Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of the Statement of Income

	Statement of Income
	Three Months Ended September 30, 2017
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	184		$	435		$	929		$	(35	)	$	1,513
Expenses:
Operating-related expenses	8			124			324			(35		)	421
Selling and general expenses	62			101			225			—			388
Depreciation	9			3			10			—			22
Amortization of intangibles	—			—			24			—			24
Total expenses	79			228			583			(35		)	855
Operating profit	105			207			346			—			658
Interest expense (income), net	41			—			(4		)	—			37
Non-operating intercompany transactions	91			(13		)	(91		)	13			—
(Loss) income before taxes on income	(27		)	220			441			(13		)	621
(Benefit) provision for taxes on income	(45		)	107			107			—			169
Equity in net income of subsidiaries	409			—			—			(409		)	—
Net income	$	427		$	113		$	334		$	(422	)	$	452
Less: net income attributable to noncontrolling interests	—			—			—			(38		)	(38		)
Net income attributable to S&P Global Inc.	$	427		$	113		$	334		$	(460	)	$	414
Comprehensive income	$	405		$	113		$	382		$	(427	)	$	473

	Statement of Income
	Nine Months Ended September 30, 2017
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	545		$	1,320		$	2,712		$	(102	)	$	4,475
Expenses:
Operating-related expenses	78			359			947			(102		)	1,282
Selling and general expenses	108			273			696			—			1,077
Depreciation	23			9			29			—			61
Amortization of intangibles	—			—			73			—			73
Total expenses	209			641			1,745			(102		)	2,493
Operating profit	336			679			967			—			1,982
Interest expense (income), net	119			—			(9		)	—			110
Non-operating intercompany transactions	270			(55		)	(1,717		)	1,502			—
(Loss) income before taxes on income	(53		)	734			2,693			(1,502		)	1,872
(Benefit) provision for taxes on income	(91		)	325			299			—			533
Equity in net income of subsidiaries	2,697			—			—			(2,697		)	—
Net income	$	2,735		$	409		$	2,394		$	(4,199	)	$	1,339
Less: net income attributable to noncontrolling interests	—			—			—			(105		)	(105		)
Net income attributable to S&P Global Inc.	$	2,735		$	409		$	2,394		$	(4,304	)	$	1,234
Comprehensive income	$	2,724		$	409		$	2,500		$	(4,199	)	$	1,434

	Statement of Income
	Three Months Ended September 30, 2016
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	175		$	383		$	914		$	(33	)	$	1,439
Expenses:
Operating-related expenses	20			111			333			(33		)	431
Selling and general expenses	52			49			236			—			337
Depreciation	8			2			12			—			22
Amortization of intangibles	—			—			23			—			23
Total expenses	80			162			604			(33		)	813
Gain on disposition	(705		)	—			(17		)	—			(722		)
Operating profit	800			221			327			—			1,348
Interest expense (income), net	43			—			(4		)	—			39
Non-operating intercompany transactions	14			(21		)	(41		)	48			—
Income before taxes on income	743			242			372			(48		)	1,309
Provision for taxes on income	184			95			107			—			386
Equity in net income of subsidiaries	457			76			—			(533		)	—
Net income	$	1,016		$	223		$	265		$	(581	)	$	923
Less: net income attributable to noncontrolling interests	—			—			—			(31		)	(31		)
Net income attributable to S&P Global Inc.	$	1,016		$	223		$	265		$	(612	)	$	892
Comprehensive income	$	1,069		$	216		$	191		$	(561	)	$	915

	Statement of Income
	Nine Months Ended September 30, 2016
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	516		$	1,138		$	2,703		$	(95	)	$	4,262
Expenses:
Operating-related expenses	67			342			1,038			(95		)	1,352
Selling and general expenses	106			145			735			—			986
Depreciation	28			7			28			—			63
Amortization of intangibles	—			—			71			—			71
Total expenses	201			494			1,872			(95		)	2,472
Gain on disposition	(705		)	—			(17		)	—			(722		)
Operating profit	1,020			644			848			—			2,512
Interest expense (income), net	129			—			(7		)	—			122
Non-operating intercompany transactions	249			(62		)	(739		)	552			—
Income before taxes on income	642			706			1,594			(552		)	2,390
Provision for taxes on income	166			263			302			—			731
Equity in net income of subsidiaries	1,865			220			—			(2,085		)	—
Net income	$	2,341		$	663		$	1,292		$	(2,637	)	$	1,659
Less: net income attributable to noncontrolling interests	—			—			—			(90		)	(90		)
Net income attributable to S&P Global Inc.	$	2,341		$	663		$	1,292		$	(2,727	)	$	1,569
Comprehensive income	$	2,351		$	662		$	1,247		$	(2,636	)	$	1,624

Schedule of the Balance Sheet

	Balance Sheet
	September 30, 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	$	243		$	—		$	2,069		$	—		$	2,312
Accounts receivable, net of allowance for doubtful accounts	138			204			846			—			1,188
Intercompany receivable	912			1,775			1,961			(4,648		)	—
Prepaid and other current assets	74			(3		)	82			—			153
Total current assets	1,367			1,976			4,958			(4,648		)	3,653
Property and equipment, net of accumulated depreciation	149			1			109			—			259
Goodwill	261			—			2,724			7			2,992
Other intangible assets, net	—			—			1,421			—			1,421
Investments in subsidiaries	6,800			5			8,900			(15,705		)	—
Intercompany loans receivable	114			—			1,629			(1,743		)	—
Other non-current assets	166			57			166			—			389
Total assets	$	8,857		$	2,039		$	19,907		$	(22,089	)	$	8,714
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	61		$	13		$	96		$	—		$	170
Intercompany payable	3,044			699			905			(4,648		)	—
Accrued compensation and contributions to retirement plans	120			66			187			—			373
Income taxes currently payable	4			—			73			—			77
Unearned revenue	287			210			927			—			1,424
Other current liabilities	133			21			210			—			364
Total current liabilities	3,649			1,009			2,398			(4,648		)	2,408
Long-term debt	3,568			—			—			—			3,568
Intercompany loans payable	108			—			1,635			(1,743		)	—
Pension and other postretirement benefits	185			—			73			—			258
Other non-current liabilities	49			72			305			—			426
Total liabilities	7,559			1,081			4,411			(6,391		)	6,660
Redeemable noncontrolling interest	—			—			—			1,161			1,161
Equity:
Common stock	412			—			2,292			(2,292		)	412
Additional paid-in capital	(301		)	593			11,380			(11,254		)	418
Retained income	10,869			365			2,266			(3,434		)	10,066
Accumulated other comprehensive loss	(303		)	—			(419		)	44			(678		)
Less: common stock in treasury	(9,379		)	—			(24		)	24			(9,379		)
Total equity - controlling interests	1,298			958			15,495			(16,912		)	839
Total equity - noncontrolling interests	—			—			1			53			54
Total equity	1,298			958			15,496			(16,859		)	893
Total liabilities and equity	$	8,857		$	2,039		$	19,907		$	(22,089	)	$	8,714

	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

Schedule of the Statement of Cash Flows

	Statement of Cash Flows
	Nine Months Ended September 30, 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	$	2,735		$	409		$	2,394		$	(4,199	)	$	1,339
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	24			9			28			—			61
Amortization of intangibles	—			—			73			—			73
Provision for losses on accounts receivable	1			2			14			—			17
Stock-based compensation	23			15			27			—			65
Other	27			15			—			—			42
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(73		)	11			—			(64		)
Prepaid and other current assets	(8		)	2			9			—			3
Accounts payable and accrued expenses	(19		)	56			(87		)	—			(50		)
Unearned revenue	14			17			(138		)	—			(107		)
Accrued legal settlements	—			(1		)	(3		)	—			(4		)
Other current liabilities	(42		)	(11		)	(41		)	—			(94		)
Net change in prepaid/accrued income taxes	(27		)	(18		)	3			—			(42		)
Net change in other assets and liabilities	(42		)	(5		)	11			—			(36		)
Cash provided by operating activities	2,684			417			2,301			(4,199		)	1,203
Investing Activities:
Capital expenditures	(34		)	(17		)	(26		)	—			(77		)
Acquisitions, net of cash acquired	—			—			(80		)	—			(80		)
Proceeds from dispositions	—			—			2			—			2
Cash used for investing activities	(34		)	(17		)	(104		)	—			(155		)
Financing Activities:
Dividends paid to shareholders	(316		)	—			—			—			(316		)
Distributions to noncontrolling interest holders	—			—			(69		)	—			(69		)
Repurchase of treasury shares	(846		)	—			—			—			(846		)
Exercise of stock options	63			—			6			—			69
Employee withholding tax on share-based payments	(49		)	—			—			—			(49		)
Intercompany financing activities	(1,960		)	(400		)	(1,839		)	4,199			—
Cash used for financing activities	(3,108		)	(400		)	(1,902		)	4,199			(1,211		)
Effect of exchange rate changes on cash from continuing operations	(10		)	—			93			—			83
Net change in cash and cash equivalents	(468		)	—			388			—			(80		)
Cash and cash equivalents at beginning of period	711			—			1,681			—			2,392
Cash and cash equivalents at end of period	$	243		$	—		$	2,069		$	—		$	2,312

	Statement of Cash Flows
	Nine Months Ended September 30, 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	$	2,341		$	663		$	1,292		$	(2,637	)	$	1,659
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	28			7			28			—			63
Amortization of intangibles	—			—			71			—			71
Provision for losses on accounts receivable	2			—			8			—			10
Stock-based compensation	17			12			25			—			54
Gain on disposition	(705		)	—			(17		)	—			(722		)
Other	(66		)	3			111			—			48
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	5			159			(190		)	—			(26		)
Prepaid and other current assets	(7		)	13			(1		)	—			5
Accounts payable and accrued expenses	(24		)	(147		)	90			—			(81		)
Unearned revenue	20			(385		)	359			—			(6		)
Accrued legal settlements	—			(108		)	(26		)	—			(134		)
Other current liabilities	(15		)	(25		)	30			—			(10		)
Net change in prepaid/accrued income taxes	328			—			55			—			383
Net change in other assets and liabilities	(35		)	29			(51		)	—			(57		)
Cash provided by operating activities	1,889			221			1,784			(2,637		)	1,257
Investing Activities:
Capital expenditures	(34		)	(11		)	(22		)	—			(67		)
Acquisitions, net of cash acquired	(140		)	—			(5		)	—			(145		)
Proceeds from dispositions	1,047			—			24			—			1,071
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash used for investing activities	873			(11		)	(4		)	—			858
Financing Activities:
Payments on short-term debt, net	(143		)	—			—			—			(143		)
Proceeds from issuance of senior notes, net	493			—			—			—			493
Dividends paid to shareholders	(286		)	—			—			—			(286		)
Distributions to noncontrolling interest holders	—			—			(59		)	—			(59		)
Contingent consideration payments	(5		)	—			(10		)	—			(15		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	83			—			1			—			84
Employee withholding tax on share-based payments	(55		)	—			—			—			(55		)
Intercompany financing activities	(1,155		)	(210		)	(1,272		)	2,637			—
Cash used for financing activities	(2,191		)	(210		)	(1,340		)	2,637			(1,104		)
Effect of exchange rate changes on cash from continuing operations	—			—			(93		)	—			(93		)
Net change in cash and cash equivalents	571			—			347			—			918
Cash and cash equivalents at beginning of period	167			—			1,314			—			1,481
Cash and cash equivalents at end of period	$	738		$	—		$	1,661		$	—		$	2,399