S&P Global (SPGI) 10-K 12 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2015	Jan. 22, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	MCGRAW HILL FINANCIAL INC
Entity Central Index Key	64,040
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 27.4
Entity Common Stock, Shares Outstanding		265.3

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 1,374	$ 1,290	$ 5,313	$ 5,051	$ 4,702
Expenses:
Operating-related expenses			1,672	1,627	1,564
Selling and general expenses			1,578	3,168	1,631
Depreciation			90	86	86
Amortization of intangibles			67	48	51
Total expenses			3,407	4,929	3,332
Other (income) loss			(11)	9	12
Operating profit	424	(1,148)	1,917	113	1,358
Interest expense, net			102	59	59
Income from continuing operations before taxes on income			1,815	54	1,299
Provision for taxes on income			547	245	425
Income (loss) from continuing operations	276	(984)	1,268	(191)	874
Discontinued operations, net of tax:
Income from discontinued operations			0	18	3
Gain on sale of discontinued operations (includes $(75) accumulated other comprehensive income reclassifications in 2013 for foreign currency translation adjustment)			0	160	589
Discontinued operations, net		163	0	178	592
Net income (loss)	276	(821)	1,268	(13)	1,466
Less: net income from continuing operations attributable to noncontrolling interests			(112)	(102)	(91)
Less: net loss from discontinued operations attributable to noncontrolling interests			0	0	1
Net income (loss) attributable to McGraw Hill Financial, Inc.	248	(846)	1,156	(115)	1,376
Amounts attributable to McGraw Hill Financial, Inc. common shareholders:
Income (loss) from continuing operations	248	(1,009)	1,156	(293)	783
Income from discontinued operations		163	0	178	593
Net income (loss) attributable to McGraw Hill Financial, Inc.	$ 248	$ (846)	$ 1,156	$ (115)	$ 1,376
Income (loss) from continuing operations:
Basic (in dollars per share)	$ 0.92	$ (3.71)	$ 4.26	$ (1.08)	$ 2.85
Diluted (in dollars per share)	0.91	(3.71)	4.21	(1.08)	2.80
Income from discontinued operations:
Basic (in dollars per share)		0.60	0	0.66	2.16
Diluted (in dollars per share)		0.60	0	0.66	2.12
Net income (loss):
Basic (in dollars per share)	0.92	(3.11)	4.26	(0.42)	5.01
Diluted (in dollars per share)	$ 0.91	$ (3.11)	$ 4.21	$ (0.42)	$ 4.91
Weighted-average number of common shares outstanding:
Basic (in shares)			271.6	271.5	274.5
Diluted (in shares)			274.6	271.5	279.8
Actual shares outstanding at year end (in shares)	265.2	272	265.2	272	270.4
Dividend declared per common share (in dollars per share)			$ 1.32	$ 1.20	$ 1.12

Consolidated Statements of Inc3

Consolidated Statements of Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2013USD ($)
Income Statement [Abstract]
Accumulated other comprehensive income reclassifications for foreign currency translation adjustment	$ (75)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,268	$ (13)	$ 1,466
Other comprehensive income (loss):
Foreign currency translation adjustment	(111)	(108)	93
Income tax effect	1	2	(2)
Foreign currency translation adjustment, net of income tax effect	(110)	(106)	91
Pension and other postretirement benefit plans	34	(357)	385
Income tax effect	(9)	142	(154)
Pension and other postretirement benefit plans, net of income tax effect	25	(215)	231
Unrealized (loss) gain on investment and forward exchange contract	(1)	4	2
Income tax effect	0	(1)	(2)
Unrealized (loss) gain on investments and forward exchange contracts, net of income tax effect	(1)	3	0
Comprehensive income (loss)	1,182	(331)	1,788
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(11)	(10)	(18)
Less: comprehensive income attributable to redeemable noncontrolling interests	(101)	(92)	(73)
Comprehensive income (loss) attributable to McGraw Hill Financial, Inc.	$ 1,070	$ (433)	$ 1,697

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,481	$ 2,497
Short-term investments	6	3
Accounts receivable, net of allowance for doubtful accounts: 2015 - $37; 2014 - $38	991	932
Deferred income taxes	109	360
Prepaid and other current assets	206	170
Assets of a business held for sale	503	0
Total current assets	3,296	3,962
Property and equipment:
Buildings and leasehold improvements	352	287
Equipment and furniture	503	482
Total property and equipment	855	769
Less: accumulated depreciation	(585)	(563)
Property and equipment, net	270	206
Goodwill	2,882	1,387
Other intangible assets, net	1,522	1,004
Asset for pension benefits	36	28
Other non-current assets	177	186
Total assets	8,183	6,773
Current liabilities:
Accounts payable	206	191
Accrued compensation and contributions to retirement plans	383	410
Short-term debt	143	0
Income taxes currently payable	56	54
Unearned revenue	1,421	1,254
Accrued legal and regulatory settlements	121	1,609
Other current liabilities	372	402
Liabilities of a business held for sale	206	0
Total current liabilities	2,908	3,920
Long-term debt	3,468	795
Pension and other postretirement benefits	276	333
Deferred income taxes	23	40
Other non-current liabilities	345	336
Total liabilities	7,020	5,424
Redeemable noncontrolling interest	$ 920	$ 810
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 412 million shares in 2015 and 2014	$ 412	$ 412
Additional paid-in capital	475	493
Retained income	7,636	6,946
Accumulated other comprehensive loss	(600)	(514)
Less: common stock in treasury - at cost: 2015 - 146 million shares; 2014 - 140 million shares	(7,729)	(6,849)
Total equity – controlling interests	194	488
Total equity – noncontrolling interests	49	51
Total equity	243	539
Total liabilities and equity	$ 8,183	$ 6,773

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 37	$ 38
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	412,000,000	412,000,000
Common stock, in treasury (in shares)	146,000,000	140,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net income (loss)	$ 1,268	$ (13)	$ 1,466
Less: income from discontinued operations	0	178	592
Net income (loss) from continuing operations	1,268	(191)	874
Adjustments to reconcile income (loss) from continuing operations to cash provided by operating activities from continuing operations:
Depreciation	90	86	86
Amortization of intangibles	67	48	51
Provision for losses on accounts receivable	8	11	22
Deferred income taxes	280	(245)	43
Stock-based compensation	78	100	96
Accrued legal and regulatory settlements	119	1,587	0
Other	46	80	96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(118)	(9)	(35)
Prepaid and other current assets	(4)	(7)	(29)
Accounts payable and accrued expenses	(92)	(130)	(94)
Unearned revenue	129	78	109
Accrued legal and regulatory settlement	(1,624)	(35)	0
Other current liabilities	(78)	(16)	(89)
Net change in prepaid / accrued income taxes	61	(93)	(238)
Net change in other assets and liabilities	(35)	(55)	(110)
Cash provided by operating activities from continuing operations	195	1,209	782
Investing Activities:
Capital expenditures	(139)	(92)	(117)
Acquisitions, including contingent payments, net of cash acquired	(2,396)	(71)	(47)
Proceeds from dispositions	14	83	51
Changes in short-term investments	(4)	15	(17)
Cash used for investing activities from continuing operations	(2,525)	(65)	(130)
Financing Activities:
Additions to / (payments on) short-term debt, net	143	0	(457)
Proceeds from issuance of senior notes, net	2,674	0	0
Dividends paid to shareholders	(363)	(326)	(308)
Dividends and other payments paid to noncontrolling interests	(104)	(84)	(75)
Repurchase of treasury shares	(974)	(362)	(978)
Exercise of stock options	86	193	258
Contingent consideration payment	(5)	(11)	(12)
Purchase of additional CRISIL shares	(16)	0	(214)
Excess tax benefits from share-based payments	69	128	43
Cash provided by (used for) financing activities from continuing operations	1,510	(462)	(1,743)
Effect of exchange rate changes on cash from continuing operations	(67)	(65)	(1)
Cash (used for) provided by continuing operations	(887)	617	(1,092)
Discontinued Operations:
Cash (used for) provided by operating activities	(129)	18	(231)
Cash provided by investing activities	0	320	2,129
Cash used for financing activities	0	0	(25)
Effect of exchange rate changes on cash	0	0	1
Cash (used for) provided by discontinued operations	(129)	338	1,874
Net change in cash and cash equivalents	(1,016)	955	782
Cash and cash equivalents at beginning of year	2,497	1,542	760
Cash and cash equivalents at end of year	1,481	2,497	1,542
Cash paid during the year for:
Interest (including discontinued operations)	65	50	50
Income taxes (including discontinued operations)	$ 260	$ 419	$ 787

Consolidated Statements of Equi

Consolidated Statements of Equity - 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
Beginning Balance at Dec. 31, 2012		$ 840	$ 412	$ 492	$ 6,525	$ (517)	$ 6,145	$ 767	$ 73
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,715			1,376	321		1,697	18
Dividends		(325)			(315)			(315)	(10)
Noncontrolling interest adjustments related to discontinued operations		(22)						0	(22)
Share repurchases		(989)					989	(989)
Employee stock plans, net of tax benefit		343		(45)			(388)	343
Change in redemption value of redeemable noncontrolling interest		11			11			11
Increase in CRISIL ownership		(233)			(216)			(216)	(17)
Other		4			3			3	1
Ending Balance at Dec. 31, 2013		1,344	412	447	7,384	(196)	6,746	1,301	43
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	(423)			(115)	(318)		(433)	10
Dividends		(332)			(324)			(324)	(8)
Share repurchases		(346)					352	(352)	$ 6
Employee stock plans, net of tax benefit		295		46			(249)	295
Change in redemption value of redeemable noncontrolling interest		(1)			(1)			(1)
Other		(2)			(2)			(2)
Ending Balance at Dec. 31, 2014		539	412	493	6,946	(514)	6,849	488	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,081			1,156	(86)		1,070	11
Dividends		(368)			(359)			(359)	(9)
Noncontrolling interest adjustments related to discontinued operations		(98)
Share repurchases		(1,002)					1,000	(1,000)	(2)
Employee stock plans, net of tax benefit		102		(18)			(120)	102
Change in redemption value of redeemable noncontrolling interest		(107)			$ (107)			(107)
Other		2						0	2
Ending Balance at Dec. 31, 2015		$ 243	$ 412	$ 475	$ 7,636	$ (600)	$ 7,729	$ 194	$ 49
[1]	Excludes $101 million, $92 million and $73 million in 2015, 2014 and 2013, respectively, attributable to redeemable noncontrolling interest.

Consolidated Statements of Equ9

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Comprehensive income attributable to redeemable noncontrolling interests	$ 101	$ 92	$ 73

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Nature of operations McGraw Hill Financial, Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading benchmarks and ratings, analytics, data and research provider serving the global capital, commodities and commercial markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; the commodities markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture; and the commercial markets include professionals and corporate executives within automotive, financial services, insurance 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 (“C&C”). • S&P Ratings is an independent provider of credit ratings, research and analytics to investors, issuers and market participants. • 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 leading 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. As of August 1, 2013, we completed the sale of Aviation Week and the results have been included in C&C's results through that date. See Note 11 – Segment and Geographic Information for further discussion on our operating segments, which are also our reportable segments. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power, included in our C&C segment. We committed to and initiated an active program to sell J.D. Power in its current state that we believe is probable in the next year. As a result, we have classified the assets and liabilities of J.D. Power as held for sale in our consolidated balance sheet as of December 31, 2015. The anticipated disposal does not represent a strategic shift that will have a major effect on operations and financial results, therefore, it is not classified as a discontinued operation. 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 years ended December 31, 2014 and December 31, 2013 have been reclassified to reflect the business as a discontinued operation. We completed the sale of our McGraw-Hill Education business ("MHE") on March 22, 2013 and, accordingly, the results of operations of MHE have been reclassified to reflect the business as a discontinued operation for the year ended December 31, 2013. See Note 2 — Acquisitions and Divestitures for further discussion on discontinued operations. Assets and Liabilities Held for Sale and Discontinued Operations Assets and Liabilities Held for Sale We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. An entity that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets. Discontinued Operations Beginning on January 1, 2015, we adopted revised guidance for discontinued operations that raises the threshold for a disposal to qualify as a discontinued operation. In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises o perations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements. For the years ended December 31, 2014 and 2013, we applied the previous guidance for discontinued operations in determining whether a group of assets disposed or to be disposed of should be presented as a discontinued operation. We determined whether the group of assets being disposed of comprised a component of the entity. We also determined whether the cash flows associated with the group of assets had been or would have been eliminated from our ongoing operations as a result of the disposal transaction and whether we would have had significant continuing involvement in the operations of the group of assets after the disposal transaction. If we concluded that the cash flows had been eliminated and we had no significant continuing involvement, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) were aggregated for separate presentation for separate presentation apart from our continuing operating results in the consolidated financial statements. See Note 2 – Acquisitions and Divestitures for a summary of discontinued operations. Unless otherwise indicated, all disclosures and amounts in the notes to our consolidated financial statements relate to our continuing operations. Principles of consolidation The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $1.5 billion and $2.5 billion as of December 31, 2015 and 2014 , respectively. These investments are not subject to significant market risk. Short-term investments Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded into income when earned. Accounts receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value. Allowance for doubtful accounts The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators. Deferred technology costs We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization. Gross deferred technology costs were $128 million and $123 million as of December 31, 2015 and 2014 , respectively. Accumulated amortization of deferred technology costs was $72 million and $55 million as of December 31, 2015 and 2014 , respectively. Fair Value Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have an immaterial amount of forward exchange contracts that are adjusted to fair value on a recurring basis. Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our long-term debt borrowings were $3.6 billion and $0.9 billion as of December 31, 2015 and 2014 , respectively, and was estimated based on quoted market prices. Accounting for the impairment of long-lived assets (including other intangible assets) We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets. 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 discussion. On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) 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 loss (income) in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value facilities and associated infrastructure classified as held for sale to their fair value. During the fourth quarter of 2013, we also incurred a $26 million non-cash impairment charge associated with an intangible asset acquired through the formation of our S&P Dow Jones Indices LLC joint venture. Goodwill and other indefinite-lived intangible assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment. We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a two-step quantitative impairment test. When conducting the first step of our two step impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of a discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the carrying value of the goodwill. The fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge. We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess. Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations. We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2015 , 2014 and 2013 . Foreign currency translation We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity. Revenue recognition Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, management makes its best estimate of the services’ stand-alone selling price and records revenue as it is earned over the service period. For arrangements that include multiple services, fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period. Depreciation The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years . The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases. Advertising expense The cost of advertising is expensed as incurred. We incurred $33 million , $35 million and $41 million in advertising costs for the years ended December 31, 2015 , 2014 and 2013 , respectively. Stock-based compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income. Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively. Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information. We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled prior to December 31, 2016. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, our opinion is that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements. Redeemable Noncontrolling Interest The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture established in June of 2012 contains redemption features whereby interests held by our 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. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would be required to purchase all of such interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 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. See Note 8 – Equity , for further detail. Contingencies We accrue for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred. Recent Accounting Standards In November of 2015, the Financial Accounting Standards Board ("FASB") issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. 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 September of 2015, the 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 adopted this guidance upon issuance and prior year amounts have been reclassified to conform with current year presentation. As of December 31, 2014, $4 million of debt issuance costs were reclassified from other non-current assets to long-term debt, less current portion. The adoption of this guidance did not 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. While we will continue with our evaluation process, initially, we believe this guidance may have an impact on the accounting for certain proprietary consulting arrangements in our C&C segment as well as the accounting for certain integrated desktop service revenue arrangements offered in our S&P Capital IQ and SNL segment. 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. We adopted the amendments to this guidance on January 1, 2015. Reclassification Certain prior year amounts have been reclassified for comparability purposes.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2015 For the year ended December 31, 2015, we paid cash for acquisitions, net of cash acquired, totaling $2.4 billion . We used the net proceeds of our $2.0 billion of senior notes issued in August of 2015 and cash on hand to finance the acquisition of SNL. All other acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2015 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 year ended December 31, 2015, the Company incurred approximately $37 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 preliminary allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition. (in millions) Current assets $ 23 Property, plant and equipment 19 Goodwill 1,563 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 1 Total assets acquired 2,378 Current liabilities (23 ) Unearned revenue (117 ) Other non-current liabilities (4 ) Total liabilities acquired (144 ) Net assets acquired $ 2,234 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. Supplemental Pro Forma Information Supplemental information on an unaudited pro forma basis is presented below for the years ended December 31, 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 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) Year Ended December 31, 2015 2014 Pro forma revenue $ 5,477 $ 5,275 Pro forma net income (loss) from continuing operations $ 1,258 $ (251 ) 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 is 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 is not material to our consolidated financial statements. Following our acquisition of UCG, we made a contingent purchase price payment in 2015 for $5 million that has been reflected in the consolidated statement of cash flows as a financing activity. For acquisitions during 2015 that were accounted for using 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. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 18 years. 2014 For the year ended December 31, 2014, we paid cash for acquisitions, net of cash acquired, totaling $ 82 million . None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2014 by segment included: S&P Ratings • In October of 2014, we acquired BRC Investor Services S.A. (“BRC”), a Colombia-based ratings firm providing risk classifications of banks, financial services providers, insurance companies, corporate bonds and structured issues that will expand our presence in the Latin American credit markets. We accounted for the acquisition of BRC using the purchase method of accounting. The acquisition is 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 2014 for $11 million that has been reflected in the consolidated statement of cash flows as a financing activity. C&C • 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 is 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. For acquisitions during 2014 that were accounted for using 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. Intangible assets recorded for all transactions are amortized using the straight-line method for periods not exceeding 7 years . None of the goodwill acquired from our acquisitions during 2014 will be deductible for tax purposes. 2013 For the year ended December 31, 2013, we paid cash for acquisitions, net of cash acquired, totaling $ 273 million . None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. All acquisitions were funded with cash flows from operations. Acquisitions completed during the year ended December 31, 2013 by segment included: S&P DJ Indices • In December of 2013, we purchased the intellectual property rights to a range of commodities indices developed by Goldman Sachs as well as a limited-use license to promote the commodities indices using the Goldman Sachs Commodity Index trademarks. The commodities indices provide us with a leading benchmark that measures general price movements and inflation in the world economy. We accounted for the acquisition of the intellectual property on a cost basis. S&P Ratings • In June of 2013, we made a voluntary open offer to purchase up to an additional 22.23% of the total equity shares outstanding in CRISIL Limited ("CRISIL"), our majority owned Indian credit rating agency within our S&P Ratings segment. In August of 2013, at the conclusion of the tender offer period, we acquired approximately 11 million equity shares representing 15.07% of CRISIL's total outstanding equity shares for $214 million , increasing our ownership percentage in CRISIL to 67.84% from 52.77% . Following CRISIL's acquisition of Coalition that occurred in July of 2012, we made a contingent purchase price payment in 2013 for $12 million that has been reflected in the consolidated statement of cash flows as a financing activity. Intangible assets recorded for all transactions during 2013 are considered intangible assets with indefinite lives which are not amortized, but instead are tested for impairment annually during the fourth quarter each year or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition, including assembled workforce, noncontractual relationships and agreements. The goodwill is not expected to be deductible for tax purposes. Non-cash investing activities Liabilities assumed in conjunction with the acquisition of businesses are as follows: (in millions) Years ended December 31, 2015 2014 2013 Fair value of assets acquired $ 2,576 $ 67 $ — Cash paid (net of cash acquired) 2,401 52 — Liabilities assumed 1 $ 175 $ 15 $ — 1 2013 acquisitions did not result in any liabilities assumed. Divestitures - Continuing Operations During the year ended December 31, 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. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power, included in our C&C segment. We committed to and initiated an active program to sell J.D. Power in its current state that we believe is probable in the next year. As a result, we have classified the assets and liabilities of J.D. Power as held for sale in our consolidated balance sheet as of December 31, 2015. The anticipated disposal does not represent a strategic shift that will have a major effect on operations and financial results, therefore, it is not classified as a discontinued operation. The components of assets and liabilities held for sale related to J.D. Power in the consolidated balance sheet consist of the following: (in millions) December 31, 2015 Accounts receivable, net $ 58 Goodwill 75 Other intangible assets, net 335 Other assets 35 Assets of a business held for sale $ 503 Accounts payable and accrued expenses $ 42 Unearned revenue 64 Other liabilities 100 Liabilities of a business held for sale $ 206 The operating profit of J.D. Power for the years ending December 31, 2015, 2014 and 2013 is as follows: (in millions) Years ended December 31, 2015 2014 2013 J.D. Power operating profit $ 53 $ 44 $ 35 During the year ended December 31, 2014, we completed the following dispositions that resulted in a net pre-tax loss of $9 million , which was included in other (income) loss in the consolidated statement of income: • 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 included 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. During the year ended December 31, 2013, we completed the following dispositions that resulted in a net pre-tax gain of $24 million , which was included in other (income) loss in the consolidated statement of income: • On September 30, 2013, we completed the sale of Financial Communications, which was part of our S&P Capital IQ segment. • On August 27, 2013, CRISIL sold its 49% equity interest in India Index Services & Products Ltd. This investment was held within our S&P Ratings segment. • On August 1, 2013, we completed the sale Aviation Week within our C&C segment to Penton, a privately held business information company. Additionally, S&P Capital IQ closed several of their non-core businesses during 2013. Discontinued Operations On November 3, 2014, we completed the sale of McGraw Hill Construction, which has historically been part of the C&C segment, to Symphony Technology Group for $320 million in cash. We recorded an after-tax gain on the sale of $160 million , which is included in discontinued operations, net in the consolidated statement of income for the year ended December 31, 2014. We used the after-tax proceeds from the sale to make selective acquisitions, investments, share repurchases and for general corporate purposes. On March 22, 2013, we completed the sale of MHE to investment funds affiliated with Apollo Global Management, LLC for a purchase price of $2.4 billion in cash. We recorded an after-tax gain on the sale of $589 million , which is included in discontinued operations, net in the consolidated statement of income for the year ended December 31, 2013. We used the after-tax proceeds from the sale to pay down short-term debt for the special dividend paid in 2012, to make selective acquisitions, investments, share repurchases and for general corporate purposes. The key components of income from discontinued operations for the years ended December 31, 2014 and 2013 consist of the following: (in millions) Years ended December 31, 2014 2013 Revenue $ 139 $ 441 Expenses 110 436 Operating income 29 5 Interest expense, net — 2 Income before taxes on income 29 3 Provision for taxes on income 11 — Income from discontinued operations, net of tax 18 3 Pre-tax gain on sale from discontinued operations 289 888 Provision for taxes on gain on sale 129 299 Gain on sale of discontinued operations, net of tax 160 589 Discontinued operations, net 178 592 Less: net loss attributable to noncontrolling interests — (1 ) Income from discontinued operations attributable to McGraw Hill Financial, Inc. common shareholders $ 178 $ 593 Results from discontinued operations for the year ended December 31, 2014 included the after-tax gain on sale of McGraw Hill Construction of $ 160 million . Results from discontinued operations for the year ended December 31, 2013 included the after-tax gain on sale of MHE of $ 589 million .

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. The change in the carrying amount of goodwill by segment is shown below: (in millions) S&P Ratings S&P Capital IQ and SNL S&P DJ Indices C&C Total Balance as of December 31, 2013 $ 125 $ 469 $ 376 $ 439 $ 1,409 Acquisitions 4 — — — 38 42 Dispositions — — — (32 ) (32 ) Other (primarily Fx) (7 ) (17 ) — (8 ) (32 ) Balance as of December 31, 2014 122 452 376 437 1,387 Acquisitions — 1,563 — 39 1,602 Reclassifications 1 — — — (75 ) (75 ) Other (primarily Fx) (8 ) (17 ) — (7 ) (32 ) Balance as of December 31, 2015 $ 114 $ 1,998 $ 376 $ 394 $ 2,882 1 Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015. Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 – Acquisitions and Divestitures . Other Intangible Assets Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $713 million and $693 million as of December 31, 2015 and 2014, respectively. • 2015 and 2014 both include $380 million and $90 million , for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012. • 2015 includes $184 million within our S&P Capital IQ and SNL segment for the SNL tradename. • 2014 includes $164 million within our C&C segment for the J.D. Power and Associates tradename. • 2015 and 2014 include $ 59 million within our S&P Dow Jones Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property. The following table summarizes our definite-lived intangible assets: (in millions) Cost Databases and software Content Customer relationships Tradenames Other intangibles Total Balance as of December 31, 2013 $ 115 $ 139 $ 225 $ 45 $ 158 $ 682 Acquisitions — — — — 13 13 Transfers — — — — (44 ) (44 ) Other (primarily Fx) (2 ) — 3 1 (16 ) (14 ) Balance as of December 31, 2014 113 139 228 46 111 637 Acquisitions 421 — — — 177 598 Reclassifications 1 (19 ) — (62 ) (2 ) (8 ) (91 ) Other (primarily Fx) (5 ) — 2 3 (11 ) (11 ) Balance as of December 31, 2015 $ 510 $ 139 $ 168 $ 47 $ 269 $ 1,133 Accumulated amortization Balance as of December 31, 2013 $ 83 $ 45 $ 67 $ 32 $ 56 $ 283 Current year amortization 6 14 13 3 12 48 Other (primarily Fx) (1 ) — — — (4 ) (5 ) Balance as of December 31, 2014 88 59 80 35 64 326 Current year amortization 20 14 9 2 22 67 Reclassifications 1 (18 ) — (30 ) (2 ) (14 ) (64 ) Other (primarily Fx) (2 ) — 1 1 (5 ) (5 ) Balance as of December 31, 2015 $ 88 $ 73 $ 60 $ 36 $ 67 $ 324 Net definite-lived intangibles: December 31, 2014 $ 25 $ 80 $ 148 $ 11 $ 47 $ 311 December 31, 2015 $ 422 $ 66 $ 108 $ 11 $ 202 $ 809 1 Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015. Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 20 years. The weighted-average life of the intangible assets as of December 31, 2015 is approximately 10 years. Amortization expense for the years ended December 31, 2015 , 2014 and 2013 was $67 million , $48 million , and $51 million , respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows: (in millions) 2016 2017 2018 2019 2020 Amortization expense 1 $ 98 $ 93 $ 86 $ 81 $ 74 1 Amortization expense excludes J.D. Power, which is expected to be sold in the next year.

Taxes on Income

Taxes on Income	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Taxes on Income	Taxes on Income Income before taxes on income resulted from domestic and foreign operations is as follows: (in millions) Year Ended December 31, 2015 2014 2013 Domestic operations $ 1,266 $ (423 ) $ 821 Foreign operations 549 477 478 Total continuing income before taxes $ 1,815 $ 54 $ 1,299 The provision for taxes on income consists of the following: (in millions) Year Ended December 31, 2015 2014 2013 Federal: Current $ 90 $ 285 $ 194 Deferred 276 (213 ) 51 Total federal 366 72 245 Foreign: Current 111 135 152 Deferred (1 ) 1 (19 ) Total foreign 110 136 133 State and local: Current 34 62 37 Deferred 37 (25 ) 10 Total state and local 71 37 47 Total provision for taxes for continuing operations 547 245 425 Provision for discontinued operations — 140 299 Total provision for taxes $ 547 $ 385 $ 724 A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows: Year Ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Legal and regulatory settlements — 524.1 — State and local income taxes 2.6 64.2 2.8 Foreign operations (3.2 ) (79.6 ) (3.9 ) S&P Dow Jones Indices LLC joint venture (2.0 ) (60.2 ) (2.0 ) Tax credits and incentives (2.9 ) (91.5 ) (2.1 ) Other, net 0.6 61.7 2.9 Effective income tax rate for continuing operations 30.1 % 453.7 % 32.7 % The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows: (in millions) December 31, 2015 2014 Deferred tax assets: Legal and regulatory settlements $ 45 $ 305 Employee compensation 91 99 Accrued expenses 72 94 Postretirement benefits 126 146 Unearned revenue 39 27 Allowance for doubtful accounts 12 13 Loss carryforwards 114 37 Other 18 14 Total deferred tax assets 517 735 Deferred tax liabilities: Goodwill and intangible assets (299 ) (362 ) Fixed assets (9 ) (8 ) Other — — Total deferred tax liabilities (308 ) (370 ) Net deferred income tax asset (liability) before valuation allowance 209 365 Valuation allowance (98 ) (16 ) Net deferred income tax asset (liability) $ 111 $ 349 Reported as: Current deferred tax assets $ 109 $ 360 Current deferred tax liabilities (8 ) (2 ) Non-current deferred tax assets 33 31 Non-current deferred tax liabilities (23 ) (40 ) Net deferred income tax asset (liability) $ 111 $ 349 We record valuation allowances against deferred income tax assets when we determine that it is more likely than not based upon all the available evidence that such deferred income tax assets will not be realized. The valuation allowance is primarily related to operating losses. We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Undistributed earnings that are indefinitely reinvested in foreign operations amounted to $1,573 million at December 31, 2015. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable. We made net income tax payments for continuing and discontinued operations totaling $260 million in 2015, $419 million in 2014, and $787 million in 2013. As of December 31, 2015, we had net operating loss carryforwards of $440 million , which will expire over various periods. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in millions) Years ended December 31, 2015 2014 2013 Balance at beginning of year $ 118 $ 82 $ 74 Additions based on tax positions related to the current year 22 30 27 Additions for tax positions of prior years 12 33 10 Reduction for tax positions of prior years (14 ) (11 ) (9 ) Reduction for settlements (18 ) (16 ) (20 ) Balance at end of year $ 120 $ 118 $ 82 The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2015, 2014 and 2013 was $120 million , $118 million and $82 million , respectively, exclusive of interest and penalties. The increase of $20 million in 2015 (excluding settlements) is the amount of unrecognized tax benefits that unfavorably impacted tax expense. The unfavorable impact to the tax provision was partially offset by the resolution of tax audits in multiple jurisdictions. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition to the unrecognized tax benefits, as of December 31, 2015 and 2014, we had $31 million and $23 million , respectively, of accrued interest and penalties associated with uncertain tax positions. During 2015, we completed the federal income tax audit for 2013. The U.S. federal income tax audits for 2014 and 2015 are in process. During 2015, we completed various state and foreign tax audits and, with few exceptions, we are no longer subject to federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2007. The impact to tax expense in 2015, 2014 and 2013 was not material. We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2016. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. 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	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt	Debt A summary of short-term and long-term debt outstanding is as follows: (in millions) December 31, 2015 2014 5.9% Senior Notes, due 2017 1 $ 399 $ 399 2.5% Senior Notes, due 2018 2 398 — 3.3% Senior Notes, due 2020 3 695 — 4.0% Senior Notes, due 2025 4 690 — 4.4% Senior Notes, due 2026 5 890 — 6.55% Senior Notes, due 2037 6 396 396 Commercial paper 143 — Total debt 3,611 795 Less: short-term debt including current maturities 143 — Long-term debt $ 3,468 $ 795 1 Interest payments are due semiannually on April 15 and October 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $1 million . 2 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $2 million . 3 Interest payments are due semiannually on February 14 and August 14, beginning on February 14, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $5 million . 4 Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $10 million . 5 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $10 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $4 million . Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2015 : no amounts due in 2016, $399 million due in 2017, $398 million due in 2018, no amounts due in 2019, $695 million due in 2020, and $2.0 billion due thereafter. 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. 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. Commercial paper borrowings outstanding as of December 31, 2015 totaled $143 million with an average interest rate and term of 0.95% and 17 days . As of December 31, 2015 , we can borrow approximately $1.1 billion in additional funds through the commercial paper program. There were no commercial paper borrowings outstanding under our credit facility as of December 31, 2014 . 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 15 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 Offered 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	12 Months Ended
	Dec. 31, 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 also 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 retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive income, net of taxes. The amounts in accumulated other comprehensive income represent net 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 part of the sale of McGraw Hill Construction and MHE, described further in Note 2 – Acquisitions and Divestitures , we retained the benefit obligations and plan assets related to McGraw Hill Construction and MHE; however, the benefit cost for periods presented is bifurcated between continuing and discontinued operations. Benefit Obligation A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets): (in millions) Retirement Plans Postretirement Plans 2015 2014 2015 2014 Net benefit obligation at beginning of year $ 2,462 $ 2,004 $ 96 $ 103 Service cost 6 5 — 1 Interest cost 96 99 3 4 Plan participants’ contributions — — 4 4 Actuarial (gain) loss (189 ) 504 (12 ) 5 Gross benefits paid (150 ) (125 ) (12 ) (13 ) Foreign currency effect (26 ) (25 ) — — Other adjustments — — 1 (8 ) Net benefit obligation at end of year 2,199 2,462 80 96 Fair value of plan assets at beginning of year 2,236 2,088 — — Actual return on plan assets (57 ) 270 — — Employer contributions 15 22 8 9 Plan participants’ contributions — — 4 4 Gross benefits paid (150 ) (125 ) (12 ) (13 ) Foreign currency effect (21 ) (19 ) — — Fair value of plan assets at end of year 2,023 2,236 — — Funded status $ (176 ) $ (226 ) $ (80 ) $ (96 ) Amounts recognized in consolidated balance sheets: Non-current assets $ 36 $ 28 $ — $ — Current liabilities (8 ) (8 ) (8 ) (9 ) Non-current liabilities (204 ) (246 ) (72 ) (87 ) $ (176 ) $ (226 ) $ (80 ) $ (96 ) Accumulated benefit obligation $ 2,190 $ 2,440 Plans with accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 1,810 $ 2,046 Accumulated benefit obligation $ 1,801 $ 2,024 Fair value of plan assets $ 1,598 $ 1,792 Amounts recognized in accumulated other comprehensive loss, net of tax: Net actuarial loss (gain) $ 433 $ 452 $ (24 ) $ (8 ) Prior service credit 1 1 (5 ) (5 ) Total recognized $ 434 $ 453 $ (29 ) $ (13 ) The actuarial loss included in accumulated other comprehensive loss for our retirement plans and expected to be recognized in net periodic pension cost during the year ending December 31, 2016 is $16 million . There is no prior service credit included in accumulated other comprehensive loss for our retirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2016 . There is an immaterial amount of actuarial loss and prior service credit included in accumulated other comprehensive loss for our postretirement plans expected to be recognized in net periodic benefit cost during the year ending December 31, 2016 . Net Periodic Cost For purposes of determining annual pension cost, prior service costs are being amortized straight-line over the average expected remaining lifetime of plan participants expected to receive benefits. A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows: (in millions) Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Service cost $ 6 $ 5 $ 10 $ — $ 1 $ 2 Interest cost 96 99 91 3 4 5 Expected return on assets (127 ) (138 ) (129 ) — — Amortization of: Actuarial loss (gain) 20 11 26 — (1 ) — Prior service cost (credit) — — 5 (1 ) — (1 ) Curtailment 1 — — (8 ) — (1 ) (12 ) Net periodic benefit cost $ (5 ) $ (23 ) $ (5 ) $ 2 $ 3 $ (6 ) 1 The curtailment gain for our retirement plans in 2013 relates to a freeze of pension accruals for MHE employees as well as all remaining active employees in the United Kingdom ("U.K."). The curtailment gain for our postretirement plans in 2014 is a result of plan changes effective October 31, 2014 eliminating retiree medical and life insurance benefits for active employees not retiring by July 1, 2016. The curtailment gain for our postretirement plans in 2013 relates to the sale of MHE on March 22, 2013. Our U.K. retirement plan accounted for a benefit of $10 million in 2015 , $8 million in 2014 , and $10 million in 2013 , including the $8 million curtailment gain discussed above, of the net periodic benefit cost attributable to the funded plans. Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows: (in millions) Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Net actuarial (gain) loss $ (6 ) $ 232 $ (213 ) $ (17 ) $ 3 $ (8 ) Recognized actuarial (gain) loss (13 ) (7 ) (15 ) — 1 — Prior service cost (credit) — — 5 1 (5 ) — Total recognized $ (19 ) $ 225 $ (223 ) $ (16 ) $ (1 ) $ (8 ) The total cost for our retirement plans was $91 million for 2015 , $81 million for 2014 and $96 million for 2013 . Included in the total retirement plans cost are defined contribution plans cost of $67 million for 2015 , $74 million for 2014 and $75 million for 2013 . Assumptions Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Benefit obligation: Discount rate 4.47 % 4.15 % 5.00 % 3.90 % 3.60 % 4.20 % Net periodic cost: Weighted-average healthcare cost rate 1 7.0 % 7.0 % 7.0 % Discount rate - U.S. plan 2 4.15 % 5.0 % 4.1 % 3.60 % 4.125 % 3.45 % Discount rate - U.K. plan 2 3.8 % 4.5 % 4.8 % Compensation increase factor - U.S. plan N/A N/A N/A Compensation increase factor - U.K. plan N/A N/A 5.75 % Return on assets 3 6.25 % 7.125 % 7.25 % 1 The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2015 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects: (in millions) 1% point increase 1% point decrease Effect on postretirement obligation $ 4 $ (3 ) 2 Effective January 1, 2016, we changed our discount rate assumption on our U.S. retirement plans to 4.47% from 4.15% in 2015 and changed our discount rate assumption on our U.K. plan to 3.84% from 3.8% in 2015. At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015 and prior periods presented, we measured service and interest costs utilizing and single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. We believe this new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our benefit obligation. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, have accounted for it on a prospective basis. We expect pension and postretirement medical costs to decrease by approximately $13 million in 2016 as a result of this change. 3 The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2016, our return on assets assumption for the U.S. plan and U.K. plan remained unchanged to 6.25% . In addition to the assumptions in the above table, assumed mortality is also a key assumption in determining benefit obligations. Effective December 31, 2014, the Company updated the assumed mortality rates to reflect life expectancy improvements. Cash Flows In December of 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) was enacted. The Act established a prescription drug benefit under Medicare, known as “Medicare Part D”, and a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare Part D. Our benefits provided to certain participants are at least actuarially equivalent to Medicare Part D, and, accordingly, we are entitled to a subsidy. Expected employer contributions in 2016 are $7 million for our retirement plans and $9 million for our postretirement plans. In 2016 , we may elect to make additional non-required contributions depending on investment performance and the pension plan status. Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows: (in millions) Postretirement Plans 2 Retirement 1 Plans Gross payments Retiree contributions Medicare subsidy Net payments 2016 $ 91 $ 13 $ (4 ) $ (1 ) $ 8 2017 90 13 (4 ) (1 ) 8 2018 93 12 (4 ) (1 ) 7 2019 96 12 (4 ) (1 ) 7 2020 99 11 (4 ) (1 ) 6 2021-2025 539 43 (12 ) (3 ) 28 1 Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost. 2 Reflects the total benefits expected to be paid from our assets. Fair Value of Plan Assets In accordance with authoritative guidance for fair value measurements certain assets and liabilities are required to be recorded at fair value. Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows: • Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of our defined benefit plans assets as of December 31, 2015 and 2014 , by asset class is as follows: (in millions) December 31, 2015 Total Level 1 Level 2 Level 3 Cash and short-term investments $ 188 $ 8 $ 180 $ — Equities: U.S. indexes 1 312 63 249 — U.S. growth and value 132 92 40 — U.K. 47 34 13 — International, excluding U.K. 124 40 84 — Fixed income: Long duration strategy 2 1,072 — 1,072 — Intermediate duration securities 33 — 33 — Agency mortgage backed securities 6 — 6 — Asset backed securities 17 — 17 — Non-agency mortgage backed securities 3 23 — 23 — U.K. 4 6 — 6 — International, excluding U.K. 48 — 48 — Other 15 — 15 — Total $ 2,023 $ 237 $ 1,786 $ — (in millions) December 31, 2014 Total Level 1 Level 2 Level 3 Cash, short-term investments, and other $ 176 $ 17 $ 159 $ — Equities: U.S. indexes 1 293 88 205 — U.S. growth and value 204 147 57 — U.K. 67 56 11 — International, excluding U.K. 139 42 97 — Fixed income: Long duration strategy 2 1,165 — 1,165 — Intermediate duration securities 25 — 25 — Agency mortgage backed securities 6 — 6 — Asset backed securities 18 — 18 — Non-agency mortgage backed securities 3 37 — 37 — U.K. 4 7 — 7 — International, excluding U.K. 85 — 85 — Other 14 — 14 — Total $ 2,236 $ 350 $ 1,886 $ — 1 Includes securities that are tracked in the following indexes: S&P 500, S&P MidCap 400, S&P MidCap 400 Growth and S&P Smallcap 600. 2 Includes securities that are investment grade obligations of issuers in the U.S. 3 Includes U.S. mortgage-backed securities that are not backed by the U.S. government. 4 Includes securities originated by the government of and other issuers from the U.K. For securities that are quoted in active markets, the trustee/custodian determines fair value by applying securities’ prices obtained from its pricing vendors. For commingled funds that are not actively traded, the trustee applies pricing information provided by investment management firms to the unit quantities of such funds. Investment management firms employ their own pricing vendors to value the securities underlying each commingled fund. Underlying securities that are not actively traded derive their prices from investment managers, which in turn, employ vendors that use pricing models (e.g., discounted cash flow, comparables). The domestic defined benefit plans have no investment in our stock, except through the S&P 500 commingled trust index fund. Pension Trusts’ Asset Allocations There are two pension trusts, one in the U.S. and one in the U.K. • The U.S. pension trust had assets of $1.6 billion and $1.8 billion as of December 31, 2015 and 2014 , respectively, and the target allocations in 2015 include 26% domestic equities, 6% international equities, and 68% debt securities and short-term investments. • The U.K. pension trust had assets of $425 million and $443 million as of December 31, 2015 and 2014 , respectively, and the target allocations in 2015 include 20% equities, 40% diversified growth funds and 40% fixed income. The pension assets are invested with the goal of producing a combination of capital growth, income and a liability hedge. The mix of assets is established after consideration of the long-term performance and risk characteristics of asset classes. Investments are selected based on their potential to enhance returns, preserve capital and reduce overall volatility. Holdings are diversified within each asset class. The portfolios employ a mix of index and actively managed equity strategies by market capitalization, style, geographic regions and economic sectors. The fixed income strategies include U.S. long duration securities, opportunistic fixed income securities and U.K. debt instruments. The short-term portfolio, whose primary goal is capital preservation for liquidity purposes, is composed of government and government-agency securities, uninvested cash, receivables and payables. The portfolios do not employ any financial leverage. U.S. Defined Contribution Plans Assets of the defined contribution plans in the U.S. consist primarily of investment options which include actively managed equity, indexed equity, actively managed equity/bond funds, target date funds, McGraw Hill Financial common stock, stable value and money market strategies. There is also a self-directed mutual fund investment option. The plans purchased 223,656 shares and sold 247,984 shares of McGraw Hill Financial common stock in 2015 and purchased 301,924 shares and sold 629,086 shares of McGraw Hill Financial common stock in 2014 . The plans held approximately 1.8 million shares of McGraw Hill Financial common stock as of December 31, 2015 and 1.9 million shares as of December 31, 2014 , with market values of $179 million and $165 million , respectively. The plans received dividends on McGraw Hill Financial common stock of $2 million during the year ended December 31, 2015 and $3 million during the year ended December 31, 2014 .

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 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. • 2002 Employee Stock Incentive Plan (the “2002 Plan”) – The 2002 Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards. • Director Deferred Stock Ownership Plan – Under this plan, common stock reserved may be credited to deferred stock accounts for eligible Directors. In general, the plan requires that 50% of eligible Directors’ annual compensation plus dividend equivalents be credited to deferred stock accounts. Each Director may also elect to defer all or a portion of the remaining compensation and have an equivalent number of shares credited to the deferred stock account. Recipients under this plan are not required to provide consideration to us other than rendering service. Shares will be delivered as of the date a recipient ceases to be a member of the Board of Directors or within five years thereafter, if so elected. The plan will remain in effect until terminated by the Board of Directors or until no shares of stock remain available under the plan. The number of common shares reserved for issuance are as follows: (in millions) December 31, 2015 2014 Shares available for granting under the 2002 Plan 32.8 31.4 Options outstanding 5.8 8.1 Total shares reserved for issuance 1 38.6 39.5 1 Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million . We issue treasury shares upon exercise of stock options and the issuance of restricted stock and unit awards. To offset the dilutive effect of the exercise of employee stock options, we periodically repurchase shares. See Note 8 – Equity for further discussion. Stock-based compensation expense and the corresponding tax benefit are as follows: (in millions) Year Ended December 31, 2015 2014 2013 Stock option expense $ 14 $ 21 $ 13 Restricted stock and unit awards expense 64 79 83 Total stock-based compensation expense $ 78 $ 100 $ 96 Tax benefit $ 29 $ 38 $ 37 Stock-based compensation of $2 million and $10 million is recorded in discontinued operations for the years ended December 31, 2014 and 2013, respectively, as a result of the sale of MHE and McGraw Hill Construction described further in Note 2 – Acquisitions and Divestitures . Stock Options Stock options may not be granted at a price less than the fair market value of our common stock on the date of grant. Stock options granted vest over a three year service period in equal annual installments and have a maximum term of 10 years . Stock option compensation costs are recognized from the date of grant, utilizing a three -year graded vesting method. Under this method, one-third of the costs are ratably recognized over the first twelve months , one-third of the costs are ratably recognized over a twenty-four month period starting from the date of grant with the remaining costs ratably recognized over a thirty-six month period starting from the date of grant. Stock options granted in 2011 and prior years vest over a two year service period in equal annual installments and have a maximum term of 10 years . Stock option compensation costs for 2011 and prior year grants are recognized from the date of grant, utilizing a two -year graded vesting method. Under this method, fifty percent of the costs are ratably recognized over the first twelve months with the remaining costs ratably recognized over a twenty-four month period starting from the date of grant. We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted: Year Ended December 31, 2015 2014 2013 Risk-free average interest rate 0.2 - 1.9% 0.1 - 2.9% 0.1 - 2.9% Dividend yield 1.4% 1.4 - 1.8% 2.07 - 2.09% Volatility 21 - 39% 18 - 41% 29 - 45% Expected life (years) 6.3 6.21 - 6.25 6.1 - 6.2 Weighted-average grant-date fair value per option $ 27.57 $ 23.41 $ 14.46 Because lattice-based option-pricing models incorporate ranges of assumptions, those ranges are disclosed. These assumptions are based on multiple factors, including historical exercise patterns, post-vesting termination rates, expected future exercise patterns and the expected volatility of our stock price. The risk-free interest rate is the imputed forward rate based on the U.S. Treasury yield at the date of grant. We use the historical volatility of our stock price over the expected term of the options to estimate the expected volatility. The expected term of options granted is derived from the output of the lattice model and represents the period of time that options granted are expected to be outstanding. Stock option activity is as follows: (in millions, except per award amounts) Shares Weighted average exercise price Weighted-average remaining years of contractual term Aggregate intrinsic value Options outstanding as of December 31, 2014 8.1 $ 45.18 Granted 1 — $ 90.30 Exercised (2.2 ) $ 76.08 Canceled, forfeited and expired (0.1 ) $ 53.28 Options outstanding as of December 31, 2015 5.8 $ 45.61 4.5 $ 308 Options exercisable as of December 31, 2015 5.0 $ 42.10 4.0 $ 283 (in millions, except per award amounts) Shares Weighted-average grant-date fair value Nonvested options outstanding as of December 31, 2014 1.6 $ 19.00 Granted 1 — $ 27.57 Vested (0.7 ) $ 18.24 Forfeited (0.1 ) $ 17.44 Nonvested options outstanding as of December 31, 2015 0.8 $ 19.82 Total unrecognized compensation expense related to nonvested options $ 3 Weighted-average years to be recognized over 1.2 1 There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options. The total fair value of our stock options that vested during the years ended December 31, 2015 , 2014 and 2013 was $11 million , $6 million and $12 million , respectively. We receive a tax deduction for certain stock option exercises during the period in which the options are exercised, generally for the excess of the quoted market value of the stock at the time of the exercise of the options over the exercise price of the options (“intrinsic value”). For the years ended December 31, 2015 , 2014 and 2013 , $69 million , $128 million and $43 million , respectively, of excess tax benefits from stock options exercised are reported in our cash flows used for financing activities. Information regarding our stock option exercises is as follows: (in millions) Year Ended December 31, 2015 2014 2013 Net cash proceeds from the exercise of stock options $ 86 $ 193 $ 258 Total intrinsic value of stock option exercises $ 94 $ 168 $ 158 Income tax benefit realized from stock option exercises $ 49 $ 73 $ 61 Restricted Stock and Unit Awards Restricted stock and unit awards (performance and non-performance) have been granted under the 2002 Plan. Restricted stock and unit performance awards will vest only if we achieve certain financial goals over the performance period. Restricted stock non-performance awards have various vesting periods (generally three years ), with vesting beginning on the first anniversary of the awards. Recipients of restricted stock and unit awards are not required to provide consideration to us other than rendering service. The stock-based compensation expense for restricted stock and unit awards is determined based on the market price of our stock at the grant date of the award applied to the total number of awards that are anticipated to fully vest. For restricted stock and unit performance awards, adjustments are made to expense dependent upon financial goals achieved. Restricted stock and unit activity for performance and non-performance awards is as follows: (in millions, except per award amounts) Shares Weighted-average grant-date fair value Nonvested shares as of December 31, 2014 1.7 $ 61.56 Granted 1.3 $ 77.06 Vested (1.6 ) $ 96.00 Forfeited (0.2 ) $ 81.70 Nonvested shares as of December 31, 2015 1.2 $ 92.39 Total unrecognized compensation expense related to nonvested awards $ 60 Weighted-average years to be recognized over 1.6 Year Ended December 31, 2015 2014 2013 Weighted-average grant-date fair value per award $ 77.06 $ 77.74 $ 44.22 Total fair value of restricted stock and unit awards vested $ 155 $ 88 $ 119 Tax benefit relating to restricted stock activity $ 24 $ 30 $ 33

Equity

Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Equity	Equity Capital Stock Two million shares of preferred stock, par value $1 per share, are authorized; none have been issued. On January 27, 2016 , the Board of Directors approved an increase in the dividends for 2016 to a quarterly rate of $0.36 per common share. Year Ended December 31, 2015 2014 2013 Quarterly dividend rate $ 0.33 $ 0.30 $ 0.28 Annualized dividend rate $ 1.32 $ 1.20 $ 1.12 Dividends paid (in millions) $ 363 $ 326 $ 308 Stock Repurchases On December 4, 2013, the Board of Directors approved a stock repurchase program authorizing the purchase of 50 million shares (the "2013 Repurchase Program"), which was approximately 18% of the total shares of our outstanding common stock at that time. In 2011, the Board of Directors approved a stock repurchase program authorizing the purchase of up to 50 million shares (the “2011 Repurchase Program”), which was approximately 17% of the total shares of our outstanding common stock at that time. Share repurchases were as follows: (in millions, except average price) Year Ended December 31, 2015 2014 2013 Total number of shares purchased - 2013 Repurchase Program 10.1 4.4 — Total number of shares purchased - 2011 Repurchase Program 1 — — 16.9 Average price paid per share 2, 3 $ 99.00 $ 79.06 $ 58.52 Total cash utilized 2 $ 1,000 $ 352 $ 989 1 2013 includes shares received as part of our accelerated share repurchase agreements as described in more detail below. 2 In December of 2015, 0.3 million shares were repurchased for approximately $26 million , which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98 . In December of 2013, 0.1 million shares were repurchased for approximately $10 million , which settled in January of 2014. Excluding these 0.1 million shares, the average price paid per share was $58.36 . Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2015 and 2014 resulting in $974 million and $362 million of cash used to repurchase shares, respectively. 3 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. 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 December 31, 2015 , 35.5 million shares remained available under the 2013 Repurchase Program. As of December 31, 2015 , there were no remaining shares available under the 2011 Repurchase Program. The 2013 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions. Accelerated Share Repurchase Program We entered into an accelerated share repurchase (“ASR”) agreement with a financial institution on March 25, 2013 to initiate share repurchases aggregating $500 million . The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of approximately 7.2 million shares during the three months ended March 31, 2013, with an additional 1.4 million shares received on April 1, 2013, in the aggregate, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specific capped price per share. The total number of shares ultimately purchased was determined based on the volume weighted-average share price (“VWAP”), minus a discount, of our common stock from March 25, 2013 through July 22, 2013. On July 25, 2013 we received a final incremental delivery of 0.7 million shares determined using a VWAP of $53.7995 bringing the total amount of shares received to 9.3 million . Redeemable Noncontrolling Interests The agreement with the minority partners of our S&P Dow Jones Indices LLC partnership 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 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. Ch anges to redeemable noncontrolling interest during the year ended December 31, 2015 were as follows: (in millions) Balance as of December 31, 2014 $ 810 Net income attributable to noncontrolling interest 101 Distributions to noncontrolling interest (98 ) Redemption value adjustment 107 Balance as of December 31, 2015 $ 920 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 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 (110 ) 13 (1 ) (98 ) Reclassifications from accumulated other comprehensive loss to net earnings 12 1 12 Net other comprehensive income (110 ) 25 (1 ) (86 ) Balance as of December 31, 2015 $ (193 ) $ (406 ) $ (1 ) $ (600 ) 1 See Note 6 — 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 $7 million for the year ended December 31, 2015 .

Earnings (Loss) per Share

Earnings (Loss) per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) per Share Basic earnings (loss) per common share is computed by dividing net income (loss) attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed in the same manner as basic earnings (loss) per share, 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, restricted stock and restricted stock units calculated using the treasury stock method. The calculation for basic and diluted earnings (loss) per share is as follows: (in millions, except per share data) Year Ended December 31, 2015 2014 2013 Amount attributable to McGraw Hill Financial, Inc. common shareholders: Income (loss) from continuing operations $ 1,156 $ (293 ) $ 783 Income from discontinued operations — 178 593 Net income (loss) attributable to the Company $ 1,156 $ (115 ) $ 1,376 Basic weighted-average number of common shares outstanding 271.6 271.5 274.5 Effect of stock options and other dilutive securities 3.0 — 5.3 Diluted weighted-average number of common shares outstanding 274.6 271.5 279.8 Income (loss) from continuing operations: Basic $ 4.26 $ (1.08 ) $ 2.85 Diluted $ 4.21 $ (1.08 ) $ 2.80 Income from discontinued operations: Basic $ — $ 0.66 $ 2.16 Diluted $ — $ 0.66 $ 2.12 Net income (loss): Basic $ 4.26 $ (0.42 ) $ 5.01 Diluted $ 4.21 $ (0.42 ) $ 4.91 Each period we have certain stock options and restricted performance shares that are excluded from the computation of diluted earnings (loss) per share. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a loss from continuing operations exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a loss from continuing operations exists. As of December 31, 2015 , there were no stock options excluded as compared to 2.9 million and 1.2 million stock options excluded for the years ended December 31, 2014 and 2013 , respectively. Additionally, restricted performance shares outstanding of 0.9 million , 3.2 million and 0.9 million as of December 31, 2015 , 2014 and 2013 , respectively, were excluded.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 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 our decision to exit non-strategic businesses. Our 2015 and 2014 restructuring plans consisted of a company-wide workforce reduction of approximately 550 positions 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. There was approximately $7 million of reserves from the 2014 restructuring plan that we have reversed in 2015, which offset the initial charge of $86 million recorded for the 2014 restructuring plan. The initial restructuring charge recorded and the ending reserve balance as of December 31, 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 $ 18 $ 15 $ 45 6 S&P Capital IQ and SNL 31 23 9 1 C&C 1 3 2 16 1 Corporate 11 10 16 5 Total $ 63 $ 50 $ 86 $ 13 1 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 retained McGraw Hill Construction's restructuring liabilities and the initial charge associated with the reserve has been bifurcated between continuing and discontinued operations. The 2014 restructuring plan includes an initial charge of $3 million . For the year ended December 31, 2015 , we have reduced the reserve for the 2015 restructuring plan by $13 million and for the years ended December 31, 2015 and 2014 , we have reduced the reserve for the 2014 restructuring plan by $64 million and $9 million , respectively. The reductions primarily related to cash payments for employee severance costs.

Segment and Geographic Informat

Segment and Geographic Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information As discussed in Note 1 – Accounting Policies , 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. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policie s. Segment information for the years ended December 31 is as follows: (in millions) Revenue Operating Profit (Loss) 2015 2014 2013 2015 2014 2013 S&P Ratings $ 2,428 $ 2,455 $ 2,274 $ 1,078 $ (583 ) $ 882 S&P Capital IQ and SNL 1,405 1,237 1,170 228 228 189 S&P DJ Indices 597 552 493 392 347 266 C&C 971 893 841 357 290 280 Intersegment elimination 1 (88 ) (86 ) (76 ) — — — Total operating segments 5,313 5,051 4,702 2,055 282 1,617 Unallocated expense 2 — — — (138 ) (169 ) (259 ) Total $ 5,313 $ 5,051 $ 4,702 $ 1,917 $ 113 $ 1,358 1 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. 2 The year ended December 31, 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million . The year ended December 31, 2014 includes restructuring charges of $16 million . The year ended December 31, 2013 includes costs necessary to enable the separation of MHE and reduce our cost structure of $64 million , a $36 million non-cash impairment charge related to the sale of a data center and $13 million related to terminating various leases as we reduce our real estate portfolio. (in millions) Depreciation & Amortization Capital Expenditures 2015 2014 2013 2015 2014 2013 S&P Ratings $ 43 $ 43 $ 45 $ 48 $ 33 $ 40 S&P Capital IQ and SNL 70 50 49 60 38 39 S&P DJ Indices 8 7 10 4 2 4 C&C 29 24 22 18 11 17 Total operating segments 150 124 126 130 84 100 Corporate 7 10 11 9 8 17 Total $ 157 $ 134 $ 137 $ 139 $ 92 $ 117 Segment information as of December 31 is as follows: (in millions) Total Assets 2015 2014 S&P Ratings $ 620 $ 624 S&P Capital IQ and SNL 3,405 1,011 S&P DJ Indices 1,181 1,166 C&C 606 918 Total operating segments 5,812 3,719 Corporate 1 1,868 3,054 Assets of a business held for sale 2 503 — Total $ 8,183 $ 6,773 1 Corporate assets consist principally of cash and cash equivalents, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas. 2 Includes J.D. Power as of December 31, 2015. We have operations with foreign revenue and long-lived assets in approximately 90 countries. We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue. The following provides revenue and long-lived assets by geographic region: (in millions) Revenue Long-lived Assets Years ended December 31, December 31, 2015 2014 2013 2015 2014 U.S. $ 3,202 $ 2,911 $ 2,723 $ 4,198 $ 2,117 European region 1,265 1,316 1,226 419 430 Asia 566 528 483 63 54 Rest of the world 280 296 270 50 64 Total $ 5,313 $ 5,051 $ 4,702 $ 4,730 $ 2,665 Revenue Long-lived Assets Years ended December 31, December 31, 2015 2014 2013 2015 2014 U.S. 60 % 58 % 58 % 89 % 80 % European region 24 26 26 9 16 Asia 11 10 10 1 2 Rest of the world 5 6 6 1 2 Total 100 % 100 % 100 % 100 % 100 % See Note 2 – Acquisitions and Divestitures and Note 10 – Restructuring , for actions that impacted the segment operating results.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Rental Expense and Lease Obligations We are committed under lease arrangements covering property, computer systems and office equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of their economic lives or their lease term. Certain lease arrangements contain escalation clauses covering increased costs for various defined real estate taxes and operating services and the associated fees are recognized on a straight-line basis over the minimum lease period. Rental expense for property and equipment under all operating lease agreements is as follows: (in millions) Years ended December 31, 2015 2014 2013 Gross rental expense $ 182 $ 199 $ 202 Less: sublease revenue (14 ) (16 ) (29 ) Less: Rock-McGraw rent credit (4 ) (23 ) (20 ) Net rental expense $ 164 $ 160 $ 153 In December of 2003, we sold our 45% equity investment in Rock-McGraw, Inc., which owned our then headquarters building in New York City, and remained an anchor tenant by concurrently leasing back space from the buyer through 2020. Proceeds from the disposition were $382 million and the sale resulted in a pre-tax gain, net of transaction costs, of $131 million ( $58 million after-tax) upon disposition. As a result of the amount of building space we retained through our leaseback, a pre-tax gain of $212 million ( $126 million after-tax) was deferred upon the disposition in 2003. In December of 2013, we entered into an arrangement with the buyer to shorten the lease to December of 2015 in exchange for approximately $60 million which was recorded as a reduction to the unrecognized deferred gain from the sale. The remaining gain was amortized over the remaining lease term as a reduction in rent expense. The amount of gain recognized for the years ended December 31, 2015, 2014 and 2013 was $4 million , $21 million and $15 million , respectively. The lease terminated in December of 2015. Cash amounts for future minimum rental commitments, including rent payments on the sale-leaseback, under existing non-cancelable leases with a remaining term of more than one year, along with minimum sublease rental income to be received under non-cancelable subleases are shown in the following table. (in millions) Rent commitment Sublease income Net rent 2016 $ 136 $ (14 ) $ 122 2017 120 (13 ) 107 2018 109 (13 ) 96 2019 101 (13 ) 88 2020 49 (2 ) 47 2021 and beyond 162 — 162 Total $ 677 $ (55 ) $ 622 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. Trani Prosecutorial Proceeding The prosecutor in the Italian city of Trani has obtained 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. Trial commenced 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 Actions 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. Plaintiffs filed an opposition on December 8, 2015, and the Company and the individual defendants filed their reply on January 8, 2016. The court has scheduled oral argument on the motions to dismiss for April 22, 2016. On January 28, 2016, a different purported shareholder commenced a separate putative derivative action on behalf of the Company in New York State Supreme Court titled L.A. Grika v. Harold McGraw III, et al . The allegations in the complaint are substantially similar to those in the North Miami Beach matter described above. The complaint asserts claims for, inter alia, breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, unjust enrichment, contribution and indemnification against Harold McGraw III, Douglas L. Peterson, and nine former S&P Ratings employees. The Company is reviewing the plaintiff’s complaint and intends to vigorously defend this matter. The City of Swan Australian government municipal councils filed suit against the Company and S&P International LLC in a representative action in April of 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 of 2015 to August of 2016. The Company and the plaintiffs are currently engaged in settlement discussions. The Company has established a reserve for potential settlement in an amount deemed adequate by management based on the facts and circumstances of the case. We can provide no assurance that the Company will not incur 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 McGraw Hill Construction Under the terms of an asset purchase agreement with Skyline HoldCo LLC (“Skyline”) related to Skyline’s purchase of the McGraw Hill Construction business from the Company in November 2014, the Company agreed to retain liability with respect to the litigation captioned, Reed Construction Data Inc. v. The McGraw-Hill Companies, Inc. et al. , 09 Civ. 8578 (JPO), in the United States District Court for the Southern District of New York, and any action instituted at any time by the parties thereto arising from substantially the same set of facts and circumstances. Reed Construction Data filed this action in the U.S. District Court for the Southern District of New York in October of 2009, asserting 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. On January 7, 2016, the Second Circuit Court of Appeals affirmed the District Court’s grant of summary judgment.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 and 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 years ended December 31, 2015 , 2014 and 2013 , S&P Dow Jones Indices LLC earned $63 million , $52 million and $46 million of revenue under the terms of the License Agreement, respectively. 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.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	Quarterly Financial Information (Unaudited) (in millions, except per share data) First quarter Second quarter Third quarter Fourth quarter Total year 2015 Revenue $ 1,273 $ 1,342 $ 1,324 $ 1,374 $ 5,313 Operating profit $ 501 $ 582 $ 410 $ 424 $ 1,917 Income from continuing operations $ 329 $ 381 $ 281 $ 276 $ 1,268 Net income $ 329 $ 381 $ 281 $ 276 $ 1,268 Net income attributable to McGraw Hill Financial common shareholders: Income from continuing operations $ 303 $ 353 $ 252 $ 248 $ 1,156 Net income $ 303 $ 353 $ 252 $ 248 $ 1,156 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations: Basic $ 1.11 $ 1.29 $ 0.93 $ 0.92 $ 4.26 Diluted $ 1.10 $ 1.28 $ 0.92 $ 0.91 $ 4.21 Net income: Basic $ 1.11 $ 1.29 $ 0.93 $ 0.92 $ 4.26 Diluted $ 1.10 $ 1.28 $ 0.92 $ 0.91 $ 4.21 2014 Revenue $ 1,196 $ 1,302 $ 1,263 $ 1,290 $ 5,051 Operating profit (loss) $ 420 $ 476 $ 366 $ (1,148 ) $ 113 Income (loss) from continuing operations $ 268 $ 310 $ 215 $ (984 ) $ (191 ) Income from discontinued operations $ 7 $ 6 $ 2 $ 163 $ 178 Net income (loss) $ 275 $ 316 $ 217 $ (821 ) $ (13 ) Net income attributable to McGraw Hill Financial common shareholders: Income (loss) from continuing operations $ 241 $ 286 $ 188 $ (1,009 ) $ (293 ) Income from discontinued operations 7 6 2 163 178 Net income (loss) $ 248 $ 292 $ 190 $ (846 ) $ (115 ) Earnings (loss) per share attributable to McGraw Hill Financial, Inc. common shareholders: Income (loss) from continuing operations: Basic $ 0.89 $ 1.05 $ 0.69 $ (3.71 ) $ (1.08 ) Diluted $ 0.87 $ 1.04 $ 0.68 $ (3.71 ) $ (1.08 ) Income from discontinued operations: Basic $ 0.02 $ 0.02 $ 0.01 $ 0.60 $ 0.66 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.60 $ 0.66 Net income (loss): Basic $ 0.91 $ 1.08 $ 0.70 $ (3.11 ) $ (0.42 ) Diluted $ 0.89 $ 1.06 $ 0.69 $ (3.11 ) $ (0.42 ) Note - Totals presented may not sum due to rounding.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 624 $ 2,141 $ 2,663 $ (115 ) $ 5,313 Expenses: Operating-related expenses 73 522 1,192 (115 ) 1,672 Selling and general expenses 248 469 861 — 1,578 Depreciation 40 18 32 — 90 Amortization of intangibles — — 67 — 67 Total expenses 361 1,009 2,152 (115 ) 3,407 Other income — — (11 ) — (11 ) Operating profit 263 1,132 522 — 1,917 Interest expense (income), net 112 — (10 ) — 102 Non-operating intercompany transactions 282 222 (504 ) — — (Loss) income from continuing operations before taxes on income (131 ) 910 1,036 — 1,815 (Benefit) provision for taxes on income (107 ) 358 296 — 547 Equity in net income of subsidiaries 1,473 272 — (1,745 ) — Net income 1,449 824 740 (1,745 ) 1,268 Less: net income from continuing operations attributable to noncontrolling interests — — — (112 ) (112 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,449 $ 824 $ 740 $ (1,857 ) $ 1,156 Comprehensive income $ 1,446 $ 822 $ 655 $ (1,741 ) $ 1,182 Statement of Income Year Ended December 31, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 598 $ 2,043 $ 2,525 $ (115 ) $ 5,051 Expenses: Operating-related expenses 78 389 1,275 (115 ) 1,627 Selling and general expenses 296 2,350 522 — 3,168 Depreciation 41 17 28 — 86 Amortization of intangibles 4 — 44 — 48 Total expenses 419 2,756 1,869 (115 ) 4,929 Other loss 3 — 6 — 9 Operating profit (loss) 176 (713 ) 650 — 113 Interest expense (income), net 66 — (7 ) — 59 Non-operating intercompany transactions 193 38 (231 ) — — (Loss) income from continuing operations before taxes on income (83 ) (751 ) 888 — 54 (Benefit) provision for taxes on income (22 ) 16 251 — 245 Equity in net (loss) income of subsidiaries (443 ) 248 — 195 — (Loss) income from continuing operations (504 ) (519 ) 637 195 (191 ) Discontinued operations, net of tax: Income from discontinued operations 18 — — — 18 Gain on sale of discontinued operations 160 — — — 160 Discontinued operations, net 178 — — — 178 Net (loss) income $ (326 ) $ (519 ) $ 637 $ 195 (13 ) Less: net income from continuing operations attributable to noncontrolling interests — — — (102 ) (102 ) Net (loss) income attributable to McGraw Hill Financial, Inc. $ (326 ) $ (519 ) $ 637 $ 93 $ (115 ) Comprehensive (loss) income $ (495 ) $ (544 ) $ 513 $ 195 $ (331 ) Statement of Income Year Ended December 31, 2013 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 570 $ 1,931 $ 2,306 $ (105 ) $ 4,702 Expenses: Operating-related expenses 128 556 985 (105 ) 1,564 Selling and general expenses 338 532 761 — 1,631 Depreciation 40 19 27 — 86 Amortization of intangibles 5 — 46 — 51 Total expenses 511 1,107 1,819 (105 ) 3,332 Other loss (income) 25 3 (16 ) — 12 Operating profit 34 821 503 — 1,358 Interest expense (income), net 65 — (6 ) — 59 Non-operating intercompany transactions 245 66 (311 ) — — Income from continuing operations before taxes on income (276 ) 755 820 — 1,299 (Benefit) provision for taxes on income (121 ) 283 263 — 425 Equity in net income of subsidiaries 1,937 197 — (2,134 ) — Income from continuing operations 1,782 669 557 (2,134 ) 874 Discontinued operations, net of tax: Income (loss) from discontinued operations 82 — (79 ) — 3 Gain (loss) on sale of discontinued operations 644 — (55 ) — 589 Discontinued operations, net 726 — (134 ) — 592 Net income $ 2,508 $ 669 $ 423 $ (2,134 ) $ 1,466 Less: net income from continuing operations attributable to noncontrolling interests — — — (91 ) (91 ) Less: net loss from discontinued operations attributable to noncontrolling interests — — — 1 1 Net income attributable to McGraw Hill Financial, Inc. $ 2,508 $ 669 $ 423 $ (2,224 ) $ 1,376 Comprehensive income $ 2,773 $ 669 $ 452 $ (2,106 ) $ 1,788 Balance Sheet December 31, 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 $ 167 $ — $ 1,314 $ — $ 1,481 Accounts receivable, net of allowance for doubtful accounts 116 319 556 — 991 Intercompany receivable 208 1,872 1,273 (3,353 ) — Deferred income taxes 75 10 24 — 109 Prepaid and other current assets 120 13 80 (1 ) 212 Assets of a business held for sale 4 — 499 — 503 Total current assets 690 2,214 3,746 (3,354 ) 3,296 Property and equipment, net of accumulated depreciation 141 3 126 — 270 Goodwill 17 40 2,816 9 2,882 Other intangible assets, net — — 1,522 — 1,522 Asset for pension benefits — — 36 — 36 Investments in subsidiaries 4,651 659 7,316 (12,626 ) — Intercompany loans receivable 16 368 1,733 (2,117 ) — Other non-current assets 67 19 91 — 177 Total assets $ 5,582 $ 3,303 $ 17,386 $ (18,088 ) $ 8,183 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 71 $ 54 $ 81 $ — $ 206 Intercompany payable 2,144 675 535 (3,354 ) — Accrued compensation and contributions to retirement plans 127 89 167 — 383 Short-term debt 143 — — — 143 Income taxes currently payable 1 — 55 — 56 Unearned revenue 254 586 582 (1 ) 1,421 Accrued legal and regulatory settlements — 115 6 — 121 Other current liabilities 190 (50 ) 232 — 372 Liabilities of a business held for sale 80 — 126 — 206 Total current liabilities 3,010 1,469 1,784 (3,355 ) 2,908 Long-term debt 3,468 — — — 3,468 Intercompany loans payable 21 — 2,096 (2,117 ) — Pension and other postretirement benefits 230 — 46 — 276 Deferred income taxes (246 ) 17 252 — 23 Other non-current liabilities 221 81 43 — 345 Total liabilities 6,704 1,567 4,221 (5,472 ) 7,020 Redeemable noncontrolling interest — — — 920 920 Equity: Common stock 412 — 2,337 (2,337 ) 412 Additional paid-in capital (184 ) 1,179 10,174 (10,694 ) 475 Retained income 6,701 557 987 (609 ) 7,636 Accumulated other comprehensive loss (322 ) — (322 ) 44 (600 ) Less: common stock in treasury (7,729 ) — (12 ) 12 (7,729 ) Total equity - controlling interests (1,122 ) 1,736 13,164 (13,584 ) 194 Total equity - noncontrolling interests — — 1 48 49 Total equity (1,122 ) 1,736 13,165 (13,536 ) 243 Total liabilities and equity $ 5,582 $ 3,303 $ 17,386 $ (18,088 ) $ 8,183 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 60 334 (34 ) — 360 Prepaid and other current assets 79 27 67 — 173 Total current assets 2,186 2,779 3,645 (4,648 ) 3,962 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 20 358 1,594 (1,972 ) — Other non-current assets 71 25 90 — 186 Total assets $ 3,768 $ 3,861 $ 14,791 $ (15,647 ) $ 6,773 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 19 1 34 — 54 Unearned revenue 259 520 475 — 1,254 Accrued legal and regulatory settlements — 1,609 — — 1,609 Other current liabilities 194 — 208 — 402 Total current liabilities 3,230 2,913 2,336 (4,559 ) 3,920 Long-term debt 795 — — — 795 Intercompany loans payable 109 — 1,952 (2,061 ) — Pension and other postretirement benefits 272 — 61 — 333 Deferred income taxes (260 ) 51 249 — 40 Other non-current liabilities 219 73 44 — 336 Total liabilities 4,365 3,037 4,642 (6,620 ) 5,424 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 6,275 (329 ) 1,060 (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 (597 ) 824 10,149 (9,888 ) 488 Total equity - noncontrolling interests — — — 51 51 Total equity (597 ) 824 10,149 (9,837 ) 539 Total liabilities and equity $ 3,768 $ 3,861 $ 14,791 $ (15,647 ) $ 6,773 Statement of Cash Flows Year Ended December 31, 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 $ 1,449 $ 824 $ 740 $ (1,745 ) $ 1,268 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 40 18 32 — 90 Amortization of intangibles — — 67 — 67 Provision for losses on accounts receivable 1 1 6 — 8 Deferred income taxes 33 290 (43 ) — 280 Stock-based compensation 23 24 31 — 78 Accrued legal and regulatory settlements — 110 9 — 119 Other 23 16 7 — 46 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 3 (27 ) (94 ) — (118 ) Prepaid and current assets (13 ) 14 (5 ) — (4 ) Accounts payable and accrued expenses (75 ) (34 ) 17 — (92 ) Unearned revenue (5 ) 66 68 — 129 Accrued legal and regulatory settlement — (1,624 ) — — (1,624 ) Other current liabilities (32 ) (35 ) (11 ) — (78 ) Net change in prepaid/accrued income taxes (54 ) — 115 — 61 Net change in other assets and liabilities 78 8 (121 ) — (35 ) Cash provided by (used for) operating activities from continuing operations 1,471 (349 ) 818 (1,745 ) 195 Investing Activities: Capital expenditures (67 ) (10 ) (62 ) — (139 ) Acquisitions, net of cash acquired (2,243 ) — (153 ) — (2,396 ) Proceeds from dispositions — — 14 — 14 Changes in short-term investments — — (4 ) — (4 ) Cash used for investing activities from continuing operations (2,310 ) (10 ) (205 ) — (2,525 ) Financing Activities: Additions to short-term debt, net 143 — — — 143 Proceeds from issuance of senior notes, net 2,674 — — — 2,674 Dividends paid to shareholders (363 ) — — — (363 ) Dividends and other payments paid to noncontrolling interests — — (104 ) — (104 ) Repurchase of treasury shares (974 ) — — — (974 ) Exercise of stock options 80 — 6 — 86 Contingent payments (5 ) — — — (5 ) Purchase of additional CRISIL shares — — (16 ) — (16 ) Excess tax benefits from share-based payments 69 — — — 69 Intercompany financing activities (2,020 ) 359 (84 ) 1,745 — Cash (used for) provided by financing activities from continuing operations (396 ) 359 (198 ) 1,745 1,510 Effect of exchange rate changes on cash from continuing operations — — (67 ) — (67 ) Cash (used for) provided by continuing operations (1,235 ) — 348 — (887 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,235 ) — 219 — (1,016 ) Cash and cash equivalents at beginning of year 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of year $ 167 $ — $ 1,314 $ — $ 1,481 Statement of Cash Flows Year Ended December 31, 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 (loss) income $ (326 ) $ (519 ) $ 637 $ 195 $ (13 ) Less: discontinued operations, net 178 — — — 178 (Loss) income from continuing operations (504 ) (519 ) 637 195 (191 ) Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations: Depreciation 41 17 28 — 86 Amortization of intangibles 4 — 44 — 48 Provision for losses on accounts receivable — 5 6 — 11 Deferred income taxes 42 (272 ) (15 ) — (245 ) Stock-based compensation 31 34 35 — 100 Accrued legal and regulatory settlements — 1,587 — — 1,587 Other 21 39 20 — 80 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (11 ) 47 (45 ) — (9 ) Prepaid and current assets (42 ) (17 ) 52 — (7 ) Accounts payable and accrued expenses (83 ) (47 ) — — (130 ) Unearned revenue 8 26 44 — 78 Accrued legal and regulatory settlement — (35 ) — — (35 ) Other current liabilities (51 ) 45 (10 ) — (16 ) Net change in prepaid/accrued income taxes 13 3 (109 ) — (93 ) Net change in other assets and liabilities (131 ) 5 71 — (55 ) Cash (used for) provided by operating activities from continuing operations (662 ) 918 758 195 1,209 Investing Activities: Capital expenditures (26 ) (14 ) (52 ) — (92 ) Acquisitions, net of cash acquired — — (71 ) — (71 ) Proceeds from dispositions 63 — 20 — 83 Changes in short-term investments — — 15 — 15 Cash provided by (used for) investing activities from continuing operations 37 (14 ) (88 ) — (65 ) Financing Activities: Dividends paid to shareholders (326 ) — — — (326 ) Dividends and other payments paid to noncontrolling interests — — (84 ) — (84 ) Repurchase of treasury shares (362 ) — — — (362 ) Exercise of stock options 184 — 9 — 193 Contingent payments — — (11 ) — (11 ) Excess tax benefits from share-based payments 128 — — — 128 Intercompany financing activities 1,377 (904 ) (278 ) (195 ) — Cash provided by (used for) financing activities from continuing operations 1,001 (904 ) (364 ) (195 ) (462 ) Effect of exchange rate changes on cash from continuing operations 3 — (68 ) — (65 ) Cash provided by continuing operations 379 — 238 — 617 Discontinued Operations: Cash provided by operating activities 18 — — — 18 Cash provided by investing activities 320 — — — 320 Cash provided by discontinued operations 338 — — — 338 Net change in cash and cash equivalents 717 — 238 — 955 Cash and cash equivalents at beginning of year 685 — 857 — 1,542 Cash and cash equivalents at end of year $ 1,402 $ — $ 1,095 $ — $ 2,497 Statement of Cash Flows Year Ended December 31, 2013 (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 $ 2,508 $ 669 $ 423 $ (2,134 ) $ 1,466 Less: discontinued operations, net 726 — (134 ) — 592 Income from continuing operations 1,782 669 557 (2,134 ) 874 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 40 19 27 — 86 Amortization of intangibles 5 — 46 — 51 Provision for losses on accounts receivable 1 7 14 — 22 Deferred income taxes 39 — 4 — 43 Stock-based compensation 35 33 28 — 96 Accrued legal and regulatory settlements — — — — — Other 68 10 18 — 96 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (2 ) (4 ) (29 ) — (35 ) Prepaid and current assets (14 ) (7 ) (8 ) — (29 ) Accounts payable and accrued expenses (120 ) 18 8 — (94 ) Unearned revenue 17 43 49 — 109 Other current liabilities (43 ) (24 ) (22 ) — (89 ) Net change in prepaid/accrued income taxes (265 ) (3 ) 30 — (238 ) Net change in other assets and liabilities (190 ) 84 (4 ) — (110 ) Cash provided by operating activities from continuing operations 1,353 845 718 (2,134 ) 782 Investing Activities: Capital expenditures (61 ) (19 ) (37 ) — (117 ) Acquisitions, net of cash acquired — — (47 ) — (47 ) Proceeds from dispositions 35 — 16 — 51 Changes in short-term investments — — (17 ) — (17 ) Cash used for investing activities from continuing operations (26 ) (19 ) (85 ) — (130 ) Financing Activities: Payments on short-term debt (457 ) — — — (457 ) Dividends paid to shareholders (308 ) — — — (308 ) Dividends and other payments paid to noncontrolling interests — — (75 ) — (75 ) Repurchase of treasury shares (978 ) — — — (978 ) Exercise of stock options 254 — 4 — 258 Contingent payments — — (12 ) — (12 ) Purchase of additional CRISIL shares — — (214 ) — (214 ) Excess tax benefits from share-based payments 43 — — — 43 Intercompany financing activities (43 ) (826 ) (1,265 ) 2,134 — Cash used for financing activities from continuing operations (1,489 ) (826 ) (1,562 ) 2,134 (1,743 ) Effect of exchange rate changes on cash from continuing operations 8 — (9 ) — (1 ) Cash used for continuing operations (154 ) — (938 ) — (1,092 ) Discontinued Operations: Cash provided by (used for) operating activities 720 — (951 ) — (231 ) Cash provided by investing activities — — 2,129 — 2,129 Cash used for financing activities — — (25 ) — (25 ) Effect of exchange rate changes on cash — — 1 — 1 Cash provided by discontinued operations 720 — 1,154 — 1,874 Net change in cash and cash equivalents 566 — 216 — 782 Cash and cash equivalents at beginning of year 119 — 641 — 760 Cash and cash equivalents at end of year $ 685 $ — $ 857 $ — $ 1,542

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts (in millions) Additions/(deductions) Balance at beginning of year Net charges to income Deductions and other 1 Balance at end of year Year ended December 31, 2015 Allowance for doubtful accounts $ 38 $ 12 $ (13 ) $ 37 Year ended December 31, 2014 Allowance for doubtful accounts $ 50 $ 2 $ (14 ) $ 38 Year ended December 31, 2013 Allowance for doubtful accounts $ 51 $ 20 $ (21 ) $ 50 1 Primarily includes uncollectible accounts written off, net of recoveries, impact of acquisitions and divestitures and adjustments for foreign currency translation.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of operations	Nature of operations McGraw Hill Financial, Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading benchmarks and ratings, analytics, data and research provider serving the global capital, commodities and commercial markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, and issuers; the commodities markets include producers, traders and intermediaries within energy, metals, petrochemicals and agriculture; and the commercial markets include professionals and corporate executives within automotive, financial services, insurance 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 (“C&C”). • S&P Ratings is an independent provider of credit ratings, research and analytics to investors, issuers and market participants. • 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 leading 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. As of August 1, 2013, we completed the sale of Aviation Week and the results have been included in C&C's results through that date. See Note 11 – Segment and Geographic Information for further discussion on our operating segments, which are also our reportable segments. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power, included in our C&C segment. We committed to and initiated an active program to sell J.D. Power in its current state that we believe is probable in the next year. As a result, we have classified the assets and liabilities of J.D. Power as held for sale in our consolidated balance sheet as of December 31, 2015. The anticipated disposal does not represent a strategic shift that will have a major effect on operations and financial results, therefore, it is not classified as a discontinued operation. 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 years ended December 31, 2014 and December 31, 2013 have been reclassified to reflect the business as a discontinued operation. We completed the sale of our McGraw-Hill Education business ("MHE") on March 22, 2013 and, accordingly, the results of operations of MHE have been reclassified to reflect the business as a discontinued operation for the year ended December 31, 2013. See Note 2 — Acquisitions and Divestitures for further discussion on discontinued operations.
Assets and Liabilities Held for Sale and Discontinued Operations	Assets and Liabilities Held for Sale and Discontinued Operations Assets and Liabilities Held for Sale We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. An entity that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale. The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets. Discontinued Operations Beginning on January 1, 2015, we adopted revised guidance for discontinued operations that raises the threshold for a disposal to qualify as a discontinued operation. In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises o perations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements. For the years ended December 31, 2014 and 2013, we applied the previous guidance for discontinued operations in determining whether a group of assets disposed or to be disposed of should be presented as a discontinued operation. We determined whether the group of assets being disposed of comprised a component of the entity. We also determined whether the cash flows associated with the group of assets had been or would have been eliminated from our ongoing operations as a result of the disposal transaction and whether we would have had significant continuing involvement in the operations of the group of assets after the disposal transaction. If we concluded that the cash flows had been eliminated and we had no significant continuing involvement, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) were aggregated for separate presentation for separate presentation apart from our continuing operating results in the consolidated financial statements. See Note 2 – Acquisitions and Divestitures for a summary of discontinued operations. Unless otherwise indicated, all disclosures and amounts in the notes to our consolidated financial statements relate to our continuing operations.
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $1.5 billion and $2.5 billion as of December 31, 2015 and 2014 , respectively. These investments are not subject to significant market risk.
Short-term investments	Short-term investments Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded into income when earned.
Accounts receivable	Accounts receivable Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.
Allowance for doubtful accounts	Allowance for doubtful accounts The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.
Deferred technology costs	Deferred technology costs We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization.
Fair Value	Fair Value Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have an immaterial amount of forward exchange contracts that are adjusted to fair value on a recurring basis. Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments.
Accounting for the impairment of long-lived assets (including other intangible assets)	Accounting for the impairment of long-lived assets (including other intangible assets) We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets. 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 discussion. On June 30, 2014, we completed the sale of our data center to Quality Technology Services, LLC (“QTS”) 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 loss (income) in our consolidated statement of income, which is in addition to the non-cash impairment charge of $36 million we recorded in the fourth quarter of 2013 to adjust the value facilities and associated infrastructure classified as held for sale to their fair value. During the fourth quarter of 2013, we also incurred a $26 million non-cash impairment charge associated with an intangible asset acquired through the formation of our S&P Dow Jones Indices LLC joint venture.
Goodwill and other indefinite-lived intangible assets	Goodwill and other indefinite-lived intangible assets Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment. We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a two-step quantitative impairment test. When conducting the first step of our two step impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of a discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. If the fair value of the reporting unit is less than the carrying value, a second step is performed which compares the implied fair value of the reporting unit’s goodwill to the carrying value of the goodwill. The fair value of the goodwill is determined based on the difference between the fair value of the reporting unit and the net fair value of the identifiable assets and liabilities of the reporting unit. If the implied fair value of the goodwill is less than the carrying value, the difference is recognized as an impairment charge. We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired a quantitative impairment test is performed. If necessary, the impairment test is performed by comparing the estimated fair value of the intangible asset to its carrying value. If the indefinite-lived intangible asset carrying value exceeds its fair value, an impairment analysis is performed using the income approach. The fair value of loss is recognized in an amount equal to that excess. Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations. We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2015 , 2014 and 2013 .
Foreign currency translation	Foreign currency translation We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.
Revenue recognition	Revenue recognition Revenue is recognized as it is earned when services are rendered. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. Revenue relating to products that provide for more than one deliverable is recognized based upon the relative fair value to the customer of each deliverable as each deliverable is provided. Revenue relating to agreements that provide for more than one service is recognized based upon the relative fair value to the customer of each service component as each component is earned. If the fair value to the customer for each service is not objectively determinable, management makes its best estimate of the services’ stand-alone selling price and records revenue as it is earned over the service period. For arrangements that include multiple services, fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. Advertising revenue is recognized when the page is run. Subscription income is recognized over the related subscription period.
Depreciation	Depreciation The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years . The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.
Advertising expense	Advertising expense The cost of advertising is expensed as incurred.
Stock-based compensation	Stock-based compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income.
Income taxes	Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively. Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information. We file income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on our assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that examinations will be settled prior to December 31, 2016. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. On the basis of present information, our opinion is that any assessments resulting from the current audits will not have a material effect on our consolidated financial statements.
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture established in June of 2012 contains redemption features whereby interests held by our 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. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would be required to purchase all of such interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using a combination of an income and market valuation approach. Our income and market valuation approaches may incorporate Level 3 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. See Note 8 – Equity , for further detail.
Contingencies	Contingencies We accrue for loss contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred.
Recent Accounting Standards	Recent Accounting Standards In November of 2015, the Financial Accounting Standards Board ("FASB") issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. 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 September of 2015, the 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 adopted this guidance upon issuance and prior year amounts have been reclassified to conform with current year presentation. As of December 31, 2014, $4 million of debt issuance costs were reclassified from other non-current assets to long-term debt, less current portion. The adoption of this guidance did not 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. While we will continue with our evaluation process, initially, we believe this guidance may have an impact on the accounting for certain proprietary consulting arrangements in our C&C segment as well as the accounting for certain integrated desktop service revenue arrangements offered in our S&P Capital IQ and SNL segment. 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. We adopted the amendments to this guidance on January 1, 2015.
Reclassification	Reclassification Certain prior year amounts have been reclassified for comparability purposes.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Preliminary Purchase Price Allocation for the SNL Acquisition	The following table presents the preliminary allocation of purchase price to the assets and liabilities of SNL as a result of the acquisition. (in millions) Current assets $ 23 Property, plant and equipment 19 Goodwill 1,563 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 1 Total assets acquired 2,378 Current liabilities (23 ) Unearned revenue (117 ) Other non-current liabilities (4 ) Total liabilities acquired (144 ) Net assets acquired $ 2,234
Supplemental Information on an Unaudited Pro Forma Basis	Supplemental information on an unaudited pro forma basis is presented below for the years ended December 31, 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 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) Year Ended December 31, 2015 2014 Pro forma revenue $ 5,477 $ 5,275 Pro forma net income (loss) from continuing operations $ 1,258 $ (251 )
Schedule of Liabilities Assumed in Conjunction with Acquisition of Businesses	Liabilities assumed in conjunction with the acquisition of businesses are as follows: (in millions) Years ended December 31, 2015 2014 2013 Fair value of assets acquired $ 2,576 $ 67 $ — Cash paid (net of cash acquired) 2,401 52 — Liabilities assumed 1 $ 175 $ 15 $ — 1 2013 acquisitions did not result in any liabilities assumed.
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Key Components of Disposal Groups	The components of assets and liabilities held for sale related to J.D. Power in the consolidated balance sheet consist of the following: (in millions) December 31, 2015 Accounts receivable, net $ 58 Goodwill 75 Other intangible assets, net 335 Other assets 35 Assets of a business held for sale $ 503 Accounts payable and accrued expenses $ 42 Unearned revenue 64 Other liabilities 100 Liabilities of a business held for sale $ 206 The operating profit of J.D. Power for the years ending December 31, 2015, 2014 and 2013 is as follows: (in millions) Years ended December 31, 2015 2014 2013 J.D. Power operating profit $ 53 $ 44 $ 35
Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Key Components of Disposal Groups	The key components of income from discontinued operations for the years ended December 31, 2014 and 2013 consist of the following: (in millions) Years ended December 31, 2014 2013 Revenue $ 139 $ 441 Expenses 110 436 Operating income 29 5 Interest expense, net — 2 Income before taxes on income 29 3 Provision for taxes on income 11 — Income from discontinued operations, net of tax 18 3 Pre-tax gain on sale from discontinued operations 289 888 Provision for taxes on gain on sale 129 299 Gain on sale of discontinued operations, net of tax 160 589 Discontinued operations, net 178 592 Less: net loss attributable to noncontrolling interests — (1 ) Income from discontinued operations attributable to McGraw Hill Financial, Inc. common shareholders $ 178 $ 593

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Change in Carrying Amount of Goodwill	The change in the carrying amount of goodwill by segment is shown below: (in millions) S&P Ratings S&P Capital IQ and SNL S&P DJ Indices C&C Total Balance as of December 31, 2013 $ 125 $ 469 $ 376 $ 439 $ 1,409 Acquisitions 4 — — — 38 42 Dispositions — — — (32 ) (32 ) Other (primarily Fx) (7 ) (17 ) — (8 ) (32 ) Balance as of December 31, 2014 122 452 376 437 1,387 Acquisitions — 1,563 — 39 1,602 Reclassifications 1 — — — (75 ) (75 ) Other (primarily Fx) (8 ) (17 ) — (7 ) (32 ) Balance as of December 31, 2015 $ 114 $ 1,998 $ 376 $ 394 $ 2,882 1 Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.
Other Intangible Assets	The following table summarizes our definite-lived intangible assets: (in millions) Cost Databases and software Content Customer relationships Tradenames Other intangibles Total Balance as of December 31, 2013 $ 115 $ 139 $ 225 $ 45 $ 158 $ 682 Acquisitions — — — — 13 13 Transfers — — — — (44 ) (44 ) Other (primarily Fx) (2 ) — 3 1 (16 ) (14 ) Balance as of December 31, 2014 113 139 228 46 111 637 Acquisitions 421 — — — 177 598 Reclassifications 1 (19 ) — (62 ) (2 ) (8 ) (91 ) Other (primarily Fx) (5 ) — 2 3 (11 ) (11 ) Balance as of December 31, 2015 $ 510 $ 139 $ 168 $ 47 $ 269 $ 1,133 Accumulated amortization Balance as of December 31, 2013 $ 83 $ 45 $ 67 $ 32 $ 56 $ 283 Current year amortization 6 14 13 3 12 48 Other (primarily Fx) (1 ) — — — (4 ) (5 ) Balance as of December 31, 2014 88 59 80 35 64 326 Current year amortization 20 14 9 2 22 67 Reclassifications 1 (18 ) — (30 ) (2 ) (14 ) (64 ) Other (primarily Fx) (2 ) — 1 1 (5 ) (5 ) Balance as of December 31, 2015 $ 88 $ 73 $ 60 $ 36 $ 67 $ 324 Net definite-lived intangibles: December 31, 2014 $ 25 $ 80 $ 148 $ 11 $ 47 $ 311 December 31, 2015 $ 422 $ 66 $ 108 $ 11 $ 202 $ 809 1 Relates to J.D. Power, which is classified as assets held for sale in our consolidated balance sheet as of December 31, 2015.
Projected Amortization Expense for Intangible Assets	Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows: (in millions) 2016 2017 2018 2019 2020 Amortization expense 1 $ 98 $ 93 $ 86 $ 81 $ 74 1 Amortization expense excludes J.D. Power, which is expected to be sold in the next year.

Taxes on Income (Tables)

Taxes on Income (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Before Taxes from Domestic and Foreign Operations	Income before taxes on income resulted from domestic and foreign operations is as follows: (in millions) Year Ended December 31, 2015 2014 2013 Domestic operations $ 1,266 $ (423 ) $ 821 Foreign operations 549 477 478 Total continuing income before taxes $ 1,815 $ 54 $ 1,299
Provision for Taxes on Income	The provision for taxes on income consists of the following: (in millions) Year Ended December 31, 2015 2014 2013 Federal: Current $ 90 $ 285 $ 194 Deferred 276 (213 ) 51 Total federal 366 72 245 Foreign: Current 111 135 152 Deferred (1 ) 1 (19 ) Total foreign 110 136 133 State and local: Current 34 62 37 Deferred 37 (25 ) 10 Total state and local 71 37 47 Total provision for taxes for continuing operations 547 245 425 Provision for discontinued operations — 140 299 Total provision for taxes $ 547 $ 385 $ 724
Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate	A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows: Year Ended December 31, 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % Legal and regulatory settlements — 524.1 — State and local income taxes 2.6 64.2 2.8 Foreign operations (3.2 ) (79.6 ) (3.9 ) S&P Dow Jones Indices LLC joint venture (2.0 ) (60.2 ) (2.0 ) Tax credits and incentives (2.9 ) (91.5 ) (2.1 ) Other, net 0.6 61.7 2.9 Effective income tax rate for continuing operations 30.1 % 453.7 % 32.7 %
Differences Between the Accounting for Income and Expenses for Financial Reporting and Income Tax	The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows: (in millions) December 31, 2015 2014 Deferred tax assets: Legal and regulatory settlements $ 45 $ 305 Employee compensation 91 99 Accrued expenses 72 94 Postretirement benefits 126 146 Unearned revenue 39 27 Allowance for doubtful accounts 12 13 Loss carryforwards 114 37 Other 18 14 Total deferred tax assets 517 735 Deferred tax liabilities: Goodwill and intangible assets (299 ) (362 ) Fixed assets (9 ) (8 ) Other — — Total deferred tax liabilities (308 ) (370 ) Net deferred income tax asset (liability) before valuation allowance 209 365 Valuation allowance (98 ) (16 ) Net deferred income tax asset (liability) $ 111 $ 349 Reported as: Current deferred tax assets $ 109 $ 360 Current deferred tax liabilities (8 ) (2 ) Non-current deferred tax assets 33 31 Non-current deferred tax liabilities (23 ) (40 ) Net deferred income tax asset (liability) $ 111 $ 349
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in millions) Years ended December 31, 2015 2014 2013 Balance at beginning of year $ 118 $ 82 $ 74 Additions based on tax positions related to the current year 22 30 27 Additions for tax positions of prior years 12 33 10 Reduction for tax positions of prior years (14 ) (11 ) (9 ) Reduction for settlements (18 ) (16 ) (20 ) Balance at end of year $ 120 $ 118 $ 82

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Short-term and Long-term Debt Outstanding	A summary of short-term and long-term debt outstanding is as follows: (in millions) December 31, 2015 2014 5.9% Senior Notes, due 2017 1 $ 399 $ 399 2.5% Senior Notes, due 2018 2 398 — 3.3% Senior Notes, due 2020 3 695 — 4.0% Senior Notes, due 2025 4 690 — 4.4% Senior Notes, due 2026 5 890 — 6.55% Senior Notes, due 2037 6 396 396 Commercial paper 143 — Total debt 3,611 795 Less: short-term debt including current maturities 143 — Long-term debt $ 3,468 $ 795 1 Interest payments are due semiannually on April 15 and October 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $1 million . 2 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $2 million . 3 Interest payments are due semiannually on February 14 and August 14, beginning on February 14, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $5 million . 4 Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $10 million . 5 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $10 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2015 , the unamortized debt discount and issuance costs total $4 million .

Employee Benefits (Tables)

Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Summary of the Benefit Obligation and the Fair Value of Plan Assets, as well as the Funded Status for the Retirement and Post-retirement Plans	A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets): (in millions) Retirement Plans Postretirement Plans 2015 2014 2015 2014 Net benefit obligation at beginning of year $ 2,462 $ 2,004 $ 96 $ 103 Service cost 6 5 — 1 Interest cost 96 99 3 4 Plan participants’ contributions — — 4 4 Actuarial (gain) loss (189 ) 504 (12 ) 5 Gross benefits paid (150 ) (125 ) (12 ) (13 ) Foreign currency effect (26 ) (25 ) — — Other adjustments — — 1 (8 ) Net benefit obligation at end of year 2,199 2,462 80 96 Fair value of plan assets at beginning of year 2,236 2,088 — — Actual return on plan assets (57 ) 270 — — Employer contributions 15 22 8 9 Plan participants’ contributions — — 4 4 Gross benefits paid (150 ) (125 ) (12 ) (13 ) Foreign currency effect (21 ) (19 ) — — Fair value of plan assets at end of year 2,023 2,236 — — Funded status $ (176 ) $ (226 ) $ (80 ) $ (96 ) Amounts recognized in consolidated balance sheets: Non-current assets $ 36 $ 28 $ — $ — Current liabilities (8 ) (8 ) (8 ) (9 ) Non-current liabilities (204 ) (246 ) (72 ) (87 ) $ (176 ) $ (226 ) $ (80 ) $ (96 ) Accumulated benefit obligation $ 2,190 $ 2,440 Plans with accumulated benefit obligation in excess of the fair value of plan assets: Projected benefit obligation $ 1,810 $ 2,046 Accumulated benefit obligation $ 1,801 $ 2,024 Fair value of plan assets $ 1,598 $ 1,792 Amounts recognized in accumulated other comprehensive loss, net of tax: Net actuarial loss (gain) $ 433 $ 452 $ (24 ) $ (8 ) Prior service credit 1 1 (5 ) (5 ) Total recognized $ 434 $ 453 $ (29 ) $ (13 )
Summary of Net Periodic Benefit Cost for Retirement and Postretirement Plans	A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows: (in millions) Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Service cost $ 6 $ 5 $ 10 $ — $ 1 $ 2 Interest cost 96 99 91 3 4 5 Expected return on assets (127 ) (138 ) (129 ) — — Amortization of: Actuarial loss (gain) 20 11 26 — (1 ) — Prior service cost (credit) — — 5 (1 ) — (1 ) Curtailment 1 — — (8 ) — (1 ) (12 ) Net periodic benefit cost $ (5 ) $ (23 ) $ (5 ) $ 2 $ 3 $ (6 ) 1 The curtailment gain for our retirement plans in 2013 relates to a freeze of pension accruals for MHE employees as well as all remaining active employees in the United Kingdom ("U.K."). The curtailment gain for our postretirement plans in 2014 is a result of plan changes effective October 31, 2014 eliminating retiree medical and life insurance benefits for active employees not retiring by July 1, 2016. The curtailment gain for our postretirement plans in 2013 relates to the sale of MHE on March 22, 2013.
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax	Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows: (in millions) Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Net actuarial (gain) loss $ (6 ) $ 232 $ (213 ) $ (17 ) $ 3 $ (8 ) Recognized actuarial (gain) loss (13 ) (7 ) (15 ) — 1 — Prior service cost (credit) — — 5 1 (5 ) — Total recognized $ (19 ) $ 225 $ (223 ) $ (16 ) $ (1 ) $ (8 )
Assumptions	Retirement Plans Postretirement Plans 2015 2014 2013 2015 2014 2013 Benefit obligation: Discount rate 4.47 % 4.15 % 5.00 % 3.90 % 3.60 % 4.20 % Net periodic cost: Weighted-average healthcare cost rate 1 7.0 % 7.0 % 7.0 % Discount rate - U.S. plan 2 4.15 % 5.0 % 4.1 % 3.60 % 4.125 % 3.45 % Discount rate - U.K. plan 2 3.8 % 4.5 % 4.8 % Compensation increase factor - U.S. plan N/A N/A N/A Compensation increase factor - U.K. plan N/A N/A 5.75 % Return on assets 3 6.25 % 7.125 % 7.25 % 1 The assumed weighted-average healthcare cost trend rate will decrease ratably from 7% in 2015 to 5% in 2024 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects: (in millions) 1% point increase 1% point decrease Effect on postretirement obligation $ 4 $ (3 ) 2 Effective January 1, 2016, we changed our discount rate assumption on our U.S. retirement plans to 4.47% from 4.15% in 2015 and changed our discount rate assumption on our U.K. plan to 3.84% from 3.8% in 2015. At the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015 and prior periods presented, we measured service and interest costs utilizing and single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. For 2016, we elected to measure service and interest costs by applying the specific spot rates along that yield curve to the plans' liability cash flows. We believe this new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans' liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our benefit obligation. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and, accordingly, have accounted for it on a prospective basis. We expect pension and postretirement medical costs to decrease by approximately $13 million in 2016 as a result of this change. 3 The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2016, our return on assets assumption for the U.S. plan and U.K. plan remained unchanged to 6.25% .
Effects Created by One Percentage Point Change in Assumed Healthcare Cost Trend	A one percentage point change in assumed healthcare cost trend creates the following effects: (in millions) 1% point increase 1% point decrease Effect on postretirement obligation $ 4 $ (3 )
Information About the Expected Cash Flows for Retirement and Post-Retirement Plans and Impact of the Medicare Subsidy	Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows: (in millions) Postretirement Plans 2 Retirement 1 Plans Gross payments Retiree contributions Medicare subsidy Net payments 2016 $ 91 $ 13 $ (4 ) $ (1 ) $ 8 2017 90 13 (4 ) (1 ) 8 2018 93 12 (4 ) (1 ) 7 2019 96 12 (4 ) (1 ) 7 2020 99 11 (4 ) (1 ) 6 2021-2025 539 43 (12 ) (3 ) 28 1 Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost. 2 Reflects the total benefits expected to be paid from our assets.
Fair Value of Defined Benefit Plan Assets by Asset Class	The fair value of our defined benefit plans assets as of December 31, 2015 and 2014 , by asset class is as follows: (in millions) December 31, 2015 Total Level 1 Level 2 Level 3 Cash and short-term investments $ 188 $ 8 $ 180 $ — Equities: U.S. indexes 1 312 63 249 — U.S. growth and value 132 92 40 — U.K. 47 34 13 — International, excluding U.K. 124 40 84 — Fixed income: Long duration strategy 2 1,072 — 1,072 — Intermediate duration securities 33 — 33 — Agency mortgage backed securities 6 — 6 — Asset backed securities 17 — 17 — Non-agency mortgage backed securities 3 23 — 23 — U.K. 4 6 — 6 — International, excluding U.K. 48 — 48 — Other 15 — 15 — Total $ 2,023 $ 237 $ 1,786 $ — (in millions) December 31, 2014 Total Level 1 Level 2 Level 3 Cash, short-term investments, and other $ 176 $ 17 $ 159 $ — Equities: U.S. indexes 1 293 88 205 — U.S. growth and value 204 147 57 — U.K. 67 56 11 — International, excluding U.K. 139 42 97 — Fixed income: Long duration strategy 2 1,165 — 1,165 — Intermediate duration securities 25 — 25 — Agency mortgage backed securities 6 — 6 — Asset backed securities 18 — 18 — Non-agency mortgage backed securities 3 37 — 37 — U.K. 4 7 — 7 — International, excluding U.K. 85 — 85 — Other 14 — 14 — Total $ 2,236 $ 350 $ 1,886 $ — 1 Includes securities that are tracked in the following indexes: S&P 500, S&P MidCap 400, S&P MidCap 400 Growth and S&P Smallcap 600. 2 Includes securities that are investment grade obligations of issuers in the U.S. 3 Includes U.S. mortgage-backed securities that are not backed by the U.S. government. 4 Includes securities originated by the government of and other issuers from the U.K.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Common Shares Reserved for Issuance	The number of common shares reserved for issuance are as follows: (in millions) December 31, 2015 2014 Shares available for granting under the 2002 Plan 32.8 31.4 Options outstanding 5.8 8.1 Total shares reserved for issuance 1 38.6 39.5 1 Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million .
Stock-based Compensation Expense	Stock-based compensation expense and the corresponding tax benefit are as follows: (in millions) Year Ended December 31, 2015 2014 2013 Stock option expense $ 14 $ 21 $ 13 Restricted stock and unit awards expense 64 79 83 Total stock-based compensation expense $ 78 $ 100 $ 96 Tax benefit $ 29 $ 38 $ 37
Assumptions Used in Valuing the Options Granted	The following assumptions were used in valuing the options granted: Year Ended December 31, 2015 2014 2013 Risk-free average interest rate 0.2 - 1.9% 0.1 - 2.9% 0.1 - 2.9% Dividend yield 1.4% 1.4 - 1.8% 2.07 - 2.09% Volatility 21 - 39% 18 - 41% 29 - 45% Expected life (years) 6.3 6.21 - 6.25 6.1 - 6.2 Weighted-average grant-date fair value per option $ 27.57 $ 23.41 $ 14.46
Stock Option Activity	Stock option activity is as follows: (in millions, except per award amounts) Shares Weighted average exercise price Weighted-average remaining years of contractual term Aggregate intrinsic value Options outstanding as of December 31, 2014 8.1 $ 45.18 Granted 1 — $ 90.30 Exercised (2.2 ) $ 76.08 Canceled, forfeited and expired (0.1 ) $ 53.28 Options outstanding as of December 31, 2015 5.8 $ 45.61 4.5 $ 308 Options exercisable as of December 31, 2015 5.0 $ 42.10 4.0 $ 283 (in millions, except per award amounts) Shares Weighted-average grant-date fair value Nonvested options outstanding as of December 31, 2014 1.6 $ 19.00 Granted 1 — $ 27.57 Vested (0.7 ) $ 18.24 Forfeited (0.1 ) $ 17.44 Nonvested options outstanding as of December 31, 2015 0.8 $ 19.82 Total unrecognized compensation expense related to nonvested options $ 3 Weighted-average years to be recognized over 1.2 1 There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options.
Stock Option Exercises	Information regarding our stock option exercises is as follows: (in millions) Year Ended December 31, 2015 2014 2013 Net cash proceeds from the exercise of stock options $ 86 $ 193 $ 258 Total intrinsic value of stock option exercises $ 94 $ 168 $ 158 Income tax benefit realized from stock option exercises $ 49 $ 73 $ 61
Restricted Stock and Unit Activity	Restricted stock and unit activity for performance and non-performance awards is as follows: (in millions, except per award amounts) Shares Weighted-average grant-date fair value Nonvested shares as of December 31, 2014 1.7 $ 61.56 Granted 1.3 $ 77.06 Vested (1.6 ) $ 96.00 Forfeited (0.2 ) $ 81.70 Nonvested shares as of December 31, 2015 1.2 $ 92.39 Total unrecognized compensation expense related to nonvested awards $ 60 Weighted-average years to be recognized over 1.6 Year Ended December 31, 2015 2014 2013 Weighted-average grant-date fair value per award $ 77.06 $ 77.74 $ 44.22 Total fair value of restricted stock and unit awards vested $ 155 $ 88 $ 119 Tax benefit relating to restricted stock activity $ 24 $ 30 $ 33

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividend History	Year Ended December 31, 2015 2014 2013 Quarterly dividend rate $ 0.33 $ 0.30 $ 0.28 Annualized dividend rate $ 1.32 $ 1.20 $ 1.12 Dividends paid (in millions) $ 363 $ 326 $ 308
Share Repurchases	Share repurchases were as follows: (in millions, except average price) Year Ended December 31, 2015 2014 2013 Total number of shares purchased - 2013 Repurchase Program 10.1 4.4 — Total number of shares purchased - 2011 Repurchase Program 1 — — 16.9 Average price paid per share 2, 3 $ 99.00 $ 79.06 $ 58.52 Total cash utilized 2 $ 1,000 $ 352 $ 989 1 2013 includes shares received as part of our accelerated share repurchase agreements as described in more detail below. 2 In December of 2015, 0.3 million shares were repurchased for approximately $26 million , which settled in January of 2016. Excluding these 0.3 million shares, the average price paid per share was $98.98 . In December of 2013, 0.1 million shares were repurchased for approximately $10 million , which settled in January of 2014. Excluding these 0.1 million shares, the average price paid per share was $58.36 . Cash used for financing activities only reflects those shares which settled during the year ended December 31, 2015 and 2014 resulting in $974 million and $362 million of cash used to repurchase shares, respectively. 3 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.
Redeemable Noncontrolling Interest Rollforward	Ch anges to redeemable noncontrolling interest during the year ended December 31, 2015 were as follows: (in millions) Balance as of December 31, 2014 $ 810 Net income attributable to noncontrolling interest 101 Distributions to noncontrolling interest (98 ) Redemption value adjustment 107 Balance as of December 31, 2015 $ 920
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 year ended December 31, 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 (110 ) 13 (1 ) (98 ) Reclassifications from accumulated other comprehensive loss to net earnings 12 1 12 Net other comprehensive income (110 ) 25 (1 ) (86 ) Balance as of December 31, 2015 $ (193 ) $ (406 ) $ (1 ) $ (600 ) 1 See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Calculation for Basic and Diluted Earnings (Loss) Per Share	The calculation for basic and diluted earnings (loss) per share is as follows: (in millions, except per share data) Year Ended December 31, 2015 2014 2013 Amount attributable to McGraw Hill Financial, Inc. common shareholders: Income (loss) from continuing operations $ 1,156 $ (293 ) $ 783 Income from discontinued operations — 178 593 Net income (loss) attributable to the Company $ 1,156 $ (115 ) $ 1,376 Basic weighted-average number of common shares outstanding 271.6 271.5 274.5 Effect of stock options and other dilutive securities 3.0 — 5.3 Diluted weighted-average number of common shares outstanding 274.6 271.5 279.8 Income (loss) from continuing operations: Basic $ 4.26 $ (1.08 ) $ 2.85 Diluted $ 4.21 $ (1.08 ) $ 2.80 Income from discontinued operations: Basic $ — $ 0.66 $ 2.16 Diluted $ — $ 0.66 $ 2.12 Net income (loss): Basic $ 4.26 $ (0.42 ) $ 5.01 Diluted $ 4.21 $ (0.42 ) $ 4.91

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 $ 18 $ 15 $ 45 6 S&P Capital IQ and SNL 31 23 9 1 C&C 1 3 2 16 1 Corporate 11 10 16 5 Total $ 63 $ 50 $ 86 $ 13 1 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 retained McGraw Hill Construction's restructuring liabilities and the initial charge associated with the reserve has been bifurcated between continuing and discontinued operations. The 2014 restructuring plan includes an initial charge of $3 million

Segment and Geographic Inform36

Segment and Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	Segment information for the years ended December 31 is as follows: (in millions) Revenue Operating Profit (Loss) 2015 2014 2013 2015 2014 2013 S&P Ratings $ 2,428 $ 2,455 $ 2,274 $ 1,078 $ (583 ) $ 882 S&P Capital IQ and SNL 1,405 1,237 1,170 228 228 189 S&P DJ Indices 597 552 493 392 347 266 C&C 971 893 841 357 290 280 Intersegment elimination 1 (88 ) (86 ) (76 ) — — — Total operating segments 5,313 5,051 4,702 2,055 282 1,617 Unallocated expense 2 — — — (138 ) (169 ) (259 ) Total $ 5,313 $ 5,051 $ 4,702 $ 1,917 $ 113 $ 1,358 1 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. 2 The year ended December 31, 2015 includes a gain of $11 million related to the sale of our interest in a legacy McGraw Hill Construction investment and costs related to identified operating efficiencies primarily related to restructuring of $10 million . The year ended December 31, 2014 includes restructuring charges of $16 million . The year ended December 31, 2013 includes costs necessary to enable the separation of MHE and reduce our cost structure of $64 million , a $36 million non-cash impairment charge related to the sale of a data center and $13 million related to terminating various leases as we reduce our real estate portfolio. (in millions) Depreciation & Amortization Capital Expenditures 2015 2014 2013 2015 2014 2013 S&P Ratings $ 43 $ 43 $ 45 $ 48 $ 33 $ 40 S&P Capital IQ and SNL 70 50 49 60 38 39 S&P DJ Indices 8 7 10 4 2 4 C&C 29 24 22 18 11 17 Total operating segments 150 124 126 130 84 100 Corporate 7 10 11 9 8 17 Total $ 157 $ 134 $ 137 $ 139 $ 92 $ 117 Segment information as of December 31 is as follows: (in millions) Total Assets 2015 2014 S&P Ratings $ 620 $ 624 S&P Capital IQ and SNL 3,405 1,011 S&P DJ Indices 1,181 1,166 C&C 606 918 Total operating segments 5,812 3,719 Corporate 1 1,868 3,054 Assets of a business held for sale 2 503 — Total $ 8,183 $ 6,773 1 Corporate assets consist principally of cash and cash equivalents, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas. 2 Includes J.D. Power as of December 31, 2015.
Schedule of Revenue and Long-lived Assets by Geographic Region	The following provides revenue and long-lived assets by geographic region: (in millions) Revenue Long-lived Assets Years ended December 31, December 31, 2015 2014 2013 2015 2014 U.S. $ 3,202 $ 2,911 $ 2,723 $ 4,198 $ 2,117 European region 1,265 1,316 1,226 419 430 Asia 566 528 483 63 54 Rest of the world 280 296 270 50 64 Total $ 5,313 $ 5,051 $ 4,702 $ 4,730 $ 2,665 Revenue Long-lived Assets Years ended December 31, December 31, 2015 2014 2013 2015 2014 U.S. 60 % 58 % 58 % 89 % 80 % European region 24 26 26 9 16 Asia 11 10 10 1 2 Rest of the world 5 6 6 1 2 Total 100 % 100 % 100 % 100 % 100 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Rental Expense for Property and Equipment Under Operating Lease Agreements	Rental expense for property and equipment under all operating lease agreements is as follows: (in millions) Years ended December 31, 2015 2014 2013 Gross rental expense $ 182 $ 199 $ 202 Less: sublease revenue (14 ) (16 ) (29 ) Less: Rock-McGraw rent credit (4 ) (23 ) (20 ) Net rental expense $ 164 $ 160 $ 153
Future Minimum Rental Commitments	Cash amounts for future minimum rental commitments, including rent payments on the sale-leaseback, under existing non-cancelable leases with a remaining term of more than one year, along with minimum sublease rental income to be received under non-cancelable subleases are shown in the following table. (in millions) Rent commitment Sublease income Net rent 2016 $ 136 $ (14 ) $ 122 2017 120 (13 ) 107 2018 109 (13 ) 96 2019 101 (13 ) 88 2020 49 (2 ) 47 2021 and beyond 162 — 162 Total $ 677 $ (55 ) $ 622

Quarterly Financial Informati38

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	(in millions, except per share data) First quarter Second quarter Third quarter Fourth quarter Total year 2015 Revenue $ 1,273 $ 1,342 $ 1,324 $ 1,374 $ 5,313 Operating profit $ 501 $ 582 $ 410 $ 424 $ 1,917 Income from continuing operations $ 329 $ 381 $ 281 $ 276 $ 1,268 Net income $ 329 $ 381 $ 281 $ 276 $ 1,268 Net income attributable to McGraw Hill Financial common shareholders: Income from continuing operations $ 303 $ 353 $ 252 $ 248 $ 1,156 Net income $ 303 $ 353 $ 252 $ 248 $ 1,156 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Income from continuing operations: Basic $ 1.11 $ 1.29 $ 0.93 $ 0.92 $ 4.26 Diluted $ 1.10 $ 1.28 $ 0.92 $ 0.91 $ 4.21 Net income: Basic $ 1.11 $ 1.29 $ 0.93 $ 0.92 $ 4.26 Diluted $ 1.10 $ 1.28 $ 0.92 $ 0.91 $ 4.21 2014 Revenue $ 1,196 $ 1,302 $ 1,263 $ 1,290 $ 5,051 Operating profit (loss) $ 420 $ 476 $ 366 $ (1,148 ) $ 113 Income (loss) from continuing operations $ 268 $ 310 $ 215 $ (984 ) $ (191 ) Income from discontinued operations $ 7 $ 6 $ 2 $ 163 $ 178 Net income (loss) $ 275 $ 316 $ 217 $ (821 ) $ (13 ) Net income attributable to McGraw Hill Financial common shareholders: Income (loss) from continuing operations $ 241 $ 286 $ 188 $ (1,009 ) $ (293 ) Income from discontinued operations 7 6 2 163 178 Net income (loss) $ 248 $ 292 $ 190 $ (846 ) $ (115 ) Earnings (loss) per share attributable to McGraw Hill Financial, Inc. common shareholders: Income (loss) from continuing operations: Basic $ 0.89 $ 1.05 $ 0.69 $ (3.71 ) $ (1.08 ) Diluted $ 0.87 $ 1.04 $ 0.68 $ (3.71 ) $ (1.08 ) Income from discontinued operations: Basic $ 0.02 $ 0.02 $ 0.01 $ 0.60 $ 0.66 Diluted $ 0.02 $ 0.02 $ 0.01 $ 0.60 $ 0.66 Net income (loss): Basic $ 0.91 $ 1.08 $ 0.70 $ (3.11 ) $ (0.42 ) Diluted $ 0.89 $ 1.06 $ 0.69 $ (3.11 ) $ (0.42 ) Note - Totals presented may not sum due to rounding.

Condensed Consolidating Finan39

Condensed Consolidating Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Statement of Income	Statement of Income Year Ended December 31, 2015 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 624 $ 2,141 $ 2,663 $ (115 ) $ 5,313 Expenses: Operating-related expenses 73 522 1,192 (115 ) 1,672 Selling and general expenses 248 469 861 — 1,578 Depreciation 40 18 32 — 90 Amortization of intangibles — — 67 — 67 Total expenses 361 1,009 2,152 (115 ) 3,407 Other income — — (11 ) — (11 ) Operating profit 263 1,132 522 — 1,917 Interest expense (income), net 112 — (10 ) — 102 Non-operating intercompany transactions 282 222 (504 ) — — (Loss) income from continuing operations before taxes on income (131 ) 910 1,036 — 1,815 (Benefit) provision for taxes on income (107 ) 358 296 — 547 Equity in net income of subsidiaries 1,473 272 — (1,745 ) — Net income 1,449 824 740 (1,745 ) 1,268 Less: net income from continuing operations attributable to noncontrolling interests — — — (112 ) (112 ) Net income attributable to McGraw Hill Financial, Inc. $ 1,449 $ 824 $ 740 $ (1,857 ) $ 1,156 Comprehensive income $ 1,446 $ 822 $ 655 $ (1,741 ) $ 1,182 Statement of Income Year Ended December 31, 2014 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 598 $ 2,043 $ 2,525 $ (115 ) $ 5,051 Expenses: Operating-related expenses 78 389 1,275 (115 ) 1,627 Selling and general expenses 296 2,350 522 — 3,168 Depreciation 41 17 28 — 86 Amortization of intangibles 4 — 44 — 48 Total expenses 419 2,756 1,869 (115 ) 4,929 Other loss 3 — 6 — 9 Operating profit (loss) 176 (713 ) 650 — 113 Interest expense (income), net 66 — (7 ) — 59 Non-operating intercompany transactions 193 38 (231 ) — — (Loss) income from continuing operations before taxes on income (83 ) (751 ) 888 — 54 (Benefit) provision for taxes on income (22 ) 16 251 — 245 Equity in net (loss) income of subsidiaries (443 ) 248 — 195 — (Loss) income from continuing operations (504 ) (519 ) 637 195 (191 ) Discontinued operations, net of tax: Income from discontinued operations 18 — — — 18 Gain on sale of discontinued operations 160 — — — 160 Discontinued operations, net 178 — — — 178 Net (loss) income $ (326 ) $ (519 ) $ 637 $ 195 (13 ) Less: net income from continuing operations attributable to noncontrolling interests — — — (102 ) (102 ) Net (loss) income attributable to McGraw Hill Financial, Inc. $ (326 ) $ (519 ) $ 637 $ 93 $ (115 ) Comprehensive (loss) income $ (495 ) $ (544 ) $ 513 $ 195 $ (331 ) Statement of Income Year Ended December 31, 2013 (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 570 $ 1,931 $ 2,306 $ (105 ) $ 4,702 Expenses: Operating-related expenses 128 556 985 (105 ) 1,564 Selling and general expenses 338 532 761 — 1,631 Depreciation 40 19 27 — 86 Amortization of intangibles 5 — 46 — 51 Total expenses 511 1,107 1,819 (105 ) 3,332 Other loss (income) 25 3 (16 ) — 12 Operating profit 34 821 503 — 1,358 Interest expense (income), net 65 — (6 ) — 59 Non-operating intercompany transactions 245 66 (311 ) — — Income from continuing operations before taxes on income (276 ) 755 820 — 1,299 (Benefit) provision for taxes on income (121 ) 283 263 — 425 Equity in net income of subsidiaries 1,937 197 — (2,134 ) — Income from continuing operations 1,782 669 557 (2,134 ) 874 Discontinued operations, net of tax: Income (loss) from discontinued operations 82 — (79 ) — 3 Gain (loss) on sale of discontinued operations 644 — (55 ) — 589 Discontinued operations, net 726 — (134 ) — 592 Net income $ 2,508 $ 669 $ 423 $ (2,134 ) $ 1,466 Less: net income from continuing operations attributable to noncontrolling interests — — — (91 ) (91 ) Less: net loss from discontinued operations attributable to noncontrolling interests — — — 1 1 Net income attributable to McGraw Hill Financial, Inc. $ 2,508 $ 669 $ 423 $ (2,224 ) $ 1,376 Comprehensive income $ 2,773 $ 669 $ 452 $ (2,106 ) $ 1,788
Balance Sheet	Balance Sheet December 31, 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 $ 167 $ — $ 1,314 $ — $ 1,481 Accounts receivable, net of allowance for doubtful accounts 116 319 556 — 991 Intercompany receivable 208 1,872 1,273 (3,353 ) — Deferred income taxes 75 10 24 — 109 Prepaid and other current assets 120 13 80 (1 ) 212 Assets of a business held for sale 4 — 499 — 503 Total current assets 690 2,214 3,746 (3,354 ) 3,296 Property and equipment, net of accumulated depreciation 141 3 126 — 270 Goodwill 17 40 2,816 9 2,882 Other intangible assets, net — — 1,522 — 1,522 Asset for pension benefits — — 36 — 36 Investments in subsidiaries 4,651 659 7,316 (12,626 ) — Intercompany loans receivable 16 368 1,733 (2,117 ) — Other non-current assets 67 19 91 — 177 Total assets $ 5,582 $ 3,303 $ 17,386 $ (18,088 ) $ 8,183 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 71 $ 54 $ 81 $ — $ 206 Intercompany payable 2,144 675 535 (3,354 ) — Accrued compensation and contributions to retirement plans 127 89 167 — 383 Short-term debt 143 — — — 143 Income taxes currently payable 1 — 55 — 56 Unearned revenue 254 586 582 (1 ) 1,421 Accrued legal and regulatory settlements — 115 6 — 121 Other current liabilities 190 (50 ) 232 — 372 Liabilities of a business held for sale 80 — 126 — 206 Total current liabilities 3,010 1,469 1,784 (3,355 ) 2,908 Long-term debt 3,468 — — — 3,468 Intercompany loans payable 21 — 2,096 (2,117 ) — Pension and other postretirement benefits 230 — 46 — 276 Deferred income taxes (246 ) 17 252 — 23 Other non-current liabilities 221 81 43 — 345 Total liabilities 6,704 1,567 4,221 (5,472 ) 7,020 Redeemable noncontrolling interest — — — 920 920 Equity: Common stock 412 — 2,337 (2,337 ) 412 Additional paid-in capital (184 ) 1,179 10,174 (10,694 ) 475 Retained income 6,701 557 987 (609 ) 7,636 Accumulated other comprehensive loss (322 ) — (322 ) 44 (600 ) Less: common stock in treasury (7,729 ) — (12 ) 12 (7,729 ) Total equity - controlling interests (1,122 ) 1,736 13,164 (13,584 ) 194 Total equity - noncontrolling interests — — 1 48 49 Total equity (1,122 ) 1,736 13,165 (13,536 ) 243 Total liabilities and equity $ 5,582 $ 3,303 $ 17,386 $ (18,088 ) $ 8,183 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 60 334 (34 ) — 360 Prepaid and other current assets 79 27 67 — 173 Total current assets 2,186 2,779 3,645 (4,648 ) 3,962 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 20 358 1,594 (1,972 ) — Other non-current assets 71 25 90 — 186 Total assets $ 3,768 $ 3,861 $ 14,791 $ (15,647 ) $ 6,773 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 19 1 34 — 54 Unearned revenue 259 520 475 — 1,254 Accrued legal and regulatory settlements — 1,609 — — 1,609 Other current liabilities 194 — 208 — 402 Total current liabilities 3,230 2,913 2,336 (4,559 ) 3,920 Long-term debt 795 — — — 795 Intercompany loans payable 109 — 1,952 (2,061 ) — Pension and other postretirement benefits 272 — 61 — 333 Deferred income taxes (260 ) 51 249 — 40 Other non-current liabilities 219 73 44 — 336 Total liabilities 4,365 3,037 4,642 (6,620 ) 5,424 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 6,275 (329 ) 1,060 (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 (597 ) 824 10,149 (9,888 ) 488 Total equity - noncontrolling interests — — — 51 51 Total equity (597 ) 824 10,149 (9,837 ) 539 Total liabilities and equity $ 3,768 $ 3,861 $ 14,791 $ (15,647 ) $ 6,773
Statement of Cash Flows	Statement of Cash Flows Year Ended December 31, 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 $ 1,449 $ 824 $ 740 $ (1,745 ) $ 1,268 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 40 18 32 — 90 Amortization of intangibles — — 67 — 67 Provision for losses on accounts receivable 1 1 6 — 8 Deferred income taxes 33 290 (43 ) — 280 Stock-based compensation 23 24 31 — 78 Accrued legal and regulatory settlements — 110 9 — 119 Other 23 16 7 — 46 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 3 (27 ) (94 ) — (118 ) Prepaid and current assets (13 ) 14 (5 ) — (4 ) Accounts payable and accrued expenses (75 ) (34 ) 17 — (92 ) Unearned revenue (5 ) 66 68 — 129 Accrued legal and regulatory settlement — (1,624 ) — — (1,624 ) Other current liabilities (32 ) (35 ) (11 ) — (78 ) Net change in prepaid/accrued income taxes (54 ) — 115 — 61 Net change in other assets and liabilities 78 8 (121 ) — (35 ) Cash provided by (used for) operating activities from continuing operations 1,471 (349 ) 818 (1,745 ) 195 Investing Activities: Capital expenditures (67 ) (10 ) (62 ) — (139 ) Acquisitions, net of cash acquired (2,243 ) — (153 ) — (2,396 ) Proceeds from dispositions — — 14 — 14 Changes in short-term investments — — (4 ) — (4 ) Cash used for investing activities from continuing operations (2,310 ) (10 ) (205 ) — (2,525 ) Financing Activities: Additions to short-term debt, net 143 — — — 143 Proceeds from issuance of senior notes, net 2,674 — — — 2,674 Dividends paid to shareholders (363 ) — — — (363 ) Dividends and other payments paid to noncontrolling interests — — (104 ) — (104 ) Repurchase of treasury shares (974 ) — — — (974 ) Exercise of stock options 80 — 6 — 86 Contingent payments (5 ) — — — (5 ) Purchase of additional CRISIL shares — — (16 ) — (16 ) Excess tax benefits from share-based payments 69 — — — 69 Intercompany financing activities (2,020 ) 359 (84 ) 1,745 — Cash (used for) provided by financing activities from continuing operations (396 ) 359 (198 ) 1,745 1,510 Effect of exchange rate changes on cash from continuing operations — — (67 ) — (67 ) Cash (used for) provided by continuing operations (1,235 ) — 348 — (887 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,235 ) — 219 — (1,016 ) Cash and cash equivalents at beginning of year 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of year $ 167 $ — $ 1,314 $ — $ 1,481 Statement of Cash Flows Year Ended December 31, 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 (loss) income $ (326 ) $ (519 ) $ 637 $ 195 $ (13 ) Less: discontinued operations, net 178 — — — 178 (Loss) income from continuing operations (504 ) (519 ) 637 195 (191 ) Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations: Depreciation 41 17 28 — 86 Amortization of intangibles 4 — 44 — 48 Provision for losses on accounts receivable — 5 6 — 11 Deferred income taxes 42 (272 ) (15 ) — (245 ) Stock-based compensation 31 34 35 — 100 Accrued legal and regulatory settlements — 1,587 — — 1,587 Other 21 39 20 — 80 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (11 ) 47 (45 ) — (9 ) Prepaid and current assets (42 ) (17 ) 52 — (7 ) Accounts payable and accrued expenses (83 ) (47 ) — — (130 ) Unearned revenue 8 26 44 — 78 Accrued legal and regulatory settlement — (35 ) — — (35 ) Other current liabilities (51 ) 45 (10 ) — (16 ) Net change in prepaid/accrued income taxes 13 3 (109 ) — (93 ) Net change in other assets and liabilities (131 ) 5 71 — (55 ) Cash (used for) provided by operating activities from continuing operations (662 ) 918 758 195 1,209 Investing Activities: Capital expenditures (26 ) (14 ) (52 ) — (92 ) Acquisitions, net of cash acquired — — (71 ) — (71 ) Proceeds from dispositions 63 — 20 — 83 Changes in short-term investments — — 15 — 15 Cash provided by (used for) investing activities from continuing operations 37 (14 ) (88 ) — (65 ) Financing Activities: Dividends paid to shareholders (326 ) — — — (326 ) Dividends and other payments paid to noncontrolling interests — — (84 ) — (84 ) Repurchase of treasury shares (362 ) — — — (362 ) Exercise of stock options 184 — 9 — 193 Contingent payments — — (11 ) — (11 ) Excess tax benefits from share-based payments 128 — — — 128 Intercompany financing activities 1,377 (904 ) (278 ) (195 ) — Cash provided by (used for) financing activities from continuing operations 1,001 (904 ) (364 ) (195 ) (462 ) Effect of exchange rate changes on cash from continuing operations 3 — (68 ) — (65 ) Cash provided by continuing operations 379 — 238 — 617 Discontinued Operations: Cash provided by operating activities 18 — — — 18 Cash provided by investing activities 320 — — — 320 Cash provided by discontinued operations 338 — — — 338 Net change in cash and cash equivalents 717 — 238 — 955 Cash and cash equivalents at beginning of year 685 — 857 — 1,542 Cash and cash equivalents at end of year $ 1,402 $ — $ 1,095 $ — $ 2,497 Statement of Cash Flows Year Ended December 31, 2013 (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 $ 2,508 $ 669 $ 423 $ (2,134 ) $ 1,466 Less: discontinued operations, net 726 — (134 ) — 592 Income from continuing operations 1,782 669 557 (2,134 ) 874 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 40 19 27 — 86 Amortization of intangibles 5 — 46 — 51 Provision for losses on accounts receivable 1 7 14 — 22 Deferred income taxes 39 — 4 — 43 Stock-based compensation 35 33 28 — 96 Accrued legal and regulatory settlements — — — — — Other 68 10 18 — 96 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (2 ) (4 ) (29 ) — (35 ) Prepaid and current assets (14 ) (7 ) (8 ) — (29 ) Accounts payable and accrued expenses (120 ) 18 8 — (94 ) Unearned revenue 17 43 49 — 109 Other current liabilities (43 ) (24 ) (22 ) — (89 ) Net change in prepaid/accrued income taxes (265 ) (3 ) 30 — (238 ) Net change in other assets and liabilities (190 ) 84 (4 ) — (110 ) Cash provided by operating activities from continuing operations 1,353 845 718 (2,134 ) 782 Investing Activities: Capital expenditures (61 ) (19 ) (37 ) — (117 ) Acquisitions, net of cash acquired — — (47 ) — (47 ) Proceeds from dispositions 35 — 16 — 51 Changes in short-term investments — — (17 ) — (17 ) Cash used for investing activities from continuing operations (26 ) (19 ) (85 ) — (130 ) Financing Activities: Payments on short-term debt (457 ) — — — (457 ) Dividends paid to shareholders (308 ) — — — (308 ) Dividends and other payments paid to noncontrolling interests — — (75 ) — (75 ) Repurchase of treasury shares (978 ) — — — (978 ) Exercise of stock options 254 — 4 — 258 Contingent payments — — (12 ) — (12 ) Purchase of additional CRISIL shares — — (214 ) — (214 ) Excess tax benefits from share-based payments 43 — — — 43 Intercompany financing activities (43 ) (826 ) (1,265 ) 2,134 — Cash used for financing activities from continuing operations (1,489 ) (826 ) (1,562 ) 2,134 (1,743 ) Effect of exchange rate changes on cash from continuing operations 8 — (9 ) — (1 ) Cash used for continuing operations (154 ) — (938 ) — (1,092 ) Discontinued Operations: Cash provided by (used for) operating activities 720 — (951 ) — (231 ) Cash provided by investing activities — — 2,129 — 2,129 Cash used for financing activities — — (25 ) — (25 ) Effect of exchange rate changes on cash — — 1 — 1 Cash provided by discontinued operations 720 — 1,154 — 1,874 Net change in cash and cash equivalents 566 — 216 — 782 Cash and cash equivalents at beginning of year 119 — 641 — 760 Cash and cash equivalents at end of year $ 685 $ — $ 857 $ — $ 1,542

Accounting Policies (Details)

Accounting Policies (Details) $ in Millions	Nov. 03, 2014USD ($)	Jul. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)unitsSegment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Property, Plant and Equipment [Line Items]
Number of reportable segments | Segment						4
Market value of cash and cash equivalents					$ 1,542	$ 1,481	$ 2,497	$ 1,542	$ 760
Deferred technology costs, gross						128	123
Accumulated amortization of deferred technology costs						72	55
Fair value of our long-term debt borrowings						$ 3,600	900
Non-cash impairment charge associated with the an intangible asset acquired					26
Number of reporting units | units						4
Cost of advertisement						$ 33	35	41
Other (Income) Loss [Member]
Property, Plant and Equipment [Line Items]
Non-cash impairment charge					$ 36
Minimum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						3 years
Minimum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						15 years
Minimum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						2 years
Maximum [Member] | Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						7 years
Maximum [Member] | Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						40 years
Maximum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life						10 years
McGraw Hill Construction [Member]
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of business	$ 320
Pre-tax gain (loss) on dispositions						$ 11
Data Center [Member]
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of business			$ 58
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Property, Plant and Equipment [Line Items]
Pre-tax gain (loss) on dispositions							$ (9)	$ 24
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other (Income) Loss [Member]
Property, Plant and Equipment [Line Items]
Non-cash impairment charge				$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Harold W. McGraw III [Member]
Property, Plant and Equipment [Line Items]
Amount of transaction with related party		$ 20
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | McGraw Hill Construction [Member] | Other (Income) Loss [Member]
Property, Plant and Equipment [Line Items]
Pre-tax gain (loss) on dispositions						$ 11
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Data Center [Member]
Property, Plant and Equipment [Line Items]
Cash proceeds from sale of business			58
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Data Center [Member] | Other (Income) Loss [Member]
Property, Plant and Equipment [Line Items]
Pre-tax gain (loss) on dispositions			$ (3)

Accounting Policies - Recent Ac

Accounting Policies - Recent Accounting Standards (Details) - New Accounting Pronouncement, Early Adoption, Effect [Member] $ in Millions	Dec. 31, 2014USD ($)
Long-term Debt [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 4
Other Noncurrent Assets [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (4)

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions Narrative (Details) company in Thousands, shares in Millions	Sep. 01, 2015USD ($)	Mar. 31, 2014countrycompany	Aug. 31, 2013USD ($)shares	Jun. 30, 2013	Dec. 31, 2015USD ($)sector	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 31, 2015USD ($)	Aug. 18, 2015USD ($)	Dec. 31, 2003
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired					$ 2,400,000,000	$ 82,000,000	$ 273,000,000
Payments for previous acquisition					$ 5,000,000	11,000,000	12,000,000
Minimum number of companies represented in broad market indices | company		11
Minimum number of countries represented in broad market indices | country		52
Ownership percentage										45.00%
SNL Financial LC [Member]
Business Acquisition [Line Items]
Fair value of business acquired	$ 2,225,000,000
Number of sectors in global economy served by acquiree | sector					5
Acquisition-related costs					$ 37,000,000
UCG [Member]
Business Acquisition [Line Items]
Payments for previous acquisition					$ 5,000,000
Coalition Development Ltd [Member]
Business Acquisition [Line Items]
Payments for previous acquisition						$ 11,000,000
Minimum [Member] | SNL Financial LC [Member]
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)					10 years
Maximum [Member]
Business Acquisition [Line Items]
Amortization period for intangible assets (in years)					18 years	7 years
Maximum [Member] | SNL Financial LC [Member]
Business Acquisition [Line Items]
Amortization period of acquired intangible assets (in years)					18 years
CRISIL Limited [Member]
Business Acquisition [Line Items]
Offer to purchase additional equity percent				22.23%
Shares acquired | shares			11
Percent of total shares acquired			15.07%
Consideration for shares			$ 214,000,000
Ownership percentage			67.84%	52.77%
Contingent purchase price payment							$ 12,000,000
Senior Notes [Member]
Business Acquisition [Line Items]
Debt issued								$ 2,000,000,000	$ 2,000,000,000

Acquisitions and Divestitures43

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 01, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Goodwill	$ 2,882		$ 1,387	$ 1,409
SNL Financial LC [Member]
Business Acquisition [Line Items]
Current assets		$ 23
Property, plant and equipment		19
Goodwill		1,563
Other intangible assets, net		772
Other non-current assets		1
Total assets acquired		2,378
Current liabilities		(23)
Unearned revenue		(117)
Other non-current liabilities		(4)
Total liabilities acquired		(144)
Net assets acquired		2,234
SNL Financial LC [Member] | Databases and software
Business Acquisition [Line Items]
Other intangible assets, net		421
SNL Financial LC [Member] | Customer relationships
Business Acquisition [Line Items]
Other intangible assets, net		162
SNL Financial LC [Member] | Tradenames
Business Acquisition [Line Items]
Other intangible assets, net		185
SNL Financial LC [Member] | Other intangibles
Business Acquisition [Line Items]
Other intangible assets, net		$ 4

Acquisitions and Divestitures44

Acquisitions and Divestitures - Supplemental Pro Forma Information (Details) - SNL Financial LC [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Pro forma revenue	$ 5,477	$ 5,275
Pro forma net income (loss) from continuing operations	$ 1,258	$ (251)

Acquisitions and Divestitures45

Acquisitions and Divestitures - Liabilities Assumed From Acquisition of Businesses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Fair value of assets acquired	$ 2,576	$ 67	$ 0
Cash paid (net of cash acquired)	2,401	52	0
Liabilities assumed	$ 175	$ 15	$ 0

Acquisitions and Divestitures46

Acquisitions and Divestitures - Divestitures Narrative (Details) - USD ($) $ in Millions	Nov. 03, 2014	Jul. 31, 2014	Jun. 30, 2014	Mar. 22, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 27, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations							$ 0	$ 160	$ 589
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
McGraw Hill Construction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business	$ 320
Pre-tax gain (loss) on dispositions							11
Other (Income) Loss [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash impairment charge						$ 36
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions								(9)	24
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | CRISIL Limited [Member] | India Index Services & Products Ltd [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent of equity interest sold										49.00%
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | 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
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other (Income) Loss [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash impairment charge					$ 6
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other (Income) Loss [Member] | Data Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions			$ (3)
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other (Income) Loss [Member] | McGraw Hill Construction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax gain (loss) on dispositions							$ 11
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Harold W. McGraw III [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of transaction with related party		$ 20
Discontinued Operations, Disposed of by Sale [Member] | McGraw Hill Construction [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business	$ 320
Gain on sale of discontinued operations								$ 160
Discontinued Operations, Disposed of by Sale [Member] | McGraw Hill Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale of business				$ 2,400
Gain on sale of discontinued operations									$ 589

Acquisitions and Divestitures47

Acquisitions and Divestitures - Components of Business Held For Sale (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of Assets and Liabilities Held For Sale
Liabilities of a business held for sale	$ 206	$ 0
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax income		29	$ 5
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | J.D. Power [Member]
Components of Assets and Liabilities Held For Sale
Accounts receivable, net	58
Goodwill	75
Other intangible assets, net	335
Other assets	35
Assets of a business held for sale	503
Accounts payable and accrued expenses	42
Unearned revenue	64
Other liabilities	100
Liabilities of a business held for sale	206
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax income	$ 53	$ 44	$ 35

Acquisitions and Divestitures48

Acquisitions and Divestitures - Components of Income From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Combinations [Abstract]
Revenue						$ 139	$ 441
Expenses						110	436
Operating income						29	5
Interest expense, net						0	2
Income before taxes on income						29	3
Provision for taxes on income						11	0
Income from discontinued operations, net of tax					$ 0	18	3
Pre-tax gain on sale from discontinued operations						289	888
Provision for taxes on gain on sale						129	299
Gain on sale of discontinued operations, net of tax					0	160	589
Discontinued operations, net	$ 163	$ 2	$ 6	$ 7	0	178	592
Less: net loss attributable to noncontrolling interests					0	0	(1)
Income from discontinued operations attributable to McGraw Hill Financial, Inc. common shareholders	$ 163	$ 2	$ 6	$ 7	$ 0	$ 178	$ 593

Goodwill and Other Intangible49

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 713	$ 693
Weighted-average life of the intangible assets	10 years
Amortization of intangibles	$ 67	48	$ 51
Maximum [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Weighted-average life of the intangible assets	20 years
Dow Jones Index [Member] | Intellectual Property [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 380	380
Dow Jones Index [Member] | Trade Names [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	90	90
S&P Capital IQ and SNL [Member] | Trade Names [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	184
C&C [Member] | Trade Names [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses		164
S&P Dow Jones LLC [Member] | Goldman Sachs Commodity and Broad Market Intellectual Property [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Carrying value of trade name and licenses	$ 59	$ 59

Goodwill and Other Intangible50

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 1,387	$ 1,409
Acquisitions	1,602	42
Dispositions		(32)
Reclassifications	(75)
Other (primarily Fx)	(32)	(32)
Goodwill, Ending balance	2,882	1,387
S&P Ratings
Goodwill [Roll Forward]
Goodwill, Beginning balance	122	125
Acquisitions	0	4
Dispositions		0
Reclassifications	0
Other (primarily Fx)	(8)	(7)
Goodwill, Ending balance	114	122
S&P Capital IQ and SNL
Goodwill [Roll Forward]
Goodwill, Beginning balance	452	469
Acquisitions	1,563	0
Dispositions		0
Reclassifications	0
Other (primarily Fx)	(17)	(17)
Goodwill, Ending balance	1,998	452
S&P DJ Indices
Goodwill [Roll Forward]
Goodwill, Beginning balance	376	376
Acquisitions	0	0
Dispositions		0
Reclassifications	0
Other (primarily Fx)	0	0
Goodwill, Ending balance	376	376
C&C
Goodwill [Roll Forward]
Goodwill, Beginning balance	437	439
Acquisitions	39	38
Dispositions		(32)
Reclassifications	(75)
Other (primarily Fx)	(7)	(8)
Goodwill, Ending balance	$ 394	$ 437

Goodwill and Other Intangible51

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	$ 637	$ 682
Acquisitions	598	13
Transfers		44
Reclassifications	(91)
Other (primarily Fx)	(11)	(14)
Cost, Ending balance	1,133	637	$ 682
Accumulated amortization, Beginning balance	326	283
Current year amortization	67	48	51
Accumulated amortization, reclassifications	(64)
Other (primarily Fx)	(5)	(5)
Accumulated amortization, Ending balance	324	326	283
Net amount	809	311
Databases and software
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	113	115
Acquisitions	421	0
Transfers		0
Reclassifications	(19)
Other (primarily Fx)	(5)	(2)
Cost, Ending balance	510	113	115
Accumulated amortization, Beginning balance	88	83
Current year amortization	20	6
Accumulated amortization, reclassifications	(18)
Other (primarily Fx)	(2)	(1)
Accumulated amortization, Ending balance	88	88	83
Net amount	422	25
Content
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	139	139
Acquisitions	0	0
Transfers		0
Reclassifications	0
Other (primarily Fx)	0	0
Cost, Ending balance	139	139	139
Accumulated amortization, Beginning balance	59	45
Current year amortization	14	14
Accumulated amortization, reclassifications	0
Other (primarily Fx)	0	0
Accumulated amortization, Ending balance	73	59	45
Net amount	66	80
Customer relationships
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	228	225
Acquisitions	0	0
Transfers		0
Reclassifications	(62)
Other (primarily Fx)	2	3
Cost, Ending balance	168	228	225
Accumulated amortization, Beginning balance	80	67
Current year amortization	9	13
Accumulated amortization, reclassifications	(30)
Other (primarily Fx)	1	0
Accumulated amortization, Ending balance	60	80	67
Net amount	108	148
Tradenames
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	46	45
Acquisitions	0	0
Transfers		0
Reclassifications	(2)
Other (primarily Fx)	3	1
Cost, Ending balance	47	46	45
Accumulated amortization, Beginning balance	35	32
Current year amortization	2	3
Accumulated amortization, reclassifications	(2)
Other (primarily Fx)	1	0
Accumulated amortization, Ending balance	36	35	32
Net amount	11	11
Other intangibles
Finite-lived Intangible Assets [Roll Forward]
Cost, Beginning balance	111	158
Acquisitions	177	13
Transfers		44
Reclassifications	(8)
Other (primarily Fx)	(11)	(16)
Cost, Ending balance	269	111	158
Accumulated amortization, Beginning balance	64	56
Current year amortization	22	12
Accumulated amortization, reclassifications	(14)
Other (primarily Fx)	(5)	(4)
Accumulated amortization, Ending balance	67	64	$ 56
Net amount	$ 202	$ 47

Goodwill and Other Intangible52

Goodwill and Other Intangible Assets - Projected Amortization Expense (Details) $ in Millions	Dec. 31, 2015USD ($)
Projected amortization expense for intangible assets
Expected amortization expense, 2016	$ 98
Expected amortization expense, 2017	93
Expected amortization expense, 2018	86
Expected amortization expense, 2019	81
Expected amortization expense, 2020	$ 74

Taxes on Income (Details)

Taxes on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income before taxes domestic and foreign operations
Domestic operations	$ 1,266	$ (423)	$ 821
Foreign operations	549	477	478
Total continuing income before taxes	1,815	54	1,299
Federal:
Current	90	285	194
Deferred	276	(213)	51
Total federal	366	72	245
Foreign:
Current	111	135	152
Deferred	(1)	1	(19)
Total foreign	110	136	133
State and local:
Current	34	62	37
Deferred	37	(25)	10
Total state and local	71	37	47
Total provision for taxes for continuing operations	547	245	425
Provision for discontinued operations	0	140	299
Total provision for taxes	$ 547	$ 385	$ 724
Reconciliation of federal statutory income tax rate
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
Legal and regulatory settlements	0.00%	524.10%	0.00%
State and local income taxes	2.60%	64.20%	2.80%
Foreign operations	(3.20%)	(79.60%)	(3.90%)
S&P Dow Jones Indices LLC joint venture	(2.00%)	(60.20%)	(2.00%)
Tax credits and incentives	(2.90%)	(91.50%)	(2.10%)
Other, net	0.60%	61.70%	2.90%
Effective income tax rate for continuing operations	30.10%	453.70%	32.70%

Taxes on Income - Narrative (De

Taxes on Income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Taxes on income (Textual) [Abstract]
Undistributed earnings of foreign subsidiaries for income tax purposes	$ 1,573
Net income tax payments	260	$ 419	$ 787
Operating loss carryforwards	440
Total amount of federal, state and local, and foreign unrecognized tax benefits excluding interest and penalties	120	118	$ 82	$ 74
Increase in amount of unrecognized tax benefits that unfavorably impact tax expense	20
Accrued interest and penalties associated with uncertain tax positions	$ 31	$ 23

Taxes on Income - Temporary Dif

Taxes on Income - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Legal and regulatory settlements	$ 45	$ 305
Employee compensation	91	99
Accrued expenses	72	94
Postretirement benefits	126	146
Unearned revenue	39	27
Allowance for doubtful accounts	12	13
Loss carryforwards	114	37
Other	18	14
Total deferred tax assets	517	735
Deferred tax liabilities:
Goodwill and intangible assets	(299)	(362)
Fixed assets	(9)	(8)
Other	0	0
Total deferred tax liabilities	(308)	(370)
Net deferred income tax asset (liability) before valuation allowance	209	365
Valuation allowance	(98)	(16)
Net deferred income tax asset (liability)	111	349
Reported as:
Current deferred tax assets	109	360
Current deferred tax liabilities	(8)	(2)
Non-current deferred tax assets	33	31
Non-current deferred tax liabilities	(23)	(40)
Net deferred income tax asset (liability)	$ 111	$ 349

Taxes on Income - Unrecognized

Taxes on Income - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at beginning of year	$ 118	$ 82	$ 74
Additions based on tax positions related to the current year	22	30	27
Additions for tax positions of prior years	12	33	10
Reduction for tax positions of prior years	(14)	(11)	(9)
Reduction for settlements	(18)	(16)	(20)
Balance at end of year	$ 120	$ 118	$ 82

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 3,611	$ 795
Less: short-term debt including current maturities	143	0
Long-term debt	3,468	795
Commercial Paper [Member]
Debt Instrument [Line Items]
Short-term debt	143	0
Senior Notes [Member] | 5.9% Senior Notes, due 2017 [Member]
Debt Instrument [Line Items]
Senior notes	399	399
Unamortized debt discount and issuance costs	1
Senior Notes [Member] | 2.5% Senior Notes, due 2018 [Member]
Debt Instrument [Line Items]
Senior notes	398	0
Unamortized debt discount and issuance costs	2
Senior Notes [Member] | 3.3% Senior Notes, due 2020 [Member]
Debt Instrument [Line Items]
Senior notes	695	0
Unamortized debt discount and issuance costs	5
Senior Notes [Member] | 4.0% Senior Notes, due 2025 [Member]
Debt Instrument [Line Items]
Senior notes	690	0
Unamortized debt discount and issuance costs	10
Senior Notes [Member] | 4.4% Senior Notes, due 2026 [Member]
Debt Instrument [Line Items]
Senior notes	890	0
Unamortized debt discount and issuance costs	10
Senior Notes [Member] | 6.55% Senior Notes, due 2037 [Member]
Debt Instrument [Line Items]
Senior notes	396	$ 396
Unamortized debt discount and issuance costs	$ 4

Debt - Narrative (Details)

Debt - Narrative (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Aug. 31, 2015USD ($)	Aug. 18, 2015USD ($)	Jun. 30, 2015USD ($)	May. 26, 2015USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Annual long term debt maturity year one	$ 0
Annual long term debt maturity year two	399,000,000
Annual long term debt maturity year three	398,000,000
Annual long term debt maturity year four	0
Annual long term debt maturity year five	695,000,000
Annual long term debt maturity after year five	$ 2,000,000,000
Indebtedness to cash flow (not greater than)	4
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper, borrowings outstanding	$ 143,000,000					$ 0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued		$ 2,000,000,000	$ 2,000,000,000
2.5% Senior Notes, due 2018 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued			$ 400,000,000
Interest rate			2.50%
3.3% Senior Notes, due 2020 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued			$ 700,000,000
Interest rate			3.30%
4.0% Senior Notes, due 2025 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued					$ 700,000,000
Interest rate					4.00%
4.4% Senior Notes, due 2026 [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt issued			$ 900,000,000
Interest rate			4.40%
Five-year Revolving Credit Facility | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 1,200,000,000
Commercial paper, borrowing term	5 years
Commitment fee	0.15%
Five-year Revolving Credit Facility | Commercial Paper [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commercial paper, borrowings outstanding	$ 143,000,000					$ 0
Commercial paper, average interest rate	0.95%
Commercial paper, borrowing term	17 days
Commercial paper, additional borrowing capacity	$ 1,100,000,000
Four-year Credit Facility, Replaced | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				1,000,000,000
Commercial paper, borrowing term	4 years
Four-year Credit Facility, Replaced | Commercial Paper [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commercial paper, borrowings outstanding				$ 0
Minimum [Member] | Five-year Revolving Credit Facility | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commitment fee	0.10%
Maximum [Member] | Five-year Revolving Credit Facility | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Commitment fee	0.20%

Employee Benefits (Details)

Employee Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 2,236
Fair value of plan assets at end of year	2,023	$ 2,236
Amounts recognized in consolidated balance sheets:
Non-current liabilities	(276)	(333)
Retirement Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	2,462	2,004
Service cost	6	5	$ 10
Interest cost	96	99	91
Plan participants’ contributions	0	0
Actuarial (gain) loss	(189)	504
Gross benefits paid	(150)	(125)
Foreign currency effect	(26)	(25)
Other adjustments	0	0
Net benefit obligation at end of year	2,199	2,462	2,004
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	2,236	2,088
Actual return on plan assets	(57)	270
Employer contributions	15	22
Plan participants’ contributions	0	0
Gross benefits paid	(150)	(125)
Foreign currency effect	(21)	(19)
Fair value of plan assets at end of year	2,023	2,236	2,088
Funded status	(176)	(226)
Amounts recognized in consolidated balance sheets:
Non-current assets	36	28
Current liabilities	(8)	(8)
Non-current liabilities	(204)	(246)
Total amounts recognized in consolidated balance sheets	(176)	(226)
Accumulated benefit obligation	2,190	2,440
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation	1,810	2,046
Accumulated benefit obligation	1,801	2,024
Fair value of plan assets	1,598	1,792
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	433	452
Prior service credit	1	1
Total recognized	434	453
Postretirement Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Net benefit obligation at beginning of year	96	103
Service cost	0	1	2
Interest cost	3	4	5
Plan participants’ contributions	4	4
Actuarial (gain) loss	(12)	5
Gross benefits paid	(12)	(13)
Foreign currency effect	0	0
Other adjustments	1	(8)
Net benefit obligation at end of year	80	96	103
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	8	9
Plan participants’ contributions	4	4
Gross benefits paid	(12)	(13)
Foreign currency effect	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded status	(80)	(96)
Amounts recognized in consolidated balance sheets:
Non-current assets	0	0
Current liabilities	(8)	(9)
Non-current liabilities	(72)	(87)
Total amounts recognized in consolidated balance sheets	(80)	(96)
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)	(24)	(8)
Prior service credit	(5)	(5)
Total recognized	$ (29)	$ (13)

Employee Benefits - Net Periodi

Employee Benefits - Net Periodic Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Total recognized	$ (25)	$ 215	$ (231)
Retirement Plans [Member]
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	6	5	10
Interest cost	96	99	91
Expected return on assets	(127)	(138)	(129)
Actuarial loss (gain)	20	11	26
Prior service cost (credit)	0	0	5
Curtailment	0	0	(8)
Net periodic benefit cost	(5)	(23)	(5)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial (gain) loss	(6)	232	(213)
Recognized actuarial (gain) loss	(13)	(7)	(15)
Prior service cost (credit)	0	0	5
Total recognized	(19)	225	(223)
Postretirement Plans [Member]
Components of net periodic cost for retirement plans and post-retirement plans
Service cost	0	1	2
Interest cost	$ 3	4	5
Expected return on assets		0	0
Actuarial loss (gain)	$ 0	(1)	0
Prior service cost (credit)	(1)	0	(1)
Curtailment	0	(1)	(12)
Net periodic benefit cost	2	3	(6)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax
Net actuarial (gain) loss	(17)	3	(8)
Recognized actuarial (gain) loss	0	1	0
Prior service cost (credit)	1	(5)	0
Total recognized	$ (16)	$ (1)	$ (8)

Employee Benefits - Assumptions

Employee Benefits - Assumptions (Details) - USD ($) $ in Millions	Jan. 01, 2016	Dec. 31, 2024	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net periodic cost
Weighted-average healthcare cost rate				7.00%
Effects created by one percentage point change in assumed healthcare cost trend
Effect of 1% point increase on postretirement obligation				$ 4
Effect of 1% point decrease on postretirement obligation				$ (3)
Retirement Plans [Member]
Benefit obligation
Discount rate				4.47%	4.15%	5.00%
Net periodic cost
Discount rate				4.15%	5.00%	4.10%
Return on assets				6.25%	7.125%	7.25%
Postretirement Plans [Member]
Benefit obligation
Discount rate				3.90%	3.60%	4.20%
Net periodic cost
Weighted-average healthcare cost rate				7.00%	7.00%	7.00%
Discount rate				3.60%	4.125%	3.45%
United Kingdom Retirement Plan [Member]
Net periodic cost
Discount rate				3.80%	4.50%	4.80%
Compensation increase factor						5.75%
United States Pension Plan of US Entity [Member]
Net periodic cost
Discount rate				4.15%
Subsequent Event [Member] | Retirement Plans [Member]
Net periodic cost
Return on assets	6.25%
Subsequent Event [Member] | United Kingdom Retirement Plan [Member]
Net periodic cost
Discount rate	3.84%
Subsequent Event [Member] | United States Pension Plan of US Entity [Member]
Net periodic cost
Discount rate	4.47%
Scenario, Forecast [Member]
Net periodic cost
Weighted-average healthcare cost rate		5.00%
Change in Accounting Method Accounted for as Change in Estimate [Member] | Scenario, Forecast [Member]
Net periodic cost
Decrease in pension and postretirement medical costs			$ 13

Employee Benefits - Cash Flows

Employee Benefits - Cash Flows (Details) $ in Millions	Dec. 31, 2015USD ($)
Retirement Plans [Member]
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2016, Net payments	$ 91
2017, Net payments	90
2018, Net payments	93
2019, Net payments	96
2020, Net payments	99
2021-2025, Net payments	539
Postretirement Plans [Member]
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy
2016, Gross payments	13
2017, Gross payments	13
2018, Gross payments	12
2019, Gross payments	12
2020, Gross payments	11
2021-2025, Gross payments	43
2016, Retiree Contributions	(4)
2017, Retiree Contributions	(4)
2018, Retiree Contributions	(4)
2019, Retiree Contributions	(4)
2020, Retiree Contributions	(4)
2021-2025, Retiree Contributions	(12)
2016, Medicare subsidy	(1)
2017, Medicare subsidy	(1)
2018, Medicare subsidy	(1)
2019, Medicare subsidy	(1)
2020, Medicare subsidy	(1)
2021-2025, Medicare subsidy	(3)
2016, Net payments	8
2017, Net payments	8
2018, Net payments	7
2019, Net payments	7
2020, Net payments	6
2021-2025, Net payments	$ 28

Employee Benefits - Fair Value

Employee Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	$ 2,023	$ 2,236
Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	237	350
Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	1,786	1,886
Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Cash and short-term investments [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	188	176
Cash and short-term investments [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	8	17
Cash and short-term investments [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	180	159
Cash and short-term investments [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
US indexed equity securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	312	293
US indexed equity securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	63	88
US indexed equity securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	249	205
US indexed equity securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
US growth and value securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	132	204
US growth and value securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	92	147
US growth and value securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	40	57
US growth and value securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
UK equity securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	47	67
UK equity securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	34	56
UK equity securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	13	11
UK equity securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International equity securities excluding UK [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	124	139
International equity securities excluding UK [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	40	42
International equity securities excluding UK [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	84	97
International equity securities excluding UK [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Long duration bonds [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	1,072	1,165
Long duration bonds [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Long duration bonds [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	1,072	1,165
Long duration bonds [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Intermediate Duration Securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	33	25
Intermediate Duration Securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Intermediate Duration Securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	33	25
Intermediate Duration Securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Agency mortgage backed securities
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	6	6
Agency mortgage backed securities | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Agency mortgage backed securities | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	6	6
Agency mortgage backed securities | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Asset-backed Securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	17	18
Asset-backed Securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Asset-backed Securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	17	18
Asset-backed Securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Non-agency mortgage backed securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	23	37
Non-agency mortgage backed securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Non-agency mortgage backed securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	23	37
Non-agency mortgage backed securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
UK fixed income securities [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	6	7
UK fixed income securities [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
UK fixed income securities [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	6	7
UK fixed income securities [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International fixed income securities excluding UK [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	48	85
International fixed income securities excluding UK [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
International fixed income securities excluding UK [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	48	85
International fixed income securities excluding UK [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Other [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	15	14
Other [Member] | Level 1 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	0	0
Other [Member] | Level 2 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	15	14
Other [Member] | Level 3 [Member]
Fair value of defined benefit plans assets by asset class
Fair value of defined benefit plans assets by asset class, total	$ 0	$ 0

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)trustshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Compensation and Retirement Disclosure [Abstract]
Total cost for retirement plans	$ 91	$ 81	$ 96
Defined contribution plan cost	$ 67	$ 74	75
Shares purchased by US plan under defined contribution plan | shares	223,656	301,924
Shares sold by US plan under defined contribution plan | shares	247,984	629,086
Shares held by the US plan under defined contribution plan | shares	1,800,000	1,900,000
Shares held by the US plan under defined contribution plan, market value	$ 179	$ 165
Dividend received by the plan	$ 2	3
Defined Benefit Plan Disclosure [Line Items]
Number of pension trust accounts | trust	2
Pension trust assets	$ 2,023	2,236
Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial loss to be recognized in net periodic pension cost	16
Net periodic benefit cost (credit)	(5)	(23)	(5)
Curtailment gain			8
Expected required employer contribution	7
Pension trust assets	2,023	2,236	2,088
United States Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension trust assets	1,600	1,800
United Kingdom Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (credit)	(10)	(8)	(10)
Pension trust assets	425	443
Postretirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (credit)	2	3	(6)
Expected required employer contribution	9
Pension trust assets	$ 0	0	$ 0
Equity Securities, Domestic [Member] | United States Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	26.00%
Equity Securities, International [Member] | United States Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	6.00%
Debt Securities and Short-Term Investments [Member] | United States Retirement Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	68.00%
Equity Securities [Member] | United Kingdom Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	20.00%
Diversified Growth Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension trust assets	$ 15	$ 14
Diversified Growth Funds [Member] | United Kingdom Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	40.00%
Fixed Income Funds [Member] | United Kingdom Retirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	40.00%
UNITED STATES
Defined Benefit Plan Disclosure [Line Items]
Number of pension trust accounts | trust	1
UNITED KINGDOM
Defined Benefit Plan Disclosure [Line Items]
Number of pension trust accounts | trust	1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Director deferred stock ownership plan amount to be credited to deferred stock accounts	50.00%
Share delivery term if elected	5 years
Award vesting period	3 years
Percentage of compensation costs recognized				50.00%
Total fair value of stock options, vested	$ 11	$ 6	$ 12
Excess tax benefits from share-based payments	$ 69	128	43
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years			2 years
Award expiration period	10 years			10 years
Employee Stock Option [Member] | Graded Vesting Method [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years			2 years
Employee Stock Option [Member] | Ratable Vest One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of compensation costs recognized	33.33%
Award cost recognition period	12 months			12 months
Employee Stock Option [Member] | Ratable Vest Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of compensation costs recognized	33.33%
Award cost recognition period	24 months			24 months
Employee Stock Option [Member] | Ratable Vest Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award cost recognition period	36 months
McGraw Hill Education [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation from discontinued operations		$ 2	$ 10

Stock-Based Compensation - Comm

Stock-Based Compensation - Common Shares Reserved for Issuance (Details) - shares shares in Millions	Dec. 31, 2015	Dec. 31, 2014
Number of common shares reserved for issuance
Shares available for granting under the 2002 plan (in shares)	32.8	31.4
Options outstanding (in shares)	5.8	8.1
Total shares reserved for issuance (in shares)	38.6	39.5
Director Deferred Stock Ownership Plan [Member]
Number of common shares reserved for issuance
Total shares reserved for issuance (in shares)	0.1	0.1

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense and Stock Option Fair Value Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-Based Compensation
Stock option expense	$ 14	$ 21	$ 13
Restricted stock and unit awards expense	64	79	83
Total stock-based compensation expense	78	100	96
Tax benefit	$ 29	$ 38	$ 37
Assumptions Used In Valuing Options Granted [Line Items]
Dividend yield	1.40%
Expected life (years)	6 years 3 months 18 days
Weighted-average grant-date fair value per option	$ 27.57	$ 23.41	$ 14.46
Minimum Range [Member]
Assumptions Used In Valuing Options Granted [Line Items]
Risk-free average interest rate	0.20%	0.10%	0.10%
Dividend yield		1.40%	2.07%
Volatility	21.00%	18.00%	29.00%
Expected life (years)		6 years 2 months 16 days	6 years 1 month 6 days
Maximum Range [Member]
Assumptions Used In Valuing Options Granted [Line Items]
Risk-free average interest rate	1.90%	2.90%	2.90%
Dividend yield		1.80%	2.09%
Volatility	39.00%	41.00%	45.00%
Expected life (years)		6 years 3 months	6 years 2 months 12 days

Stock-Based Compensation - St68

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Beginning balance (in shares) | shares	8.1
Shares, granted (in shares) | shares	0
Shares, exercised (in shares) | shares	(2.2)
Shares, cancelled, forfeited and expired (in shares) | shares	(0.1)
Options, Ending balance (in shares) | shares	5.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted-average exercise price, Beginning balance (in dollars per share) | $ / shares	$ 45.18
Weighted-average exercise price, granted (in dollars per share) | $ / shares	90.30
Weighted-average exercise price, exercised (in dollars per share) | $ / shares	76.08
Weighted-average exercise price, cancelled, forfeited and expired (in dollars per share) | $ / shares	53.28
Weighted-average exercise price, Ending balance (in dollars per share) | $ / shares	$ 45.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Shares, options exercisable (in shares) | shares	5
Weighted-average exercise price, options exercisable (in dollars per share) | $ / shares	$ 42.10
Weighted-average remaining years of contractual term, Options outstanding at December 31, 2015	4 years 6 months
Weighted-average remaining years of contractual term, Options exercisable at December 31, 2015	4 years
Aggregate intrinsic value, options outstanding at December 31, 2015 | $	$ 308
Aggregate intrinsic value, options exercisable at December 31, 2015 | $	$ 283
Non Vested Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options, Beginning balance (in shares) | shares	1.6
Shares, granted (in shares) | shares	0
Shares, vested (in shares) | shares	(0.7)
Shares, forfeited (in shares) | shares	(0.1)
Options, Ending balance (in shares) | shares	0.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 19
Weighted-average exercise price, granted (in dollars per share) | $ / shares	27.57
Weighted-average grant-date fair value, vested (in dollars per share) | $ / shares	18.24
Weighted-average exercise price, forfeited (in dollars per share) | $ / shares	17.44
Weighted-average grant-date fair value, Beginning balance (in dollars per share) | $ / shares	$ 19.82
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Total unrecognized compensation expense related to nonvested options | $	$ 3
Weighted-average years to be recognized over	1 year 2 months 12 days

Stock-Based Compensation - St69

Stock-Based Compensation - Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Net cash proceeds from the exercise of stock options	$ 86	$ 193	$ 258
Total intrinsic value of stock option exercises	94	168	158
Income tax benefit realized from stock option exercises	$ 49	$ 73	$ 61

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock and Unit Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Tax benefit relating to restricted stock activity	$ 29	$ 38	$ 37
Restricted Stock Activity [Member]
Restricted stock and unit activity
Nonvested shares, Beginning Balance (in shares)	1.7
Shares, Granted (in shares)	1.3
Shares, Vested (in shares)	(1.6)
Shares, Forfeited (in shares)	(0.2)
Nonvested shares, Ending Balance (in shares)	1.2	1.7
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-average grant-date fair value, Beginning balance (in dollars per share)	$ 61.56
Weighted-average grant-date fair value, Granted (in dollars per share)	77.06	$ 77.74	$ 44.22
Weighted-average grant-date fair value, Vested (in dollars per share)	96
Weighted-average grant-date fair value, Forfeited (in dollars per share)	81.70
Weighted-average grant-date fair value, Ending balance (in dollars per share)	$ 92.39	$ 61.56
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Total unrecognized compensation expense related to nonvested options	$ 60
Weighted-average years to be recognized over	1 year 7 months 6 days
Total fair value of restricted stock and unit awards vested	$ 155	$ 88	$ 119
Tax benefit relating to restricted stock activity	$ 24	$ 30	$ 33

Equity (Details)

Equity (Details) - USD ($)	Jan. 27, 2016	Jun. 25, 2014	Jul. 25, 2013	Apr. 02, 2013	Dec. 31, 2015	Dec. 31, 2013	Mar. 31, 2013	Jul. 25, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 04, 2013	Mar. 25, 2013	Dec. 31, 2011
Dividend history
Quarterly dividend rate (in usd per share)									$ 0.330	$ 0.3	$ 0.28
Annualized dividend rate (in usd per share)									$ 1.32	$ 1.2	$ 1.12
Dividends paid									$ 363,000,000	$ 326,000,000	$ 308,000,000
Share repurchases
Total number of shares purchased (in shares)			700,000	1,400,000	300,000		7,200,000	9,300,000
Average price paid per share (in dollars per share)					$ 98.98	$ 58.36			$ 99	$ 79.06	$ 58.52
Repurchase of treasury shares									$ 974,000,000	$ 362,000,000	$ 978,000,000
Total cash utilized					$ 26,000,000				1,002,000,000	346,000,000	989,000,000
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance as of December 31, 2014					920,000,000				920,000,000	810,000,000		$ 920,000,000
Net income attributable to noncontrolling interest									101,000,000
Distributions to noncontrolling interest									(98,000,000)		$ (22,000,000)
Redemption value adjustment									107,000,000
Balance as of December 31, 2015					$ 920,000,000				$ 920,000,000	$ 810,000,000
Stockholders' Equity Note [Abstract]
Preferred stock authorized (shares)												2,000,000
Par value of Preferred stock (in usd per share)												$ 1
Preferred stock issued (in shares)												0
Quarterly dividend rate (in usd per share)									$ 0.330	$ 0.3	$ 0.28
Authorized amount														$ 500,000,000
Volume weighted-average share price (in dollars per share)			$ 53.7995					$ 53.7995
Interest in joint venture minimum percentage									20.00%
Change in control period									15 days
2013 Repurchase Program [Member]
Share repurchases
Total number of shares purchased (in shares)									10,100,000	4,400,000	0
Stockholders' Equity Note [Abstract]
Stock repurchase program number of shares authorized to be repurchased (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												35,500,000
2011 Repurchase Program [Member]
Share repurchases
Total number of shares purchased (in shares)						100,000			0	0	16,900,000
Total cash utilized						$ 10,000,000
Stockholders' Equity Note [Abstract]
Stock repurchase program number of shares authorized to be repurchased (shares)															50,000,000
Maximum number of shares authorized for repurchase under stock repurchase plan as percentage of outstanding common stock															17.00%
Remaining shares available under repurchase program												0
Stock Repurchases [Member]
Share repurchases
Repurchase of treasury shares									$ 974,000,000	$ 362,000,000
Total cash utilized									$ 1,000,000,000	$ 352,000,000	$ 989,000,000
Harold W. McGraw III [Member]
Share repurchases
Total number of shares purchased (in shares)		500,000
Average price paid per share (in dollars per share)		$ 82.66
Total cash utilized		$ 41,000,000
Repurchase discount		0.35%
Subsequent Event [Member]
Dividend history
Quarterly dividend rate (in usd per share)	$ 0.36
Stockholders' Equity Note [Abstract]
Quarterly dividend rate (in usd per share)	$ 0.36

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward]
Balance as of December 31, 2014	$ (514)
Other comprehensive income before reclassifications	(98)
Reclassifications from accumulated other comprehensive loss to net earnings	12
Net other comprehensive income	(86)
Balance as of December 31, 2015	(600)
Tax provision of net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income	7
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	$ (110)
Reclassifications from accumulated other comprehensive loss to net earnings
Net other comprehensive income	$ (110)
Balance as of December 31, 2015	(193)
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	13
Reclassifications from accumulated other comprehensive loss to net earnings	12
Net other comprehensive income	25
Balance as of December 31, 2015	(406)
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
Net other comprehensive income	$ (1)
Balance as of December 31, 2015	$ (1)

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amount attributable to McGraw Hill Financial, Inc. common shareholders:
Income (loss) from continuing operations	$ 248	$ 252	$ 353	$ 303	$ (1,009)	$ 188	$ 286	$ 241	$ 1,156	$ (293)	$ 783
Income from discontinued operations					163	2	6	7	0	178	593
Net income (loss) attributable to McGraw Hill Financial, Inc.	$ 248	$ 252	$ 353	$ 303	$ (846)	$ 190	$ 292	$ 248	$ 1,156	$ (115)	$ 1,376
Basic weighted-average number of common shares outstanding (in shares)									271,600,000	271,500,000	274,500,000
Effect of stock options and other dilutive securities (in shares)									3,000,000	0	5,300,000
Diluted weighted-average number of common shares outstanding (in shares)									274,600,000	271,500,000	279,800,000
Income (loss) from continuing operations:
Basic (in dollars per share)	$ 0.92	$ 0.93	$ 1.29	$ 1.11	$ (3.71)	$ 0.69	$ 1.05	$ 0.89	$ 4.26	$ (1.08)	$ 2.85
Diluted (in dollars per share)	0.91	0.92	1.28	1.10	(3.71)	0.68	1.04	0.87	4.21	(1.08)	2.80
Income from discontinued operations:
Basic (in dollars per share)					0.60	0.01	0.02	0.02	0	0.66	2.16
Diluted (in dollars per share)					0.60	0.01	0.02	0.02	0	0.66	2.12
Net income (loss):
Basic (in dollars per share)	0.92	0.93	1.29	1.11	(3.11)	0.70	1.08	0.91	4.26	(0.42)	5.01
Diluted (in dollars per share)	$ 0.91	$ 0.92	$ 1.28	$ 1.10	$ (3.11)	$ 0.69	$ 1.06	$ 0.89	$ 4.21	$ (0.42)	$ 4.91
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share for both restricted stock and stock options (in shares)									900,000	3,200,000	900,000
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share for both restricted stock and stock options (in shares)									0	2,900,000	1,200,000

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)Positions	Dec. 31, 2014USD ($)Positions
Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions	550
Initial Charge Recorded	$ 63
Restructuring charges paid	13
Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Workforce reduction, positions | Positions		590
Reserves reversed	7
Initial Charge Recorded		$ 86
Restructuring charges paid	$ 64	$ 9

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 63
Ending Reserve Balance	50
Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		$ 86
Ending Reserve Balance		13
S&P Ratings [Member] | Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	18
Ending Reserve Balance	15
S&P Ratings [Member] | Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		45
Ending Reserve Balance		6
S&P Capital IQ and SNL [Member] | Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	31
Ending Reserve Balance	23
S&P Capital IQ and SNL [Member] | Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		9
Ending Reserve Balance		1
C&C [Member] | Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	2
C&C [Member] | Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		16
Ending Reserve Balance		1
Corporate [Member] | Restructuring Plan, 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	11
Ending Reserve Balance	$ 10
Corporate [Member] | Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		16
Ending Reserve Balance		5
McGraw Hill Construction [Member] | Restructuring Plan, 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		$ 3

Segment and Geographic Inform76

Segment and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2015countrySegment
Segment Reporting [Abstract]
Number of reportable segments | Segment	4
Number of countries in which operations is carried on | country	90
Maximum percentage of consolidated revenue represented by foreign countries (more than)	8.00%
Maximum percentage of consolidated revenue represented by single customer (more than)	10.00%

Segment and Geographic Inform77

Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment information
Revenue	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 1,290	$ 1,263	$ 1,302	$ 1,196	$ 5,313	$ 5,051	$ 4,702
Operating Profit (Loss)	424	$ 410	$ 582	$ 501	(1,148)	$ 366	$ 476	$ 420	1,917	113	1,358
Depreciation & Amortization									157	134	137
Capital Expenditures									139	92	117
Total Assets	8,183				6,773				8,183	6,773
Assets of a business held for sale	503				0				503	0
Intersegment elimination [Member]
Segment information
Revenue									(88)	(86)	(76)
Operating Profit (Loss)									0	0	0
Total operating segments [Member]
Segment information
Revenue									5,313	5,051	4,702
Operating Profit (Loss)									2,055	282	1,617
Depreciation & Amortization									150	124	126
Capital Expenditures									130	84	100
Total Assets	5,812				3,719				5,812	3,719
Unallocated expense [Member]
Segment information
Revenue									0	0	0
Operating Profit (Loss)									(138)	(169)	(259)
Restructuring costs									10	16
Unallocated expense [Member] | Cost Structure Reduction [Member]
Segment information
Restructuring costs											64
Unallocated expense [Member] | Non-Cash Impairment Charge [Member]
Segment information
Restructuring costs											36
Unallocated expense [Member] | Lease Commitments / Terminations [Member]
Segment information
Restructuring costs											13
Corporate [Member]
Segment information
Depreciation & Amortization									7	10	11
Capital Expenditures									9	8	17
Total Assets	1,868				3,054				1,868	3,054
S&P Ratings
Segment information
Revenue									2,428	2,455	2,274
Operating Profit (Loss)									1,078	(583)	882
Depreciation & Amortization									43	43	45
Capital Expenditures									48	33	40
Total Assets	620				624				620	624
S&P Capital IQ and SNL
Segment information
Revenue									1,405	1,237	1,170
Operating Profit (Loss)									228	228	189
Depreciation & Amortization									70	50	49
Capital Expenditures									60	38	39
Total Assets	3,405				1,011				3,405	1,011
S&P DJ Indices
Segment information
Revenue									597	552	493
Operating Profit (Loss)									392	347	266
Depreciation & Amortization									8	7	10
Capital Expenditures									4	2	4
Total Assets	1,181				1,166				1,181	1,166
C&C
Segment information
Revenue									971	893	841
Operating Profit (Loss)									357	290	280
Depreciation & Amortization									29	24	22
Capital Expenditures									18	11	$ 17
Total Assets	$ 606				$ 918				606	$ 918
McGraw Hill Construction [Member]
Segment Reporting Information [Line Items]
Pre-tax gain (loss) on dispositions									$ 11

Segment and Geographic Inform78

Segment and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 1,290	$ 1,263	$ 1,302	$ 1,196	$ 5,313	$ 5,051	$ 4,702
Long-lived Assets	4,730				2,665				4,730	2,665
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									3,202	2,911	2,723
Long-lived Assets	4,198				2,117				4,198	2,117
European region [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,265	1,316	1,226
Long-lived Assets	419				430				419	430
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									566	528	483
Long-lived Assets	63				54				63	54
Rest of the world [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									280	296	$ 270
Long-lived Assets	$ 50				$ 64				$ 50	$ 64
Geographic Concentration Risk [Member] | Revenue [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									100.00%	100.00%	100.00%
Geographic Concentration Risk [Member] | Revenue [Member] | United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									60.00%	58.00%	58.00%
Geographic Concentration Risk [Member] | Revenue [Member] | European region [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									24.00%	26.00%	26.00%
Geographic Concentration Risk [Member] | Revenue [Member] | Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									11.00%	10.00%	10.00%
Geographic Concentration Risk [Member] | Revenue [Member] | Rest of the world [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									5.00%	6.00%	6.00%
Geographic Concentration Risk [Member] | Long-lived Assets [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									100.00%	100.00%
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									89.00%	80.00%
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | European region [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									9.00%	16.00%
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									1.00%	2.00%
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | Rest of the world [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk									1.00%	2.00%

Commitments and Contingencies -

Commitments and Contingencies - Rental Expense for Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Gross rental expense	$ 182	$ 199	$ 202
Less: sublease revenue	(14)	(16)	(29)
Less: Rock-McGraw rent credit	(4)	(23)	(20)
Net rental expense	$ 164	$ 160	$ 153

Commitments and Contingencies80

Commitments and Contingencies - Narrative (Details) AUD in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2013AUDinvestment	Dec. 31, 2003USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Aug. 03, 2015employeeshareholder
Loss Contingencies [Line Items]
Sale of equity investment in Rock-McGraw, Inc., percentage		45.00%
Proceeds from the disposition of equity investment in Rock-McGraw		$ 382
Pre-tax gain from Sale of equity investment in Rock-McGraw		131
After-tax gain from Sale of equity investment in Rock-McGraw		58
Pre-tax gain pursuant to sale-leaseback accounting rules		212
After-tax gain pursuant to sale-leaseback accounting rules		$ 126
Deferred gain					$ 60
Gain amortized during year			$ 4	$ 21	$ 15
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]
Alleged losses related to synthetic collateralized debt obligations, number of investments | investment	8
Damages sought | AUD	AUD 327

Commitments and Contingencies81

Commitments and Contingencies - Future Minimum Rental Commitments (Details) $ in Millions	Dec. 31, 2015USD ($)
Future minimum rental commitments
Rent commitment, 2016	$ 136
Rent commitment, 2017	120
Rent commitment, 2018	109
Rent commitment, 2019	101
Rent commitment, 2020	49
Rent commitment, 2021 and beyond	162
Rent commitment, Total	677
Sublease income, 2016	(14)
Sublease income, 2017	(13)
Sublease income, 2018	(13)
Sublease income, 2019	(13)
Sublease income, 2020	(2)
Sublease income, 2021 and beyond	0
Sublease income, Total	(55)
Net rent, 2016	122
Net rent, 2017	107
Net rent, 2018	96
Net rent, 2019	88
Net rent, 2020	47
Net rent, 2021 and beyond	162
Net rent, Total	$ 622

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions

Jul. 31, 2014

Jun. 25, 2014

Jul. 25, 2013

Apr. 02, 2013

Dec. 31, 2015

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Jul. 25, 2013

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Jun. 30, 2012

Related Party Transaction [Line Items]

Total number of shares purchased (in shares)

0.7

1.4

0.3

7.2

9.3

Total cash utilized

$ 26

$ 1,002

$ 346

$ 989

Average price paid per share (in dollars per share)

$ 98.98

$ 58.36

$ 99

$ 79.06

$ 58.52

Other (Income) Loss [Member]

Related Party Transaction [Line Items]

Non-cash impairment charge

$ 36

Harold W. McGraw III [Member]

Related Party Transaction [Line Items]

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 [Member] | S&P/DJ Indices [Member]

Related Party Transaction [Line Items]

Revenues earned under license agreement

$ 63

$ 52

$ 46

Noncontrolling interest ownership by noncontrolling owners

27.00%

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other (Income) Loss [Member]

Related Party Transaction [Line Items]

Non-cash impairment charge

$ 6

Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Harold W. McGraw III [Member]

Related Party Transaction [Line Items]

Amount of transaction with related party

$ 20

Quarterly Financial Informati83

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 1,290	$ 1,263	$ 1,302	$ 1,196	$ 5,313	$ 5,051	$ 4,702
Operating profit	424	410	582	501	(1,148)	366	476	420	1,917	113	1,358
Income (loss) from continuing operations	276	281	381	329	(984)	215	310	268	1,268	(191)	874
Income from discontinued operations					163	2	6	7	0	178	592
Net income (loss)	276	281	381	329	(821)	217	316	275	1,268	(13)	1,466
Net income attributable to McGraw Hill Financial common shareholders:
Income (loss) from continuing operations	248	252	353	303	(1,009)	188	286	241	1,156	(293)	783
Income from discontinued operations					163	2	6	7	0	178	593
Net income (loss)	$ 248	$ 252	$ 353	$ 303	$ (846)	$ 190	$ 292	$ 248	$ 1,156	$ (115)	$ 1,376
Income (loss) from continuing operations:
Basic (in dollars per share)	$ 0.92	$ 0.93	$ 1.29	$ 1.11	$ (3.71)	$ 0.69	$ 1.05	$ 0.89	$ 4.26	$ (1.08)	$ 2.85
Diluted (in dollars per share)	0.91	0.92	1.28	1.10	(3.71)	0.68	1.04	0.87	4.21	(1.08)	2.80
Income from discontinued operations:
Basic (in dollars per share)					0.60	0.01	0.02	0.02	0	0.66	2.16
Diluted (in dollars per share)					0.60	0.01	0.02	0.02	0	0.66	2.12
Net income (loss):
Basic (in dollars per share)	0.92	0.93	1.29	1.11	(3.11)	0.70	1.08	0.91	4.26	(0.42)	5.01
Diluted (in dollars per share)	$ 0.91	$ 0.92	$ 1.28	$ 1.10	$ (3.11)	$ 0.69	$ 1.06	$ 0.89	$ 4.21	$ (0.42)	$ 4.91

Condensed Consolidating Finan84

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

Condensed Consolidating Finan85

Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,374	$ 1,324	$ 1,342	$ 1,273	$ 1,290	$ 1,263	$ 1,302	$ 1,196	$ 5,313	$ 5,051	$ 4,702
Expenses:
Operating-related expenses									1,672	1,627	1,564
Selling and general expenses									1,578	3,168	1,631
Depreciation									90	86	86
Amortization of intangibles									67	48	51
Total expenses									3,407	4,929	3,332
Other income									(11)	9	12
Operating profit	424	410	582	501	(1,148)	366	476	420	1,917	113	1,358
Interest expense (income), net									102	59	59
Non-operating intercompany transactions									0	0	0
Income from continuing operations before taxes on income									1,815	54	1,299
(Benefit) provision for taxes on income									547	245	425
Equity in net income of subsidiaries									0	0	0
Income (loss) from continuing operations	276	281	381	329	(984)	215	310	268	1,268	(191)	874
Discontinued operations, net of tax:
Income from discontinued operations									0	18	3
Gain on sale of discontinued operations									0	160	589
Discontinued operations, net					163	2	6	7	0	178	592
Net income (loss)	276	281	381	329	(821)	217	316	275	1,268	(13)	1,466
Less: net income from continuing operations attributable to noncontrolling interests									(112)	(102)	(91)
Less: net loss from discontinued operations attributable to noncontrolling interests									0	0	1
Net income (loss) attributable to McGraw Hill Financial, Inc.	$ 248	$ 252	$ 353	$ 303	$ (846)	$ 190	$ 292	$ 248	1,156	(115)	1,376
Comprehensive income (loss)									1,182	(331)	1,788
Consolidation, Eliminations [Member]
Condensed Income Statements, Captions [Line Items]
Revenue									(115)	(115)	(105)
Expenses:
Operating-related expenses									(115)	(115)	(105)
Selling and general expenses									0	0	0
Depreciation									0	0	0
Amortization of intangibles									0	0	0
Total expenses									(115)	(115)	(105)
Other income									0	0	0
Operating profit									0	0	0
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									0	0	0
Income from continuing operations before taxes on income									0	0	0
(Benefit) provision for taxes on income									0	0	0
Equity in net income of subsidiaries									(1,745)	195	(2,134)
Income (loss) from continuing operations									(1,745)	195	(2,134)
Discontinued operations, net of tax:
Income from discontinued operations										0	0
Gain on sale of discontinued operations										0	0
Discontinued operations, net										0	0
Net income (loss)									(1,745)	195	(2,134)
Less: net income from continuing operations attributable to noncontrolling interests									(112)	(102)	(91)
Less: net loss from discontinued operations attributable to noncontrolling interests											1
Net income (loss) attributable to McGraw Hill Financial, Inc.									(1,857)	93	(2,224)
Comprehensive income (loss)									(1,741)	195	(2,106)
McGraw Hill Financial, Inc. | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenue									624	598	570
Expenses:
Operating-related expenses									73	78	128
Selling and general expenses									248	296	338
Depreciation									40	41	40
Amortization of intangibles									0	4	5
Total expenses									361	419	511
Other income									0	3	25
Operating profit									263	176	34
Interest expense (income), net									112	66	65
Non-operating intercompany transactions									282	193	245
Income from continuing operations before taxes on income									(131)	(83)	(276)
(Benefit) provision for taxes on income									(107)	(22)	(121)
Equity in net income of subsidiaries									1,473	(443)	1,937
Income (loss) from continuing operations									1,449	(504)	1,782
Discontinued operations, net of tax:
Income from discontinued operations										18	82
Gain on sale of discontinued operations										160	644
Discontinued operations, net										178	726
Net income (loss)									1,449	(326)	2,508
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Less: net loss from discontinued operations attributable to noncontrolling interests											0
Net income (loss) attributable to McGraw Hill Financial, Inc.									1,449	(326)	2,508
Comprehensive income (loss)									1,446	(495)	2,773
Standard & Poor's Financial Services LLC | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenue									2,141	2,043	1,931
Expenses:
Operating-related expenses									522	389	556
Selling and general expenses									469	2,350	532
Depreciation									18	17	19
Amortization of intangibles									0	0	0
Total expenses									1,009	2,756	1,107
Other income									0	0	3
Operating profit									1,132	(713)	821
Interest expense (income), net									0	0	0
Non-operating intercompany transactions									222	38	66
Income from continuing operations before taxes on income									910	(751)	755
(Benefit) provision for taxes on income									358	16	283
Equity in net income of subsidiaries									272	248	197
Income (loss) from continuing operations									824	(519)	669
Discontinued operations, net of tax:
Income from discontinued operations										0	0
Gain on sale of discontinued operations										0	0
Discontinued operations, net										0	0
Net income (loss)									824	(519)	669
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Less: net loss from discontinued operations attributable to noncontrolling interests											0
Net income (loss) attributable to McGraw Hill Financial, Inc.									824	(519)	669
Comprehensive income (loss)									822	(544)	669
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member]
Condensed Income Statements, Captions [Line Items]
Revenue									2,663	2,525	2,306
Expenses:
Operating-related expenses									1,192	1,275	985
Selling and general expenses									861	522	761
Depreciation									32	28	27
Amortization of intangibles									67	44	46
Total expenses									2,152	1,869	1,819
Other income									(11)	6	(16)
Operating profit									522	650	503
Interest expense (income), net									(10)	(7)	(6)
Non-operating intercompany transactions									(504)	(231)	(311)
Income from continuing operations before taxes on income									1,036	888	820
(Benefit) provision for taxes on income									296	251	263
Equity in net income of subsidiaries									0	0	0
Income (loss) from continuing operations									740	637	557
Discontinued operations, net of tax:
Income from discontinued operations										0	(79)
Gain on sale of discontinued operations										0	(55)
Discontinued operations, net										0	(134)
Net income (loss)									740	637	423
Less: net income from continuing operations attributable to noncontrolling interests									0	0	0
Less: net loss from discontinued operations attributable to noncontrolling interests											0
Net income (loss) attributable to McGraw Hill Financial, Inc.									740	637	423
Comprehensive income (loss)									$ 655	$ 513	$ 452

Condensed Consolidating Finan86

Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 1,481	$ 2,497	$ 1,542	$ 760
Accounts receivable, net of allowance for doubtful accounts	991	932
Intercompany receivable	0	0
Deferred income taxes	109	360
Prepaid and other current assets	212	173
Assets of a business held for sale	503	0
Total current assets	3,296	3,962
Property and equipment, net of accumulated depreciation	270	206
Goodwill	2,882	1,387	1,409
Other intangible assets, net	1,522	1,004
Asset for pension benefits	36	28
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	177	186
Total assets	8,183	6,773
Current liabilities:
Accounts payable	206	191
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	383	410
Short-term debt	143	0
Income taxes currently payable	56	54
Unearned revenue	1,421	1,254
Accrued legal and regulatory settlements	121	1,609
Other current liabilities	372	402
Liabilities of a business held for sale	206	0
Total current liabilities	2,908	3,920
Long-term debt	3,468	795
Intercompany loans payable	0	0
Pension and other postretirement benefits	276	333
Deferred income taxes	23	40
Other non-current liabilities	345	336
Total liabilities	7,020	5,424
Redeemable noncontrolling interest	920	810
Equity:
Common stock	412	412
Additional paid-in capital	475	493
Retained income	7,636	6,946
Accumulated other comprehensive loss	(600)	(514)
Less: common stock in treasury	(7,729)	(6,849)
Total equity – controlling interests	194	488
Total equity – noncontrolling interests	49	51
Total equity	243	539	1,344	840
Total liabilities and equity	8,183	6,773
Consolidation, Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(3,353)	(4,648)
Deferred income taxes	0	0
Prepaid and other current assets	(1)	0
Assets of a business held for sale	0
Total current assets	(3,354)	(4,648)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	9	9
Other intangible assets, net	0	0
Asset for pension benefits	0	0
Investments in subsidiaries	(12,626)	(9,036)
Intercompany loans receivable	(2,117)	(1,972)
Other non-current assets	0	0
Total assets	(18,088)	(15,647)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(3,354)	(4,559)
Accrued compensation and contributions to retirement plans	0	0
Short-term debt	0
Income taxes currently payable	0	0
Unearned revenue	(1)	0
Accrued legal and regulatory settlements	0	0
Other current liabilities	0	0
Liabilities of a business held for sale	0
Total current liabilities	(3,355)	(4,559)
Long-term debt	0	0
Intercompany loans payable	(2,117)	(2,061)
Pension and other postretirement benefits	0	0
Deferred income taxes	0	0
Other non-current liabilities	0	0
Total liabilities	(5,472)	(6,620)
Redeemable noncontrolling interest	920	810
Equity:
Common stock	(2,337)	(2,316)
Additional paid-in capital	(10,694)	(7,560)
Retained income	(609)	(60)
Accumulated other comprehensive loss	44	41
Less: common stock in treasury	12	7
Total equity – controlling interests	(13,584)	(9,888)
Total equity – noncontrolling interests	48	51
Total equity	(13,536)	(9,837)
Total liabilities and equity	(18,088)	(15,647)
McGraw Hill Financial, Inc. | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	167	1,402	685	119
Accounts receivable, net of allowance for doubtful accounts	116	120
Intercompany receivable	208	525
Deferred income taxes	75	60
Prepaid and other current assets	120	79
Assets of a business held for sale	4
Total current assets	690	2,186
Property and equipment, net of accumulated depreciation	141	111
Goodwill	17	109
Other intangible assets, net	0	13
Asset for pension benefits	0	0
Investments in subsidiaries	4,651	1,258
Intercompany loans receivable	16	20
Other non-current assets	67	71
Total assets	5,582	3,768
Current liabilities:
Accounts payable	71	59
Intercompany payable	2,144	2,566
Accrued compensation and contributions to retirement plans	127	133
Short-term debt	143
Income taxes currently payable	1	19
Unearned revenue	254	259
Accrued legal and regulatory settlements	0	0
Other current liabilities	190	194
Liabilities of a business held for sale	80
Total current liabilities	3,010	3,230
Long-term debt	3,468	795
Intercompany loans payable	21	109
Pension and other postretirement benefits	230	272
Deferred income taxes	(246)	(260)
Other non-current liabilities	221	219
Total liabilities	6,704	4,365
Redeemable noncontrolling interest	0	0
Equity:
Common stock	412	412
Additional paid-in capital	(184)	(116)
Retained income	6,701	6,275
Accumulated other comprehensive loss	(322)	(319)
Less: common stock in treasury	(7,729)	(6,849)
Total equity – controlling interests	(1,122)	(597)
Total equity – noncontrolling interests	0	0
Total equity	(1,122)	(597)
Total liabilities and equity	5,582	3,768
Standard & Poor's Financial Services LLC | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	319	293
Intercompany receivable	1,872	2,125
Deferred income taxes	10	334
Prepaid and other current assets	13	27
Assets of a business held for sale	0
Total current assets	2,214	2,779
Property and equipment, net of accumulated depreciation	3	5
Goodwill	40	41
Other intangible assets, net	0	0
Asset for pension benefits	0	0
Investments in subsidiaries	659	653
Intercompany loans receivable	368	358
Other non-current assets	19	25
Total assets	3,303	3,861
Current liabilities:
Accounts payable	54	45
Intercompany payable	675	617
Accrued compensation and contributions to retirement plans	89	121
Short-term debt	0
Income taxes currently payable	0	1
Unearned revenue	586	520
Accrued legal and regulatory settlements	115	1,609
Other current liabilities	(50)	0
Liabilities of a business held for sale	0
Total current liabilities	1,469	2,913
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Deferred income taxes	17	51
Other non-current liabilities	81	73
Total liabilities	1,567	3,037
Redeemable noncontrolling interest	0	0
Equity:
Common stock	0	0
Additional paid-in capital	1,179	1,153
Retained income	557	(329)
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity – controlling interests	1,736	824
Total equity – noncontrolling interests	0	0
Total equity	1,736	824
Total liabilities and equity	3,303	3,861
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	1,314	1,095	$ 857	$ 641
Accounts receivable, net of allowance for doubtful accounts	556	519
Intercompany receivable	1,273	1,998
Deferred income taxes	24	(34)
Prepaid and other current assets	80	67
Assets of a business held for sale	499
Total current assets	3,746	3,645
Property and equipment, net of accumulated depreciation	126	90
Goodwill	2,816	1,228
Other intangible assets, net	1,522	991
Asset for pension benefits	36	28
Investments in subsidiaries	7,316	7,125
Intercompany loans receivable	1,733	1,594
Other non-current assets	91	90
Total assets	17,386	14,791
Current liabilities:
Accounts payable	81	87
Intercompany payable	535	1,376
Accrued compensation and contributions to retirement plans	167	156
Short-term debt	0
Income taxes currently payable	55	34
Unearned revenue	582	475
Accrued legal and regulatory settlements	6	0
Other current liabilities	232	208
Liabilities of a business held for sale	126
Total current liabilities	1,784	2,336
Long-term debt	0	0
Intercompany loans payable	2,096	1,952
Pension and other postretirement benefits	46	61
Deferred income taxes	252	249
Other non-current liabilities	43	44
Total liabilities	4,221	4,642
Redeemable noncontrolling interest	0	0
Equity:
Common stock	2,337	2,316
Additional paid-in capital	10,174	7,016
Retained income	987	1,060
Accumulated other comprehensive loss	(322)	(236)
Less: common stock in treasury	(12)	(7)
Total equity – controlling interests	13,164	10,149
Total equity – noncontrolling interests	1	0
Total equity	13,165	10,149
Total liabilities and equity	$ 17,386	$ 14,791

Condensed Consolidating Finan87

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Activities:
Net income (loss)	$ 276	$ 281	$ 381	$ 329	$ (821)	$ 217	$ 316	$ 275	$ 1,268	$ (13)	$ 1,466
Less: income from discontinued operations					163	2	6	7	0	178	592
Net income (loss) from continuing operations	276	$ 281	$ 381	329	(984)	$ 215	$ 310	268	1,268	(191)	874
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation									90	86	86
Amortization of intangibles									67	48	51
Provision for losses on accounts receivable									8	11	22
Deferred income taxes									280	(245)	43
Stock-based compensation									78	100	96
Accrued legal and regulatory settlements									119	1,587	0
Other									46	80	96
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(118)	(9)	(35)
Prepaid and other current assets									(4)	(7)	(29)
Accounts payable and accrued expenses									(92)	(130)	(94)
Unearned revenue									129	78	109
Accrued legal and regulatory settlement									(1,624)	(35)	0
Other current liabilities									(78)	(16)	(89)
Net change in prepaid / accrued income taxes									61	(93)	(238)
Net change in other assets and liabilities									(35)	(55)	(110)
Cash provided by operating activities from continuing operations									195	1,209	782
Investing Activities:
Capital expenditures									(139)	(92)	(117)
Acquisitions, including contingent payments, net of cash acquired									(2,396)	(71)	(47)
Proceeds from dispositions									14	83	51
Changes in short-term investments									(4)	15	(17)
Cash used for investing activities from continuing operations									(2,525)	(65)	(130)
Financing Activities:
Additions to short-term debt, net									143	0	(457)
Proceeds from issuance of senior notes, net									2,674	0	0
Dividends paid to shareholders									(363)	(326)	(308)
Dividends and other payments paid to noncontrolling interests									(104)	(84)	(75)
Repurchase of treasury shares									(974)	(362)	(978)
Exercise of stock options									86	193	258
Contingent consideration payment									(5)	(11)	(12)
Purchase of additional CRISIL shares									(16)	0	(214)
Excess tax benefits from share-based payments									69	128	43
Intercompany financing activities									0	0	0
Cash provided by (used for) financing activities from continuing operations									1,510	(462)	(1,743)
Effect of exchange rate changes on cash from continuing operations									(67)	(65)	(1)
Cash (used for) provided by continuing operations									(887)	617	(1,092)
Discontinued Operations:
Cash (used for) provided by operating activities									(129)	18	(231)
Cash provided by investing activities									0	320	2,129
Cash used for financing activities									0	0	(25)
Effect of exchange rate changes on cash									0	0	1
Cash (used for) provided by discontinued operations									(129)	338	1,874
Net change in cash and cash equivalents									(1,016)	955	782
Cash and cash equivalents at beginning of year				2,497				1,542	2,497	1,542	760
Cash and cash equivalents at end of year	1,481				2,497				1,481	2,497	1,542
Consolidation, Eliminations [Member]
Operating Activities:
Net income (loss)									(1,745)	195	(2,134)
Less: income from discontinued operations										0	0
Net income (loss) from continuing operations									(1,745)	195	(2,134)
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation									0	0	0
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									0	0	0
Deferred income taxes									0	0	0
Stock-based compensation									0	0	0
Accrued legal and regulatory settlements									0	0	0
Other									0	0	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									0	0	0
Prepaid and other current assets									0	0	0
Accounts payable and accrued expenses									0	0	0
Unearned revenue									0	0	0
Accrued legal and regulatory settlement									0	0
Other current liabilities									0	0	0
Net change in prepaid / accrued income taxes									0	0	0
Net change in other assets and liabilities									0	0	0
Cash provided by operating activities from continuing operations									(1,745)	195	(2,134)
Investing Activities:
Capital expenditures									0	0	0
Acquisitions, including contingent payments, net of cash acquired									0	0	0
Proceeds from dispositions									0	0	0
Changes in short-term investments									0	0	0
Cash used for investing activities from continuing operations									0	0	0
Financing Activities:
Additions to short-term debt, net									0		0
Proceeds from issuance of senior notes, net									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payment									0	0	0
Purchase of additional CRISIL shares									0		0
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									1,745	(195)	2,134
Cash provided by (used for) financing activities from continuing operations									1,745	(195)	2,134
Effect of exchange rate changes on cash from continuing operations									0	0	0
Cash (used for) provided by continuing operations									0	0	0
Discontinued Operations:
Cash (used for) provided by operating activities									0	0	0
Cash provided by investing activities										0	0
Cash used for financing activities											0
Effect of exchange rate changes on cash											0
Cash (used for) provided by discontinued operations									0	0	0
Net change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
McGraw Hill Financial, Inc. | Reportable Legal Entities [Member]
Operating Activities:
Net income (loss)									1,449	(326)	2,508
Less: income from discontinued operations										178	726
Net income (loss) from continuing operations									1,449	(504)	1,782
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation									40	41	40
Amortization of intangibles									0	4	5
Provision for losses on accounts receivable									1	0	1
Deferred income taxes									33	42	39
Stock-based compensation									23	31	35
Accrued legal and regulatory settlements									0	0	0
Other									23	21	68
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									3	(11)	(2)
Prepaid and other current assets									(13)	(42)	(14)
Accounts payable and accrued expenses									(75)	(83)	(120)
Unearned revenue									(5)	8	17
Accrued legal and regulatory settlement									0	0
Other current liabilities									(32)	(51)	(43)
Net change in prepaid / accrued income taxes									(54)	13	(265)
Net change in other assets and liabilities									78	(131)	(190)
Cash provided by operating activities from continuing operations									1,471	(662)	1,353
Investing Activities:
Capital expenditures									(67)	(26)	(61)
Acquisitions, including contingent payments, net of cash acquired									(2,243)	0	0
Proceeds from dispositions									0	63	35
Changes in short-term investments									0	0	0
Cash used for investing activities from continuing operations									(2,310)	37	(26)
Financing Activities:
Additions to short-term debt, net									143		(457)
Proceeds from issuance of senior notes, net									2,674
Dividends paid to shareholders									(363)	(326)	(308)
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									(974)	(362)	(978)
Exercise of stock options									80	184	254
Contingent consideration payment									(5)	0	0
Purchase of additional CRISIL shares									0		0
Excess tax benefits from share-based payments									69	128	43
Intercompany financing activities									(2,020)	1,377	(43)
Cash provided by (used for) financing activities from continuing operations									(396)	1,001	(1,489)
Effect of exchange rate changes on cash from continuing operations									0	3	8
Cash (used for) provided by continuing operations									(1,235)	379	(154)
Discontinued Operations:
Cash (used for) provided by operating activities									0	18	720
Cash provided by investing activities										320	0
Cash used for financing activities											0
Effect of exchange rate changes on cash											0
Cash (used for) provided by discontinued operations									0	338	720
Net change in cash and cash equivalents									(1,235)	717	566
Cash and cash equivalents at beginning of year				1,402				685	1,402	685	119
Cash and cash equivalents at end of year	167				1,402				167	1,402	685
Standard & Poor's Financial Services LLC | Reportable Legal Entities [Member]
Operating Activities:
Net income (loss)									824	(519)	669
Less: income from discontinued operations										0	0
Net income (loss) from continuing operations									824	(519)	669
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation									18	17	19
Amortization of intangibles									0	0	0
Provision for losses on accounts receivable									1	5	7
Deferred income taxes									290	(272)	0
Stock-based compensation									24	34	33
Accrued legal and regulatory settlements									110	1,587	0
Other									16	39	10
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(27)	47	(4)
Prepaid and other current assets									14	(17)	(7)
Accounts payable and accrued expenses									(34)	(47)	18
Unearned revenue									66	26	43
Accrued legal and regulatory settlement									(1,624)	(35)
Other current liabilities									(35)	45	(24)
Net change in prepaid / accrued income taxes									0	3	(3)
Net change in other assets and liabilities									8	5	84
Cash provided by operating activities from continuing operations									(349)	918	845
Investing Activities:
Capital expenditures									(10)	(14)	(19)
Acquisitions, including contingent payments, net of cash acquired									0	0	0
Proceeds from dispositions									0	0	0
Changes in short-term investments									0	0	0
Cash used for investing activities from continuing operations									(10)	(14)	(19)
Financing Activities:
Additions to short-term debt, net									0		0
Proceeds from issuance of senior notes, net									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									0	0	0
Repurchase of treasury shares									0	0	0
Exercise of stock options									0	0	0
Contingent consideration payment									0	0	0
Purchase of additional CRISIL shares									0		0
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									359	(904)	(826)
Cash provided by (used for) financing activities from continuing operations									359	(904)	(826)
Effect of exchange rate changes on cash from continuing operations									0	0	0
Cash (used for) provided by continuing operations									0	0	0
Discontinued Operations:
Cash (used for) provided by operating activities									0	0	0
Cash provided by investing activities										0	0
Cash used for financing activities											0
Effect of exchange rate changes on cash											0
Cash (used for) provided by discontinued operations									0	0	0
Net change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
Non-Guarantor Subsidiaries | Reportable Legal Entities [Member]
Operating Activities:
Net income (loss)									740	637	423
Less: income from discontinued operations										0	(134)
Net income (loss) from continuing operations									740	637	557
Adjustments to reconcile (loss) income from continuing operations to cash (used for) provided by operating activities from continuing operations:
Depreciation									32	28	27
Amortization of intangibles									67	44	46
Provision for losses on accounts receivable									6	6	14
Deferred income taxes									(43)	(15)	4
Stock-based compensation									31	35	28
Accrued legal and regulatory settlements									9	0	0
Other									7	20	18
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable									(94)	(45)	(29)
Prepaid and other current assets									(5)	52	(8)
Accounts payable and accrued expenses									17	0	8
Unearned revenue									68	44	49
Accrued legal and regulatory settlement									0	0
Other current liabilities									(11)	(10)	(22)
Net change in prepaid / accrued income taxes									115	(109)	30
Net change in other assets and liabilities									(121)	71	(4)
Cash provided by operating activities from continuing operations									818	758	718
Investing Activities:
Capital expenditures									(62)	(52)	(37)
Acquisitions, including contingent payments, net of cash acquired									(153)	(71)	(47)
Proceeds from dispositions									14	20	16
Changes in short-term investments									(4)	15	(17)
Cash used for investing activities from continuing operations									(205)	(88)	(85)
Financing Activities:
Additions to short-term debt, net									0		0
Proceeds from issuance of senior notes, net									0
Dividends paid to shareholders									0	0	0
Dividends and other payments paid to noncontrolling interests									(104)	(84)	(75)
Repurchase of treasury shares									0	0	0
Exercise of stock options									6	9	4
Contingent consideration payment									0	(11)	(12)
Purchase of additional CRISIL shares									(16)		(214)
Excess tax benefits from share-based payments									0	0	0
Intercompany financing activities									(84)	(278)	(1,265)
Cash provided by (used for) financing activities from continuing operations									(198)	(364)	(1,562)
Effect of exchange rate changes on cash from continuing operations									(67)	(68)	(9)
Cash (used for) provided by continuing operations									348	238	(938)
Discontinued Operations:
Cash (used for) provided by operating activities									(129)	0	(951)
Cash provided by investing activities										0	2,129
Cash used for financing activities											(25)
Effect of exchange rate changes on cash											1
Cash (used for) provided by discontinued operations									(129)	0	1,154
Net change in cash and cash equivalents									219	238	216
Cash and cash equivalents at beginning of year				$ 1,095				$ 857	1,095	857	641
Cash and cash equivalents at end of year	$ 1,314				$ 1,095				$ 1,314	$ 1,095	$ 857

Schedule II - Valuation and Q88

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation Allowances [Roll Forward]
Balance at beginning of year	$ 38	$ 50	$ 51
Net charges to income	12	2	20
Deductions and other	(13)	(14)	(21)
Balance at end of year	$ 37	$ 38	$ 50