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Segment and Related Information
 6 Months Ended
Jun. 30, 2012
Segment Reporting [Abstract]  
Segment and Related Information
Segment and Related Information

We have four reportable segments: Standard & Poor’s Ratings (“S&P Ratings”), S&P Capital IQ / S&P Indices, C&C and MHE.

•
S&P Ratings provides independent global credit ratings, credit risk evaluations, and ratings-related information research to investors, corporations, governments, financial institutions, investment managers and advisors globally.
•
S&P Capital IQ / S&P Indices provides comprehensive value-added financial data, information, indices and research services to investors, corporations, governments, financial institutions, investment managers and advisors globally.
•
C&C includes business and professional media, offering information, insight and analysis; and consists of business to business companies (including such brands as Platts, J.D. Power and Associates (“JDPA”), McGraw-Hill Construction and Aviation Week). In accordance with the presentation of the Broadcasting Group as discontinued operations, the results of operations for all prior periods presented have been reclassified to reflect this change. See Note 3 for further discussion.
•
MHE is one of the leading global educational publishers. This segment consists of two operating groups: the Higher Education, Professional and International Group (“HPI”), serving the college, professional, international and adult education markets, and the School Education Group (“SEG”), serving the elementary and high school markets.

The Executive Committee, consisting of our principal corporate executives, is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating income. A summary of operating results by segment for the periods ended June 30 is as follows:
 
Three Months
2012
 
2011
(in millions)
Revenue
 
Operating Income
 
Revenue
 
Operating Income
S&P Ratings
$
483

  
$
208

 
$
480

  
$
213

S&P Capital IQ / S&P Indices
366

  
100

 
333

  
98

C&C
241

  
71

 
222

  
49

MHE
474

  
57

 
537

  
42

Intersegment elimination 1
(17
)
 
—

 
(15
)
1 

—

Total operating segments
1,547

  
436

 
1,557

  
402

General corporate expense
—

  
(71
)
 
—

  
(44
)
Total
$
1,547

  
$
365

 
$
1,557

  
$
358


Six Months
2012
 
2011
(in millions)
Revenue
 
Operating
Income (Loss)
 
Revenue
 
Operating
Income (Loss)
S&P Ratings
$
949

  
$
394

 
$
923

  
$
403

S&P Capital IQ / S&P Indices
719

  
207

 
657

  
194

C&C
474

  
135

 
429

  
87

MHE
770

  
(8
)
 
839

  
(33
)
Intersegment elimination 1
(34
)
1  
—

 
(30
)
1 

—

Total operating segments
2,878

  
728

 
2,818

  
651

General corporate expense
—

  
(142
)
 
—

  
(78
)
Total
$
2,878

  
$
586

 
$
2,818

  
$
573


1 
Revenue for S&P Ratings and expenses for S&P Capital IQ / S&P Indices include an intersegment royalty charged to S&P Capital IQ / S&P Indices for the rights to use and distribute content and data developed by S&P Ratings.