S&P Global (SPGI) 10-Q26 Apr 162016 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
Document and Entity Information - shares shares in Millions	Mar. 31, 2016	Apr. 15, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	MCGRAW HILL FINANCIAL INC
Entity Central Index Key	64,040
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		264.6

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 1,341	$ 1,273
Expenses:
Operating-related expenses	457	410
Selling and general expenses	330	329
Depreciation	18	22
Amortization of intangibles	24	11
Total expenses	829	772
Operating profit	512	501
Interest expense, net	40	16
Income before taxes on income	472	485
Provision for taxes on income	149	156
Net income	323	329
Less: net income attributable to noncontrolling interests	(29)	(26)
Net income	$ 294	$ 303
Net income:
Basic (in dollars per share)	$ 1.11	$ 1.11
Diluted (in dollars per share)	$ 1.10	$ 1.10
Weighted-average number of common shares outstanding:
Basic (in shares)	265	273.5
Diluted (in shares)	267.2	276.3
Actual shares outstanding at period end (in shares)	264.5	273.6
Dividend declared per common share (in dollars per share)	$ 0.36	$ 0.33

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 323	$ 329
Other comprehensive income:
Foreign currency translation adjustment	14	(82)
Income tax effect	0	0
Foreign currency translation adjustment, net of income tax effect	14	(82)
Pension and other postretirement benefit plans	4	3
Income tax effect	(1)	(1)
Pension and other post-retirement benefit plans, net of income tax effect	3	2
Unrealized gain on forward exchange contracts	3	1
Income tax effect	0	0
Unrealized gain (loss) on forward exchange contracts, net of income tax effect	3	1
Comprehensive income	343	250
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(3)	(1)
Less: comprehensive income attributable to redeemable noncontrolling interests	(26)	(25)
Comprehensive income attributable to McGraw Hill Financial, Inc.	$ 314	$ 224

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 1,600	$ 1,481
Accounts receivable, net of allowance for doubtful accounts: 2016 - $33; 2015 - $37	978	991
Deferred income taxes	110	109
Prepaid and other current assets	189	212
Assets of businesses held for sale	571	503
Total current assets	3,448	3,296
Property and equipment, net of accumulated depreciation: 2016 - $570; 2015 - $585	251	270
Goodwill	2,869	2,882
Other intangible assets, net	1,488	1,522
Other non-current assets	205	213
Total assets	8,261	8,183
Current liabilities:
Accounts payable	168	206
Accrued compensation and contributions to retirement plans	193	383
Short-term debt	472	143
Unearned revenue	1,458	1,421
Other current liabilities	488	549
Liabilities of businesses held for sale	203	206
Total current liabilities	2,982	2,908
Long-term debt	3,469	3,468
Pension and other postretirement benefits	267	276
Other non-current liabilities	353	368
Total liabilities	7,071	7,020
Redeemable noncontrolling interest (Note 8)	$ 920	$ 920
Commitments and contingencies (Note 12)
Equity:
Common stock	$ 412	$ 412
Additional paid-in capital	422	475
Retained income	7,838	7,636
Accumulated other comprehensive loss	(580)	(600)
Less: common stock in treasury	(7,870)	(7,729)
Total equity — controlling interests	222	194
Total equity — noncontrolling interests	48	49
Total equity	270	243
Total liabilities and equity	$ 8,261	$ 8,183

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 33	$ 37
Property and equipment, accumulated depreciation	$ 570	$ 585

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities:
Net income	$ 323	$ 329
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	18	22
Amortization of intangibles	24	11
Provision for losses on accounts receivable	3	0
Deferred income taxes	(1)	61
Stock-based compensation	14	18
Other	31	33
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(7)	(69)
Prepaid and other current assets	(19)	(10)
Accounts payable and accrued expenses	(274)	(305)
Unearned revenue	39	48
Accrued legal and regulatory settlements	(108)	(1,559)
Other current liabilities	22	(17)
Net change in prepaid/accrued income taxes	99	88
Net change in other assets and liabilities	(31)	1
Cash provided by (used for) operating activities from continuing operations	133	(1,349)
Investing Activities:
Capital expenditures	(16)	(16)
Acquisitions, net of cash acquired	(7)	(2)
Changes in short-term investments	(1)	(1)
Cash used for investing activities from continuing operations	(24)	(19)
Financing Activities:
Additions to short-term debt, net	329	365
Dividends paid to shareholders	(96)	(94)
Dividends and other payments paid to noncontrolling interests	(33)	(30)
Repurchase of treasury shares	(226)	(110)
Exercise of stock options	31	57
Excess tax benefits from share-based payments	6	32
Cash provided by financing activities from continuing operations	11	220
Effect of exchange rate changes on cash from continuing operations	(1)	(44)
Cash provided by (used for) continuing operations	119	(1,192)
Discontinued Operations:
Cash used for operating activities	0	(129)
Cash used for discontinued operations	0	(129)
Net change in cash and cash equivalents	119	(1,321)
Cash and cash equivalents at beginning of period	1,481	2,497
Cash and cash equivalents at end of period	$ 1,600	$ 1,176

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Millions		Total	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Total MHFI Equity	Noncontrolling Interests
Balance as of December 31, 2015 at Dec. 31, 2015		$ 243	$ 412	$ 475	$ 7,636	$ (600)	$ 7,729	$ 194	$ 49
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Income	[1]	317			294	20		314	3
Dividends		(100)			(96)			(96)	$ (4)
Share repurchases		(200)					200	(200)
Employee stock plans, net of tax benefit		6		(53)			(59)	6
Change in redemption value of redeemable noncontrolling interest		4			4			4
Balance as of March 31, 2016 at Mar. 31, 2016		270	$ 412	$ 422	$ 7,838	$ (580)	$ 7,870	$ 222	$ 48
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to noncontrolling interest		$ 26

[1]	Excludes $26 million attributable to our redeemable noncontrolling interest.

Consolidated Statement of Equi8

Consolidated Statement of Equity (Unaudited) (Parenthetical)	Mar. 31, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock par value (in dollars per share)	$ 1

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation McGraw Hill Financial, Inc. (together with its consolidated subsidiaries, "McGraw Hill Financial," the “Company,” “we,” “us” or “our”) is a leading benchmarks 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 Global Market Intelligence, S&P Dow Jones Indices ("S&P DJ Indices") and Commodities & Commercial Markets (“C&C”). • S&P Ratings is an independent provider of credit ratings, research and analytics to investors, issuers and market participants. • S&P Global Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services. • S&P DJ Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. • C&C consists of business-to-business companies specializing in commercial and commodities markets that deliver their customers access to high-value information, data, analytic services and pricing and quality benchmarks. In April of 2016, we entered into a definitive agreement to sell J.D. Power, included within our C&C segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power and initiated an active program to sell the business. The assets and liabilities of J.D. Power have been classified as held for sale in our consolidated balance sheet as of March 31, 2016 and December 31, 2015. In February of 2016, we entered into a definitive agreement to sell Standard & Poor’s Securities Evaluations, Inc. ("SPSE") and Credit Market Analysis ("CMA"), two businesses within our S&P Global Market Intelligence segment, to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. The sale is subject to extended regulatory anti-trust review and is expected to close shortly after completion of this extended review. As a result, we have classified the assets and liabilities of SPSE and CMA as held for sale in our consolidated balance sheet as of March 31, 2016. The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2015 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year. Our critical accounting estimates are disclosed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , in our Form 10-K. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2016
Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions During the three months ended March 31, 2016, Platts, included within our C&C segment, acquired Commodity Flow, a specialist technology and business intelligence service for the global waterborne commodity and energy markets. The purchase helps extend Platts trade flow analytical capabilities and complements its existing shipping services. We accounted for the acquisition of Commodity Flow using the purchase method of accounting. The acquisition of Commodity Flow was integrated into our C&C segment and is not material to our consolidated financial statements. During the three months ended March 31, 2015, we did not complete any material acquisitions. Divestitures During the three months ended March 31, 2016 and 2015, we did not complete any dispositions. Businesses Held for Sale In April of 2016, we entered into a definitive agreement to sell J.D. Power, included within our C&C segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. In the fourth quarter of 2015, we began exploring strategic alternatives for J.D. Power and initiated an active program to sell the business. The assets and liabilities of J.D. Power have been classified as held for sale in our consolidated balance sheet as of March 31, 2016 and December 31, 2015. In February of 2016, we entered into a definitive agreement to sell SPSE and CMA, two businesses within our S&P Global Market Intelligence segment, to Intercontinental Exchange, an operator of global exchanges, clearing houses and data services. The sale is subject to extended regulatory anti-trust review and is expected to close shortly after completion of this extended review. As a result, we have classified the assets and liabilities of SPSE and CMA as held for sale in our consolidated balance sheet as of March 31, 2016. The components of assets and liabilities of businesses held for sale in the consolidated balance sheets consist of the following: (in millions) March 31, December 31, 2016 2015 Accounts receivable, net $ 76 $ 58 Goodwill 133 75 Other intangible assets, net 309 335 Other assets 53 35 Assets of a business held for sale $ 571 $ 503 Accounts payable and accrued expenses $ 30 $ 42 Unearned revenue 70 64 Other liabilities 103 100 Liabilities of a business held for sale $ 203 $ 206 The operating profit of our businesses held for sale for the three months ending March 31, 2016 and 2015 is as follows: (in millions) Three Months Ended March 31, 2016 2015 Operating profit $ 24 $ 16

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate was 31.5% and 32.1% for the three months ended March 31, 2016 and March 31, 2015, respectively. The decrease in the effective income tax rate was due to the resolution of tax audits and lower non-U.S. taxes. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs. As of March 31, 2016 and December 31, 2015 , the total amount of federal, state and local, and foreign unrecognized tax benefits was $120 million , exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition, as of March 31, 2016 and December 31, 2015 , we had $34 million and $31 million , respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may significantly decrease in the next twelve months. Although the ultimate resolution of our tax audits is unpredictable, the resulting change in our unrecognized tax benefits could have a material impact on our results of operations and/or cash flows.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt (in millions) March 31, December 31, 5.9% Senior Notes, due 2017 1 $ 400 399 2.5% Senior Notes, due 2018 2 398 398 3.3% Senior Notes, due 2020 3 695 695 4.0% Senior Notes, due 2025 4 690 690 4.4% Senior Notes, due 2026 5 890 890 6.55% Senior Notes, due 2037 6 396 396 Commercial paper 322 143 Revolving line of credit 150 — Total debt 3,941 3,611 Less: short-term debt including current maturities 472 143 Long-term debt $ 3,469 $ 3,468 1 Interest payments are due semiannually on April 15 and October 15, and as of March 31, 2016 , the unamortized debt discount and issuance costs are less than $1 million . 2 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2016 , the unamortized debt discount and issuance costs total $2 million . 3 Interest payments are due semiannually on February 14 and August 14, and as of March 31, 2016 , 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 March 31, 2016 , the unamortized debt discount and issuance costs total $10 million . 5 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2016 , 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 March 31, 2016 , the unamortized debt discount and issuance costs total $4 million . The fair value of our long-term debt borrowings was $3.7 billion and $3.6 billion as of March 31, 2016 and December 31, 2015 , respectively, and was estimated based on quoted market prices. We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our “credit facility”) that we entered into on June 30, 2015. This credit facility will terminate on June 30, 2020. Commercial paper borrowings outstanding as of March 31, 2016 and December 31, 2015 totaled $322 million and $143 million , respectively with an average interest rate and term of 0.91% and 24 days and 0.95% and 17 days , respectively. Our revolving line of credit outstanding as of March 31, 2016 totaled $150 million with an interest rate of 1.68% and residual term of 25 days . There were no amounts outstanding on the revolving line of credit as of December 31, 2015. As of March 31, 2016 , we can borrow approximately $728 million in additional funds under our credit facility. 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 Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate. Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1 , and this covenant level has never been exceeded.

Derivative Instruments

Derivative Instruments	3 Months Ended
Derivative Instruments	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Cash Flow Hedges Our exposure to market risk includes changes in foreign exchange rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of March 31, 2016 and December 31, 2015, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign currency exchange rates. We do not enter into any derivative financial instruments for speculative purposes. During the three months ended March 31, 2016, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian Rupee exposure through the fourth quarter of 2016. These contracts are intended to offset the impact of movement of exchange rates on future operating costs and are scheduled to mature at the end of each quarter during 2016. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into selling and general expenses in the same period that the hedge contract matures. As of March 31, 2016, we estimate that $2 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income (loss) is expected to be reclassified into earnings within the next twelve months. There was no hedge ineffectiveness for the three months ended March 31, 2016. As of March 31, 2016 and 2015, the aggregate notional value of our outstanding foreign currency forward contracts was $112 million and $59 million , respectively. The following table provides information on the location and fair value amounts of our cash flow hedges as of March 31, 2016 and December 31, 2015: (in millions) Balance Sheet Location March 31, 2016 December 31, 2015 Prepaid and other current assets 1 Foreign exchange forward contracts $ 4 $ 1 1 We use the income approach to measure the fair value of our forward currency forward contracts. The income approach uses pricing models that rely on observable inputs such as forward rates, and therefore are classified as level 2. The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the three months ended March 31: (in millions) Gain Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Cash flow hedges - designated as hedging instruments 2016 2015 2016 2015 Foreign exchange forward contracts $ 3 $ 1 Selling and general expenses $ 1 $ — The activity related to the change in unrealized (losses) gains in accumulated other comprehensive loss was as follows for the three months ended March 31: (in millions) 2016 2015 Net unrealized losses on cash flow hedges, net of taxes, beginning of period $ (1 ) $ (1 ) Change in fair value, net of tax 4 1 Reclassification into earnings, net of tax (1 ) — Net unrealized gains on cash flow hedges, net of taxes, end of period $ 2 $ —

Employee Benefits

Employee Benefits	3 Months Ended
Employee Benefits	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefits	Employee Benefits We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued. We have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor voluntary 401(k) plans under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts. We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans. We recognize the funded status of our defined benefit retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic benefit (credit) cost pursuant to our accounting policy for amortizing such amounts. The components of net periodic benefit (credit) cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows: (in millions) Retirement Plans Postretirement Plans 2016 2015 2016 2015 Service cost $ 1 $ 2 $ — $ — Interest cost 20 24 1 1 Expected return on plan assets (31 ) (32 ) — — Amortization of actuarial loss 4 5 — — Net periodic benefit (credit) cost $ (6 ) $ (1 ) $ 1 $ 1 As discussed in our Form 10-K, we changed certain discount rate assumptions and our expected return on assets assumption for our retirement plans, which became effective on January 1, 2016. In addition, at the end of 2015, we changed our approach used to measure service and interest costs on all of our retirement plans. For 2015, we measured service and interest costs utilizing a 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 also updated the assumed mortality rates to reflect life expectancy improvements. The effect of the assumption changes for the three months ended March 31, 2016 resulted in a decrease in net periodic benefit cost of approximately $5 million . In the first quarter of 2016 , we contributed $3 million to our retirement plans and expect to make additional required contributions of approximately $4 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the remaining nine months of 2016 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation We issue stock-based incentive awards to our eligible employees and Directors under the 2002 Employee Stock Incentive Plan and a Director Deferred Stock Ownership Plan. The 2002 Employee Stock Incentive Plan permits the granting of nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards. Stock-based compensation for the three months ended March 31 is as follows: (in millions) 2016 2015 Stock option expense 1 $ 2 $ 6 Restricted stock and unit awards expense 12 12 Total stock-based compensation expense $ 14 $ 18 1 There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options. Total unrecognized compensation expense related to unvested restricted stock and unit awards as of March 31, 2016 was $48 million , which is expected to be recognized over a weighted average period of 1.4 years .

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2016
Equity [Abstract]
Equity	Equity Stock Repurchases On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares, which was approximately 18% of the total shares of our outstanding common stock at that time. In any period, share repurchase transactions could result in timing differences between the recognition of those repurchases and their settlement for cash. This could result in a difference between the cash used for financing activities related to common stock repurchased and the comparable change in equity. Share repurchases for the three months ended March 31 were as follows: (in millions, except average price) 2016 2015 Total number of shares purchased 2.2 1.1 Average price paid per share 1 $ 91.98 $ 104.31 Total cash utilized 1 $ 200 $ 110 1 In December of 2015, 0.3 million shares were repurchased for approximately $26 million , which settled in January of 2016. Cash used for financing activities only reflects those shares which settled during the three months ended March 31, 2016 resulting in $226 million of cash used to repurchase shares. Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of March 31, 2016 , approximately 33.3 million shares remained available under the current share repurchase program which has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions. Redeemable Noncontrolling Interests The agreement with the minority partners of our S&P Dow Jones Indices LLC 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. Changes to redeemable noncontrolling interest during the three months ended March 31, 2016 were as follows: (in millions) Balance as of December 31, 2015 $ 920 Net income attributable to noncontrolling interest 26 Distributions payable to noncontrolling interest (22 ) Redemption value adjustment (4 ) Balance as of March 31, 2016 $ 920 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 2016 : (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, 2015 $ (193 ) $ (406 ) $ (1 ) $ (600 ) Other comprehensive income before reclassifications 14 — 4 18 Reclassifications from accumulated other comprehensive loss to net earnings — 3 1 (1 ) 2 2 Net other comprehensive income 14 3 3 20 Balance as of March 31, 2016 $ (179 ) $ (403 ) $ 2 $ (580 ) 1 See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 2 See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 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 $1 million for the three months ended March 31, 2016 .

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method. The calculation for basic and diluted EPS for the three months ended March 31 is as follows: (in millions, except per share amounts) 2016 2015 Amounts attributable to McGraw Hill Financial, Inc. common shareholders: Net income $ 294 $ 303 Basic weighted-average number of common shares outstanding 265.0 273.5 Effect of stock options and other dilutive securities 2.2 2.8 Diluted weighted-average number of common shares outstanding 267.2 276.3 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Net income: Basic $ 1.11 $ 1.11 Diluted $ 1.10 $ 1.10 We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three months ended March 31, 2016 , there were a minimal amount of stock options excluded, and for the three months ended March 31, 2015, there were no stock options excluded. Restricted performance shares outstanding of 0.9 million and 1.4 million as of March 31, 2016 and 2015, respectively, were excluded.

Restructuring

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2015, 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. The resulting restructuring plan consisted of a company-wide workforce reduction of approximately 550 positions and is further detailed below. The charges for the 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. The initial restructuring charge recorded and the ending reserve balance as of March 31, 2016 by segment is as follows: 2015 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance S&P Ratings $ 18 $ 13 S&P Global Market Intelligence 31 19 C&C 3 1 Corporate 11 9 Total $ 63 $ 42 The ending reserve balance for the 2015 restructuring plan was $50 million as of December 31, 2015. For the three months ended March 31, 2016 , we have reduced the reserve for the 2015 restructuring plan by $8 million .

Segment and Related Information

Segment and Related Information	3 Months Ended
Segment and Related Information	Mar. 31, 2016
Segment Reporting [Abstract]
Segment and Related Information	Segment and Related Information We have four reportable segments: S&P Ratings, S&P Global Market Intelligence, S&P DJ Indices and C&C. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include unallocated expense or interest expense as these are costs that do not affect the operating results of our segments. A summary of operating results by segment for the three months ended March 31 is as follows: 2016 2015 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 552 $ 262 $ 606 $ 291 S&P Global Market Intelligence 2 407 81 320 63 S&P DJ Indices 3 151 101 143 95 C&C 4 254 102 225 85 Intersegment elimination 5 (23 ) — (21 ) — Total operating segments 1,341 546 1,273 534 Unallocated expense — (34 ) — (33 ) Total $ 1,341 $ 512 $ 1,273 $ 501 1 Operating profit for 2016 and 2015 includes a benefit related to legal settlement insurance recoveries $15 million and $35 million , respectively, partially offset by legal settlement charges of $3 million and $29 million , respectively. Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $1 million . 2 Operating profit for 2016 includes a technology related impairment charge of $24 million . Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $19 million and $6 million , respectively. 3 Operating profit for 2016 and 2015 includes amortization of intangibles from acquisitions of $1 million . 4 Operating profit for 2016 includes disposition-related costs of $3 million . Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $3 million . 5 Revenue for S&P Ratings and expenses for S&P Global Market Intelligence include an intersegment royalty charged to S&P Global Market Intelligence for the rights to use and distribute content and data developed by S&P Ratings. The following provides revenue by geographic region for the three months ended March 31 : (in millions) 2016 2015 U.S. $ 840 $ 765 European region 297 307 Asia 137 128 Rest of the world 67 73 Total $ 1,341 $ 1,273 See Note 2 — Acquisitions and Divestitures for additional actions that impacted the segment operating results.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Related Party Agreements In June of 2012, we entered into a new license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, which replaced the 2005 license agreement between S&P DJ Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three months ended March 31, 2016 , S&P Dow Jones Indices LLC earned $22 million of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests. Legal & 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 in February of 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 In August of 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 in October of 2015. Plaintiffs filed an opposition in December of 2015, and the Company and the individual defendants filed their reply on January 8, 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 case was transferred to the judge presiding over the North Miami Beach action. The Company intends to oppose the shareholder's attempt to pursue this lawsuit. On April 22, 2016, the court held a status conference for both the North Miami and Grika actions and set a briefing schedule for any motions to dismiss in the Grika action. The court has not yet scheduled a date for oral argument on the motions to dismiss in either the North Miami or the Grika actions. 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. On February 19, 2016, the Company reached a settlement with the plaintiffs to resolve the claims in this action. Under the settlement, the Company agreed to and made a payment of AUD $144 million . The federal court approved the settlement on April 12, 2016. 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 of 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.

Recently Issued or Adopted Acco

Recently Issued or Adopted Accounting Standards	3 Months Ended
Recently Issued or Adopted Accounting Standards	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In March of 2016, the Financial Accounting Standards Board ("FASB") issued guidance to simplify several aspects of accounting for share-based payment transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, as well as classification in the statement of cash flows. The guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance will have on our consolidated financial statements. In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities but will recognize expenses similar to current lease accounting. The guidance is effecting for reporting periods beginning after December 15, 2018; however early adoption is permitted. The new guidance must be adopted using a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently evaluating the impact of the adoption of this guidance will have on our consolidated financial statements. In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. The guidance is effective for reporting periods beginning after December 15, 2017. We do not expect this guidance to have a significant impact on our consolidated financial statements. In November of 2015, the 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. The guidance was effective on January 1, 2016, and 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. The guidance was effective on January 1, 2016, and the adoption of this guidance did not 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. The guidance was effective on January 1, 2016, and the adoption of this guidance did not 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. In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations. The effective date for this guidance is the same as the effective date for the new revenue standard, which is reporting periods beginning after December 15, 2017. 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 Global Market Intelligence segment.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
Condensed Consolidating Financial Statements	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of McGraw Hill Financial, Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of McGraw Hill Financial, Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis. Statement of Income Three Months Ended March 31, 2016 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 171 $ 342 $ 859 $ (31 ) $ 1,341 Expenses: Operating-related expenses 26 139 323 (31 ) 457 Selling and general expenses 17 35 278 — 330 Depreciation 9 2 7 — 18 Amortization of intangibles — — 24 — 24 Total expenses 52 176 632 (31 ) 829 Operating profit 119 166 227 — 512 Interest expense (income), net 42 — (2 ) — 40 Non-operating intercompany transactions 74 (5 ) (497 ) 428 — Income before taxes on income 3 171 726 (428 ) 472 Provision for taxes on income — 57 92 — 149 Equity in net income of subsidiaries 791 71 — (862 ) — Net income $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Less: net income attributable to noncontrolling interests — — — (29 ) (29 ) Net income attributable to McGraw Hill Financial, Inc. $ 794 $ 185 $ 634 $ (1,319 ) $ 294 Comprehensive income $ 802 $ 185 $ 646 $ (1,290 ) $ 343 Statement of Income Three Months Ended March 31, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 156 $ 543 $ 601 $ (27 ) $ 1,273 Expenses: Operating-related expenses 31 192 214 (27 ) 410 Selling and general expenses 66 25 238 — 329 Depreciation 10 5 7 — 22 Amortization of intangibles 1 — 10 — 11 Total expenses 108 222 469 (27 ) 772 Operating profit 48 321 132 — 501 Interest expense (income), net 17 — (1 ) — 16 Non-operating intercompany transactions 58 32 (98 ) 8 — (Loss) income before taxes on income (27 ) 289 231 (8 ) 485 Provision for taxes on income 4 87 65 — 156 Equity in net income of subsidiaries 408 67 — (475 ) — Net Income 377 269 166 (483 ) 329 Less: net income attributable to noncontrolling interests — — — (26 ) (26 ) Net income attributable to McGraw Hill Financial, Inc. $ 377 $ 269 $ 166 $ (509 ) $ 303 Comprehensive income $ 373 $ 269 $ 94 $ (486 ) $ 250 Balance Sheet March 31, 2016 (Unaudited) (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 $ 171 $ — $ 1,429 $ — $ 1,600 Accounts receivable, net of allowance for doubtful accounts 122 166 690 — 978 Intercompany receivable 206 1,782 1,727 (3,715 ) — Deferred income taxes 74 10 26 — 110 Prepaid and other current assets 69 16 104 — 189 Assets of businesses held for sale 16 — 555 — 571 Total current assets 658 1,974 4,531 (3,715 ) 3,448 Property and equipment, net of accumulated depreciation 127 1 123 — 251 Goodwill 17 — 2,843 9 2,869 Other intangible assets, net — — 1,487 1 1,488 Investments in subsidiaries 4,990 671 7,265 (12,926 ) — Intercompany loans receivable 17 371 1,745 (2,133 ) — Other non-current assets 68 19 118 — 205 Total assets $ 5,877 $ 3,036 $ 18,112 $ (18,764 ) $ 8,261 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 59 $ 23 $ 86 $ — $ 168 Intercompany payable 2,191 646 878 (3,715 ) — Accrued compensation and contributions to retirement plans 88 10 95 — 193 Short-term debt 472 — — — 472 Unearned revenue 269 212 977 — 1,458 Other current liabilities 202 (40 ) 326 — 488 Liabilities of businesses held for sale 82 — 121 — 203 Total current liabilities 3,363 851 2,483 (3,715 ) 2,982 Long-term debt 3,469 — — — 3,469 Intercompany loans payable 20 — 2,112 (2,132 ) — Pension and postretirement benefits 218 — 49 — 267 Other non-current liabilities (25 ) 86 292 — 353 Total liabilities 7,045 937 4,936 (5,847 ) 7,071 Redeemable noncontrolling interest 920 920 Equity: Common stock 412 — 2,336 (2,336 ) 412 Additional paid-in capital (240 ) 126 11,174 (10,638 ) 422 Retained income 6,844 1,973 (12 ) (967 ) 7,838 Accumulated other comprehensive loss (314 ) — (311 ) 45 (580 ) Less: common stock in treasury (7,870 ) — (12 ) 12 (7,870 ) Total equity - controlling interests (1,168 ) 2,099 13,175 (13,884 ) 222 Total equity - noncontrolling interests — — 1 47 48 Total equity (1,168 ) 2,099 13,176 (13,837 ) 270 Total liabilities and equity $ 5,877 $ 3,036 $ 18,112 $ (18,764 ) $ 8,261 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 businesses 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 Investments in subsidiaries 4,651 659 7,316 (12,626 ) — Intercompany loans receivable 16 368 1,733 (2,117 ) — Other non-current assets 67 19 127 — 213 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 Unearned revenue 254 586 582 (1 ) 1,421 Other current liabilities 191 65 293 — 549 Liabilities of businesses 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 postretirement benefits 230 — 46 — 276 Other non-current liabilities (25 ) 98 295 — 368 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 Statement of Cash Flows Three Months Ended March 31, 2016 (Unaudited) (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 $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 9 2 7 — 18 Amortization of intangibles — — 24 — 24 Provision for losses on accounts receivable — 1 2 — 3 Deferred income taxes (1 ) — — — (1 ) Stock-based compensation 4 3 7 — 14 Other 3 3 25 — 31 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (7 ) 153 (153 ) — (7 ) Prepaid and current assets (2 ) (3 ) (14 ) — (19 ) Accounts payable and accrued expenses (89 ) (89 ) (96 ) — (274 ) Unearned revenue 15 (374 ) 398 — 39 Accrued legal and regulatory settlements — (108 ) — — (108 ) Other current liabilities (12 ) (19 ) 53 — 22 Net change in prepaid/accrued income taxes 98 — 1 — 99 Net change in other assets and liabilities (17 ) 30 (44 ) — (31 ) Cash provided by (used for) operating activities from continuing operations 795 (216 ) 844 (1,290 ) 133 Investing Activities: Capital expenditures (4 ) (4 ) (8 ) — (16 ) Acquisitions, net of cash acquired — — (7 ) — (7 ) Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities from continuing operations (4 ) (4 ) (16 ) — (24 ) Financing Activities: Additions to short-term debt, net 329 — — — 329 Dividends paid to shareholders (96 ) — — — (96 ) Dividends and other payments paid to noncontrolling interests — — (33 ) — (33 ) Repurchase of treasury shares (226 ) — — — (226 ) Exercise of stock options 31 — — — 31 Excess tax benefits from share-based payments 6 — — — 6 Intercompany financing activities (838 ) 220 (672 ) 1,290 — Cash (used for) provided by financing activities from continuing operations (794 ) 220 (705 ) 1,290 11 Effect of exchange rate changes on cash from continuing operations 7 — (8 ) — (1 ) Net change in cash and cash equivalents 4 — 115 — 119 Cash and cash equivalents at beginning of period 167 — 1,314 — 1,481 Cash and cash equivalents at end of period $ 171 $ — $ 1,429 $ — $ 1,600 Statement of Cash Flows Three Months Ended March 31, 2015 (Unaudited) (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 $ 377 $ 269 $ 166 $ (483 ) $ 329 Adjustments to reconcile income net income to cash provided by (used for) operating activities from continuing operations: Depreciation 10 5 7 — 22 Amortization of intangibles 1 — 10 — 11 Provision for losses on accounts receivable — (3 ) 3 — — Deferred income taxes 61 — — — 61 Stock-based compensation 5 5 8 — 18 Other 3 23 7 — 33 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 11 (22 ) (58 ) — (69 ) Prepaid and current assets 2 (6 ) (6 ) — (10 ) Accounts payable and accrued expenses (124 ) (68 ) (113 ) — (305 ) Unearned revenue 3 15 30 — 48 Accrued legal and regulatory settlements — (1,559 ) — — (1,559 ) Other current liabilities 5 (18 ) (4 ) — (17 ) Net change in prepaid/accrued income taxes (23 ) — 111 — 88 Net change in other assets and liabilities 94 10 (103 ) — 1 Cash provided by (used for) operating activities from continuing operations 425 (1,349 ) 58 (483 ) (1,349 ) Investing Activities: Capital expenditures (7 ) (2 ) (7 ) — (16 ) Acquisitions, net of cash acquired — — (2 ) — (2 ) Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities from continuing operations (7 ) (2 ) (10 ) — (19 ) Financing Activities: Additions to short-term debt, net 365 — — — 365 Dividends paid to shareholders (94 ) — — — (94 ) Dividends and other payments paid to noncontrolling interests — — (30 ) — (30 ) Repurchase of treasury shares (110 ) — — — (110 ) Exercise of stock options 57 — — — 57 Excess tax benefits from share-based payments 32 — — — 32 Intercompany financing activities (1,983 ) 1,351 149 483 — Cash (used for) provided by financing activities from continuing operations (1,733 ) 1,351 119 483 220 Effect of exchange rate changes on cash from continuing operations (7 ) — (37 ) — (44 ) Cash (used for) provided by continuing operations (1,322 ) — 130 — (1,192 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,322 ) — 1 — (1,321 ) Cash and cash equivalents at beginning of period 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of period $ 80 $ — $ 1,096 $ — $ 1,176

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
Acquisitions and Divestitures (Tables)	Mar. 31, 2016
Acquisitions and Divestitures [Abstract]
Components of assets and liabilities, and operating profit, of businesses held for sale	The components of assets and liabilities of businesses held for sale in the consolidated balance sheets consist of the following: (in millions) March 31, December 31, 2016 2015 Accounts receivable, net $ 76 $ 58 Goodwill 133 75 Other intangible assets, net 309 335 Other assets 53 35 Assets of a business held for sale $ 571 $ 503 Accounts payable and accrued expenses $ 30 $ 42 Unearned revenue 70 64 Other liabilities 103 100 Liabilities of a business held for sale $ 203 $ 206 The operating profit of our businesses held for sale for the three months ending March 31, 2016 and 2015 is as follows: (in millions) Three Months Ended March 31, 2016 2015 Operating profit $ 24 $ 16

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	(in millions) March 31, December 31, 5.9% Senior Notes, due 2017 1 $ 400 399 2.5% Senior Notes, due 2018 2 398 398 3.3% Senior Notes, due 2020 3 695 695 4.0% Senior Notes, due 2025 4 690 690 4.4% Senior Notes, due 2026 5 890 890 6.55% Senior Notes, due 2037 6 396 396 Commercial paper 322 143 Revolving line of credit 150 — Total debt 3,941 3,611 Less: short-term debt including current maturities 472 143 Long-term debt $ 3,469 $ 3,468 1 Interest payments are due semiannually on April 15 and October 15, and as of March 31, 2016 , the unamortized debt discount and issuance costs are less than $1 million . 2 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2016 , the unamortized debt discount and issuance costs total $2 million . 3 Interest payments are due semiannually on February 14 and August 14, and as of March 31, 2016 , 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 March 31, 2016 , the unamortized debt discount and issuance costs total $10 million . 5 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2016 , 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 March 31, 2016 , the unamortized debt discount and issuance costs total $4 million .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
Derivative Instruments (Tables)	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of the location and fair value amounts of cash flow hedges	The following table provides information on the location and fair value amounts of our cash flow hedges as of March 31, 2016 and December 31, 2015: (in millions) Balance Sheet Location March 31, 2016 December 31, 2015 Prepaid and other current assets 1 Foreign exchange forward contracts $ 4 $ 1 1 We use the income approach to measure the fair value of our forward currency forward contracts. The income approach uses pricing models that rely on observable inputs such as forward rates, and therefore are classified as level 2.
Schedule of the location and amounts of pre-tax gains (losses) on cash flow hedges	The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the three months ended March 31: (in millions) Gain Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Cash flow hedges - designated as hedging instruments 2016 2015 2016 2015 Foreign exchange forward contracts $ 3 $ 1 Selling and general expenses $ 1 $ —
Change in unrealized (losses) gains in accumulated other comprehensive loss	The activity related to the change in unrealized (losses) gains in accumulated other comprehensive loss was as follows for the three months ended March 31: (in millions) 2016 2015 Net unrealized losses on cash flow hedges, net of taxes, beginning of period $ (1 ) $ (1 ) Change in fair value, net of tax 4 1 Reclassification into earnings, net of tax (1 ) — Net unrealized gains on cash flow hedges, net of taxes, end of period $ 2 $ —

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
Employee Benefits (Tables)	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit (credit) cost for our retirement plans and postretirement plans	The components of net periodic benefit (credit) cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows: (in millions) Retirement Plans Postretirement Plans 2016 2015 2016 2015 Service cost $ 1 $ 2 $ — $ — Interest cost 20 24 1 1 Expected return on plan assets (31 ) (32 ) — — Amortization of actuarial loss 4 5 — — Net periodic benefit (credit) cost $ (6 ) $ (1 ) $ 1 $ 1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	Stock-based compensation for the three months ended March 31 is as follows: (in millions) 2016 2015 Stock option expense 1 $ 2 $ 6 Restricted stock and unit awards expense 12 12 Total stock-based compensation expense $ 14 $ 18 1 There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options.

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2016
Equity [Abstract]
Schedule of stock repurchases	Share repurchases for the three months ended March 31 were as follows: (in millions, except average price) 2016 2015 Total number of shares purchased 2.2 1.1 Average price paid per share 1 $ 91.98 $ 104.31 Total cash utilized 1 $ 200 $ 110 1 In December of 2015, 0.3 million shares were repurchased for approximately $26 million , which settled in January of 2016. Cash used for financing activities only reflects those shares which settled during the three months ended March 31, 2016 resulting in $226 million of cash used to repurchase shares.
Schedule of redeemable noncontrolling interest	Changes to redeemable noncontrolling interest during the three months ended March 31, 2016 were as follows: (in millions) Balance as of December 31, 2015 $ 920 Net income attributable to noncontrolling interest 26 Distributions payable to noncontrolling interest (22 ) Redemption value adjustment (4 ) Balance as of March 31, 2016 $ 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 three months ended March 31, 2016 : (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, 2015 $ (193 ) $ (406 ) $ (1 ) $ (600 ) Other comprehensive income before reclassifications 14 — 4 18 Reclassifications from accumulated other comprehensive loss to net earnings — 3 1 (1 ) 2 2 Net other comprehensive income 14 3 3 20 Balance as of March 31, 2016 $ (179 ) $ (403 ) $ 2 $ (580 ) 1 See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 2 See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of calculation for basic and diluted EPS	The calculation for basic and diluted EPS for the three months ended March 31 is as follows: (in millions, except per share amounts) 2016 2015 Amounts attributable to McGraw Hill Financial, Inc. common shareholders: Net income $ 294 $ 303 Basic weighted-average number of common shares outstanding 265.0 273.5 Effect of stock options and other dilutive securities 2.2 2.8 Diluted weighted-average number of common shares outstanding 267.2 276.3 Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders: Net income: Basic $ 1.11 $ 1.11 Diluted $ 1.10 $ 1.10

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
Restructuring (Tables)	Mar. 31, 2016
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 March 31, 2016 by segment is as follows: 2015 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance S&P Ratings $ 18 $ 13 S&P Global Market Intelligence 31 19 C&C 3 1 Corporate 11 9 Total $ 63 $ 42

Segment and Related Informati31

Segment and Related Information (Tables)	3 Months Ended
Segment and Related Information (Tables)	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of operating results by segment	A summary of operating results by segment for the three months ended March 31 is as follows: 2016 2015 (in millions) Revenue Operating Profit Revenue Operating Profit S&P Ratings 1 $ 552 $ 262 $ 606 $ 291 S&P Global Market Intelligence 2 407 81 320 63 S&P DJ Indices 3 151 101 143 95 C&C 4 254 102 225 85 Intersegment elimination 5 (23 ) — (21 ) — Total operating segments 1,341 546 1,273 534 Unallocated expense — (34 ) — (33 ) Total $ 1,341 $ 512 $ 1,273 $ 501 1 Operating profit for 2016 and 2015 includes a benefit related to legal settlement insurance recoveries $15 million and $35 million , respectively, partially offset by legal settlement charges of $3 million and $29 million , respectively. Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $1 million . 2 Operating profit for 2016 includes a technology related impairment charge of $24 million . Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $19 million and $6 million , respectively. 3 Operating profit for 2016 and 2015 includes amortization of intangibles from acquisitions of $1 million . 4 Operating profit for 2016 includes disposition-related costs of $3 million . Operating profit for 2016 and 2015 also includes amortization of intangibles from acquisitions of $3 million . 5 Revenue for S&P Ratings and expenses for S&P Global Market Intelligence include an intersegment royalty charged to S&P Global Market Intelligence for the rights to use and distribute content and data developed by S&P Ratings.
Revenue by geographic region	The following provides revenue by geographic region for the three months ended March 31 : (in millions) 2016 2015 U.S. $ 840 $ 765 European region 297 307 Asia 137 128 Rest of the world 67 73 Total $ 1,341 $ 1,273

Condensed Consolidating Finan32

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
Condensed Consolidating Financial Statements (Tables)	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Statement of Income	Statement of Income Three Months Ended March 31, 2016 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 171 $ 342 $ 859 $ (31 ) $ 1,341 Expenses: Operating-related expenses 26 139 323 (31 ) 457 Selling and general expenses 17 35 278 — 330 Depreciation 9 2 7 — 18 Amortization of intangibles — — 24 — 24 Total expenses 52 176 632 (31 ) 829 Operating profit 119 166 227 — 512 Interest expense (income), net 42 — (2 ) — 40 Non-operating intercompany transactions 74 (5 ) (497 ) 428 — Income before taxes on income 3 171 726 (428 ) 472 Provision for taxes on income — 57 92 — 149 Equity in net income of subsidiaries 791 71 — (862 ) — Net income $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Less: net income attributable to noncontrolling interests — — — (29 ) (29 ) Net income attributable to McGraw Hill Financial, Inc. $ 794 $ 185 $ 634 $ (1,319 ) $ 294 Comprehensive income $ 802 $ 185 $ 646 $ (1,290 ) $ 343 Statement of Income Three Months Ended March 31, 2015 (Unaudited) (in millions) McGraw Hill Financial, Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations McGraw Hill Financial Inc. Consolidated Revenue $ 156 $ 543 $ 601 $ (27 ) $ 1,273 Expenses: Operating-related expenses 31 192 214 (27 ) 410 Selling and general expenses 66 25 238 — 329 Depreciation 10 5 7 — 22 Amortization of intangibles 1 — 10 — 11 Total expenses 108 222 469 (27 ) 772 Operating profit 48 321 132 — 501 Interest expense (income), net 17 — (1 ) — 16 Non-operating intercompany transactions 58 32 (98 ) 8 — (Loss) income before taxes on income (27 ) 289 231 (8 ) 485 Provision for taxes on income 4 87 65 — 156 Equity in net income of subsidiaries 408 67 — (475 ) — Net Income 377 269 166 (483 ) 329 Less: net income attributable to noncontrolling interests — — — (26 ) (26 ) Net income attributable to McGraw Hill Financial, Inc. $ 377 $ 269 $ 166 $ (509 ) $ 303 Comprehensive income $ 373 $ 269 $ 94 $ (486 ) $ 250
Balance Sheet	Balance Sheet March 31, 2016 (Unaudited) (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 $ 171 $ — $ 1,429 $ — $ 1,600 Accounts receivable, net of allowance for doubtful accounts 122 166 690 — 978 Intercompany receivable 206 1,782 1,727 (3,715 ) — Deferred income taxes 74 10 26 — 110 Prepaid and other current assets 69 16 104 — 189 Assets of businesses held for sale 16 — 555 — 571 Total current assets 658 1,974 4,531 (3,715 ) 3,448 Property and equipment, net of accumulated depreciation 127 1 123 — 251 Goodwill 17 — 2,843 9 2,869 Other intangible assets, net — — 1,487 1 1,488 Investments in subsidiaries 4,990 671 7,265 (12,926 ) — Intercompany loans receivable 17 371 1,745 (2,133 ) — Other non-current assets 68 19 118 — 205 Total assets $ 5,877 $ 3,036 $ 18,112 $ (18,764 ) $ 8,261 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 59 $ 23 $ 86 $ — $ 168 Intercompany payable 2,191 646 878 (3,715 ) — Accrued compensation and contributions to retirement plans 88 10 95 — 193 Short-term debt 472 — — — 472 Unearned revenue 269 212 977 — 1,458 Other current liabilities 202 (40 ) 326 — 488 Liabilities of businesses held for sale 82 — 121 — 203 Total current liabilities 3,363 851 2,483 (3,715 ) 2,982 Long-term debt 3,469 — — — 3,469 Intercompany loans payable 20 — 2,112 (2,132 ) — Pension and postretirement benefits 218 — 49 — 267 Other non-current liabilities (25 ) 86 292 — 353 Total liabilities 7,045 937 4,936 (5,847 ) 7,071 Redeemable noncontrolling interest 920 920 Equity: Common stock 412 — 2,336 (2,336 ) 412 Additional paid-in capital (240 ) 126 11,174 (10,638 ) 422 Retained income 6,844 1,973 (12 ) (967 ) 7,838 Accumulated other comprehensive loss (314 ) — (311 ) 45 (580 ) Less: common stock in treasury (7,870 ) — (12 ) 12 (7,870 ) Total equity - controlling interests (1,168 ) 2,099 13,175 (13,884 ) 222 Total equity - noncontrolling interests — — 1 47 48 Total equity (1,168 ) 2,099 13,176 (13,837 ) 270 Total liabilities and equity $ 5,877 $ 3,036 $ 18,112 $ (18,764 ) $ 8,261 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 businesses 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 Investments in subsidiaries 4,651 659 7,316 (12,626 ) — Intercompany loans receivable 16 368 1,733 (2,117 ) — Other non-current assets 67 19 127 — 213 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 Unearned revenue 254 586 582 (1 ) 1,421 Other current liabilities 191 65 293 — 549 Liabilities of businesses 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 postretirement benefits 230 — 46 — 276 Other non-current liabilities (25 ) 98 295 — 368 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
Statement of Cash Flows	Statement of Cash Flows Three Months Ended March 31, 2016 (Unaudited) (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 $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Adjustments to reconcile income from continuing operations to cash provided by (used for) operating activities from continuing operations: Depreciation 9 2 7 — 18 Amortization of intangibles — — 24 — 24 Provision for losses on accounts receivable — 1 2 — 3 Deferred income taxes (1 ) — — — (1 ) Stock-based compensation 4 3 7 — 14 Other 3 3 25 — 31 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (7 ) 153 (153 ) — (7 ) Prepaid and current assets (2 ) (3 ) (14 ) — (19 ) Accounts payable and accrued expenses (89 ) (89 ) (96 ) — (274 ) Unearned revenue 15 (374 ) 398 — 39 Accrued legal and regulatory settlements — (108 ) — — (108 ) Other current liabilities (12 ) (19 ) 53 — 22 Net change in prepaid/accrued income taxes 98 — 1 — 99 Net change in other assets and liabilities (17 ) 30 (44 ) — (31 ) Cash provided by (used for) operating activities from continuing operations 795 (216 ) 844 (1,290 ) 133 Investing Activities: Capital expenditures (4 ) (4 ) (8 ) — (16 ) Acquisitions, net of cash acquired — — (7 ) — (7 ) Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities from continuing operations (4 ) (4 ) (16 ) — (24 ) Financing Activities: Additions to short-term debt, net 329 — — — 329 Dividends paid to shareholders (96 ) — — — (96 ) Dividends and other payments paid to noncontrolling interests — — (33 ) — (33 ) Repurchase of treasury shares (226 ) — — — (226 ) Exercise of stock options 31 — — — 31 Excess tax benefits from share-based payments 6 — — — 6 Intercompany financing activities (838 ) 220 (672 ) 1,290 — Cash (used for) provided by financing activities from continuing operations (794 ) 220 (705 ) 1,290 11 Effect of exchange rate changes on cash from continuing operations 7 — (8 ) — (1 ) Net change in cash and cash equivalents 4 — 115 — 119 Cash and cash equivalents at beginning of period 167 — 1,314 — 1,481 Cash and cash equivalents at end of period $ 171 $ — $ 1,429 $ — $ 1,600 Statement of Cash Flows Three Months Ended March 31, 2015 (Unaudited) (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 $ 377 $ 269 $ 166 $ (483 ) $ 329 Adjustments to reconcile income net income to cash provided by (used for) operating activities from continuing operations: Depreciation 10 5 7 — 22 Amortization of intangibles 1 — 10 — 11 Provision for losses on accounts receivable — (3 ) 3 — — Deferred income taxes 61 — — — 61 Stock-based compensation 5 5 8 — 18 Other 3 23 7 — 33 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 11 (22 ) (58 ) — (69 ) Prepaid and current assets 2 (6 ) (6 ) — (10 ) Accounts payable and accrued expenses (124 ) (68 ) (113 ) — (305 ) Unearned revenue 3 15 30 — 48 Accrued legal and regulatory settlements — (1,559 ) — — (1,559 ) Other current liabilities 5 (18 ) (4 ) — (17 ) Net change in prepaid/accrued income taxes (23 ) — 111 — 88 Net change in other assets and liabilities 94 10 (103 ) — 1 Cash provided by (used for) operating activities from continuing operations 425 (1,349 ) 58 (483 ) (1,349 ) Investing Activities: Capital expenditures (7 ) (2 ) (7 ) — (16 ) Acquisitions, net of cash acquired — — (2 ) — (2 ) Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities from continuing operations (7 ) (2 ) (10 ) — (19 ) Financing Activities: Additions to short-term debt, net 365 — — — 365 Dividends paid to shareholders (94 ) — — — (94 ) Dividends and other payments paid to noncontrolling interests — — (30 ) — (30 ) Repurchase of treasury shares (110 ) — — — (110 ) Exercise of stock options 57 — — — 57 Excess tax benefits from share-based payments 32 — — — 32 Intercompany financing activities (1,983 ) 1,351 149 483 — Cash (used for) provided by financing activities from continuing operations (1,733 ) 1,351 119 483 220 Effect of exchange rate changes on cash from continuing operations (7 ) — (37 ) — (44 ) Cash (used for) provided by continuing operations (1,322 ) — 130 — (1,192 ) Discontinued Operations: Cash used for operating activities — — (129 ) — (129 ) Cash used for discontinued operations — — (129 ) — (129 ) Net change in cash and cash equivalents (1,322 ) — 1 — (1,321 ) Cash and cash equivalents at beginning of period 1,402 — 1,095 — 2,497 Cash and cash equivalents at end of period $ 80 $ — $ 1,096 $ — $ 1,176

Nature of Operations and Basi33

Nature of Operations and Basis of Presentation (Details) $ in Billions	1 Months Ended	3 Months Ended
	Feb. 29, 2016business	Mar. 31, 2016Segment	Apr. 30, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments (in segments) \| Segment		4
J.D. Power \| C&C \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of business \| $			$ 1.1
SPSE and CMA \| S&P Global Market Intelligence \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses to be sold \| business	2

Acquisitions and Divestitures34

Acquisitions and Divestitures (Narrative) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Billions	1 Months Ended
	Feb. 29, 2016business	Apr. 30, 2016USD ($)
SPSE and CMA \| S&P Global Market Intelligence
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of businesses to be sold \| business	2
Subsequent Event \| J.D. Power \| C&C
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration for sale of business \| $		$ 1.1

Acquisitions and Divestitures35

Acquisitions and Divestitures (Components of Assets and Liabilities, and Operating Profits, of Businesses Held for Sale) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Assets and Liabilities of Business Held for Sale
Liabilities of a business held for sale	$ 203		$ 206
J.D. Power, SPSE, and CMA \| Disposal Group, Held-for-sale, Not Discontinued Operations
Assets and Liabilities of Business Held for Sale
Accounts receivable, net	76		58
Goodwill	133		75
Other intangible assets, net	309		335
Other assets	53		35
Assets of a business held for sale	571		503
Accounts payable and accrued expenses	30		42
Unearned revenue	70		64
Other liabilities	103		100
Liabilities of a business held for sale	203		$ 206
Operating Profit of Business Held for Sale
Operating profit	$ 24	$ 16

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Effective income tax rate	31.50%	32.10%
Unrecognized tax benefits	$ 120		$ 120
Accrued interest and penalties associated with uncertain tax positions	$ 34		$ 31

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt	$ 3,941	$ 3,611
Less: short-term debt including current maturities	472	143
Long-term debt	3,469	3,468
Senior notes \| 5.9% Senior Notes, due 2017
Debt Instrument [Line Items]
Long-term debt	$ 400	399
Interest rate	5.90%
Unamortized debt discount and issuance costs	$ 1
Senior notes \| 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Long-term debt	$ 398	398
Interest rate	2.50%
Unamortized debt discount and issuance costs	$ 2
Senior notes \| 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Long-term debt	$ 695	695
Interest rate	3.30%
Unamortized debt discount and issuance costs	$ 5
Senior notes \| 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt	$ 690	690
Interest rate	4.00%
Unamortized debt discount and issuance costs	$ 10
Senior notes \| 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Long-term debt	$ 890	890
Interest rate	4.40%
Unamortized debt discount and issuance costs	$ 10
Senior notes \| 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Long-term debt	$ 396	396
Interest rate	6.55%
Unamortized debt discount and issuance costs	$ 4
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 150	$ 0

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended	12 Months Ended
Debt (Narrative) (Details)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt fair value	$ 3,700,000,000	$ 3,600,000,000
Five-Year Credit Agreement \| Maximum
Debt Instrument [Line Items]
Indebtedness to cash flow	4
Five-Year Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,200,000,000
Commitment fee	0.15%
Five-Year Credit Agreement \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee	0.10%
Five-Year Credit Agreement \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee	0.20%
Five-Year Credit Agreement \| Commercial paper
Debt Instrument [Line Items]
Short-term debt	$ 322,000,000	$ 143,000,000
Five-Year Credit Agreement \| Commercial paper \| Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate	0.91%	0.95%
Term of debt instrument	24 days	17 days
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 150,000,000	$ 0
Line of Credit \| Five-Year Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Term of debt instrument	5 years	25 days
Long-term debt	$ 150,000,000	$ 0
Effective interest rate	1.68%
Additional funds remaining in credit facility	$ 728,000,000

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Foreign exchange forward contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Net gains related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings	$ 2
Aggregate notional value	$ 112	$ 59

Derivative Instruments (Locatio

Derivative Instruments (Location and Fair Values of Cash Flow Hedges) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Cash Flow Hedging \| Foreign exchange forward contracts \| Designated as Hedging Instrument \| Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative, fair value	$ 4	$ 1

Derivative Instruments (Locat41

Derivative Instruments (Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges) (Details) - Foreign exchange forward contracts - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 3	$ 1
Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 1	$ 0

Derivative Instruments (Change

Derivative Instruments (Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized losses on cash flow hedges, net of taxes, beginning of period	$ 194
Net unrealized gains on cash flow hedges, net of taxes, end of period	222
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized losses on cash flow hedges, net of taxes, beginning of period	(1)	$ (1)
Change in fair value, net of tax	4	1
Reclassification into earnings, net of tax	(1)	0
Net unrealized gains on cash flow hedges, net of taxes, end of period	$ 2	$ 0

Employee Benefits (Narrative) (

Employee Benefits (Narrative) (Details) $ in Millions	3 Months Ended
Employee Benefits (Narrative) (Details) $ in Millions	Mar. 31, 2016USD ($)
Compensation and Retirement Disclosure [Abstract]
Decrease in net periodic benefit cost due to effect of assumption changes	$ 5
Contribution towards retirement plans	3
Expected contributions towards of retirement plans	$ 4

Employee Benefits (Components o

Employee Benefits (Components of Net Periodic Benefit (Credit) Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 2
Interest cost	20	24
Expected return on plan assets	(31)	(32)
Amortization of actuarial loss	4	5
Net periodic benefit (credit) cost	(6)	(1)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	1
Expected return on plan assets	0	0
Amortization of actuarial loss	0	0
Net periodic benefit (credit) cost	$ 1	$ 1

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 14	$ 18
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2	6
Restricted stock and unit awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	12	$ 12
Unrecognized compensation expense	$ 48
Unrecognized compensation expense, period for recognition	1 year 5 months

Equity (Narrative) (Details)

Equity (Narrative) (Details) - shares	3 Months Ended
Equity (Narrative) (Details) - shares	Mar. 31, 2016	Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest in joint venture minimum percentage (at least)	20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period	15 days
2013 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for repurchase		50,000,000
Maximum number of shares authorized for repurchase, as percentage of outstanding common stock		18.00%
Remaining shares available under repurchase program (in shares)	33,300,000

Equity (Schedule of stock repur

Equity (Schedule of stock repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)	0.3	2.2	1.1
Average price paid per share (in dollars per share)		$ 91.98	$ 104.31
Total cash utilized	$ 26	$ 200
Cash used to repurchase shares		226	$ 110
Stock Repurchases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized		200	$ 110
Cash used to repurchase shares		$ 226

Equity (Schedule of redeemable

Equity (Schedule of redeemable noncontrolling interest) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2015	$ 920
Net income attributable to noncontrolling interest	26
Distributions payable to noncontrolling interest	(22)
Redemption value adjustment	(4)
Balance as of March 31, 2016	$ 920

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2015	$ (600)
Other comprehensive income before reclassifications	18
Reclassifications from accumulated other comprehensive loss to net earnings	2
Net other comprehensive income	20
Balance as of March 31, 2016	(580)
Pension and other postretirement benefit plans, tax	1	$ 1
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2015	(193)
Other comprehensive income before reclassifications	14
Reclassifications from accumulated other comprehensive loss to net earnings	0
Net other comprehensive income	14
Balance as of March 31, 2016	(179)
Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2015	(406)
Other comprehensive income before reclassifications	0
Reclassifications from accumulated other comprehensive loss to net earnings	3
Net other comprehensive income	3
Balance as of March 31, 2016	(403)
Pension and other postretirement benefit plans, tax	1
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2015	(1)
Other comprehensive income before reclassifications	4
Reclassifications from accumulated other comprehensive loss to net earnings	(1)
Net other comprehensive income	3
Balance as of March 31, 2016	$ 2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Amounts attributable to McGraw Hill Financial, Inc. common shareholders:
Net income	$ 294	$ 303
Basic weighted-average number of common shares outstanding (in shares)	265,000,000	273,500,000
Effect of stock options and other dilutive securities (in shares)	2,200,000	2,800,000
Diluted weighted-average number of common shares outstanding (in shares)	267,200,000	276,300,000
Earnings per share attributable to McGraw Hill Financial, Inc. common shareholders:
Basic (in dollars per share)	$ 1.11	$ 1.11
Diluted (in dollars per share)	$ 1.10	$ 1.10
Restricted performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share (in shares)	900,000	1,400,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding shares not included in the computation of diluted earnings per share (in shares)		0

Restructuring (Details)

Restructuring (Details) - 2015 Restructuring Plan $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)position
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) \| position		550
Initial Charge Recorded	$ 63
Ending Reserve Balance	42	$ 50
Restructuring charges paid	8
S&P Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	18
Ending Reserve Balance	13
S&P Global Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	31
Ending Reserve Balance	19
C&C
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	1
Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	11
Ending Reserve Balance	$ 9

Segment and Related Informati52

Segment and Related Information (Operating Results by Segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Segment	Mar. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments (in segments) \| Segment	4
Segment Reporting Information [Line Items]
Revenue	$ 1,341	$ 1,273
Operating Profit	512	501
Amortization of intangible assets	24	11
S&P Ratings
Segment Reporting Information [Line Items]
Revenue	552	606
Operating Profit	262	291
Insurance recoveries	15	35
Legal settlement charge	3	29
Amortization of intangible assets	1	1
S&P Global Market Intelligence
Segment Reporting Information [Line Items]
Revenue	407	320
Operating Profit	81	63
Amortization of intangible assets	19	6
Impairment of intangible asset	24
S&P DJ Indices
Segment Reporting Information [Line Items]
Revenue	151	143
Operating Profit	101	95
Amortization of intangible assets	1	1
C&C
Segment Reporting Information [Line Items]
Revenue	254	225
Operating Profit	102	85
Amortization of intangible assets	3	3
Disposition-related cost	3
Intersegment elimination
Segment Reporting Information [Line Items]
Revenue	(23)	(21)
Operating Profit	0	0
Total operating segments
Segment Reporting Information [Line Items]
Revenue	1,341	1,273
Operating Profit	546	534
Unallocated expense
Segment Reporting Information [Line Items]
Revenue	0	0
Operating Profit	$ (34)	$ (33)

Segment and Related Informati53

Segment and Related Information (Revenue by Geographic Region) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,341	$ 1,273
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	840	765
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	297	307
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	137	128
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 67	$ 73

Commitments and Contingencies (

Commitments and Contingencies (Details) AUD in Millions, $ in Millions	Feb. 19, 2016AUD	Apr. 30, 2013AUDinvestment	Mar. 31, 2016USD ($)	Jan. 28, 2016employee	Aug. 31, 2015employeeshareholder	Jun. 30, 2012
Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of shareholders commencing punitive derivative action \| shareholder					2
City of Swan
Loss Contingencies [Line Items]
Number of synthetic collateralized debt obligations \| investment		8
Damages sought		AUD 327
Settlement amount payable	AUD 144
CME Group \| S&P DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement \| $			$ 22
Noncontrolling interest ownership by noncontrolling owners						27.00%
S&P Ratings \| Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of former employees named as defendants \| employee				9	3

Condensed Consolidating Finan55

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

Condensed Consolidating Finan56

Condensed Consolidating Financial Statements (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,341	$ 1,273
Expenses:
Operating-related expenses	457	410
Selling and general expenses	330	329
Depreciation	18	22
Amortization of intangibles	24	11
Total expenses	829	772
Operating profit	512	501
Interest expense, net	40	16
Non-operating intercompany transactions	0	0
Income before taxes on income	472	485
Provision for taxes on income	149	156
Equity in net income (loss) income of subsidiaries	0	0
Income from continuing operations		329
Net income	323	329
Less: net income attributable to noncontrolling interests	(29)	(26)
Net income	294	303
Comprehensive income	343	250
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(31)	(27)
Expenses:
Operating-related expenses	(31)	(27)
Selling and general expenses	0	0
Depreciation	0	0
Amortization of intangibles	0	0
Total expenses	(31)	(27)
Operating profit	0	0
Interest expense, net	0	0
Non-operating intercompany transactions	428	8
Income before taxes on income	(428)	(8)
Provision for taxes on income	0	0
Equity in net income (loss) income of subsidiaries	(862)	(475)
Income from continuing operations		(483)
Net income	(1,290)	(483)
Less: net income attributable to noncontrolling interests	(29)	(26)
Net income	(1,319)	(509)
Comprehensive income	(1,290)	(486)
McGraw Hill Financial, Inc.
Condensed Income Statements, Captions [Line Items]
Revenue	171	156
Expenses:
Operating-related expenses	26	31
Selling and general expenses	17	66
Depreciation	9	10
Amortization of intangibles	0	1
Total expenses	52	108
Operating profit	119	48
Interest expense, net	42	17
Non-operating intercompany transactions	74	58
Income before taxes on income	3	(27)
Provision for taxes on income	0	4
Equity in net income (loss) income of subsidiaries	791	408
Income from continuing operations		377
Net income	794	377
Less: net income attributable to noncontrolling interests	0	0
Net income	794	377
Comprehensive income	802	373
Standard & Poor's Financial Services, LLC
Condensed Income Statements, Captions [Line Items]
Revenue	342	543
Expenses:
Operating-related expenses	139	192
Selling and general expenses	35	25
Depreciation	2	5
Amortization of intangibles	0	0
Total expenses	176	222
Operating profit	166	321
Interest expense, net	0	0
Non-operating intercompany transactions	(5)	32
Income before taxes on income	171	289
Provision for taxes on income	57	87
Equity in net income (loss) income of subsidiaries	71	67
Income from continuing operations		269
Net income	185	269
Less: net income attributable to noncontrolling interests	0	0
Net income	185	269
Comprehensive income	185	269
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenue	859	601
Expenses:
Operating-related expenses	323	214
Selling and general expenses	278	238
Depreciation	7	7
Amortization of intangibles	24	10
Total expenses	632	469
Operating profit	227	132
Interest expense, net	(2)	(1)
Non-operating intercompany transactions	(497)	(98)
Income before taxes on income	726	231
Provision for taxes on income	92	65
Equity in net income (loss) income of subsidiaries	0	0
Income from continuing operations		166
Net income	634	166
Less: net income attributable to noncontrolling interests	0	0
Net income	634	166
Comprehensive income	$ 646	$ 94

Condensed Consolidating Finan57

Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets, Current [Abstract]
Cash and cash equivalents	$ 1,600	$ 1,481	$ 1,176	$ 2,497
Accounts receivable, net of allowance for doubtful accounts	978	991
Intercompany receivable	0	0
Deferred income taxes	110	109
Prepaid and other current assets	189	212
Assets of businesses held for sale	571	503
Total current assets	3,448	3,296
Property and equipment, net of accumulated depreciation	251	270
Goodwill	2,869	2,882
Other intangible assets, net	1,488	1,522
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	205	213
Total assets	8,261	8,183
Current liabilities:
Accounts payable	168	206
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	193	383
Short-term debt	472	143
Unearned revenue	1,458	1,421
Other current liabilities	488	549
Liabilities of businesses held for sale	203	206
Total current liabilities	2,982	2,908
Long-term debt	3,469	3,468
Intercompany loans payable	0	0
Pension and other postretirement benefits	267	276
Other non-current liabilities	353	368
Total liabilities	7,071	7,020
Redeemable noncontrolling interest (Note 8)	920	920
Equity:
Common stock	412	412
Additional paid-in capital	422	475
Retained income	7,838	7,636
Accumulated other comprehensive loss	(580)	(600)
Less: common stock in treasury	(7,870)	(7,729)
Total equity — controlling interests	222	194
Total equity - noncontrolling interests	48	49
Total equity	270	243
Total liabilities and equity	8,261	8,183
Eliminations
Assets, Current [Abstract]
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(3,715)	(3,353)
Deferred income taxes	0	0
Prepaid and other current assets	0	(1)
Assets of businesses held for sale	0	0
Total current assets	(3,715)	(3,354)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	9	9
Other intangible assets, net	1	0
Investments in subsidiaries	(12,926)	(12,626)
Intercompany loans receivable	(2,133)	(2,117)
Other non-current assets	0	0
Total assets	(18,764)	(18,088)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(3,715)	(3,354)
Accrued compensation and contributions to retirement plans	0	0
Short-term debt	0	0
Unearned revenue	0	(1)
Other current liabilities	0	0
Liabilities of businesses held for sale	0	0
Total current liabilities	(3,715)	(3,355)
Long-term debt	0	0
Intercompany loans payable	(2,132)	(2,117)
Pension and other postretirement benefits	0	0
Other non-current liabilities	0	0
Total liabilities	(5,847)	(5,472)
Redeemable noncontrolling interest (Note 8)	920	920
Equity:
Common stock	(2,336)	(2,337)
Additional paid-in capital	(10,638)	(10,694)
Retained income	(967)	(609)
Accumulated other comprehensive loss	45	44
Less: common stock in treasury	12	12
Total equity — controlling interests	(13,884)	(13,584)
Total equity - noncontrolling interests	47	48
Total equity	(13,837)	(13,536)
Total liabilities and equity	(18,764)	(18,088)
McGraw Hill Financial, Inc.
Assets, Current [Abstract]
Cash and cash equivalents	171	167	80	1,402
Accounts receivable, net of allowance for doubtful accounts	122	116
Intercompany receivable	206	208
Deferred income taxes	74	75
Prepaid and other current assets	69	120
Assets of businesses held for sale	16	4
Total current assets	658	690
Property and equipment, net of accumulated depreciation	127	141
Goodwill	17	17
Other intangible assets, net	0	0
Investments in subsidiaries	4,990	4,651
Intercompany loans receivable	17	16
Other non-current assets	68	67
Total assets	5,877	5,582
Current liabilities:
Accounts payable	59	71
Intercompany payable	2,191	2,144
Accrued compensation and contributions to retirement plans	88	127
Short-term debt	472	143
Unearned revenue	269	254
Other current liabilities	202	191
Liabilities of businesses held for sale	82	80
Total current liabilities	3,363	3,010
Long-term debt	3,469	3,468
Intercompany loans payable	20	21
Pension and other postretirement benefits	218	230
Other non-current liabilities	(25)	(25)
Total liabilities	$ 7,045	6,704
Redeemable noncontrolling interest (Note 8)		0
Equity:
Common stock	$ 412	412
Additional paid-in capital	(240)	(184)
Retained income	6,844	6,701
Accumulated other comprehensive loss	(314)	(322)
Less: common stock in treasury	(7,870)	(7,729)
Total equity — controlling interests	(1,168)	(1,122)
Total equity - noncontrolling interests	0	0
Total equity	(1,168)	(1,122)
Total liabilities and equity	5,877	5,582
Standard & Poor's Financial Services, LLC
Assets, Current [Abstract]
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	166	319
Intercompany receivable	1,782	1,872
Deferred income taxes	10	10
Prepaid and other current assets	16	13
Assets of businesses held for sale	0	0
Total current assets	1,974	2,214
Property and equipment, net of accumulated depreciation	1	3
Goodwill	0	40
Other intangible assets, net	0	0
Investments in subsidiaries	671	659
Intercompany loans receivable	371	368
Other non-current assets	19	19
Total assets	3,036	3,303
Current liabilities:
Accounts payable	23	54
Intercompany payable	646	675
Accrued compensation and contributions to retirement plans	10	89
Short-term debt	0	0
Unearned revenue	212	586
Other current liabilities	(40)	65
Liabilities of businesses held for sale	0	0
Total current liabilities	851	1,469
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	86	98
Total liabilities	$ 937	1,567
Redeemable noncontrolling interest (Note 8)		0
Equity:
Common stock	$ 0	0
Additional paid-in capital	126	1,179
Retained income	1,973	557
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity — controlling interests	2,099	1,736
Total equity - noncontrolling interests	0	0
Total equity	2,099	1,736
Total liabilities and equity	3,036	3,303
Non-Guarantor Subsidiaries
Assets, Current [Abstract]
Cash and cash equivalents	1,429	1,314	$ 1,096	$ 1,095
Accounts receivable, net of allowance for doubtful accounts	690	556
Intercompany receivable	1,727	1,273
Deferred income taxes	26	24
Prepaid and other current assets	104	80
Assets of businesses held for sale	555	499
Total current assets	4,531	3,746
Property and equipment, net of accumulated depreciation	123	126
Goodwill	2,843	2,816
Other intangible assets, net	1,487	1,522
Investments in subsidiaries	7,265	7,316
Intercompany loans receivable	1,745	1,733
Other non-current assets	118	127
Total assets	18,112	17,386
Current liabilities:
Accounts payable	86	81
Intercompany payable	878	535
Accrued compensation and contributions to retirement plans	95	167
Short-term debt	0	0
Unearned revenue	977	582
Other current liabilities	326	293
Liabilities of businesses held for sale	121	126
Total current liabilities	2,483	1,784
Long-term debt	0	0
Intercompany loans payable	2,112	2,096
Pension and other postretirement benefits	49	46
Other non-current liabilities	292	295
Total liabilities	$ 4,936	4,221
Redeemable noncontrolling interest (Note 8)		0
Equity:
Common stock	$ 2,336	2,337
Additional paid-in capital	11,174	10,174
Retained income	(12)	987
Accumulated other comprehensive loss	(311)	(322)
Less: common stock in treasury	(12)	(12)
Total equity — controlling interests	13,175	13,164
Total equity - noncontrolling interests	1	1
Total equity	13,176	13,165
Total liabilities and equity	$ 18,112	$ 17,386

Condensed Consolidating Finan58

Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 323	$ 329
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	18	22
Amortization of intangibles	24	11
Provision for losses on accounts receivable	3	0
Deferred income taxes	(1)	61
Stock-based compensation	14	18
Other	31	33
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(7)	(69)
Prepaid and other current assets	(19)	(10)
Accounts payable and accrued expenses	(274)	(305)
Unearned revenue	39	48
Accrued legal and regulatory settlements	(108)	(1,559)
Other current liabilities	22	(17)
Net change in prepaid/accrued income taxes	99	88
Net change in other assets and liabilities	(31)	1
Cash provided by (used for) operating activities from continuing operations	133	(1,349)
Investing Activities:
Capital expenditures	(16)	(16)
Acquisitions, net of cash acquired	(7)	(2)
Changes in short-term investments	(1)	(1)
Cash used for investing activities from continuing operations	(24)	(19)
Financing Activities:
Additions to short-term debt, net	329	365
Dividends paid to shareholders	(96)	(94)
Dividends and other payments paid to noncontrolling interests	(33)	(30)
Repurchase of treasury shares	(226)	(110)
Exercise of stock options	31	57
Excess tax benefits from share-based payments	6	32
Intercompany financing activities	0	0
Cash provided by financing activities from continuing operations	11	220
Effect of exchange rate changes on cash from continuing operations	(1)	(44)
Cash provided by (used for) continuing operations	119	(1,192)
Discontinued Operations:
Cash used for operating activities	0	(129)
Cash used for discontinued operations	0	(129)
Net change in cash and cash equivalents	119	(1,321)
Cash and cash equivalents at beginning of period	1,481	2,497
Cash and cash equivalents at end of period	1,600	1,176
Eliminations
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	(1,290)	(483)
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	0	0
Amortization of intangibles	0	0
Provision for losses on accounts receivable	0	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Other	0	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	0	0
Prepaid and other current assets	0	0
Accounts payable and accrued expenses	0	0
Unearned revenue	0	0
Accrued legal and regulatory settlements	0	0
Other current liabilities	0	0
Net change in prepaid/accrued income taxes	0	0
Net change in other assets and liabilities	0	0
Cash provided by (used for) operating activities from continuing operations	(1,290)	(483)
Investing Activities:
Capital expenditures	0	0
Acquisitions, net of cash acquired	0	0
Changes in short-term investments	0	0
Cash used for investing activities from continuing operations	0	0
Financing Activities:
Additions to short-term debt, net	0	0
Dividends paid to shareholders	0	0
Dividends and other payments paid to noncontrolling interests	0	0
Repurchase of treasury shares	0	0
Exercise of stock options	0	0
Excess tax benefits from share-based payments	0	0
Intercompany financing activities	1,290	483
Cash provided by financing activities from continuing operations	1,290	483
Effect of exchange rate changes on cash from continuing operations	0	0
Cash provided by (used for) continuing operations		0
Discontinued Operations:
Cash used for operating activities		0
Cash used for discontinued operations		0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
McGraw Hill Financial, Inc.
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	794	377
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	9	10
Amortization of intangibles	0	1
Provision for losses on accounts receivable	0	0
Deferred income taxes	(1)	61
Stock-based compensation	4	5
Other	3	3
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(7)	11
Prepaid and other current assets	(2)	2
Accounts payable and accrued expenses	(89)	(124)
Unearned revenue	15	3
Accrued legal and regulatory settlements	0	0
Other current liabilities	(12)	5
Net change in prepaid/accrued income taxes	98	(23)
Net change in other assets and liabilities	(17)	94
Cash provided by (used for) operating activities from continuing operations	795	425
Investing Activities:
Capital expenditures	(4)	(7)
Acquisitions, net of cash acquired	0	0
Changes in short-term investments	0	0
Cash used for investing activities from continuing operations	(4)	(7)
Financing Activities:
Additions to short-term debt, net	329	365
Dividends paid to shareholders	(96)	(94)
Dividends and other payments paid to noncontrolling interests	0	0
Repurchase of treasury shares	(226)	(110)
Exercise of stock options	31	57
Excess tax benefits from share-based payments	6	32
Intercompany financing activities	(838)	(1,983)
Cash provided by financing activities from continuing operations	(794)	(1,733)
Effect of exchange rate changes on cash from continuing operations	7	(7)
Cash provided by (used for) continuing operations		(1,322)
Discontinued Operations:
Cash used for operating activities		0
Cash used for discontinued operations		0
Net change in cash and cash equivalents	4	(1,322)
Cash and cash equivalents at beginning of period	167	1,402
Cash and cash equivalents at end of period	171	80
Standard & Poor's Financial Services, LLC
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	185	269
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	2	5
Amortization of intangibles	0	0
Provision for losses on accounts receivable	1	(3)
Deferred income taxes	0	0
Stock-based compensation	3	5
Other	3	23
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	153	(22)
Prepaid and other current assets	(3)	(6)
Accounts payable and accrued expenses	(89)	(68)
Unearned revenue	(374)	15
Accrued legal and regulatory settlements	(108)	(1,559)
Other current liabilities	(19)	(18)
Net change in prepaid/accrued income taxes	0	0
Net change in other assets and liabilities	30	10
Cash provided by (used for) operating activities from continuing operations	(216)	(1,349)
Investing Activities:
Capital expenditures	(4)	(2)
Acquisitions, net of cash acquired	0	0
Changes in short-term investments	0	0
Cash used for investing activities from continuing operations	(4)	(2)
Financing Activities:
Additions to short-term debt, net	0	0
Dividends paid to shareholders	0	0
Dividends and other payments paid to noncontrolling interests	0	0
Repurchase of treasury shares	0	0
Exercise of stock options	0	0
Excess tax benefits from share-based payments	0	0
Intercompany financing activities	220	1,351
Cash provided by financing activities from continuing operations	220	1,351
Effect of exchange rate changes on cash from continuing operations	0	0
Cash provided by (used for) continuing operations		0
Discontinued Operations:
Cash used for operating activities		0
Cash used for discontinued operations		0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Non-Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	634	166
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations:
Depreciation	7	7
Amortization of intangibles	24	10
Provision for losses on accounts receivable	2	3
Deferred income taxes	0	0
Stock-based compensation	7	8
Other	25	7
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(153)	(58)
Prepaid and other current assets	(14)	(6)
Accounts payable and accrued expenses	(96)	(113)
Unearned revenue	398	30
Accrued legal and regulatory settlements	0	0
Other current liabilities	53	(4)
Net change in prepaid/accrued income taxes	1	111
Net change in other assets and liabilities	(44)	(103)
Cash provided by (used for) operating activities from continuing operations	844	58
Investing Activities:
Capital expenditures	(8)	(7)
Acquisitions, net of cash acquired	(7)	(2)
Changes in short-term investments	(1)	(1)
Cash used for investing activities from continuing operations	(16)	(10)
Financing Activities:
Additions to short-term debt, net	0	0
Dividends paid to shareholders	0	0
Dividends and other payments paid to noncontrolling interests	(33)	(30)
Repurchase of treasury shares	0	0
Exercise of stock options	0	0
Excess tax benefits from share-based payments	0	0
Intercompany financing activities	(672)	149
Cash provided by financing activities from continuing operations	(705)	119
Effect of exchange rate changes on cash from continuing operations	(8)	(37)
Cash provided by (used for) continuing operations		130
Discontinued Operations:
Cash used for operating activities		(129)
Cash used for discontinued operations		(129)
Net change in cash and cash equivalents	115	1
Cash and cash equivalents at beginning of period	1,314	1,095
Cash and cash equivalents at end of period	$ 1,429	$ 1,096