Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Statement of Income

	Statement of Income
	Year Ended December 31, 2018
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	776		$	1,695		$	3,940		$	(153	)	$	6,258
Expenses:
Operating-related expenses	127			434			1,293			(153		)	1,701
Selling and general expenses	183			292			1,086			—			1,561
Depreciation	37			7			40			—			84
Amortization of intangibles	—			—			122			—			122
Total expenses	347			733			2,541			(153		)	3,468
Operating profit	429			962			1,399			—			2,790
Other income, net	(27		)	—			2			—			(25		)
Interest expense (income), net	143			2			(11		)	—			134
Non-operating intercompany transactions	363			(75		)	(1,872		)	1,584			—
(Loss) income before taxes on income	(50		)	1,035			3,280			(1,584		)	2,681
(Benefit) Provision for taxes on income	(14		)	250			324			—			560
Equity in net income of subsidiaries	3,576			(1		)	—			(3,575		)	—
Net income	3,540			784			2,956			(5,159		)	2,121
Less: net income attributable to noncontrolling interests	—			—			—			(163		)	(163		)
Net income attributable to S&P Global Inc.	$	3,540		$	784		$	2,956		$	(5,322	)	$	1,958
Comprehensive income	$	3,510		$	783		$	2,884		$	(5,159	)	$	2,018

	Statement of Income
	Year Ended December 31, 2017
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	717		$	1,780		$	3,704		$	(138	)	$	6,063
Expenses:
Operating-related expenses	90			482			1,261			(138		)	1,695
Selling and general expenses	196			345			1,064			—			1,605
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Total expenses	317			838			2,463			(138		)	3,480
Operating profit	400			942			1,241			—			2,583
Other income, net	(16		)	—			(11		)	—			(27		)
Interest expense (income), net	163			—			(14		)	—			149
Non-operating intercompany transactions	365			(77		)	(2,463		)	2,175			—
(Loss) income before taxes on income	(112		)	1,019			3,729			(2,175		)	2,461
Provision for taxes on income	26			370			427			—			823
Equity in net income of subsidiaries	3,808			—			—			(3,808		)	—
Net income	3,670			649			3,302			(5,983		)	1,638
Less: net income attributable to noncontrolling interests	—			—			—			(142		)	(142		)
Net income attributable to S&P Global Inc.	$	3,670		$	649		$	3,302		$	(6,125	)	$	1,496
Comprehensive income	$	3,694		$	649		$	3,401		$	(5,982	)	$	1,762

	Statement of Income
	Year Ended December 31, 2016
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	667		$	1,513		$	3,607		$	(126	)	$	5,661
Expenses:
Operating-related expenses	114			451			1,334			(126		)	1,773
Selling and general expenses	128			243			1,096			—			1,467
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Total expenses	280			703			2,564			(126		)	3,421
Gain on disposition	(1,072		)	—			(29		)	—			(1,101		)
Operating profit	1,459			810			1,072			—			3,341
Other income, net	(20		)	—			(8		)	—			(28		)
Interest expense (income), net	191			—			(10		)	—			181
Non-operating intercompany transactions	356			(83		)	(941		)	668			—
Income before taxes on income	932			893			2,031			(668		)	3,188
Provision for taxes on income	275			420			265			—			960
Equity in net income of subsidiaries	2,412			294			—			(2,706		)	—
Net income	3,069			767			1,766			(3,374		)	2,228
Less: net income attributable to noncontrolling interests	—			—			—			(122		)	(122		)
Net income attributable to S&P Global Inc.	$	3,069		$	767		$	1,766		$	(3,496	)	$	2,106
Comprehensive income	$	3,099		$	767		$	1,563		$	(3,374	)	$	2,055

Balance Sheet

	Balance Sheet
	December 31, 2018
(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	$	694		$	—	$	1,223		$	—		$	1,917
Restricted cash	—			—		41			—			41
Accounts receivable, net of allowance for doubtful accounts	163			109		1,177			—			1,449
Intercompany receivable	550			2,138		2,873			(5,561		)	—
Prepaid and other current assets	58			3		136			—			197
Total current assets	1,465			2,250		5,450			(5,561		)	3,604
Property and equipment, net of accumulated depreciation	192			—		78			—			270
Goodwill	261			—		3,265			9			3,535
Other intangible assets, net	—			—		1,524			—			1,524
Investments in subsidiaries	8,599			6		8,030			(16,635		)	—
Intercompany loans receivable	130			—		1,643			(1,773		)	—
Other non-current assets	194			45		286			—			525
Total assets	$	10,841		$	2,301	$	20,276		$	(23,960	)	$	9,458
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	89		$	15	$	107		$	—		$	211
Intercompany payable	4,453			32		1,076			(5,561		)	—
Accrued compensation and contributions to retirement plans	125			33		196			—			354
Income taxes currently payable	1			—		71			—			72
Unearned revenue	240			235		1,166			—			1,641
Accrued legal settlements	—			—		1			—			1
Other current liabilities	180			16		154			—			350
Total current liabilities	5,088			331		2,771			(5,561		)	2,629
Long-term debt	3,662			—		—			—			3,662
Intercompany loans payable	114			—		1,659			(1,773		)	—
Pension and other postretirement benefits	162			—		67			—			229
Other non-current liabilities	166			75		393			—			634
Total liabilities	9,192			406		4,890			(7,334		)	7,154
Redeemable noncontrolling interest	—			—		—			1,620			1,620
Equity:
Common stock	294			—		2,279			(2,279		)	294
Additional paid-in capital	72			618		9,784			(9,641		)	833
Retained income	12,622			1,277		3,824			(6,439		)	11,284
Accumulated other comprehensive loss	(299		)	—		(489		)	46			(742		)
Less: common stock in treasury	(11,040		)	—		(13		)	12			(11,041		)
Total equity - controlling interests	1,649			1,895		15,385			(18,301		)	628
Total equity - noncontrolling interests	—			—		1			55			56
Total equity	1,649			1,895		15,386			(18,246		)	684
Total liabilities and equity	$	10,841		$	2,301	$	20,276		$	(23,960	)	$	9,458

	Balance Sheet
	December 31, 2017
(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	$	632		$	—		$	2,145		$	—		$	2,777
Restricted cash	—			—			2			—			2
Accounts receivable, net of allowance for doubtful accounts	138			152			1,029			—			1,319
Intercompany receivable	768			1,784			2,527			(5,079		)	—
Prepaid and other current assets	143			(3		)	86			—			226
Total current assets	1,681			1,933			5,789			(5,079		)	4,324
Property and equipment, net of accumulated depreciation	158			10			107			—			275
Goodwill	261			—			2,719			9			2,989
Other intangible assets, net	—			—			1,388			—			1,388
Investments in subsidiaries	8,364			5			8,028			(16,397		)	—
Intercompany loans receivable	116			—			1,699			(1,815		)	—
Other non-current assets	215			61			174			(1		)	449
Total assets	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	79		$	23		$	93		$	—		$	195
Intercompany payable	3,433			492			1,154			(5,079		)	—
Accrued compensation and contributions to retirement plans	145			86			241			—			472
Short-term debt	399			—			—			—			399
Income taxes currently payable	2			—			75			—			77
Unearned revenue	293			193			1,127			—			1,613
Accrued legal settlements	—			2			105			—			107
Other current liabilities	136			21			194			—			351
Total current liabilities	4,487			817			2,989			(5,079		)	3,214
Long-term debt	3,170			—			—			—			3,170
Intercompany loans payable	101			—			1,715			(1,816		)	—
Pension and other postretirement benefits	180			—			64			—			244
Other non-current liabilities	376			74			229			—			679
Total liabilities	8,314			891			4,997			(6,895		)	7,307
Redeemable noncontrolling interest	—			—			—			1,352			1,352
Equity:
Common stock	412			—			2,318			(2,318		)	412
Additional paid-in capital	(216		)	602			9,256			(9,117		)	525
Retained income	12,156			516			3,782			(6,431		)	10,023
Accumulated other comprehensive loss	(269		)	—			(426		)	46			(649		)
Less: common stock in treasury	(9,602		)	—			(23		)	23			(9,602		)
Total equity - controlling interests	2,481			1,118			14,907			(17,797		)	709
Total equity - noncontrolling interests	—			—			—			57			57
Total equity	2,481			1,118			14,907			(17,740		)	766
Total liabilities and equity	$	10,795		$	2,009		$	19,904		$	(23,283	)	$	9,425

Statement of Cash Flows

	Statement of Cash Flows
	Year Ended December 31, 2018
(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	$	3,540		$	784		$	2,956		$	(5,159	)	$	2,121
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	37			7			40			—			84
Amortization of intangibles	—			—			122			—			122
Provision for losses on accounts receivable	3			4			14			—			21
Deferred income taxes	33			10			38			—			81
Stock-based compensation	28			16			50			—			94
Accrued legal settlements	—			1			—			—			1
Other	46			5			1			—			52
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(27		)	39			(176		)	—			(164		)
Prepaid and other current assets	(2		)	(4		)	5			—			(1		)
Accounts payable and accrued expenses	(11		)	(64		)	(31		)	—			(106		)
Unearned revenue	(53		)	13			110			—			70
Accrued legal settlements	—			—			(108		)	—			(108		)
Other current liabilities	(22		)	(11		)	(34		)	—			(67		)
Net change in prepaid/accrued income taxes	2			—			(9		)	—			(7		)
Net change in other assets and liabilities	(128		)	32			(33		)	—			(129		)
Cash provided by operating activities	3,446			832			2,945			(5,159		)	2,064
Investing Activities:
Capital expenditures	(81		)	(16		)	(16		)	—			(113		)
Acquisitions, net of cash acquired	—			—			(401		)	—			(401		)
Proceeds from dispositions	—			—			6			—			6
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(81		)	(16		)	(416		)	—			(513		)
Financing Activities:
Proceeds from issuance of senior notes, net	489			—			—			—			489
Payments on senior notes	(403		)	—			—			—			(403		)
Dividends paid to shareholders	(503		)	—			—			—			(503		)
Distributions to noncontrolling interest holders	—			—			(154		)	—			(154		)
Repurchase of treasury shares	(1,660		)	—			—			—			(1,660		)
Exercise of stock options	26			—			8			—			34
Purchase of additional CRISIL shares				—			(25		)	—			(25		)
Employee withholding tax on share-based payments	(66		)	—			—			—			(66		)
Intercompany financing activities	(1,181		)	(816		)	(3,162		)	5,159			—
Cash used for financing activities	(3,298		)	(816		)	(3,333		)	5,159			(2,288		)
Effect of exchange rate changes on cash	(5		)	—			(79		)	—			(84		)
Net change in cash, cash equivalents, and restricted cash	62			—			(883		)	—			(821		)
Cash, cash equivalents, and restricted cash at beginning of year	632			—			2,147			—			2,779
Cash, cash equivalents, and restricted cash at end of year	$	694		$	—		$	1,264		$	—		$	1,958

	Statement of Cash Flows
	Year Ended December 31, 2017
(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	$	3,670		$	649		$	3,302		$	(5,983	)	$	1,638
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Provision for losses on accounts receivable	2			3			11			—			16
Deferred income taxes	108			(10		)	(98		)	—			—
Stock-based compensation	35			22			42			—			99
Accrued legal settlements	—			—			55			—			55
Other	34			19			43			—			96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(2		)	(23		)	(171		)	—			(196		)
Prepaid and other current assets	(5		)	3			12			—			10
Accounts payable and accrued expenses	22			97			(44		)	—			75
Unearned revenue	19			2			64			—			85
Accrued legal settlements	—			(1		)	(3		)	—			(4		)
Other current liabilities	(42		)	(12		)	(31		)	—			(85		)
Net change in prepaid/accrued income taxes	41			(18		)	9			—			32
Net change in other assets and liabilities	7			(6		)	14			—			15
Cash provided by operating activities	3,920			736			3,343			(5,983		)	2,016
Investing Activities:
Capital expenditures	(55		)	(32		)	(36		)	—			(123		)
Acquisitions, net of cash acquired	—			—			(83		)	—			(83		)
Proceeds from dispositions	—			—			2			—			2
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(55		)	(32		)	(122		)	—			(209		)
Financing Activities:
Dividends paid to shareholders	(421		)	—			—			—			(421		)
Distributions to noncontrolling interest holders	—			—			(111		)	—			(111		)
Repurchase of treasury shares	(1,001		)	—			—			—			(1,001		)
Exercise of stock options	68			—			7			—			75
Employee withholding tax on share-based payments	(49		)	—			—			—			(49		)
Intercompany financing activities	(2,546		)	(704		)	(2,733		)	5,983			—
Cash used for financing activities	(3,949		)	(704		)	(2,837		)	5,983			(1,507		)
Effect of exchange rate changes on cash	5			—			82			—			87
Net change in cash, cash equivalents, and restricted cash	(79		)	—			466			—			387
Cash, cash equivalents, and restricted cash at beginning of year	711			—			1,681			—			2,392
Cash, cash equivalents, and restricted cash at end of year	$	632		$	—		$	2,147		$	—		$	2,779

	Statement of Cash Flows
	Year Ended December 31, 2016
(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	$	3,069		$	767		$	1,766		$	(3,374	)	$	2,228
Adjustments to reconcile net income to cash provided by operating activities
Depreciation	38			9			38			—			85
Amortization of intangibles	—			—			96			—			96
Provision for losses on accounts receivable	1			—			8			—			9
Deferred income taxes	16			(9		)	72			—			79
Stock-based compensation	22			17			37			—			76
Gain on disposition	(1,072		)	—			(29		)	—			(1,101		)
Accrued legal settlements	3			1			50			—			54
Other	48			5			(23		)	—			30
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(24		)	187			(340		)	—			(177		)
Prepaid and other current assets	(2		)	10			(3		)	—			5
Accounts payable and accrued expenses	(8		)	(39		)	66			—			19
Unearned revenue	19			(395		)	483			—			107
Accrued legal settlements	—			(108		)	(42		)	—			(150		)
Other current liabilities	(27		)	(27		)	35			—			(19		)
Net change in prepaid/accrued income taxes	141			—			33			—			174
Net change in other assets and liabilities	(9		)	38			16			—			45
Cash provided by operating activities	2,215			456			2,263			(3,374		)	1,560
Investing Activities:
Capital expenditures	(68		)	(15		)	(32		)	—			(115		)
Acquisitions, net of cash acquired	(144		)	—			(33		)	—			(177		)
Contingent consideration payment	—			—			(34		)	—			(34		)
Proceeds from dispositions	1,422			—			76			—			1,498
Changes in short-term investments	—			—			(1		)	—			(1		)
Cash provided by (used for) investing activities	1,210			(15		)	(24		)	—			1,171
Financing Activities:
Additions to short-term debt	(143		)	—			—			—			(143		)
Proceeds from issuance of senior notes, net	493			—			—			—			493
Payments on senior notes	(421		)	—			—			—			(421		)
Dividends paid to shareholders	(380		)	—			—			—			(380		)
Distributions to noncontrolling interest holders	—			—			(116		)	—			(116		)
Repurchase of treasury shares	(1,123		)	—			—			—			(1,123		)
Exercise of stock options	86			—			2			—			88
Contingent consideration payment	(5		)	—			—			—			(5		)
Employee withholding tax on share-based payments	(55		)	—			—			—			(55		)
Intercompany financing activities	(1,333		)	(441		)	(1,600		)	3,374			—
Cash used for financing activities	(2,881		)	(441		)	(1,714		)	3,374			(1,662		)
Effect of exchange rate changes on cash	—			—			(158		)	—			(158		)
Net change in cash, cash equivalents, and restricted cash	544			—			367			—			911
Cash, cash equivalents, and restricted cash at beginning of year	167			—			1,314			—			1,481
Cash, cash equivalents, and restricted cash at end of year	$	711		$	—		$	1,681		$	—		$	2,392