Condensed Consolidating Financial Statements (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Condensed Financial Information Disclosure [Abstract] |
|
Statement of Income |
| | | | | | | | | | | | | | | | | | | | | | Statement of Income | | Year Ended December 31, 2018 | (in millions) | S&P Global Inc. | | Standard & Poor's Financial Services LLC | | Non-Guarantor Subsidiaries | | Eliminations | | S&P Global Inc. Consolidated | Revenue | $ | 776 |
| | $ | 1,695 |
| | $ | 3,940 |
| | $ | (153 | ) | | $ | 6,258 |
| Expenses: | | | | | | | | | | Operating-related expenses | 127 |
| | 434 |
| | 1,293 |
| | (153 | ) | | 1,701 |
| Selling and general expenses | 183 |
| | 292 |
| | 1,086 |
| | — |
| | 1,561 |
| Depreciation | 37 |
| | 7 |
| | 40 |
| | — |
| | 84 |
| Amortization of intangibles | — |
| | — |
| | 122 |
| | — |
| | 122 |
| Total expenses | 347 |
| | 733 |
| | 2,541 |
| | (153 | ) | | 3,468 |
| Operating profit | 429 |
| | 962 |
| | 1,399 |
| | — |
| | 2,790 |
| Other income, net | (27 | ) | | — |
| | 2 |
| | — |
| | (25 | ) | Interest expense (income), net | 143 |
| | 2 |
| | (11 | ) | | — |
| | 134 |
| Non-operating intercompany transactions | 363 |
| | (75 | ) | | (1,872 | ) | | 1,584 |
| | — |
| (Loss) income before taxes on income | (50 | ) | | 1,035 |
| | 3,280 |
| | (1,584 | ) | | 2,681 |
| (Benefit) Provision for taxes on income | (14 | ) | | 250 |
| | 324 |
| | — |
| | 560 |
| Equity in net income of subsidiaries | 3,576 |
| | (1 | ) | | — |
| | (3,575 | ) | | — |
| Net income | 3,540 |
| | 784 |
| | 2,956 |
| | (5,159 | ) | | 2,121 |
| Less: net income attributable to noncontrolling interests | — |
| | — |
| | — |
| | (163 | ) | | (163 | ) | Net income attributable to S&P Global Inc. | $ | 3,540 |
| | $ | 784 |
| | $ | 2,956 |
| | $ | (5,322 | ) | | $ | 1,958 |
| Comprehensive income | $ | 3,510 |
| | $ | 783 |
| | $ | 2,884 |
| | $ | (5,159 | ) | | $ | 2,018 |
|
| | | | | | | | | | | | | | | | | | | | | | 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 | 90 |
| | 482 |
| | 1,261 |
| | (138 | ) | | 1,695 |
| Selling and general expenses | 196 |
| | 345 |
| | 1,064 |
| | — |
| | 1,605 |
| Depreciation | 31 |
| | 11 |
| | 40 |
| | — |
| | 82 |
| Amortization of intangibles | — |
| | — |
| | 98 |
| | — |
| | 98 |
| Total expenses | 317 |
| | 838 |
| | 2,463 |
| | (138 | ) | | 3,480 |
| Operating profit | 400 |
| | 942 |
| | 1,241 |
| | — |
| | 2,583 |
| Other income, net | (16 | ) | | — |
| | (11 | ) | | — |
| | (27 | ) | 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 | 114 |
| | 451 |
| | 1,334 |
| | (126 | ) | | 1,773 |
| Selling and general expenses | 128 |
| | 243 |
| | 1,096 |
| | — |
| | 1,467 |
| Depreciation | 38 |
| | 9 |
| | 38 |
| | — |
| | 85 |
| Amortization of intangibles | — |
| | — |
| | 96 |
| | — |
| | 96 |
| Total expenses | 280 |
| | 703 |
| | 2,564 |
| | (126 | ) | | 3,421 |
| Gain on disposition | (1,072 | ) | | — |
| | (29 | ) | | — |
| | (1,101 | ) | Operating profit | 1,459 |
| | 810 |
| | 1,072 |
| | — |
| | 3,341 |
| Other income, net | (20 | ) | | — |
| | (8 | ) | | — |
| | (28 | ) | 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 |
|
|
Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | | Balance Sheet | | December 31, 2018 | (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 | $ | 694 |
| | $ | — |
| | $ | 1,223 |
| | $ | — |
| | $ | 1,917 |
| Restricted cash | — |
| | — |
| | 41 |
| | — |
| | 41 |
| Accounts receivable, net of allowance for doubtful accounts | 163 |
| | 109 |
| | 1,177 |
| | — |
| | 1,449 |
| Intercompany receivable | 550 |
| | 2,138 |
| | 2,873 |
| | (5,561 | ) | | — |
| Prepaid and other current assets | 58 |
| | 3 |
| | 136 |
| | — |
| | 197 |
| Total current assets | 1,465 |
| | 2,250 |
| | 5,450 |
| | (5,561 | ) | | 3,604 |
| Property and equipment, net of accumulated depreciation | 192 |
| | — |
| | 78 |
| | — |
| | 270 |
| Goodwill | 261 |
| | — |
| | 3,265 |
| | 9 |
| | 3,535 |
| Other intangible assets, net | — |
| | — |
| | 1,524 |
| | — |
| | 1,524 |
| Investments in subsidiaries | 8,599 |
| | 6 |
| | 8,030 |
| | (16,635 | ) | | — |
| Intercompany loans receivable | 130 |
| | — |
| | 1,643 |
| | (1,773 | ) | | — |
| Other non-current assets | 194 |
| | 45 |
| | 286 |
| | — |
| | 525 |
| Total assets | $ | 10,841 |
| | $ | 2,301 |
| | $ | 20,276 |
| | $ | (23,960 | ) | | $ | 9,458 |
| LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Accounts payable | $ | 89 |
| | $ | 15 |
| | $ | 107 |
| | $ | — |
| | $ | 211 |
| Intercompany payable | 4,453 |
| | 32 |
| | 1,076 |
| | (5,561 | ) | | — |
| Accrued compensation and contributions to retirement plans | 125 |
| | 33 |
| | 196 |
| | — |
| | 354 |
| Income taxes currently payable | 1 |
| | — |
| | 71 |
| | — |
| | 72 |
| Unearned revenue | 240 |
| | 235 |
| | 1,166 |
| | — |
| | 1,641 |
| Accrued legal settlements | — |
| | — |
| | 1 |
| | — |
| | 1 |
| Other current liabilities | 180 |
| | 16 |
| | 154 |
| | — |
| | 350 |
| Total current liabilities | 5,088 |
| | 331 |
| | 2,771 |
| | (5,561 | ) | | 2,629 |
| Long-term debt | 3,662 |
| | — |
| | — |
| | — |
| | 3,662 |
| Intercompany loans payable | 114 |
| | — |
| | 1,659 |
| | (1,773 | ) | | — |
| Pension and other postretirement benefits | 162 |
| | — |
| | 67 |
| | — |
| | 229 |
| Other non-current liabilities | 166 |
| | 75 |
| | 393 |
| | — |
| | 634 |
| Total liabilities | 9,192 |
| | 406 |
| | 4,890 |
| | (7,334 | ) | | 7,154 |
| Redeemable noncontrolling interest | — |
| | — |
| | — |
| | 1,620 |
| | 1,620 |
| Equity: | | | | | | | | | | Common stock | 294 |
| | — |
| | 2,279 |
| | (2,279 | ) | | 294 |
| Additional paid-in capital | 72 |
| | 618 |
| | 9,784 |
| | (9,641 | ) | | 833 |
| Retained income | 12,622 |
| | 1,277 |
| | 3,824 |
| | (6,439 | ) | | 11,284 |
| Accumulated other comprehensive loss | (299 | ) | | — |
| | (489 | ) | | 46 |
| | (742 | ) | Less: common stock in treasury | (11,040 | ) | | — |
| | (13 | ) | | 12 |
| | (11,041 | ) | Total equity - controlling interests | 1,649 |
| | 1,895 |
| | 15,385 |
| | (18,301 | ) | | 628 |
| Total equity - noncontrolling interests | — |
| | — |
| | 1 |
| | 55 |
| | 56 |
| Total equity | 1,649 |
| | 1,895 |
| | 15,386 |
| | (18,246 | ) | | 684 |
| Total liabilities and equity | $ | 10,841 |
| | $ | 2,301 |
| | $ | 20,276 |
| | $ | (23,960 | ) | | $ | 9,458 |
|
| | | | | | | | | | | | | | | | | | | | | | 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 |
| | $ | — |
| | $ | 2,145 |
| | $ | — |
| | $ | 2,777 |
| Restricted cash | — |
| | — |
| | 2 |
| | — |
| | 2 |
| 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 | — |
| | — |
| | — |
| | 1,352 |
| | 1,352 |
| 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 |
| | (6,431 | ) | | 10,023 |
| 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 |
| | (17,797 | ) | | 709 |
| Total equity - noncontrolling interests | — |
| | — |
| | — |
| | 57 |
| | 57 |
| Total equity | 2,481 |
| | 1,118 |
| | 14,907 |
| | (17,740 | ) | | 766 |
| Total liabilities and equity | $ | 10,795 |
| | $ | 2,009 |
| | $ | 19,904 |
| | $ | (23,283 | ) | | $ | 9,425 |
|
|
Statement of Cash Flows |
| | | | | | | | | | | | | | | | | | | | | | Statement of Cash Flows | | Year Ended December 31, 2018 | (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 | $ | 3,540 |
| | $ | 784 |
| | $ | 2,956 |
| | $ | (5,159 | ) | | $ | 2,121 |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | Depreciation | 37 |
| | 7 |
| | 40 |
| | — |
| | 84 |
| Amortization of intangibles | — |
| | — |
| | 122 |
| | — |
| | 122 |
| Provision for losses on accounts receivable | 3 |
| | 4 |
| | 14 |
| | — |
| | 21 |
| Deferred income taxes | 33 |
| | 10 |
| | 38 |
| | — |
| | 81 |
| Stock-based compensation | 28 |
| | 16 |
| | 50 |
| | — |
| | 94 |
| Accrued legal settlements | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Other | 46 |
| | 5 |
| | 1 |
| | — |
| | 52 |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | | | | | | | | | | Accounts receivable | (27 | ) | | 39 |
| | (176 | ) | | — |
| | (164 | ) | Prepaid and other current assets | (2 | ) | | (4 | ) | | 5 |
| | — |
| | (1 | ) | Accounts payable and accrued expenses | (11 | ) | | (64 | ) | | (31 | ) | | — |
| | (106 | ) | Unearned revenue | (53 | ) | | 13 |
| | 110 |
| | — |
| | 70 |
| Accrued legal settlements | — |
| | — |
| | (108 | ) | | — |
| | (108 | ) | Other current liabilities | (22 | ) | | (11 | ) | | (34 | ) | | — |
| | (67 | ) | Net change in prepaid/accrued income taxes | 2 |
| | — |
| | (9 | ) | | — |
| | (7 | ) | Net change in other assets and liabilities | (128 | ) | | 32 |
| | (33 | ) | | — |
| | (129 | ) | Cash provided by operating activities | 3,446 |
| | 832 |
| | 2,945 |
| | (5,159 | ) | | 2,064 |
| Investing Activities: | | | | | | | | | | Capital expenditures | (81 | ) | | (16 | ) | | (16 | ) | | — |
| | (113 | ) | Acquisitions, net of cash acquired | — |
| | — |
| | (401 | ) | | — |
| | (401 | ) | Proceeds from dispositions | — |
| | — |
| | 6 |
| | — |
| | 6 |
| Changes in short-term investments | — |
| | — |
| | (5 | ) | | — |
| | (5 | ) | Cash used for investing activities | (81 | ) | | (16 | ) | | (416 | ) | | — |
| | (513 | ) | Financing Activities: | | | | | | | | | | Proceeds from issuance of senior notes, net | 489 |
| | — |
| | — |
| | — |
| | 489 |
| Payments on senior notes | (403 | ) | | — |
| | — |
| | — |
| | (403 | ) | Dividends paid to shareholders | (503 | ) | | — |
| | — |
| | — |
| | (503 | ) | Distributions to noncontrolling interest holders | — |
| | — |
| | (154 | ) | | — |
| | (154 | ) | Repurchase of treasury shares | (1,660 | ) | | — |
| | — |
| | — |
| | (1,660 | ) | Exercise of stock options | 26 |
| | — |
| | 8 |
| | — |
| | 34 |
| Purchase of additional CRISIL shares |
| | — |
| | (25 | ) | | — |
| | (25 | ) | Employee withholding tax on share-based payments | (66 | ) | | — |
| | — |
| | — |
| | (66 | ) | Intercompany financing activities | (1,181 | ) | | (816 | ) | | (3,162 | ) | | 5,159 |
| | — |
| Cash used for financing activities | (3,298 | ) | | (816 | ) | | (3,333 | ) | | 5,159 |
| | (2,288 | ) | Effect of exchange rate changes on cash | (5 | ) | | — |
| | (79 | ) | | — |
| | (84 | ) | Net change in cash, cash equivalents, and restricted cash | 62 |
| | — |
| | (883 | ) | | — |
| | (821 | ) | Cash, cash equivalents, and restricted cash at beginning of year | 632 |
| | — |
| | 2,147 |
| | — |
| | 2,779 |
| Cash, cash equivalents, and restricted cash at end of year | $ | 694 |
| | $ | — |
| | $ | 1,264 |
| | $ | — |
| | $ | 1,958 |
|
| | | | | | | | | | | | | | | | | | | | | | 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 other 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 | 5 |
| | — |
| | 82 |
| | — |
| | 87 |
| Net change in cash, cash equivalents, and restricted cash | (79 | ) | | — |
| | 466 |
| | — |
| | 387 |
| Cash, cash equivalents, and restricted cash at beginning of year | 711 |
| | — |
| | 1,681 |
| | — |
| | 2,392 |
| Cash, cash equivalents, and restricted cash 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 disposition | (1,072 | ) | | — |
| | (29 | ) | | — |
| | (1,101 | ) | Accrued legal 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 other current assets | (2 | ) | | 10 |
| | (3 | ) | | — |
| | 5 |
| Accounts payable and accrued expenses | (8 | ) | | (39 | ) | | 66 |
| | — |
| | 19 |
| Unearned revenue | 19 |
| | (395 | ) | | 483 |
| | — |
| | 107 |
| Accrued legal 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 | ) | Contingent consideration payment | — |
| | — |
| | (34 | ) | | — |
| | (34 | ) | 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 | ) | | (24 | ) | | — |
| | 1,171 |
| Financing Activities: | | | | | | | | | | Additions to short-term debt | (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 payment | (5 | ) | | — |
| | — |
| | — |
| | (5 | ) | 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 | ) | | (1,714 | ) | | 3,374 |
| | (1,662 | ) | Effect of exchange rate changes on cash | — |
| | — |
| | (158 | ) | | — |
| | (158 | ) | Net change in cash, cash equivalents, and restricted cash | 544 |
| | — |
| | 367 |
| | — |
| | 911 |
| Cash, cash equivalents, and restricted cash at beginning of year | 167 |
| | — |
| | 1,314 |
| | — |
| | 1,481 |
| Cash, cash equivalents, and restricted cash at end of year | $ | 711 |
| | $ | — |
| | $ | 1,681 |
| | $ | — |
| | $ | 2,392 |
|
|