Acquisitions and Divestitures

Acquisitions

During the three months ended March 31, 2016, Platts, included within our C&C segment, acquired Commodity Flow, a specialist technology and business intelligence service for the global waterborne commodity and energy markets. The purchase helps extend Platts trade flow analytical capabilities and complements its existing shipping services. We accounted for the acquisition of Commodity Flow using the purchase method of accounting. The acquisition of Commodity Flow was integrated into our C&C segment and is not material to our consolidated financial statements.

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

Divestitures

During the three months ended March 31, 2016 and 2015, we did not complete any dispositions.

Businesses Held for Sale

In April of 2016, we entered into a definitive agreement to sell J.D. Power, included within our C&C segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power and initiated an active program to sell the business. The assets and liabilities of J.D. Power have been classified as held for sale in our consolidated balance sheet as of March 31, 2016 and December 31, 2015.

In February of 2016, we entered into a definitive agreement to sell SPSE and CMA, two businesses within our S&P Global Market Intelligence segment, to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. The sale is subject to extended regulatory anti-trust review and is expected to close shortly after completion of this extended review. As a result, we have classified the assets and liabilities of SPSE and CMA as held for sale in our consolidated balance sheet as of March 31, 2016.

The components of assets and liabilities of businesses held for sale in the consolidated balance sheets consist of the following:



(in millions)	March 31,		December 31,
	2016		2015
Accounts receivable, net	$	76	$	58
Goodwill	133		75
Other intangible assets, net	309		335
Other assets	53		35
Assets of a business held for sale	$	571	$	503

Accounts payable and accrued expenses	$	30	$	42
Unearned revenue	70		64
Other liabilities	103		100
Liabilities of a business held for sale	$	203	$	206

The operating profit of our businesses held for sale for the three months ending March 31, 2016 and 2015 is as follows:



(in millions)	Three Months Ended March 31,
	2016		2015
Operating profit	$	24	$	16