Segment and Related Information

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment and Related Information

Segment and Related Information

We have four reportable segments: S&P Ratings, S&P Capital IQ, S&P DJ Indices and C&C. 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.

A summary of operating results by segment for the periods ended September 30 is as follows:

Three Months	2013						2012
(in millions)	Revenue			Operating Profit			Revenue			Operating Profit
S&P Ratings	$	540		$	243		$	502		$	209
S&P Capital IQ	293			54			284			40
S&P DJ Indices	124			80			109			61
C&C	255			91			239			60
Intersegment elimination 1	(18		)	—			(18		)	—
Total operating segments	1,194			468			1,116			370
Unallocated expense 2	—			(61		)	—			(95		)
Total	$	1,194		$	407		$	1,116		$	275

Nine Months	2013						2012
(in millions)	Revenue			Operating Profit			Revenue			Operating Profit
S&P Ratings	$	1,701		$	779		$	1,451		$	603
S&P Capital IQ	868			165			835			160
S&P DJ Indices	363			227			277			148
C&C	750			236			713			195
Intersegment elimination 1	(57		)	—			(52		)	—
Total operating segments	3,625			1,407			3,224			1,106
Unallocated expense 2	—			(286		)	—			(241		)
Total	$	3,625		$	1,121		$	3,224		$	865

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

²  Includes Growth and Value Plan costs of $10 million and $64 million for the three and nine months ended September 30, 2013, respectively and $48 million and $101 million for the three and nine months ended September 30, 2012, respectively. Also includes pre-tax legal settlements of approximately $77 million for the nine months ended September 30, 2013.

See Note 2 —Acquisitions and Divestitures and Note 9 —Restructuring for additional actions that impacted the segment operating results.