Segment and Geographic Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment and Geographic Information

Segment and Geographic Information

As discussed in Note 1 – Accounting Policies, we have four reportable segments: S&P Ratings, S&P Capital IQ, S&P DJ Indices and C&C. As a result of our joint venture between CME Group and Dow Jones & Company, Inc., to form a new company, S&P Dow Jones Indices LLC and how we are managing this company, combined with the formation of McGraw Hill Financial, we have separated our previously reported S&P Capital IQ / S&P Indices segment into two separate reportable segments. These changes had no impact on consolidated revenue or operating profit. Our previously reported MHE segment is reported as a discontinued operation as discussed in Note 2 – Growth and Value Plan & Discontinued Operations.

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 profit. Segment operating profit does not include unallocated expense or interest expense, which are centrally managed costs. 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
	2012			2011			2010			2012			2011			2010
S&P Ratings	$	2,034		$	1,767		$	1,695		$	849		$	720		$	762
S&P Capital IQ	1,124			1,031			916			208			214			171
S&P DJ Indices	388			323			273			212			189			144
C&C	973			896			811			248			180			153
Intersegment elimination	(69		)	(63		)	(56		)	—			—			—
Total operating segments	4,450			3,954			3,639			1,517			1,303			1,230
Unallocated expense	—			—			—			(306		)	(226		)	(204		)
Total	$	4,450		$	3,954		$	3,639		$	1,211		$	1,077		$	1,026

(in millions)	Depreciation & Amortization 1						Capital Expenditures
	2012		2011		2010		2012		2011		2010
S&P Ratings	$	43	$	40	$	37	$	43	$	40	$	39
S&P Capital IQ	50		43		28		22		21		21
S&P DJ Indices	8		3		3		2		2		2
C&C	23		23		22		17		14		10
Total operating segments	124		109		90		84		77		72
Corporate	17		17		18		13		15		14
Total	$	141	$	126	$	108	$	97	$	92	$	86

¹  Depreciation & Amortization includes amortization of technology projects.

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2012		2011
S&P Ratings	$	726	$	667
S&P Capital IQ	1,123		809
S&P DJ Indices	1,133		303
C&C	1,000		954
Total operating segments	3,982		2,733
Corporate 1	1,130		1,379
Assets held for sale	1,940		2,508
Total	$	7,052	$	6,620

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

We have operations with foreign revenue and long-lived assets in approximately 80 countries. We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following is a schedule of revenue and long-lived assets by geographic region:

(in millions)	Revenue						Long-lived Assets
	Years ended December 31,						December 31,
	2012		2011		2010		2012		2011
United States	$	2,684	$	2,373	$	2,253	$	2,376	$	873
European region	1,067		951		839		441		638
Asia	454		423		357		70		406
Rest of the world	245		207		190		57		40
Total	$	4,450	$	3,954	$	3,639	$	2,944	$	1,957

See Note 3 – Acquisitions andDivestitures, and Note 11 – Restructuring, for actions that impacted the segment operating results.