Acquisitions and Divestitures

3 Months Ended

Mar. 31, 2015

Acquisitions and Divestitures [Abstract]

Acquisitions

During the three months ended March 31, 2015, we did not complete any material acquisitions.

In March of 2014, we acquired the intellectual property of a family of Broad Market Indices (“BMI”) from Citigroup Global Markets Inc., that was integrated into our S&P DJ Indices segment. The BMI provides a broad measure of the global equities markets which includes approximately 11,000 companies in more than 52 countries covering both developed and emerging markets. We accounted for the acquisition of the intellectual property on a cost basis and it was not material to our consolidated financial statements.

Divestitures

During the three months ended March 31, 2015 and March 31, 2014, we did not complete any dispositions.

Discontinued Operations

On November 3, 2014, we completed the sale of McGraw Hill Construction, which has historically been part of our C&C segment, to Symphony Technology Group for $320 million in cash. Accordingly, the results of operations for the three months ended March 31, 2014, have been reclassified to reflect the business as a discontinued operation.

The key components of income from discontinued operations for the three months ended March 31, 2014 consist of the following:



(in millions)
Revenue	$	40
Expenses	29
Operating income	11
Provision for taxes on income	4
Income from discontinued operations, net of tax	$	7