S&P GLOBAL INC., 10-Q filed on 4/26/2018
Quarterly Report
v3.8.0.1
Document and Entity Information - shares
shares in Millions
 3 Months Ended
Mar. 31, 2018
Apr. 20, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name S&P Global Inc.  
Entity Central Index Key 0000064040  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   251.3
v3.8.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue $ 1,567 $ 1,453
Expenses:    
Operating-related expenses 439 411
Selling and general expenses 372 360
Depreciation 21 19
Amortization of intangibles 24 24
Total expenses 856 814
Operating profit 711 639
Other (income) expense, net (4) (9)
Interest expense, net 34 37
Income before taxes on income 681 611
Provision for taxes on income 147 181
Net income 534 430
Less: net income attributable to noncontrolling interests (43) (31)
Net income attributable to S&P Global Inc. $ 491 $ 399
Net income:    
Basic (USD per share) $ 1.94 $ 1.54
Diluted (USD per share) $ 1.93 $ 1.53
Weighted-average number of common shares outstanding:    
Basic (shares) 252.4 258.2
Diluted (shares) 254.4 260.8
Actual shares outstanding at period end (shares) 249.4 257.8
Dividend declared per common share (USD per share) $ 0.5 $ 0.41
v3.8.0.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Statement of Comprehensive Income [Abstract]    
Net income $ 534 $ 430
Other comprehensive income:    
Foreign currency translation adjustment 23 30
Income tax effect (18) 0
Foreign currency translation adjustment, net of income tax effect 5 30
Pension and other postretirement benefit plans 4 4
Income tax effect (1) (1)
Pension and other postretirement benefit plans, net of income tax effect 3 3
Unrealized gain on forward exchange contracts 1 7
Income tax effect 0 (2)
Unrealized gain on forward exchange contracts, net of income tax effect 1 5
Comprehensive income 543 468
Less: comprehensive income attributable to nonredeemable noncontrolling interests (3) (1)
Less: comprehensive income attributable to redeemable noncontrolling interests (40) (30)
Comprehensive income attributable to S&P Global Inc. $ 500 $ 437
v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 1,756 $ 2,779
Accounts receivable, net of allowance for doubtful accounts: 2018 - $34; 2017 - $33 1,313 1,319
Prepaid and other current assets 215 226
Total current assets 3,284 4,324
Property and equipment, net of accumulated depreciation: 2018 - $569; 2017 - $554 270 275
Goodwill 3,045 2,989
Other intangible assets, net 1,390 1,388
Other non-current assets 508 449
Total assets 8,497 9,425
Current liabilities:    
Accounts payable 196 195
Accrued compensation and contributions to retirement plans 195 472
Short-term debt 400 399
Income taxes currently payable 100 77
Unearned revenue 1,679 1,613
Accrued legal and regulatory settlements 82 107
Other current liabilities 483 351
Total current liabilities 3,135 3,214
Long-term debt 3,170 3,170
Pension and other postretirement benefits 235 244
Other non-current liabilities 539 679
Total liabilities 7,079 7,307
Redeemable noncontrolling interest (Note 8) 1,350 1,350
Commitments and contingencies (Note 12)
Equity:    
Common stock 412 412
Additional paid-in capital 335 525
Retained income 10,427 10,025
Accumulated other comprehensive loss (630) (649)
Less: common stock in treasury (10,537) (9,602)
Total equity — controlling interests 7 711
Total equity — noncontrolling interests 61 57
Total equity 68 768
Total liabilities and equity $ 8,497 $ 9,425
v3.8.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 34 $ 33
Accumulated depreciation $ 569 $ 554
v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities:    
Net income $ 534 $ 430
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 21 19
Amortization of intangibles 24 24
Provision for losses on accounts receivable 8 5
Stock-based compensation 13 19
Other 16 13
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable 7 12
Prepaid and other current assets (21) 9
Accounts payable and accrued expenses (289) (235)
Unearned revenue 27 (6)
Accrued legal settlements (29) (1)
Other current liabilities 19 (58)
Net change in prepaid/accrued income taxes 74 146
Net change in other assets and liabilities (44) (24)
Cash provided by operating activities 360 353
Investing Activities:    
Capital expenditures (33) (23)
Acquisitions, net of cash acquired (57) (1)
Proceeds from dispositions 0 2
Changes in short-term investments 3 0
Cash used for investing activities (87) (22)
Financing Activities:    
Dividends paid to shareholders (127) (106)
Distributions to noncontrolling interest holders (50) (24)
Repurchase of treasury shares (1,100) (201)
Exercise of stock options 10 29
Employee withholding tax on share-based payments (49) (44)
Cash used for financing activities (1,316) (346)
Effect of exchange rate changes on cash from continuing operations 20 34
Net change in cash and cash equivalents (1,023) 19
Cash and cash equivalents at beginning of period 2,779 2,392
Cash and cash equivalents at end of period $ 1,756 $ 2,411
v3.8.0.1
Consolidated Statement of Equity (Unaudited) - 3 months ended Mar. 31, 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] 503 500     491 9   3
Dividends (127) (127)     (127)      
Share repurchases (1,100) (1,100)   (150)     950  
Employee stock plans (24) (25)   (40)     (15) 1
Change in redemption value of redeemable noncontrolling interest 12 12     12      
Other [2] 36 36     26 10    
Balance at end of period at Mar. 31, 2018 $ 68 $ 7 $ 412 $ 335 $ 10,427 $ (630) $ 10,537 $ 61
[1] Excludes $40 million attributable to our redeemable noncontrolling interest.
[2] Reflects a net increase to opening retained earnings due to the cumulative effect of adopting Accounting Standards Codification 606, partially offset by a decrease related to the adoption of Accounting Standards Update 2016-01.
v3.8.0.1
Consolidated Statement of Equity (Unaudited) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Statement of Stockholders' Equity [Abstract]  
Net income attributable to noncontrolling interest $ 40
v3.8.0.1
Nature of Operations and Basis of Presentation
 3 Months Ended
Mar. 31, 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.
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 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 months ended March 31, 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 additional revenue of $3 million for three months ended March 31, 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)
Three Months Ended March 31, 2018
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
424

 
$
181

 
$
33

 
$
—

 
$
638

Non-transaction
380

 
—

 
—

 
—

 
(28
)
 
352

Non-subscription / Transaction
368

 
8

 
2

 
—

 
—

 
378

Asset-linked fees
—

 
5

 
—

 
131

 
—

 
136

Sales usage-based royalties
—

 
—

 
13

 
50

 
—

 
63

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition


 


 


 


 


 


     Services transferred at a point in time
$
368

 
$
8

 
$
2

 
$
—

 
$
—

 
$
378

     Services transferred over time
380

 
429

 
194

 
214

 
(28
)
 
1,189

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

(in millions)
Three Months Ended March 31, 2017 2
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
385

 
$
172

 
$
31

 
$
—

 
$
588

Non-transaction
341

 
—

 
—

 
—

 
(25
)
 
316

Non-subscription / Transaction
373

 
11

 
3

 
—

 
—

 
387

Asset-linked fees
—

 
6

 
—

 
108

 
—

 
114

Sales usage-based royalties
—

 
—

 
16

 
32

 
—

 
48

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
     Services transferred at a point in time
$
373

 
$
11

 
$
3

 
$
—

 
$
—

 
$
387

     Services transferred over time
341

 
391

 
188

 
171

 
(25
)
 
1,066

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

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 month ended March 31, 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 $28 million and $25 million for the three months ended March 31, 2018 and 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 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 uncertainty 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 records 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 that result from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of March 31, 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 months ended March 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $710 million 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 which work has not yet been performed. As of March 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.2 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 unsatisfied 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 $81 million as of March 31, 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) expense, net in our consolidated statements of income.

The components of other (income) expense, net for the three months ended March 31 are as follows: 
(in millions)
2018
 
2017
Other components of net periodic benefit cost
$
(8
)
 
$
(9
)
Net loss from investments 1
4

 
—

Other (income) expense, net
$
(4
)
 
$
(9
)
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 March 31, 2018 and December 31, 2017 is $49 million and $54 million, respectively, and is included in non-current assets in our consolidated balance sheets.
v3.8.0.1
Acquisitions and Divestitures
 3 Months Ended
Mar. 31, 2018
Business Combinations [Abstract]  
Acquisitions and Divestitures
Acquisitions and Divestitures

Acquisitions

2018
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. 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 is expected to 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
During the three months ended March 31, 2017, we did not complete any material acquisitions.

Divestitures

2018
During the three months ended March 31, 2018, we did not complete any dispositions.

2017
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.
v3.8.0.1
Income Taxes
 3 Months Ended
Mar. 31, 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.

The effective income tax rate was 21.6% and 29.5% for the three months ended March 31, 2018 and March 31, 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 March 31, 2018 and December 31, 2017, the total amount of federal, state and local, and foreign unrecognized tax benefits was $210 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 March 31, 2018 and December 31, 2017, we had $56 million and $59 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits on the balance sheet may be reduced by approximately $90 million in the next twelve months as a result of the resolution of tax examinations.
v3.8.0.1
Debt
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Debt
Debt 

A summary of short-term and long-term debt outstanding is as follows:
(in millions)
March 31,
2018
 
December 31,
2017
2.5% Senior Notes, due 2018 1
$
400

 
$
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

Total debt
3,570

 
3,569

Less: short-term debt including current maturities
400

 
399

Long-term debt
$
3,170

 
$
3,170


1 
Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2018, the unamortized debt discount and issuance costs are less than $1 million.
2 
Interest payments are due semiannually on February 14 and August 14, and as of March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2018, the unamortized debt discount and issuance costs total $4 million.

The fair value of our total debt borrowings was $3.7 billion and $3.8 billion as of March 31, 2018 and December 31, 2017, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving$1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of March 31, 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.
v3.8.0.1
Derivative Instruments
 3 Months Ended
Mar. 31, 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 March 31, 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 December 31, 2017, 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 March 31, 2018, the aggregate notional value of these outstanding forward contracts was $156 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 into selling and general expenses in the consolidated statement of income. The net loss recorded in selling and general expense for the three months ended March 31, 2018 related to these contracts was $1 million.

Cash Flow Hedges

During the three months ended March 31, 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 first 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 March 31, 2018, we estimate that $3 million of the net gains related to derivatives designated as cash flow hedges recorded in other comprehensive income (loss) is expected to be reclassified into earnings within the next twelve months. There was no material hedge ineffectiveness for the three months ended March 31, 2018 and March 31, 2017. As of March 31, 2018 and March 31, 2017, the aggregate notional value of our outstanding foreign currency forward contracts was $275 million and $255 million, respectively.
The following table provides information on the location and fair value amounts of our cash flow hedges as of March 31, 2018 and December 31, 2017:
(in millions)
Balance Sheet Location
 
March 31, 2018
 
December 31, 2017
Prepaid and other current assets
Foreign exchange forward contracts
$
3

 
$
3

Other current liabilities
Foreign exchange forward contracts
$
1

 
$
—


The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the three months ended March 31:
(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)
 
Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments
2018
 
2017
 
 
 
2018
 
2017
Foreign exchange forward contracts
$
1

 
$
5

 
Selling and general expenses
 
$
1

 
$
1


The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31:
(in millions)
Three Months
 
2018
 
2017
Net unrealized gains on cash flow hedges, net of taxes, beginning of period
$
2

 
$
2

Change in fair value, net of tax
2

 
6

Reclassification into earnings, net of tax
(1
)
 
(1
)
Net unrealized gains on cash flow hedges, net of taxes, end of period
$
3

 
$
7
v3.8.0.1
Employee Benefits
 3 Months Ended
Mar. 31, 2018
Compensation and Retirement Disclosure [Abstract]  
Employee Benefits
Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor voluntary 401(k) plans under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our defined benefit retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic benefit cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other (income) expense, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows: 
(in millions)
2018
 
2017
Service cost
$
1

 
$
1

Interest cost
18

 
18

Expected return on assets
(32
)
 
(31
)
Amortization of actuarial loss
4

 
4

Net periodic benefit cost
$
(9
)
 
$
(8
)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three months ended March 31, 2018 and March 31, 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 months ended March 31, 2018 did not have a material impact to our financial position, results of operations or cash flows.

In the first three months of 2018, we contributed $2 million to our retirement plans and expect to make additional required contributions of approximately $7 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance and the pension plan status in the remaining nine months of 2018.
v3.8.0.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 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.

Stock-based compensation for the three months ended March 31 is as follows:
(in millions)
2018
 
2017
Stock option expense
$
1

 
$
1

Restricted stock and unit awards expense
12

 
18

Total stock-based compensation expense 
$
13

 
$
19



Total unrecognized compensation expense related to unvested restricted stock and unit awards as of March 31, 2018 was $53 million, which is expected to be recognized over a weighted average period of 1.5 years.
v3.8.0.1
Equity
 3 Months Ended
Mar. 31, 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 three months ended March 31 were as follows: 
(in millions, except average price)
2018
 
2017
Total number of shares purchased 1
5.0

 
1.5

Average price paid per share 2
$
178.11

 
$
129.97

Total cash utilized
$
1,100

 
$
201


1 
The three months ended March 31, 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 March 31, 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 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 three months ended March 31, 2018 were as follows:
(in millions)
 
Balance as of December 31, 2017
$
1,350

Net income attributable to noncontrolling interest
40

Distributions payable to noncontrolling interest
(28
)
Redemption value adjustment
(12
)
Balance as of March 31, 2018
$
1,350


Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 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
5

 
—

 
2

 
10

 
17

Reclassifications from accumulated other comprehensive loss to net earnings
—

 
3

1 

(1
)
2 

—

 
2

Net other comprehensive income
5

 
3

 
1

 
10

 
19

Balance as of March 31, 2018
$
(234
)
 
$
(399
)
 
$
3

 
$
—

 
$
(630
)
1 
See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
2 
See Note 5 — Derivative Instruments for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

The net actuarial loss and prior service cost related to pension and other postretirement benefit plans included in other comprehensive income is net of a tax provision of $1 million for the three months ended March 31, 2018.
v3.8.0.1
Earnings Per Share
 3 Months Ended
Mar. 31, 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 three months ended March 31 is as follows: 
(in millions, except per share amounts)
2018
 
2017
Amounts attributable to S&P Global Inc. common shareholders:
 
 
 
Net income
$
491

 
$
399

 
 
 
 
Basic weighted-average number of common shares outstanding
252.4

 
258.2

Effect of stock options and other dilutive securities
2.0

 
2.6

Diluted weighted-average number of common shares outstanding
254.4

 
260.8

 
 
 
 
Earnings per share attributable to S&P Global Inc. common shareholders:
 
 
 
Net income:
 
 
 
Basic
$
1.94

 
$
1.54

Diluted
$
1.93

 
$
1.53



We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three months ended March 31, 2018 and 2017, there were no stock options excluded. Restricted performance shares outstanding of 0.6 million and 0.7 million as of March 31, 2018 and 2017, respectively, were excluded.
v3.8.0.1
Restructuring
 3 Months Ended
Mar. 31, 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 plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because of efficiencies in carrying out the plans or because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2018 by segment is as follows:
 
2017 Restructuring Plans
(in millions)
Initial Charge Recorded
 
Ending Reserve Balance
Ratings
$
25

 
$
21

Market Intelligence
8

 
4

Platts
1

 
—

Indices
—

 
—

Corporate
10

 
8

Total
$
44

 
$
33


The ending reserve balance for the 2017 restructuring plan was $39 million as of December 31, 2017. For the three months ended March 31, 2018, we have reduced the reserve for the 2017 restructuring plan by $6 million. The reductions primarily related to cash payments for employee severance charges.
v3.8.0.1
Segment and Related Information
 3 Months Ended
Mar. 31, 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 unallocated expense or interest expense as these are costs that do not affect the operating results of our segments.

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 by reportable segment for the three months ended March 31 is as follows: 
 
2018
 
2017
(in millions)
Revenue
 
Operating Profit
 
Revenue
 
Operating Profit
Ratings 1
$
748

 
$
408

 
$
714

 
$
374

Market Intelligence 2
437

 
112

 
402

 
104

Platts 3
196

 
90

 
191

 
82

Indices 4
214

 
147

 
171

 
115

Intersegment elimination 5
(28
)
 
—

 
(25
)
 
—

Total operating segments
1,567

 
757

 
1,453

 
675

Unallocated expense
—

 
(46
)
 
—

 
(36
)
Total
$
1,567

 
$
711

 
$
1,453

 
$
639


1 
Operating profit for 2017 includes legal settlement expenses of $2 million and amortization of intangibles from acquisitions of $1 million.
2 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $17 million. Operating profit for 2017 includes non-cash disposition-related adjustments of $4 million.
3 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $5 million. Operating profit for 2017 includes non-cash acquisition-related adjustments of $11 million.
4 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $2 million and $1 million, respectively.
5 
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.

The following provides revenue by geographic region for the three months ended March 31:
(in millions)
2018
 
2017
U.S.
$
951

 
$
891

European region
381

 
346

Asia
156

 
132

Rest of the world
79

 
84

Total
$
1,567

 
$
1,453



See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.
v3.8.0.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies

Related Party Agreements

During the first quarter 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 months ended March 31, 2018, S&P Dow Jones Indices LLC earned $31 million of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal 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. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

The Company believes that it has meritorious defenses to the pending claims and potential claims in the matters described below and is diligently pursuing these defenses, and in some cases working to reach an acceptable negotiated resolution. However, in view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of these matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity restrictions may be. As a result, we cannot provide assurance that the outcome of the matters described below will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business and competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

With respect to the matters identified below, we have recognized a liability when both (a) information available indicates that it is probable that a liability has been incurred as of the date of these financial statements and (b) the amount of loss can reasonably be estimated.

S&P Global Ratings

Financial Crisis Litigation

The Company and its subsidiaries continue to defend civil cases brought by private and public plaintiffs arising out of ratings activities prior to and during the global financial crisis of 2008-2009. Included in these civil cases are several lawsuits in Australia against the Company and Standard & Poor’s International, LLC relating to alleged investment losses in collateralized debt obligations (“CDOs”) rated by S&P Global Ratings. We can provide no assurance that we will not be obligated to pay significant amounts in order to satisfy any judgments or to resolve these matters on terms deemed acceptable.

U.S. Securities and Exchange Commission

As a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Securities Exchange Act of 1934, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global Ratings seeks to promptly address any compliance issues that it detects or that the staff of the SEC raises, there can be no assurance that the SEC will not seek remedies against S&P Global Ratings for one or more compliance deficiencies.

Trani Prosecutorial Proceeding

In 2014, the prosecutor in the Italian city of Trani obtained criminal indictments against several current and former S&P Global Ratings managers and ratings analysts for alleged market manipulation, and against Standard & Poor’s Credit Market Services Europe under Italy’s vicarious liability statute, for having allegedly failed to properly supervise the ratings analysts and prevent them from committing market manipulation. The prosecutor’s theories were based on various actions by S&P Global Ratings taken with respect to Italian sovereign debt between May of 2011 and January of 2012. On March 30, 2017, following trial, the court in Trani issued an oral verdict acquitting each of the individual defendants and Standard & Poor’s Credit Market Services Europe of all charges, and on September 27, 2017, the court filed a written opinion supporting the verdict. The prosecutor did not appeal, and the verdict is now final.

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. Plaintiffs sought recovery from the defendants based primarily on allegations that S&P Global Ratings’ credit ratings practices for certain residential mortgage-backed securities and collateralized debt obligations misrepresented the credit risks of those securities, allegedly resulting in losses to the Company. In January of 2016, a different purported shareholder commenced a separate putative derivative action on behalf of the Company in New York State Supreme Court titled L.A. Grika v. Harold McGraw III, et al. The allegations in the complaint are substantially similar to those in the North Miami Beach matter. The complaint asserts claims for, among other things, breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, unjust enrichment, contribution and indemnification against Harold McGraw III, Douglas L. Peterson, and nine former employees of the Company. The Grika matter was transferred to the judge presiding over the North Miami Beach matter. In December of 2016, the court issued orders granting the Company's motions to dismiss both the North Miami Beach and Grika matters. In January of 2017, the plaintiffs in both matters filed notices of appeal. On February 13, 2018, the appellate court affirmed the lower court's dismissal of the North Miami Beach matter. Briefing on the Grika appeal is now complete, and oral argument was held on April 11, 2018.
v3.8.0.1
Recently Issued or Adopted Accounting Standards
 3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Recently Issued or Adopted Accounting Standards
Recently Issued or Adopted Accounting Standards

In February of 2018, the Financial Accounting Standards Board ("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) expense, 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 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 designing our implementation plan to adopt the new standard for the January 1, 2019 implementation date and are continuing to evaluate the impact of the adoption of this guidance on our consolidated financial statements.

In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. 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.
v3.8.0.1
Condensed Consolidating Financial Statements
 3 Months Ended
Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements

On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 4 — Debt for additional information.

The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.

 
Statement of Income
 
Three Months Ended March 31, 2018
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
191

 
$
434

 
$
977

 
$
(35
)
 
$
1,567

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
34

 
117

 
323

 
(35
)
 
439

Selling and general expenses
37

 
87

 
248

 
—

 
372

Depreciation
8

 
2

 
11

 
—

 
21

Amortization of intangibles
—

 
—

 
24

 
—

 
24

Total expenses
79

 
206

 
606

 
(35
)
 
856

Operating profit
112

 
228

 
371

 
—

 
711

Other (income) expense, net
(7
)
 
—

 
3

 
—

 
(4
)
Interest expense (income), net
38

 
—

 
(4
)
 
—

 
34

Non-operating intercompany transactions
100

 
(20
)
 
(1,096
)
 
1,016

 
—

Income before taxes on income
(19
)
 
248

 
1,468

 
(1,016
)
 
681

(Benefit) provision for taxes on income
(14
)
 
71

 
90

 
—

 
147

Equity in net income of subsidiaries
1,512

 
—

 
—

 
(1,512
)
 
—

Net income
$
1,507

 
$
177

 
$
1,378

 
$
(2,528
)
 
$
534

Less: net income attributable to noncontrolling interests
—

 
—

 
—

 
(43
)
 
(43
)
Net income attributable to S&P Global Inc.
$
1,507

 
$
177

 
$
1,378

 
$
(2,571
)
 
$
491

Comprehensive income
$
1,487

 
$
177

 
$
1,412

 
$
(2,533
)
 
$
543






 
Statement of Income
 
Three Months Ended March 31, 2017
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
180

 
$
438

 
$
867

 
$
(32
)
 
$
1,453

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
31

 
119

 
293

 
(32
)
 
411

Selling and general expenses
26

 
88

 
246

 
—

 
360

Depreciation
7

 
3

 
9

 
—

 
19

Amortization of intangibles
—

 
—

 
24

 
—

 
24

Total expenses
64

 
210

 
572

 
(32
)
 
814

Operating profit
116

 
228

 
295

 
—

 
639

Other (income) expense, net
(6
)
 
—

 
(3
)
 
—

 
(9
)
Interest expense (income), net
39

 
—

 
(2
)
 
—

 
37

Non-operating intercompany transactions
82

 
(19
)
 
(901
)
 
838

 
—

Income before taxes on income
1

 
247

 
1,201

 
(838
)
 
611

(Benefit) provision for taxes on income
(11
)
 
99

 
93

 
—

 
181

Equity in net income of subsidiaries
1,224

 
—

 
—

 
(1,224
)
 
—

Net income
$
1,236

 
$
148

 
$
1,108

 
$
(2,062
)
 
$
430

Less: net income attributable to noncontrolling interests
—

 
—

 
—

 
(31
)
 
(31
)
Net income attributable to S&P Global Inc.
$
1,236

 
$
148

 
$
1,108

 
$
(2,093
)
 
$
399

Comprehensive income
$
1,238

 
$
147

 
$
1,147

 
$
(2,064
)
 
$
468






 
Balance Sheet
 
March 31, 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
$
581

 
$
—

 
$
1,175

 
$
—

 
$
1,756

Accounts receivable, net of allowance for doubtful accounts
133

 
178

 
1,002

 
—

 
1,313

Intercompany receivable
608

 
1,454

 
2,887

 
(4,949
)
 
—

Prepaid and other current assets
92

 
(4
)
 
127

 
—

 
215

Total current assets
1,414

 
1,628

 
5,191

 
(4,949
)
 
3,284

Property and equipment, net of accumulated depreciation
170

 
1

 
99

 

 
270

Goodwill
261

 
—

 
2,775

 
9

 
3,045

Other intangible assets, net
—

 
—

 
1,390

 
—

 
1,390

Investments in subsidiaries
7,069

 
5

 
8,085

 
(15,159
)
 
—

Intercompany loans receivable
118

 
—

 
1,885

 
(2,003
)
 
—

Other non-current assets
232

 
63

 
213

 
—

 
508

Total assets
$
9,264

 
$
1,697

 
$
19,638

 
$
(22,102
)
 
$
8,497

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
79

 
$
19

 
$
98

 
$
—

 
$
196

Intercompany payable
3,577

 
29

 
1,343

 
(4,949
)
 
—

Accrued compensation and contributions to retirement plans
84

 
14

 
97

 
—

 
195

Short-term debt
400

 
—

 
—

 
—

 
400

Income taxes currently payable
13

 
—

 
87

 
—

 
100

Unearned revenue
288

 
247

 
1,144

 
—

 
1,679

Accrued legal settlements
—

 
—

 
82

 
—

 
82

Other current liabilities
265

 
21

 
197

 
—

 
483

Total current liabilities
4,706

 
330

 
3,048

 
(4,949
)
 
3,135

Long-term debt
3,170

 
—

 
—

 
—

 
3,170

Intercompany loans payable
102

 
—

 
1,901

 
(2,003
)
 
—

Pension and other postretirement benefits
178

 
—

 
57

 
—

 
235

Other non-current liabilities
157

 
55

 
327

 
—

 
539

Total liabilities
8,313

 
385

 
5,333

 
(6,952
)
 
7,079

Redeemable noncontrolling interest
—

 
—

 
—

 
1,350

 
1,350

Equity:
 
 
 
 
 
 
 
 
 
Common stock
412

 
—

 
2,318

 
(2,318
)
 
412

Additional paid-in capital
(415
)
 
604

 
9,335

 
(9,189
)
 
335

Retained income
11,780

 
708

 
3,056

 
(5,117
)
 
10,427

Accumulated other comprehensive loss
(289
)
 
—

 
(382
)
 
41

 
(630
)
Less: common stock in treasury
(10,537
)
 
—

 
(23
)
 
23

 
(10,537
)
Total equity - controlling interests
951

 
1,312

 
14,304

 
(16,560
)
 
7

Total equity - noncontrolling interests
—

 
—

 
1

 
60

 
61

Total equity
951

 
1,312

 
14,305

 
(16,500
)
 
68

Total liabilities and equity
$
9,264

 
$
1,697

 
$
19,638

 
$
(22,102
)
 
$
8,497

 
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

 
$
—

 
$
2,147

 
$
—

 
$
2,779

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
 
Three Months Ended March 31, 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
$
1,507

 
$
177

 
$
1,378

 
$
(2,528
)
 
$
534

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
 
 
     Depreciation
8

 
2

 
11

 
—

 
21

     Amortization of intangibles
—

 
—

 
24

 
—

 
24

     Provision for losses on accounts receivable
—

 
2

 
6

 
—

 
8

     Stock-based compensation
5

 
3

 
5

 
—

 
13

     Other
(71
)
 
—

 
87

 
—

 
16

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
5

 
(27
)
 
29

 
—

 
7

     Prepaid and other current assets
(18
)
 
1

 
(4
)
 
—

 
(21
)
     Accounts payable and accrued expenses
(60
)
 
(79
)
 
(150
)
 
—

 
(289
)
     Unearned revenue
(4
)
 
28

 
3

 
—

 
27

     Accrued legal settlements
(29
)
 
—

 
—

 
—

 
(29
)
     Other current liabilities
22

 
(2
)
 
(1
)
 
—

 
19

     Net change in prepaid/accrued income taxes
73

 
1

 
—

 
—

 
74

     Net change in other assets and liabilities
(37
)
 
—

 
(7
)
 
—

 
(44
)
Cash provided by operating activities
1,401

 
106

 
1,381

 
(2,528
)
 
360

Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(23
)
 
(6
)
 
(4
)
 
—

 
(33
)
     Acquisitions, net of cash acquired
—

 
—

 
(57
)
 
—

 
(57
)
     Changes in short-term investments
—

 
—

 
3

 
—

 
3

Cash used for investing activities
(23
)
 
(6
)
 
(58
)
 
—

 
(87
)
Financing Activities:
 
 
 
 
 
 
 
 
 
     Dividends paid to shareholders
(127
)
 
—

 
—

 
—

 
(127
)
 Distributions to noncontrolling interest holders
—

 
—

 
(50
)
 
—

 
(50
)
     Repurchase of treasury shares
(1,100
)
 
—

 
—

 
—

 
(1,100
)
     Exercise of stock options
10

 
—

 

 
—

 
10

     Employee withholding tax on share-based payments
(49
)
 
—

 
—

 
—

 
(49
)
     Intercompany financing activities
(158
)
 
(100
)
 
(2,270
)
 
2,528

 
—

Cash used for financing activities
(1,424
)
 
(100
)
 
(2,320
)
 
2,528

 
(1,316
)
Effect of exchange rate changes on cash from continuing operations
(5
)
 
—

 
25

 
—

 
20

Net change in cash and cash equivalents
(51
)
 
—

 
(972
)
 
—

 
(1,023
)
Cash and cash equivalents at beginning of period
632

 
—

 
2,147

 
—

 
2,779

Cash and cash equivalents at end of period
$
581

 
$
—

 
$
1,175

 
$
—

 
$
1,756


 
Statement of Cash Flows
 
Three Months Ended March 31, 2017
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Operating Activities:
 
 
 
 
 
 
 
 
 
Net income
$
1,236

 
$
148

 
$
1,108

 
$
(2,062
)
 
$
430

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
 
 
     Depreciation
7

 
3

 
9

 
—

 
19

     Amortization of intangibles
—

 
—

 
24

 
—

 
24

     Provision for losses on accounts receivable
1

 
1

 
3

 
—

 
5

     Stock-based compensation
7

 
4

 
8

 
—

 
19

     Other
5

 
—

 
8

 
—

 
13

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
8

 
(59
)
 
63

 
—

 
12

     Prepaid and other current assets
8

 
3

 
(2
)
 
—

 
9

     Accounts payable and accrued expenses
(61
)
 
12

 
(186
)
 
—

 
(235
)
     Unearned revenue
5

 
25

 
(36
)
 
—

 
(6
)
     Accrued legal settlements
—

 
(1
)
 
—

 
—

 
(1
)
     Other current liabilities
(35
)
 
(3
)
 
(20
)
 
—

 
(58
)
     Net change in prepaid/accrued income taxes
123

 
—

 
23

 
—

 
146

     Net change in other assets and liabilities
(6
)
 
(4
)
 
(14
)
 
—

 
(24
)
Cash provided by operating activities
1,298

 
129

 
988

 
(2,062
)
 
353

Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(4
)
 
(4
)
 
(15
)
 
—

 
(23
)
     Acquisitions, net of cash acquired
—

 
—

 
(1
)
 
—

 
(1
)
     Proceeds from dispositions
—

 
—

 
2

 
—

 
2

Cash used for investing activities
(4
)
 
(4
)
 
(14
)
 
—

 
(22
)
Financing Activities:
 
 
 
 
 
 
 
 
 
     Dividends paid to shareholders
(106
)
 
—

 
—

 
—

 
(106
)
 Distributions to noncontrolling interest holders
—

 
—

 
(24
)
 
—

 
(24
)
     Repurchase of treasury shares
(201
)
 
—

 
—

 
—

 
(201
)
     Exercise of stock options
29

 
—

 
—

 
—

 
29

     Employee withholding tax on share-based payments
(44
)
 
—

 
—

 
—

 
(44
)
     Intercompany financing activities
(1,056
)
 
(125
)
 
(881
)
 
2,062

 
—

Cash used for financing activities
(1,378
)
 
(125
)
 
(905
)
 
2,062

 
(346
)
Effect of exchange rate changes on cash from continuing operations
—

 
—

 
34

 
—

 
34

Net change in cash and cash equivalents
(84
)
 
—

 
103

 
—

 
19

Cash and cash equivalents at beginning of period
711

 
—

 
1,681

 
—

 
2,392

Cash and cash equivalents at end of period
$
627

 
$
—

 
$
1,784

 
$
—

 
$
2,411
v3.8.0.1
Nature of Operations and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 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 footnotes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 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 months ended March 31, 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.
Recently Issued or Adopted Accounting Standards
In August of 2017, FASB issued guidance to enhance the hedge accounting model for both nonfinancial and financial risk components, which includes amendments to address certain aspects of recognition and presentation disclosure. The guidance is effective for reporting periods beginning after December 15, 2018. We do not expect this guidance to have a significant impact on our consolidated financial instruments.

In May of 2017, FASB issued guidance that provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but
clarifies when modification accounting guidance should be applied. Under the new guidance, an entity should apply modification accounting in response to a change in the terms and conditions of an entity's share-based payment awards unless three newly specified criteria are met. The guidance 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) expense, 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 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 designing our implementation plan to adopt the new standard for the January 1, 2019 implementation date and are continuing to evaluate the impact of the adoption of this guidance on our consolidated financial statements.

In January of 2016, the FASB issued guidance to enhance the reporting model for financial instruments, which includes amendments to address certain aspects of recognition, measurement, presentation and disclosure. 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.
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 additional revenue of $3 million for three months ended March 31, 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)
Three Months Ended March 31, 2018
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
424

 
$
181

 
$
33

 
$
—

 
$
638

Non-transaction
380

 
—

 
—

 
—

 
(28
)
 
352

Non-subscription / Transaction
368

 
8

 
2

 
—

 
—

 
378

Asset-linked fees
—

 
5

 
—

 
131

 
—

 
136

Sales usage-based royalties
—

 
—

 
13

 
50

 
—

 
63

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition


 


 


 


 


 


     Services transferred at a point in time
$
368

 
$
8

 
$
2

 
$
—

 
$
—

 
$
378

     Services transferred over time
380

 
429

 
194

 
214

 
(28
)
 
1,189

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

(in millions)
Three Months Ended March 31, 2017 2
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
385

 
$
172

 
$
31

 
$
—

 
$
588

Non-transaction
341

 
—

 
—

 
—

 
(25
)
 
316

Non-subscription / Transaction
373

 
11

 
3

 
—

 
—

 
387

Asset-linked fees
—

 
6

 
—

 
108

 
—

 
114

Sales usage-based royalties
—

 
—

 
16

 
32

 
—

 
48

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
     Services transferred at a point in time
$
373

 
$
11

 
$
3

 
$
—

 
$
—

 
$
387

     Services transferred over time
341

 
391

 
188

 
171

 
(25
)
 
1,066

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

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 month ended March 31, 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 $28 million and $25 million for the three months ended March 31, 2018 and 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 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 uncertainty 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 records 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 that result from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of March 31, 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 months ended March 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $710 million 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 which work has not yet been performed. As of March 31, 2018, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.2 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 unsatisfied 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 $81 million as of March 31, 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.
v3.8.0.1
Nature of Operations and Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 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)
Three Months Ended March 31, 2018
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
424

 
$
181

 
$
33

 
$
—

 
$
638

Non-transaction
380

 
—

 
—

 
—

 
(28
)
 
352

Non-subscription / Transaction
368

 
8

 
2

 
—

 
—

 
378

Asset-linked fees
—

 
5

 
—

 
131

 
—

 
136

Sales usage-based royalties
—

 
—

 
13

 
50

 
—

 
63

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition


 


 


 


 


 


     Services transferred at a point in time
$
368

 
$
8

 
$
2

 
$
—

 
$
—

 
$
378

     Services transferred over time
380

 
429

 
194

 
214

 
(28
)
 
1,189

Total revenue
$
748

 
$
437

 
$
196

 
$
214

 
$
(28
)
 
$
1,567

(in millions)
Three Months Ended March 31, 2017 2
 
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
Subscription
$
—

 
$
385

 
$
172

 
$
31

 
$
—

 
$
588

Non-transaction
341

 
—

 
—

 
—

 
(25
)
 
316

Non-subscription / Transaction
373

 
11

 
3

 
—

 
—

 
387

Asset-linked fees
—

 
6

 
—

 
108

 
—

 
114

Sales usage-based royalties
—

 
—

 
16

 
32

 
—

 
48

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
     Services transferred at a point in time
$
373

 
$
11

 
$
3

 
$
—

 
$
—

 
$
387

     Services transferred over time
341

 
391

 
188

 
171

 
(25
)
 
1,066

Total revenue
$
714

 
$
402

 
$
191

 
$
171

 
$
(25
)
 
$
1,453

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 month ended March 31, 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) expense, net for the three months ended March 31 are as follows: 
(in millions)
2018
 
2017
Other components of net periodic benefit cost
$
(8
)
 
$
(9
)
Net loss from investments 1
4

 
—

Other (income) expense, net
$
(4
)
 
$
(9
)
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 March 31, 2018 and December 31, 2017 is $49 million and $54 million, respectively, and is included in non-current assets in our consolidated balance sheets.
v3.8.0.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
A summary of short-term and long-term debt outstanding is as follows:
(in millions)
March 31,
2018
 
December 31,
2017
2.5% Senior Notes, due 2018 1
$
400

 
$
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

Total debt
3,570

 
3,569

Less: short-term debt including current maturities
400

 
399

Long-term debt
$
3,170

 
$
3,170


1 
Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2018, the unamortized debt discount and issuance costs are less than $1 million.
2 
Interest payments are due semiannually on February 14 and August 14, and as of March 31, 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 March 31, 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 March 31, 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 March 31, 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 March 31, 2018, the unamortized debt discount and issuance costs total $4 million.
v3.8.0.1
Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2018 and December 31, 2017:
(in millions)
Balance Sheet Location
 
March 31, 2018
 
December 31, 2017
Prepaid and other current assets
Foreign exchange forward contracts
$
3

 
$
3

Other current liabilities
Foreign exchange forward contracts
$
1

 
$
—
Schedule of the Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges for the three months ended March 31:
(in millions)
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion)
 
Location of Gain Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
Cash flow hedges - designated as hedging instruments
2018
 
2017
 
 
 
2018
 
2017
Foreign exchange forward contracts
$
1

 
$
5

 
Selling and general expenses
 
$
1

 
$
1
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 three months ended March 31:
(in millions)
Three Months
 
2018
 
2017
Net unrealized gains on cash flow hedges, net of taxes, beginning of period
$
2

 
$
2

Change in fair value, net of tax
2

 
6

Reclassification into earnings, net of tax
(1
)
 
(1
)
Net unrealized gains on cash flow hedges, net of taxes, end of period
$
3

 
$
7
v3.8.0.1
Employee Benefits (Tables)
 3 Months Ended
Mar. 31, 2018
Compensation and Retirement Disclosure [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 three months ended March 31 are as follows: 
(in millions)
2018
 
2017
Service cost
$
1

 
$
1

Interest cost
18

 
18

Expected return on assets
(32
)
 
(31
)
Amortization of actuarial loss
4

 
4

Net periodic benefit cost
$
(9
)
 
$
(8
)
v3.8.0.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation
Stock-based compensation for the three months ended March 31 is as follows:
(in millions)
2018
 
2017
Stock option expense
$
1

 
$
1

Restricted stock and unit awards expense
12

 
18

Total stock-based compensation expense 
$
13

 
$
19
v3.8.0.1
Equity (Tables)
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Schedule of Share Repurchases
Share repurchases for the three months ended March 31 were as follows: 
(in millions, except average price)
2018
 
2017
Total number of shares purchased 1
5.0

 
1.5

Average price paid per share 2
$
178.11

 
$
129.97

Total cash utilized
$
1,100

 
$
201


1 
The three months ended March 31, 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 three months ended March 31, 2018 were as follows:
(in millions)
 
Balance as of December 31, 2017
$
1,350

Net income attributable to noncontrolling interest
40

Distributions payable to noncontrolling interest
(28
)
Redemption value adjustment
(12
)
Balance as of March 31, 2018
$
1,350
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 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
5

 
—

 
2

 
10

 
17

Reclassifications from accumulated other comprehensive loss to net earnings
—

 
3

1 

(1
)
2 

—

 
2

Net other comprehensive income
5

 
3

 
1

 
10

 
19

Balance as of March 31, 2018
$
(234
)
 
$
(399
)
 
$
3

 
$
—

 
$
(630
)
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.
v3.8.0.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Schedule of Calculation for Basic and Diluted Earnings Per Share
The calculation for basic and diluted EPS for the three months ended March 31 is as follows: 
(in millions, except per share amounts)
2018
 
2017
Amounts attributable to S&P Global Inc. common shareholders:
 
 
 
Net income
$
491

 
$
399

 
 
 
 
Basic weighted-average number of common shares outstanding
252.4

 
258.2

Effect of stock options and other dilutive securities
2.0

 
2.6

Diluted weighted-average number of common shares outstanding
254.4

 
260.8

 
 
 
 
Earnings per share attributable to S&P Global Inc. common shareholders:
 
 
 
Net income:
 
 
 
Basic
$
1.94

 
$
1.54

Diluted
$
1.93

 
$
1.53
v3.8.0.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2018 by segment is as follows:
 
2017 Restructuring Plans
(in millions)
Initial Charge Recorded
 
Ending Reserve Balance
Ratings
$
25

 
$
21

Market Intelligence
8

 
4

Platts
1

 
—

Indices
—

 
—

Corporate
10

 
8

Total
$
44

 
$
33
v3.8.0.1
Segment and Related Information (Tables)
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Schedule of Operating Results by Segment
A summary of operating results by reportable segment for the three months ended March 31 is as follows: 
 
2018
 
2017
(in millions)
Revenue
 
Operating Profit
 
Revenue
 
Operating Profit
Ratings 1
$
748

 
$
408

 
$
714

 
$
374

Market Intelligence 2
437

 
112

 
402

 
104

Platts 3
196

 
90

 
191

 
82

Indices 4
214

 
147

 
171

 
115

Intersegment elimination 5
(28
)
 
—

 
(25
)
 
—

Total operating segments
1,567

 
757

 
1,453

 
675

Unallocated expense
—

 
(46
)
 
—

 
(36
)
Total
$
1,567

 
$
711

 
$
1,453

 
$
639


1 
Operating profit for 2017 includes legal settlement expenses of $2 million and amortization of intangibles from acquisitions of $1 million.
2 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $17 million. Operating profit for 2017 includes non-cash disposition-related adjustments of $4 million.
3 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $5 million. Operating profit for 2017 includes non-cash acquisition-related adjustments of $11 million.
4 
Operating profit for 2018 and 2017 includes amortization of intangibles from acquisitions of $2 million and $1 million, respectively.
5 
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.
Schedule of Revenue by Geographic Region
The following provides revenue by geographic region for the three months ended March 31:
(in millions)
2018
 
2017
U.S.
$
951

 
$
891

European region
381

 
346

Asia
156

 
132

Rest of the world
79

 
84

Total
$
1,567

 
$
1,453
v3.8.0.1
Condensed Consolidating Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of the Statement of Income
 
Statement of Income
 
Three Months Ended March 31, 2018
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
191

 
$
434

 
$
977

 
$
(35
)
 
$
1,567

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
34

 
117

 
323

 
(35
)
 
439

Selling and general expenses
37

 
87

 
248

 
—

 
372

Depreciation
8

 
2

 
11

 
—

 
21

Amortization of intangibles
—

 
—

 
24

 
—

 
24

Total expenses
79

 
206

 
606

 
(35
)
 
856

Operating profit
112

 
228

 
371

 
—

 
711

Other (income) expense, net
(7
)
 
—

 
3

 
—

 
(4
)
Interest expense (income), net
38

 
—

 
(4
)
 
—

 
34

Non-operating intercompany transactions
100

 
(20
)
 
(1,096
)
 
1,016

 
—

Income before taxes on income
(19
)
 
248

 
1,468

 
(1,016
)
 
681

(Benefit) provision for taxes on income
(14
)
 
71

 
90

 
—

 
147

Equity in net income of subsidiaries
1,512

 
—

 
—

 
(1,512
)
 
—

Net income
$
1,507

 
$
177

 
$
1,378

 
$
(2,528
)
 
$
534

Less: net income attributable to noncontrolling interests
—

 
—

 
—

 
(43
)
 
(43
)
Net income attributable to S&P Global Inc.
$
1,507

 
$
177

 
$
1,378

 
$
(2,571
)
 
$
491

Comprehensive income
$
1,487

 
$
177

 
$
1,412

 
$
(2,533
)
 
$
543






 
Statement of Income
 
Three Months Ended March 31, 2017
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Revenue
$
180

 
$
438

 
$
867

 
$
(32
)
 
$
1,453

Expenses:
 
 
 
 
 
 
 
 
 
Operating-related expenses
31

 
119

 
293

 
(32
)
 
411

Selling and general expenses
26

 
88

 
246

 
—

 
360

Depreciation
7

 
3

 
9

 
—

 
19

Amortization of intangibles
—

 
—

 
24

 
—

 
24

Total expenses
64

 
210

 
572

 
(32
)
 
814

Operating profit
116

 
228

 
295

 
—

 
639

Other (income) expense, net
(6
)
 
—

 
(3
)
 
—

 
(9
)
Interest expense (income), net
39

 
—

 
(2
)
 
—

 
37

Non-operating intercompany transactions
82

 
(19
)
 
(901
)
 
838

 
—

Income before taxes on income
1

 
247

 
1,201

 
(838
)
 
611

(Benefit) provision for taxes on income
(11
)
 
99

 
93

 
—

 
181

Equity in net income of subsidiaries
1,224

 
—

 
—

 
(1,224
)
 
—

Net income
$
1,236

 
$
148

 
$
1,108

 
$
(2,062
)
 
$
430

Less: net income attributable to noncontrolling interests
—

 
—

 
—

 
(31
)
 
(31
)
Net income attributable to S&P Global Inc.
$
1,236

 
$
148

 
$
1,108

 
$
(2,093
)
 
$
399

Comprehensive income
$
1,238

 
$
147

 
$
1,147

 
$
(2,064
)
 
$
468
Schedule of the Balance Sheet
 
Balance Sheet
 
March 31, 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
$
581

 
$
—

 
$
1,175

 
$
—

 
$
1,756

Accounts receivable, net of allowance for doubtful accounts
133

 
178

 
1,002

 
—

 
1,313

Intercompany receivable
608

 
1,454

 
2,887

 
(4,949
)
 
—

Prepaid and other current assets
92

 
(4
)
 
127

 
—

 
215

Total current assets
1,414

 
1,628

 
5,191

 
(4,949
)
 
3,284

Property and equipment, net of accumulated depreciation
170

 
1

 
99

 

 
270

Goodwill
261

 
—

 
2,775

 
9

 
3,045

Other intangible assets, net
—

 
—

 
1,390

 
—

 
1,390

Investments in subsidiaries
7,069

 
5

 
8,085

 
(15,159
)
 
—

Intercompany loans receivable
118

 
—

 
1,885

 
(2,003
)
 
—

Other non-current assets
232

 
63

 
213

 
—

 
508

Total assets
$
9,264

 
$
1,697

 
$
19,638

 
$
(22,102
)
 
$
8,497

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
79

 
$
19

 
$
98

 
$
—

 
$
196

Intercompany payable
3,577

 
29

 
1,343

 
(4,949
)
 
—

Accrued compensation and contributions to retirement plans
84

 
14

 
97

 
—

 
195

Short-term debt
400

 
—

 
—

 
—

 
400

Income taxes currently payable
13

 
—

 
87

 
—

 
100

Unearned revenue
288

 
247

 
1,144

 
—

 
1,679

Accrued legal settlements
—

 
—

 
82

 
—

 
82

Other current liabilities
265

 
21

 
197

 
—

 
483

Total current liabilities
4,706

 
330

 
3,048

 
(4,949
)
 
3,135

Long-term debt
3,170

 
—

 
—

 
—

 
3,170

Intercompany loans payable
102

 
—

 
1,901

 
(2,003
)
 
—

Pension and other postretirement benefits
178

 
—

 
57

 
—

 
235

Other non-current liabilities
157

 
55

 
327

 
—

 
539

Total liabilities
8,313

 
385

 
5,333

 
(6,952
)
 
7,079

Redeemable noncontrolling interest
—

 
—

 
—

 
1,350

 
1,350

Equity:
 
 
 
 
 
 
 
 
 
Common stock
412

 
—

 
2,318

 
(2,318
)
 
412

Additional paid-in capital
(415
)
 
604

 
9,335

 
(9,189
)
 
335

Retained income
11,780

 
708

 
3,056

 
(5,117
)
 
10,427

Accumulated other comprehensive loss
(289
)
 
—

 
(382
)
 
41

 
(630
)
Less: common stock in treasury
(10,537
)
 
—

 
(23
)
 
23

 
(10,537
)
Total equity - controlling interests
951

 
1,312

 
14,304

 
(16,560
)
 
7

Total equity - noncontrolling interests
—

 
—

 
1

 
60

 
61

Total equity
951

 
1,312

 
14,305

 
(16,500
)
 
68

Total liabilities and equity
$
9,264

 
$
1,697

 
$
19,638

 
$
(22,102
)
 
$
8,497

 
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

 
$
—

 
$
2,147

 
$
—

 
$
2,779

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 the Statement of Cash Flows
 
Statement of Cash Flows
 
Three Months Ended March 31, 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
$
1,507

 
$
177

 
$
1,378

 
$
(2,528
)
 
$
534

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
 
 
     Depreciation
8

 
2

 
11

 
—

 
21

     Amortization of intangibles
—

 
—

 
24

 
—

 
24

     Provision for losses on accounts receivable
—

 
2

 
6

 
—

 
8

     Stock-based compensation
5

 
3

 
5

 
—

 
13

     Other
(71
)
 
—

 
87

 
—

 
16

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
5

 
(27
)
 
29

 
—

 
7

     Prepaid and other current assets
(18
)
 
1

 
(4
)
 
—

 
(21
)
     Accounts payable and accrued expenses
(60
)
 
(79
)
 
(150
)
 
—

 
(289
)
     Unearned revenue
(4
)
 
28

 
3

 
—

 
27

     Accrued legal settlements
(29
)
 
—

 
—

 
—

 
(29
)
     Other current liabilities
22

 
(2
)
 
(1
)
 
—

 
19

     Net change in prepaid/accrued income taxes
73

 
1

 
—

 
—

 
74

     Net change in other assets and liabilities
(37
)
 
—

 
(7
)
 
—

 
(44
)
Cash provided by operating activities
1,401

 
106

 
1,381

 
(2,528
)
 
360

Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(23
)
 
(6
)
 
(4
)
 
—

 
(33
)
     Acquisitions, net of cash acquired
—

 
—

 
(57
)
 
—

 
(57
)
     Changes in short-term investments
—

 
—

 
3

 
—

 
3

Cash used for investing activities
(23
)
 
(6
)
 
(58
)
 
—

 
(87
)
Financing Activities:
 
 
 
 
 
 
 
 
 
     Dividends paid to shareholders
(127
)
 
—

 
—

 
—

 
(127
)
 Distributions to noncontrolling interest holders
—

 
—

 
(50
)
 
—

 
(50
)
     Repurchase of treasury shares
(1,100
)
 
—

 
—

 
—

 
(1,100
)
     Exercise of stock options
10

 
—

 

 
—

 
10

     Employee withholding tax on share-based payments
(49
)
 
—

 
—

 
—

 
(49
)
     Intercompany financing activities
(158
)
 
(100
)
 
(2,270
)
 
2,528

 
—

Cash used for financing activities
(1,424
)
 
(100
)
 
(2,320
)
 
2,528

 
(1,316
)
Effect of exchange rate changes on cash from continuing operations
(5
)
 
—

 
25

 
—

 
20

Net change in cash and cash equivalents
(51
)
 
—

 
(972
)
 
—

 
(1,023
)
Cash and cash equivalents at beginning of period
632

 
—

 
2,147

 
—

 
2,779

Cash and cash equivalents at end of period
$
581

 
$
—

 
$
1,175

 
$
—

 
$
1,756


 
Statement of Cash Flows
 
Three Months Ended March 31, 2017
 
(Unaudited)
(in millions)
S&P Global Inc.
 
Standard & Poor's Financial Services LLC
 
Non-Guarantor Subsidiaries
 
Eliminations
 
S&P Global Inc. Consolidated
Operating Activities:
 
 
 
 
 
 
 
 
 
Net income
$
1,236

 
$
148

 
$
1,108

 
$
(2,062
)
 
$
430

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
 
 
 
     Depreciation
7

 
3

 
9

 
—

 
19

     Amortization of intangibles
—

 
—

 
24

 
—

 
24

     Provision for losses on accounts receivable
1

 
1

 
3

 
—

 
5

     Stock-based compensation
7

 
4

 
8

 
—

 
19

     Other
5

 
—

 
8

 
—

 
13

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
 
 
 
 
 
 
     Accounts receivable
8

 
(59
)
 
63

 
—

 
12

     Prepaid and other current assets
8

 
3

 
(2
)
 
—

 
9

     Accounts payable and accrued expenses
(61
)
 
12

 
(186
)
 
—

 
(235
)
     Unearned revenue
5

 
25

 
(36
)
 
—

 
(6
)
     Accrued legal settlements
—

 
(1
)
 
—

 
—

 
(1
)
     Other current liabilities
(35
)
 
(3
)
 
(20
)
 
—

 
(58
)
     Net change in prepaid/accrued income taxes
123

 
—

 
23

 
—

 
146

     Net change in other assets and liabilities
(6
)
 
(4
)
 
(14
)
 
—

 
(24
)
Cash provided by operating activities
1,298

 
129

 
988

 
(2,062
)
 
353

Investing Activities:
 
 
 
 
 
 
 
 
 
     Capital expenditures
(4
)
 
(4
)
 
(15
)
 
—

 
(23
)
     Acquisitions, net of cash acquired
—

 
—

 
(1
)
 
—

 
(1
)
     Proceeds from dispositions
—

 
—

 
2

 
—

 
2

Cash used for investing activities
(4
)
 
(4
)
 
(14
)
 
—

 
(22
)
Financing Activities:
 
 
 
 
 
 
 
 
 
     Dividends paid to shareholders
(106
)
 
—

 
—

 
—

 
(106
)
 Distributions to noncontrolling interest holders
—

 
—

 
(24
)
 
—

 
(24
)
     Repurchase of treasury shares
(201
)
 
—

 
—

 
—

 
(201
)
     Exercise of stock options
29

 
—

 
—

 
—

 
29

     Employee withholding tax on share-based payments
(44
)
 
—

 
—

 
—

 
(44
)
     Intercompany financing activities
(1,056
)
 
(125
)
 
(881
)
 
2,062

 
—

Cash used for financing activities
(1,378
)
 
(125
)
 
(905
)
 
2,062

 
(346
)
Effect of exchange rate changes on cash from continuing operations
—

 
—

 
34

 
—

 
34

Net change in cash and cash equivalents
(84
)
 
—

 
103

 
—

 
19

Cash and cash equivalents at beginning of period
711

 
—

 
1,681

 
—

 
2,392

Cash and cash equivalents at end of period
$
627

 
$
—

 
$
1,784

 
$
—

 
$
2,411
v3.8.0.1
Nature of Operations and Basis of Presentation - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Segment
Mar. 31, 2017
USD ($)
Jan. 01, 2018
USD ($)
Dec. 31, 2017
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of reportable segments | Segment 4      
Disaggregation of Revenue [Line Items]        
Retained income $ 10,427     $ 10,025
Revenue from contract with customer, excluding assessed tax 1,567 $ 1,453    
Contract asset 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      
Intersegment revenue 28 $ 25    
Accounts receivable, net     $ 1,319  
Unearned revenue 710      
Revenue expected to be recognized as of March 31, 2018 1,200      
Capitalized contract costs $ 81      
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      
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      
v3.8.0.1
Nature of Operations and Basis of Presentation - Revenue Disaggregated by Revenue Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax $ 1,567 $ 1,453
Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax (28) (25)
Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 748 714
Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 437 402
Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 196 191
Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 214 171
Subscription    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 638 588
Subscription | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Subscription | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Subscription | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 424 385
Subscription | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 181 172
Subscription | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 33 31
Non-transaction    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 352 316
Non-transaction | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax (28) (25)
Non-transaction | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 380 341
Non-transaction | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Non-transaction | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Non-transaction | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Non-subscription / Transaction    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 378 387
Non-subscription / Transaction | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Non-subscription / Transaction | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 368 373
Non-subscription / Transaction | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 8 11
Non-subscription / Transaction | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 2 3
Non-subscription / Transaction | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Asset-linked fees    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 136 114
Asset-linked fees | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Asset-linked fees | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Asset-linked fees | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 5 6
Asset-linked fees | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Asset-linked fees | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 131 108
Sales usage-based royalties    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 63 48
Sales usage-based royalties | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Sales usage-based royalties | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 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
Sales usage-based royalties | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 13 16
Sales usage-based royalties | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 50 32
Transferred at Point in Time    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 378 387
Transferred at Point in Time | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Transferred at Point in Time | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 368 373
Transferred at Point in Time | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 8 11
Transferred at Point in Time | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 2 3
Transferred at Point in Time | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 0 0
Transferred over Time    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 1,189 1,066
Transferred over Time | Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax (28) (25)
Transferred over Time | Ratings | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 380 341
Transferred over Time | Market Intelligence | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 429 391
Transferred over Time | Platts | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax 194 188
Transferred over Time | Indices | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue from contract with customer, excluding assessed tax $ 214 $ 171
v3.8.0.1
Nature of Operations and Basis of Presentation - Components of Other (Income) Expense, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Other components of net periodic benefit cost $ (9) $ (8)  
Other (income) expense, net (4) (9)  
CARE Ratings Limited      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Investments 49   $ 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)  
Loss from investments 4 0  
Other (income) expense, net $ (4) $ (9)  
v3.8.0.1
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Apr. 30, 2018
Jan. 31, 2018
Pragmatix    
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]    
Equity method investment, ownership (as a percent)   100.00%
Subsequent Event | Kensho    
Schedule of Equity Method Investments And Cost-Method Investments [Line Items]    
Consideration transferred to acquire business $ 550  
v3.8.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Income Tax Disclosure [Abstract]      
Effective income tax rate (as a percent) 21.60% 29.50%  
Unrecognized tax benefits $ 210   $ 212
Accrued interest and penalties associated with unrecognized tax benefits 56   $ 59
Reduction of unrecognized tax benefits is reasonably possible $ 90    
v3.8.0.1
Debt - Narrative (Details)
 3 Months Ended
Jun. 30, 2017
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Debt Instrument [Line Items]      
Long-term debt, fair value   $ 3,700,000,000 $ 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 $ 1,200,000,000.0    
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   $ 1,200,000,000.0  
Short-term debt   $ 0 $ 0
v3.8.0.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Sep. 22, 2016
May 26, 2015
Debt Instrument [Line Items]        
Total debt $ 3,570 $ 3,569    
Less: short-term debt including current maturities 400 399    
Long-term debt $ 3,170 3,170    
Senior notes | 2.5% Senior Notes, due 2018        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 2.50%      
Long-term debt $ 400 399    
Unamortized debt discount and issuance costs (less than $1 million) $ 1      
Senior notes | 3.3% Senior Notes, due 2020        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 3.30%      
Long-term debt $ 697 697    
Unamortized debt discount and issuance costs (less than $1 million) $ 3      
Senior notes | 4.0% Senior Notes, due 2025        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.00%     4.00%
Long-term debt $ 692 692    
Unamortized debt discount and issuance costs (less than $1 million) $ 8      
Senior notes | 4.4% Senior Notes, due 2026        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.40%      
Long-term debt $ 892 892    
Unamortized debt discount and issuance costs (less than $1 million) $ 8      
Senior notes | 2.95% Senior Notes, due 2027        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 2.95%   2.95%  
Long-term debt $ 493 493    
Unamortized debt discount and issuance costs (less than $1 million) $ 7      
Senior notes | 6.55% Senior Notes, due 2037        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 6.55%      
Long-term debt $ 396 $ 396    
Unamortized debt discount and issuance costs (less than $1 million) $ 4      
v3.8.0.1
Derivative Instruments - Narrative (Details) - Foreign exchange forward contracts - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Fair Value Hedging | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Aggregate notional value $ 156  
Net loss on derivative 1  
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Aggregate notional value $ 275 $ 255
Maturity of derivatives 12 months  
Net gains related to derivatives recorded in other comprehensive income (loss) expected to be reclassified into earnings $ 3  
v3.8.0.1
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
Mar. 31, 2018
Dec. 31, 2017
Prepaid and other current assets    
Derivatives, Fair Value [Line Items]    
Derivative, fair value $ 3 $ 3
Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivative, fair value $ 1 $ 0
v3.8.0.1
Derivative Instruments - Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges (Details) - Foreign exchange forward contracts - Designated as Hedging Instrument - Cash Flow Hedging - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) Recognized in Accumulated Other Comprehensive Loss (effective portion) $ 1 $ 5
Selling and general expenses    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) $ 1 $ 1
v3.8.0.1
Derivative Instruments - Change in Unrealized (Losses) Gains in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 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 1 $ 5
Net unrealized gains on cash flow hedges, net of taxes, end of period 7  
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 2 2
Change in fair value, net of tax 2 6
Reclassification into earnings, net of tax (1) (1)
Net unrealized gains on cash flow hedges, net of taxes, end of period $ 3 $ 7
v3.8.0.1
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]    
Service cost $ 1 $ 1
Interest cost 18 18
Expected return on assets (32) (31)
Amortization of actuarial loss 4 4
Net periodic benefit cost $ (9) $ (8)
v3.8.0.1
Employee Benefits - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Compensation and Retirement Disclosure [Abstract]  
Contribution towards retirement plans $ 2
Expected contributions towards retirement plans, remainder of the year $ 7
v3.8.0.1
Stock-Based Compensation - Summary (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 13 $ 19
Stock option expense    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 1 1
Restricted stock and unit awards expense    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 12 $ 18
Unrecognized compensation expense $ 53  
Unrecognized compensation expense, period for recognition 1 year 6 months  
v3.8.0.1
Equity - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 06, 2018
Mar. 31, 2018
Mar. 31, 2017
Dec. 04, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total number of shares purchased   5,000,000 1,500,000  
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    
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%    
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%      
v3.8.0.1
Equity - Schedule of share repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total number of shares purchased 5.0 1.5
Average price paid per share (in dollars per share) $ 178.11 $ 129.97
Total cash utilized $ 1,100  
Total SPGI Equity    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total cash utilized $ 1,100 $ 201
v3.8.0.1
Equity - Schedule of changes to redeemable noncontrolling interest (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]  
Balance at beginning of period $ 1,350
Net income attributable to noncontrolling interest 40
Distributions payable to noncontrolling interest (28)
Redemption value adjustment (12)
Balance at end of period $ 1,350
v3.8.0.1
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 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 17  
Reclassifications from accumulated other comprehensive loss to net earnings 2  
Net other comprehensive income 19  
Net unrealized gains on cash flow hedges, net of taxes, end of period 7  
Pension and other postretirement benefit plans, tax (1) $ (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 on cash flow hedges, net of taxes, end of period (630)  
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 5  
Reclassifications from accumulated other comprehensive loss to net earnings 0  
Net other comprehensive income 5  
Net unrealized gains on cash flow hedges, net of taxes, end of period (234)  
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 0  
Reclassifications from accumulated other comprehensive loss to net earnings 3  
Net other comprehensive income 3  
Net unrealized gains on cash flow hedges, net of taxes, end of period (399)  
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 2 2
Other comprehensive income before reclassifications 2  
Reclassifications from accumulated other comprehensive loss to net earnings (1)  
Net other comprehensive income 1  
Net unrealized gains on cash flow hedges, net of taxes, end of period 3 $ 7
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 10  
Reclassifications from accumulated other comprehensive loss to net earnings 0  
Net other comprehensive income 10  
Net unrealized gains on cash flow hedges, net of taxes, end of period $ 0  
v3.8.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Amounts attributable to S&P Global Inc. common shareholders:    
Net income $ 491 $ 399
Basic weighted-average number of common shares outstanding 252,400,000 258,200,000
Effect of stock options and other dilutive securities (shares) 2,000,000 2,600,000
Diluted weighted-average number of common shares outstanding 254,400,000 260,800,000
Earnings per share attributable to S&P Global Inc. common shareholders:    
Basic (USD per share) $ 1.94 $ 1.54
Diluted (USD per share) $ 1.93 $ 1.53
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
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) 600,000 700,000
v3.8.0.1
Restructuring - Summary (Details) - 2017 Restructuring Plans
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
position
Restructuring Cost and Reserve [Line Items]    
Workforce reduction | position   520
Initial Charge Recorded $ 44  
Ending Reserve Balance 33 $ 39
Restructuring charges paid 6  
Operating Segments | Ratings    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 25  
Ending Reserve Balance 21  
Operating Segments | Market Intelligence    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 8  
Ending Reserve Balance 4  
Operating Segments | Platts    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 1  
Ending Reserve Balance 0  
Operating Segments | Indices    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 0  
Ending Reserve Balance 0  
Corporate    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 10  
Ending Reserve Balance $ 8  
v3.8.0.1
Segment and Related Information - Operating Results by Segment (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Segment
Mar. 31, 2017
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | Segment 4  
Segment Reporting Information [Line Items]    
Revenue $ 1,567 $ 1,453
Operating Profit 711 639
Amortization of intangibles 24 24
Ratings    
Segment Reporting Information [Line Items]    
Legal settlement   2
Amortization of intangibles   1
Market Intelligence    
Segment Reporting Information [Line Items]    
Amortization of intangibles   17
Non-cash acquisition and disposition-related adjustments   4
Platts    
Segment Reporting Information [Line Items]    
Amortization of intangibles 5 5
Non-cash acquisition and disposition-related adjustments   11
Indices    
Segment Reporting Information [Line Items]    
Amortization of intangibles 2 1
Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,567 1,453
Operating Profit 757 675
Operating Segments | Ratings    
Segment Reporting Information [Line Items]    
Revenue 748 714
Operating Profit 408 374
Operating Segments | Market Intelligence    
Segment Reporting Information [Line Items]    
Revenue 437 402
Operating Profit 112 104
Operating Segments | Platts    
Segment Reporting Information [Line Items]    
Revenue 196 191
Operating Profit 90 82
Operating Segments | Indices    
Segment Reporting Information [Line Items]    
Revenue 214 171
Operating Profit 147 115
Intersegment Elimination    
Segment Reporting Information [Line Items]    
Revenue (28) (25)
Operating Profit 0 0
Unallocated expense    
Segment Reporting Information [Line Items]    
Revenue 0 0
Operating Profit $ (46) $ (36)
v3.8.0.1
Segment and Related Information - Revenue by Geographic Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 1,567 $ 1,453
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 951 891
European region    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 381 346
Asia    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 156 132
Rest of the world    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 79 $ 84
v3.8.0.1
Commitments and Contingencies (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
Jan. 31, 2016
employee
Aug. 31, 2015
shareholder
Loss Contingencies [Line Items]        
Contribution to noncontrolling interest $ 50 $ 24    
Shareholder Derivative Action        
Loss Contingencies [Line Items]        
Number of shareholders commencing punitive derivative action | shareholder       2
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 $ 31      
Noncontrolling interest ownership by noncontrolling owners (as a percent) 27.00%      
S&P Global Ratings | Shareholder Derivative Action        
Loss Contingencies [Line Items]        
Number of former employees named as defendants | employee     9  
v3.8.0.1
Recently Issued or Adopted Accounting Standards - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Jan. 01, 2018
Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Retained earnings (accumulated deficit) $ 10,427   $ 10,025
Accumulated other comprehensive income (loss) $ (630)   $ (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  
v3.8.0.1
Condensed Consolidating Financial Statements - Narrative (Details) - USD ($)
Mar. 31, 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     $ 2,000,000,000.0  
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%  
v3.8.0.1
Condensed Consolidating Financial Statements - Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Condensed Income Statements, Captions [Line Items]    
Revenue $ 1,567 $ 1,453
Expenses:    
Operating-related expenses 439 411
Selling and general expenses 372 360
Depreciation 21 19
Amortization of intangibles 24 24
Total expenses 856 814
Operating profit 711 639
Other (income) expense, net (4) (9)
Interest expense (income), net 34 37
Non-operating intercompany transactions 0 0
Income before taxes on income 681 611
(Benefit) provision for taxes on income 147 181
Equity in net income of subsidiaries 0 0
Net income 534 430
Less: net income attributable to noncontrolling interests (43) (31)
Net income attributable to S&P Global Inc. 491 399
Comprehensive income 543 468
Eliminations    
Condensed Income Statements, Captions [Line Items]    
Revenue (35) (32)
Expenses:    
Operating-related expenses (35) (32)
Selling and general expenses 0 0
Depreciation 0 0
Amortization of intangibles 0 0
Total expenses (35) (32)
Operating profit 0 0
Other (income) expense, net 0 0
Interest expense (income), net 0 0
Non-operating intercompany transactions 1,016 838
Income before taxes on income (1,016) (838)
(Benefit) provision for taxes on income 0 0
Equity in net income of subsidiaries (1,512) (1,224)
Net income (2,528) (2,062)
Less: net income attributable to noncontrolling interests (43) (31)
Net income attributable to S&P Global Inc. (2,571) (2,093)
Comprehensive income (2,533) (2,064)
S&P Global Inc. | Reportable Legal Entities    
Condensed Income Statements, Captions [Line Items]    
Revenue 191 180
Expenses:    
Operating-related expenses 34 31
Selling and general expenses 37 26
Depreciation 8 7
Amortization of intangibles 0 0
Total expenses 79 64
Operating profit 112 116
Other (income) expense, net (7) (6)
Interest expense (income), net 38 39
Non-operating intercompany transactions 100 82
Income before taxes on income (19) 1
(Benefit) provision for taxes on income (14) (11)
Equity in net income of subsidiaries 1,512 1,224
Net income 1,507 1,236
Less: net income attributable to noncontrolling interests 0 0
Net income attributable to S&P Global Inc. 1,507 1,236
Comprehensive income 1,487 1,238
Standard & Poor's Financial Services LLC | Reportable Legal Entities    
Condensed Income Statements, Captions [Line Items]    
Revenue 434 438
Expenses:    
Operating-related expenses 117 119
Selling and general expenses 87 88
Depreciation 2 3
Amortization of intangibles 0 0
Total expenses 206 210
Operating profit 228 228
Other (income) expense, net 0 0
Interest expense (income), net 0 0
Non-operating intercompany transactions (20) (19)
Income before taxes on income 248 247
(Benefit) provision for taxes on income 71 99
Equity in net income of subsidiaries 0 0
Net income 177 148
Less: net income attributable to noncontrolling interests 0 0
Net income attributable to S&P Global Inc. 177 148
Comprehensive income 177 147
Non-Guarantor Subsidiaries | Reportable Legal Entities    
Condensed Income Statements, Captions [Line Items]    
Revenue 977 867
Expenses:    
Operating-related expenses 323 293
Selling and general expenses 248 246
Depreciation 11 9
Amortization of intangibles 24 24
Total expenses 606 572
Operating profit 371 295
Other (income) expense, net 3 (3)
Interest expense (income), net (4) (2)
Non-operating intercompany transactions (1,096) (901)
Income before taxes on income 1,468 1,201
(Benefit) provision for taxes on income 90 93
Equity in net income of subsidiaries 0 0
Net income 1,378 1,108
Less: net income attributable to noncontrolling interests 0 0
Net income attributable to S&P Global Inc. 1,378 1,108
Comprehensive income $ 1,412 $ 1,147
v3.8.0.1
Condensed Consolidating Financial Statements - Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Current assets:        
Cash and cash equivalents $ 1,756 $ 2,779 $ 2,411 $ 2,392
Accounts receivable, net of allowance for doubtful accounts 1,313 1,319    
Intercompany receivable 0 0    
Prepaid and other current assets 215 226    
Total current assets 3,284 4,324    
Property and equipment, net of accumulated depreciation 270 275    
Goodwill 3,045 2,989    
Other intangible assets, net 1,390 1,388    
Investments in subsidiaries 0 0    
Intercompany loans receivable 0 0    
Other non-current assets 508 449    
Total assets 8,497 9,425    
Current liabilities:        
Accounts payable 196 195    
Intercompany payable 0 0    
Accrued compensation and contributions to retirement plans 195 472    
Short-term debt 400 399    
Income taxes currently payable 100 77    
Unearned revenue 1,679 1,613    
Accrued legal settlements 82 107    
Other current liabilities 483 351    
Total current liabilities 3,135 3,214    
Long-term debt 3,170 3,170    
Intercompany loans payable 0 0    
Pension and other postretirement benefits 235 244    
Other non-current liabilities 539 679    
Total liabilities 7,079 7,307    
Redeemable noncontrolling interest 1,350 1,350    
Equity:        
Common stock 412 412    
Additional paid-in capital 335 525    
Retained income 10,427 10,025    
Accumulated other comprehensive loss (630) (649)    
Less: common stock in treasury (10,537) (9,602)    
Total equity — controlling interests 7 711    
Total equity - noncontrolling interests 61 57    
Total equity 68 768    
Total liabilities and equity 8,497 9,425    
Eliminations        
Current assets:        
Cash and cash equivalents 0 0 0 0
Accounts receivable, net of allowance for doubtful accounts 0 0    
Intercompany receivable (4,949) (5,079)    
Prepaid and other current assets 0 0    
Total current assets (4,949) (5,079)    
Property and equipment, net of accumulated depreciation 0    
Goodwill 9 9    
Other intangible assets, net 0 0    
Investments in subsidiaries (15,159) (16,397)    
Intercompany loans receivable (2,003) (1,815)    
Other non-current assets 0 (1)    
Total assets (22,102) (23,283)    
Current liabilities:        
Accounts payable 0 0    
Intercompany payable (4,949) (5,079)    
Accrued compensation and contributions to retirement plans 0 0    
Short-term debt 0 0    
Income taxes currently payable 0 0    
Unearned revenue 0 0    
Accrued legal settlements 0 0    
Other current liabilities 0 0    
Total current liabilities (4,949) (5,079)    
Long-term debt 0 0    
Intercompany loans payable (2,003) (1,816)    
Pension and other postretirement benefits 0 0    
Other non-current liabilities 0 0    
Total liabilities (6,952) (6,895)    
Redeemable noncontrolling interest 1,350 1,350    
Equity:        
Common stock (2,318) (2,318)    
Additional paid-in capital (9,189) (9,117)    
Retained income (5,117) (6,429)    
Accumulated other comprehensive loss 41 46    
Less: common stock in treasury 23 23    
Total equity — controlling interests (16,560) (17,795)    
Total equity - noncontrolling interests 60 57    
Total equity (16,500) (17,738)    
Total liabilities and equity (22,102) (23,283)    
S&P Global Inc. | Reportable Legal Entities        
Current assets:        
Cash and cash equivalents 581 632 627 711
Accounts receivable, net of allowance for doubtful accounts 133 138    
Intercompany receivable 608 768    
Prepaid and other current assets 92 143    
Total current assets 1,414 1,681    
Property and equipment, net of accumulated depreciation 170 158    
Goodwill 261 261    
Other intangible assets, net 0 0    
Investments in subsidiaries 7,069 8,364    
Intercompany loans receivable 118 116    
Other non-current assets 232 215    
Total assets 9,264 10,795    
Current liabilities:        
Accounts payable 79 79    
Intercompany payable 3,577 3,433    
Accrued compensation and contributions to retirement plans 84 145    
Short-term debt 400 399    
Income taxes currently payable 13 2    
Unearned revenue 288 293    
Accrued legal settlements 0 0    
Other current liabilities 265 136    
Total current liabilities 4,706 4,487    
Long-term debt 3,170 3,170    
Intercompany loans payable 102 101    
Pension and other postretirement benefits 178 180    
Other non-current liabilities 157 376    
Total liabilities 8,313 8,314    
Redeemable noncontrolling interest 0 0    
Equity:        
Common stock 412 412    
Additional paid-in capital (415) (216)    
Retained income 11,780 12,156    
Accumulated other comprehensive loss (289) (269)    
Less: common stock in treasury (10,537) (9,602)    
Total equity — controlling interests 951 2,481    
Total equity - noncontrolling interests 0 0    
Total equity 951 2,481    
Total liabilities and equity 9,264 10,795    
Standard & Poor's Financial Services LLC | Reportable Legal Entities        
Current assets:        
Cash and cash equivalents 0 0 0 0
Accounts receivable, net of allowance for doubtful accounts 178 152    
Intercompany receivable 1,454 1,784    
Prepaid and other current assets (4) (3)    
Total current assets 1,628 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 63 61    
Total assets 1,697 2,009    
Current liabilities:        
Accounts payable 19 23    
Intercompany payable 29 492    
Accrued compensation and contributions to retirement plans 14 86    
Short-term debt 0 0    
Income taxes currently payable 0 0    
Unearned revenue 247 193    
Accrued legal settlements 0 2    
Other current liabilities 21 21    
Total current liabilities 330 817    
Long-term debt 0 0    
Intercompany loans payable 0 0    
Pension and other postretirement benefits 0 0    
Other non-current liabilities 55 74    
Total liabilities 385 891    
Redeemable noncontrolling interest 0 0    
Equity:        
Common stock 0 0    
Additional paid-in capital 604 602    
Retained income 708 516    
Accumulated other comprehensive loss 0 0    
Less: common stock in treasury 0 0    
Total equity — controlling interests 1,312 1,118    
Total equity - noncontrolling interests 0 0    
Total equity 1,312 1,118    
Total liabilities and equity 1,697 2,009    
Non-Guarantor Subsidiaries | Reportable Legal Entities        
Current assets:        
Cash and cash equivalents 1,175 2,147 $ 1,784 $ 1,681
Accounts receivable, net of allowance for doubtful accounts 1,002 1,029    
Intercompany receivable 2,887 2,527    
Prepaid and other current assets 127 86    
Total current assets 5,191 5,789    
Property and equipment, net of accumulated depreciation 99 107    
Goodwill 2,775 2,719    
Other intangible assets, net 1,390 1,388    
Investments in subsidiaries 8,085 8,028    
Intercompany loans receivable 1,885 1,699    
Other non-current assets 213 174    
Total assets 19,638 19,904    
Current liabilities:        
Accounts payable 98 93    
Intercompany payable 1,343 1,154    
Accrued compensation and contributions to retirement plans 97 241    
Short-term debt 0 0    
Income taxes currently payable 87 75    
Unearned revenue 1,144 1,127    
Accrued legal settlements 82 105    
Other current liabilities 197 194    
Total current liabilities 3,048 2,989    
Long-term debt 0 0    
Intercompany loans payable 1,901 1,715    
Pension and other postretirement benefits 57 64    
Other non-current liabilities 327 229    
Total liabilities 5,333 4,997    
Redeemable noncontrolling interest 0 0    
Equity:        
Common stock 2,318 2,318    
Additional paid-in capital 9,335 9,256    
Retained income 3,056 3,782    
Accumulated other comprehensive loss (382) (426)    
Less: common stock in treasury (23) (23)    
Total equity — controlling interests 14,304 14,907    
Total equity - noncontrolling interests 1 0    
Total equity 14,305 14,907    
Total liabilities and equity $ 19,638 $ 19,904    
v3.8.0.1
Condensed Consolidating Financial Statements - Statement of Cash Flows (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities:    
Net income $ 534 $ 430
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 21 19
Amortization of intangibles 24 24
Provision for losses on accounts receivable 8 5
Stock-based compensation 13 19
Other 16 13
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable 7 12
Prepaid and other current assets (21) 9
Accounts payable and accrued expenses (289) (235)
Unearned revenue 27 (6)
Accrued legal settlements (29) (1)
Other current liabilities 19 (58)
Net change in prepaid/accrued income taxes 74 146
Net change in other assets and liabilities (44) (24)
Cash provided by operating activities 360 353
Investing Activities:    
Capital expenditures (33) (23)
Acquisitions, net of cash acquired (57) (1)
Changes in short-term investments 3 0
Proceeds from dispositions 0 2
Cash used for investing activities (87) (22)
Financing Activities:    
Dividends paid to shareholders (127) (106)
Distributions to noncontrolling interest holders (50) (24)
Repurchase of treasury shares (1,100) (201)
Exercise of stock options 10 29
Employee withholding tax on share-based payments (49) (44)
Intercompany financing activities 0 0
Cash used for financing activities (1,316) (346)
Effect of exchange rate changes on cash from continuing operations 20 34
Net change in cash and cash equivalents (1,023) 19
Cash and cash equivalents at beginning of period 2,779 2,392
Cash and cash equivalents at end of period 1,756 2,411
Eliminations    
Operating Activities:    
Net income (2,528) (2,062)
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 0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable 0 0
Prepaid and other current assets 0 0
Accounts payable and accrued expenses 0 0
Unearned revenue 0 0
Accrued legal settlements 0 0
Other current liabilities 0 0
Net change in prepaid/accrued income taxes 0 0
Net change in other assets and liabilities 0 0
Cash provided by operating activities (2,528) (2,062)
Investing Activities:    
Capital expenditures 0 0
Acquisitions, net of cash acquired 0 0
Changes in short-term investments 0  
Proceeds from dispositions   0
Cash used for investing activities 0 0
Financing Activities:    
Dividends paid to shareholders 0 0
Distributions to noncontrolling interest holders 0 0
Repurchase of treasury shares 0 0
Exercise of stock options 0 0
Employee withholding tax on share-based payments 0 0
Intercompany financing activities 2,528 2,062
Cash used for financing activities 2,528 2,062
Effect of exchange rate changes on cash from continuing operations 0 0
Net change in cash and cash equivalents 0 0
Cash and cash equivalents at beginning of period 0 0
Cash and cash equivalents at end of period 0 0
S&P Global Inc.    
Investing Activities:    
Changes in short-term investments 0  
S&P Global Inc. | Reportable Legal Entities    
Operating Activities:    
Net income 1,507 1,236
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 8 7
Amortization of intangibles 0 0
Provision for losses on accounts receivable 0 1
Stock-based compensation 5 7
Other (71) 5
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable 5 8
Prepaid and other current assets (18) 8
Accounts payable and accrued expenses (60) (61)
Unearned revenue (4) 5
Accrued legal settlements (29) 0
Other current liabilities 22 (35)
Net change in prepaid/accrued income taxes 73 123
Net change in other assets and liabilities (37) (6)
Cash provided by operating activities 1,401 1,298
Investing Activities:    
Capital expenditures (23) (4)
Acquisitions, net of cash acquired 0 0
Proceeds from dispositions   0
Cash used for investing activities (23) (4)
Financing Activities:    
Dividends paid to shareholders (127) (106)
Distributions to noncontrolling interest holders 0 0
Repurchase of treasury shares (1,100) (201)
Exercise of stock options 10 29
Employee withholding tax on share-based payments (49) (44)
Intercompany financing activities (158) (1,056)
Cash used for financing activities (1,424) (1,378)
Effect of exchange rate changes on cash from continuing operations (5) 0
Net change in cash and cash equivalents (51) (84)
Cash and cash equivalents at beginning of period 632 711
Cash and cash equivalents at end of period 581 627
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 177 148
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 2 3
Amortization of intangibles 0 0
Provision for losses on accounts receivable 2 1
Stock-based compensation 3 4
Other 0 0
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable (27) (59)
Prepaid and other current assets 1 3
Accounts payable and accrued expenses (79) 12
Unearned revenue 28 25
Accrued legal settlements 0 (1)
Other current liabilities (2) (3)
Net change in prepaid/accrued income taxes 1 0
Net change in other assets and liabilities 0 (4)
Cash provided by operating activities 106 129
Investing Activities:    
Capital expenditures (6) (4)
Acquisitions, net of cash acquired 0 0
Proceeds from dispositions   0
Cash used for investing activities (6) (4)
Financing Activities:    
Dividends paid to shareholders 0 0
Distributions to noncontrolling interest holders 0 0
Repurchase of treasury shares 0 0
Exercise of stock options 0 0
Employee withholding tax on share-based payments 0 0
Intercompany financing activities (100) (125)
Cash used for financing activities (100) (125)
Effect of exchange rate changes on cash from continuing operations 0 0
Net change in cash and cash equivalents 0 0
Cash and cash equivalents at beginning of period 0 0
Cash and cash equivalents at end of period 0 0
Non-Guarantor Subsidiaries    
Investing Activities:    
Changes in short-term investments 3  
Non-Guarantor Subsidiaries | Reportable Legal Entities    
Operating Activities:    
Net income 1,378 1,108
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 11 9
Amortization of intangibles 24 24
Provision for losses on accounts receivable 6 3
Stock-based compensation 5 8
Other 87 8
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable 29 63
Prepaid and other current assets (4) (2)
Accounts payable and accrued expenses (150) (186)
Unearned revenue 3 (36)
Accrued legal settlements 0 0
Other current liabilities (1) (20)
Net change in prepaid/accrued income taxes 0 23
Net change in other assets and liabilities (7) (14)
Cash provided by operating activities 1,381 988
Investing Activities:    
Capital expenditures (4) (15)
Acquisitions, net of cash acquired (57) (1)
Proceeds from dispositions   2
Cash used for investing activities (58) (14)
Financing Activities:    
Dividends paid to shareholders 0 0
Distributions to noncontrolling interest holders (50) (24)
Repurchase of treasury shares 0 0
Exercise of stock options 0
Employee withholding tax on share-based payments 0 0
Intercompany financing activities (2,270) (881)
Cash used for financing activities (2,320) (905)
Effect of exchange rate changes on cash from continuing operations 25 34
Net change in cash and cash equivalents (972) 103
Cash and cash equivalents at beginning of period 2,147 1,681
Cash and cash equivalents at end of period $ 1,175 $ 1,784