit	628	$ 658	$ 677	$ 648	857	1,348	$ 651	$ 512	2,610	3,369	1,917
Amortization of intangibles									98	96	67
Pre-tax gain (loss) on dispositions	(379)					$ (722)			(1,100)
Depreciation & Amortization									180	181	157
Capital Expenditures									123	115	139
Total Assets	9,425				8,669				9,425	8,669
Assets of a business held for sale	5				7				5	7
Operating segments
Segment information
Revenue									6,063	5,661	5,313
Operating Profit									2,788	3,496	2,055
Depreciation & Amortization									171	173	150
Capital Expenditures									100	102	130
Total Assets	6,230				5,963				6,230	5,963
Intersegment elimination
Segment information
Revenue									(110)	(98)	(88)
Segment reconciling items
Segment information
Operating Profit									(178)	(127)	(138)
Restructuring costs									10		10
Lease exit costs									19
Pre-tax gain (loss) on dispositions										(3)	(11)
Pension settlement charge									8
Corporate
Segment information
Depreciation & Amortization									9	8	7
Capital Expenditures									23	13	9
Total Assets	3,190				2,699				3,190	2,699
Ratings
Segment information
Restructuring costs									25	6	13
Insurance recoveries										10	54
Amortization of intangibles									4	5	5
Total Assets	788				612				788	612
Ratings | Operating segments
Segment information
Revenue									2,988	2,535	2,428
Operating Profit									1,524	1,262	1,078
Legal fees									55
Depreciation & Amortization									34	34	43
Capital Expenditures									45	42	48
Market and Commodities Intelligence
Segment information
Restructuring costs											33
Amortization of intangibles									87	85	57
Non-cash acquisition and disposition-related adjustments									15	48
Lease exit costs									6
Asset write-off									2
Pre-tax gain (loss) on dispositions										(1,100)
Impairment of intangible assets										24
Acquisition-related costs										1	37
Total Assets	4,172				4,104				4,172	4,104
Market and Commodities Intelligence | Operating segments
Segment information
Revenue									2,452	2,585	2,376
Operating Profit									793	1,822	585
Restructuring costs									9
Depreciation & Amortization									128	131	99
Capital Expenditures									52	57	78
Indices
Segment information
Amortization of intangibles									7	6	5
Total Assets	$ 1,270				$ 1,247				1,270	1,247
Indices | Operating segments
Segment information
Revenue									733	639	597
Operating Profit									471	412	392
Depreciation & Amortization									9	8	8
Capital Expenditures									$ 3	$ 3	$ 4

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Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,589	$ 1,513	$ 1,509	$ 1,453	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 6,063	$ 5,661	$ 5,313
Long-lived Assets	4,734				4,780				4,734	4,780
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									3,658	3,461	3,202
Long-lived Assets	4,285				4,335				4,285	4,335
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,473	1,330	1,265
Long-lived Assets	346				341				346	341
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									594	575	566
Long-lived Assets	54				58				54	58
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									338	295	$ 280
Long-lived Assets	$ 49				$ 46				$ 49	$ 46
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									60.00%	61.00%	60.00%
Geographic Concentration Risk | Revenue | European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									24.00%	24.00%	24.00%
Geographic Concentration Risk | Revenue | Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									10.00%	10.00%	11.00%
Geographic Concentration Risk | Revenue | Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									6.00%	5.00%	5.00%
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%	91.00%
Geographic Concentration Risk | Long-lived Assets | European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									7.00%	7.00%
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Gross rental expense	$ 177	$ 179	$ 182
Less: sublease revenue	(17)	(16)	(14)
Less: rent credit	0	0	(4)
Net rental expense	$ 160	$ 163	$ 164

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Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 30, 2015 shareholder
Loss Contingencies [Line Items]
Noncontrolling interest ownership by noncontrolling owners (as a percent)	27.00%
Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of shareholders commencing punitive derivative action | shareholder				2
CME Group | S&P/DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement | $	$ 74	$ 76	$ 63
Noncontrolling interest ownership by noncontrolling owners (as a percent)	27.00%

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Commitments and Contingencies - Future Minimum Rental Commitments (Details) $ in Millions	Dec. 31, 2017 USD ($)
Future minimum rental commitments
Rent commitment, 2018	$ 122
Rent commitment, 2019	109
Rent commitment, 2020	83
Rent commitment, 2021	71
Rent commitment, 2022	69
Rent commitment, 2023 and beyond	516
Rent commitment, Total	970
Sublease income, 2018	(17)
Sublease income, 2019	(17)
Sublease income, 2020	(3)
Sublease income, 2021	0
Sublease income, 2022	0
Sublease income, 2023 and beyond	0
Sublease income, Total	(37)
Net rent, 2018	105
Net rent, 2019	92
Net rent, 2020	80
Net rent, 2021	71
Net rent, 2022	69
Net rent, 2023 and beyond	516
Net rent, Total	$ 933

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Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 1,589	$ 1,513	$ 1,509	$ 1,453	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 6,063	$ 5,661	$ 5,313
Operating profit	628	658	677	648	857	1,348	651	512	2,610	3,369	1,917
Net income	299	452	457	430	569	923	412	323	1,638	2,228	1,268
Net income attributable to S&P Global common shareholders	$ 263	$ 414	$ 421	$ 399	$ 537	$ 892	$ 383	$ 294	$ 1,496	$ 2,106	$ 1,156
Net income:
Basic (in dollars per share)	$ 1.03	$ 1.62	$ 1.63	$ 1.54	$ 2.07	$ 3.39	$ 1.45	$ 1.11	$ 5.84	$ 8.02	$ 4.26
Diluted (in dollars per share)	$ 1.02	$ 1.61	$ 1.62	$ 1.53	$ 2.05	$ 3.36	$ 1.44	$ 1.10	$ 5.78	$ 7.94	$ 4.21
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, 2017	Sep. 22, 2016	Aug. 31, 2015	Aug. 18, 2015	May 26, 2015
Debt Instrument [Line Items]
Ownership interest of subsidiary (as a percent)	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 (as a percent)	2.95%	2.95%
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Debt face amount					$ 700,000,000
Interest rate (as a percent)	4.00%				4.00%
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Debt face amount				$ 400,000,000
Interest rate (as a percent)	2.50%			2.50%
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Debt face amount				$ 700,000,000
Interest rate (as a percent)	3.30%			3.30%
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Debt face amount				$ 900,000,000
Interest rate (as a percent)	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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,589	$ 1,513	$ 1,509	$ 1,453	$ 1,399	$ 1,439	$ 1,482	$ 1,341	$ 6,063	$ 5,661	$ 5,313
Expenses:
Operating-related expenses									1,713	1,773	1,718
Selling and general expenses									1,560	1,439	1,532
Depreciation									82	85	90
Amortization of intangibles									98	96	67
Total expenses									3,453	3,393	3,407
Gain on dispositions									0	(1,101)	(11)
Operating profit	628	658	677	648	857	1,348	651	512	2,610	3,369	1,917
Interest expense (income), net									149	181	102
Non-operating intercompany transactions									0	0	0
Income before taxes on income									2,461	3,188	1,815
Provision for taxes on income									823	960	547
Equity in net income of subsidiaries									0	0	0
Net income	299	452	457	430	569	923	412	323	1,638	2,228	1,268
Less: net income attributable to noncontrolling interests									(142)	(122)	(112)
Net income attributable to S&P Global Inc.	$ 263	$ 414	$ 421	$ 399	$ 537	$ 892	$ 383	$ 294	1,496	2,106	1,156
Comprehensive income									1,762	2,055	1,182
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue									(138)	(126)	(115)
Expenses:
Operating-related expenses									(138)	(126)	(115)
Selling and general expenses									0	0	0
Depreciation									0	0	0
Amortization of intangibles									0	0	0
Total expenses									(138)	(126)	(115)
Gain on dispositions										0	0
Operating profit									0	0	0
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									2,175	668	0
Income before taxes on income									(2,175)	(668)	0
Provision for taxes on income									0	0	0
Equity in net income of subsidiaries									(3,808)	(2,706)	(1,745)
Net income									(5,983)	(3,374)	(1,745)
Less: net income attributable to noncontrolling interests									(142)	(122)	(112)
Net income attributable to S&P Global Inc.									(6,125)	(3,496)	(1,857)
Comprehensive income									(5,982)	(3,374)	(1,741)
S&P Global Inc. | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									717	667	624
Expenses:
Operating-related expenses									108	113	137
Selling and general expenses									162	109	184
Depreciation									31	38	40
Amortization of intangibles									0	0	0
Total expenses									301	260	361
Gain on dispositions										(1,072)	0
Operating profit									416	1,479	263
Interest expense (income), net									163	191	112
Non-operating intercompany transactions									365	356	282
Income before taxes on income									(112)	932	(131)
Provision for taxes on income									26	275	(107)
Equity in net income of subsidiaries									3,808	2,412	1,473
Net income									3,670	3,069	1,449
Less: net income attributable to noncontrolling interests									0	0	0
Net income attributable to S&P Global Inc.									3,670	3,069	1,449
Comprehensive income									3,694	3,099	1,446
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									1,780	1,513	2,141
Expenses:
Operating-related expenses									482	451	737
Selling and general expenses									345	243	254
Depreciation									11	9	18
Amortization of intangibles									0	0	0
Total expenses									838	703	1,009
Gain on dispositions										0	0
Operating profit									942	810	1,132
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									(77)	(83)	222
Income before taxes on income									1,019	893	910
Provision for taxes on income									370	420	358
Equity in net income of subsidiaries									0	294	272
Net income									649	767	824
Less: net income attributable to noncontrolling interests									0	0	0
Net income attributable to S&P Global Inc.									649	767	824
Comprehensive income									649	767	822
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue									3,704	3,607	2,663
Expenses:
Operating-related expenses									1,261	1,335	959
Selling and general expenses									1,053	1,087	1,094
Depreciation									40	38	32
Amortization of intangibles									98	96	67
Total expenses									2,452	2,556	2,152
Gain on dispositions										(29)	(11)
Operating profit									1,252	1,080	522
Interest expense (income), net									(14)	(10)	(10)
Non-operating intercompany transactions									(2,463)	(941)	(504)
Income before taxes on income									3,729	2,031	1,036
Provision for taxes on income									427	265	296
Equity in net income of subsidiaries									0	0	0
Net income									3,302	1,766	740
Less: net income attributable to noncontrolling interests									0	0	0
Net income attributable to S&P Global Inc.									3,302	1,766	740
Comprehensive income									$ 3,401	$ 1,563	$ 655

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Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,779	$ 2,392	$ 1,481	$ 2,497
Accounts receivable, net of allowance for doubtful accounts	1,319	1,122
Intercompany receivable	0	0
Prepaid and other current assets	226	157
Total current assets	4,324	3,671
Property and equipment, net of accumulated depreciation	275	271
Goodwill	2,989	2,949	2,882
Other intangible assets, net	1,388	1,506
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	449	272
Total assets	9,425	8,669
Current liabilities:
Accounts payable	195	183
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	472	409
Short-term debt	399	0
Income taxes currently payable	77	95
Unearned revenue	1,613	1,509
Accrued legal and regulatory settlements	107	56
Other current liabilities	351	359
Total current liabilities	3,214	2,611
Long-term debt	3,170	3,564
Intercompany loans payable	0	0
Pension and other postretirement benefits	244	274
Other non-current liabilities	679	439
Total liabilities	7,307	6,888
Redeemable noncontrolling interest	1,350	1,080
Equity:
Common stock	412	412
Additional paid-in capital	525	502
Retained income	10,025	9,210
Accumulated other comprehensive loss	(649)	(773)
Less: common stock in treasury	(9,602)	(8,701)
Total equity – controlling interests	711	650
Total equity – noncontrolling interests	57	51
Total equity	768	701	243	539
Total liabilities and equity	9,425	8,669
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(5,079)	(1,542)
Prepaid and other current assets	0	(1)
Total current assets	(5,079)	(1,543)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	9	9
Other intangible assets, net	0	0
Investments in subsidiaries	(16,397)	(13,970)
Intercompany loans receivable	(1,815)	(1,371)
Other non-current assets	(1)	0
Total assets	(23,283)	(16,875)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(5,079)	(1,541)
Accrued compensation and contributions to retirement plans	0	0
Short-term debt	0
Income taxes currently payable	0	0
Unearned revenue	0	0
Accrued legal and regulatory settlements	0
Other current liabilities	0	0
Total current liabilities	(5,079)	(1,541)
Long-term debt	0	0
Intercompany loans payable	(1,816)	(1,371)
Pension and other postretirement benefits	0	0
Other non-current liabilities	0	(1)
Total liabilities	(6,895)	(2,913)
Redeemable noncontrolling interest	1,350	1,080
Equity:
Common stock	(2,318)	(2,460)
Additional paid-in capital	(9,117)	(10,963)
Retained income	(6,429)	(1,721)
Accumulated other comprehensive loss	46	44
Less: common stock in treasury	23	7
Total equity – controlling interests	(17,795)	(15,093)
Total equity – noncontrolling interests	57	51
Total equity	(17,738)	(15,042)
Total liabilities and equity	(23,283)	(16,875)
S&P Global Inc. | Reportable Legal Entities
Current assets:
Cash and cash equivalents	632	711	167	1,402
Accounts receivable, net of allowance for doubtful accounts	138	138
Intercompany receivable	768	(165)
Prepaid and other current assets	143	77
Total current assets	1,681	761
Property and equipment, net of accumulated depreciation	158	159
Goodwill	261	261
Other intangible assets, net	0	0
Investments in subsidiaries	8,364	5,464
Intercompany loans receivable	116	17
Other non-current assets	215	134
Total assets	10,795	6,796
Current liabilities:
Accounts payable	79	73
Intercompany payable	3,433	1,324
Accrued compensation and contributions to retirement plans	145	129
Short-term debt	399
Income taxes currently payable	2	43
Unearned revenue	293	273
Accrued legal and regulatory settlements	0	2
Other current liabilities	136	163
Total current liabilities	4,487	2,007
Long-term debt	3,170	3,564
Intercompany loans payable	101	11
Pension and other postretirement benefits	180	196
Other non-current liabilities	376	52
Total liabilities	8,314	5,830
Redeemable noncontrolling interest	0	0
Equity:
Common stock	412	412
Additional paid-in capital	(216)	(174)
Retained income	12,156	9,721
Accumulated other comprehensive loss	(269)	(292)
Less: common stock in treasury	(9,602)	(8,701)
Total equity – controlling interests	2,481	966
Total equity – noncontrolling interests	0	0
Total equity	2,481	966
Total liabilities and equity	10,795	6,796
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	152	131
Intercompany receivable	1,784	837
Prepaid and other current assets	(3)	2
Total current assets	1,933	970
Property and equipment, net of accumulated depreciation	10	1
Goodwill	0	0
Other intangible assets, net	0	0
Investments in subsidiaries	5	680
Intercompany loans receivable	0	0
Other non-current assets	61	24
Total assets	2,009	1,675
Current liabilities:
Accounts payable	23	22
Intercompany payable	492	40
Accrued compensation and contributions to retirement plans	86	69
Short-term debt	0
Income taxes currently payable	0	0
Unearned revenue	193	191
Accrued legal and regulatory settlements	2	3
Other current liabilities	21	(54)
Total current liabilities	817	271
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	74	74
Total liabilities	891	345
Redeemable noncontrolling interest	0	0
Equity:
Common stock	0	0
Additional paid-in capital	602	1,154
Retained income	516	176
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity – controlling interests	1,118	1,330
Total equity – noncontrolling interests	0	0
Total equity	1,118	1,330
Total liabilities and equity	2,009	1,675
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents	2,147	1,681	$ 1,314	$ 1,095
Accounts receivable, net of allowance for doubtful accounts	1,029	853
Intercompany receivable	2,527	870
Prepaid and other current assets	86	79
Total current assets	5,789	3,483
Property and equipment, net of accumulated depreciation	107	111
Goodwill	2,719	2,679
Other intangible assets, net	1,388	1,506
Investments in subsidiaries	8,028	7,826
Intercompany loans receivable	1,699	1,354
Other non-current assets	174	114
Total assets	19,904	17,073
Current liabilities:
Accounts payable	93	88
Intercompany payable	1,154	177
Accrued compensation and contributions to retirement plans	241	211
Short-term debt	0
Income taxes currently payable	75	52
Unearned revenue	1,127	1,045
Accrued legal and regulatory settlements	105	51
Other current liabilities	194	250
Total current liabilities	2,989	1,874
Long-term debt	0	0
Intercompany loans payable	1,715	1,360
Pension and other postretirement benefits	64	78
Other non-current liabilities	229	314
Total liabilities	4,997	3,626
Redeemable noncontrolling interest	0	0
Equity:
Common stock	2,318	2,460
Additional paid-in capital	9,256	10,485
Retained income	3,782	1,034
Accumulated other comprehensive loss	(426)	(525)
Less: common stock in treasury	(23)	(7)
Total equity – controlling interests	14,907	13,447
Total equity – noncontrolling interests	0	0
Total equity	14,907	13,447
Total liabilities and equity	$ 19,904	$ 17,073

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Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities:
Net income	$ 299	$ 452	$ 457	$ 430	$ 569	$ 923	$ 412	$ 323	$ 1,638	$ 2,228	$ 1,268
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation									82	85	90
Amortization of intangibles									98	96	67
Provision for losses on accounts receivable									16	9	8
Deferred income taxes									0	79	280
Stock-based compensation									99	76	78
Gain on dispositions									0	(1,101)	(11)
Accrued legal and regulatory settlements									55	54	119
Other									96	30	57
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(196)	(177)	(118)
Prepaid and other current assets									10	5	5
Accounts payable and accrued expenses									75	19	(9)
Unearned revenue									85	107	129
Accrued legal and regulatory settlements									(4)	(150)	(1,624)
Other current liabilities									(85)	(19)	(77)
Net change in prepaid/accrued income taxes									32	174	129
Net change in other assets and liabilities									15	45	(35)
Cash provided by operating activities from continuing operations									2,016	1,560	356
Investing Activities:
Capital expenditures									(123)	(115)	(139)
Acquisitions, net of cash acquired									(83)	(177)	(2,396)
Proceeds from dispositions									2	1,498	14
Changes in short-term investments									(5)	(1)	(4)
Cash (used for) provided by investing activities from continuing operations									(209)	1,205	(2,525)
Financing Activities:
(Payments on) / additions to short-term debt, net									0	(143)	143
Proceeds from issuance of senior notes, net									0	493	2,674
Payments on senior notes									0	(421)	0
Dividends paid to shareholders									(421)	(380)	(363)
Distributions to noncontrolling interest holders									(111)	(116)	(104)
Repurchase of treasury shares									(1,001)	(1,123)	(974)
Exercise of stock options									75	88	86
Contingent consideration payments									0	(39)	(5)
Purchase of additional CRISIL shares									0	0	(16)
Employee withholding tax on share-based payments									(49)	(55)	(92)
Intercompany financing activities									0	0	0
Cash (used for) provided by financing activities from continuing operations									(1,507)	(1,696)	1,349
Effect of exchange rate changes on cash									87	(158)	(67)
Cash provided by continuing operations									387	911	(887)
Discontinued Operations:
Cash used for operating activities									0	0	(129)
Cash used for discontinued operations									0	0	(129)
Net change in cash and cash equivalents									387	911	(1,016)
Cash and cash equivalents at beginning of year				2,392				1,481	2,392	1,481	2,497
Cash and cash equivalents at end of year	2,779				2,392				2,779	2,392	1,481
Eliminations
Operating Activities:
Net income									(5,983)	(3,374)	(1,745)
Adjustments to reconcile net income to cash provided by operating activities:
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
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									(5,983)	(3,374)	(1,745)
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 (used for) provided by 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
Distributions to noncontrolling interest holders									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payments										0	0
Purchase of additional CRISIL shares											0
Employee withholding tax on share-based payments									0	0	0
Intercompany financing activities									5,983	3,374	1,745
Cash (used for) provided by financing activities from continuing operations									5,983	3,374	1,745
Effect of exchange rate changes on cash									0	0	0
Cash provided by continuing operations											0
Discontinued Operations:
Cash used for operating activities											0
Cash used for discontinued operations											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									3,670	3,069	1,449
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation									31	38	40
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									2	1	1
Deferred income taxes									108	16	33
Stock-based compensation									35	22	23
Gain on dispositions										(1,072)	0
Accrued legal and regulatory settlements									0	3	0
Other									34	48	23
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(2)	(24)	3
Prepaid and other current assets									(5)	(2)	(4)
Accounts payable and accrued expenses									22	(8)	8
Unearned revenue									19	19	(5)
Accrued legal and regulatory settlements									0	0	0
Other current liabilities									(42)	(27)	(31)
Net change in prepaid/accrued income taxes									41	141	14
Net change in other assets and liabilities									7	(9)	78
Cash provided by operating activities from continuing operations									3,920	2,215	1,632
Investing Activities:
Capital expenditures									(55)	(68)	(67)
Acquisitions, net of cash acquired									0	(144)	(2,243)
Proceeds from dispositions									0	1,422	0
Changes in short-term investments									0	0	0
Cash (used for) provided by investing activities from continuing operations									(55)	1,210	(2,310)
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									(421)	(380)	(363)
Distributions to noncontrolling interest holders									0	0	0
Repurchase of treasury shares									(1,001)	(1,123)	(974)
Exercise of stock options									68	86	80
Contingent consideration payments										(5)	(5)
Purchase of additional CRISIL shares											0
Employee withholding tax on share-based payments									(49)	(55)	(92)
Intercompany financing activities									(2,546)	(1,333)	(2,020)
Cash (used for) provided by financing activities from continuing operations									(3,949)	(2,881)	(557)
Effect of exchange rate changes on cash									5	0	0
Cash provided by continuing operations											(1,235)
Discontinued Operations:
Cash used for operating activities											0
Cash used for discontinued operations											0
Net change in cash and cash equivalents									(79)	544	(1,235)
Cash and cash equivalents at beginning of year				711				167	711	167	1,402
Cash and cash equivalents at end of year	632				711				632	711	167
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Operating Activities:
Net income									649	767	824
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation									11	9	18
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									3	0	1
Deferred income taxes									(10)	(9)	290
Stock-based compensation									22	17	24
Gain on dispositions										0	0
Accrued legal and regulatory settlements									0	1	110
Other									19	5	16
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(23)	187	(27)
Prepaid and other current assets									3	10	14
Accounts payable and accrued expenses									97	(39)	(34)
Unearned revenue									2	(395)	66
Accrued legal and regulatory settlements									(1)	(108)	(1,624)
Other current liabilities									(12)	(27)	(35)
Net change in prepaid/accrued income taxes									(18)	0	0
Net change in other assets and liabilities									(6)	38	8
Cash provided by operating activities from continuing operations									736	456	(349)
Investing Activities:
Capital expenditures									(32)	(15)	(10)
Acquisitions, net of cash acquired									0	0	0
Proceeds from dispositions									0	0	0
Changes in short-term investments									0	0	0
Cash (used for) provided by investing activities from continuing operations									(32)	(15)	(10)
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
Distributions to noncontrolling interest holders									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payments										0	0
Purchase of additional CRISIL shares											0
Employee withholding tax on share-based payments									0	0	0
Intercompany financing activities									(704)	(441)	359
Cash (used for) provided by financing activities from continuing operations									(704)	(441)	359
Effect of exchange rate changes on cash									0	0	0
Cash provided by continuing operations											0
Discontinued Operations:
Cash used for operating activities											0
Cash used for discontinued operations											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									3,302	1,766	740
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation									40	38	32
Amortization of intangibles									98	96	67
Provision for losses on accounts receivable									11	8	6
Deferred income taxes									(98)	72	(43)
Stock-based compensation									42	37	31
Gain on dispositions										(29)	(11)
Accrued legal and regulatory settlements									55	50	9
Other									43	(23)	18
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(171)	(340)	(94)
Prepaid and other current assets									12	(3)	(5)
Accounts payable and accrued expenses									(44)	66	17
Unearned revenue									64	483	68
Accrued legal and regulatory settlements									(3)	(42)	0
Other current liabilities									(31)	35	(11)
Net change in prepaid/accrued income taxes									9	33	115
Net change in other assets and liabilities									14	16	(121)
Cash provided by operating activities from continuing operations									3,343	2,263	818
Investing Activities:
Capital expenditures									(36)	(32)	(62)
Acquisitions, net of cash acquired									(83)	(33)	(153)
Proceeds from dispositions									2	76	14
Changes in short-term investments									(5)	(1)	(4)
Cash (used for) provided by investing activities from continuing operations									(122)	10	(205)
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
Distributions to noncontrolling interest holders									(111)	(116)	(104)
Repurchase of treasury shares									0	0	0
Exercise of stock options									7	2	6
Contingent consideration payments										(34)	0
Purchase of additional CRISIL shares											(16)
Employee withholding tax on share-based payments									0	0	0
Intercompany financing activities									(2,733)	(1,600)	(84)
Cash (used for) provided by financing activities from continuing operations									(2,837)	(1,748)	(198)
Effect of exchange rate changes on cash									82	(158)	(67)
Cash provided by continuing operations											348
Discontinued Operations:
Cash used for operating activities											(129)
Cash used for discontinued operations											(129)
Net change in cash and cash equivalents									466	367	219
Cash and cash equivalents at beginning of year				$ 1,681				$ 1,314	1,681	1,314	1,095
Cash and cash equivalents at end of year	$ 2,147				$ 1,681				$ 2,147	$ 1,681	$ 1,314

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Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation Allowances [Roll Forward]
Balance at beginning of year	$ 28	$ 37	$ 38
Net charges to income	15	8	12
Deductions and other	(11)	(17)	(13)
Balance at end of year	$ 33	$ 28	$ 37