XML 58 R39.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Statement of Income |
| Statement of Income
| Year Ended December 31, 2017
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 717 |  |  | $ | 1,780 |  |  | $ | 3,704 |  |  | $ | (138 | ) |  | $ | 6,063 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 108 |  |  | 482 |  |  | 1,261 |  |  | (138 | ) |  | 1,713 |
Selling and general expenses | 162 |  |  | 345 |  |  | 1,053 |  |  | — |  |  | 1,560 |
Depreciation | 31 |  |  | 11 |  |  | 40 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Total expenses | 301 |  |  | 838 |  |  | 2,452 |  |  | (138 | ) |  | 3,453 |
Operating profit | 416 |  |  | 942 |  |  | 1,252 |  |  | — |  |  | 2,610 |
Interest expense (income), net | 163 |  |  | — |  |  | (14 | ) |  | — |  |  | 149 |
Non-operating intercompany transactions | 365 |  |  | (77 | ) |  | (2,463 | ) |  | 2,175 |  |  | — |
(Loss) income before taxes on income | (112 | ) |  | 1,019 |  |  | 3,729 |  |  | (2,175 | ) |  | 2,461 |
Provision for taxes on income | 26 |  |  | 370 |  |  | 427 |  |  | — |  |  | 823 |
Equity in net income of subsidiaries | 3,808 |  |  | — |  |  | — |  |  | (3,808 | ) |  | — |
Net income | 3,670 |  |  | 649 |  |  | 3,302 |  |  | (5,983 | ) |  | 1,638 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (142 | ) |  | (142 | )
Net income attributable to S&P Global Inc. | $ | 3,670 |  |  | $ | 649 |  |  | $ | 3,302 |  |  | $ | (6,125 | ) |  | $ | 1,496 |
Comprehensive income | $ | 3,694 |  |  | $ | 649 |  |  | $ | 3,401 |  |  | $ | (5,982 | ) |  | $ | 1,762 |
| Statement of Income
| Year Ended December 31, 2016
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 667 |  |  | $ | 1,513 |  |  | $ | 3,607 |  |  | $ | (126 | ) |  | $ | 5,661 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 113 |  |  | 451 |  |  | 1,335 |  |  | (126 | ) |  | 1,773 |
Selling and general expenses | 109 |  |  | 243 |  |  | 1,087 |  |  | — |  |  | 1,439 |
Depreciation | 38 |  |  | 9 |  |  | 38 |  |  | — |  |  | 85 |
Amortization of intangibles | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Total expenses | 260 |  |  | 703 |  |  | 2,556 |  |  | (126 | ) |  | 3,393 |
Gain on dispositions | (1,072 | ) |  | — |  |  | (29 | ) |  | — |  |  | (1,101 | )
Operating profit | 1,479 |  |  | 810 |  |  | 1,080 |  |  | — |  |  | 3,369 |
Interest expense (income), net | 191 |  |  | — |  |  | (10 | ) |  | — |  |  | 181 |
Non-operating intercompany transactions | 356 |  |  | (83 | ) |  | (941 | ) |  | 668 |  |  | — |
Income before taxes on income | 932 |  |  | 893 |  |  | 2,031 |  |  | (668 | ) |  | 3,188 |
Provision for taxes on income | 275 |  |  | 420 |  |  | 265 |  |  | — |  |  | 960 |
Equity in net income of subsidiaries | 2,412 |  |  | 294 |  |  | — |  |  | (2,706 | ) |  | — |
Net income | 3,069 |  |  | 767 |  |  | 1,766 |  |  | (3,374 | ) |  | 2,228 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (122 | ) |  | (122 | )
Net income attributable to S&P Global Inc. | $ | 3,069 |  |  | $ | 767 |  |  | $ | 1,766 |  |  | $ | (3,496 | ) |  | $ | 2,106 |
Comprehensive income | $ | 3,099 |  |  | $ | 767 |  |  | $ | 1,563 |  |  | $ | (3,374 | ) |  | $ | 2,055 |
| Statement of Income
| Year Ended December 31, 2015
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 624 |  |  | $ | 2,141 |  |  | $ | 2,663 |  |  | $ | (115 | ) |  | $ | 5,313 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 137 |  |  | 737 |  |  | 959 |  |  | (115 | ) |  | 1,718 |
Selling and general expenses | 184 |  |  | 254 |  |  | 1,094 |  |  | — |  |  | 1,532 |
Depreciation | 40 |  |  | 18 |  |  | 32 |  |  | — |  |  | 90 |
Amortization of intangibles | — |  |  | — |  |  | 67 |  |  | — |  |  | 67 |
Total expenses | 361 |  |  | 1,009 |  |  | 2,152 |  |  | (115 | ) |  | 3,407 |
Gain on disposition | — |  |  | — |  |  | (11 | ) |  | — |  |  | (11 | )
Operating profit | 263 |  |  | 1,132 |  |  | 522 |  |  | — |  |  | 1,917 |
Interest expense (income), net | 112 |  |  | — |  |  | (10 | ) |  | — |  |  | 102 |
Non-operating intercompany transactions | 282 |  |  | 222 |  |  | (504 | ) |  | — |  |  | — |
(Loss) income before taxes on income | (131 | ) |  | 910 |  |  | 1,036 |  |  | — |  |  | 1,815 |
(Benefit) provision for taxes on income | (107 | ) |  | 358 |  |  | 296 |  |  | — |  |  | 547 |
Equity in net income of subsidiaries | 1,473 |  |  | 272 |  |  | — |  |  | (1,745 | ) |  | — |
Net income | 1,449 |  |  | 824 |  |  | 740 |  |  | (1,745 | ) |  | 1,268 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (112 | ) |  | (112 | )
Net income attributable to S&P Global Inc. | $ | 1,449 |  |  | $ | 824 |  |  | $ | 740 |  |  | $ | (1,857 | ) |  | $ | 1,156 |
Comprehensive income | $ | 1,446 |  |  | $ | 822 |  |  | $ | 655 |  |  | $ | (1,741 | ) |  | $ | 1,182 |
Balance Sheet |
| 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 |
| Balance Sheet
| December 31, 2016
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 711 |  |  | $ | — |  |  | $ | 1,681 |  |  | $ | — |  |  | $ | 2,392 |
Accounts receivable, net of allowance for doubtful accounts | 138 |  |  | 131 |  |  | 853 |  |  | — |  |  | 1,122 |
Intercompany receivable | (165 | ) |  | 837 |  |  | 870 |  |  | (1,542 | ) |  | — |
Prepaid and other current assets | 77 |  |  | 2 |  |  | 79 |  |  | (1 | ) |  | 157 |
Total current assets | 761 |  |  | 970 |  |  | 3,483 |  |  | (1,543 | ) |  | 3,671 |
Property and equipment, net of accumulated depreciation | 159 |  |  | 1 |  |  | 111 |  |  | — |  |  | 271 |
Goodwill | 261 |  |  | — |  |  | 2,679 |  |  | 9 |  |  | 2,949 |
Other intangible assets, net | — |  |  | — |  |  | 1,506 |  |  | — |  |  | 1,506 |
Investments in subsidiaries | 5,464 |  |  | 680 |  |  | 7,826 |  |  | (13,970 | ) |  | — |
Intercompany loans receivable | 17 |  |  | — |  |  | 1,354 |  |  | (1,371 | ) |  | — |
Other non-current assets | 134 |  |  | 24 |  |  | 114 |  |  | — |  |  | 272 |
Total assets | $ | 6,796 |  |  | $ | 1,675 |  |  | $ | 17,073 |  |  | $ | (16,875 | ) |  | $ | 8,669 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 73 |  |  | $ | 22 |  |  | $ | 88 |  |  | $ | — |  |  | $ | 183 |
Intercompany payable | 1,324 |  |  | 40 |  |  | 177 |  |  | (1,541 | ) |  | — |
Accrued compensation and contributions to retirement plans | 129 |  |  | 69 |  |  | 211 |  |  | — |  |  | 409 |
Income taxes currently payable | 43 |  |  | — |  |  | 52 |  |  | — |  |  | 95 |
Unearned revenue | 273 |  |  | 191 |  |  | 1,045 |  |  | — |  |  | 1,509 |
Accrued legal and regulatory settlements | 2 |  |  | 3 |  |  | 51 |  |  |  |  |  | 56 |
Other current liabilities | 163 |  |  | (54 | ) |  | 250 |  |  | — |  |  | 359 |
Total current liabilities | 2,007 |  |  | 271 |  |  | 1,874 |  |  | (1,541 | ) |  | 2,611 |
Long-term debt | 3,564 |  |  | — |  |  | — |  |  | — |  |  | 3,564 |
Intercompany loans payable | 11 |  |  | — |  |  | 1,360 |  |  | (1,371 | ) |  | — |
Pension and other postretirement benefits | 196 |  |  | — |  |  | 78 |  |  | — |  |  | 274 |
Other non-current liabilities | 52 |  |  | 74 |  |  | 314 |  |  | (1 | ) |  | 439 |
Total liabilities | 5,830 |  |  | 345 |  |  | 3,626 |  |  | (2,913 | ) |  | 6,888 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,080 |  |  | 1,080 |
Equity: |  |  |  |  |  |  |  |  |
Common stock | 412 |  |  | — |  |  | 2,460 |  |  | (2,460 | ) |  | 412 |
Additional paid-in capital | (174 | ) |  | 1,154 |  |  | 10,485 |  |  | (10,963 | ) |  | 502 |
Retained income | 9,721 |  |  | 176 |  |  | 1,034 |  |  | (1,721 | ) |  | 9,210 |
Accumulated other comprehensive loss | (292 | ) |  | — |  |  | (525 | ) |  | 44 |  |  | (773 | )
Less: common stock in treasury | (8,701 | ) |  | — |  |  | (7 | ) |  | 7 |  |  | (8,701 | )
Total equity - controlling interests | 966 |  |  | 1,330 |  |  | 13,447 |  |  | (15,093 | ) |  | 650 |
Total equity - noncontrolling interests | — |  |  | — |  |  | — |  |  | 51 |  |  | 51 |
Total equity | 966 |  |  | 1,330 |  |  | 13,447 |  |  | (15,042 | ) |  | 701 |
Total liabilities and equity | $ | 6,796 |  |  | $ | 1,675 |  |  | $ | 17,073 |  |  | $ | (16,875 | ) |  | $ | 8,669 |
Statement of Cash Flows |
| Statement of Cash Flows
| Year Ended December 31, 2017
(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 | $ | 3,670 |  |  | $ | 649 |  |  | $ | 3,302 |  |  | $ | (5,983 | ) |  | $ | 1,638 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation | 31 |  |  | 11 |  |  | 40 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Provision for losses on accounts receivable | 2 |  |  | 3 |  |  | 11 |  |  | — |  |  | 16 |
Deferred income taxes | 108 |  |  | (10 | ) |  | (98 | ) |  | — |  |  | — |
Stock-based compensation | 35 |  |  | 22 |  |  | 42 |  |  | — |  |  | 99 |
Accrued legal settlements | — |  |  | — |  |  | 55 |  |  | — |  |  | 55 |
Other | 34 |  |  | 19 |  |  | 43 |  |  | — |  |  | 96 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | (2 | ) |  | (23 | ) |  | (171 | ) |  | — |  |  | (196 | )
Prepaid and current assets | (5 | ) |  | 3 |  |  | 12 |  |  | — |  |  | 10 |
Accounts payable and accrued expenses | 22 |  |  | 97 |  |  | (44 | ) |  | — |  |  | 75 |
Unearned revenue | 19 |  |  | 2 |  |  | 64 |  |  | — |  |  | 85 |
Accrued legal settlements | — |  |  | (1 | ) |  | (3 | ) |  | — |  |  | (4 | )
Other current liabilities | (42 | ) |  | (12 | ) |  | (31 | ) |  | — |  |  | (85 | )
Net change in prepaid/accrued income taxes | 41 |  |  | (18 | ) |  | 9 |  |  | — |  |  | 32 |
Net change in other assets and liabilities | 7 |  |  | (6 | ) |  | 14 |  |  | — |  |  | 15 |
Cash provided by operating activities | 3,920 |  |  | 736 |  |  | 3,343 |  |  | (5,983 | ) |  | 2,016 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (55 | ) |  | (32 | ) |  | (36 | ) |  | — |  |  | (123 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (83 | ) |  | — |  |  | (83 | )
Proceeds from dispositions | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Changes in short-term investments | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Cash used for investing activities | (55 | ) |  | (32 | ) |  | (122 | ) |  | — |  |  | (209 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Dividends paid to shareholders | (421 | ) |  | — |  |  | — |  |  | — |  |  | (421 | )
Distributions to noncontrolling interest holders | — |  |  | — |  |  | (111 | ) |  | — |  |  | (111 | )
Repurchase of treasury shares | (1,001 | ) |  | — |  |  | — |  |  | — |  |  | (1,001 | )
Exercise of stock options | 68 |  |  | — |  |  | 7 |  |  | — |  |  | 75 |
Employee withholding tax on share-based payments | (49 | ) |  | — |  |  | — |  |  | — |  |  | (49 | )
Intercompany financing activities | (2,546 | ) |  | (704 | ) |  | (2,733 | ) |  | 5,983 |  |  | — |
Cash used for financing activities | (3,949 | ) |  | (704 | ) |  | (2,837 | ) |  | 5,983 |  |  | (1,507 | )
Effect of exchange rate changes on cash from continuing operations | 5 |  |  | — |  |  | 82 |  |  | — |  |  | 87 |
Net change in cash and cash equivalents | (79 | ) |  | — |  |  | 466 |  |  | — |  |  | 387 |
Cash and cash equivalents at beginning of year | 711 |  |  | — |  |  | 1,681 |  |  | — |  |  | 2,392 |
Cash and cash equivalents at end of year | $ | 632 |  |  | $ | — |  |  | $ | 2,147 |  |  | $ | — |  |  | $ | 2,779 |
| Statement of Cash Flows
| Year Ended December 31, 2016
(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 | $ | 3,069 |  |  | $ | 767 |  |  | $ | 1,766 |  |  | $ | (3,374 | ) |  | $ | 2,228 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation | 38 |  |  | 9 |  |  | 38 |  |  | — |  |  | 85 |
Amortization of intangibles | — |  |  | — |  |  | 96 |  |  | — |  |  | 96 |
Provision for losses on accounts receivable | 1 |  |  | — |  |  | 8 |  |  | — |  |  | 9 |
Deferred income taxes | 16 |  |  | (9 | ) |  | 72 |  |  | — |  |  | 79 |
Stock-based compensation | 22 |  |  | 17 |  |  | 37 |  |  | — |  |  | 76 |
Gain on dispositions | (1,072 | ) |  | — |  |  | (29 | ) |  | — |  |  | (1,101 | )
Accrued legal and regulatory settlements | 3 |  |  | 1 |  |  | 50 |  |  | — |  |  | 54 |
Other | 48 |  |  | 5 |  |  | (23 | ) |  | — |  |  | 30 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | (24 | ) |  | 187 |  |  | (340 | ) |  | — |  |  | (177 | )
Prepaid and current assets | (2 | ) |  | 10 |  |  | (3 | ) |  | — |  |  | 5 |
Accounts payable and accrued expenses | (8 | ) |  | (39 | ) |  | 66 |  |  | — |  |  | 19 |
Unearned revenue | 19 |  |  | (395 | ) |  | 483 |  |  | — |  |  | 107 |
Accrued legal and regulatory settlements | — |  |  | (108 | ) |  | (42 | ) |  | — |  |  | (150 | )
Other current liabilities | (27 | ) |  | (27 | ) |  | 35 |  |  | — |  |  | (19 | )
Net change in prepaid/accrued income taxes | 141 |  |  | — |  |  | 33 |  |  | — |  |  | 174 |
Net change in other assets and liabilities | (9 | ) |  | 38 |  |  | 16 |  |  | — |  |  | 45 |
Cash provided by operating activities | 2,215 |  |  | 456 |  |  | 2,263 |  |  | (3,374 | ) |  | 1,560 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (68 | ) |  | (15 | ) |  | (32 | ) |  | — |  |  | (115 | )
Acquisitions, net of cash acquired | (144 | ) |  | — |  |  | (33 | ) |  | — |  |  | (177 | )
Proceeds from dispositions | 1,422 |  |  | — |  |  | 76 |  |  | — |  |  | 1,498 |
Changes in short-term investments | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Cash provided by (used for) investing activities | 1,210 |  |  | (15 | ) |  | 10 |  |  | — |  |  | 1,205 |
Financing Activities: |  |  |  |  |  |  |  |  |
Payments on short-term debt, net | (143 | ) |  | — |  |  | — |  |  | — |  |  | (143 | )
Proceeds from issuance of senior notes, net | 493 |  |  | — |  |  | — |  |  | — |  |  | 493 |
Payments on senior notes | (421 | ) |  | — |  |  | — |  |  | — |  |  | (421 | )
Dividends paid to shareholders | (380 | ) |  | — |  |  | — |  |  | — |  |  | (380 | )
Distributions to noncontrolling interest holders | — |  |  | — |  |  | (116 | ) |  | — |  |  | (116 | )
Repurchase of treasury shares | (1,123 | ) |  | — |  |  | — |  |  | — |  |  | (1,123 | )
Exercise of stock options | 86 |  |  | — |  |  | 2 |  |  | — |  |  | 88 |
Contingent consideration payments | (5 | ) |  | — |  |  | (34 | ) |  | — |  |  | (39 | )
Employee withholding tax on share-based payments | (55 | ) |  | — |  |  | — |  |  | — |  |  | (55 | )
Intercompany financing activities | (1,333 | ) |  | (441 | ) |  | (1,600 | ) |  | 3,374 |  |  | — |
Cash used for financing activities | (2,881 | ) |  | (441 | ) |  | (1,748 | ) |  | 3,374 |  |  | (1,696 | )
Effect of exchange rate changes on cash from continuing operations | — |  |  | — |  |  | (158 | ) |  | — |  |  | (158 | )
Net change in cash and cash equivalents | 544 |  |  | — |  |  | 367 |  |  | — |  |  | 911 |
Cash and cash equivalents at beginning of year | 167 |  |  | — |  |  | 1,314 |  |  | — |  |  | 1,481 |
Cash and cash equivalents at end of year | $ | 711 |  |  | $ | — |  |  | $ | 1,681 |  |  | $ | — |  |  | $ | 2,392 |
| Statement of Cash Flows
| Year Ended December 31, 2015
(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 | $ | 1,449 |  |  | $ | 824 |  |  | $ | 740 |  |  | $ | (1,745 | ) |  | $ | 1,268 |
Adjustments to reconcile net income to cash provided by (used for) operating activities from continuing operations: |  |  |  |  |  |  |  |  |
Depreciation | 40 |  |  | 18 |  |  | 32 |  |  | — |  |  | 90 |
Amortization of intangibles | — |  |  | — |  |  | 67 |  |  | — |  |  | 67 |
Provision for losses on accounts receivable | 1 |  |  | 1 |  |  | 6 |  |  | — |  |  | 8 |
Deferred income taxes | 33 |  |  | 290 |  |  | (43 | ) |  | — |  |  | 280 |
Stock-based compensation | 23 |  |  | 24 |  |  | 31 |  |  | — |  |  | 78 |
Gain on disposition | — |  |  | — |  |  | (11 | ) |  | — |  |  | (11 | )
Accrued legal and regulatory settlements | — |  |  | 110 |  |  | 9 |  |  | — |  |  | 119 |
Other | 23 |  |  | 16 |  |  | 18 |  |  | — |  |  | 57 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | 3 |  |  | (27 | ) |  | (94 | ) |  | — |  |  | (118 | )
Prepaid and current assets | (4 | ) |  | 14 |  |  | (5 | ) |  | — |  |  | 5 |
Accounts payable and accrued expenses | 8 |  |  | (34 | ) |  | 17 |  |  | — |  |  | (9 | )
Unearned revenue | (5 | ) |  | 66 |  |  | 68 |  |  | — |  |  | 129 |
Accrued legal and regulatory settlements | — |  |  | (1,624 | ) |  | — |  |  | — |  |  | (1,624 | )
Other current liabilities | (31 | ) |  | (35 | ) |  | (11 | ) |  | — |  |  | (77 | )
Net change in prepaid/accrued income taxes | 14 |  |  | — |  |  | 115 |  |  | — |  |  | 129 |
Net change in other assets and liabilities | 78 |  |  | 8 |  |  | (121 | ) |  | — |  |  | (35 | )
Cash provided by (used for) operating activities from continuing operations | 1,632 |  |  | (349 | ) |  | 818 |  |  | (1,745 | ) |  | 356 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (67 | ) |  | (10 | ) |  | (62 | ) |  | — |  |  | (139 | )
Acquisitions, net of cash acquired | (2,243 | ) |  | — |  |  | (153 | ) |  | — |  |  | (2,396 | )
Proceeds from dispositions | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Changes in short-term investments | — |  |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Cash used for investing activities from continuing operations | (2,310 | ) |  | (10 | ) |  | (205 | ) |  | — |  |  | (2,525 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Additions to short-term debt | 143 |  |  | — |  |  | — |  |  | — |  |  | 143 |
Proceeds from issuance of senior notes, net | 2,674 |  |  | — |  |  | — |  |  | — |  |  | 2,674 |
Dividends paid to shareholders | (363 | ) |  | — |  |  | — |  |  | — |  |  | (363 | )
Distributions to noncontrolling interest holders | — |  |  | — |  |  | (104 | ) |  | — |  |  | (104 | )
Repurchase of treasury shares | (974 | ) |  | — |  |  | — |  |  | — |  |  | (974 | )
Exercise of stock options | 80 |  |  | — |  |  | 6 |  |  | — |  |  | 86 |
Contingent consideration payments | (5 | ) |  | — |  |  | — |  |  | — |  |  | (5 | )
Purchase of additional CRISIL shares | — |  |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Employee withholding tax on share-based payments | (92 | ) |  | — |  |  | — |  |  | — |  |  | (92 | )
Intercompany financing activities | (2,020 | ) |  | 359 |  |  | (84 | ) |  | 1,745 |  |  | — |
Cash (used for) provided by financing activities from continuing operations | (557 | ) |  | 359 |  |  | (198 | ) |  | 1,745 |  |  | 1,349 |
Effect of exchange rate changes on cash from continuing operations | — |  |  | — |  |  | (67 | ) |  | — |  |  | (67 | )
Cash provided by continuing operations | (1,235 | ) |  | — |  |  | 348 |  |  | — |  |  | (887 | )
Discontinued Operations: |  |  |  |  |  |  |  |  |
Cash used for operating activities | — |  |  | — |  |  | (129 | ) |  | — |  |  | (129 | )
Cash used for discontinued operations | — |  |  | — |  |  | (129 | ) |  | — |  |  | (129 | )
Net change in cash and cash equivalents | (1,235 | ) |  | — |  |  | 219 |  |  | — |  |  | (1,016 | )
Cash and cash equivalents at beginning of year | 1,402 |  |  | — |  |  | 1,095 |  |  | — |  |  | 2,497 |
Cash and cash equivalents at end of year | $ | 167 |  |  | $ | — |  |  | $ | 1,314 |  |  | $ | — |  |  | $ | 1,481 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration