Condensed Consolidating Financial Statements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statement of Income

	Statement of Income
	Three Months Ended June 30, 2015
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.		Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	161	$	573	$	636		$	(28	)	$	1,342
Expenses:
Operating-related expenses	21		154		259			(28		)	406
Selling and general expenses	1		101		230			—			332
Depreciation	10		5		7			—			22
Amortization of intangibles	1		—		10			—			11
Total expenses	33		260		506			(28		)	771
Other income	—		—		(11		)	—			(11		)
Operating profit	128		313		141			—			582
Interest expense (income), net	20		—		(4		)	—			16
Non-operating intercompany transactions	71		59		(130		)	—			—
Income from continuing operations before taxes on income	37		254		275			—			566
Provision for taxes on income	11		99		75			—			185
Equity in net income of subsidiaries	338		68		—			(406		)	—
Net income	$	364	$	223	$	200		$	(406	)	$	381
Less: net income from continuing operations attributable to noncontrolling interests	—		—		—			(28		)	(28		)
Net income attributable to McGraw Hill Financial, Inc.	$	364	$	223	$	200		$	(434	)	$	353
Comprehensive income	$	384	$	222	$	262		$	(405	)	$	463

	Statement of Income
	Six Months Ended June 30, 2015
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.		Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	317	$	1,117	$	1,237		$	(56	)	$	2,615
Expenses:
Operating-related expenses	53		311		504			(56		)	812
Selling and general expenses	67		162		436			—			665
Depreciation	19		10		14			—			43
Amortization of intangibles	2		—		21			—			23
Total expenses	141		483		975			(56		)	1,543
Other income	—		—		(11		)	—			(11		)
Operating profit	176		634		273			—			1,083
Interest expense (income), net	37		—		(5		)	—			32
Non-operating intercompany transactions	129		91		(220		)	—			—
Income from continuing operations before taxes on income	10		543		498			—			1,051
Provision for taxes on income	17		190		133			—			340
Equity in net income of subsidiaries	703		134		—			(837		)	—
Net income	$	696	$	487	$	365		$	(837	)	$	711
Less: net income from continuing operations attributable to noncontrolling interests	—		—		—			(55		)	(55		)
Net income attributable to McGraw Hill Financial, Inc.	$	696	$	487	$	365		$	(892	)	$	656
Comprehensive income	$	710	$	486	$	357		$	(839	)	$	714

	Statement of Income
	Three Months Ended June 30, 2014
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.		Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	148	$	542	$	640		$	(28	)	$	1,302
Expenses:
Operating-related expenses	21		164		250			(28		)	407
Selling and general expenses	27		132		217			—			376
Depreciation	11		4		7			—			22
Amortization of intangibles	1		—		11			—			12
Total expenses	60		300		485			(28		)	817
Other loss	3		—		6			—			9
Operating profit	85		242		149			—			476
Interest expense (income), net	15		—		(1		)	—			14
Non-operating intercompany transactions	15		7		(22		)	—			—
Income from continuing operations before taxes on income	55		235		172			—			462
Provision for taxes on income	21		86		45			—			152
Equity in net income of subsidiaries	241		58		—			(299		)	—
Income from continuing operations	275		207		127			(299		)	310
Income from discontinued operations, net of tax	6		—		—			—			6
Net income	$	281	$	207	$	127		$	(299	)	$	316
Less: net income from continuing operations attributable to noncontrolling interests	—		—		—			(24		)	(24		)
Net income attributable to McGraw Hill Financial, Inc.	$	281	$	207	$	127		$	(323	)	$	292
Comprehensive income	$	240	$	208	$	146		$	(302	)	$	292

	Statement of Income
	Six Months Ended June 30, 2014
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.		Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	294	$	1,028	$	1,233		$	(57	)	$	2,498
Expenses:
Operating-related expenses	40		315		505			(57		)	803
Selling and general expenses	92		237		395			—			724
Depreciation	20		9		13			—			42
Amortization of intangibles	2		—		22			—			24
Total expenses	154		561		935			(57		)	1,593
Other loss	3		—		6			—			9
Operating profit	137		467		292			—			896
Interest expense (income), net	31		—		(3		)	—			28
Non-operating intercompany transactions	74		14		(88		)	—			—
Income from continuing operations before taxes on income	32		453		383			—			868
Provision for taxes on income	13		173		104			—			290
Equity in net income of subsidiaries	500		124		—			(624		)	—
Income from continuing operations	519		404		279			(624		)	578
Income from discontinued operations, net of tax	12		—		—			—			12
Net income	$	531	$	404	$	279		$	(624	)	$	590
Less: net income from continuing operations attributable to noncontrolling interests	—		—		—			(50		)	(50		)
Net income attributable to McGraw Hill Financial, Inc.	$	531	$	404	$	279		$	(674	)	$	540
Comprehensive income	$	515	$	380	$	305		$	(628	)	$	572

	Statement of Income
	Year Ended December 31, 2014
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	598		$	2,043		$	2,525		$	(115	)	$	5,051
Expenses:
Operating-related expenses	78			389			1,275			(115		)	1,627
Selling and general expenses	296			2,350			522			—			3,168
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Total expenses	419			2,756			1,869			(115		)	4,929
Other loss	3			—			6			—			9
Operating profit (loss)	176			(713		)	650			—			113
Interest expense (income), net	66			—			(7		)	—			59
Non-operating intercompany transactions	193			38			(231		)	—			—
(Loss) income from continuing operations before taxes on income	(83		)	(751		)	888			—			54
(Benefit) provision for taxes on income	(22		)	16			251			—			245
Equity in net (loss) income of subsidiaries	(443		)	248			—			195			—
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Discontinued operations, net of tax:
Income from discontinued operations	18			—			—			—			18
Gain on sale of discontinued operations	160			—			—			—			160
Discontinued operations, net	178			—			—			—			178
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		(13		)
Less: net income from continuing operations attributable to noncontrolling interests	—			—			—			(102		)	(102		)
Net (loss) income attributable to McGraw Hill Financial, Inc.	$	(326	)	$	(519	)	$	637		$	93		$	(115	)
Comprehensive (loss) income	$	(495	)	$	(544	)	$	513		$	195		$	(331	)

	Statement of Income
	Year Ended December 31, 2013
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	570		$	1,931	$	2,306		$	(105	)	$	4,702
Expenses:
Operating-related expenses	128			556		985			(105		)	1,564
Selling and general expenses	338			532		761			—			1,631
Depreciation	40			19		27			—			86
Amortization of intangibles	5			—		46			—			51
Total expenses	511			1,107		1,819			(105		)	3,332
Other loss (income)	25			3		(16		)	—			12
Operating profit	34			821		503			—			1,358
Interest expense (income), net	65			—		(6		)	—			59
Non-operating intercompany transactions	245			66		(311		)	—			—
Income from continuing operations before taxes on income	(276		)	755		820			—			1,299
(Benefit) provision for taxes on income	(121		)	283		263			—			425
Equity in net income of subsidiaries	1,937			197		—			(2,134		)	—
Income from continuing operations	1,782			669		557			(2,134		)	874
Discontinued operations, net of tax:
Income (loss) from discontinued operations	82			—		(79		)	—			3
Gain (loss) on sale of discontinued operations	644			—		(55		)	—			589
Discontinued operations, net	726			—		(134		)	—			592
Net income	$	2,508		$	669	$	423		$	(2,134	)	$	1,466
Less: net income from continuing operations attributable to noncontrolling interests	—			—		—			(91		)	(91		)
Less: net loss from discontinued operations attributable to noncontrolling interests	—			—		—			1			1
Net income attributable to McGraw Hill Financial, Inc.	$	2,508		$	669	$	423		$	(2,224	)	$	1,376
Comprehensive income	$	2,773		$	669	$	452		$	(2,106	)	$	1,788

	Statement of Income
	Year Ended December 31, 2012
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Revenue	$	522		$	1,964	$	1,889		$	(105	)	$	4,270
Expenses:
Operating-related expenses	83			587		868			(105		)	1,433
Selling and general expenses	360			504		714			—			1,578
Depreciation	45			19		29			—			93
Amortization of intangibles	6			—		42			—			48
Total expenses	494			1,110		1,653			(105		)	3,152
Other income	(52		)	—		—			—			(52		)
Operating profit	80			854		236			—			1,170
Interest expense (income), net	85			—		(4		)	—			81
Non-operating intercompany transactions	201			11		(212		)	—			—
Income from continuing operations before taxes on income	(206		)	843		452			—			1,089
(Benefit) provision for taxes on income	(106		)	320		174			—			388
Equity in net income of subsidiaries	2,713			91		—			(2,804		)	—
Income from continuing operations	2,613			614		278			(2,804		)	701
Loss from discontinued operations	(147		)	—		(33		)	(29		)	(209		)
Net income	$	2,466		$	614	$	245		$	(2,833	)	$	492
Less: net income from continuing operations attributable to noncontrolling interests	—			—		—			(50		)	(50		)
Less: net income from discontinued operations attributable to noncontrolling interests	—			—		—			(5		)	(5		)
Net income attributable to McGraw Hill Financial, Inc.	$	2,466		$	614	$	245		$	(2,888	)	$	437
Comprehensive income	$	2,338		$	638	$	262		$	(2,839	)	$	399

Balance Sheet

	Balance Sheet
	June 30, 2015
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
ASSETS
Current assets:
Cash and equivalents	$	531		$	—	$	1,189		$	—		$	1,720
Accounts receivable, net of allowance for doubtful accounts	118			318		627			—			1,063
Intercompany receivable	246			1,114		1,304			(2,664		)	—
Deferred income taxes	72			173		(42		)	—			203
Prepaid and other current assets	74			30		123			—			227
Total current assets	1,041			1,635		3,201			(2,664		)	3,213
Property and equipment, net of accumulated depreciation	113			3		92			—			208
Goodwill	107			41		1,226			9			1,383
Other intangible assets, net	12			—		968			(3		)	977
Asset for pension benefits	—			—		58			—			58
Investments in subsidiaries	2,516			695		7,227			(10,438		)	—
Intercompany loans receivable	17			361		1,816			(2,194		)	—
Other non-current assets	73			20		81			—			174
Total assets	$	3,879		$	2,755	$	14,669		$	(15,290	)	$	6,013
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	53		$	46	$	82		$	—		$	181
Intercompany payable	1,280			611		772			(2,663		)	—
Accrued compensation and contributions to retirement plans	106			53		105			—			264
Income taxes currently payable	—			—		51			—			51
Unearned revenue	270			600		517			—			1,387
Accrued legal and regulatory settlements	—			23		—			—			23
Other current liabilities	156			9		169			—			334
Total current liabilities	1,865			1,342		1,696			(2,663		)	2,240
Long-term debt	1,494			—		—			—			1,494
Intercompany loans payable	22			—		2,173			(2,195		)	—
Pension and postretirement benefits	226			—		59			—			285
Deferred income taxes	(226		)	52		261			—			87
Other non-current liabilities	322			9		(49		)	—			282
Total liabilities	3,703			1,403		4,140			(4,858		)	4,388
Redeemable noncontrolling interest	—			—		—			810			810
Equity:
Common stock	412			—		2,316			(2,316		)	412
Additional paid-in capital	(201		)	1,166		7,078			(7,608		)	435
Retained income	7,281			186		1,382			(1,411		)	7,438
Accumulated other comprehensive loss	(305		)	—		(244		)	38			(511		)
Less: common stock in treasury	(7,011		)	—		(4		)	4			(7,011		)
Total equity - controlling interests	176			1,352		10,528			(11,293		)	763
Total equity - noncontrolling interests	—			—		1			51			52
Total equity	176			1,352		10,529			(11,242		)	815
Total liabilities and equity	$	3,879		$	2,755	$	14,669		$	(15,290	)	$	6,013

	Balance Sheet
	December 31, 2014
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,402		$	—		$	1,095		$	—		$	2,497
Accounts receivable, net of allowance for doubtful accounts	120			293			519			—			932
Intercompany receivable	525			2,125			1,998			(4,648		)	—
Deferred income taxes	72			334			(43		)	—			363
Prepaid and other current assets	80			27			67			—			174
Total current assets	2,199			2,779			3,636			(4,648		)	3,966
Property and equipment, net of accumulated depreciation	111			5			90			—			206
Goodwill	109			41			1,228			9			1,387
Other intangible assets, net	13			—			991			—			1,004
Asset for pension benefits	—			—			28			—			28
Investments in subsidiaries	1,258			653			7,125			(9,036		)	—
Intercompany loans receivable	19			358			1,595			(1,972		)	—
Other non-current assets	81			25			74			—			180
Total assets	$	3,790		$	3,861		$	14,767		$	(15,647	)	$	6,771
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	59		$	45		$	87		$	—		$	191
Intercompany payable	2,566			617			1,376			(4,559		)	—
Accrued compensation and contributions to retirement plans	133			121			156			—			410
Income taxes currently payable	15			1			16			—			32
Unearned revenue	259			585			479			—			1,323
Accrued legal and regulatory settlements	—			1,609			—			—			1,609
Other current liabilities	194			—			208			—			402
Total current liabilities	3,226			2,978			2,322			(4,559		)	3,967
Long-term debt	799			—			—			—			799
Intercompany loans payable	109			—			1,952			(2,061		)	—
Pension and postretirement benefits	272			—			61			—			333
Deferred income taxes	(245		)	51			250			—			56
Other non-current liabilities	219			8			40			—			267
Total liabilities	4,380			3,037			4,625			(6,620		)	5,422
Redeemable noncontrolling interest	—			—			—			810			810
Equity:
Common stock	412			—			2,316			(2,316		)	412
Additional paid-in capital	(116		)	1,153			7,016			(7,560		)	493
Retained income	6,282			(329		)	1,053			(60		)	6,946
Accumulated other comprehensive loss	(319		)	—			(236		)	41			(514		)
Less: common stock in treasury	(6,849		)	—			(7		)	7			(6,849		)
Total equity - controlling interests	(590		)	824			10,142			(9,888		)	488
Total equity - noncontrolling interests	—			—			—			51			51
Total equity	(590		)	824			10,142			(9,837		)	539
Total liabilities and equity	$	3,790		$	3,861		$	14,767		$	(15,647	)	$	6,771

	Balance Sheet
	December 31, 2014
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
ASSETS
Current assets:
Cash and equivalents	$	1,402		$	—		$	1,095		$	—		$	2,497
Accounts receivable, net of allowance for doubtful accounts	120			293			519			—			932
Intercompany receivable	525			2,125			1,998			(4,648		)	—
Deferred income taxes	72			334			(43		)	—			363
Prepaid and other current assets	80			27			67			—			174
Total current assets	2,199			2,779			3,636			(4,648		)	3,966
Property and equipment, net of accumulated depreciation	111			5			90			—			206
Goodwill	109			41			1,228			9			1,387
Other intangible assets, net	13			—			991			—			1,004
Asset for pension benefits	—			—			28			—			28
Investments in subsidiaries	1,258			653			7,125			(9,036		)	—
Intercompany loans receivable	19			358			1,595			(1,972		)	—
Other non-current assets	81			25			74			—			180
Total assets	$	3,790		$	3,861		$	14,767		$	(15,647	)	$	6,771
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	59		$	45		$	87		$	—		$	191
Intercompany payable	2,566			617			1,376			(4,559		)	—
Accrued compensation and contributions to retirement plans	133			121			156			—			410
Income taxes currently payable	15			1			16			—			32
Unearned revenue	259			585			479			—			1,323
Accrued legal and regulatory settlements	—			1,609			—			—			1,609
Other current liabilities	194			—			208			—			402
Total current liabilities	3,226			2,978			2,322			(4,559		)	3,967
Long-term debt	799			—			—			—			799
Intercompany loans payable	109			—			1,952			(2,061		)	—
Pension and postretirement benefits	272			—			61			—			333
Deferred income taxes	(245		)	51			250			—			56
Other non-current liabilities	219			8			40			—			267
Total liabilities	4,380			3,037			4,625			(6,620		)	5,422
Redeemable noncontrolling interest	—			—			—			810			810
Equity:
Common stock	412			—			2,316			(2,316		)	412
Additional paid-in capital	(116		)	1,153			7,016			(7,560		)	493
Retained income	6,282			(329		)	1,053			(60		)	6,946
Accumulated other comprehensive loss	(319		)	—			(236		)	41			(514		)
Less: common stock in treasury	(6,849		)	—			(7		)	7			(6,849		)
Total equity - controlling interests	(590		)	824			10,142			(9,888		)	488
Total equity - noncontrolling interests	—			—			—			51			51
Total equity	(590		)	824			10,142			(9,837		)	539
Total liabilities and equity	$	3,790		$	3,861		$	14,767		$	(15,647	)	$	6,771

	Balance Sheet
	December 31, 2013
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC		Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
ASSETS
Current assets:
Cash and equivalents	$	685		$	—	$	857		$	—		$	1,542
Accounts receivable, net of allowance for doubtful accounts	108			345		496			—			949
Intercompany receivable	234			1,394		2,002			(3,630		)	—
Deferred income taxes	55			34		19			—			108
Prepaid and other current assets	161			1		83			—			245
Assets held for sale	97			—		—			—			97
Total current assets	1,340			1,774		3,457			(3,630		)	2,941
Property and equipment, net of accumulated depreciation	135			7		107			—			249
Goodwill	138			41		1,221			9			1,409
Other intangible assets, net	17			—		1,013			3			1,033
Asset for pension benefits	232			—		29			—			261
Investments in subsidiaries	2,215			646		6,114			(8,975		)	—
Intercompany loans receivable	40			344		(20		)	(364		)	—
Other non-current assets	92			27		49			—			168
Total assets	$	4,209		$	2,839	$	11,970		$	(12,957	)	$	6,061
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	52		$	56	$	102		$	—		$	210
Intercompany payable	1,665			391		1,484			(3,540		)	—
Accrued compensation and contributions to retirement plans	145			119		159			—			423
Income taxes currently payable	3			—		12			—			15
Unearned revenue	251			559		458			—			1,268
Other current liabilities	227			—		175			—			402
Liabilities held for sale	54			—		—			—			54
Total current liabilities	2,397			1,125		2,390			(3,540		)	2,372
Long-term debt	799			—		—			—			799
Intercompany loans payable	89			—		363			(452		)	—
Pension and postretirement benefits	220			—		44			—			264
Deferred income taxes	(155		)	24		337			—			206
Other non-current liabilities	235			3		29			(1		)	266
Total liabilities	3,585			1,152		3,163			(3,993		)	3,907
Redeemable noncontrolling interest	—			—		—			810			810
Equity:
Common stock	412			—		2,305			(2,305		)	412
Additional paid-in capital	(87		)	1,121		7,099			(7,686		)	447
Retained income	7,195			542		(462		)	109			7,384
Accumulated other comprehensive loss	(150		)	24		(111		)	41			(196		)
Less: common stock in treasury	(6,746		)	—		(24		)	24			(6,746		)
Total equity - controlling interests	624			1,687		8,807			(9,817		)	1,301
Total equity - noncontrolling interests	—			—		—			43			43
Total equity	624			1,687		8,807			(9,774		)	1,344
Total liabilities and equity	$	4,209		$	2,839	$	11,970		$	(12,957	)	$	6,061

Statement of Cash Flows

	Statement of Cash Flows
	Six Months Ended June 30, 2015
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Operating Activities:
Net income	$	696		$	487		$	365		$	(837	)	$	711
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	19			10			14			—			43
Amortization of intangibles	2			—			21			—			23
Provision for losses on accounts receivable	—			(2		)	6			—			4
Deferred income taxes	(138		)	161			143			—			166
Stock-based compensation	11			11			15			—			37
Other	6			10			6			—			22
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	1			(23		)	(114		)	—			(136		)
Prepaid and current assets	32			(3		)	(53		)	—			(24		)
Accounts payable and accrued expenses	(99		)	(43		)	(115		)	—			(257		)
Unearned revenue	11			15			45			—			71
Accrued legal and regulatory settlements	—			(1,609		)	—			—			(1,609		)
Other current liabilities	(31		)	(3		)	(2		)	—			(36		)
Net change in prepaid/accrued income taxes	108			—			11			—			119
Net change in other assets and liabilities	62			3			(96		)	—			(31		)
Cash provided by (used for) operating activities from continuing operations	680			(986		)	246			(837		)	(897		)
Investing Activities:
Capital expenditures	(18		)	(4		)	(20		)	—			(42		)
Acquisitions, net of cash acquired	—			—			(2		)	—			(2		)
Proceeds from dispositions	—			—			14			—			14
Changes in short-term investments	—			—			(7		)	—			(7		)
Cash used for investing activities from continuing operations	(18		)	(4		)	(15		)	—			(37		)
Financing Activities:
Proceeds from issuance of senior notes, net	690			—			—			—			690
Dividends paid to shareholders	(185		)	—			—			—			(185		)
Dividends and other payments paid to noncontrolling interests	—			—			(49		)	—			(49		)
Repurchase of treasury shares	(274		)	—			—			—			(274		)
Exercise of stock options	71			—			2			—			73
Excess tax benefits from share-based payments	38			—			—			—			38
Intercompany financing activities	(1,870		)	990			43			837			—
Cash (used for) provided by financing activities from continuing operations	(1,530		)	990			(4		)	837			293
Effect of exchange rate changes on cash from continuing operations	(3		)	—			(4		)	—			(7		)
Cash (used for) provided by continuing operations	(871		)	—			223			—			(648		)
Discontinued Operations:
Cash used for operating activities	—			—			(129		)	—			(129		)
Cash used for discontinued operations	—			—			(129		)	—			(129		)
Net change in cash and equivalents	(871		)	—			94			—			(777		)
Cash and equivalents at beginning of period	1,402			—			1,095			—			2,497
Cash and equivalents at end of period	$	531		$	—		$	1,189		$	—		$	1,720

	Statement of Cash Flows
	Six Months Ended June 30, 2014
	(Unaudited)
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Operating Activities:
Net income	$	531		$	404		$	279		$	(624	)	$	590
Less: discontinued operations, net	12			—			—			—			12
Income from continuing operations	519			404			279			(624		)	578
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	20			9			13			—			42
Amortization of intangibles	2			—			22			—			24
Provision for losses on accounts receivable	(1		)	(3		)	4			—			—
Deferred income taxes	—			—			2			—			2
Stock-based compensation	16			15			16			—			47
Other	(3		)	—			11			—			8
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	1			41			(53		)	—			(11		)
Prepaid and current assets	(11		)	(4		)	4			—			(11		)
Accounts payable and accrued expenses	(125		)	(110		)	(13		)	—			(248		)
Unearned revenue	(12		)	(3		)	30			—			15
Other current liabilities	(34		)	(8		)	(27		)	—			(69		)
Net change in prepaid/accrued income taxes	111			3			(3		)	—			111
Net change in other assets and liabilities	(10		)	2			(34		)	—			(42		)
Cash provided by operating activities from continuing operations	473			346			251			(624		)	446
Investing Activities:
Capital expenditures	(9		)	(9		)	(19		)	—			(37		)
Acquisitions, net of cash acquired	—			—			(16		)	—			(16		)
Changes in short-term investments	—			—			1			—			1
Cash used for investing activities from continuing operations	(9		)	(9		)	(34		)	—			(52		)
Financing Activities:
Dividends paid to shareholders	(164		)	—			—			—			(164		)
Dividends and other payments paid to noncontrolling interests	—			—			(30		)	—			(30		)
Contingent consideration payments	—			—			(11		)	—			(11		)
Repurchase of treasury shares	(362		)	—			—			—			(362		)
Exercise of stock options	130			—			3			—			133
Excess tax benefits from share-based payments	82			—			—			—			82
Intercompany financing activities	(200		)	(337		)	(87		)	624			—
Cash used for financing activities from continuing operations	(514		)	(337		)	(125		)	624			(352		)
Effect of exchange rate changes on cash from continuing operations	—			—			19			—			19
Cash (used for) provided by continuing operations	(50		)	—			111			—			61
Discontinued Operations:
Cash provided by operating activities	14			—			—			—			14
Cash provided by discontinued operations	14			—			—			—			14
Net change in cash and equivalents	(36		)	—			111			—			75
Cash and equivalents at beginning of period	685			—			857			—			1,542
Cash and equivalents at end of period	$	649		$	—		$	968		$	—		$	1,617

	Statement of Cash Flows
	Year Ended December 31, 2014
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Operating Activities:
Net (loss) income	$	(326	)	$	(519	)	$	637		$	195		$	(13	)
Less: discontinued operations, net	178			—			—			—			178
(Loss) income from continuing operations	(504		)	(519		)	637			195			(191		)
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation	41			17			28			—			86
Amortization of intangibles	4			—			44			—			48
Provision for losses on accounts receivable	—			5			6			—			11
Deferred income taxes	42			(272		)	(15		)	—			(245		)
Stock-based compensation	31			34			35			—			100
Accrued legal and regulatory settlements	—			1,587			—			—			1,587
Other	21			39			20			—			80
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(11		)	47			(45		)	—			(9		)
Prepaid and current assets	(42		)	(17		)	52			—			(7		)
Accounts payable and accrued expenses	(83		)	(47		)	—			—			(130		)
Unearned revenue	8			26			44			—			78
Other current liabilities	(55		)	10			(6		)	—			(51		)
Net change in prepaid/accrued income taxes	13			3			(109		)	—			(93		)
Net change in other assets and liabilities	(117		)	5			57			—			(55		)
Cash (used for) provided by operating activities from continuing operations	(652		)	918			748			195			1,209
Investing Activities:
Capital expenditures	(26		)	(14		)	(52		)	—			(92		)
Acquisitions, net of cash acquired	—			—			(71		)	—			(71		)
Proceeds from dispositions	63			—			20			—			83
Changes in short-term investments	—			—			15			—			15
Cash provided by (used for) investing activities from continuing operations	37			(14		)	(88		)	—			(65		)
Financing Activities:
Dividends paid to shareholders	(326		)	—			—			—			(326		)
Dividends and other payments paid to noncontrolling interests	—			—			(84		)	—			(84		)
Repurchase of treasury shares	(362		)	—			—			—			(362		)
Exercise of stock options	184			—			9			—			193
Contingent payments	—			—			(11		)	—			(11		)
Excess tax benefits from share-based payments	128			—			—			—			128
Intercompany financing activities	1,367			(904		)	(268		)	(195		)	—
Cash provided by (used for) financing activities from continuing operations	991			(904		)	(354		)	(195		)	(462		)
Effect of exchange rate changes on cash from continuing operations	3			—			(68		)	—			(65		)
Cash provided by continuing operations	379			—			238			—			617
Discontinued Operations:
Cash provided by operating activities	18			—			—			—			18
Cash provided by investing activities	320			—			—			—			320
Cash provided by discontinued operations	338			—			—			—			338
Net change in cash and equivalents	717			—			238			—			955
Cash and equivalents at beginning of year	685			—			857			—			1,542
Cash and equivalents at end of year	$	1,402		$	—		$	1,095		$	—		$	2,497

	Statement of Cash Flows
	Year Ended December 31, 2013
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Operating Activities:
Net income	$	2,508		$	669		$	423		$	(2,134	)	$	1,466
Less: discontinued operations, net	726			—			(134		)	—			592
Income from continuing operations	1,782			669			557			(2,134		)	874
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	40			19			27			—			86
Amortization of intangibles	5			—			46			—			51
Provision for losses on accounts receivable	1			7			14			—			22
Deferred income taxes	39			—			4			—			43
Stock-based compensation	35			33			28			—			96
Accrued legal and regulatory settlements	—			—			—			—			—
Other	68			10			18			—			96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(4		)	(29		)	—			(35		)
Prepaid and current assets	(14		)	(7		)	(8		)	—			(29		)
Accounts payable and accrued expenses	(120		)	18			8			—			(94		)
Unearned revenue	17			43			49			—			109
Other current liabilities	(43		)	(24		)	(22		)	—			(89		)
Net change in prepaid/accrued income taxes	(265		)	(3		)	30			—			(238		)
Net change in other assets and liabilities	(190		)	84			(4		)	—			(110		)
Cash provided by operating activities from continuing operations	1,353			845			718			(2,134		)	782
Investing Activities:
Capital expenditures	(61		)	(19		)	(37		)	—			(117		)
Acquisitions, net of cash acquired	—			—			(47		)	—			(47		)
Proceeds from dispositions	35			—			16			—			51
Changes in short-term investments	—			—			(17		)	—			(17		)
Cash used for investing activities from continuing operations	(26		)	(19		)	(85		)	—			(130		)
Financing Activities:
Payments on short-term debt	(457		)	—			—			—			(457		)
Dividends paid to shareholders	(308		)	—			—			—			(308		)
Dividends and other payments paid to noncontrolling interests	—			—			(75		)	—			(75		)
Repurchase of treasury shares	(978		)	—			—			—			(978		)
Exercise of stock options	254			—			4			—			258
Contingent payments	—			—			(12		)	—			(12		)
Purchase of additional CRISIL shares	—			—			(214		)	—			(214		)
Excess tax benefits from share-based payments	43			—			—			—			43
Intercompany financing activities	(43		)	(826		)	(1,265		)	2,134			—
Cash used for financing activities from continuing operations	(1,489		)	(826		)	(1,562		)	2,134			(1,743		)
Effect of exchange rate changes on cash from continuing operations	8			—			(9		)	—			(1		)
Cash used for continuing operations	(154		)	—			(938		)	—			(1,092		)
Discontinued Operations:
Cash provided by (used for) operating activities	720			—			(951		)	—			(231		)
Cash provided by investing activities	—			—			2,129			—			2,129
Cash used for financing activities	—			—			(25		)	—			(25		)
Effect of exchange rate changes on cash	—			—			1			—			1
Cash provided by discontinued operations	720			—			1,154			—			1,874
Net change in cash and equivalents	566			—			216			—			782
Cash and equivalents at beginning of year	119			—			641			—			760
Cash and equivalents at end of year	$	685		$	—		$	857		$	—		$	1,542

	Statement of Cash Flows
	Year Ended December 31, 2012
(in millions)	McGraw Hill Financial, Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			McGraw Hill Financial Inc. Consolidated
Operating Activities:
Net income	$	2,466		$	614		$	245		$	(2,833	)	$	492
Less: discontinued operations, net	(147		)	—			(33		)	(29		)	(209		)
Income from continuing operations	2,613			614			278			(2,804		)	701
Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations:
Depreciation	45			19			29			—			93
Amortization of intangibles	6			—			42			—			48
Provision for losses on accounts receivable	1			16			15			—			32
Deferred income taxes	100			(41		)	(6		)	—			53
Stock-based compensation	21			32			37			—			90
Accrued legal and regulatory settlements	—			—			—			—			—
Other	(16		)	23			(4		)	—			3
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	64			(53		)	(261		)	—			(250		)
Prepaid and current assets	—			(18		)	21			—			3
Accounts payable and accrued expenses	53			(71		)	91			—			73
Unearned revenue	11			(29		)	41			—			23
Other current liabilities	(29		)	(21		)	(18		)	—			(68		)
Net change in prepaid/accrued income taxes	135			—			(16		)	—			119
Net change in other assets and liabilities	(144		)	8			(54		)	—			(190		)
Cash provided by operating activities from continuing operations	2,860			479			195			(2,804		)	730
Investing Activities:
Capital expenditures	(50		)	(23		)	(23		)	—			(96		)
Acquisitions, net of cash acquired	—			—			(177		)	—			(177		)
Changes in short-term investments	—			—			27			—			27
Cash used for investing activities from continuing operations	(50		)	(23		)	(173		)	—			(246		)
Financing Activities:
Payments on short-term debt	457			—			—			—			457
Payments on senior notes	(400		)	—			—			—			(400		)
Dividends paid to shareholders	(984		)	—			—			—			(984		)
Dividends and other payments paid to noncontrolling interests	—			—			(24		)	—			(24		)
Repurchase of treasury shares	(295		)	—			—			—			(295		)
Exercise of stock options	299			—			—			—			299
Excess tax benefits from share-based payments	42			—			—			—			42
Intercompany financing activities	(3,402		)	(456		)	1,025			2,833			—
Cash (used for) provided by financing activities from continuing operations	(4,283		)	(456		)	1,001			2,833			(905		)
Effect of exchange rate changes on cash from continuing operations	2			—			3			—			5
Cash (used for) provided by continuing operations	(1,471		)	—			1,026			29			(416		)
Discontinued Operations:
Cash provided by (used for) operating activities	1,301			—			(735		)	(29		)	537
Cash used for investing activities	—			—			(199		)	—			(199		)
Cash used for financing activities	—			—			(12		)	—			(12		)
Effect of exchange rate changes on cash	—			—			3			—			3
Effect of change in cash and equivalents	—			—			12			—			12
Cash provided by (used for) discontinued operations	1,301			—			(931		)	(29		)	341
Net change in cash and equivalents	(170		)	—			95			—			(75		)
Cash and equivalents at beginning of year	289			—			546			—			835
Cash and equivalents at end of year	$	119		$	—		$	641		$	—		$	760