Segment and Geographic Information

12 Months Ended

Dec. 31, 2013

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.

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, 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
	2013			2012			2011			2013			2012			2011
S&P Ratings	$	2,274		$	2,034		$	1,767		$	1,000		$	849		$	720
S&P Capital IQ	1,170			1,124			1,031			211			208			214
S&P DJ Indices	493			388			323			278			212			189
C&C	1,014			973			896			311			248			180
Intersegment elimination	(76		)	(69		)	(63		)	—			—			—
Total operating segments	4,875			4,450			3,954			1,800			1,517			1,303
Unallocated expense	—			—			—			(395		)	(306		)	(226		)
Total	$	4,875		$	4,450		$	3,954		$	1,405		$	1,211		$	1,077

(in millions)	Depreciation & Amortization						Capital Expenditures
	2013		2012		2011		2013		2012		2011
S&P Ratings	$	45	$	43	$	40	$	40	$	43	$	40
S&P Capital IQ	49		50		43		39		22		21
S&P DJ Indices	10		8		3		4		2		2
C&C	22		23		23		17		17		14
Total operating segments	126		124		109		100		84		77
Corporate	11		17		17		17		13		15
Total	$	137	$	141	$	126	$	117	$	97	$	92

Segment information as of December 31 is as follows:

(in millions)	Total Assets
	2013		2012
S&P Ratings	$	630	$	726
S&P Capital IQ	1,054		1,123
S&P DJ Indices	1,160		1,133
C&C	943		1,000
Total operating segments	3,787		3,982
Corporate 1	2,213		1,130
Assets held for sale	61		1,940
Total	$	6,061	$	7,052

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 provides revenue and long-lived assets by geographic region:

(in millions)	Revenue						Long-lived Assets
	Years ended December 31,						December 31,
	2013		2012		2011		2013		2012
United States	$	2,892	$	2,684	$	2,373	$	2,209	$	2,376
European region	1,227		1,067		951		432		441
Asia	483		454		423		59		70
Rest of the world	273		245		207		54		57
Total	$	4,875	$	4,450	$	3,954	$	2,754	$	2,944

	Revenue						Long-lived Assets
	Years ended December 31,						December 31,
	2013		2012		2011		2013		2012
United States	59	%	60	%	60	%	80	%	81	%
European region	25		24		24		16		15
Asia	10		10		11		2		2
Rest of the world	6		6		5		2		2
Total	100	%	100	%	100	%	100	%	100	%

See Note 2 – Acquisitions andDivestitures, and Note 10 – Restructuring, for actions that impacted the segment operating results.