S&P Global (SPGI) 10-Q 26 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2017	Oct. 20, 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	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		255

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenue	$ 1,513	$ 1,439	$ 4,475	$ 4,262
Expenses:
Operating-related expenses	421	431	1,282	1,352
Selling and general expenses	388	337	1,077	986
Depreciation	22	22	61	63
Amortization of intangibles	24	23	73	71
Total expenses	855	813	2,493	2,472
Gain on disposition	0	(722)	0	(722)
Operating profit	658	1,348	1,982	2,512
Interest expense, net	37	39	110	122
Income before taxes on income	621	1,309	1,872	2,390
Provision for taxes on income	169	386	533	731
Net income	452	923	1,339	1,659
Less: net income attributable to noncontrolling interests	(38)	(31)	(105)	(90)
Net income attributable to S&P Global Inc.	$ 414	$ 892	$ 1,234	$ 1,569
Net income:
Basic (in dollars per share)	$ 1.62	$ 3.39	$ 4.80	$ 5.94
Diluted (in dollars per share)	$ 1.61	$ 3.36	$ 4.75	$ 5.89
Weighted-average number of common shares outstanding:
Basic (in shares)	255.5	262.9	257	264.1
Diluted (in shares)	257.9	265.3	259.5	266.4
Actual shares outstanding at period end (in shares)			255	259.1
Dividend declared per common share (in dollars per share)	$ 0.41	$ 0.36	$ 1.23	$ 1.08

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 452	$ 923	$ 1,339	$ 1,659
Other comprehensive income:
Foreign currency translation adjustment	24	(14)	96	(55)
Income tax effect	0	3	0	3
Foreign currency translation adjustment, net of income tax effect	24	(11)	96	(52)
Pension and other postretirement benefit plans	3	3	7	19
Income tax effect	(1)	(1)	0	(5)
Pension and other post-retirement benefit plans, net of income tax effect	2	2	7	14
Unrealized loss on investment	(8)	0	(10)	0
Income tax effect	0	0	0	0
Unrealized (loss) on investment, net of income tax effect	(8)	0	(10)	0
Unrealized gain on forward exchange contracts	4	1	3	4
Income tax effect	(1)	0	(1)	(1)
Unrealized gain on forward exchange contracts, net of income tax effect	3	1	2	3
Comprehensive income	473	915	1,434	1,624
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(4)	(2)	(10)	(8)
Less: comprehensive income attributable to redeemable noncontrolling interests	(34)	(29)	(95)	(82)
Comprehensive income attributable to S&P Global Inc.	$ 435	$ 884	$ 1,329	$ 1,534

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 2,312	$ 2,392
Accounts receivable, net of allowance for doubtful accounts: 2017 - $35; 2016 - $28	1,188	1,122
Prepaid and other current assets	153	157
Total current assets	3,653	3,671
Property and equipment, net of accumulated depreciation: 2017 - $541; 2016 - $537	259	271
Goodwill	2,992	2,949
Other intangible assets, net	1,421	1,506
Other non-current assets	389	272
Total assets	8,714	8,669
Current liabilities:
Accounts payable	170	183
Accrued compensation and contributions to retirement plans	373	409
Income taxes currently payable	77	95
Unearned revenue	1,424	1,509
Other current liabilities	364	415
Total current liabilities	2,408	2,611
Long-term debt	3,568	3,564
Pension and other postretirement benefits	258	274
Other non-current liabilities	426	439
Total liabilities	6,660	6,888
Redeemable noncontrolling interest (Note 8)	1,161	1,080
Commitments and contingencies (Note 12)
Equity:
Common stock	412	412
Additional paid-in capital	418	502
Retained income	10,066	9,210
Accumulated other comprehensive loss	(678)	(773)
Less: common stock in treasury	(9,379)	(8,701)
Total equity — controlling interests	839	650
Total equity — noncontrolling interests	54	51
Total equity	893	701
Total liabilities and equity	$ 8,714	$ 8,669

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 35	$ 28
Accumulated depreciation	$ 541	$ 537

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net income	$ 1,339	$ 1,659
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	61	63
Amortization of intangibles	73	71
Provision for losses on accounts receivable	17	10
Stock-based compensation	65	54
Gain on disposition	0	(722)
Other	42	48
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(64)	(26)
Prepaid and other current assets	3	5
Accounts payable and accrued expenses	(50)	(81)
Unearned revenue	(107)	(6)
Accrued legal settlements	(4)	(134)
Other current liabilities	(94)	(10)
Net change in prepaid/accrued income taxes	(42)	383
Net change in other assets and liabilities	(36)	(57)
Cash provided by operating activities	1,203	1,257
Investing Activities:
Capital expenditures	(77)	(67)
Acquisitions, net of cash acquired	(80)	(145)
Proceeds from dispositions	2	1,071
Changes in short-term investments	0	(1)
Cash (used for) provided by investing activities	(155)	858
Financing Activities:
Payments on short-term debt, net	0	(143)
Proceeds from issuance of senior notes, net	0	493
Dividends paid to shareholders	(316)	(286)
Distributions to noncontrolling interest holders	(69)	(59)
Contingent consideration payments	0	(15)
Repurchase of treasury shares	(846)	(1,123)
Exercise of stock options	69	84
Employee withholding tax on share-based payments	(49)	(55)
Cash used for financing activities	(1,211)	(1,104)
Effect of exchange rate changes on cash from continuing operations	83	(93)
Net change in cash and cash equivalents	(80)	918
Cash and cash equivalents at beginning of period	2,392	1,481
Cash and cash equivalents at end of period	$ 2,312	$ 2,399

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Millions		Total	Total SPGI Equity	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2016		$ 701	$ 650	$ 412	$ 502	$ 9,210	$ (773)	$ 8,701	$ 51
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,339	1,329			1,234	95		10
Dividends		(324)	(316)			(316)			(8)
Share repurchases		(851)	(846)		(75)			771	(5)
Employee stock plans		92	84		(9)			(93)	8
Change in redemption value of redeemable noncontrolling interest		(62)	(62)			(62)
Other		(2)							(2)
Balance at end of period at Sep. 30, 2017		$ 893	$ 839	$ 412	$ 418	$ 10,066	$ (678)	$ 9,379	$ 54
[1]	Excludes $95 million attributable to our redeemable noncontrolling interest.

Consolidated Statement of Equi8

Consolidated Statement of Equity (Unaudited) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to noncontrolling interest	$ 95

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 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. On September 7, 2016, we completed the sale of J.D. Power with the results 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions 2017 In August of 2017, we acquired a 6.02% investment in Algomi Limited ("Algomi"), an innovative fintech company focused on providing software-enabled liquidity solutions to both buy-side and sell-side firms within the credit markets. Our investment in Algomi will help facilitate product collaboration and enable future business expansion. We accounted for the investment in Algomi using the cost method of accounting. The investment with Algomi is not material to our consolidated financial statements. In June of 2017, CRISIL, included within our Ratings segment, acquired 8.9% of the outstanding shares of CARE Ratings Limited ("CARE") from Canara Bank. CARE is a Securities and Exchange Board of India registered credit rating agency providing various rating and grading services in India whose shares are publicly traded on both the Bombay Stock Exchange and the National Stock Exchange of India. We accounted for the investment in CARE as available-for-sale using the fair value method of accounting. The investment balance as of September 30, 2017 of $53 million is included in other non-current assets in our consolidated balance sheet. The changes in the fair value of this investment is reported in accumulated other comprehensive loss in our consolidated balance sheet. The investment in CARE is not material to our consolidated financial statements. 2016 In October of 2016, Indices acquired Trucost plc, a leader in carbon and environmental data and risk analysis through its subsidiary S&P Global Indices UK Limited. The purchase will build on Indices current portfolio of Environmental, Social and Governance solutions. The acquisition of Trucost plc is not material to our consolidated financial statements. In September of 2016, Market and Commodities Intelligence acquired PIRA Energy Group ("PIRA"), a global provider of energy research and forecasting products and services. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by expanding its oil offering and strengthening its position in the natural gas and power markets. We accounted for the acquisition of PIRA using the purchase method of accounting. The acquisition of PIRA is not material to our consolidated financial statements. In June of 2016, Ratings acquired a 49% equity investment in Thailand's TRIS Rating Company Limited from its parent company, TRIS Corporation Limited. The transaction extends an existing association between Ratings and TRIS Rating and deepens their commitment to capital markets in Thailand. We accounted for the acquisition of TRIS Rating Company using the equity method of accounting. The equity investment in TRIS Rating is not material to our consolidated financial statements. In June of 2016, Market and Commodities Intelligence acquired RigData, a provider of daily information on rig activity for the natural gas and oil markets across North America. The purchase enhances Market and Commodities Intelligence's energy analytical capabilities by strengthening its position in natural gas and enhancing its oil offering. We accounted for the acquisition of RigData using the purchase method of accounting. The acquisition of RigData is not material to our consolidated financial statements. 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 2017 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 September 30, 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 September 30, 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 2016 In September of 2016, we completed the sale of J.D. Power, included within our Market and Commodities Intelligence segment, for $1.1 billion to XIO Group, a global alternative investments firm headquartered in London. During the three and nine months ended September 30, 2016, we recorded a pre-tax gain of $722 million ( $521 million after-tax) in gain on disposition in the consolidated statement of income related to the sale of J.D. Power. The operating profit of our businesses that were disposed of or held for sale for the periods ended September 30, 2017 and 2016 is as follows: (in millions) Three Months Nine Months 2017 2016 2017 2016 Operating profit 1 $ — $ 22 $ — $ 29 1 The three and nine months ended September 31, 2016 exclude a pre-tax gain on the sale of J.D. Power of $722 million .

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate was 27.3% and 28.5% for the three and nine months ended September 30, 2017 , respectively, and 29.5% and 30.6% for the three and nine months ended September 30, 2016 , respectively. The decrease in 2017 was primarily due to the recognition of excess tax benefits associated with share-based payments in the statement of income, the resolution of tax audits and 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 infrequently occurring 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. The Company is continuously subject to tax examinations in various jurisdictions. As of September 30, 2017 and December 31, 2016 , the total amount of federal, state and local, and foreign unrecognized tax benefits was $138 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 September 30, 2017 and December 31, 2016 , we had $53 million and $44 million , respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits on the balance sheet may be reduced by up to approximately $32 million in the next twelve months as a result of the resolution of local tax examinations. 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt (in millions) September 30, December 31, 2.5% Senior Notes, due 2018 1 $ 399 $ 398 3.3% Senior Notes, due 2020 2 697 696 4.0% Senior Notes, due 2025 3 692 691 4.4% Senior Notes, due 2026 4 892 891 2.95% Senior Notes, due 2027 5 492 492 6.55% Senior Notes, due 2037 6 396 396 Total debt 3,568 3,564 Less: short-term debt including current maturities — — Long-term debt $ 3,568 $ 3,564 1 Interest payments are due semiannually on February 15 and August 15, and as of September 30, 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 September 30, 2017 , the unamortized debt discount and issuance costs total $3 million . 3 Interest payments are due semiannually on June 15 and December 15, and as of September 30, 2017 , the unamortized debt discount and issuance costs total $8 million . 4 Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2017 , the unamortized debt discount and issuance costs total $8 million . 5 Interest payments are due semiannually on January 22 and July 22, and as of September 30, 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 September 30, 2017 , the unamortized debt discount and issuance costs total $4 million . The fair value of our long-term debt borrowings was $ 3.8 billion and $3.7 billion as of September 30, 2017 and December 31, 2016 , respectively, and was estimated based on quoted market prices. On June 30, 2017, we entered into a revolving $1.2 billion five -year credit agreement (our "credit facility") that will terminate on June 30, 2022. This credit facility replaced our $1.2 billion five year credit facility that was scheduled to terminate on June 30, 2020. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced. We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility. As of September 30, 2017 and December 31, 2016 , there were no commercial paper borrowings outstanding. Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 12.5 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our corporate credit rating. 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2017 , we estimate that $4 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 and nine months ended September 30, 2017 and 2016 . As of September 30, 2017 and September 30, 2016 , the aggregate notional value of our outstanding foreign currency forward contracts was $133 million and $78 million , respectively. The following table provides information on the location and fair value amounts of our cash flow hedges as of September 30, 2017 and December 31, 2016 : (in millions) Balance Sheet Location September 30, 2017 December 31, 2016 Prepaid and other current assets 1 Foreign exchange forward contracts $ 5 $ 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 periods ended September 30 : Three Months (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 $ 3 $ 1 Selling and general expenses $ 2 $ 1 Nine Months (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 $ 2 $ 3 Selling and general expenses $ 6 $ 3 The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended September 30 : (in millions) Three Months Nine Months 2017 2016 2017 2016 Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 1 $ 1 $ 2 $ (1 ) Change in fair value, net of tax 5 2 8 6 Reclassification into earnings, net of tax (2 ) (1 ) (6 ) (3 ) Net unrealized gains on cash flow hedges, net of taxes, end of period $ 4 $ 2 $ 4 $ 2

Employee Benefits

Employee Benefits	9 Months Ended
	Sep. 30, 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 cost pursuant to our accounting policy for amortizing such amounts. The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended September 30 are as follows: Retirement Plans (in millions) Three Months Nine Months 2017 2016 2017 2016 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 19 19 55 59 Expected return on assets (32 ) (30 ) (95 ) (92 ) Amortization of actuarial loss 4 4 14 12 Net periodic benefit cost $ (8 ) $ (6 ) $ (24 ) $ (19 ) Postretirement Plans (in millions) Three Months Nine Months 2017 2016 2017 2016 Interest cost $ — $ 1 $ 1 $ 2 Amortization of prior service credit / actuarial gain — (1 ) (2 ) (1 ) Net periodic benefit cost $ — $ — $ (1 ) $ 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 and nine months ended September 30, 2017 did not have a material impact to our financial position, results of operations or cash flows. In the first nine months of 2017 , we contributed $6 million to our retirement plans and expect to make additional required contributions of approximately $2 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the fourth quarter of 2017 .

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 periods ended September 30 is as follows: (in millions) Three Months Nine Months 2017 2016 2017 2016 Stock option expense $ 1 $ 2 $ 2 $ 6 Restricted stock and unit awards expense 23 18 63 48 Total stock-based compensation expense $ 24 $ 20 $ 65 $ 54 During the nine months ended September 30, 2017 , the Company granted 0.4 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $130.24 per share. Total unrecognized compensation expense related to unvested restricted stock and unit awards as of September 30, 2017 was $83 million , which is expected to be recognized over a weighted average period of 1.8 years .

Equity

Equity	9 Months Ended
	Sep. 30, 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 periods ended September 30 were as follows: (in millions, except average price) Three Months Nine Months 2017 2016 2017 2016 Total number of shares purchased 1 2.8 5.3 5.4 8.8 Average price paid per share 2 $ — $ — $ 133.01 $ 98.05 Total cash utilized 3 $ 500 $ 750 $ 846 $ 1,097 1 The three and nine months ended September 30, 2017 and 2016 include shares received as part of our accelerated share repurchase agreements described in more detail below. 2 Average price paid per share information does not include the accelerated share repurchase transactions as discussed in more detail below. 3 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 nine months ended September 30, 2016 resulting in $1,123 million of cash used to repurchase shares. Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of September 30, 2017 , approximately 20.4 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. Accelerated Share Repurchase Agreements We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on August 1, 2017 to initiate share repurchases aggregating $500 million . The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of approximately 2.8 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. The total number of shares to be repurchased under the ASR agreement will be equal to $500 million divided by the volume weighted-average share price, less a discount, over the term of the ASR agreement. The final settlement of the transaction under the ASR agreement is expected to be completed no later than October 31, 2017. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013. Using a portion of the proceeds received from the sale of J.D. Power, we entered into an ASR agreement with a financial institution on September 7, 2016 to initiate share repurchases aggregating $750 million . The ASR agreement was structured as a capped ASR agreement in which we paid $750 million and received an initial delivery of approximately 4.4 million shares and an additional amount of 0.9 million shares during the month of September 2016, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on December 7, 2016 and received an additional 0.9 million shares, which settled on December 12, 2016. We repurchased a total of 6.1 million shares under the ASR agreement for an average purchase price of $122.18 per share. The total number of shares repurchased under the ASR agreement was based on the volume weighted-average share price, minus a discount, of our common stock over the term of the ASR agreement. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved on December 4, 2013. Redeemable Noncontrolling Interests The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture 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 incorporate Level 3 fair value measures for instances when observable inputs are not available, including assumptions related to expected future net cash flows, long-term growth rates, the timing and nature of tax attributes, and the redemption features. Any adjustments to the redemption value will impact retained income. Noncontrolling interests that do not contain such redemption features are presented in equity. Changes to redeemable noncontrolling interest during the nine months ended September 30, 2017 were as follows: (in millions) Balance as of December 31, 2016 $ 1,080 Net income attributable to noncontrolling interest 95 Distributions payable to noncontrolling interest (76 ) Redemption value adjustment 62 Balance as of September 30, 2017 $ 1,161 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2017 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Unrealized Loss on Investment Accumulated Other Comprehensive Loss Balance as of December 31, 2016 $ (332 ) $ (443 ) $ 2 — $ (773 ) Other comprehensive income before reclassifications 96 (1 ) 8 (10 ) 93 Reclassifications from accumulated other comprehensive loss to net earnings — 8 1 (6 ) 2 — 2 Net other comprehensive income 96 7 2 (10 ) 95 Balance as of September 30, 2017 $ (236 ) $ (436 ) $ 4 $ (10 ) $ (678 ) 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 $3 million for the nine months ended September 30, 2017 .

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 periods ended September 30 is as follows: (in millions, except per share amounts) Three Months Nine Months 2017 2016 2017 2016 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 414 $ 892 $ 1,234 $ 1,569 Basic weighted-average number of common shares outstanding 255.5 262.9 257.0 264.1 Effect of stock options and other dilutive securities 2.4 2.4 2.5 2.3 Diluted weighted-average number of common shares outstanding 257.9 265.3 259.5 266.4 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.62 $ 3.39 $ 4.80 $ 5.94 Diluted $ 1.61 $ 3.36 $ 4.75 $ 5.89 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 and nine months ended September 30, 2017 and 2016 , there were no stock options excluded. Restricted performance shares outstanding of 0.9 million and 0.7 million as of September 30, 2017 and 2016 , respectively, were excluded.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During 2017 and 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. Our 2017 and 2016 restructuring plans consisted of a company-wide workforce reduction of approximately 200 and 230 positions, respectively, and are 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 September 30, 2017 by segment is as follows: 2017 Restructuring Plans 2016 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance Ratings $ 15 $ 15 $ 14 $ 4 Market and Commodities Intelligence 5 4 10 5 Indices — — 1 — Corporate 4 4 5 3 Total $ 24 $ 23 $ 30 $ 12 We recorded a pre-tax restructuring charge of $24 million related to employee severance charges for the 2017 restructuring plan during the nine months ended September 30, 2017 and have reduced the reserve by $1 million . The ending reserve balance for the 2016 restructuring plan was $23 million as of December 31, 2016. For the nine months ended September 30, 2017 , we have reduced the reserve for the 2016 restructuring plan by $11 million . The reductions primarily related to cash payments for employee severance charges.

Segment and Related Information

Segment and Related Information	9 Months Ended
	Sep. 30, 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 periods ended September 30 is as follows: Three Months 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 739 $ 376 $ 642 $ 346 Market and Commodities Intelligence 2 615 208 658 924 Indices 3 187 119 164 107 Intersegment elimination 4 (28 ) — (25 ) — Total operating segments 1,513 703 1,439 1,377 Unallocated expense 5 — (45 ) — (29 ) Total $ 1,513 $ 658 $ 1,439 $ 1,348 Nine Months 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 2,199 $ 1,149 $ 1,877 $ 1,004 Market and Commodities Intelligence 2 1,815 586 1,990 1,293 Indices 3 542 352 468 308 Intersegment elimination 4 (81 ) — (73 ) — Total operating segments 4,475 2,087 4,262 2,605 Unallocated expense 5 — (105 ) — (93 ) Total $ 4,475 $ 1,982 $ 4,262 $ 2,512 1 Operating profit includes employee severance charges of $15 million for the three and nine months ended September 30, 2017 and legal settlement expenses of $2 million for the nine months ended September 30, 2017 . Operating profit includes a benefit related to net legal settlement insurance recoveries of $17 million and $63 million for the three and nine months ended September 30, 2016 , respectively, and employee severance charges of $6 million for the nine months ended September 30, 2016 . Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2017 and 2016 and $3 million and $4 million for the nine months ended September 30, 2017 and 2016 , respectively. 2 Operating profit for the nine months ended September 30, 2017 includes a charge to exit a leased facility of $6 million , employee severance charges of $5 million , an asset write-off of $2 million , and non-cash acquisition and disposition-related adjustments of $15 million . As of September 7, 2016, we completed the sale of J.D. Power with the results included in Market and Commodities Intelligence results through that date. Operating profit for the three and nine months ended September 30, 2016 includes disposition-related costs of $6 million and $17 million , respectively, an acquisition-related cost of $1 million , and a gain on the sale of J.D. Power of $722 million . Operating profit for the nine months ended September 30, 2016 includes a technology-related impairment charge of $24 million . Operating profit also includes amortization of intangibles from acquisitions of $22 million and $21 million for the three months ended September 30, 2017 and 2016 , respectively, and $66 million and $63 million for the nine months ended September 30, 2017 and 2016 , respectively. 3 Operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2017 and 2016 and $4 million for the nine months ended September 30, 2017 and 2016 . 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. 5 Operating profit includes employee severance charges of $4 million for the three and nine months ended September 30, 2017 and a disposition-related reserve release of $3 million for the nine months ended September 30, 2016 . The following provides revenue by geographic region for the periods ended September 30 : (in millions) Three Months Nine Months 2017 2016 2017 2016 U.S. $ 916 $ 887 $ 2,733 $ 2,641 European region 359 333 1,062 966 Asia 157 145 431 437 Rest of the world 81 74 249 218 Total $ 1,513 $ 1,439 $ 4,475 $ 4,262 See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 , S&P Dow Jones Indices LLC earned $18 million and $56 million , respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests. 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 several 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. On March 30, 2017, following trial, 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, and on September 27, 2017, the court filed a written opinion supporting the verdict. 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, among other things, breach of fiduciary duty, waste of corporate assets, and mismanagement against the board of directors and certain former directors and employees of the Company. 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. 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. The complaint asserts claims for, among other things, 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 employees of the Company. The Grika matter was transferred to the judge presiding over the North Miami Beach matter. In December of 2016, the court issued orders granting the Company's motions to dismiss both the North Miami Beach and Grika matters. In January of 2017, the plaintiffs in both matters filed notices of appeal. On September 5, 2017, the plaintiffs in the North Miami Beach matter filed a brief in support of their appeal.

Recently Issued or Adopted Acco

Recently Issued or Adopted Accounting Standards	9 Months Ended
	Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In August of 2017, FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial instruments. In May of 2017, FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. 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 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 nine months ended September 30, 2017, excess tax benefits from share-based payments of $51 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 nine months ended September 30, 2016, we reclassified $31 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 $49 million was classified as a financing activity in our consolidated statements of cash flows for the nine months ended September 30, 2017. Cash paid for employee taxes of $55 million was reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the nine months ended September 30, 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. We will use the modified retrospective transition method and are evaluating the impact that the adoption of this standard will have on our consolidated financial statements. We are continuing our evaluation of 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 accounting for fees for certain Ratings products that are currently recognized over time or at a point in time to match when the customer obtains control of the product, 3) the presentation of sales of certain of our jointly-owned products in or Market and Commodities Intelligence segment, revenue will be recognized on a gross rather than net basis, and 4) the capitalization of costs to obtain a contract and the related amortization period of those costs. We do not expect that these changes from the adoption of this standard will have a significant impact on our consolidated financial statements.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 30, 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 September 30, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 184 $ 435 $ 929 $ (35 ) $ 1,513 Expenses: Operating-related expenses 8 124 324 (35 ) 421 Selling and general expenses 62 101 225 — 388 Depreciation 9 3 10 — 22 Amortization of intangibles — — 24 — 24 Total expenses 79 228 583 (35 ) 855 Operating profit 105 207 346 — 658 Interest expense (income), net 41 — (4 ) — 37 Non-operating intercompany transactions 91 (13 ) (91 ) 13 — (Loss) income before taxes on income (27 ) 220 441 (13 ) 621 (Benefit) provision for taxes on income (45 ) 107 107 — 169 Equity in net income of subsidiaries 409 — — (409 ) — Net income $ 427 $ 113 $ 334 $ (422 ) $ 452 Less: net income attributable to noncontrolling interests — — — (38 ) (38 ) Net income attributable to S&P Global Inc. $ 427 $ 113 $ 334 $ (460 ) $ 414 Comprehensive income $ 405 $ 113 $ 382 $ (427 ) $ 473 Statement of Income Nine Months Ended September 30, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 545 $ 1,320 $ 2,712 $ (102 ) $ 4,475 Expenses: Operating-related expenses 78 359 947 (102 ) 1,282 Selling and general expenses 108 273 696 — 1,077 Depreciation 23 9 29 — 61 Amortization of intangibles — — 73 — 73 Total expenses 209 641 1,745 (102 ) 2,493 Operating profit 336 679 967 — 1,982 Interest expense (income), net 119 — (9 ) — 110 Non-operating intercompany transactions 270 (55 ) (1,717 ) 1,502 — (Loss) income before taxes on income (53 ) 734 2,693 (1,502 ) 1,872 (Benefit) provision for taxes on income (91 ) 325 299 — 533 Equity in net income of subsidiaries 2,697 — — (2,697 ) — Net income $ 2,735 $ 409 $ 2,394 $ (4,199 ) $ 1,339 Less: net income attributable to noncontrolling interests — — — (105 ) (105 ) Net income attributable to S&P Global Inc. $ 2,735 $ 409 $ 2,394 $ (4,304 ) $ 1,234 Comprehensive income $ 2,724 $ 409 $ 2,500 $ (4,199 ) $ 1,434 Statement of Income Three Months Ended September 30, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 175 $ 383 $ 914 $ (33 ) $ 1,439 Expenses: Operating-related expenses 20 111 333 (33 ) 431 Selling and general expenses 52 49 236 — 337 Depreciation 8 2 12 — 22 Amortization of intangibles — — 23 — 23 Total expenses 80 162 604 (33 ) 813 Gain on disposition (705 ) — (17 ) — (722 ) Operating profit 800 221 327 — 1,348 Interest expense (income), net 43 — (4 ) — 39 Non-operating intercompany transactions 14 (21 ) (41 ) 48 — Income before taxes on income 743 242 372 (48 ) 1,309 Provision for taxes on income 184 95 107 — 386 Equity in net income of subsidiaries 457 76 — (533 ) — Net income $ 1,016 $ 223 $ 265 $ (581 ) $ 923 Less: net income attributable to noncontrolling interests — — — (31 ) (31 ) Net income attributable to S&P Global Inc. $ 1,016 $ 223 $ 265 $ (612 ) $ 892 Comprehensive income $ 1,069 $ 216 $ 191 $ (561 ) $ 915 Statement of Income Nine Months Ended September 30, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 516 $ 1,138 $ 2,703 $ (95 ) $ 4,262 Expenses: Operating-related expenses 67 342 1,038 (95 ) 1,352 Selling and general expenses 106 145 735 — 986 Depreciation 28 7 28 — 63 Amortization of intangibles — — 71 — 71 Total expenses 201 494 1,872 (95 ) 2,472 Gain on disposition (705 ) — (17 ) — (722 ) Operating profit 1,020 644 848 — 2,512 Interest expense (income), net 129 — (7 ) — 122 Non-operating intercompany transactions 249 (62 ) (739 ) 552 — Income before taxes on income 642 706 1,594 (552 ) 2,390 Provision for taxes on income 166 263 302 — 731 Equity in net income of subsidiaries 1,865 220 — (2,085 ) — Net income $ 2,341 $ 663 $ 1,292 $ (2,637 ) $ 1,659 Less: net income attributable to noncontrolling interests — — — (90 ) (90 ) Net income attributable to S&P Global Inc. $ 2,341 $ 663 $ 1,292 $ (2,727 ) $ 1,569 Comprehensive income $ 2,351 $ 662 $ 1,247 $ (2,636 ) $ 1,624 Balance Sheet September 30, 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 $ 243 $ — $ 2,069 $ — $ 2,312 Accounts receivable, net of allowance for doubtful accounts 138 204 846 — 1,188 Intercompany receivable 912 1,775 1,961 (4,648 ) — Prepaid and other current assets 74 (3 ) 82 — 153 Total current assets 1,367 1,976 4,958 (4,648 ) 3,653 Property and equipment, net of accumulated depreciation 149 1 109 — 259 Goodwill 261 — 2,724 7 2,992 Other intangible assets, net — — 1,421 — 1,421 Investments in subsidiaries 6,800 5 8,900 (15,705 ) — Intercompany loans receivable 114 — 1,629 (1,743 ) — Other non-current assets 166 57 166 — 389 Total assets $ 8,857 $ 2,039 $ 19,907 $ (22,089 ) $ 8,714 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 61 $ 13 $ 96 $ — $ 170 Intercompany payable 3,044 699 905 (4,648 ) — Accrued compensation and contributions to retirement plans 120 66 187 — 373 Income taxes currently payable 4 — 73 — 77 Unearned revenue 287 210 927 — 1,424 Other current liabilities 133 21 210 — 364 Total current liabilities 3,649 1,009 2,398 (4,648 ) 2,408 Long-term debt 3,568 — — — 3,568 Intercompany loans payable 108 — 1,635 (1,743 ) — Pension and other postretirement benefits 185 — 73 — 258 Other non-current liabilities 49 72 305 — 426 Total liabilities 7,559 1,081 4,411 (6,391 ) 6,660 Redeemable noncontrolling interest — — — 1,161 1,161 Equity: Common stock 412 — 2,292 (2,292 ) 412 Additional paid-in capital (301 ) 593 11,380 (11,254 ) 418 Retained income 10,869 365 2,266 (3,434 ) 10,066 Accumulated other comprehensive loss (303 ) — (419 ) 44 (678 ) Less: common stock in treasury (9,379 ) — (24 ) 24 (9,379 ) Total equity - controlling interests 1,298 958 15,495 (16,912 ) 839 Total equity - noncontrolling interests — — 1 53 54 Total equity 1,298 958 15,496 (16,859 ) 893 Total liabilities and equity $ 8,857 $ 2,039 $ 19,907 $ (22,089 ) $ 8,714 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 Nine Months Ended September 30, 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 $ 2,735 $ 409 $ 2,394 $ (4,199 ) $ 1,339 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 24 9 28 — 61 Amortization of intangibles — — 73 — 73 Provision for losses on accounts receivable 1 2 14 — 17 Stock-based compensation 23 15 27 — 65 Other 27 15 — — 42 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (2 ) (73 ) 11 — (64 ) Prepaid and other current assets (8 ) 2 9 — 3 Accounts payable and accrued expenses (19 ) 56 (87 ) — (50 ) Unearned revenue 14 17 (138 ) — (107 ) Accrued legal settlements — (1 ) (3 ) — (4 ) Other current liabilities (42 ) (11 ) (41 ) — (94 ) Net change in prepaid/accrued income taxes (27 ) (18 ) 3 — (42 ) Net change in other assets and liabilities (42 ) (5 ) 11 — (36 ) Cash provided by operating activities 2,684 417 2,301 (4,199 ) 1,203 Investing Activities: Capital expenditures (34 ) (17 ) (26 ) — (77 ) Acquisitions, net of cash acquired — — (80 ) — (80 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (34 ) (17 ) (104 ) — (155 ) Financing Activities: Dividends paid to shareholders (316 ) — — — (316 ) Distributions to noncontrolling interest holders — — (69 ) — (69 ) Repurchase of treasury shares (846 ) — — — (846 ) Exercise of stock options 63 — 6 — 69 Employee withholding tax on share-based payments (49 ) — — — (49 ) Intercompany financing activities (1,960 ) (400 ) (1,839 ) 4,199 — Cash used for financing activities (3,108 ) (400 ) (1,902 ) 4,199 (1,211 ) Effect of exchange rate changes on cash from continuing operations (10 ) — 93 — 83 Net change in cash and cash equivalents (468 ) — 388 — (80 ) Cash and cash equivalents at beginning of period 711 — 1,681 — 2,392 Cash and cash equivalents at end of period $ 243 $ — $ 2,069 $ — $ 2,312 Statement of Cash Flows Nine Months Ended September 30, 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 $ 2,341 $ 663 $ 1,292 $ (2,637 ) $ 1,659 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 28 7 28 — 63 Amortization of intangibles — — 71 — 71 Provision for losses on accounts receivable 2 — 8 — 10 Stock-based compensation 17 12 25 — 54 Gain on disposition (705 ) — (17 ) — (722 ) Other (66 ) 3 111 — 48 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 5 159 (190 ) — (26 ) Prepaid and other current assets (7 ) 13 (1 ) — 5 Accounts payable and accrued expenses (24 ) (147 ) 90 — (81 ) Unearned revenue 20 (385 ) 359 — (6 ) Accrued legal settlements — (108 ) (26 ) — (134 ) Other current liabilities (15 ) (25 ) 30 — (10 ) Net change in prepaid/accrued income taxes 328 — 55 — 383 Net change in other assets and liabilities (35 ) 29 (51 ) — (57 ) Cash provided by operating activities 1,889 221 1,784 (2,637 ) 1,257 Investing Activities: Capital expenditures (34 ) (11 ) (22 ) — (67 ) Acquisitions, net of cash acquired (140 ) — (5 ) — (145 ) Proceeds from dispositions 1,047 — 24 — 1,071 Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities 873 (11 ) (4 ) — 858 Financing Activities: Payments on short-term debt, net (143 ) — — — (143 ) Proceeds from issuance of senior notes, net 493 — — — 493 Dividends paid to shareholders (286 ) — — — (286 ) Distributions to noncontrolling interest holders — — (59 ) — (59 ) Contingent consideration payments (5 ) — (10 ) — (15 ) Repurchase of treasury shares (1,123 ) — — — (1,123 ) Exercise of stock options 83 — 1 — 84 Employee withholding tax on share-based payments (55 ) — — — (55 ) Intercompany financing activities (1,155 ) (210 ) (1,272 ) 2,637 — Cash used for financing activities (2,191 ) (210 ) (1,340 ) 2,637 (1,104 ) Effect of exchange rate changes on cash from continuing operations — — (93 ) — (93 ) Net change in cash and cash equivalents 571 — 347 — 918 Cash and cash equivalents at beginning of period 167 — 1,314 — 1,481 Cash and cash equivalents at end of period $ 738 $ — $ 1,661 $ — $ 2,399

Nature of Operations and Basi23

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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	In August of 2017, FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial instruments. In May of 2017, FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. 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 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 nine months ended September 30, 2017, excess tax benefits from share-based payments of $51 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 nine months ended September 30, 2016, we reclassified $31 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 $49 million was classified as a financing activity in our consolidated statements of cash flows for the nine months ended September 30, 2017. Cash paid for employee taxes of $55 million was reclassified from an operating activity to a financing activity in our consolidated statements of cash flows for the nine months ended September 30, 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. We will use the modified retrospective transition method and are evaluating the impact that the adoption of this standard will have on our consolidated financial statements. We are continuing our evaluation of 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 accounting for fees for certain Ratings products that are currently recognized over time or at a point in time to match when the customer obtains control of the product, 3) the presentation of sales of certain of our jointly-owned products in or Market and Commodities Intelligence segment, revenue will be recognized on a gross rather than net basis, and 4) the capitalization of costs to obtain a contract and the related amortization period of those costs. We do not expect that these changes from the adoption of this standard will have a significant impact on our consolidated financial statements.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of components of assets and liabilities, and operating loss, of businesses held for sale	The operating profit of our businesses that were disposed of or held for sale for the periods ended September 30, 2017 and 2016 is as follows: (in millions) Three Months Nine Months 2017 2016 2017 2016 Operating profit 1 $ — $ 22 $ — $ 29 1 The three and nine months ended September 31, 2016 exclude a pre-tax gain on the sale of J.D. Power of $722 million . 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

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt	(in millions) September 30, December 31, 2.5% Senior Notes, due 2018 1 $ 399 $ 398 3.3% Senior Notes, due 2020 2 697 696 4.0% Senior Notes, due 2025 3 692 691 4.4% Senior Notes, due 2026 4 892 891 2.95% Senior Notes, due 2027 5 492 492 6.55% Senior Notes, due 2037 6 396 396 Total debt 3,568 3,564 Less: short-term debt including current maturities — — Long-term debt $ 3,568 $ 3,564 1 Interest payments are due semiannually on February 15 and August 15, and as of September 30, 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 September 30, 2017 , the unamortized debt discount and issuance costs total $3 million . 3 Interest payments are due semiannually on June 15 and December 15, and as of September 30, 2017 , the unamortized debt discount and issuance costs total $8 million . 4 Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2017 , the unamortized debt discount and issuance costs total $8 million . 5 Interest payments are due semiannually on January 22 and July 22, and as of September 30, 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 September 30, 2017 , the unamortized debt discount and issuance costs total $4 million .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016 : (in millions) Balance Sheet Location September 30, 2017 December 31, 2016 Prepaid and other current assets 1 Foreign exchange forward contracts $ 5 $ 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 periods ended September 30 : Three Months (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 $ 3 $ 1 Selling and general expenses $ 2 $ 1 Nine Months (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 $ 2 $ 3 Selling and general expenses $ 6 $ 3
Schedule of 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 periods ended September 30 : (in millions) Three Months Nine Months 2017 2016 2017 2016 Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 1 $ 1 $ 2 $ (1 ) Change in fair value, net of tax 5 2 8 6 Reclassification into earnings, net of tax (2 ) (1 ) (6 ) (3 ) Net unrealized gains on cash flow hedges, net of taxes, end of period $ 4 $ 2 $ 4 $ 2

Employee Benefits (Tables)

Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic benefit cost (credit) for our retirement plans and postretirement plans	The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended September 30 are as follows: Retirement Plans (in millions) Three Months Nine Months 2017 2016 2017 2016 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 19 19 55 59 Expected return on assets (32 ) (30 ) (95 ) (92 ) Amortization of actuarial loss 4 4 14 12 Net periodic benefit cost $ (8 ) $ (6 ) $ (24 ) $ (19 ) Postretirement Plans (in millions) Three Months Nine Months 2017 2016 2017 2016 Interest cost $ — $ 1 $ 1 $ 2 Amortization of prior service credit / actuarial gain — (1 ) (2 ) (1 ) Net periodic benefit cost $ — $ — $ (1 ) $ 1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation	Stock-based compensation for the periods ended September 30 is as follows: (in millions) Three Months Nine Months 2017 2016 2017 2016 Stock option expense $ 1 $ 2 $ 2 $ 6 Restricted stock and unit awards expense 23 18 63 48 Total stock-based compensation expense $ 24 $ 20 $ 65 $ 54

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Schedule of share repurchases	Share repurchases for the periods ended September 30 were as follows: (in millions, except average price) Three Months Nine Months 2017 2016 2017 2016 Total number of shares purchased 1 2.8 5.3 5.4 8.8 Average price paid per share 2 $ — $ — $ 133.01 $ 98.05 Total cash utilized 3 $ 500 $ 750 $ 846 $ 1,097 1 The three and nine months ended September 30, 2017 and 2016 include shares received as part of our accelerated share repurchase agreements described in more detail below. 2 Average price paid per share information does not include the accelerated share repurchase transactions as discussed in more detail below. 3 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 nine months ended September 30, 2016 resulting in $1,123 million of cash used to repurchase shares.
Schedule of redeemable noncontrolling interest	Changes to redeemable noncontrolling interest during the nine months ended September 30, 2017 were as follows: (in millions) Balance as of December 31, 2016 $ 1,080 Net income attributable to noncontrolling interest 95 Distributions payable to noncontrolling interest (76 ) Redemption value adjustment 62 Balance as of September 30, 2017 $ 1,161
Schedule of changes in the components of accumulated other comprehensive loss	The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2017 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Unrealized Loss on Investment Accumulated Other Comprehensive Loss Balance as of December 31, 2016 $ (332 ) $ (443 ) $ 2 — $ (773 ) Other comprehensive income before reclassifications 96 (1 ) 8 (10 ) 93 Reclassifications from accumulated other comprehensive loss to net earnings — 8 1 (6 ) 2 — 2 Net other comprehensive income 96 7 2 (10 ) 95 Balance as of September 30, 2017 $ (236 ) $ (436 ) $ 4 $ (10 ) $ (678 ) 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)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of calculation for basic and diluted EPS	The calculation for basic and diluted EPS for the periods ended September 30 is as follows: (in millions, except per share amounts) Three Months Nine Months 2017 2016 2017 2016 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 414 $ 892 $ 1,234 $ 1,569 Basic weighted-average number of common shares outstanding 255.5 262.9 257.0 264.1 Effect of stock options and other dilutive securities 2.4 2.4 2.5 2.3 Diluted weighted-average number of common shares outstanding 257.9 265.3 259.5 266.4 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.62 $ 3.39 $ 4.80 $ 5.94 Diluted $ 1.61 $ 3.36 $ 4.75 $ 5.89

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 by segment is as follows: 2017 Restructuring Plans 2016 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance Ratings $ 15 $ 15 $ 14 $ 4 Market and Commodities Intelligence 5 4 10 5 Indices — — 1 — Corporate 4 4 5 3 Total $ 24 $ 23 $ 30 $ 12

Segment and Related Informati32

Segment and Related Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of operating results by segment	A summary of operating results by segment for the periods ended September 30 is as follows: Three Months 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 739 $ 376 $ 642 $ 346 Market and Commodities Intelligence 2 615 208 658 924 Indices 3 187 119 164 107 Intersegment elimination 4 (28 ) — (25 ) — Total operating segments 1,513 703 1,439 1,377 Unallocated expense 5 — (45 ) — (29 ) Total $ 1,513 $ 658 $ 1,439 $ 1,348 Nine Months 2017 2016 (in millions) Revenue Operating Profit Revenue Operating Profit Ratings 1 $ 2,199 $ 1,149 $ 1,877 $ 1,004 Market and Commodities Intelligence 2 1,815 586 1,990 1,293 Indices 3 542 352 468 308 Intersegment elimination 4 (81 ) — (73 ) — Total operating segments 4,475 2,087 4,262 2,605 Unallocated expense 5 — (105 ) — (93 ) Total $ 4,475 $ 1,982 $ 4,262 $ 2,512 1 Operating profit includes employee severance charges of $15 million for the three and nine months ended September 30, 2017 and legal settlement expenses of $2 million for the nine months ended September 30, 2017 . Operating profit includes a benefit related to net legal settlement insurance recoveries of $17 million and $63 million for the three and nine months ended September 30, 2016 , respectively, and employee severance charges of $6 million for the nine months ended September 30, 2016 . Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2017 and 2016 and $3 million and $4 million for the nine months ended September 30, 2017 and 2016 , respectively. 2 Operating profit for the nine months ended September 30, 2017 includes a charge to exit a leased facility of $6 million , employee severance charges of $5 million , an asset write-off of $2 million , and non-cash acquisition and disposition-related adjustments of $15 million . As of September 7, 2016, we completed the sale of J.D. Power with the results included in Market and Commodities Intelligence results through that date. Operating profit for the three and nine months ended September 30, 2016 includes disposition-related costs of $6 million and $17 million , respectively, an acquisition-related cost of $1 million , and a gain on the sale of J.D. Power of $722 million . Operating profit for the nine months ended September 30, 2016 includes a technology-related impairment charge of $24 million . Operating profit also includes amortization of intangibles from acquisitions of $22 million and $21 million for the three months ended September 30, 2017 and 2016 , respectively, and $66 million and $63 million for the nine months ended September 30, 2017 and 2016 , respectively. 3 Operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2017 and 2016 and $4 million for the nine months ended September 30, 2017 and 2016 . 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. 5 Operating profit includes employee severance charges of $4 million for the three and nine months ended September 30, 2017 and a disposition-related reserve release of $3 million for the nine months ended September 30, 2016 .
Schedule of revenue by geographic region	The following provides revenue by geographic region for the periods ended September 30 : (in millions) Three Months Nine Months 2017 2016 2017 2016 U.S. $ 916 $ 887 $ 2,733 $ 2,641 European region 359 333 1,062 966 Asia 157 145 431 437 Rest of the world 81 74 249 218 Total $ 1,513 $ 1,439 $ 4,475 $ 4,262

Condensed Consolidating Finan33

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of the Statement of Income	Statement of Income Three Months Ended September 30, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 184 $ 435 $ 929 $ (35 ) $ 1,513 Expenses: Operating-related expenses 8 124 324 (35 ) 421 Selling and general expenses 62 101 225 — 388 Depreciation 9 3 10 — 22 Amortization of intangibles — — 24 — 24 Total expenses 79 228 583 (35 ) 855 Operating profit 105 207 346 — 658 Interest expense (income), net 41 — (4 ) — 37 Non-operating intercompany transactions 91 (13 ) (91 ) 13 — (Loss) income before taxes on income (27 ) 220 441 (13 ) 621 (Benefit) provision for taxes on income (45 ) 107 107 — 169 Equity in net income of subsidiaries 409 — — (409 ) — Net income $ 427 $ 113 $ 334 $ (422 ) $ 452 Less: net income attributable to noncontrolling interests — — — (38 ) (38 ) Net income attributable to S&P Global Inc. $ 427 $ 113 $ 334 $ (460 ) $ 414 Comprehensive income $ 405 $ 113 $ 382 $ (427 ) $ 473 Statement of Income Nine Months Ended September 30, 2017 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 545 $ 1,320 $ 2,712 $ (102 ) $ 4,475 Expenses: Operating-related expenses 78 359 947 (102 ) 1,282 Selling and general expenses 108 273 696 — 1,077 Depreciation 23 9 29 — 61 Amortization of intangibles — — 73 — 73 Total expenses 209 641 1,745 (102 ) 2,493 Operating profit 336 679 967 — 1,982 Interest expense (income), net 119 — (9 ) — 110 Non-operating intercompany transactions 270 (55 ) (1,717 ) 1,502 — (Loss) income before taxes on income (53 ) 734 2,693 (1,502 ) 1,872 (Benefit) provision for taxes on income (91 ) 325 299 — 533 Equity in net income of subsidiaries 2,697 — — (2,697 ) — Net income $ 2,735 $ 409 $ 2,394 $ (4,199 ) $ 1,339 Less: net income attributable to noncontrolling interests — — — (105 ) (105 ) Net income attributable to S&P Global Inc. $ 2,735 $ 409 $ 2,394 $ (4,304 ) $ 1,234 Comprehensive income $ 2,724 $ 409 $ 2,500 $ (4,199 ) $ 1,434 Statement of Income Three Months Ended September 30, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 175 $ 383 $ 914 $ (33 ) $ 1,439 Expenses: Operating-related expenses 20 111 333 (33 ) 431 Selling and general expenses 52 49 236 — 337 Depreciation 8 2 12 — 22 Amortization of intangibles — — 23 — 23 Total expenses 80 162 604 (33 ) 813 Gain on disposition (705 ) — (17 ) — (722 ) Operating profit 800 221 327 — 1,348 Interest expense (income), net 43 — (4 ) — 39 Non-operating intercompany transactions 14 (21 ) (41 ) 48 — Income before taxes on income 743 242 372 (48 ) 1,309 Provision for taxes on income 184 95 107 — 386 Equity in net income of subsidiaries 457 76 — (533 ) — Net income $ 1,016 $ 223 $ 265 $ (581 ) $ 923 Less: net income attributable to noncontrolling interests — — — (31 ) (31 ) Net income attributable to S&P Global Inc. $ 1,016 $ 223 $ 265 $ (612 ) $ 892 Comprehensive income $ 1,069 $ 216 $ 191 $ (561 ) $ 915 Statement of Income Nine Months Ended September 30, 2016 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 516 $ 1,138 $ 2,703 $ (95 ) $ 4,262 Expenses: Operating-related expenses 67 342 1,038 (95 ) 1,352 Selling and general expenses 106 145 735 — 986 Depreciation 28 7 28 — 63 Amortization of intangibles — — 71 — 71 Total expenses 201 494 1,872 (95 ) 2,472 Gain on disposition (705 ) — (17 ) — (722 ) Operating profit 1,020 644 848 — 2,512 Interest expense (income), net 129 — (7 ) — 122 Non-operating intercompany transactions 249 (62 ) (739 ) 552 — Income before taxes on income 642 706 1,594 (552 ) 2,390 Provision for taxes on income 166 263 302 — 731 Equity in net income of subsidiaries 1,865 220 — (2,085 ) — Net income $ 2,341 $ 663 $ 1,292 $ (2,637 ) $ 1,659 Less: net income attributable to noncontrolling interests — — — (90 ) (90 ) Net income attributable to S&P Global Inc. $ 2,341 $ 663 $ 1,292 $ (2,727 ) $ 1,569 Comprehensive income $ 2,351 $ 662 $ 1,247 $ (2,636 ) $ 1,624
Schedule of the Balance Sheet	Balance Sheet September 30, 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 $ 243 $ — $ 2,069 $ — $ 2,312 Accounts receivable, net of allowance for doubtful accounts 138 204 846 — 1,188 Intercompany receivable 912 1,775 1,961 (4,648 ) — Prepaid and other current assets 74 (3 ) 82 — 153 Total current assets 1,367 1,976 4,958 (4,648 ) 3,653 Property and equipment, net of accumulated depreciation 149 1 109 — 259 Goodwill 261 — 2,724 7 2,992 Other intangible assets, net — — 1,421 — 1,421 Investments in subsidiaries 6,800 5 8,900 (15,705 ) — Intercompany loans receivable 114 — 1,629 (1,743 ) — Other non-current assets 166 57 166 — 389 Total assets $ 8,857 $ 2,039 $ 19,907 $ (22,089 ) $ 8,714 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 61 $ 13 $ 96 $ — $ 170 Intercompany payable 3,044 699 905 (4,648 ) — Accrued compensation and contributions to retirement plans 120 66 187 — 373 Income taxes currently payable 4 — 73 — 77 Unearned revenue 287 210 927 — 1,424 Other current liabilities 133 21 210 — 364 Total current liabilities 3,649 1,009 2,398 (4,648 ) 2,408 Long-term debt 3,568 — — — 3,568 Intercompany loans payable 108 — 1,635 (1,743 ) — Pension and other postretirement benefits 185 — 73 — 258 Other non-current liabilities 49 72 305 — 426 Total liabilities 7,559 1,081 4,411 (6,391 ) 6,660 Redeemable noncontrolling interest — — — 1,161 1,161 Equity: Common stock 412 — 2,292 (2,292 ) 412 Additional paid-in capital (301 ) 593 11,380 (11,254 ) 418 Retained income 10,869 365 2,266 (3,434 ) 10,066 Accumulated other comprehensive loss (303 ) — (419 ) 44 (678 ) Less: common stock in treasury (9,379 ) — (24 ) 24 (9,379 ) Total equity - controlling interests 1,298 958 15,495 (16,912 ) 839 Total equity - noncontrolling interests — — 1 53 54 Total equity 1,298 958 15,496 (16,859 ) 893 Total liabilities and equity $ 8,857 $ 2,039 $ 19,907 $ (22,089 ) $ 8,714 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
Schedule of the Statement of Cash Flows	Statement of Cash Flows Nine Months Ended September 30, 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 $ 2,735 $ 409 $ 2,394 $ (4,199 ) $ 1,339 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 24 9 28 — 61 Amortization of intangibles — — 73 — 73 Provision for losses on accounts receivable 1 2 14 — 17 Stock-based compensation 23 15 27 — 65 Other 27 15 — — 42 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (2 ) (73 ) 11 — (64 ) Prepaid and other current assets (8 ) 2 9 — 3 Accounts payable and accrued expenses (19 ) 56 (87 ) — (50 ) Unearned revenue 14 17 (138 ) — (107 ) Accrued legal settlements — (1 ) (3 ) — (4 ) Other current liabilities (42 ) (11 ) (41 ) — (94 ) Net change in prepaid/accrued income taxes (27 ) (18 ) 3 — (42 ) Net change in other assets and liabilities (42 ) (5 ) 11 — (36 ) Cash provided by operating activities 2,684 417 2,301 (4,199 ) 1,203 Investing Activities: Capital expenditures (34 ) (17 ) (26 ) — (77 ) Acquisitions, net of cash acquired — — (80 ) — (80 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (34 ) (17 ) (104 ) — (155 ) Financing Activities: Dividends paid to shareholders (316 ) — — — (316 ) Distributions to noncontrolling interest holders — — (69 ) — (69 ) Repurchase of treasury shares (846 ) — — — (846 ) Exercise of stock options 63 — 6 — 69 Employee withholding tax on share-based payments (49 ) — — — (49 ) Intercompany financing activities (1,960 ) (400 ) (1,839 ) 4,199 — Cash used for financing activities (3,108 ) (400 ) (1,902 ) 4,199 (1,211 ) Effect of exchange rate changes on cash from continuing operations (10 ) — 93 — 83 Net change in cash and cash equivalents (468 ) — 388 — (80 ) Cash and cash equivalents at beginning of period 711 — 1,681 — 2,392 Cash and cash equivalents at end of period $ 243 $ — $ 2,069 $ — $ 2,312 Statement of Cash Flows Nine Months Ended September 30, 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 $ 2,341 $ 663 $ 1,292 $ (2,637 ) $ 1,659 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 28 7 28 — 63 Amortization of intangibles — — 71 — 71 Provision for losses on accounts receivable 2 — 8 — 10 Stock-based compensation 17 12 25 — 54 Gain on disposition (705 ) — (17 ) — (722 ) Other (66 ) 3 111 — 48 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 5 159 (190 ) — (26 ) Prepaid and other current assets (7 ) 13 (1 ) — 5 Accounts payable and accrued expenses (24 ) (147 ) 90 — (81 ) Unearned revenue 20 (385 ) 359 — (6 ) Accrued legal settlements — (108 ) (26 ) — (134 ) Other current liabilities (15 ) (25 ) 30 — (10 ) Net change in prepaid/accrued income taxes 328 — 55 — 383 Net change in other assets and liabilities (35 ) 29 (51 ) — (57 ) Cash provided by operating activities 1,889 221 1,784 (2,637 ) 1,257 Investing Activities: Capital expenditures (34 ) (11 ) (22 ) — (67 ) Acquisitions, net of cash acquired (140 ) — (5 ) — (145 ) Proceeds from dispositions 1,047 — 24 — 1,071 Changes in short-term investments — — (1 ) — (1 ) Cash used for investing activities 873 (11 ) (4 ) — 858 Financing Activities: Payments on short-term debt, net (143 ) — — — (143 ) Proceeds from issuance of senior notes, net 493 — — — 493 Dividends paid to shareholders (286 ) — — — (286 ) Distributions to noncontrolling interest holders — — (59 ) — (59 ) Contingent consideration payments (5 ) — (10 ) — (15 ) Repurchase of treasury shares (1,123 ) — — — (1,123 ) Exercise of stock options 83 — 1 — 84 Employee withholding tax on share-based payments (55 ) — — — (55 ) Intercompany financing activities (1,155 ) (210 ) (1,272 ) 2,637 — Cash used for financing activities (2,191 ) (210 ) (1,340 ) 2,637 (1,104 ) Effect of exchange rate changes on cash from continuing operations — — (93 ) — (93 ) Net change in cash and cash equivalents 571 — 347 — 918 Cash and cash equivalents at beginning of period 167 — 1,314 — 1,481 Cash and cash equivalents at end of period $ 738 $ — $ 1,661 $ — $ 2,399

Nature of Operations and Basi34

Nature of Operations and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2017Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2017	Aug. 31, 2017	Jun. 30, 2017	Apr. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Assets held for sale				$ 5
Algomi Limited
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Fair value method investment, ownership (as a percent)		6.02%
CARE Ratings Limited
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Fair value method investment, ownership (as a percent)			8.90%
CARE Ratings Limited | Other Noncurrent Assets
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Investment balance	$ 53
TRIS Rating Company Limited
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Equity method investment, ownership (as a percent)					49.00%

Acquisitions and Divestitures36

Acquisitions and Divestitures - Components of Assets and Liabilities, and Operating Loss, of Businesses Held for Sale (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Assets and Liabilities of Business Held for Sale
Gain on disposition		$ 0	$ 722	$ 0	$ 722
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Operating Loss of Business Disposed of
Operating profit		$ 0	22	$ 0	29
Quant House SAS | 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
S&P Global Platts | J.D. Power | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Assets and Liabilities of Business Held for Sale
Proceeds from divestiture of businesses	$ 1,100
Gain on disposition			722		$ 722
Gain (loss) on disposition of business, net of Tax			$ 521

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	27.30%	29.50%	28.50%	30.60%
Unrecognized tax benefits	$ 138		$ 138		$ 161
Accrued interest and penalties associated with unrecognized tax benefits	53		53		$ 44
Reduction of unrecognized tax benefits is reasonably possible	$ 32		$ 32

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 22, 2016	May 26, 2015
Debt Instrument [Line Items]
Total debt	$ 3,568,000,000	$ 3,564,000,000
Less: short-term debt including current maturities	0	0
Long-term debt	3,568,000,000	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	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	3.30%
Long-term debt	$ 697,000,000	696,000,000
Unamortized debt discount and issuance costs	$ 3,000,000
Senior notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Stated interest rate	4.00%			4.00%
Long-term debt	$ 692,000,000	691,000,000
Unamortized debt discount and issuance costs	$ 8,000,000
Senior notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Stated interest rate	4.40%
Long-term debt	$ 892,000,000	891,000,000
Unamortized debt discount and issuance costs	$ 8,000,000
Senior notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Stated interest rate	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	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, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value		$ 3,800,000,000	$ 3,700,000,000
Five-Year Credit Agreement | Maximum
Debt Instrument [Line Items]
Indebtedness to cash flow (not greater than)		4
Five-Year Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Credit facility, term (in years)	5 years
Outstanding borrowings	$ 0
Commitment fee		0.125%
Five-Year Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee		0.08%
Five-Year Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee		0.175%
Five-Year Credit Agreement | Commercial paper
Debt Instrument [Line Items]
Short-term debt		$ 0	$ 0
Five Year Facility, Due June 30, 2020 | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Credit facility, term (in years)	5 years

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Foreign exchange forward contracts - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Net gains related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings	$ 4
Aggregate notional value	$ 133	$ 78

Derivative Instruments - Locati

Derivative Instruments - Location and Fair Values of Cash Flow Hedges (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 5	$ 3

Derivative Instruments - Loca42

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 3	$ 1	$ 2	$ 3
Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ 2	$ 1	$ 6	$ 3

Derivative Instruments - Change

Derivative Instruments - Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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
Change in fair value, net of tax	$ 3	$ 1	2	$ 3
Net unrealized gains on cash flow hedges, net of taxes, end of period	839		839
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	1	1	2	(1)
Change in fair value, net of tax	5	2	8	6
Reclassification into earnings, net of tax	(2)	(1)	(6)	(3)
Net unrealized gains on cash flow hedges, net of taxes, end of period	$ 4	$ 2	$ 4	$ 2

Employee Benefits - Components

Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	19	19	55	59
Expected return on plan assets	(32)	(30)	(95)	(92)
Amortization of actuarial (gain) loss / (prior service credit)	4	4	14	12
Net periodic benefit cost	(8)	(6)	(24)	(19)
Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0	1	1	2
Amortization of actuarial (gain) loss / (prior service credit)	0	(1)	(2)	(1)
Net periodic benefit cost	$ 0	$ 0	$ (1)	$ 1

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Compensation and Retirement Disclosure [Abstract]
Contribution towards retirement plans	$ 6
Expected contributions towards retirement plans, remainder of the year	$ 2

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 24	$ 20	$ 65	$ 54
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1	2	2	6
Restricted stock and unit awards expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	23	$ 18	$ 63	$ 48
Award grants (in shares)			0.4
Award grants, weighted average grant date fair value (in dollars per share)			$ 130.24
Unrecognized compensation expense	$ 83		$ 83
Unrecognized compensation expense, period for recognition			1 year 9 months 18 days

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)

Aug. 01, 2017

Dec. 12, 2016

Sep. 30, 2016

Dec. 31, 2015

Dec. 12, 2017

Sep. 30, 2017

Dec. 12, 2016

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Sep. 07, 2016

Dec. 04, 2013

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total number of shares purchased

300,000

2,800,000

5,300,000

5,400,000

8,800,000

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)

20,400,000

20,400,000

S&P Dow Jones LLC

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Noncontrolling interest ownership by noncontrolling owners (as a percent)

27.00%

27.00%

Accelerated Share Repurchases, August 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Authorized stock repurchase program amount

$ 500,000,000

Settlement / receipt of accelerated share repurchases

$ (500,000,000)

Accelerated Share Repurchases, September 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Authorized stock repurchase program amount

$ 750,000,000

Settlement / receipt of accelerated share repurchases

$ (750,000,000)

$ (750,000,000)

$ (750,000,000)

Total number of shares purchased

6,100,000

Average purchase price per treasury stock acquired (in USD per share)

$ 122.18

Initial Award | Accelerated Share Repurchases, August 2017

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total number of shares purchased

2,800,000

Accelerated share repurchases initial delivery percentage (as a percent)

85.00%

Initial Award | Accelerated Share Repurchases, September 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total number of shares purchased

4,400,000

Additional Award | Accelerated Share Repurchases, September 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total number of shares purchased

900,000

900,000

Equity - Schedule of share repu

Equity - Schedule of share repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	0.3	2.8	5.3	5.4	8.8
Average price paid per share (in dollars per share)		$ 0	$ 0	$ 133.01	$ 98.05
Total cash utilized	$ 26			$ 851
Cash used to repurchase shares				846	$ 1,123
Stock Repurchases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash used to repurchase shares				1,123
Total SPGI Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized		$ 500	$ 750	$ 846	$ 1,097

Equity - Schedule of changes to

Equity - Schedule of changes to redeemable noncontrolling interest (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	$ 1,080
Net income attributable to noncontrolling interest	(95)
Distributions payable to noncontrolling interest	(76)
Redemption value adjustment	62
Balance at end of period	$ 1,161

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ 701
Other comprehensive income before reclassifications			93
Reclassifications from accumulated other comprehensive loss to net earnings			2
Net other comprehensive income			95
Balance at end of period	$ 893		893
Pension and other postretirement benefit plans, tax	1	$ 1	0	$ 5
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(773)
Balance at end of period	(678)		(678)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(332)
Other comprehensive income before reclassifications			96
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			96
Balance at end of period	(236)		(236)
Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(443)
Other comprehensive income before reclassifications			(1)
Reclassifications from accumulated other comprehensive loss to net earnings			8
Net other comprehensive income			7
Balance at end of period	(436)		(436)
Pension and other postretirement benefit plans, tax			3
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			2
Other comprehensive income before reclassifications			8
Reclassifications from accumulated other comprehensive loss to net earnings			(6)
Net other comprehensive income			2
Balance at end of period	4		4
Unrealized Loss on Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			0
Other comprehensive income before reclassifications			(10)
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			(10)
Balance at end of period	$ (10)		$ (10)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$ 414	$ 892	$ 1,234	$ 1,569
Basic weighted-average number of common shares outstanding	255,500,000	262,900,000	257,000,000	264,100,000
Effect of stock options and other dilutive securities (in shares)	2,400,000	2,400,000	2,500,000	2,300,000
Diluted weighted-average number of common shares outstanding	257,900,000	265,300,000	259,500,000	266,400,000
Earnings per share attributable to S&P Global Inc. common shareholders:
Basic (in dollars per share)	$ 1.62	$ 3.39	$ 4.80	$ 5.94
Diluted (in dollars per share)	$ 1.61	$ 3.36	$ 4.75	$ 5.89
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	0	0	0	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			900,000	700,000

Restructuring (Details)

Restructuring (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)position	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Ratings
Restructuring Cost and Reserve [Line Items]
Employee termination charges	$ 15	$ 15	$ 6
Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Employee termination charges		$ 5
2017 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) | position		200
Employee termination charges		$ 24
Ending Reserve Balance	23	23
Reduction of reserve		1
2017 Restructuring Plan | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		15
Ending Reserve Balance	15	15
2017 Restructuring Plan | Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		5
Ending Reserve Balance	4	4
2017 Restructuring Plan | Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		0
Ending Reserve Balance	0	0
2017 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		4
Ending Reserve Balance	4	$ 4
2016 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction (in positions) | position		230
Initial Charge Recorded		$ 30
Ending Reserve Balance	12	12		$ 23
Restructuring charges paid		11
2016 Restructuring Plan | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		14
Ending Reserve Balance	4	4
2016 Restructuring Plan | Market and Commodities Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		10
Ending Reserve Balance	5	5
2016 Restructuring Plan | Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		1
Ending Reserve Balance	0	0
2016 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		5
Ending Reserve Balance	$ 3	$ 3

Segment and Related Informati53

Segment and Related Information - Operating Results by Segment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segment	Sep. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | Segment			3
Segment Reporting Information [Line Items]
Revenue	$ 1,513	$ 1,439	$ 4,475	$ 4,262
Operating Profit	658	1,348	1,982	2,512
Amortization of intangibles	24	23	73	71
Gain on sale of business	0	722	0	722
Ratings
Segment Reporting Information [Line Items]
Employee termination charges	15		15	6
Legal settlement			2
Insurance recoveries		17		63
Amortization of intangibles	1	1	3	4
Market and Commodities Intelligence
Segment Reporting Information [Line Items]
Employee termination charges			5
Amortization of intangibles	22	21	66	63
Charge to exit a leased facility			6
Asset write off			2
Non-cash acquisition and disposition-related adjustments			15
Disposition-related gain (loss)		(6)		(17)
Acquisition related costs		1		1
Gain on sale of business		722		722
Technology-related impairment charge				24
Indices
Segment Reporting Information [Line Items]
Amortization of intangibles	1	1	4	4
Operating segments
Segment Reporting Information [Line Items]
Revenue	1,513	1,439	4,475	4,262
Operating Profit	703	1,377	2,087	2,605
Operating segments | Ratings
Segment Reporting Information [Line Items]
Revenue	739	642	2,199	1,877
Operating Profit	376	346	1,149	1,004
Operating segments | Market and Commodities Intelligence
Segment Reporting Information [Line Items]
Revenue	615	658	1,815	1,990
Operating Profit	208	924	586	1,293
Operating segments | Indices
Segment Reporting Information [Line Items]
Revenue	187	164	542	468
Operating Profit	119	107	352	308
Intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	(28)	(25)	(81)	(73)
Operating Profit	0	0	0	0
Segment reconciling items
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Operating Profit	(45)	(29)	(105)	$ (93)
Employee termination charges	$ 4		$ 4
Disposition-related gain (loss)		$ 3

Segment and Related Informati54

Segment and Related Information - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,513	$ 1,439	$ 4,475	$ 4,262
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	916	887	2,733	2,641
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	359	333	1,062	966
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	157	145	431	437
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 81	$ 74	$ 249	$ 218

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Jan. 31, 2016employee	Aug. 31, 2015shareholder
Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of shareholders commencing punitive derivative action | shareholder				2
CME Group | S&P DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement | $	$ 18	$ 56
Noncontrolling interest ownership by noncontrolling owners (as a percent)	27.00%	27.00%
S&P Global Ratings | Shareholder Derivative Action
Loss Contingencies [Line Items]
Number of former employees named as defendants | employee			9

Recently Issued or Adopted Ac56

Recently Issued or Adopted Accounting Standards (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefits	$ 51
Reclassification to (from) financing activity in cash flow	(1,211)	$ (1,104)
Reclassification to (from) operating activity in cash flow	1,203	1,257
Accounting Standards Update 2016-09, Cash Flow Classifications Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) financing activity in cash flow	$ 49
Reclassification | Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) financing activity in cash flow		(31)
Reclassification to (from) operating activity in cash flow		31
Reclassification | Accounting Standards Update 2016-09, Cash Flow Classifications Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) financing activity in cash flow		55
Reclassification to (from) operating activity in cash flow		$ (55)

Condensed Consolidating Finan57

Condensed Consolidating Financial Statements - Narrative (Details) - USD ($)	Sep. 30, 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	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	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			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			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			4.40%

Condensed Consolidating Finan58

Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,513	$ 1,439	$ 4,475	$ 4,262
Expenses:
Operating-related expenses	421	431	1,282	1,352
Selling and general expenses	388	337	1,077	986
Depreciation	22	22	61	63
Amortization of intangibles	24	23	73	71
Total expenses	855	813	2,493	2,472
Gain on disposition	0	(722)	0	(722)
Operating profit	658	1,348	1,982	2,512
Interest expense (income), net	37	39	110	122
Non-operating intercompany transactions	0	0	0	0
Income before taxes on income	621	1,309	1,872	2,390
(Benefit) provision for taxes on income	169	386	533	731
Equity in net income of subsidiaries	0	0	0	0
Net income	452	923	1,339	1,659
Less: net income attributable to noncontrolling interests	(38)	(31)	(105)	(90)
Net income attributable to S&P Global Inc.	414	892	1,234	1,569
Comprehensive income	473	915	1,434	1,624
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(35)	(33)	(102)	(95)
Expenses:
Operating-related expenses	(35)	(33)	(102)	(95)
Selling and general expenses	0	0	0	0
Depreciation	0	0	0	0
Amortization of intangibles	0	0	0	0
Total expenses	(35)	(33)	(102)	(95)
Gain on disposition		0		0
Operating profit	0	0	0	0
Interest expense (income), net	0	0	0	0
Non-operating intercompany transactions	13	48	1,502	552
Income before taxes on income	(13)	(48)	(1,502)	(552)
(Benefit) provision for taxes on income	0	0	0	0
Equity in net income of subsidiaries	(409)	(533)	(2,697)	(2,085)
Net income	(422)	(581)	(4,199)	(2,637)
Less: net income attributable to noncontrolling interests	(38)	(31)	(105)	(90)
Net income attributable to S&P Global Inc.	(460)	(612)	(4,304)	(2,727)
Comprehensive income	(427)	(561)	(4,199)	(2,636)
S&P Global Inc.
Condensed Income Statements, Captions [Line Items]
Revenue	184	175	545	516
Expenses:
Operating-related expenses	8	20	78	67
Selling and general expenses	62	52	108	106
Depreciation	9	8	23	28
Amortization of intangibles	0	0	0	0
Total expenses	79	80	209	201
Gain on disposition		(705)		(705)
Operating profit	105	800	336	1,020
Interest expense (income), net	41	43	119	129
Non-operating intercompany transactions	91	14	270	249
Income before taxes on income	(27)	743	(53)	642
(Benefit) provision for taxes on income	(45)	184	(91)	166
Equity in net income of subsidiaries	409	457	2,697	1,865
Net income	427	1,016	2,735	2,341
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	427	1,016	2,735	2,341
Comprehensive income	405	1,069	2,724	2,351
Standard & Poor's Financial Services LLC
Condensed Income Statements, Captions [Line Items]
Revenue	435	383	1,320	1,138
Expenses:
Operating-related expenses	124	111	359	342
Selling and general expenses	101	49	273	145
Depreciation	3	2	9	7
Amortization of intangibles	0	0	0	0
Total expenses	228	162	641	494
Gain on disposition		0		0
Operating profit	207	221	679	644
Interest expense (income), net	0	0	0	0
Non-operating intercompany transactions	(13)	(21)	(55)	(62)
Income before taxes on income	220	242	734	706
(Benefit) provision for taxes on income	107	95	325	263
Equity in net income of subsidiaries	0	76	0	220
Net income	113	223	409	663
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	113	223	409	663
Comprehensive income	113	216	409	662
Non-Guarantor Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenue	929	914	2,712	2,703
Expenses:
Operating-related expenses	324	333	947	1,038
Selling and general expenses	225	236	696	735
Depreciation	10	12	29	28
Amortization of intangibles	24	23	73	71
Total expenses	583	604	1,745	1,872
Gain on disposition		(17)		(17)
Operating profit	346	327	967	848
Interest expense (income), net	(4)	(4)	(9)	(7)
Non-operating intercompany transactions	(91)	(41)	(1,717)	(739)
Income before taxes on income	441	372	2,693	1,594
(Benefit) provision for taxes on income	107	107	299	302
Equity in net income of subsidiaries	0	0	0	0
Net income	334	265	2,394	1,292
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	334	265	2,394	1,292
Comprehensive income	$ 382	$ 191	$ 2,500	$ 1,247

Condensed Consolidating Finan59

Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 2,312	$ 2,392	$ 2,399	$ 1,481
Accounts receivable, net of allowance for doubtful accounts	1,188	1,122
Intercompany receivable	0	0
Prepaid and other current assets	153	157
Total current assets	3,653	3,671
Property and equipment, net of accumulated depreciation	259	271
Goodwill	2,992	2,949
Other intangible assets, net	1,421	1,506
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	389	272
Total assets	8,714	8,669
Current liabilities:
Accounts payable	170	183
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	373	409
Income taxes currently payable	77	95
Unearned revenue	1,424	1,509
Other current liabilities	364	415
Total current liabilities	2,408	2,611
Long-term debt	3,568	3,564
Intercompany loans payable	0	0
Pension and other postretirement benefits	258	274
Other non-current liabilities	426	439
Total liabilities	6,660	6,888
Redeemable noncontrolling interest	1,161	1,080
Equity:
Common stock	412	412
Additional paid-in capital	418	502
Retained income	10,066	9,210
Accumulated other comprehensive loss	(678)	(773)
Less: common stock in treasury	(9,379)	(8,701)
Total equity — controlling interests	839	650
Total equity - noncontrolling interests	54	51
Total equity	893	701
Total liabilities and equity	8,714	8,669
Eliminations
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(4,648)	(1,542)
Prepaid and other current assets	0	(1)
Total current assets	(4,648)	(1,543)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	7	9
Other intangible assets, net	0	0
Investments in subsidiaries	(15,705)	(13,970)
Intercompany loans receivable	(1,743)	(1,371)
Other non-current assets	0	0
Total assets	(22,089)	(16,875)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(4,648)	(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	0
Total current liabilities	(4,648)	(1,541)
Long-term debt	0	0
Intercompany loans payable	(1,743)	(1,371)
Pension and other postretirement benefits	0	0
Other non-current liabilities	0	(1)
Total liabilities	(6,391)	(2,913)
Redeemable noncontrolling interest	1,161	1,080
Equity:
Common stock	(2,292)	(2,460)
Additional paid-in capital	(11,254)	(10,963)
Retained income	(3,434)	(1,721)
Accumulated other comprehensive loss	44	44
Less: common stock in treasury	24	7
Total equity — controlling interests	(16,912)	(15,093)
Total equity - noncontrolling interests	53	51
Total equity	(16,859)	(15,042)
Total liabilities and equity	(22,089)	(16,875)
S&P Global Inc.
Current assets:
Cash and cash equivalents	243	711	738	167
Accounts receivable, net of allowance for doubtful accounts	138	138
Intercompany receivable	912	(165)
Prepaid and other current assets	74	77
Total current assets	1,367	761
Property and equipment, net of accumulated depreciation	149	159
Goodwill	261	261
Other intangible assets, net	0	0
Investments in subsidiaries	6,800	5,464
Intercompany loans receivable	114	17
Other non-current assets	166	134
Total assets	8,857	6,796
Current liabilities:
Accounts payable	61	73
Intercompany payable	3,044	1,324
Accrued compensation and contributions to retirement plans	120	129
Income taxes currently payable	4	43
Unearned revenue	287	273
Other current liabilities	133	165
Total current liabilities	3,649	2,007
Long-term debt	3,568	3,564
Intercompany loans payable	108	11
Pension and other postretirement benefits	185	196
Other non-current liabilities	49	52
Total liabilities	7,559	5,830
Redeemable noncontrolling interest	0	0
Equity:
Common stock	412	412
Additional paid-in capital	(301)	(174)
Retained income	10,869	9,721
Accumulated other comprehensive loss	(303)	(292)
Less: common stock in treasury	(9,379)	(8,701)
Total equity — controlling interests	1,298	966
Total equity - noncontrolling interests	0	0
Total equity	1,298	966
Total liabilities and equity	8,857	6,796
Standard & Poor's Financial Services LLC
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable, net of allowance for doubtful accounts	204	131
Intercompany receivable	1,775	837
Prepaid and other current assets	(3)	2
Total current assets	1,976	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	57	24
Total assets	2,039	1,675
Current liabilities:
Accounts payable	13	22
Intercompany payable	699	40
Accrued compensation and contributions to retirement plans	66	69
Income taxes currently payable	0	0
Unearned revenue	210	191
Other current liabilities	21	(51)
Total current liabilities	1,009	271
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	72	74
Total liabilities	1,081	345
Redeemable noncontrolling interest	0	0
Equity:
Common stock	0	0
Additional paid-in capital	593	1,154
Retained income	365	176
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity — controlling interests	958	1,330
Total equity - noncontrolling interests	0	0
Total equity	958	1,330
Total liabilities and equity	2,039	1,675
Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	2,069	1,681	$ 1,661	$ 1,314
Accounts receivable, net of allowance for doubtful accounts	846	853
Intercompany receivable	1,961	870
Prepaid and other current assets	82	79
Total current assets	4,958	3,483
Property and equipment, net of accumulated depreciation	109	111
Goodwill	2,724	2,679
Other intangible assets, net	1,421	1,506
Investments in subsidiaries	8,900	7,826
Intercompany loans receivable	1,629	1,354
Other non-current assets	166	114
Total assets	19,907	17,073
Current liabilities:
Accounts payable	96	88
Intercompany payable	905	177
Accrued compensation and contributions to retirement plans	187	211
Income taxes currently payable	73	52
Unearned revenue	927	1,045
Other current liabilities	210	301
Total current liabilities	2,398	1,874
Long-term debt	0	0
Intercompany loans payable	1,635	1,360
Pension and other postretirement benefits	73	78
Other non-current liabilities	305	314
Total liabilities	4,411	3,626
Redeemable noncontrolling interest	0	0
Equity:
Common stock	2,292	2,460
Additional paid-in capital	11,380	10,485
Retained income	2,266	1,034
Accumulated other comprehensive loss	(419)	(525)
Less: common stock in treasury	(24)	(7)
Total equity — controlling interests	15,495	13,447
Total equity - noncontrolling interests	1	0
Total equity	15,496	13,447
Total liabilities and equity	$ 19,907	$ 17,073

Condensed Consolidating Finan60

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating Activities:
Net income	$ 452	$ 923	$ 1,339	$ 1,659
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			61	63
Amortization of intangibles			73	71
Provision for losses on accounts receivable			17	10
Stock-based compensation			65	54
Gain on disposition	0	(722)	0	(722)
Other			42	48
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(64)	(26)
Prepaid and other current assets			3	5
Accounts payable and accrued expenses			(50)	(81)
Unearned revenue			(107)	(6)
Accrued legal settlements			(4)	(134)
Other current liabilities			(94)	(10)
Net change in prepaid/accrued income taxes			(42)	383
Net change in other assets and liabilities			(36)	(57)
Cash provided by operating activities			1,203	1,257
Investing Activities:
Capital expenditures			(77)	(67)
Acquisitions, net of cash acquired			(80)	(145)
Proceeds from dispositions			2	1,071
Changes in short-term investments			0	(1)
Cash (used for) provided by investing activities			(155)	858
Financing Activities:
Payments on short-term debt, net			0	(143)
Proceeds from issuance of senior notes, net			0	493
Dividends paid to shareholders			(316)	(286)
Distributions to noncontrolling interest holders			(69)	(59)
Contingent consideration payments			0	(15)
Repurchase of treasury shares			(846)	(1,123)
Exercise of stock options			69	84
Employee withholding tax on share-based payments			(49)	(55)
Intercompany financing activities			0	0
Cash used for financing activities			(1,211)	(1,104)
Effect of exchange rate changes on cash from continuing operations			83	(93)
Net change in cash and cash equivalents			(80)	918
Cash and cash equivalents at beginning of period			2,392	1,481
Cash and cash equivalents at end of period	2,312	2,399	2,312	2,399
Eliminations
Operating Activities:
Net income	(422)	(581)	(4,199)	(2,637)
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
Stock-based compensation			0	0
Gain on disposition		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			(4,199)	(2,637)
Investing Activities:
Capital expenditures			0	0
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions			0	0
Changes in short-term investments				0
Cash (used for) provided by investing activities			0	0
Financing Activities:
Payments on short-term debt, net				0
Proceeds from issuance of senior notes, net				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			0	0
Contingent consideration payments				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			4,199	2,637
Cash used for financing activities			4,199	2,637
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	0	0
S&P Global Inc.
Operating Activities:
Net income	427	1,016	2,735	2,341
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			24	28
Amortization of intangibles			0	0
Provision for losses on accounts receivable			1	2
Stock-based compensation			23	17
Gain on disposition		(705)		(705)
Other			27	(66)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(2)	5
Prepaid and other current assets			(8)	(7)
Accounts payable and accrued expenses			(19)	(24)
Unearned revenue			14	20
Accrued legal settlements			0	0
Other current liabilities			(42)	(15)
Net change in prepaid/accrued income taxes			(27)	328
Net change in other assets and liabilities			(42)	(35)
Cash provided by operating activities			2,684	1,889
Investing Activities:
Capital expenditures			(34)	(34)
Acquisitions, net of cash acquired			0	(140)
Proceeds from dispositions			0	1,047
Changes in short-term investments				0
Cash (used for) provided by investing activities			(34)	873
Financing Activities:
Payments on short-term debt, net				(143)
Proceeds from issuance of senior notes, net				493
Dividends paid to shareholders			(316)	(286)
Distributions to noncontrolling interest holders			0	0
Contingent consideration payments				(5)
Repurchase of treasury shares			(846)	(1,123)
Exercise of stock options			63	83
Employee withholding tax on share-based payments			(49)	(55)
Intercompany financing activities			(1,960)	(1,155)
Cash used for financing activities			(3,108)	(2,191)
Effect of exchange rate changes on cash from continuing operations			(10)	0
Net change in cash and cash equivalents			(468)	571
Cash and cash equivalents at beginning of period			711	167
Cash and cash equivalents at end of period	243	738	243	738
Standard & Poor's Financial Services LLC
Operating Activities:
Net income	113	223	409	663
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			9	7
Amortization of intangibles			0	0
Provision for losses on accounts receivable			2	0
Stock-based compensation			15	12
Gain on disposition		0		0
Other			15	3
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(73)	159
Prepaid and other current assets			2	13
Accounts payable and accrued expenses			56	(147)
Unearned revenue			17	(385)
Accrued legal settlements			(1)	(108)
Other current liabilities			(11)	(25)
Net change in prepaid/accrued income taxes			(18)	0
Net change in other assets and liabilities			(5)	29
Cash provided by operating activities			417	221
Investing Activities:
Capital expenditures			(17)	(11)
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions			0	0
Changes in short-term investments				0
Cash (used for) provided by investing activities			(17)	(11)
Financing Activities:
Payments on short-term debt, net				0
Proceeds from issuance of senior notes, net				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			0	0
Contingent consideration payments				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			(400)	(210)
Cash used for financing activities			(400)	(210)
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	0	0
Non-Guarantor Subsidiaries
Operating Activities:
Net income	334	265	2,394	1,292
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			28	28
Amortization of intangibles			73	71
Provision for losses on accounts receivable			14	8
Stock-based compensation			27	25
Gain on disposition		(17)		(17)
Other			0	111
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			11	(190)
Prepaid and other current assets			9	(1)
Accounts payable and accrued expenses			(87)	90
Unearned revenue			(138)	359
Accrued legal settlements			(3)	(26)
Other current liabilities			(41)	30
Net change in prepaid/accrued income taxes			3	55
Net change in other assets and liabilities			11	(51)
Cash provided by operating activities			2,301	1,784
Investing Activities:
Capital expenditures			(26)	(22)
Acquisitions, net of cash acquired			(80)	(5)
Proceeds from dispositions			2	24
Changes in short-term investments				(1)
Cash (used for) provided by investing activities			(104)	(4)
Financing Activities:
Payments on short-term debt, net				0
Proceeds from issuance of senior notes, net				0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			(69)	(59)
Contingent consideration payments				(10)
Repurchase of treasury shares			0	0
Exercise of stock options			6	1
Employee withholding tax on share-based payments			0	0
Intercompany financing activities			(1,839)	(1,272)
Cash used for financing activities			(1,902)	(1,340)
Effect of exchange rate changes on cash from continuing operations			93	(93)
Net change in cash and cash equivalents			388	347
Cash and cash equivalents at beginning of period			1,681	1,314
Cash and cash equivalents at end of period	$ 2,069	$ 1,661	$ 2,069	$ 1,661