S&P Global (SPGI) 10-Q 26 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Apr. 21, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	S&P Global Inc.
Entity Central Index Key	64,040
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		257.8

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 1,453	$ 1,341
Expenses:
Operating-related expenses	411	453
Selling and general expenses	351	334
Depreciation	19	18
Amortization of intangibles	24	24
Total expenses	805	829
Operating profit	648	512
Interest expense, net	37	40
Income before taxes on income	611	472
Provision for taxes on income	181	149
Net income	430	323
Less: net income attributable to noncontrolling interests	(31)	(29)
Net income attributable to S&P Global Inc.	$ 399	$ 294
Net income:
Basic (in dollars per share)	$ 1.54	$ 1.11
Diluted (in dollars per share)	$ 1.53	$ 1.10
Weighted-average number of common shares outstanding:
Basic (in shares)	258.2	265
Diluted (in shares)	260.8	267.2
Actual shares outstanding at period end (in shares)	257.8	264.5
Dividend declared per common share (in dollars per share)	$ 0.41	$ 0.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 430	$ 323
Other comprehensive income:
Foreign currency translation adjustment	30	14
Income tax effect	0	0
Foreign currency translation adjustment, net of income tax effect	30	14
Pension and other postretirement benefit plans	4	4
Income tax effect	(1)	(1)
Pension and other post-retirement benefit plans, net of income tax effect	3	3
Unrealized gain on forward exchange contracts	7	3
Income tax effect	(2)	0
Unrealized gain (loss) on forward exchange contracts, net of income tax effect	5	3
Comprehensive income	468	343
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(1)	(3)
Less: comprehensive income attributable to redeemable noncontrolling interests	(30)	(26)
Comprehensive income attributable to S&P Global Inc.	$ 437	$ 314

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 2,411	$ 2,392
Accounts receivable, net of allowance for doubtful accounts: $28 in 2017 and 2016	1,108	1,122
Prepaid and other current assets	144	157
Total current assets	3,663	3,671
Property and equipment, net of accumulated depreciation: 2017 - $523; 2016 - $537	265	271
Goodwill	2,960	2,949
Other intangible assets, net	1,474	1,506
Other non-current assets	292	272
Total assets	8,654	8,669
Current liabilities:
Accounts payable	162	183
Accrued compensation and contributions to retirement plans	205	409
Income taxes currently payable	243	95
Unearned revenue	1,510	1,509
Other current liabilities	349	415
Total current liabilities	2,469	2,611
Long-term debt	3,565	3,564
Pension and other postretirement benefits	271	274
Other non-current liabilities	425	439
Total liabilities	6,730	6,888
Redeemable noncontrolling interest	1,080	1,080
Commitments and contingencies
Equity:
Common stock	412	412
Additional paid-in capital	470	502
Retained income	9,509	9,210
Accumulated other comprehensive loss	(735)	(773)
Less: common stock in treasury	(8,867)	(8,701)
Total equity — controlling interests	789	650
Total equity — noncontrolling interests	55	51
Total equity	844	701
Total liabilities and equity	$ 8,654	$ 8,669

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 28	$ 28
Property and equipment, accumulated depreciation	$ 523	$ 537

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net income	$ 430	$ 323
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	19	18
Amortization of intangibles	24	24
Provision for losses on accounts receivable	5	3
Deferred income taxes	(1)	(1)
Stock-based compensation	19	14
Other	14	31
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	12	(7)
Prepaid and other current assets	9	(12)
Accounts payable and accrued expenses	(235)	(237)
Unearned revenue	(6)	39
Accrued legal settlements	(1)	(108)
Other current liabilities	(58)	24
Net change in prepaid/accrued income taxes	146	105
Net change in other assets and liabilities	(24)	(31)
Cash provided by operating activities	353	185
Investing Activities:
Capital expenditures	(23)	(16)
Acquisitions, net of cash acquired	(1)	(7)
Proceeds from dispositions	2	0
Changes in short-term investments	0	(1)
Cash used for investing activities	(22)	(24)
Financing Activities:
Additions to short-term debt, net	0	329
Dividends paid to shareholders	(106)	(96)
Dividends and other payments paid to noncontrolling interests	(24)	(33)
Repurchase of treasury shares	(201)	(226)
Exercise of stock options	29	31
Employee withholding tax on share-based payments	(44)	(46)
Cash used for financing activities	(346)	(41)
Effect of exchange rate changes on cash from continuing operations	34	(1)
Net change in cash and cash equivalents	19	119
Cash and cash equivalents at beginning of period	2,392	1,481
Cash and cash equivalents at end of period	$ 2,411	$ 1,600

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions		Total	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Total SPGI Equity	Noncontrolling Interests
Balance as of December 31, 2016 at Dec. 31, 2016		$ 701	$ 412	$ 502	$ 9,210	$ (773)	$ 8,701	$ 650	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	438			399	38		437	1
Dividends		(106)			(106)			(106)
Share repurchases		(201)					201	(201)
Employee stock plans		3		(32)			(35)	3
Change in redemption value of redeemable noncontrolling interest		6			6			6
Other		3							3
Balance as of March 31, 2017 at Mar. 31, 2017		$ 844	$ 412	$ 470	$ 9,509	$ (735)	$ 8,867	$ 789	$ 55
[1]	Excludes $30 million attributable to our redeemable noncontrolling interest.

Consolidated Statement of Equi8

Consolidated Statement of Equity (Unaudited) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to noncontrolling interest	$ 30

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. Our operations consist of three reportable segments: Ratings, Market and Commodities Intelligence and S&P Dow Jones Indices ("Indices"). • Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks. • Market and Commodities Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services and deliver their customers in the commodity and energy markets access to high-value information, data, analytic services and pricing and quality benchmarks. As of September 7, 2016, we completed the sale of J.D. Power and the results are included in Market and Commodities Intelligence results through that date. • Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. 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, 2016 (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, 2017 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
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions During the three months ended March 31, 2017, we did no t complete any material acquisitions. In March of 2016, Market and Commodities Intelligence acquired Commodity Flow, a specialist technology and business intelligence service for the global waterborne commodity and energy markets. The purchase helps extend Market and Commodities Intelligence's 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 is not material to our consolidated financial statements. Divestitures In April of 2017, we signed a letter of intent to sell our facility at East Windsor, New Jersey. The fixed assets of the facility of $5 million have been classified as held for sale, which is included in prepaid and other current assets in our consolidated balance sheet as of March 31, 2017. In January of 2017, we completed the sale of Quant House SAS ("QuantHouse"), included in our Market and Commodities Intelligence segment, to QH Holdco, an independent third party. In November of 2016, we entered into a put option agreement that gave the Company the right, but not the obligation, to put the entire share capital of QuantHouse to QH Holdco. As a result, we classified the assets and liabilities of QuantHouse, net of our costs to sell, as held for sale, which is included in prepaid and other current assets and other current liabilities, respectively, in our consolidated balance sheet as of December 31, 2016. On January 4, 2017, we exercised the put option, thereby entering into a definitive agreement to sell QuantHouse to QH Holdco. On January 9, 2017, we completed the sale of QuantHouse to QH Holdco. Following the sale, the assets and liabilities of QuantHouse are no longer reported in our consolidated balance sheet as of March 31, 2017. The components of assets and liabilities held for sale related to QuantHouse in the consolidated balance sheet consist of the following: (in millions) December 31, 2016 Accounts receivable, net $ 4 Other assets 3 Assets of a business held for sale $ 7 Accounts payable and accrued expenses $ 3 Unearned revenue 7 Other liabilities 35 Liabilities of a business held for sale $ 45 The operating loss of our business that was disposed of for the three months ended March 31, 2017 and 2016 is as follows: (in millions) 2017 2016 Operating loss $ — $ (7 ) During the three months ended March 31, 2016, we did no t complete any dispositions.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate was 29.5% and 31.5% for the three months ended March 31, 2017 and March 31, 2016, respectively. The decrease in 2017 was due to the recognition of excess tax benefits associated with share-based payments in the statement of income as well as a benefit from an acquisition-related adjustment. 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, 2017 and December 31, 2016 , the total amount of federal, state and local, and foreign unrecognized tax benefits was $156 million and $161 million , respectively, 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, 2017 and December 31, 2016 , we had $46 million and $44 million , respectively, of accrued interest and penalties associated with unrecognized tax benefits. It is possible that tax examinations will be settled in the next twelve months. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits. Until formal resolutions are reached between us and the tax authorities, the determination of a possible audit settlement range with respect to the impact on unrecognized tax benefits is not practicable. In November of 2015, the FInancial Accounting Standards Board ("FASB") issued guidance to simplify the presentation of deferred income taxes. The guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This guidance is effective for reporting periods beginning after December 15, 2016; however, early adoption was permitted. We early adopted this guidance in the fourth quarter of 2016, prospectively, and accordingly prior year amounts have not been reclassified.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt (in millions) March 31, December 31, 2.5% Senior Notes, due 2018 1 $ 399 $ 398 3.3% Senior Notes, due 2020 2 696 696 4.0% Senior Notes, due 2025 3 691 691 4.4% Senior Notes, due 2026 4 891 891 2.95% Senior Notes, due 2027 5 492 492 6.55% Senior Notes, due 2037 6 396 396 Commercial paper — — Total debt 3,565 3,564 Less: short-term debt including current maturities — — Long-term debt $ 3,565 $ 3,564 1 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $1 million . 2 Interest payments are due semiannually on February 14 and August 14, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $4 million . 3 Interest payments are due semiannually on June 15 and December 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $9 million . 4 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $9 million . 5 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $8 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $4 million . The fair value of our long-term debt borrowings was $3.7 billion as of March 31, 2017 and December 31, 2016 , 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. As of March 31, 2017 and December 31, 2016 , there were no commercial paper borrowings outstanding. Depending on our indebtedness to cash flow ratio, we pay a commitment fee of 10 to 20 basis points for our credit facility, whether or not amounts have been borrowed. We 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
	Mar. 31, 2017
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, 2017 and December 31, 2016 , 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, 2017, we entered into a series of foreign exchange forward contracts to hedge a portion of our Indian rupee, British pound, and euro exposures through the fourth quarter of 2017. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twelve months. 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 revenue and selling and general expenses in the same period that the hedged transaction affects earnings. 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 were intended to offset the impact of movement of exchange rates on future operating costs and matured at the end of each quarter during 2016. The changes in the fair value of these contracts were initially reported in accumulated other comprehensive loss in our consolidated balance sheet and were subsequently reclassified into selling and general expenses in the same period that the hedge contract matured. As of March 31, 2017 , we estimate that $7 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 material hedge ineffectiveness for the three months ended March 31, 2017 and March 31, 2016. As of March 31, 2017 and March 31, 2016 , the aggregate notional value of our outstanding foreign currency forward contracts was $255 million and $112 million , respectively. The following table provides information on the location and fair value amounts of our cash flow hedges as of March 31, 2017 and December 31, 2016 : (in millions) Balance Sheet Location March 31, 2017 December 31, 2016 Prepaid and other current assets 1 Foreign exchange forward contracts $ 9 $ 3 1 Foreign currency forward contracts are recorded at fair value that is based on foreign currency exchange rates in active markets; therefore we classify these derivative contracts 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 (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Cash flow hedges - designated as hedging instruments 2017 2016 2017 2016 Foreign exchange forward contracts $ 5 $ 3 Selling and general expenses $ 1 $ 1 The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31 : (in millions) 2017 2016 Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 2 $ (1 ) Change in fair value, net of tax 6 4 Reclassification into earnings, net of tax (1 ) (1 ) Net unrealized gains on cash flow hedges, net of taxes, end of period $ 7 $ 2

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2017
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 2017 2016 2017 2016 Service cost $ 1 $ 1 $ — $ — Interest cost 18 20 — 1 Expected return on assets (31 ) (31 ) — — Amortization of actuarial loss 4 4 — — Net periodic benefit cost $ (8 ) $ (6 ) $ — $ 1 As discussed in our Form 10-K, we changed certain discount rate assumptions on our retirement and postretirement plans, which became effective on January 1, 2017. The effect of the assumption changes on retirement and postretirement expense for the three months ended March 31, 2017 did not have a material impact to our financial position, results of operations or cash flows. In the first quarter of 2017 , we contributed $2 million to our retirement plans and expect to make additional required contributions of approximately $6 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 2017 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Stock option expense $ 1 $ 2 Restricted stock and unit awards expense 18 12 Total stock-based compensation expense $ 19 $ 14 Total unrecognized compensation expense related to unvested restricted stock and unit awards as of March 31, 2017 was $52 million , which is expected to be recognized over a weighted average period of 1.5 years .

Equity

Equity	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Total number of shares purchased 1.5 2.2 Average price paid per share 1 $ 129.97 $ 91.98 Total cash utilized 1 $ 201 $ 200 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, 2017 , approximately 24.2 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, 2017 were as follows: (in millions) Balance as of December 31, 2016 $ 1,080 Net income attributable to noncontrolling interest 30 Distributions payable to noncontrolling interest (24 ) Redemption value adjustment (6 ) Balance as of March 31, 2017 $ 1,080 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, 2017 : (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, 2016 $ (332 ) $ (443 ) $ 2 $ (773 ) Other comprehensive income before reclassifications 30 — 6 36 Reclassifications from accumulated other comprehensive loss to net earnings — 3 1 (1 ) 2 2 Net other comprehensive income 30 3 5 38 Balance as of March 31, 2017 $ (302 ) $ (440 ) $ 7 $ (735 ) 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, 2017 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 399 $ 294 Basic weighted-average number of common shares outstanding 258.2 265.0 Effect of stock options and other dilutive securities 2.6 2.2 Diluted weighted-average number of common shares outstanding 260.8 267.2 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.54 $ 1.11 Diluted $ 1.53 $ 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, 2017 , there were no stock options excluded, and for the three months ended March 31, 2016 , there were a minimal amount of stock options excluded. Restricted performance shares outstanding of 0.7 million and 0.9 million as of March 31, 2017 and 2016 , respectively, were excluded.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2016, 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 230 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, 2017 by segment is as follows: 2016 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 14 $ 8 Market and Commodities Intelligence 10 5 Indices 1 1 Corporate 5 3 Total $ 30 $ 17 The ending reserve balance for the 2016 restructuring plan was $23 million as of December 31, 2016. For the three months ended March 31, 2017 , we have reduced the reserve for the 2016 restructuring plan by $6 million . The reductions primarily related to cash payments for employee severance costs.

Segment and Related Information

Segment and Related Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment and Related Information	Segment and Related Information We have three reportable segments: Ratings, Market and Commodities Intelligence and Indices. 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: 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 714 $ 376 $ 552 $ 262 Market and Commodities Intelligence 2 593 186 661 183 Indices 3 171 115 151 101 Intersegment elimination 4 (25 ) — (23 ) — Total operating segments 1,453 677 1,341 546 Unallocated expense — (29 ) — (34 ) Total $ 1,453 $ 648 $ 1,341 $ 512 1 Operating profit for 2017 includes legal settlement expenses of $2 million . Operating profit for 2016 includes a benefit related to net legal settlement insurance recoveries of $12 million . Operating profit for 2017 and 2016 also includes amortization of intangibles from acquisitions of $1 million . 2 Operating profit for 2017 includes non-cash acquisition and disposition-related adjustments of $15 million . Operating profit for 2016 includes a technology-related impairment charge of $24 million and disposition-related costs of $3 million . Operating profit for 2017 and 2016 also includes amortization of intangibles from acquisitions of $22 million . 3 Operating profit for 2017 and 2016 includes amortization of intangibles from acquisitions of $1 million . 4 Revenue for Ratings and expenses for Market and Commodities Intelligence include an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings. The following provides revenue by geographic region for the three months ended March 31 : (in millions) 2017 2016 U.S. $ 891 $ 840 European region 346 297 Asia 132 137 Rest of the world 84 67 Total $ 1,453 $ 1,341 See Note 2 — Acquisitions and Divestitures for additional actions that impacted the segment operating results.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 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, 2017 , S&P Dow Jones Indices LLC earned $18 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 and its subsidiaries are defendants in a number of 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 Global 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. With respect to the matters identified below, we have recognized a liability when both (a) information available indicates that it is probable that a liability has been incurred as of the date of these financial statements and (b) the amount of loss can reasonably be estimated. S&P Global 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. Included in these civil cases are seven lawsuits in Australia against the Company and Standard & Poor’s International, LLC relating to alleged investment losses in collateralized debt obligations (“CDOs”) rated by S&P Global Ratings. Discovery in certain of these cases, including the Australia matters, 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. 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 Global 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 Global 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 Global Ratings for one or more compliance deficiencies. Trani Prosecutorial Proceeding In 2014, the prosecutor in the Italian city of Trani obtained criminal indictments against several current and former S&P Global 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 were based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. Trial commenced in February of 2015, and on March 30, 2017, the court in Trani issued an oral verdict acquitting each of the individual defendants and Standard & Poor’s Credit Market Services Europe of all charges. The court will issue a written opinion supporting the verdict, and the prosecutor will then have the right to appeal. If the prosecutor appeals and the verdict is reversed, a conviction could result in criminal penalties , as well as 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 Global Ratings employees. Plaintiffs seek recovery from the defendants based primarily on allegations that S&P Global 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 briefs in January of 2016. In January of 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 Global Ratings employees. The case was transferred to the judge presiding over the North Miami Beach action. The Company and the individual defendants filed motions to dismiss the Grika complaint in May of 2016. Plaintiffs filed an opposition in June of 2016, and the Company and the individual defendants filed their reply briefs in July of 2016. In December 2016, the court issued two orders granting the motions to dismiss in both the North Miami Beach and the Grika matters. In January 2017, the plaintiffs in the North Miami Beach and Grika matters filed notices of appeal of the court’s dismissal of those actions.

Recently Issued or Adopted Acco

Recently Issued or Adopted Accounting Standards	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In March of 2017, FASB issued guidance to enhance the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component outside a subtotal of income from operations, if one is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We are currently assessing the impact of this guidance on our consolidated financial statements. In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements. In January of 2017, the FASB issued guidance that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. 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 August of 2016, the FASB issued guidance providing amendments to eight specific statement of cash flows classification issues. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements. In March of 2016, the FASB issued guidance to modify 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. This guidance requires recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity. The guidance was effective on January 1, 2017 and was adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows, and 3) retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows. For the three months ended March 31, 2017, excess tax benefits from share-based payments of $11 million were recognized as an income tax benefit in our consolidated statements of income and classified as an operating activity in our consolidated statements of cash flows. For the three months ended March 31, 2016, we reclassified $6 million of excess tax benefits from share-based payments from a financing activity to an operating activity in our consolidated statements of cash flows. In addition, cash paid for shares withheld on the employees' behalf of $44 million was classified as a financing activity in our consolidated statements of cash flows for the three months ended March 31, 2017. Cash paid for employee taxes of $46 million was reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the three months ended March 31, 2016. 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 effective 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 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 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. Subsequently, the FASB issued implementation guidance related to the new revenue standard, including the following: In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations; in April of 2016, the FASB clarified guidance on performance obligations and the licensing implementation guidance; in May of 2016, the FASB issued a practical expedient in response to identified implementation issues. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently anticipating using the modified retrospective transition method and evaluating the impact that the adoption of these updates will have on our consolidated financial statements. We are also in the process of evaluating potential changes to our accounting policies, business processes, systems and internal controls to support the recognition and disclosure requirements under the new standard. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long-term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 4 — Debt for additional information. The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis. Statement of Income Three Months Ended March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 180 $ 438 $ 867 $ (32 ) $ 1,453 Expenses: Operating-related expenses 31 119 293 (32 ) 411 Selling and general expenses 20 88 243 — 351 Depreciation 7 3 9 — 19 Amortization of intangibles — — 24 — 24 Total expenses 58 210 569 (32 ) 805 Operating profit 122 228 298 — 648 Interest expense (income), net 39 — (2 ) — 37 Non-operating intercompany transactions 82 (19 ) (901 ) 838 — Income before taxes on income 1 247 1,201 (838 ) 611 (Benefit) provision for taxes on income (11 ) 99 93 — 181 Equity in net income of subsidiaries 1,224 — — (1,224 ) — Net income $ 1,236 $ 148 $ 1,108 $ (2,062 ) $ 430 Less: net income attributable to noncontrolling interests — — — (31 ) (31 ) Net income attributable to S&P Global Inc. $ 1,236 $ 148 $ 1,108 $ (2,093 ) $ 399 Comprehensive income $ 1,238 $ 147 $ 1,147 $ (2,064 ) $ 468 Statement of Income Three Months Ended March 31, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 171 $ 342 $ 859 $ (31 ) $ 1,341 Expenses: Operating-related expenses 22 139 323 (31 ) 453 Selling and general expenses 21 35 278 — 334 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 S&P Global Inc. $ 794 $ 185 $ 634 $ (1,319 ) $ 294 Comprehensive income $ 802 $ 185 $ 646 $ (1,290 ) $ 343 Balance Sheet March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 627 $ — $ 1,784 $ — $ 2,411 Accounts receivable, net of allowance for doubtful accounts 129 188 791 — 1,108 Intercompany receivable 2,737 3,287 1,913 (7,937 ) — Prepaid and other current assets 63 (1 ) 83 (1 ) 144 Total current assets 3,556 3,474 4,571 (7,938 ) 3,663 Property and equipment, net of accumulated depreciation 150 1 114 — 265 Goodwill 261 — 2,690 9 2,960 Other intangible assets, net — — 1,474 — 1,474 Investments in subsidiaries 5,970 5 8,663 (14,638 ) — Intercompany loans receivable 17 — 1,503 (1,520 ) — Other non-current assets 148 26 118 — 292 Total assets $ 10,102 $ 3,506 $ 19,133 $ (24,087 ) $ 8,654 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 56 $ 14 $ 92 $ — $ 162 Intercompany payable 4,379 2,392 1,166 (7,937 ) — Accrued compensation and contributions to retirement plans 86 22 97 — 205 Income taxes currently payable 163 — 80 — 243 Unearned revenue 279 215 1,016 — 1,510 Other current liabilities 129 12 208 349 Total current liabilities 5,092 2,655 2,659 (7,937 ) 2,469 Long-term debt 3,565 — — — 3,565 Intercompany loans payable 11 — 1,509 (1,520 ) — Pension and other postretirement benefits 194 — 77 — 271 Other non-current liabilities 56 71 299 (1 ) 425 Total liabilities 8,918 2,726 4,544 (9,458 ) 6,730 Redeemable noncontrolling interest — — — 1,080 1,080 Equity: Common stock 412 — 2,386 (2,386 ) 412 Additional paid-in capital (218 ) 583 11,308 (11,203 ) 470 Retained income 10,148 197 1,388 (2,224 ) 9,509 Accumulated other comprehensive loss (291 ) — (486 ) 42 (735 ) Less: common stock in treasury (8,867 ) — (8 ) 8 (8,867 ) Total equity - controlling interests 1,184 780 14,588 (15,763 ) 789 Total equity - noncontrolling interests — — 1 54 55 Total equity 1,184 780 14,589 (15,709 ) 844 Total liabilities and equity $ 10,102 $ 3,506 $ 19,133 $ (24,087 ) $ 8,654 Balance Sheet December 31, 2016 (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 711 $ — $ 1,681 $ — $ 2,392 Accounts receivable, net of allowance for doubtful accounts 138 131 853 — 1,122 Intercompany receivable (165 ) 837 870 (1,542 ) — Prepaid and other current assets 77 2 79 (1 ) 157 Total current assets 761 970 3,483 (1,543 ) 3,671 Property and equipment, net of accumulated depreciation 159 1 111 — 271 Goodwill 261 — 2,679 9 2,949 Other intangible assets, net — — 1,506 — 1,506 Investments in subsidiaries 5,464 680 7,826 (13,970 ) — Intercompany loans receivable 17 — 1,354 (1,371 ) — Other non-current assets 134 24 114 — 272 Total assets $ 6,796 $ 1,675 $ 17,073 $ (16,875 ) $ 8,669 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 73 $ 22 $ 88 $ — $ 183 Intercompany payable 1,324 40 177 (1,541 ) — Accrued compensation and contributions to retirement plans 129 69 211 — 409 Income taxes currently payable 43 — 52 — 95 Unearned revenue 273 191 1,045 — 1,509 Other current liabilities 165 (51 ) 301 — 415 Total current liabilities 2,007 271 1,874 (1,541 ) 2,611 Long-term debt 3,564 — — — 3,564 Intercompany loans payable 11 — 1,360 (1,371 ) — Pension and other postretirement benefits 196 — 78 — 274 Other non-current liabilities 52 74 314 (1 ) 439 Total liabilities 5,830 345 3,626 (2,913 ) 6,888 Redeemable noncontrolling interest — — — 1,080 1,080 Equity: Common stock 412 — 2,460 (2,460 ) 412 Additional paid-in capital (174 ) 1,154 10,485 (10,963 ) 502 Retained income 9,721 176 1,034 (1,721 ) 9,210 Accumulated other comprehensive loss (292 ) — (525 ) 44 (773 ) Less: common stock in treasury (8,701 ) — (7 ) 7 (8,701 ) Total equity - controlling interests 966 1,330 13,447 (15,093 ) 650 Total equity - noncontrolling interests — — — 51 51 Total equity 966 1,330 13,447 (15,042 ) 701 Total liabilities and equity $ 6,796 $ 1,675 $ 17,073 $ (16,875 ) $ 8,669 Statement of Cash Flows Three Months Ended March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Operating Activities: Net income $ 1,236 $ 148 $ 1,108 $ (2,062 ) $ 430 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 7 3 9 — 19 Amortization of intangibles — — 24 — 24 Provision for losses on accounts receivable 1 1 3 — 5 Deferred income taxes (1 ) — — — (1 ) Stock-based compensation 7 4 8 — 19 Other 6 — 8 — 14 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 8 (59 ) 63 — 12 Prepaid and other current assets 8 3 (2 ) — 9 Accounts payable and accrued expenses (61 ) 12 (186 ) — (235 ) Unearned revenue 5 25 (36 ) — (6 ) Accrued legal settlements — (1 ) — — (1 ) Other current liabilities (35 ) (3 ) (20 ) — (58 ) Net change in prepaid/accrued income taxes 123 — 23 — 146 Net change in other assets and liabilities (6 ) (4 ) (14 ) — (24 ) Cash provided by operating activities 1,298 129 988 (2,062 ) 353 Investing Activities: Capital expenditures (4 ) (4 ) (15 ) — (23 ) Acquisitions, net of cash acquired — — (1 ) — (1 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (4 ) (4 ) (14 ) — (22 ) Financing Activities: Dividends paid to shareholders (106 ) — — — (106 ) Dividends and other payments paid to noncontrolling interests — — (24 ) — (24 ) Repurchase of treasury shares (201 ) — — — (201 ) Exercise of stock options 29 — — 29 Employee withholding tax on share-based payments (44 ) — — (44 ) Intercompany financing activities (1,056 ) (125 ) (881 ) 2,062 — Cash used for financing activities (1,378 ) (125 ) (905 ) 2,062 (346 ) Effect of exchange rate changes on cash from continuing operations — — 34 — 34 Net change in cash and cash equivalents (84 ) — 103 — 19 Cash and cash equivalents at beginning of period 711 — 1,681 — 2,392 Cash and cash equivalents at end of period $ 627 $ — $ 1,784 $ — $ 2,411 Statement of Cash Flows Three Months Ended March 31, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Operating Activities: Net income $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Adjustments to reconcile net income to cash provided by (used for) operating activities: 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 other current assets 5 (3 ) (14 ) — (12 ) Accounts payable and accrued expenses (52 ) (89 ) (96 ) — (237 ) Unearned revenue 15 (374 ) 398 — 39 Accrued legal settlements — (108 ) — — (108 ) Other current liabilities (10 ) (19 ) 53 — 24 Net change in prepaid/accrued income taxes 104 — 1 — 105 Net change in other assets and liabilities (17 ) 30 (44 ) — (31 ) Cash provided by (used for) operating activities 847 (216 ) 844 (1,290 ) 185 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 (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 Employee withholding tax on share-based payments (46 ) — — — (46 ) Intercompany financing activities (838 ) 220 (672 ) 1,290 — Cash (used for) provided by financing activities (846 ) 220 (705 ) 1,290 (41 ) 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

Nature of Operations and Basi23

Nature of Operations and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2016 (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, 2017 are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	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.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In March of 2017, FASB issued guidance to enhance the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance requires employers to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period, and requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component outside a subtotal of income from operations, if one is presented. Additionally, only the service cost component is eligible for capitalization, when applicable. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We are currently assessing the impact of this guidance on our consolidated financial statements. In January of 2017, the FASB issued guidance that simplifies the subsequent measurement of goodwill and eliminates Step 2 from the goodwill impairment test. Under the new guidance, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for reporting periods beginning after December 15, 2019; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements. In January of 2017, the FASB issued guidance that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. 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 August of 2016, the FASB issued guidance providing amendments to eight specific statement of cash flows classification issues. The guidance is effective for reporting periods beginning after December 15, 2017; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements. In March of 2016, the FASB issued guidance to modify 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. This guidance requires recognizing excess tax benefits and deficiencies as income tax expense or benefit in the statement of income, instead of in equity. The guidance was effective on January 1, 2017 and was adopted as follows: 1) prospectively for the recognition of excess tax benefits and deficiencies in the tax provision, 2) retrospectively for the classification of excess tax benefits and deficiencies in the statement of cash flows, and 3) retrospectively for the classification of cash paid for shares withheld to satisfy employee taxes in the statement of cash flows. For the three months ended March 31, 2017, excess tax benefits from share-based payments of $11 million were recognized as an income tax benefit in our consolidated statements of income and classified as an operating activity in our consolidated statements of cash flows. For the three months ended March 31, 2016, we reclassified $6 million of excess tax benefits from share-based payments from a financing activity to an operating activity in our consolidated statements of cash flows. In addition, cash paid for shares withheld on the employees' behalf of $44 million was classified as a financing activity in our consolidated statements of cash flows for the three months ended March 31, 2017. Cash paid for employee taxes of $46 million was reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the three months ended March 31, 2016. 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 effective 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 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 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. Subsequently, the FASB issued implementation guidance related to the new revenue standard, including the following: In March of 2016, the FASB issued guidance to clarify the implementation guidance on principal versus agent considerations; in April of 2016, the FASB clarified guidance on performance obligations and the licensing implementation guidance; in May of 2016, the FASB issued a practical expedient in response to identified implementation issues. The new guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently anticipating using the modified retrospective transition method and evaluating the impact that the adoption of these updates will have on our consolidated financial statements. We are also in the process of evaluating potential changes to our accounting policies, business processes, systems and internal controls to support the recognition and disclosure requirements under the new standard. At this point, we believe the new standard will have an impact on: 1) the accounting for certain long-term deferred revenue in our Ratings segment which may contain a financing component, 2) the timing of revenue recognized in our Market and Commodities Intelligence segment for long-term contracts with price escalations, and 3) the accounting for fees for historical data in our Market and Commodities Intelligence segment currently recognized over the term of a subscription. We do not expect these changes to have a significant impact on our consolidated financial statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Components of assets and liabilities, and operating profit, of businesses held for sale	The components of assets and liabilities held for sale related to QuantHouse in the consolidated balance sheet consist of the following: (in millions) December 31, 2016 Accounts receivable, net $ 4 Other assets 3 Assets of a business held for sale $ 7 Accounts payable and accrued expenses $ 3 Unearned revenue 7 Other liabilities 35 Liabilities of a business held for sale $ 45 The operating loss of our business that was disposed of for the three months ended March 31, 2017 and 2016 is as follows: (in millions) 2017 2016 Operating loss $ — $ (7 )

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of debt	(in millions) March 31, December 31, 2.5% Senior Notes, due 2018 1 $ 399 $ 398 3.3% Senior Notes, due 2020 2 696 696 4.0% Senior Notes, due 2025 3 691 691 4.4% Senior Notes, due 2026 4 891 891 2.95% Senior Notes, due 2027 5 492 492 6.55% Senior Notes, due 2037 6 396 396 Commercial paper — — Total debt 3,565 3,564 Less: short-term debt including current maturities — — Long-term debt $ 3,565 $ 3,564 1 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $1 million . 2 Interest payments are due semiannually on February 14 and August 14, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $4 million . 3 Interest payments are due semiannually on June 15 and December 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $9 million . 4 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $9 million . 5 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $8 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2017 , the unamortized debt discount and issuance costs total $4 million .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 and December 31, 2016 : (in millions) Balance Sheet Location March 31, 2017 December 31, 2016 Prepaid and other current assets 1 Foreign exchange forward contracts $ 9 $ 3 1 Foreign currency forward contracts are recorded at fair value that is based on foreign currency exchange rates in active markets; therefore we classify these derivative contracts 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 (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Cash flow hedges - designated as hedging instruments 2017 2016 2017 2016 Foreign exchange forward contracts $ 5 $ 3 Selling and general expenses $ 1 $ 1
Change in unrealized gains (losses) in accumulated other comprehensive loss	The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31 : (in millions) 2017 2016 Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 2 $ (1 ) Change in fair value, net of tax 6 4 Reclassification into earnings, net of tax (1 ) (1 ) Net unrealized gains on cash flow hedges, net of taxes, end of period $ 7 $ 2

Employee Benefits (Tables)

Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 2017 2016 Service cost $ 1 $ 1 $ — $ — Interest cost 18 20 — 1 Expected return on assets (31 ) (31 ) — — Amortization of actuarial loss 4 4 — — Net periodic benefit cost $ (8 ) $ (6 ) $ — $ 1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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) 2017 2016 Stock option expense $ 1 $ 2 Restricted stock and unit awards expense 18 12 Total stock-based compensation expense $ 19 $ 14

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of stock repurchases	Share repurchases for the three months ended March 31 were as follows: (in millions, except average price) 2017 2016 Total number of shares purchased 1.5 2.2 Average price paid per share 1 $ 129.97 $ 91.98 Total cash utilized 1 $ 201 $ 200 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, 2017 were as follows: (in millions) Balance as of December 31, 2016 $ 1,080 Net income attributable to noncontrolling interest 30 Distributions payable to noncontrolling interest (24 ) Redemption value adjustment (6 ) Balance as of March 31, 2017 $ 1,080
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, 2017 : (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, 2016 $ (332 ) $ (443 ) $ 2 $ (773 ) Other comprehensive income before reclassifications 30 — 6 36 Reclassifications from accumulated other comprehensive loss to net earnings — 3 1 (1 ) 2 2 Net other comprehensive income 30 3 5 38 Balance as of March 31, 2017 $ (302 ) $ (440 ) $ 7 $ (735 ) 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
	Mar. 31, 2017
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) 2017 2016 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 399 $ 294 Basic weighted-average number of common shares outstanding 258.2 265.0 Effect of stock options and other dilutive securities 2.6 2.2 Diluted weighted-average number of common shares outstanding 260.8 267.2 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.54 $ 1.11 Diluted $ 1.53 $ 1.10

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 by segment is as follows: 2016 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 14 $ 8 Market and Commodities Intelligence 10 5 Indices 1 1 Corporate 5 3 Total $ 30 $ 17

Segment and Related Informati32

Segment and Related Information (Tables)	3 Months Ended
	Mar. 31, 2017
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: 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 714 $ 376 $ 552 $ 262 Market and Commodities Intelligence 2 593 186 661 183 Indices 3 171 115 151 101 Intersegment elimination 4 (25 ) — (23 ) — Total operating segments 1,453 677 1,341 546 Unallocated expense — (29 ) — (34 ) Total $ 1,453 $ 648 $ 1,341 $ 512 1 Operating profit for 2017 includes legal settlement expenses of $2 million . Operating profit for 2016 includes a benefit related to net legal settlement insurance recoveries of $12 million . Operating profit for 2017 and 2016 also includes amortization of intangibles from acquisitions of $1 million . 2 Operating profit for 2017 includes non-cash acquisition and disposition-related adjustments of $15 million . Operating profit for 2016 includes a technology-related impairment charge of $24 million and disposition-related costs of $3 million . Operating profit for 2017 and 2016 also includes amortization of intangibles from acquisitions of $22 million . 3 Operating profit for 2017 and 2016 includes amortization of intangibles from acquisitions of $1 million . 4 Revenue for Ratings and expenses for Market and Commodities Intelligence include an intersegment royalty charged to Market and Commodities Intelligence for the rights to use and distribute content and data developed by Ratings.
Revenue by geographic region	The following provides revenue by geographic region for the three months ended March 31 : (in millions) 2017 2016 U.S. $ 891 $ 840 European region 346 297 Asia 132 137 Rest of the world 84 67 Total $ 1,453 $ 1,341

Condensed Consolidating Finan33

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Statement of Income	Statement of Income Three Months Ended March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 180 $ 438 $ 867 $ (32 ) $ 1,453 Expenses: Operating-related expenses 31 119 293 (32 ) 411 Selling and general expenses 20 88 243 — 351 Depreciation 7 3 9 — 19 Amortization of intangibles — — 24 — 24 Total expenses 58 210 569 (32 ) 805 Operating profit 122 228 298 — 648 Interest expense (income), net 39 — (2 ) — 37 Non-operating intercompany transactions 82 (19 ) (901 ) 838 — Income before taxes on income 1 247 1,201 (838 ) 611 (Benefit) provision for taxes on income (11 ) 99 93 — 181 Equity in net income of subsidiaries 1,224 — — (1,224 ) — Net income $ 1,236 $ 148 $ 1,108 $ (2,062 ) $ 430 Less: net income attributable to noncontrolling interests — — — (31 ) (31 ) Net income attributable to S&P Global Inc. $ 1,236 $ 148 $ 1,108 $ (2,093 ) $ 399 Comprehensive income $ 1,238 $ 147 $ 1,147 $ (2,064 ) $ 468 Statement of Income Three Months Ended March 31, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 171 $ 342 $ 859 $ (31 ) $ 1,341 Expenses: Operating-related expenses 22 139 323 (31 ) 453 Selling and general expenses 21 35 278 — 334 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 S&P Global Inc. $ 794 $ 185 $ 634 $ (1,319 ) $ 294 Comprehensive income $ 802 $ 185 $ 646 $ (1,290 ) $ 343
Balance Sheet	Balance Sheet March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 627 $ — $ 1,784 $ — $ 2,411 Accounts receivable, net of allowance for doubtful accounts 129 188 791 — 1,108 Intercompany receivable 2,737 3,287 1,913 (7,937 ) — Prepaid and other current assets 63 (1 ) 83 (1 ) 144 Total current assets 3,556 3,474 4,571 (7,938 ) 3,663 Property and equipment, net of accumulated depreciation 150 1 114 — 265 Goodwill 261 — 2,690 9 2,960 Other intangible assets, net — — 1,474 — 1,474 Investments in subsidiaries 5,970 5 8,663 (14,638 ) — Intercompany loans receivable 17 — 1,503 (1,520 ) — Other non-current assets 148 26 118 — 292 Total assets $ 10,102 $ 3,506 $ 19,133 $ (24,087 ) $ 8,654 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 56 $ 14 $ 92 $ — $ 162 Intercompany payable 4,379 2,392 1,166 (7,937 ) — Accrued compensation and contributions to retirement plans 86 22 97 — 205 Income taxes currently payable 163 — 80 — 243 Unearned revenue 279 215 1,016 — 1,510 Other current liabilities 129 12 208 349 Total current liabilities 5,092 2,655 2,659 (7,937 ) 2,469 Long-term debt 3,565 — — — 3,565 Intercompany loans payable 11 — 1,509 (1,520 ) — Pension and other postretirement benefits 194 — 77 — 271 Other non-current liabilities 56 71 299 (1 ) 425 Total liabilities 8,918 2,726 4,544 (9,458 ) 6,730 Redeemable noncontrolling interest — — — 1,080 1,080 Equity: Common stock 412 — 2,386 (2,386 ) 412 Additional paid-in capital (218 ) 583 11,308 (11,203 ) 470 Retained income 10,148 197 1,388 (2,224 ) 9,509 Accumulated other comprehensive loss (291 ) — (486 ) 42 (735 ) Less: common stock in treasury (8,867 ) — (8 ) 8 (8,867 ) Total equity - controlling interests 1,184 780 14,588 (15,763 ) 789 Total equity - noncontrolling interests — — 1 54 55 Total equity 1,184 780 14,589 (15,709 ) 844 Total liabilities and equity $ 10,102 $ 3,506 $ 19,133 $ (24,087 ) $ 8,654 Balance Sheet December 31, 2016 (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated ASSETS Current assets: Cash and cash equivalents $ 711 $ — $ 1,681 $ — $ 2,392 Accounts receivable, net of allowance for doubtful accounts 138 131 853 — 1,122 Intercompany receivable (165 ) 837 870 (1,542 ) — Prepaid and other current assets 77 2 79 (1 ) 157 Total current assets 761 970 3,483 (1,543 ) 3,671 Property and equipment, net of accumulated depreciation 159 1 111 — 271 Goodwill 261 — 2,679 9 2,949 Other intangible assets, net — — 1,506 — 1,506 Investments in subsidiaries 5,464 680 7,826 (13,970 ) — Intercompany loans receivable 17 — 1,354 (1,371 ) — Other non-current assets 134 24 114 — 272 Total assets $ 6,796 $ 1,675 $ 17,073 $ (16,875 ) $ 8,669 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 73 $ 22 $ 88 $ — $ 183 Intercompany payable 1,324 40 177 (1,541 ) — Accrued compensation and contributions to retirement plans 129 69 211 — 409 Income taxes currently payable 43 — 52 — 95 Unearned revenue 273 191 1,045 — 1,509 Other current liabilities 165 (51 ) 301 — 415 Total current liabilities 2,007 271 1,874 (1,541 ) 2,611 Long-term debt 3,564 — — — 3,564 Intercompany loans payable 11 — 1,360 (1,371 ) — Pension and other postretirement benefits 196 — 78 — 274 Other non-current liabilities 52 74 314 (1 ) 439 Total liabilities 5,830 345 3,626 (2,913 ) 6,888 Redeemable noncontrolling interest — — — 1,080 1,080 Equity: Common stock 412 — 2,460 (2,460 ) 412 Additional paid-in capital (174 ) 1,154 10,485 (10,963 ) 502 Retained income 9,721 176 1,034 (1,721 ) 9,210 Accumulated other comprehensive loss (292 ) — (525 ) 44 (773 ) Less: common stock in treasury (8,701 ) — (7 ) 7 (8,701 ) Total equity - controlling interests 966 1,330 13,447 (15,093 ) 650 Total equity - noncontrolling interests — — — 51 51 Total equity 966 1,330 13,447 (15,042 ) 701 Total liabilities and equity $ 6,796 $ 1,675 $ 17,073 $ (16,875 ) $ 8,669
Statement of Cash Flows	Statement of Cash Flows Three Months Ended March 31, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Operating Activities: Net income $ 1,236 $ 148 $ 1,108 $ (2,062 ) $ 430 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 7 3 9 — 19 Amortization of intangibles — — 24 — 24 Provision for losses on accounts receivable 1 1 3 — 5 Deferred income taxes (1 ) — — — (1 ) Stock-based compensation 7 4 8 — 19 Other 6 — 8 — 14 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 8 (59 ) 63 — 12 Prepaid and other current assets 8 3 (2 ) — 9 Accounts payable and accrued expenses (61 ) 12 (186 ) — (235 ) Unearned revenue 5 25 (36 ) — (6 ) Accrued legal settlements — (1 ) — — (1 ) Other current liabilities (35 ) (3 ) (20 ) — (58 ) Net change in prepaid/accrued income taxes 123 — 23 — 146 Net change in other assets and liabilities (6 ) (4 ) (14 ) — (24 ) Cash provided by operating activities 1,298 129 988 (2,062 ) 353 Investing Activities: Capital expenditures (4 ) (4 ) (15 ) — (23 ) Acquisitions, net of cash acquired — — (1 ) — (1 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (4 ) (4 ) (14 ) — (22 ) Financing Activities: Dividends paid to shareholders (106 ) — — — (106 ) Dividends and other payments paid to noncontrolling interests — — (24 ) — (24 ) Repurchase of treasury shares (201 ) — — — (201 ) Exercise of stock options 29 — — 29 Employee withholding tax on share-based payments (44 ) — — (44 ) Intercompany financing activities (1,056 ) (125 ) (881 ) 2,062 — Cash used for financing activities (1,378 ) (125 ) (905 ) 2,062 (346 ) Effect of exchange rate changes on cash from continuing operations — — 34 — 34 Net change in cash and cash equivalents (84 ) — 103 — 19 Cash and cash equivalents at beginning of period 711 — 1,681 — 2,392 Cash and cash equivalents at end of period $ 627 $ — $ 1,784 $ — $ 2,411 Statement of Cash Flows Three Months Ended March 31, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Operating Activities: Net income $ 794 $ 185 $ 634 $ (1,290 ) $ 323 Adjustments to reconcile net income to cash provided by (used for) operating activities: 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 other current assets 5 (3 ) (14 ) — (12 ) Accounts payable and accrued expenses (52 ) (89 ) (96 ) — (237 ) Unearned revenue 15 (374 ) 398 — 39 Accrued legal settlements — (108 ) — — (108 ) Other current liabilities (10 ) (19 ) 53 — 24 Net change in prepaid/accrued income taxes 104 — 1 — 105 Net change in other assets and liabilities (17 ) 30 (44 ) — (31 ) Cash provided by (used for) operating activities 847 (216 ) 844 (1,290 ) 185 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 (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 Employee withholding tax on share-based payments (46 ) — — — (46 ) Intercompany financing activities (838 ) 220 (672 ) 1,290 — Cash (used for) provided by financing activities (846 ) 220 (705 ) 1,290 (41 ) 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

Nature of Operations and Basi34

Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2017Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Acquisitions and Divestitures35

Acquisitions and Divestitures (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017acquisitions	Mar. 31, 2016acquisitions	Apr. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of acquisitions | acquisitions	0	0
Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale | $			$ 5

Acquisitions and Divestitures36

Acquisitions and Divestitures (Components of Assets and Liabilities, and Operating Profits, of Businesses Held for Sale) (Details) - Quant House SAS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Disposal Group, Held-for-sale, Not Discontinued Operations
Assets and Liabilities of Business Held for Sale
Accounts receivable, net			$ 4
Other assets			3
Assets of a business held for sale			7
Accounts payable and accrued expenses			3
Unearned revenue			7
Other liabilities			35
Liabilities of a business held for sale			$ 45
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Operating Profit of Business Held for Sale
Operating loss	$ 0	$ (7)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	29.50%	31.50%
Unrecognized tax benefits	$ 156		$ 161
Accrued interest and penalties associated with uncertain tax positions	$ 46		$ 44

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Sep. 22, 2016	May 26, 2015
Debt Instrument [Line Items]
Total debt	$ 3,565,000,000	$ 3,564,000,000
Less: short-term debt including current maturities	0	0
Long-term debt	3,565,000,000	3,564,000,000
Commercial paper | Five-Year Credit Agreement
Debt Instrument [Line Items]
Short-term debt	$ 0	0
Senior notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.50%
Long-term debt	$ 399,000,000	398,000,000
Unamortized debt discount and issuance costs	$ 1,000,000
Senior notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.30%
Long-term debt	$ 696,000,000	696,000,000
Unamortized debt discount and issuance costs	$ 4,000,000
Senior notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%			4.00%
Long-term debt	$ 691,000,000	691,000,000
Unamortized debt discount and issuance costs	$ 9,000,000
Senior notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.40%
Long-term debt	$ 891,000,000	891,000,000
Unamortized debt discount and issuance costs	$ 9,000,000
Senior notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%		2.95%
Long-term debt	$ 492,000,000	492,000,000
Unamortized debt discount and issuance costs	$ 8,000,000
Senior notes | 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.55%
Long-term debt	$ 396,000,000	$ 396,000,000
Unamortized debt discount and issuance costs	$ 4,000,000

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Jun. 30, 2015USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt fair value		$ 3,700,000,000	$ 3,700,000,000
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		$ 0	$ 0
Line of Credit | Five-Year Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, term (in years)	5 years

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, 2017	Mar. 31, 2016
Derivative [Line Items]
Net gains related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings	$ 7
Aggregate notional value	$ 255	$ 112

Derivative Instruments (Locatio

Derivative Instruments (Location and Fair Values of Cash Flow Hedges) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Cash Flow Hedging | Foreign exchange forward contracts | Designated as Hedging Instrument | Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative, fair value	$ 9	$ 3

Derivative Instruments (Locat42

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, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 5	$ 3
Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 1	$ 1

Derivative Instruments (Change

Derivative Instruments (Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	$ 650
Net unrealized gains on cash flow hedges, net of taxes, end of period	789
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	2	$ (1)
Change in fair value, net of tax	6	4
Reclassification into earnings, net of tax	(1)	(1)
Net unrealized gains on cash flow hedges, net of taxes, end of period	$ 7	$ 2

Employee Benefits (Components o

Employee Benefits (Components of Net Periodic Benefit (Credit) Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	18	20
Expected return on plan assets	(31)	(31)
Amortization of actuarial loss	4	4
Net periodic benefit (credit) cost	(8)	(6)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	0	1
Expected return on plan assets	0	0
Amortization of actuarial loss	0	0
Net periodic benefit (credit) cost	$ 0	$ 1

Employee Benefits (Narrative) (

Employee Benefits (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Compensation and Retirement Disclosure [Abstract]
Contribution towards retirement plans	$ 2
Expected contributions towards of retirement plans	$ 6

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 19	$ 14
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1	2
Restricted stock and unit awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	18	$ 12
Unrecognized compensation expense	$ 52
Unrecognized compensation expense, period for recognition (in years)	1 year 5 months 30 days

Equity (Narrative) (Details)

Equity (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum interest in joint venture (as a percent)	20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period (in days)	15 days
2013 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for repurchase (in shares)		50,000,000
Shares authorized for repurchase, compared to total common stock outstanding (as a percent)		18.00%
Remaining shares available under repurchase program (in shares)	24,200,000

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, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased (in shares)	0.3	1.5	2.2
Average price paid per share (in dollars per share)		$ 129.97	$ 91.98
Total cash utilized	$ 26	$ 201
Cash used to repurchase shares		201	$ 226
Stock Repurchases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash used to repurchase shares			226
Total SPGI Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized		$ 201	$ 200

Equity (Schedule of redeemable

Equity (Schedule of redeemable noncontrolling interest) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2016	$ 1,080
Net income attributable to noncontrolling interest	30
Distributions payable to noncontrolling interest	(24)
Redemption value adjustment	(6)
Balance as of March 31, 2017	$ 1,080

Equity (Accumulated Other Compr

Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2016	$ 701
Other comprehensive income before reclassifications	36
Reclassifications from accumulated other comprehensive loss to net earnings	2
Net other comprehensive income	38
Balance as of March 31, 2017	844
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, 2016	(332)
Other comprehensive income before reclassifications	30
Reclassifications from accumulated other comprehensive loss to net earnings	0
Net other comprehensive income	30
Balance as of March 31, 2017	(302)
Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2016	(443)
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, 2017	(440)
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, 2016	2
Other comprehensive income before reclassifications	6
Reclassifications from accumulated other comprehensive loss to net earnings	(1)
Net other comprehensive income	5
Balance as of March 31, 2017	7
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of December 31, 2016	(773)
Balance as of March 31, 2017	$ (735)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$ 399	$ 294
Basic weighted-average number of common shares outstanding (in shares)	258,200,000	265,000,000
Effect of stock options and other dilutive securities (in shares)	2,600,000	2,200,000
Diluted weighted-average number of common shares outstanding (in shares)	260,800,000	267,200,000
Earnings per share attributable to S&P Global Inc. common shareholders:
Basic (in dollars per share)	$ 1.54	$ 1.11
Diluted (in dollars per share)	$ 1.53	$ 1.10
Employee stock option
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
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)	700,000	900,000

Restructuring (Details)

Restructuring (Details) - 2016 Restructuring Plan $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)position
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) | position		230
Initial Charge Recorded	$ 30
Ending Reserve Balance	17	$ 23
Restructuring charges paid	6
Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	14
Ending Reserve Balance	8
Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	10
Ending Reserve Balance	5
Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	1
Ending Reserve Balance	1
Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	5
Ending Reserve Balance	$ 3

Segment and Related Informati53

Segment and Related Information (Operating Results by Segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)Segment	Mar. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment	3
Segment Reporting Information [Line Items]
Revenue	$ 1,453	$ 1,341
Operating Profit	648	512
Amortization of intangibles	24	24
Ratings
Segment Reporting Information [Line Items]
Revenue	714	552
Operating Profit	376	262
Legal settlement	2
Insurance recoveries		12
Amortization of intangibles	1	1
Market and Commodities Intelligence
Segment Reporting Information [Line Items]
Revenue	593	661
Operating Profit	186	183
Amortization of intangibles	22	22
Non-cash acquisition and disposition expense	15
Impairment of intangible asset		24
Disposition-related costs		3
Indices
Segment Reporting Information [Line Items]
Revenue	171	151
Operating Profit	115	101
Amortization of intangibles	1	1
Intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	(25)	(23)
Operating Profit	0	0
Segment reconciling items
Segment Reporting Information [Line Items]
Revenue	0	0
Operating Profit	(29)	(34)
Operating segments
Segment Reporting Information [Line Items]
Revenue	1,453	1,341
Operating Profit	$ 677	$ 546

Segment and Related Informati54

Segment and Related Information (Revenue by Geographic Region) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,453	$ 1,341
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	891	840
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	346	297
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	132	137
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 84	$ 67

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2016claims	Mar. 31, 2017USD ($)lawsuit	Jan. 31, 2016employee	Aug. 31, 2015employeeshareholder
Financial Crisis Litigation
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number | lawsuit		7
Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of shareholders commencing punitive derivative action | shareholder				2
Number of claims dismissed | claims	2
CME Group | S&P DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement | $		$ 18
Noncontrolling interest ownership by noncontrolling owners (as a percent)		27.00%
S&P Global Ratings | Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of former employees named as defendants | employee			9	3

Recently Issued or Adopted Ac56

Recently Issued or Adopted Accounting Standards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits	$ 11
Reclassified financing activity in cash flow	(346)	$ (41)
Reclassified operating activity in cash flow	353	185
Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassified financing activity in cash flow		(6)
Reclassified operating activity in cash flow		6
Accounting Standards Update 2016-09, Cash Flow Classifications Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassified financing activity in cash flow	$ 44	46
Reclassified operating activity in cash flow		$ (46)

Condensed Consolidating Finan57

Condensed Consolidating Financial Statements (Narrative) (Details) - USD ($)	Mar. 31, 2017	Sep. 22, 2016	Aug. 18, 2015	May 26, 2015
Condensed Financial Statements, Captions [Line Items]
Ownership interest of subsidiary (as a percent)	100.00%
Senior notes
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 2,000,000,000
Senior notes | 2.95% Senior Notes due in 2027
Condensed Financial Statements, Captions [Line Items]
Debt issued		$ 500,000,000
Stated interest rate (as a percent)	2.95%	2.95%
Senior notes | 4.0% Senior Notes due in 2025
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 700,000,000
Stated interest rate (as a percent)	4.00%			4.00%
Senior notes | 2.5% Senior Notes due in 2018
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 400,000,000
Stated interest rate (as a percent)			2.50%
Senior notes | 3.3% Senior Notes due in 2020
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 700,000,000
Stated interest rate (as a percent)			3.30%
Senior notes | 4.4% Senior Notes due in 2026
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 900,000,000
Stated interest rate (as a percent)			4.40%

Condensed Consolidating Finan58

Condensed Consolidating Financial Statements (Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,453	$ 1,341
Expenses:
Operating-related expenses	411	453
Selling and general expenses	351	334
Depreciation	19	18
Amortization of intangibles	24	24
Total expenses	805	829
Operating profit	648	512
Interest expense (income), net	37	40
Non-operating intercompany transactions	0	0
Income before taxes on income	611	472
(Benefit) provision for taxes on income	181	149
Equity in net income of subsidiaries	0	0
Net income	430	323
Less: net income attributable to noncontrolling interests	(31)	(29)
Net income attributable to S&P Global Inc.	399	294
Comprehensive income	468	343
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(32)	(31)
Expenses:
Operating-related expenses	(32)	(31)
Selling and general expenses	0	0
Depreciation	0	0
Amortization of intangibles	0	0
Total expenses	(32)	(31)
Operating profit	0	0
Interest expense (income), net	0	0
Non-operating intercompany transactions	838	428
Income before taxes on income	(838)	(428)
(Benefit) provision for taxes on income	0	0
Equity in net income of subsidiaries	(1,224)	(862)
Net income	(2,062)	(1,290)
Less: net income attributable to noncontrolling interests	(31)	(29)
Net income attributable to S&P Global Inc.	(2,093)	(1,319)
Comprehensive income	(2,064)	(1,290)
S&P Global Inc.
Condensed Income Statements, Captions [Line Items]
Revenue	180	171
Expenses:
Operating-related expenses	31	22
Selling and general expenses	20	21
Depreciation	7	9
Amortization of intangibles	0	0
Total expenses	58	52
Operating profit	122	119
Interest expense (income), net	39	42
Non-operating intercompany transactions	82	74
Income before taxes on income	1	3
(Benefit) provision for taxes on income	(11)	0
Equity in net income of subsidiaries	1,224	791
Net income	1,236	794
Less: net income attributable to noncontrolling interests	0	0
Net income attributable to S&P Global Inc.	1,236	794
Comprehensive income	1,238	802
Standard & Poor's Financial Services LLC
Condensed Income Statements, Captions [Line Items]
Revenue	438	342
Expenses:
Operating-related expenses	119	139
Selling and general expenses	88	35
Depreciation	3	2
Amortization of intangibles	0	0
Total expenses	210	176
Operating profit	228	166
Interest expense (income), net	0	0
Non-operating intercompany transactions	(19)	(5)
Income before taxes on income	247	171
(Benefit) provision for taxes on income	99	57
Equity in net income of subsidiaries	0	71
Net income	148	185
Less: net income attributable to noncontrolling interests	0	0
Net income attributable to S&P Global Inc.	148	185
Comprehensive income	147	185
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenue	867	859
Expenses:
Operating-related expenses	293	323
Selling and general expenses	243	278
Depreciation	9	7
Amortization of intangibles	24	24
Total expenses	569	632
Operating profit	298	227
Interest expense (income), net	(2)	(2)
Non-operating intercompany transactions	(901)	(497)
Income before taxes on income	1,201	726
(Benefit) provision for taxes on income	93	92
Equity in net income of subsidiaries	0	0
Net income	1,108	634
Less: net income attributable to noncontrolling interests	0	0
Net income attributable to S&P Global Inc.	1,108	634
Comprehensive income	$ 1,147	$ 646

Condensed Consolidating Finan59

Condensed Consolidating Financial Statements (Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets, Current [Abstract]
Cash and cash equivalents	$ 2,411	$ 2,392	$ 1,600	$ 1,481
Accounts receivable, net of allowance for doubtful accounts	1,108	1,122
Intercompany receivable	0	0
Prepaid and other current assets	144	157
Total current assets	3,663	3,671
Property and equipment, net of accumulated depreciation	265	271
Goodwill	2,960	2,949
Other intangible assets, net	1,474	1,506
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	292	272
Total assets	8,654	8,669
Current liabilities:
Accounts payable	162	183
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	205	409
Income taxes currently payable	243	95
Unearned revenue	1,510	1,509
Other current liabilities	349	415
Total current liabilities	2,469	2,611
Long-term debt	3,565	3,564
Intercompany loans payable	0	0
Pension and other postretirement benefits	271	274
Other non-current liabilities	425	439
Total liabilities	6,730	6,888
Redeemable noncontrolling interest	1,080	1,080
Equity:
Common stock	412	412
Additional paid-in capital	470	502
Retained income	9,509	9,210
Accumulated other comprehensive loss	(735)	(773)
Less: common stock in treasury	(8,867)	(8,701)
Total equity — controlling interests	789	650
Total equity - noncontrolling interests	55	51
Total equity	844	701
Total liabilities and equity	8,654	8,669
Eliminations
Assets, Current [Abstract]
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(7,937)	(1,542)
Prepaid and other current assets	(1)	(1)
Total current assets	(7,938)	(1,543)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	9	9
Other intangible assets, net	0	0
Investments in subsidiaries	(14,638)	(13,970)
Intercompany loans receivable	(1,520)	(1,371)
Other non-current assets	0	0
Total assets	(24,087)	(16,875)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(7,937)	(1,541)
Accrued compensation and contributions to retirement plans	0	0
Income taxes currently payable	0	0
Unearned revenue	0	0
Other current liabilities		0
Total current liabilities	(7,937)	(1,541)
Long-term debt	0	0
Intercompany loans payable	(1,520)	(1,371)
Pension and other postretirement benefits	0	0
Other non-current liabilities	(1)	(1)
Total liabilities	(9,458)	(2,913)
Redeemable noncontrolling interest	1,080	1,080
Equity:
Common stock	(2,386)	(2,460)
Additional paid-in capital	(11,203)	(10,963)
Retained income	(2,224)	(1,721)
Accumulated other comprehensive loss	42	44
Less: common stock in treasury	8	7
Total equity — controlling interests	(15,763)	(15,093)
Total equity - noncontrolling interests	54	51
Total equity	(15,709)	(15,042)
Total liabilities and equity	(24,087)	(16,875)
S&P Global Inc.
Assets, Current [Abstract]
Cash and cash equivalents	627	711	171	167
Accounts receivable, net of allowance for doubtful accounts	129	138
Intercompany receivable	2,737	(165)
Prepaid and other current assets	63	77
Total current assets	3,556	761
Property and equipment, net of accumulated depreciation	150	159
Goodwill	261	261
Other intangible assets, net	0	0
Investments in subsidiaries	5,970	5,464
Intercompany loans receivable	17	17
Other non-current assets	148	134
Total assets	10,102	6,796
Current liabilities:
Accounts payable	56	73
Intercompany payable	4,379	1,324
Accrued compensation and contributions to retirement plans	86	129
Income taxes currently payable	163	43
Unearned revenue	279	273
Other current liabilities	129	165
Total current liabilities	5,092	2,007
Long-term debt	3,565	3,564
Intercompany loans payable	11	11
Pension and other postretirement benefits	194	196
Other non-current liabilities	56	52
Total liabilities	8,918	5,830
Redeemable noncontrolling interest	0	0
Equity:
Common stock	412	412
Additional paid-in capital	(218)	(174)
Retained income	10,148	9,721
Accumulated other comprehensive loss	(291)	(292)
Less: common stock in treasury	(8,867)	(8,701)
Total equity — controlling interests	1,184	966
Total equity - noncontrolling interests	0	0
Total equity	1,184	966
Total liabilities and equity	10,102	6,796
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	188	131
Intercompany receivable	3,287	837
Prepaid and other current assets	(1)	2
Total current assets	3,474	970
Property and equipment, net of accumulated depreciation	1	1
Goodwill	0	0
Other intangible assets, net	0	0
Investments in subsidiaries	5	680
Intercompany loans receivable	0	0
Other non-current assets	26	24
Total assets	3,506	1,675
Current liabilities:
Accounts payable	14	22
Intercompany payable	2,392	40
Accrued compensation and contributions to retirement plans	22	69
Income taxes currently payable	0	0
Unearned revenue	215	191
Other current liabilities	12	(51)
Total current liabilities	2,655	271
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	71	74
Total liabilities	2,726	345
Redeemable noncontrolling interest	0	0
Equity:
Common stock	0	0
Additional paid-in capital	583	1,154
Retained income	197	176
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity — controlling interests	780	1,330
Total equity - noncontrolling interests	0	0
Total equity	780	1,330
Total liabilities and equity	3,506	1,675
Non-Guarantor Subsidiaries
Assets, Current [Abstract]
Cash and cash equivalents	1,784	1,681	$ 1,429	$ 1,314
Accounts receivable, net of allowance for doubtful accounts	791	853
Intercompany receivable	1,913	870
Prepaid and other current assets	83	79
Total current assets	4,571	3,483
Property and equipment, net of accumulated depreciation	114	111
Goodwill	2,690	2,679
Other intangible assets, net	1,474	1,506
Investments in subsidiaries	8,663	7,826
Intercompany loans receivable	1,503	1,354
Other non-current assets	118	114
Total assets	19,133	17,073
Current liabilities:
Accounts payable	92	88
Intercompany payable	1,166	177
Accrued compensation and contributions to retirement plans	97	211
Income taxes currently payable	80	52
Unearned revenue	1,016	1,045
Other current liabilities	208	301
Total current liabilities	2,659	1,874
Long-term debt	0	0
Intercompany loans payable	1,509	1,360
Pension and other postretirement benefits	77	78
Other non-current liabilities	299	314
Total liabilities	4,544	3,626
Redeemable noncontrolling interest	0	0
Equity:
Common stock	2,386	2,460
Additional paid-in capital	11,308	10,485
Retained income	1,388	1,034
Accumulated other comprehensive loss	(486)	(525)
Less: common stock in treasury	(8)	(7)
Total equity — controlling interests	14,588	13,447
Total equity - noncontrolling interests	1	0
Total equity	14,589	13,447
Total liabilities and equity	$ 19,133	$ 17,073

Condensed Consolidating Finan60

Condensed Consolidating Financial Statements (Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 430	$ 323
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	19	18
Amortization of intangibles	24	24
Provision for losses on accounts receivable	5	3
Deferred income taxes	(1)	(1)
Stock-based compensation	19	14
Other	14	31
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	12	(7)
Prepaid and other current assets	9	(12)
Accounts payable and accrued expenses	(235)	(237)
Unearned revenue	(6)	39
Accrued legal settlements	(1)	(108)
Other current liabilities	(58)	24
Net change in prepaid/accrued income taxes	146	105
Net change in other assets and liabilities	(24)	(31)
Cash provided by operating activities	353	185
Investing Activities:
Capital expenditures	(23)	(16)
Acquisitions, net of cash acquired	(1)	(7)
Proceeds from dispositions	2	0
Changes in short-term investments	0	(1)
Cash used for investing activities	(22)	(24)
Financing Activities:
Additions to short-term debt, net	0	329
Dividends paid to shareholders	(106)	(96)
Dividends and other payments paid to noncontrolling interests	(24)	(33)
Repurchase of treasury shares	(201)	(226)
Exercise of stock options	29	31
Employee withholding tax on share-based payments	(44)	(46)
Intercompany financing activities	0	0
Cash used for financing activities	(346)	(41)
Effect of exchange rate changes on cash from continuing operations	34	(1)
Net change in cash and cash equivalents	19	119
Cash and cash equivalents at beginning of period	2,392	1,481
Cash and cash equivalents at end of period	2,411	1,600
Eliminations
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	(2,062)	(1,290)
Adjustments to reconcile net income to cash provided by operating activities:
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 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 operating activities	(2,062)	(1,290)
Investing Activities:
Capital expenditures	0	0
Acquisitions, net of cash acquired	0	0
Proceeds from dispositions	0
Changes in short-term investments		0
Cash used for investing activities	0	0
Financing Activities:
Additions to short-term debt, net		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
Employee withholding tax on share-based payments	0	0
Intercompany financing activities	2,062	1,290
Cash used for financing activities	2,062	1,290
Effect of exchange rate changes on cash from continuing operations	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
S&P Global Inc.
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	1,236	794
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	7	9
Amortization of intangibles	0	0
Provision for losses on accounts receivable	1	0
Deferred income taxes	(1)	(1)
Stock-based compensation	7	4
Other	6	3
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	8	(7)
Prepaid and other current assets	8	5
Accounts payable and accrued expenses	(61)	(52)
Unearned revenue	5	15
Accrued legal settlements	0	0
Other current liabilities	(35)	(10)
Net change in prepaid/accrued income taxes	123	104
Net change in other assets and liabilities	(6)	(17)
Cash provided by operating activities	1,298	847
Investing Activities:
Capital expenditures	(4)	(4)
Acquisitions, net of cash acquired	0	0
Proceeds from dispositions	0
Changes in short-term investments		0
Cash used for investing activities	(4)	(4)
Financing Activities:
Additions to short-term debt, net		329
Dividends paid to shareholders	(106)	(96)
Dividends and other payments paid to noncontrolling interests	0	0
Repurchase of treasury shares	(201)	(226)
Exercise of stock options	29	31
Employee withholding tax on share-based payments	(44)	(46)
Intercompany financing activities	(1,056)	(838)
Cash used for financing activities	(1,378)	(846)
Effect of exchange rate changes on cash from continuing operations	0	7
Net change in cash and cash equivalents	(84)	4
Cash and cash equivalents at beginning of period	711	167
Cash and cash equivalents at end of period	627	171
Standard & Poor's Financial Services LLC
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	148	185
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	3	2
Amortization of intangibles	0	0
Provision for losses on accounts receivable	1	1
Deferred income taxes	0	0
Stock-based compensation	4	3
Other	0	3
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(59)	153
Prepaid and other current assets	3	(3)
Accounts payable and accrued expenses	12	(89)
Unearned revenue	25	(374)
Accrued legal settlements	(1)	(108)
Other current liabilities	(3)	(19)
Net change in prepaid/accrued income taxes	0	0
Net change in other assets and liabilities	(4)	30
Cash provided by operating activities	129	(216)
Investing Activities:
Capital expenditures	(4)	(4)
Acquisitions, net of cash acquired	0	0
Proceeds from dispositions	0
Changes in short-term investments		0
Cash used for investing activities	(4)	(4)
Financing Activities:
Additions to short-term debt, net		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
Employee withholding tax on share-based payments	0	0
Intercompany financing activities	(125)	220
Cash used for financing activities	(125)	220
Effect of exchange rate changes on cash from continuing operations	0	0
Net change in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Non-Guarantor Subsidiaries
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	1,108	634
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	9	7
Amortization of intangibles	24	24
Provision for losses on accounts receivable	3	2
Deferred income taxes	0	0
Stock-based compensation	8	7
Other	8	25
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	63	(153)
Prepaid and other current assets	(2)	(14)
Accounts payable and accrued expenses	(186)	(96)
Unearned revenue	(36)	398
Accrued legal settlements	0	0
Other current liabilities	(20)	53
Net change in prepaid/accrued income taxes	23	1
Net change in other assets and liabilities	(14)	(44)
Cash provided by operating activities	988	844
Investing Activities:
Capital expenditures	(15)	(8)
Acquisitions, net of cash acquired	(1)	(7)
Proceeds from dispositions	2
Changes in short-term investments		(1)
Cash used for investing activities	(14)	(16)
Financing Activities:
Additions to short-term debt, net		0
Dividends paid to shareholders	0	0
Dividends and other payments paid to noncontrolling interests	(24)	(33)
Repurchase of treasury shares	0	0
Exercise of stock options		0
Employee withholding tax on share-based payments		0
Intercompany financing activities	(881)	(672)
Cash used for financing activities	(905)	(705)
Effect of exchange rate changes on cash from continuing operations	34	(8)
Net change in cash and cash equivalents	103	115
Cash and cash equivalents at beginning of period	1,681	1,314
Cash and cash equivalents at end of period	$ 1,784	$ 1,429