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Condensed Consolidating Financial Statements
 3 Months Ended
Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Financial Statements Condensed Consolidating Financial Statements
On November 26, 2019, we issued $500 million of 2.5% senior notes due in 2029 and $600 million of 3.25% senior notes due in 2049. In the fourth quarter of 2019, we used the net proceeds to fund the redemption of the $700 million outstanding principal amount of our 3.3% senior notes due in August of 2020 and a portion of the $400 million outstanding principal amount of our 6.55% senior notes due in October of 2037. 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 March 31, 2020
(Unaudited)
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
Revenue$212  $525  $1,088  $(39) $1,786  
Expenses:
Operating-related expenses
31  117  412  (39) 521  
Selling and general expenses
74  27  210  —  311  
Depreciation
11  2  7  —  20  
Amortization of intangibles
—  —  29  —  29  
Total expenses
116  146  658  (39) 881  
Gain on dispositions—  —  (7) —  (7) 
Operating profit96  379  437  —  912  
Other (income) expense, net

(5) —  6  —  1  
Interest expense (income), net
37  —  (3) —  34  
Non-operating intercompany transactions
103  (13) (564) 474  —  
Income before taxes on income
(39) 392  998  (474) 877  
Provision for taxes on income
16  91  81  —  188  
Equity in net income of subsidiaries
1,168  —  —  (1,168) —  
Net income$1,113  $301  $917  $(1,642) $689  
Less: net income attributable to noncontrolling interests
—  —  —  (50) (50) 
Net income attributable to S&P Global Inc.
$1,113  $301  $917  $(1,692) $639  
Comprehensive income
$1,146  $301  $847  $(1,641) $653  
Statement of Income
Three Months Ended March 31, 2019
(Unaudited)
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
Revenue$202  $436  $971  $(38) $1,571  
Expenses:
Operating-related expenses
67  117  327  (38) 473  
Selling and general expenses
(4) 81  264  —  341  
Depreciation
11  2  7  —  20  
Amortization of intangibles
—  —  32  —  32  
Total expenses
74  200  630  (38) 866  
Operating profit128  236  341  —  705  
Other expense (income), net


107  —  (4) —  103  
Interest expense (income), net
38  —  (2) —  36  
Non-operating intercompany transactions
96  (16) (103) 23  —  
Income before taxes on income
(113) 252  450  (23) 566  
(Benefit) provision for taxes on income
(40) 70  83  —  113  
Equity in net income of subsidiaries
506  —  —  (506) —  
Net income$433  $182  $367  $(529) $453  
Less: net income attributable to noncontrolling interests
—  —  —  (43) (43) 
Net income attributable to S&P Global Inc.
$433  $182  $367  $(572) $410  
Comprehensive income
$515  $182  $395  $(530) $562  
Balance Sheet
March 31, 2020
(Unaudited)
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
ASSETS
Current assets:
Cash and cash equivalents
$659  $—  $1,273  $—  $1,932  
Restricted cash
—  —  20  —  20  
Accounts receivable, net of allowance for doubtful accounts
235  232  1,037  —  1,504  
Intercompany receivable
716  2,831  4,304  (7,851) —  
Prepaid and other current assets
84  3  152  —  239  
Total current assets
1,694  3,066  6,786  (7,851) 3,695  
Property and equipment, net of accumulated depreciation
197  —  112  —  309  
Right of use assets
388  2  262  —  652  
Goodwill
283  —  3,413  7  3,703  
Other intangible assets, net
—  —  1,439  —  1,439  
Investments in subsidiaries
11,985  5  8,075  (20,065) —  
Intercompany loans receivable
17  —  1,511  (1,528) —  
Other non-current assets
305  35  326  (1) 665  
Total assets
$14,869  $3,108  $21,924  $(29,438) $10,463  
LIABILITIES AND (DEFICIT) EQUITY
Current liabilities:
Accounts payable
$86  $10  $107  $—  $203  
Intercompany payable
6,484  92  1,275  (7,851) —  
Accrued compensation and contributions to retirement plans
102  10  110  —  222  
Income taxes currently payable
99  —  61  —  160  
Unearned revenue
314  250  1,333  —  1,897  
Other current liabilities
214  14  273  —  501  
Total current liabilities
7,299  376  3,159  (7,851) 2,983  
Long-term debt3,949  —  —  —  3,949  
Lease liabilities — non-current373  1  229  —  603  
Intercompany loans payable—  —  1,528  (1,528) —  
Pension and other postretirement benefits176  —  82  —  258  
Other non-current liabilities154  74  368  —  596  
Total liabilities
11,951  451  5,366  (9,379) 8,389  
Redeemable noncontrolling interest
—  —  —  2,268  2,268  
Equity:
Common stock
294  —  2,375  (2,375) 294  
Additional paid-in capital
(46) 633  9,374  (9,207) 754  
Retained income
16,139  2,024  5,377  (10,849) 12,691  
Accumulated other comprehensive loss
(142) —  (567) 49  (660) 
Less: common stock in treasury
(13,327) —  (2) —  (13,329) 
Total (deficit) equity - controlling interests
2,918  2,657  16,557  (22,382) (250) 
Total equity - noncontrolling interests
—  —  1  55  56  
Total (deficit) equity
2,918  2,657  16,558  (22,327) (194) 
Total liabilities and (deficit) equity$14,869  $3,108  $21,924  $(29,438) $10,463  
Balance Sheet
December 31, 2019
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
ASSETS
Current assets:
Cash and cash equivalents
$1,130  $—  $1,736  $—  $2,866  
Restricted cash
—  —  20  —  20  
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  145  —  249  
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 debt3,948  —  —  —  3,948  
Lease liabilities — non-current383  1  236  —  620  
Intercompany loans payable—  —  1,246  (1,246) —  
Pension and other postretirement benefits178  —  81  —  259  
Other non-current liabilities171  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  
Statement of Cash Flows
Three Months Ended March 31, 2020
(Unaudited)
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
Operating Activities:
Net income  $1,113  $301  $917  $(1,642) $689  
Adjustments to reconcile net income to cash provided by operating activities:
     Depreciation 11  2  7  —  20  
     Amortization of intangibles—  —  29  —  29  
     Provision for losses on accounts receivable2  3  5  —  10  
     Deferred income taxes(5) —  (1) —  (6) 
     Stock-based compensation4  2  5  —  11  
     Gain on disposition—  —  (7) —  (7) 
     Other30  —  (1) —  29  
Changes in operating assets and liabilities, net of effect of acquisitions:
     Accounts receivable (8) (82) 166  —  76  
     Prepaid and other current assets(54) 33  (31) —  (52) 
     Accounts payable and accrued expenses(42) (64) (145) —  (251) 
     Unearned revenue18  7  (37) —  (12) 
     Other current liabilities4  21  24  —  49  
     Net change in prepaid/accrued income taxes163  (40) 2  —  125  
     Net change in other assets and liabilities13  (21) (22) —  (30) 
Cash provided by operating activities1,249  162  911  (1,642) 680  
Investing Activities:
     Capital expenditures (3) (1) (7) —  (11) 
     Acquisitions, net of cash acquired—  —  (183) —  (183) 
     Changes in short-term investments—  —  11  —  11  
Cash used for investing activities(3) (1) (179) —  (183) 
Financing Activities:
     Dividends paid to shareholders(161) —  —  —  (161) 
 Distributions to noncontrolling interest holders, net
—  —  (51) —  (51) 
     Repurchase of treasury shares(1,153) —  —  —  (1,153) 
     Exercise of stock options5  —  3  —  8  
Employee withholding tax on share-based payments
(44) —  —  —  (44) 
     Intercompany financing activities(359) (161) (1,122) 1,642  —  
Cash used for financing activities(1,712) (161) (1,170) 1,642  (1,401) 
Effect of exchange rate changes on cash(5) —  (25) —  (30) 
Net change in cash, cash equivalents, and restricted cash(471) —  (463) —  (934) 
Cash, cash equivalents, and restricted cash at beginning of period1,130  —  1,756  —  2,886  
Cash, cash equivalents, and restricted cash at end of period$659  $—  $1,293  $—  $1,952  
Statement of Cash Flows
Three Months Ended March 31, 2019
(Unaudited)
(in millions)S&P Global Inc.Standard & Poor's Financial Services LLCNon-Guarantor SubsidiariesEliminationsS&P Global Inc. Consolidated
Operating Activities:
Net income$433  $182  $367  $(529) $453  
Adjustments to reconcile net income to cash provided by operating activities:
     Depreciation 11  2  7  —  20  
     Amortization of intangibles—  —  32  —  32  
     Provision for losses on accounts receivable2  2  3  —  7  
     Deferred income taxes21  —  7  28  
     Stock-based compensation2  1  9  —  12  
     Pension settlement charge, net of taxes85  —  —  —  85  
     Other—  —  8  —  8  
Changes in operating assets and liabilities, net of effect of acquisitions:
     Accounts receivable (80) (101) 94  —  (87) 
     Prepaid and other current assets(9) (2) (23) —  (34) 
     Accounts payable and accrued expenses(45) (18) (98) —  (161) 
     Unearned revenue9  23  (35) —  (3) 
     Accrued legal settlements—  (1) —  —  (1) 
     Other current liabilities(54) (1) (4) —  (59) 
     Net change in prepaid/accrued income taxes51  —  6  —  57  
     Net change in other assets and liabilities(19) (5) (40) —  (64) 
Cash provided by operating activities407  82  333  (529) 293  
Investing Activities:
     Capital expenditures (8) (4) (8) —  (20) 
     Acquisitions, net of cash acquired—  —  (1) —  (1) 
Cash used for investing activities(8) (4) (9) —  (21) 
Financing Activities:
     Dividends paid to shareholders
(141) —  —  —  (141) 
 Distributions to noncontrolling interest holders, net
—  —  (18) —  (18) 
     Repurchase of treasury shares(644) —  —  —  (644) 
     Exercise of stock options23  —  —  —  23  
Employee withholding tax on share-based payments
(49) —  —  —  (49) 
     Intercompany financing activities(130) (78) (321) 529  —  
Cash used for financing activities(941) (78) (339) 529  (829) 
Effect of exchange rate changes on cash(6) —  41  —  35  
Net change in cash, cash equivalents, and restricted cash(548) —  26  —  (522) 
Cash, cash equivalents, and restricted cash at beginning of period694  —  1,264  —  1,958  
Cash, cash equivalents, and restricted cash at end of period$146  $—  $1,290  $—  $1,436