Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Statement of Income

	Statement of Income
	Year Ended December 31, 2019
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	812		$	1,898		$	4,146		$	(157	)	$	6,699
Expenses:
Operating-related expenses	158			440			1,360			(157		)	1,801
Selling and general expenses	133			329			1,055			—			1,517
Depreciation	44			12			26			—			82
Amortization of intangibles	—			—			122			—			122
Total expenses	335			781			2,563			(157		)	3,522
Gain on dispositions	(49		)	—			—			—			(49		)
Operating profit	526			1,117			1,583			—			3,226
Other expense, net	91			—			7			—			98
Interest expense (income), net	213			—			(15		)	—			198
Non-operating intercompany transactions	378			(48		)	(1,530		)	1,200			—
(Loss) income before taxes on income	(156		)	1,165			3,121			(1,200		)	2,930
(Benefit) Provision for taxes on income	(74		)	285			416			—			627
Equity in net income of subsidiaries	3,405			—			—			(3,405		)	—
Net income	3,323			880			2,705			(4,605		)	2,303
Less: net income attributable to noncontrolling interests	—			—			—			(180		)	(180		)
Net income attributable to S&P Global Inc.	$	3,323		$	880		$	2,705		$	(4,785	)	$	2,123
Comprehensive income	$	3,446		$	880		$	2,697		$	(4,602	)	$	2,421

	Statement of Income
	Year Ended December 31, 2018
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	776		$	1,695		$	3,940		$	(153	)	$	6,258
Expenses:
Operating-related expenses	124			434			1,293			(153		)	1,698
Selling and general expenses	177			292			1,095			—			1,564
Depreciation	46			7			31			—			84
Amortization of intangibles	—			—			122			—			122
Total expenses	347			733			2,541			(153		)	3,468
Operating profit	429			962			1,399			—			2,790
Other (income) expense, net	(27		)	—			2			—			(25		)
Interest expense (income), net	143			2			(11		)	—			134
Non-operating intercompany transactions	363			(75		)	(1,872		)	1,584			—
(Loss) income before taxes on income	(50		)	1,035			3,280			(1,584		)	2,681
(Benefit) Provision for taxes on income	(14		)	250			324			—			560
Equity in net income of subsidiaries	3,576			(1		)	—			(3,575		)	—
Net income	3,540			784			2,956			(5,159		)	2,121
Less: net income attributable to noncontrolling interests	—			—			—			(163		)	(163		)
Net income attributable to S&P Global Inc.	$	3,540		$	784		$	2,956		$	(5,322	)	$	1,958
Comprehensive income	$	3,510		$	783		$	2,884		$	(5,159	)	$	2,018

	Statement of Income
	Year Ended December 31, 2017
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Revenue	$	717		$	1,780		$	3,704		$	(138	)	$	6,063
Expenses:
Operating-related expenses	89			482			1,261			(138		)	1,694
Selling and general expenses	197			345			1,064			—			1,606
Depreciation	31			11			40			—			82
Amortization of intangibles	—			—			98			—			98
Total expenses	317			838			2,463			(138		)	3,480
Operating profit	400			942			1,241			—			2,583
Other income, net	(16		)	—			(11		)	—			(27		)
Interest expense (income), net	163			—			(14		)	—			149
Non-operating intercompany transactions	365			(77		)	(2,463		)	2,175			—
Income before taxes on income	(112		)	1,019			3,729			(2,175		)	2,461
Provision for taxes on income	26			370			427			—			823
Equity in net income of subsidiaries	3,808			—			—			(3,808		)	—
Net income	3,670			649			3,302			(5,983		)	1,638
Less: net income attributable to noncontrolling interests	—			—			—			(142		)	(142		)
Net income attributable to S&P Global Inc.	$	3,670		$	649		$	3,302		$	(6,125	)	$	1,496
Comprehensive income	$	3,694		$	649		$	3,401		$	(5,982	)	$	1,762

Balance Sheet

	Balance Sheet
	December 31, 2019
(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	$	1,130		$	—	$	1,736		$	—		$	2,866
Restricted cash	—			—		20			—			20
Short-term investments	—			—		28			—			28
Accounts receivable, net of allowance for doubtful accounts	229			148		1,200			—			1,577
Intercompany receivable	675			2,855		3,983			(7,513		)	—
Prepaid and other current assets	102			2		117			—			221
Total current assets	2,136			3,005		7,084			(7,513		)	4,712
Property and equipment, net of accumulated depreciation	204			—		116			—			320
Right of use assets	402			1		273			—			676
Goodwill	283			—		3,283			9			3,575
Other intangible assets, net	—			—		1,424			—			1,424
Investments in subsidiaries	12,134			6		8,088			(20,228		)	—
Intercompany loans receivable	17			—		1,229			(1,246		)	—
Other non-current assets	281			37		324			(1		)	641
Total assets	$	15,457		$	3,049	$	21,821		$	(28,979	)	$	11,348
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	80		$	11	$	99		$	—		$	190
Intercompany payable	6,288			27		1,198			(7,513		)	—
Accrued compensation and contributions to retirement plans	148			61		237			—			446
Income taxes currently payable	7			—		61			—			68
Unearned revenue	297			243		1,388			—			1,928
Other current liabilities	187			18		256			—			461
Total current liabilities	7,007			360		3,239			(7,513		)	3,093
Long-term debt	3,948			—		—			—			3,948
Lease liabilities – non-current	383			1		236			—			620
Intercompany loans payable	—			—		1,246			(1,246		)	—
Pension and other postretirement benefits	178			—		81			—			259
Other non-current liabilities	171			81		373			(1		)	624
Total liabilities	11,687			442		5,175			(8,760		)	8,544
Redeemable noncontrolling interest	—			—		—			2,268			2,268
Equity:
Common stock	294			—		2,377			(2,377		)	294
Additional paid-in capital	112			632		9,362			(9,203		)	903
Retained income	15,836			1,975		5,404			(11,010		)	12,205
Accumulated other comprehensive loss	(175		)	—		(497		)	48			(624		)
Less: common stock in treasury	(12,297		)	—		(2		)	—			(12,299		)
Total equity - controlling interests	3,770			2,607		16,644			(22,542		)	479
Total equity - noncontrolling interests	—			—		2			55			57
Total equity	3,770			2,607		16,646			(22,487		)	536
Total liabilities and equity	$	15,457		$	3,049	$	21,821		$	(28,979	)	$	11,348

	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
Short-term investments	—			—		18			—			18
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	41			3		118			—			162
Total current assets	1,448			2,250		5,450			(5,561		)	3,587
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	$	10,824		$	2,301	$	20,276		$	(23,960	)	$	9,441
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	2			—		71			—			73
Unearned revenue	240			235		1,166			—			1,641
Other current liabilities	180			16		155			—			351
Total current liabilities	5,089			331		2,771			(5,561		)	2,630
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	148			75		393			—			616
Total liabilities	9,175			406		4,890			(7,334		)	7,137
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	$	10,824		$	2,301	$	20,276		$	(23,960	)	$	9,441

Statement of Cash Flows

	Statement of Cash Flows
	Year Ended December 31, 2019
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net income	$	3,323		$	880		$	2,705		$	(4,605	)	$	2,303
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	44			12			26			—			82
Amortization of intangibles	—			—			122			—			122
Provision for losses on accounts receivable	5			4			9			—			18
Deferred income taxes	24			(10		)	32			—			46
Stock-based compensation	27			14			37			—			78
Gain on dispositions	(49		)	—			—			—			(49		)
Pension settlement charge, net of taxes	85			—			—			—			85
Other	64			2			27			—			93
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(72		)	(49		)	(14		)	—			(135		)
Prepaid and other current assets	17			(35		)	(63		)	—			(81		)
Accounts payable and accrued expenses	14			32			27			—			73
Unearned revenue	56			28			172			—			256
Accrued legal settlements	—			(1		)	—			—			(1		)
Other current liabilities	(61		)	1			4			—			(56		)
Net change in prepaid/accrued income taxes	(33		)	(5		)	(3		)	—			(41		)
Net change in other assets and liabilities	(74		)	34			23			—			(17		)
Cash provided by operating activities	3,370			907			3,104			(4,605		)	2,776
Investing Activities:
Capital expenditures	(46		)	(3		)	(66		)	—			(115		)
Acquisitions, net of cash acquired	—			—			(91		)	—			(91		)
Proceeds from dispositions	85			—			—			—			85
Changes in short-term investments	—			—			(10		)	—			(10		)
Cash provided by (used for) investing activities	39			(3		)	(167		)	—			(131		)
Financing Activities:
Proceeds from issuance of senior notes, net	1,086			—			—			—			1,086
Payments on senior notes	(868		)	—			—			—			(868		)
Dividends paid to shareholders	(560		)	—			—			—			(560		)
Distributions to noncontrolling interest holders, net	—			—			(143		)	—			(143		)
Repurchase of treasury shares	(1,240		)	—			—			—			(1,240		)
Exercise of stock options	36			—			4			—			40
Employee withholding tax on share-based payments and other	(64		)	—			(2		)	—			(66		)
Intercompany financing activities	(1,368		)	(904		)	(2,333		)	4,605			—
Cash used for financing activities	(2,978		)	(904		)	(2,474		)	4,605			(1,751		)
Effect of exchange rate changes on cash	5			—			29			—			34
Net change in cash, cash equivalents, and restricted cash	436			—			492			—			928
Cash, cash equivalents, and restricted cash at beginning of year	694			—			1,264			—			1,958
Cash, cash equivalents, and restricted cash at end of year	$	1,130		$	—		$	1,756		$	—		$	2,886

	Statement of Cash Flows
	Year Ended December 31, 2018
(in millions)	S&P Global Inc.			Standard & Poor's Financial Services LLC			Non-Guarantor Subsidiaries			Eliminations			S&P Global Inc. Consolidated
Operating Activities:
Net income	$	3,540		$	784		$	2,956		$	(5,159	)	$	2,121
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	46			7			31			—			84
Amortization of intangibles	—			—			122			—			122
Provision for losses on accounts receivable	3			4			14			—			21
Deferred income taxes	33			10			38			—			81
Stock-based compensation	28			16			50			—			94
Accrued legal settlements	—			1			—			—			1
Other	46			5			1			—			52
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(27		)	39			(176		)	—			(164		)
Prepaid and other current assets	(2		)	(4		)	5			—			(1		)
Accounts payable and accrued expenses	(11		)	(64		)	(31		)	—			(106		)
Unearned revenue	(53		)	13			110			—			70
Accrued legal settlements	—			—			(108		)	—			(108		)
Other current liabilities	(22		)	(11		)	(34		)	—			(67		)
Net change in prepaid/accrued income taxes	2			—			(9		)	—			(7		)
Net change in other assets and liabilities	(128		)	32			(33		)	—			(129		)
Cash provided by operating activities	3,455			832			2,936			(5,159		)	2,064
Investing Activities:
Capital expenditures	(81		)	(16		)	(16		)	—			(113		)
Acquisitions, net of cash acquired	—			—			(401		)	—			(401		)
Proceeds from dispositions	—			—			6			—			6
Changes in short-term investments	—			—			(5		)	—			(5		)
Cash used for investing activities	(81		)	(16		)	(416		)	—			(513		)
Financing Activities:
Proceeds from issuance of senior notes, net	489			—			—			—			489
Payments on senior notes	(403		)	—			—			—			(403		)
Dividends paid to shareholders	(503		)	—			—			—			(503		)
Distributions to noncontrolling interest holders, net	—			—			(154		)	—			(154		)
Repurchase of treasury shares	(1,660		)	—			—			—			(1,660		)
Exercise of stock options	26			—			8			—			34
Purchase of additional CRISIL shares	—			—			(25		)	—			(25		)
Employee withholding tax on share-based payments and other	(66		)	—			—			—			(66		)
Intercompany financing activities	(1,190		)	(816		)	(3,153		)	5,159			—
Cash used for financing activities	(3,307		)	(816		)	(3,324		)	5,159			(2,288		)
Effect of exchange rate changes on cash	(5		)	—			(79		)	—			(84		)
Net change in cash, cash equivalents, and restricted cash	62			—			(883		)	—			(821		)
Cash, cash equivalents, and restricted cash at beginning of year	632			—			2,147			—			2,779
Cash, cash equivalents, and restricted cash at end of year	$	694		$	—		$	1,264		$	—		$	1,958

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