Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statement of Income

	Statement of Income
	Three Months Ended March 31, 2017
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	180		$	438		$	867		$	(32	)	$	1,453
Expenses:
Operating-related expenses	31			119			293			(32		)	411
Selling and general expenses	20			88			243			—			351
Depreciation	7			3			9			—			19
Amortization of intangibles	—			—			24			—			24
Total expenses	58			210			569			(32		)	805
Operating profit	122			228			298			—			648
Interest expense (income), net	39			—			(2		)	—			37
Non-operating intercompany transactions	82			(19		)	(901		)	838			—
Income before taxes on income	1			247			1,201			(838		)	611
(Benefit) provision for taxes on income	(11		)	99			93			—			181
Equity in net income of subsidiaries	1,224			—			—			(1,224		)	—
Net income	$	1,236		$	148		$	1,108		$	(2,062	)	$	430
Less: net income attributable to noncontrolling interests	—			—			—			(31		)	(31		)
Net income attributable to S&P Global Inc.	$	1,236		$	148		$	1,108		$	(2,093	)	$	399
Comprehensive income	$	1,238		$	147		$	1,147		$	(2,064	)	$	468

	Statement of Income
	Three Months Ended March 31, 2016
	(Unaudited)
(in millions)	S&P Global Inc.		Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	171	$	342		$	859		$	(31	)	$	1,341
Expenses:
Operating-related expenses	22		139			323			(31		)	453
Selling and general expenses	21		35			278			—			334
Depreciation	9		2			7			—			18
Amortization of intangibles	—		—			24			—			24
Total expenses	52		176			632			(31		)	829
Operating profit	119		166			227			—			512
Interest expense (income), net	42		—			(2		)	—			40
Non-operating intercompany transactions	74		(5		)	(497		)	428			—
Income before taxes on income	3		171			726			(428		)	472
Provision for taxes on income	—		57			92			—			149
Equity in net income of subsidiaries	791		71			—			(862		)	—
Net income	$	794	$	185		$	634		$	(1,290	)	$	323
Less: net income attributable to noncontrolling interests	—		—			—			(29		)	(29		)
Net income attributable to S&P Global Inc.	$	794	$	185		$	634		$	(1,319	)	$	294
Comprehensive income	$	802	$	185		$	646		$	(1,290	)	$	343

Balance Sheet

	Balance Sheet
	March 31, 2017
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	627		$	—		$	1,784		$	—		$	2,411
Accounts receivable, net of allowance for doubtful accounts	129			188			791			—			1,108
Intercompany receivable	2,737			3,287			1,913			(7,937		)	—
Prepaid and other current assets	63			(1		)	83			(1		)	144
Total current assets	3,556			3,474			4,571			(7,938		)	3,663
Property and equipment, net of accumulated depreciation	150			1			114			—			265
Goodwill	261			—			2,690			9			2,960
Other intangible assets, net	—			—			1,474			—			1,474
Investments in subsidiaries	5,970			5			8,663			(14,638		)	—
Intercompany loans receivable	17			—			1,503			(1,520		)	—
Other non-current assets	148			26			118			—			292
Total assets	$	10,102		$	3,506		$	19,133		$	(24,087	)	$	8,654
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	56		$	14		$	92		$	—		$	162
Intercompany payable	4,379			2,392			1,166			(7,937		)	—
Accrued compensation and contributions to retirement plans	86			22			97			—			205
Income taxes currently payable	163			—			80			—			243
Unearned revenue	279			215			1,016			—			1,510
Other current liabilities	129			12			208						349
Total current liabilities	5,092			2,655			2,659			(7,937		)	2,469
Long-term debt	3,565			—			—			—			3,565
Intercompany loans payable	11			—			1,509			(1,520		)	—
Pension and other postretirement benefits	194			—			77			—			271
Other non-current liabilities	56			71			299			(1		)	425
Total liabilities	8,918			2,726			4,544			(9,458		)	6,730
Redeemable noncontrolling interest	—			—			—			1,080			1,080
Equity:
Common stock	412			—			2,386			(2,386		)	412
Additional paid-in capital	(218		)	583			11,308			(11,203		)	470
Retained income	10,148			197			1,388			(2,224		)	9,509
Accumulated other comprehensive loss	(291		)	—			(486		)	42			(735		)
Less: common stock in treasury	(8,867		)	—			(8		)	8			(8,867		)
Total equity - controlling interests	1,184			780			14,588			(15,763		)	789
Total equity - noncontrolling interests	—			—			1			54			55
Total equity	1,184			780			14,589			(15,709		)	844
Total liabilities and equity	$	10,102		$	3,506		$	19,133		$	(24,087	)	$	8,654

	Balance Sheet
	December 31, 2016
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	711		$	—		$	1,681		$	—		$	2,392
Accounts receivable, net of allowance for doubtful accounts	138			131			853			—			1,122
Intercompany receivable	(165		)	837			870			(1,542		)	—
Prepaid and other current assets	77			2			79			(1		)	157
Total current assets	761			970			3,483			(1,543		)	3,671
Property and equipment, net of accumulated depreciation	159			1			111			—			271
Goodwill	261			—			2,679			9			2,949
Other intangible assets, net	—			—			1,506			—			1,506
Investments in subsidiaries	5,464			680			7,826			(13,970		)	—
Intercompany loans receivable	17			—			1,354			(1,371		)	—
Other non-current assets	134			24			114			—			272
Total assets	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	73		$	22		$	88		$	—		$	183
Intercompany payable	1,324			40			177			(1,541		)	—
Accrued compensation and contributions to retirement plans	129			69			211			—			409
Income taxes currently payable	43			—			52			—			95
Unearned revenue	273			191			1,045			—			1,509
Other current liabilities	165			(51		)	301			—			415
Total current liabilities	2,007			271			1,874			(1,541		)	2,611
Long-term debt	3,564			—			—			—			3,564
Intercompany loans payable	11			—			1,360			(1,371		)	—
Pension and other postretirement benefits	196			—			78			—			274
Other non-current liabilities	52			74			314			(1		)	439
Total liabilities	5,830			345			3,626			(2,913		)	6,888
Redeemable noncontrolling interest	—			—			—			1,080			1,080
Equity:
Common stock	412			—			2,460			(2,460		)	412
Additional paid-in capital	(174		)	1,154			10,485			(10,963		)	502
Retained income	9,721			176			1,034			(1,721		)	9,210
Accumulated other comprehensive loss	(292		)	—			(525		)	44			(773		)
Less: common stock in treasury	(8,701		)	—			(7		)	7			(8,701		)
Total equity - controlling interests	966			1,330			13,447			(15,093		)	650
Total equity - noncontrolling interests	—			—			—			51			51
Total equity	966			1,330			13,447			(15,042		)	701
Total liabilities and equity	$	6,796		$	1,675		$	17,073		$	(16,875	)	$	8,669

Statement of Cash Flows

	Statement of Cash Flows
	Three Months Ended March 31, 2017
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net income	$	1,236		$	148		$	1,108		$	(2,062	)	$	430
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	7			3			9			—			19
Amortization of intangibles	—			—			24			—			24
Provision for losses on accounts receivable	1			1			3			—			5
Deferred income taxes	(1		)	—			—			—			(1		)
Stock-based compensation	7			4			8			—			19
Other	6			—			8			—			14
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	8			(59		)	63			—			12
Prepaid and other current assets	8			3			(2		)	—			9
Accounts payable and accrued expenses	(61		)	12			(186		)	—			(235		)
Unearned revenue	5			25			(36		)	—			(6		)
Accrued legal settlements	—			(1		)	—			—			(1		)
Other current liabilities	(35		)	(3		)	(20		)	—			(58		)
Net change in prepaid/accrued income taxes	123			—			23			—			146
Net change in other assets and liabilities	(6		)	(4		)	(14		)	—			(24		)
Cash provided by operating activities	1,298			129			988			(2,062		)	353
Investing Activities:
Capital expenditures	(4		)	(4		)	(15		)	—			(23		)
Acquisitions, net of cash acquired	—			—			(1		)	—			(1		)
Proceeds from dispositions	—			—			2			—			2
Cash used for investing activities	(4		)	(4		)	(14		)	—			(22		)
Financing Activities:
Dividends paid to shareholders	(106		)	—			—			—			(106		)
Dividends and other payments paid to noncontrolling interests	—			—			(24		)	—			(24		)
Repurchase of treasury shares	(201		)	—			—			—			(201		)
Exercise of stock options	29			—						—			29
Employee withholding tax on share-based payments	(44		)	—						—			(44		)
Intercompany financing activities	(1,056		)	(125		)	(881		)	2,062			—
Cash used for financing activities	(1,378		)	(125		)	(905		)	2,062			(346		)
Effect of exchange rate changes on cash from continuing operations	—			—			34			—			34
Net change in cash and cash equivalents	(84		)	—			103			—			19
Cash and cash equivalents at beginning of period	711			—			1,681			—			2,392
Cash and cash equivalents at end of period	$	627		$	—		$	1,784		$	—		$	2,411

	Statement of Cash Flows
	Three Months Ended March 31, 2016
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net income	$	794		$	185		$	634		$	(1,290	)	$	323
Adjustments to reconcile net income to cash provided by (used for) operating activities:
Depreciation	9			2			7			—			18
Amortization of intangibles	—			—			24			—			24
Provision for losses on accounts receivable	—			1			2			—			3
Deferred income taxes	(1		)	—			—			—			(1		)
Stock-based compensation	4			3			7			—			14
Other	3			3			25			—			31
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(7		)	153			(153		)	—			(7		)
Prepaid and other current assets	5			(3		)	(14		)	—			(12		)
Accounts payable and accrued expenses	(52		)	(89		)	(96		)	—			(237		)
Unearned revenue	15			(374		)	398			—			39
Accrued legal settlements	—			(108		)	—			—			(108		)
Other current liabilities	(10		)	(19		)	53			—			24
Net change in prepaid/accrued income taxes	104			—			1			—			105
Net change in other assets and liabilities	(17		)	30			(44		)	—			(31		)
Cash provided by (used for) operating activities	847			(216		)	844			(1,290		)	185
Investing Activities:
Capital expenditures	(4		)	(4		)	(8		)	—			(16		)
Acquisitions, net of cash acquired	—			—			(7		)	—			(7		)
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash used for investing activities	(4		)	(4		)	(16		)	—			(24		)
Financing Activities:
Additions to short-term debt, net	329			—			—			—			329
Dividends paid to shareholders	(96		)	—			—			—			(96		)
Dividends and other payments paid to noncontrolling interests	—			—			(33		)	—			(33		)
Repurchase of treasury shares	(226		)	—			—			—			(226		)
Exercise of stock options	31			—			—			—			31
Employee withholding tax on share-based payments	(46		)	—			—			—			(46		)
Intercompany financing activities	(838		)	220			(672		)	1,290			—
Cash (used for) provided by financing activities	(846		)	220			(705		)	1,290			(41		)
Effect of exchange rate changes on cash from continuing operations	7			—			(8		)	—			(1		)
Net change in cash and cash equivalents	4			—			115			—			119
Cash and cash equivalents at beginning of period	167			—			1,314			—			1,481
Cash and cash equivalents at end of period	$	171		$	—		$	1,429		$	—		$	1,600