S&P Global (SPGI) 10-Q 26 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2018	Jul. 20, 2018
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	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		251.5

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue	$ 1,609	$ 1,509	$ 3,176	$ 2,962
Expenses:
Operating-related expenses	446	432	884	843
Selling and general expenses	439	364	812	725
Depreciation	19	20	40	39
Amortization of intangibles	33	25	57	49
Total expenses	937	841	1,793	1,656
Operating profit	672	668	1,383	1,306
Other income, net	(11)	(9)	(16)	(18)
Interest expense, net	26	37	61	74
Income before taxes on income	657	640	1,338	1,250
Provision for taxes on income	156	183	303	363
Net income	501	457	1,035	887
Less: net income attributable to noncontrolling interests	(40)	(36)	(84)	(67)
Net income attributable to S&P Global Inc.	$ 461	$ 421	$ 951	$ 820
Net income:
Basic (USD per share)	$ 1.83	$ 1.63	$ 3.78	$ 3.18
Diluted (USD per share)	$ 1.82	$ 1.62	$ 3.75	$ 3.15
Weighted-average number of common shares outstanding:
Basic (shares)	251.1	257.3	251.7	257.7
Diluted (shares)	253.3	259.9	253.8	260.4
Actual shares outstanding at period end (shares)			251.4	257
Dividend declared per common share (USD per share)	$ 0.5	$ 0.41	$ 1	$ 0.82

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 501	$ 457	$ 1,035	$ 887
Other comprehensive income:
Foreign currency translation adjustment	(75)	42	(52)	72
Income tax effect	15	0	(3)	0
Foreign currency translation adjustment, net of income tax effect	(60)	42	(55)	72
Pension and other postretirement benefit plans	(15)	0	(11)	4
Income tax effect	4	2	3	1
Pension and other postretirement benefit plans, net of income tax effect	(11)	2	(8)	5
Unrealized gain (loss) on investment and forward exchange contracts	(5)	(10)	(4)	(3)
Income tax effect	1	2	1	0
Unrealized gain on forward exchange contracts, net of income tax effect	(4)	(8)	(3)	(3)
Comprehensive income	426	493	969	961
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(5)	(5)	(8)	(6)
Less: comprehensive income attributable to redeemable noncontrolling interests	(36)	(31)	(76)	(61)
Comprehensive income attributable to S&P Global Inc.	$ 385	$ 457	$ 885	$ 894

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,885	$ 2,777
Restricted cash	50	2
Accounts receivable, net of allowance for doubtful accounts: 2018 - $31; 2017 - $33	1,290	1,319
Prepaid and other current assets	243	226
Total current assets	3,468	4,324
Property and equipment, net of accumulated depreciation: 2018 - $574; 2017 - $554	273	275
Goodwill	3,538	2,989
Other intangible assets, net	1,453	1,388
Other non-current assets	485	449
Total assets	9,217	9,425
Current liabilities:
Accounts payable	192	195
Accrued compensation and contributions to retirement plans	263	472
Short-term debt	0	399
Income taxes currently payable	79	77
Unearned revenue	1,689	1,613
Accrued legal and regulatory settlements	149	107
Other current liabilities	352	351
Total current liabilities	2,724	3,214
Long-term debt	3,660	3,170
Pension and other postretirement benefits	229	244
Other non-current liabilities	537	679
Total liabilities	7,150	7,307
Redeemable noncontrolling interest (Note 8)	1,431	1,350
Commitments and contingencies (Note 12)
Equity:
Common stock	412	412
Additional paid-in capital	732	525
Retained income	10,680	10,025
Accumulated other comprehensive loss	(705)	(649)
Less: common stock in treasury	(10,536)	(9,602)
Total equity — controlling interests	583	711
Total equity — noncontrolling interests	53	57
Total equity	636	768
Total liabilities and equity	$ 9,217	$ 9,425

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 31	$ 33
Accumulated depreciation	$ 574	$ 554

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities:
Net income	$ 1,035	$ 887
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	40	39
Amortization of intangibles	57	49
Provision for losses on accounts receivable	10	13
Stock-based compensation	46	41
Other	102	26
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	19	(49)
Prepaid and other current assets	(19)	(13)
Accounts payable and accrued expenses	(217)	(139)
Unearned revenue	41	(17)
Accrued legal settlements	(29)	(4)
Other current liabilities	(69)	(85)
Net change in prepaid/accrued income taxes	24	(45)
Net change in other assets and liabilities	(137)	(29)
Cash provided by operating activities	903	674
Investing Activities:
Capital expenditures	(60)	(56)
Acquisitions, net of cash acquired	(246)	(70)
Proceeds from dispositions	0	2
Changes in short-term investments	1	0
Cash used for investing activities	(305)	(124)
Financing Activities:
Proceeds from issuance of senior notes, net	489	0
Payments on senior notes	(403)	0
Dividends paid to shareholders	(253)	(212)
Distributions to noncontrolling interest holders	(78)	(54)
Purchase of CRISIL shares	(25)	0
Repurchase of treasury shares	(1,100)	(346)
Exercise of stock options	16	38
Employee withholding tax on share-based payments	(50)	(44)
Cash used for financing activities	(1,404)	(618)
Effect of exchange rate changes on cash from continuing operations	(38)	60
Net change in cash, cash equivalents, and restricted cash	(844)	(8)
Cash, cash equivalents, and restricted cash at beginning of period	2,779	2,392
Cash, cash equivalents, and restricted cash at end of period	$ 1,935	$ 2,384

Consolidated Statement of Equit

Consolidated Statement of Equity (Unaudited) - 6 months ended Jun. 30, 2018 - 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, 2017		$ 768	$ 711	$ 412	$ 525	$ 10,025	$ (649)	$ 9,602	$ 57
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	893	885			951	(66)		8
Dividends		(260)	(253)			(253)			(7)
Share repurchases		(1,100)	(1,100)		(150)			950
Employee stock plans		46	46		30			(16)
Change in redemption value of redeemable noncontrolling interest		(69)	(69)			(69)
Increase in CRISIL ownership		(26)	(25)		(25)				(1)
Stock consideration for Kensho		352	352		352
Other	[2]	32	36			26	10		(4)
Balance at end of period at Jun. 30, 2018		$ 636	$ 583	$ 412	$ 732	$ 10,680	$ (705)	$ 10,536	$ 53
[1]	Excludes $76 million attributable to our redeemable noncontrolling interest.
[2]	Reflects opening balance sheet adjustments related to the adoption of the new revenue recognition standard and the reclassification of the unrealized loss on investments from Accumulated other comprehensive loss to Retained income. See Note 1 — Nature of Operations and Basis of Presentation for additional details.

Consolidated Statement of Equi8

Consolidated Statement of Equity (Unaudited) (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Statement of Stockholders' Equity [Abstract]
Net income attributable to noncontrolling interest	$ 76

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
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 four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") 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 Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services. • Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets. • Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. In April of 2018, we acquired Kensho Technologies Inc. ("Kensho") for approximately $550 million , net of cash acquired, in a mix of cash and stock. The results of Kensho, an operating segment of the Company, are included in Corporate revenue, Corporate Unallocated expense and Corporate Unallocated for financial reporting purposes. Restricted cash of $43 million included in our consolidated balance sheet as of June 30, 2018 includes amounts held in escrow accounts in connection with our acquisition of Kensho. See Note 2 — Acquisitions and Divestitures for additional information. 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 notes 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, 2017 (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 six months ended June 30, 2018 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, we adopted Financial Accounting Standards Board Accounting Standards Codification ("ASC") 606 as discussed below. There have been no other material changes to our critical accounting policies and estimates. Adoption of ASC 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted ASC 606 "Revenue from Contracts with Customers" using the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior year amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. We recorded a net increase to opening retained earnings of $35 million as of January 1, 2018 due to the cumulative effect of adopting ASC 606, with the impact primarily related to our treatment of costs to obtain a contract and to a lesser extent, changes to the timing of the recognition of our subscription and non-transaction revenues. We recognized incremental revenue of $3 million and $6 million for three and six months ended June 30, 2018 as a result of the adoption of this standard. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The following table presents our revenue disaggregated by revenue type: (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2018 Subscription $ — $ 431 $ 188 $ 36 $ 5 $ — $ 660 Non-transaction 378 — — — — (32 ) 346 Non-subscription / Transaction 397 11 4 — — — 412 Asset-linked fees — 5 — 135 — — 140 Sales usage-based royalties — — 13 38 — — 51 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Timing of revenue recognition Services transferred at a point in time $ 397 $ 11 $ 4 $ — $ — $ — $ 412 Services transferred over time 378 436 201 209 5 (32 ) 1,197 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Six Months Ended June 30, 2018 Subscription $ — $ 854 $ 369 $ 69 $ 5 $ — $ 1,297 Non-transaction 757 — — — — (60 ) 697 Non-subscription / Transaction 766 20 6 — — — 792 Asset-linked fees — 10 — 265 — — 275 Sales usage-based royalties — — 26 89 — — 115 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 Timing of revenue recognition Services transferred at a point in time $ 766 $ 20 $ 6 $ — $ — $ — $ 792 Services transferred over time 757 864 395 423 5 (60 ) 2,384 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2017 2 Subscription $ — $ 397 $ 174 $ 37 $ — $ — $ 608 Non-transaction 353 — — — — (28 ) 325 Non-subscription / Transaction 394 11 4 — — — 409 Asset-linked fees — 6 — 114 — — 120 Sales usage-based royalties — — 14 33 — — 47 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Timing of revenue recognition Services transferred at a point in time $ 394 $ 11 $ 4 $ — $ — $ — $ 409 Services transferred over time 353 403 188 184 — (28 ) 1,100 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Six Months Ended June 30, 2017 2 Subscription $ — $ 783 $ 346 $ 68 $ — $ — $ 1,197 Non-transaction 694 — — — — (53 ) 641 Non-subscription / Transaction 767 22 7 — — — 796 Asset-linked fees — 11 — 222 — — 233 Sales usage-based royalties — — 30 65 — — 95 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 Timing of revenue recognition Services transferred at a point in time $ 767 $ 22 $ 7 $ — $ — $ — $ 796 Services transferred over time 694 794 376 355 — (53 ) 2,166 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 As noted above, amounts for the three and six months ended June 30, 2017 were not adjusted under the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018. Subscription revenue Subscription revenue at Market Intelligence is primarily derived from distribution of data, analytics, third party research, and credit ratings-related information primarily through web-based channels including Market Intelligence Desktop, RatingsDirect®, RatingsXpress®, and Credit Analytics. Subscription revenue at Platts is generated by providing customers access to commodity and energy-related price assessments, market data, and real-time news, along with other information services. Subscription revenue at Indices is derived from the contracts for underlying data of our indexes to support our customers' management of index funds, portfolio analytics, and research. For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period, with revenue recognized ratably as our performance obligation to provide access to our data and analytics is progressively fulfilled over the stated term of the contract. Non-transaction revenue Non-transaction revenue at Ratings is primarily related to surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics. Non-transaction revenue also includes an intersegment revenue elimination of $32 million and $60 million for the three and six months ended June 30, 2018 , respectively, and $28 million and $53 million for the three and six months ended June 30, 2017 , respectively, mainly consisting of the royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. For non-transaction revenue related to Rating’s surveillance services, we continuously monitor factors that impact the creditworthiness of an issuer over the contractual term with revenue recognized to the extent that our performance obligation is progressively fulfilled over the term contract. Because surveillance services are continuously provided throughout the term of the contract, our measure of progress towards fulfillment of our obligation to monitor a rating is a time-based output measure with revenue recognized ratably over the term of the contract. Non-subscription / Transaction revenue Transaction revenue at our Ratings segment primarily includes fees associated with: • ratings related to new issuance of corporate and government debt instruments; and structured finance instruments; • bank loan ratings; and • corporate credit estimates, which are intended, based on an abbreviated analysis, to provide an indication of our opinion regarding creditworthiness of a company which does not currently have a Ratings credit rating. Transaction revenue is recognized at the point in time when our performance obligation is satisfied by issuing a rating on our customer's instruments, our customer's creditworthiness, or a counter-party's creditworthiness and when we have a right to payment and the customer can benefit from the significant risks and rewards of ownership. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing and analytical services. Non-subscription revenue at Platts is primarily related to conference sponsorship, consulting engagements and events. Asset-linked fees Asset-linked fees at Indices and Market Intelligence are primarily related to royalties payments based on the value of assets under management in our customers exchange-traded funds and mutual funds. For asset-linked products and services, we provide licenses conveying continuous access to our index and benchmark-related intellectual property during a specified contract term. Revenue is recognized when the extent that our customers have used our licensed intellectual property can be quantified. Recognition of revenue for our asset-linked fee arrangements is subject to the "recognition constraint" for usage-based royalty payments because we cannot reasonably predict the value of the assets that will be invested in index funds structured using our intellectual property until it is either publicly available or when we are notified by our customers. Revenue derived from an asset-linked fee arrangement is measured and recognized when the certainty of the extent of its utilization of our index products by our customers is known. Sales usage-based royalties Sales and usage-based royalty revenue at our Indices segment is primarily related to trading based fees from exchange-traded derivatives. Sales and usage-based royalty revenue at our Platts segment is primarily related to licensing of its proprietary market price data and price assessments to commodity exchanges. For sales and usage-based royalty products and services, we provide licenses conveying the right to continuous access to our intellectual property over the contract term, with revenue recognized when the extent of our license’s utilization can be quantified, or more specifically, when trading volumes are known and publicly available to us or when we are notified by our customers. Recognition of revenue of fees tied to trading volumes is subject to the recognition constraint for a usage-based royalty promised by our customers in exchange for the license of our intellectual property, with revenue recognized when trading volumes are known. Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide for more than one performance obligation is recognized based upon the relative fair value to the customer of each service component as each component is earned. The fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the services’ stand-alone selling price and record revenue as it is earned over the service period. Receivables We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we generally invoice customers annually at the beginning of each annual period. The opening balance of accounts receivable, net of allowance for doubtful accounts, was $1,319 million as of January 1, 2018. Contract Assets Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2018 and December 31, 2017, contract assets were $28 million and $17 million , respectively, and are included in accounts receivable in our consolidated balance sheets. Unearned Revenue We record unearned revenue when cash payments are received or due in advance of our performance. The increase in the deferred revenue balance for the three and six months ended June 30, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.1 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period. Remaining Performance Obligations Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations was $1.1 billion . We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property. Costs to Obtain a Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales commission programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were $79 million as of June 30, 2018 , and is included in other current and long-term assets on our consolidated balance sheets. The asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts. The expense is recorded within selling and general expenses. We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses. Presentation of net periodic pension cost and net periodic postretirement benefit cost During the first quarter of 2018, we adopted new accounting guidance requiring that net periodic benefit cost for our retirement and postretirement plans other than the service cost component be included outside of operating profit; these costs are included in other income, net in our consolidated statements of income. The components of other income, net for the three and six months ended June 30 are as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Other components of net periodic benefit cost $ (8 ) $ (9 ) $ (16 ) $ (18 ) Net gain from investments 1 (3 ) — — — Other income, net $ (11 ) $ (9 ) $ (16 ) $ (18 ) 1 Primarily relates to the change in fair value of CRISIL's investment in Care Ratings Limited ("CARE"). The investment balance of CARE as of June 30, 2018 and December 31, 2017 is $48 million and $54 million , respectively, and is included in non-current assets in our consolidated balance sheets.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions 2018 In June of 2018, Market Intelligence acquired the RateWatch business ("RateWatch") from TheStreet, Inc., a B2B data business that offers subscription and custom reports on bank deposits, loans, fees and other product data to the financial services industry. The acquisition will complement and strengthen Market Intelligence's core capabilities of providing differentiated data and analytics solutions for the banking sector. The acquisition of RateWatch is not material to our consolidated financial statements. In April of 2018, we acquired Kensho for approximately $550 million , net of cash acquired, in a mix of cash and stock. Kensho is a leading-edge provider of next-generation analytics, artificial intelligence, machine learning, and data visualization systems to Wall Street's premier global banks and investment institutions, as well as the National Security community. The acquisition will strengthen S&P Global's emerging technology capabilities, enhance our ability to deliver essential, actionable insights that will transform the user experience for our clients, and accelerate efforts to improve efficiency and effectiveness of our core internal operations. The acquisition of Kensho is not material to our consolidated financial statements. In February of 2018, Market Intelligence acquired Panjiva, Inc. ("Panjiva"), a privately-held company that provides deep, differentiated, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. The acquisition will help strengthen the insights, products and data that we provide to our clients throughout the world. The acquisition of Panjiva is not material to our consolidated financial statements. In January of 2018, CRISIL, included within our Ratings segment, acquired a 100% stake in Pragmatix Services Private Limited ("Pragmatix"), a data analytics company focused on delivering cutting edge solutions in the "data to intelligence" life cycle to the Banking, Financial Services and Insurance vertical. The acquisition will strengthen CRISIL's position as an agile, innovative and global analytics company. The acquisition of Pragmatix is not material to our consolidated financial statements. 2017 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 in CARE is not material to our consolidated financial statements. Divestitures 2018 During the six months ended June 30, 2018, we did not complete any dispositions. 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 June 30, 2018 . In January of 2017, we completed the sale of Quant House SAS, included in our Market Intelligence segment, to QH Holdco, an independent third party.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Comprehensive tax legislation, enacted through the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, significantly modified U.S. corporate income tax law. Provisional amounts have been recorded in our financial statements based on the Company’s initial analysis of the TCJA. The Company may adjust these amounts in future periods if our interpretation of the TCJA changes or as additional guidance from the U.S. Treasury becomes available. We recognized the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred. The effective income tax rate was 23.8% and 22.7% for the three and six months ended June 30, 2018 , respectively, and 28.6% and 29.1% for the three and six months ended June 30, 2017 , respectively. The decrease in 2018 was primarily due to the reduction of the U.S. federal corporate tax rate as a result of the enactment of the TCJA. 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 June 30, 2018 and December 31, 2017 , the total amount of federal, state and local, and foreign unrecognized tax benefits was $147 million and $212 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. As of June 30, 2018 and December 31, 2017 , we had $29 million and $59 million , respectively, of accrued interest and penalties associated with unrecognized tax benefits. The reduction in uncertain tax positions and associated accrued interest relates primarily to settlements with various tax authorities. 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 approximately $40 million in the next twelve months as a result of the resolution of tax examinations.

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt A summary of short-term and long-term debt outstanding is as follows: (in millions) June 30, December 31, 2.5% Senior Notes, due 2018 1 $ — $ 399 3.3% Senior Notes, due 2020 2 697 697 4.0% Senior Notes, due 2025 3 692 692 4.4% Senior Notes, due 2026 4 892 892 2.95% Senior Notes, due 2027 5 493 493 6.55% Senior Notes, due 2037 6 396 396 4.5% Senior Notes, due 2048 7 490 — Total debt 3,660 3,569 Less: short-term debt including current maturities — 399 Long-term debt $ 3,660 $ 3,170 1 We made a $400 million early repayment of our 2.5% senior notes in June of 2018. 2 Interest payments are due semiannually on February 14 and August 14, and as of June 30, 2018 , 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 June 30, 2018 , 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 June 30, 2018 , 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 June 30, 2018 , the unamortized debt discount and issuance costs total $7 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2018 , the unamortized debt discount and issuance costs total $4 million . 7 Interest payments are due semiannually on May 15 and November 15, beginning on November 15, 2018, and as of June 30, 2018 , the unamortized debt discount and issuance costs total $10 million . The fair value of our total debt borrowings was $3.8 billion as of June 30, 2018 and December 31, 2017 , and was estimated based on quoted market prices. On May 17, 2018, we issued $500 million of 4.5% notes due in 2048. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. In June of 2018, we used the net proceeds to fund the redemption price of the $400 million outstanding principal amount of our 2.5% senior notes due in August of 2018, and intend to use the balance for general corporate purposes. We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five -year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of June 30, 2018 and December 31, 2017 , 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	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments 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 June 30, 2018 and December 31, 2017 , we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign currency exchange rates. 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 within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes. Undesignated Derivative Instruments During the three months ended June 30, 2018, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of June 30, 2018 the aggregate notional value of these outstanding forward contracts was $226 million . The fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized in selling and general expenses in the consolidated statement of income. The net loss recorded in selling and general expense for the three and six months ended June 30, 2018 related to these contracts was $11 million and $12 million , respectively. Cash Flow Hedges During the three months ended June 30, 2018 and December 31, 2017, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2019 and the fourth quarter of 2018, respectively. 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. As of June 30, 2018 , we estimate that $1 million of the net losses 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 six months ended June 30, 2018 and 2017 . As of June 30, 2018 and June 30, 2017 , the aggregate notional value of our outstanding foreign currency forward contracts was $233 million and $192 million , respectively. The following table provides information on the location and fair value amounts of our cash flow hedges as of June 30, 2018 and December 31, 2017 : (in millions) Balance Sheet Location June 30, 2018 December 31, 2017 Prepaid and other current assets Foreign exchange forward contracts $ 1 $ 3 Other current liabilities Foreign exchange forward contracts $ (4 ) $ — The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the periods ended June 30 : Three Months (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) 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 2018 2017 2018 2017 Foreign exchange forward contracts $ (4 ) $ (6 ) Revenue, Selling and general expenses $ (1 ) $ 3 Six Months (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) 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 2018 2017 2018 2017 Foreign exchange forward contracts $ (3 ) $ (1 ) Revenue, Selling and general expenses $ (1 ) $ 4 The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30 : (in millions) Three Months Six Months 2018 2017 2018 2017 Net unrealized gains on cash flow hedges, net of taxes, beginning of period $ 3 $ 7 $ 2 $ 2 Change in fair value, net of tax (5 ) (3 ) (4 ) 3 Reclassification into earnings, net of tax 1 (3 ) 1 (4 ) Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ (1 ) $ 1 $ (1 ) $ 1

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [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 providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan 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 generally 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. Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income. The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Service cost $ 1 $ 1 $ 1 $ 1 Interest cost 18 19 36 38 Expected return on assets (31 ) (32 ) (63 ) (63 ) Amortization of prior service credit / actuarial loss 4 4 9 7 Net periodic benefit cost $ (8 ) $ (8 ) $ (17 ) $ (17 ) Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2018 and 2017 , respectively. As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans, which became effective on January 1, 2018. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2018 did not have a material impact to our financial position, results of operations or cash flows. In the first six months of 2018 , we contributed $4 million to our retirement plans and expect to make additional required contributions of approximately $5 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 second half of 2018 .

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
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. In 2018, we also made a one-time issuance of incentive stock options under the 2002 Employee Stock Incentive Plan to replace Kensho employees' stock options that were assumed in connection with our acquisition of Kensho in April of 2018. Stock-based compensation for the periods ended June 30 is as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Stock option expense $ 2 $ — $ 2 $ 2 Restricted stock and unit awards expense 32 21 44 39 Total stock-based compensation expense $ 34 $ 21 $ 46 $ 41 During the six months ended June 30, 2018 , the Company granted 0.2 million shares of employee stock options, which had a weighted average grant date value of $128.46 per share based on the lattice-based option-pricing model. The Company also granted 0.7 million shares of restricted stock and unit awards, which had a weighted average grant date fair value of $169.77 per share. Total unrecognized compensation expense related to unvested stock option awards and unvested restricted stock and unit awards as of June 30, 2018 was $3 million and $125 million , respectively, which is expected to be recognized over a weighted average period of 2.6 years and 2.2 years , respectively.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
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 June 30 were as follows: (in millions, except average price) Three Months Six Months 2018 2017 2018 2017 Total number of shares purchased 1 — 1.1 5.0 2.6 Average price paid per share 2 $ — $ 137.49 $ 178.11 $ 133.01 Total cash utilized $ — $ 145 $ 1,100 $ 346 1 The six months ended June 30, 2018 include shares received as part of our accelerated share repurchase agreement described in more detail below. 2 Average price paid per share information does not include the accelerated share repurchase agreement as discussed in more detail below. 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 June 30, 2018 , approximately 14.0 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 Agreement We entered into an accelerated share repurchase ("ASR") agreement with a financial institution on March 6, 2018 to initiate share repurchases aggregating $1 billion . The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and received an initial delivery of approximately 4.5 million shares, representing 85% of the $1 billion 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 $1 billion 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 the third quarter of 2018. The repurchased shares are held in Treasury. The ASR agreement was executed under the current share repurchase program, approved by the Board of Directors 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") has 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 six months ended June 30, 2018 were as follows: (in millions) Balance as of December 31, 2017 $ 1,350 Net income attributable to noncontrolling interest 76 Distributions payable to noncontrolling interest (64 ) Redemption value adjustment 69 Balance as of June 30, 2018 $ 1,431 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2018 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Unrealized Gain (Loss) on Investments Accumulated Other Comprehensive Loss Balance as of December 31, 2017 $ (239 ) $ (402 ) $ 2 $ (10 ) $ (649 ) Other comprehensive income before reclassifications (55 ) (14 ) (4 ) — (73 ) Reclassifications from accumulated other comprehensive loss to net earnings — 6 1 1 2 — 7 Net other comprehensive income (55 ) (8 ) (3 ) — (66 ) Amounts reclassified to retained income — — — 10 3 10 Balance as of June 30, 2018 $ (294 ) $ (410 ) $ (1 ) $ — $ (705 ) 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. 3 On January 1, 2018, the unrealized loss on investments was reclassified to retained income. See Note 13 — Recently Issued or Adopted Accounting Standards for additional details. The net actuarial loss and prior service credit related to pension and other postretirement benefit plans included in other comprehensive income is net of a tax provision of $1 million for the six months ended June 30, 2018 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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 June 30 is as follows: (in millions, except per share amounts) Three Months Six Months 2018 2017 2018 2017 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 461 $ 421 $ 951 $ 820 Basic weighted-average number of common shares outstanding 251.1 257.3 251.7 257.7 Effect of stock options and other dilutive securities 2.2 2.6 2.1 2.7 Diluted weighted-average number of common shares outstanding 253.3 259.9 253.8 260.4 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.83 $ 1.63 $ 3.78 $ 3.18 Diluted $ 1.82 $ 1.62 $ 3.75 $ 3.15 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 six months ended June 30, 2018 and 2017 , there were no stock options excluded. Restricted performance shares outstanding of 0.8 million and 0.9 million as of June 30, 2018 and 2017 , respectively, were excluded.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring We continuously evaluate our cost structure to identify cost savings to streamline our operating model. Our 2017 restructuring plans consisted of a company-wide workforce reduction of approximately 520 positions and are further detailed below. The charges for the restructuring plans 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 June 30, 2018 by segment is as follows: 2017 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 25 $ 15 Market Intelligence 8 2 Platts 1 — Indices — — Corporate 10 5 Total $ 44 $ 22 The ending reserve balance for the 2017 restructuring plan was $39 million as of December 31, 2017. For the six months ended June 30, 2018 , we have reduced the reserve for the 2017 restructuring plan by $17 million . The reductions primarily related to cash payments for employee severance charges.

Segment and Related Information

Segment and Related Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment and Related Information	Segment and Related Information We have four reportable segments: Ratings, Market Intelligence, Platts 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 Corporate Unallocated, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments. In April of 2018, we acquired Kensho for approximately $550 million , net of cash acquired, in a mix of cash and stock. The results of Kensho, an operating segment of the Company, are included in Corporate revenue, Corporate Unallocated expense and Corporate Unallocated for financial reporting purposes. See Note 2 — Acquisitions and Divestitures for additional information. Effective beginning with the first quarter of 2018, we began reporting the financial results of Market Intelligence and Platts as separate reportable segments consistent with the changes to our organizational structure and how our Chief Executive Officer evaluates the performance of these segments. Our historical segment reporting has been retroactively revised to reflect the current organizational structure. A summary of operating results for the periods ended June 30 is as follows: Revenue Three Months Six Months (in millions) 2018 2017 2018 2017 Ratings $ 775 $ 747 $ 1,523 $ 1,461 Market Intelligence 447 414 884 816 Platts 205 192 401 383 Indices 209 184 423 355 Corporate 5 — 5 — Intersegment elimination 1 (32 ) (28 ) (60 ) (53 ) Total revenue $ 1,609 $ 1,509 $ 3,176 $ 2,962 Operating Profit Three Months Six Months (in millions) 2018 2017 2018 2017 Ratings 2 $ 369 $ 395 $ 777 $ 769 Market Intelligence 3 128 112 240 216 Platts 4 98 78 188 160 Indices 5 136 119 283 233 Total reportable segments 731 704 1,488 1,378 Corporate Unallocated 6 (59 ) (36 ) (105 ) (72 ) Total operating profit $ 672 $ 668 $ 1,383 $ 1,306 1 Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 Operating profit for the three and six months ended June 30, 2018 includes legal settlement expenses of $73 million . Operating profit for the six months ended June 30, 2017 includes legal settlement expenses of $2 million . Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2018 and 2017 and $1 million and $2 million for the six months ended June 30, 2018 and 2017 , respectively. 3 Operating profit includes amortization of intangibles from acquisitions of $18 million for the three months ended June 30, 2018 and 2017 and $36 million and $35 million for the six months ended June 30, 2018 and 2017 , respectively. Operating profit includes employee severance charges of $4 million for the three and six months ended June 30, 2017 and a non-cash disposition-related adjustment of $4 million for the six months ended June 30, 2017 . 4 Operating profit includes amortization of intangibles from acquisitions of $4 million and $5 million for the three months ended June 30, 2018 and 2017 , respectively, and $9 million for the six months ended June 30, 2018 and 2017 . Operating profit includes a charge to exit a leased facility of $6 million , an asset write-off of $2 million and employee severance charges of $1 million for the three and six months ended June 30, 2017 and a non-cash acquisition-related adjustment of $11 million for the six months ended June 30, 2017 . 5 Operating profit includes amortization of intangibles from acquisitions of $2 million and $1 million for the three months ended June 30, 2018 and 2017 , respectively, and $3 million for the six months ended June 30, 2018 and 2017 . 6 Operating loss includes Kensho retention related expense of $12 million and amortization of intangibles from acquisitions of $8 million for the three and six months ended June 30, 2018 . The following provides revenue by geographic region for the periods ended June 30 : (in millions) Three Months Six Months 2018 2017 2018 2017 U.S. $ 960 $ 921 $ 1,911 $ 1,812 European region 404 361 785 706 Asia 158 142 315 276 Rest of the world 87 85 165 168 Total $ 1,609 $ 1,509 $ 3,176 $ 2,962 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	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Related Party Agreements In March of 2018, the Company made a $20 million contribution to the S&P Global Foundation. In June of 2012, we entered into a 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 six months ended June 30, 2018 , S&P Dow Jones Indices LLC earned $24 million and $55 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 and 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. For example, 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. 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. 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 recently entered into an agreement to settle the remaining civil cases in Australia against the Company and certain of its subsidiaries relating to alleged investment losses in collateralized debt obligations rated by S&P Global Ratings. The settlement is subject to court approval. In addition to the Australia cases described above, the Company and its subsidiaries continue to defend civil cases arising out of ratings activities prior to and during the global financial crisis of 2008-2009. We do not believe resolution of these cases is reasonably likely to have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. 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 asserted 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. 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 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 February 13, 2018, the appellate court affirmed the lower court’s dismissal of the North Miami Beach matter. On May 3, 2018, the appellate court affirmed the lower court’s dismissal of the Grika matter. The time for plaintiffs to file appeals in these matters has now expired and accordingly the judgments in the Company’s favor in these matters are now final.

Recently Issued or Adopted Acco

Recently Issued or Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In February of 2018, FASB issued guidance which allows companies to reclassify certain stranded income tax effects resulting from the enactment of the TCJA from accumulated other comprehensive income to retained earnings. The guidance is effective for reporting periods after December 15, 2018; however, early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. 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 was effective on January 1, 2018, and the adoption of this guidance did not 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. Additionally, only the service cost component is eligible for capitalization. We adopted the guidance on January 1, 2018. The change in capitalization requirement did not have a material impact on our consolidated financial statements. As a result of the adoption of the guidance, net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income. See Note 6 — Employee Benefits for additional information related to our retirement and postretirement plans. 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 was effective on January 1, 2018, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In November of 2016, the FASB issued guidance requiring that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. We adopted this guidance on January 1, 2018. The adoption of this guidance did not 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 was effective on January 1, 2018, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities but will recognize expenses similar to current lease accounting. The guidance is 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 in the process of conducting our accounting analysis of our lease agreements in the construct of the new standard, enhancing our systems and control procedures to validate the complete population of our lease commitments, as well as evaluating a range of options to systematically capture the financial statement impact of the new standard. While our analysis of the financial statement impact is ongoing, we expect the adoption of the new standard to have a material impact on our consolidated balance sheet. 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. We adopted this guidance on January 1, 2018. We recorded a reduction to opening retained earnings and an increase to accumulated other comprehensive income of $10 million as of January 1, 2018 due to the adoption of this guidance. The adoption of this guidance did not 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 also results in enhanced revenue disclosures, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. We adopted the new revenue standard effective January 1, 2018 using the modified retrospective transition method. See Note 1 — Nature of Operations and Basis of Presentation for further details.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements On May 17, 2018, we issued $500 million of 4.5% notes due in 2048. 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 June 30, 2018 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 200 $ 463 $ 985 $ (39 ) $ 1,609 Expenses: Operating-related expenses 48 107 330 (39 ) 446 Selling and general expenses 70 57 312 — 439 Depreciation 7 2 10 — 19 Amortization of intangibles — — 33 — 33 Total expenses 125 166 685 (39 ) 937 Operating profit 75 297 300 — 672 Other income, net (8 ) — (3 ) — (11 ) Interest expense (income), net 28 — (2 ) — 26 Non-operating intercompany transactions 86 (22 ) (358 ) 294 — Income before taxes on income (31 ) 319 663 (294 ) 657 Provision for taxes on income 27 75 54 — 156 Equity in net income of subsidiaries 812 — — (812 ) — Net income $ 754 $ 244 $ 609 $ (1,106 ) $ 501 Less: net income attributable to noncontrolling interests — — — (40 ) (40 ) Net income attributable to S&P Global Inc. $ 754 $ 244 $ 609 $ (1,146 ) $ 461 Comprehensive income $ 764 $ 244 $ 521 $ (1,103 ) $ 426 Statement of Income Six Months Ended June 30, 2018 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 391 $ 897 $ 1,962 $ (74 ) $ 3,176 Expenses: Operating-related expenses 81 224 653 (74 ) 884 Selling and general expenses 108 143 561 — 812 Depreciation 15 4 21 — 40 Amortization of intangibles — — 57 — 57 Total expenses 204 371 1,292 (74 ) 1,793 Operating profit 187 526 670 — 1,383 Other income, net (16 ) — — — (16 ) Interest expense (income), net 66 1 (6 ) — 61 Non-operating intercompany transactions 186 (43 ) (1,454 ) 1,311 — Income before taxes on income (49 ) 568 2,130 (1,311 ) 1,338 Provision for taxes on income 13 146 144 — 303 Equity in net income of subsidiaries 2,324 — — (2,324 ) — Net income $ 2,262 $ 422 $ 1,986 $ (3,635 ) $ 1,035 Less: net income attributable to noncontrolling interests — — — (84 ) (84 ) Net income attributable to S&P Global Inc. $ 2,262 $ 422 $ 1,986 $ (3,719 ) $ 951 Comprehensive income $ 2,251 $ 421 $ 1,932 $ (3,635 ) $ 969 Statement of Income Three Months Ended June 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 $ 181 $ 447 $ 916 $ (35 ) $ 1,509 Expenses: Operating-related expenses 22 115 330 (35 ) 432 Selling and general expenses 49 83 232 — 364 Depreciation 8 3 9 — 20 Amortization of intangibles — — 25 — 25 Total expenses 79 201 596 (35 ) 841 Operating profit 102 246 320 — 668 Other income, net (6 ) — (3 ) — (9 ) Interest expense (income), net 40 — (3 ) — 37 Non-operating intercompany transactions 93 (22 ) (726 ) 655 — Income before taxes on income (25 ) 268 1,052 (655 ) 640 (Benefit) provision for taxes on income (36 ) 119 100 — 183 Equity in net income of subsidiaries 1,064 — — (1,064 ) — Net income $ 1,075 $ 149 $ 952 $ (1,719 ) $ 457 Less: net income attributable to noncontrolling interests — — — (36 ) (36 ) Net income attributable to S&P Global Inc. $ 1,075 $ 149 $ 952 $ (1,755 ) $ 421 Comprehensive income $ 1,085 $ 148 $ 972 $ (1,712 ) $ 493 Statement of Income Six Months Ended June 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 $ 361 $ 885 $ 1,783 $ (67 ) $ 2,962 Expenses: Operating-related expenses 52 234 624 (67 ) 843 Selling and general expenses 76 172 477 — 725 Depreciation 15 5 19 — 39 Amortization of intangibles — — 49 — 49 Total expenses 143 411 1,169 (67 ) 1,656 Operating profit 218 474 614 — 1,306 Other income, net (12 ) — (6 ) — (18 ) Interest expense (income), net 79 — (5 ) — 74 Non-operating intercompany transactions 175 (41 ) (1,626 ) 1,492 — Income before taxes on income (24 ) 515 2,251 (1,492 ) 1,250 (Benefit) provision for taxes on income (47 ) 218 192 — 363 Equity in net income of subsidiaries 2,288 — — (2,288 ) — Net income $ 2,311 $ 297 $ 2,059 $ (3,780 ) $ 887 Less: net income attributable to noncontrolling interests — — — (67 ) (67 ) Net income attributable to S&P Global Inc. $ 2,311 $ 297 $ 2,059 $ (3,847 ) $ 820 Comprehensive income $ 2,323 $ 296 $ 2,118 $ (3,776 ) $ 961 Balance Sheet June 30, 2018 (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 $ 767 $ — $ 1,118 $ — $ 1,885 Restricted cash — — 50 — 50 Accounts receivable, net of allowance for doubtful accounts 144 180 966 — 1,290 Intercompany receivable 734 1,731 2,917 (5,382 ) — Prepaid and other current assets 129 (3 ) 117 — 243 Total current assets 1,774 1,908 5,168 (5,382 ) 3,468 Property and equipment, net of accumulated depreciation 184 1 88 — 273 Goodwill 261 — 3,268 9 3,538 Other intangible assets, net — — 1,453 — 1,453 Investments in subsidiaries 7,834 5 8,415 (16,254 ) — Intercompany loans receivable 123 — 1,683 (1,806 ) — Other non-current assets 214 66 206 (1 ) 485 Total assets $ 10,390 $ 1,980 $ 20,281 $ (23,434 ) $ 9,217 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 72 $ 17 $ 103 $ — $ 192 Intercompany payable 4,096 53 1,233 (5,382 ) — Accrued compensation and contributions to retirement plans 102 28 133 — 263 Income taxes currently payable 5 — 74 — 79 Unearned revenue 301 248 1,140 — 1,689 Accrued legal settlements — — 149 — 149 Other current liabilities 181 18 153 — 352 Total current liabilities 4,757 364 2,985 (5,382 ) 2,724 Long-term debt 3,660 — — — 3,660 Intercompany loans payable 108 — 1,699 (1,807 ) — Pension and other postretirement benefits 178 — 51 — 229 Other non-current liabilities 222 58 257 — 537 Total liabilities 8,925 422 4,992 (7,189 ) 7,150 Redeemable noncontrolling interest — — — 1,431 1,431 Equity: Common stock 412 — 2,315 (2,315 ) 412 Additional paid-in capital (5 ) 610 10,246 (10,119 ) 732 Retained income 11,873 948 3,220 (5,361 ) 10,680 Accumulated other comprehensive loss (280 ) — (470 ) 45 (705 ) Less: common stock in treasury (10,535 ) — (22 ) 21 (10,536 ) Total equity - controlling interests 1,465 1,558 15,289 (17,729 ) 583 Total equity - noncontrolling interests — — — 53 53 Total equity 1,465 1,558 15,289 (17,676 ) 636 Total liabilities and equity $ 10,390 $ 1,980 $ 20,281 $ (23,434 ) $ 9,217 Balance Sheet December 31, 2017 (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 $ 632 $ — $ 2,145 $ — $ 2,777 Restricted cash — — 2 — 2 Accounts receivable, net of allowance for doubtful accounts 138 152 1,029 — 1,319 Intercompany receivable 768 1,784 2,527 (5,079 ) — Prepaid and other current assets 143 (3 ) 86 — 226 Total current assets 1,681 1,933 5,789 (5,079 ) 4,324 Property and equipment, net of accumulated depreciation 158 10 107 — 275 Goodwill 261 — 2,719 9 2,989 Other intangible assets, net — — 1,388 — 1,388 Investments in subsidiaries 8,364 5 8,028 (16,397 ) — Intercompany loans receivable 116 — 1,699 (1,815 ) — Other non-current assets 215 61 174 (1 ) 449 Total assets $ 10,795 $ 2,009 $ 19,904 $ (23,283 ) $ 9,425 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 79 $ 23 $ 93 $ — $ 195 Intercompany payable 3,433 492 1,154 (5,079 ) — Accrued compensation and contributions to retirement plans 145 86 241 — 472 Short-term debt 399 — — — 399 Income taxes currently payable 2 — 75 — 77 Unearned revenue 293 193 1,127 — 1,613 Accrued legal settlements — 2 105 — 107 Other current liabilities 136 21 194 — 351 Total current liabilities 4,487 817 2,989 (5,079 ) 3,214 Long-term debt 3,170 — — — 3,170 Intercompany loans payable 101 — 1,715 (1,816 ) — Pension and other postretirement benefits 180 — 64 — 244 Other non-current liabilities 376 74 229 — 679 Total liabilities 8,314 891 4,997 (6,895 ) 7,307 Redeemable noncontrolling interest — — — 1,350 1,350 Equity: Common stock 412 — 2,318 (2,318 ) 412 Additional paid-in capital (216 ) 602 9,256 (9,117 ) 525 Retained income 12,156 516 3,782 (6,429 ) 10,025 Accumulated other comprehensive loss (269 ) — (426 ) 46 (649 ) Less: common stock in treasury (9,602 ) — (23 ) 23 (9,602 ) Total equity - controlling interests 2,481 1,118 14,907 (17,795 ) 711 Total equity - noncontrolling interests — — — 57 57 Total equity 2,481 1,118 14,907 (17,738 ) 768 Total liabilities and equity $ 10,795 $ 2,009 $ 19,904 $ (23,283 ) $ 9,425 Statement of Cash Flows Six Months Ended June 30, 2018 (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 $ 2,262 $ 422 $ 1,986 $ (3,635 ) $ 1,035 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 15 4 21 — 40 Amortization of intangibles — — 57 — 57 Provision for losses on accounts receivable — 1 9 — 10 Stock-based compensation 14 8 24 — 46 Other (67 ) — 169 102 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (6 ) (29 ) 54 — 19 Prepaid and other current assets (20 ) 1 — — (19 ) Accounts payable and accrued expenses (48 ) (68 ) (101 ) (217 ) Unearned revenue 9 30 2 41 Accrued legal settlements (29 ) — — — (29 ) Other current liabilities 20 (4 ) (85 ) (69 ) Net change in prepaid/accrued income taxes 24 1 (1 ) — 24 Net change in other assets and liabilities (27 ) 2 (112 ) (137 ) Cash provided by operating activities 2,147 368 2,023 (3,635 ) 903 Investing Activities: Capital expenditures (43 ) (10 ) (7 ) — (60 ) Acquisitions, net of cash acquired — — (246 ) — (246 ) Changes in short-term investments — — 1 — 1 Cash used for investing activities (43 ) (10 ) (252 ) — (305 ) Financing Activities: Proceeds from issuance of senior notes, net 489 — — — 489 Payments on senior notes (403 ) — — — (403 ) Dividends paid to shareholders (253 ) — — — (253 ) Distributions to noncontrolling interest holders — — (78 ) — (78 ) Purchase of CRISIL shares — — (25 ) — (25 ) Repurchase of treasury shares (1,100 ) — — — (1,100 ) Exercise of stock options 14 — 2 — 16 Employee withholding tax on share-based payments (50 ) — — — (50 ) Intercompany financing activities (667 ) (358 ) (2,610 ) 3,635 — Cash used for financing activities (1,970 ) (358 ) (2,711 ) 3,635 (1,404 ) Effect of exchange rate changes on cash from continuing operations 1 — (39 ) — (38 ) Net change in cash, cash equivalents, and restricted cash 135 — (979 ) — (844 ) Cash, cash equivalents, and restricted cash at beginning of period 632 — 2,147 — 2,779 Cash, cash equivalents, and restricted cash at end of period $ 767 $ — $ 1,168 $ — $ 1,935 Statement of Cash Flows Six Months Ended June 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 $ 2,311 $ 297 $ 2,059 $ (3,780 ) $ 887 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 15 5 19 — 39 Amortization of intangibles — — 49 — 49 Provision for losses on accounts receivable — 4 9 — 13 Stock-based compensation 14 10 17 — 41 Other 17 — 9 — 26 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 14 (63 ) — — (49 ) Prepaid and other current assets (18 ) 3 2 — (13 ) Accounts payable and accrued expenses (40 ) 34 (133 ) — (139 ) Unearned revenue 1 28 (46 ) — (17 ) Accrued legal settlements — (1 ) (3 ) — (4 ) Other current liabilities (33 ) (4 ) (48 ) — (85 ) Net change in prepaid/accrued income taxes (55 ) — 10 — (45 ) Net change in other assets and liabilities (17 ) 1 (13 ) — (29 ) Cash provided by operating activities 2,209 314 1,931 (3,780 ) 674 Investing Activities: Capital expenditures (19 ) (10 ) (27 ) — (56 ) Acquisitions, net of cash acquired — — (70 ) — (70 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (19 ) (10 ) (95 ) — (124 ) Financing Activities: Dividends paid to shareholders (212 ) — — — (212 ) Distributions to noncontrolling interest holders — — (54 ) — (54 ) Repurchase of treasury shares (346 ) — — — (346 ) Exercise of stock options 38 — — — 38 Employee withholding tax on share-based payments (44 ) — — — (44 ) Intercompany financing activities (1,842 ) (304 ) (1,634 ) 3,780 — Cash used for financing activities (2,406 ) (304 ) (1,688 ) 3,780 (618 ) Effect of exchange rate changes on cash from continuing operations 14 — 46 — 60 Net change in cash, cash equivalents, and restricted cash (202 ) — 194 — (8 ) Cash, cash equivalents, and restricted cash at beginning of period 711 — 1,681 — 2,392 Cash, cash equivalents, and restricted cash at end of period $ 509 $ — $ 1,875 $ — $ 2,384

Nature of Operations and Basi23

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
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 notes 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, 2017 (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 six months ended June 30, 2018 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.
Adoption of ASC 606, Revenue from Contracts with Customers	Adoption of ASC 606, “Revenue from Contracts with Customers” On January 1, 2018, we adopted ASC 606 "Revenue from Contracts with Customers" using the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior year amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. We recorded a net increase to opening retained earnings of $35 million as of January 1, 2018 due to the cumulative effect of adopting ASC 606, with the impact primarily related to our treatment of costs to obtain a contract and to a lesser extent, changes to the timing of the recognition of our subscription and non-transaction revenues. We recognized incremental revenue of $3 million and $6 million for three and six months ended June 30, 2018 as a result of the adoption of this standard. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The following table presents our revenue disaggregated by revenue type: (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2018 Subscription $ — $ 431 $ 188 $ 36 $ 5 $ — $ 660 Non-transaction 378 — — — — (32 ) 346 Non-subscription / Transaction 397 11 4 — — — 412 Asset-linked fees — 5 — 135 — — 140 Sales usage-based royalties — — 13 38 — — 51 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Timing of revenue recognition Services transferred at a point in time $ 397 $ 11 $ 4 $ — $ — $ — $ 412 Services transferred over time 378 436 201 209 5 (32 ) 1,197 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Six Months Ended June 30, 2018 Subscription $ — $ 854 $ 369 $ 69 $ 5 $ — $ 1,297 Non-transaction 757 — — — — (60 ) 697 Non-subscription / Transaction 766 20 6 — — — 792 Asset-linked fees — 10 — 265 — — 275 Sales usage-based royalties — — 26 89 — — 115 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 Timing of revenue recognition Services transferred at a point in time $ 766 $ 20 $ 6 $ — $ — $ — $ 792 Services transferred over time 757 864 395 423 5 (60 ) 2,384 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2017 2 Subscription $ — $ 397 $ 174 $ 37 $ — $ — $ 608 Non-transaction 353 — — — — (28 ) 325 Non-subscription / Transaction 394 11 4 — — — 409 Asset-linked fees — 6 — 114 — — 120 Sales usage-based royalties — — 14 33 — — 47 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Timing of revenue recognition Services transferred at a point in time $ 394 $ 11 $ 4 $ — $ — $ — $ 409 Services transferred over time 353 403 188 184 — (28 ) 1,100 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Six Months Ended June 30, 2017 2 Subscription $ — $ 783 $ 346 $ 68 $ — $ — $ 1,197 Non-transaction 694 — — — — (53 ) 641 Non-subscription / Transaction 767 22 7 — — — 796 Asset-linked fees — 11 — 222 — — 233 Sales usage-based royalties — — 30 65 — — 95 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 Timing of revenue recognition Services transferred at a point in time $ 767 $ 22 $ 7 $ — $ — $ — $ 796 Services transferred over time 694 794 376 355 — (53 ) 2,166 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 As noted above, amounts for the three and six months ended June 30, 2017 were not adjusted under the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018. Subscription revenue Subscription revenue at Market Intelligence is primarily derived from distribution of data, analytics, third party research, and credit ratings-related information primarily through web-based channels including Market Intelligence Desktop, RatingsDirect®, RatingsXpress®, and Credit Analytics. Subscription revenue at Platts is generated by providing customers access to commodity and energy-related price assessments, market data, and real-time news, along with other information services. Subscription revenue at Indices is derived from the contracts for underlying data of our indexes to support our customers' management of index funds, portfolio analytics, and research. For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period, with revenue recognized ratably as our performance obligation to provide access to our data and analytics is progressively fulfilled over the stated term of the contract. Non-transaction revenue Non-transaction revenue at Ratings is primarily related to surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics. Non-transaction revenue also includes an intersegment revenue elimination of $32 million and $60 million for the three and six months ended June 30, 2018 , respectively, and $28 million and $53 million for the three and six months ended June 30, 2017 , respectively, mainly consisting of the royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. For non-transaction revenue related to Rating’s surveillance services, we continuously monitor factors that impact the creditworthiness of an issuer over the contractual term with revenue recognized to the extent that our performance obligation is progressively fulfilled over the term contract. Because surveillance services are continuously provided throughout the term of the contract, our measure of progress towards fulfillment of our obligation to monitor a rating is a time-based output measure with revenue recognized ratably over the term of the contract. Non-subscription / Transaction revenue Transaction revenue at our Ratings segment primarily includes fees associated with: • ratings related to new issuance of corporate and government debt instruments; and structured finance instruments; • bank loan ratings; and • corporate credit estimates, which are intended, based on an abbreviated analysis, to provide an indication of our opinion regarding creditworthiness of a company which does not currently have a Ratings credit rating. Transaction revenue is recognized at the point in time when our performance obligation is satisfied by issuing a rating on our customer's instruments, our customer's creditworthiness, or a counter-party's creditworthiness and when we have a right to payment and the customer can benefit from the significant risks and rewards of ownership. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing and analytical services. Non-subscription revenue at Platts is primarily related to conference sponsorship, consulting engagements and events. Asset-linked fees Asset-linked fees at Indices and Market Intelligence are primarily related to royalties payments based on the value of assets under management in our customers exchange-traded funds and mutual funds. For asset-linked products and services, we provide licenses conveying continuous access to our index and benchmark-related intellectual property during a specified contract term. Revenue is recognized when the extent that our customers have used our licensed intellectual property can be quantified. Recognition of revenue for our asset-linked fee arrangements is subject to the "recognition constraint" for usage-based royalty payments because we cannot reasonably predict the value of the assets that will be invested in index funds structured using our intellectual property until it is either publicly available or when we are notified by our customers. Revenue derived from an asset-linked fee arrangement is measured and recognized when the certainty of the extent of its utilization of our index products by our customers is known. Sales usage-based royalties Sales and usage-based royalty revenue at our Indices segment is primarily related to trading based fees from exchange-traded derivatives. Sales and usage-based royalty revenue at our Platts segment is primarily related to licensing of its proprietary market price data and price assessments to commodity exchanges. For sales and usage-based royalty products and services, we provide licenses conveying the right to continuous access to our intellectual property over the contract term, with revenue recognized when the extent of our license’s utilization can be quantified, or more specifically, when trading volumes are known and publicly available to us or when we are notified by our customers. Recognition of revenue of fees tied to trading volumes is subject to the recognition constraint for a usage-based royalty promised by our customers in exchange for the license of our intellectual property, with revenue recognized when trading volumes are known. Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide for more than one performance obligation is recognized based upon the relative fair value to the customer of each service component as each component is earned. The fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the services’ stand-alone selling price and record revenue as it is earned over the service period. Receivables We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we generally invoice customers annually at the beginning of each annual period. The opening balance of accounts receivable, net of allowance for doubtful accounts, was $1,319 million as of January 1, 2018. Contract Assets Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2018 and December 31, 2017, contract assets were $28 million and $17 million , respectively, and are included in accounts receivable in our consolidated balance sheets. Unearned Revenue We record unearned revenue when cash payments are received or due in advance of our performance. The increase in the deferred revenue balance for the three and six months ended June 30, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.1 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period. Remaining Performance Obligations Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations was $1.1 billion . We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property. Costs to Obtain a Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales commission programs meet the requirements to be capitalized. Total capitalized costs to obtain a contract were $79 million as of June 30, 2018 , and is included in other current and long-term assets on our consolidated balance sheets. The asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts. The expense is recorded within selling and general expenses. We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses.
Recently Issued or Adopted Accounting Standards	In February of 2018, FASB issued guidance which allows companies to reclassify certain stranded income tax effects resulting from the enactment of the TCJA from accumulated other comprehensive income to retained earnings. The guidance is effective for reporting periods after December 15, 2018; however, early adoption is permitted. We are currently evaluating the impact of the adoption of this guidance on our consolidated financial statements. 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 was effective on January 1, 2018, and the adoption of this guidance did not 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. Additionally, only the service cost component is eligible for capitalization. We adopted the guidance on January 1, 2018. The change in capitalization requirement did not have a material impact on our consolidated financial statements. As a result of the adoption of the guidance, net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income. See Note 6 — Employee Benefits for additional information related to our retirement and postretirement plans. 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 was effective on January 1, 2018, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In November of 2016, the FASB issued guidance requiring that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. We adopted this guidance on January 1, 2018. The adoption of this guidance did not 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 was effective on January 1, 2018, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In February of 2016, the FASB issued guidance that amends accounting for leases. Under the new guidance, a lessee will recognize assets and liabilities but will recognize expenses similar to current lease accounting. The guidance is 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 in the process of conducting our accounting analysis of our lease agreements in the construct of the new standard, enhancing our systems and control procedures to validate the complete population of our lease commitments, as well as evaluating a range of options to systematically capture the financial statement impact of the new standard. While our analysis of the financial statement impact is ongoing, we expect the adoption of the new standard to have a material impact on our consolidated balance sheet. 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. We adopted this guidance on January 1, 2018. We recorded a reduction to opening retained earnings and an increase to accumulated other comprehensive income of $10 million as of January 1, 2018 due to the adoption of this guidance. The adoption of this guidance did not 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 also results in enhanced revenue disclosures, provides guidance for transactions that were not previously addressed comprehensively and improves guidance for multiple-element arrangements. We adopted the new revenue standard effective January 1, 2018 using the modified retrospective transition method. See Note 1 — Nature of Operations and Basis of Presentation for further details.

Nature of Operations and Basi24

Nature of Operations and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Revenue Disaggregated by Revenue Type	The following table presents our revenue disaggregated by revenue type: (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2018 Subscription $ — $ 431 $ 188 $ 36 $ 5 $ — $ 660 Non-transaction 378 — — — — (32 ) 346 Non-subscription / Transaction 397 11 4 — — — 412 Asset-linked fees — 5 — 135 — — 140 Sales usage-based royalties — — 13 38 — — 51 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Timing of revenue recognition Services transferred at a point in time $ 397 $ 11 $ 4 $ — $ — $ — $ 412 Services transferred over time 378 436 201 209 5 (32 ) 1,197 Total revenue $ 775 $ 447 $ 205 $ 209 $ 5 $ (32 ) $ 1,609 Six Months Ended June 30, 2018 Subscription $ — $ 854 $ 369 $ 69 $ 5 $ — $ 1,297 Non-transaction 757 — — — — (60 ) 697 Non-subscription / Transaction 766 20 6 — — — 792 Asset-linked fees — 10 — 265 — — 275 Sales usage-based royalties — — 26 89 — — 115 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 Timing of revenue recognition Services transferred at a point in time $ 766 $ 20 $ 6 $ — $ — $ — $ 792 Services transferred over time 757 864 395 423 5 (60 ) 2,384 Total revenue $ 1,523 $ 884 $ 401 $ 423 $ 5 $ (60 ) $ 3,176 (in millions) Ratings Market Intelligence Platts Indices Corporate Intersegment Elimination 1 Total Three Months Ended June 30, 2017 2 Subscription $ — $ 397 $ 174 $ 37 $ — $ — $ 608 Non-transaction 353 — — — — (28 ) 325 Non-subscription / Transaction 394 11 4 — — — 409 Asset-linked fees — 6 — 114 — — 120 Sales usage-based royalties — — 14 33 — — 47 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Timing of revenue recognition Services transferred at a point in time $ 394 $ 11 $ 4 $ — $ — $ — $ 409 Services transferred over time 353 403 188 184 — (28 ) 1,100 Total revenue $ 747 $ 414 $ 192 $ 184 $ — $ (28 ) $ 1,509 Six Months Ended June 30, 2017 2 Subscription $ — $ 783 $ 346 $ 68 $ — $ — $ 1,197 Non-transaction 694 — — — — (53 ) 641 Non-subscription / Transaction 767 22 7 — — — 796 Asset-linked fees — 11 — 222 — — 233 Sales usage-based royalties — — 30 65 — — 95 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 Timing of revenue recognition Services transferred at a point in time $ 767 $ 22 $ 7 $ — $ — $ — $ 796 Services transferred over time 694 794 376 355 — (53 ) 2,166 Total revenue $ 1,461 $ 816 $ 383 $ 355 $ — $ (53 ) $ 2,962 1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 As noted above, amounts for the three and six months ended June 30, 2017 were not adjusted under the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018.
Schedule of Components of Other (Income) Expense, Net [Table Text Block]	The components of other income, net for the three and six months ended June 30 are as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Other components of net periodic benefit cost $ (8 ) $ (9 ) $ (16 ) $ (18 ) Net gain from investments 1 (3 ) — — — Other income, net $ (11 ) $ (9 ) $ (16 ) $ (18 ) 1 Primarily relates to the change in fair value of CRISIL's investment in Care Ratings Limited ("CARE"). The investment balance of CARE as of June 30, 2018 and December 31, 2017 is $48 million and $54 million , respectively, and is included in non-current assets in our consolidated balance sheets.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of Debt	A summary of short-term and long-term debt outstanding is as follows: (in millions) June 30, December 31, 2.5% Senior Notes, due 2018 1 $ — $ 399 3.3% Senior Notes, due 2020 2 697 697 4.0% Senior Notes, due 2025 3 692 692 4.4% Senior Notes, due 2026 4 892 892 2.95% Senior Notes, due 2027 5 493 493 6.55% Senior Notes, due 2037 6 396 396 4.5% Senior Notes, due 2048 7 490 — Total debt 3,660 3,569 Less: short-term debt including current maturities — 399 Long-term debt $ 3,660 $ 3,170 1 We made a $400 million early repayment of our 2.5% senior notes in June of 2018. 2 Interest payments are due semiannually on February 14 and August 14, and as of June 30, 2018 , 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 June 30, 2018 , 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 June 30, 2018 , 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 June 30, 2018 , the unamortized debt discount and issuance costs total $7 million . 6 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2018 , the unamortized debt discount and issuance costs total $4 million . 7 Interest payments are due semiannually on May 15 and November 15, beginning on November 15, 2018, and as of June 30, 2018 , the unamortized debt discount and issuance costs total $10 million .

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and December 31, 2017 : (in millions) Balance Sheet Location June 30, 2018 December 31, 2017 Prepaid and other current assets Foreign exchange forward contracts $ 1 $ 3 Other current liabilities Foreign exchange forward contracts $ (4 ) $ —
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 June 30 : Three Months (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) 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 2018 2017 2018 2017 Foreign exchange forward contracts $ (4 ) $ (6 ) Revenue, Selling and general expenses $ (1 ) $ 3 Six Months (in millions) Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) 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 2018 2017 2018 2017 Foreign exchange forward contracts $ (3 ) $ (1 ) Revenue, Selling and general expenses $ (1 ) $ 4
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 June 30 : (in millions) Three Months Six Months 2018 2017 2018 2017 Net unrealized gains on cash flow hedges, net of taxes, beginning of period $ 3 $ 7 $ 2 $ 2 Change in fair value, net of tax (5 ) (3 ) (4 ) 3 Reclassification into earnings, net of tax 1 (3 ) 1 (4 ) Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ (1 ) $ 1 $ (1 ) $ 1

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost (Credit)	The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Service cost $ 1 $ 1 $ 1 $ 1 Interest cost 18 19 36 38 Expected return on assets (31 ) (32 ) (63 ) (63 ) Amortization of prior service credit / actuarial loss 4 4 9 7 Net periodic benefit cost $ (8 ) $ (8 ) $ (17 ) $ (17 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation	Stock-based compensation for the periods ended June 30 is as follows: (in millions) Three Months Six Months 2018 2017 2018 2017 Stock option expense $ 2 $ — $ 2 $ 2 Restricted stock and unit awards expense 32 21 44 39 Total stock-based compensation expense $ 34 $ 21 $ 46 $ 41

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Share Repurchases	Share repurchases for the periods ended June 30 were as follows: (in millions, except average price) Three Months Six Months 2018 2017 2018 2017 Total number of shares purchased 1 — 1.1 5.0 2.6 Average price paid per share 2 $ — $ 137.49 $ 178.11 $ 133.01 Total cash utilized $ — $ 145 $ 1,100 $ 346 1 The six months ended June 30, 2018 include shares received as part of our accelerated share repurchase agreement described in more detail below. 2 Average price paid per share information does not include the accelerated share repurchase agreement as discussed in more detail below.
Schedule of Redeemable Noncontrolling Interest	Changes to redeemable noncontrolling interest during the six months ended June 30, 2018 were as follows: (in millions) Balance as of December 31, 2017 $ 1,350 Net income attributable to noncontrolling interest 76 Distributions payable to noncontrolling interest (64 ) Redemption value adjustment 69 Balance as of June 30, 2018 $ 1,431
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 six months ended June 30, 2018 : (in millions) Foreign Currency Translation Adjustment Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Forward Exchange Contracts Unrealized Gain (Loss) on Investments Accumulated Other Comprehensive Loss Balance as of December 31, 2017 $ (239 ) $ (402 ) $ 2 $ (10 ) $ (649 ) Other comprehensive income before reclassifications (55 ) (14 ) (4 ) — (73 ) Reclassifications from accumulated other comprehensive loss to net earnings — 6 1 1 2 — 7 Net other comprehensive income (55 ) (8 ) (3 ) — (66 ) Amounts reclassified to retained income — — — 10 3 10 Balance as of June 30, 2018 $ (294 ) $ (410 ) $ (1 ) $ — $ (705 ) 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. 3 On January 1, 2018, the unrealized loss on investments was reclassified to retained income. See Note 13 — Recently Issued or Adopted Accounting Standards for additional details.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of Calculation for Basic and Diluted Earnings Per Share	The calculation for basic and diluted EPS for the periods ended June 30 is as follows: (in millions, except per share amounts) Three Months Six Months 2018 2017 2018 2017 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 461 $ 421 $ 951 $ 820 Basic weighted-average number of common shares outstanding 251.1 257.3 251.7 257.7 Effect of stock options and other dilutive securities 2.2 2.6 2.1 2.7 Diluted weighted-average number of common shares outstanding 253.3 259.9 253.8 260.4 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 1.83 $ 1.63 $ 3.78 $ 3.18 Diluted $ 1.82 $ 1.62 $ 3.75 $ 3.15

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, 2018 by segment is as follows: 2017 Restructuring Plans (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 25 $ 15 Market Intelligence 8 2 Platts 1 — Indices — — Corporate 10 5 Total $ 44 $ 22

Segment and Related Informati32

Segment and Related Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Operating Results by Segment	A summary of operating results for the periods ended June 30 is as follows: Revenue Three Months Six Months (in millions) 2018 2017 2018 2017 Ratings $ 775 $ 747 $ 1,523 $ 1,461 Market Intelligence 447 414 884 816 Platts 205 192 401 383 Indices 209 184 423 355 Corporate 5 — 5 — Intersegment elimination 1 (32 ) (28 ) (60 ) (53 ) Total revenue $ 1,609 $ 1,509 $ 3,176 $ 2,962 Operating Profit Three Months Six Months (in millions) 2018 2017 2018 2017 Ratings 2 $ 369 $ 395 $ 777 $ 769 Market Intelligence 3 128 112 240 216 Platts 4 98 78 188 160 Indices 5 136 119 283 233 Total reportable segments 731 704 1,488 1,378 Corporate Unallocated 6 (59 ) (36 ) (105 ) (72 ) Total operating profit $ 672 $ 668 $ 1,383 $ 1,306 1 Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 Operating profit for the three and six months ended June 30, 2018 includes legal settlement expenses of $73 million . Operating profit for the six months ended June 30, 2017 includes legal settlement expenses of $2 million . Operating profit also includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2018 and 2017 and $1 million and $2 million for the six months ended June 30, 2018 and 2017 , respectively. 3 Operating profit includes amortization of intangibles from acquisitions of $18 million for the three months ended June 30, 2018 and 2017 and $36 million and $35 million for the six months ended June 30, 2018 and 2017 , respectively. Operating profit includes employee severance charges of $4 million for the three and six months ended June 30, 2017 and a non-cash disposition-related adjustment of $4 million for the six months ended June 30, 2017 . 4 Operating profit includes amortization of intangibles from acquisitions of $4 million and $5 million for the three months ended June 30, 2018 and 2017 , respectively, and $9 million for the six months ended June 30, 2018 and 2017 . Operating profit includes a charge to exit a leased facility of $6 million , an asset write-off of $2 million and employee severance charges of $1 million for the three and six months ended June 30, 2017 and a non-cash acquisition-related adjustment of $11 million for the six months ended June 30, 2017 . 5 Operating profit includes amortization of intangibles from acquisitions of $2 million and $1 million for the three months ended June 30, 2018 and 2017 , respectively, and $3 million for the six months ended June 30, 2018 and 2017 . 6 Operating loss includes Kensho retention related expense of $12 million and amortization of intangibles from acquisitions of $8 million for the three and six months ended June 30, 2018 .
Schedule of Revenue by Geographic Region	The following provides revenue by geographic region for the periods ended June 30 : (in millions) Three Months Six Months 2018 2017 2018 2017 U.S. $ 960 $ 921 $ 1,911 $ 1,812 European region 404 361 785 706 Asia 158 142 315 276 Rest of the world 87 85 165 168 Total $ 1,609 $ 1,509 $ 3,176 $ 2,962

Condensed Consolidating Finan33

Condensed Consolidating Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule of Statement of Income	Statement of Income Three Months Ended June 30, 2018 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 200 $ 463 $ 985 $ (39 ) $ 1,609 Expenses: Operating-related expenses 48 107 330 (39 ) 446 Selling and general expenses 70 57 312 — 439 Depreciation 7 2 10 — 19 Amortization of intangibles — — 33 — 33 Total expenses 125 166 685 (39 ) 937 Operating profit 75 297 300 — 672 Other income, net (8 ) — (3 ) — (11 ) Interest expense (income), net 28 — (2 ) — 26 Non-operating intercompany transactions 86 (22 ) (358 ) 294 — Income before taxes on income (31 ) 319 663 (294 ) 657 Provision for taxes on income 27 75 54 — 156 Equity in net income of subsidiaries 812 — — (812 ) — Net income $ 754 $ 244 $ 609 $ (1,106 ) $ 501 Less: net income attributable to noncontrolling interests — — — (40 ) (40 ) Net income attributable to S&P Global Inc. $ 754 $ 244 $ 609 $ (1,146 ) $ 461 Comprehensive income $ 764 $ 244 $ 521 $ (1,103 ) $ 426 Statement of Income Six Months Ended June 30, 2018 (Unaudited) (in millions) S&P Global Inc. Standard & Poor's Financial Services LLC Non-Guarantor Subsidiaries Eliminations S&P Global Inc. Consolidated Revenue $ 391 $ 897 $ 1,962 $ (74 ) $ 3,176 Expenses: Operating-related expenses 81 224 653 (74 ) 884 Selling and general expenses 108 143 561 — 812 Depreciation 15 4 21 — 40 Amortization of intangibles — — 57 — 57 Total expenses 204 371 1,292 (74 ) 1,793 Operating profit 187 526 670 — 1,383 Other income, net (16 ) — — — (16 ) Interest expense (income), net 66 1 (6 ) — 61 Non-operating intercompany transactions 186 (43 ) (1,454 ) 1,311 — Income before taxes on income (49 ) 568 2,130 (1,311 ) 1,338 Provision for taxes on income 13 146 144 — 303 Equity in net income of subsidiaries 2,324 — — (2,324 ) — Net income $ 2,262 $ 422 $ 1,986 $ (3,635 ) $ 1,035 Less: net income attributable to noncontrolling interests — — — (84 ) (84 ) Net income attributable to S&P Global Inc. $ 2,262 $ 422 $ 1,986 $ (3,719 ) $ 951 Comprehensive income $ 2,251 $ 421 $ 1,932 $ (3,635 ) $ 969 Statement of Income Three Months Ended June 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 $ 181 $ 447 $ 916 $ (35 ) $ 1,509 Expenses: Operating-related expenses 22 115 330 (35 ) 432 Selling and general expenses 49 83 232 — 364 Depreciation 8 3 9 — 20 Amortization of intangibles — — 25 — 25 Total expenses 79 201 596 (35 ) 841 Operating profit 102 246 320 — 668 Other income, net (6 ) — (3 ) — (9 ) Interest expense (income), net 40 — (3 ) — 37 Non-operating intercompany transactions 93 (22 ) (726 ) 655 — Income before taxes on income (25 ) 268 1,052 (655 ) 640 (Benefit) provision for taxes on income (36 ) 119 100 — 183 Equity in net income of subsidiaries 1,064 — — (1,064 ) — Net income $ 1,075 $ 149 $ 952 $ (1,719 ) $ 457 Less: net income attributable to noncontrolling interests — — — (36 ) (36 ) Net income attributable to S&P Global Inc. $ 1,075 $ 149 $ 952 $ (1,755 ) $ 421 Comprehensive income $ 1,085 $ 148 $ 972 $ (1,712 ) $ 493 Statement of Income Six Months Ended June 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 $ 361 $ 885 $ 1,783 $ (67 ) $ 2,962 Expenses: Operating-related expenses 52 234 624 (67 ) 843 Selling and general expenses 76 172 477 — 725 Depreciation 15 5 19 — 39 Amortization of intangibles — — 49 — 49 Total expenses 143 411 1,169 (67 ) 1,656 Operating profit 218 474 614 — 1,306 Other income, net (12 ) — (6 ) — (18 ) Interest expense (income), net 79 — (5 ) — 74 Non-operating intercompany transactions 175 (41 ) (1,626 ) 1,492 — Income before taxes on income (24 ) 515 2,251 (1,492 ) 1,250 (Benefit) provision for taxes on income (47 ) 218 192 — 363 Equity in net income of subsidiaries 2,288 — — (2,288 ) — Net income $ 2,311 $ 297 $ 2,059 $ (3,780 ) $ 887 Less: net income attributable to noncontrolling interests — — — (67 ) (67 ) Net income attributable to S&P Global Inc. $ 2,311 $ 297 $ 2,059 $ (3,847 ) $ 820 Comprehensive income $ 2,323 $ 296 $ 2,118 $ (3,776 ) $ 961
Schedule of Balance Sheet	Balance Sheet June 30, 2018 (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 $ 767 $ — $ 1,118 $ — $ 1,885 Restricted cash — — 50 — 50 Accounts receivable, net of allowance for doubtful accounts 144 180 966 — 1,290 Intercompany receivable 734 1,731 2,917 (5,382 ) — Prepaid and other current assets 129 (3 ) 117 — 243 Total current assets 1,774 1,908 5,168 (5,382 ) 3,468 Property and equipment, net of accumulated depreciation 184 1 88 — 273 Goodwill 261 — 3,268 9 3,538 Other intangible assets, net — — 1,453 — 1,453 Investments in subsidiaries 7,834 5 8,415 (16,254 ) — Intercompany loans receivable 123 — 1,683 (1,806 ) — Other non-current assets 214 66 206 (1 ) 485 Total assets $ 10,390 $ 1,980 $ 20,281 $ (23,434 ) $ 9,217 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 72 $ 17 $ 103 $ — $ 192 Intercompany payable 4,096 53 1,233 (5,382 ) — Accrued compensation and contributions to retirement plans 102 28 133 — 263 Income taxes currently payable 5 — 74 — 79 Unearned revenue 301 248 1,140 — 1,689 Accrued legal settlements — — 149 — 149 Other current liabilities 181 18 153 — 352 Total current liabilities 4,757 364 2,985 (5,382 ) 2,724 Long-term debt 3,660 — — — 3,660 Intercompany loans payable 108 — 1,699 (1,807 ) — Pension and other postretirement benefits 178 — 51 — 229 Other non-current liabilities 222 58 257 — 537 Total liabilities 8,925 422 4,992 (7,189 ) 7,150 Redeemable noncontrolling interest — — — 1,431 1,431 Equity: Common stock 412 — 2,315 (2,315 ) 412 Additional paid-in capital (5 ) 610 10,246 (10,119 ) 732 Retained income 11,873 948 3,220 (5,361 ) 10,680 Accumulated other comprehensive loss (280 ) — (470 ) 45 (705 ) Less: common stock in treasury (10,535 ) — (22 ) 21 (10,536 ) Total equity - controlling interests 1,465 1,558 15,289 (17,729 ) 583 Total equity - noncontrolling interests — — — 53 53 Total equity 1,465 1,558 15,289 (17,676 ) 636 Total liabilities and equity $ 10,390 $ 1,980 $ 20,281 $ (23,434 ) $ 9,217 Balance Sheet December 31, 2017 (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 $ 632 $ — $ 2,145 $ — $ 2,777 Restricted cash — — 2 — 2 Accounts receivable, net of allowance for doubtful accounts 138 152 1,029 — 1,319 Intercompany receivable 768 1,784 2,527 (5,079 ) — Prepaid and other current assets 143 (3 ) 86 — 226 Total current assets 1,681 1,933 5,789 (5,079 ) 4,324 Property and equipment, net of accumulated depreciation 158 10 107 — 275 Goodwill 261 — 2,719 9 2,989 Other intangible assets, net — — 1,388 — 1,388 Investments in subsidiaries 8,364 5 8,028 (16,397 ) — Intercompany loans receivable 116 — 1,699 (1,815 ) — Other non-current assets 215 61 174 (1 ) 449 Total assets $ 10,795 $ 2,009 $ 19,904 $ (23,283 ) $ 9,425 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 79 $ 23 $ 93 $ — $ 195 Intercompany payable 3,433 492 1,154 (5,079 ) — Accrued compensation and contributions to retirement plans 145 86 241 — 472 Short-term debt 399 — — — 399 Income taxes currently payable 2 — 75 — 77 Unearned revenue 293 193 1,127 — 1,613 Accrued legal settlements — 2 105 — 107 Other current liabilities 136 21 194 — 351 Total current liabilities 4,487 817 2,989 (5,079 ) 3,214 Long-term debt 3,170 — — — 3,170 Intercompany loans payable 101 — 1,715 (1,816 ) — Pension and other postretirement benefits 180 — 64 — 244 Other non-current liabilities 376 74 229 — 679 Total liabilities 8,314 891 4,997 (6,895 ) 7,307 Redeemable noncontrolling interest — — — 1,350 1,350 Equity: Common stock 412 — 2,318 (2,318 ) 412 Additional paid-in capital (216 ) 602 9,256 (9,117 ) 525 Retained income 12,156 516 3,782 (6,429 ) 10,025 Accumulated other comprehensive loss (269 ) — (426 ) 46 (649 ) Less: common stock in treasury (9,602 ) — (23 ) 23 (9,602 ) Total equity - controlling interests 2,481 1,118 14,907 (17,795 ) 711 Total equity - noncontrolling interests — — — 57 57 Total equity 2,481 1,118 14,907 (17,738 ) 768 Total liabilities and equity $ 10,795 $ 2,009 $ 19,904 $ (23,283 ) $ 9,425
Schedule of Statement of Cash Flows	Statement of Cash Flows Six Months Ended June 30, 2018 (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 $ 2,262 $ 422 $ 1,986 $ (3,635 ) $ 1,035 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 15 4 21 — 40 Amortization of intangibles — — 57 — 57 Provision for losses on accounts receivable — 1 9 — 10 Stock-based compensation 14 8 24 — 46 Other (67 ) — 169 102 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable (6 ) (29 ) 54 — 19 Prepaid and other current assets (20 ) 1 — — (19 ) Accounts payable and accrued expenses (48 ) (68 ) (101 ) (217 ) Unearned revenue 9 30 2 41 Accrued legal settlements (29 ) — — — (29 ) Other current liabilities 20 (4 ) (85 ) (69 ) Net change in prepaid/accrued income taxes 24 1 (1 ) — 24 Net change in other assets and liabilities (27 ) 2 (112 ) (137 ) Cash provided by operating activities 2,147 368 2,023 (3,635 ) 903 Investing Activities: Capital expenditures (43 ) (10 ) (7 ) — (60 ) Acquisitions, net of cash acquired — — (246 ) — (246 ) Changes in short-term investments — — 1 — 1 Cash used for investing activities (43 ) (10 ) (252 ) — (305 ) Financing Activities: Proceeds from issuance of senior notes, net 489 — — — 489 Payments on senior notes (403 ) — — — (403 ) Dividends paid to shareholders (253 ) — — — (253 ) Distributions to noncontrolling interest holders — — (78 ) — (78 ) Purchase of CRISIL shares — — (25 ) — (25 ) Repurchase of treasury shares (1,100 ) — — — (1,100 ) Exercise of stock options 14 — 2 — 16 Employee withholding tax on share-based payments (50 ) — — — (50 ) Intercompany financing activities (667 ) (358 ) (2,610 ) 3,635 — Cash used for financing activities (1,970 ) (358 ) (2,711 ) 3,635 (1,404 ) Effect of exchange rate changes on cash from continuing operations 1 — (39 ) — (38 ) Net change in cash, cash equivalents, and restricted cash 135 — (979 ) — (844 ) Cash, cash equivalents, and restricted cash at beginning of period 632 — 2,147 — 2,779 Cash, cash equivalents, and restricted cash at end of period $ 767 $ — $ 1,168 $ — $ 1,935 Statement of Cash Flows Six Months Ended June 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 $ 2,311 $ 297 $ 2,059 $ (3,780 ) $ 887 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 15 5 19 — 39 Amortization of intangibles — — 49 — 49 Provision for losses on accounts receivable — 4 9 — 13 Stock-based compensation 14 10 17 — 41 Other 17 — 9 — 26 Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: Accounts receivable 14 (63 ) — — (49 ) Prepaid and other current assets (18 ) 3 2 — (13 ) Accounts payable and accrued expenses (40 ) 34 (133 ) — (139 ) Unearned revenue 1 28 (46 ) — (17 ) Accrued legal settlements — (1 ) (3 ) — (4 ) Other current liabilities (33 ) (4 ) (48 ) — (85 ) Net change in prepaid/accrued income taxes (55 ) — 10 — (45 ) Net change in other assets and liabilities (17 ) 1 (13 ) — (29 ) Cash provided by operating activities 2,209 314 1,931 (3,780 ) 674 Investing Activities: Capital expenditures (19 ) (10 ) (27 ) — (56 ) Acquisitions, net of cash acquired — — (70 ) — (70 ) Proceeds from dispositions — — 2 — 2 Cash used for investing activities (19 ) (10 ) (95 ) — (124 ) Financing Activities: Dividends paid to shareholders (212 ) — — — (212 ) Distributions to noncontrolling interest holders — — (54 ) — (54 ) Repurchase of treasury shares (346 ) — — — (346 ) Exercise of stock options 38 — — — 38 Employee withholding tax on share-based payments (44 ) — — — (44 ) Intercompany financing activities (1,842 ) (304 ) (1,634 ) 3,780 — Cash used for financing activities (2,406 ) (304 ) (1,688 ) 3,780 (618 ) Effect of exchange rate changes on cash from continuing operations 14 — 46 — 60 Net change in cash, cash equivalents, and restricted cash (202 ) — 194 — (8 ) Cash, cash equivalents, and restricted cash at beginning of period 711 — 1,681 — 2,392 Cash, cash equivalents, and restricted cash at end of period $ 509 $ — $ 1,875 $ — $ 2,384

Nature of Operations and Basi34

Nature of Operations and Basis of Presentation - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
		Apr. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)Segment	Jun. 30, 2017USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | Segment					4
Disaggregation of Revenue [Line Items]
Retained income			$ 10,680		$ 10,680			$ 10,025
Revenue from contract with customer, excluding assessed tax			1,609	$ 1,509	3,176	$ 2,962
Contract asset			28		28			$ 17
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Disaggregation of Revenue [Line Items]
Retained income							$ 35
Revenue from contract with customer, excluding assessed tax			3		6
Intersegment revenue			32	$ 28	60	$ 53
Accounts receivable, net							$ 1,319
Unearned revenue					1,100
Revenue expected to be recognized as of March 31, 2018			1,100		1,100
Capitalized contract costs			$ 79		$ 79
Minimum | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Disaggregation of Revenue [Line Items]
Expected timing of satisfaction of remaining performance obligation			12 months		12 months
Maximum | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Disaggregation of Revenue [Line Items]
Expected timing of satisfaction of remaining performance obligation			24 months		24 months
Kensho
Disaggregation of Revenue [Line Items]
Consideration transferred to acquire business	[1]	$ 550
Restricted cash	[1]	$ 43
[1]	Excludes $76 million attributable to our redeemable noncontrolling interest.

Nature of Operations and Basi35

Nature of Operations and Basis of Presentation - Revenue Disaggregated by Revenue Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 1,609	$ 1,509	$ 3,176	$ 2,962
Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	5	0	5	0
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	(32)	(28)	(60)	(53)
Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	775	747	1,523	1,461
Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	447	414	884	816
Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	205	192	401	383
Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	209	184	423	355
Subscription
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	660	608	1,297	1,197
Subscription | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	5	0	5	0
Subscription | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Subscription | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Subscription | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	431	397	854	783
Subscription | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	188	174	369	346
Subscription | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	36	37	69	68
Non-transaction
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	346	325	697	641
Non-transaction | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-transaction | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	(32)	(28)	(60)	(53)
Non-transaction | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	378	353	757	694
Non-transaction | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-transaction | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-transaction | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-subscription / Transaction
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	412	409	792	796
Non-subscription / Transaction | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-subscription / Transaction | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Non-subscription / Transaction | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	397	394	766	767
Non-subscription / Transaction | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	11	11	20	22
Non-subscription / Transaction | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	4	4	6	7
Non-subscription / Transaction | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Asset-linked fees
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	140	120	275	233
Asset-linked fees | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Asset-linked fees | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Asset-linked fees | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Asset-linked fees | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	5	6	10	11
Asset-linked fees | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Asset-linked fees | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	135	114	265	222
Sales usage-based royalties
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	51	47	115	95
Sales usage-based royalties | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Sales usage-based royalties | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Sales usage-based royalties | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Sales usage-based royalties | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Sales usage-based royalties | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	13	14	26	30
Sales usage-based royalties | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	38	33	89	65
Transferred at Point in Time
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	412	409	792	796
Transferred at Point in Time | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Transferred at Point in Time | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Transferred at Point in Time | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	397	394	766	767
Transferred at Point in Time | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	11	11	20	22
Transferred at Point in Time | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	4	4	6	7
Transferred at Point in Time | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Transferred over Time
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	1,197	1,100	2,384	2,166
Transferred over Time | Corporate
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	5	0	5	0
Transferred over Time | Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	(32)	(28)	(60)	(53)
Transferred over Time | Ratings | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	378	353	757	694
Transferred over Time | Market Intelligence | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	436	403	864	794
Transferred over Time | Platts | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	201	188	395	376
Transferred over Time | Indices | Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 209	$ 184	$ 423	$ 355

Nature of Operations and Basi36

Nature of Operations and Basis of Presentation - Components of Other (Income) Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other components of net periodic benefit cost	$ (8)	$ (8)	$ (17)	$ (17)
Other income, net	(11)	(9)	(16)	(18)
CARE Ratings Limited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments	48		48		$ 54
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other components of net periodic benefit cost	(8)	(9)	(16)	(18)
Net gain from investments	(3)	0	0	0
Other income, net	$ (11)	$ (9)	$ (16)	$ (18)

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2018	Jan. 31, 2018	Jun. 30, 2017	Apr. 30, 2017
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Assets held-for-sale				$ 5
Kensho
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Consideration transferred to acquire business	$ 550
Pragmatix
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Equity method investment, ownership (as a percent)		100.00%
CARE Ratings Limited
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]
Cost method investment, ownership (as a percent)			8.90%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	23.80%	28.60%	22.70%	29.10%
Unrecognized tax benefits	$ 147		$ 147		$ 212
Accrued interest and penalties associated with unrecognized tax benefits	29		29		$ 59
Reduction of unrecognized tax benefits is reasonably possible	$ 40		$ 40

Debt - Narrative (Details)

Debt - Narrative (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 01, 2018USD ($)	May 17, 2018USD ($)	Dec. 31, 2017USD ($)	Aug. 18, 2015USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value		$ 3,800,000,000			$ 3,800,000,000
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
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]
Maximum borrowing capacity		$ 1,200,000,000
Short-term debt		$ 0			$ 0
Senior Notes
Debt Instrument [Line Items]
Debt issued						$ 2,000,000,000
Senior Notes | 4.5% Senior Notes, due 2048
Debt Instrument [Line Items]
Debt issued				$ 500,000,000
Stated interest rate (as a percent)		4.50%
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Debt issued			$ 400,000,000
Stated interest rate (as a percent)		2.50%

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Millions	Jan. 01, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 22, 2016	May 26, 2015
Debt Instrument [Line Items]
Total debt		$ 3,660	$ 3,569
Less: short-term debt including current maturities		0	399
Long-term debt		3,660	3,170
Senior Notes | 2.5% Senior Notes, due 2018
Debt Instrument [Line Items]
Long-term debt		$ 0	399
Early repayment of senior debt	$ 400
Stated interest rate (as a percent)		2.50%
Senior Notes | 3.3% Senior Notes, due 2020
Debt Instrument [Line Items]
Long-term debt		$ 697	697
Stated interest rate (as a percent)		3.30%
Unamortized debt discount and issuance costs		$ 3
Senior Notes | 4.0% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt		$ 692	692
Stated interest rate (as a percent)		4.00%			4.00%
Unamortized debt discount and issuance costs		$ 8
Senior Notes | 4.4% Senior Notes, due 2026
Debt Instrument [Line Items]
Long-term debt		$ 892	892
Stated interest rate (as a percent)		4.40%
Unamortized debt discount and issuance costs		$ 8
Senior Notes | 2.95% Senior Notes, due 2027
Debt Instrument [Line Items]
Long-term debt		$ 493	493
Stated interest rate (as a percent)		2.95%		2.95%
Unamortized debt discount and issuance costs		$ 7
Senior Notes | 6.55% Senior Notes, due 2037
Debt Instrument [Line Items]
Long-term debt		$ 396	396
Stated interest rate (as a percent)		6.55%
Unamortized debt discount and issuance costs		$ 4
Senior Notes | 4.5% Senior Notes, due 2048
Debt Instrument [Line Items]
Long-term debt		$ 490	$ 0
Stated interest rate (as a percent)		4.50%
Unamortized debt discount and issuance costs		$ 10

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Foreign exchange forward contracts - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Fair Value Hedging | Not Designated as Hedging Instrument
Derivative [Line Items]
Aggregate notional value	$ 226	$ 226
Net loss on derivative	11	12
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Aggregate notional value	$ 233	$ 233	$ 192
Maturity of derivatives		12 months
Net gains related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings		$ 1

Derivative Instruments - Locati

Derivative Instruments - Location and Fair Values of Cash Flow Hedges (Details) - Cash Flow Hedging - Foreign exchange forward contracts - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivative, fair value	$ 1	$ 3
Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative, fair value	$ (4)	$ 0

Derivative Instruments - Loca43

Derivative Instruments - Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	$ (5)	$ (10)	$ (4)	$ (3)
Foreign exchange forward contracts | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)	(4)	(6)	(3)	(1)
Foreign exchange forward contracts | Revenue, Selling and general expenses | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ (1)	$ 3	$ (1)	$ 4

Derivative Instruments - Change

Derivative Instruments - Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			$ 711
Change in fair value, net of tax	$ (4)	$ (8)	(3)	$ (3)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	583		583
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	3	7	2	2
Change in fair value, net of tax	(5)	(3)	(4)	3
Reclassification into earnings, net of tax	1	(3)	1	(4)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$ (1)	$ 1	$ (1)	$ 1

Employee Benefits - Narrative (

Employee Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Retirement Benefits [Abstract]
Contribution towards retirement plans	$ 4
Expected contributions towards retirement plans, remainder of the year	$ 5

Employee Benefits - Components

Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Retirement Benefits [Abstract]
Service cost	$ 1	$ 1	$ 1	$ 1
Interest cost	18	19	36	38
Expected return on assets	(31)	(32)	(63)	(63)
Amortization of prior service credit / actuarial loss	4	4	9	7
Net periodic benefit cost	$ (8)	$ (8)	$ (17)	$ (17)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)$ / sharesshares
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted in period (shares) | shares	0.2
Weighted-average grant date fair value of stock granted in period (USD per share) | $ / shares	$ 128.46
Unrecognized compensation expense | $	$ 3
Unrecognized compensation expense, period for recognition	2 years 7 months 6 days
Restricted stock and unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted in period (shares) | shares	0.7
Weighted-average grant date fair value of stock granted in period (USD per share) | $ / shares	$ 169.77
Unrecognized compensation expense | $	$ 125
Unrecognized compensation expense, period for recognition	2 years 2 months

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 34	$ 21	$ 46	$ 41
Employee stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2	0	2	2
Restricted stock and unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 32	$ 21	$ 44	$ 39

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	Mar. 06, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased		0	1,100,000	5,000,000	2,600,000
Minimum interest in joint venture (as a percent)				20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period				15 days
2013 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for repurchase (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 (shares)		14,000,000		14,000,000
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, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase program amount	$ 1,000,000,000
Payments for accelerated share repurchases	$ 1,000,000,000
Initial Award | Accelerated Share Repurchases, March 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	4,500,000
Accelerated share repurchases initial delivery percentage (as a percent)	85.00%

Equity - Share Repurchases (Det

Equity - Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares purchased	0	1.1	5	2.6
Average price paid per share (in dollars per share)	$ 0	$ 137.49	$ 178.11	$ 133.01
Total cash utilized			$ 1,100
Total SPGI Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total cash utilized	$ 0	$ 145	$ 1,100	$ 346

Equity - Changes to Redeemable

Equity - Changes to Redeemable Noncontrolling Interest (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	$ 1,350
Net income attributable to noncontrolling interest	76
Distributions payable to noncontrolling interest	(64)
Redemption value adjustment	69
Balance at end of period	$ 1,431

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			$ 711
Other comprehensive income before reclassifications			(73)
Reclassifications from accumulated other comprehensive loss to net earnings			7
Net other comprehensive income			(66)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$ 583		583
Pension and other postretirement benefit plans, tax	4	$ 2	3	$ 1
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			(649)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	(705)		(705)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			(239)
Other comprehensive income before reclassifications			(55)
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			(55)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	(294)		(294)
Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			(402)
Other comprehensive income before reclassifications			(14)
Reclassifications from accumulated other comprehensive loss to net earnings			6
Net other comprehensive income			(8)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	(410)		(410)
Pension and other postretirement benefit plans, tax			1
Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	3	7	2	2
Other comprehensive income before reclassifications			(4)
Reclassifications from accumulated other comprehensive loss to net earnings			1
Net other comprehensive income			(3)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	(1)	$ 1	(1)	$ 1
Unrealized Gain (Loss) on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			(10)
Other comprehensive income before reclassifications			0
Reclassifications from accumulated other comprehensive loss to net earnings			0
Net other comprehensive income			0
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	0		0
Accounting Standards Update 2016-01
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified to retained income	10		10
Accounting Standards Update 2016-01 | Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified to retained income	0		0
Accounting Standards Update 2016-01 | Pension and Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified to retained income	0		0
Accounting Standards Update 2016-01 | Unrealized Gain (Loss) on Forward Exchange Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified to retained income	0		0
Accounting Standards Update 2016-01 | Unrealized Gain (Loss) on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified to retained income	$ 10		$ 10

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock not included in the computation of diluted earnings per share (shares)	0	0	0	0
Restricted performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock not included in the computation of diluted earnings per share (shares)			800,000	900,000

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$ 461	$ 421	$ 951	$ 820
Basic weighted-average number of common shares outstanding	251.1	257.3	251.7	257.7
Effect of stock options and other dilutive securities	2.2	2.6	2.1	2.7
Diluted weighted-average number of common shares outstanding	253.3	259.9	253.8	260.4
Earnings per share attributable to S&P Global Inc. common shareholders:
Basic (USD per share)	$ 1.83	$ 1.63	$ 3.78	$ 3.18
Diluted (USD per share)	$ 1.82	$ 1.62	$ 3.75	$ 3.15

Restructuring - Summary (Detail

Restructuring - Summary (Details) $ in Millions	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)position
Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 4		$ 4
Platts
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 1		$ 1
2017 Restructuring Plans
Restructuring Cost and Reserve [Line Items]
Workforce reduction | position				520
Initial Charge Recorded		$ 44
Ending Reserve Balance		22		$ 39
Restructuring charges paid		17
Operating Segments | 2017 Restructuring Plans | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		25
Ending Reserve Balance		15
Operating Segments | 2017 Restructuring Plans | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		8
Ending Reserve Balance		2
Operating Segments | 2017 Restructuring Plans | Platts
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		1
Ending Reserve Balance		0
Operating Segments | 2017 Restructuring Plans | Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		0
Ending Reserve Balance		0
Corporate | 2017 Restructuring Plans
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded		10
Ending Reserve Balance		$ 5

Segment and Related Informati56

Segment and Related Information - Narrative (Details) $ in Millions		1 Months Ended	6 Months Ended
		Apr. 30, 2018USD ($)	Jun. 30, 2018Segment
Business Acquisition [Line Items]
Number of reportable segments | Segment			4
Kensho
Business Acquisition [Line Items]
Consideration transferred to acquire business | $	[1]	$ 550
[1]	Excludes $76 million attributable to our redeemable noncontrolling interest.

Segment and Related Informati57

Segment and Related Information - Operating Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenue	$ 1,609	$ 1,509	$ 3,176	$ 2,962
Operating Profit	672	668	1,383	1,306
Amortization of intangibles	33	25	57	49
Ratings
Segment Reporting Information [Line Items]
Legal settlement	73		73	2
Amortization of intangibles	1	1	1	2
Market Intelligence
Segment Reporting Information [Line Items]
Amortization of intangibles	18	18	36	35
Employee severance charges		4		4
Non-cash acquisition and disposition-related adjustments				4
Platts
Segment Reporting Information [Line Items]
Amortization of intangibles	4	5	9	9
Business exit costs		6		6
Asset impairment charges		2		2
Employee severance charges		1		1
Non-cash acquisition and disposition-related adjustments				11
Indices
Segment Reporting Information [Line Items]
Amortization of intangibles	2	1	3	3
Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	731	704	1,488	1,378
Operating Segments | Ratings
Segment Reporting Information [Line Items]
Revenue	775	747	1,523	1,461
Operating Profit	369	395	777	769
Operating Segments | Market Intelligence
Segment Reporting Information [Line Items]
Revenue	447	414	884	816
Operating Profit	128	112	240	216
Operating Segments | Platts
Segment Reporting Information [Line Items]
Revenue	205	192	401	383
Operating Profit	98	78	188	160
Operating Segments | Indices
Segment Reporting Information [Line Items]
Revenue	209	184	423	355
Operating Profit	136	119	283	233
Corporate
Segment Reporting Information [Line Items]
Revenue	5	0	5	0
Operating Profit	(59)	(36)	(105)	(72)
Amortization of intangibles	8		8
Non-cash acquisition and disposition-related adjustments	12		12
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue	$ (32)	$ (28)	$ (60)	$ (53)

Segment and Related Informati58

Segment and Related Information - Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,609	$ 1,509	$ 3,176	$ 2,962
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	960	921	1,911	1,812
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	404	361	785	706
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	158	142	315	276
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 87	$ 85	$ 165	$ 168

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Loss Contingencies [Line Items]
Contribution to noncontrolling interest		$ 78	$ 54
Affiliated Entity
Loss Contingencies [Line Items]
Contribution to noncontrolling interest		20
CME Group | S&P DJ Indices
Loss Contingencies [Line Items]
Revenues earned under license agreement	$ 24	$ 55
Noncontrolling interest ownership by noncontrolling owners (as a percent)	27.00%	27.00%

Recently Issued or Adopted Ac60

Recently Issued or Adopted Accounting Standards - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 10,680		$ 10,025
Accumulated other comprehensive income (loss)	$ (705)		$ (649)
Accounting Standards Update 2018-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)		$ (10)
Accumulated other comprehensive income (loss)		$ 10

Condensed Consolidating Finan61

Condensed Consolidating Financial Statements - Narrative (Details) - USD ($)	Jun. 30, 2018	May 17, 2018	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 | 4.5% Senior Notes, due 2048
Condensed Financial Statements, Captions [Line Items]
Debt issued		$ 500,000,000
Stated interest rate (as a percent)	4.50%
Senior Notes | 2.95% Senior Notes due in 2027
Condensed Financial Statements, Captions [Line Items]
Debt issued			$ 500,000,000
Stated interest rate (as a percent)	2.95%		2.95%
Senior Notes | 4.0% Senior Notes due in 2025
Condensed Financial Statements, Captions [Line Items]
Debt issued					$ 700,000,000
Stated interest rate (as a percent)	4.00%				4.00%
Senior Notes | 2.5% Senior Notes due in 2018
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 400,000,000
Stated interest rate (as a percent)				2.50%
Senior Notes | 3.3% Senior Notes due in 2020
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 700,000,000
Stated interest rate (as a percent)				3.30%
Senior Notes | 4.4% Senior Notes due in 2026
Condensed Financial Statements, Captions [Line Items]
Debt issued				$ 900,000,000
Stated interest rate (as a percent)				4.40%

Condensed Consolidating Finan62

Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Income Statements, Captions [Line Items]
Revenue	$ 1,609	$ 1,509	$ 3,176	$ 2,962
Expenses:
Operating-related expenses	446	432	884	843
Selling and general expenses	439	364	812	725
Depreciation	19	20	40	39
Amortization of intangibles	33	25	57	49
Total expenses	937	841	1,793	1,656
Operating profit	672	668	1,383	1,306
Other income, net	(11)	(9)	(16)	(18)
Interest expense (income), net	26	37	61	74
Non-operating intercompany transactions	0	0	0	0
Income before taxes on income	657	640	1,338	1,250
(Benefit) provision for taxes on income	156	183	303	363
Equity in net income of subsidiaries	0	0	0	0
Net income	501	457	1,035	887
Less: net income attributable to noncontrolling interests	(40)	(36)	(84)	(67)
Net income attributable to S&P Global Inc.	461	421	951	820
Comprehensive income	426	493	969	961
Eliminations
Condensed Income Statements, Captions [Line Items]
Revenue	(39)	(35)	(74)	(67)
Expenses:
Operating-related expenses	(39)	(35)	(74)	(67)
Selling and general expenses	0	0	0	0
Depreciation	0	0	0	0
Amortization of intangibles	0	0	0	0
Total expenses	(39)	(35)	(74)	(67)
Operating profit	0	0	0	0
Other income, net	0	0	0	0
Interest expense (income), net	0	0	0	0
Non-operating intercompany transactions	294	655	1,311	1,492
Income before taxes on income	(294)	(655)	(1,311)	(1,492)
(Benefit) provision for taxes on income	0	0	0	0
Equity in net income of subsidiaries	(812)	(1,064)	(2,324)	(2,288)
Net income	(1,106)	(1,719)	(3,635)	(3,780)
Less: net income attributable to noncontrolling interests	(40)	(36)	(84)	(67)
Net income attributable to S&P Global Inc.	(1,146)	(1,755)	(3,719)	(3,847)
Comprehensive income	(1,103)	(1,712)	(3,635)	(3,776)
S&P Global Inc. | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	200	181	391	361
Expenses:
Operating-related expenses	48	22	81	52
Selling and general expenses	70	49	108	76
Depreciation	7	8	15	15
Amortization of intangibles	0	0	0	0
Total expenses	125	79	204	143
Operating profit	75	102	187	218
Other income, net	(8)	(6)	(16)	(12)
Interest expense (income), net	28	40	66	79
Non-operating intercompany transactions	86	93	186	175
Income before taxes on income	(31)	(25)	(49)	(24)
(Benefit) provision for taxes on income	27	(36)	13	(47)
Equity in net income of subsidiaries	812	1,064	2,324	2,288
Net income	754	1,075	2,262	2,311
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	754	1,075	2,262	2,311
Comprehensive income	764	1,085	2,251	2,323
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	463	447	897	885
Expenses:
Operating-related expenses	107	115	224	234
Selling and general expenses	57	83	143	172
Depreciation	2	3	4	5
Amortization of intangibles	0	0	0	0
Total expenses	166	201	371	411
Operating profit	297	246	526	474
Other income, net	0	0	0	0
Interest expense (income), net	0	0	1	0
Non-operating intercompany transactions	(22)	(22)	(43)	(41)
Income before taxes on income	319	268	568	515
(Benefit) provision for taxes on income	75	119	146	218
Equity in net income of subsidiaries	0	0	0	0
Net income	244	149	422	297
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	244	149	422	297
Comprehensive income	244	148	421	296
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenue	985	916	1,962	1,783
Expenses:
Operating-related expenses	330	330	653	624
Selling and general expenses	312	232	561	477
Depreciation	10	9	21	19
Amortization of intangibles	33	25	57	49
Total expenses	685	596	1,292	1,169
Operating profit	300	320	670	614
Other income, net	(3)	(3)	0	(6)
Interest expense (income), net	(2)	(3)	(6)	(5)
Non-operating intercompany transactions	(358)	(726)	(1,454)	(1,626)
Income before taxes on income	663	1,052	2,130	2,251
(Benefit) provision for taxes on income	54	100	144	192
Equity in net income of subsidiaries	0	0	0	0
Net income	609	952	1,986	2,059
Less: net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to S&P Global Inc.	609	952	1,986	2,059
Comprehensive income	$ 521	$ 972	$ 1,932	$ 2,118

Condensed Consolidating Finan63

Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,885	$ 2,777
Restricted cash	50	2
Accounts receivable, net of allowance for doubtful accounts	1,290	1,319
Intercompany receivable	0	0
Prepaid and other current assets	243	226
Total current assets	3,468	4,324
Property and equipment, net of accumulated depreciation	273	275
Goodwill	3,538	2,989
Other intangible assets, net	1,453	1,388
Investments in subsidiaries	0	0
Intercompany loans receivable	0	0
Other non-current assets	485	449
Total assets	9,217	9,425
Current liabilities:
Accounts payable	192	195
Intercompany payable	0	0
Accrued compensation and contributions to retirement plans	263	472
Short-term debt	0	399
Income taxes currently payable	79	77
Unearned revenue	1,689	1,613
Accrued legal settlements	149	107
Other current liabilities	352	351
Total current liabilities	2,724	3,214
Long-term debt	3,660	3,170
Intercompany loans payable	0	0
Pension and other postretirement benefits	229	244
Other non-current liabilities	537	679
Total liabilities	7,150	7,307
Redeemable noncontrolling interest	1,431	1,350
Equity:
Common stock	412	412
Additional paid-in capital	732	525
Retained income	10,680	10,025
Accumulated other comprehensive loss	(705)	(649)
Less: common stock in treasury	(10,536)	(9,602)
Total equity — controlling interests	583	711
Total equity - noncontrolling interests	53	57
Total equity	636	768
Total liabilities and equity	9,217	9,425
Eliminations
Current assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net of allowance for doubtful accounts	0	0
Intercompany receivable	(5,382)	(5,079)
Prepaid and other current assets	0	0
Total current assets	(5,382)	(5,079)
Property and equipment, net of accumulated depreciation	0	0
Goodwill	9	9
Other intangible assets, net	0	0
Investments in subsidiaries	(16,254)	(16,397)
Intercompany loans receivable	(1,806)	(1,815)
Other non-current assets	(1)	(1)
Total assets	(23,434)	(23,283)
Current liabilities:
Accounts payable	0	0
Intercompany payable	(5,382)	(5,079)
Accrued compensation and contributions to retirement plans	0	0
Short-term debt		0
Income taxes currently payable	0	0
Unearned revenue	0	0
Accrued legal settlements	0	0
Other current liabilities	0	0
Total current liabilities	(5,382)	(5,079)
Long-term debt	0	0
Intercompany loans payable	(1,807)	(1,816)
Pension and other postretirement benefits	0	0
Other non-current liabilities	0	0
Total liabilities	(7,189)	(6,895)
Redeemable noncontrolling interest	1,431	1,350
Equity:
Common stock	(2,315)	(2,318)
Additional paid-in capital	(10,119)	(9,117)
Retained income	(5,361)	(6,429)
Accumulated other comprehensive loss	45	46
Less: common stock in treasury	21	23
Total equity — controlling interests	(17,729)	(17,795)
Total equity - noncontrolling interests	53	57
Total equity	(17,676)	(17,738)
Total liabilities and equity	(23,434)	(23,283)
S&P Global Inc. | Reportable Legal Entities
Current assets:
Cash and cash equivalents	767	632
Restricted cash	0	0
Accounts receivable, net of allowance for doubtful accounts	144	138
Intercompany receivable	734	768
Prepaid and other current assets	129	143
Total current assets	1,774	1,681
Property and equipment, net of accumulated depreciation	184	158
Goodwill	261	261
Other intangible assets, net	0	0
Investments in subsidiaries	7,834	8,364
Intercompany loans receivable	123	116
Other non-current assets	214	215
Total assets	10,390	10,795
Current liabilities:
Accounts payable	72	79
Intercompany payable	4,096	3,433
Accrued compensation and contributions to retirement plans	102	145
Short-term debt		399
Income taxes currently payable	5	2
Unearned revenue	301	293
Accrued legal settlements	0	0
Other current liabilities	181	136
Total current liabilities	4,757	4,487
Long-term debt	3,660	3,170
Intercompany loans payable	108	101
Pension and other postretirement benefits	178	180
Other non-current liabilities	222	376
Total liabilities	8,925	8,314
Redeemable noncontrolling interest	0	0
Equity:
Common stock	412	412
Additional paid-in capital	(5)	(216)
Retained income	11,873	12,156
Accumulated other comprehensive loss	(280)	(269)
Less: common stock in treasury	(10,535)	(9,602)
Total equity — controlling interests	1,465	2,481
Total equity - noncontrolling interests	0	0
Total equity	1,465	2,481
Total liabilities and equity	10,390	10,795
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Current assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net of allowance for doubtful accounts	180	152
Intercompany receivable	1,731	1,784
Prepaid and other current assets	(3)	(3)
Total current assets	1,908	1,933
Property and equipment, net of accumulated depreciation	1	10
Goodwill	0	0
Other intangible assets, net	0	0
Investments in subsidiaries	5	5
Intercompany loans receivable	0	0
Other non-current assets	66	61
Total assets	1,980	2,009
Current liabilities:
Accounts payable	17	23
Intercompany payable	53	492
Accrued compensation and contributions to retirement plans	28	86
Short-term debt		0
Income taxes currently payable	0	0
Unearned revenue	248	193
Accrued legal settlements	0	2
Other current liabilities	18	21
Total current liabilities	364	817
Long-term debt	0	0
Intercompany loans payable	0	0
Pension and other postretirement benefits	0	0
Other non-current liabilities	58	74
Total liabilities	422	891
Redeemable noncontrolling interest	0	0
Equity:
Common stock	0	0
Additional paid-in capital	610	602
Retained income	948	516
Accumulated other comprehensive loss	0	0
Less: common stock in treasury	0	0
Total equity — controlling interests	1,558	1,118
Total equity - noncontrolling interests	0	0
Total equity	1,558	1,118
Total liabilities and equity	1,980	2,009
Non-Guarantor Subsidiaries | Reportable Legal Entities
Current assets:
Cash and cash equivalents	1,118	2,145
Restricted cash	50	2
Accounts receivable, net of allowance for doubtful accounts	966	1,029
Intercompany receivable	2,917	2,527
Prepaid and other current assets	117	86
Total current assets	5,168	5,789
Property and equipment, net of accumulated depreciation	88	107
Goodwill	3,268	2,719
Other intangible assets, net	1,453	1,388
Investments in subsidiaries	8,415	8,028
Intercompany loans receivable	1,683	1,699
Other non-current assets	206	174
Total assets	20,281	19,904
Current liabilities:
Accounts payable	103	93
Intercompany payable	1,233	1,154
Accrued compensation and contributions to retirement plans	133	241
Short-term debt		0
Income taxes currently payable	74	75
Unearned revenue	1,140	1,127
Accrued legal settlements	149	105
Other current liabilities	153	194
Total current liabilities	2,985	2,989
Long-term debt	0	0
Intercompany loans payable	1,699	1,715
Pension and other postretirement benefits	51	64
Other non-current liabilities	257	229
Total liabilities	4,992	4,997
Redeemable noncontrolling interest	0	0
Equity:
Common stock	2,315	2,318
Additional paid-in capital	10,246	9,256
Retained income	3,220	3,782
Accumulated other comprehensive loss	(470)	(426)
Less: common stock in treasury	(22)	(23)
Total equity — controlling interests	15,289	14,907
Total equity - noncontrolling interests	0	0
Total equity	15,289	14,907
Total liabilities and equity	$ 20,281	$ 19,904

Condensed Consolidating Finan64

Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating Activities:
Net income	$ 501	$ 457	$ 1,035	$ 887
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			40	39
Amortization of intangibles			57	49
Provision for losses on accounts receivable			10	13
Stock-based compensation			46	41
Other			102	26
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			19	(49)
Prepaid and other current assets			(19)	(13)
Accounts payable and accrued expenses			(217)	(139)
Unearned revenue			41	(17)
Accrued legal settlements			(29)	(4)
Other current liabilities			(69)	(85)
Net change in prepaid/accrued income taxes			24	(45)
Net change in other assets and liabilities			(137)	(29)
Cash provided by operating activities			903	674
Investing Activities:
Capital expenditures			(60)	(56)
Acquisitions, net of cash acquired			(246)	(70)
Proceeds from dispositions			0	2
Changes in short-term investments			1	0
Cash used for investing activities			(305)	(124)
Financing Activities:
Proceeds from issuance of senior notes, net			489	0
Payments on senior notes			(403)	0
Dividends paid to shareholders			(253)	(212)
Distributions to noncontrolling interest holders			(78)	(54)
Purchase of CRISIL shares			25	0
Repurchase of treasury shares			(1,100)	(346)
Exercise of stock options			16	38
Employee withholding tax on share-based payments			(50)	(44)
Intercompany financing activities			0	0
Cash used for financing activities			(1,404)	(618)
Effect of exchange rate changes on cash from continuing operations			(38)	60
Net change in cash, cash equivalents, and restricted cash			(844)	(8)
Cash, cash equivalents, and restricted cash at beginning of period			2,779	2,392
Cash, cash equivalents, and restricted cash at end of period	1,935	2,384	1,935	2,384
Eliminations
Operating Activities:
Net income	(1,106)	(1,719)	(3,635)	(3,780)
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
Other				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
Unearned revenue				0
Accrued legal settlements			0	0
Other current liabilities				0
Net change in prepaid/accrued income taxes			0	0
Net change in other assets and liabilities				0
Cash provided by operating activities			(3,635)	(3,780)
Investing Activities:
Capital expenditures			0	0
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions				0
Changes in short-term investments			0
Cash used for investing activities			0	0
Financing Activities:
Proceeds from issuance of senior notes, net			0
Payments on senior notes			0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			0	0
Purchase of CRISIL shares			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			3,635	3,780
Cash used for financing activities			3,635	3,780
Effect of exchange rate changes on cash from continuing operations			0	0
Net change in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash at beginning of period			0	0
Cash, cash equivalents, and restricted cash at end of period	0	0	0	0
S&P Global Inc.
Investing Activities:
Changes in short-term investments			0
S&P Global Inc. | Reportable Legal Entities
Operating Activities:
Net income	754	1,075	2,262	2,311
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			15	15
Amortization of intangibles			0	0
Provision for losses on accounts receivable			0	0
Stock-based compensation			14	14
Other			(67)	17
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(6)	14
Prepaid and other current assets			(20)	(18)
Accounts payable and accrued expenses			(48)	(40)
Unearned revenue			9	1
Accrued legal settlements			(29)	0
Other current liabilities			20	(33)
Net change in prepaid/accrued income taxes			24	(55)
Net change in other assets and liabilities			(27)	(17)
Cash provided by operating activities			2,147	2,209
Investing Activities:
Capital expenditures			(43)	(19)
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions				0
Cash used for investing activities			(43)	(19)
Financing Activities:
Proceeds from issuance of senior notes, net			489
Payments on senior notes			(403)
Dividends paid to shareholders			(253)	(212)
Distributions to noncontrolling interest holders			0	0
Purchase of CRISIL shares			0
Repurchase of treasury shares			(1,100)	(346)
Exercise of stock options			14	38
Employee withholding tax on share-based payments			(50)	(44)
Intercompany financing activities			(667)	(1,842)
Cash used for financing activities			(1,970)	(2,406)
Effect of exchange rate changes on cash from continuing operations			1	14
Net change in cash, cash equivalents, and restricted cash			135	(202)
Cash, cash equivalents, and restricted cash at beginning of period			632	711
Cash, cash equivalents, and restricted cash at end of period	767	509	767	509
Standard & Poor's Financial Services LLC
Investing Activities:
Changes in short-term investments			0
Standard & Poor's Financial Services LLC | Reportable Legal Entities
Operating Activities:
Net income	244	149	422	297
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			4	5
Amortization of intangibles			0	0
Provision for losses on accounts receivable			1	4
Stock-based compensation			8	10
Other			0	0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			(29)	(63)
Prepaid and other current assets			1	3
Accounts payable and accrued expenses			(68)	34
Unearned revenue			30	28
Accrued legal settlements			0	(1)
Other current liabilities			(4)	(4)
Net change in prepaid/accrued income taxes			1	0
Net change in other assets and liabilities			2	1
Cash provided by operating activities			368	314
Investing Activities:
Capital expenditures			(10)	(10)
Acquisitions, net of cash acquired			0	0
Proceeds from dispositions				0
Cash used for investing activities			(10)	(10)
Financing Activities:
Proceeds from issuance of senior notes, net			0
Payments on senior notes			0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			0	0
Purchase of CRISIL shares			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			(358)	(304)
Cash used for financing activities			(358)	(304)
Effect of exchange rate changes on cash from continuing operations			0	0
Net change in cash, cash equivalents, and restricted cash			0	0
Cash, cash equivalents, and restricted cash at beginning of period			0	0
Cash, cash equivalents, and restricted cash at end of period	0	0	0	0
Non-Guarantor Subsidiaries
Investing Activities:
Changes in short-term investments			1
Non-Guarantor Subsidiaries | Reportable Legal Entities
Operating Activities:
Net income	609	952	1,986	2,059
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			21	19
Amortization of intangibles			57	49
Provision for losses on accounts receivable			9	9
Stock-based compensation			24	17
Other			169	9
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			54	0
Prepaid and other current assets			0	2
Accounts payable and accrued expenses			(101)	(133)
Unearned revenue			2	(46)
Accrued legal settlements			0	(3)
Other current liabilities			(85)	(48)
Net change in prepaid/accrued income taxes			(1)	10
Net change in other assets and liabilities			(112)	(13)
Cash provided by operating activities			2,023	1,931
Investing Activities:
Capital expenditures			(7)	(27)
Acquisitions, net of cash acquired			(246)	(70)
Proceeds from dispositions				2
Cash used for investing activities			(252)	(95)
Financing Activities:
Proceeds from issuance of senior notes, net			0
Payments on senior notes			0
Dividends paid to shareholders			0	0
Distributions to noncontrolling interest holders			(78)	(54)
Purchase of CRISIL shares			25
Repurchase of treasury shares			0	0
Exercise of stock options			2	0
Employee withholding tax on share-based payments			0	0
Intercompany financing activities			(2,610)	(1,634)
Cash used for financing activities			(2,711)	(1,688)
Effect of exchange rate changes on cash from continuing operations			(39)	46
Net change in cash, cash equivalents, and restricted cash			(979)	194
Cash, cash equivalents, and restricted cash at beginning of period			2,147	1,681
Cash, cash equivalents, and restricted cash at end of period	$ 1,168	$ 1,875	$ 1,168	$ 1,875