S&P Global (SPGI) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2015	Oct. 16, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	MCGRAW HILL FINANCIAL INC
Entity Central Index Key	64,040
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		270.3

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenue	$ 1,324	$ 1,263	$ 3,938	$ 3,761
Expenses:
Operating-related expenses	407	402	1,218	1,205
Selling and general expenses	470	462	1,134	1,186
Depreciation	20	21	64	64
Amortization of intangibles	17	12	40	36
Total expenses	914	897	2,456	2,491
Other (income) loss	0	0	(11)	9
Operating profit	410	366	1,493	1,261
Interest expense, net	30	12	62	40
Income from continuing operations before taxes on income	380	354	1,431	1,221
Provision for taxes on income	99	139	439	428
Income from continuing operations	281	215	992	793
Income from discontinued operations, net of tax	0	2	0	15
Net income	281	217	992	808
Less: net income from continuing operations attributable to noncontrolling interests	(29)	(27)	(83)	(77)
Net income	252	190	909	731
Amounts attributable to McGraw Hill Financial, Inc. common shareholders:
Income from continuing operations	252	188	909	716
Income from discontinued operations	0	2	0	15
Net income	$ 252	$ 190	$ 909	$ 731
Income from continuing operations:
Basic (in dollars per share)	$ 0.93	$ 0.69	$ 3.33	$ 2.64
Diluted (in dollars per share)	0.92	0.68	3.30	2.59
Income from discontinued operations:
Basic (in dollars per share)	0	0.01	0	0.05
Diluted (in dollars per share)	0	0.01	0	0.05
Net income:
Basic (in dollars per share)	0.93	0.70	3.33	2.69
Diluted (in dollars per share)	$ 0.92	$ 0.69	$ 3.30	$ 2.64
Weighted-average number of common shares outstanding:
Basic (in shares)	271.3	270.9	272.6	271.4
Diluted (in shares)	274.4	275.4	275.4	276.2
Actual shares outstanding at period end (in shares)			270.3	271.4
Dividend declared per common share (in usd per share)	$ 0.33	$ 0.30	$ 0.99	$ 0.90

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 281	$ 217	$ 992	$ 808
Other comprehensive income:
Foreign currency translation adjustment	(45)	(68)	(78)	(56)
Income tax effect	1	1	0	1
Foreign currency translation adjustment, net of income tax effect	(44)	(67)	(78)	(55)
Pension and other postretirement benefit plans	5	0	59	(54)
Income tax effect	(1)	0	(19)	21
Pension and other post-retirement benefit plans, net of income tax effect	4	0	40	(33)
Unrealized gain on forward exchange contracts	(1)	0	(1)	4
Income tax effect	0	0	0	(1)
Unrealized gain (loss) on forward exchange contracts, net of income tax effect	(1)	0	(1)	3
Comprehensive income	240	150	953	723
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(3)	(4)	(7)	(8)
Less: comprehensive income attributable to redeemable noncontrolling interests	(26)	(23)	(76)	(69)
Comprehensive income attributable to McGraw Hill Financial, Inc.	$ 211	$ 123	$ 870	$ 646

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,441	$ 2,497
Accounts receivable, net of allowance for doubtful accounts: 2015 - $35; 2014 - $38	986	932
Deferred income taxes	203	363
Prepaid and other current assets	206	174
Total current assets	2,836	3,966
Property and equipment, net of accumulated depreciation: 2015 - $600; 2014 - $563	237	206
Goodwill	2,968	1,387
Other intangible assets, net	1,881	1,004
Other non-current assets	241	208
Total assets	8,163	6,771
Current liabilities:
Accounts payable	211	191
Accrued compensation and contributions to retirement plans	320	410
Unearned revenue	1,453	1,323
Accrued legal and regulatory settlements (Note 11)	104	1,609
Other current liabilities	417	434
Total current liabilities	2,505	3,967
Long-term debt	3,489	799
Pension and other postretirement benefits	278	333
Other non-current liabilities	377	323
Total liabilities	6,649	5,422
Redeemable noncontrolling interest (Note 7)	$ 810	$ 810
Commitments and contingencies (Note 11)
Equity:
Common stock	$ 412	$ 412
Additional paid-in capital	441	493
Retained income	7,592	6,946
Accumulated other comprehensive loss	(553)	(514)
Less: common stock in treasury	(7,234)	(6,849)
Total equity — controlling interests	658	488
Total equity — noncontrolling interests	46	51
Total equity	704	539
Total liabilities and equity	$ 8,163	$ 6,771

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 35	$ 38
Property and equipment, accumulated depreciation	$ 600	$ 563

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities:
Net income	$ 992	$ 808
Less: discontinued operations, net	0	15
Income from continuing operations	992	793
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation	64	64
Amortization of intangibles	40	36
Provision for losses on accounts receivable	3	5
Deferred income taxes	166	(33)
Stock-based compensation	55	72
Other	139	106
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(44)	12
Prepaid and other current assets	(6)	(8)
Accounts payable and accrued expenses	(186)	(211)
Unearned revenue	18	7
Accrued legal and regulatory settlements	(1,624)	0
Other current liabilities	(53)	(65)
Net change in prepaid/accrued income taxes	140	93
Net change in other assets and liabilities	(60)	(51)
Cash (used for) provided by operating activities from continuing operations	(356)	820
Investing Activities:
Capital expenditures	(74)	(52)
Acquisitions, net of cash acquired	(2,393)	(65)
Proceeds from dispositions	14	83
Changes in short-term investments	(3)	(1)
Cash used for investing activities from continuing operations	(2,456)	(35)
Financing Activities:
Proceeds from issuance of senior notes, net	2,674	0
Dividends paid to shareholders	(274)	(245)
Dividends and other payments paid to noncontrolling interests	(67)	(31)
Contingent consideration payment	(5)	(11)
Purchase of CRISIL shares	(16)	0
Repurchase of treasury shares	(501)	(362)
Exercise of stock options	77	159
Excess tax benefits from share-based payments	39	89
Cash provided by (used for) financing activities from continuing operations	1,927	(401)
Effect of exchange rate changes on cash from continuing operations	(42)	(24)
Cash (used for) provided by continuing operations	(927)	360
Discontinued Operations:
Cash (used for) provided by operating activities	(129)	16
Cash provided by (used for) investing activities	0	0
Cash provided by (used for) financing activities	0	0
Cash (used for) provided by discontinued operations	(129)	16
Net change in cash and cash equivalents	(1,056)	376
Cash and cash equivalents at beginning of period	2,497	1,542
Cash and cash equivalents at end of period	$ 1,441	$ 1,918

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Total MHFI Equity	Noncontrolling Interests
Balance as of December 31, 2014 at Dec. 31, 2014		$ 539	$ 412	$ 493	$ 6,946	$ (514)	$ 6,849	$ 488	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	[1]	877			909	(39)		870	7
Dividends		(278)			(270)			(270)	(8)
Share repurchases		(505)					501	(501)	(4)
Employee stock plans, net of tax benefit		65		(52)			(116)	64	1
Change in redemption value of redeemable noncontrolling interest		7			7			7
Other		1							1
Balance as of September 30, 2015 at Sep. 30, 2015		704	412	441	7,592	(553)	7,234	658	46
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interest		76
Balance as of December 31, 2014 at Jun. 30, 2015		704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases								(227)
Balance as of September 30, 2015 at Sep. 30, 2015		$ 704	$ 412	$ 441	$ 7,592	$ (553)	$ 7,234	$ 658	$ 46
[1]	Excludes $76 million attributable to our redeemable noncontrolling interest.

Consolidated Statements of Equ8

Consolidated Statements of Equity (Unaudited) (Parenthetical)	Sep. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock par value (in dollars per share)	$ 1

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2015
Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions Acquisitions by segment included: S&P Capital IQ and SNL • On September 1, 2015 (the "Acquisition Date"), we acquired SNL Financial LC ("SNL") for $2.225 billion in cash, subject to working capital adjustments. SNL's results of operations have been included in our consolidated statements of income subsequent to the Acquisition Date. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, media & communications, and metals & mining. SNL delivers information through its suite of web, mobile and direct data feed platforms that helps clients, including investment and commercial banks, investors, corporations, and regulators make decisions, improve efficiency, and manage risk. Acquisition-Related Expenses During the three and nine months ended September 30, 2015 , the Company incurred approximately $32 million of acquisition-related costs related to the acquisition of SNL. These expenses are included in selling and general expenses in our consolidated statements of income. Preliminary Allocation of Purchase Price Our acquisition of SNL was accounted for using the purchase method. Under the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 10 and 18 years which will be determined when we finalize our purchase price allocation. The goodwill is expected to be deductible for tax purposes. The following table presents the the preliminary allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition. (in millions) Current assets $ 22 Property, plant and equipment 19 Goodwill 1,558 Other intangible assets, net: Databases and software 421 Customer relationships 162 Tradenames 185 Other intangibles 4 Other intangible assets, net 772 Other non-current assets 3 Total assets acquired 2,374 Current liabilities (19 ) Unearned revenue (118 ) Other non-current liabilities (6 ) Total liabilities acquired (143 ) Net assets acquired $ 2,231 The Company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the SNL Financial business. The final purchase price allocation will be determined when the Company has completed the detailed valuations and necessary calculations. The final allocation could differ materially from the preliminary allocation. The final allocation may include (1) changes in fair values of property, plant and equipment, (2) changes in allocations to intangible assets as well as goodwill and (3) other changes to assets and liabilities. The projected incremental amortization expense for intangible assets beginning in 2016 related to SNL over each of the next five years ended December 31, 2020 is approximately $53 million . Amortization expense related to SNL for the three and nine months ended September 30, 2015 was approximately $4 million . Supplemental Pro Forma Information Supplemental information on an unaudited pro forma basis is presented below for the nine months ended September 30, 2015 and 2014 as if the acquisition of SNL occurred on January 1, 2014. The pro forma financial information is presented for comparative purposes only, based on estimates and assumptions, which the Company believes to be reasonable but not necessarily indicative of the consolidated financial position or results of operations in future periods or the results that actually would have been realized had this acquisition been completed at the beginning of 2015. The unaudited pro forma information includes non-recurring transaction related costs, intangible asset charges and incremental borrowing costs as a result of the acquisition, net of related tax, estimated using the Company's effective tax rate for continuing operations for the periods presented. (in millions) Nine Months Ended September 30, 2015 2014 Pro forma revenue $ 4,124 $ 3,927 Pro forma net income from continuing operations $ 954 $ 746 C&C • In July of 2015, we acquired the entire issued share capital of Petromedia Ltd and its operating subsidiaries (“Petromedia”), an independent provider of data, intelligence, news and tools to the global fuels market that offers a suite of products that provides clients with actionable data and intelligence that enable informed decisions, minimize risk and increase efficiency. We accounted for the acquisition of Petromedia using the purchase method of accounting. The acquisition of Petromedia was not material to our consolidated financial statements. • In July of 2015, we acquired National Automobile Dealers Association's Used Car Guide (“UCG”), a leading provider of U.S. retail, trade-in and auction used-vehicle values. The acquisition of UCG expanded our analytical and modeling capabilities while deepening our presence in auto finance and auto insurance, and enriching retail solutions. We accounted for the acquisition of UCG using the purchase method of accounting. The acquisition of UCG was not material to our consolidated financial statements. • In July of 2014, we acquired Eclipse Energy Group AS and its operating subsidiaries (“Eclipse”), which provides a comprehensive suite of data and analytics products on the European natural gas and liquefied natural gas markets as well as a range of advisory services leveraging Eclipse’s knowledge base, data capabilities, and modeling suite of products. This transaction complements our North American natural gas capabilities, which we obtained from our Bentek Energy LLC acquisition in 2011. We accounted for the acquisition of Eclipse using the purchase method of accounting. The acquisition of Eclipse was not material to our consolidated financial statements. S&P DJ Indices • In March of 2014, we acquired the intellectual property of a family of Broad Market Indices (“BMI”) from Citigroup Global Markets Inc. The BMI provides a broad measure of the global equities markets which includes approximately 11,000 companies in more than 52 countries covering both developed and emerging markets. We accounted for the acquisition of the intellectual property on a cost basis and it was not material to our consolidated financial statements. Following CRISIL's acquisition of Coalition Development Ltd. ("Coalition") that occurred in July of 2012, we made a contingent purchase price payment in the first nine months of 2014 for $11 million that has been reflected in the consolidated statement of cash flows as a financing activity. Divestitures - Continuing Operations During the nine months ended September 30, 2015 , we recorded a pre-tax gain of $11 million within other (income) loss in the consolidated statement of income related to the sale of our interest in a legacy McGraw Hill Construction investment. On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company for a purchase price of $20 million . During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million within other (income) loss in our consolidated statement of income as a result of the pending sale. See Note 13 — Related Party Transactions for further information. On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC which owns, operates and manages data centers. Net proceeds from the sale of $58 million were received in July of 2014. The sale includes all of the facilities and equipment on the south campus of our East Windsor, New Jersey location, inclusive of the rights and obligations associated with an adjoining solar power field. The sale resulted in an expense of $3 million recorded within other (income) loss in our consolidated statement of income, which is in addition to the non-cash impairment charge we recorded in the fourth quarter of 2013. Divestitures - Discontinued Operations On November 3, 2014, we completed the sale of McGraw Hill Construction, which has historically been part of our C&C segment, to Symphony Technology Group for $320 million in cash. Accordingly, the results of operations for the three and nine months ended September 30, 2014 , have been reclassified to reflect the business as a discontinued operation. The key components of income from discontinued operations for the periods ended September 30, 2014 consist of the following: (in millions) Three Months Nine Months Revenue $ 40 $ 124 Expenses 37 100 Operating income 3 24 Provision for taxes on income 1 9 Income from discontinued operations, net of tax $ 2 $ 15

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation McGraw Hill Financial, Inc. (together with its consolidated subsidiaries, "McGraw Hill Financial," the “Company,” “we,” “us” or “our”) is a leading benchmarks & ratings, analytics, data and research provider serving the global capital, commodities and commercial markets. The capital markets include asset managers, investment banks, commercial banks, exchanges, and issuers; the commodities markets include producers, traders and intermediaries within energy, metals, and agriculture; and the commercial markets include professionals and corporate executives within automotive and marketing / research information services. Our operations consist of four reportable segments: Standard & Poor’s Ratings Services (“S&P Ratings”), S&P Capital IQ and SNL, S&P Dow Jones Indices ("S&P DJ Indices") and Commodities & Commercial Markets (“C&C”). • S&P Ratings is an independent provider of credit ratings, research and analytics, offering investors and market participants information, ratings and benchmarks. • S&P Capital IQ and SNL is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services. • S&P DJ Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. • C&C consists of business-to-business companies specializing in commercial and commodities markets that deliver their customers access to high-value information, data, analytic services and pricing and quality benchmarks. 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 footnotes 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, 2014 (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 nine months ended September 30, 2015 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for continuing operations was 25.9% and 30.7% for the three and nine months ended September 30, 2015 , respectively, and 39.2% and 35.1% for the three and nine months ended September 30, 2014 , respectively. Our effective income tax rate from continuing operations was lower than the prior periods as the result of the resolution of tax audits, increased income in lower tax rate jurisdictions, and the non-deductible tax treatment of certain regulatory charges incurred during 2014. 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 extraordinary 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. As of September 30, 2015 and December 31, 2014 , the total amount of federal, state and local, and foreign unrecognized tax benefits was $122 million and $118 million , respectively, exclusive of interest and penalties. The increase in unrecognized tax benefits relates primarily to tax positions of prior years. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition, as of September 30, 2015 and December 31, 2014 , we had $30 million and $23 million , respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may significantly decrease in the next twelve months. Although the ultimate resolution of our tax audits is unpredictable, the resulting change in our unrecognized tax benefits could have a material impact on our results of operations and/or cash flows.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt (in millions) September 30, December 31, 5.9% Senior Notes, due 2017 1 $ 400 400 2.5% Senior Notes, due 2018 2 399 — 3.3% Senior Notes, due 2020 3 699 — 4.0% Senior Notes, due 2025 4 695 — 4.4% Senior Notes, due 2026 5 897 — 6.55% Senior Notes, due 2037 6 399 399 Long-term debt $ 3,489 $ 799 1 Interest payments are due semiannually on April 15 and October 15, and, as of September 30, 2015 , the unamortized debt discount is less than $1 million . 2 Interest payments are due semiannually on February 15 and August 15, beginning on February15, 2016, and, as of September 30, 2015 , the unamortized debt discount is less than $1 million . 3 Interest payments are due semiannually on February 14 and August 14, beginning on February14, 2016, and, as of September 30, 2015 , the unamortized debt discount is approximately $1 million . 4 Interest payments are due semiannually on June 15 and December 15, beginning on December15, 2015, and, as of September 30, 2015 , the unamortized debt discount is approximately $5 million . 5 Interest payments are due semiannually on February 15 and August 15, beginning on February15, 2016, and, as of September 30, 2015 , the unamortized debt discount is approximately $3 million . 6 Interest payments are due semiannually on May 15 and November 15, and, as of September 30, 2015 , the unamortized debt discount is approximately $1 million . The fair value of our long-term debt borrowings was $3.6 billion and $0.9 billion as of September 30, 2015 and December 31, 2014 , respectively, and was estimated based on quoted market prices. On August 18, 2015, we issued $2.0 billion of senior notes (the "Notes"), consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. The Notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to finance the acquisition of SNL. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025 and used a portion of the net proceeds for the repayment of short-term debt, including commercial paper. The 4.0% senior notes will mature on June 15, 2025 and are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. Currently, we have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility described below. As of September 30, 2015 and December 31, 2014 , we had no commercial paper outstanding or borrowings outstanding under our credit facility. In connection with the payment of legal and regulatory settlements recorded in 2014 and paid largely in 2015, we utilized our commercial paper program and borrowed from our credit facility during the nine months ended September 30, 2015 . On June 30, 2015, we entered into a revolving $1.2 billion five -year credit agreement (our “credit facility”) that will terminate on June 30, 2020. This credit facility replaced our $1.0 billion four -year credit facility that was scheduled to terminate on June 19, 2017. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced. We pay a commitment fee of 10 to 20 basis points for our credit facility, depending on our indebtedness to cash flow ratio, whether or not amounts have been borrowed and currently pay a commitment fee of 12.5 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 indebtedness to cash flow ratio added to the applicable rate. 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.

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [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 that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor voluntary 401(k) plans 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 pension cost pursuant to our accounting policy for amortizing such amounts. As discussed in our Form 10-K, we changed certain discount rate assumptions and our expected return on assets assumption for our retirement plans, which became effective on January 1, 2015. In addition, we updated the assumed mortality rates to reflect life expectancy improvements. The effect of the assumption changes for the three and nine months ended September 30, 2015 resulted in an increase in pre-tax retirement expense of approximately $8 million and $25 million , respectively. In the first nine months of 2015 , we contributed $14 million to our retirement plans and expect to make additional required contributions of approximately $1 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 fourth quarter of 2015 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation We issue stock-based incentive awards to our eligible employees and Directors under the 2002 Employee Stock Incentive Plan and a Director Deferred Stock Ownership Plan. The 2002 Employee Stock Incentive Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards. Stock-based compensation for the periods ended September 30 is as follows: (in millions) Three Months Nine Months 2015 2014 2015 2014 Stock option expense $ 2 $ 6 $ 11 $ 15 Restricted stock and unit awards expense 16 20 44 57 Total stock-based compensation expense $ 18 $ 26 $ 55 $ 72 During the nine months ended September 30, 2015 , the Company granted 0.6 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $104.31 per share, and a minimal amount of employee stock options. Total unrecognized compensation expense related to unvested stock option awards and unvested restricted stock unit awards as of September 30, 2015 was $4 million and $75 million , respectively, which is expected to be recognized over a weighted average period of 1.4 years and 1.8 years , respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2015
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 September 30 were as follows: (in millions, except average price) Three Months Nine Months 2015 2014 2015 2014 Total number of shares purchased 1 2.3 — 4.9 4.4 Average price paid per share 1 $ 99.01 $ — $ 102.01 $ 79.06 Total cash utilized 2 $ 227 $ — $ 501 $ 352 1 On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 13 — Related Party Transactions for further information. 2 In December of 2013, 0.1 million shares were repurchased for approximately $10 million , which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the nine months ended September 30, 2014 resulting in $362 million of cash used to repurchase shares. 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 September 30, 2015 , approximately 40.6 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. Redeemable Noncontrolling Interests The agreement with the minority partners of our S&P Dow Jones Indices LLC established in June of 2012 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, after December 31, 2017, CME Group, Inc. ("CME Group") and CME Group Index Services LLC ("CGIS") will have 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, considering a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 fair value measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. 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 nine months ended September 30, 2015 were as follows: (in millions) Balance as of December 31, 2014 $ 810 Net income attributable to noncontrolling interest 76 Distributions payable to noncontrolling interest (69 ) Redemption value adjustment (7 ) Balance as of September 30, 2015 $ 810 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2015 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Accumulated Other Comprehensive Loss Balance as of December 31, 2014 $ (83 ) $ (431 ) $ — $ (514 ) Other comprehensive income before reclassifications (78 ) 31 (1 ) (48 ) Reclassifications from accumulated other comprehensive loss to net earnings — 9 1 — 9 Net other comprehensive income (78 ) 40 (1 ) (39 ) Balance as of September 30, 2015 $ (161 ) $ (391 ) $ (1 ) $ (553 ) 1 See Note 5 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income is net of a tax provision of $5 million for the nine months ended September 30, 2015 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
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 for basic and diluted EPS for the periods ended September 30 is as follows: (in millions, except per share amounts) Three Months Nine Months 2015 2014 2015 2014 Amounts attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations $ 252 $ 188 $ 909 $ 716 Income from discontinued operations — 2 — 15 Net income $ 252 $ 190 $ 909 $ 731 Basic weighted-average number of common shares outstanding 271.3 270.9 272.6 271.4 Effect of stock options and other dilutive securities 3.1 4.5 2.8 4.8 Diluted weighted-average number of common shares outstanding 274.4 275.4 275.4 276.2 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations: Basic $ 0.93 $ 0.69 $ 3.33 $ 2.64 Diluted $ 0.92 $ 0.68 $ 3.30 $ 2.59 Income from discontinued operations: Basic $ — $ 0.01 $ — $ 0.05 Diluted $ — $ 0.01 $ — $ 0.05 Net income: Basic $ 0.93 $ 0.70 $ 3.33 $ 2.69 Diluted $ 0.92 $ 0.69 $ 3.30 $ 2.64 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 because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met. For the three and nine months ended September 30, 2015 , there were no stock options excluded, and for the three and nine months ended September 30, 2014 , there were a minimal amount of stock options excluded. Restricted performance shares outstanding of 0.9 million and 1.4 million as of September 30, 2015 and 2014, respectively, were excluded.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2015 and 2014, we continued to evaluate our cost structure and further identified cost savings associated with streamlining our management structure and additionally, in 2014, our decision to exit non-strategic businesses. Our 2015 and 2014 restructuring plans consisted of a company-wide workforce reduction of approximately 260 and 590 positions, respectively, and are further detailed below. The charges for each restructuring plan 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. As part of the sale of McGraw Hill Construction, which has historically been part of our C&C segment, to Symphony Technology Group, described further in Note 2 — Acquisitions and Divestitures, we have retained McGraw Hill Construction's restructuring liabilities. Therefore, the remaining reserves described below for the 2014 restructuring plan include McGraw Hill Construction's restructuring liability; however, the initial charge associated with the reserve has been bifurcated between continuing and discontinued operations. The initial restructuring charge recorded and the ending reserve balance as of September 30, 2015 by segment is as follows: 2015 Restructuring Plan 2014 Restructuring Plan (in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance S&P Ratings $ 11 $ 10 $ 45 $ 15 S&P Capital IQ and SNL 13 9 9 2 C&C 1 3 2 16 4 Corporate 3 3 16 9 Total $ 30 $ 24 $ 86 $ 30 1 The 2014 restructuring plan included an initial charge of $3 million and an ending reserve balance of less than a $1 million for McGraw Hill Construction. We recorded a pre-tax restructuring charge of $30 million for the 2015 restructuring plan during the nine months ended September 30, 2015 and have reduced the reserve for the 2015 restructuring plan by $6 million . The ending reserve balance for the 2014 restructuring plan was $78 million as of December 31, 2014. For the nine months ended September 30, 2015 , we have reduced the reserve for the 2014 restructuring plan by $48 million .

Segment and Related Information

Segment and Related Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment and Related Information	Segment and Related Information We have four reportable segments: S&P Ratings, S&P Capital IQ and SNL, S&P DJ Indices and C&C. 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 unallocated expense or interest expense as these are costs that do not affect the operating results of our segments. A summary of operating results by segment for the periods ended September 30 is as follows: Three Months 2015 2014 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 587 $ 194 $ 604 $ 183 S&P Capital IQ and SNL 356 53 311 64 S&P DJ Indices 156 106 143 86 C&C 248 93 227 71 Intersegment elimination 2 (23 ) — (22 ) — Total operating segments 1,324 446 1,263 404 Unallocated expense 3 — (36 ) — (38 ) Total $ 1,324 $ 410 $ 1,263 $ 366 Nine Months 2015 2014 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 1,851 $ 846 $ 1,837 $ 730 S&P Capital IQ and SNL 1,000 178 919 172 S&P DJ Indices 446 297 412 260 C&C 707 265 657 217 Intersegment elimination 2 (66 ) — (64 ) — Total operating segments 3,938 1,586 3,761 1,379 Unallocated expense 3 — (93 ) — (118 ) Total $ 3,938 $ 1,493 $ 3,761 $ 1,261 1 Operating profit for the three and nine months ended September 30, 2015 includes legal settlement charges partially offset by a benefit related to legal settlement insurance recoveries of $86 million and $40 million , respectively. Operating profit for the three and nine months ended September 30, 2014 includes legal settlement charges of $60 million . 2 Revenue for S&P Ratings and expenses for S&P Capital IQ and SNL include an intersegment royalty charged to S&P Capital IQ and SNL for the rights to use and distribute content and data developed by S&P Ratings. 3 The nine months ended September 30, 2015 include a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment. See Note 2 — Acquisitions and Divestitures for additional information. See Note 2 — Acquisitions and Divestitures and Note 9 — Restructuring for additional actions that impacted the segment operating results.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal & Regulatory Matters In the normal course of business both in the United States and abroad, the Company, its subsidiary Standard & Poor’s Financial Services LLC (“S&P LLC”) and some of its other subsidiaries are defendants in numerous 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 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. 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. The Company believes that it has meritorious defenses to the pending claims and potential claims in the matters described below and is diligently pursuing these defenses, and in some cases working to reach an acceptable negotiated resolution. However, in view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of these matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions may be. As a result, we cannot provide assurance that the outcome of the matters described below 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 and competitive position, which may require that we record liabilities in the consolidated financial statements in future periods. S&P Ratings Financial Crisis Litigation The Company and its subsidiaries continue to defend civil cases brought by private and public plaintiffs arising out of ratings activities prior to and during the global financial crisis of 2008-2009. Discovery in these cases is ongoing. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable. At this time, however, we are unable to reasonably estimate the range of such additional amounts, if any. U.S. Securities and Exchange Commission As a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P 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 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 Ratings for one or more compliance deficiencies. Parmalat Litigation In September and October of 2005, writs of summons were served on The McGraw-Hill Companies, SRL and The McGraw-Hill Companies, SA in an action brought in the Tribunal of Milan, Italy by the Extraordinary Commissioner of Parmalat Finanziaria S.p.A. and Parmalat S.p.A. (collectively, “Parmalat”), claiming damages of €4.1 billion , representing the value of bonds issued by Parmalat which were rated investment grade by S&P Ratings, plus damages for S&P Ratings’ alleged complicity in aggravating Parmalat’s financial difficulties, among other claims. In June of 2011, the Court dismissed Parmalat’s main damages claim based on the value of the bonds, and ordered the defendants to pay Parmalat approximately €0.8 million , representing ratings fees paid by Parmalat, plus interest and expenses. In September of 2012, Parmalat appealed the judgment and, in November of 2012, requested payment of the judgment in the amount of €1.1 million , which was paid in December of 2012. In July of 2014, the Court of Appeals of Milan issued an order reopening the proceedings to allow the parties to submit additional pleadings. A hearing was held on February 25, 2015. On July 29, 2015, the Company reached a settlement with Parmalat to resolve the claims in this action. Under the settlement, the Company paid Parmalat €14.5 million . Trani Prosecutorial Proceeding The prosecutor in the Italian city of Trani is seeking criminal indictments against several current and former S&P Ratings managers and ratings analysts for alleged market manipulation, and against Standard & Poor’s Credit Market Services Europe under Italy’s vicarious liability statute, for having allegedly failed to properly supervise the ratings analysts and prevent them from committing market manipulation. The prosecutor’s theories are based on various actions by S&P Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. In October of 2014, the court granted the prosecutor’s request and issued indictments against the current and former S&P Ratings managers and ratings analysts, as well as Standard & Poor’s Credit Market Services Europe. The trial commenced with a hearing on February 4, 2015 and is ongoing. Apart from criminal penalties that might be imposed following a conviction, such conviction could also lead to civil damages claims and other sanctions against Standard & Poor's Credit Market Services Europe or the Company. Such claims and sanctions cannot be quantified at this stage. Shareholder Derivative Action On August 3, 2015, two purported shareholders commenced a putative derivative action on behalf of the Company in New York State Supreme Court titled Retirement Plan for General Employees of the City of North Miami Beach and Robin Stein v. Harold McGraw III, et al. The complaint asserts claims for, inter alia, breach of fiduciary duty, waste of corporate assets, and mismanagement against the board of directors, certain former directors of the Company, and three former S&P Ratings employees. Plaintiffs seek recovery from the defendants based on allegations that S&P Ratings’ credit ratings practices for certain residential mortgage-backed securities and collateralized debt obligations misrepresented the credit risks of those securities, allegedly resulting in losses to the Company. The Company and the individual defendants filed motions to dismiss the complaint on October 9, 2015. The City of Swan Australian government municipal councils filed suit against the Company and S&P International LLC in a representative action in April 2013 in connection with alleged investment losses in eight synthetic collateralized debt obligations (CDOs) rated by S&P Ratings. These same CDOs were at issue in an earlier lawsuit brought by the plaintiffs against its investment advisor, Lehman Brothers Australia (LBA), in which the plaintiffs secured a judgment against LBA, which is now in liquidation. The plaintiffs claim total losses of AUD $327 million from these investments and are seeking recovery from both LBA and the Company. The trial in the matter has been re-scheduled from October 2015 to August 2016. The Company has offered to settle this matter, although the plaintiffs have not accepted our offer. We can provide no assurance that the Company will not incur additional amounts in excess of amounts accrued to settle this matter on terms deemed acceptable. At this point, however, we are unable to reasonably estimate the range of such additional amounts, if any. Commodities & Commercial Markets Platts In May of 2013, representatives from the European Commission (DG Competition, the EC’s antitrust office) commenced an unannounced inspection of Platts’ London offices in conjunction with potential anticompetitive conduct (in particular, in the crude oil, refined oil products and biofuels markets) relating to Platts’ Market On Close price assessment process. No allegations have been made against Platts at this time. There have also been several civil actions filed in the United States relating to potential anticompetitive behavior by market participants relating to Platts’ price assessment process, none of which have named Platts as a defendant. McGraw Hill Construction In October of 2009, an action was filed in the U.S. District Court for the Southern District of New York in which Reed Construction Data asserted a number of claims under various state and federal laws against the Company relating to alleged misappropriation and unfair competition by McGraw Hill Construction and seeking an unspecified amount of damages. In September of 2010, the Court granted the Company’s motion to dismiss some of the claims. In September of 2014, the Court granted summary judgment to the Company on all of Reed’s remaining claims with the exception of the unfair competition claim. In October of 2014, the parties submitted a joint stipulation to the Court agreeing to dismiss both Reed’s unfair competition claim and the Company’s counterclaims without prejudice to reinstatement in the event of a successful appeal of Reed’s dismissed claims.

Recent Accounting Standards

Recent Accounting Standards	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards	Recent Accounting Standards In September of 2015, the Financial Accounting Standards Board ("FASB") issued guidance intended to simplify the accounting for measurement-period adjustments made to provisional amounts recognized in a business combination. The guidance eliminates the requirement to retrospectively account for those adjustments. This guidance is effective for reporting periods beginning after December 15, 2015. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. In April of 2015, the FASB issued new accounting guidance intended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with the presentation for debt discounts. This guidance is effective for reporting periods beginning after December 15, 2015 and must be applied on a retrospective basis with early adoption permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. In February of 2015, the FASB issued guidance that requires management to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. In January of 2015, the FASB issued guidance that eliminates the concept of reporting extraordinary items, but retains current presentation and disclosure requirements for an event or transaction that is of an unusual nature or of a type that indicates infrequency of occurrence. Transactions that meet both criteria would now also follow such presentation and disclosure requirements. This guidance is effective for reporting periods beginning after December 15, 2015; however, early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. In August of 2014, the FASB issued guidance that requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We do not expect the adoption of this guidance to have a significant impact on our consolidated financial statements. In May of 2014, the FASB and the International Accounting Standards Board (“IASB”) issued jointly a converged standard on the recognition of revenue from contracts with customers which is intended to improve the financial reporting of revenue and comparability of the top line in financial statements globally. The core principle of the new standard is for the recognition of revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced revenue disclosures, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple-element arrangements. In August of 2015, the FASB issued guidance deferring the effective date of the new revenue standard by one year. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently in the process of assessing the impact the adoption of this guidance will have on our consolidated financial statements. In April of 2014, the FASB issued final guidance that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. The guidance is intended to reduce the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. In addition, the guidance permits companies to have continuing cash flows and significant continuing involvement with the disposed component. The amendments were effective on January 1, 2015, and the adoption of the guidance did not have a significant impact on our consolidated financial statements.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On July 31, 2014, we completed the sale of the Company's aircraft to Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company ("Mr. McGraw") for a purchase price of $20 million , which is modestly higher than the independent appraisal obtained. This transaction was approved by the Nominating and Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee. During the second quarter of 2014, we recorded a non-cash impairment charge of $6 million within other (income) loss in our consolidated statement of income as a result of the pending sale. On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Mr. McGraw. The shares were purchased at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price pursuant to a private transaction with Mr. McGraw. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. This transaction was approved by the Nominating & Corporate Governance Committee of the Company's Board of Directors after consultation with members of the Financial Policy Committee. In June of 2012, we entered into a new license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, which replaced the 2005 license agreement between S&P DJ 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 nine months ended September 30, 2015 , S&P Dow Jones Indices LLC earned $19 million and $47 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.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements 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 due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. 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 McGraw Hill Financial, Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of McGraw Hill Financial, 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 September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 165 $ 523 $ 665 $ (29 ) $ 1,324 Expenses: Operating-related expenses 20 99 317 (29 ) 407 Selling and general expenses 206 69 195 — 470 Depreciation 9 4 7 — 20 Amortization of intangibles — — 17 — 17 Total expenses 235 172 536 (29 ) 914 Operating (loss) profit (70 ) 351 129 — 410 Interest expense (income), net 32 — (2 ) — 30 Non-operating intercompany transactions 51 48 (99 ) — — (Loss) income from continuing operations before taxes on income (153 ) 303 230 — 380 (Benefit) provision for taxes on income (74 ) 100 73 — 99 Equity in net income of subsidiaries 1,180 206 — (1,386 ) — Net income $ 1,101 $ 409 $ 157 $ (1,386 ) $ 281 Less: net income from continuing operations attributable to noncontrolling interests — — — (29 ) (29 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,101 $ 409 $ 157 $ (1,415 ) $ 252 Comprehensive income $ 1,095 $ 408 $ 123 $ (1,386 ) $ 240 Statement of Income Nine Months Ended September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 481 $ 1,640 $ 1,902 $ (85 ) $ 3,938 Expenses: Operating-related expenses 64 396 843 (85 ) 1,218 Selling and general expenses 282 243 609 — 1,134 Depreciation 29 14 21 — 64 Amortization of intangibles — — 40 — 40 Total expenses 375 653 1,513 (85 ) 2,456 Other income — — (11 ) — (11 ) Operating profit 106 987 400 — 1,493 Interest expense (income), net 69 — (7 ) — 62 Non-operating intercompany transactions 180 139 (319 ) — — (Loss) income from continuing operations before taxes on income (143 ) 848 726 — 1,431 (Benefit) provision for taxes on income (57 ) 291 205 — 439 Equity in net income of subsidiaries 1,180 205 — (1,385 ) — Net income $ 1,094 $ 762 $ 521 $ (1,385 ) $ 992 Less: net income from continuing operations attributable to noncontrolling interests — — — (83 ) (83 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,094 $ 762 $ 521 $ (1,468 ) $ 909 Comprehensive income $ 1,102 $ 761 $ 480 $ (1,390 ) $ 953 Statement of Income Three Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 149 $ 507 $ 635 $ (28 ) $ 1,263 Expenses: Operating-related expenses 19 142 269 (28 ) 402 Selling and general expenses 147 150 165 — 462 Depreciation 10 4 7 — 21 Amortization of intangibles 1 — 11 — 12 Total expenses 177 296 452 (28 ) 897 Operating (loss) profit (28 ) 211 183 — 366 Interest expense (income), net 15 — (3 ) — 12 Non-operating intercompany transactions 56 13 (69 ) — — (Loss) income from continuing operations before taxes on income (99 ) 198 255 — 354 (Benefit) provision for taxes on income (5 ) 53 91 — 139 Equity in net income of subsidiaries 286 63 — (349 ) — Income from continuing operations 192 208 164 (349 ) 215 Income from discontinued operations, net of tax 2 — — — 2 Net income $ 194 $ 208 $ 164 $ (349 ) $ 217 Less: net income from continuing operations attributable to noncontrolling interests — — — (27 ) (27 ) Net income attributable to McGraw Hill Financial, Inc. $ 194 $ 208 $ 164 $ (376 ) $ 190 Comprehensive income $ 186 $ 208 $ 109 $ (353 ) $ 150 Statement of Income Nine Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 443 $ 1,535 $ 1,869 $ (86 ) $ 3,761 Expenses: Operating-related expenses 59 450 782 (86 ) 1,205 Selling and general expenses 241 394 551 — 1,186 Depreciation 30 13 21 — 64 Amortization of intangibles 2 — 34 — 36 Total expenses 332 857 1,388 (86 ) 2,491 Other loss 3 — 6 — 9 Operating profit 108 678 475 — 1,261 Interest expense (income), net 46 — (6 ) — 40 Non-operating intercompany transactions 130 27 (157 ) — — (Loss) income from continuing operations before taxes on income (68 ) 651 638 — 1,221 Provision for taxes on income 8 225 195 — 428 Equity in net income of subsidiaries 786 186 — (972 ) — Income from continuing operations 710 612 443 (972 ) 793 Income from discontinued operations, net of tax 15 — — — 15 Net income $ 725 $ 612 $ 443 $ (972 ) $ 808 Less: net income from continuing operations attributable to noncontrolling interests — — — (77 ) (77 ) Net income attributable to McGraw Hill Financial, Inc. $ 725 $ 612 $ 443 $ (1,049 ) $ 731 Comprehensive income $ 701 $ 588 $ 415 $ (981 ) $ 723 Balance Sheet September 30, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 161 $ 1 $ 1,279 $ — $ 1,441 Accounts receivable, net of allowance for doubtful accounts 109 282 595 — 986 Intercompany receivable 313 1,480 1,124 (2,917 ) — Deferred income taxes 72 172 (41 ) — 203 Prepaid and other current assets 93 4 109 — 206 Total current assets 748 1,939 3,066 (2,917 ) 2,836 Property and equipment, net of accumulated depreciation 124 3 110 — 237 Goodwill 15 41 2,903 9 2,968 Other intangible assets, net — — 1,887 (6 ) 1,881 Asset for pension benefits — — 61 — 61 Investments in subsidiaries 4,547 671 7,280 (12,498 ) — Intercompany loans receivable 17 361 1,817 (2,195 ) — Other non-current assets 69 19 92 — 180 Total assets $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 69 $ 42 $ 100 $ — $ 211 Intercompany Payable 1,671 593 568 (2,832 ) — Accrued compensation and contributions to retirement plans 108 73 139 — 320 Income taxes currently payable 16 — 43 — 59 Unearned revenue 269 565 619 — 1,453 Accrued legal and regulatory settlements — 104 — — 104 Other current liabilities 267 (134 ) 225 — 358 Total current liabilities 2,400 1,243 1,694 (2,832 ) 2,505 Long-term debt 3,489 — — — 3,489 Intercompany loans payable 108 (3 ) 2,178 (2,283 ) — Pension and postretirement benefits 218 — 60 — 278 Deferred income taxes (224 ) 51 263 — 90 Other non-current liabilities 217 12 59 (1 ) 287 Total liabilities 6,208 1,303 4,254 (5,116 ) 6,649 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,321 (2,321 ) 412 Additional paid-in capital (197 ) 1,171 10,156 (10,689 ) 441 Retained income 6,641 560 784 (393 ) 7,592 Accumulated other comprehensive loss (310 ) — (279 ) 36 (553 ) Less: common stock in treasury (7,234 ) — (20 ) 20 (7,234 ) Total equity - controlling interests (688 ) 1,731 12,962 (13,347 ) 658 Total equity - noncontrolling interests — — — 46 46 Total equity (688 ) 1,731 12,962 (13,301 ) 704 Total liabilities and equity $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 Balance Sheet December 31, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 1,402 $ — $ 1,095 $ — $ 2,497 Accounts receivable, net of allowance for doubtful accounts 120 293 519 — 932 Intercompany receivable 525 2,125 1,998 (4,648 ) — Deferred income taxes 72 334 (43 ) — 363 Prepaid and other current assets 80 27 67 — 174 Total current assets 2,199 2,779 3,636 (4,648 ) 3,966 Property and equipment, net of accumulated depreciation 111 5 90 — 206 Goodwill 109 41 1,228 9 1,387 Other intangible assets, net 13 — 991 — 1,004 Asset for pension benefits — — 28 — 28 Investments in subsidiaries 1,258 653 7,125 (9,036 ) — Intercompany loans receivable 19 358 1,595 (1,972 ) — Other non-current assets 81 25 74 — 180 Total assets $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 59 $ 45 $ 87 $ — $ 191 Intercompany payable 2,566 617 1,376 (4,559 ) — Accrued compensation and contributions to retirement plans 133 121 156 — 410 Income taxes currently payable 15 1 16 — 32 Unearned revenue 259 585 479 — 1,323 Accrued legal and regulatory settlements — 1,609 — — 1,609 Other current liabilities 194 — 208 — 402 Total current liabilities 3,226 2,978 2,322 (4,559 ) 3,967 Long-term debt 799 — — — 799 Intercompany loans payable 109 — 1,952 (2,061 ) — Pension and postretirement benefits 272 — 61 — 333 Deferred income taxes (245 ) 51 250 — 56 Other non-current liabilities 219 8 40 — 267 Total liabilities 4,380 3,037 4,625 (6,620 ) 5,422 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,316 (2,316 ) 412 Additional paid-in capital (116 ) 1,153 7,016 (7,560 ) 493 Retained income 6,282 (329 ) 1,053 (60 ) 6,946 Accumulated other comprehensive loss (319 ) — (236 ) 41 (514 ) Less: common stock in treasury (6,849 ) — (7 ) 7 (6,849 ) Total equity - controlling interests (590 ) 824 10,142 (9,888 ) 488 Total equity - noncontrolling interests — — — 51 51 Total equity (590 ) 824 10,142 (9,837 ) 539 Total liabilities and equity $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771 Statement of Cash Flows Nine Months Ended September 30, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Operating Activities: Net income $ 1,094 $ 762 $ 521 $ (1,385 ) $ 992 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 29 14 21 — 64 Amortization of intangibles — — 40 — 40 Provision for losses on accounts receivable — (4 ) 7 — 3 Deferred income taxes (139 ) 161 144 — 166 Stock-based compensation 16 16 23 — 55 Other 107 22 10 — 139 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 10 16 (70 ) — (44 ) Prepaid and current assets (35 ) 22 7 — (6 ) Accounts payable and accrued expenses (100 ) (76 ) (10 ) — (186 ) Unearned revenue 10 (20 ) 28 — 18 Accrued legal and regulatory settlements — (1,624 ) — — (1,624 ) Other current liabilities (19 ) (12 ) (22 ) — (53 ) Net change in prepaid/accrued income taxes 166 — (26 ) — 140 Net change in other assets and liabilities 91 4 (155 ) — (60 ) Cash provided by (used for) operating activities from continuing operations 1,230 (719 ) 518 (1,385 ) (356 ) Investing Activities: Capital expenditures (38 ) (7 ) (29 ) — (74 ) Acquisitions, net of cash acquired (2,241 ) — (152 ) — (2,393 ) Proceeds from dispositions — — 14 — 14 Changes in short-term investments — — (3 ) — (3 ) Cash used for investing activities from continuing operations (2,279 ) (7 ) (170 ) — (2,456 ) Financing Activities: Proceeds from issuance of senior notes, net 2,674 — — — 2,674 Dividends paid to shareholders (274 ) — — — (274 ) Dividends and other payments paid to noncontrolling interests — — (67 ) — (67 ) Contingent consideration payment (5 ) — — — (5 ) Purchase of CRISIL shares — — (16 ) — (16 ) Repurchase of treasury shares (501 ) — — — (501 ) Exercise of stock options 76 — 1 — 77 Excess tax benefits from share-based payments 39 — — — 39 Intercompany financing activities (2,192 ) 727 80 1,385 — Cash (used for) provided by financing activities from continuing operations (183 ) 727 (2 ) 1,385 1,927 Effect of exchange rate changes on cash from continuing operations (9 ) — (33 ) — (42 ) Cash (used for) provided by continuing operations (1,241 ) 1 313 — (927 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,241 ) 1 184 — (1,056 ) Cash and cash equivalents at beginning of period 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of period $ 161 $ 1 $ 1,279 $ — $ 1,441 Statement of Cash Flows Nine Months Ended September 30, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Operating Activities: Net income $ 725 $ 612 $ 443 $ (972 ) $ 808 Less: discontinued operations, net 15 — — — 15 Income from continuing operations 710 612 443 (972 ) 793 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 30 13 21 — 64 Amortization of intangibles 2 — 34 — 36 Provision for losses on accounts receivable — (3 ) 8 — 5 Deferred income taxes (18 ) — (15 ) — (33 ) Stock-based compensation 23 23 26 — 72 Other — 85 21 — 106 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 2 67 (57 ) — 12 Prepaid and current assets (30 ) 4 18 — (8 ) Accounts payable and accrued expenses (153 ) (141 ) 83 — (211 ) Unearned revenue (10 ) (14 ) 31 — 7 Other current liabilities 22 (67 ) (20 ) — (65 ) Net change in prepaid/accrued income taxes 99 3 (9 ) — 93 Net change in other assets and liabilities 14 2 (67 ) — (51 ) Cash provided by operating activities from continuing operations 691 584 517 (972 ) 820 Investing Activities: Capital expenditures (12 ) (11 ) (29 ) — (52 ) Acquisitions, net of cash acquired — — (65 ) — (65 ) Proceeds from dispositions 44 — 39 — 83 Changes in short-term investments — — (1 ) — (1 ) Cash provided by (used for) investing activities from continuing operations 32 (11 ) (56 ) — (35 ) Financing Activities: Dividends paid to shareholders (245 ) — — — (245 ) Dividends and other payments paid to noncontrolling interests — — (31 ) — (31 ) Contingent consideration payment — — (11 ) — (11 ) Repurchase of treasury shares (362 ) — — — (362 ) Exercise of stock options 156 — 3 — 159 Excess tax benefits from share-based payments 89 — — — 89 Intercompany financing activities (108 ) (573 ) (291 ) 972 — Cash used for financing activities from continuing operations (470 ) (573 ) (330 ) 972 (401 ) Effect of exchange rate changes on cash from continuing operations (8 ) — (16 ) — (24 ) Cash provided by continuing operations 245 — 115 — 360 Discontinued Operations: Cash provided by operating activities 16 — — — 16 Cash provided by discontinued operations 16 — — — 16 Net change in cash and cash equivalents 261 — 115 — 376 Cash and cash equivalents at beginning of period 685 — 857 — 1,542 Cash and cash equivalents at end of period $ 946 $ — $ 972 $ — $ 1,918

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event We are in the preliminary stages of evaluating a range of strategic options for J.D. Power included in our Commodities & Commercial segment that best positions J.D. Power for future growth.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2015
Acquisitions and Divestitures [Abstract]
Schedule of components of income and assets and liabilities from discontinued operations	The key components of income from discontinued operations for the periods ended September 30, 2014 consist of the following: (in millions) Three Months Nine Months Revenue $ 40 $ 124 Expenses 37 100 Operating income 3 24 Provision for taxes on income 1 9 Income from discontinued operations, net of tax $ 2 $ 15
Schedule of preliminary allocation of purchase price to the assets and liabilities	The following table presents the the preliminary allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition. (in millions) Current assets $ 22 Property, plant and equipment 19 Goodwill 1,558 Other intangible assets, net: Databases and software 421 Customer relationships 162 Tradenames 185 Other intangibles 4 Other intangible assets, net 772 Other non-current assets 3 Total assets acquired 2,374 Current liabilities (19 ) Unearned revenue (118 ) Other non-current liabilities (6 ) Total liabilities acquired (143 ) Net assets acquired $ 2,231
Schedule of supplemental pro forma information	The unaudited pro forma information includes non-recurring transaction related costs, intangible asset charges and incremental borrowing costs as a result of the acquisition, net of related tax, estimated using the Company's effective tax rate for continuing operations for the periods presented. (in millions) Nine Months Ended September 30, 2015 2014 Pro forma revenue $ 4,124 $ 3,927 Pro forma net income from continuing operations $ 954 $ 746

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of debt	(in millions) September 30, December 31, 5.9% Senior Notes, due 2017 1 $ 400 400 2.5% Senior Notes, due 2018 2 399 — 3.3% Senior Notes, due 2020 3 699 — 4.0% Senior Notes, due 2025 4 695 — 4.4% Senior Notes, due 2026 5 897 — 6.55% Senior Notes, due 2037 6 399 399 Long-term debt $ 3,489 $ 799 1 Interest payments are due semiannually on April 15 and October 15, and, as of September 30, 2015 , the unamortized debt discount is less than $1 million . 2 Interest payments are due semiannually on February 15 and August 15, beginning on February15, 2016, and, as of September 30, 2015 , the unamortized debt discount is less than $1 million . 3 Interest payments are due semiannually on February 14 and August 14, beginning on February14, 2016, and, as of September 30, 2015 , the unamortized debt discount is approximately $1 million . 4 Interest payments are due semiannually on June 15 and December 15, beginning on December15, 2015, and, as of September 30, 2015 , the unamortized debt discount is approximately $5 million . 5 Interest payments are due semiannually on February 15 and August 15, beginning on February15, 2016, and, as of September 30, 2015 , the unamortized debt discount is approximately $3 million . 6 Interest payments are due semiannually on May 15 and November 15, and, as of September 30, 2015 , the unamortized debt discount is approximately $1 million .

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-based compensation for the periods ended September 30 is as follows: (in millions) Three Months Nine Months 2015 2014 2015 2014 Stock option expense $ 2 $ 6 $ 11 $ 15 Restricted stock and unit awards expense 16 20 44 57 Total stock-based compensation expense $ 18 $ 26 $ 55 $ 72

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of stock repurchases	Share repurchases for the periods ended September 30 were as follows: (in millions, except average price) Three Months Nine Months 2015 2014 2015 2014 Total number of shares purchased 1 2.3 — 4.9 4.4 Average price paid per share 1 $ 99.01 $ — $ 102.01 $ 79.06 Total cash utilized 2 $ 227 $ — $ 501 $ 352 1 On June 25, 2014, we repurchased 0.5 million shares of the Company's common stock from the personal holdings of Harold W. McGraw III, then Chairman of the Company's Board of Directors and former President and CEO of the Company, at a discount of 0.35% from the June 24, 2014 New York Stock Exchange closing price. We repurchased these shares with cash for $41 million at an average price of $82.66 per share. See Note 13 — Related Party Transactions for further information. 2 In December of 2013, 0.1 million shares were repurchased for approximately $10 million , which settled in January of 2014. Cash used for financing activities only reflects those shares which settled during the nine months ended September 30, 2014 resulting in $362 million of cash used to repurchase shares.
Schedule of redeemable noncontrolling interest	Changes to redeemable noncontrolling interest during the nine months ended September 30, 2015 were as follows: (in millions) Balance as of December 31, 2014 $ 810 Net income attributable to noncontrolling interest 76 Distributions payable to noncontrolling interest (69 ) Redemption value adjustment (7 ) Balance as of September 30, 2015 $ 810
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 nine months ended September 30, 2015 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Accumulated Other Comprehensive Loss Balance as of December 31, 2014 $ (83 ) $ (431 ) $ — $ (514 ) Other comprehensive income before reclassifications (78 ) 31 (1 ) (48 ) Reclassifications from accumulated other comprehensive loss to net earnings — 9 1 — 9 Net other comprehensive income (78 ) 40 (1 ) (39 ) Balance as of September 30, 2015 $ (161 ) $ (391 ) $ (1 ) $ (553 ) 1 See Note 5 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculation for basic and diluted EPS	The calculation for basic and diluted EPS for the periods ended September 30 is as follows: (in millions, except per share amounts) Three Months Nine Months 2015 2014 2015 2014 Amounts attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations $ 252 $ 188 $ 909 $ 716 Income from discontinued operations — 2 — 15 Net income $ 252 $ 190 $ 909 $ 731 Basic weighted-average number of common shares outstanding 271.3 270.9 272.6 271.4 Effect of stock options and other dilutive securities 3.1 4.5 2.8 4.8 Diluted weighted-average number of common shares outstanding 274.4 275.4 275.4 276.2 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations: Basic $ 0.93 $ 0.69 $ 3.33 $ 2.64 Diluted $ 0.92 $ 0.68 $ 3.30 $ 2.59 Income from discontinued operations: Basic $ — $ 0.01 $ — $ 0.05 Diluted $ — $ 0.01 $ — $ 0.05 Net income: Basic $ 0.93 $ 0.70 $ 3.33 $ 2.69 Diluted $ 0.92 $ 0.69 $ 3.30 $ 2.64

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2015
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 September 30, 2015 by segment is as follows: 2015 Restructuring Plan 2014 Restructuring Plan (in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance S&P Ratings $ 11 $ 10 $ 45 $ 15 S&P Capital IQ and SNL 13 9 9 2 C&C 1 3 2 16 4 Corporate 3 3 16 9 Total $ 30 $ 24 $ 86 $ 30 1 The 2014 restructuring plan included an initial charge of $3 million and an ending reserve balance of less than a $1 million for McGraw Hill Construction.

Segment and Related Informati30

Segment and Related Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of operating results by segment	A summary of operating results by segment for the periods ended September 30 is as follows: Three Months 2015 2014 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 587 $ 194 $ 604 $ 183 S&P Capital IQ and SNL 356 53 311 64 S&P DJ Indices 156 106 143 86 C&C 248 93 227 71 Intersegment elimination 2 (23 ) — (22 ) — Total operating segments 1,324 446 1,263 404 Unallocated expense 3 — (36 ) — (38 ) Total $ 1,324 $ 410 $ 1,263 $ 366 Nine Months 2015 2014 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 1,851 $ 846 $ 1,837 $ 730 S&P Capital IQ and SNL 1,000 178 919 172 S&P DJ Indices 446 297 412 260 C&C 707 265 657 217 Intersegment elimination 2 (66 ) — (64 ) — Total operating segments 3,938 1,586 3,761 1,379 Unallocated expense 3 — (93 ) — (118 ) Total $ 3,938 $ 1,493 $ 3,761 $ 1,261 1 Operating profit for the three and nine months ended September 30, 2015 includes legal settlement charges partially offset by a benefit related to legal settlement insurance recoveries of $86 million and $40 million , respectively. Operating profit for the three and nine months ended September 30, 2014 includes legal settlement charges of $60 million . 2 Revenue for S&P Ratings and expenses for S&P Capital IQ and SNL include an intersegment royalty charged to S&P Capital IQ and SNL for the rights to use and distribute content and data developed by S&P Ratings. 3 The nine months ended September 30, 2015 include a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment. See Note 2 — Acquisitions and Divestitures for additional information.

Condensed Consolidating Finan31

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Statement of Income	Statement of Income Three Months Ended September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 165 $ 523 $ 665 $ (29 ) $ 1,324 Expenses: Operating-related expenses 20 99 317 (29 ) 407 Selling and general expenses 206 69 195 — 470 Depreciation 9 4 7 — 20 Amortization of intangibles — — 17 — 17 Total expenses 235 172 536 (29 ) 914 Operating (loss) profit (70 ) 351 129 — 410 Interest expense (income), net 32 — (2 ) — 30 Non-operating intercompany transactions 51 48 (99 ) — — (Loss) income from continuing operations before taxes on income (153 ) 303 230 — 380 (Benefit) provision for taxes on income (74 ) 100 73 — 99 Equity in net income of subsidiaries 1,180 206 — (1,386 ) — Net income $ 1,101 $ 409 $ 157 $ (1,386 ) $ 281 Less: net income from continuing operations attributable to noncontrolling interests — — — (29 ) (29 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,101 $ 409 $ 157 $ (1,415 ) $ 252 Comprehensive income $ 1,095 $ 408 $ 123 $ (1,386 ) $ 240 Statement of Income Nine Months Ended September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 481 $ 1,640 $ 1,902 $ (85 ) $ 3,938 Expenses: Operating-related expenses 64 396 843 (85 ) 1,218 Selling and general expenses 282 243 609 — 1,134 Depreciation 29 14 21 — 64 Amortization of intangibles — — 40 — 40 Total expenses 375 653 1,513 (85 ) 2,456 Other income — — (11 ) — (11 ) Operating profit 106 987 400 — 1,493 Interest expense (income), net 69 — (7 ) — 62 Non-operating intercompany transactions 180 139 (319 ) — — (Loss) income from continuing operations before taxes on income (143 ) 848 726 — 1,431 (Benefit) provision for taxes on income (57 ) 291 205 — 439 Equity in net income of subsidiaries 1,180 205 — (1,385 ) — Net income $ 1,094 $ 762 $ 521 $ (1,385 ) $ 992 Less: net income from continuing operations attributable to noncontrolling interests — — — (83 ) (83 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,094 $ 762 $ 521 $ (1,468 ) $ 909 Comprehensive income $ 1,102 $ 761 $ 480 $ (1,390 ) $ 953 Statement of Income Three Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 149 $ 507 $ 635 $ (28 ) $ 1,263 Expenses: Operating-related expenses 19 142 269 (28 ) 402 Selling and general expenses 147 150 165 — 462 Depreciation 10 4 7 — 21 Amortization of intangibles 1 — 11 — 12 Total expenses 177 296 452 (28 ) 897 Operating (loss) profit (28 ) 211 183 — 366 Interest expense (income), net 15 — (3 ) — 12 Non-operating intercompany transactions 56 13 (69 ) — — (Loss) income from continuing operations before taxes on income (99 ) 198 255 — 354 (Benefit) provision for taxes on income (5 ) 53 91 — 139 Equity in net income of subsidiaries 286 63 — (349 ) — Income from continuing operations 192 208 164 (349 ) 215 Income from discontinued operations, net of tax 2 — — — 2 Net income $ 194 $ 208 $ 164 $ (349 ) $ 217 Less: net income from continuing operations attributable to noncontrolling interests — — — (27 ) (27 ) Net income attributable to McGraw Hill Financial, Inc. $ 194 $ 208 $ 164 $ (376 ) $ 190 Comprehensive income $ 186 $ 208 $ 109 $ (353 ) $ 150 Statement of Income Nine Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 443 $ 1,535 $ 1,869 $ (86 ) $ 3,761 Expenses: Operating-related expenses 59 450 782 (86 ) 1,205 Selling and general expenses 241 394 551 — 1,186 Depreciation 30 13 21 — 64 Amortization of intangibles 2 — 34 — 36 Total expenses 332 857 1,388 (86 ) 2,491 Other loss 3 — 6 — 9 Operating profit 108 678 475 — 1,261 Interest expense (income), net 46 — (6 ) — 40 Non-operating intercompany transactions 130 27 (157 ) — — (Loss) income from continuing operations before taxes on income (68 ) 651 638 — 1,221 Provision for taxes on income 8 225 195 — 428 Equity in net income of subsidiaries 786 186 — (972 ) — Income from continuing operations 710 612 443 (972 ) 793 Income from discontinued operations, net of tax 15 — — — 15 Net income $ 725 $ 612 $ 443 $ (972 ) $ 808 Less: net income from continuing operations attributable to noncontrolling interests — — — (77 ) (77 ) Net income attributable to McGraw Hill Financial, Inc. $ 725 $ 612 $ 443 $ (1,049 ) $ 731 Comprehensive income $ 701 $ 588 $ 415 $ (981 ) $ 723
Balance Sheet	Balance Sheet September 30, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 161 $ 1 $ 1,279 $ — $ 1,441 Accounts receivable, net of allowance for doubtful accounts 109 282 595 — 986 Intercompany receivable 313 1,480 1,124 (2,917 ) — Deferred income taxes 72 172 (41 ) — 203 Prepaid and other current assets 93 4 109 — 206 Total current assets 748 1,939 3,066 (2,917 ) 2,836 Property and equipment, net of accumulated depreciation 124 3 110 — 237 Goodwill 15 41 2,903 9 2,968 Other intangible assets, net — — 1,887 (6 ) 1,881 Asset for pension benefits — — 61 — 61 Investments in subsidiaries 4,547 671 7,280 (12,498 ) — Intercompany loans receivable 17 361 1,817 (2,195 ) — Other non-current assets 69 19 92 — 180 Total assets $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 69 $ 42 $ 100 $ — $ 211 Intercompany Payable 1,671 593 568 (2,832 ) — Accrued compensation and contributions to retirement plans 108 73 139 — 320 Income taxes currently payable 16 — 43 — 59 Unearned revenue 269 565 619 — 1,453 Accrued legal and regulatory settlements — 104 — — 104 Other current liabilities 267 (134 ) 225 — 358 Total current liabilities 2,400 1,243 1,694 (2,832 ) 2,505 Long-term debt 3,489 — — — 3,489 Intercompany loans payable 108 (3 ) 2,178 (2,283 ) — Pension and postretirement benefits 218 — 60 — 278 Deferred income taxes (224 ) 51 263 — 90 Other non-current liabilities 217 12 59 (1 ) 287 Total liabilities 6,208 1,303 4,254 (5,116 ) 6,649 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,321 (2,321 ) 412 Additional paid-in capital (197 ) 1,171 10,156 (10,689 ) 441 Retained income 6,641 560 784 (393 ) 7,592 Accumulated other comprehensive loss (310 ) — (279 ) 36 (553 ) Less: common stock in treasury (7,234 ) — (20 ) 20 (7,234 ) Total equity - controlling interests (688 ) 1,731 12,962 (13,347 ) 658 Total equity - noncontrolling interests — — — 46 46 Total equity (688 ) 1,731 12,962 (13,301 ) 704 Total liabilities and equity $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 Balance Sheet December 31, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 1,402 $ — $ 1,095 $ — $ 2,497 Accounts receivable, net of allowance for doubtful accounts 120 293 519 — 932 Intercompany receivable 525 2,125 1,998 (4,648 ) — Deferred income taxes 72 334 (43 ) — 363 Prepaid and other current assets 80 27 67 — 174 Total current assets 2,199 2,779 3,636 (4,648 ) 3,966 Property and equipment, net of accumulated depreciation 111 5 90 — 206 Goodwill 109 41 1,228 9 1,387 Other intangible assets, net 13 — 991 — 1,004 Asset for pension benefits — — 28 — 28 Investments in subsidiaries 1,258 653 7,125 (9,036 ) — Intercompany loans receivable 19 358 1,595 (1,972 ) — Other non-current assets 81 25 74 — 180 Total assets $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 59 $ 45 $ 87 $ — $ 191 Intercompany payable 2,566 617 1,376 (4,559 ) — Accrued compensation and contributions to retirement plans 133 121 156 — 410 Income taxes currently payable 15 1 16 — 32 Unearned revenue 259 585 479 — 1,323 Accrued legal and regulatory settlements — 1,609 — — 1,609 Other current liabilities 194 — 208 — 402 Total current liabilities 3,226 2,978 2,322 (4,559 ) 3,967 Long-term debt 799 — — — 799 Intercompany loans payable 109 — 1,952 (2,061 ) — Pension and postretirement benefits 272 — 61 — 333 Deferred income taxes (245 ) 51 250 — 56 Other non-current liabilities 219 8 40 — 267 Total liabilities 4,380 3,037 4,625 (6,620 ) 5,422 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,316 (2,316 ) 412 Additional paid-in capital (116 ) 1,153 7,016 (7,560 ) 493 Retained income 6,282 (329 ) 1,053 (60 ) 6,946 Accumulated other comprehensive loss (319 ) — (236 ) 41 (514 ) Less: common stock in treasury (6,849 ) — (7 ) 7 (6,849 ) Total equity - controlling interests (590 ) 824 10,142 (9,888 ) 488 Total equity - noncontrolling interests — — — 51 51 Total equity (590 ) 824 10,142 (9,837 ) 539 Total liabilities and equity $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771
Statement of Cash Flows	Condensed Consolidating Financial Statements 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 due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. 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 McGraw Hill Financial, Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of McGraw Hill Financial, 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 September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 165 $ 523 $ 665 $ (29 ) $ 1,324 Expenses: Operating-related expenses 20 99 317 (29 ) 407 Selling and general expenses 206 69 195 — 470 Depreciation 9 4 7 — 20 Amortization of intangibles — — 17 — 17 Total expenses 235 172 536 (29 ) 914 Operating (loss) profit (70 ) 351 129 — 410 Interest expense (income), net 32 — (2 ) — 30 Non-operating intercompany transactions 51 48 (99 ) — — (Loss) income from continuing operations before taxes on income (153 ) 303 230 — 380 (Benefit) provision for taxes on income (74 ) 100 73 — 99 Equity in net income of subsidiaries 1,180 206 — (1,386 ) — Net income $ 1,101 $ 409 $ 157 $ (1,386 ) $ 281 Less: net income from continuing operations attributable to noncontrolling interests — — — (29 ) (29 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,101 $ 409 $ 157 $ (1,415 ) $ 252 Comprehensive income $ 1,095 $ 408 $ 123 $ (1,386 ) $ 240 Statement of Income Nine Months Ended September 30, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 481 $ 1,640 $ 1,902 $ (85 ) $ 3,938 Expenses: Operating-related expenses 64 396 843 (85 ) 1,218 Selling and general expenses 282 243 609 — 1,134 Depreciation 29 14 21 — 64 Amortization of intangibles — — 40 — 40 Total expenses 375 653 1,513 (85 ) 2,456 Other income — — (11 ) — (11 ) Operating profit 106 987 400 — 1,493 Interest expense (income), net 69 — (7 ) — 62 Non-operating intercompany transactions 180 139 (319 ) — — (Loss) income from continuing operations before taxes on income (143 ) 848 726 — 1,431 (Benefit) provision for taxes on income (57 ) 291 205 — 439 Equity in net income of subsidiaries 1,180 205 — (1,385 ) — Net income $ 1,094 $ 762 $ 521 $ (1,385 ) $ 992 Less: net income from continuing operations attributable to noncontrolling interests — — — (83 ) (83 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,094 $ 762 $ 521 $ (1,468 ) $ 909 Comprehensive income $ 1,102 $ 761 $ 480 $ (1,390 ) $ 953 Statement of Income Three Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 149 $ 507 $ 635 $ (28 ) $ 1,263 Expenses: Operating-related expenses 19 142 269 (28 ) 402 Selling and general expenses 147 150 165 — 462 Depreciation 10 4 7 — 21 Amortization of intangibles 1 — 11 — 12 Total expenses 177 296 452 (28 ) 897 Operating (loss) profit (28 ) 211 183 — 366 Interest expense (income), net 15 — (3 ) — 12 Non-operating intercompany transactions 56 13 (69 ) — — (Loss) income from continuing operations before taxes on income (99 ) 198 255 — 354 (Benefit) provision for taxes on income (5 ) 53 91 — 139 Equity in net income of subsidiaries 286 63 — (349 ) — Income from continuing operations 192 208 164 (349 ) 215 Income from discontinued operations, net of tax 2 — — — 2 Net income $ 194 $ 208 $ 164 $ (349 ) $ 217 Less: net income from continuing operations attributable to noncontrolling interests — — — (27 ) (27 ) Net income attributable to McGraw Hill Financial, Inc. $ 194 $ 208 $ 164 $ (376 ) $ 190 Comprehensive income $ 186 $ 208 $ 109 $ (353 ) $ 150 Statement of Income Nine Months Ended September 30, 2014 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 443 $ 1,535 $ 1,869 $ (86 ) $ 3,761 Expenses: Operating-related expenses 59 450 782 (86 ) 1,205 Selling and general expenses 241 394 551 — 1,186 Depreciation 30 13 21 — 64 Amortization of intangibles 2 — 34 — 36 Total expenses 332 857 1,388 (86 ) 2,491 Other loss 3 — 6 — 9 Operating profit 108 678 475 — 1,261 Interest expense (income), net 46 — (6 ) — 40 Non-operating intercompany transactions 130 27 (157 ) — — (Loss) income from continuing operations before taxes on income (68 ) 651 638 — 1,221 Provision for taxes on income 8 225 195 — 428 Equity in net income of subsidiaries 786 186 — (972 ) — Income from continuing operations 710 612 443 (972 ) 793 Income from discontinued operations, net of tax 15 — — — 15 Net income $ 725 $ 612 $ 443 $ (972 ) $ 808 Less: net income from continuing operations attributable to noncontrolling interests — — — (77 ) (77 ) Net income attributable to McGraw Hill Financial, Inc. $ 725 $ 612 $ 443 $ (1,049 ) $ 731 Comprehensive income $ 701 $ 588 $ 415 $ (981 ) $ 723 Balance Sheet September 30, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 161 $ 1 $ 1,279 $ — $ 1,441 Accounts receivable, net of allowance for doubtful accounts 109 282 595 — 986 Intercompany receivable 313 1,480 1,124 (2,917 ) — Deferred income taxes 72 172 (41 ) — 203 Prepaid and other current assets 93 4 109 — 206 Total current assets 748 1,939 3,066 (2,917 ) 2,836 Property and equipment, net of accumulated depreciation 124 3 110 — 237 Goodwill 15 41 2,903 9 2,968 Other intangible assets, net — — 1,887 (6 ) 1,881 Asset for pension benefits — — 61 — 61 Investments in subsidiaries 4,547 671 7,280 (12,498 ) — Intercompany loans receivable 17 361 1,817 (2,195 ) — Other non-current assets 69 19 92 — 180 Total assets $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 69 $ 42 $ 100 $ — $ 211 Intercompany Payable 1,671 593 568 (2,832 ) — Accrued compensation and contributions to retirement plans 108 73 139 — 320 Income taxes currently payable 16 — 43 — 59 Unearned revenue 269 565 619 — 1,453 Accrued legal and regulatory settlements — 104 — — 104 Other current liabilities 267 (134 ) 225 — 358 Total current liabilities 2,400 1,243 1,694 (2,832 ) 2,505 Long-term debt 3,489 — — — 3,489 Intercompany loans payable 108 (3 ) 2,178 (2,283 ) — Pension and postretirement benefits 218 — 60 — 278 Deferred income taxes (224 ) 51 263 — 90 Other non-current liabilities 217 12 59 (1 ) 287 Total liabilities 6,208 1,303 4,254 (5,116 ) 6,649 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,321 (2,321 ) 412 Additional paid-in capital (197 ) 1,171 10,156 (10,689 ) 441 Retained income 6,641 560 784 (393 ) 7,592 Accumulated other comprehensive loss (310 ) — (279 ) 36 (553 ) Less: common stock in treasury (7,234 ) — (20 ) 20 (7,234 ) Total equity - controlling interests (688 ) 1,731 12,962 (13,347 ) 658 Total equity - noncontrolling interests — — — 46 46 Total equity (688 ) 1,731 12,962 (13,301 ) 704 Total liabilities and equity $ 5,520 $ 3,034 $ 17,216 $ (17,607 ) $ 8,163 Balance Sheet December 31, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 1,402 $ — $ 1,095 $ — $ 2,497 Accounts receivable, net of allowance for doubtful accounts 120 293 519 — 932 Intercompany receivable 525 2,125 1,998 (4,648 ) — Deferred income taxes 72 334 (43 ) — 363 Prepaid and other current assets 80 27 67 — 174 Total current assets 2,199 2,779 3,636 (4,648 ) 3,966 Property and equipment, net of accumulated depreciation 111 5 90 — 206 Goodwill 109 41 1,228 9 1,387 Other intangible assets, net 13 — 991 — 1,004 Asset for pension benefits — — 28 — 28 Investments in subsidiaries 1,258 653 7,125 (9,036 ) — Intercompany loans receivable 19 358 1,595 (1,972 ) — Other non-current assets 81 25 74 — 180 Total assets $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 59 $ 45 $ 87 $ — $ 191 Intercompany payable 2,566 617 1,376 (4,559 ) — Accrued compensation and contributions to retirement plans 133 121 156 — 410 Income taxes currently payable 15 1 16 — 32 Unearned revenue 259 585 479 — 1,323 Accrued legal and regulatory settlements — 1,609 — — 1,609 Other current liabilities 194 — 208 — 402 Total current liabilities 3,226 2,978 2,322 (4,559 ) 3,967 Long-term debt 799 — — — 799 Intercompany loans payable 109 — 1,952 (2,061 ) — Pension and postretirement benefits 272 — 61 — 333 Deferred income taxes (245 ) 51 250 — 56 Other non-current liabilities 219 8 40 — 267 Total liabilities 4,380 3,037 4,625 (6,620 ) 5,422 Redeemable noncontrolling interest — — — 810 810 Equity: Common stock 412 — 2,316 (2,316 ) 412 Additional paid-in capital (116 ) 1,153 7,016 (7,560 ) 493 Retained income 6,282 (329 ) 1,053 (60 ) 6,946 Accumulated other comprehensive loss (319 ) — (236 ) 41 (514 ) Less: common stock in treasury (6,849 ) — (7 ) 7 (6,849 ) Total equity - controlling interests (590 ) 824 10,142 (9,888 ) 488 Total equity - noncontrolling interests — — — 51 51 Total equity (590 ) 824 10,142 (9,837 ) 539 Total liabilities and equity $ 3,790 $ 3,861 $ 14,767 $ (15,647 ) $ 6,771 Statement of Cash Flows Nine Months Ended September 30, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Operating Activities: Net income $ 1,094 $ 762 $ 521 $ (1,385 ) $ 992 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 29 14 21 — 64 Amortization of intangibles — — 40 — 40 Provision for losses on accounts receivable — (4 ) 7 — 3 Deferred income taxes (139 ) 161 144 — 166 Stock-based compensation 16 16 23 — 55 Other 107 22 10 — 139 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 10 16 (70 ) — (44 ) Prepaid and current assets (35 ) 22 7 — (6 ) Accounts payable and accrued expenses (100 ) (76 ) (10 ) — (186 ) Unearned revenue 10 (20 ) 28 — 18 Accrued legal and regulatory settlements — (1,624 ) — — (1,624 ) Other current liabilities (19 ) (12 ) (22 ) — (53 ) Net change in prepaid/accrued income taxes 166 — (26 ) — 140 Net change in other assets and liabilities 91 4 (155 ) — (60 ) Cash provided by (used for) operating activities from continuing operations 1,230 (719 ) 518 (1,385 ) (356 ) Investing Activities: Capital expenditures (38 ) (7 ) (29 ) — (74 ) Acquisitions, net of cash acquired (2,241 ) — (152 ) — (2,393 ) Proceeds from dispositions — — 14 — 14 Changes in short-term investments — — (3 ) — (3 ) Cash used for investing activities from continuing operations (2,279 ) (7 ) (170 ) — (2,456 ) Financing Activities: Proceeds from issuance of senior notes, net 2,674 — — — 2,674 Dividends paid to shareholders (274 ) — — — (274 ) Dividends and other payments paid to noncontrolling interests — — (67 ) — (67 ) Contingent consideration payment (5 ) — — — (5 ) Purchase of CRISIL shares — — (16 ) — (16 ) Repurchase of treasury shares (501 ) — — — (501 ) Exercise of stock options 76 — 1 — 77 Excess tax benefits from share-based payments 39 — — — 39 Intercompany financing activities (2,192 ) 727 80 1,385 — Cash (used for) provided by financing activities from continuing operations (183 ) 727 (2 ) 1,385 1,927 Effect of exchange rate changes on cash from continuing operations (9 ) — (33 ) — (42 ) Cash (used for) provided by continuing operations (1,241 ) 1 313 — (927 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,241 ) 1 184 — (1,056 ) Cash and cash equivalents at beginning of period 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of period $ 161 $ 1 $ 1,279 $ — $ 1,441 Statement of Cash Flows Nine Months Ended September 30, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Operating Activities: Net income $ 725 $ 612 $ 443 $ (972 ) $ 808 Less: discontinued operations, net 15 — — — 15 Income from continuing operations 710 612 443 (972 ) 793 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 30 13 21 — 64 Amortization of intangibles 2 — 34 — 36 Provision for losses on accounts receivable — (3 ) 8 — 5 Deferred income taxes (18 ) — (15 ) — (33 ) Stock-based compensation 23 23 26 — 72 Other — 85 21 — 106 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 2 67 (57 ) — 12 Prepaid and current assets (30 ) 4 18 — (8 ) Accounts payable and accrued expenses (153 ) (141 ) 83 — (211 ) Unearned revenue (10 ) (14 ) 31 — 7 Other current liabilities 22 (67 ) (20 ) — (65 ) Net change in prepaid/accrued income taxes 99 3 (9 ) — 93 Net change in other assets and liabilities 14 2 (67 ) — (51 ) Cash provided by operating activities from continuing operations 691 584 517 (972 ) 820 Investing Activities: Capital expenditures (12 ) (11 ) (29 ) — (52 ) Acquisitions, net of cash acquired — — (65 ) — (65 ) Proceeds from dispositions 44 — 39 — 83 Changes in short-term investments — — (1 ) — (1 ) Cash provided by (used for) investing activities from continuing operations 32 (11 ) (56 ) — (35 ) Financing Activities: Dividends paid to shareholders (245 ) — — — (245 ) Dividends and other payments paid to noncontrolling interests — — (31 ) — (31 ) Contingent consideration payment — — (11 ) — (11 ) Repurchase of treasury shares (362 ) — — — (362 ) Exercise of stock options 156 — 3 — 159 Excess tax benefits from share-based payments 89 — — — 89 Intercompany financing activities (108 ) (573 ) (291 ) 972 — Cash used for financing activities from continuing operations (470 ) (573 ) (330 ) 972 (401 ) Effect of exchange rate changes on cash from continuing operations (8 ) — (16 ) — (24 ) Cash provided by continuing operations 245 — 115 — 360 Discontinued Operations: Cash provided by operating activities 16 — — — 16 Cash provided by discontinued operations 16 — — — 16 Net change in cash and cash equivalents 261 — 115 — 376 Cash and cash equivalents at beginning of period 685 — 857 — 1,542 Cash and cash equivalents at end of period $ 946 $ — $ 972 $ — $ 1,918

Nature of Operations and Basi32

Nature of Operations and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2015Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments (in segments)	4

Acquisitions and Divestitures33

Acquisitions and Divestitures (Acquisitions) (Narrative) (Details) company in Thousands, $ in Millions	Sep. 01, 2015USD ($)sector	Mar. 31, 2014countrycompany	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Amortization of intangibles			$ 17	$ 12	$ 40	$ 36
Minimum Number of Companies Represented in Broad Market Indices | company		11
Minimum Number of Countries Represented in Broad Market Indices | country		52
Contingent consideration payment					5	$ 11
SNL Financial LC [Member]
Business Acquisition [Line Items]
Consideration transfered	$ 2,225
Number of sectors in global economy that acquiree serves | sector	5
Acquisition-related expenses			32		32
Amortization of intangibles			$ 4		$ 4
SNL Financial LC [Member] | Minimum [Member]
Business Acquisition [Line Items]
Useful life of intangible assets	10 years
SNL Financial LC [Member] | Maximum [Member]
Business Acquisition [Line Items]
Useful life of intangible assets	18 years
Scenario, Forecast [Member] | SNL Financial LC [Member]
Business Acquisition [Line Items]
Amortization expense, year one							$ 53
Amortization expense, year two							53
Amortization expense, year three							53
Amortization expense, year four							53
Amortization expense, year five							$ 53

Acquisitions and Divestitures34

Acquisitions and Divestitures (Acquisitions) (Tables) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 01, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill	$ 2,968			$ 1,387
SNL Financial LC [Member]
Business Acquisition [Line Items]
Current assets			$ 22
Property, plant and equipment			19
Goodwill			1,558
Other intangible assets, net:
Other intangible assets, net			772
Other non-current assets			3
Total assets acquired			2,374
Current liabilities			(19)
Unearned revenue			(118)
Other non-current liabilities			(6)
Total liabilities acquired			143
Net assets acquired			2,231
Supplemental Pro Forma Information
Pro forma revenue	4,124	$ 3,927
Pro forma net income from continuing operations	$ 954	$ 746
Databases and Software [Member] | SNL Financial LC [Member]
Other intangible assets, net:
Other intangible assets, net			421
Customer Relationships [Member] | SNL Financial LC [Member]
Other intangible assets, net:
Other intangible assets, net			162
Tradenames [Member] | SNL Financial LC [Member]
Other intangible assets, net:
Other intangible assets, net			185
Other Intangibles [Member] | SNL Financial LC [Member]
Other intangible assets, net:
Other intangible assets, net			$ 4

Acquisitions and Divestitures35

Acquisitions and Divestitures (Divestitures) (Narrative) (Details) - USD ($) $ in Millions	Nov. 03, 2014	Jul. 31, 2014	Jul. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2015
Other (Income) Loss [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash impairment charge				$ 6	$ 6
Harold W. McGraw III [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Transaction amount		$ 20
e-Builder [Member] | Other (Income) Loss [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business							$ 11
Data Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business			$ 58
Data Center [Member] | Other (Income) Loss [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
After-tax gain (loss) on sale of business						$ 3
McGraw Hill Construction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business	$ 320

Acquisitions and Divestitures36

Acquisitions and Divestitures (Key components of income from discontinued operations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Components of income from discontinued operations
Revenue		$ 40		$ 124
Expenses		37		100
Operating income		3		24
Provision for taxes on income		1		9
Income from discontinued operations, net of tax	$ 0	$ 2	$ 0	$ 15

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	25.90%	39.20%	30.70%	35.10%
Unrecognized tax benefits	$ 122		$ 122		$ 118
Accrued interest and penalties associated with uncertain tax positions	$ 30		$ 30		$ 23

Debt (Details)

Debt (Details) - Senior notes - USD ($) $ in Millions	Sep. 30, 2015	Aug. 18, 2015	May. 26, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 3,489			$ 799
5.9% Senior Notes, due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 400			$ 400
Interest rate	5.90%			5.90%
Unamortized debt discount	$ 1
2.5% Senior Notes, due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 399			$ 0
Interest rate	2.50%	2.50%		2.50%
Unamortized debt discount	$ 1
3.3% Senior Notes, due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 699			$ 0
Interest rate	3.30%	3.30%		3.30%
Unamortized debt discount	$ 1
4.0% Senior Notes, due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 695			$ 0
Interest rate	4.00%		4.00%	4.00%
Unamortized debt discount	$ 5
4.4% Senior Notes, due 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 897			$ 0
Interest rate	4.40%	4.40%		4.40%
Unamortized debt discount	$ 3
6.55% Senior Notes, due 2037 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 399			$ 399
Interest rate	6.55%			6.55%
Unamortized debt discount	$ 1

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Aug. 18, 2015USD ($)	May. 26, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt fair value		$ 3,600,000,000			$ 900,000,000
4 Year Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Term of debt instrument	4 years
Facility outstanding	$ 0
5 Year Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,200,000,000
Term of debt instrument	5 years
Commitment fee		0.125%
5 Year Facility | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee		0.10%
5 Year Facility | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee		0.20%
Indebtedness to cash flow		4
Senior notes
Debt Instrument [Line Items]
Debt issued			$ 2,000,000,000
Senior notes | 2.5% Senior Notes, due 2018 [Member]
Debt Instrument [Line Items]
Debt issued			$ 400,000,000
Interest rate		2.50%	2.50%		2.50%
Senior notes | 3.3% Senior Notes, due 2020 [Member]
Debt Instrument [Line Items]
Debt issued			$ 700,000,000
Interest rate		3.30%	3.30%		3.30%
Senior notes | 4.4% Senior Notes, due 2026 [Member]
Debt Instrument [Line Items]
Debt issued			$ 900,000,000
Interest rate		4.40%	4.40%		4.40%
Senior notes | 4.0% Senior Notes, due 2025 [Member]
Debt Instrument [Line Items]
Debt issued				$ 700,000,000
Interest rate		4.00%		4.00%	4.00%
Commercial paper
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,200,000,000
Facility outstanding		$ 0			$ 0

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Effect of the assumption changes had a pre-tax impact on retirement expense	$ 8	$ 25
Contribution towards retirement plans		14
Expected contributions towards of retirement plans		$ 1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 18	$ 26	$ 55	$ 72
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2	6	11	15
Unrecognized compensation expense	4		$ 4
Unrecognized compensation expense, period for recognition			1 year 5 months
Restricted stock and unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0.6
Weighted average grant date fair value (in dollars per share)			$ 104.31
Total stock-based compensation expense	16	$ 20	$ 44	$ 57
Unrecognized compensation expense	$ 75		$ 75
Unrecognized compensation expense, period for recognition			1 year 9 months

Equity (Schedule of stock repur

Equity (Schedule of stock repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 25, 2014	Dec. 31, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)			2.3	0	4.9	4.4
Average price paid per share (in dollars per share)			$ 99.01	$ 0	$ 102.01	$ 79.06
Total cash utilized					$ 505
Total MHFI Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized			$ 227	$ 0	$ 501	$ 352
Harold W. McGraw III [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)	0.5
Repurchase discount	0.35%
Average price paid per share (in dollars per share)	$ 82.66
Total cash utilized	$ 41
2013 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)		0.1
Total cash utilized		$ 10				$ 362

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 25, 2014	Dec. 31, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Value, Acquired, Cost Method					$ 505
Treasury Stock Acquired, Average Cost Per Share			$ 99.01	$ 0	$ 102.01	$ 79.06
Interest in joint venture minimum percentage					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]
Treasury Stock, Value, Acquired, Cost Method		$ 10				$ 362
Stock repurchase program number of shares authorized to be repurchased (in shares)							50,000,000
Maximum number of shares authorized for repurchase under stock repurchase plan as percentage of outstanding common stock							18.00%
Remaining shares available under repurchase program (in shares)			40,600,000		40,600,000
Harold W. McGraw III [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock, Value, Acquired, Cost Method	$ 41
Treasury Stock Acquired, Average Cost Per Share	$ 82.66

Equity (Schedule of redeemable

Equity (Schedule of redeemable noncontrolling interest) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2014	$ 810
Net income attributable to noncontrolling interest	76
Distributions payable to noncontrolling interest	(69)
Redemption value adjustment	(7)
Balance as of September 30, 2015	$ 810

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward]
Balance as of December 31, 2014	$ (553)		$ (514)
Other comprehensive income before reclassifications			(48)
Reclassifications from accumulated other comprehensive loss to net earnings			9
Net other comprehensive income			(39)
Balance as of September 30, 2015	(553)		(553)
Pension and other postretirement benefit plans, tax	(1)	$ 0	(19)	$ 21
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward]
Balance as of December 31, 2014			(83)
Other comprehensive income before reclassifications			(78)
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			(78)
Balance as of September 30, 2015	(161)		(161)
Pension and Postretirement Benefit Plans
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward]
Balance as of December 31, 2014			(431)
Other comprehensive income before reclassifications			31
Reclassifications from accumulated other comprehensive loss to net earnings			9
Net other comprehensive income			40
Balance as of September 30, 2015	(391)		(391)
Pension and other postretirement benefit plans, tax			5
Unrealized Gain (Loss) on Forward Exchange Contracts
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward]
Balance as of December 31, 2014			0
Other comprehensive income before reclassifications			(1)
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			(1)
Balance as of September 30, 2015	$ (1)		$ (1)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amounts attributable to McGraw Hill Financial, Inc. common shareholders:
Income from continuing operations	$ 252	$ 188	$ 909	$ 716
Income from discontinued operations	0	2	0	15
Net income	$ 252	$ 190	$ 909	$ 731
Basic weighted-average number of common shares outstanding (in shares)	271,300,000	270,900,000	272,600,000	271,400,000
Effect of stock options and other dilutive securities (in shares)	3,100,000	4,500,000	2,800,000	4,800,000
Diluted weighted-average number of common shares outstanding (in shares)	274,400,000	275,400,000	275,400,000	276,200,000
Income from continuing operations:
Basic (in dollars per share)	$ 0.93	$ 0.69	$ 3.33	$ 2.64
Diluted (in dollars per share)	0.92	0.68	3.30	2.59
Income from discontinued operations:
Basic (in dollars per share)	0	0.01	0	0.05
Diluted (in dollars per share)	0	0.01	0	0.05
Net income:
Basic (in dollars per share)	0.93	0.70	3.33	2.69
Diluted (in dollars per share)	$ 0.92	$ 0.69	$ 3.30	$ 2.64
Restricted performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share (in shares)			900,000	1,400,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share (in shares)	0		0

Restructuring (Details)

Restructuring (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)position	Dec. 31, 2014USD ($)position
2015 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) | position	260
Initial Charge Recorded	$ 30
Restructuring charges paid	6
2015 Restructuring Plan | S&P Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	11
Ending Reserve Balance	10
2015 Restructuring Plan | S&P Capital IQ and SNL
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	13
Ending Reserve Balance	9
2015 Restructuring Plan | C&C
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	2
2015 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	3
2015 Restructuring Plan | Total
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	30
Ending Reserve Balance	24
2014 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) | position		590
Restructuring charges paid	48
2014 Restructuring Plan | S&P Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	45
Ending Reserve Balance	15
2014 Restructuring Plan | S&P Capital IQ and SNL
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	9
Ending Reserve Balance	2
2014 Restructuring Plan | C&C
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	16
Ending Reserve Balance	4
2014 Restructuring Plan | C&C | McGraw Hill Construction
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	1
2014 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	16
Ending Reserve Balance	9
2014 Restructuring Plan | Total
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	86
Ending Reserve Balance	$ 30	$ 78

Segment and Related Informati48

Segment and Related Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segment	Sep. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in segments) | Segment			4
Revenue	$ 1,324	$ 1,263	$ 3,938	$ 3,761
Operating Profit	410	366	1,493	1,261
S&P Ratings
Segment Reporting Information [Line Items]
Revenue	587	604	1,851	1,837
Operating Profit	194	183	846	730
Insurance recoveries	86		40
Legal settlement charge		60		60
S&P Capital IQ and SNL
Segment Reporting Information [Line Items]
Revenue	356	311	1,000	919
Operating Profit	53	64	178	172
S&P DJ Indices
Segment Reporting Information [Line Items]
Revenue	156	143	446	412
Operating Profit	106	86	297	260
C&C
Segment Reporting Information [Line Items]
Revenue	248	227	707	657
Operating Profit	93	71	265	217
Intersegment elimination
Segment Reporting Information [Line Items]
Revenue	(23)	(22)	(66)	(64)
Operating Profit	0	0	0	0
Total
Segment Reporting Information [Line Items]
Revenue	1,324	1,263	3,938	3,761
Operating Profit	446	404	1,586	1,379
Unallocated expense
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Operating Profit	$ (36)	$ (38)	(93)	$ (118)
Cash proceeds from sale of business			$ 11

Commitments and Contingencies (

Commitments and Contingencies (Details) € in Millions, AUD in Millions, $ in Millions	Jul. 29, 2015EUR (€)	Apr. 30, 2013AUDinvestment	Dec. 31, 2012EUR (€)	Jun. 30, 2011EUR (€)	Oct. 30, 2005EUR (€)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Aug. 03, 2015employeeshareholder
Loss Contingencies [Line Items]
Payments for legal settlements | $						$ 1,624	$ 0
Parmalat Litigation [Member]
Loss Contingencies [Line Items]
Damages sought					€ 4,100
Payments for legal settlements	€ 14.5		€ 1.1	€ 0.8
Shareholder Derivative Action [Member]
Loss Contingencies [Line Items]
Number of Shareholders Commencing Punitive Derivative Action | shareholder								2
Number of Former Employees Named as Defendants | employee								3
City of Swan [Member]
Loss Contingencies [Line Items]
Damages sought | AUD		AUD 327
Number of Synthetic Collateralized Debt Obligations | investment		8

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jul. 31, 2014	Jun. 25, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Total number of shares purchased (in shares)			2.3	0		4.9	4.4
Total cash utilized						$ 505
Average price paid per share (in dollars per share)			$ 99.01	$ 0		$ 102.01	$ 79.06
Other (Income) Loss [Member]
Related Party Transaction [Line Items]
Non-cash impairment charge				$ 6	$ 6
Harold W. McGraw III [Member]
Related Party Transaction [Line Items]
Transaction amount	$ 20
Total number of shares purchased (in shares)		0.5
Repurchase discount		0.35%
Total cash utilized		$ 41
Average price paid per share (in dollars per share)		$ 82.66
CME Group | S&P DJ Indices
Related Party Transaction [Line Items]
Revenues earned under license agreement			$ 19			$ 47
Noncontrolling interest ownership by noncontrolling owners			27.00%			27.00%

Condensed Consolidating Finan51

Condensed Consolidating Financial Statements (Narrative) (Details) - USD ($)	Aug. 18, 2015	May. 26, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Ownership interest of subsidiary			100.00%
Senior notes
Condensed Financial Statements, Captions [Line Items]
Debt issued	$ 2,000,000,000
Senior notes | 4.0% Senior Notes due in 2025
Condensed Financial Statements, Captions [Line Items]
Debt issued		$ 700,000,000
Interest rate		4.00%
Senior notes | 2.5% Senior Notes due in 2018
Condensed Financial Statements, Captions [Line Items]
Debt issued	$ 400,000,000
Interest rate	2.50%
Senior notes | 3.3% Senior Notes due in 2020
Condensed Financial Statements, Captions [Line Items]
Debt issued	$ 700,000,000
Interest rate	3.30%
Senior notes | 4.4% Senior Notes due in 2026
Condensed Financial Statements, Captions [Line Items]
Debt issued	$ 900,000,000
Interest rate	4.40%

Condensed Consolidating Finan52

Condensed Consolidating Financial Statements (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,324	$ 1,263	$ 3,938	$ 3,761
Expenses:
Operating-related expenses	407	402	1,218	1,205
Selling and general expenses	470	462	1,134	1,186
Depreciation	20	21	64	64
Amortization of intangibles	17	12	40	36
Total expenses	914	897	2,456	2,491
Other (income) loss	0	0	(11)	9
Operating profit	410	366	1,493	1,261
Interest expense, net	30	12	62	40
Non-operating intercompany transactions	0	0	0	0
Income from continuing operations before taxes on income	380	354	1,431	1,221
Provision for taxes on income	99	139	439	428
Equity in net income (loss) income of subsidiaries	0	0	0	0
Income from continuing operations	281	215	992	793
Income from discontinued operations, net of tax	0	2	0	15
Net income	281	217	992	808
Less: net income from continuing operations attributable to noncontrolling interests	(29)	(27)	(83)	(77)
Net income	252	190	909	731
Comprehensive income	240	150	953	723
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(29)	(28)	(85)	(86)
Expenses:
Operating-related expenses	(29)	(28)	(85)	(86)
Selling and general expenses	0	0	0	0
Depreciation	0	0	0	0
Amortization of intangibles	0	0	0	0
Total expenses	(29)	(28)	(85)	(86)
Other (income) loss			0	0
Operating profit	0	0	0	0
Interest expense, net	0	0	0	0
Non-operating intercompany transactions	0	0	0	0
Income from continuing operations before taxes on income	0	0	0	0
Provision for taxes on income	0	0	0	0
Equity in net income (loss) income of subsidiaries	(1,386)	(349)	(1,385)	(972)
Income from continuing operations		(349)		(972)
Income from discontinued operations, net of tax		0		0
Net income	(1,386)	(349)	(1,385)	(972)
Less: net income from continuing operations attributable to noncontrolling interests	(29)	(27)	(83)	(77)
Net income	(1,415)	(376)	(1,468)	(1,049)
Comprehensive income	(1,386)	(353)	(1,390)	(981)
McGraw Hill Financial, Inc.
Condensed Income Statements, Captions [Line Items]
Revenue	165	149	481	443
Expenses:
Operating-related expenses	20	19	64	59
Selling and general expenses	206	147	282	241
Depreciation	9	10	29	30
Amortization of intangibles	0	1	0	2
Total expenses	235	177	375	332
Other (income) loss			0	3
Operating profit	(70)	(28)	106	108
Interest expense, net	32	15	69	46
Non-operating intercompany transactions	51	56	180	130
Income from continuing operations before taxes on income	(153)	(99)	(143)	(68)
Provision for taxes on income	(74)	(5)	(57)	8
Equity in net income (loss) income of subsidiaries	1,180	286	1,180	786
Income from continuing operations		192		710
Income from discontinued operations, net of tax		2		15
Net income	1,101	194	1,094	725
Less: net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income	1,101	194	1,094	725
Comprehensive income	1,095	186	1,102	701
Standard & Poor's Financial Services, LLC
Condensed Income Statements, Captions [Line Items]
Revenue	523	507	1,640	1,535
Expenses:
Operating-related expenses	99	142	396	450
Selling and general expenses	69	150	243	394
Depreciation	4	4	14	13
Amortization of intangibles	0	0	0	0
Total expenses	172	296	653	857
Other (income) loss			0	0
Operating profit	351	211	987	678
Interest expense, net	0	0	0	0
Non-operating intercompany transactions	48	13	139	27
Income from continuing operations before taxes on income	303	198	848	651
Provision for taxes on income	100	53	291	225
Equity in net income (loss) income of subsidiaries	206	63	205	186
Income from continuing operations		208		612
Income from discontinued operations, net of tax		0		0
Net income	409	208	762	612
Less: net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income	409	208	762	612
Comprehensive income	408	208	761	588
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenue	665	635	1,902	1,869
Expenses:
Operating-related expenses	317	269	843	782
Selling and general expenses	195	165	609	551
Depreciation	7	7	21	21
Amortization of intangibles	17	11	40	34
Total expenses	536	452	1,513	1,388
Other (income) loss			(11)	6
Operating profit	129	183	400	475
Interest expense, net	(2)	(3)	(7)	(6)
Non-operating intercompany transactions	(99)	(69)	(319)	(157)
Income from continuing operations before taxes on income	230	255	726	638
Provision for taxes on income	73	91	205	195
Equity in net income (loss) income of subsidiaries	0	0	0	0
Income from continuing operations		164		443
Income from discontinued operations, net of tax		0		0
Net income	157	164	521	443
Less: net income from continuing operations attributable to noncontrolling interests	0	0	0	0
Net income	157	164	521	443
Comprehensive income	$ 123	$ 109	$ 480	$ 415

Condensed Consolidating Finan53

Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets, Current [Abstract]
Cash and cash equivalents	$ 1,441,000,000		$ 2,497,000,000	$ 1,918,000,000	$ 1,542,000,000
Accounts receivable, net of allowance for doubtful accounts	986,000,000		932,000,000
Intercompany receivable	0		0
Deferred income taxes	203,000,000		363,000,000
Prepaid and other current assets	206,000,000		174,000,000
Total current assets	2,836,000,000		3,966,000,000
Property and equipment, net of accumulated depreciation	237,000,000		206,000,000
Goodwill	2,968,000,000		1,387,000,000
Other intangible assets, net	1,881,000,000		1,004,000,000
Asset for pension benefits	61,000,000		28,000,000
Investments in subsidiaries	0		0
Intercompany loans receivable	0		0
Other non-current assets	180,000,000		180,000,000
Total assets	8,163,000,000		6,771,000,000
Current liabilities:
Accounts payable	211,000,000	$ 211,000,000	191,000,000
Intercompany payable		0	0
Accrued compensation and contributions to retirement plans	320,000,000	320,000,000	410,000,000
Income taxes currently payable		59,000,000	32,000,000
Unearned revenue	1,453,000,000	1,453,000,000	1,323,000,000
Accrued legal and regulatory settlements (Note 11)	104,000,000	104,000,000	1,609,000,000
Other current liabilities		358,000,000	402,000,000
Total current liabilities	2,505,000,000	2,505,000,000	3,967,000,000
Long-term debt	3,489,000,000	3,489,000,000	799,000,000
Intercompany loans payable		0	0
Pension and other postretirement benefits	278,000,000	278,000,000	333,000,000
Deferred income taxes		90,000,000	56,000,000
Other non-current liabilities		287,000,000	267,000,000
Total liabilities	6,649,000,000	6,649,000,000	5,422,000,000
Redeemable noncontrolling interest (Note 7)	810,000,000	810,000,000	810,000,000
Equity:
Common stock	412,000,000	412,000,000	412,000,000
Additional paid-in capital	441,000,000	441,000,000	493,000,000
Retained income	7,592,000,000	7,592,000,000	6,946,000,000
Accumulated other comprehensive loss	(553,000,000)	(553,000,000)	(514,000,000)
Less: common stock in treasury	(7,234,000,000)	(7,234,000,000)	(6,849,000,000)
Total equity — controlling interests	658,000,000	658,000,000	488,000,000
Total equity - noncontrolling interests	46,000,000	46,000,000	51,000,000
Total equity	704,000,000	704,000,000	539,000,000
Total liabilities and equity	8,163,000,000	8,163,000,000	6,771,000,000
Eliminations
Assets, Current [Abstract]
Cash and cash equivalents	0		0	0	0
Accounts receivable, net of allowance for doubtful accounts	0		0
Intercompany receivable	(2,917,000,000)		(4,648,000,000)
Deferred income taxes	0		0
Prepaid and other current assets	0		0
Total current assets	(2,917,000,000)		(4,648,000,000)
Property and equipment, net of accumulated depreciation	0		0
Goodwill	9,000,000		9,000,000
Other intangible assets, net	(6,000,000)		0
Asset for pension benefits	0		0
Investments in subsidiaries	(12,498,000,000)		(9,036,000,000)
Intercompany loans receivable	(2,195,000,000)		(1,972,000,000)
Other non-current assets	0		0
Total assets	(17,607,000,000)		(15,647,000,000)
Current liabilities:
Accounts payable		0	0
Intercompany payable		(2,832,000,000)	(4,559,000,000)
Accrued compensation and contributions to retirement plans		0	0
Income taxes currently payable		0	0
Unearned revenue		0	0
Accrued legal and regulatory settlements (Note 11)		0	0
Other current liabilities		0	0
Total current liabilities		(2,832,000,000)	(4,559,000,000)
Long-term debt		0	0
Intercompany loans payable		(2,283,000,000)	(2,061,000,000)
Pension and other postretirement benefits		0	0
Deferred income taxes		0	0
Other non-current liabilities		(1,000,000)	0
Total liabilities		(5,116,000,000)	(6,620,000,000)
Redeemable noncontrolling interest (Note 7)		810,000,000	810,000,000
Equity:
Common stock		(2,321,000,000)	(2,316,000,000)
Additional paid-in capital		(10,689,000,000)	(7,560,000,000)
Retained income		(393,000,000)	(60,000,000)
Accumulated other comprehensive loss		36,000,000	41,000,000
Less: common stock in treasury		20,000,000	7,000,000
Total equity — controlling interests		(13,347,000,000)	(9,888,000,000)
Total equity - noncontrolling interests		46,000,000	51,000,000
Total equity		(13,301,000,000)	(9,837,000,000)
Total liabilities and equity		(17,607,000,000)	(15,647,000,000)
McGraw Hill Financial, Inc.
Assets, Current [Abstract]
Cash and cash equivalents	161,000,000		1,402,000,000	946,000,000	685,000,000
Accounts receivable, net of allowance for doubtful accounts	109,000,000		120,000,000
Intercompany receivable	313,000,000		525,000,000
Deferred income taxes	72,000,000		72,000,000
Prepaid and other current assets	93,000,000		80,000,000
Total current assets	748,000,000		2,199,000,000
Property and equipment, net of accumulated depreciation	124,000,000		111,000,000
Goodwill	15,000,000		109,000,000
Other intangible assets, net	0		13,000,000
Asset for pension benefits	0		0
Investments in subsidiaries	4,547,000,000		1,258,000,000
Intercompany loans receivable	17,000,000		19,000,000
Other non-current assets	69,000,000		81,000,000
Total assets	5,520,000,000		3,790,000,000
Current liabilities:
Accounts payable		69,000,000	59,000,000
Intercompany payable		1,671,000,000	2,566,000,000
Accrued compensation and contributions to retirement plans		108,000,000	133,000,000
Income taxes currently payable		16,000,000	15,000,000
Unearned revenue		269,000,000	259,000,000
Accrued legal and regulatory settlements (Note 11)		0	0
Other current liabilities		267,000,000	194,000,000
Total current liabilities		2,400,000,000	3,226,000,000
Long-term debt		3,489,000,000	799,000,000
Intercompany loans payable		108,000,000	109,000,000
Pension and other postretirement benefits		218,000,000	272,000,000
Deferred income taxes		(224,000,000)	(245,000,000)
Other non-current liabilities		217,000,000	219,000,000
Total liabilities		6,208,000,000	4,380,000,000
Redeemable noncontrolling interest (Note 7)		0	0
Equity:
Common stock		412,000,000	412,000,000
Additional paid-in capital		(197,000,000)	(116,000,000)
Retained income		6,641,000,000	6,282,000,000
Accumulated other comprehensive loss		(310,000,000)	(319,000,000)
Less: common stock in treasury		(7,234,000,000)	(6,849,000,000)
Total equity — controlling interests		(688,000,000)	(590,000,000)
Total equity - noncontrolling interests		0	0
Total equity		(688,000,000)	(590,000,000)
Total liabilities and equity		5,520,000,000	3,790,000,000
Standard & Poor's Financial Services, LLC
Assets, Current [Abstract]
Cash and cash equivalents	1,000,000		0	0	0
Accounts receivable, net of allowance for doubtful accounts	282,000,000		293,000,000
Intercompany receivable	1,480,000,000		2,125,000,000
Deferred income taxes	172,000,000		334,000,000
Prepaid and other current assets	4,000,000		27,000,000
Total current assets	1,939,000,000		2,779,000,000
Property and equipment, net of accumulated depreciation	3,000,000		5,000,000
Goodwill	41,000,000		41,000,000
Other intangible assets, net	0		0
Asset for pension benefits	0		0
Investments in subsidiaries	671,000,000		653,000,000
Intercompany loans receivable	361,000,000		358,000,000
Other non-current assets	19,000,000		25,000,000
Total assets	3,034,000,000		3,861,000,000
Current liabilities:
Accounts payable		42,000,000	45,000,000
Intercompany payable		593,000,000	617,000,000
Accrued compensation and contributions to retirement plans		73,000,000	121,000,000
Income taxes currently payable		0	1,000,000
Unearned revenue		565,000,000	585,000,000
Accrued legal and regulatory settlements (Note 11)		104,000,000	1,609,000,000
Other current liabilities		(134,000,000)	0
Total current liabilities		1,243,000,000	2,978,000,000
Long-term debt		0	0
Intercompany loans payable		(3,000,000)	0
Pension and other postretirement benefits		0	0
Deferred income taxes		51,000,000	51,000,000
Other non-current liabilities		12,000,000	8,000,000
Total liabilities		1,303,000,000	3,037,000,000
Redeemable noncontrolling interest (Note 7)		0	0
Equity:
Common stock		0	0
Additional paid-in capital		1,171,000,000	1,153,000,000
Retained income		560,000,000	(329,000,000)
Accumulated other comprehensive loss		0	0
Less: common stock in treasury		0	0
Total equity — controlling interests		1,731,000,000	824,000,000
Total equity - noncontrolling interests		0	0
Total equity		1,731,000,000	824,000,000
Total liabilities and equity		3,034,000,000	3,861,000,000
Non-Guarantor Subsidiaries
Assets, Current [Abstract]
Cash and cash equivalents	1,279,000,000		1,095,000,000	$ 972,000,000	$ 857,000,000
Accounts receivable, net of allowance for doubtful accounts	595,000,000		519,000,000
Intercompany receivable	1,124,000,000		1,998,000,000
Deferred income taxes	(41,000,000)		(43,000,000)
Prepaid and other current assets	109,000,000		67,000,000
Total current assets	3,066,000,000		3,636,000,000
Property and equipment, net of accumulated depreciation	110,000,000		90,000,000
Goodwill	2,903,000,000		1,228,000,000
Other intangible assets, net	1,887,000,000		991,000,000
Asset for pension benefits	61,000,000		28,000,000
Investments in subsidiaries	7,280,000,000		7,125,000,000
Intercompany loans receivable	1,817,000,000		1,595,000,000
Other non-current assets	92,000,000		74,000,000
Total assets	$ 17,216,000,000		14,767,000,000
Current liabilities:
Accounts payable		100,000,000	87,000,000
Intercompany payable		568,000,000	1,376,000,000
Accrued compensation and contributions to retirement plans		139,000,000	156,000,000
Income taxes currently payable		43,000,000	16,000,000
Unearned revenue		619,000,000	479,000,000
Accrued legal and regulatory settlements (Note 11)		0	0
Other current liabilities		225,000,000	208,000,000
Total current liabilities		1,694,000,000	2,322,000,000
Long-term debt		0	0
Intercompany loans payable		2,178,000,000	1,952,000,000
Pension and other postretirement benefits		60,000,000	61,000,000
Deferred income taxes		263,000,000	250,000,000
Other non-current liabilities		59,000,000	40,000,000
Total liabilities		4,254,000,000	4,625,000,000
Redeemable noncontrolling interest (Note 7)		0	0
Equity:
Common stock		2,321,000,000	2,316,000,000
Additional paid-in capital		10,156,000,000	7,016,000,000
Retained income		784,000,000	1,053,000,000
Accumulated other comprehensive loss		(279,000,000)	(236,000,000)
Less: common stock in treasury		(20,000,000)	(7,000,000)
Total equity — controlling interests		12,962,000,000	10,142,000,000
Total equity - noncontrolling interests		0	0
Total equity		12,962,000,000	10,142,000,000
Total liabilities and equity		$ 17,216,000,000	$ 14,767,000,000

Condensed Consolidating Finan54

Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 281	$ 217	$ 992	$ 808
Less: discontinued operations, net			0	15
Income from continuing operations	281	215	992	793
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation			64	64
Amortization of intangibles			40	36
Provision for losses on accounts receivable			3	5
Deferred income taxes			166	(33)
Stock-based compensation			55	72
Other			139	106
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(44)	12
Prepaid and other current assets			(6)	(8)
Accounts payable and accrued expenses			(186)	(211)
Unearned revenue			18	7
Accrued legal and regulatory settlements			(1,624)	0
Other current liabilities			(53)	(65)
Net change in prepaid/accrued income taxes			140	93
Net change in other assets and liabilities			(60)	(51)
Cash (used for) provided by operating activities from continuing operations			(356)	820
Investing Activities:
Capital expenditures			(74)	(52)
Acquisitions, net of cash acquired			(2,393)	(65)
Proceeds from dispositions			14	83
Changes in short-term investments			(3)	(1)
Cash used for investing activities from continuing operations			(2,456)	(35)
Financing Activities:
Proceeds from issuance of senior notes, net			2,674	0
Dividends paid to shareholders			(274)	(245)
Dividends and other payments paid to noncontrolling interests			(67)	(31)
Contingent consideration payment			(5)	(11)
Purchase of CRISIL shares			(16)	0
Repurchase of treasury shares			(501)	(362)
Exercise of stock options			77	159
Excess tax benefits from share-based payments			39	89
Intercompany financing activities			0	0
Cash provided by (used for) financing activities from continuing operations			1,927	(401)
Effect of exchange rate changes on cash from continuing operations			(42)	(24)
Cash (used for) provided by continuing operations			(927)	360
Discontinued Operations:
Cash (used for) provided by operating activities			(129)	16
Cash provided by (used for) investing activities			0	0
Cash provided by (used for) financing activities			0	0
Cash (used for) provided by discontinued operations			(129)	16
Net change in cash and cash equivalents			(1,056)	376
Cash and cash equivalents at beginning of period			2,497	1,542
Cash and cash equivalents at end of period	1,441	1,918	1,441	1,918
Eliminations
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	(1,386)	(349)	(1,385)	(972)
Less: discontinued operations, net				0
Income from continuing operations		(349)		(972)
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation			0	0
Amortization of intangibles			0	0
Provision for losses on accounts receivable			0	0
Deferred income taxes			0	0
Stock-based compensation			0	0
Other			0	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			0	0
Prepaid and other current assets			0	0
Accounts payable and accrued expenses			0	0
Unearned revenue			0	0
Accrued legal and regulatory settlements			0
Other current liabilities			0	0
Net change in prepaid/accrued income taxes			0	0
Net change in other assets and liabilities			0	0
Cash (used for) provided by operating activities from continuing operations			(1,385)	(972)
Investing Activities:
Capital expenditures			0	0
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions			0	0
Changes in short-term investments			0	0
Cash used for investing activities from continuing operations			0	0
Financing Activities:
Proceeds from issuance of senior notes, net			0
Dividends paid to shareholders			0	0
Dividends and other payments paid to noncontrolling interests			0	0
Contingent consideration payment			0	0
Purchase of CRISIL shares			0
Repurchase of treasury shares			0	0
Exercise of stock options			0	0
Excess tax benefits from share-based payments			0	0
Intercompany financing activities			1,385	972
Cash provided by (used for) financing activities from continuing operations			1,385	972
Effect of exchange rate changes on cash from continuing operations			0	0
Cash (used for) provided by continuing operations			0	0
Discontinued Operations:
Cash (used for) provided by operating activities			0	0
Cash (used for) provided by discontinued operations			0	0
Net change in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
McGraw Hill Financial, Inc.
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	1,101	194	1,094	725
Less: discontinued operations, net				15
Income from continuing operations		192		710
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation			29	30
Amortization of intangibles			0	2
Provision for losses on accounts receivable			0	0
Deferred income taxes			(139)	(18)
Stock-based compensation			16	23
Other			107	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			10	2
Prepaid and other current assets			(35)	(30)
Accounts payable and accrued expenses			(100)	(153)
Unearned revenue			10	(10)
Accrued legal and regulatory settlements			0
Other current liabilities			(19)	22
Net change in prepaid/accrued income taxes			166	99
Net change in other assets and liabilities			91	14
Cash (used for) provided by operating activities from continuing operations			1,230	691
Investing Activities:
Capital expenditures			(38)	(12)
Acquisitions, net of cash acquired			(2,241)	0
Proceeds from dispositions			0	44
Changes in short-term investments			0	0
Cash used for investing activities from continuing operations			(2,279)	32
Financing Activities:
Proceeds from issuance of senior notes, net			2,674
Dividends paid to shareholders			(274)	(245)
Dividends and other payments paid to noncontrolling interests			0	0
Contingent consideration payment			(5)	0
Purchase of CRISIL shares			0
Repurchase of treasury shares			(501)	(362)
Exercise of stock options			76	156
Excess tax benefits from share-based payments			39	89
Intercompany financing activities			(2,192)	(108)
Cash provided by (used for) financing activities from continuing operations			(183)	(470)
Effect of exchange rate changes on cash from continuing operations			(9)	(8)
Cash (used for) provided by continuing operations			(1,241)	245
Discontinued Operations:
Cash (used for) provided by operating activities			0	16
Cash (used for) provided by discontinued operations			0	16
Net change in cash and cash equivalents			(1,241)	261
Cash and cash equivalents at beginning of period			1,402	685
Cash and cash equivalents at end of period	161	946	161	946
Standard & Poor's Financial Services, LLC
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	409	208	762	612
Less: discontinued operations, net				0
Income from continuing operations		208		612
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation			14	13
Amortization of intangibles			0	0
Provision for losses on accounts receivable			(4)	(3)
Deferred income taxes			161	0
Stock-based compensation			16	23
Other			22	85
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			16	67
Prepaid and other current assets			22	4
Accounts payable and accrued expenses			(76)	(141)
Unearned revenue			(20)	(14)
Accrued legal and regulatory settlements			(1,624)
Other current liabilities			(12)	(67)
Net change in prepaid/accrued income taxes			0	3
Net change in other assets and liabilities			4	2
Cash (used for) provided by operating activities from continuing operations			(719)	584
Investing Activities:
Capital expenditures			(7)	(11)
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions			0	0
Changes in short-term investments			0	0
Cash used for investing activities from continuing operations			(7)	(11)
Financing Activities:
Proceeds from issuance of senior notes, net			0
Dividends paid to shareholders			0	0
Dividends and other payments paid to noncontrolling interests			0	0
Contingent consideration payment			0	0
Purchase of CRISIL shares			0
Repurchase of treasury shares			0	0
Exercise of stock options			0	0
Excess tax benefits from share-based payments			0	0
Intercompany financing activities			727	(573)
Cash provided by (used for) financing activities from continuing operations			727	(573)
Effect of exchange rate changes on cash from continuing operations			0	0
Cash (used for) provided by continuing operations			1	0
Discontinued Operations:
Cash (used for) provided by operating activities			0	0
Cash (used for) provided by discontinued operations			0	0
Net change in cash and cash equivalents			1	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	1	0	1	0
Non-Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	157	164	521	443
Less: discontinued operations, net				0
Income from continuing operations		164		443
Adjustments to reconcile income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation			21	21
Amortization of intangibles			40	34
Provision for losses on accounts receivable			7	8
Deferred income taxes			144	(15)
Stock-based compensation			23	26
Other			10	21
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(70)	(57)
Prepaid and other current assets			7	18
Accounts payable and accrued expenses			(10)	83
Unearned revenue			28	31
Accrued legal and regulatory settlements			0
Other current liabilities			(22)	(20)
Net change in prepaid/accrued income taxes			(26)	(9)
Net change in other assets and liabilities			(155)	(67)
Cash (used for) provided by operating activities from continuing operations			518	517
Investing Activities:
Capital expenditures			(29)	(29)
Acquisitions, net of cash acquired			(152)	(65)
Proceeds from dispositions			14	39
Changes in short-term investments			(3)	(1)
Cash used for investing activities from continuing operations			(170)	(56)
Financing Activities:
Proceeds from issuance of senior notes, net			0
Dividends paid to shareholders			0	0
Dividends and other payments paid to noncontrolling interests			(67)	(31)
Contingent consideration payment			0	(11)
Purchase of CRISIL shares			(16)
Repurchase of treasury shares			0	0
Exercise of stock options			1	3
Excess tax benefits from share-based payments			0	0
Intercompany financing activities			80	(291)
Cash provided by (used for) financing activities from continuing operations			(2)	(330)
Effect of exchange rate changes on cash from continuing operations			(33)	(16)
Cash (used for) provided by continuing operations			313	115
Discontinued Operations:
Cash (used for) provided by operating activities			(129)	0
Cash (used for) provided by discontinued operations			(129)	0
Net change in cash and cash equivalents			184	115
Cash and cash equivalents at beginning of period			1,095	857
Cash and cash equivalents at end of period	$ 1,279	$ 972	$ 1,279	$ 972