Acquisitions and Divestitures

Acquisitions

Acquisitions by segment included:

S&P Global Ratings

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In June of 2016, S&P Global Ratings acquired a 49% equity investment in Thailand's TRIS Rating Company Limited from its parent company, TRIS Corporation Limited. The transaction extends an existing association between S&P Global Ratings and TRIS Rating and deepens their commitment to capital markets in Thailand. We accounted for the acquisition of TRIS Rating Company using the equity method of accounting. The equity investment in TRIS Rating is not material to our consolidated financial statements.

S&P Global Platts

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In June of 2016, Platts acquired RigData, a provider of daily information on rig activity for the natural gas and oil markets across North America. The purchase enhances Platts' energy analytical capabilities by strengthening its position in natural gas and enhancing its oil offering. We accounted for the acquisition of RigData using the purchase method of accounting. The acquisition of RigData is not material to our consolidated financial statements.

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In March of 2016, Platts 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 is not material to our consolidated financial statements.

During the six months ended June 30, 2015, we did not complete any material acquisitions.

Divestitures

During the six months ended June 30, 2016, we did not complete any dispositions.

During the six months ended June 30, 2015, we recorded a pre-tax gain of $11 million within other income in the consolidated statement of income related to the sale of our interest in a legacy McGraw Hill Construction investment.

Businesses Held for Sale

In April of 2016, we entered into a definitive agreement to sell J.D. Power, included within our S&P Global Platts segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. During the second quarter of 2016, we received regulatory approval to proceed with the sale and expect the transaction to close in the third quarter of 2016. 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 June 30, 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 June 30, 2016.

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



(in millions)	June 30,		December 31,
	2016		2015
Accounts receivable, net	$	72	$	58
Goodwill	133		75
Other intangible assets, net	309		335
Other assets	60		35
Assets of businesses held for sale	$	574	$	503

Accounts payable and accrued expenses	$	35	$	42
Unearned revenue	66		64
Other liabilities	106		100
Liabilities of businesses held for sale	$	207	$	206

The operating profit of our businesses held for sale for the periods ended June 30, 2016 and 2015 is as follows:



(in millions)	Three Months				Six Months
	2016		2015		2016		2015
Operating profit	$	20	$	22	$	44	$	38