10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 1-1023  

S&P Global Inc.

(Exact name of registrant as specified in its charter)

New York					13-1026995
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification No.)
55 Water Street	,	New York	,	New York	10041
(Address of principal executive offices)					(Zip Code)

Registrant’s telephone number, including area code: 212-438-1000

Securities registered pursuant to Section 12(b) of the Act:

Class	Trading Symbol	Name of Exchange on which registered
Common stock (par value $1.00 per share)	SPGI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                    Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “small reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        YES ☐ NO ☑

As of July 26, 2019 (latest practicable date), 246.3 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding.

1

S&P Global Inc.

INDEX

	Page Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm	3
Consolidated Statements of Income for the three and six months ended June 30, 2019 and 2018	4
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018	5
Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018	7
Consolidated Statements of Equity for the three and six months ended June 30, 2019 and 2018	8
Notes to the Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	57
Item 4. Controls and Procedures	57
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	58
Item 1A. Risk Factors	58
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 5. Other Information	58
Item 6. Exhibits	60
Signatures	61

2

Report of Independent Registered Public Accounting Firm 

To the Shareholders and Board of Directors of S&P Global Inc.  

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. (and subsidiaries) (the “Company”) as of June 30, 2019, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2019 and 2018, the related consolidated statements of cash flows for the six-month periods ended June 30, 2019 and 2018, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2018, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 12, 2019, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ ERNST & YOUNG LLP

New York, New York

August 1, 2019

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

S&P Global Inc.

Consolidated Statements of Income

(Unaudited)

(in millions, except per share amounts)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Revenue	$	1,704		$	1,609		$	3,275		$	3,176
Expenses:
Operating-related expenses	452			441			898			877
Selling and general expenses	387			444			755			819
Depreciation	21			19			41			40
Amortization of intangibles	31			33			63			57
Total expenses	891			937			1,757			1,793
Operating profit	813			672			1,518			1,383
Other (income) expense, net	(6		)	(11		)	97			(16		)
Interest expense, net	37			26			73			61
Income before taxes on income	782			657			1,348			1,338
Provision for taxes on income	180			156			293			303
Net income	602			501			1,055			1,035
Less: net income attributable to noncontrolling interests	(47		)	(40		)	(90		)	(84		)
Net income attributable to S&P Global Inc.	$	555		$	461		$	965		$	951
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	2.25		$	1.83		$	3.92		$	3.78
Diluted	$	2.24		$	1.82		$	3.89		$	3.75
Weighted-average number of common shares outstanding:
Basic	246.1			251.1			246.4			251.7
Diluted	247.4			253.3			247.9			253.8
Actual shares outstanding at period end							246.3			251.4

See accompanying notes to the unaudited consolidated financial statements.

4

S&P Global Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

(in millions)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Net income	$	602		$	501		$	1,055		$	1,035
Other comprehensive income:
Foreign currency translation adjustment	(17		)	(75		)	1			(52		)
Income tax effect	2			15			4			(3		)
	(15		)	(60		)	5			(55		)
Pension and other postretirement benefit plans	—			(15		)	114			(11		)
Income tax effect	—			4			(28		)	3
	—			(11		)	86			(8		)
Unrealized gain on investment and forward exchange contracts	(4		)	(5		)	—			(4		)
Income tax effect	1			1			—			1
	(3		)	(4		)	—			(3		)
Comprehensive income	584			426			1,146			969
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(3		)	(5		)	(6		)	(8		)
Less: comprehensive income attributable to redeemable noncontrolling interests	(44		)	(36		)	(84		)	(76		)
Comprehensive income attributable to S&P Global Inc.	$	537		$	385		$	1,056		$	885

See accompanying notes to the unaudited consolidated financial statements.

5

S&P Global Inc.

Consolidated Balance Sheets

 

(in millions)	June 30, 2019			December 31, 2018
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,881		$	1,917
Restricted cash	39			41
Accounts receivable, net of allowance for doubtful accounts: 2019 - $38; 2018 - $34	1,543			1,449
Prepaid and other current assets	231			197
Total current assets	3,694			3,604
Property and equipment, net of accumulated depreciation: 2019 - $623; 2018 - $596	280			270
Right of use assets	669			—
Goodwill	3,519			3,535
Other intangible assets, net	1,453			1,524
Other non-current assets	570			525
Total assets	$	10,185		$	9,458
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	214		$	211
Accrued compensation and contributions to retirement plans	269			354
Income taxes currently payable	88			72
Unearned revenue	1,709			1,641
Other current liabilities	419			351
Total current liabilities	2,699			2,629
Long-term debt	3,664			3,662
Lease liabilities — non-current	621			—
Pension and other postretirement benefits	230			229
Other non-current liabilities	511			634
Total liabilities	7,725			7,154
Redeemable noncontrolling interest (Note 8)	1,890			1,620
Commitments and contingencies (Note 12)
Equity:
Common stock	294			294
Additional paid-in capital	790			833
Retained income	11,710			11,284
Accumulated other comprehensive loss	(651		)	(742		)
Less: common stock in treasury	(11,631		)	(11,041		)
Total equity — controlling interests	512			628
Total equity — noncontrolling interests	58			56
Total equity	570			684
Total liabilities and equity	$	10,185		$	9,458

    

See accompanying notes to the unaudited consolidated financial statements.

6

S&P Global Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

(in millions)	Six Months Ended
	June 30,
	2019			2018
Operating Activities:
Net income	$	1,055		$	1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	41			40
Amortization of intangibles	63			57
Provision for losses on accounts receivable	12			10
Deferred income taxes	12			22
Stock-based compensation	33			46
Pension settlement charge, net of taxes	85			—
Other	38			80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(95		)	19
Prepaid and other current assets	(42		)	(19		)
Accounts payable and accrued expenses	(74		)	(217		)
Unearned revenue	—			41
Accrued legal settlements	(1		)	(29		)
Other current liabilities	(83		)	(69		)
Net change in prepaid/accrued income taxes	33			24
Net change in other assets and liabilities	(67		)	(137		)
Cash provided by operating activities	1,010			903
Investing Activities:
Capital expenditures	(46		)	(60		)
Acquisitions, net of cash acquired	(4		)	(246		)
Changes in short-term investments	(3		)	1
Cash used for investing activities	(53		)	(305		)
Financing Activities:
Proceeds from issuance of senior notes, net	—			489
Payments on senior notes	—			(403		)
Dividends paid to shareholders	(281		)	(253		)
Distributions to noncontrolling interest holders, net	(59		)	(78		)
Purchase of CRISIL shares	—			(25		)
Repurchase of treasury shares	(644		)	(1,100		)
Exercise of stock options	31			16
Employee withholding tax on share-based payments and other	(55		)	(50		)
Cash used for financing activities	(1,008		)	(1,404		)
Effect of exchange rate changes on cash	13			(38		)
Net change in cash, cash equivalents, and restricted cash	(38		)	(844		)
Cash, cash equivalents, and restricted cash at beginning of period	1,958			2,779
Cash, cash equivalents, and restricted cash at end of period	$	1,920		$	1,935

See accompanying notes to the unaudited consolidated financial statements.

7

S&P Global Inc.

Consolidated Statements of Equity

(Unaudited)

Three Months Ended June 30, 2019
(in millions)	Common Stock $1 par		Additional Paid-in Capital		Retained Income			Accumulated Other Comprehensive Loss			Less: Treasury Stock			Total SPGI Equity			Noncontrolling Interests			Total Equity
Balance as of March 31, 2019	$	294	$	772	$	11,532		$	(633	)	$	11,638		$	327		$	61		$	388
Comprehensive income 1					555			(18		)				537			3			540
Dividends (Dividend declared per common share — $0.57 per share)					(140		)							(140		)	(6		)	(146		)
Employee stock plans			18								(7		)	25						25
Change in redemption value of redeemable noncontrolling interest					(237		)							(237		)				(237		)
Balance as of June 30, 2019	$	294	$	790	$	11,710		$	(651	)	$	11,631		$	512		$	58		$	570

Three Months Ended June 30, 2018
(in millions)	Common Stock $1 par		Additional Paid-in Capital			Retained Income			Accumulated Other Comprehensive Loss			Less: Treasury Stock			Total SPGI Equity			Noncontrolling Interests			Total Equity
Balance as of March 31, 2018	$	412	$	335		$	10,424		$	(630	)	$	10,537		$	4		$	61		$	65
Comprehensive income 1						461			(75		)				386			5			391
Dividends (Dividend declared per common share — $0.50 per share)						(126		)							(126		)	(7		)	(133		)
Employee stock plans			70									(1		)	71			(1		)	70
Change in redemption value of redeemable noncontrolling interest						(82		)							(82		)				(82		)
Increase in CRISIL ownership			(25		)										(25		)	(1		)	(26		)
Stock consideration for Kensho			352												352						352
Other															—			(4		)	(4		)
Balance as of June 30, 2018	$	412	$	732		$	10,677		$	(705	)	$	10,536		$	580		$	53		$	633

8

Consolidated Statements of Equity (continued)

Six Months Ended June 30, 2019
(in millions)	Common Stock $1 par		Additional Paid-in Capital			Retained Income			Accumulated Other Comprehensive Loss			Less: Treasury Stock			Total SPGI Equity			Noncontrolling Interests			Total Equity
Balance as of December 31, 2018	$	294	$	833		$	11,284		$	(742	)	$	11,041		$	628		$	56		$	684
Comprehensive income 1						965			91						1,056			6			1,062
Dividends (Dividend declared per common share — $1.14 per share)						(281		)							(281		)	(6		)	(287		)
Share repurchases												644			(644		)				(644		)
Employee stock plans			(43		)							(54		)	11						11
Capital contribution from noncontrolling interest						(36		)							(36		)				(36		)
Change in redemption value of redeemable noncontrolling interest						(222		)							(222		)				(222		)
Other															—			2			2
Balance as of June 30, 2019	$	294	$	790		$	11,710		$	(651	)	$	11,631		$	512		$	58		$	570

Six Months Ended June 30, 2018
(in millions)	Common Stock $1 par		Additional Paid-in Capital			Retained Income			Accumulated Other Comprehensive Loss			Less: Treasury Stock			Total SPGI Equity			Noncontrolling Interests			Total Equity
Balance as of December 31, 2017	$	412	$	525		$	10,025		$	(649	)	$	9,602		$	711		$	57		$	768
Comprehensive income 1						951			(66		)				885			8			893
Dividends (Dividend declared per common share — $1.00 per share)						(253		)							(253		)	(7		)	(260		)
Share repurchases			(150		)							950			(1,100		)				(1,100		)
Employee stock plans			30									(16		)	46						46
Change in redemption value of redeemable noncontrolling interest						(72		)							(72		)				(72		)
Increase in CRISIL ownership			(25		)										(25		)	(1		)	(26		)
Stock consideration for Kensho			352												352						352
Other 2						26			10						36			(4		)	32
Balance as of June 30, 2018	$	412	$	732		$	10,677		$	(705	)	$	10,536		$	580		$	53		$	633

¹ Excludes comprehensive income of $44 million and $36 million for the three months ended June 30, 2019 and 2018, respectively, and $84 million and $76 million for the six months ended June 30, 2019 and 2018, respectively, attributable to our redeemable noncontrolling interest.

² Reflects opening balance sheet adjustments related to the adoption of the new revenue recognition standard and the reclassification of the unrealized loss on investments from Accumulated other comprehensive loss to Retained income.

See accompanying notes to the unaudited consolidated financial statements.

9

S&P Global Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

1. Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.

• Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue. See Note 2 — Acquisitions and Divestitures for additional information.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2018 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

Our critical accounting estimates are disclosed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash of $39 million and $41 million included in our consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively, primarily includes amounts held in escrow accounts in connection with our acquisition of Kensho.

10

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2019 and December 31, 2018, contract assets were $47 million and $26 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received or due in advance of our performance. The increase in the unearned revenue balance at June 30, 2019 compared to December 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.5 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $96 million and $101 million as of June 30, 2019 and December 31, 2018, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Other (Income) Expense, net

The components of other (income) expense, net for the three and six months ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019		2018
Other components of net periodic benefit cost 1	$	(7	)	$	(8	)	$	96	$	(16	)
Net loss (gain) from investments	1			(3		)	1		—
Other (income) expense, net	$	(6	)	$	(11	)	$	97	$	(16	)

¹    During the first quarter of 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of

the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge of $113 million for the six months ended June 30, 2019 reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

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2. Acquisitions and Divestitures

Acquisitions

2019

In July of 2019, S&P Global completed the acquisition of the Orion technology center from Ness Technologies. Orion was developed to become S&P Global's center of excellence for technology talent to focus on innovations by providing employees with access to the latest technologies and global communications infrastructure, as well as physical spaces that enable highly-collaborative teams. The acquisition of Orion is not material to our consolidated financial statements.

2018

In June of 2018, Market Intelligence acquired the RateWatch business ("RateWatch") from TheStreet, Inc., a B2B data business

that offers subscription and custom reports on bank deposits, loans, fees and other product data to the financial services industry. The acquisition will complement and strengthen Market Intelligence's core capabilities of providing differentiated data and analytics solutions for the banking sector. The acquisition of RateWatch is not material to our consolidated financial statements.

In April of 2018, we acquired Kensho for approximately $550 million, net of cash acquired, in a mix of cash and stock. Kensho is a leading-edge provider of next-generation analytics, artificial intelligence, machine learning, and data visualization systems to Wall Street's premier global banks and investment institutions, as well as the National Security community. The acquisition will strengthen S&P Global's emerging technology capabilities, enhance our ability to deliver essential, actionable insights that will transform the user experience for our clients, and accelerate efforts to improve efficiency and effectiveness of our core internal operations. The acquisition of Kensho is not material to our consolidated financial statements.

In February of 2018, Market Intelligence acquired Panjiva, Inc. ("Panjiva"), a privately-held company that provides deep, differentiated, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. The acquisition will help strengthen the insights, products and data that we provide to our clients throughout the world. The acquisition of Panjiva is not material to our consolidated financial statements.

In January of 2018, CRISIL, included within our Ratings segment, acquired a 100% stake in Pragmatix Services Private Limited ("Pragmatix"), a data analytics company focused on delivering cutting edge solutions in the "data to intelligence" life cycle to the Banking, Financial Services and Insurance vertical. The acquisition will strengthen CRISIL's position as an agile, innovative and global analytics company. The acquisition of Pragmatix is not material to our consolidated financial statements.

Divestitures

2019

In July of 2019, we entered into an agreement to sell RigData, a business within our Platts segment. RigData is a provider of daily information on rig activity for the natural gas and oil markets across North America. On July 31, 2019, we completed the sale of RigData to Drilling Info, Inc.

In March of 2019, we entered into an agreement to sell Standard & Poor's Investment Advisory Services LLC  ("SPIAS"), a business within our Market Intelligence segment, to Goldman Sachs Asset Management ("GSAM"). SPIAS provides non-discretionary investment advice across institutional sub-advisory and intermediary distribution channels globally. On July 1, 2019, we completed the sale of SPIAS to GSAM.

The operating profit of our businesses held for sale for the periods ending June 30, 2019 and 2018 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Operating profit	$	3	$	3	$	6	$	6

2018

During the six months ended June 30, 2018, we did not complete any dispositions.

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3. Income Taxes

The effective income tax rate was 23.0% and 21.7% for the three and six months ended June 30, 2019, respectively, and 23.8% and 22.7% for the three and six months ended June 30, 2018, respectively. The decrease in 2019 was primarily due to the recognition of excess tax benefits associated with share-based payments in the statement of income.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of June 30, 2019 and December 31, 2018, the total amount of federal, state and local, and foreign unrecognized tax benefits was $114 million and $147 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2019 and December 31, 2018, we had $20 million and $35 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. The reduction in uncertain tax positions and associated accrued interest relates primarily to settlements of tax audits with New York City. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $5 million in the next twelve months as a result of the resolution of tax examinations.

4. Debt 

A summary of long-term debt outstanding is as follows:

(in millions)	June 30, 2019		December 31, 2018
3.3% Senior Notes, due 2020 1	699		698
4.0% Senior Notes, due 2025 2	693		693
4.4% Senior Notes, due 2026 3	893		892
2.95% Senior Notes, due 2027 4	493		493
6.55% Senior Notes, due 2037 5	396		396
4.5% Senior Notes, due 2048 6	490		490
Long-term debt	$	3,664	$	3,662

¹  Interest payments are due semiannually on February 14 and August 14, and as of June 30, 2019, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on June 15 and December 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

³  Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁴  Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁵  Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $4 million.

⁶  Interest payments are due semiannually on May 15 and November 15, beginning on November 15, 2018, and as of June 30, 2019, the unamortized debt discount and issuance costs total $10 million.

The fair value of our long-term debt borrowings was $4.1 billion and $3.8 billion as of June 30, 2019 and December 31, 2018, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of June 30, 2019 and December 31, 2018, there were no commercial paper borrowings outstanding.

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Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 10 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our corporate credit rating.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

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5. Derivative Instruments

Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2019 and December 31, 2018, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates. Foreign exchange forward contracts are recorded at fair value that is based on foreign exchange rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the six months ended June 30, 2019 and twelve months ended December 31, 2018, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of June 30, 2019, the aggregate notional value of these outstanding forward contracts was $68 million. The changes in fair value of these forward contracts are recorded in prepaid and other current assets and other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized into selling and general expenses in the consolidated statement of income. The amount recorded in prepaid and other current assets as of June 30, 2019 was $2 million. The amount recorded in selling and general expense for the three and six months ended June 30, 2019 related to these contracts was a net gain of $3 million and $5 million, respectively.

Cash Flow Hedges

During the six months ended June 30, 2019 and twelve months ended December 31, 2018, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2020 and the fourth quarter of 2019, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twelve months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of June 30, 2019, we estimate that $4 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months. There was no material hedge ineffectiveness for the three and six months ended June 30, 2019.

As of June 30, 2019, the aggregate notional value of our outstanding foreign currency forward contracts designated as cash flow hedges was $229 million.

The following table provides information on the location and fair value amounts of our cash flow hedges as of June 30, 2019 and December 31, 2018:

(in millions)		June 30,		December 31,
Balance Sheet Location		2019		2018
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	4	$	3

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2019			2018				2019		2018
Foreign exchange forward contracts	$	(3	)	$	(4	)	Revenue, Selling and general expenses	$	1	$	(1	)

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Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)					Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2019		2018				2019		2018
Foreign exchange forward contracts	$	—	$	(3	)	Revenue, Selling and general expenses	$	4	$	(1	)

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	7		$	3		$	4		$	2
Change in fair value, net of tax	(2		)	(5		)	4			(4		)
Reclassification into earnings, net of tax	(1		)	1			(4		)	1
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	4		$	(1	)	$	4		$	(1	)

6. Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We have supplemental benefit plans providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our defined benefit retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic benefit cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

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The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Service cost	$	1		$	1		$	1		$	1
Interest cost	14			18			33			36
Expected return on assets	(23		)	(31		)	(54		)	(63		)
Amortization of prior service credit / actuarial loss	2			4			4			9
Net periodic benefit cost	(6		)	(8		)	(16		)	(17		)
Settlement charge 1	—			—			113			—
Net benefit cost	$	(6	)	$	(8	)	$	97		$	(17	)

¹ The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2019 and 2018, respectively.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans which became effective on January 1, 2019. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2019 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2019, we contributed $41 million to our retirement plans and expect to make additional required contributions of approximately $5 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the second half of 2019.

7. Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Stock Incentive Plan ("2019 Plan") and to our eligible non-employee Directors under a Director Deferred Stock Ownership Plan. No further awards may be granted under the 2002 Stock Incentive Plan ("2002 Plan"), although awards granted under the 2002 Plan prior to the adoption of the new 2019 Plan in June of 2019 remain outstanding in accordance with their terms. The remaining outstanding options under the 2002 Plan will have fully met their maximum term and expire in the second quarter of 2028. The new 2019 Plan permits the granting of incentive stock options, nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.

Stock-based compensation for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Stock option expense	$	1	$	2	$	1	$	2
Restricted stock and unit awards expense	21		32		32		44
Total stock-based compensation expense	$	22	$	34	$	33	$	46

During the six months ended June 30, 2019, the Company granted 0.3 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $212.56 per share.

Total unrecognized compensation expense related to unvested stock option awards and unvested restricted stock and unit awards as of June 30, 2019 was $1 million and $98 million, respectively, which is expected to be recognized over a weighted average period of 1.0 years and 2.0 years, respectively.

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8. Equity

Stock Repurchases

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time.

In any period, share repurchase transactions could result in timing differences between the recognition of those repurchases and their settlement for cash. This could result in a difference between the cash used for financing activities related to common stock repurchased and the comparable change in equity.

Share repurchases for the periods ended June 30 were as follows: 

(in millions, except average price)	Three Months				Six Months
	2019		2018		2019		2018
Total number of shares purchased 1	—		—		3.4		5.0
Average price paid per share 2	$	—	$	—	$	184.51	$	178.11
Total cash utilized	$	—	$	—	$	644	$	1,100

¹  The six months ended June 30, 2019 and 2018 include shares received as part of our accelerated share repurchase agreements described in more detail below.

²  Average price paid per share information does not include the accelerated share repurchase agreements as discussed in more detail below.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2019, approximately 7.2 million shares remained available under the current share repurchase program which has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

Accelerated Share Repurchase Agreements

2019

We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on February 11, 2019 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and will receive an additional 0.1 million shares in August of 2019 resulting in a total of 2.3 million shares repurchased under the ASR agreement for an average purchase price of $214.65 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors on December 4, 2013.

2018

We entered into an ASR agreement with a financial institution on October 29, 2018 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.5 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on January 2, 2019 and received an additional 0.4 million shares. We repurchased a total of 2.9 million shares under the ASR agreement for an average purchase price of $173.80 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

We entered into an ASR agreement with a financial institution on March 6, 2018 to initiate share repurchases aggregating $1 billion. The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and received an initial delivery of approximately 4.5 million shares, representing 85% of the $1 billion at a price equal to the then market price of the Company. We completed the ASR agreement on September 25, 2018 and received an additional 0.6 million shares. We repurchased a total of 5.1 million shares under the ASR agreement for an average purchase price of $197.49 per share. The total number of shares repurchased under the ASR agreement is equal to $1 billion divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors on December 4, 2013.

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Redeemable Noncontrolling Interests

The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC ("CGIS") has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the six months ended June 30, 2019 were as follows:

(in millions)
Balance as of December 31, 2018	$	1,620
Net income attributable to noncontrolling interest	84
Capital contribution from noncontrolling interest	36
Distributions payable to noncontrolling interest	(72		)
Redemption value adjustment	222
Balance as of June 30, 2019	$	1,890

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2019:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Foreign Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2018	$	(339	)	$	(407	)		$	4			$	(742	)
Other comprehensive income before reclassifications	5			(3		)		4				6
Reclassifications from accumulated other comprehensive loss to net earnings	—			89			1	(4		)	2	85
Net other comprehensive income	5			86				—				91
Balance as of June 30, 2019	$	(334	)	$	(321	)		$	4			$	(651	)

¹  Reflects amortization of net actuarial losses and is net of a tax benefit of $28 million for the six months ended June 30, 2019. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

²  See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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9. Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

The calculation of basic and diluted EPS for the periods ended June 30 is as follows: 

(in millions, except per share amounts)	Three Months				Six Months
	2019		2018		2019		2018
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	555	$	461	$	965	$	951
Basic weighted-average number of common shares outstanding	246.1		251.1		246.4		251.7
Effect of stock options and other dilutive securities	1.3		2.2		1.5		2.1
Diluted weighted-average number of common shares outstanding	247.4		253.3		247.9		253.8
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	2.25	$	1.83	$	3.92	$	3.78
Diluted	$	2.24	$	1.82	$	3.89	$	3.75

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2019 and 2018, there were no stock options excluded. Restricted performance shares outstanding of 0.6 million and 0.8 million as of June 30, 2019 and 2018, respectively, were excluded.

10. Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2019 and 2018 restructuring plan consisted of a company-wide workforce reduction of approximately 170 and 160 positions, respectively, and are further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2019 by segment is as follows:

	2019 Restructuring Plan				2018 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	11	$	11	$	8	$	1
Market Intelligence	1		1		7		4
Platts	1		1		—		—
Corporate	7		7		10		1
Total	$	20	$	20	$	25	$	6

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We recorded a pre-tax restructuring charge of $20 million primarily related to employee severance charges for the 2019 restructuring plan during the six months ended June 30, 2019. The ending reserve balance for the 2018 restructuring plan was $24 million as of December 31, 2018. For the six months ended June 30, 2019, we have reduced the reserve for the 2018 restructuring plan by $18 million. The reductions primarily related to cash payments for employee severance charges.

11. Segment and Related Information

We have four reportable segments: Ratings, Market Intelligence, Platts and Indices. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated, other expense (income), net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho's major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue.

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings	$	801		$	775		$	1,497		$	1,523
Market Intelligence	487			449			969			889
Platts	213			205			420			401
Indices	235			207			452			418
Corporate	—			5			—			5
Intersegment elimination 1	(32		)	(32		)	(63		)	(60		)
Total revenue	$	1,704		$	1,609		$	3,275		$	3,176

Operating Profit	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings 2	$	455		$	369		$	818		$	777
Market Intelligence 3	147			127			292			238
Platts 4	107			98			201			188
Indices 5	162			137			311			285
Total reportable segments	871			731			1,622			1,488
Corporate Unallocated 6	(58		)	(59		)	(104		)	(105		)
Total operating profit	$	813		$	672		$	1,518		$	1,383

Note - In the fourth quarter of 2018, Trucost was transferred from Indices to Market Intelligence and historical reporting was retroactively revised to reflect the change.

¹  Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

²  Operating profit includes employee severance charges of $11 million for the three and six months ended June 30, 2019. Operating profit includes legal settlement expenses of $73 million for the three and six months ended June 30, 2018. Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three and six months ended June 30, 2019 and 2018.

³  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $19 million and $18 million for the three months ended June 30, 2019 and 2018, respectively, and $37 million and $36 million for the six months ended June 30, 2019 and 2018, respectively.

⁴  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $3 million and $4 million for the three months ended June 30, 2019 and 2018, respectively, and $7 million and $9 million for the six months ended June 30, 2019 and 2018, respectively.

⁵  Operating profit for includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2019 and 2018 and $3 million for the six months ended June 30, 2019 and 2018.

⁶  Operating loss includes Kensho retention related expenses of $5 million and $12 million for the three months ended June 30, 2019 and 2018, respectively, and $11 million and $12 million for the six months ended June 30, 2019 and 2018, respectively. Operating loss includes employee severance charges of $7 million and a lease impairment of $5 million for the three and six months ended June 30, 2019. Operating

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loss also includes amortization of intangibles from acquisitions of $7 million and $14 million for the three and six months months ended June 30, 2019, respectively, and $8 million for the three and six months ended June 30, 2018.

The following table presents our revenue disaggregated by revenue type:

(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2019
Subscription	$	—	$	471	$	195	$	40	$	—	$	—		$	706
Non-transaction	372		—		—		—		—		(32		)	340
Non-subscription / Transaction	429		12		3		—		—		—			444
Asset-linked fees	—		4		—		159		—		—			163
Sales usage-based royalties	—		—		15		36		—		—			51
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
Timing of revenue recognition
Services transferred at a point in time	$	429	$	12	$	3	$	—	$	—	$	—		$	444
Services transferred over time	372		475		210		235		—		(32		)	1,260
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
	Six Months Ended June 30, 2019
Subscription	$	—	$	939	$	386	$	80			$	—		$	1,405
Non-transaction	737		—		—		—		—		(63		)	674
Non-subscription / Transaction	760		21		5		—		—		—			786
Asset-linked fees	—		9		—		302		—		—			311
Sales usage-based royalties	—		—		29		70		—		—			99
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275
Timing of revenue recognition
Services transferred at a point in time	$	760	$	21	$	5	$	—	$	—	$	—		$	786
Services transferred over time	737		948		415		452		—		(63		)	2,489
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275

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(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2018
Subscription	$	—	$	431	$	188	$	34	$	5	$	—		$	658
Non-transaction	378		—		—		—		—		(32		)	346
Non-subscription / Transaction	397		13		4		—		—		—			414
Asset-linked fees	—		5		—		135		—		—			140
Sales usage-based royalties	—		—		13		38		—		—			51
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
Timing of revenue recognition
Services transferred at a point in time	$	397	$	13	$	4	$	—	$	—	$	—		$	414
Services transferred over time	378		436		201		207		5		(32		)	1,195
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
	Six Months Ended June 30, 2018
Subscription	$	—	$	856	$	369	$	64	$	5	$	—		$	1,294
Non-transaction	757		—		—		—		—		(60		)	697
Non-subscription / Transaction	766		23		6		—		—		—			795
Asset-linked fees	—		10		—		265		—		—			275
Sales usage-based royalties	—		—		26		89		—		—			115
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176
Timing of revenue recognition
Services transferred at a point in time	$	766	$	23	$	6	$	—	$	—	$	—		$	795
Services transferred over time	757		866		395		418		5		(60		)	2,381
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176

¹  Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

The following provides revenue by geographic region for the periods ended June 30:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
U.S.	$	1,023	$	962	$	1,966	$	1,915
European region	415		402		788		782
Asia	177		158		346		314
Rest of the world	89		87		175		165
Total	$	1,704	$	1,609	$	3,275	$	3,176

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

12. Commitments and Contingencies

Leases

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 14 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within

23

1 year. We consider these options in determining the lease term used to establish our right-of use ("ROU") assets and associated lease liabilities. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheet as of June 30, 2019:

(in millions)		June 30,
Balance Sheet Location		2019
Assets
Right of use assets	Lease right-of-use assets	$	669
Liabilities
Other current liabilities	Current lease liabilities	109
Lease liabilities — non-current	Noncurrent lease liabilities	621

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months			Six Months
	2019			2019
Operating lease cost	$	41		$	77
Sublease income	(4		)	(8		)
Total lease cost	$	37		$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months		Six Months
	2019		2019
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows from operating leases	$	36	$	71
Right-of-use assets obtained in exchange for lease obligations
Operating leases	23		737

Weighted-average remaining lease term and discount rate for our operating leases as of June 30 are as follows:

	2019
Weighted-average remaining lease term (years)	9.5
Weighted-average discount rate	3.93	%

24

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2019 (Excluding the six months ended June 30, 2019)	$	84
2020	122
2021	104
2022	89
2023	81
2024 and beyond	421
Total undiscounted lease payments	$	901
Less: Imputed interest	171
Present value of lease liabilities	$	730

Related Party Agreements

In March of 2018, the Company made a $20 million contribution to the S&P Global Foundation included in selling and general expenses.

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2019, S&P Dow Jones Indices LLC earned $30 million and $59 million, respectively, of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2018, S&P Dow Jones Indices LLC earned $24 million and $55 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries relate to the ratings activity of S&P Global Ratings brought by issuers and alleged purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global Ratings seeks to promptly address any compliance issues that it detects or that the staff of the SEC raises, there can be no assurance that the SEC will not seek remedies against S&P Global Ratings for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

25

13. Recently Issued or Adopted Accounting Standards

In November of 2018, the Financial Accounting Standards Board ("FASB") issued guidance that provides clarification on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Accounting Standards Codification ("ASC") 606. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In August of 2018, the FASB issued guidance to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

In August of 2017, the FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance was effective on January 1, 2019, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In June of 2016, the FASB issued guidance that amends the measurement of credit losses on certain financial instruments by requiring the use of an expected loss methodology, which will result in more timely recognition of credit losses. The Company currently expects that the most notable impact of this guidance may relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on accounts receivable and the recognition of credit losses. The guidance is effective for reporting periods beginning after December 15, 2019. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In February of 2016, the FASB issued guidance amending the accounting for leases that requires a lessee to recognize "right of use" assets with offsetting lease liabilities on the balance sheet, with expenses recognized similar to previously issued guidance. This guidance is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. We adopted the new lease standard effective January 1, 2019 using the modified retrospective transition method. In July of 2018, the FASB issued a subsequent update providing entities an additional transition method to adopt the new lease standard, allowing entities to adopt the standard prospectively without restating prior period's financial statements. We have elected this transition method upon adoption on January 1, 2019. We have also elected to apply the "package" of practical expedients permitting entities to forgo reassessment of (1) the lease classification of expired or existing leases, (2) whether any expired or existing contracts contain leases, and (3) the accounting for initial direct costs of existing leases. This standard had a material impact on our consolidated balance sheet, but did not have an impact on our consolidated statements of income or cash flows. As part of our implementation process, we have refined our processes, procedures, and controls to capture the complete population of leases that incorporates a third party software solution to report the financial statement impact of the new standard. See Note 12 — Commitments and Contingencies for further details on our leases.

26

14. Condensed Consolidating Financial Statements

On May 17, 2018, we issued $500 million of 4.5% notes due in 2048. On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes that were repaid in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 4 — Debt for additional information.

The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

	Statement of Income
	Three Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	208		$	489		$	1,047		$	(40	)	$	1,704
Expenses:
Operating-related expenses	46			110			336			(40		)	452
Selling and general expenses	51			83			253			—			387
Depreciation	10			4			7			—			21
Amortization of intangibles	—			—			31			—			31
Total expenses	107			197			627			(40		)	891
Operating profit	101			292			420			—			813
Other income, net	(5		)	—			(1		)	—			(6		)
Interest expense (income), net	40			—			(3		)	—			37
Non-operating intercompany transactions	95			(20		)	(1,234		)	1,159			—
Income before taxes on income	(29		)	312			1,658			(1,159		)	782
(Benefit) provision for taxes on income	(3		)	89			94			—			180
Equity in net income of subsidiaries	1,741			—			—			(1,741		)	—
Net income	$	1,715		$	223		$	1,564		$	(2,900	)	$	602
Less: net income attributable to noncontrolling interests	—			—			—			(47		)	(47		)
Net income attributable to S&P Global Inc.	$	1,715		$	223		$	1,564		$	(2,947	)	$	555
Comprehensive income	$	1,721		$	223		$	1,540		$	(2,900	)	$	584

27

	Statement of Income
	Six Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	409		$	925		$	2,018		$	(77	)	$	3,275
Expenses:
Operating-related expenses	85			228			662			(77		)	898
Selling and general expenses	75			163			517			—			755
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Total expenses	182			397			1,255			(77		)	1,757
Operating profit	227			528			763			—			1,518
Other expense (income), net	102			—			(5		)	—			97
Interest expense (income), net	77			—			(4		)	—			73
Non-operating intercompany transactions	191			(37		)	(1,336		)	1,182			—
Income before taxes on income	(143		)	565			2,108			(1,182		)	1,348
(Benefit) provision for taxes on income	(43		)	159			177			—			293
Equity in net income of subsidiaries	2,247			—			—			(2,247		)	—
Net income	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Less: net income attributable to noncontrolling interests	—			—			—			(90		)	(90		)
Net income attributable to S&P Global Inc.	$	2,147		$	406		$	1,931		$	(3,519	)	$	965
Comprehensive income	$	2,235		$	406		$	1,935		$	(3,430	)	$	1,146

28

	Statement of Income
	Three Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	200		$	463		$	985		$	(39	)	$	1,609
Expenses:
Operating-related expenses	43			107			330			(39		)	441
Selling and general expenses	69			57			318			—			444
Depreciation	11			2			6			—			19
Amortization of intangibles	—			—			33			—			33
Total expenses	123			166			687			(39		)	937
Operating profit	77			297			298			—			672
Other income, net	(6		)	—			(5		)	—			(11		)
Interest expense (income), net	28			—			(2		)	—			26
Non-operating intercompany transactions	86			(22		)	(358		)	294			—
Income before taxes on income	(31		)	319			663			(294		)	657
Provision for taxes on income	27			75			54			—			156
Equity in net income of subsidiaries	812			—			—			(812		)	—
Net income	$	754		$	244		$	609		$	(1,106	)	$	501
Less: net income attributable to noncontrolling interests	—			—			—			(40		)	(40		)
Net income attributable to S&P Global Inc.	$	754		$	244		$	609		$	(1,146	)	$	461
Comprehensive income	$	764		$	244		$	521		$	(1,103	)	$	426

29

	Statement of Income
	Six Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	391		$	897		$	1,962		$	(74	)	$	3,176
Expenses:
Operating-related expenses	74			224			653			(74		)	877
Selling and general expenses	108			143			568			—			819
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Total expenses	202			371			1,294			(74		)	1,793
Operating profit	189			526			668			—			1,383
Other income, net	(14		)	—			(2		)	—			(16		)
Interest expense (income), net	66			1			(6		)	—			61
Non-operating intercompany transactions	186			(43		)	(1,454		)	1,311			—
Income before taxes on income	(49		)	568			2,130			(1,311		)	1,338
Provision for taxes on income	13			146			144			—			303
Equity in net income of subsidiaries	2,324			—			—			(2,324		)	—
Net income	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Less: net income attributable to noncontrolling interests	—			—			—			(84		)	(84		)
Net income attributable to S&P Global Inc.	$	2,262		$	422		$	1,986		$	(3,719	)	$	951
Comprehensive income	$	2,251		$	421		$	1,932		$	(3,635	)	$	969

30

	Balance Sheet
	June 30, 2019
	(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	$	556		$	—	$	1,325		$	—		$	1,881
Restricted cash	—			—		39			—			39
Accounts receivable, net of allowance for doubtful accounts	269			195		1,079			—			1,543
Intercompany receivable	585			2,330		3,281			(6,196		)	—
Prepaid and other current assets	45			—		186			—			231
Total current assets	1,455			2,525		5,910			(6,196		)	3,694
Property and equipment, net of accumulated depreciation	205			—		75			—			280
Right of use assets	404			2		263			—			669
Goodwill	261			—		3,251			7			3,519
Other intangible assets, net	—			—		1,453			—			1,453
Investments in subsidiaries	10,631			6		8,008			(18,645		)	—
Intercompany loans receivable	137			—		1,137			(1,274		)	—
Other non-current assets	208			43		320			(1		)	570
Total assets	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	100		$	7	$	107		$	—		$	214
Intercompany payable	5,107			55		1,034			(6,196		)	—
Accrued compensation and contributions to retirement plans	108			27		134			—			269
Income taxes currently payable	18			—		70			—			88
Unearned revenue	268			259		1,182			—			1,709
Other current liabilities	187			20		212			—			419
Total current liabilities	5,788			368		2,739			(6,196		)	2,699
Long-term debt	3,664			—		—			—			3,664
Lease liabilities — non-current	386			1		234			—			621
Intercompany loans payable	120			—		1,154			(1,274		)	—
Pension and other postretirement benefits	162			—		68			—			230
Other non-current liabilities	131			76		304			—			511
Total liabilities	10,251			445		4,499			(7,470		)	7,725
Redeemable noncontrolling interest	—			—		—			1,890			1,890
Equity:
Common stock	294			—		2,371			(2,371		)	294
Additional paid-in capital	26			622		9,679			(9,537		)	790
Retained income	14,569			1,509		4,353			(8,721		)	11,710
Accumulated other comprehensive loss	(209		)	—		(485		)	43			(651		)
Less: common stock in treasury	(11,630		)	—		(1		)	—			(11,631		)
Total equity - controlling interests	3,050			2,131		15,917			(20,586		)	512
Total equity - noncontrolling interests	—			—		1			57			58
Total equity	3,050			2,131		15,918			(20,529		)	570
Total liabilities and equity	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185

31

	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
Right of use assets	—			—		—			—			—
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
Other current liabilities	180			16		155			—			351
Total current liabilities	5,088			331		2,771			(5,561		)	2,629
Long-term debt	3,662			—		—			—			3,662
Lease liabilities — non-current	—			—		—			—			—
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

32

	Statement of Cash Flows
	Six Months Ended June 30, 2019
	(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	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Provision for losses on accounts receivable	3			3			6			—			12
Deferred income taxes	4			1			7			—			12
Stock-based compensation	9			4			20			—			33
Pension settlement charge, net of taxes	85			—			—			—			85
Other	8			7			23			—			38
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(109		)	(88		)	102			—			(95		)
Prepaid and other current assets	(1		)	2			(43		)	—			(42		)
Accounts payable and accrued expenses	1			(13		)	(62		)	—			(74		)
Unearned revenue	28			27			(55		)	—			—
Accrued legal settlements	—			(1		)	—			—			(1		)
Other current liabilities	(57		)	(3		)	(23		)	—			(83		)
Net change in prepaid/accrued income taxes	33			—			—			—			33
Net change in other assets and liabilities	(26		)	(4		)	(37		)				(67		)
Cash provided by operating activities	2,147			347			1,945			(3,429		)	1,010
Investing Activities:
Capital expenditures	(25		)	(3		)	(18		)	—			(46		)
Acquisitions, net of cash acquired	—			—			(4		)	—			(4		)
Changes in short-term investments	—			—			(3		)	—			(3		)
Cash used for investing activities	(25		)	(3		)	(25		)	—			(53		)
Financing Activities:
Dividends paid to shareholders	(281		)	—			—			—			(281		)
Distributions to noncontrolling interest holders, net	—			—			(59		)	—			(59		)
Repurchase of treasury shares	(644		)	—			—			—			(644		)
Exercise of stock options	29			—			2			—			31
Employee withholding tax on share-based payments and other	(53		)	—			(2		)	—			(55		)
Intercompany financing activities	(1,311		)	(344		)	(1,774		)	3,429			—
Cash used for financing activities	(2,260		)	(344		)	(1,833		)	3,429			(1,008		)
Effect of exchange rate changes on cash	—			—			13			—			13
Net change in cash, cash equivalents, and restricted cash	(138		)	—			100			—			(38		)
Cash, cash equivalents, and restricted cash at beginning of period	694			—			1,264			—			1,958
Cash, cash equivalents, and restricted cash at end of period	$	556		$	—		$	1,364		$	—		$	1,920

33

	Statement of Cash Flows
	Six Months Ended June 30, 2018
	(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	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Provision for losses on accounts receivable	—			1			9			—			10
Deferred income taxes	(86		)	—			108						22
Stock-based compensation	14			8			24			—			46
Other	19			—			61			—			80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(6		)	(29		)	54			—			19
Prepaid and other current assets	(20		)	1			—			—			(19		)
Accounts payable and accrued expenses	(48		)	(68		)	(101		)	—			(217		)
Unearned revenue	9			30			2			—			41
Accrued legal settlements				—			(29		)	—			(29		)
Other current liabilities	20			(4		)	(85		)	—			(69		)
Net change in prepaid/accrued income taxes	24			1			(1		)	—			24
Net change in other assets and liabilities	(27		)	2			(112		)	—			(137		)
Cash provided by operating activities	2,181			368			1,989			(3,635		)	903
Investing Activities:
Capital expenditures	(43		)	(10		)	(7		)	—			(60		)
Acquisitions, net of cash acquired	—			—			(246		)	—			(246		)
Changes in short-term investments	—			—			1			—			1
Cash used for investing activities	(43		)	(10		)	(252		)	—			(305		)
Financing Activities:
Proceeds from issuance of senior notes, net	489			—			—			—			489
Payments on senior notes	(403		)	—			—			—			(403		)
Dividends paid to shareholders	(253		)	—			—			—			(253		)
Distributions to noncontrolling interest holders, net	—			—			(78		)	—			(78		)
Purchase of CRISIL shares	—			—			(25		)	—			(25		)
Repurchase of treasury shares	(1,100		)	—			—			—			(1,100		)
Exercise of stock options	14			—			2			—			16
Employee withholding tax on share-based payments and other	(50		)	—			—			—			(50		)
Intercompany financing activities	(701		)	(358		)	(2,576		)	3,635			—
Cash used for financing activities	(2,004		)	(358		)	(2,677		)	3,635			(1,404		)
Effect of exchange rate changes on cash	1			—			(39		)	—			(38		)
Net change in cash, cash equivalents, and restricted cash	135			—			(979		)	—			(844		)
Cash, cash equivalents, and restricted cash at beginning of period	632			—			2,147			—			2,779
Cash, cash equivalents, and restricted cash at end of period	$	767		$	—		$	1,168		$	—		$	1,935

34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)

The following Management's Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2019. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2018 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:

• Overview

• Results of Operations — Comparing the Three and Six Months Ended June 30, 2019 and 2018

• Liquidity and Capital Resources

• Reconciliation of Non-GAAP Financial Information

• Critical Accounting Estimates

• Recently Issued or Adopted Accounting Standards

• Forward-Looking Statements

OVERVIEW

We are a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.

• Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.

• Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue. See Note 2 — Acquisitions and Divestitures for additional information.

Key results for the periods ended June 30 are as follows: 

(in millions, except per share amounts)	Three Months							Six Months
	2019			2018			% Change 1	2019			2018			% Change 1
Revenue	$	1,704		$	1,609		6%	$	3,275		$	3,176		3%
Operating profit 2	$	813		$	672		21%	$	1,518		$	1,383		10%
Operating margin %	48		%	42		%		46		%	44		%
Diluted earnings per share from net income	$	2.24		$	1.82		23%	$	3.89		$	3.75		4%

¹   % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

² Operating profit for the three and six months ended June 30, 2019 includes employee severance charges of $20 million and a lease impairment of $5 million. Additionally, operating profit for the three and six months ended June 30, 2019 includes Kensho retention related expense of $5 million and $11 million, respectively. Operating profit for the three and six months ended June 30, 2018 includes legal settlement expenses of $73 million and Kensho retention related expense of $12 million. Operating profit also includes amortization of intangibles from acquisitions of $31 million and $63 million for the three and six months ended June 30, 2019, respectively and $33 million and $57 million for the three and six months ended June 30, 2018, respectively.

35

Three Months

Revenue increased 6% driven by increases at all of our reportable segments. Revenue growth at Market Intelligence was driven by annualized contract value growth in Credit Risk Solutions, Data Management Solutions and the Market Intelligence Desktop products. The increase at Ratings was driven by higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue. Revenue growth at Indices was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. The increase at Platts was primarily due to continued demand for market data and price assessment products. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit increased 21%, with a favorable impact from foreign exchange rates of 1 percentage point. Excluding the impact of higher legal settlement expenses in 2018 of 13 percentage points, higher Kensho retention related expense in 2018 of 1 percentage point, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 3 percentage points and a lease impairment charge in 2019 of 1 percentage point, operating profit increased 11%. The increase was primarily due to revenue growth at all of our reportable segments, partially offset by higher technology costs and higher compensation costs driven by annual merit increases and additional headcount.

Six Months

Revenue increased 3% driven by increases at Market Intelligence, Indices and Platts, partially offset by a decrease at Ratings. The increase at Market Intelligence was driven by annualized contract value growth in the Market Intelligence Desktop, Credit Risk Solutions and Data Management Solutions products. Revenue growth at Indices was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. The increase at Platts was primarily due to continued demand for market data and price assessment products. These increases were partially offset by a decrease at Ratings driven by lower bank loan ratings revenue, partially offset by higher corporate bond ratings revenue. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit increased 10%, with a favorable impact from foreign exchange rates of 1 percentage point. Excluding the impact of higher legal settlement expenses in 2018 of 6 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 2 percentage points, operating profit increased 6%. The increase was primarily due to revenue growth at Market Intelligence, Indices and Platts, and decreased expenses driven by a $20 million reduction in contributions made to the S&P Global Foundation in 2018. These increases to operating profit were partially offset by a decrease in revenue at Ratings, increased expenses in 2019 from the acquisition of Kensho in April of 2018, higher technology costs and higher compensation costs driven by annual merit increases and additional headcount.

Our Strategy

We are a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. Our purpose is to provide the intelligence that is essential for companies, governments and individuals to make decisions with conviction. We seek to deliver on this purpose within the framework of our core values of integrity, excellence and relevance.

We seek to deliver an exceptional, differentiated customer experience across the globe. We strive for operational excellence, continuous innovation, and a high performance culture driven by our best-in-class talent. We strive to deliver on our strategic priorities in the following four categories by:

Finance

• Delivering revenue growth and EBITA margin targets and delivering on commitments to return capital to shareholders and create capacity to invest;

• Investing for mid- to long-term revenue growth that meets or exceeds market growth rates; and

• Pursuing a disciplined acquisition, investment and partnership strategy.

36

Customer

• Strengthening and growing the core businesses;

• Delivering a modern, digital, integrated platform and user experience that enhances customer value, accompanied by thoughtful user migration plans;

• Expanding our presence in China to capture market opportunities;

• Building and promoting new products to solve customer pain points and deliver new commercial propositions in ESG, data marketplace, and small and medium-sized enterprises; and

• Enhancing teamwork and adopting commercial tools and processes to improve the clarity and quality of insights we gather from customers, and improve revenue capture.

Operations

• Transforming technology infrastructure to support growth, improve cost efficiency and mitigate cyber risk;

• Adopting core management systems, tools and processes across the Company to improve priortization and agility, drive execution, and reduce complexity;

• Developing an enterprise-wide data strategy and execution plan, leveraging machine learning and data science; and

• Further enhancing our commitment to our robust risk, internal control and compliance culture.

People

• Creating an inclusive performance-driven culture that drives employee engagement;

• Promoting internal mobility and attracting and retaining the best people; and

• Improving diversity in overall representation through talent acquisition and retention.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses.

37

RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018

Consolidated Review 

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	1,704		$	1,609		6%	$	3,275		$	3,176		3%
Total Expenses:
Operating-related expenses	452			441			3%	898			877			2%
Selling and general expenses	387			444			(13)%	755			819			(8)%
Depreciation and amortization	52			52			(1)%	104			97			7%
Total expenses	891			937			(5)%	1,757			1,793			(2)%
Operating profit	813			672			21%	1,518			1,383			10%
Other expense (income), net	(6		)	(11		)	45%	97			(16		)	N/M
Interest expense, net	37			26			41%	73			61			21%
Provision for taxes on income	180			156			15%	293			303			(4)%
Net income	602			501			20%	1,055			1,035			2%
Less: net income attributable to noncontrolling interests	(47		)	(40		)	(15)%	(90		)	(84		)	(7)%
Net income attributable to S&P Global Inc.	$	555		$	461		21%	$	965		$	951		1%

Revenue

The following table provides consolidated revenue information for the periods ended June 30:

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	1,704		$	1,609		6%	$	3,275		$	3,176		3%
Subscription revenue	$	706		$	658		8%	$	1,405		$	1,294		9%
Non-transaction revenue	340			346			(2)%	674			697			(3)%
Non-subscription / transaction revenue	444			414			7%	786			795			(1)%
Asset-linked fees	163			140			16%	311			275			13%
Sales usage-based royalties	51			51			(1)%	99			115			(14)%
% of total revenue:
Subscription revenue	41		%	41		%		43		%	41		%
Non-transaction revenue	20		%	21		%		21		%	22		%
Non-subscription / transaction revenue	26		%	26		%		24		%	25		%
Asset-linked fees	10		%	9		%		9		%	9		%
Sales usage-based royalties	3		%	3		%		3		%	3		%
U.S. revenue	$	1,023		$	962		6%	$	1,966		$	1,915		3%
International revenue:
European region	415			402			3%	788			782			1%
Asia	177			158			12%	346			314			10%
Rest of the world	89			87			2%	175			165			6%
Total international revenue	$	681		$	647		5%	$	1,309		$	1,261		4%
% of total revenue:
U.S. revenue	60		%	60		%		60		%	60		%
International revenue	40		%	40		%		40		%	40		%

38

Three Months

Subscription revenue increased primarily from growth in Market Intelligence's average contract values and continued demand for Platt's proprietary content. Higher data subscription revenue at Indices also contributed to subscription revenue growth. Non-transaction revenue decreased at Ratings primarily due to a decrease at CRISIL, lower entity credit ratings revenue and a decline in Ratings Evaluation Service ("RES") activity. Non-subscription / transaction revenue increased driven by higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue at Ratings. Asset-linked fees was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. Additionally, asset linked fees increased due to the impact of higher levels of assets under management for mutual funds and ETFs at Indices. See “Segment Review” below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Six Months

Subscription revenue increased primarily from growth in Market Intelligence's average contract values and continued demand for Platt's proprietary content. Higher data subscription revenue at Indices also contributed to subscription revenue growth. Non-transaction revenue decreased at Ratings primarily due to a decrease at CRISIL, a decline in RES activity and lower entity credit ratings revenue. Non-subscription / transaction revenue decreased driven by a decline in bank loan ratings revenue, partially offset by an increase in corporate bond ratings revenue at Ratings. Asset-linked fees was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. Additionally, asset linked fees increased due to the impact of higher levels of assets under management for mutual funds and ETFs at Indices. The decline in sales-usage based royalties was driven by lower exchange-traded derivative volumes at Indices. See “Segment Review” below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

39

Total Expenses

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the periods ended June 30:

Three Months

(in millions)	2019					2018					% Change
	Operating- related expenses			Selling and general expenses		Operating- related expenses			Selling and general expenses		Operating- related expenses	Selling and general expenses
Ratings 1	$	213		$	123	$	217		$	181	(2)%	(32)%
Market Intelligence 2	173			142		165			133		5%	7%
Platts 3	54			47		51			50		6%	(6)%
Indices 4	36			35		33			35		9%	3%
Intersegment eliminations 5	(32		)	—		(32		)	—		(1)%	N/M
Total segments	444			347		434			399		2%	(13)%
Corporate Unallocated expense 6	8			40		7			45		17%	(12)%
Total	$	452		$	387	$	441		$	444	3%	(13)%

N/M - not meaningful

¹  In 2019, selling and general expenses include employee severance charges of $11 million. In 2018, selling and general expenses include legal settlement expenses of $73 million.

²  In 2019, selling and general expenses include employee severance charges of $1 million.

³  In 2019, selling and general expenses include employee severance charges of $1 million.

⁴  In 2019, selling and general expenses include employee severance charges of $1 million.

⁵  Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

⁶ In 2019, selling and general expenses include employee severance charges of $7 million and a lease impairment of $5 million. In 2019 and 2018, selling and general expenses include Kensho retention related expense of $5 million and $12 million, respectively.

Operating-Related Expenses

Operating-related expenses increased 3% driven by increases at Market Intelligence, Indices and Platts, partially offset by a decrease at Ratings. The increase at Market Intelligence was primarily due to higher technology costs and an increase in intersegment royalties tied to annualized contract value growth. The increase at Indices was primarily related to increased costs to support revenue growth and business initiatives and higher compensation costs. Platts increased due to higher compensation costs primarily related to annual merit increases and higher technology costs. These increases were partially offset by a decrease at Ratings driven by lower professional fees, partially offset by an increase in costs related to the development of a global center for technology talent in India.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

40

Selling and General Expenses

Selling and general expenses decreased 13%. Excluding the impact of legal settlement expenses in 2018 of 16 percentage points and higher Kensho retention related expense in 2018 of 2 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 5 percentage points and a lease impairment in 2019 of 1 percentage point, selling and general expenses decreased 1%. This decrease was primarily driven by a reduction in professional fees, a decrease in expenses at Kensho and lower expenses at Platts driven by the favorable impact of foreign exchange rates. These decreases were partially offset by increases at Market Intelligence and Ratings primarily due to higher technology costs.

Depreciation and Amortization

Depreciation and amortization was $52 million for the three months ended June 30, 2019, decreasing 1% compared to the three months ended June 30, 2018.

Six Months

(in millions)	2019					2018					% Change
	Operating- related expenses			Selling and general expenses		Operating- related expenses			Selling and general expenses		Operating- related expenses	Selling and general expenses
Ratings 1	$	422		$	239	$	432		$	297	(2)%	(20)%
Market Intelligence 2	342			287		335			267		2%	8%
Platts3	109			98		100			101		9%	(3)%
Indices4	69			67		63			66		9%	4%
Intersegment eliminations 5	(63		)	—		(60		)	—		(4)%	N/M
Total segments	879			691		870			731		1%	(5)%
Corporate Unallocated expense 6	19			64		7			88		N/M	(28)%
Total	$	898		$	755	$	877		$	819	2%	(8)%

¹  In 2019, selling and general expenses include employee severance charges of $11 million. In 2018, selling and general expenses include legal settlement expenses of $73 million.

²  In 2019, selling and general expenses include employee severance charges of $1 million.

³  In 2019, selling and general expenses include employee severance charges of $1 million.

⁴  In 2019, selling and general expenses include employee severance charges of $1 million.

⁵  Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

⁶ In 2019, selling and general expenses include employee severance charges of $7 million and a lease impairment of $5 million. In 2019 and 2018, selling and general expenses include Kensho retention related expense of $11 million and $12 million, respectively.

Operating-Related Expenses

Operating-related expenses increased 2% driven by the acquisition of Kensho in April of 2018 and increases at Platts, Market Intelligence and Indices, partially offset by a decrease at Ratings. Platts increased due to higher compensation costs primarily related to annual merit increases and higher technology costs. The increase at Market Intelligence was primarily due to higher technology costs and an increase in intersegment royalties tied to annualized contract value growth.The increase at Indices was primarily related to increased costs to support revenue growth and business initiatives and higher compensation costs. These increases were partially offset by a decrease at Ratings driven by lower professional fees and decreased compensation costs due to decreased headcount from attrition and prior year restructuring actions, partially offset by an increase in costs related to the development of a global center for technology talent in India.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

41

Selling and General Expenses

Selling and general expenses decreased 8%. Excluding the impact of legal settlement expenses in 2018 of 9 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 2 percentage points and a lease impairment charge in 2019 of 1 percentage point, selling and general expenses decreased 2%. This decrease was primarily driven by a $20 million contribution made by the Company to the S&P Global Foundation in 2018, partially offset by an increase at Market Intelligence due to higher technology and compensation costs.

Depreciation and Amortization

Depreciation and amortization increased 7% compared to the six months ended June 30, 2018 due to an increase in amortization expense primarily from the acquisition of Kensho in April of 2018.

Operating Profit

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment's contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated. Segment operating profit is not, however, a measure of financial performance under U.S. GAAP, and may not be defined and calculated by other companies in the same manner.

The table below reconciles segment operating profit to total operating profit for the periods ended June 30:

Three Months

(in millions)	2019			2018			% Change
Ratings 1	$	455		$	369		23%
Market Intelligence 2	147			127			15%
Platts 3	107			98			9%
Indices 4	162			137			19%
Total segment operating profit	871			731			19%
Corporate Unallocated 5	(58		)	(59		)	1%
Total operating profit	$	813		$	672		21%

¹ 2019 includes employee severance charges of $11 million and 2018 includes legal settlement expenses of $73 million. 2019 and 2018 include amortization of intangibles from acquisitions of $1 million.

²  2019 includes employee severance charges of $1 million. 2019 and 2018 include amortization of intangibles from acquisitions of $19 million and $18 million, respectively.

³  2019 includes employee severance charges of $1 million. 2019 and 2018 include amortization of intangibles from acquisitions of $3 million and $4 million, respectively.

⁴  2019 and 2018 include amortization of intangibles from acquisitions of $1 million.

⁵  2019 includes employee severance charges of $7 million, Kensho retention related expense of $5 million, a lease impairment charge of $5 million and amortization of intangibles from acquisitions of $7 million. 2018 includes Kensho retention related expense of $12 million and amortization of intangibles from acquisitions of $8 million.

Segment Operating Profit — Increased 19% as compared to 2018. Excluding the impact of higher legal settlement expenses in 2018 of 11 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 2 percentage points, operating profit increased 10%. The increase was primarily due to an increase in revenue at all of our reportable segments, partially offset by increased costs at Market Intelligence and Indices. See “Segment Review” below for further information.

Corporate Unallocated — Corporate Unallocated includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses, and Kensho revenue in 2018. Corporate Unallocated improved 1% compared to 2018. Excluding the unfavorable impact of higher employee severance charges in 2019 of 18 percentage points, a lease impairment

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charge in 2019 of 14 percentage points, partially offset by the favorable impact of lower Kensho retention related expense in 2019 of 19 percentage points and lower deal-related amortization in 2019 of 4 percentage points, Corporate Unallocated improved 10% driven by a reduction in professional fees.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual businesses functional currency.

Six Months

(in millions)	2019			2018			% Change
Ratings 1	$	818		$	777		5%
Market Intelligence 2	292			238			22%
Platts 3	201			188			7%
Indices 4	311			285			9%
Total segment operating profit	1,622			1,488			9%
Corporate Unallocated 5	(104		)	(105		)	—%
Total operating profit	$	1,518		$	1,383		10%

 

¹  2019 includes employee severance charges of $11 million and 2018 includes legal settlement expenses of $73 million. 2019 and 2018 include amortization of intangibles from acquisitions of $1 million.

²  2019 includes employee severance charges of $1 million. 2019 and 2018 include amortization of intangibles from acquisitions of $37 million and $36 million, respectively.

³  2019 includes employee severance charges of $1 million. 2019 and 2018 include amortization of intangibles from acquisitions of $7 million and $9 million, respectively.

⁴  2019 and 2018 include amortization of intangibles from acquisitions of $3 million.

⁵  2019 includes Kensho retention related expense of $11 million, employee severance charges of $7 million, a lease impairment charge of $5 million and amortization of intangibles from acquisitions of $14 million. 2018 includes Kensho retention related expense of $12 million and amortization of intangibles from acquisitions of $8 million.

Segment Operating Profit — Increased 9% as compared to 2018. Excluding the impact of higher legal settlement expenses in 2018 of 5 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 1 percentage point, operating profit increased 5% primarily driven by revenue increases at Market Intelligence, Indices and Platts, partially offset by a decrease in revenue at Ratings. This increase was partially offset by increased costs at Market Intelligence, Indices and Platts. See “Segment Review” below for further information.

Corporate Unallocated — Corporate Unallocated includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses, and Kensho revenue in 2018. Corporate Unallocated remained relatively unchanged compared to 2018. Excluding the unfavorable impact of higher employee severance charges in 2019 of 8 percentage points, higher deal-related amortization in 2019 of 8 percentage points and a lease impairment charge of 5 percentage points, corporate unallocated improved 21% driven by a $20 million contribution made by the Company to the S&P Global Foundation in 2018.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual businesses functional currency.

Other (Income) Expense, net

Other (income) expense, net primarily includes the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $6 million and $11 million for the three months ended June 30, 2019 and 2018, respectively, primarily due to a

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gain on investment in 2018 of $3 million that did not recur in 2019. During the first quarter of 2019, the Company purchased a group annuity contract under which an insurance company assumed the Company’s obligation to pay pension benefits to approximately 4,600 retirees and beneficiaries. This purchase eliminates all future investment or mortality risk associated with these retirees. The purchase of this group annuity contract was funded with pension plan assets.  As a result, the Company’s outstanding pension benefit obligation was reduced by approximately $370 million, representing approximately 24% of the total obligations of the Company’s qualified pension plans. In connection with this transaction, the Company recorded a pre-tax settlement charge of $113 million, reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan. Other expense, net was $97 million for the first six months of 2019 and other income, net was $16 million for the first six months of 2018. Excluding this pension settlement charge, other income, net remained unchanged at $16 million for six months ended June 30, 2019 and 2018.

Interest Expense, net

Net interest expense increased compared to the three and six months ended June 30, 2018 driven by the release of reserves for accrued interest in 2018 related to the resolution of various tax audits.

Provision for Income Taxes

The effective income tax rate was 23.0% and 21.7% for the three and six months ended June 30, 2019, respectively, and 23.8% and 22.7% for the three and six months ended June 30, 2018, respectively. The decrease in 2019 was primarily due to the recognition of excess tax benefits associated with share-based payments in the statement of income.

Segment Review

Ratings

Ratings is an independent provider of credit ratings, research, and analytics to investors, issuers and other market participants. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

Ratings differentiates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

• ratings related to new issuance of corporate and government debt instruments, and structured finance debt instruments;

• bank loan ratings; and

• corporate credit estimates, which are intended, based on an abbreviated analysis, to provide an indication of our opinion regarding creditworthiness of a company which does not currently have a Ratings credit rating.

Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $29 million and $58 million for the three and six months ended June 30, 2019, respectively, and $26 million and $52 million for the three and six June 30, 2018, respectively.

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The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	801		$	775		3%	$	1,497		$	1,523		(2)%
Transaction revenue	$	429		$	397		8%	$	760		$	766		(1)%
Non-transaction revenue	$	372		$	378		(1)%	$	737		$	757		(3)%
% of total revenue:
Transaction revenue	54		%	51		%		51		%	50		%
Non-transaction revenue	46		%	49		%		49		%	50		%
U.S. revenue	$	454		$	444		2%	$	852		$	866		(2)%
International revenue	$	347		$	331		5%	$	645		$	657		(2)%
% of total revenue:
U.S. revenue	57		%	57		%		57		%	57		%
International revenue	43		%	43		%		43		%	43		%
Operating profit 1	$	455		$	369		23%	$	818		$	777		5%
Operating margin %	57		%	48		%		55		%	51		%

¹  Operating profit for the three and six months ended June 30, 2019 includes employee severance charges of $11 million. Operating profit for the three and six months ended June 30, 2018 includes legal settlement expenses of $73 million. Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three and six months ended June 30, 2019 and 2018.

Three Months

Revenue increased 3%, with a 2 percentage point unfavorable impact from foreign exchange rates. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by increased U.S. high-yield corporate bond issuance volumes. This increase was partially offset by lower bank loan ratings mainly driven by reduced issuance volumes in the U.S. Non-transaction revenue decreased due to a decrease at CRISIL, primarily within the risk and analytics sector, lower entity credit ratings revenue and a decline in Ratings Evaluation Service activity, partially offset by an increase in surveillance fees and royalty revenue. Transaction and non-transaction revenue benefited from improved contract terms across product categories.

Operating profit increased 23%, with a 3 percentage point unfavorable impact from foreign exchange rates. Excluding the impact of higher legal settlement expenses in 2018 of 21 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 3 percentage points, operating profit increased 5%. This increase was primarily due to the increase in revenue discussed above, partially offset by the unfavorable impact of foreign exchange rates. Expenses remained relatively flat as higher costs related to the development of a global center for technology in India were offset by lower incentive costs, lower professional fees and a reduction in legal expenses.

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Six Months

Revenue decreased 2%, with a 2 percentage point unfavorable impact from foreign exchange rates. Non-transaction revenue decreased due to a decrease at CRISIL, primarily within the risk and analytics sector, a decline in Ratings Evaluation Service activity and lower entity credit ratings revenue, partially offset by an increase royalty revenue and surveillance fees. Transaction revenue decreased due to lower bank loan ratings revenue mainly driven by reduced issuance volumes in the U.S., partially offset by higher corporate bond ratings revenue primarily driven by increased U.S. high-yield corporate bond issuance volumes. Additionally, transaction revenue was unfavorably impacted by a decrease in structured finance revenue driven by decreased collateralized loan obligations ("CLO") and asset-backed securities issuance. Transaction and non-transaction revenue benefited from improved contract terms across product categories.

Operating profit increased 5%, with a 2 percentage point unfavorable impact from foreign exchange rates. Excluding the impact of higher legal settlement expenses in 2018 of 9 percentage points, partially offset by the unfavorable impact of higher employee severance charges in 2019 of 1 percentage point, operating profit decreased 2%.This decrease was primarily due to the decrease in revenue discussed above and an increase in costs related to the development of a global center for technology in India, partially offset by lower professional service fees, a reduction in legal expenses and lower incentive costs.

Market Issuance Volumes

We monitor market issuance volumes regularly within Ratings. Market issuance volumes noted within the discussion that follows are based on where an issuer is located or where the assets associated with an issue are located. Structured Finance issuance includes amounts when a transaction closes, not when initially priced and excludes domestically-rated Chinese issuance. The following tables depict changes in issuance levels as compared to the prior year based on data from SDC Platinum for Corporate bond issuance and based on a composite of external data feeds and Ratings' internal estimates for Structured Finance issuance.

	Second Quarter Compared to Prior Year			Year-to-Date Compared to Prior Year
Corporate Bond Issuance *	U.S.	Europe	Global	U.S.	Europe	Global
High-yield issuance	41%	(4)%	27%	21%	(15)%	12%
Investment-grade issuance	5%	(17)%	(4)%	1%	(13)%	(1)%
Total issuance	10%	(15)%	(1)%	4%	(14)%	—%

* Includes Industrials and Financial Services.

• Corporate issuance in the U.S. was up in the quarter and first half of 2019 driven by a strong double-digit increase in high-yield issuance. Accommodating views from the U.S. Federal Reserve regarding interest rates throughout 2019 moved investors toward more fixed-rate debt. M&A activity was a driver of large financing transactions that contributed to increased investment-grade issuance in the quarter. The decline in corporate issuance in Europe for the quarter and year-to-date was mainly driven by uncertainty in the European markets primarily related to Brexit.

	Second Quarter Compared to Prior Year			Year-to-Date Compared to Prior Year
Structured Finance Issuance	U.S.	Europe	Global	U.S.	Europe	Global
Asset-backed securities (“ABS”)	(1)%	(19)%	—%	(12)%	(31)%	(10)%
Structured credit	(51)%	(33)%	(48)%	(46)%	(36)%	(44)%
Commercial mortgage-backed securities (“CMBS”)	18%	4%	17%	(2)%	(35)%	(5)%
Residential mortgage-backed securities (“RMBS”)	28%	23%	45%	44%	(16)%	27%
Covered bonds	*	4%	—%	*	22%	15%
Total issuance	(19)%	(1)%	(7)%	(19)%	2%	(7)%

* Represents no activity in 2019 and 2018.

• ABS issuance was down in the U.S. for the quarter driven by a decline in credit card transactions. ABS issuance in the U.S. for the first half of the year was down reflecting a decline in student loan transactions in the first quarter of 2019. ABS issuance was down in Europe for the quarter driven by a decline in auto transactions. ABS issuance was down in Europe for the first half of the year also reflecting uncertainty caused by regulation introducing a new framework for simple, transparent and standardized ("STS") securitizations effective January 1, 2019.

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• Issuance was down in the U.S and European structured credit markets driven by a decline in CLO transactions.

• CMBS issuance was up in the U.S. and Europe in the quarter reflecting increased market volume. CMBS issuance for the first half of the year was down reflecting decreased market volume in the first quarter of 2019.

• RMBS issuance was up in the U.S. and Europe in the quarter reflecting increased market volume primarily driven by nonqualified mortgages. RMBS issuance was down in Europe for the first half of the year reflecting uncertainty caused by regulations introducing a new framework for STS securitizations effective January 1, 2019.

• Covered bond (debt securities backed by mortgages or other high-quality assets that remain on the issuer's balance sheet) issuance in Europe was up partially due to the impact of new regulations bringing consistency across countries within Europe and from the European Central Bank's covered bond asset purchase program.

For a further discussion of the legal and regulatory environment see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Market Intelligence

Market Intelligence's portfolio of capabilities are designed to help investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and assess credit risk.

Market Intelligence includes the following business lines:

• Desktop — a product suite that provides data, analytics and third-party research for global finance professionals, which includes the Market Intelligence Desktop (which are inclusive of the S&P Capital IQ and SNL Desktop products);

• Data Management Solutions — integrated bulk data feeds and application programming interfaces that can be customized, which includes Compustat, GICS, Point In Time Financials and CUSIP; and

• Credit Risk Solutions — commercial arm that sells Ratings' credit ratings and related data, analytics and research, which includes subscription-based offerings, RatingsDirect® and RatingsXpress®, and Credit Analytics.

Subscription revenue at Market Intelligence is primarily derived from distribution of data, analytics, third party research, and credit ratings-related information primarily through web-based channels including Market Intelligence Desktop, RatingsDirect®, RatingsXpress®, and Credit Analytics. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing and analytical services.

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The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	487		$	449		8%	$	969		$	889		9%
Subscription revenue	$	471		$	431		9%	$	939		$	856		10%
Non-subscription revenue	$	12		$	13		(9)%	$	21		$	23		(5)%
Asset-linked fees	$	4		$	5		(18)%	$	9		$	10		(11)%
% of total revenue:
Subscription revenue	97		%	96		%		97		%	96		%
Non-subscription revenue	2		%	3		%		2		%	3		%
Asset-linked fees	1		%	1		%		1		%	1		%
U.S. revenue	$	306		$	285		7%	$	611		$	576		6%
International revenue	$	181		$	164		11%	$	358		$	313		15%
% of total revenue:
U.S. revenue	63		%	63		%		63		%	65		%
International revenue	37		%	37		%		37		%	35		%
Operating profit 1	$	147		$	127		15%	$	292		$	238		22%
Operating margin %	30		%	28		%		30		%	27		%

Note - In the fourth quarter of 2018, Trucost was transferred from Indices to Market Intelligence and historical reporting was retroactively revised to reflect the change.

¹  Operating profit for the three and six months ended June 30, 2019 includes employee severance charges of $1 million. Operating profit includes amortization of intangibles from acquisitions of $19 million and $18 million for the three months ended June 30, 2019 and 2018, respectively, and $37 million and $36 million for the six months ended June 30, 2019 and 2018, respectively.

Three Months

Revenue increased 8%, with a 1 percentage point unfavorable impact from foreign exchange rates. Revenue increased primarily driven by growth in annualized contract values in RatingsXpress® and RatingsDirect®, certain of our Data feed products and CUSIP within Data Management Solutions and the Market Intelligence Desktop products. Revenue growth at Data Management Solutions, Credit Risk Solutions and Desktop was 15%, 12% and 4%, respectively.

Operating profit increased 15%, with a 7 percentage point favorable impact from foreign exchange rates. Excluding the impact of employee severance charges and amortization of intangibles from acquisitions of 1 percentage point, operating profit increased 14%. The increase was primarily due to revenue growth, partially offset by an increase in technology costs, higher compensation costs primarily driven by additional headcount and an increase in intersegment royalties tied to annualized contract value growth.

Six Months

Revenue increased 9% primarily driven by growth in annualized contract values in the Market Intelligence Desktop products, RatingsXpress® and RatingsDirect® and certain of our Data feed products and CUSIP within Data Management Solutions. Revenue growth at Data Management Solutions, Credit Risk Solutions and Desktop was 13%, 11% and 6%, respectively. Foreign exchange rates had an unfavorable impact of less than one percentage point.

Operating profit increased 22%, with a 5 percentage point favorable impact from foreign exchange rates. Excluding the impact of employee severance charges of 1 percentage point and amortization of intangibles from acquisitions of 1 percentage point, operating profit increased 20%. The increase was primarily due to revenue growth, partially offset by an increase in technology costs, higher compensation costs primarily driven by additional headcount and an increase in intersegment royalties tied to annualized contract value growth.

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Platts

Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets. Platts provides essential price data, analytics, and industry insight enabling the commodity and energy markets to perform with greater transparency and efficiency.

Platts' revenue is generated primarily through the following sources:

• Subscription revenue — primarily from subscriptions to our real-time news, market data and price assessments, along with other information products;

• Sales usage-based royalties — primarily from licensing of our proprietary market price data and price assessments to commodity exchanges; and

• Non-subscription revenue — conference sponsorship, consulting engagements, and events.

The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	213		$	205		4%	$	420		$	401		5%
Subscription revenue	$	195		$	188		4%	$	386		$	369		5%
Sales usage-based royalties	$	15		$	13		12%	$	29		$	26		10%
Non-subscription revenue	$	3		$	4		(18)%	$	5		$	6		(15)%
% of total revenue:
Subscription revenue	92		%	92		%		92		%	92		%
Sales usage-based royalties	7		%	6		%		7		%	6		%
Non-subscription revenue	1		%	2		%		1		%	2		%
U.S. revenue	$	71		$	71		1%	$	141		$	140		—%
International revenue	$	142		$	134		6%	$	279		$	261		7%
% of total revenue:
U.S. revenue	33		%	34		%		33		%	35		%
International revenue	67		%	66		%		67		%	65		%
Operating profit 1	$	107		$	98		9%	$	201		$	188		7%
Operating margin %	50		%	48		%		48		%	47		%

¹  Operating profit for the three and six months ended June 30, 2019 includes employee severance charges of $1 million. Operating profit includes amortization of intangibles from acquisitions of $3 million and $4 million, for the three months ended June 30, 2019 and 2018, respectively, and $7 million and $9 million for the six months ended June 30, 2019 and 2018, respectively.

Three Months

Revenue increased 4% due to continued demand for market data and price assessment products primarily driven by enhanced contract terms, led by petroleum, and an increase in sales usage-based royalties from the licensing of our proprietary market price data and price assessments to commodity exchanges mainly due to increased trading volumes in Fuel Oil, Natural Gas, LNG and Iron Ore. Demand for market data and price assessment products was driven by international customers. Petroleum continues to be the most significant revenue driver, with power & gas and metals also contributing to revenue growth.

Operating profit increased 9%, with a 4 percentage point favorable impact from foreign exchange rates. Excluding the unfavorable impact of higher employee severance costs in 2019 of 3 percentage points, offset by the favorable impact of lower amortization of intangibles in 2019 of 3 percentage points, operating profit increased 9%. The increase was primarily due to revenue growth.

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Six Months

Revenue increased 5% due to continued demand for market data and price assessment products primarily driven by enhanced contract terms, led by petroleum, and an increase in sales usage-based royalties from the licensing of our proprietary market price data and price assessments to commodity exchanges mainly due to increased trading volumes in Fuel Oil, Natural Gas, LNG and Iron Ore. Demand for market data and price assessment products was driven by international customers. Petroleum continues to be the most significant revenue driver, with power & gas, metals and petrochemicals also contributing to revenue growth.

Operating profit increased 7%, with a 3 percentage point favorable impact from foreign exchange rates. Excluding the favorable impact of lower amortization of intangibles in 2019 of 2 percentage points, partially offset by the unfavorable impact of higher employee severance costs in 2019 of 1 percentage point, operating profit increased 6%. The increase was primarily due to revenue growth, partially offset by an increase in operating costs to support revenue growth and business initiatives at Platts, an increase in compensation costs mainly due to annual merit increases, higher technology costs, an increase in the bad debt provision in the current year and one-time costs related to the discontinuation of a product line at Platts.

Indices

Indices is a global index provider maintaining a wide variety of indices to meet an array of investor needs. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products and provide investors with tools to monitor world markets.

Indices primarily derives revenue from asset-linked fees based on the S&P and Dow Jones Indices and to a lesser extent generates subscription revenue and sales-usage based royalties. Specifically, Indices generates revenue from the following sources:

• Investment vehicles — asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices' benchmarks that generate revenue through fees based on assets and underlying funds;

• Exchange traded derivatives — generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges;

• Index-related licensing fees — fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and

• Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

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The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2019			2018			% Change	2019			2018			% Change
Revenue	$	235		$	207		14%	$	452		$	418		8%
Asset-linked fees	$	159		$	135		18%	$	302		$	265		14%
Subscription revenue	$	40		$	34		21%	$	80		$	64		24%
Sales usage-based royalties	$	36		$	38		(6)%	$	70		$	89		(21)%
% of total revenue:
Asset-linked fees	67		%	65		%		67		%	63		%
Subscription revenue	17		%	16		%		18		%	16		%
Sales usage-based royalties	16		%	19		%		15		%	21		%
U.S. revenue	$	206		$	173		19%	$	389		$	356		9%
International revenue	$	29		$	34		(14)%	$	63		$	62		2%
% of total revenue:
U.S. revenue	88		%	84		%		86		%	85		%
International revenue	12		%	16		%		14		%	15		%
Operating profit 1	$	162		$	137		19%	$	311		$	285		9%
Less: net operating profit attributable to noncontrolling interests	44			37				84			77
Net operating profit	$	118		$	100		19%	$	227		$	208		9%
Operating margin %	69		%	66		%		69		%	68		%
Net operating margin %	50		%	48		%		50		%	50		%

Note - In the fourth quarter of 2018, Trucost was transferred from Indices to Market Intelligence and historical reporting was retroactively revised to reflect the change.

¹  Operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2019 and 2018, and $3 million for the six months ended June 30, 2019 and 2018.

Three Months

Revenue at Indices increased 14% and was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. Higher levels of assets under management ("AUM") for mutual funds and ETFs also contributed to revenue growth. These increases were partially offset by lower revenue from exchange-traded derivatives. Ending AUM for ETFs in the second quarter of 2019 increased 10% to $1.521 trillion and average AUM for ETFs increased 9% to $1.488 trillion compared to the second quarter of 2018. Foreign exchange rates had an unfavorable impact of less than one percentage point.

Operating profit increased 19%. The impact of revenue growth was partially offset by increased operating costs to support revenue growth and business initiatives at Indices, higher legal expenses and increased compensation costs driven by additional headcount, partially offset by lower incentive costs. Foreign exchange rates had a favorable impact of 1 percentage point.

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Six Months

Revenue at Indices increased 8% and was favorably impacted by the buyout of the balance of intellectual property rights in a family of indices from one of our co-marketing and index development partners in the fourth quarter of 2018, a benefit related to a recent contract renegotiation, and a retrospective fee for previously unidentified index usage. Higher levels of assets under management ("AUM") for mutual funds and ETFs also contributed to revenue growth. These increases were partially offset by a decrease in exchange-traded derivatives revenue primarily driven by lower volumes in the first quarter of 2019. Ending AUM for ETFs in the first six months of 2019 increased 10% to $1.521 trillion and average AUM for ETFs increased 5% to $1.444 trillion compared to first six months of 2018. Foreign exchange rates had an unfavorable impact of less than one percentage point.

Operating profit increased 9%. The impact of revenue growth was partially offset by increased operating costs to support revenue growth and business initiatives at Indices, increased compensation costs primarily driven by additional headcount and higher legal expenses, partially offset by lower incentive costs. Foreign exchange rates had a favorable impact of less than 1 percentage point.

LIQUIDITY AND CAPITAL RESOURCES

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

Cash Flow Overview

Cash, cash equivalents, and restricted cash were $1,920 million as of June 30, 2019, a decrease of $38 million from December 31, 2018.

The following table provides cash flow information for the six months ended June 30: 

(in millions)	2019			2018			% Change
Net cash provided by (used for):
Operating activities	$	1,010		$	903		12%
Investing activities	$	(53	)	$	(305	)	(83)%
Financing activities	$	(1,008	)	$	(1,404	)	(28)%

In the first six months of 2019, free cash flow increased to $905 million compared to $765 million in the first six months of 2018. The increase is primarily due to an increase in cash provided by operating activities as discussed below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow and free cash flow excluding certain items.

Operating activities

Cash provided by operating activities increased $107 million to $1,010 million for the first six months of 2019. The increase is mainly due to higher operating results and lower incentive compensation payments in 2019.

Investing activities

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash used for investing activities decreased to $53 million for the first six months of 2019 compared to $305 million in the first six months of 2018, primarily due to cash used for the acquisition of Kensho in 2018. See Note 2 — Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for further discussion.

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Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt and proceeds from the exercise of stock options.

Cash used for financing activities decreased to $1,008 million for the first six months of 2019 as compared to $1,404 million in the first six months of 2018. The decrease is primarily attributable to a decrease in cash used for share repurchases in 2019.

During the first six months of 2019, we used cash to repurchase 3.4 million shares for $644 million. We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on February 11, 2019 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company.We completed the ASR agreement on July 31, 2019 and will receive an additional 0.1 million shares in August of 2019 resulting in a total of 2.3 million shares repurchased under the ASR agreement for an average purchase price of $214.65 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors on December 4, 2013. During the first six months of 2018, we used cash to repurchase 5.0 million shares for $1,100 million.

Additional Financing

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of June 30, 2019 and December 31, 2018, there were no commercial paper borrowings outstanding.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 10 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our corporate credit rating.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

Dividends

On January 30, 2019, the Board of Directors approved an increase in the quarterly common stock dividend from $0.50 per share to $0.57 per share.

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders, net. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow. Additionally, we have considered certain items in evaluating free cash flow, which are included in the table below.

We believe the presentation of free cash flow and free cash flow excluding certain items allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

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The presentation of free cash flow and free cash flow excluding certain items are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow excluding the impact of the item below for the six months ended June 30: 

(in millions)	2019			2018			% Change
Cash provided by operating activities	$	1,010		$	903		12	%
Capital expenditures	(46		)	(60		)
Distributions to noncontrolling interest holders, net 1	(59		)	(78		)
Free cash flow	905			765			18	%
Settlement of prior-year tax audits	50			71
Payment of legal settlements	1			29
Tax benefit from legal settlements	—			(7		)
Free cash flow excluding certain items	$	956		$	858		11	%

¹ Distributions to noncontrolling interest holders is net of amounts owed to the S&P Dow Jones Indices LLC joint venture by the noncontrolling interest holders.

(in millions)	2019		2018		% Change
Cash used for investing activities	(53	)	(305	)	(83	)%
Cash used for financing activities	(1,008	)	(1,404	)	(28	)%

CRITICAL ACCOUNTING ESTIMATES

Our accounting policies are described in Note 1 — Accounting Policies to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable non-controlling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our Form 10-K, there have been no changes to our critical accounting estimates.

RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS

See Note 13 – Recently Issued or Adopted Accounting Standards to the consolidated financial statements of this Form 10-Q for further information.

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FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• worldwide economic, financial, political and regulatory conditions, including geopolitical uncertainty and conditions that may result from legislative, regulatory, trade and policy changes associated with the current U.S. administration or the United Kingdom’s withdrawal from the European Union;

• the rapidly evolving regulatory environment, in Europe, the United States and elsewhere, affecting Ratings, S&P Global Platts, Indices, and S&P Global Market Intelligence, including new and amended regulations and the Company’s compliance therewith;

• the impact of the recent acquisition of Kensho, including the impact on the Company’s results of operations; any failure to successfully integrate Kensho into the Company’s operations; any failure to attract and retain key employees; and the risk of litigation, unexpected costs, charges or expenses relating to the acquisition;

• the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs or improper disclosure of confidential information or data;

• our ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

• the health of debt and equity markets, including credit quality and spreads, the level of liquidity and future debt issuances and the potentially adverse impact of increased access to cash resulting from the Tax Cuts and Jobs Act;

• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

• concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks and indices;

• the effect of competitive products and pricing, including the level of success of new product developments and global expansion;

• consolidation in the Company’s end-customer markets;

• the introduction of competing products or technologies by other companies;

• the impact of customer cost-cutting pressures, including in the financial services industry and the commodities markets;

• a decline in the demand for credit risk management tools by financial institutions;

• the level of merger and acquisition activity in the United States and abroad;

• the volatility of the energy marketplace;

• the health of the commodities markets;

• our ability to attract, incentivize and retain key employees;

• our ability to adjust to changes in European and United Kingdom markets as the United Kingdom leaves the European Union; the impact of the United Kingdom’s departure on our offerings in the European Union; and the impact of the United Kingdom’s departure on our credit rating activities and other European and United Kingdom offerings, particularly in the event of the United Kingdom's departure without an agreement on terms with the European Union;

• the Company’s ability to successfully recover should it experience a disaster or other business continuity problem from a hurricane, flood, earthquake, terrorist attack, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event;

• changes in applicable tax or accounting requirements, including the impact of the Tax Cuts and Jobs Act;

• the level of the Company’s future cash flows and capital investments;

• the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and

• the Company’s exposure to potential criminal sanctions or civil penalties if it fails to comply with foreign and U.S. laws and regulations that are applicable in the domestic and international jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia, Sudan and Syria, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions.

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The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including the “Risk Factors” section in the Company’s most recently filed Annual Report on Form 10-K.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2019 and December 31, 2018, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. As of June 30, 2019 and December 31, 2018, we entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - Derivative Instruments to the consolidated financial statements of this Form 10-Q for further discussion.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2019, an evaluation was performed under the supervision and with the participation of management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of June 30, 2019.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 – Commitments and Contingencies - Legal & Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.

Item 1A. Risk Factors

Our most recent Form 10-K contains detailed cautionary statements which identify all known material risks, uncertainties and other factors that could cause our actual results to differ materially from historical or expected results. There have been no material changes to the risk factors we have previously disclosed in Item 1A, Risk Factors, in our most recent Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of up to 50 million shares, which was approximately 18% of the Company's outstanding shares at that time. As of June 30, 2019, 7.2 million shares remained under our current share repurchase program.

Repurchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. Our current share repurchase program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We did not make any purchases of our outstanding common stock during the second quarter of 2019 pursuant to our current share repurchase program.

The following table provides information on our purchases of our outstanding common stock during the second quarter of 2019 pursuant to our current share repurchase program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees’ tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

There were no other share repurchases during the quarter outside the repurchases noted below.

Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Programs	(d) Maximum Number of Shares that may yet be Purchased Under the Programs
April 1 — April 30, 2019	2,353	214.38		—	7.2 million
May 1 — May 31, 2019	1,989	217.16		—	7.2 million
June 1 — June 30, 2019	1,995	216.40		—	7.2 million
Total — Quarter	6,337	$	215.89	—	7.2 million

Item 5. Other Information

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

Revenue during the second quarter of 2019 attributable to the transactions or dealings by the Company described below was approximately $1.4 million with net profit from such sales being a fraction of the revenues.

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During the second quarter of 2019, Platts, a division of the Company that provides energy-related information in over 150 countries, sold information and informational materials, which are generally exempt from U.S. economic sanctions, to subscribers that are owned or controlled, or appear to be owned or controlled, by the Government of Iran. Platts provided such subscribers access to proprietary data, analytics, and industry information that enable commodities markets to perform with greater transparency and efficiency, generating revenue that was a de minimis portion of both the division's and the Company’s revenue. The Company will continue to monitor its provision of products and services to such subscribers.

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Item 6. Exhibits

(10.1)	Senior Executive Severance Plan as amended May 8, 2019
(15)	Letter on Unaudited Interim Financials
(31.1)	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
(31.2)	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
(32)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(101.INS)	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
(101.SCH)	XBRL Taxonomy Extension Schema
(101.CAL)	XBRL Taxonomy Extension Calculation Linkbase
(101.LAB)	XBRL Taxonomy Extension Label Linkbase
(101.PRE)	XBRL Taxonomy Extension Presentation Linkbase
(101.DEF)	XBRL Taxonomy Extension Definition Linkbase

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

			S&P Global Inc.
			Registrant
Date:	August 1, 2019	By:	/s/ Ewout L. Steenbergen
			Ewout L. Steenbergen
			Executive Vice President and Chief Financial Officer
Date:	August 1, 2019	By:	/s/ Christopher F. Craig
			Christopher F. Craig
			Senior Vice President, Controller and Chief Accounting Officer

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EX-10

Exhibit 10

S&P Global Inc.

SENIOR EXECUTIVE SEVERANCE PLAN

(Amended and restated effective as of May 8, 2019)

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S&P Global Inc.

SENIOR EXECUTIVE SEVERANCE PLAN

(Amended and restated effective as of May 8, 2019)

ARTICLE I PURPOSE

The purpose of this Plan (as defined below) is to provide senior executives who are in a position to contribute materially to the success of the Company Group (as defined below) with reasonable compensation in the event of their termination of employment with the Company Group. The Plan is intended to satisfy the requirements of Section 409A of the Code (as defined below) with respect to amounts subject thereto.

ARTICLE II DEFINITIONS

The following words and phrases as used herein shall have the following meanings:

SECTION 2.01 “Adverse Change in Conditions of Employment” means the occurrence of any of the following events:

(i)An adverse change by the Company in the Participant’s function, duties or responsibilities, which change would cause the Participant’s position with the Company to become one of substantially less responsibility, importance or scope; or

(ii)A 10% or larger reduction by the Company (in one or more steps) of the Participant’s Monthly Base Salary.

provided, however, that the Participant shall notify the Company within 90 days of the occurrence of a change described in Sections 2.01(i) or (ii) above and the Company shall have 30 days to cure such change to the reasonable satisfaction of the Participant (including retroactively with respect to monetary matters), which change, to the extent so cured, shall not be considered an Adverse Change in Conditions of Employment. If the Participant does not terminate his or her employment due to an Adverse Change in Conditions of Employment within six months after the first occurrence of the applicable change described in Sections 2.01(i) or (ii) above, then the Participant will be deemed to have waived his or her right to terminate his or her employment due to an Adverse Change in Conditions of Employment with respect to such change(s).

SECTION 2.02 “Adverse Change in Conditions of Employment After a Change in Control” means the occurrence of any of the following on or within 18 months after a Change in Control:

(i)The failure to pay base salary to the Participant at a monthly rate at least equal to the highest rate paid to the Participant at any time during or after the 24-month period prior to the Change in Control, except as the result of a Company-wide reduction in base salaries pursuant to which the Participant’s Monthly Base Salary is decreased less than 10%;

(ii)The Participant’s annual incentive opportunity, taking into account all material factors such as targeted payment amounts and performance goals, is materially less favorable to

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the Participant than the most favorable such opportunity at any time during or after the 24-month period prior to the Change in Control;

(iii)The Participant’s opportunity to earn long-term incentive payments, on the basis of the grant- date fair value of awards and taking into account vesting requirements and termination provisions of awards, is materially less favorable to the Participant than the most favorable such opportunity in effect at any time during or after the 24 months prior to the Change in Control;

(iv)A material reduction by the Company in the aggregate value to the Participant of the pension and welfare benefit plans in which the Participant is eligible to participate;

(v)The transfer of the Participant to a principal business location that increases by more than 35 miles the distance between the Participant’s principal business location and place of residence;

(vi)Any adverse change in the Participant’s title or reporting relationship or adverse change by the Company in the Participant’s authority, functions, duties or responsibilities (other than which results solely from the Company ceasing to have a publicly traded class of common stock or the Participant no longer serving as the chief executive officer, or reporting to the chief executive officer, of an independent, publicly traded company as a result thereof), which change would cause the Participant’s position with the Company to become one of substantially less responsibility, importance or scope; or

(vii)Any failure by a successor entity to the Company (including any entity that succeeds to the business or assets of the Company) to adopt the Plan;

provided, however, that the Participant shall notify the Company within 90 days of the facts and circumstances described in any of Sections 2.02(i) through (vii) above and the Company shall have 30 days to cure such facts and circumstances to the reasonable satisfaction of the Participant (including retroactively with respect to monetary matters), which facts and circumstances, to the extent so cured, shall not be considered an Adverse Change in Conditions of Employment After a Change in Control. If the Participant does not terminate his or her employment due to an Adverse Change in Conditions of Employment After a Change in Control within six months after the first occurrence of the applicable facts and circumstances described in any of Sections 2.02(i) through (vii) above, then the Participant will be deemed to have waived his or her right to terminate his or her employment due to an Adverse Change in Conditions of Employment After a Change in Control with respect to such facts and circumstances.

SECTION 2.03 “Annual Base Salary” means a Participant’s highest rate of annual base salary during the 24- month period preceding the Participant’s termination of employment, excluding any of the following: year-end or other bonuses, incentive compensation, whether short-term or long-term, commissions, reimbursed expenses, and any payments on account of premiums on insurance or other contributions made to other welfare or benefit plans.

SECTION 2.04 “Annual Target Bonus” means a Participant’s highest, annual, target short-term incentive opportunity during the 24-month period preceding the Participant’s termination of employment.

SECTION 2.05 “Attorneys’ Fees” means any reasonable attorneys’ fees and disbursements incurred in pursuing a Disputed Claim.

SECTION 2.06 “Beneficiary” means the person, persons or entity designated by the

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Participant to receive any benefits payable under the Plan. Any Participant’s Beneficiary designation shall be made in a written instrument filed with the Company and shall become effective only when received, accepted and acknowledged in writing by the Company.

SECTION 2.07 “Board” means the Board of Directors of the Company.

SECTION 2.08 “Cause” means the Participant’s : (i) (x) willful misconduct in the performance of the Participant’s duties to the Company Group or (y) engaging in any other misconduct that results or could reasonably be expected to result in financial, reputational or other harm to the Company; (ii) breach of any employment, service or restrictive covenant agreement between the Participant and the Company; (iii) gross negligence; (iv) material violation of any Company policy, rule, procedure or guideline; (v) conviction of, plea of guilty or nolo contendere to (x) a felony or (y) a misdemeanor involving moral turpitude or fraud or (vi) commission of an act of fraud, embezzlement or misappropriation against the Company. The Participant shall be provided a 10-day period to cure any of the events or occurrences described in the immediately preceding subsections (ii), (iii) and (iv), to the extent capable of cure during such 10-day period.

SECTION 2.09 “Change in Control” means the first to occur of any of the following events:

(i)An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14 (d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (1) the then outstanding shares of Common Stock (the “Outstanding Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); excluding, however, the following: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (2) any acquisition by the Company; (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) of this Section 2.09; or

(ii)A change in the composition of the Board such that the Directors who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section 2.09, that any individual who becomes a Director subsequent to the Effective Date, whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of those Directors who were members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such Director were a member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a member of the Incumbent Board; or

(iii)Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (“Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (A) all or substantially all of the individuals and entities who are the beneficial owners, respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of,

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respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be, (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election of directors except to the extent that such ownership existed prior to the Corporate Transaction, and

(C) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or

(iv)The approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

SECTION 2.10 “Claimant” has the meaning set forth in Section 8.01 of the Plan.

SECTION 2.11 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the applicable rules and regulations promulgated thereunder.

SECTION 2.12 “Commencement Date” means (i) the first payday of the first regular payroll cycle coincident with or next following the Participant’s Qualified Termination of Employment or, if later, (ii) the first payday of the first regular payroll cycle coincident with or next following the date on which the Release executed by the Participant in connection with the Participant’s Qualified Termination of Employment has become fully effective and nonrevocable (which, for the avoidance of doubt, must happen by the end of the Release Period); provided, however, that if the Release Period (or the Release Period plus the days until the first payday of the first regular payroll following the Release Period) begins in the Participant’s one taxable year and ends in the Participant’s following taxable year, the Commencement Date with respect to payments that may be due to the Participant under Section 5.01(a)(i) below shall be the first payday of the first regular payroll cycle in the following taxable year or, if later, the date under clause (ii) of this definition.

SECTION 2.13 “Committee” means the Compensation and Leadership Development Committee of the Board.

SECTION 2.14 “Common Stock” means the common stock, $1.00 par value per share, of the Company.

SECTION 2.15 “Company” means S&P Global Inc., a corporation organized under the laws of the State of New York, or any successor corporation.

SECTION 2.16 “Company Group” means the Company and its Subsidiaries. SECTION 2.17 “Director” means an individual who is a member of the Board.

SECTION 2.18 “Disability” means a Participant’s long-term disability pursuant to a determination of disability under the Company’s Long-Term Disability Plan.

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SECTION 2.19 “Disputed Claim” means a claim for payments under the Plan that is disputed by the Company.

SECTION 2.20 “Effective Date” has the meaning set forth in Section 11.08 of the Plan.

SECTION 2.21 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the applicable rules and regulations promulgated thereunder.

SECTION 2.22 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the applicable rules and regulations promulgated thereunder.

SECTION 2.23 “Excise Tax” has the meaning set forth in Section 5.06 of the Plan.

SECTION 2.24 “Extension Notice” has the meaning set forth in Section 8.01 of the Plan.

SECTION 2.25 “Judgment or Award” means a nonappealable, final judgment from a court of competent jurisdiction or a binding arbitration award granting the Participant all or substantially all of the amount sought in a Disputed Claim.

SECTION 2.26 “Long-Term Disability Plan” means the S&P Global Inc. Long-Term Disability Plan, as amended from time to time (or any successor plan).

SECTION 2.27 “Monthly Base Salary” means a Participant’s Annual Base Salary, divided by 12.

SECTION 2.28 “Net After-Tax Benefit” means the present value (as determined by the Company in accordance with Section 280G(d)(4) of the Code) of the Payments net of all federal, state, local, foreign income, employment and excise taxes.

SECTION 2.29 “Participant” means each employee who participates in the Plan, as provided in Section 4.01 of the Plan.

SECTION 2.30 “Payments” have the meaning set forth in Section 5.06 of the Plan.

SECTION 2.31 “Plan” means the S&P Global Inc. Senior Executive Severance Plan, as amended from time to time.

SECTION 2.32 “Plan Administrator” has the meaning set forth in Section 3.01 of the Plan.

SECTION 2.33 “Protection Period” has the meaning set forth in Section 10.01 of the Plan.

SECTION 2.34 “Qualified Termination of Employment” means the Participant’s “separation from service” within the meaning of Section 409A of the Code from the Company Group, other than by reason of death, Disability, voluntary resignation by a Participant under circumstances not qualifying under this Section 2.34, or lawful Company-mandated retirement at normal retirement age, in accordance with the following:

(i)By the Company for any reason other than for Cause,

(ii)By the Participant due to an Adverse Change in Conditions of Employment;

(iii)By the Participant due to an Adverse Change in Conditions of Employment After a Change in Control.

SECTION 2.35 “Release” means a termination and release agreement in the form approved by the Plan Administrator, which shall, among other things, release the Company

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Group, and each of their respective directors, officers, employees, agents, successors and assigns, from any and all claims that the Participant has or may have against the Company Group and each of their respective directors, officers, employees, agents, successors and assigns, and the standard form of which shall not be modified after, in anticipation of, or at the request of any Person seeking to effect, a Change in Control, except to conform to changes in the requirements of applicable law.

SECTION 2.36 “Release Period” means the 60-day period following the Participant’s Qualified Termination of Employment from the Company Group.

SECTION 2.37 “Separation Pay” has the meaning set forth in Section 5.01(a)(i) of the Plan. SECTION 2.38 “Separation Period” has the meaning set forth in Section 5.01(a)(i) of the Plan.

SECTION 2.39 “Separation Pay Plan” means the Separation Pay Plan of S&P Global Inc., as amended from time to time (or any successor plan).

SECTION 2.40 “Specified Employee” means a Participant who is a “specified employee” within the meaning of Section 409A(a)(2)(b)(i) of the Code.

SECTION 2.41 “Subsidiary” means any subsidiary of the Company at least 50% of whose voting shares are owned directly or indirectly by the Company.

ARTICLE III ADMINISTRATION

SECTION 3.01 Administration. The Plan shall be administered by the Vice President, Global Benefits of the Company (the “Plan Administrator”), who shall have full authority to construe and interpret the Plan, to establish, amend and rescind rules and regulations relating to the administration of the Plan, and to take all such actions and make all such determinations in connection with the administration of the Plan as he or she may deem necessary or desirable. Subject to Article VIII, decisions of the Plan Administrator shall be reviewable by the Executive Vice President, Chief People Officer (the “Appeal Reviewer”). Subject to Article VIII, the Appeal Reviewer shall also have the full authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan and decide and resolve any and all questions, including interpretations of the Plan, as may arise in connection with the Plan. The Plan Administrator and the Appeal Reviewer shall each have the power to designate one or more persons as he or she may deem necessary or desirable in connection with the Plan, who need not be members of the Committee or employees of the Company, to serve or perform some or all of the functions of the Plan Administrator and the Appeal Reviewer, respectively, on his or her behalf. Such person(s) shall have the same rights and authority as the Plan Administrator and the Appeal Reviewer who appointed him or her would have had if acting directly. The Appeal Reviewer (or its delegate) is the named fiduciary for purposes of deciding any appeals of a claim denial pursuant to Article VIII.

SECTION 3.02 Binding Effect of Decisions. Subject to Article VIII, the decision or action of the Committee or the Plan Administrator or the Appeal Reviewer in respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan.

SECTION 3.03 Indemnification. To the fullest extent permitted by law, the Plan Administrator, the Appeal Reviewer, the Committee and the Board (and each member thereof), and any employee of the Company Group to whom fiduciary responsibilities have been delegated shall be indemnified by the Company against any claims, and the expenses

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of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, except claims arising from gross negligence, willful neglect or willful misconduct.

ARTICLE IV PARTICIPATION

SECTION 4.01 Eligible Participants. Subject to the approval of the Committee, the Plan Administrator shall from time to time select Participants from among those employees who are in Grade Level 20, 21 or 22 (or equivalent successor grade) and who are determined by the Plan Administrator to be in a position to contribute materially to the success of the Company Group.

SECTION 4.02 Participation Notification; Participation Agreement. The Company shall notify each Participant in writing of his participation in the Plan, and such notice shall also set forth the payments and benefits to which the Participant may become entitled. The Company may also enter into such agreements as the Committee deems necessary or appropriate with respect to a Participant’s rights under the Plan. Any such notice or agreement may contain such terms, provisions and conditions not inconsistent with the Plan, including but not limited to provisions for the extension or renewal of any such agreement, as shall be determined by the Committee, in its sole discretion.

SECTION 4.03 Termination of Participation. A Participant shall cease to be a Participant in the Plan upon the earlier of (i) his receipt of all of the payments, if any, to which he is or becomes entitled under the terms of the Plan and the terms of any notice or agreement issued by the Company with respect to his participation hereunder, or (ii) the termination of his employment with the Company Group under circumstances not requiring payments under the terms of the Plan. In addition, a Participant shall cease to be a Participant in the Plan if, prior to the occurrence of a Qualified Termination of Employment or a Change in Control, there is an Adverse Change in Conditions of Employment to which the Participant fails to object in writing within 90 days and as a result of which the Participant is no longer in grade level 20, 21 or 22 (or equivalent successor grade).

ARTICLE V

PAYMENTS UPON TERMINATION OF EMPLOYMENT

SECTION 5.01 Separation Pay. (a) In the event of a Qualified Termination of Employment, the Participant shall be entitled to the following:

(i)subject to the Participant’s delivery to the Company of a signed and valid Release within the period set forth in the Release and such Release becoming effective and irrevocable in its entirety by the end of the Release Period, an amount of separation pay (the “Separation Pay”) equal to (x) 2 timesthe Participant’s Annual Base Salary for the Company’s Chief Executive Officer and any other Participant who has been designated by the Committee as “grandfathered” under the Plan or (y) for any other Participant (1) 1 timesthe Participant’s Annual Base Salary if the Participant has less than 24 months of service with the Company or (2) 1.5 timesthe Participant’s Annual Base Salary if the Participant has 24 months or more of service with the Company, in each case, (A) subject to Section 5.05, a portion of which (equal to 1 times the Participant’s Annual Base Salary) is payable in equal installments in accordance with the Company’s payroll practices in effect from time to time starting on the Commencement Date until the first anniversary of the Qualified Termination of Employment (such one-year period after the Qualified Termination of Employment, the “Separation Period”); provided, however, that Separation Pay installments that would have been paid or provided to the Participant had the Commencement Date started on the first payday of the first regular payroll cycle coincident with or next following the Participant’s

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Qualified Termination of Employment shall be paid or provided to the Participant as part of the first installment payment made under this Section 5.01(a)(i); and (B) the remainder of which is payable in a lump sum on or within 30 days following the first anniversary of the Participant’s Qualified Termination of Employment in accordance with the Company’s payroll practices in effect from time to time; providedthat in the event of a Qualified Termination of Employment (1) due to an Adverse Change in Conditions of Employment After a Change in Control or (2) by the Company for any reason other than for Cause on or within 24 months after a Change in Control, the Participant’s Separation Pay shall instead be equal to 2 timesthe sum of the Participant’s Annual Base Salary and Annual Target Bonus payable in the manner described above (with the first portion, for the avoidance of doubt, equal to 1 times the sum of the Participant’s Annual Base Salary and Annual Target Bonus), except, where such Change in Control is within the meaning of Section 409A and applicable regulations, such Separation Pay shall be paid in a lump sum on the Commencement Date in accordance with the Company’s payroll practices in effect from time to time. For the avoidance of doubt, if the Release does not become effective and irrevocable in its entirety prior to the expiration of the Release Period, the Participant shall not be entitled to any payments pursuant to this Section 5.01(a)(i); and

(ii)active participation in all Company-sponsored retirement, life, medical, and dental insurance benefit plans or programs in which the Participant was participating immediately prior to his Qualified Termination of Employment for the Separation Period (but only to the extent the Company continues to offer such plans and programs to similarly situated active employees of the Company and similarly situated active employees continue to be eligible to participate in or accrue benefits under such plans and programs), and only to the extent permitted by applicable law as determined by the Company and not otherwise provided under the terms of such plans and programs, it being understood that continued participation in Company-sponsored retirement plans or programs shall be limited to such plans or programs that are not intended to be qualified under Section 401(a) or 401(k) of the Code; providedthat the Participant shall be responsible for any required payments for participation in such plans or programs; and, provided, further, that following the Separation Period, the Company shall pay to the Participant in a lump sum in accordance with the Company’s payroll practices in effect from time to time, on or within 30 days following the first anniversary of the Participant’s Qualified Termination of Employment, a cash amount equal to 10% of the total amount of his Separation Pay in excess of 12 months (or, in the case of a lump sum payment on a Change in Control that is within the meaning of Section 409A of the Code, 10% of 1 times the sum of the Participant’s Annual Base Salary and Annual Target Bonus). Notwithstanding the foregoing, (x) if the Release does not become effective and irrevocable in its entirety prior to the expiration of the Release Period, the Participant shall cease to be entitled to any benefits and payments under this Section 5.01(a)(ii) and the Company shall cease and no longer be obligated to provide any such benefits and payments to the Participant, and (y) to the extent the Company’s providing continuation of benefits or making payments under this Section 5.01(a)(ii) would violate applicable nondiscrimination rules (if any), the Company shall instead pay to the Participant in a lump sum a cash amount equal to 10% of the portion of his or her total Separation Pay for the remaining Separation Period on or within 30 days following the first anniversary of the Participant’s Qualified Termination of Employment in accordance with the Company’s payroll practices in effect from time to time.

(b)The payments and benefits described in Section 5.01(a) of the Plan shall be in lieu of any other payments under (i) the Plan, (ii) any other severance pay or separation allowance plan, program or policy of the Company Group, including the Company’s Separation Pay Plan, or (iii) any individual employment agreement or offer letter; provided, however, to the extent payments pursuant to the terms and conditions of the Company’s

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Separation Pay Plan or the Participant’s individual employment agreement or offer letter would result in greater payments to a Participant than would be payable under the Plan, said Participant shall in such event receive payments pursuant to the terms and conditions of (x) the Company’s Separation Pay Plan or (y) the Participant’s employment agreement or offer letter, as applicable, in lieu of payments pursuant to the Plan.

SECTION 5.02 Death. In the event a Participant dies after the commencement of payments pursuant to Section 5.01(a) of the Plan, the balance of said payments shall be payable in accordance with Article IX of the Plan.

SECTION 5.03 Transfers. A Participant’s transfer to another employment location shall not by itself constitute an Adverse Change in Conditions of Employment; provided, however, that such an Adverse Change in Conditions of Employment shall be deemed to exist if, after a Change in Control, a Participant is transferred to a principal business location so as to increase the distance between the principal business location and such Participant’s place of residence at the time of the Change in Control by more than 35 miles.

SECTION 5.04 Corporate Transactions. A Participant shall not receive any payments or benefits under the Plan in the event of a sale or spin-off of the business unit of the Company Group with which the Participant is associated as an executive, providedthat the Participant is offered a “comparable position” with the buyer or any affiliate thereof, the spun-off entity or the Company Group, whether or not such offer is accepted by the Participant. A position shall be deemed to be a “comparable position” for purposes of this Section 5.04 if it (i) provides for a comparable position and salary to those of the Participant immediately prior to the said sale or spin-off and (ii) does not increase the distance between the Participant’s principal business location and the Participant’s place of residence at the time of the sale by more than 50 miles or such other distance standard as may be established from time to time under Section 217(c)(1)(A) of the Code. If, however, the Participant is not offered a “comparable position,” the Participant shall be entitled to payments hereunder.

SECTION 5.05 Specified Employees. Notwithstanding the other provisions of this Article V, no payment to a Specified Employee under the Plan that constitutes “nonqualified deferred compensation” subject to Section 409A of the Code and that is provided on account of the Specified Employee’s “separation from service” within the meaning of Section 409A of the Code shall be made or commenced prior to the date that is six months following the Specified Employee’s “separation from service” within the meaning of Section 409A of the Code from the Company Group; providedthat, subject to Section 5.01, amounts under the Plan that, but for this Section 5.05, were otherwise payable to the Specified Employee prior to such date shall, to the extent unpaid as of such date, be paid to the Specified Employee on or within 30 days after such date in accordance with the Company’s payroll practices in effect from time to time.

SECTION 5.06 Section 280G. In the event that any payment or benefit received or to be received by any Participant pursuant to the Plan or any other plan or arrangement with the Company (collectively, “Payments”) would constitute “excess parachute payments” within the meaning of Section 280G(b)(1) of the Code, or would otherwise be subject to the excise tax imposed under Section 4999 of the Code, or any similar federal or state law (an “Excise Tax”), as determined by an independent certified public accounting firm selected by the Company, then the aggregate amount of such Payments shall be reduced to the extent necessary to avoid such excise tax, but only if the Net After-Tax Benefit taking into account such reduction exceeds the Net After-Tax Benefit without taking into account such reduction. Notwithstanding any provision to the contrary in this Plan or any other applicable agreement or plan, subject to and consistent with the requirements of Section 409A of the

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Code, any reduction in the Payments required under this Section shall be implemented as follows: first, by reducing the amount of the Participant’s Separation Pay; second, by reducing any other cash payments to be made to the Participant; third, by cancelling any outstanding performance-based equity awards whose performance goals were not met prior to the Change in Control; fourth, by cancelling the acceleration of vesting of any outstanding (i) performance-based equity awards whose performance goals were met prior to the Change in Control and (ii) service-vesting equity awards; and fifth, by eliminating any benefits continuation. In the case of the reductions to be made pursuant to each of the foregoing clauses, the payment and/or benefit amounts to be reduced, and the acceleration of vesting to be cancelled, shall be reduced or cancelled in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so reduced only to the extent that the payment and/or benefit otherwise to be paid, or the vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment.”

ARTICLE VI MITIGATION AND OFFSET

SECTION 6.01 Mitigation. No Participant shall be required to mitigate the amount of any payment under the Plan by seeking employment or otherwise, and there shall be no right of set-off or counterclaim, in respect of any claim, debt or obligation, against any payments to the Participant, his dependents, Beneficiaries or estate provided for in the Plan.

SECTION 6.02 Offset. If, after a Participant’s termination of employment with the Company Group, the Participant is employed by another entity or becomes self-employed, the amounts (if any) payable under the Plan to the Participant shall not be offset by the amounts (if any) payable to the Participant from such new employment with respect to services rendered during the severance period applicable to such Participant under the Plan.

ARTICLE VII

ATTORNEYS’ FEES FOR DISPUTED CLAIMS

SECTION 7.01 General. If a Participant makes a Disputed Claim, the Company shall reimburse the Participant for Attorneys’ Fees; providedthat the Participant enters into a repayment agreement with the Company, which shall require the Participant (i) to repay the Company for any reimbursements made pursuant to this Section 7.01 if the Participant does not obtain a Judgment or Award and (ii) to provide adequate security with respect to the amount subject to repayment under this

Section 7.01. With respect to amounts subject to Section 409A of the Code, such reimbursement shall be made no later than the last day of the calendar year following the calendar year in which the applicable Attorneys’ Fee expense was incurred, subject to the timely presentation to the Company in writing of any periodic statements for Attorneys’ Fees. Unless the Judgment or Award specifies whether it constitutes “all or substantially all of the amount sought,” such determination shall be made by the Plan Administrator in its sole and absolute discretion.

SECTION 7.02 Change in Control. If a Disputed Claim is made with respect to a termination of employment occurring during a period beginning on the date of a Change in Control and ending 24 months thereafter, the Participant shall be entitled to reimbursement of Attorneys’ Fees, whether or not the Participant obtains a Judgment or Award. Such reimbursement shall be made on a “pay-as-you-go” basis, as soon as practicable after presentation to the Company in writing of any periodic statements for Attorneys’ Fees, but in no event later than the last day of the Participant’s taxable year following the taxable year in which the applicable Attorneys’ Fees were incurred.

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SECTION 7.03 Six Month Period Prior to Change in Control. Without affecting the rights of a Participant under Section 7.01 of the Plan, a Participant shall be entitled to reimbursement of Attorneys’ Fees for a Disputed Claim in accordance with the terms of Section 7.02 of the Plan with respect to termination of employment occurring six months prior to a Change in Control, whether or not the Participant obtains a Judgment or Award; provided, however, that no reimbursement shall be made under this Section 7.03 in such case (i) unless and until the Change in Control actually occurs or (ii) if reimbursement has been made under Section 7.01 of the Plan.

SECTION 7.04 Section 409A. The reimbursements made or the in-kind benefits provided to a Participant under this Plan during any calendar year shall not affect the amounts eligible for reimbursement or in-kind benefits to be provided in any other calendar year. No reimbursement of Attorneys’ Fees made pursuant to this Article VII shall be paid to any Participant following the last day of the sixth year following the termination of the period described in Section 8.03 of the Plan.

ARTICLE VIII CLAIMS PROCEDURE

SECTION 8.01 Claims. In the event any person or his authorized representative (a “Claimant”) disputes the amount of, or his entitlement to, any benefits under the Plan or their method of payment, such Claimant shall file a claim in writing with, and on the form prescribed by, the Plan Administrator for the benefits to which he believes he is entitled, setting forth the reason for his claim. The Claimant shall have the opportunity to submit written comments, documents, records and other information relating to the claim and shall be provided, upon request and free of charge, reasonable access to and copies of all documents, records or other information relevant to the claim. The Plan Administrator shall consider the claim and within 90 days of receipt of such claim, unless special circumstances exist which require an extension of the time needed to process such claim, the Plan Administrator shall inform the Claimant of its decision with respect to the claim. In the event of special circumstances, the response period can be extended for an additional 90 days, as long as the Claimant receives written notice advising of the special circumstances and the date by which the Plan Administrator expects to make a determination (the “Extension Notice”) before the end of the initial 90-day response period indicating the reasons for the extension and the date by which a decision is expected to be made. If the Plan Administrator denies the claim, the Plan Administrator shall give to the Claimant (i) a written notice setting forth the specific reason or reasons for the denial of the claim, including references to the applicable provisions of the Plan, (ii) a description of any additional material or information necessary to perfect such claim along with an explanation of why such material or information is necessary, and (iii) appropriate information as to the Plan’s appeals procedures as set forth in Section 8.02 of the Plan, including a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA. Any claim must be filed within one year after the Claimant’s termination of employment or else it will be forever barred and waived.

SECTION 8.02 Appeal of Denial. A Claimant whose claim is denied by the Plan Administrator and who wishes to appeal such denial must request a review of the Plan Administrator’s decision by filing a written request with the Appeal Reviewer for such review within 60 days after such claim is denied. Such written request for review shall contain all relevant comments, documents, records and additional information that the Claimant wishes the Appeal Reviewer to consider, without regard to whether such information was submitted or considered in the initial review of the claim by the Plan Administrator. In connection with that review, the Claimant may examine, and receive free of charge, copies of pertinent Plan documents and submit such written comments as may be appropriate. Written notice of the

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decision on review shall be furnished to the Claimant within 60 days after receipt by the Appeal Reviewer of a request for review. In the event of special circumstances which require an extension of the time needed for processing, the response period can be extended for an additional 60 days, as long as the Claimant receives an Extension Notice. If the Appeal Reviewer denies the claim on review, notice of the Appeal Reviewer’s decision shall include (i) the specific reasons for the adverse determination, (ii) references to applicable Plan provisions, (iii) a statement that the Claimant is entitled to receive, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim and (iv) a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA following an adverse benefit determination on a review and a description of the applicable limitations period under the Plan. The Claimant shall be notified no later than five days after a decision is made with respect to the appeal.

SECTION 8.03 Statute of Limitations. A Claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, only after exhausting the claims procedures set forth in this Article VIII and in all cases, within one year of the date the final decision on the adverse benefit determination on review is issued or should have been issued under Section 8.02 of the Plan or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Plan Administrator. Notwithstanding anything in the Plan to the contrary, a Claimant must exhaust all administrative remedies available to such Claimant under the Plan before such Claimant may seek judicial review pursuant to Section 502(a) of ERISA.

SECTION 8.04 Change in Control. Notwithstanding any other provision of the Plan, the authority granted pursuant to Articles III, VII and VIII to the Plan Administrator and to persons making determinations on claims for benefits and reviews of claims shall, when exercised (i) during the period of 24 months following a Change in Control or (ii) with respect to any termination of employment that occurs during the period of 24 months following a Change in Control or that is carried out at the request of a person seeking to accomplish a Change in Control or otherwise in anticipation of a Change in Control, shall not be “discretionary,” but shall be subject to de novo review by a court of competent jurisdiction or an arbitrator, as applicable.

ARTICLE IX

BENEFICIARY DESIGNATION

SECTION 9.01 Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person, persons, entity or entities as his Beneficiary or Beneficiaries (both primary as well as contingent) to whom payment under the Plan shall be paid in the event of his death prior to complete distribution to the Participant of the benefits due him under the Plan.

SECTION 9.02 Amendments. Any Beneficiary designation may be changed by a Participant by the written filing of such change on a form prescribed by the Company. The new Beneficiary designation form shall cancel all Beneficiary designations previously filed.

SECTION 9.03 No Beneficiary Designation. If a Participant fails to designate a Beneficiary as provided above, or if all designated Beneficiaries predecease the Participant, then any amounts to be paid to the Participant’s Beneficiary shall be paid to the Participant’s estate.

SECTION 9.04 Effect of Payment. The payment under this Article IX of the amounts due to

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a Participant under the Plan to a Beneficiary shall completely discharge the Company’s obligations in respect of the Participant under the Plan.

ARTICLE X

AMENDMENT AND TERMINATION OF PLAN

SECTION 10.01 Amendment and Termination. (a) The Company shall have the right at any time, in its discretion, to amend the Plan, in whole or in part, or to terminate the Plan, by resolution of the Board or Committee or delegate thereof, except that no amendment or termination shall impair or abridge the obligations of the Company to any Participant or the rights of any Participant under the Plan without the express written consent of the affected Participant with respect to any termination of employment that occurred before such amendment or termination. In addition, in no event shall the Plan be amended or terminated (x) during the period of 24 months following a Change in Control (the “Protection Period”), or (y) to the extent that it is carried out at the request of a person seeking to accomplish a Change in Control or otherwise in anticipation of a Change in Control, in each case without the express written consent of the affected Participant. Notwithstanding the foregoing , except with respect to a termination of employment that occurs during the Protection Period, the Company shall have the right to terminate the Plan at any time following the Protection Period.

(b)Except for the amendments made in accordance with Section 10.01(a) of the Plan, no modifications, alterations and/or changes made to the terms and/or provisions of the Plan, either globally or for an individual participant, will be effective unless evidenced by a writing that directly refers to the Plan and which is signed and dated by the Plan Administrator.

SECTION 10.02 Section 409A. If, in the good faith judgment of the Plan Administrator, any provision of the Plan would violate the requirements of Section 409A of the Code or could otherwise cause any person to be subject to the interest and penalties imposed under Section 409A of the Code, such provision shall be modified by the Plan Administrator in its sole discretion to maintain, to the maximum extent practicable, the original intent of the applicable provision without causing the interest and penalties under Section 409A of the Code to apply, and, notwithstanding any provision in the Plan to the contrary, the Plan Administrator shall have broad authority to amend or to modify the Plan, without advance notice to or consent by any person, to the extent necessary or desirable to ensure that no payment or benefit under the Plan is subject to tax under

Section 409A of the Code. Any determinations made by the Plan Administrator under this Section 10.02 shall be final, conclusive and binding on all persons. Anything in the Plan to the contrary notwithstanding, each installment/payment provided under this Plan shall be treated as a separate and distinct payment from all other such payments for purposes of Section 409A of the Code.

Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “on or within 30 days following the first anniversary of the Participant’s Qualified Termination of Employment”), the actual date of payment within the specified period shall be within the sole discretion of the Company. For the avoidance of doubt, the Company makes no representations that the payments and benefits provided under this Plan comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by any Participant on account of this Plan’s or any payments’ payable under the Plan non-compliance with Section 409A of the Code.

ARTICLE XI MISCELLANEOUS

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SECTION 11.01 Effect on Other Plans. Except as expressly provided in Article V of the Plan with respect to the Company’s Separation Pay Plan, (i) nothing in the Plan shall affect the level of benefits provided to or received by any Participant (or the Participant’s estate or Beneficiaries) as part of any employee benefit plan of the Company, and (ii) the Plan shall not be construed to affect in any way the Participant’s rights and obligations under any other plan maintained by the Company on behalf of employees.

SECTION 11.02 Unsecured General Creditor. Participants and their Beneficiaries shall have no legal or equitable rights, interest or claims in any property or assets of the Company Group. The assets of the Company Group shall not be held under any trust for the benefit of Participants or their Beneficiaries or held in any way as collateral security for the fulfilling of the obligations of the Company Group under the Plan. Any and all of the assets of the Company Group shall be, and remain, the general, unpledged, unrestricted assets of the Company Group. The obligation of the Company Group under the Plan shall be merely that of an unfunded and unsecured promise of the Company Group to pay money in the future.

SECTION 11.03 Nonassignability. Each Participant’s rights under the Plan shall be nontransferable except by will or by the laws of descent and distribution and except insofar as applicable law may otherwise require. Subject to the foregoing, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be nonassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

SECTION 11.04 Not a Contract of Employment. The terms and conditions of the Plan shall not be deemed to constitute a contract of employment with the Participant, and the Participant (or his Beneficiary) shall have no rights against the Company Group except as specifically provided herein. Moreover, nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of the Company Group or to interfere with the rights of the Company Group to discipline or discharge him at any time.

SECTION 11.05 Binding Effect. The Plan shall be binding upon and shall inure to the benefit of the Participant or his Beneficiary, his heirs and legal representatives, and the Company.

SECTION 11.06 Withholding; Payroll Taxes. To the extent required by the law in effect at the time payments are made, the Company shall withhold from payments made hereunder any taxes or other amounts required to be withheld for any federal, state or local government and other authorized deductions.

SECTION 11.07 Severability. In the event that any provision or portion of the Plan shall be determined to be invalid or unenforceable for any reason, the remaining provisions and portions of the Plan shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law.

SECTION 11.08 Effective Date. The Plan was initially effective as of January 28, 1987 (the “Effective Date”). The Plan, as currently amended and restated, is effective as of January 1, 2016 and supersedes any and all prior versions of this Plan. Notwithstanding the foregoing, Participants who received notice of their termination of employment prior to the effective

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date of this amendment and restatement and whose employment ends on or after the effective date of this amendment and restatement substantially in accordance with the terms of such notice shall be governed by the terms of the Plan as in effect immediately prior to the effective date of this amendment and restatement.

SECTION 11.09 Governing Law. The Plan shall be construed under the laws of the State of New York, to the extent not preempted by federal law.

SECTION 11.10 Headings. The section headings used in this document are for ease of reference only and shall not be controlling with respect to the application and interpretation of the Plan.

SECTION 11.11 Rules of Construction. Any words herein used in the masculine shall be read and construed in the feminine where they would so apply. Words in the singular shall be read and construed as though used in the plural in all cases where they would so apply. All references to sections are, unless otherwise indicated, to sections of the Plan.

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EX-15

Exhibit (15)

The Board of Directors and Shareholders of

S&P Global Inc.

We are aware of the incorporation by reference in the following Registration Statements:

1. Registration Statement on Form S-8 (No. 33-49743) pertaining to the 1993 Key Employee Stock Incentive Plan,

2. Registration Statements on Form S-8 (No.333-30043 and No. 333-40502) pertaining to the 1993 Employee Stock Incentive Plan,

3. Registration Statement on Form S-8 (No. 333-92224) pertaining to the 2002 Stock Incentive Plan,

4. Registration Statement on Form S-8 (No. 333-116993) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

5. Registration Statement on Form S-8 (No. 333-06871) pertaining to the Director Deferred Stock Ownership Plan,

6. Registration Statement on Form S-8 (No. 33-50856) pertaining to the Savings Incentive Plan of McGraw-Hill, Inc. and its Subsidiaries, the Employee Retirement Account Plan of McGraw-Hill, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, the Standard & Poor's Employee Retirement Account Plan for Represented Employees, the Employees' Investment Plan of McGraw-Hill Broadcasting Company, Inc. and its Subsidiaries,

7. Registration Statement on Form S-8 (No. 333-126465) pertaining to the Savings Incentive Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Employee Retirement Account Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, and the Standard & Poor's Employee Retirement Account Plan for Represented Employees,

8. Registration Statement on Form S-8 (No. 333-157570) pertaining to the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries,

9. Registration Statement on Form S-8 (No. 333-167885) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

10. Registration Statement on Form S-3 (No. 333-224198) pertaining to the Common Stock, Preferred Stock, Debt Securities, Warrants, Purchase Contracts, Units and Guarantees of Debt Securities of S&P Global Inc.; and

11. Registration Statement on Form S-8 (No. 333-231476) pertaining to the S&P Global Inc. 2019 Stock Incentive Plan S&P Global Inc. Amended and Restated Director Deferred Stock Ownership Plan

of our report dated August 1, 2019 relating to the unaudited consolidated interim financial statements of S&P Global Inc., which are included in its Form 10-Q for the quarter ended June 30, 2019.

/s/ ERNST & YOUNG LLP

New York, New York

August 1, 2019

EX-31.1

Exhibit (31.1)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Douglas L. Peterson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 1, 2019	/s/ Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer

EX-31.2

Exhibit (31.2)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Ewout L. Steenbergen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 1, 2019	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

EX-32.2

Exhibit (32)

Certifications pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, each of the undersigned officers of S&P Global Inc. (the “Company”), does hereby certify, to such officer's knowledge, that:

This quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2019 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

The information contained in this quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2019	/s/ Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer
Date: August 1, 2019	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares shares in Millions	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Entity Central Index Key	0000064040
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-1023
Entity Registrant Name	S&P Global Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-1026995
Entity Address, Address Line One	55 Water Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10041
City Area Code	212
Local Phone Number	438-1000
Title of 12(b) Security	Common stock (par value $1.00 per share)
Trading Symbol	SPGI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		246.3

XML

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 1,704	$ 1,609	$ 3,275	$ 3,176
Expenses:
Operating-related expenses	452	441	898	877
Selling and general expenses	387	444	755	819
Depreciation	21	19	41	40
Amortization of intangibles	31	33	63	57
Total expenses	891	937	1,757	1,793
Operating profit	813	672	1,518	1,383
Other (income) expense, net	(6)	(11)	97	(16)
Interest expense, net	37	26	73	61
Income before taxes on income	782	657	1,348	1,338
Provision for taxes on income	180	156	293	303
Net income	602	501	1,055	1,035
Less: net income attributable to noncontrolling interests	(47)	(40)	(90)	(84)
Net income attributable to S&P Global Inc.	$ 555	$ 461	$ 965	$ 951
Net income:
Basic (USD per share)	$ 2.25	$ 1.83	$ 3.92	$ 3.78
Diluted (USD per share)	$ 2.24	$ 1.82	$ 3.89	$ 3.75
Weighted-average number of common shares outstanding:
Basic (shares)	246.1	251.1	246.4	251.7
Diluted (shares)	247.4	253.3	247.9	253.8
Actual shares outstanding at period end (shares)			246.3	251.4

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 602	$ 501	$ 1,055	$ 1,035
Other comprehensive income:
Foreign currency translation adjustment	(17)	(75)	1	(52)
Income tax effect	2	15	4	(3)
Foreign currency translation adjustment, net of income tax effect	(15)	(60)	5	(55)
Pension and other postretirement benefit plans	0	(15)	114	(11)
Income tax effect	0	4	(28)	3
Pension and other postretirement benefit plans, net of income tax effect	0	(11)	86	(8)
Unrealized gain on investment and forward exchange contracts	(4)		0
Income tax effect	1		0
Unrealized gain on investment and forward exchange contracts, net of income tax effect	(3)		0
Unrealized gain on investment and forward exchange contracts		(5)		(4)
Income tax effect		1		1
Unrealized gain on investment and forward exchange contracts, net of income tax effect		(4)		(3)
Comprehensive income	584	426	1,146	969
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(3)	(5)	(6)	(8)
Less: comprehensive income attributable to redeemable noncontrolling interests	(44)	(36)	(84)	(76)
Comprehensive income attributable to S&P Global Inc.	$ 537	$ 385	$ 1,056	$ 885

XML

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,881	$ 1,917
Restricted cash	39	41
Accounts receivable, net of allowance for doubtful accounts: 2019 - $38; 2018 - $34	1,543	1,449
Prepaid and other current assets	231	197
Total current assets	3,694	3,604
Property and equipment, net of accumulated depreciation: 2019 - $623; 2018 - $596	280	270
Right of use assets	669	0
Goodwill	3,519	3,535
Other intangible assets, net	1,453	1,524
Other non-current assets	570	525
Total assets	10,185	9,458
Current liabilities:
Accounts payable	214	211
Accrued compensation and contributions to retirement plans	269	354
Income taxes currently payable	88	72
Unearned revenue	1,709	1,641
Other current liabilities	419	351
Total current liabilities	2,699	2,629
Long-term debt	3,664	3,662
Lease liabilities — non-current	621	0
Pension and other postretirement benefits	230	229
Other non-current liabilities	511	634
Total liabilities	7,725	7,154
Redeemable noncontrolling interest (Note 8)	1,890	1,620
Commitments and contingencies (Note 12)
Equity:
Common stock	294	294
Additional paid-in capital	790	833
Retained income	11,710	11,284
Accumulated other comprehensive loss	(651)	(742)
Less: common stock in treasury	(11,631)	(11,041)
Total equity — controlling interests	512	628
Total equity — noncontrolling interests	58	56
Total equity	570	684
Total liabilities and equity	$ 10,185	$ 9,458

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 38	$ 34
Accumulated depreciation	$ 623	$ 596

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income	$ 1,055	$ 1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	41	40
Amortization of intangibles	63	57
Provision for losses on accounts receivable	12	10
Deferred income taxes	12	22
Stock-based compensation	33	46
Pension settlement charge, net of taxes	85	0
Other	38	80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(95)	19
Prepaid and other current assets	(42)	(19)
Accounts payable and accrued expenses	(74)	(217)
Unearned revenue	0	41
Accrued legal settlements	(1)	(29)
Other current liabilities	(83)	(69)
Net change in prepaid/accrued income taxes	33	24
Net change in other assets and liabilities	(67)	(137)
Cash provided by operating activities	1,010	903
Investing Activities:
Capital expenditures	(46)	(60)
Acquisitions, net of cash acquired	(4)	(246)
Changes in short-term investments	(3)	1
Cash used for investing activities	(53)	(305)
Financing Activities:
Proceeds from issuance of senior notes, net	0	489
Payments on senior notes	0	(403)
Dividends paid to shareholders	(281)	(253)
Distributions to noncontrolling interest holders, net	(59)	(78)
Purchase of CRISIL shares	0	(25)
Repurchase of treasury shares	(644)	(1,100)
Exercise of stock options	31	16
Employee withholding tax on share-based payments and other	(55)	(50)
Cash used for financing activities	(1,008)	(1,404)
Effect of exchange rate changes on cash	13	(38)
Net change in cash, cash equivalents, and restricted cash	(38)	(844)
Cash, cash equivalents, and restricted cash at beginning of period	1,958	2,779
Cash, cash equivalents, and restricted cash at end of period	$ 1,920	$ 1,935

XML

Consolidated Statement of Equity - USD ($) $ in Millions		Total	Total SPGI Equity	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2017		$ 768	$ 711	$ 412	$ 525	$ 10,025	$ (649)	$ (9,602)	$ 57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	893	885			951	(66)		8
Dividends		(260)	(253)			(253)			(7)
Share repurchases		(1,100)	(1,100)		(150)			950
Employee stock plans		46	46		30			(16)
Change in redemption value of redeemable noncontrolling interest		(72)	(72)			(72)
Increase in CRISIL ownership		(26)	(25)		(25)				(1)
Stock consideration for Kensho		352	352		352
Other	[2]	32	36			26	10		(4)
Balance at end of period at Jun. 30, 2018		633	580	412	732	10,677	(705)	(10,536)	53
Balance at beginning of period at Mar. 31, 2018		65	4	412	335	10,424	(630)	(10,537)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	391	386			461	(75)		5
Dividends		(133)	(126)			(126)			(7)
Share repurchases			0
Employee stock plans		70	71		70			(1)	(1)
Change in redemption value of redeemable noncontrolling interest		(82)	(82)			(82)
Increase in CRISIL ownership		(26)	(25)		(25)				(1)
Stock consideration for Kensho		352	352		352
Other		(4)							(4)
Balance at end of period at Jun. 30, 2018		633	580	412	732	10,677	(705)	(10,536)	53
Balance at beginning of period at Dec. 31, 2018		684	628	294	833	11,284	(742)	(11,041)	56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,062	1,056			965	91		6
Dividends		(287)	(281)			(281)			(6)
Share repurchases		(644)	(644)					644
Employee stock plans		11	11		(43)			(54)
Capital contribution from noncontrolling interest		(222)	(222)			(222)
Change in redemption value of redeemable noncontrolling interest		(36)	(36)			(36)
Other		2							2
Balance at end of period at Jun. 30, 2019		570	512	294	790	11,710	(651)	(11,631)	58
Balance at beginning of period at Mar. 31, 2019		388	327	294	772	11,532	(633)	(11,638)	61
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	540	537			555	(18)		3
Dividends		(146)	(140)			(140)			(6)
Share repurchases			0
Employee stock plans		25	25		18			(7)
Capital contribution from noncontrolling interest		(237)	(237)			(237)
Balance at end of period at Jun. 30, 2019		$ 570	$ 512	$ 294	$ 790	$ 11,710	$ (651)	$ (11,631)	$ 58

[1] Excludes comprehensive income of $44 million and $36 million for the three months ended June 30, 2019 and 2018, respectively, and $84 million and $76 million for the six months ended June 30, 2019 and 2018, respectively, attributable to our redeemable noncontrolling interest.

[2] Reflects opening balance sheet adjustments related to the adoption of the new revenue recognition standard and the reclassification of the unrealized loss on investments from Accumulated other comprehensive loss to Retained income.

XML

Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Net income attributable to noncontrolling interest	$ 44	$ 36	$ 84	$ 76
Dividends declared per share (USD per share)	$ 0.57	$ 0.5	$ 1.14	$ 1.00

XML

Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").

• Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

• Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.

• Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.

• Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue. See Note 2 — Acquisitions and Divestitures for additional information.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2018 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

Our critical accounting estimates are disclosed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash of $39 million and $41 million included in our consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively, primarily includes amounts held in escrow accounts in connection with our acquisition of Kensho.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2019 and December 31, 2018, contract assets were $47 million and $26 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received or due in advance of our performance. The increase in the unearned revenue balance at June 30, 2019 compared to December 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.5 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $96 million and $101 million as of June 30, 2019 and December 31, 2018, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Other (Income) Expense, net

The components of other (income) expense, net for the three and six months ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019		2018
Other components of net periodic benefit cost 1	$	(7	)	$	(8	)	$	96	$	(16	)
Net loss (gain) from investments	1			(3		)	1		—
Other (income) expense, net	$	(6	)	$	(11	)	$	97	$	(16	)

¹    During the first quarter of 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of

the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge of $113 million for the six months ended June 30, 2019 reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

XML

Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

2019

In July of 2019, S&P Global completed the acquisition of the Orion technology center from Ness Technologies. Orion was developed to become S&P Global's center of excellence for technology talent to focus on innovations by providing employees with access to the latest technologies and global communications infrastructure, as well as physical spaces that enable highly-collaborative teams. The acquisition of Orion is not material to our consolidated financial statements.

2018

In June of 2018, Market Intelligence acquired the RateWatch business ("RateWatch") from TheStreet, Inc., a B2B data business

that offers subscription and custom reports on bank deposits, loans, fees and other product data to the financial services industry. The acquisition will complement and strengthen Market Intelligence's core capabilities of providing differentiated data and analytics solutions for the banking sector. The acquisition of RateWatch is not material to our consolidated financial statements.

In April of 2018, we acquired Kensho for approximately $550 million, net of cash acquired, in a mix of cash and stock. Kensho is a leading-edge provider of next-generation analytics, artificial intelligence, machine learning, and data visualization systems to Wall Street's premier global banks and investment institutions, as well as the National Security community. The acquisition will strengthen S&P Global's emerging technology capabilities, enhance our ability to deliver essential, actionable insights that will transform the user experience for our clients, and accelerate efforts to improve efficiency and effectiveness of our core internal operations. The acquisition of Kensho is not material to our consolidated financial statements.

In February of 2018, Market Intelligence acquired Panjiva, Inc. ("Panjiva"), a privately-held company that provides deep, differentiated, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. The acquisition will help strengthen the insights, products and data that we provide to our clients throughout the world. The acquisition of Panjiva is not material to our consolidated financial statements.

In January of 2018, CRISIL, included within our Ratings segment, acquired a 100% stake in Pragmatix Services Private Limited ("Pragmatix"), a data analytics company focused on delivering cutting edge solutions in the "data to intelligence" life cycle to the Banking, Financial Services and Insurance vertical. The acquisition will strengthen CRISIL's position as an agile, innovative and global analytics company. The acquisition of Pragmatix is not material to our consolidated financial statements.

Divestitures

2019

In July of 2019, we entered into an agreement to sell RigData, a business within our Platts segment. RigData is a provider of daily information on rig activity for the natural gas and oil markets across North America. On July 31, 2019, we completed the sale of RigData to Drilling Info, Inc.

In March of 2019, we entered into an agreement to sell Standard & Poor's Investment Advisory Services LLC  ("SPIAS"), a business within our Market Intelligence segment, to Goldman Sachs Asset Management ("GSAM"). SPIAS provides non-discretionary investment advice across institutional sub-advisory and intermediary distribution channels globally. On July 1, 2019, we completed the sale of SPIAS to GSAM.

The operating profit of our businesses held for sale for the periods ending June 30, 2019 and 2018 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Operating profit	$	3	$	3	$	6	$	6

2018

During the six months ended June 30, 2018, we did not complete any dispositions.

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Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate was 23.0% and 21.7% for the three and six months ended June 30, 2019, respectively, and 23.8% and 22.7% for the three and six months ended June 30, 2018, respectively. The decrease in 2019 was primarily due to the recognition of excess tax benefits associated with share-based payments in the statement of income.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of June 30, 2019 and December 31, 2018, the total amount of federal, state and local, and foreign unrecognized tax benefits was $114 million and $147 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2019 and December 31, 2018, we had $20 million and $35 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. The reduction in uncertain tax positions and associated accrued interest relates primarily to settlements of tax audits with New York City. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $5 million in the next twelve months as a result of the resolution of tax examinations.

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Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

Debt 

A summary of long-term debt outstanding is as follows:

(in millions)	June 30, 2019		December 31, 2018
3.3% Senior Notes, due 2020 1	699		698
4.0% Senior Notes, due 2025 2	693		693
4.4% Senior Notes, due 2026 3	893		892
2.95% Senior Notes, due 2027 4	493		493
6.55% Senior Notes, due 2037 5	396		396
4.5% Senior Notes, due 2048 6	490		490
Long-term debt	$	3,664	$	3,662

¹  Interest payments are due semiannually on February 14 and August 14, and as of June 30, 2019, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on June 15 and December 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

³  Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁴  Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁵  Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $4 million.

⁶  Interest payments are due semiannually on May 15 and November 15, beginning on November 15, 2018, and as of June 30, 2019, the unamortized debt discount and issuance costs total $10 million.

The fair value of our long-term debt borrowings was $4.1 billion and $3.8 billion as of June 30, 2019 and December 31, 2018, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of June 30, 2019 and December 31, 2018, there were no commercial paper borrowings outstanding.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 10 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our corporate credit rating.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.

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Derivative Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2019 and December 31, 2018, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates. Foreign exchange forward contracts are recorded at fair value that is based on foreign exchange rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the six months ended June 30, 2019 and twelve months ended December 31, 2018, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of June 30, 2019, the aggregate notional value of these outstanding forward contracts was $68 million. The changes in fair value of these forward contracts are recorded in prepaid and other current assets and other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized into selling and general expenses in the consolidated statement of income. The amount recorded in prepaid and other current assets as of June 30, 2019 was $2 million. The amount recorded in selling and general expense for the three and six months ended June 30, 2019 related to these contracts was a net gain of $3 million and $5 million, respectively.

Cash Flow Hedges

During the six months ended June 30, 2019 and twelve months ended December 31, 2018, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2020 and the fourth quarter of 2019, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twelve months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of June 30, 2019, we estimate that $4 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months. There was no material hedge ineffectiveness for the three and six months ended June 30, 2019.

As of June 30, 2019, the aggregate notional value of our outstanding foreign currency forward contracts designated as cash flow hedges was $229 million.

The following table provides information on the location and fair value amounts of our cash flow hedges as of June 30, 2019 and December 31, 2018:

(in millions)		June 30,		December 31,
Balance Sheet Location		2019		2018
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	4	$	3

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2019			2018				2019		2018
Foreign exchange forward contracts	$	(3	)	$	(4	)	Revenue, Selling and general expenses	$	1	$	(1	)

Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)					Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2019		2018				2019		2018
Foreign exchange forward contracts	$	—	$	(3	)	Revenue, Selling and general expenses	$	4	$	(1	)

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	7		$	3		$	4		$	2
Change in fair value, net of tax	(2		)	(5		)	4			(4		)
Reclassification into earnings, net of tax	(1		)	1			(4		)	1
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	4		$	(1	)	$	4		$	(1	)

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Employee Benefits

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We have supplemental benefit plans providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our defined benefit retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic benefit cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Service cost	$	1		$	1		$	1		$	1
Interest cost	14			18			33			36
Expected return on assets	(23		)	(31		)	(54		)	(63		)
Amortization of prior service credit / actuarial loss	2			4			4			9
Net periodic benefit cost	(6		)	(8		)	(16		)	(17		)
Settlement charge 1	—			—			113			—
Net benefit cost	$	(6	)	$	(8	)	$	97		$	(17	)

¹ The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2019 and 2018, respectively.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans which became effective on January 1, 2019. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2019 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2019, we contributed $41 million to our retirement plans and expect to make additional required contributions of approximately $5 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the second half of 2019.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Stock Incentive Plan ("2019 Plan") and to our eligible non-employee Directors under a Director Deferred Stock Ownership Plan. No further awards may be granted under the 2002 Stock Incentive Plan ("2002 Plan"), although awards granted under the 2002 Plan prior to the adoption of the new 2019 Plan in June of 2019 remain outstanding in accordance with their terms. The remaining outstanding options under the 2002 Plan will have fully met their maximum term and expire in the second quarter of 2028. The new 2019 Plan permits the granting of incentive stock options, nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.

Stock-based compensation for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Stock option expense	$	1	$	2	$	1	$	2
Restricted stock and unit awards expense	21		32		32		44
Total stock-based compensation expense	$	22	$	34	$	33	$	46

During the six months ended June 30, 2019, the Company granted 0.3 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $212.56 per share.

Total unrecognized compensation expense related to unvested stock option awards and unvested restricted stock and unit awards as of June 30, 2019 was $1 million and $98 million, respectively, which is expected to be recognized over a weighted average period of 1.0 years and 2.0 years, respectively.

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Equity

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Equity

Equity

Stock Repurchases

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time.

In any period, share repurchase transactions could result in timing differences between the recognition of those repurchases and their settlement for cash. This could result in a difference between the cash used for financing activities related to common stock repurchased and the comparable change in equity.

Share repurchases for the periods ended June 30 were as follows: 

(in millions, except average price)	Three Months				Six Months
	2019		2018		2019		2018
Total number of shares purchased 1	—		—		3.4		5.0
Average price paid per share 2	$	—	$	—	$	184.51	$	178.11
Total cash utilized	$	—	$	—	$	644	$	1,100

¹  The six months ended June 30, 2019 and 2018 include shares received as part of our accelerated share repurchase agreements described in more detail below.

²  Average price paid per share information does not include the accelerated share repurchase agreements as discussed in more detail below.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2019, approximately 7.2 million shares remained available under the current share repurchase program which has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

Accelerated Share Repurchase Agreements

2019

We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on February 11, 2019 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and will receive an additional 0.1 million shares in August of 2019 resulting in a total of 2.3 million shares repurchased under the ASR agreement for an average purchase price of $214.65 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors on December 4, 2013.

2018

We entered into an ASR agreement with a financial institution on October 29, 2018 to initiate share repurchases aggregating $500 million. The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.5 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on January 2, 2019 and received an additional 0.4 million shares. We repurchased a total of 2.9 million shares under the ASR agreement for an average purchase price of $173.80 per share. The total number of shares repurchased under the ASR agreement is equal to $500 million divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013.

We entered into an ASR agreement with a financial institution on March 6, 2018 to initiate share repurchases aggregating $1 billion. The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and received an initial delivery of approximately 4.5 million shares, representing 85% of the $1 billion at a price equal to the then market price of the Company. We completed the ASR agreement on September 25, 2018 and received an additional 0.6 million shares. We repurchased a total of 5.1 million shares under the ASR agreement for an average purchase price of $197.49 per share. The total number of shares repurchased under the ASR agreement is equal to $1 billion divided by the volume weighted-average share price, less a discount. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors on December 4, 2013.

Redeemable Noncontrolling Interests

The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC ("CGIS") has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the six months ended June 30, 2019 were as follows:

(in millions)
Balance as of December 31, 2018	$	1,620
Net income attributable to noncontrolling interest	84
Capital contribution from noncontrolling interest	36
Distributions payable to noncontrolling interest	(72		)
Redemption value adjustment	222
Balance as of June 30, 2019	$	1,890

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2019:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Foreign Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2018	$	(339	)	$	(407	)		$	4			$	(742	)
Other comprehensive income before reclassifications	5			(3		)		4				6
Reclassifications from accumulated other comprehensive loss to net earnings	—			89			1	(4		)	2	85
Net other comprehensive income	5			86				—				91
Balance as of June 30, 2019	$	(334	)	$	(321	)		$	4			$	(651	)

¹  Reflects amortization of net actuarial losses and is net of a tax benefit of $28 million for the six months ended June 30, 2019. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

² 

See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

The calculation of basic and diluted EPS for the periods ended June 30 is as follows: 

(in millions, except per share amounts)	Three Months				Six Months
	2019		2018		2019		2018
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	555	$	461	$	965	$	951
Basic weighted-average number of common shares outstanding	246.1		251.1		246.4		251.7
Effect of stock options and other dilutive securities	1.3		2.2		1.5		2.1
Diluted weighted-average number of common shares outstanding	247.4		253.3		247.9		253.8
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	2.25	$	1.83	$	3.92	$	3.78
Diluted	$	2.24	$	1.82	$	3.89	$	3.75

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2019 and 2018, there were no stock options excluded. Restricted performance shares outstanding of 0.6 million and 0.8 million as of June 30, 2019 and 2018, respectively, were excluded.

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Restructuring

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2019 and 2018 restructuring plan consisted of a company-wide workforce reduction of approximately 170 and 160 positions, respectively, and are further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2019 by segment is as follows:

	2019 Restructuring Plan				2018 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	11	$	11	$	8	$	1
Market Intelligence	1		1		7		4
Platts	1		1		—		—
Corporate	7		7		10		1
Total	$	20	$	20	$	25	$	6

We recorded a pre-tax restructuring charge of $20 million primarily related to employee severance charges for the 2019 restructuring plan during the six months ended June 30, 2019. The ending reserve balance for the 2018 restructuring plan was $24 million as of December 31, 2018. For the six months ended June 30, 2019, we have reduced the reserve for the 2018 restructuring plan by $18 million. The reductions primarily related to cash payments for employee severance charges.

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Segment and Related Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment and Related Information

Segment and Related Information

We have four reportable segments: Ratings, Market Intelligence, Platts and Indices. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated, other expense (income), net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho's major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue.

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings	$	801		$	775		$	1,497		$	1,523
Market Intelligence	487			449			969			889
Platts	213			205			420			401
Indices	235			207			452			418
Corporate	—			5			—			5
Intersegment elimination 1	(32		)	(32		)	(63		)	(60		)
Total revenue	$	1,704		$	1,609		$	3,275		$	3,176

Operating Profit	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings 2	$	455		$	369		$	818		$	777
Market Intelligence 3	147			127			292			238
Platts 4	107			98			201			188
Indices 5	162			137			311			285
Total reportable segments	871			731			1,622			1,488
Corporate Unallocated 6	(58		)	(59		)	(104		)	(105		)
Total operating profit	$	813		$	672		$	1,518		$	1,383

Note - In the fourth quarter of 2018, Trucost was transferred from Indices to Market Intelligence and historical reporting was retroactively revised to reflect the change.

¹  Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

²  Operating profit includes employee severance charges of $11 million for the three and six months ended June 30, 2019. Operating profit includes legal settlement expenses of $73 million for the three and six months ended June 30, 2018. Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three and six months ended June 30, 2019 and 2018.

³  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $19 million and $18 million for the three months ended June 30, 2019 and 2018, respectively, and $37 million and $36 million for the six months ended June 30, 2019 and 2018, respectively.

⁴  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $3 million and $4 million for the three months ended June 30, 2019 and 2018, respectively, and $7 million and $9 million for the six months ended June 30, 2019 and 2018, respectively.

⁵  Operating profit for includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2019 and 2018 and $3 million for the six months ended June 30, 2019 and 2018.

⁶  Operating loss includes Kensho retention related expenses of $5 million and $12 million for the three months ended June 30, 2019 and 2018, respectively, and $11 million and $12 million for the six months ended June 30, 2019 and 2018, respectively. Operating loss includes employee severance charges of $7 million and a lease impairment of $5 million for the three and six months ended June 30, 2019. Operating

loss also includes amortization of intangibles from acquisitions of $7 million and $14 million for the three and six months months ended June 30, 2019, respectively, and $8 million for the three and six months ended June 30, 2018.

The following table presents our revenue disaggregated by revenue type:

(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2019
Subscription	$	—	$	471	$	195	$	40	$	—	$	—		$	706
Non-transaction	372		—		—		—		—		(32		)	340
Non-subscription / Transaction	429		12		3		—		—		—			444
Asset-linked fees	—		4		—		159		—		—			163
Sales usage-based royalties	—		—		15		36		—		—			51
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
Timing of revenue recognition
Services transferred at a point in time	$	429	$	12	$	3	$	—	$	—	$	—		$	444
Services transferred over time	372		475		210		235		—		(32		)	1,260
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
	Six Months Ended June 30, 2019
Subscription	$	—	$	939	$	386	$	80			$	—		$	1,405
Non-transaction	737		—		—		—		—		(63		)	674
Non-subscription / Transaction	760		21		5		—		—		—			786
Asset-linked fees	—		9		—		302		—		—			311
Sales usage-based royalties	—		—		29		70		—		—			99
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275
Timing of revenue recognition
Services transferred at a point in time	$	760	$	21	$	5	$	—	$	—	$	—		$	786
Services transferred over time	737		948		415		452		—		(63		)	2,489
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275

(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2018
Subscription	$	—	$	431	$	188	$	34	$	5	$	—		$	658
Non-transaction	378		—		—		—		—		(32		)	346
Non-subscription / Transaction	397		13		4		—		—		—			414
Asset-linked fees	—		5		—		135		—		—			140
Sales usage-based royalties	—		—		13		38		—		—			51
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
Timing of revenue recognition
Services transferred at a point in time	$	397	$	13	$	4	$	—	$	—	$	—		$	414
Services transferred over time	378		436		201		207		5		(32		)	1,195
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
	Six Months Ended June 30, 2018
Subscription	$	—	$	856	$	369	$	64	$	5	$	—		$	1,294
Non-transaction	757		—		—		—		—		(60		)	697
Non-subscription / Transaction	766		23		6		—		—		—			795
Asset-linked fees	—		10		—		265		—		—			275
Sales usage-based royalties	—		—		26		89		—		—			115
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176
Timing of revenue recognition
Services transferred at a point in time	$	766	$	23	$	6	$	—	$	—	$	—		$	795
Services transferred over time	757		866		395		418		5		(60		)	2,381
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176

¹  Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

The following provides revenue by geographic region for the periods ended June 30:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
U.S.	$	1,023	$	962	$	1,966	$	1,915
European region	415		402		788		782
Asia	177		158		346		314
Rest of the world	89		87		175		165
Total	$	1,704	$	1,609	$	3,275	$	3,176

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Leases

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 14 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within

1 year. We consider these options in determining the lease term used to establish our right-of use ("ROU") assets and associated lease liabilities. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheet as of June 30, 2019:

(in millions)		June 30,
Balance Sheet Location		2019
Assets
Right of use assets	Lease right-of-use assets	$	669
Liabilities
Other current liabilities	Current lease liabilities	109
Lease liabilities — non-current	Noncurrent lease liabilities	621

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months			Six Months
	2019			2019
Operating lease cost	$	41		$	77
Sublease income	(4		)	(8		)
Total lease cost	$	37		$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months		Six Months
	2019		2019
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows from operating leases	$	36	$	71
Right-of-use assets obtained in exchange for lease obligations
Operating leases	23		737

Weighted-average remaining lease term and discount rate for our operating leases as of June 30 are as follows:

	2019
Weighted-average remaining lease term (years)	9.5
Weighted-average discount rate	3.93	%

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2019 (Excluding the six months ended June 30, 2019)	$	84
2020	122
2021	104
2022	89
2023	81
2024 and beyond	421
Total undiscounted lease payments	$	901
Less: Imputed interest	171
Present value of lease liabilities	$	730

Related Party Agreements

In March of 2018, the Company made a $20 million contribution to the S&P Global Foundation included in selling and general expenses.

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2019, S&P Dow Jones Indices LLC earned $30 million and $59 million, respectively, of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2018, S&P Dow Jones Indices LLC earned $24 million and $55 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries relate to the ratings activity of S&P Global Ratings brought by issuers and alleged purchasers of rated securities. In addition, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global Ratings seeks to promptly address any compliance issues that it detects or that the staff of the SEC raises, there can be no assurance that the SEC will not seek remedies against S&P Global Ratings for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

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Recently Issued or Adopted Accounting Standards

6 Months Ended

Jun. 30, 2019

Accounting Changes and Error Corrections [Abstract]

Recently Issued or Adopted Accounting Standards

Recently Issued or Adopted Accounting Standards

In November of 2018, the Financial Accounting Standards Board ("FASB") issued guidance that provides clarification on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Accounting Standards Codification ("ASC") 606. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In August of 2018, the FASB issued guidance to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

In August of 2017, the FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance was effective on January 1, 2019, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In June of 2016, the FASB issued guidance that amends the measurement of credit losses on certain financial instruments by requiring the use of an expected loss methodology, which will result in more timely recognition of credit losses. The Company currently expects that the most notable impact of this guidance may relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on accounts receivable and the recognition of credit losses. The guidance is effective for reporting periods beginning after December 15, 2019. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In February of 2016, the FASB issued guidance amending the accounting for leases that requires a lessee to recognize "right of use" assets with offsetting lease liabilities on the balance sheet, with expenses recognized similar to previously issued guidance. This guidance is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. We adopted the new lease standard effective January 1, 2019 using the modified retrospective transition method. In July of 2018, the FASB issued a subsequent update providing entities an additional transition method to adopt the new lease standard, allowing entities to adopt the standard prospectively without restating prior period's financial statements. We have elected this transition method upon adoption on January 1, 2019. We have also elected to apply the "package" of practical expedients permitting entities to forgo reassessment of (1) the lease classification of expired or existing leases, (2) whether any expired or existing contracts contain leases, and (3) the accounting for initial direct costs of existing leases. This standard had a material impact on our consolidated balance sheet, but did not have an impact on our consolidated statements of income or cash flows. As part of our implementation process, we have refined our processes, procedures, and controls to capture the complete population of leases that incorporates a third party software solution to report the financial statement impact of the new standard. See Note 12 — Commitments and Contingencies for further details on our leases.

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Condensed Consolidating Financial Statements

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Financial Statements

Condensed Consolidating Financial Statements

On May 17, 2018, we issued $500 million of 4.5% notes due in 2048. On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes that were repaid in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 4 — Debt for additional information.

The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

	Statement of Income
	Three Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	208		$	489		$	1,047		$	(40	)	$	1,704
Expenses:
Operating-related expenses	46			110			336			(40		)	452
Selling and general expenses	51			83			253			—			387
Depreciation	10			4			7			—			21
Amortization of intangibles	—			—			31			—			31
Total expenses	107			197			627			(40		)	891
Operating profit	101			292			420			—			813
Other income, net	(5		)	—			(1		)	—			(6		)
Interest expense (income), net	40			—			(3		)	—			37
Non-operating intercompany transactions	95			(20		)	(1,234		)	1,159			—
Income before taxes on income	(29		)	312			1,658			(1,159		)	782
(Benefit) provision for taxes on income	(3		)	89			94			—			180
Equity in net income of subsidiaries	1,741			—			—			(1,741		)	—
Net income	$	1,715		$	223		$	1,564		$	(2,900	)	$	602
Less: net income attributable to noncontrolling interests	—			—			—			(47		)	(47		)
Net income attributable to S&P Global Inc.	$	1,715		$	223		$	1,564		$	(2,947	)	$	555
Comprehensive income	$	1,721		$	223		$	1,540		$	(2,900	)	$	584

	Statement of Income
	Six Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	409		$	925		$	2,018		$	(77	)	$	3,275
Expenses:
Operating-related expenses	85			228			662			(77		)	898
Selling and general expenses	75			163			517			—			755
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Total expenses	182			397			1,255			(77		)	1,757
Operating profit	227			528			763			—			1,518
Other expense (income), net	102			—			(5		)	—			97
Interest expense (income), net	77			—			(4		)	—			73
Non-operating intercompany transactions	191			(37		)	(1,336		)	1,182			—
Income before taxes on income	(143		)	565			2,108			(1,182		)	1,348
(Benefit) provision for taxes on income	(43		)	159			177			—			293
Equity in net income of subsidiaries	2,247			—			—			(2,247		)	—
Net income	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Less: net income attributable to noncontrolling interests	—			—			—			(90		)	(90		)
Net income attributable to S&P Global Inc.	$	2,147		$	406		$	1,931		$	(3,519	)	$	965
Comprehensive income	$	2,235		$	406		$	1,935		$	(3,430	)	$	1,146

	Statement of Income
	Three Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	200		$	463		$	985		$	(39	)	$	1,609
Expenses:
Operating-related expenses	43			107			330			(39		)	441
Selling and general expenses	69			57			318			—			444
Depreciation	11			2			6			—			19
Amortization of intangibles	—			—			33			—			33
Total expenses	123			166			687			(39		)	937
Operating profit	77			297			298			—			672
Other income, net	(6		)	—			(5		)	—			(11		)
Interest expense (income), net	28			—			(2		)	—			26
Non-operating intercompany transactions	86			(22		)	(358		)	294			—
Income before taxes on income	(31		)	319			663			(294		)	657
Provision for taxes on income	27			75			54			—			156
Equity in net income of subsidiaries	812			—			—			(812		)	—
Net income	$	754		$	244		$	609		$	(1,106	)	$	501
Less: net income attributable to noncontrolling interests	—			—			—			(40		)	(40		)
Net income attributable to S&P Global Inc.	$	754		$	244		$	609		$	(1,146	)	$	461
Comprehensive income	$	764		$	244		$	521		$	(1,103	)	$	426

	Statement of Income
	Six Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	391		$	897		$	1,962		$	(74	)	$	3,176
Expenses:
Operating-related expenses	74			224			653			(74		)	877
Selling and general expenses	108			143			568			—			819
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Total expenses	202			371			1,294			(74		)	1,793
Operating profit	189			526			668			—			1,383
Other income, net	(14		)	—			(2		)	—			(16		)
Interest expense (income), net	66			1			(6		)	—			61
Non-operating intercompany transactions	186			(43		)	(1,454		)	1,311			—
Income before taxes on income	(49		)	568			2,130			(1,311		)	1,338
Provision for taxes on income	13			146			144			—			303
Equity in net income of subsidiaries	2,324			—			—			(2,324		)	—
Net income	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Less: net income attributable to noncontrolling interests	—			—			—			(84		)	(84		)
Net income attributable to S&P Global Inc.	$	2,262		$	422		$	1,986		$	(3,719	)	$	951
Comprehensive income	$	2,251		$	421		$	1,932		$	(3,635	)	$	969

	Balance Sheet
	June 30, 2019
	(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	$	556		$	—	$	1,325		$	—		$	1,881
Restricted cash	—			—		39			—			39
Accounts receivable, net of allowance for doubtful accounts	269			195		1,079			—			1,543
Intercompany receivable	585			2,330		3,281			(6,196		)	—
Prepaid and other current assets	45			—		186			—			231
Total current assets	1,455			2,525		5,910			(6,196		)	3,694
Property and equipment, net of accumulated depreciation	205			—		75			—			280
Right of use assets	404			2		263			—			669
Goodwill	261			—		3,251			7			3,519
Other intangible assets, net	—			—		1,453			—			1,453
Investments in subsidiaries	10,631			6		8,008			(18,645		)	—
Intercompany loans receivable	137			—		1,137			(1,274		)	—
Other non-current assets	208			43		320			(1		)	570
Total assets	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	100		$	7	$	107		$	—		$	214
Intercompany payable	5,107			55		1,034			(6,196		)	—
Accrued compensation and contributions to retirement plans	108			27		134			—			269
Income taxes currently payable	18			—		70			—			88
Unearned revenue	268			259		1,182			—			1,709
Other current liabilities	187			20		212			—			419
Total current liabilities	5,788			368		2,739			(6,196		)	2,699
Long-term debt	3,664			—		—			—			3,664
Lease liabilities — non-current	386			1		234			—			621
Intercompany loans payable	120			—		1,154			(1,274		)	—
Pension and other postretirement benefits	162			—		68			—			230
Other non-current liabilities	131			76		304			—			511
Total liabilities	10,251			445		4,499			(7,470		)	7,725
Redeemable noncontrolling interest	—			—		—			1,890			1,890
Equity:
Common stock	294			—		2,371			(2,371		)	294
Additional paid-in capital	26			622		9,679			(9,537		)	790
Retained income	14,569			1,509		4,353			(8,721		)	11,710
Accumulated other comprehensive loss	(209		)	—		(485		)	43			(651		)
Less: common stock in treasury	(11,630		)	—		(1		)	—			(11,631		)
Total equity - controlling interests	3,050			2,131		15,917			(20,586		)	512
Total equity - noncontrolling interests	—			—		1			57			58
Total equity	3,050			2,131		15,918			(20,529		)	570
Total liabilities and equity	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185

	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
Right of use assets	—			—		—			—			—
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
Other current liabilities	180			16		155			—			351
Total current liabilities	5,088			331		2,771			(5,561		)	2,629
Long-term debt	3,662			—		—			—			3,662
Lease liabilities — non-current	—			—		—			—			—
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

	Statement of Cash Flows
	Six Months Ended June 30, 2019
	(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	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Provision for losses on accounts receivable	3			3			6			—			12
Deferred income taxes	4			1			7			—			12
Stock-based compensation	9			4			20			—			33
Pension settlement charge, net of taxes	85			—			—			—			85
Other	8			7			23			—			38
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(109		)	(88		)	102			—			(95		)
Prepaid and other current assets	(1		)	2			(43		)	—			(42		)
Accounts payable and accrued expenses	1			(13		)	(62		)	—			(74		)
Unearned revenue	28			27			(55		)	—			—
Accrued legal settlements	—			(1		)	—			—			(1		)
Other current liabilities	(57		)	(3		)	(23		)	—			(83		)
Net change in prepaid/accrued income taxes	33			—			—			—			33
Net change in other assets and liabilities	(26		)	(4		)	(37		)				(67		)
Cash provided by operating activities	2,147			347			1,945			(3,429		)	1,010
Investing Activities:
Capital expenditures	(25		)	(3		)	(18		)	—			(46		)
Acquisitions, net of cash acquired	—			—			(4		)	—			(4		)
Changes in short-term investments	—			—			(3		)	—			(3		)
Cash used for investing activities	(25		)	(3		)	(25		)	—			(53		)
Financing Activities:
Dividends paid to shareholders	(281		)	—			—			—			(281		)
Distributions to noncontrolling interest holders, net	—			—			(59		)	—			(59		)
Repurchase of treasury shares	(644		)	—			—			—			(644		)
Exercise of stock options	29			—			2			—			31
Employee withholding tax on share-based payments and other	(53		)	—			(2		)	—			(55		)
Intercompany financing activities	(1,311		)	(344		)	(1,774		)	3,429			—
Cash used for financing activities	(2,260		)	(344		)	(1,833		)	3,429			(1,008		)
Effect of exchange rate changes on cash	—			—			13			—			13
Net change in cash, cash equivalents, and restricted cash	(138		)	—			100			—			(38		)
Cash, cash equivalents, and restricted cash at beginning of period	694			—			1,264			—			1,958
Cash, cash equivalents, and restricted cash at end of period	$	556		$	—		$	1,364		$	—		$	1,920

	Statement of Cash Flows
	Six Months Ended June 30, 2018
	(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	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Provision for losses on accounts receivable	—			1			9			—			10
Deferred income taxes	(86		)	—			108						22
Stock-based compensation	14			8			24			—			46
Other	19			—			61			—			80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(6		)	(29		)	54			—			19
Prepaid and other current assets	(20		)	1			—			—			(19		)
Accounts payable and accrued expenses	(48		)	(68		)	(101		)	—			(217		)
Unearned revenue	9			30			2			—			41
Accrued legal settlements				—			(29		)	—			(29		)
Other current liabilities	20			(4		)	(85		)	—			(69		)
Net change in prepaid/accrued income taxes	24			1			(1		)	—			24
Net change in other assets and liabilities	(27		)	2			(112		)	—			(137		)
Cash provided by operating activities	2,181			368			1,989			(3,635		)	903
Investing Activities:
Capital expenditures	(43		)	(10		)	(7		)	—			(60		)
Acquisitions, net of cash acquired	—			—			(246		)	—			(246		)
Changes in short-term investments	—			—			1			—			1
Cash used for investing activities	(43		)	(10		)	(252		)	—			(305		)
Financing Activities:
Proceeds from issuance of senior notes, net	489			—			—			—			489
Payments on senior notes	(403		)	—			—			—			(403		)
Dividends paid to shareholders	(253		)	—			—			—			(253		)
Distributions to noncontrolling interest holders, net	—			—			(78		)	—			(78		)
Purchase of CRISIL shares	—			—			(25		)	—			(25		)
Repurchase of treasury shares	(1,100		)	—			—			—			(1,100		)
Exercise of stock options	14			—			2			—			16
Employee withholding tax on share-based payments and other	(50		)	—			—			—			(50		)
Intercompany financing activities	(701		)	(358		)	(2,576		)	3,635			—
Cash used for financing activities	(2,004		)	(358		)	(2,677		)	3,635			(1,404		)
Effect of exchange rate changes on cash	1			—			(39		)	—			(38		)
Net change in cash, cash equivalents, and restricted cash	135			—			(979		)	—			(844		)
Cash, cash equivalents, and restricted cash at beginning of period	632			—			2,147			—			2,779
Cash, cash equivalents, and restricted cash at end of period	$	767		$	—		$	1,168		$	—		$	1,935

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Nature of Operations and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2018 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests.

Recently Issued or Adopted Accounting Standards

In November of 2018, the Financial Accounting Standards Board ("FASB") issued guidance that provides clarification on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Accounting Standards Codification ("ASC") 606. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements.

In August of 2018, the FASB issued guidance to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for reporting periods beginning after December 15, 2019; however early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.

In August of 2017, the FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance was effective on January 1, 2019, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In June of 2016, the FASB issued guidance that amends the measurement of credit losses on certain financial instruments by requiring the use of an expected loss methodology, which will result in more timely recognition of credit losses. The Company currently expects that the most notable impact of this guidance may relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on accounts receivable and the recognition of credit losses. The guidance is effective for reporting periods beginning after December 15, 2019. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In February of 2016, the FASB issued guidance amending the accounting for leases that requires a lessee to recognize "right of use" assets with offsetting lease liabilities on the balance sheet, with expenses recognized similar to previously issued guidance. This guidance is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. We adopted the new lease standard effective January 1, 2019 using the modified retrospective transition method. In July of 2018, the FASB issued a subsequent update providing entities an additional transition method to adopt the new lease standard, allowing entities to adopt the standard prospectively without restating prior period's financial statements. We have elected this transition method upon adoption on January 1, 2019. We have also elected to apply the "package" of practical expedients permitting entities to forgo reassessment of (1) the lease classification of expired or existing leases, (2) whether any expired or existing contracts contain leases, and (3) the accounting for initial direct costs of existing leases. This standard had a material impact on our consolidated balance sheet, but did not have an impact on our consolidated statements of income or cash flows. As part of our implementation process, we have refined our processes, procedures, and controls to capture the complete population of leases that incorporates a third party software solution to report the financial statement impact of the new standard. See Note 12 — Commitments and Contingencies for further details on our leases.

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Nature of Operations and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Other Income, Net

The components of other (income) expense, net for the three and six months ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019		2018
Other components of net periodic benefit cost 1	$	(7	)	$	(8	)	$	96	$	(16	)
Net loss (gain) from investments	1			(3		)	1		—
Other (income) expense, net	$	(6	)	$	(11	)	$	97	$	(16	)

¹    During the first quarter of 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of

the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge of $113 million for the six months ended June 30, 2019 reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

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Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Operating Profit of Business Held-for-Sale

The operating profit of our businesses held for sale for the periods ending June 30, 2019 and 2018 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Operating profit	$	3	$	3	$	6	$	6

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Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Debt

A summary of long-term debt outstanding is as follows:

(in millions)	June 30, 2019		December 31, 2018
3.3% Senior Notes, due 2020 1	699		698
4.0% Senior Notes, due 2025 2	693		693
4.4% Senior Notes, due 2026 3	893		892
2.95% Senior Notes, due 2027 4	493		493
6.55% Senior Notes, due 2037 5	396		396
4.5% Senior Notes, due 2048 6	490		490
Long-term debt	$	3,664	$	3,662

¹  Interest payments are due semiannually on February 14 and August 14, and as of June 30, 2019, the unamortized debt discount and issuance costs total $1 million.

²  Interest payments are due semiannually on June 15 and December 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

³  Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁴  Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2019, the unamortized debt discount and issuance costs total $7 million.

⁵  Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2019, the unamortized debt discount and issuance costs total $4 million.

⁶  Interest payments are due semiannually on May 15 and November 15, beginning on November 15, 2018, and as of June 30, 2019, the unamortized debt discount and issuance costs total $10 million.

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Location and Fair Value Amounts of Cash Flow Hedges

The following table provides information on the location and fair value amounts of our cash flow hedges as of June 30, 2019 and December 31, 2018:

(in millions)		June 30,		December 31,
Balance Sheet Location		2019		2018
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	4	$	3

Schedule of the Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)						Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments	2019			2018				2019		2018
Foreign exchange forward contracts	$	(3	)	$	(4	)	Revenue, Selling and general expenses	$	1	$	(1	)

Schedule of Change in Unrealized Gains (Losses) in Accumulated Other Comprehensive Loss

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	7		$	3		$	4		$	2
Change in fair value, net of tax	(2		)	(5		)	4			(4		)
Reclassification into earnings, net of tax	(1		)	1			(4		)	1
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	4		$	(1	)	$	4		$	(1	)

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Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost (Credit)

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months						Six Months
	2019			2018			2019			2018
Service cost	$	1		$	1		$	1		$	1
Interest cost	14			18			33			36
Expected return on assets	(23		)	(31		)	(54		)	(63		)
Amortization of prior service credit / actuarial loss	2			4			4			9
Net periodic benefit cost	(6		)	(8		)	(16		)	(17		)
Settlement charge 1	—			—			113			—
Net benefit cost	$	(6	)	$	(8	)	$	97		$	(17	)

¹ The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation

Stock-based compensation for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
Stock option expense	$	1	$	2	$	1	$	2
Restricted stock and unit awards expense	21		32		32		44
Total stock-based compensation expense	$	22	$	34	$	33	$	46

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Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Schedule of Share Repurchases

Share repurchases for the periods ended June 30 were as follows: 

(in millions, except average price)	Three Months				Six Months
	2019		2018		2019		2018
Total number of shares purchased 1	—		—		3.4		5.0
Average price paid per share 2	$	—	$	—	$	184.51	$	178.11
Total cash utilized	$	—	$	—	$	644	$	1,100

¹  The six months ended June 30, 2019 and 2018 include shares received as part of our accelerated share repurchase agreements described in more detail below.

² 

Average price paid per share information does not include the accelerated share repurchase agreements as discussed in more detail below.

Schedule of Redeemable Noncontrolling Interest

Changes to redeemable noncontrolling interest during the six months ended June 30, 2019 were as follows:

(in millions)
Balance as of December 31, 2018	$	1,620
Net income attributable to noncontrolling interest	84
Capital contribution from noncontrolling interest	36
Distributions payable to noncontrolling interest	(72		)
Redemption value adjustment	222
Balance as of June 30, 2019	$	1,890

Schedule of Changes in the Components of Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2019:

(in millions)	Foreign Currency Translation Adjustment			Pension and Postretirement Benefit Plans				Unrealized Gain (Loss) on Foreign Forward Exchange Contracts				Accumulated Other Comprehensive Loss
Balance as of December 31, 2018	$	(339	)	$	(407	)		$	4			$	(742	)
Other comprehensive income before reclassifications	5			(3		)		4				6
Reclassifications from accumulated other comprehensive loss to net earnings	—			89			1	(4		)	2	85
Net other comprehensive income	5			86				—				91
Balance as of June 30, 2019	$	(334	)	$	(321	)		$	4			$	(651	)

¹  Reflects amortization of net actuarial losses and is net of a tax benefit of $28 million for the six months ended June 30, 2019. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

² 

See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Earnings Per Share

The calculation of basic and diluted EPS for the periods ended June 30 is as follows: 

(in millions, except per share amounts)	Three Months				Six Months
	2019		2018		2019		2018
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	555	$	461	$	965	$	951
Basic weighted-average number of common shares outstanding	246.1		251.1		246.4		251.7
Effect of stock options and other dilutive securities	1.3		2.2		1.5		2.1
Diluted weighted-average number of common shares outstanding	247.4		253.3		247.9		253.8
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	2.25	$	1.83	$	3.92	$	3.78
Diluted	$	2.24	$	1.82	$	3.89	$	3.75

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring and Related Activities [Abstract]

Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2019 by segment is as follows:

	2019 Restructuring Plan				2018 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	11	$	11	$	8	$	1
Market Intelligence	1		1		7		4
Platts	1		1		—		—
Corporate	7		7		10		1
Total	$	20	$	20	$	25	$	6

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Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Schedule of Operating Results by Segment

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings	$	801		$	775		$	1,497		$	1,523
Market Intelligence	487			449			969			889
Platts	213			205			420			401
Indices	235			207			452			418
Corporate	—			5			—			5
Intersegment elimination 1	(32		)	(32		)	(63		)	(60		)
Total revenue	$	1,704		$	1,609		$	3,275		$	3,176

Operating Profit	Three Months						Six Months
(in millions)	2019			2018			2019			2018
Ratings 2	$	455		$	369		$	818		$	777
Market Intelligence 3	147			127			292			238
Platts 4	107			98			201			188
Indices 5	162			137			311			285
Total reportable segments	871			731			1,622			1,488
Corporate Unallocated 6	(58		)	(59		)	(104		)	(105		)
Total operating profit	$	813		$	672		$	1,518		$	1,383

Note - In the fourth quarter of 2018, Trucost was transferred from Indices to Market Intelligence and historical reporting was retroactively revised to reflect the change.

¹  Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

²  Operating profit includes employee severance charges of $11 million for the three and six months ended June 30, 2019. Operating profit includes legal settlement expenses of $73 million for the three and six months ended June 30, 2018. Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three and six months ended June 30, 2019 and 2018.

³  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $19 million and $18 million for the three months ended June 30, 2019 and 2018, respectively, and $37 million and $36 million for the six months ended June 30, 2019 and 2018, respectively.

⁴  Operating profit includes employee severance charges of $1 million for the three and six months ended June 30, 2019. Operating profit also includes amortization of intangibles from acquisitions of $3 million and $4 million for the three months ended June 30, 2019 and 2018, respectively, and $7 million and $9 million for the six months ended June 30, 2019 and 2018, respectively.

⁵  Operating profit for includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2019 and 2018 and $3 million for the six months ended June 30, 2019 and 2018.

⁶  Operating loss includes Kensho retention related expenses of $5 million and $12 million for the three months ended June 30, 2019 and 2018, respectively, and $11 million and $12 million for the six months ended June 30, 2019 and 2018, respectively. Operating loss includes employee severance charges of $7 million and a lease impairment of $5 million for the three and six months ended June 30, 2019. Operating

loss also includes amortization of intangibles from acquisitions of $7 million and $14 million for the three and six months months ended June 30, 2019, respectively, and $8 million for the three and six months ended June 30, 2018

Schedule of Revenue Disaggregated by Type

The following table presents our revenue disaggregated by revenue type:

(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2019
Subscription	$	—	$	471	$	195	$	40	$	—	$	—		$	706
Non-transaction	372		—		—		—		—		(32		)	340
Non-subscription / Transaction	429		12		3		—		—		—			444
Asset-linked fees	—		4		—		159		—		—			163
Sales usage-based royalties	—		—		15		36		—		—			51
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
Timing of revenue recognition
Services transferred at a point in time	$	429	$	12	$	3	$	—	$	—	$	—		$	444
Services transferred over time	372		475		210		235		—		(32		)	1,260
Total revenue	$	801	$	487	$	213	$	235	$	—	$	(32	)	$	1,704
	Six Months Ended June 30, 2019
Subscription	$	—	$	939	$	386	$	80			$	—		$	1,405
Non-transaction	737		—		—		—		—		(63		)	674
Non-subscription / Transaction	760		21		5		—		—		—			786
Asset-linked fees	—		9		—		302		—		—			311
Sales usage-based royalties	—		—		29		70		—		—			99
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275
Timing of revenue recognition
Services transferred at a point in time	$	760	$	21	$	5	$	—	$	—	$	—		$	786
Services transferred over time	737		948		415		452		—		(63		)	2,489
Total revenue	$	1,497	$	969	$	420	$	452	$	—	$	(63	)	$	3,275

(in millions)	Ratings		Market Intelligence		Platts		Indices		Corporate		Intersegment Elimination 1			Total
	Three Months Ended June 30, 2018
Subscription	$	—	$	431	$	188	$	34	$	5	$	—		$	658
Non-transaction	378		—		—		—		—		(32		)	346
Non-subscription / Transaction	397		13		4		—		—		—			414
Asset-linked fees	—		5		—		135		—		—			140
Sales usage-based royalties	—		—		13		38		—		—			51
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
Timing of revenue recognition
Services transferred at a point in time	$	397	$	13	$	4	$	—	$	—	$	—		$	414
Services transferred over time	378		436		201		207		5		(32		)	1,195
Total revenue	$	775	$	449	$	205	$	207	$	5	$	(32	)	$	1,609
	Six Months Ended June 30, 2018
Subscription	$	—	$	856	$	369	$	64	$	5	$	—		$	1,294
Non-transaction	757		—		—		—		—		(60		)	697
Non-subscription / Transaction	766		23		6		—		—		—			795
Asset-linked fees	—		10		—		265		—		—			275
Sales usage-based royalties	—		—		26		89		—		—			115
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176
Timing of revenue recognition
Services transferred at a point in time	$	766	$	23	$	6	$	—	$	—	$	—		$	795
Services transferred over time	757		866		395		418		5		(60		)	2,381
Total revenue	$	1,523	$	889	$	401	$	418	$	5	$	(60	)	$	3,176

¹ 

Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Schedule of Revenue by Geographic Region

The following provides revenue by geographic region for the periods ended June 30:

(in millions)	Three Months				Six Months
	2019		2018		2019		2018
U.S.	$	1,023	$	962	$	1,966	$	1,915
European region	415		402		788		782
Asia	177		158		346		314
Rest of the world	89		87		175		165
Total	$	1,704	$	1,609	$	3,275	$	3,176

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Location and Amounts of Leases

The following table provides information on the location and amounts of our leases on our consolidated balance sheet as of June 30, 2019:

(in millions)		June 30,
Balance Sheet Location		2019
Assets
Right of use assets	Lease right-of-use assets	$	669
Liabilities
Other current liabilities	Current lease liabilities	109
Lease liabilities — non-current	Noncurrent lease liabilities	621

Schedule of Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months			Six Months
	2019			2019
Operating lease cost	$	41		$	77
Sublease income	(4		)	(8		)
Total lease cost	$	37		$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months		Six Months
	2019		2019
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows from operating leases	$	36	$	71
Right-of-use assets obtained in exchange for lease obligations
Operating leases	23		737

Schedule of Lease Term and Discount Rate

Weighted-average remaining lease term and discount rate for our operating leases as of June 30 are as follows:

	2019
Weighted-average remaining lease term (years)	9.5
Weighted-average discount rate	3.93	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2019 (Excluding the six months ended June 30, 2019)	$	84
2020	122
2021	104
2022	89
2023	81
2024 and beyond	421
Total undiscounted lease payments	$	901
Less: Imputed interest	171
Present value of lease liabilities	$	730

XML

Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Statement of Income

	Statement of Income
	Three Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	208		$	489		$	1,047		$	(40	)	$	1,704
Expenses:
Operating-related expenses	46			110			336			(40		)	452
Selling and general expenses	51			83			253			—			387
Depreciation	10			4			7			—			21
Amortization of intangibles	—			—			31			—			31
Total expenses	107			197			627			(40		)	891
Operating profit	101			292			420			—			813
Other income, net	(5		)	—			(1		)	—			(6		)
Interest expense (income), net	40			—			(3		)	—			37
Non-operating intercompany transactions	95			(20		)	(1,234		)	1,159			—
Income before taxes on income	(29		)	312			1,658			(1,159		)	782
(Benefit) provision for taxes on income	(3		)	89			94			—			180
Equity in net income of subsidiaries	1,741			—			—			(1,741		)	—
Net income	$	1,715		$	223		$	1,564		$	(2,900	)	$	602
Less: net income attributable to noncontrolling interests	—			—			—			(47		)	(47		)
Net income attributable to S&P Global Inc.	$	1,715		$	223		$	1,564		$	(2,947	)	$	555
Comprehensive income	$	1,721		$	223		$	1,540		$	(2,900	)	$	584

	Statement of Income
	Six Months Ended June 30, 2019
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	409		$	925		$	2,018		$	(77	)	$	3,275
Expenses:
Operating-related expenses	85			228			662			(77		)	898
Selling and general expenses	75			163			517			—			755
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Total expenses	182			397			1,255			(77		)	1,757
Operating profit	227			528			763			—			1,518
Other expense (income), net	102			—			(5		)	—			97
Interest expense (income), net	77			—			(4		)	—			73
Non-operating intercompany transactions	191			(37		)	(1,336		)	1,182			—
Income before taxes on income	(143		)	565			2,108			(1,182		)	1,348
(Benefit) provision for taxes on income	(43		)	159			177			—			293
Equity in net income of subsidiaries	2,247			—			—			(2,247		)	—
Net income	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Less: net income attributable to noncontrolling interests	—			—			—			(90		)	(90		)
Net income attributable to S&P Global Inc.	$	2,147		$	406		$	1,931		$	(3,519	)	$	965
Comprehensive income	$	2,235		$	406		$	1,935		$	(3,430	)	$	1,146

	Statement of Income
	Three Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	200		$	463		$	985		$	(39	)	$	1,609
Expenses:
Operating-related expenses	43			107			330			(39		)	441
Selling and general expenses	69			57			318			—			444
Depreciation	11			2			6			—			19
Amortization of intangibles	—			—			33			—			33
Total expenses	123			166			687			(39		)	937
Operating profit	77			297			298			—			672
Other income, net	(6		)	—			(5		)	—			(11		)
Interest expense (income), net	28			—			(2		)	—			26
Non-operating intercompany transactions	86			(22		)	(358		)	294			—
Income before taxes on income	(31		)	319			663			(294		)	657
Provision for taxes on income	27			75			54			—			156
Equity in net income of subsidiaries	812			—			—			(812		)	—
Net income	$	754		$	244		$	609		$	(1,106	)	$	501
Less: net income attributable to noncontrolling interests	—			—			—			(40		)	(40		)
Net income attributable to S&P Global Inc.	$	754		$	244		$	609		$	(1,146	)	$	461
Comprehensive income	$	764		$	244		$	521		$	(1,103	)	$	426

	Statement of Income
	Six Months Ended June 30, 2018
	(Unaudited)
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	391		$	897		$	1,962		$	(74	)	$	3,176
Expenses:
Operating-related expenses	74			224			653			(74		)	877
Selling and general expenses	108			143			568			—			819
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Total expenses	202			371			1,294			(74		)	1,793
Operating profit	189			526			668			—			1,383
Other income, net	(14		)	—			(2		)	—			(16		)
Interest expense (income), net	66			1			(6		)	—			61
Non-operating intercompany transactions	186			(43		)	(1,454		)	1,311			—
Income before taxes on income	(49		)	568			2,130			(1,311		)	1,338
Provision for taxes on income	13			146			144			—			303
Equity in net income of subsidiaries	2,324			—			—			(2,324		)	—
Net income	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Less: net income attributable to noncontrolling interests	—			—			—			(84		)	(84		)
Net income attributable to S&P Global Inc.	$	2,262		$	422		$	1,986		$	(3,719	)	$	951
Comprehensive income	$	2,251		$	421		$	1,932		$	(3,635	)	$	969

Schedule of Balance Sheet

	Balance Sheet
	June 30, 2019
	(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	$	556		$	—	$	1,325		$	—		$	1,881
Restricted cash	—			—		39			—			39
Accounts receivable, net of allowance for doubtful accounts	269			195		1,079			—			1,543
Intercompany receivable	585			2,330		3,281			(6,196		)	—
Prepaid and other current assets	45			—		186			—			231
Total current assets	1,455			2,525		5,910			(6,196		)	3,694
Property and equipment, net of accumulated depreciation	205			—		75			—			280
Right of use assets	404			2		263			—			669
Goodwill	261			—		3,251			7			3,519
Other intangible assets, net	—			—		1,453			—			1,453
Investments in subsidiaries	10,631			6		8,008			(18,645		)	—
Intercompany loans receivable	137			—		1,137			(1,274		)	—
Other non-current assets	208			43		320			(1		)	570
Total assets	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	100		$	7	$	107		$	—		$	214
Intercompany payable	5,107			55		1,034			(6,196		)	—
Accrued compensation and contributions to retirement plans	108			27		134			—			269
Income taxes currently payable	18			—		70			—			88
Unearned revenue	268			259		1,182			—			1,709
Other current liabilities	187			20		212			—			419
Total current liabilities	5,788			368		2,739			(6,196		)	2,699
Long-term debt	3,664			—		—			—			3,664
Lease liabilities — non-current	386			1		234			—			621
Intercompany loans payable	120			—		1,154			(1,274		)	—
Pension and other postretirement benefits	162			—		68			—			230
Other non-current liabilities	131			76		304			—			511
Total liabilities	10,251			445		4,499			(7,470		)	7,725
Redeemable noncontrolling interest	—			—		—			1,890			1,890
Equity:
Common stock	294			—		2,371			(2,371		)	294
Additional paid-in capital	26			622		9,679			(9,537		)	790
Retained income	14,569			1,509		4,353			(8,721		)	11,710
Accumulated other comprehensive loss	(209		)	—		(485		)	43			(651		)
Less: common stock in treasury	(11,630		)	—		(1		)	—			(11,631		)
Total equity - controlling interests	3,050			2,131		15,917			(20,586		)	512
Total equity - noncontrolling interests	—			—		1			57			58
Total equity	3,050			2,131		15,918			(20,529		)	570
Total liabilities and equity	$	13,301		$	2,576	$	20,417		$	(26,109	)	$	10,185

	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
Right of use assets	—			—		—			—			—
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
Other current liabilities	180			16		155			—			351
Total current liabilities	5,088			331		2,771			(5,561		)	2,629
Long-term debt	3,662			—		—			—			3,662
Lease liabilities — non-current	—			—		—			—			—
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

Schedule of Statement of Cash Flows

	Statement of Cash Flows
	Six Months Ended June 30, 2019
	(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	$	2,147		$	406		$	1,931		$	(3,429	)	$	1,055
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	22			6			13			—			41
Amortization of intangibles	—			—			63			—			63
Provision for losses on accounts receivable	3			3			6			—			12
Deferred income taxes	4			1			7			—			12
Stock-based compensation	9			4			20			—			33
Pension settlement charge, net of taxes	85			—			—			—			85
Other	8			7			23			—			38
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(109		)	(88		)	102			—			(95		)
Prepaid and other current assets	(1		)	2			(43		)	—			(42		)
Accounts payable and accrued expenses	1			(13		)	(62		)	—			(74		)
Unearned revenue	28			27			(55		)	—			—
Accrued legal settlements	—			(1		)	—			—			(1		)
Other current liabilities	(57		)	(3		)	(23		)	—			(83		)
Net change in prepaid/accrued income taxes	33			—			—			—			33
Net change in other assets and liabilities	(26		)	(4		)	(37		)				(67		)
Cash provided by operating activities	2,147			347			1,945			(3,429		)	1,010
Investing Activities:
Capital expenditures	(25		)	(3		)	(18		)	—			(46		)
Acquisitions, net of cash acquired	—			—			(4		)	—			(4		)
Changes in short-term investments	—			—			(3		)	—			(3		)
Cash used for investing activities	(25		)	(3		)	(25		)	—			(53		)
Financing Activities:
Dividends paid to shareholders	(281		)	—			—			—			(281		)
Distributions to noncontrolling interest holders, net	—			—			(59		)	—			(59		)
Repurchase of treasury shares	(644		)	—			—			—			(644		)
Exercise of stock options	29			—			2			—			31
Employee withholding tax on share-based payments and other	(53		)	—			(2		)	—			(55		)
Intercompany financing activities	(1,311		)	(344		)	(1,774		)	3,429			—
Cash used for financing activities	(2,260		)	(344		)	(1,833		)	3,429			(1,008		)
Effect of exchange rate changes on cash	—			—			13			—			13
Net change in cash, cash equivalents, and restricted cash	(138		)	—			100			—			(38		)
Cash, cash equivalents, and restricted cash at beginning of period	694			—			1,264			—			1,958
Cash, cash equivalents, and restricted cash at end of period	$	556		$	—		$	1,364		$	—		$	1,920

	Statement of Cash Flows
	Six Months Ended June 30, 2018
	(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	$	2,262		$	422		$	1,986		$	(3,635	)	$	1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	20			4			16			—			40
Amortization of intangibles	—			—			57			—			57
Provision for losses on accounts receivable	—			1			9			—			10
Deferred income taxes	(86		)	—			108						22
Stock-based compensation	14			8			24			—			46
Other	19			—			61			—			80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	(6		)	(29		)	54			—			19
Prepaid and other current assets	(20		)	1			—			—			(19		)
Accounts payable and accrued expenses	(48		)	(68		)	(101		)	—			(217		)
Unearned revenue	9			30			2			—			41
Accrued legal settlements				—			(29		)	—			(29		)
Other current liabilities	20			(4		)	(85		)	—			(69		)
Net change in prepaid/accrued income taxes	24			1			(1		)	—			24
Net change in other assets and liabilities	(27		)	2			(112		)	—			(137		)
Cash provided by operating activities	2,181			368			1,989			(3,635		)	903
Investing Activities:
Capital expenditures	(43		)	(10		)	(7		)	—			(60		)
Acquisitions, net of cash acquired	—			—			(246		)	—			(246		)
Changes in short-term investments	—			—			1			—			1
Cash used for investing activities	(43		)	(10		)	(252		)	—			(305		)
Financing Activities:
Proceeds from issuance of senior notes, net	489			—			—			—			489
Payments on senior notes	(403		)	—			—			—			(403		)
Dividends paid to shareholders	(253		)	—			—			—			(253		)
Distributions to noncontrolling interest holders, net	—			—			(78		)	—			(78		)
Purchase of CRISIL shares	—			—			(25		)	—			(25		)
Repurchase of treasury shares	(1,100		)	—			—			—			(1,100		)
Exercise of stock options	14			—			2			—			16
Employee withholding tax on share-based payments and other	(50		)	—			—			—			(50		)
Intercompany financing activities	(701		)	(358		)	(2,576		)	3,635			—
Cash used for financing activities	(2,004		)	(358		)	(2,677		)	3,635			(1,404		)
Effect of exchange rate changes on cash	1			—			(39		)	—			(38		)
Net change in cash, cash equivalents, and restricted cash	135			—			(979		)	—			(844		)
Cash, cash equivalents, and restricted cash at beginning of period	632			—			2,147			—			2,779
Cash, cash equivalents, and restricted cash at end of period	$	767		$	—		$	1,168		$	—		$	1,935

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Nature of Operations and Basis of Presentation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) Segment	Dec. 31, 2018 USD ($)	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Number of reportable segments | Segment	4
Restricted cash	$ 39	$ 41
Contract asset	47	26
Revenue expected to be recognized as of period end	1,500
Amortization period of capitalized contract cost			5 years
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Disaggregation of Revenue [Line Items]
Unearned revenue	1,200
Capitalized contract costs	$ 96	$ 101

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Nature of Operations and Basis of Presentation - Components of Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other (income) expense, net	$ (6)		$ (11)	$ 97	$ (16)
Non-cash pre-tax settlement charge		$ 113
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other components of net periodic benefit cost	(7)		(8)	96	(16)
Net loss (gain) from investments	1		(3)	1	0
Other (income) expense, net	$ (6)		$ (11)	$ 97	$ (16)

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Nature of Operations and Basis of Presentation - Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01	Jun. 30, 2019
Twelve Months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	50.00%
Expected timing of satisfaction of remaining performance obligation	1 year
Twenty-Four Months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (as a percent)	75.00%
Expected timing of satisfaction of remaining performance obligation	2 years

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Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2018	Jan. 31, 2018
Kensho
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Consideration transferred to acquire business	$ 550
Pragmatix
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Ownership proportion of equity method investment (as a percent)		100.00%

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Acquisitions and Divestitures - Operating Profit of Business Held-for-Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
SPIAS | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating profit	$ 3	$ 3	$ 6	$ 6

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	23.00%	23.80%	21.70%	22.70%
Unrecognized tax benefits	$ 114		$ 114		$ 147
Accrued interest and penalties associated with unrecognized tax benefits	20		20		$ 35
Reduction of unrecognized tax benefits is reasonably possible	$ 5		$ 5

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Debt - Narrative (Details) - USD ($)		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, fair value		$ 4,100,000,000	$ 3,800,000,000
Five-Year Credit Agreement | Maximum
Debt Instrument [Line Items]
Indebtedness to cash flow (not greater than)		4
Five-Year Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Credit facility, term (in years)	5 years
Commitment fee		0.10%
Five-Year Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee		0.08%
Five-Year Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee		0.175%
Five-Year Credit Agreement | Commercial paper
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,200,000,000
Short-term debt		$ 0	$ 0

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Debt - Summary (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018	May 17, 2018	Sep. 22, 2016	May 26, 2015
Debt Instrument [Line Items]
Long-term debt	$ 3,664	$ 3,662
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Long-term debt	$ 699	698
Stated interest rate (as a percent)	3.30%
Unamortized debt discount and issuance costs	$ 1
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt	$ 693	693
Stated interest rate (as a percent)	4.00%				4.00%
Unamortized debt discount and issuance costs	$ 7
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Long-term debt	$ 893	892
Stated interest rate (as a percent)	4.40%
Unamortized debt discount and issuance costs	$ 7
Senior Notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 493	493
Stated interest rate (as a percent)	2.95%			2.95%
Unamortized debt discount and issuance costs	$ 7
Senior Notes | 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Long-term debt	$ 396	396
Stated interest rate (as a percent)	6.55%
Unamortized debt discount and issuance costs	$ 4
Senior Notes | 4.5% Senior Notes, due 2048
Debt Instrument [Line Items]
Long-term debt	$ 490	$ 490
Stated interest rate (as a percent)	4.50%		4.50%
Unamortized debt discount and issuance costs	$ 10

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Derivative Instruments - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Derivative [Line Items]
Material hedge ineffectiveness	$ 0	$ 0
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts
Derivative [Line Items]
Aggregate notional value	68,000,000	68,000,000
Net gain (loss) on derivative	3,000,000	5,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts
Derivative [Line Items]
Aggregate notional value	229,000,000	$ 229,000,000
Maturity of derivatives		12 months
Net gains (losses) related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings		$ (4,000,000)
Prepaid and other current assets | Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts
Derivative [Line Items]
Aggregate notional value	$ 2,000,000	$ 2,000,000

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Derivative Instruments - Location and Fair Values of Cash Flow Hedges (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Cash Flow Hedging | Foreign exchange forward contracts | Designated as Hedging Instrument | Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative, fair value	$ 4	$ 3

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Derivative Instruments - Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	$ (3)		$ 0
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)		$ (5)		$ (4)
Foreign exchange forward contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	(3)		0
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)		(4)		(3)
Foreign exchange forward contracts | Revenue, Selling and general expenses | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 1		$ 4
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)		$ (1)		$ (1)

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Derivative Instruments - Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			$ 628
Change in fair value, net of tax		$ (4)		$ (3)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$ 512		512
Unrealized Gain (Loss) on Foreign Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	7	3	4	2
Change in fair value, net of tax	(2)	(5)	4	(4)
Reclassification into earnings, net of tax	(1)	1	(4)	1
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$ 4	$ (1)	$ 4	$ (1)

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Employee Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Retirement Benefits [Abstract]
Contribution towards retirement plans	$ 41
Expected contributions towards retirement plans, remainder of the year	$ 5

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Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Retirement Benefits [Abstract]
Service cost	$ 1	$ 1	$ 1	$ 1
Interest cost	14	18	33	36
Expected return on assets	(23)	(31)	(54)	(63)
Amortization of prior service credit / actuarial loss	2	4	4	9
Net periodic benefit cost	(6)	(8)	(16)	(17)
Settlement charge	0	0	113	0
Net benefit cost	$ (6)	$ (8)	$ 97	$ (17)

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Stock-Based Compensation - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1
Unrecognized compensation expense, period for recognition	1 year
Restricted stock and unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock and unit awards granted in period (shares) | shares	0.3
Weighted-average grant fate fair value of restricted stock and unit awards granted in period (USD per share) | $ / shares	$ 212.56
Unrecognized compensation expense	$ 98
Unrecognized compensation expense, period for recognition	2 years

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Stock-Based Compensation - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 22	$ 34	$ 33	$ 46
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1	2	1	2
Restricted stock and unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 21	$ 32	$ 32	$ 44

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Equity - Narrative (Details) - USD ($)							2 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2019	Feb. 11, 2019	Jan. 02, 2019	Oct. 29, 2018	Sep. 25, 2018	Mar. 06, 2018	Jan. 02, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased								0	0	3,400,000	5,000,000.0
Average price paid per share (USD per share)								$ 0	$ 0	$ 184.51	$ 178.11
Minimum interest in joint venture (as a percent)										20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period										15 days
2013 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for repurchase (shares)												50,000,000
Shares authorized for repurchase, compared to total common stock outstanding (as a percent)												18.00%
Remaining shares available under repurchase program (shares)								7,200,000		7,200,000
S&P Dow Jones LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncontrolling interest ownership by noncontrolling owners (as a percent)								27.00%		27.00%
Accelerated Share Repurchases, February 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase program amount		$ 500,000,000
Payments for accelerated share repurchases		$ 500,000,000
Accelerated Share Repurchases, February 2019 | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase program amount	$ 500,000,000
Accelerated Share Repurchases, October 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase program amount				$ 500,000,000
Payments for accelerated share repurchases				$ 500,000,000
Accelerated Share Repurchases, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase program amount						$ 1,000,000,000
Payments for accelerated share repurchases						$ 1,000,000,000
Initial Award | Accelerated Share Repurchases, February 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased		2,200,000
Accelerated share repurchases initial delivery percentage (as a percent)		85.00%
Initial Award | Accelerated Share Repurchases, October 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased				2,500,000
Accelerated share repurchases initial delivery percentage (as a percent)				85.00%
Initial Award | Accelerated Share Repurchases, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased						4,500,000
Accelerated share repurchases initial delivery percentage (as a percent)						85.00%
Additional Award | Accelerated Share Repurchases, February 2019 | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	100,000
Additional Award | Accelerated Share Repurchases, October 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased			400,000
Additional Award | Accelerated Share Repurchases, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased					600,000
Completed Award | Accelerated Share Repurchases, February 2019 | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	2,300,000
Average price paid per share (USD per share)	$ 214.65
Completed Award | Accelerated Share Repurchases, October 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased							2,900,000
Average price paid per share (USD per share)							$ 173.80
Completed Award | Accelerated Share Repurchases, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased					5,100,000
Average price paid per share (USD per share)					$ 197.49

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Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	0.0	0.0	3.4	5.0
Average price paid per share (USD per share)	$ 0	$ 0	$ 184.51	$ 178.11
Total cash utilized			$ 644	$ 1,100
Total SPGI Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized	$ 0	$ 0	$ 644	$ 1,100

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Equity - Changes to Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period			$ 1,620
Net income attributable to noncontrolling interest	$ 44	$ 36	84	$ 76
Capital contribution from noncontrolling interest			36
Distributions payable to noncontrolling interest			(72)
Redemption value adjustment			222
Balance at end of period	$ 1,890		$ 1,890

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Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 388	$ 65	$ 684	$ 768
Balance at end of period	570	633	570	633
Pension and other postretirement benefit plans, tax (less than)	0	(4)	28	(3)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(633)	(630)	(742)	(649)
Other comprehensive income before reclassifications			6
Reclassifications from accumulated other comprehensive loss to net earnings			85
Net other comprehensive income			91
Balance at end of period	(651)	$ (705)	(651)	$ (705)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(339)
Other comprehensive income before reclassifications			5
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			5
Balance at end of period	(334)		(334)
Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(407)
Other comprehensive income before reclassifications			(3)
Reclassifications from accumulated other comprehensive loss to net earnings			89
Net other comprehensive income			86
Balance at end of period	(321)		(321)
Pension and other postretirement benefit plans, tax (less than)			28
Unrealized Gain (Loss) on Foreign Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			4
Other comprehensive income before reclassifications			4
Reclassifications from accumulated other comprehensive loss to net earnings			(4)
Net other comprehensive income			0
Balance at end of period	$ 4		$ 4

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Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock not included in the computation of diluted earnings per share (shares)	0	0	0	0
Restricted performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock not included in the computation of diluted earnings per share (shares)			600,000	800,000

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Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$ 555	$ 461	$ 965	$ 951
Basic weighted-average number of common shares outstanding (shares)	246.1	251.1	246.4	251.7
Effect of stock options and other dilutive securities (shares)	1.3	2.2	1.5	2.1
Diluted weighted-average number of common shares outstanding (shares)	247.4	253.3	247.9	253.8
Earnings per share attributable to S&P Global Inc. common shareholders:
Basic (USD per share)	$ 2.25	$ 1.83	$ 3.92	$ 3.78
Diluted (USD per share)	$ 2.24	$ 1.82	$ 3.89	$ 3.75

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Restructuring - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($) position	Dec. 31, 2018 USD ($)
2019 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction | position	170
Restructuring reserve balance	$ 20
Restructuring charges paid	$ 20
2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction | position	160
Restructuring reserve balance	$ 6	$ 24
Restructuring charges paid	$ 18

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Restructuring - Summary (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
2019 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		$ 20
Ending Reserve Balance	$ 20	20
2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		25
Ending Reserve Balance	6	6	$ 24
Operating Segments | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	11	11
Operating Segments | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	1	1
Operating Segments | Platts
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	1	1
Operating Segments | 2019 Restructuring Plan | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		11
Ending Reserve Balance	11	11
Operating Segments | 2019 Restructuring Plan | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		1
Ending Reserve Balance	1	1
Operating Segments | 2019 Restructuring Plan | Platts
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		1
Ending Reserve Balance	1	1
Operating Segments | 2018 Restructuring Plan | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		8
Ending Reserve Balance	1	1
Operating Segments | 2018 Restructuring Plan | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		7
Ending Reserve Balance	4	4
Operating Segments | 2018 Restructuring Plan | Platts
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		0
Ending Reserve Balance	0	0
Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	7	7
Corporate | 2019 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		7
Ending Reserve Balance	7	7
Corporate | 2018 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		10
Ending Reserve Balance	$ 1	$ 1

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Segment and Related Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2019 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

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Segment and Related Information - Operating Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Revenue	$ 1,704	$ 1,609	$ 3,275	$ 3,176
Operating Profit	813	672	1,518	1,383
Amortization of intangibles from acquisitions	31	33	63	57
Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	871	731	1,622	1,488
Operating Segments | Ratings
Segment Reporting Information [Line Items]
Revenue	801	775	1,497	1,523
Operating Profit	455	369	818	777
Employee severance charges	11		11
Legal settlement expense		73		73
Amortization of intangibles from acquisitions	1	1	1	1
Operating Segments | Market Intelligence
Segment Reporting Information [Line Items]
Revenue	487	449	969	889
Operating Profit	147	127	292	238
Employee severance charges	1		1
Amortization of intangibles from acquisitions	19	18	37	36
Operating Segments | Platts
Segment Reporting Information [Line Items]
Revenue	213	205	420	401
Operating Profit	107	98	201	188
Employee severance charges	1		1
Amortization of intangibles from acquisitions	3	4	7	9
Operating Segments | Indices
Segment Reporting Information [Line Items]
Revenue	235	207	452	418
Operating Profit	162	137	311	285
Amortization of intangibles from acquisitions	1	1	3	3
Corporate
Segment Reporting Information [Line Items]
Revenue	0	5	0	5
Operating Profit	(58)	(59)	(104)	(105)
Employee severance charges	7		7
Operating Lease, Impairment Loss	5		5
Amortization of intangibles from acquisitions	7	8	14	8
Retention related expenses	5	12	11	12
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue	$ (32)	$ (32)	$ (63)	$ (60)

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Segment and Related Information - Revenue Disaggregated by Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,704	$ 1,609	$ 3,275	$ 3,176
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	444	414	786	795
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	1,260	1,195	2,489	2,381
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	706	658	1,405	1,294
Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	340	346	674	697
Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	444	414	786	795
Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	163	140	311	275
Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	51	51	99	115
Operating Segments | Ratings
Disaggregation of Revenue [Line Items]
Total revenue	801	775	1,497	1,523
Operating Segments | Ratings | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	429	397	760	766
Operating Segments | Ratings | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	372	378	737	757
Operating Segments | Ratings | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Ratings | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	372	378	737	757
Operating Segments | Ratings | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	429	397	760	766
Operating Segments | Ratings | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Ratings | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Intelligence
Disaggregation of Revenue [Line Items]
Total revenue	487	449	969	889
Operating Segments | Market Intelligence | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	12	13	21	23
Operating Segments | Market Intelligence | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	475	436	948	866
Operating Segments | Market Intelligence | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	471	431	939	856
Operating Segments | Market Intelligence | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Intelligence | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	12	13	21	23
Operating Segments | Market Intelligence | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	4	5	9	10
Operating Segments | Market Intelligence | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Platts
Disaggregation of Revenue [Line Items]
Total revenue	213	205	420	401
Operating Segments | Platts | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	3	4	5	6
Operating Segments | Platts | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	210	201	415	395
Operating Segments | Platts | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	195	188	386	369
Operating Segments | Platts | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Platts | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	3	4	5	6
Operating Segments | Platts | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Platts | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	15	13	29	26
Operating Segments | Indices
Disaggregation of Revenue [Line Items]
Total revenue	235	207	452	418
Operating Segments | Indices | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	235	207	452	418
Operating Segments | Indices | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	40	34	80	64
Operating Segments | Indices | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	159	135	302	265
Operating Segments | Indices | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	36	38	70	89
Corporate
Disaggregation of Revenue [Line Items]
Total revenue	0	5	0	5
Corporate | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	0	5	0	5
Corporate | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	0	5		5
Corporate | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Corporate | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination
Disaggregation of Revenue [Line Items]
Total revenue	(32)	(32)	(63)	(60)
Intersegment Elimination | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	(32)	(32)	(63)	(60)
Intersegment Elimination | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	(32)	(32)	(63)	(60)
Intersegment Elimination | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

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Segment and Related Information - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,704	$ 1,609	$ 3,275	$ 3,176
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,023	962	1,966	1,915
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	415	402	788	782
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	177	158	346	314
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 89	$ 87	$ 175	$ 165

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Loss Contingencies [Line Items]
Period of lease extension options		12 years		12 years
Period of options to terminate lease				1 year
Contribution to noncontrolling interest				$ 59	$ 78
Affiliated Entity
Loss Contingencies [Line Items]
Contribution to noncontrolling interest	$ 20
CME Group | S&P DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement		$ 30	$ 24	$ 59	$ 55
Noncontrolling interest ownership by noncontrolling owners (as a percent)		27.00%		27.00%
Minimum
Loss Contingencies [Line Items]
Remaining lease terms				1 year
Maximum
Loss Contingencies [Line Items]
Remaining lease terms				14 years

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Commitments and Contingencies - Location and Amounts of Leases (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Assets
Lease right-of-use assets	$ 669	$ 0
Liabilities
Current lease liabilities	109
Noncurrent lease liabilities	$ 621	$ 0

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Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 41	$ 77
Sublease income	(4)	(8)
Total lease cost	$ 37	$ 69

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Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows from operating leases	$ 36	$ 71
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 23	$ 737

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Commitments and Contingencies - Lease Term and Discount Rate (Details)	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (years)	9 years 6 months
Weighted-average discount rate (as a percent)	3.93%

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Commitments and Contingencies - Maturities of Lease Liabilities (Details) $ in Millions	Jun. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 (Excluding the six months ended June 30, 2019)	$ 84
2020	122
2021	104
2022	89
2023	81
2024 and beyond	421
Total undiscounted lease payments	901
Less: Imputed interest	171
Present value of lease liabilities	$ 730

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Condensed Consolidating Financial Statements - Narrative (Details) - USD ($)	Jun. 30, 2019	May 17, 2018	Sep. 22, 2016	Aug. 18, 2015	May 26, 2015
Condensed Financial Statements, Captions [Line Items]
Ownership interest of subsidiary (as a percent)	100.00%
Senior Notes
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 2,000,000,000.0
Senior Notes | 4.5% Senior Notes, due 2048
Condensed Financial Statements, Captions [Line Items]
Debt issued		$ 500,000,000
Stated interest rate (as a percent)	4.50%	4.50%
Senior Notes | 2.95% Senior Notes due in 2027
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 500,000,000
Stated interest rate (as a percent)	2.95%		2.95%
Senior Notes | 4.0% Senior Notes due in 2025
Condensed Financial Statements, Captions [Line Items]
Debt issued					$ 700,000,000
Stated interest rate (as a percent)	4.00%				4.00%
Senior Notes | 2.5% Senior Notes due in 2018
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 400,000,000
Stated interest rate (as a percent)				2.50%
Senior Notes | 3.3% Senior Notes due in 2020
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 700,000,000
Stated interest rate (as a percent)				3.30%
Senior Notes | 4.4% Senior Notes due in 2026
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 900,000,000
Stated interest rate (as a percent)				4.40%

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Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,704	$ 1,609	$ 3,275	$ 3,176
Expenses:
Operating-related expenses	452	441	898	877
Selling and general expenses	387	444	755	819
Depreciation	21	19	41	40
Amortization of intangibles	31	33	63	57
Total expenses	891	937	1,757	1,793
Operating profit	813	672	1,518	1,383
Other expense (income), net	(6)	(11)	97	(16)
Interest expense (income), net	37	26	73	61
Non-operating intercompany transactions	0	0	0	0
Income before taxes on income	782	657	1,348	1,338
(Benefit) provision for taxes on income	180	156	293	303
Equity in net income of subsidiaries	0	0	0	0
Net income	602	501	1,055	1,035
Less: net income attributable to noncontrolling interests	(47)	(40)	(90)	(84)
Net income attributable to S&P Global Inc.	555	461	965	951
Comprehensive income	584	426	1,146	969
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(40)	(39)	(77)	(74)
Expenses:
Operating-related expenses	(40)	(39)	(77)	(74)
Selling and general expenses	0	0	0	0
Depreciation	0	0	0	0
Amortization of intangibles	0	0	0	0
Total expenses	(40)	(39)	(77)	(74)
Operating profit	0	0	0	0
Other expense (income), net	0	0	0	0
Interest expense (income), net	0	0	0	0
Non-operating intercompany transactions	1,159	294	1,182	1,311
Income before taxes on income	(1,159)	(294)	(1,182)	(1,311)
(Benefit) provision for taxes on income	0	0	0	0
Equity in net income of subsidiaries	(1,741)	(812)	(2,247)	(2,324)
Net income	(2,900)	(1,106)	(3,429)	(3,635)
Less: net income attributable to noncontrolling interests	(47)	(40)	(90)	(84)
Net income attributable to S&P Global Inc.	(2,947)	(1,146)	(3,519)	(3,719)
Comprehensive income	(2,900)	(1,103)	(3,430)	(3,635)
S&P Global Inc. | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	208	200	409	391
Expenses:
Operating-related expenses	46	43	85	74
Selling and general expenses	51	69	75	108
Depreciation	10	11	22	20
Amortization of intangibles	0	0	0	0
Total expenses	107	123	182	202
Operating profit	101	77	227	189
Other expense (income), net	(5)	(6)	102	(14)
Interest expense (income), net	40	28	77	66
Non-operating intercompany transactions	95	86	191	186
Income before taxes on income	(29)	(31)	(143)	(49)
(Benefit) provision for taxes on income	(3)	27	(43)	13
Equity in net income of subsidiaries	1,741	812	2,247	2,324
Net income	1,715	754	2,147	2,262
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	1,715	754	2,147	2,262
Comprehensive income	1,721	764	2,235	2,251
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	489	463	925	897
Expenses:
Operating-related expenses	110	107	228	224
Selling and general expenses	83	57	163	143
Depreciation	4	2	6	4
Amortization of intangibles	0	0	0	0
Total expenses	197	166	397	371
Operating profit	292	297	528	526
Other expense (income), net	0	0	0	0
Interest expense (income), net	0	0	0	1
Non-operating intercompany transactions	(20)	(22)	(37)	(43)
Income before taxes on income	312	319	565	568
(Benefit) provision for taxes on income	89	75	159	146
Equity in net income of subsidiaries	0	0	0	0
Net income	223	244	406	422
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	223	244	406	422
Comprehensive income	223	244	406	421
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	1,047	985	2,018	1,962
Expenses:
Operating-related expenses	336	330	662	653
Selling and general expenses	253	318	517	568
Depreciation	7	6	13	16
Amortization of intangibles	31	33	63	57
Total expenses	627	687	1,255	1,294
Operating profit	420	298	763	668
Other expense (income), net	(1)	(5)	(5)	(2)
Interest expense (income), net	(3)	(2)	(4)	(6)
Non-operating intercompany transactions	(1,234)	(358)	(1,336)	(1,454)
Income before taxes on income	1,658	663	2,108	2,130
(Benefit) provision for taxes on income	94	54	177	144
Equity in net income of subsidiaries	0	0	0	0
Net income	1,564	609	1,931	1,986
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	1,564	609	1,931	1,986
Comprehensive income	$ 1,540	$ 521	$ 1,935	$ 1,932

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Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,881		$ 1,917
Restricted cash	39		41
Accounts receivable, net of allowance for doubtful accounts	1,543		1,449
Intercompany receivable	0		0
Prepaid and other current assets	231		197
Total current assets	3,694		3,604
Property and equipment, net of accumulated depreciation	280		270
Right of use assets	669		0
Goodwill	3,519		3,535
Other intangible assets, net	1,453		1,524
Investments in subsidiaries	0		0
Intercompany loans receivable	0		0
Other non-current assets	570		525
Total assets	10,185		9,458
Current liabilities:
Accounts payable	214		211
Intercompany payable	0		0
Accrued compensation and contributions to retirement plans	269		354
Income taxes currently payable	88		72
Unearned revenue	1,709		1,641
Other current liabilities	419		351
Total current liabilities	2,699		2,629
Long-term debt	3,664		3,662
Lease liabilities — non-current	621		0
Intercompany loans payable	0		0
Pension and other postretirement benefits	230		229
Other non-current liabilities	511		634
Total liabilities	7,725		7,154
Redeemable noncontrolling interest	1,890		1,620
Equity:
Common stock	294		294
Additional paid-in capital	790		833
Retained income	11,710		11,284
Accumulated other comprehensive loss	(651)		(742)
Less: common stock in treasury	(11,631)		(11,041)
Total equity — controlling interests	512		628
Total equity - noncontrolling interests	58		56
Total equity	570	$ 388	684	$ 633	$ 65	$ 768
Total liabilities and equity	10,185		9,458
Eliminations
Current assets:
Cash and cash equivalents	0		0
Restricted cash	0		0
Accounts receivable, net of allowance for doubtful accounts	0		0
Intercompany receivable	(6,196)		(5,561)
Prepaid and other current assets	0		0
Total current assets	(6,196)		(5,561)
Property and equipment, net of accumulated depreciation	0		0
Right of use assets	0		0
Goodwill	7		9
Other intangible assets, net	0		0
Investments in subsidiaries	(18,645)		(16,635)
Intercompany loans receivable	(1,274)		(1,773)
Other non-current assets	(1)		0
Total assets	(26,109)		(23,960)
Current liabilities:
Accounts payable	0		0
Intercompany payable	(6,196)		(5,561)
Accrued compensation and contributions to retirement plans	0		0
Income taxes currently payable	0		0
Unearned revenue	0		0
Other current liabilities	0		0
Total current liabilities	(6,196)		(5,561)
Long-term debt	0		0
Lease liabilities — non-current	0		0
Intercompany loans payable	(1,274)		(1,773)
Pension and other postretirement benefits	0		0
Other non-current liabilities	0		0
Total liabilities	(7,470)		(7,334)
Redeemable noncontrolling interest	1,890		1,620
Equity:
Common stock	(2,371)		(2,279)
Additional paid-in capital	(9,537)		(9,641)
Retained income	(8,721)		(6,439)
Accumulated other comprehensive loss	43		46
Less: common stock in treasury	0		12
Total equity — controlling interests	(20,586)		(18,301)
Total equity - noncontrolling interests	57		55
Total equity	(20,529)		(18,246)
Total liabilities and equity	(26,109)		(23,960)
S&P Global Inc. | Reportable Legal Entities
Current assets:
Cash and cash equivalents	556		694
Restricted cash	0		0
Accounts receivable, net of allowance for doubtful accounts	269		163
Intercompany receivable	585		550
Prepaid and other current assets	45		58
Total current assets	1,455		1,465
Property and equipment, net of accumulated depreciation	205		192
Right of use assets	404		0
Goodwill	261		261
Other intangible assets, net	0		0
Investments in subsidiaries	10,631		8,599
Intercompany loans receivable	137		130
Other non-current assets	208		194
Total assets	13,301		10,841
Current liabilities:
Accounts payable	100		89
Intercompany payable	5,107		4,453
Accrued compensation and contributions to retirement plans	108		125
Income taxes currently payable	18		1
Unearned revenue	268		240
Other current liabilities	187		180
Total current liabilities	5,788		5,088
Long-term debt	3,664		3,662
Lease liabilities — non-current	386		0
Intercompany loans payable	120		114
Pension and other postretirement benefits	162		162
Other non-current liabilities	131		166
Total liabilities	10,251		9,192
Redeemable noncontrolling interest	0		0
Equity:
Common stock	294		294
Additional paid-in capital	26		72
Retained income	14,569		12,622
Accumulated other comprehensive loss	(209)		(299)
Less: common stock in treasury	(11,630)		(11,040)
Total equity — controlling interests	3,050		1,649
Total equity - noncontrolling interests	0		0
Total equity	3,050		1,649
Total liabilities and equity	13,301		10,841
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Current assets:
Cash and cash equivalents	0		0
Restricted cash	0		0
Accounts receivable, net of allowance for doubtful accounts	195		109
Intercompany receivable	2,330		2,138
Prepaid and other current assets	0		3
Total current assets	2,525		2,250
Property and equipment, net of accumulated depreciation	0		0
Right of use assets	2		0
Goodwill	0		0
Other intangible assets, net	0		0
Investments in subsidiaries	6		6
Intercompany loans receivable	0		0
Other non-current assets	43		45
Total assets	2,576		2,301
Current liabilities:
Accounts payable	7		15
Intercompany payable	55		32
Accrued compensation and contributions to retirement plans	27		33
Income taxes currently payable	0		0
Unearned revenue	259		235
Other current liabilities	20		16
Total current liabilities	368		331
Long-term debt	0		0
Lease liabilities — non-current	1		0
Intercompany loans payable	0		0
Pension and other postretirement benefits	0		0
Other non-current liabilities	76		75
Total liabilities	445		406
Redeemable noncontrolling interest	0		0
Equity:
Common stock	0		0
Additional paid-in capital	622		618
Retained income	1,509		1,277
Accumulated other comprehensive loss	0		0
Less: common stock in treasury	0		0
Total equity — controlling interests	2,131		1,895
Total equity - noncontrolling interests	0		0
Total equity	2,131		1,895
Total liabilities and equity	2,576		2,301
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents	1,325		1,223
Restricted cash	39		41
Accounts receivable, net of allowance for doubtful accounts	1,079		1,177
Intercompany receivable	3,281		2,873
Prepaid and other current assets	186		136
Total current assets	5,910		5,450
Property and equipment, net of accumulated depreciation	75		78
Right of use assets	263		0
Goodwill	3,251		3,265
Other intangible assets, net	1,453		1,524
Investments in subsidiaries	8,008		8,030
Intercompany loans receivable	1,137		1,643
Other non-current assets	320		286
Total assets	20,417		20,276
Current liabilities:
Accounts payable	107		107
Intercompany payable	1,034		1,076
Accrued compensation and contributions to retirement plans	134		196
Income taxes currently payable	70		71
Unearned revenue	1,182		1,166
Other current liabilities	212		155
Total current liabilities	2,739		2,771
Long-term debt	0		0
Lease liabilities — non-current	234		0
Intercompany loans payable	1,154		1,659
Pension and other postretirement benefits	68		67
Other non-current liabilities	304		393
Total liabilities	4,499		4,890
Redeemable noncontrolling interest	0		0
Equity:
Common stock	2,371		2,279
Additional paid-in capital	9,679		9,784
Retained income	4,353		3,824
Accumulated other comprehensive loss	(485)		(489)
Less: common stock in treasury	(1)		(13)
Total equity — controlling interests	15,917		15,385
Total equity - noncontrolling interests	1		1
Total equity	15,918		15,386
Total liabilities and equity	$ 20,417		$ 20,276

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Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income	$ 602	$ 501	$ 1,055	$ 1,035
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	21	19	41	40
Amortization of intangibles	31	33	63	57
Provision for losses on accounts receivable			12	10
Deferred income taxes			12	22
Stock-based compensation			33	46
Pension settlement charge, net of taxes			85	0
Other			38	80
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable			(95)	19
Prepaid and other current assets			(42)	(19)
Accounts payable and accrued expenses			(74)	(217)
Unearned revenue			0	41
Accrued legal settlements			(1)	(29)
Other current liabilities			(83)	(69)
Net change in prepaid/accrued income taxes			33	24
Net change in other assets and liabilities			(67)	(137)
Cash provided by operating activities			1,010	903
Investing Activities:
Capital expenditures			(46)	(60)
Acquisitions, net of cash acquired			(4)	(246)
Changes in short-term investments			(3)	1
Cash used for investing activities			(53)	(305)
Financing Activities:
Proceeds from issuance of senior notes, net			0	489
Payments on senior notes			0	(403)
Dividends paid to shareholders			(281)	(253)
Distributions to noncontrolling interest holders, net			(59)	(78)
Purchase of CRISIL shares			0	(25)
Repurchase of treasury shares			(644)	(1,100)
Exercise of stock options			31	16
Employee withholding tax on share-based payments and other			(55)	(50)
Intercompany financing activities			0	0
Cash used for financing activities			(1,008)	(1,404)
Effect of exchange rate changes on cash			13	(38)
Net change in cash, cash equivalents, and restricted cash			(38)	(844)
Cash, cash equivalents, and restricted cash at beginning of period			1,958	2,779
Cash, cash equivalents, and restricted cash at end of period	1,920	1,935	1,920	1,935
Eliminations
Operating Activities:
Net income	(2,900)	(1,106)	(3,429)	(3,635)
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	0	0	0	0
Amortization of intangibles	0	0	0	0
Provision for losses on accounts receivable			0	0
Deferred income taxes			0
Stock-based compensation			0	0
Pension settlement charge, net of taxes			0
Other			0	0
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable			0	0
Prepaid and other current assets			0	0
Accounts payable and accrued expenses			0	0
Unearned revenue			0	0
Accrued legal settlements			0	0
Other current liabilities			0	0
Net change in prepaid/accrued income taxes			0	0
Net change in other assets and liabilities				0
Cash provided by operating activities			(3,429)	(3,635)
Investing Activities:
Capital expenditures			0	0
Acquisitions, net of cash acquired			0	0
Changes in short-term investments			0	0
Cash used for investing activities			0	0
Financing Activities:
Proceeds from issuance of senior notes, net				0
Payments on senior notes				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders, net			0	0
Purchase of CRISIL shares				0
Repurchase of treasury shares			0	0
Exercise of stock options			0	0
Employee withholding tax on share-based payments and other			0	0
Intercompany financing activities			3,429	3,635
Cash used for financing activities			3,429	3,635
Effect of exchange rate changes on cash			0	0
Net change in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash at beginning of period			0	0
Cash, cash equivalents, and restricted cash at end of period	0	0	0	0
S&P Global Inc.
Investing Activities:
Changes in short-term investments			0
S&P Global Inc. | Reportable Legal Entities
Operating Activities:
Net income	1,715	754	2,147	2,262
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	10	11	22	20
Amortization of intangibles	0	0	0	0
Provision for losses on accounts receivable			3	0
Deferred income taxes			4	(86)
Stock-based compensation			9	14
Pension settlement charge, net of taxes			85
Other			8	19
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable			(109)	(6)
Prepaid and other current assets			(1)	(20)
Accounts payable and accrued expenses			1	(48)
Unearned revenue			28	9
Accrued legal settlements			0
Other current liabilities			(57)	20
Net change in prepaid/accrued income taxes			33	24
Net change in other assets and liabilities			(26)	(27)
Cash provided by operating activities			2,147	2,181
Investing Activities:
Capital expenditures			(25)	(43)
Acquisitions, net of cash acquired			0	0
Changes in short-term investments				0
Cash used for investing activities			(25)	(43)
Financing Activities:
Proceeds from issuance of senior notes, net				489
Payments on senior notes				(403)
Dividends paid to shareholders			(281)	(253)
Distributions to noncontrolling interest holders, net			0	0
Purchase of CRISIL shares				0
Repurchase of treasury shares			(644)	(1,100)
Exercise of stock options			29	14
Employee withholding tax on share-based payments and other			(53)	(50)
Intercompany financing activities			(1,311)	(701)
Cash used for financing activities			(2,260)	(2,004)
Effect of exchange rate changes on cash			0	1
Net change in cash, cash equivalents, and restricted cash			(138)	135
Cash, cash equivalents, and restricted cash at beginning of period			694	632
Cash, cash equivalents, and restricted cash at end of period	556	767	556	767
Standard & Poor's Financial Services LLC
Investing Activities:
Changes in short-term investments			0
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Operating Activities:
Net income	223	244	406	422
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	4	2	6	4
Amortization of intangibles	0	0	0	0
Provision for losses on accounts receivable			3	1
Deferred income taxes			1	0
Stock-based compensation			4	8
Pension settlement charge, net of taxes			0
Other			7	0
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable			(88)	(29)
Prepaid and other current assets			2	1
Accounts payable and accrued expenses			(13)	(68)
Unearned revenue			27	30
Accrued legal settlements			(1)	0
Other current liabilities			(3)	(4)
Net change in prepaid/accrued income taxes			0	1
Net change in other assets and liabilities			(4)	2
Cash provided by operating activities			347	368
Investing Activities:
Capital expenditures			(3)	(10)
Acquisitions, net of cash acquired			0	0
Changes in short-term investments				0
Cash used for investing activities			(3)	(10)
Financing Activities:
Proceeds from issuance of senior notes, net				0
Payments on senior notes				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders, net			0	0
Purchase of CRISIL shares				0
Repurchase of treasury shares			0	0
Exercise of stock options			0	0
Employee withholding tax on share-based payments and other			0	0
Intercompany financing activities			(344)	(358)
Cash used for financing activities			(344)	(358)
Effect of exchange rate changes on cash			0	0
Net change in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash at beginning of period			0	0
Cash, cash equivalents, and restricted cash at end of period	0	0	0	0
Non-Guarantor Subsidiaries
Investing Activities:
Changes in short-term investments			(3)
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating Activities:
Net income	1,564	609	1,931	1,986
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	7	6	13	16
Amortization of intangibles	31	33	63	57
Provision for losses on accounts receivable			6	9
Deferred income taxes			7	108
Stock-based compensation			20	24
Pension settlement charge, net of taxes			0
Other			23	61
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable			102	54
Prepaid and other current assets			(43)	0
Accounts payable and accrued expenses			(62)	(101)
Unearned revenue			(55)	2
Accrued legal settlements			0	(29)
Other current liabilities			(23)	(85)
Net change in prepaid/accrued income taxes			0	(1)
Net change in other assets and liabilities			(37)	(112)
Cash provided by operating activities			1,945	1,989
Investing Activities:
Capital expenditures			(18)	(7)
Acquisitions, net of cash acquired			(4)	(246)
Changes in short-term investments				1
Cash used for investing activities			(25)	(252)
Financing Activities:
Proceeds from issuance of senior notes, net				0
Payments on senior notes				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders, net			(59)	(78)
Purchase of CRISIL shares				(25)
Repurchase of treasury shares			0	0
Exercise of stock options			2	2
Employee withholding tax on share-based payments and other			(2)	0
Intercompany financing activities			(1,774)	(2,576)
Cash used for financing activities			(1,833)	(2,677)
Effect of exchange rate changes on cash			13	(39)
Net change in cash, cash equivalents, and restricted cash			100	(979)
Cash, cash equivalents, and restricted cash at beginning of period			1,264	2,147
Cash, cash equivalents, and restricted cash at end of period	$ 1,364	$ 1,168	$ 1,364	$ 1,168